Document:

EX-10.1

 Exhibit 10.1 
  

			
	 

               People Who Care. An Approach That
Works.
  
	 	 200 Powell Place

Brentwood, TN 37027
 AmericanAddictionCenters.org

 

 CONFIDENTIAL 

August 28, 2018 
 Via Email

 Stephen Ebbett 
 Dear Stephen: 

I am pleased to extend an offer of employment for the position of Chief Digital and Marketing Officer for AAC Holdings, Inc. (the
“Company”). This position will be designated as a Section 16 policy-making officer position, and you will be a key member of the Senior Executive team. We believe you share our enthusiasm for the opportunities that lie ahead
and that you bring the ability and professionalism to assist and share in our continued growth and success. This letter will serve to confirm the details of our offer. 
  

			
	Employment Date:	  	September 28, 2018 or as mutually agreed.
		
	Reporting Relationship:	  	Michael T. Cartwright, Chief Executive Officer and Chairman of the Board of Directors of the Company.
		
	Base Salary:	  	Initial base annual pay shall be set at $500,000.
		
	Cash Bonus Incentives:	  	You are eligible to earn a cash bonus incentive of up to $250,000 annually to be paid in accordance with similar bonus payments for other Senior Executives. The incentive plan is based on financial and operating performance of the
Company as well as your individual performance. Specific performance targets will be determined in collaboration with Michael T. Cartwright and the Compensation Committee of the Board of Directors.
		
	Equity Consideration:	  	You will be granted 10,000 shares of restricted common stock of the Company as of September 28 or as mutually agreed, which shares will vest in accordance with similar grants for other Senior Executives. You will be eligible
for additional grants of restricted stock in amounts commensurate with other Senior Executives on an annual basis as recommended by Michael T. Cartwright and approved by the Compensation Committee of the Board of Directors.
		
	Relocation Stipend:	  	You are expected to be working full time out of the Company’s San Diego, California location. You will be granted a one-time relocation stipend of $50,000.00 payable on September 28,
2018 or as mutually agreed, less applicable state and Federal taxes required by law. Should you voluntarily terminate your employment prior to your first employment anniversary, you must repay the entire relocation stipend to the
Company.

			
		
	Salary Adjustment:	  	Salary adjustments are evaluated on an annual basis. Multiple factors are included in the determination of salary adjustments, if any, including individual performance, team performance, and attainment of company performance goals,
market conditions, and leadership discretion.
		
	Benefits:	  	 You will be eligible to participate in the Company’s group insurance plan for executives. Detailed information on the plan offerings
and applicable costs will be provided under separate cover.
  
 The following are
components of the American Addiction Centers’ benefit program:
  

•   Group Medical with Prescription Drug Coverage

 
 •   Group Dental

 
 •   Group Vision

 
 •   Company provided
employee life insurance and AD&D
  

•   Voluntary employee and family life insurance

 
 •   Voluntary employee and
family AD&D insurance
  

•   Voluntary Short-Term and Long-Term Disability insurance

		
	401(k):	  	You will be eligible to participate in the American Addiction Centers’ 401(k) plan. In this plan, the company provides a 50% match on employee contributions up to 6% (employer match is subject to vesting schedule). You then
have an opportunity to allocate additional contributions to the plan up to the IRS contribution limit per year. Our plan is administered through John Hancock.
		
	ESPP:	  	You will be eligible to participate in the AAC Holdings, Inc. Employee Stock Purchase Plan (the “ESPP”) in accordance with the terms of the ESPP. Enrollment in this plan is offered twice per year.
		
	Additional Agreements:	  	In addition to the requirements noted below, your acceptance of this offer and commencement of employment with the Company is contingent upon your execution, and delivery to an officer of the Company, of the Employee
Confidentiality, Restrictive Covenant and Invention Assignment Agreement, attached as Exhibit A hereto.
		
	Third Party Agreements:	  	In accepting this job offer, you represent and warrant to the Company that you have a good faith belief that you are not a party to any agreement that would preclude you from employment at the Company, and you believe that your
employment at the Company will not cause you to violate any contractual obligation you have with any third-party. You agree to indemnify, defend and hold harmless the Company and its affiliates from and against any and all direct or indirect
damages, losses, liabilities, claims, actions or causes of action and all costs and expenses (including, without limitation, attorneys’ fees, interest and penalties) resulting from or arising out of allegations or claims that you have violated
or breached any agreement with any third party by accepting employment with the Company or because of your employment with the Company.

  
 2 

 As discussed at the time this offer of employment was made, based on qualifications
presented on your application form and in your job interview, this offer is extended contingent on the successful completion of a drug screen, background, and reference check. Omissions, false or misleading statements or misrepresentation of facts
are grounds for rescinding this offer. Nothing contained in this letter is intended to create, nor shall it be construed to create, a contract of employment. Your employment with our company is “at will”, which means that either you or the
Company may terminate the relationship at any time, subject to the provisions of Exhibit A hereto. 
 I hope that this captures the
essential elements of our offer to your satisfaction. We truly are looking forward to your joining our team. If you have any questions, please let me know. 
  

	
	Sincerely,
	
	/s/ Michael T. Cartwright
	
	Michael T. Cartwright
	Chairman and Chief Executive Officer

 I accept this offer of employment and understand that this offer is contingent upon the successful completion of a drug
and background screen. 
  

					
	 /s/ Stephen Ebbett
	 		 	 August 30, 2018

	Stephen Ebbett	 		 	Date

  
 3 

 EXHIBIT A 

EMPLOYEE CONFIDENTIALITY, RESTRICTIVE COVENANT AND INVENTION 

ASSIGNMENT AGREEMENT 
 This
EMPLOYEE CONFIDENTIALITY, RESTRICTIVE COVENANT AND INVENTION ASSIGNMENT AGREEMENT (this “Agreement”) is made and entered into by and between AAC Holdings, Inc., together with its subsidiaries, affiliates, successors, or assigns
(“Company”), and Stephen Ebbett (“Employee”). 
 In consideration of and as a condition to the employment
or continued employment of Employee by Company, the disclosure of Confidential Information (as defined herein) to Employee by Company, and of the mutual covenants and agreements set forth herein and for other good and valuable consideration, the
receipt and sufficiency of which are hereby acknowledged, the parties agree as follows: 
 1.    Definitions. For
purposes of this Agreement, “Confidential Information” means any data, know-how or any other proprietary or confidential information that is valuable to Company and not generally known to the
public or to competitors of Company and that is disclosed by Company to Employee, either directly or indirectly, prior to or during Employee’s employment with Company (whether in writing, or in oral, graphic, electronic, or any other form).
“Confidential Information” also includes, without limitation, (a) third-party confidential information that Company is obligated to keep confidential; (b) any and all information which contains or otherwise reflects or is
derived, directly or indirectly, from any information described in this paragraph, as well as any and all notes, analyses, compilations, studies, or other documents prepared by Employee that contain or otherwise reflect or are derived, directly or
indirectly, from such Confidential Information; and (c) any information, including without limitation, any technical or non-technical data, works of authorship, formulas, patterns, improvements,
compilations, programs, devices, methods, techniques, data, tools, designs, sketches, drawings, processes, financial data, financial plans, marketing strategies, marketing plans, technology, software design, code, list of actual or potential
customers or suppliers or other information similar to any of the foregoing, that (i) derives economic value, actual or potential, from not being generally known to, and not being readily ascertainable by proper means by, other persons who can
derive economic value from its disclosure or use, and (ii) is the subject of efforts that are reasonable under the circumstances to maintain its secrecy (collectively referred to herein as “Trade Secrets”). 

2.    Obligations. Employee shall: (a) hold in strict confidence and, except to the extent specifically
necessary to perform Employee’s duties and obligations to the Company, not disclose, reproduce, publish, distribute, transmit or use any Confidential Information of Company, including Confidential Information that is received by or for Company,
that Employee develops, learns, or obtains, or that otherwise comes into Employee’s knowledge during his/her employment with Company, without the prior written consent of Company; (b) take security precautions using not less than
reasonable care to keep confidential the Confidential Information of Company and avoid disclosure, loss, or misuse of the Confidential Information; and (c) refrain from modifying, adapting, transmitting, reverse engineering, decompiling, or
disassembling any Confidential Information and from using any of the Confidential Information for any purpose other than in the performance of Employee’s duties to Company (including without limitation, for Employee’s own benefit).
Employee shall notify Company immediately upon discovery of any unauthorized disclosure or use of Confidential Information other than as permitted hereunder. Employee shall cooperate with Company in every way to help Company regain possession of its
Confidential Information and prevent further unauthorized use. Without limiting the generality of the foregoing, Employee agrees not to use any Confidential Information of Company to, or assist any third party to, design, develop, provide, or market
any software, technology, product or service that may compete with any software, technology, product, or service of Company. 

 3.    No Improper Use of Information of Prior Employers and
Others. During the term of Employee’s relationship with Company, Employee shall not improperly use or disclose any Confidential Information or Trade Secrets, if any, of any former employer or any other person to whom Employee has an
obligation of confidentiality or for whom Employee has performed services, and Employee shall not bring onto the premises of Company any unpublished documents or any property belonging to any former employer or any other person to whom Employee has
an obligation of confidentiality unless consented to in writing by such former employer or person. 
 4.    No
Conflicting Obligation. Employee represents, warrants, and covenants that Employee’s performance of all the terms of this Agreement does not and will not breach any agreement to keep in confidence information acquired by Employee in
confidence or in trust prior to Employee’s relationship with Company. Employee has not entered into, and Employee agrees that it will not enter into, any agreement either written or oral in conflict herewith. 

5.    Ownership of Confidential Information and Trade Secrets. All Confidential Information is and shall remain the
exclusive property of Company. Company retains all rights and remedies afforded it under patent, copyright, Trade Secret, trademark, and any other applicable laws of the United States and the states thereof, and any applicable foreign countries,
including without limitation, any laws designed to protect proprietary or confidential information. Any Trade Secrets of Company will also be entitled to all of the protections and benefits of applicable Trade Secret laws and any other applicable
laws; provided, however, that Company shall not, in order to be entitled to such protections and benefits, be subject to, and Employee hereby waives, any requirement that Company submit proof of the economic value of any Trade Secret
or post a bond or other security. For avoidance of doubt, the parties acknowledge and agree that, in the event a court of competent jurisdiction determines that information that Company deems to be a Trade Secret is not a Trade Secret under
applicable law, such information will nevertheless be deemed to be Confidential Information for purposes hereunder. No license to Employee under any trademark, patent, copyright, or any other intellectual property right, now existing or hereafter
acquired or created, is either granted or implied by the disclosure of Confidential Information to Employee. 

6.    Assignment of Inventions; Work for Hire. Company shall own all right, title, and interest (including all
patent, copyright, trademark, Trade Secret, database rights, and all other rights of any sort throughout the world) in and to any and all inventions (whether or not patentable), works of authorship, materials, works, developments, discoveries,
methods, processes, designs, ideas, concepts, information, and/or improvements made, caused to be made, conceived, implemented or reduced to practice, in whole or in part, whether alone or acting with others, by Employee during the term of
Employee’s employment with Company, along with all intellectual property rights therein and thereto (collectively, “Inventions”) that (a) are developed on Company’s time; (b) are developed while utilizing,
directly or indirectly, Company’s equipment, supplies, facilities, Trade Secrets, or Confidential Information; or (c) that relate to Company’s current or contemplated business or activities. Employee agrees to promptly disclose all
Inventions to Company, and Employee agrees to hold in confidence and not disclose any Invention to any third party. Employee further agrees that all Inventions are “works made for hire” within the meaning of the Copyright Act of 1976, as
amended, are the sole and exclusive property of Company, and Employee shall have no right to exercise any economic rights to any Invention. Employee hereby irrevocably assigns, transfers, and sets over absolutely, without further consideration, to
Company any and all rights, title, and interest in and to all Inventions; provided, however, that this Section shall not apply to any Invention for which no equipment, supplies, facilities, intellectual property, Trade Secrets,
or Confidential Information of Company were used and that was developed entirely on Employee’s own time, unless the Invention (i) relates to Company’s current or contemplated business or activities; (ii) relates to

 
Company’s actual or demonstrably anticipated research or development; or (iii) results from or relates to any work performed by Employee for Company. To the extent Employee uses or
discloses his/her confidential or proprietary information or intellectual property that does not constitute Inventions when acting within the scope of Employee’s employment or otherwise on behalf of Company, Company will have, and Employee
hereby grants to Company, a perpetual, irrevocable, worldwide, royalty-free, non-exclusive, sublicensable right and license to exploit, exercise, and otherwise use such confidential or proprietary information
and/or intellectual property. 
 7.    Restrictive Covenants. 

(a)    In consideration for Employee’s continued employment and for the Company’s agreement to
provide certain post-termination compensation to Employee pursuant to Section 8, Employee acknowledges and agrees that during the employment period Employee shall not, directly or indirectly: 

i.    engage in, invest in, own, manage, operate, finance, control, be employed by, associated with, or in
any manner connected with, or render services or advance or other aid to any person or entity engaged in, or planning to become engaged in, any Competing Business within the Restricted Area. For purposes of this Agreement, a “Competing
Business” shall mean any activity that is substantially similar to or competitive with the business of the Company. “Restricted Area” shall mean the United States; 

ii.    induce or attempt to induce any employee or independent contractor of the Company to leave the
employ or service of the Company, in any way interfere with the relationship between the Company and any such employee or independent contractor, or solicit, offer employment to, otherwise attempt to hire, employ, or otherwise engage as an employee,
independent contractor, or otherwise, any such employee or independent contractor; or 
 iii.    induce
or attempt to induce any customer, supplier, or business relation of the Company to cease doing business with the Company, in any way interfere with the relationship between the Company and any such customer, supplier, or business relation, or
solicit the business of any such customers, supplier or business relation (unless such solicitation is pursued on behalf of the Company and/or in the performance of Employee’s duties). 

(b)    For a two (2) year period after the termination of Employee’s employment for any reason,
Employee acknowledges and agrees that Employee shall also not, directly or indirectly: 
 i.    use any
Company Confidential Information and/or Trade Secrets to (A) induce or attempt to induce any employee or independent contractor of the Company to leave the employ or service of the Company, (B) in any way interfere with the relationship
between the Company and any such employee or independent contractor, or (C) solicit for employment or engagement as an independent contractor any such employee or independent contractor; or 

ii.    use any Company Confidential Information and/or Trade Secrets to (A) induce or attempt to
induce any customer, supplier, or business relation of the Company to cease doing business with the Company, (B) in any way interfere with the relationship between the Company and any such customer, supplier or business relation, or
(C) solicit the business of any such customer, supplier or business relation. 

 (c)    The parties mutually agree that if a violation of
any of these covenants occurs, such violation or any threatened violation will cause irreparable injury to the Company and the remedy at law for any such violation or threatened violation will be inadequate. The parties acknowledge that these
covenants will survive, and remain in effect and enforceable after Employee’s separation of employment for any reason. 

(d)    The parties expressly agree and contract that it is not the intention of either party to violate any
public policy, or any statutory or common law, and that if any paragraph, sentence, clause or combination of the same of this Section 7 of the Agreement will be in violation of the law of the state where applicable, such
paragraph, sentence, clause or the combination of the same will be void in the jurisdictions where it is unlawful, and the remainder thereof shall remain binding on the parties hereto. It is the intention of the parties to make the covenant of this
Section 7 binding only to the extent that they may have lawfully done under existing applicable laws. In the event that any part of any term or covenant of this Agreement is determined by a court of law or equity to be
overly broad or otherwise unenforceable, the parties hereto agree that such court shall be empowered to substitute, and it is the intent of the parties hereto that such court substitute, a reasonably judicially enforceable term or limitation in the
place of such unenforceable term or covenant, and that as so modified this Agreement will be fully enforceable. 
 8. Post-Termination
Compensation. Employee acknowledges and agrees that Employee’s employment is at-will, and may be terminated by either party for any reason or no reason with or without notice; provided,
however, that Employee agrees to provide Company four (4) weeks’ advance written notice prior to any such termination. Upon termination of Employee’s employment, the Company shall be relieved of all of its obligations to
Employee, subject to the following: 
 (a)    Termination without Cause or with Good Reason. If
the Company terminates Employee’s employment without Cause (as defined below), or Employee terminates Employee’s employment for Good Reason (as defined below) and provides four (4) weeks’ advance written notice of such
termination, the Company will pay to Employee the Employee’s base compensation (as then in effect) through the date of termination and for a period of six (6) months after the effective date of termination; provided that Employee
complies with Employee’s obligations under Section 7 and timely executes a general release of claims in a form acceptable to the Company. All payments hereunder shall be subject to applicable taxes, withholdings and
authorized deductions. Each payment under this Section 8 shall be considered a separate payment for purposes of 409A of the Internal Revenue Code of 1986, as amended. 

For purposes of this Agreement, “Cause” means: (i) Employee is convicted of, pleads guilty to, or
confesses to a felony or any crime involving any act of dishonesty, fraud, misappropriation, embezzlement or moral turpitude, (ii) the gross negligence by Employee in connection with the performance of Employee’s duties, (iii) willful
misconduct by Employee or the engaging by Employee in any disloyal or unprofessional conduct which results in any material injury to the Company, monetarily or otherwise, or the engaging by Employee in any fraudulent conduct, (iv) Employee
willfully breaches any material provision of this Agreement, or (v) the willful failure by Employee to perform his duties with the Company (other than any such failure resulting from Employee’s Disability (as such term is defined in Section 1.409A-3(i)(4) of the Treasury Regulations). For purposes of this provision, no act or failure to act on the part of the Employee shall be considered “willful” unless it is done, or omitted to
be done, by the Employee 

 
in bad faith or without reasonable belief that the Employee’s action or omission was in the best interests of the Company. Any act, or failure to act, based upon authority given pursuant to
a resolution duly adopted by the Board or upon the advice of counsel for the Company shall be conclusively presumed to be done, or omitted to be done, by the Employee in good faith and in the best interests of the Company. 

For purposes of this Agreement, “Good Reason” shall mean the occurrence of any of the following without the
Employee’s written consent: (i) a material reduction in the Employee’s Base Salary (other than a general reduction in Base Salary that affects all similarly situated executives in substantially the same proportions), (ii) the
Company’s failure to obtain an agreement from any successor to the Company 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 succession had taken place,
except where such assumption occurs by operation of law, (iii) a material, adverse change in the Employee’s title, authority, duties, or responsibilities (other than temporarily while the Employee is physically or mentally incapacitated or
as required by applicable law), (iv) a material adverse change in the reporting structure applicable to the Employee, or (v) the discontinuation of the Company’s Operations. 

(b)    For the avoidance of doubt, Employee will only be entitled to post-termination compensation pursuant
to this Section 8 in the event that Employee is terminated without Cause or Employee terminates Employee’s employment for Good Reason. Employee will not be entitled to post-termination compensation for any other
reason, including, without limitation, Employee’s election to terminate Employee’s employment without Cause, death, disability or retirement. 

9.    Cooperation. Employee agrees to perform, upon the reasonable request of Company, during or after
Employee’s employment with Company, such further acts as may be necessary or desirable to transfer, perfect, and defend Company’s ownership of any Invention, including without limitation: (a) executing, acknowledging, and delivering
any requested affidavits and documents of assignment and conveyance; (b) assisting in the preparation, prosecution, procurement, maintenance, and enforcement of all copyrights, patents, and/or other rights with respect to any Invention in any
country; (c) providing testimony in connection with any proceeding affecting the right, title or interest of Company in any Invention; and/or (d) performing any other acts Company deems necessary to carry out the purposes of this
Agreement. Company shall reimburse all reasonable, actual, out-of-pocket expenses incurred by Employee at Company’s request in connection with the foregoing.
Employee hereby irrevocably designates and appoints Company as its agent and attorney-in-fact, coupled with an interest, to act for and on Employee’s behalf to
execute and file any document and to do all other lawfully permitted acts to further the foregoing with the same legal force and effect as if executed by Employee. 

10.    Nature of Employment. Employee understands and agrees that nothing in this Agreement is intended to or shall
be interpreted as creating employment for a specified period of time or altering or expanding upon any rights Employee may have to continue in the employ of or the duration of Employee’s relationship with Company. Employee further understands
and agrees that his employment with Company shall be employment-at-will, which can be terminated at any time, without prior notice or cause, by either Employee or
Company, except as set forth in Section 8. No act, statement, or conduct of any nature whatsoever or by any representative of Company shall alter the nature of Employee’s at will employment unless it is in writing and
specifically refers to and supersedes this Section 10. 
 11.    Non-Disparagement. Neither party shall make any statements to any third party, written or verbal, or cause or encourage others to make such statements to any third party, which are intended or might reasonably
be expected to denigrate, defame, or disparage the goodwill or reputation of the other party or such other party’s products or services. 

 12.    Reasonable and Necessary Restrictions. Employee
acknowledges that, during the course of his employment with Company, Employee has received or may receive, and has had or may have, access to Confidential Information of Company. Accordingly, Employee is willing to enter into the covenants contained
in this Agreement in order to provide Company with what Employee considers to be reasonable protection for Company’s interests. Employee acknowledges that the restrictions, prohibitions, and other provisions in this Agreement are reasonable,
fair, and equitable in scope, terms, and duration, are necessary to protect the legitimate business interests of Company, and are a material inducement to Company to employ or continue to employ Employee and to provide Employee with training,
compensation, awards, and other significant benefits. 
 13.    Additional Restrictions. Employee acknowledges
and agrees that Employee has no reasonable expectation of privacy with respect to Company’s telecommunications, networking, or information processing systems (including, without limitation, computer files, email messages, voice messages, and
Internet connections) and that Employee’s activity and any files or messages on or using any of those systems may be monitored or obtained by Company at any time without prior notice. 

14.    Survival. All obligations created by this Agreement will survive the termination of Employee’s
relationship with Company. In the event that Employee’s relationship with Company terminates for any reason, Employee hereby consents to the notification of Employee’s new employer of Employee’s rights and obligations under this
Agreement. 
 15.    Disclosure Pursuant to Court Order. Notwithstanding the provisions of this Agreement, in the
event that Employee is required by document subpoena, civil investigative demand, interrogatories, request for information, or other similar process of law or by any governmental action or court of competent jurisdiction to disclose any of the
Confidential Information, Employee will deliver to Company prompt notice of such requirement(s) so that Company, at its cost and expense, may seek an appropriate protective order and/or waive compliance by Employee with the provisions of this
Agreement. If, failing the obtaining of a protective order or the delivery of such a waiver, Employee is, or as advised by its legal counsel, would be, compelled to disclose, disseminate, or otherwise communicate the Confidential Information,
Employee may disclose, disseminate, or otherwise communicate the Confidential Information, but only to the extent so compelled or advised, without liability hereunder. 

16.    Return of Confidential Information. If Company so requests at any time, Employee shall return promptly to
Company all copies, extracts, or other reproductions in whole or in part of the Confidential Information in the possession of Employee. All documents (defined to include not only paper documents but also data stored in computer memory, or on
microfilm, microfiche, magnetic tape, disk or other medium, e-mails and any soft documents) that Employee prepares in connection with his/her duties as an employee of Company and relate to the business of
Company, and all Confidential Information of Company that may be given to him/her in the course of his/her duties, are and will remain the sole and exclusive property of Company. Except as necessary in the performance of Employee’s duties, all
documents (including copies of documents) containing Confidential Information of Company must remain in Company’s sole possession on Company’s premises, and Employee shall not copy or remove any documents from Company’s premises. Upon
termination of Employee’s relationship with Company, Employee shall immediately return to Company all documents containing any Confidential Information of Company, including all copies thereof, in Employee’s possession or control and sign
and deliver to Company the “Termination Certification” attached hereto as Exhibit A. Employee agrees that any property situated on Company’s premises and owned by Company, including without limitation, discs and other storage
media, filing cabinets, or other work areas, is subject to inspection by Company personnel at any time with or without notice. 

 17.    Legal and Equitable Remedies. Employee hereby expressly
acknowledges and agrees that his/her failure to comply with the provisions of this Agreement will cause irreparable harm and damage to Company for which Company may have no adequate remedy at law. Accordingly, in the event of any threatened or
actual breach of the terms of this Agreement, Company shall, in addition to all other remedies available to it under law or in equity, be entitled to injunctive relief to prevent such violations without showing of economic value or harm, or posting
a bond or other security. 
 18.    Defend Trade Secrets Act. Pursuant to the Defend Trade Secrets Act of 2016,
Company acknowledges that Employee will have no criminal or civil liability under any federal or state trade secret law for the disclosure of a Trade Secret that: (i) is made (A) in confidence to a federal, state, or local government
official, either directly or indirectly, or to an attorney, and (B) solely for the purpose of reporting or investigating a suspected violation of law; or (ii) is made in a complaint or other document filed in a lawsuit or other proceeding,
if such filing is made under seal. In addition, if Employee files a lawsuit for retaliation by Company for reporting a suspected violation of law, Employee may disclose the Trade Secret to Employee’s attorney and may use the Trade Secret
information in the court proceeding, if Employee (x) files any document containing the Trade Secret under seal, and (y) does not disclose the Trade Secret, except pursuant to court order. 

19.    Miscellaneous. 

(a)    Amendment; Modification; Severability. No amendment or modification of this Agreement shall
be valid or binding on the parties unless made in writing and signed on behalf of each of the parties. The provisions of this Agreement are severable, and if any provision (or portion thereof) is held to be invalid or unenforceable by any court of
competent jurisdiction, then such invalidity or unenforceability shall not affect the validity or enforceability of the remaining provisions (or portions thereof) in this Agreement. If any of the covenants set forth herein are held by a court of
competent jurisdiction to be invalid or unenforceable for any reason, the parties contemplate and intend that such provisions shall be narrowed or otherwise modified to make them enforceable to the fullest extent permitted by law. 

(b)    Notices. All notices, requests, demands, waivers, and other communications to a party
required or permitted under this Agreement shall be in writing and shall be delivered personally or sent by telecopy, or internationally recognized delivery service providing for guaranteed overnight delivery, addressed to such party, at its address
first written above (or such other address as is provided by such party to the other party from time to time). Each party shall be responsible for supplying the other with any changes in the addresses or telecopy numbers for notices hereunder. All
notices, requests, demands, waivers, and communications shall be deemed to have been given on the date of personal delivery or on the first business day after overnight delivery (or the second business day after international overnight delivery) was
guaranteed by an internationally recognized delivery service, except that any change of address shall be effective only upon actual receipt. Written notice given by telecopy shall be deemed given when electronic or telephonic confirmation is
received by the sending party. 
 (c)    No Assignment. Employee acknowledges that this Agreement
and Employee’s performance hereunder are personal and exclusive to Employee. Employee shall not assign any of its rights under this Agreement, except with the prior written consent of Company. Any purported assignment of rights or delegation of
performance in violation of this paragraph is void. 
 (d)    Waiver. No waiver by Company of any
breach of this Agreement shall be a waiver of any preceding or succeeding breach. No waiver by Company of any right under this Agreement shall be construed as a waiver of any other right. 

 (e)    Entire Agreement. This Agreement
constitutes the entire understanding between the parties hereto with respect to the subject matter hereof and merges all prior discussions between them relating thereto, and may not be amended except by a written instrument signed by the parties.

 (f)    Counterparts; Facsimile/PDF Signatures. This Agreement may be executed in any number of
counterparts and any party hereto may execute any such counterpart, each of which when executed and delivered shall be deemed to be an original and all of which counterparts taken together shall constitute but one and the same instrument. The
parties hereto agree that facsimile or PDF transmission of original signatures shall constitute and be accepted as original signatures. 

[Signature Page Follows] 

 Employee acknowledges that Employee has read this Agreement carefully and understands and accepts without
reservation the obligations that it imposes upon Employee. Employee has had the opportunity to consult with legal counsel regarding this Agreement. No promises or representations have been made to Employee to induce Employee to sign this Agreement.
Employee has signed this Agreement voluntarily and freely, with the understanding that Company will retain one counterpart and the other counterpart will be retained by Employee. 

IN WITNESS WHEREOF, the parties have executed this Agreement on the respective dates entered below. 

 

									
	COMPANY	 		 	EMPLOYEE
					
	By:	 	
                     
                                       
	 		 	By:	 	
                     
                                       

	Printed Name:  Michael T. Cartwright	 		 	Printed Name:  Stephen Ebbett
	Title:  Chairman and Chief Executive Officer	 		 		 	
		 		 	Date:	 	
                     

	Date:	 	
                     
                                   
	 		 		 	

  
 Signature Page to
Employee Confidentiality, Restrictive Covenant and Invention Assignment Agreement 

 EXHIBIT A 

Termination Certification 
 This is to
certify that I do not have in my possession, nor have I failed to return, any software, devices, records, data, notes, reports, proposals, lists, correspondence, specifications, drawings, materials, equipment, other documents or property, or copies
or reproductions of any of the foregoing belonging to AAC Holdings, Inc., together with its subsidiaries, affiliates, successors, or assigns (collectively, the “Company”). 

I further certify that I have complied with all of the terms of Company’s Employee Confidentiality, Restrictive Covenant and Invention Assignment
Agreement signed by me (the “Agreement”), including the reporting of all Work Product and Inventions (as defined therein) conceived or made by me (solely or jointly with others) covered by the Agreement. 

I further agree that, in compliance with the Agreement, I will preserve as confidential all Trade Secrets of Company and Confidential Information (both as
defined therein) pertaining to any business of Company or any of its employees, clients, consultants, or licensees. 
  

			
	  
 Employee
Signature

	
	  

	Print Name
		
	Date:EX-4.1

 Exhibit 4.1 

SUPPLEMENTAL INDENTURE NO. 2 

THIS SUPPLEMENTAL INDENTURE NO. 2 (this “Supplemental Indenture No.2”) is made as of May 16, 2018 among: 

(1) Equinor ASA (formerly known as Statoil ASA), a public limited company incorporated under the laws of the Kingdom of Norway (the
“Company”), 
 (2) Equinor Energy AS (formerly known as Statoil Petroleum AS), a limited liability company incorporated under the
laws of the Kingdom of Norway (the “Guarantor”), and 
 (3) Deutsche Bank Trust Company Americas, a New York banking corporation
duly organized and existing under the laws of the State of New York, as trustee (the “Trustee”). 
 RECITALS 

The Company and the Guarantor and the Trustee have heretofore executed an indenture dated as of April 15, 2009, as amended by
Supplemental Indenture No. 1 dated as of May 26, 2010 (the “Indenture”). The Company and the Guarantor desire to amend certain provisions of the Indenture as hereinafter set forth. 

As of May 16, 2018, Statoil ASA changed its name to Equinor ASA and Statoil Petroleum AS changed its name to Equinor Energy AS. Pursuant
to Section 901(10) of the Indenture, the Company and the Guarantor wish to replace, by this Supplemental Indenture No. 2, all instances in the Indenture of “Statoil ASA” with “Equinor ASA” and all instances in the
Indenture of “Statoil Petroleum AS” with “Equinor Energy AS” and to replace the text of Section 202 (Form of Face of Security), Section 203 (Form of Reverse of Security) and Section 206 (Form of Guarantee) of the
Indenture to reflect the change of name of the Company and Guarantor. 
 All acts and things necessary to amend the Indenture and to make
this Supplemental Indenture No. 2 a valid agreement of the Company, the Guarantor and the Trustee, in accordance with its terms, have been done. 

NOW, THEREFORE, the Company and the Guarantor hereby covenant and agree with the Trustee as follows: 

ARTICLE I 
 Capitalized
terms used but not defined in this Supplemental Indenture No. 2 shall have the meanings ascribed to them in the Indenture. References in this Supplemental Indenture No. 2 to Article or Section numbers shall be deemed reference numbers to
Article or Section numbers in the Indenture. 
 ARTICLE II 

Deliverables to the Trustee 

Simultaneously with and as a condition to the execution of this Supplemental Indenture No. 2, the Company and the Guarantor are
delivering to the Trustee: 
 (a) as provided in Section 102 of the Indenture, an Officers’ Certificate in the form attached
hereto; 
 (b) as provided in Section 102 of the Indenture, a Norwegian Opinion of Counsel, provided by the in-house legal advisor of the Company and the Guarantor; and 

  
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 (c) as provided in Sections 102 of the Indenture, a New York law Opinion of Counsel,
provided by Sullivan & Cromwell LLP. 
 ARTICLE III 

Amendments 

SECTION 3.01 Name Change Amendment. The Indenture is hereby amended by replacing each instance of “Statoil ASA” with
“Equinor ASA” and each instance of “Statoil Petroleum AS” with “Equinor Energy AS”. 
 SECTION 3.02
Amendment of the Form of Face of Security 
 Section 202 (Form of Face of Security) of the Indenture is hereby deleted and
replaced with the following: 
 “[Form of Face of Security] 

[Insert any Norwegian or other selling restriction and/or taxation legend.] 

EQUINOR ASA 
 [Title of Security]

  

			
	 No.______________
	  	CUSIP NO. ______________

 EQUINOR ASA, a company duly organized and existing under the laws of the Kingdom of Norway and having its
corporate seat in Stavanger, Norway (herein called the “Company”, which term includes any successor Person under the Indenture hereinafter referred to), for value received, hereby promises to pay to
                    , or registered assigns, the principal sum of
                     Dollars on [if the Security is to bear interest prior to Maturity, insert —, and to pay interest thereon from
        , 20     or from the most recent Interest Payment Date to which interest has been paid or duly provided for, semi-annually on
                 and                  in each year, commencing
        , 20    , at the rate of             % per annum, until the principal hereof is paid or made available for payment [if
applicable, insert —, provided that any principal and premium, and any such installment of interest, which is overdue shall bear interest at the rate of             % per annum (to the
extent that the payment of such interest shall be legally enforceable), from the dates such amounts are due until they are paid or made available for payment, and such interest shall be payable on demand].] The interest so payable, and punctually
paid or duly provided for, on any Interest Payment Date will, as provided in such Indenture, be paid to the Person in whose name this Security (or one or more Predecessor Securities) is registered at the close of business on the Regular Record Date
for such interest, which shall be the .... or .... (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 Holders 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. 

If any deduction or withholding for any present or future taxes, assessments or other governmental charges of the jurisdiction (or any
political subdivision or taxing authority thereof or therein) in which the Company is incorporated shall at any time be required by such jurisdiction (or any such 

  
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political subdivision or taxing authority) in respect of any amounts to be paid by the Company of principal of or interest on a Security of any series, then the Company will pay to the Holder of
a Security of such series such additional amounts as may be necessary in order that the net amounts paid to such Holder of such Security who, with respect to any such tax, assessment or other governmental charge, is not resident in such
jurisdiction, after such deduction or withholding, shall be not less than the amounts specified in such Security to which such Holder is entitled; provided, however, that the Company shall not be required to make any payment of
additional amounts (i) for or on account of any such tax, assessment or governmental charge imposed by the United States or any political subdivision or taxing authority thereof or therein or (ii) for or on account of: 

(a) any tax, assessment or other governmental charge which would not have been imposed but for (i) the existence of any present or former
connection between such Holder (or between a fiduciary, settlor, beneficiary, member or shareholder of, or possessor of a power over, such Holder, if such Holder is an estate, trust, partnership or corporation) and the taxing jurisdiction or any
political subdivision or territory or possession thereof or area subject to its jurisdiction, including, without limitation, such Holder (or such fiduciary, settlor, beneficiary, member, shareholder or possessor) being or having been a citizen or
resident thereof or being or having been present or engaged in trade or business therein or having or having had a permanent establishment therein or (ii) the presentation of a Security of such series (where presentation is required) for
payment on a date more than 30 days after the date on which such payment became due and payable or the date on which payment thereof is duly provided for, whichever occurs later, except to the extent that such Holder would have been entitled to such
additional amounts if it had presented such Security for payment on any day within such period of 30 days; 
 (b) any estate, inheritance,
gift, sale, transfer, personal property or similar tax, assessment or other governmental charge; 
 (c) any tax, assessment or other
governmental charge which is payable otherwise than by withholding from payments of (or in respect of) principal of, or any interest on, the Securities of such series; 

(d) any tax, assessment or other governmental charge that is imposed or withheld by reason of the failure to comply by the Holder or the
beneficial owner of the Security of such series (i) to provide information concerning the nationality, residence or identity or connection with the Kingdom of Norway or any political subdivision thereof of the Holder or such beneficial owner or
(ii) to make any declaration or other similar claim or satisfy any information or reporting requirements, which, in the case of (i) or (ii), is required or imposed by a statute, treaty, regulation or administrative practice of the taxing
jurisdiction as a precondition to exemption from all or part of such tax, assessment or other governmental charge; 
 (e) any tax, assessment
or other governmental charge which such Holder would have been able to avoid by presenting such Security to another Paying Agent; 
 (f) any
tax, assessment or other governmental charge which is imposed on a payment pursuant to European Union Directive 2003/48/EC, any law implementing this Directive, or any other Directive implementing the conclusions of the ECOFIN Council meeting of
November 26 and 27, 2000 on the taxation of savings, or any law implementing or complying with, or introduced in order to conform to, such Directive; or 

(g) any combination of items (a), (b), (c), (d), (e) or (f) above; nor shall additional amounts be paid with respect to any payment of the
principal of, or any interest on, any Security of such series to any Holder who is a fiduciary or partnership or other than the sole beneficial owner of such payment to the extent such payment would be required by the laws of the jurisdiction (or
any political subdivision or taxing authority thereof or therein) to be included in the income for tax purposes of a beneficiary or settlor with respect to such fiduciary or a member of such partnership or a beneficial owner who would not have been
entitled to such additional amounts had it been the Holder of such Security. 

  
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 The foregoing provisions shall apply mutatis mutandis to any withholding or deduction
for or on account of any present or future taxes, assessments or governmental charges of whatever nature of any jurisdiction in which any successor Person to the Company is organized, or any political subdivision or taxing authority thereof or
therein, provided, however, that such payment of additional amounts may be subject to such further exceptions as may be established in the terms of such Securities established as contemplated in the Indenture referred to in such Securities.

 [If the Security is not to bear interest prior to Maturity, insert — The principal of this Security shall not bear interest
except in the case of a default in payment of principal upon acceleration, upon redemption or at Stated Maturity, and in such case the overdue principal and any overdue premium shall bear interest at the rate of
            % per annum (to the extent that the payment of such interest shall be legally enforceable), from the date such amounts are due until they are paid or made available for payment.
Interest on any overdue principal or premium shall be payable on demand of the Trustee for the benefit of the Holders of this Security. Any such interest on any overdue principal or premium which is not paid on demand shall bear interest at the rate
of             % per annum (to the extent that the payment of such interest on interest shall be legally enforceable), from the date of such demand until the amount so demanded is paid or
made available for payment. Interest on any overdue interest shall be payable on demand of the Trustee for the benefit of the Holders of this Security.] 

Payment of the principal of (and premium, if any) and [if applicable, insert — any such] interest on this Security will be
made at the office or agency of the Company for that purpose in                     , 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 [if applicable, insert — ; 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. 
 IN WITNESS WHEREOF, the
Company has caused this instrument to be duly executed manually or in facsimile. 
 Dated: 

 

			
	 EQUINOR ASA

		
	 By:
	 	  

		 	 Name:

		 	 Title:”

  
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 SECTION 3.03 Amendment of the Form of Reverse of Security 

Section 203 (Form of Reverse of Security) of the Indenture is hereby deleted and replaced with the following: 

“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         , 20     (herein called the “Indenture”, which term shall have the meaning assigned to it in such
instrument), among the Company, as issuer, Equinor Energy AS, as Guarantor (herein called the “Guarantor”), and Deutsche Bank Trust Company Americas, 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 Guarantor, 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 [if applicable, insert —, limited in aggregate principal amount to
U.S.$                ]. 
 [If applicable, insert —
The Securities of this series are subject to redemption upon not less than 30 days’ notice by mail, [if applicable, insert — (1) on              in any year commencing
with the year              and ending with the year              through operation of the sinking fund for this series at a
Redemption Price equal to 100% of the principal amount, and (2)] at any time [if applicable, insert — on or after         , 20    ], as a whole or in part, at the election of
the Company, at the following Redemption Prices (expressed as percentages of the principal amount): If redeemed [if applicable, insert — on or before
                    ,         %, and if redeemed] during the 12-month
period beginning                     of the years indicated, 
  

							
	 Year
	  	 Redemption
Price
	  	 Year
	  	 Redemption
Price

and thereafter at a Redemption Price equal to         % of the principal amount, together in the case of any such
redemption [if applicable, insert — (whether through operation of the sinking fund or otherwise)] with accrued interest to the Redemption Date, but interest installments whose Stated Maturity is on or prior to such Redemption Date will
be payable to the Holders of such Securities, or one or more Predecessor Securities, of record at the close of business on the relevant Record Dates referred to on the face hereof, all as provided in the Indenture.] 

[If applicable, insert — The Securities of this series are subject to redemption upon not less than 30 days’ notice by mail,
(1) on                      in any year commencing with the year          and ending with the year
        , through operation of the sinking fund for this series at the Redemption Prices for redemption through operation of the sinking fund (expressed as percentages of the principal amount) set forth in the
table below, and (2) at any time [if applicable, insert — on or after         , 20    ], as a whole or in part, at the election of the Company, at the Redemption Prices for
redemption otherwise than through operation of the sinking fund (expressed as percentages of the principal amount) set forth in the table below: If redeemed during the 12-month period beginning
                         of the years indicated, 

  
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	 Year
	  	 Redemption Price
For Redemption
Through Operation
of
the
Sinking Fund
	  	 Redemption Price For
Redemption Otherwise
Than Through
Operation
of the Sinking Fund

 and thereafter at a Redemption Price equal to
            % of the principal amount, together in the case of any such redemption (whether through operation of the sinking fund or otherwise) with accrued interest to the Redemption Date,
but interest installments whose Stated Maturity is on or prior to such Redemption Date will be payable to the Holders of such Securities, or one or more Predecessor Securities, of record at the close of business on the relevant Record Dates referred
to on the face hereof, all as provided in the Indenture.] 
 [If applicable, insert — Notwithstanding the foregoing, the Company
may not, prior to                     , redeem any Securities of this series as contemplated by [If applicable, insert — Clause
(2) of] the preceding paragraph as a part of, or in anticipation of, any refunding operation by the application, directly or indirectly, of moneys borrowed having an interest cost to the Company (calculated in accordance with generally accepted
financial practice) of less than             % per annum.] 
 [If applicable,
insert — The sinking fund for this series provides for the redemption on                      in each year beginning with the year
                     and ending with the year
                     of [if applicable, insert — not less than
U.S.$                     (“mandatory sinking fund”) and not more than]
U.S.$                     aggregate principal amount of Securities of this series. Securities of this series acquired or redeemed by the Company
otherwise than through [if applicable, insert — mandatory] sinking fund payments may be credited against subsequent [if applicable, insert — mandatory] sinking fund payments otherwise required to be made [if applicable,
insert — in the inverse order in which they become due].] 
 [If applicable, insert — If the Security is subject to
redemption of any kind, insert — In the event of redemption of this Security in part only, a new Security or Securities of this series and of like tenor for the unredeemed portion hereof will be issued in the name of the Holder hereof upon
the cancellation hereof.] 
 [If the Security is not subject to redemption, — This Security is not redeemable prior to Stated
Maturity [except as permitted under Section 1108 (“Optional Redemption Due to Changes in Tax Treatment”)].] 
 [If the
Security is not an Original Issue Discount Security, insert — 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.] 
 [If the Security is an Original Issue Discount Security, insert —
If an Event of Default with respect to Securities of this series shall occur and be continuing, an amount of principal of the Securities of this series may be declared due and payable in the manner and with the effect provided in the Indenture. Such
amount shall be equal to — insert formula for determining the amount.] 
 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 Guarantor and the rights of the Holders of the Securities of each series to be affected under the Indenture at any time by the Company,
the Guarantor and the Trustee with the consent of the Holders of a majority in principal amount 

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

[The Securities of this series are issuable only in registered form without coupons in denominations of
                    and any integral multiple thereof. As provided in the Indenture and subject to certain limitations therein set forth, Securities
of this series are exchangeable for a like aggregate principal amount of Securities of this series and of like tenor of a different authorized denomination, as requested by the Holder surrendering the same.] 

No service charge shall be made for any such registration of transfer or exchange, but the Company or the Trustee 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 Guarantor, the Trustee and any agent of the Company, the Guarantor or the Trustee may treat the Person in whose name this Security is registered as the owner hereof for all purposes (subject to
Section 307 of the Indenture), whether or not this Security be overdue, and neither the Company, the Guarantor, the Trustee nor any such agent shall be affected by notice to the contrary. 

The Indenture provides that the Company and the Guarantor, at the Company’s option, (a) will be discharged from any and all
obligations in respect of the Securities (except for certain obligations to register the transfer or exchange of Securities, replace stolen, lost or mutilated Securities, maintain paying agencies and hold moneys for payment in trust) or
(b) need not comply with certain 

  
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restrictive covenants of the Indenture, in each case if the Company or the Guarantor deposits, in trust, with the Trustee money or U.S. Government Obligations which through the payment of
interest thereon and principal thereof in accordance with their terms will provide money, in an amount sufficient to pay all the principal (including any mandatory sinking fund payments) of, and (premium, if any) and interest on, the Securities on
the dates such payments are due in accordance with the terms of such Securities and Guarantees, and certain other conditions are satisfied. 

All terms used in this Security which are defined in the Indenture shall have the meanings assigned to them in the Indenture.” 

SECTION 3.04 Amendment of the Form of Guarantee 

Section 206 (Form of Guarantee) of the Indenture is hereby deleted and replaced with the following: 

“Guarantees to be endorsed on the Securities shall be in substantially the form set forth below. 

GUARANTEE OF EQUINOR ENERGY AS 

For value received, Equinor Energy AS, a limited liability company incorporated under the laws of the Kingdom of Norway (herein called the
“Guarantor”, which term includes any successor entity under the Indenture referred to in the Security upon which this Guarantee is endorsed), hereby unconditionally guarantees to the Holder of the Security upon which this Guarantee is
endorsed and to the Trustee referred to in such Indenture the due and prompt payment of the principal of and any premium and interest (including additional amounts, if any, and sinking fund payments, if any) on all of the Securities on the dates and
in the manner provided in the Indenture and in the Securities, when and as the same shall become due and payable, whether at the Stated Maturity, by declaration of acceleration, call for redemption or otherwise, according to the terms thereof and of
the Indenture referred to therein. In case of the failure of Equinor ASA, a public limited company incorporated under the laws of the Kingdom of Norway (herein called the “Company”, which term includes any successor entity under such
Indenture) punctually to make any such principal, premium or interest, additional amounts and sinking fund payments, the Guarantor hereby agrees to cause any such payment to be made promptly when and as the same shall become due and payable, whether
at the Stated Maturity, by declaration of acceleration, call for redemption or otherwise, and as if such payment were made by the Company. 

The Guarantor hereby further agrees, subject to the limitations and exceptions set forth below and unless otherwise specified in any Board
Resolutions of the Company establishing the terms of Securities of a series in accordance with Section 301, that if any deduction or withholding for any present or future taxes, assessments or other governmental charges of the jurisdiction (or
any political subdivision or taxing authority thereof or therein) in which the Guarantor is incorporated, shall at any time be required by such jurisdiction (or any such political subdivision or taxing authority) in respect of any amounts to be paid
by the Guarantor under this Guarantee, the Guarantor will pay to the Holder of a Security of such series such additional amounts as may be necessary in order that the net amounts paid to such Holder of such Security who, with respect to any such
tax, assessment or other governmental charge, is not resident in such jurisdiction, after such deduction or withholding, shall be not less than the amounts specified in such Security to which such Holder is entitled; provided, however, that
the Guarantor shall not be required to make any payment of additional amounts (i) for or on account of any such tax, assessment or governmental charge imposed by the United States or any political subdivision or taxing authority thereof or
therein or (ii) for or on account of: 
 (a) any tax, assessment or other governmental charge which would not have been imposed but for
(i) the existence of any present or former connection between such Holder (or between a fiduciary, settlor, beneficiary, member or shareholder of, or possessor of a power over, such Holder, if such Holder is an estate, trust, partnership or
corporation) and the taxing jurisdiction or any political subdivision or territory or possession thereof or area subject to its jurisdiction, including, without limitation, such 

  
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Holder (or such fiduciary, settlor, beneficiary, member, shareholder or possessor) being or having been a citizen or resident thereof or being or having been present or engaged in trade or
business therein or having or having had a permanent establishment therein or (ii) the presentation of a Security of such series (where presentation is required) for payment on a date more than 30 days after the date on which such payment
became due and payable or the date on which payment thereof is duly provided for, whichever occurs later, except to the extent that such Holder would have been entitled to such additional amounts if it had presented such Security for payment on any
day within such period of 30 days; 
 (b) any estate, inheritance, gift, sale, transfer, personal property or similar tax, assessment or
other governmental charge; 
 (c) any tax, assessment or other governmental charge which is payable otherwise than by withholding from
payments of (or in respect of) principal of, or any interest on, the Securities of such series; 
 (d) any tax, assessment or other
governmental charge that is imposed or withheld by reason of the failure to comply by the Holder or the beneficial owner of the Security of such series (i) to provide information concerning the nationality, residence or identity or connection
with the Kingdom of Norway or any political subdivision thereof of the Holder or such beneficial owner or (ii) to make any declaration or other similar claim or satisfy any information or reporting requirements, which, in the case of
(i) or (ii), is required or imposed by a statute, treaty, regulation or administrative practice of the taxing jurisdiction as a precondition to exemption from all or part of such tax, assessment or other governmental charge; 

(e) any tax, assessment or other governmental charge which such Holder would have been able to avoid by presenting such Security to another
Paying Agent; 
 (f) any tax, assessment or other governmental charge which is imposed on a payment pursuant to European Union Directive
2003/48/EC, any law implementing this Directive, or any other Directive implementing the conclusions of the ECOFIN Council meeting of November 26 and 27, 2000 on the taxation of savings, or any law implementing or complying with, or introduced
in order to conform to, such Directive; or 
 (g) any combination of items (a), (b), (c), (d), (e) or (f) above; nor shall additional
amounts be paid with respect to any payment of the principal of, or any interest on, any Security of such series to any Holder who is a fiduciary or partnership or other than the sole beneficial owner of such payment to the extent such payment would
be required by the laws of the jurisdiction (or any political subdivision or taxing authority thereof or therein) to be included in the income for tax purposes of a beneficiary or settlor with respect to such fiduciary or a member of such
partnership or a beneficial owner who would not have been entitled to such additional amounts had it been the Holder of such Security. 

The foregoing provisions shall apply mutatis mutandis to any withholding or deduction for or on account of any present or future taxes,
assessments or governmental charges of whatever nature of any jurisdiction in which any successor Person to the Guarantor is organized, or any political subdivision or taxing authority thereof or therein; provided, however, that such payment
of additional amounts may be subject to such further exceptions as may be established in the terms of such Securities established as contemplated in the Indenture referred to in such Securities. 

The Guarantor hereby agrees that its obligations hereunder shall be as if it were principal debtor and not merely surety, and shall be
absolute and unconditional, irrespective of, and shall be unaffected by, any invalidity, irregularity or unenforceability of such Security or such Indenture, any failure to enforce the provisions of such Security or such Indenture, or any waiver,
modification or indulgence granted to the Company with respect thereto, by the Holder of such Security or such Trustee, or any other circumstance which may otherwise constitute a legal or equitable discharge of a surety or guarantor;
provided, however, that, notwithstanding the foregoing, no such waiver, modification or indulgence shall, without the consent of the Guarantor, increase the principal amount of such Security or the interest rate

  
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thereon or impose or increase any premium payable upon redemption thereof or after the stated maturity thereof. The Guarantor hereby waives diligence, presentment, demand of payment, filing of
claims with a court in the event of merger or bankruptcy of the Company, any right to require a proceeding first against the Company, protest or notice with respect to such Security or the indebtedness evidenced thereby or with respect to any
sinking fund payment required pursuant to the terms of such Security and all demands whatsoever, and covenants that this Guarantee will not be discharged except by payment in full of the principal of and any premium and interest (including
additional amounts, if any, and sinking fund payments, if any) on such Security. This is a guarantee of payment and not of collection. The Guarantee does not hereby guarantee the performance by the Company of any other of the Company’s
covenants, agreements, or obligations under the Securities or the Indenture. 
 This Guarantee (i) is a direct, unconditional,
unsubordinated and unsecured obligation of the Guarantor and (ii) ranks at least pari passu in right of payment with all other senior unsecured and unsubordinated obligations of the Guarantor now or hereafter outstanding (other than obligations
preferred by applicable law) and senior in priority of payment and in all other respects to all other obligations of the Guarantor that are designated as subordinate or junior in right of payment to this Guarantee. 

The Guarantor shall be subrogated to all rights of the Holder of such Security against the Company in respect of any amounts paid to such
Holder by the Guarantor pursuant to the provisions of this Guarantee; provided, however, that the Guarantor shall not be entitled to enforce, or to receive any payments arising out of or based upon, such right of subrogation until the
principal of and any premium and interest (including additional amounts, if any, and sinking fund payments, if any) on all Securities of the same series issued under such Indenture shall have been paid in full. 

No reference herein to such Indenture and no provision of this Guarantee or of such Indenture shall alter or impair the guarantee of the
Guarantor, which is absolute and unconditional, of the due and punctual payment of the principal of and any premium and interest (including additional amounts, if any, and sinking fund payments, if any) on the Security upon which this Guarantee is
endorsed at the times, place and rate, and in the coin or currency prescribed therein. 
 This Guarantee shall not be valid or obligatory
for any purpose until the certificate of authentication of such Security shall have been manually executed by or on behalf of the Trustee under such Indenture. 

This Guarantee shall be governed by and construed in accordance with the laws of the State of New York, except that the authorization and
execution of the Guarantee shall be governed by the laws of the jurisdiction of organization of the Guarantor. 
 All terms used in this
Guarantee which are defined in such Indenture shall have the meanings assigned to them in such Indenture. 
 IN WITNESS WHEREOF, the
Guarantor has caused this instrument to be duly executed manually or in facsimile. 
 Dated: 

 

			
	 EQUINOR ENERGY AS

		
	 By:
	 	  

		 	 Name:

		 	 Title:”

  
 -10- 

 ARTICLE IV 

Miscellaneous 

SECTION 4.01 Execution as Supplemental Indenture. 

This Supplemental Indenture No. 2 is executed and, once executed, immediately effective, and shall be construed as an indenture
supplemental to the Indenture and, as provided in the Indenture, this Supplemental Indenture No. 2 shall form a part of the Indenture. 

Except as specifically amended above, the Indenture shall remain in full force and effect and is hereby ratified and confirmed. 

SECTION 4.02 Responsibility for Recitals. 

The recitals herein shall be taken as statements of the Company and the Guarantor, and the Trustee assumes no responsibility for the
correctness thereof or for the validity or sufficiency of this Supplemental Indenture No. 2. 
 SECTION 4.03 Governing Law. 

This Supplemental Indenture No. 2 shall be governed by, and construed in accordance with, the laws of the State of New York. 

SECTION 4.04 Conflicts. 
 In
the event of a conflict between the terms and conditions of the Indenture and the terms and conditions of this Supplemental Indenture No. 2, the terms and conditions of this Supplemental Indenture No. 2 shall prevail. 

SECTION 4.05 Counterparts. 

This Supplemental Indenture No. 2 may be executed in any number of counterparts, each of which shall be an original, but such counterparts
shall together constitute but one and the same instrument. 
 [Signature page follows] 

  
 -11- 

 IN WITNESS WHEREOF, the parties hereto have caused this Supplemental Indenture No. 2 to
be duly executed. 
  

					
	EQUINOR ASA
		
	    By:	 	 /s/ Hans Jakob Hegge

		 	Name:	 	Hans Jakob Hegge
		 	Title:	 	Executive Vice President and
Chief Financial Officer
	
	EQUINOR ENERGY AS

  

					
	    By:	 	 /s/ Hans Jakob Hegge

		 	Name:	 	Hans Jakob Hegge
		 	Title:	 	Executive Vice President and
Chief Financial Officer
	
	DEUTSCHE BANK TRUST COMPANY AMERICAS

  

					
	By Deutsche Bank National Trust Company
		
	    By:	 	 /s/ Debra A. Schwalb

		 	Name:	 	Debra A. Schwalb
		 	Title:	 	Vice President

  

					
	    By:	 	 /s/ Irina Golovashchuk

		 	Name:	 	Irina Golovashchuk
		 	Title:	 	Vice President

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