Document:

EX-4.10

 Exhibit 4.10 

[FORM OF FACE OF NOTE] 
 THIS SECURITY IS
A GLOBAL SECURITY WITHIN THE MEANING OF THE INDENTURE HEREINAFTER REFERRED TO AND IS REGISTERED IN THE NAME OF A DEPOSITARY OR A NOMINEE THEREOF. THIS SECURITY IS EXCHANGEABLE FOR SECURITIES REGISTERED IN THE NAME OF A PERSON OTHER THAN THE
DEPOSITARY OR ITS NOMINEE ONLY IN THE LIMITED CIRCUMSTANCES DESCRIBED IN THE INDENTURE AND, UNLESS AND UNTIL IT IS EXCHANGED IN WHOLE OR IN PART FOR SECURITIES IN DEFINITIVE REGISTERED FORM, THIS SECURITY MAY NOT BE TRANSFERRED EXCEPT AS A WHOLE BY
THE DEPOSITARY TO THE NOMINEE OF THE DEPOSITARY OR BY A NOMINEE OF THE DEPOSITARY TO THE DEPOSITARY OR ANOTHER NOMINEE OF THE DEPOSITARY OR BY THE DEPOSITARY OR ANY SUCH NOMINEE TO A SUCCESSOR DEPOSITARY OR TO A NOMINEE OF SUCH SUCCESSOR DEPOSITARY.

 UNLESS THIS SECURITY 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 SECURITY ISSUED IS REGISTERED IN THE NAME OF CEDE & CO., OR SUCH OTHER NAME AS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO
CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUIRED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL SINCE THE REGISTERED OWNER HEREOF, CEDE &
CO., HAS AN INTEREST HEREIN. 

 CUSIP No.: 071813DB2 

ISIN: US071813DB28 
 BAXTER
INTERNATIONAL INC. 
 Floating Rate Senior Notes due 2024 

 

			
	No.	  	$____________

 Baxter International Inc., a Delaware corporation (the “Company”), for value received, hereby
promises to pay to CEDE & CO. or registered assigns, at the office or agency of the Company in the City of New York, the principal sum set forth on Schedule I attached hereto (as the same may be revised from time to time) on
November 29, 2024, in such coin or currency of the United States of America as at the time of payment shall be legal tender for the payment of public and private debts, and to pay interest, quarterly on February 28, May 29,
August 29 and November 29 of each year, commencing on August 29, 2022, on said principal sum at said office or agency, in like coin or currency, at the rate per annum specified on the reverse of this Note, from the February 28,
May 29, August 29 and November 29, as the case may be, next preceding the date of this Note to which interest has been paid on the Notes, unless the date hereof is a date to which interest has been paid on the Notes, in which case
from the date of this Note, or unless no interest has been paid on the Notes, in which case from December 1, 2021 until payment of said principal sum has been made or duly provided for; provided, that payment of interest may be made at the
option of the Company by check mailed to the address of the person entitled thereto as such address shall appear on the Security Register or by wire transfer to an account maintained by the payee with a bank located in the United States. 

Notwithstanding the foregoing, if the date hereof is after February 14, May 15, August 15 or November 15, as the case may
be, and before the following February 28, May 29, August 29 or November 29, this Note shall bear interest from such February 28, May 29, August 29 and November 29; provided, that, if the Company shall
default in the payment of interest due on such February 28, May 29, August 29 and November 29, then this Note shall bear interest from the next preceding February 28, May 29, August 29 or November 29, to which
interest has been paid on the Notes or, if no interest has been paid on the Notes, from December 1, 2021. The interest so payable on any February 28, May 29, August 29 or November 29, will, subject to certain exceptions
provided in the Indenture referred to on the reverse hereof, be paid to the person in whose name this Note is registered at the close of business on February 14, May 15, August 15 or November 15 (whether or not a Business Day (as
defined herein)), as the case may be, preceding such February 28, May 29, August 29 or November 29. Interest on this Note will be calculated on the basis of a 360-day year and the actual number
of days in the Observation Period. 
 Reference is made to the further provisions of this Note set forth on the reverse hereof. Such further
provisions shall for all purposes have the same effect as though fully set forth at this place. 

 This Note shall not be valid or become obligatory for any purpose until the certificate of
authentication hereon shall have been signed by the Trustee under the Indenture referred to on the reverse hereof. 

 IN WITNESS WHEREOF, Baxter International Inc. has caused this instrument to be duly executed
on the date set forth below. 
 Dated: 
  

			
	BAXTER INTERNATIONAL INC.
		
	By:	 	 
		 	Name:
		 	Title:

 [FORM OF CERTIFICATE OF AUTHENTICATION] 

CERTIFICATE OF AUTHENTICATION 

This is one of the Securities of the series designated herein issued under the within-mentioned Indenture. 

 

			
	 U.S. BANK TRUST COMPANY, NATIONAL ASSOCIATION,

    as Trustee

			
		
	By:	 	 
		 	Authorized Signatory

			
		
	Dated:	 	

 REVERSE OF NOTE 

BAXTER INTERNATIONAL INC. 

Floating Rate Senior Notes due 2024 

This Note is one of a duly authorized issue of Securities of the Company of the series hereinafter specified, all issued or to be issued under
and pursuant to an Indenture, dated as of December 1, 2021, as supplemented by the First Supplemental Indenture, dated as of December 1, 2021 (both together herein called the “Indenture”), between the Company and U.S. Bank
Trust Company, National Association, as successor in interest to U.S. Bank National Association, as trustee (herein called the “Trustee” which term includes any successor Trustee under the Indenture), to which Indenture and all
indentures supplemental thereto reference is hereby made for a description of the rights, limitations of rights, obligations, duties and immunities thereunder of the Trustee, the Company and the Holders of the Securities. This Note is one of a
series of Securities of the Company designated as the Floating Rate Senior Notes due 2024 (the “Notes”), initially limited in aggregate principal amount of $300,000,000, subject to the issuance of additional Notes as provided in the
Indenture. Terms used but not defined herein shall have the respective meanings set forth in the Indenture. 
 The Notes will bear interest
at a rate equivalent to Compounded SOFR plus 0.440% per annum. The Notes will bear interest from December 1, 2021 or from the immediately preceding Interest Payment Date to which interest has been paid. Interest on the Notes is payable on
February 28, May 29, August 29 and November 29 of each year, beginning on February 28, 2022 (each, an “Interest Payment Date”) and on the maturity date. Interest will be payable on the Notes to the persons in whose
names such Notes are registered at the close of business on February 14, May 15, August 15 or November 15 (whether or not a Business Day), as the case may be, preceding each Interest Payment Date (each, a “Regular Record
Date”), provided, however, that interest paid on the maturity date will be payable to the person to whom the principal will be payable. Interest on the Notes will be computed on the basis of a
360-day year and the actual number of days in the Observation Period. 
 On each Interest Payment
Determination Date relating to the applicable Interest Payment Date, the Calculation Agent will calculate the amount of accrued interest payable on the Notes for each Interest Period by multiplying (i) the outstanding principal amount of the
Notes by (ii) the product of (a) the interest rate for the relevant Interest Period multiplied by (b) the quotient of the actual number of calendar days in such Observation Period divided by 360. In no event will the interest on the
Notes be less than zero. 
 “Compounded SOFR” will be determined by the Calculation Agent in accordance with the following
formula (and the resulting percentage will be rounded, if necessary, to the nearest one hundred-thousandth of a percentage point): 
  

 

 where: 

“SOFR IndexStart” equals, for periods other than the initial Interest Period, the SOFR Index value on the preceding Interest
Payment Determination Date, and, for the initial Interest Period, the SOFR Index value on December 1, 2021; 
 “SOFR
IndexEnd” equals the SOFR Index value on the Interest Payment Determination Date relating to the applicable Interest Payment Date (or in the final Interest Period, relating to the applicable maturity date); and 

“dc” is the number of calendar days in the relevant Observation Period. 

For purposes of determining Compounded SOFR, 

“Interest Payment Determination Date” means the date two U.S. Government Securities Business Days before each Interest
Payment Date. 
 “Observation Period” means, in respect of each Interest Period, the period from, and including, the date
two U.S. Government Securities Business Days preceding the first date in such Interest Period to, but excluding, the date two U.S. Government Securities Business Days preceding the Interest Payment Date for such Interest Period (or in the final
Interest Period, preceding the applicable maturity date). 
 “SOFR Index” means, with respect to any U.S. Government
Securities Business Day: 
 (1) the SOFR Index value as published by the SOFR Administrator as such index appears on the SOFR
Administrator’s Website at 3:00 p.m. (New York time) on such U.S. Government Securities Business Day (the “SOFR Index Determination Time”); provided that: 

(2) if a SOFR Index value does not so appear as specified in (1) above at the SOFR Index Determination Time, then: (i) if a Benchmark
Transition Event and its related Benchmark Replacement Date have not occurred with respect to SOFR, then Compounded SOFR shall be the rate determined pursuant to the SOFR Index Unavailable Provisions; or (ii) if a Benchmark Transition Event and
its related Benchmark Replacement Date have occurred with respect to SOFR, then Compounded SOFR shall be the rate determined pursuant to the Effect of a Benchmark Transition Event. 

“SOFR” means the daily secured overnight financing rate as provided by the SOFR Administrator on the SOFR
Administrator’s Website. 
 “SOFR Administrator” means the Federal Reserve Bank of New York (or a successor
administrator of SOFR). 
 “SOFR Administrator’s Website” means the website of the Federal Reserve Bank of New York,
currently at http://www.newyorkfed.org, or any successor source. 
 “U.S. Government Securities Business Day” means any day
except for a Saturday, a Sunday or a day on which the Securities Industry and Financial Markets Association recommends that the fixed income departments of its members be closed for the entire day for purposes of trading in U.S. government
securities. 

 If the Company or its designee determines on or prior to the relevant Reference Time that a
Benchmark Transition Event and its related Benchmark Replacement Date have occurred with respect to determining Compounded SOFR, then the benchmark replacement provisions set forth below will thereafter apply to all determinations of the rate of
interest payable on the Securities. In accordance with the benchmark replacement provisions, after a Benchmark Transition Event and its related Benchmark Replacement Date have occurred, the interest rate for each Interest Period on the Securities
will be an annual rate equal to the sum of the Benchmark Replacement and the applicable margin. 
 If a SOFR IndexStart or SOFR IndexEnd is
not published on the associated Interest Payment Determination Date and a Benchmark Transition Event and its related Benchmark Replacement Date have not occurred with respect to SOFR, “Compounded SOFR” means, for the applicable Interest
Period for which such index is not available, the rate of return on a daily compounded interest investment calculated in accordance with the formula for SOFR Averages, and definitions required for such formula, published on the SOFR
Administrator’s Website at https://www.newyorkfed.org/markets/treasury-repo-reference-rates-information. For the purposes of this provision, references in the SOFR Averages compounding formula and related definitions to “calculation
period” shall be replaced with “Observation Period” and the words “that is, 30-, 90-, or 180- calendar
days” shall be removed. If SOFR does not so appear for any day, “i” in the Observation Period, SOFRi for such day “i” shall be SOFR published in respect of the first preceding U.S. Government Securities Business Day for
which SOFR was published on the SOFR Administrator’s Website. 
 If the Company or its designee determines that a Benchmark Transition
Event and its related Benchmark Replacement Date have occurred prior to the Reference Time in respect of any determination of the Benchmark on any date, the Benchmark Replacement will replace the then-current Benchmark for all purposes relating to
the Securities in respect of such determination on such date and all determinations on all subsequent dates. In connection with the implementation of a Benchmark Replacement, the Company or its designee will have the right to make Benchmark
Replacement Conforming Changes from time to time. 
 Any determination, decision or election that may be made by the Company or its designee
pursuant to the benchmark replacement provisions described herein, including any determination with respect to tenor, rate or adjustment or of the occurrence or non-occurrence of an event, circumstance or date
and any decision to take or refrain from taking any action or any selection: (i) will be conclusive and binding absent manifest error; (ii) if made by the Company, will be made in its sole discretion; (iii) if made by the
Company’s designee, will be made after consultation with the Company, and such designee will not make any such determination, decision or election to which the Company shall object; and (iv) shall become effective without consent from the
Holders of the Securities or any other party. 
 Any determination, decision or election pursuant to the benchmark replacement provisions
shall be made by the Company or its designee (which may be the Company’s affiliate but in no event shall be the initial Calculation Agent, the Trustee or the initial paying agent) on the basis as described above. None of the Calculation Agent,
the Trustee, or the initial paying agent shall have any liability or obligation whatsoever to make any such determination, decision or election. 

 The interest rate and amount of interest to be paid on the Securities for each Interest
Period will be determined by the Calculation Agent. U.S. Bank Trust Company, National Association will initially serve as the Calculation Agent. All determinations made by the Calculation Agent shall, in the absence of manifest error, be conclusive
for all purposes and binding on the Company and the Holders of the Securities. So long as Compounded SOFR is required to be determined with respect to the Securities, there will at all times be a Calculation Agent. In the event that any then acting
Calculation Agent shall be unable or unwilling to act, or that such Calculation Agent shall fail duly to establish Compounded SOFR for any Interest Period, or the Company proposes to remove such Calculation Agent, the Company shall appoint another
Calculation Agent. None of the Trustee, the paying agent and the Calculation Agent shall be under any obligation (i) to monitor, determine or verify the unavailability or cessation of SOFR or the SOFR Index, or whether or when there has
occurred, or to give notice to any other transaction party of the occurrence of, any Benchmark Transition Event or related Benchmark Replacement Date, (ii) to select, determine or designate any Benchmark Replacement, or other successor or
replacement benchmark index, or whether any conditions to the designation of such a rate or index have been satisfied, (iii) to select, determine or designate any Benchmark Replacement Adjustment, or other modifier to any replacement or
successor index, or (iv) to determine whether or what Benchmark Replacement Conforming Changes are necessary or advisable, if any, in connection with any of the foregoing. None of the Trustee, the paying agent and the Calculation Agent shall be
liable for any inability, failure or delay on its part to perform any of its duties set forth herein as a result of the unavailability of SOFR, the SOFR Index or other applicable Benchmark Replacement, including as a result of any failure,
inability, delay, error or inaccuracy on the part of any other transaction party in providing any direction, instruction, notice or information required or contemplated herein and reasonably required for the performance of such duties. 

If any Interest Payment Date, maturity date or redemption date, of this Note falls on a day that is not a Business Day, payment will be made
on the next succeeding Business Day, and no interest will accrue for the period from and after such Interest Payment Date, maturity date or redemption date, as the case may be, to the next succeeding Business Day. As used in this Note, the term
“Business Day” means each Monday, Tuesday, Wednesday, Thursday and Friday which is not a day on which banking institutions in the City of New York are authorized or obligated by or pursuant to law, regulation or executive order to
close. 
 The Indenture contains provisions for the defeasance at any time of the entire indebtedness of the Notes or certain covenants set
forth in the Indenture applicable to the Notes upon compliance by the Company of certain conditions set forth therein, which provisions apply to this Note. 

Except as set forth in the following sentence, the Notes are not subject to redemption at the option of the Company. On or after the date that
is 31 days prior to the maturity date, the Notes will be redeemable in whole at any time or in part, from time to time, at the option of the Company, at a redemption price equal to 100% of the principal amount of the notes to be redeemed, plus
accrued and unpaid interest, if any, to, but excluding, the date of redemption. 

 Any redemption made at the option of the Company (an “Optional Redemption”)
shall be made upon not less than 10 nor more than 60 days’ prior notice before the redemption date to the Holders. Any such notice of redemption may, in the Company’s discretion, be given subject to the satisfaction of one or more
conditions precedent. In that case, such notice of redemption shall describe each such condition, and such notice may be rescinded in the event that any or all such conditions shall not have been satisfied or waived by the Company by the relevant
redemption date. If the Notes are only partially redeemed by the Company pursuant to an Optional Redemption, the Notes to be redeemed shall be selected by such method as the Trustee shall deem fair and appropriate and in accordance with the
Indenture, provided, however, that in the case of Notes in global form such selection shall be made in accordance with the procedures of the applicable Depositary. In the event of redemption of this Note in part only, a new Note or Notes for
the unredeemed portion hereof shall be issued in the name of the Holder hereof upon the cancellation hereof. Unless the Company defaults in payment of the redemption price, on and after the redemption date interest will cease to accrue on the Notes
or portions thereof called for redemption. 
 If a Change of Control Triggering Event (as defined below) occurs, unless the Company has
exercised its option to redeem the Notes (as described above), the Company shall be required to make an offer (the “Change of Control Offer”) to each holder of the Notes to repurchase all or any part (equal to $2,000 or an integral
multiple of $1,000 in excess thereof) of that holder’s Notes on the terms set forth below. In the Change of Control Offer, the Company shall be required to offer payment in cash equal to 101% of the aggregate principal amount of Notes
repurchased, plus accrued and unpaid interest, if any, on the Notes repurchased to, but excluding, the date of repurchase (the “Change of Control Payment”), subject to the right of holders of record of the Notes on the relevant
Record Date to receive interest due on the relevant Interest Payment Date. Within 30 days following any Change of Control Triggering Event or, at the option of the Company, prior to any Change of Control, but after public announcement of the
transaction that constitutes or may constitute the Change of Control, a notice shall be mailed (or, with respect to Notes in global form, to the extent permitted or required by applicable Depositary procedures, sent electronically) to holders of the
Notes with a copy to the Trustee describing the transaction that constitutes or may constitute the Change of Control Triggering Event and offering to repurchase the Notes on the date specified in the notice, which date shall be no earlier than
30 days and no later than 60 days from the date such notice is mailed or sent (the “Change of Control Payment Date”). The notice shall, if mailed or sent prior to the date of consummation of the Change of Control, state
that the offer to purchase is conditioned on the Change of Control Triggering Event occurring on or prior to the Change of Control Payment Date. 

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

 

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

  

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

  

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

 The Company shall not be required to make a Change of Control Offer upon the occurrence of a
Change of Control Triggering Event if a third party makes such an offer in the manner, at the times and otherwise in compliance with the requirements for an offer made by the Company and the third party repurchases all Notes properly tendered and
not withdrawn under its offer. In addition, the Company shall not repurchase any Notes if there has occurred and is continuing on the Change of Control Payment Date an Event of Default, other than a default in the payment of the Change of Control
Payment upon a Change of Control Triggering Event. 
 The Company shall comply with the requirements of
Rule 14e-1 under the Securities Exchange Act of 1934, as amended (the “Exchange Act”), and any other securities laws and regulations thereunder to the extent those laws and regulations
are applicable in connection with the repurchase of the Notes as a result of a Change of Control Triggering Event. To the extent that the provisions of any such securities laws or regulations conflict with the Change of Control Offer provisions of
the Notes, the Company shall comply with those securities laws and regulations and shall not be deemed to have breached its obligations under the Change of Control Offer provisions of the Notes by virtue of any such conflict. 

For purposes of the Change of Control Offer provisions of the Notes, the following definitions shall apply: 

“Change of Control” means the occurrence of any of the following: (1) the consummation of any transaction (including,
without limitation, any merger or consolidation) the result of which is that any “person” (as that term is used in Section 13(d)(3) of the Exchange Act), other than the Company or one of its subsidiaries, becomes the beneficial owner
(as defined in Rules 13d-3 and 13d-5 under the Exchange Act), directly or indirectly, of more than 50% of the Company’s Voting Stock or other Voting Stock into
which the Company’s Voting Stock is reclassified, consolidated, exchanged or changed, measured by voting power rather than number of shares; (2) the direct or indirect sale, transfer, conveyance or other disposition (other than by way of
merger or consolidation), in one or a series of related transactions, of all or substantially all of the Company’s assets and the assets of its subsidiaries, taken as a whole, to one or more “persons” (as that term is defined in the
Indenture), other than the Company or one of its subsidiaries or (3) the adoption of a plan relating to the Company’s liquidation or dissolution. Notwithstanding the foregoing, a transaction shall not be deemed to be a Change of Control if
(1) the Company becomes a direct or indirect wholly-owned subsidiary of a holding company and (2)(A) the direct or indirect holders of the Voting Stock of such holding company immediately following that transaction are substantially the same as
the holders of the Company’s Voting Stock immediately prior to that transaction or (B) immediately following that transaction no “person” (as that term is used in Section 13(d)(3) of the Exchange Act) (other than a holding
company satisfying the requirements of this sentence) is the beneficial owner, directly or indirectly, of more than 50% of the Voting Stock of such holding company. 

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

“Investment Grade Rating” means a rating equal to or higher than Baa3 (or the equivalent) by Moody’s and BBB- (or the equivalent) by S&P, and the equivalent investment grade credit rating from any replacement Rating Agency or Rating Agencies. 

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

“Rating Agencies” means (1) each of Moody’s and S&P, and (2) if either 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 Section 3(a)(62) of the
Exchange Act selected by the Company (as certified by a resolution of the Company’s Board of Directors) as a replacement agency for Moody’s or S&P, or both of them, as the case may be. 

“Rating Event” means the rating on the Notes is lowered by each of the Rating Agencies and the Notes are rated below an
Investment Grade Rating by each of the Rating Agencies on any day within the 60-day period (which 60-day period will be extended so long as the rating of the Notes is
under publicly announced consideration for a possible downgrade by any of the Rating Agencies but no longer than 180 days) after the earlier of (1) the occurrence of a Change of Control and (2) public notice of the Company’s
intention to effect a Change of Control; provided, however, that a 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 Rating Event for purposes of the definition of Change of Control Triggering Event) if the Rating Agencies making the reduction in rating to which this definition would otherwise apply do not announce or publicly confirm to the
Company in writing at the Company’s request that the reduction was the result, in whole or in part, of any event or circumstance comprised of or arising as a result of, or in respect of, the applicable Change of Control (whether or not the
applicable Change of Control has occurred at the time of the Rating Event). 
 “S&P” means S&P Global Ratings, a
division of S&P Global, Inc. 
 “Voting Stock” means, with respect to any specified “person” (as that term is
used in Section 13(d)(3) of the Exchange Act), as of any date, the capital stock of such person that is at the time entitled to vote generally in the election of the board of directors of such person. 

The Company’s obligation to make a Change of Control Offer as set forth herein shall be subject to the covenant defeasance provisions of
Section 13.02(c) of the Indenture. 
 If an Event of Default, with respect to the Notes shall have occurred and be continuing, the
principal of this Note may be declared due and payable in the manner and with the effect set forth in the Indenture. 
 The Indenture
contains provisions permitting the Company and the Trustee, with the consent of the Holders of not less than a majority in aggregate principal amount of the Securities at the time Outstanding of each series to be affected to execute supplemental
indentures adding any provisions to or changing in any manner or eliminating any of the provisions of the Indenture or of any supplemental indenture or modifying in any manner the rights of the Holders of the Securities of such series subject to the
limitations set forth in the Indenture. It is also provided in the Indenture that, with respect to certain defaults or Events of Default regarding the Securities of any series, the Holders of a majority in aggregate principal amount of the
Securities at the time Outstanding of such series may on behalf of the Holders of all the Securities of such 

 
series waive any such past default or Event of Default and its consequences. The preceding sentence shall not, however, apply to a default in the payment of the principal of or premium, if any,
or interest on the Notes. Any such consent or waiver by the Holder of this Note (unless revoked as provided in the Indenture) shall be conclusive and binding upon such Holder and upon all future Holders and owners of this Note and any Notes which
may be issued in exchange or substitution herefor, irrespective of whether or not any notation thereof is made upon this Note or such other Notes. 

No reference herein to the Indenture and no provision of this Note or of the Indenture shall alter or impair the obligations of the Company,
which are absolute and unconditional, to pay the principal of, and any premium and interest on, this Note in the manner and at the respective times herein provided. 

The Notes are issuable in registered form without coupons in denominations of $2,000 and any multiple of $1,000 in excess thereof. In the
manner and subject to the limitations provided in the Indenture, but without the payment of any service charge, Notes may be exchanged for a like aggregate principal amount of Notes of other authorized denominations at the office or agency of the
Trustee in the City of New York. 
 There is no sinking fund for the retirement of the Notes. 

Upon due presentment for registration of transfer of this Note at the office or agency of the Trustee in the City of New York, a new Note or
Notes of authorized denominations for an equal aggregate principal amount will be issued to the transferee in exchange therefor, subject to the limitations provided in the Indenture, without charge except for any tax or other governmental charge
imposed in connection therewith. 
 Prior to due presentment for registration of transfer, the Company, the Trustee and any agent of the
Company, or the Trustee may treat the registered Holder hereof as the owner of this Note (whether or not this Note shall be overdue), for the purpose of receiving payment of the principal hereof and premium, if any, and subject to the provisions on
the face hereof, interest hereon, and for all other purposes, and neither the Company, nor the Trustee nor any agent of the Company, or the Trustee shall be affected by any notice to the contrary. 

No recourse under or upon any obligation, covenant or agreement contained in the Indenture or any indenture supplemental thereto or in any
Note, or because of any indebtedness evidenced thereby, shall be had against any incorporator or against any past, present or future stockholder, employee, officer or director, as such, of the Company or of any successor corporation, either directly
or through the Company or any successor corporation, whether by virtue of any constitution, statute or rule of law, or by the enforcement of any assessment or penalty or otherwise, all such liability and any and all such claims being expressly
waived and released as a condition of, and as a consideration for, the execution of the supplement to the Indenture and issue hereof of the Notes. 

This Note is the senior unsecured and unsubordinated obligation of the Company and will rank on parity with all other unsecured and
unsubordinated indebtedness of the Company, including any other Securities issued under the Indenture. 

 [FORM OF TRANSFER NOTICE] 

FOR VALUE RECEIVED the undersigned registered holder hereby sell(s), assign(s) and transfer(s) unto 

Insert Taxpayer Identification No. 
  

 
 Please print or typewrite name and address including
zip code of assignee 
  
  

the within Note and all rights thereunder, hereby irrevocably constituting and appointing attorney to transfer said Note on the books of 

 
  

the Company with full power of substitution in the premises. 
  

			
	By:	 	 
		
	Date:	 	 

 Schedule I 

BAXTER INTERNATIONAL INC. 

Floating Rate Senior Notes due 2024 
 No.

 The initial principal amount of this Note is $____________. 
  

							
	 Date
	  	 Principal Amount
	  	 Notation Explaining Principal

Amount Recorded
	  	 Authorized Signature of

Trustee or CustodianExhibit 10.1

 

FIRST AMENDMENT TO CREDIT AGREEMENT AND AMENDMENT
TO PLEDGE AND SECURITY AGREEMENT

 

This FIRST AMENDMENT TO CREDIT
AGREEMENT AND AMENDMENT TO PLEDGE AND SECURITY AGREEMENT (this “Amendment”) is entered into as of April 28, 2022 by
and among HARVARD BIOSCIENCE, INC. (the “Borrower”), CITIZENS BANK, N.A. in its capacity as the Administrative Agent
(in such capacity, the “Administrative Agent”) and the Lenders party hereto.

 

W I T N E S S E T H:

 

WHEREAS, the Borrower, the
other Loan Parties party thereto, the Administrative Agent and the Lenders are parties to the Credit Agreement, dated as of December 22,
2020 (as amended prior to the date hereof, and as further amended, restated, supplemented, or otherwise modified from time to time, the
“Credit Agreement”); and

 

WHEREAS, the Loan Parties
have requested that the Administrative Agent and the Lenders agree to make certain amendments to the Credit Agreement, and the Administrative
Agent and the Lenders have agreed to such amendments, subject to the terms and conditions hereof; and

 

WHEREAS, each Loan Party expects
to realize substantial direct and indirect benefits as a result of this Amendment becoming effective, and agrees to reaffirm its obligations
under the Credit Agreement and the other Loan Documents to which it is a party.

 

NOW, THEREFORE, in consideration
of the mutual agreements, provisions and covenants contained herein, and other valuable consideration, the receipt and sufficiency of
all of which are hereby acknowledged, the parties agree as follows:

 

Section
1. Defined Terms. Capitalized terms used but not defined herein (including in the recitals hereto) shall have the meanings
assigned to them in the Credit Agreement, as amended hereby.

 

Section
2. Amendments to Credit Agreement. Subject to the satisfaction of the conditions set forth herein, effective as of the First
Amendment Effective Date (as defined below), the terms of the Credit Agreement are hereby amended as follows:

 

(a)               
Definitions. Section 1.1 of the Credit Agreement is hereby amended as follows:

 

(i)                
The definition of “Consolidated EBITDA” is hereby amended by (A) revising clause (xi) as provided below and (B) adding
an additional clause (xii) thereto as follows:

 

(xi)        any
other non-cash expenditure, charge or loss for such period (other than any non-cash expenditure, charge or loss relating to write-offs,
write-downs or reserves with respect to accounts receivable and inventory); plus

 

(xii)       one-time
non-recurring costs associated with the settlement of the Biostage Litigation; and

 

(ii)                     A
new definition of “Biostage Litigation” is added as follows:

 

“Biostage
Litigation” means the wrongful death complaint filed on behalf of an individual plaintiff related to an injury purported to have
been caused by a product produced by a subsidiary of the Borrower, as disclosed to the Administrative Agent and the Lenders prior to the
First Amendment Effective Date.

 

     

     

    

 

(b)               
Financial Covenant. Section 7.12(a) of the Credit Agreement is hereby amended and restated in its entirety as follows:

 

(a)         
Consolidated Net Leverage Ratio. The Borrower will not permit the Consolidated Net Leverage Ratio as of the end of any fiscal
quarter during any period set forth in the following table to be greater than the ratio set forth therein with respect to such period:

 

	Fiscal Quarter Ended	Consolidated Net Leverage Ratio
	December 31, 2020	4.00 to 1.00
	March 31, 2021	3.75 to 1.00
	June 30, 2021	3.50 to 1.00
	September 30, 2021	3.25 to 1.00
	December 31, 2021 	3.00 to 1.00
	March 31, 2022	3.75 to 1.00
	June 30, 2022	3.75 to 1.00
	September 30, 2022	3.50 to 1.00
	December 31, 2022 	3.25 to 1.00
	March 31, 2023 and thereafter	3.00 to 1.00

 

Section
3. Amendment to Pledge and Security Agreement. The Security Agreement (as defined in the Credit Agreement) is hereby amended
by amending and restating the definition of “Excluded Accounts” in its entirety as follows:

 

“Excluded
Accounts” means any Deposit Account or Securities Account that is solely used for the holding of (i) funds used for payroll
and payroll taxes and other employee benefit payments to or for the benefit of a Loan Party’s employees, (ii) taxes required to
be collected, remitted or withheld (including federal and state withholding taxes (including the employer’s share thereof)), (iii)
funds which any Loan Party holds in trust or as an escrow or fiduciary for another Person that is not a Loan Party and (iv) solely for
purposes of the exception set forth in subsection (c)(ii) of the definition of “Collateral and Guarantee Requirement” in the
Credit Agreement relating to exceptions to Control Agreement requirements, (a) Deposit Accounts that do not contain amounts at any time
in an aggregate amount in excess of $10,000 for any one account and $75,000 in the aggregate for all such accounts and (b) Deposit Accounts
maintained with any financial institution who is, or is an Affiliate of, a Lender.

 

Section
4. Consent.Subject to the effectiveness of the Amendment, the Administrative Agent and the Lenders party hereto hereby
consent to the settlement of the Biostage Litigation, including, but not limited to, the receipt by the Borrower of convertible preferred
stock as payment for indemnification obligations related thereto and the conversion and sale of such securities. For the avoidance of
doubt, the acquisition or disposition of such securities shall not apply to the thresholds set forth in Section 7.4(n) or 7.5(h) of the
Credit Agreement, respectively. Further, the Administrative Agent and the Lenders hereby consent that the Net Cash Proceeds from the sale
of such securities shall not be required to be applied pursuant to Section 2.7(b)(i)(A) of the Credit Agreement.

 

    2 

     

    

 

Section
5.Conditions to Effectiveness. This Amendment shall be effective as of the date of the satisfaction of each of the following
conditions, and in case of any documentation to be delivered to the Administrative Agent, such documentation shall be in form and substance
reasonably satisfactory to the Administrative Agent (such date, the “First Amendment Effective Date”):

 

(a)               
This Amendment shall have been duly executed and delivered by the Borrower, the other Loan Parties, the Administrative Agent and
the Required Lenders.

 

(b)               
The Administrative Agent shall have received satisfactory evidence that all fees, expenses and disbursements required to be paid
in connection with this Amendment (including fees, disbursements and other charges of counsel to the Administrative Agent) have been paid
in full.

 

Section
6. Representations and Warranties. The Borrower represents and warrants to the Lender as follows:

 

(a)               
The Borrower has all requisite power and authority to execute, deliver and perform this Amendment and all documents and instruments
delivered in connection herewith, the Borrower has taken all necessary organizational action to authorize the execution, delivery and
performance of this Amendment and all documents and instruments delivered in connection herewith, and this Amendment has been duly executed
and delivered on behalf of the Borrower.

 

(b)               
This Amendment constitutes a legal, valid and binding obligation of the Borrower, enforceable in accordance with its terms, subject
to applicable bankruptcy, insolvency, reorganization, moratorium or other similar laws affecting creditors’ rights generally and
subject to general principles of equity, regardless of whether considered in a proceeding in equity or at law.

 

(c)               
Each of the representations and warranties by the Loan Parties in the Loan Documents to which they are party is true and correct
in all material respects (or, if qualified as to materiality or as to a Material Adverse Effect, in all respects) as of the date hereof
(or, to the extent any such representation or warranty refers specifically to an earlier date, as of such earlier date) and before and
after giving effect to this Amendment.

 

Section
7. Effect of this Amendment.

 

(a)               
Except as specifically amended hereby, all terms, conditions, covenants, representations and warranties contained in the Credit
Agreement and the other Loan Documents, all rights of the Lender and all of the Obligations shall remain in full force and effect. The
Borrower hereby confirms that the Loan Documents previously executed by the Loan Parties are in full force and effect and that the Loan
Parties have no right of setoff, recoupment or other offset or any defense as of the date hereof with respect to any of the Obligations
or any such Loan Document.

 

(b)               
The execution, delivery and effectiveness of this Amendment shall not directly or indirectly constitute (i) a novation of any of
the Obligations under the Credit Agreement or the other Loan Documents or (ii) constitute a course of dealing or, except as expressly
amended hereby, other basis for altering any Obligations or any other contract or instrument (including, without limitation, the Credit
Agreement and the other Loan Documents).

 

    3 

     

    

 

(c)               
From and after the date hereof, (i) the term “Agreement” in the Credit Agreement, and all references to the Credit
Agreement in any other Loan Document, shall mean the Credit Agreement as amended hereby, and (ii) the term “Loan Documents”
in the Credit Agreement and the other Loan Documents shall include, without limitation, this Amendment and any agreements, instruments
and other documents executed and/or delivered in connection herewith. This Amendment is a Loan Document.

 

Section
8. Counterparts. This Amendment may be executed in counterparts (and by different parties hereto in different counterparts),
each of which shall constitute an original, but all of which when taken together shall constitute a single contract. Delivery of an executed
counterpart of a signature page of this Amendment by facsimile or in electronic (e.g., “pdf” or “tif”) format
shall be effective as delivery of a manually executed counterpart of this Amendment.

 

Section
9. Reaffirmation. Subject to any limitations on its obligations expressly stated in the Loan Documents to which it is a
party, each Loan Party (a) acknowledges and agrees, as of the effectiveness of this Amendment, that all of its obligations under the Loan
Documents to which it is a party are reaffirmed and remain in full force and effect on a continuous basis, and (b) reaffirms each Lien
granted by each Loan Party pursuant to the Collateral Documents, all of which obligations and Liens remain in full force and effect after
giving effect to this Amendment.

 

Section
10. No Actions, Claims, Etc.. As of the date hereof, each of the Loan Parties hereby acknowledges and confirms that it has
no knowledge of any actions, causes of action, claims, demands, damages and liabilities of whatever kind or nature, in law or in equity,
against the Lender, any participant, or any of their respective officers, employees, representatives, agents, advisors, consultants, counsel
or directors arising from any action by such Persons, or failure of such Persons to act on or prior to the date hereof.

 

Section
11. Governing Law; Jurisdiction; Service of Process.

 

(a)               
This Amendment shall be governed by, and construed in accordance with, the laws of the State of New York.

 

(b)               
Each of the parties hereto irrevocably and unconditionally submits, for itself and its property, to the non-exclusive jurisdiction
of the courts of the State of New York sitting in New York County and of the United States District Court of the for the Southern District
of New York and any appellate court from any thereof, in any action or proceeding arising out of or relating to this Amendment, or for
recognition or enforcement of any judgment, and each of the parties hereto irrevocably and unconditionally agrees that all claims in respect
of any such action or proceeding may be heard and determined in such New York State court or, to the fullest extent permitted by applicable
law, in such Federal court. Each of the parties hereto agrees that a final judgment in any such action or proceeding shall be conclusive
and may be enforced in other jurisdictions by suit on the judgment or in any other manner provided by law. Nothing in this Amendment shall
affect any right that Lender may otherwise have to bring any action or proceeding relating to this Amendment or any other Loan Document
against any Loan Party or its properties in the courts of any jurisdiction.

 

(c)               
Each of the parties hereto irrevocably and unconditionally waives, to the fullest extent permitted by applicable law, any objection
that it may now or hereafter have to the laying of venue of any action or proceeding arising out of or relating to this Amendment in any
court referred to in paragraph (b) of this Section. Each of the parties hereto hereby irrevocably waives, to the fullest extent permitted
by applicable law, the defense of an inconvenient forum to the maintenance of such action or proceeding in any such court.

 

(d)               
Each of the parties hereto irrevocably consents to service of process in the manner provided for notices in the Credit Agreement.
Nothing in this Amendment will affect the right of any party to this Amendment to serve process in any other manner permitted by law.

 

    4 

     

    

 

Section
12. Waiver of Jury Trial. EACH PARTY HERETO HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW,
ANY RIGHT IT MAY HAVE TO A TRIAL BY JURY IN ANY LEGAL PROCEEDING DIRECTLY OR INDIRECTLY ARISING OUT OF OR RELATING TO THIS AMENDMENT OR
THE TRANSACTIONS CONTEMPLATED HEREBY (WHETHER BASED ON CONTRACT, TORT OR ANY OTHER THEORY). EACH PARTY HERETO HEREBY (A) CERTIFIES THAT
NO REPRESENTATIVE, AGENT OR ATTORNEY OF ANY OTHER PERSON HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT SUCH OTHER PERSON WOULD NOT, IN
THE EVENT OF LITIGATION, SEEK TO ENFORCE THE FOREGOING WAIVER AND (B) ACKNOWLEDGES THAT IT AND THE OTHER PARTIES HERETO HAVE BEEN INDUCED
TO ENTER INTO THIS AMENDMENT BY, AMONG OTHER THINGS, THE MUTUAL WAIVERS AND CERTIFICATIONS IN THIS SECTION.

 

Section
13. Headings. Section headings used herein are for convenience of reference only, are not part of this Amendment and shall
not affect the construction of, or be taken into consideration in interpreting, this Amendment.

 

[Signature pages follow]

 

    5 

     

    

 

IN WITNESS WHEREOF, the parties hereto have caused
this Amendment to be duly executed by their respective authorized officers as of the day and year first above written.

 

	 	
    Borrower:

     

    HARVARD BIOSCIENCE,
INC.

	 	 
	 	 
	 	BY:	/s/ Michael A. Rossi
	 	 	Name:	Michael A. Rossi
	 	 	Title:	
    CFO

 

[Signature Page to First Amendment]

     

     

    

 

	 	CITIZENS BANK, N.A., as the Administrative Agent and as a Lender
	 	 	 
	 	 	 
	 	By:	/s/ Mehul Patel
	 	Name:	Mehul Patel
	 	Title:	Managing Director

 

[Signature Page to First Amendment]

     

     

    

 

	 	WELLS FARGO BANK, NATIONAL ASSOCIATION, as a Lender
	                                                                                   	 	 	 
	               	 	 	 
	 	By:	/s/ Brandon Moss
	 	 	Name:	Brandon Moss
	 	 	Title:	Vice President

 

[Signature Page to First Amendment]

     

     

    

 

	 	SILICON VALLEY BANK, as a Lender
	                                                                                   	 	 	 
	               	 	 	 
	 	By:	/s/ Justin Roberts
	 	 	Name:	Justin Roberts
	 	 	Title:	Director

 

[Signature Page to First Amendment]

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