Document:

Exhibit

EXHIBIT 10.1

PIONEER NATURAL RESOURCES COMPANY 
SEVERANCE AGREEMENT
This Severance Agreement (“Agreement”) is entered into, as of February 27, 2017, among Pioneer Natural Resources Company, a Delaware corporation (“Parent”), Pioneer Natural Resources USA, Inc., a Delaware corporation that is a wholly-owned subsidiary of Parent (“Employer”) and Timothy L. Dove (“Employee”).  As used henceforth in this Agreement, the term “Company” shall be deemed to include Parent and its direct or indirect majority-owned subsidiaries.  
Recitals
Parent and Employer acknowledge that Employee possesses skills and knowledge instrumental to the successful conduct of the Company’s business.  Parent and Employer are willing to enter into this Agreement with Employee in order to better ensure themselves of access to the continued services of Employee.
NOW, THEREFORE, for and in consideration 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 to this Agreement hereby agree as follows:
1.Term.  The term of this Agreement shall commence on the date indicated above (the “Effective Date”) and end on September 30, 2018.  Thereafter, on the date on which the term of this Agreement (as it may be extended from time to time under this paragraph 1) would otherwise expire, so long as Employee is still an employee of the Company on such date, such term will be automatically extended for 12 months, unless Parent shall have provided written notice to Employee at least 6 months before the date that the term would otherwise expire that it does not want the term to be extended.  Parent may deliver a conditional notice of non-renewal that will be effective only if Employee does not agree, within the time period specified by Parent, to any amendment or modification of this Agreement that Parent shall request be executed as a condition to allowing the term hereof to be extended.  Notwithstanding the foregoing, so long as Employee is in the employ of the Company on the date on which a Potential Change in Control occurs, the term of this Agreement shall continue in effect following such Potential Change in Control until the date on which the term of any separate agreement between Parent and Employer and Employee relating to the provision of severance and other benefits after a Change in Control (the “Change in Control Agreement”) expires; provided, however, that upon the occurrence of such a Change in Control, this Agreement shall terminate and such Change in Control Agreement shall govern the rights of Employee to, or obligations of Parent and Employer to provide, severance and other benefits to Employee.
2.    Certain Definitions.  As used in this Agreement, the following terms shall have the meanings set forth below:
(a)    “Accrued Obligations” shall mean any vested amounts or benefits owing to Employee under any of the Company’s employee benefit plans and programs in which Employee has participated, including any compensation previously deferred by Employee (together with any accrued earnings thereon) and not yet paid.
(b)     “Base Salary” shall mean Employee’s annualized base salary at the rate in effect at the relevant date or event as reflected in Employer’s regular payroll records.

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(c)    "Change in Control" shall mean an event that constitutes a "change in control" as defined in Parent's LTIP.  Any modification to the definition of "change in control" in Parent's LTIP (including by virtue of the adoption by the Parent of a successor plan thereto setting forth a modified definition of "change in control") adopted after the Effective Date shall apply for purposes of this Agreement, except that any modification to such definition adopted on or after, or within 180 days prior to, a Change of Control or Potential Change of Control shall not apply in determining the definition of such term under this Agreement unless such amendment is favorable to Employee; and provided further that any change to the definition of a change in control in Parent's LTIP adopted in 2008 to comply with the requirements of Section 409A of the Code shall be deemed to be favorable to Employee.
(d)     “Date of Termination” shall mean
(1)      In the case of a termination for which a Notice of Termination is required, the date of receipt of such Notice of Termination or, if later, the date specified therein; and
(2)      In all other cases, the actual date on which Employee's employment terminates; 
provided, however, that if Employee continues to provide or, in the 12 month period following such termination of employment, Employee is expected to provide, sufficient services that, under the Parent's written and generally applicable policies regarding what constitutes a "separation from service" for purpose of Section 409A of the Code, Employee does not incur a separation of service for purposes of such Section 409A on the date of termination, Employee's Date of Termination for purposes of this Agreement shall be the date on which such Employee incurs a separation from service under such policies. 

(e)     “Disability” shall mean Employee’s physical or mental impairment or incapacity of sufficient severity such that
(1)      In the opinion of a qualified physician selected by Parent, after taking into account all reasonable accommodations that the Company has made or could make, Employee is unable to continue to perform Employee’s duties and responsibilities as an employee of the Company; or
(2)      Employee’s condition entitles Employee to long-term disability benefits under any employee benefit plan maintained by the Company in which Employee participates.
For purposes of subparagraph (e)(1), Employee agrees to provide such access to Employee’s medical records and to submit to such physical examinations or medical tests as, in the opinion of the physician selected by Parent, is reasonably necessary to make the determination required as to Employee’s ability to perform Employee’s duties and responsibilities.  If such physician is unable to render an opinion as to Employee’s ability to perform such duties and responsibilities due to Employee’s failure to provide such access to any of Employee’s medical records or to submit to any such examination or test (unless, 

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in the opinion of such physician such failure is a direct result of Employee’s physical or mental impairment), any failure by Employee to perform Employee’s duties and responsibilities shall be deemed not to be on account of Employee’s physical or mental impairment or incapacity.
(f)    “Earned Salary” shall mean the Base Salary earned by Employee, but unpaid, through Employee’s Date of Termination.
(g)     “Normal Retirement Date” shall mean the date on which Employee attains age 60.
(h)    “Notice of Termination” shall mean a written notice given by the party effecting the termination of Employee’s employment which shall
(1)      Indicate the specific termination provision in this Agreement relied upon;
(2)      Set forth in reasonable detail the facts and circumstances claimed to provide a basis for termination of Employee’s employment under the provision so indicated; and
(3)      If the Date of Termination is other than the date of receipt of such notice, specify the Date of Termination (which date shall be not more than 30 days after the giving of such notice).  
The failure by Employee or Parent or Employer to set forth in the Notice of Termination any fact or circumstance which contributes to a showing of Termination for Good Reason or Termination for Cause shall not waive any right of such party hereunder or preclude such party from asserting such fact or circumstance in enforcing such party’s rights hereunder.  In the event that a Potential Change in Control has occurred, any Notice of Termination by Parent or Employer intended to effect a Termination for Cause must be given with 45 days of Parent or Employer’s having actual knowledge of the events giving rise to Termination for Cause.
(i)    "Parent's LTIP” shall mean the Parent's 2006 Long Term Incentive Plan, as the same may be amended from time to time, or any successor plan thereto.
(j)     “Potential Change in Control” shall mean the occurrence of any of the following events:
(1)      Any person or group shall have announced publicly an intention to effect a Change in Control, or commenced any action (such as the commencement of a tender offer for Parent’s common stock or the solicitation of proxies for the election of any of Parent’s directors) that, if successful, could reasonably be expected to result in the occurrence of a Change in Control;
(2)      Parent enters into an agreement the consummation of which would constitute a Change in Control; or

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(3)      Any other event occurs which the Board of Directors of Parent (the “Board”) declares to be a Potential Change in Control.
(k)    “Separation Payment” shall mean any lump sum payment in excess of Earned Salary and Accrued Obligations payable to Employee under this Agreement.  
(l)    “Termination for Cause” shall mean a termination of Employee’s employment by the Company following the occurrence of any of the following:
(1)      Employee’s continued failure to substantially perform Employee’s duties and responsibilities (other than any such failure resulting from Employee’s physical or mental impairment or incapacity);
(2)      Employee’s engaging in fraud or other misconduct that is injurious to the Company, monetarily or otherwise;
(3)      Employee’s engaging in insubordination;
(4)      Employee’s violation of, or failure to comply with, any material written policy, guideline, rule or regulation of the Company;
(5)      Employee’s conviction of (or plea of guilty or nolo contendere to a charge of) any felony, or any crime or misdemeanor involving moral turpitude or financial misconduct;
(6)      Employee’s failure, following a written request from Parent,  reasonably to cooperate (including, without limitation, the refusal by Employee to be interviewed or deposed, or to give testimony) in connection with any investigation or proceeding, whether internal or external (including, without limitation, by any governmental or quasi-governmental agency) into the business practices or operations of the Company; or 
(7)      A material violation by Employee of the provisions of paragraphs 5 or 6 of this Agreement.
(m)    “Termination for Good Reason” shall mean a termination of Employee’s employment by Employee due to the occurrence of any of the following, without the written consent of Employee:
(1)      The assignment to Employee of any duties inconsistent in any material adverse respect with Employee’s position, authority or responsibilities as of the Effective Date (or as the same may be enhanced after the Effective Date);
(2)      Any other material adverse change in Employee’s position referenced in subclause (1), including titles, authority or responsibilities from those in effect immediately prior to such change;
(3)       If Employee is serving as a member of the Board at any time during the term of this Agreement, any failure of the Company to nominate Employee for re-election, or any failure of the shareholders to re-elect Employee, as a member 

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of the Board (other than due to Employee’s death, Disability, Termination for Cause or voluntary resignation from the Board), regardless of whether any such failure is susceptible of cure; or
(4)      Any failure by the Company, other than an insubstantial or inadvertent failure remedied by the Company promptly after receipt of notice thereof given by Employee, to provide Employee with Base Salary at the level payable to Employee on the Effective Date or, if more favorable to Employee, at the highest rate made available to Employee at any time thereafter.
3.    Termination of Employment, Relocation.
(a)    Right to Terminate.  Nothing in this Agreement shall be construed in any way to limit the right of the Company to terminate Employee’s employment, with or without cause, or for Employee to terminate Employee’s employment with the Company, with or without reason; provided, however, that the Company and Employee must nonetheless comply with any duty or obligation such party has at law or under any agreement (including paragraphs 5 and 6 of this Agreement) between the parties.
(b)    Termination due to Death or Disability.  Employee’s employment with the Company shall be terminated upon Employee’s death.  By written notice to the other party, either the Company or Employee may terminate Employee’s employment due to Disability.  
(c)    Relocation.  Nothing in this Agreement shall be construed in any way to limit the right of the Company to require Employee to perform Employee’s services on behalf of the Company at a different location or locations than the one at which Employee was performing Employee’s services immediately prior to the date hereof, or to require the Company to pay or provide any benefits to Employee on account of such relocation, other than to the extent benefits would be payable to Employee under the Company’s applicable relocation policy as in effect at the relevant time. 
4.    Amounts Payable Upon Termination of Employment.  The following provisions shall apply to any termination of Employee’s employment:
(a)    Death, Disability or Normal Retirement.  In the event that Employee’s employment terminates due to Employee’s death or Disability (regardless of whether such Disability termination is initiated by Employee or the Company), Parent or Employer shall pay Employee (or, if applicable, Employee’s beneficiaries or legal representative(s)) the amounts set forth in clauses (1), (2) and (3) below, and in the event that Employee’s employment terminates due to the voluntary retirement by Employee (which is not a Termination for Good Reason) at or after attaining Employee’s Normal Retirement Date, Parent or Employer shall pay Employee the amounts set forth in clauses (1) and (2) below:
(1)      The Earned Salary, as soon as practicable (but not more than 10 days) following Employee’s Date of Termination; 
(2)      The Accrued Obligations, in accordance with applicable law and the provisions of any applicable plan, program, policy or practice; and

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(3)      A Separation Payment in an amount equal to Employee's Base Salary, which shall be paid 10 days following Employee's Date of Termination, provided that, if, at the Date of Termination, Employee is a "specified employee" within the meaning of Section 409A of the Code, as determined in accordance with the procedures specified or established by the Parent in accordance with such Section 409A and the regulations thereunder (a "Specified Employee"), and the Separation Payment is payable due to Disability, the Separation Payment shall be made six months and one day after Employee's Date of Termination.  In the event that the Separation Payment is made six months and one day after the Date of Termination, it shall be paid with interest from the Date of Termination at a rate equal to Employer's cost of borrowing under its principal credit facility as in effect at the Date of Termination, as determined in good faith by the Parent's Chief Financial Officer (the "Employer's Borrowing Cost'').
(b)    Cause and Voluntary Termination.  If Employee’s employment is terminated by the Company in a Termination for Cause or voluntarily by Employee (other than in a Termination for Good Reason or at or after Normal Retirement Date), Parent or Employer shall pay Employee
(1)      The Earned Salary, as soon as practicable (but not more than 10 days) following Employee’s Date of Termination; and
(2)      The Accrued Obligations, in accordance with applicable law and the provisions of any applicable plan, program, policy or practice.
(c)    Termination for Good Reason or Not for Cause.  If Employee terminates Employee’s employment in a Termination for Good Reason, or the Company terminates Employee’s employment for any reason other than those described in paragraphs 4(a) and (b) above, Parent or Employer shall pay or shall provide to Employee the following benefits and compensation:
(1)      The Earned Salary, as soon as practicable (but not more than 10 days) following Employee’s Date of Termination;
(2)      The Accrued Obligations, in accordance with applicable law and the provisions of any applicable plan, program, policy or practice; 
(3)      A Separation Payment, in an amount equal to the sum of
(i)    3 times Employee’s Base Salary;
(ii)    The product of (A) the monthly amount that, on the Date of Termination, Employee would be required to pay to continue  coverage under the Employer’s group health plan(s) (as defined by the Consolidated Omnibus Budget Reconciliation Act of 1985 (“COBRA”) for Employee and Employee’s eligible dependents, if any, covered thereunder immediately prior to the Date of Termination and (B) 36; provided, however, that, if Employee is covered under group health plan(s) not subject to COBRA, instead of including this amount as part of the Separation Payment, the Company shall either, at its election, provide Employee and Employee’s 

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covered dependents continued coverage under such medical plan, at its expense, for a number of months equal to the number specified in this subparagraph (c)(3)(ii)(B) or include in the Separation Payment an amount equal to the value of such continued coverage.  For the avoidance of doubt, such payment shall not in any way alter, modify or affect Employee’s right to (and the conditions upon which, and the period during which, Employee may elect to) continue coverage for Employee and Employee’s eligible dependents under COBRA ; and
(iii)    If the termination of employment is by the Company and if the Date of Termination is less than 30 days after the date Notice of Termination is given, an amount equal to 1/12 (one twelfth) of Employee’s Base Salary; and
Payment of such Separation Payment shall be made 10 days following Employee's Date of Termination, provided that, if, at the Date of Termination, Employee is a Specified Employee, the Separation Payment shall be made six months and one day after Employee's Date of Termination.  In the event that the Separation Payment is made six months and one day after the Date of Termination, it shall be paid with interest from the Date of Termination at a rate equal to Employer's Borrowing Cost.
(4)      Full vesting, as of the Date of Termination, of all of the grants (other than stock options granted on or before the date hereof which would not have become vested upon such a termination under the terms thereof in effect immediately prior to the date of this Agreement) made to Employee under Parent’s LTIP and under the Parent's Long Term Incentive Plan adopted in 1997 that are outstanding on the Date of Termination; provided, however, that in the case of any award that vests upon the attainment of specified performance conditions, the extent to which such award becomes vested and payable will be contingent (to the extent specified in the applicable award agreement) upon the achievement of such criteria.  
(d)    Separation Payment Contingent on Release.  Any Separation Payment payable to Employee under subparagraph 4(c) shall be subject to, and contingent upon, Employee’s execution and delivery within 60 days of Employee's Date of Termination and non-revocation of a General Release Agreement in favor of the Company in substantially the form and substance as the one attached hereto as Schedule A. 
5.    Nonpublic Information.
(a)    Acknowledgement of Access.  Employee hereby acknowledges that, in connection with Employee’s employment with the Company, Employee has received, and will continue to receive, various information regarding the Company and its business, operations and affairs.  All such information, to the extent not publicly available other than as a result of a disclosure by Employee in violation of this Agreement, is referred to herein as the “Nonpublic Information.”
(b)    Agreement to Keep Confidential.  Employee hereby agrees that, from and after the Effective Date and continuing until 3 years following the Employee’s Date of Termination, Employee will keep all Nonpublic Information confidential and will not, 

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without the prior written consent of the Board or the President of Parent, disclose any Nonpublic Information in any manner whatsoever or use any Nonpublic Information other than in connection with the performance of Employee’s services to the Company; provided, however, that the provisions of this subparagraph shall not prevent Employee from
(1)      Disclosing any Nonpublic Information to any other employee of the Company or to any representative or agent of the Company (such as an independent accountant, engineer, attorney or financial advisor) when such disclosure is reasonably necessary or appropriate (in Employee’s judgment) in connection with the performance by Employee of Employee’s duties and responsibilities;
(2)      Disclosing any Nonpublic Information as required by applicable law, rule, regulation or legal process (but only after compliance with the provisions of subparagraph (c) of this paragraph); and
(3)      Disclosing any information about this Agreement and Employee’s other compensation arrangement to Employee’s spouse, financial advisors or attorneys, or to enforce any of Employee’s rights under this Agreement.
(c)    Commitment to Seek Protective Order.  If Employee is requested pursuant to, or required by, applicable law, rule, regulation or legal process to disclose any Nonpublic Information, Employee will notify Parent promptly so that the Company may seek a protective order or other appropriate remedy or, in Parent’s sole discretion, waive compliance with the terms of this subparagraph, and Employee will fully cooperate in any attempt by the Company to obtain any such protective order or other remedy.  If no such protective order or other remedy is obtained, or if Parent waives compliance with the terms of this subparagraph, Employee will furnish or disclose only that portion of the Nonpublic Information as is legally required and will exercise all reasonable efforts to obtain reliable assurance that confidential treatment will be accorded the Nonpublic Information that is so disclosed.
6.    Non-Solicitation and Non-Interference.
(a)    Non-Solicitation of Employees.  During the period of Employee’s employment with the Company (the “Employment Period”) and during the 2 year period following Employee’s Date of Termination (the “Restriction Period”), Employee shall not directly or indirectly induce any employee of the Company to terminate employment with such entity, and shall not directly or indirectly, either individually or as owner, agent, employee, consultant or otherwise, employ or offer employment to any person who is or was employed by the Company unless such person shall have ceased to be employed by the Company for a period of at least 6 months.
(b)    Non-Interference with Business Relationships.  During the Employment Period and the Restriction Period, Employee shall not directly or indirectly take any actions which can reasonably be expected to, or are intended to, disrupt or interfere with in any significant way any existing relationship that the Company has with any third party.

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(c)    No Disparaging Comments.  Except to the extent otherwise required or compelled at law or under subpoena, during the Employment Period and the Restriction Period, Employee shall refrain from making any public derogatory or disparaging comment concerning the Company or any of the current or former officers, directors or employees of the Company.  Notwithstanding the immediately preceding sentence, nothing herein shall be construed to preclude Employee from enforcing any rights or claims Employee may have against the Company (or to defend against any claims by the Company) arising under this Agreement.
(d)    Company Property.  Promptly following Employee’s Date of Termination, Employee shall return to the Company all property of the Company, and all copies thereof in Employee’s possession or under Employee’s control.
7.    Miscellaneous Provisions.
(a)    No Mitigation, No Offset.  Employee shall not be required to mitigate the amount of any payment provided for in this Agreement by seeking other employment or otherwise, and the amount of any payment provided for in this Agreement shall not be reduced by any compensation earned by Employee as the result of employment by another employer after the Date of Termination or otherwise.  Except as provided in subparagraph 4(d), Parent’s or Employer’s obligation to make the payments provided for in this Agreement and otherwise to perform its obligations hereunder shall not be affected by any circumstances, including, without limitation, any set-off, counterclaim, recoupment, defense or other right which the Company may have against Employee or others whether by reason of the subsequent employment of Employee or otherwise.
(b)    Arbitration.  Except to the extent provided in paragraph 7(d), any dispute or controversy arising under or in connection with this Agreement shall be resolved by binding arbitration.  The arbitration shall be held in Dallas, Texas and except to the extent inconsistent with this Agreement, shall be conducted in accordance with the Expedited Employment Arbitration Rules of the American Arbitration Association then in effect at the time of the arbitration, and otherwise in accordance with principles which would be applied by a court of law or equity.  The arbitrator shall be acceptable to both Parent and Employee.  If the parties cannot agree on an acceptable arbitrator, the dispute shall be heard by a panel of three arbitrators, one appointed by each of the parties and the third appointed by the other two arbitrators.  The arbitrator may award pre-judgment interest on any amount found to be due under this Agreement at a rate not in excess of the rate that would be payable with respect to judgments rendered in a Texas state court.
(c)    Attorney Fees.  All legal fees and other costs incurred by Employee in connection with the resolution of any dispute or controversy under or in connection with this Agreement shall be reimbursed by the Company to Employee if such dispute or controversy is resolved in favor of Employee.  Reimbursement of such fees shall be made not later than 75 days following final resolution of the matter.  The Company shall be responsible for, and shall pay, all legal fees and other costs incurred by the Company in connection with the resolution of any dispute or controversy under or in connection with this Agreement, regardless of whether such dispute or controversy is resolved in favor of the Company or Employee.

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(d)    Equitable Relief Available.  Employee acknowledges that remedies at law may be inadequate to protect the Company against any actual or threatened breach by Employee of the provisions of paragraphs 5 or 6. Accordingly, without prejudice to any other rights or remedies otherwise available to the Company, Employee agrees that the Company shall have the right to equitable and injunctive relief (without requirement to post any bond) to prevent any breach of the provisions of paragraphs 5 or 6 (without any requirement to post any bond), as well as to such damages or other relief as may be available to the Company by reason of any such breach that does occur.
(e)    Not A Contract of Employment.  Employee acknowledges that that this Agreement is not an “employment agreement” or “employment contract” (written or otherwise), as either term is used or defined in, or contemplated by or under
(1)      Parent’s LTIP;
(2)      Any other plan or agreement to which the Company is a party; or
(3)      Applicable statutory, common or case law.
(f)    Notices.  Any Notice of Termination or other communication called for by the terms of this Agreement shall be in writing and either delivered personally or by registered or certified mail (postage prepaid and return receipt requested) and shall be deemed given when received at the following addresses (or at such other address for a party as shall be specified by like notice):
(1)      If to Parent, Employer or the Company, 5205 North O’Connor Boulevard, Suite 900, Irving, Texas 75039, Attention: General Counsel;
(2)      If to Employee, the address of Employee set forth below Employee’s signature on the signature page of this Agreement.
(g)    Assignment.  Employer may assign its duties and obligations hereunder to any other direct or indirect, majority-owned subsidiary of Parent, but shall remain secondarily liable for the performance of this Agreement by Parent and/or any such assignee.  Except pursuant to the immediately preceding sentence or an assumption by a successor described in subparagraph (h) of this paragraph, the rights and obligations of Parent and Employer pursuant to this Agreement may not be assigned, in whole or in part, by Parent or Employer to any other person or entity without the express written consent of Employee.  The rights and obligations of Employee pursuant to this Agreement may not be assigned, in whole or in part, by Employee to any other person or entity without the express written consent of the Board.
(h)    Successors.  Parent shall require any successor (whether direct or indirect) to all or substantially all of the business or assets of Parent (whether by purchase of securities, merger, consolidation, sale of assets or otherwise), to expressly assume and agree to perform the obligations to be performed by the Company under this Agreement in the same manner and to the same extent that the Company would be required to perform if no such succession had taken place.  This Agreement shall be binding on, and shall inure to the benefit of, Parent, Employer, the Company, Employee and their 

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respective successors, permitted assigns, personal and legal representatives, executors, administrators, heirs, distributees, devisees and legatees, as applicable.
(i)    Amendments and Waivers.  No provision of this Agreement may be amended or otherwise modified, and no right of any party to this Agreement may be waived, unless such amendment, modification or waiver is agreed to in a written instrument signed by Employee and Company.  No waiver by either party hereto of, or compliance with, any condition or provision of this Agreement to be performed by the other party hereto shall be deemed a waiver of similar or dissimilar provisions or conditions at the same or at any prior or subsequent time.
(j)    Complete Agreement.  This Agreement replaces and supersedes all prior agreements, including, but not limited to, the Severance Agreement between Parent and Employee, as in effect immediately prior to the date hereof, among the parties with respect to payments to be made to Employee upon the termination of Employee’s employment prior to a Change in Control, and the provisions of this Agreement constitute the complete understanding and agreement among the parties with respect to such subject matter.  Nothing in this subparagraph (j) is intended to, or shall be construed to (1) supersede the Change in Control Agreement or (2) limit Employee’s rights under the Parent’s LTIP or any other Company plan, program, policy or practice (other than any plan, program, policy or practice primarily providing severance or other termination benefits) generally applicable to similarly situated employees.
(k)    Governing Law.  THIS AGREEMENT IS BEING MADE AND EXECUTED IN, AND IS INTENDED TO BE PERFORMED IN, THE STATE OF TEXAS AND SHALL BE GOVERNED, CONSTRUED, INTERPRETED AND ENFORCED IN ACCORDANCE WITH THE SUBSTANTIVE LAWS OF THE STATE OF TEXAS.
(l)    Counterparts.  This Agreement may be executed in several counterparts, each of which shall be deemed to be an original, but all of which together will constitute one and the same agreement.
(m)    Construction.  The captions of the paragraphs, subparagraphs and sections of this Agreement have been inserted as a matter of convenience of reference only and shall not affect the meaning or construction of any of the terms or provisions of this Agreement.  Unless otherwise specified, references in this Agreement to a “paragraph,” “subparagraph,” “section,” “subsection” or “schedule” shall be considered to be references to the appropriate paragraph, subparagraph, section, subsection or schedule, respectively, of this Agreement. As used in this Agreement, the term “including” shall mean “including, but not limited to.”
(n)    Validity and Severability.  If any term or provision of this Agreement is held to be illegal, invalid or unenforceable under the present or future laws effective during the term of this Agreement, (1) such term or provision shall be fully severable, (2) this Agreement shall be construed and enforced as if such term or provision had never comprised a part of this Agreement and (3) the remaining terms and provisions of this Agreement shall remain in full force and effect and shall not be affected by the illegal, invalid or unenforceable term or provision or by its severance from this Agreement.  Furthermore, in lieu of such illegal, invalid or unenforceable term or provision, there 

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shall be added automatically as a part of this Agreement, a term or provision as similar to such illegal, invalid or unenforceable term or provision as may be possible and be legal, valid and enforceable.
(o)    Survival.  Notwithstanding anything else in this Agreement to the contrary, paragraphs 5, 6 and 7, and, to the extent that any of Parent’s and Employer’s obligations thereunder have not theretofore been satisfied, paragraph 4 of this Agreement shall survive the termination hereof.
(p)    Joint and Several Liability.  Parent and Employer (or any assignee of Employer pursuant to paragraph 7(g)) shall each be jointly and severally liable to Employee hereunder with regard to any obligation imposed by the terms hereof on Parent or Employer.  
(SIGNATURE PAGE ATTACHED)

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In Witness Whereof, the parties have executed this Agreement to be effective as of the Effective Date.  
PIONEER NATURAL RESOURCES COMPANY 
 
 
By:         
Name: 
Title:  
 
PIONEER NATURAL RESOURCES USA, INC. 
 
 
________________________________________ 
Name: 
Title:  
 
 
EMPLOYEE 
 
 
________________________________________ 
 
Address: 
 
 
________________________________________ 
 
________________________________________

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Schedule A
GENERAL RELEASE AGREEMENT
NOTICE: You should thoroughly review and understand the effect of this General Release Agreement (“Release”) before signing it, and the Company hereby advises you to discuss this document with your attorney.  In accordance with the requirements of the Older Workers Benefit Protection Act (“OWBPA”),  you are allowed at least twenty-one days from the date of your receipt of this document to consider the offer made to you and to return an executed copy of this Release to the Chief Human Resources Officer.  Additionally, after you have executed this Release, you have seven (7) days to reconsider and revoke your agreement.  In signing below, you represent that you have carefully read this Release, that you fully understand its final and binding effect, and that you are signing this Release voluntarily and of your own free will.  You are also representing that, in entering into this Release, you are receiving consideration that you are not otherwise entitled to but for your entry into this Release.  
GENERAL RELEASE:  In consideration of my acceptance of the payments and benefits offered to me under the Pioneer Natural Resources Company Severance Agreement effective [date][, as amended,] (the “Agreement”), I hereby release and discharge Pioneer Natural Resources Company (the “Company”) and its subsidiaries and affiliates, and the officers, directors, employees, agents, predecessors, successors, and assigns of such entities, and employee benefits plan (including plan administrators, trustees and fiduciaries) (collectively the “Released Parties) from any claims, demands and/or causes of action whatsoever, presently known or unknown, that are based upon facts occurring on or prior to my execution (signing) of this Release, including, but not limited to, the following: any matter or action related to my employment with, separation from, and/or affiliation with the Company, including any tort, contract, negligence, or other common law claims, all claims for intentional infliction of emotional distress, all claims for compensatory, punitive or any other damages, all claims for attorneys' fees and costs, and all claims under any federal, state, or local statute, regulation, or ordinance, including but not limited to, those under the Civil Rights Act of 1866, 1871, 1964, and 1991; the Americans with Disabilities Act; the Age Discrimination in Employment Act; the Older Workers Benefit Protection Act; the Rehabilitation Act of 1973; Executive Order 11246; the Family and Medical Leave Act; the Employee Retirement Security Act; the Equal Pay Act; the Fair Labor Standards Act; any tort, contract, constitutional, or other statutory claims; and all claims for past or future employment benefits, including but not limited to wages, bonuses, vacation pay, severance and medical or dental coverage (any and all “Potential Claims”).
I understand that this Release is final and binding.
I acknowledge and agree that the Company has no legal obligation to provide the payments and/or benefits offered to me under the Agreement, except in exchange for this Release, and my acceptance of such payments and benefits constitutes my agreement to all terms and conditions set forth in this Release.
I acknowledge and agree that, except to the extent otherwise provided in the Agreement or prohibited by law, this Release constitutes a waiver of any and all Potential Claims that I have or may have against the Released Parties.  I further acknowledge and agree that this Release has no effect on any obligations I have assumed under the Agreement with respect to confidentiality, non-solicitation, non-interference and other such matters and that any such obligations shall survive my execution of this Release in accordance with the terms of the Agreement.  
I acknowledge that I have twenty-one (21) days to consider this Release before executing it, although I may execute it any time during this twenty-one (21) day period (but not before my last day of employment), that I may revoke this Release within 7 days after I execute it by written notice to the Company’s Chief Human Resources Officer and that this Release will not become effective or enforceable, and the payments and benefits offered under the Agreement will not be made or provided, until expiration of this 7 day period without my revocation.
I have carefully read and fully understand all of the provisions of this Release.  I further acknowledge that entering into this Release is knowing and voluntary on my part, that I have had a reasonable time to deliberate regarding its terms, and that I have had the right to consult with an attorney prior to executing this Release if I so desired.

	
		
	_________________________________________
Date signed: 
	__________________________________________________________ 
Signature of [employee]

	 
	 

	_________________________________________
Date signed: 
	__________________________________________________________ 
Witness

1EX-4.1

 Exhibit 4.1 

RPM INTERNATIONAL INC. 

OFFICERS’ CERTIFICATE AND AUTHENTICATION ORDER 

FOR 
 5.250% NOTES DUE
2045 
 Pursuant to the Indenture dated as of April 8, 2014 (the “Indenture”) between RPM International Inc. (the
“Company”) and Wells Fargo Bank, National Association, as trustee (the “Trustee”), and the resolutions adopted by the Board of Directors of the Company on January 23 and 24, 2017 (the “January Board Resolutions”),
this Officers’ Certificate is being delivered to the Trustee to request the authentication and delivery of an additional $50,000,000 in aggregate principal amount of the Company’s 5.250% Notes due 2045 pursuant to Section 2.04 of the
Indenture, and to comply with the provisions of Section 14.05 of the Indenture. 
 Capitalized terms used but not defined herein and
defined in the Indenture shall have the respective meanings ascribed to them in the Indenture. 
 (a) The Company’s Officers’
Certificate and Authentication Order, dated May 29, 2015, established pursuant to Section 2.01 and Section 2.02 of the Indenture a series of Securities which have the terms set forth below and set forth in the form of note attached
hereto as Annex A. 
 (1) The series of Securities previously authorized bears the title “5.250% Notes due 2045”
(referred to herein as the “Notes”). 
 (2) The additional aggregate principal amount of Notes which may be
authenticated and delivered under the Indenture pursuant hereto shall be limited to $50,000,000 (except for Notes authenticated and delivered upon registration of transfer of, or in the exchange for, or in lieu of, other Notes of the series pursuant
to Section 2.05, 2.06, 2.07, 3.05, or 10.06 and except for any Notes which, pursuant to Section 2.04, are deemed never to have been authenticated and delivered). 

(3) The Notes shall be issuable in minimum denominations of $2,000 and in integral multiples of $1,000 in excess thereof. 

(4) The form of note attached hereto as Annex A sets forth certain of the terms of the Notes required to be set forth or
determined in the manner provided in this Officers’ Certificate pursuant to Section 2.01 and Section 2.02 of the Indenture, and said terms are incorporated herein by reference. 

(b) It is hereby established pursuant to Section 2.02 of the Indenture that the Notes shall be substantially in the form attached as
Annex A hereto. 
 (c) It is hereby ordered pursuant to Section 2.04 of the Indenture that the Trustee authenticate, in the manner
provided by the Indenture, an additional single Global Security, bearing the same CUSIP No. 749685 AU7 as the existing 2045 Notes, in the aggregate principal 

  
 1 

 
amount of $50,000,000 registered in the name of Cede & Co., which such Global Security will be duly executed by the proper officers of the Company and delivered to the Trustee as
provided in the Indenture, and to deliver said authenticated Global Security to or upon the order of Wells Fargo Securities, LLC on March 2, 2017. 

(d) The undersigned have read the pertinent sections of the Indenture, including Sections 2.01, 2.02 and 2.04 thereof and the definitions in
the Indenture relating thereto, and certain other corporate documents and records. In the opinion of the undersigned, the undersigned have made such examination or investigation as is necessary to enable the undersigned to express an informed
opinion as to whether or not the conditions precedent to the authentication and delivery of an additional $50,000,000 in aggregate principal amount of the Company’s 5.250% Notes due 2045 contained in the Indenture have been complied with. In
the opinion of the undersigned, such conditions have been complied with. 
 [Signature page follows] 

  
 2 

 IN WITNESS WHEREOF, we have hereunto signed our names on behalf of the Company. 

Dated: March 2, 2017 
  

			
	RPM INTERNATIONAL INC.
		
	By:	 	/s/ Russell L. Gordon
	Name:	 	Russell L. Gordon
	Title:	 	Vice President and Chief Financial Officer
		
	By:	 	/s/ Edward W. Moore
	Name:	 	Edward W. Moore
	Title	 	Senior Vice President, General Counsel and Chief Compliance Officer

 [Signature page to Officers’ Certificate 

and Authentication Order] 

  
 3 

 [Annex A — Form of Note] 

[Face of Note] 
 Unless this
certificate is presented by an authorized representative of The Depository Trust Company, a New York corporation (“DTC”), to the Issuer or its agent for registration of transfer, exchange or payment, and any certificate issued is
registered in the name of Cede & Co. or in such other name as requested by an authorized representative of DTC (and any payment is made to Cede & Co. or such other entity as is requested by an authorized representative of DTC), ANY
TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL inasmuch as the registered owner hereof, Cede & Co., has an interest herein. 

THIS SECURITY IS A GLOBAL SECURITY WITHIN THE MEANING OF THE INDENTURE HEREINAFTER REFERRED TO AND IS REGISTERED IN THE NAME OF A DEPOSITARY OR A NOMINEE
THEREOF. THIS SECURITY MAY NOT BE TRANSFERRED TO, OR REGISTERED OR EXCHANGED FOR SECURITIES REGISTERED IN THE NAME OF, ANY PERSON OTHER THAN THE DEPOSITARY OR A NOMINEE THEREOF, AND NO SUCH TRANSFER MAY BE REGISTERED, EXCEPT IN THE LIMITED
CIRCUMSTANCES DESCRIBED IN THE INDENTURE. EVERY SECURITY AUTHENTICATED AND DELIVERED UPON REGISTRATION OF TRANSFER OF, OR IN EXCHANGE FOR, OR IN LIEU OF, THIS SECURITY WILL BE A GLOBAL SECURITY SUBJECT TO THE FOREGOING, EXCEPT IN SUCH LIMITED
CIRCUMSTANCES. 
  

			
	 CUSIP NO. 749685 AU7

ISIN US 749685AU73
 Common Code No.

 
 REGISTERED NO. 2
	 	PRINCIPAL AMOUNT: $50,000,000

 RPM INTERNATIONAL INC. 

5.250% Notes due 2045 

RPM INTERNATIONAL INC., a corporation duly organized and existing under the laws of the State of Delaware (hereinafter called the
“Company,” which term includes any successor corporation under the Indenture hereinafter referred to), for value received, hereby promises to pay to Cede & Co., or registered assigns, the principal sum of Fifty Million
Dollars ($50,000,000), or such other principal sum as shall be set forth in the Schedule of Exchanges of Interests attached hereto, on June 1, 2045 and to pay interest thereon from December 1, 2016 or from the most recent Interest Payment
Date to which interest has been paid or duly provided for semi-annually on June 1 and December 1 of each year, commencing June 1, 2017, at the rate of 5.250% per annum, until the principal hereof is paid or made available for
payment. The interest so payable, and punctually paid or duly provided for, on any Interest Payment Date shall, as provided in the 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 next preceding such Interest Payment Date. The Regular Record Date for an Interest Payment Date shall be May 15, for Interest Payment Dates of June 1, and November 15,
for Interest Payment Dates of December 1 (whether or not a Business Day). As used herein, “Business Day” has the meaning ascribed thereto in the Indenture. 

  
 4 

 Any interest not punctually paid or duly provided for shall 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 the Indenture. 

Payment of interest on this Security shall be made in immediately available funds at the office or agency of the Company maintained for that
purpose, which shall initially be at the Corporate Trust Office of the Trustee, in such coin or currency of the United States of America as at the time of payment is legal tender for payment of public and private debts; provided, however,
that, at the option of the Company, payment of interest may be paid by check mailed to the Person entitled thereto at such Person’s last address as it appears in the Security Register or by wire transfer to such account as may have been
designated by such Person. Payment of principal of and interest on this Security at Maturity shall be made against presentation of this Security at the office or agency of the Company maintained for that purpose, which shall initially be at the
Corporate Trust Office of the Trustee. For so long as this Security is a Global Security registered in the name of DTC or its nominee, all payments on the Security will be made to DTC or its nominee as the registered holder hereof in accordance with
DTC procedures. 
 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. 

  
 5 

 IN WITNESS WHEREOF, the Company has caused this instrument to be duly executed under its
corporate seal. 
 DATED: March 2, 2017 
  

									
		 		 	RPM INTERNATIONAL INC.
				
	  
	 	  
	 	By:	 	 
		 		 	Name:  	 	Russell L. Gordon
		 		 		 	Title:  	 	Vice President and Chief Financial Officer
				
	[SEAL]	 		 		 	
				
	  
	 	  
	 	Attest: 	 	 
		 		 		 	Name:  	 	Edward W. Moore
		 		 		 	Title:  	 	Senior Vice President, General Counsel and Chief Compliance Officer
				
	 TRUSTEE’S CERTIFICATE OF

AUTHENTICATION
	 		 		 	
	 This is one of the Securities of the

series designated therein referred to
 in the within-mentioned
Indenture.
	 		 		 	
			
	WELLS FARGO BANK, NATIONAL ASSOCIATION, as Trustee	 		 	
					
	By:  	 	 	 		 		 	
		 	Authorized Signatory	 		 		 	

  
 6 

 [Reverse of Note] 

RPM INTERNATIONAL INC. 

5.250% Notes due 2045 

This Security is one of a duly authorized issue of securities of the Company (herein called the “Securities”), issued and to
be issued in one or more series under an Indenture dated as of April 8, 2014 between the Company and Wells Fargo Bank, National Association, as trustee, as amended or supplemented from time to time (herein called the
“Indenture”) (in its capacity as trustee, Wells Fargo Bank, National Association, being 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 statement of the respective rights, limitations of rights, duties and immunities thereunder of the Company, the Trustee and the Holders of the Securities, and of the terms upon which the
Securities are, and are to be, authenticated and delivered. This Security is one of the series designated on the face hereof, such series being limited in aggregate principal amount to $300,000,000; provided, however, that the Company may,
without the consent of the Holders of the Securities of this series, issue additional Securities with the same terms as the Securities of this series, and such additional Securities shall be considered part of the same series under the Indenture as
the Securities of this series. 
 The Securities of this series shall not be entitled to any sinking fund. 

Optional Redemption 
 Prior to
December 1, 2044, the Securities of this series are redeemable at the option of the Company at any time in whole or from time to time in part, at a Redemption Price equal to the greater of the following amounts, plus, in each case, accrued and
unpaid interest thereon to, but excluding, the Redemption Date: (i) 100% of the principal amount of the Securities to be redeemed; and (ii) the sum of the present values of the Remaining Scheduled Payments. 

On or after December 1, 2044, the Securities of this series are redeemable at the option of the Company at any time in whole or from time
to time in part, at a Redemption Price equal to 100% of the principal amount of the Securities to be redeemed, plus accrued and unpaid interest thereon to, but excluding the Redemption Date. 

In determining the present values of the Remaining Scheduled Payments, such payments shall be discounted to the Redemption Date on a
semi-annual basis (assuming a 360-day year consisting of twelve 30-day months) using a discount rate equal to the Treasury Rate plus 35 basis points. 

“Comparable Treasury Issue” means the United States Treasury security selected by an Independent Investment Banker as having
an actual or interpolated maturity comparable to the remaining term of the Securities of this series to be redeemed that would be utilized, at the time of selection and in accordance with customary financial practice, in pricing new issues of
corporate debt securities of comparable maturity to the remaining term of such Securities. 
 “Comparable Treasury Price”
means (A) the arithmetic average of the Reference Treasury Dealer Quotations for such Redemption Date after excluding the highest and lowest Reference Treasury Dealer Quotations, or (B) if the Quotation Agent obtains fewer than four
Reference Treasury Dealer Quotations, the arithmetic average of all Reference Treasury Dealer Quotations for such Redemption Date. 

“Independent Investment Banker” means a Reference Treasury Dealer or its respective successors as may be appointed from time
to time by the Quotation Agent after consultation with the Company; provided, however, that if any of the foregoing shall cease to be a primary U.S. Government securities dealer (a “primary treasury dealer”), another primary
treasury dealer shall be substituted therefor by the Company. 

  
 7 

 “Quotation Agent” means, for purposes of determining the Redemption Price, such
primary treasury dealer as may be selected by the Company. 
 “Reference Treasury Dealer” means Merrill Lynch, Pierce,
Fenner & Smith Incorporated or its successors and, at the Company’s option, up to three other primary U.S. Government securities dealers in New York City (each, a “primary treasury dealer”), provided, however, that if any of
the foregoing shall cease to be a primary treasury dealer, the Company will substitute therefor another primary treasury dealer. 

“Reference Treasury Dealer Quotations” means, with respect to each Reference Treasury Dealer and any Redemption Date, the
arithmetic average, as determined by the Quotation Agent, of the bid and asked prices for the Comparable Treasury Issue (expressed in each case as a percentage of its principal amount) quoted in writing to the Quotation Agent by such Reference
Treasury Dealer by 3:30 p.m. on the third Business Day preceding such Redemption Date. 
 “Remaining Scheduled
Payments” means, with respect to any Security of this series, the remaining scheduled payments of the principal and interest thereon that would be due after the related Redemption Date but for such redemption; provided, however,
that, if such Redemption Date is not an Interest Payment Date with respect to such Security, the amount of the next scheduled interest payment thereon shall be reduced by the amount of interest accrued thereon to such Redemption Date. 

“Treasury Rate” means, with respect to any Redemption Date, the rate per annum equal to the semi-annual equivalent yield to
maturity or interpolated yield to maturity of the Comparable Treasury Issue. In determining this rate, the price for the Comparable Treasury Issue (expressed as a percentage of its principal amount) shall be assumed to be equal to the Comparable
Treasury Price for such Redemption Date. 
 A partial redemption of the Securities of this series shall be made in accordance with
Applicable Procedures while the Securities are Global Securities, otherwise may be affected by such method as the Trustee shall deem appropriate and may provide for the selection for redemption of a portion of the principal amount of the Securities
of this series equal to an authorized denomination. 
 Notice of any redemption shall be mailed at least 30 days but not more than 60 days
before the Redemption Date to each Holder of the Securities of this series to be redeemed. 
 Unless the Company defaults in payment of the
Redemption Price, on and after the Redemption Date interest shall cease to accrue on the Securities of this series or portions thereof called for redemption. 

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 (or through book-entry transfer, for Global Securities). 

Change of Control Offer 
 If a Change of
Control Triggering Event occurs, unless the Company has exercised its option to redeem the Securities of this series, the Company shall be required to make an offer (a “Change of Control Offer”) to each Holder of the Securities of
this series to repurchase all or any part (equal to $2,000 and in integral multiples of $1,000 in excess thereof) of that Holder’s Securities on the terms set forth herein. In a Change of Control Offer, the Company shall be required to offer
payment in cash equal to 101% of the aggregate principal amount of Securities of this series repurchased, plus accrued and unpaid interest, if any, on the Securities of this series repurchased to, but excluding, the date of repurchase (a
“Change of Control Payment”). Within 30 days following any Change of Control Triggering Event or, at the Company’s option, 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 to the extent permitted or required by Applicable Procedures or regulations with respect to Global Securities, sent electronically) to Holders of the Securities of this series, with a
copy to the Trustee, describing the transaction that constitutes or may constitute the Change of Control Triggering Event and offering to repurchase such Securities 

  
 8 

 
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 (a “Change of Control Payment
Date”), and describing the instructions determined by the Company, consistent with this covenant, that a Holder of the Securities must follow in order to have its Securities purchased. 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. 

In order to accept the Change of Control Offer, the Holder must, subject to Applicable Procedures for Global Securities, deliver to the Paying
Agent, at least five Business Days prior to the Change of Control Payment Date, this Security together with the form entitled “Election Form” (which form is annexed hereto) duly completed, or a facsimile transmission or a letter from a
member of a national securities exchange, or the National Association of Securities Dealers, Inc. or a commercial bank or trust company in the United States setting forth: 

 

	 	(i)	the name of the Holder of this Security; 

  

	 	(ii)	the principal amount of this Security; 

  

	 	(iii)	the principal amount of this Security to be repurchased; 

  

	 	(iv)	the certificate number or a description of the tenor and terms of this Security; 

  

	 	(v)	a statement that the Holder is accepting the Change of Control Offer; and 

  

	 	(vi)	a guarantee that this Security, together with the form entitled “Election Form” duly completed, will be received by the Paying Agent at least five Business Days prior to the Change of Control Payment Date.

 Any exercise by a Holder of its election to accept the Change of Control Offer shall be irrevocable. The Change of Control Offer may be
accepted for less than the entire principal amount of this Security, but in that event the principal amount of this Security remaining outstanding after repurchase must be equal to $2,000 and in integral multiples of $1,000 in excess thereof. 

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

 

	 	(i)	accept for payment all Securities of this series or portions of such Securities properly tendered pursuant to the Change of Control Offer; 

 

	 	(ii)	deposit with the Paying Agent an amount equal to the Change of Control Payment in respect of all Securities of this series or portions of such Securities properly tendered; and 

 

	 	(iii)	deliver or cause to be delivered to the Trustee the Securities of this series properly accepted together with an Officers’ Certificate stating the aggregate principal amount of Securities of this series or portions
of such Securities 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 purchases all Securities of
this series properly tendered and not withdrawn under its offer. In addition, the Company shall not repurchase any Securities of this series if there has occurred and is continuing on the Change of Control Payment Date an Event of Default under the
Indenture, 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 Securities of this series as a result of a Change of Control Triggering Event. To the extent that the provisions of any such securities laws or regulations

  
 9 

 
conflict with the Change of Control Offer provisions of the Securities of this series, 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 Securities of this series by virtue of any such conflict. 
 For
purposes of the Change of Control Offer provisions of the Securities of this series, the following terms are applicable: 
 “Change
of Control” means the occurrence of any of the following: (1) the direct or indirect sale, lease, transfer, conveyance or other disposition (other than by way of merger or consolidation), in one or more series of related transactions,
of all or substantially all of the assets of the Company and its Subsidiaries, taken as a whole, to any person, other than the Company or a Subsidiary; (2) the consummation of any transaction (including, without limitation, any merger or
consolidation) the result of which is that any person 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 outstanding 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; (3) the Company consolidates with, or merges with or into, any person, or any
person consolidates with, or merges with or into, the Company, in any such event pursuant to a transaction in which any of the Company’s outstanding Voting Stock or the Voting Stock of such other person is converted into or exchanged for cash,
securities or other property, other than any such transaction where the shares of the Company’s Voting Stock outstanding immediately prior to such transaction constitute, or are converted into or exchanged for, a majority of the Voting Stock of
the surviving person or any direct or indirect parent company of the surviving person immediately after giving effect to such transaction; (4) the first day on which a majority of the members of the Company’s Board of Directors are not
Continuing Directors; or (5) the adoption of a plan relating to the Company’s liquidation or dissolution. The term “person,” as used in this definition, has the meaning given thereto in Section 13(d)(3) of the Exchange
Act. 
 “Change of Control Triggering Event” means the occurrence of both a Change of Control and a Rating Event. 

“Continuing Directors” means, as of any date of determination, any member of the Company’s Board of Directors who
(1) was a member of such Board of Directors on the date the Securities of this series were issued or (2) was nominated for election, elected or appointed to such Board of Directors with the approval of a majority of the Continuing
Directors who were members of such Board of Directors at the time of such nomination, election or appointment (either by a specific vote or by approval of the Company’s proxy statement in which such member was named as a nominee for election as
a director, without objection to such nomination). 
 “Fitch” means Fitch Inc., and its successors. 

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

“Moody’s” means Moody’s Investors Service, Inc., and its successors. 

“Rating Agencies” means (1) each of Moody’s, S&P and Fitch; and (2) if any of Moody’s, S&P or
Fitch ceases to rate the Securities of this series or fails to make a rating of such Securities publicly available for reasons outside of the Company’s control, a “nationally recognized statistical rating organization” within the
meaning of Rule 15c3-1(c)(2)(vi)(F) under the Exchange Act selected by the Company (as certified by a resolution of the Company’s Board of Directors) to act as a replacement agency for Moody’s, S&P or Fitch, or all of them,
as the case may be. 
 “Rating Event” means the credit rating on the Securities of this series is lowered by at least two of
the three Rating Agencies and the Securities of this series are rated below an Investment Grade Rating by at least two of the three Rating Agencies on any day during the period (which period shall be extended so long as the rating of the Securities
of this series is under publicly announced consideration for a possible downgrade by any of the Rating Agencies) commencing 60 days prior to the first public notice of the occurrence of a Change of Control or the Company’s intention to effect a
Change of Control and ending 60 days following consummation of such Change of Control. 

  
 10 

 “S&P” means Standard & Poor’s Rating Services, a division of
The McGraw-Hill Companies, Inc., and its successors. 
 “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.

 Events of Default 
 In addition to
the Events of Default set forth in the Indenture, the following shall be considered Events of Default with respect to the Securities of this Series: 

(a) any final judgment or order for the payment of money in excess of the greater of $50,000,000 or 7% of Consolidated Stockholders’
Equity, either individually or in the aggregate (net of any amounts to the extent that they are covered by insurance), shall have been rendered against the Company or any of its Subsidiaries and which shall not have been paid or discharged, and
there shall be any period of 60 consecutive days following the entry of the final judgment or order that causes the aggregate amount for all such final judgments or orders outstanding and not paid or discharged against the Company or any of its
Subsidiaries to exceed the greater of $50,000,000 or 7% of Consolidated Stockholders’ Equity during which a stay of enforcement of such final judgment or order, by reason of a pending appeal or otherwise, shall not be in effect. 

Limitation on Liens 
 The Company
covenants and agrees for the benefit of the Holders that for so long as any Securities of this series are outstanding, the Company will not, and will not permit any of its Subsidiaries to, create, assume, incur or suffer to exist any Lien upon any
Principal Property or upon any shares of Capital Stock or Indebtedness of any Subsidiary owning or leasing any Principal Property, whether owned or leased on the date of the Indenture or thereafter acquired, other than Permitted Liens or as
permitted under “Exempted Liens and Sale-Leaseback Transactions” below, to secure any Indebtedness incurred or guaranteed by the Company or any Subsidiary, without in any such case making effective provision whereby all of the Securities
of this series then outstanding (together with, if the Company so determines, any other Indebtedness or guarantee thereof by the Company ranking equally with such Securities) shall be secured equally and ratably with, or prior to, such Indebtedness
so long as such Indebtedness shall be so secured. 
 “Permitted Liens” means: 

(i) Liens existing on the date of the Indenture or the date the Securities of this series are issued and securing Indebtedness in an aggregate
principal amount not exceeding the greater of $25.0 million or 5% of Consolidated Stockholders’ Equity of the Company; provided that no increase in the amount secured thereby is permitted; 

(ii) Liens on the property or assets of the Company or any other property or assets of the Subsidiaries of the Company given to secure the
payment of the purchase price incurred in connection with the acquisition, lease (including any Capital Lease Obligation) or construction of property (other than accounts receivable or inventory) intended to be used in carrying on of the business of
the Company or the businesses of the Subsidiaries of the Company, including Liens existing on such property at the time of acquisition, lease or construction thereof or improvements thereon, or Liens incurred within 180 days of such acquisition
or the completion of such construction; provided that (i) the Lien shall attach solely to the property acquired, purchased, leased, constructed or improved, (ii) at the time of acquisition or construction of such property, the aggregate
amount remaining unpaid on all Indebtedness secured by Liens on such property, whether or not assumed by the Company or any Subsidiary of the Company, shall not exceed an amount equal to the lesser of the total purchase price or Fair Market Value at
the time of acquisition or construction of such 

  
 11 

 
property, and (iii) the aggregate principal amount of all Indebtedness secured by such Liens shall not exceed the lesser of (y) the cost of the acquisition, lease or construction, as
the case may be or (z) the Fair Market Value of such property; 
 (iii) Liens on property or assets of any Person existing at the time
such Person becomes a Subsidiary of the Company or is merged with or into or consolidated with the Company or any Subsidiary of the Company or, at the time of a sale, lease or other disposition of the properties of a Person as an entirety or
substantially as an entirety to the Company or any Subsidiary of the Company, or arising thereafter pursuant to contractual commitments entered into prior to and not in contemplation of such Person becoming a subsidiary and not in contemplation of
any such merger or consolidation or any such sale, lease or other disposition; provided that such Liens shall not extend to the property or assets of the Company or any other property or assets of the Subsidiaries of the Company; 

(iv) Any extension, renewal or replacement (or successive extensions, renewals or replacements) in whole or in part of any Lien referred to in
the foregoing clauses; provided, however, that the principal amount of Indebtedness secured thereby shall not exceed the principal amount of Indebtedness so secured prior to such extension, renewal or replacement and that such extension, renewal or
replacement Lien shall be limited to all or a part of the assets that secured the Lien so extended, renewed or replaced (plus improvements and construction on such real property); 

(v) Other Liens arising in the ordinary conduct of the business of the Company or the businesses of the Subsidiaries of the Company (including
Liens to secure the performance by the Company or the Subsidiaries of the Company of bids, tenders or trade contracts for sums not yet due and payable) which are not incurred in connection with the borrowing of money or the obtaining of advances or
credit, or that is incidental to the ownership of properties and assets by the Company or the Subsidiaries of the Company in the ordinary conduct of the Company’s business or the businesses of the Subsidiaries of the Company (including
landlords’, carriers’, warehousemen’s, mechanics’, materialmen’s and other similar Liens for sums not yet due and payable), or to secure the performance by the Company or the Subsidiaries of the Company of its or their
statutory obligations (including obligations under workers compensation, unemployment insurance and other social security legislation), surety or appeal bonds and other similar liens (including Liens of attorneys on client files); provided in each
case that such Liens do not, in the aggregate, materially detract from the value of the property or assets of the Company or the property or assets of the Subsidiaries of the Company or materially impair the use thereof in the operation of the
business of the Company or the businesses of the Subsidiaries of the Company; 
 (vi) Leases or subleases entered into by the Company or the
Subsidiaries of the Company as either lessors or sublessors, easements, rights-of-way, restrictions and other similar charges or encumbrances (including zoning restrictions), in each case, that is incidental to the ownership of property or assets or
the ordinary conduct of the business of the Company or the businesses of the Subsidiaries of the Company; provided that such Liens do not, in the aggregate, materially detract from the value of such property; 

(vii) Liens for taxes, assessments or other governmental charges which are not yet due and payable as of the date of the Indenture or the date
the Securities of this series are issued; and 
 (viii) Liens on receivables, leases, other financial assets, and any assets related thereto,
incurred in connection with a Permitted Receivables Transaction. 
 “Permitted Receivables Transaction” means any
transaction or series of transactions entered into by the Company or any of its Subsidiaries in order to monetize or otherwise finance a pool (which may be fixed or revolving) of receivables, leases or other financial assets (including, without
limitation, financing contracts) or other transactions evidenced by receivables purchase agreements, including, without limitation, factoring agreements and other similar agreements pursuant to which receivables, leases, other financial assets, and
any assets related thereto, are sold at a discount (in each case whether now existing or arising in the future), and which may include a grant of a security interest in any such receivables, leases, other financial assets (whether now existing or
arising in the 

  
 12 

 
future) of the Company or any of its Subsidiaries, and any assets related thereto, including all collateral securing such receivables, leases, or other financial assets, all contracts and all
guarantees or other obligations in respect thereof, proceeds thereof and other assets that are customarily transferred, or in respect of which security interests are customarily granted, in connection with asset securitization transactions involving
receivables, leases, or other financial assets or other transactions evidenced by receivables purchase agreements, including, without limitation, factoring agreements and other similar agreements pursuant to which receivables are sold at a discount.

 “Principal Property” means, whether owned or leased on the date of the Indenture or acquired after the date hereof, each
manufacturing or processing plant or facility and office facilities of the Company or its Subsidiaries located in the United States. 
 Restrictions on
Sale-Leaseback Transactions 
 Except as permitted under “Exempted Liens and Sale-Leaseback Transactions” below, the Company
will not, and it will not permit any of its Subsidiaries to, engage in the sale or transfer by the Company or any of its Subsidiaries of any Principal Property to a person (other than a Subsidiary of the Company or the Company) and the taking back
by the Company or any of its Subsidiaries, as the case may be, of a lease of such Principal Property, unless: 
 (i) such sale-leaseback
transaction involves a lease for a period, including renewals, of not more than three years; or 
 (ii) the Company or its Subsidiary, within
a one-year period after such sale-leaseback transaction, applies or causes to be applied an amount not less than the net proceeds from such sale-leaseback transaction to the prepayment, repayment, redemption, reduction or retirement (other than
pursuant to any mandatory sinking fund, redemption or prepayment provision) of Funded Indebtedness. 
 “Funded Indebtedness” means
Indebtedness having a maturity of more than 12 months from the date as of which the amount thereof is to be determined or having a maturity of less than 12 months but by its terms being renewable or extendible beyond 12 months from such
date at the option of the obligor. 
 Exempted Liens and Sale-Leaseback Transactions 

Notwithstanding the foregoing restrictions on Liens and sale-leaseback transactions, and in addition to Permitted Liens otherwise permitted
hereunder, the Company may, and may permit any Subsidiary to, create, assume, incur, or suffer to exist any Lien upon any Principal Property, or upon any shares of Capital Stock or Indebtedness of any of its Subsidiaries owning or leasing any
Principal Property, to secure Indebtedness incurred or guaranteed by the Company or any of its Subsidiaries or effect any sale-leaseback transaction of a Principal Property that is not excepted by “Restrictions on Sale-Leaseback
Transactions” above without equally and ratably securing the Securities; provided that, after giving effect thereto, the aggregate principal amount of outstanding Indebtedness secured by Liens other than Permitted Liens upon Principal Property
and/or upon such shares of Capital Stock or Indebtedness of any Subsidiary owning or leasing any Principal Property, plus the Attributable Indebtedness from sale-leaseback transactions of Principal Property not so excepted, does not exceed 15% of
the Consolidated Stockholders’ Equity as of the date of determination. 
 “Attributable Indebtedness” for a
sale-leaseback transaction means the lesser of (i) the fair value of the property subject to the transaction (as determined by the Company’s Board of Directors), or (ii) the present value (discounted at the interest rate implicit in
the relevant sale and leaseback transaction) of rent for the remaining term of the lease. 
 “Consolidated Stockholders’
Equity” means, at any time, the consolidated stockholders’ equity of the Company and its Subsidiaries calculated on a consolidated basis as of such time. 

  
 13 

 Other Provisions 

If an Event of Default with respect to Securities of this series as set forth herein or in the Indenture shall occur and be continuing, the
principal of the Securities of this series may be declared due and payable in the manner and with the effect provided in the Indenture. 

The Indenture permits, with certain exceptions as therein provided, the amendment thereof and the modification of the rights and obligations
of the Company and the rights of the Holders of the Securities of each series to be affected under the Indenture at any time by the Company and the Trustee with the consent of the Holders of a majority in principal amount of the Securities at the
time Outstanding of each series to be affected. The Indenture also contains provisions permitting the Holders of specified percentages in principal amount of the Securities of each series at the time Outstanding, on behalf of the Holders of all
Securities of such series, to waive compliance by the Company with certain provisions of the Indenture and certain past defaults under the Indenture and their consequences. Any such consent or waiver by the Holder of this Security shall be
conclusive and binding upon such Holder and upon all future Holders of this Security and of any Security issued upon the registration of transfer hereof or in exchange herefor or in lieu hereof, whether or not notation of such consent or waiver is
made upon this Security. 
 As provided in and subject to the provisions of the Indenture, the Holder of this Security will not have the
right to institute any proceeding with respect to the Indenture or for the appointment of a receiver or trustee or for any other remedy thereunder, unless such Holder shall have previously given the Trustee written notice of a continuing Event of
Default with respect to the Securities of this series, the Holders of not less than 25% in principal amount of the Securities of this series at the time Outstanding shall have made written request to the Trustee to institute proceedings in respect
of such Event of Default as Trustee and offered the Trustee indemnity satisfactory to it, and the Trustee shall not have received from the Holders of a majority in principal amount of Securities of this series at the time Outstanding a direction
inconsistent with such request and shall have failed to institute such proceeding for 60 calendar days after receipt of such notice, request, and offer of indemnity. The foregoing will 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. 

Upon due presentment for registration of transfer of this Security at the office or agency of the Company in New York, New York, a new
Security or Securities of this series in authorized denominations for an equal aggregate principal amount shall be issued to the transferee in exchange herefor, as provided in the Indenture and subject to the limitations provided therein and to the
limitations described below, without charge except for any tax or other governmental charge imposed in connection therewith. 
 Prior to due
presentment of this Security for registration of transfer, the Company, the Trustee and any agent of the Company or the Trustee may treat the Person in whose name this Security is registered as the owner hereof for all purposes, whether or not this
Security be overdue, and neither the Company, the Trustee nor any such agent shall be affected by notice to the contrary. 
 This Security
is exchangeable for definitive Securities in registered form only if (i) the Depositary notifies the Company that it is unwilling or unable to continue as Depositary for this Security and a successor depositary is not appointed by the Company
within 90 days after receiving such notice, or if at any time the Depositary ceases to be a clearing agency registered under the Exchange Act and a successor depositary is not appointed by the Company within 90 days after the Company becoming aware
that the Depositary has ceased to be registered as a clearing agency, (ii) the Company, in its sole discretion, determines that this Security shall be exchangeable for definitive Securities in registered form and notifies the Trustee thereof or
(iii) an Event of Default with respect to the Securities represented hereby has occurred and is continuing. If this Security is exchangeable pursuant to the preceding sentence, it shall be exchangeable for definitive Securities in registered
form, bearing interest at the same rate, having the same date of issuance, redemption provisions, Stated Maturity and other terms and of authorized denominations aggregating a like amount. 

This Security may not be transferred except as a whole by the Depositary to a 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 of the Depositary or a nominee of such successor. Except as provided above, owners of beneficial interests in this global Security shall not
be entitled to receive physical delivery of Securities in definitive form and shall not be considered the Holders hereof for any purpose under the Indenture. 

  
 14 

 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 and interest on this Security at the times, place and rate, and in the coin or currency, herein prescribed. 

No recourse shall be had for the payment of the principal of or the interest on this Security, or for any claim based hereon, or otherwise in
respect hereof, or based on or in respect of the Indenture or any indenture supplemental thereto, against any incorporator, stockholder, officer or director, as such, past, present or future, of 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 being, by the acceptance hereof and as part of the consideration for the issuance hereof, expressly waived
and released. 
 All terms used in this Security which are defined in the Indenture shall have the meanings assigned to them in the
Indenture unless otherwise defined in this Security. 
 This Security shall be governed by, and construed in accordance with, the laws of
the State of New York, without regard to conflicts of laws principles thereof. 

  
 15 

 ASSIGNMENT FORM 
  

			
	To assign this Security, fill in the form below:	 	
		
	(I) or (we) assign and transfer this Security to:  	 	 
		 	(Insert assignee’s legal name)

													
					
	 	  	 	 	 	  	 	 	 	  	 	 	 
	(Insert assignee’s soc. sec. or tax I. D. no.)	 
					
	 	  	 	 	 	  	 	 	 	  	 	 	 
					
	 	  	 	 	 	  	 	 	 	  	 	 	 
					
	 	  	 	 	 	  	 	 	 	  	 	 	 
					
	 	  	 	 	 	  	 	 	 	  	 	 	 
	(Print or type assignee’s name, address and zip code)	 
					
	and irrevocably appoint	  	 	 	 	  	 	 	 	  			
	
	to transfer this Security on the books of the Company. The agent may substitute another to act for him.	 
					
	Date:	  				  		 		  			
					
		  				  	Your Signature:	 	 	  	 	 	 
		  				  		 	 (Sign exactly as your name appears

on the face of this Security)
	  

 

				
	Signature Guarantee:1	  	 	 	 	  	 	 		

  

	1 	Participant in a recognized Signature Guarantee Medallion Program (or other signature guarantor acceptable to the Trustee). 

  
 16 

 Option of Holder to Elect Purchase 

If you want to elect to have this Security purchased by the Company pursuant to the Change of Control Offer section of this Security, check the box below:

  
 ☐ 

If you want to elect to have only part of the Security purchased by the Company pursuant to the Change of Control Offer section of this Security, state the
amount you elect to have purchased: 

$                       
          
 Date: 

 

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

  
  

			
	Tax Identification No.:	 	 

  

			
	Signature Guarantee:2*	 	 

  

	2 	Participant in a recognized Signature Guarantee Medallion Program (or other signature guarantor acceptable to the Trustee). 

  
 17 

 SCHEDULE OF EXCHANGES OF INTERESTS IN THE GLOBAL SECURITY 

The following increases or decreases in this Global Security have been made: 
  

									
	 Date of Exchange
	 	 Amount of Decrease in
Principal Amount of
this
Global Security
	 	 Amount of Increase in
Principal Amount of
this
Global Security
	 	 Principal Amount of this
Global Security
Following
such Decrease or Increase
	 	 Signature of Authorized
Officer of Trustee
or
Securities Custodian

  
 18

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