Document:

vnrx_ex103.htm

EXHIBIT 10.3
  
 VOLITION DIAGNOSTICS UK LIMITED 
 EMPLOYMENT AGREEMENT
 GROUP GENERAL COUNSEL
  
 This Employment Agreement (“Agreement”) is dated August 23, 2021 (“Execution Date”), by and between Volition Diagnostics UK Limited, incorporated and registered in England and Wales with company number 09871726, with its office located at 93-95 Gloucester Place, London, W1U 6JQ (“Company”) and Nick Plummer (“Employee”). The Company and Employee are sometimes referred to herein individually as a “Party” or collectively as the “Parties.
  
 WITNESSETH:
  
 WHEREAS, the Company desires that Employee be employed by the Company, and render services to the Company and its subsidiaries and affiliates, and Employee is willing to be so employed and to render such services, all upon the terms and subject to the conditions contained herein.
  
 WHEREAS, in order to ensure a harmonious ongoing business working relationship among themselves with respect to the conduct pursuant to the terms and conditions outlined in this Employment Agreement, the Parties desire to enter into this Agreement.
  
 AGREEMENT:
  
 NOW, THEREFORE, in consideration of the mutual covenants and agreements contained herein, and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties agree as follows:
  
 1.    EMPLOYMENT. Subject to and upon the terms and conditions contained in this Agreement, the Company hereby agrees to employ Employee and Employee agrees to be employed by the Company as of the Commencement Date (as defined below), and, to render to the Company, its affiliates and/or subsidiaries the services described in Section 3 hereof.
  
 2.    TERM. Employee’s employment under this Agreement shall commence on such date as agreed between the Parties (the “Commencement Date”) and shall continue until terminated in accordance with the provisions of this Agreement (the “Employment Term”).
  
 3.    DUTIES.
  
 (a)     Group General Counsel. Employee shall serve as the Group General Counsel of the Company, reporting directly to the Chief Executive Officer of VolitionRx Limited (“VolitionRx”). Employee shall hold such responsibilities and authorities, and shall perform all duties and services incident to the position held by him. 
  
 (b)     Company Policies. Employee agrees to abide by all bylaws and policies of the Company and its affiliates and/or subsidiaries promulgated from time to time by the Company and/or such entities as well as all laws, statutes and regulations.
  
 (c)     Place of Work. The normal place of work for the Employee shall be from his home in the U.K., or from such other location as mutually agreed upon between the Company and the Employee. From time to time, the Employee will be required to attend management meetings at the Company’s affiliates’ offices in Belgium, Singapore, London and/or the U.S. (or such other location identified by the Company from time to time) and to be available for domestic and international travel as the Company’s business reasonably requires.
  
 	 
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 4.    BEST EFFORTS. Employee agrees to devote his full business time and attention, as well as his best efforts, energies and skill, to the discharge of the duties and responsibilities attributable to his position.
  
 5.    COMPENSATION. For the duration of the Employment Term and as compensation for his services and covenants hereunder, Employee shall receive:
  
 (a)     Salary. Employee’s base salary shall be Two Hundred Thousand Pounds Sterling (£200,000) per year (“Base Salary”). The Base Salary shall be payable in equal monthly instalments in Pounds Sterling in accordance with the Company’s standard payroll practices and policies for employees. The Base Salary shall be reviewed annually, and any increases will be approved by the VolitionRx Board of Directors or its Compensation Committee, and the Board of the Company.
  
 (b)     Signing Bonus. The Employee shall receive a one-time special signing bonus in an amount equal to Sixteen Thousand Six Hundred Sixty Seven Pounds Sterling (£16,667), subject to the Employee confirming his Commencement Date as agreed upon by the Company, which date shall be within 3 months of the Execution Date of this Agreement. The signing bonus shall be payable in lump sum in cash, less all applicable withholdings, within 15 days of the Employee advising the Company in writing of his Commencement Date and acceptance thereof by the Company. Any signing bonus paid by the Company shall be repaid by the Employee if (i) he does not commence his employment on the Commencement Date, or such revised Commencement Date approved by the Company that is within 3 months from the Execution Date of this Agreement; or (ii) if either the Employee leaves the Company for any or no reason, or the Company terminates the Agreement pursuant to Section 9(a), within 3 months of the Commencement Date.
  
 (c)     Stock. The Employee shall be granted Restricted Stock Units (RSUs) to receive such number shares of common stock of VolitionRx underlying the RSUs corresponding in value to £100,000, based on the closing price of VolitionRx’s shares on the NYSE American on the Execution Date of this Agreement. The RSUs shall be granted on or about the Commencement Date and shall vest in two equal installments at 12 months and at 24 months from the grant date, as more specifically provided in the Schedules. The RSUs shall be governed by the terms and conditions of the VolitionRx 2015 Stock Incentive Plan (the “Plan”), the Notice of Restricted Stock Unit Award attached as Schedule 1, and Restricted Stock Unit Agreement attached as Schedule 2.
  
 (d)     Incentive Plans. During the Employment Term, the Employee shall also be eligible to participate in other employee incentive plans of VolitionRx and/or the Company, if any. The criteria for determining the amount of any allocations to the Employee under such incentive plans for employees, including the criteria for determining the amount of any award, and the conditions that must be satisfied to entitle Employee to receive such award for any year during the term of this Agreement shall be determined, in the sole discretion of the VolitionRx Board of Directors, its Compensation Committee or the Company’s Board, as applicable.
  
 (e)     Pension. Subject to the Company’s compliance with its pension duties in accordance with Part 1 of the Pensions Act 2008, the Company will pay the amount otherwise payable to the Employee under the Company’s pension scheme (currently 5% of the Employee’s Base Salary) to the Employee in cash as a separate allowance to be paid together with his monthly salary.
  
 6.    EXPENSES. Employee shall be reimbursed for business expenses incurred by him which are reasonable and necessary for Employee to perform his duties under this Agreement, subject to the production of receipts or other appropriate evidence of payment. In claiming expenses, the Employee shall comply with the Company’s Travel and Expenses Policy or any other Expenses Policies implemented by the Company (as amended from time to time), copies of which will be provided. 
  
 	 
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 7.    EMPLOYEE BENEFITS.
  
 (a)     Paid Time Off (PTO). Employee shall be entitled to 25 days paid vacation (excluding public holidays) on an annual basis in accordance with the Company’s policies, as may be established from time to time by the Company for its employees, which shall be taken at such time or times as shall be mutually agreed upon by the Parties. The Employee shall not carry forward any accrued but untaken vacation entitlement to a subsequent calendar year, except as set out in the holiday policy of the Company’s Employee Handbook (as amended from time to time), a copy of which will be provided.
  
 (b)     Insurance. During the Employment Term, Employee shall be eligible to participate in the Company’s Group Life Assurance and Critical Illness Scheme. Subject to the terms of the relevant insurance policy (as may be amended from time to time at the Company’s discretion or otherwise), (i) the Group Life Assurance Scheme shall pay your dependents a sum equal to four times (4x) times your Base Salary if you die during the Employment Term; and (ii) the Critical Illness Scheme shall pay up to seventy five percent (75%) of your Base Salary in the event of a covered incapacity. The Employee shall further be entitled to participate in such other group term insurance, disability insurance, health and medical insurance benefits, life insurance and retirement plans or programs as are from time to time generally made available to executive employees of the Company pursuant to the policies of the Company. The Employee’s eligibility to participate in the aforementioned schemes is subject to the Employee complying with the conditions attendant to coverage by such plans, and the Employee shall comply with and be entitled to benefits only to the extent former employees are eligible to participate in such arrangements pursuant to the terms of the arrangement, any insurance policy associated therewith and applicable law, and, further, shall be entitled to benefits only in accordance with the terms and conditions of such plans. The Company may withhold from any benefits payable to Employee all taxes and amounts as shall be permitted or required to be withheld pursuant to any applicable law, rule or regulation. Further, the Company may amend, modify or rescind any benefit plan or program and change contribution amounts to benefit costs without notice in its discretion. Employee shall further be subject to the indemnification by-laws policies and/or procedures applicable to senior officers of the Company and shall be included in the Directors & Officers insurance policies maintained by VolitionRx.
  
 8.    DEATH AND DISABILITY.
  
 (a)     Death. The Employment Term shall terminate on the date of Employee’s death, in which event the Company shall, within 30 days of the date of death, pay to his estate, any unpaid Base Salary earned up to the date of death, outstanding reimbursable expenses, accrued and unused vacation time, and any vested benefits expressly payable in accordance with the applicable plan or program owing to Employee through to the date of Employee’s death. Employee will not be entitled to any other compensation upon termination of his employment pursuant to this Section 8(a).
  
 (b)     Disability. To the extent permitted by law, the Employment Term shall terminate upon Employee’s Disability. For purposes of this Agreement, “Disability” shall mean that Employee is unable to engage in any substantial gainful activity by reason of any medically determinable physical or mental impairment which can be expected to result in death or can be expected to last for a continuous period of not less than 6 months, or 150 non-consecutive days in any 12-month period. The existence of a Disability shall be determined by a qualified physician nominated by the Company in consultation with Employee. In case of such termination, Employee shall be entitled to receive his unpaid Base Salary earned up to the date of the Company’s determination of Employee’s Disability, outstanding reimbursable expenses and accrued and unused vacation or PTO time, and any vested benefits expressly payable in accordance with the applicable plan or program owing to Employee through the date of termination, which amounts shall be paid within 30 days of the date of the Company’s determination of Employee’s Disability. Employee will not be entitled to any other compensation upon termination of his employment pursuant to this Section 8(b). 
  
 	 
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 9.    TERMINATION OF EMPLOYMENT.
  
 (a)     Termination With Cause By Company. The Company may terminate this Agreement at any time during the Employment Term for “Cause” upon written notice to Employee, upon which termination shall be effective immediately. For purposes of this Agreement, “Cause” means the following: 
  
 	  
	 i.
	 Willful and material failure to adhere to the Company’s and/or its affiliates’ and subsidiaries’ bylaws or written policies, or lawful directives of the Board of the Company or Chief Executive Officer of VolitionRx, provided Employee shall be given no less than fifteen (15) business days to cure the same after written notice of any failure, if curable in the reasonable discretion of the Company;

	  
	  
	  

	  
	 ii.
	 Misappropriation (or attempted misappropriation) of any non-trivial Company and/or its affiliates and/or subsidiaries property or funds;

	  
	  
	  

	  
	 iii.
	 Conviction of, or the entry of a guilty plea or plea of no contest with respect to, any felony involving moral turpitude; and

	  
	  
	  

	  
	 iv.
	 Violation of a fiduciary duty to the Company or its equityholders.

   
 (b)     Termination Without Cause By Company. The Company may terminate this Agreement at any time during the Employment Term without “Cause” either (i) upon three (3) months written notice to Employee; or (ii) if less than three (3) months written notice then subject to the payment of a lump sum equal to the balance of the Employee’s Base Salary that would otherwise have been received between the date of termination and the completion of the three (3) month notice period (which lump-sum shall be payable and conditioned upon receipt by the Company of a satisfactory release executed by Employee).
  
 (c)     Termination By Employee. Employee may terminate this Agreement at any time by providing the Company three (3) months written notice, with or without any reason.
  
 (d)     Compensation upon Termination. Upon termination pursuant to this Section 9, Employee shall be entitled to all accrued and unpaid compensation earned as of the date of termination, including Base Salary, outstanding reimbursable expenses, accrued and unused vacation or PTO time, and any vested benefits expressly payable in accordance with the applicable plan or program. Employee shall also receive any awarded and unpaid bonus for a prior completed year, if not yet paid as of the termination date, within 30 days of the termination date.
  
 10.    DISCLOSURE OF TRADE SECRETS AND OTHER PROPRIETARY INFORMATION; RESTRICTIVE COVENANTS.
  
 (a)     Employee acknowledges that he is prohibited from directly or indirectly disclosing any confidential information about the Company, its affiliates and/or subsidiaries or companies with whom the Company, its affiliates and/or subsidiaries do business, including but not limited to trade secrets, formulas, and financial information, to any party who is not a director, officer or authorized agent of the Company or its subsidiaries and affiliates. The Company will provide Employee with valuable confidential information belonging to the Company or its subsidiaries or its affiliates above and beyond any confidential information previously received by Employee and will associate Employee with the goodwill of the Company or its subsidiaries or its affiliates above and beyond any prior association of Employee with that goodwill. In return, Employee promises never to disclose or misuse such confidential information and never to misuse such goodwill. 
  
 (b)     Employee will not, during the Employment Term and for a period of six (6) months thereafter, on his behalf or on behalf of any other business enterprise, directly or indirectly, under any circumstance other than at the direction and for the benefit of the Company, its affiliates and/or subsidiaries, (i) solicit for employment or hire any person employed by the Company or any of its subsidiaries or affiliates, or (ii) call on, solicit, or take away any person or entity who was a customer of the Company or any of its subsidiaries or affiliates during Employee’s employment with the Company, in either case for a business that is competitive with the business of the Company, its affiliates and/or subsidiaries. This restriction shall not prevent Employee from soliciting or doing business with any customer with whom he had a pre-existing business relationship and which is identified to the Company in a written list provided by Employee at termination of employment. 
  
 	 
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 (c)     It is expressly agreed by Employee that the nature and scope of each of the provisions set forth above are reasonable and necessary. If, for any reason, any aspect of the above provisions as it applies to Employee is determined by a court of competent jurisdiction to be unreasonable or unenforceable under applicable law, the provisions shall be modified to the extent required to make the provisions enforceable. Employee acknowledges and agrees that his services are of unique character and expressly grants to the Company or any subsidiary or affiliate of the Company or any successor of any of them, the right to enforce the above provisions through the use of all remedies available at law or in equity, including, but not limited to, injunctive relief.
  
 11.    COMPANY PROPERTY.
  
 (a)     Any patents, inventions, discoveries, applications, processes, models or financial statements designed, devised, planned, applied, created, discovered or invented by Employee during the Employment Term, regardless of when reduced to writing or practice, which pertain to any aspect of the Company’s or its subsidiaries’ or affiliates’ business as described above shall be the sole and absolute property of the Company, and Employee shall promptly report the same to the Company and promptly execute any and all documents that may from time to time reasonably be requested by the Company to assure the Company the full and complete ownership thereof.
  
 (b)     All records, files, lists, including computer generated lists, drawings, documents, equipment and similar items relating to the Company’s, its affiliates’ and/or subsidiaries’ business which Employee shall prepare or receive from the Company shall remain the Company’s, its affiliates’ and/or subsidiaries’ sole and exclusive property. Upon termination of this Agreement, Employee shall promptly return to the Company all property of the Company, its affiliates and/or subsidiaries in his possession. Employee may retain copies of documents evidencing his terms of employment, compensation, or related to his status as an equityholder of the Company.
  
 12.    EQUITABLE RELIEF. It is mutually understood and agreed that Employee’s services are special, unique, unusual, extraordinary and of an intellectual character giving them a peculiar value, the loss of which cannot be reasonably or adequately compensated in damages in an action at law. Accordingly, in the event of any breach of this Agreement by Employee, including, but not limited to, the breach of any of the provisions of Sections 10 or 11 hereof, the Company shall be entitled to equitable relief by way of injunction or otherwise in addition to any damages which the Company may be entitled to recover. In the event of any breach of this Agreement by Company the Employee shall be entitled to equitable relief by way of injunction or otherwise in addition to any damages which the Employee may be entitled to recover.
  
 13.    APPLICABLE LAW AND DISPUTES. This Agreement and any dispute or claim arising out of or in connection with it or its subject matter or formation (including non-contractual disputes or claims) shall be governed by and construed in accordance with the law of England and Wales. In any dispute with the Company, the Employee will not raise, and hereby expressly waives, any objection or defense to any such jurisdiction as an inconvenient forum.
  
 14.    NOTICE. Except as otherwise expressly provided, any notice, request, demand or other communication permitted or required to be given under this Agreement shall be in writing, shall be deemed conclusively to have been given: (a) upon receipt, when delivered personally; (b) upon receipt when sent by facsimile or email delivery of a “.pdf” format data file (provided confirmation of transmission is mechanically or electronically generated and kept on file by the sending party; (c) on the third business day following the day timely deposited with Federal Express (or other equivalent international courier), with the cost of delivery prepaid or for the account of the sender; (d) on the seventh business day following the day duly sent by certified or registered mail, postage prepaid; or (e) when otherwise actually received by the addressee on a business day (or on the next business day if received after the close of normal business hours or on any non-business day). 
  
 15.    INTERPRETATION; HEADINGS. The parties acknowledge and agree that the terms and provisions of this Agreement have been negotiated, shall be construed fairly as to all parties hereto, and shall not be construed in favor of or against any party. The section headings contained in this Agreement are for reference purposes only and shall not affect the meaning or interpretation of this Agreement.
  
 	 
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 16.    SUCCESSORS AND ASSIGNS; ASSIGNMENT; INTENDED BENEFICIARIES. Neither this Agreement, nor any of Employee’s rights, powers, duties or obligations hereunder, may be assigned by Employee. This Agreement shall be binding upon and inure to the benefit of Employee and his heirs and legal representatives and the Company and its successors. Successors of the Company shall include, without limitation, any corporation or corporations acquiring, directly or indirectly, all or substantially all of the assets of the Company, whether by merger, consolidation, purchase, lease or otherwise, and such successor shall thereafter be deemed “the Company” for the purpose hereof.
  
 17.    NO WAIVER BY ACTION. Any waiver or consent from the Company respecting any term or provision of this Agreement or any other aspect of the Employee’s conduct or employment shall be effective only in the specific instance and for the specific purpose for which given and shall not be deemed, regardless of frequency given, to be a further or continuing waiver or consent. The failure or delay of the Company at any time or times to require performance of, or to exercise any of its powers, rights or remedies with respect to, any term or provision of this Agreement or any other aspect of the Employee’s conduct or employment in no manner (except as otherwise expressly provided herein) shall affect the Company’s right at a later time to enforce any such term or provision.
  
 18.    COUNTERPARTS; JURISDICTION; AMENDMENTS; ENTIRE AGREEMENT; SEVERABILITY; SURVIVAL OF TERMS. This Agreement may be executed in two counterpart copies, each of which may be executed by one of the parties hereto, but all of which, when taken together, shall constitute a single agreement binding upon all of the parties hereto. Each party irrevocably agrees that the courts of England and Wales shall have exclusive jurisdiction to settle any dispute or claim arising out of or in connection with this agreement or its subject matter or formation (including non-contractual disputes or claims). Each and every modification and amendment of this Agreement shall be in writing and signed by the parties hereto, and any waiver of, or consent to any departure from, any term or provision of this Agreement shall be in writing and signed by each affected party hereto. This Agreement contains the entire agreement of the parties and supersedes all prior representations, agreements and understandings, oral or otherwise, between the parties with respect to the matters contained herein, including but not limited to any written offer letter or letter agreement concerning employment. In the event of any conflict, the terms of this Agreement shall control. The invalidity or unenforceability of any provision of this Agreement shall not affect the validity or enforceability of any other provision of this Agreement, which shall remain in full force and effect. Sections 10 through 19 shall survive any termination of this Agreement and the termination of Employee’s employment. 
  
 19.    TAX AND DEDUCTION. All payments to Employee pursuant to this Agreement are subject to applicable tax, withholding and deduction requirements based on the country of Employee’s service.
  
 [Signature page follows.]
  
 	 
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 SIGNATURES
  
 IN WITNESS WHEREOF, the Parties hereto have executed this Agreement as of the date set forth above.
  
 	By: 	 	 	By:	 
	  
	  
	  
	  
	  

	 (“COMPANY”)  
	  
	  
	 (“EMPLOYEE”)
	  

	 Volition Diagnostics UK Limited   
	  
	  
	 Nick Plummer
	  

	  
	  
	  
	  
	  

	/s/ Cameron Reynolds	 	 	/s/ Nick Plummer	 
	By: Cameron Reynolds 	 	 	By: Nick Plummer	 
	Its: Chief Executive Officer 	 	 		 

                                                    
 [Signature Page to Volition Diagnostics UK Limited Employment Agreement – Group General Counsel]
  
 	 
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 SCHEDULE 1
 RESTRICTED STOCK UNIT AWARD
  
  
  
  
  
  
  
 	 
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 NOTICE OF RESTRICTED STOCK UNIT AWARD
  
 VOLITIONRX LIMITED
 2015 STOCK INCENTIVE PLAN
  
 Unless otherwise defined herein, the terms defined in the VolitionRx Limited (the “Company”) 2015 Stock Incentive Plan (the “Plan”) shall have the same meanings in this Notice of Restricted Stock Unit Award (the “Notice”) and the attached Restricted Stock Unit Agreement (the “RSU Agreement”). You have been granted an award of Restricted Stock Units (“RSUs”) under the Plan subject to the terms and conditions of the Plan, this Notice and the attached RSU Agreement.
  
 	  
	 Name: 
	 Nick Plummer

	  
	  
	  

	  
	 Address: 
	  

	  
	  
	  

	  
	 Number of RSUs:
	 [Such number of RSUs equivalent to £100,000, based on the closing price of VolitionRx’s shares on the NYSE American on the Execution Date of the Employment Agreement]

	  
	  
	  

	  
	 Date of Grant: 
	 [Commencement Date of Employment Agreement]

	  
	  
	  

	  
	 Vesting Commencement Date: 
	 [12 months from Commencement Date}

	  
	  
	  

	  
	 Expiration Date: 
	 The date on which settlement of all RSUs granted hereunder occurs. This RSU expires earlier if your Service terminates earlier, as described in the RSU Agreement.

	  
	  
	  

	  
	 Vesting Schedule: 
	 Subject to your continued Service through the applicable vesting date, one-half (1/2) of the Shares underlying the RSUs shall vest on the Vesting Commencement Date, and one-half (1/2) of the Shares underlying the RSUs shall vest twelve (12) months after the Vesting Commencement Date.

	  
	  
	  

	  
	 Additional Terms: 
	 ☐ If this box is checked, the additional terms and conditions set forth on Attachment 1 hereto (as executed by the Company) are applicable and are incorporated herein by reference. No document need be attached as Attachment 1 if the box is not checked.

                                              
 You acknowledge that the vesting of the RSUs pursuant to this Notice is earned only by continuing Service. By accepting this award, you and the Company agree that this award is granted under and governed by the terms and conditions of the Plan, the Notice and the RSU Agreement. You acknowledge and agree that the Vesting Schedule may change prospectively in the event that your Service status changes between full and part-time status in accordance with Company policies relating to work schedules and vesting of awards. You further acknowledge that the grant of this RSU by the Company is at the Company’s sole discretion, and does not entitle you to further grant(s) of RSU(s) or any other award(s) under the Plan or any other plan or program maintained by the Company or any Parent, Subsidiary or Affiliate of the Company. By accepting this RSU, you consent to electronic delivery as set forth in the RSU Agreement.
  
 	 PARTICIPANT:
	  
	 VOLITIONRX LIMITED
	  

	  
	  
	  
	  
	  
	  

	 Signature:
	  
	  
	 By: 
	  
	  

	  
	  
	  
	  
	  
	  

	 Print Name: 
	  
	  
	 Name: 
	  
	  

	  
	  
	  
	  
	  
	  

	  
	  
	  
	 Its:
	  
	  

  
 	 
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 SCHEDULE 2
 RESTRICTED STOCK UNIT AGREEMENT
  
  
  
  
  
  
  
  
  
  
  
  
  
 	 
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 RESTRICTED STOCK UNIT AGREEMENT
  
 VOLITIONRX LIMITED
 2015 STOCK INCENTIVE PLAN
  
 You have been granted Restricted Stock Units (“RSUs”) by VolitionRx Limited (the “Company”) subject to the terms, restrictions and conditions of the Plan, the Notice of Restricted Stock Unit Award (the “Notice”) and this Restricted Stock Unit Agreement (this “RSU Agreement”).
  
 1. Settlement. Settlement of RSUs shall be made in the same calendar year as the applicable date of vesting under the vesting schedule set forth in the Notice; provided, however, that if the vesting date under the vesting schedule set forth in the Notice is in December, then settlement of any RSUs that vest in December shall be within 30 days of vesting. Settlement of RSUs shall be in Shares. Settlement means the delivery of the Shares vested under an RSU. No fractional RSUs or rights for fractional Shares shall be created pursuant to this RSU Agreement.
  
 2. No Stockholder Rights. Unless and until such time as Shares are issued in settlement of vested RSUs, you shall have no ownership of the Shares allocated to the RSUs and shall have no right to dividends or to vote such Shares.
  
 3. Dividend Equivalents. Dividends, if any (whether in cash or Shares), shall not be credited to you.
  
 4. No Transfer. RSUs may not be sold, assigned, transferred, pledged, hypothecated, or otherwise disposed of in any manner other than by will or by the laws of descent or distribution or court order or unless otherwise permitted by the Committee on a case-by-case basis.
  
 5. Termination. If your Service terminates for any reason, all unvested RSUs shall be forfeited to the Company forthwith, and all rights you have to such RSUs shall immediately terminate. In case of any dispute as to whether your termination of Service has occurred, the Committee shall have sole discretion to determine whether such termination has occurred and the effective date of such termination.
  
 6. Construction. This RSU Agreement is the result of negotiations between and has been reviewed by each of the parties hereto and their respective counsel, if any; accordingly, this RSU Agreement shall be deemed to be the product of all of the parties hereto, and no ambiguity shall be construed in favor of or against any one of the parties hereto.
  
 7. Notices. Any notice to be given under the terms of the Plan shall be addressed to the Company in care of its principal office, and any notice to be given to you shall be addressed to you at the address maintained by the Company for such person or at such other address as you may specify in writing to the Company.
  
 8. Counterparts. This RSU Agreement may be executed in two or more counterparts, each of which shall he deemed an original and all of which together shall constitute one instrument.
  
 	 
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 9. Tax Consequences. You acknowledge that you will recognize tax consequences in connection with the RSUs. You should consult a tax adviser regarding your tax obligations in the jurisdiction where you are subject to tax.
  
 (a) U.S. Tax Consequences. You will not recognize taxable income when you are granted or vest in the RSUs. In general, the RSUs will be taxed when they are settled and you will recognize ordinary income equal to the value of the Shares that you receive from the Company.
  
 10. Withholding Taxes and Stock Withholding. Regardless of any action the Company or your actual employer (the “Employer”) takes with respect to any or all income tax, social insurance, payroll tax, payment on account or other tax-related withholding (“Tax-Related Items”), you acknowledge that the ultimate liability for all Tax-Related Items legally due by you is and remains your responsibility and that the Company and/or the Employer (1) make no representations or undertakings regarding the treatment of any Tax-Related Items in connection with any aspect of the award, including the grant, vesting or settlement of the RSUs, the subsequent sale of Shares acquired pursuant to such settlement and the receipt of any dividends; and (2) do not commit to structure the terms of the award or any aspect of the RSUs to reduce or eliminate your liability for Tax-Related Items. You acknowledge that if you are subject to Tax-Related Items in more than one jurisdiction, the Company and/or the Employer may be required to withhold or account for Tax-Related Items in more than one jurisdiction.
  
 Prior to the settlement of your RSUs, you shall pay or make adequate arrangements satisfactory to the Company and/or the Employer to satisfy all withholding and payment on account obligations of the Company and/or the Employer. In this regard, you authorize the Company and/or the Employer to withhold all applicable Tax-Related Items legally payable by you from your wages or other cash compensation paid to you by the Company and/or the Employer. With the Company’s consent, these arrangements may also include, if permissible under local law, (a) withholding Shares that otherwise would be issued to you when your RSUs are settled, provided that the Company only withholds the amount of Shares necessary to satisfy the minimum statutory withholding amount, (b) having the Company withhold taxes from the proceeds of the sale of the Shares, either through a voluntary sale or through a mandatory sale arranged by the Company (on your behalf and you hereby authorize such sales by this authorization), (c) your payment of a cash amount, or (d) any other arrangement approved by the Company; all under such rules as may be established by the Committee and in compliance with the Company’s Insider Trading Policy and 10b5-1 Trading Plan Policy, if applicable; provided however, that if you are a Section 16 officer of the Company under the Exchange Act, then the Committee (as constituted in accordance with Rule 16b-3 under the Exchange Act) shall establish the method of withholding from alternatives (a)-(d) above, and the Committee shall establish the method prior to the Tax-Related Items withholding event. The Fair Market Value of these Shares, determined as of the effective date when taxes otherwise would have been withheld in cash, will be applied as a credit against the withholding taxes. You shall pay to the Company or the Employer any amount of Tax-Related Items that the Company or the Employer may be required to withhold as a result of your participation in the Plan or your purchase of Shares that cannot be satisfied by the means previously described. Finally, you acknowledge that the Company has no obligation to deliver Shares to you until you have satisfied the obligations in connection with the Tax-Related Items as described in this Section.
  
 11. Acknowledgement. The Company and you agree that the RSUs are granted under and governed by the Notice, this RSU Agreement and the provisions of the Plan (incorporated herein by reference). You: (a) acknowledge receipt of a copy of the Plan and the Plan prospectus, (b) represent that you have carefully read and are familiar with their provisions, and (c) hereby accept the RSUs subject to all of the terms and conditions set forth herein and those set forth in the Plan and the Notice. You hereby agree to accept as binding, conclusive and final all decisions or interpretations of the Committee upon any questions relating to the Plan, the Notice and this RSU Agreement.
  
 	 
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 12. Entire Agreement; Enforcement of Rights. This RSU Agreement, the Plan and the Notice constitute the entire agreement and understanding of the parties relating to the subject matter herein and supersede all prior discussions between them. Any prior agreements, commitments or negotiations concerning the purchase of the Shares hereunder are superseded. No modification of or amendment to this RSU Agreement, nor any waiver of any rights under this RSU Agreement, shall be effective unless in writing and signed by the parties to this RSU Agreement. The failure by either party to enforce any rights under this RSU Agreement shall not be construed as a waiver of any rights of such party.
  
 13. Compliance with Laws and Regulations. The issuance of Shares will be subject to and conditioned upon compliance by the Company and you with all applicable state, federal and foreign laws and regulations and with all applicable requirements of any stock exchange or automated quotation system on which the Company’s Common Stock may be listed or quoted at the time of such issuance or transfer. The Shares issued pursuant to this RSU Agreement shall be endorsed with appropriate legends, if any, determined by the Company.
  
 14. Governing Law; Severability. If one or more provisions of this RSU Agreement are held to be unenforceable under applicable law, the parties agree to renegotiate such provision in good faith. In the event that the parties cannot reach a mutually agreeable and enforceable replacement for such provision, then (a) such provision shall be excluded from this RSU Agreement, (b) the balance of this RSU Agreement shall be interpreted as if such provision were so excluded and (c) the balance of this RSU Agreement shall be enforceable in accordance with its terms. This RSU Agreement and all acts and transactions pursuant hereto and the rights and obligations of the parties hereto shall be governed, construed and interpreted in accordance with the laws of the State of Delaware, without giving effect to principles of conflicts of law. For purposes of litigating any dispute that may arise directly or indirectly from the Plan, the Notice and this RSU Agreement, the parties hereby submit and consent to litigation in the exclusive jurisdiction of the State of New York and agree that any such litigation shall be conducted only in the courts of New York in New York County or the federal courts of the United States for the Southern District of New York and no other courts.
  
 15. No Rights as Employee, Director or Consultant. Nothing in this RSU Agreement shall affect in any manner whatsoever the right or power of the Company, or a Parent, Subsidiary or Affiliate of the Company, to terminate your Service, for any reason, with or without Cause.
  
 16. Consent to Electronic Delivery of All Plan Documents and Disclosures. By your acceptance of this RSU, you consent to the electronic delivery of the Notice, this RSU Agreement, the Plan, account statements, Plan prospectuses required by the Securities and Exchange Commission, U.S. financial reports of the Company, and all other documents that the Company is required to deliver to its security holders (including, without limitation, annual reports and proxy statements) or other communications or information related to the RSU. Electronic delivery may include the delivery of a link to a Company intranet or the internet site of a third party involved in administering the Plan, the delivery of the document via e-mail or such other delivery determined at the Company’s discretion. You acknowledge that you may receive from the Company a paper copy of any documents delivered electronically at no cost if you contact the Company by telephone, through a postal service or electronic mail at notice@volition.com. You further acknowledge that you will be provided with a paper copy of any documents delivered electronically if electronic delivery fails; similarly, you understand that you must provide on request to the Company or any designated third party a paper copy of any documents delivered electronically if electronic delivery fails. Also, you understand that your consent may be revoked or changed, including any change in the electronic mail address to which documents are delivered (if you have provided an electronic mail address), at any time by notifying the Company of such revised or revoked consent by telephone, postal service or electronic mail at notice@volition.com. Finally, you understand that you are not required to consent to electronic delivery.
  
 	 
	13
	

	 

   
 17. Code Section 409A. For purposes of this RSU Agreement, a termination of employment will be determined consistent with the rules relating to a “separation from service” as defined in Section 409A of the Internal Revenue Code and the regulations thereunder (“Section 409A”). Notwithstanding anything else provided herein, to the extent any payments provided under this RSU Agreement in connection with your termination of employment constitute deferred compensation subject to Section 409A, and you are deemed at the time of such termination of employment to be a “specified employee” under Section 409A, then such payment shall not be made or commence until the earlier of (a) the expiration of the six-month period measured from your separation from service or (b) the date of your death following such a separation from service; provided, however, that such deferral shall only be effected to the extent required to avoid adverse tax treatment to you including, without limitation, the additional tax for which you would otherwise be liable under Section 409A(a)(1)(B) in the absence of such a deferral. To the extent any payment under this RSU Agreement may be classified as a “short-term deferral” within the meaning of Section 409A, such payment shall be deemed a short-term deferral, even if it may also qualify for an exemption from Section 409A under another provision of Section 409A. Payments pursuant to this Section are intended to constitute separate payments for purposes of Section 1.409A-2(b)(2) of the Treasury Regulations.
  
 18. Adjustment. In the event of a stock split, a stock dividend or a similar change in Company stock, the number of Shares covered by the RSUs may be adjusted pursuant to the Plan.
  
 19. Lock-Up Agreement. Upon request of the Company or the underwriters managing any underwritten offering of the Company’s securities, you hereby agree not to sell, make any short sale of, loan, grant any option for the purchase of, or otherwise dispose of any securities of the Company however and whenever acquired (other than those included in the registration) without the prior written consent of the Company or such underwriters, as the case may be, for such period of time (not to exceed one hundred eighty (180) days) from the effective date of such registration as may be requested by the Company or such managing underwriters and to execute an agreement reflecting the foregoing as may be requested by the underwriters at the time of the public offering; provided however that, if during the last seventeen (17) days of the restricted period the Company issues an earnings release or material news or a material event relating to the Company occurs, or prior to the expiration of the restricted period the Company announces that it will release earnings results during the sixteen (16)-day period beginning on the last day of the restricted period, then, upon the request of the managing underwriter, to the extent required by any FINRA rules, the restrictions imposed by this Section shall continue to apply until the end of the third trading day following the expiration of the fifteen (15)-day period beginning on the issuance of the earnings release or the occurrence of the material news or material event. In no event will the restricted period extend beyond two hundred sixteen (216) days after the effective date of the registration statement.
  
 20. Award Subject to Company Clawback or Recoupment. To the extent permitted by applicable law, the RSUs shall be subject to clawback or recoupment pursuant to any compensation clawback or recoupment policy adopted by the Board or required by law during the term of your employment or other Service that is applicable to you. In addition to any other remedies available under such policy, applicable law may require the cancellation of your RSUs (whether vested or unvested) and the recoupment of any gains realized with respect to your RSUs.
  
 BY ACCEPTING THIS RSU, YOU AGREE TO ALL OF THE TERMS AND CONDITIONS DESCRIBED ABOVE AND IN THE PLAN.
  
 	 
	14EX-4.1

 Exhibit 4.1 

ARTHUR J. GALLAGHER & CO. 

Officers’ Certificate pursuant to Sections 1.02, 2.01, 3.01 and 3.03 of the Indenture 

Pursuant to Sections 1.02, 2.01, 3.01 and 3.03 of the Indenture dated as of May 20, 2021 (the “Indenture”) between
Arthur J. Gallagher & Co., a Delaware corporation (the “Company”), and The Bank of New York Mellon Trust Company, N.A. (the “Trustee”), and resolutions duly adopted by the Board of Directors of the Company,
or a duly authorized committee thereof, at meetings duly called and held on March 8, 2021 and October 26, 2021 (the “Resolutions”), the undersigned, Douglas K. Howell, in his capacity as Vice President and Chief Financial
Officer of the Company, and Seth Diehl, in his capacity as Assistant Secretary of the Company, DO HEREBY CERTIFY that: 

1.    The Company shall create and issue: 

(a)    $400,000,000 aggregate principal amount of its 2.400% Notes due 2031 (the “Notes due
2031”) with the terms set forth in the form of Note attached hereto as Schedule A and the Indenture; and 

(b)    $350,000,000 aggregate principal amount of its 3.050% Notes due 2052 (the “Notes due
2052” and, together with the Notes due 2031, the “Notes”) with the terms set forth in the form of Note attached hereto as Schedule B and the Indenture. 

2.    Each series of Notes shall be issued in the form of one or more Global Notes which shall represent, and shall be
denominated in an aggregate amount equal to the aggregate principal amount of, such series of Notes and shall be registered in the name of The Depository Trust Company or its nominee. 

3.    The Notes and the Trustee’s Certificate of Authentication to be endorsed thereon are to be substantially in the
form set forth in the form of Note attached hereto. 
 4.    The corporate trust office of the Trustee in The City of
Chicago, State of Illinois is hereby designated and created as the agency of the Company in The City of Chicago, State of Illinois at which both the principal and the interest on the Notes are payable. 

5.    We have read the applicable provisions of the Indenture, including all covenants and conditions relating to the
authentication of Securities and the definitions relating thereto. We have also made such examination or investigation of such corporate records and other documents as we have deemed necessary to enable us to express informed opinions as to whether
all such covenants and conditions have been complied with. 
 6.    In each of our opinion, all conditions provided for
in the Indenture for the authentication of the Notes have been complied with. 
 Capitalized terms used herein that are not otherwise
defined shall have the meanings ascribed thereto in the Indenture or the Notes, as the case may be. 
 [Signature page follows] 

 IN WITNESS WHEREOF, the undersigned have hereunto set their hands this 9th day of November,
2021. 
  

					
	By:	 	 /s/ Douglas K. Howell

		 	Name:	 	Douglas K. Howell
		 	Title:	 	Vice President and Chief Financial Officer
		
	By:	 	 /s/ Seth Diehl

		 	Name:	 	Seth Diehl
		 	Title:	 	Assistant Secretary

 [Signature Page to Officers’ Certificate Pursuant to the Indenture] 

 SCHEDULE A 

Form of Note due 2031 

 UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW
YORK CORPORATION (“DTC” OR THE “DEPOSITARY”), NEW YORK, NEW YORK, TO THE COMPANY OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR IN
SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR
VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN. 
 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 DEPOSITARY OR
A NOMINEE OF SUCH SUCCESSOR DEPOSITARY, UNLESS AND UNTIL THIS SECURITY IS EXCHANGED IN WHOLE OR IN PART FOR SECURITIES IN DEFINITIVE FORM. 
  

			
	No. [    ]	  	$[                ]

 CUSIP No: 04316J AA7 
 ISIN No:
US04316JAA79 
 Arthur J. Gallagher & Co. 

2.400% Notes due 2031 
 Arthur J.
Gallagher & Co., a corporation duly organized and existing under the laws of the State of Delaware (the “Company”), for value received, hereby promises to pay to Cede & Co., or registered assigns, the principal sum of
[                ] ($[    ]) on November 9, 2031, and to pay interest on said principal sum from November 9, 2021, or from the most recent
interest payment date to which interest has been paid or duly provided for, semi-annually in arrears on May 9 and November 9 in each year, commencing May 9, 2022, at the rate of 2.400% per annum until the principal hereof shall have
become due and payable, and on any overdue principal and (to the extent that payment of such interest is enforceable under applicable law) on any overdue installment of interest at the same rate per annum. The interest installment so payable, and
punctually paid or duly provided for, on any interest payment date will, as provided in the Indenture hereinafter referred to, be paid to the person in whose name this Security (or one or more Predecessor Securities, as defined in said Indenture) is
registered at the close of business on the regular record date for such interest installment, which shall be the April 24 or October 25, as the case may be (whether or not a Business Day), next preceding such interest payment date. Any
such interest installment not so punctually paid or duly provided for shall forthwith cease to be payable to the registered holder on such regular record date, and may 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 to be fixed by the Trustee for the payment of such defaulted interest, notice whereof shall be given to the registered holders of this series of Securities as provided in
the Indenture, or may be paid at any time in any other lawful manner, all as more fully provided in the Indenture. Interest will be computed on the basis of a 360-day year comprised of twelve 30-day months. If interest or principal is payable on a day that is not a Business Day, such payment shall be made on the next succeeding Business Day, as if made on the date such payment was due, and no interest
shall accrue on such payment for the period from and after such due date to the date of such payment on the next succeeding Business Day. The principal of and the interest on this Security shall be payable at the office or agency of the Company
maintained for that purpose in the City of Chicago, State of Illinois, in any coin or currency of the United States of America which at the time of payment is legal tender for payment of public and private debts; provided, however, that payment of
interest may be made at the option of the Company by check mailed to the registered holder at such address as shall appear in the Security Register. This Security shall not be entitled to any benefit under the Indenture, or be valid or become
obligatory for any purpose, until the certificate of authentication hereon shall have been signed by or on behalf of the Trustee. 
 As used herein,
“Business Day” means each Monday, Tuesday, Wednesday, Thursday and Friday which is not a day on which banking institutions in the Borough of Manhattan, New York City are authorized or obligated by law or executive order to close. 

The provisions of this Security are continued on the reverse side hereof, and such continued provisions shall for all purposes have the same effect as though
fully set forth at this place. 

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

Dated: November 9, 2021 
  

					
	ARTHUR J. GALLAGHER & CO.
		
	By:	 	  

		 	Name:	 	Douglas K. Howell
		 	Title:	 	Vice President and Chief Financial Officer
		
	By:	 	  

		 	Name:	 	Seth Diehl
		 	Title:	 	Assistant Secretary

 CERTIFICATE OF AUTHENTICATION 

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

Dated: November 9, 2021 
  

			
	THE BANK OF NEW YORK MELLON TRUST COMPANY, N.A., AS TRUSTEE
		
	By:	 	  

	Authorized Signatory

 (FORM OF REVERSE OF SECURITY) 

This Security is one of a duly authorized series of Securities of the Company, all issued or to be issued in one or more series under and pursuant to an
Indenture dated as of May 20, 2021, duly executed and delivered by the Company and The Bank of New York Mellon Trust Company, N.A., as trustee (the “Trustee”), as amended and supplemented (the “Indenture”), to which
Indenture reference is hereby made for a description of the rights, limitation of rights, obligations, duties and immunities thereunder of the Trustee, the Company and the holders of the Securities. By the terms of the Indenture, the Securities are
issuable in series which may vary as to amount, date of maturity, rate of interest and in other respects as in the Indenture provided. This Security is one of the series designated on the face hereof (the “Securities”) unlimited in
aggregate principal amount. 
 Beneficial interests in this global Security may be held in minimum denominations of $2,000 and integral multiples of $1,000
in excess of $2,000. This global Security shall be exchangeable for Securities in definitive form registered in the names of persons other than the Depository or its nominee only if the Depository notifies the Company that it is unwilling or unable
to continue as the Depositary or if at any time such Depositary is no longer registered as a clearing agency or in good standing under the Securities Exchange Act of 1934 (the “Exchange Act”), as amended, or other applicable statute and a
successor Depositary is not appointed by the Company within 90 days and the Company executes and delivers to the Trustee an Issuer Order that this global Security shall be so exchangeable. To the extent that this global Security is exchangeable
pursuant to the preceding sentence, it shall be exchangeable for Securities registered in such names as the Depositary shall direct. Securities represented by this global Security that may be exchanged for Securities in definitive form under the
circumstances described in this paragraph will be exchangeable only for Securities in definitive form issued in minimum denominations of $2,000 and integral multiples of $1,000 in excess of $2,000. Notwithstanding any other provision herein, this
global Security may not be transferred except as a whole by the Depositary to a successor or to a nominee of such Depositary or its successor or by a nominee of such Depositary to such Depositary or its successor or to another nominee of such
Depositary or its successor. 
 In case an Event of Default with respect to the Securities shall have occurred and be continuing, the principal of all of
the Securities may be declared, and upon such declaration shall become, due and payable, in the manner, with the effect and subject to the conditions provided in the Indenture. 

The provisions of Sections 4.03 and 4.04 of the Indenture are to apply to the Securities. 

The Indenture contains provisions permitting the Company and the Trustee, with the consent of the holders of not less than a majority in principal amount of
the Outstanding Securities of each series affected by such supplemental indenture, to enter into a supplemental indenture or indentures for the purpose of adding any provision to or changing in any manner or eliminating any of the provisions of the
Indenture or of modifying in any manner the rights of the holders of Securities of such series under the Indenture; provided, however, that no such supplemental indenture shall, without the consent of the holder of each Outstanding
Security affected thereby, (1) change the stated maturity of the principal of, or any installment of principal of or interest on, any Security, or reduce the principal amount thereof or the rate of interest thereon or any premium payable
thereon, or reduce the amount of the principal of the Security that would be due and payable upon a declaration of acceleration of the maturity thereof, or adversely affect any right of repayment at the option of the Holder of any Security, or
reduce the amount of, or postpone the date fixed for, the payment of any sinking fund or analogous obligation, or impair the right to commence suit for the enforcement of any such payment on or after the stated maturity thereof (or, in the case of
redemption, on or after the Redemption Date), in each case other than the amendment or waiver in accordance with the terms of the Indenture of any covenant or related definition included pursuant to Section 3.01 of the Indenture that provides
for an offer to repurchase any Securities of a series upon a sale of assets or change of control transaction, or (2) reduce the percentage in principal amount of the Outstanding Securities of any series, the consent of whose holders is required
for any such supplemental indenture, or the consent of whose holders is required for any waiver (of compliance with certain provisions of the Indenture or certain defaults hereunder and their consequences) provided for in the Indenture, or
(3) modify the percentage of Securities required to consent to any such supplemental indenture, except to increase any such percentage or to provide that certain other provisions of the Indenture cannot be modified or waived without the consent
of the holder of each Outstanding Security affected thereby. 

 The Indenture also contains provisions permitting the holders of not less than a majority in principal
amount of Outstanding Securities of any series to waive, on behalf of the holders of all the Securities of such series, any past default under the Indenture with respect to such series and its consequences, except a default (1) in the payment
of the principal of (or premium, if any) or interest on any Security of such series, or (2) in respect of a covenant or provision of the Indenture which cannot be modified or amended without the consent of the holder of each Outstanding
Security of such series affected. Upon any such waiver, such default shall cease to exist, and any Event of Default arising therefrom shall be deemed to have been cured, for every purpose under the Indenture. 

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

The Securities are issuable as registered Securities without coupons. 

The Securities shall be in minimum denominations of $2,000 and integral multiples of $1,000 in excess of $2,000. Securities may be exchanged, upon
presentation thereof for that purpose, at the office or agency of the Company in the City of Chicago, State of Illinois, for other Securities of authorized denominations, and for a like aggregate principal amount and series, and upon payment of a
sum sufficient to cover any tax or other governmental charge in relation thereto. 
 The Securities may be redeemed, in whole at any time or in part from
time to time, at the option of the Company, (a) at any time prior to August 9, 2031, at a redemption price equal to the greater of (i) 100% of the principal amount of the Securities to be redeemed, and (ii) the sum of the present
value of (x) the payment on August 9, 2031 of the principal amount of the Securities to be redeemed and (y) the payment of the remaining scheduled payments through August 9, 2031 of interest on the Securities to be redeemed
(exclusive of interest accrued to the date of redemption), discounted to the redemption date, on a semiannual basis (assuming a 360-day year consisting of twelve 30-day
months), at a rate equal to the applicable Treasury Rate plus 15 basis points, and (b) at any time on or after August 9, 2031, at a redemption price equal to 100% of the principal amount of the Securities to be redeemed, plus, in either
case, accrued and unpaid interest, if any, thereon to, but excluding, the redemption date. 
 “Treasury Rate” means, with respect to any
redemption date: (a) the yield, under the heading which represents the average for the immediately preceding week, appearing in the most recently published statistical release designated “H.15” or any successor publication which is
published weekly by the Board of Governors of the Federal Reserve System and which establishes yields on actively traded U.S. Treasury securities adjusted to constant maturity under the caption “Treasury Constant Maturities,” for the
maturity corresponding to the applicable Comparable Treasury Issue (if no maturity is within three months before or after the remaining term of the respective series of Securities being redeemed, yields for the two published maturities most closely
corresponding to the applicable Comparable Treasury Issue will be determined and the Treasury Rate will be interpolated or extrapolated from such yields on a straight line basis, rounding to the nearest month); or (b) if such release (or any
successor release) is not published during the week preceding the calculation date or does not contain such yields, the rate per annum equal to the semiannual equivalent yield to maturity of the applicable Comparable Treasury Issue, calculated using
a price for the applicable Comparable Treasury Issue (expressed as a percentage of its principal amount) equal to the applicable Comparable Treasury Price for such redemption date. The Treasury Rate will be calculated on the third business day
preceding the date fixed for redemption. 
 “Comparable Treasury Issue” means the U.S. Treasury security selected by an Independent Investment
Banker as having a maturity comparable to the remaining term of each of the Securities to be redeemed (assuming, for this purpose, that the Securities matured on August 9, 2031) that would be utilized, at the time of selection and in accordance
with customary financial practice, in pricing new issues of corporate Securities of comparable maturity to the remaining term of such Securities. 

 “Comparable Treasury Price” means, with respect to any redemption date, (1) the average of
five Reference Treasury Dealer Quotations for such redemption date, after excluding the highest and lowest Reference Treasury Dealer Quotations, or (2) if the Independent Investment Banker obtains fewer than five such Reference Treasury Dealer
Quotations, the average of all such quotations. 
 “Independent Investment Banker” means one of the Reference Treasury Dealers that the Company
appoints to act as the Independent Investment Banker from time to time. 
 “Reference Treasury Dealer” means (1) each of BofA Securities,
Inc., J.P. Morgan Securities LLC and their respective successors; provided, however, that if any of the forgoing ceases to be a primary dealer of U.S. government securities in the United States (a “Primary Treasury Dealer”), the Company
shall substitute another Primary Treasury Dealer and (2) at least three other Primary Treasury Dealers selected by the Company. 
 “Reference
Treasury Dealer Quotations” means, with respect to each Reference Treasury Dealer and any redemption date, the average, as determined by the Independent Investment Banker, 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 Independent Investment Banker at 5:00 p.m., New York City time, on the third Business Day preceding such redemption date. 

The Company will send a notice of redemption to each holder of Securities to be redeemed in connection with any redemption in accordance with the notice
delivery procedures of DTC at least 15 and not more than 60 days prior to the date fixed for redemption. Any notice to holders of Securities to be redeemed pursuant to such a redemption shall include the appropriate calculation of the redemption
price, but need not include the redemption price itself. The actual redemption price, calculated as described above, must be set forth in an Officers’ Certificate delivered to the Trustee no later than two business days prior to the redemption
date. Unless the Company defaults on payment of the redemption price, interest will cease to accrue on the Securities to be redeemed or portions thereof called for redemption. If fewer than all of the Securities are to be redeemed, such Securities
shall be selected not more than 45 days prior to the redemption date in accordance with the applicable procedures of DTC. Neither the Trustee nor any registrar shall be liable for any such selection. 

Notice of any redemption of Securities in connection with a transaction or an event may, at the Company’s discretion, be given prior to the completion or
the occurrence thereof. Any redemption or notice may, at the Company’s discretion, be subject to one or more conditions precedent, including, but not limited to, completion or occurrence of a related transaction or event. At the Company’s
discretion, the redemption date may be delayed until such time as any or all such conditions shall be satisfied, or such redemption may not occur and such notice may be rescinded in the event that any or all such conditions shall not have been
satisfied by the redemption date, or by the redemption date as so delayed. The Company will provide written notice to the Trustee as soon as practicable but in any event no later than two days prior to the redemption date if any such redemption has
been rescinded or delayed, and upon receipt and at the request of the Company, the Trustee will provide such notice to each holder of the Securities to be redeemed in the same manner in which the notice of redemption was given. 

If a Change of Control Triggering Event occurs, unless the Company has exercised its right to redeem the Securities as described above, the Company will make
an offer to each holder of the Securities to repurchase all of that holder’s Securities at a repurchase price in cash equal to 101% of the aggregate principal amount of Securities repurchased (such principal amount to be equal to $2,000 or an
integral multiple of $1,000 in excess thereof), plus any accrued and unpaid interest on the Securities repurchased to, but excluding, the date of repurchase. Within 30 days following any Change of Control Triggering Event or, at the Company’s
option, prior to any Change of Control, but after the public announcement of the Change of Control, the Company will send a notice to each holder and the Trustee describing the transaction or transactions that constitute or may constitute the Change
of Control Triggering Event and offering to repurchase the Securities on the payment date specified in the notice, which date will be no earlier than 30 days and no later than 45 days from the date such notice is sent. The notice shall, if sent
prior to the date of consummation of the Change of Control, state that the offer to repurchase is conditioned on the Change of Control Triggering Event occurring on or prior to the payment date specified in the notice. 

 The Company will comply with the requirements of Rule 14e-1 under
the Exchange Act and any other securities laws and regulations to the extent those laws and regulations are applicable in connection with the repurchase of the Securities as a result of a Change of Control Triggering Event. To the extent that the
provisions of any securities laws or regulations conflict with the Change of Control Triggering Event provisions of the Securities, the Company will comply with the applicable securities laws and regulations and will not be deemed to have breached
its obligations under the Change of Control Triggering Event provisions of the Securities by virtue of such conflict. 
 On the Change of Control Triggering
Event payment date, the Company will, to the extent lawful (1) accept for payment all Securities or portions of Securities properly tendered pursuant to the Company’s offer; (2) deposit with the Paying Agent an amount equal to the
aggregate purchase price in respect of all Securities or portions of Securities properly tendered; and (3) deliver or cause to be delivered to the Trustee, the Securities properly accepted, together with an officers’ certificate stating
the aggregate principal amount of Securities being purchased by the Company. 
 The Paying Agent will promptly pay, from funds deposited by the Company for
such purpose, to each holder of the Securities properly tendered the purchase price for the Securities, and the Trustee will promptly authenticate and send (or cause to be transferred by book-entry) to each holder a new note equal in principal
amount to any unpurchased portion of any Securities surrendered. 
 The Company will not be required to make an offer to repurchase the Securities upon a
Change of Control Triggering Event if a third party makes an offer in the manner, at the times and otherwise in compliance with the requirements for an offer made by the Company and such third party purchases all Securities properly tendered and not
withdrawn under its offer. 
 In addition to the covenants set forth in Article 10 of the Indenture, the Company shall not, and shall not permit any of its
subsidiaries to, directly or indirectly, incur or suffer to exist, any Lien, other than a Permitted Lien, securing Debt upon any Capital Stock of any Significant Subsidiary of the Company that is owned, directly or indirectly, by the Company or any
of its subsidiaries, in each case whether owned at the date of the original issuance of the Securities or thereafter acquired, unless it has made or will make effective provision whereby the Securities will be secured by such Lien equally and
ratably with (or prior to) all other Debt of the Company or any subsidiary secured by such Lien. Any Lien created for the benefit of the holders of the Securities pursuant to the preceding sentence shall provide by its terms that such Lien will be
automatically and unconditionally released and discharged upon release and discharge of the Lien. 
 “Capital Stock” means, with respect to any
person, any shares or other equivalents (however designated) of any class of corporate stock or partnership interests or any other participations, rights, warrants, options or other interests in the nature of an equity interest in such person,
including, without limitation, preferred stock and any debt security convertible or exchangeable into such equity interest. 
 “Change of Control”
means the occurrence of any of the following: (1) the direct or indirect sale, transfer, conveyance or other disposition (other than by way of merger or consolidation), in one or a series of related transactions, of all or substantially all of
the Company’s properties or assets and those of its subsidiaries, taken as a whole, to any “person” or “group” (as those terms are used in Section 13(d) and 14(d) of the Exchange Act), other than the Company or one or
more of its wholly-owned subsidiaries; (2) the consummation of any transaction (including without limitation, any merger or consolidation) the result of which is that any person (including any “person” (as that term is used in
Section 13(d)(3) of the Exchange Act)) becomes the “beneficial owner” (as defined in Rules 13d-3 and 13d-5 under the Exchange Act), directly or
indirectly, of Capital Stock representing more than 50% of the aggregate ordinary voting power represented by the issued and outstanding Capital Stock of the Company; or (3) the adoption of a plan relating to the liquidation or dissolution of
the Company. 
 Notwithstanding the foregoing, a transaction will not be deemed to involve 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 Capital Stock of such holding company immediately following that transaction are substantially the

 
same as the holders of the voting Capital Stock of the Company immediately prior to that transaction or (B) immediately following that transaction, no person (including any
“person” (as that term is used in Section 13(d)(3) of the Exchange Act)) becomes the “beneficial owner” (as defined in Rules 13d-3 and 13d-5
under the Exchange Act), directly or indirectly, of Capital Stock representing more than 50% of the aggregate ordinary voting power represented by the issued and outstanding Capital Stock of such holding company. 

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

“Debt” means (a) the principal of and premium (if any) in respect of any obligation of such person for money borrowed, and any obligation
evidenced by the Securities, debentures, bonds or other similar instruments for the payment of which such person is responsible or liable; (b) all obligations of such person as lessee under leases required to be capitalized on the balance sheet
of the lessee under generally accepted accounting principles and leases of property or assets made as part of any sale and leaseback transaction entered into by such person; (c) all obligations of such person issued or assumed as the deferred
purchase price of property, all conditional sale obligations of such person and all obligations of such person under any title retention agreement (but excluding trade accounts payable arising in the ordinary course of business); (d) all obligations
of such person for the reimbursement of any obligor on any letter of credit, banker’s acceptance or similar credit transaction; (e) all obligations of the type referred to in clauses (a) through (d) of other persons and all dividends
of other persons for the payment of which, in either case, such person is responsible or liable, directly or indirectly, as obligor, guarantor or otherwise, including by means of any guarantee; (f) all obligations of the type referred to in
clauses (a) through (d) of other persons secured by any Lien on any property of such person (whether or not such obligation is assumed by such person); and (g) to the extent not otherwise included in this definition, hedging obligations of
such person. 
 “Investment Grade” means a rating of Baa3 or better by Moody’s (or its equivalent under any successor rating categories of
Moody’s) and BBB- or better by S&P (or its equivalent under any successor rating categories of S&P) (or, in each case, if such Rating Agency ceases to rate the Securities for reasons outside the
Company’s control, the equivalent investment grade credit rating from any Rating Agency selected by the Company as a replacement Rating Agency). 

“Lien” means, with respect to any property of any person, any mortgage or deed of trust, pledge, hypothecation, assignment, deposit arrangement,
security interest, lien, charge, encumbrance, preference, priority or other security agreement or preferential arrangement of any kind or nature whatsoever on or with respect to such property (including any capitalized lease obligation, conditional
sale or other title retention agreement having substantially the same economic effect as any of the foregoing or any sale and leaseback transaction). 

“Moody’s” means Moody’s Investors Service Inc., a subsidiary of Moody’s Corporation, and its successors. 

“Permitted Lien” means (i) Liens on the Capital Stock of a Significant Subsidiary to secure Debt incurred to finance the purchase price of such
Capital Stock; (ii) Liens on the Capital Stock of a Significant Subsidiary existing at the time such person becomes a Subsidiary, provided that any such Lien is not incurred in anticipation of such person becoming a Subsidiary; and
(iii) extensions, renewals, refinancings or replacements of any Lien referred to in the foregoing clauses (i) and (ii); provided, however, that any Liens permitted by any of the foregoing clauses (i) and (ii) shall not extend to or
cover any additional Capital Stock of a Significant Subsidiary, other than the property that previously secured such Lien. 
 “Rating Agency”
means: (1) each of Moody’s and S&P; and (2) if either of Moody’s or S&P ceases to rate the Securities or fails to make a rating of the Securities publicly available for reasons outside the Company’s control, a
“nationally recognized statistical rating organization” within the meaning of Rule 15c3-1(c) (2) (vi) (F) under the Exchange Act selected by the Company as a replacement agency for Moody’s
or S&P, or both, as the case may be. 
 “Ratings Decline” means at any time during the period commencing on the earlier of, (i) the
occurrence of a Change of Control or (ii) public notice of the occurrence of a Change of Control or the intention by the Company to effect a Change of Control, and ending 60 days thereafter (which period shall be extended so long as the rating
of the 

 
Securities is under publicly announced consideration for a possible downgrade by any of the Rating Agencies) that (a) the rating of the Securities shall be reduced by both Rating Agencies
and (b) the Securities shall be rated below Investment Grade by each of the Rating Agencies. 
 “S&P” means S&P Global Ratings, and
its successors. 
 As provided in the Indenture and subject to certain limitations therein set forth, this Security is transferable by the registered holder
hereof on the Security Register of the Company, upon surrender of this Security for registration of transfer at the office or agency of the Company in the City of Chicago, State of Illinois, accompanied by a written instrument or instruments of
transfer in form satisfactory to the Company or the Security Registrar duly executed by the registered holder hereof or his attorney duly authorized in writing, and thereupon one or more new Securities of authorized denominations and for the same
aggregate principal amount and series will be issued to the designated transferee or transferees. No service charge will be made for any such transfer, but the Company may require payment of a sum sufficient to cover any tax or other governmental
charge payable in relation thereto. 
 Prior to due presentment for registration of transfer of this Security, the Company, the Trustee, any Paying Agent
and any Security Registrar for the Securities may deem and treat the registered holder hereof as the absolute owner hereof (whether or not this Security shall be overdue and notwithstanding any notice of ownership or writing hereon made by anyone
other than the Security Registrar for the Securities) for the purpose of receiving payment of or on account of the principal hereof and (subject to Section 3.10 of the Indenture) interest due hereon and for all other purposes, and neither the
Company nor the Trustee nor any Paying Agent nor any Security Registrar for the Securities shall be affected by any notice to the contrary. 
 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, against any incorporator, stockholder, shareholder,
officer or director, as such, past, present or future, of the Company or of any successor Person, either directly or through the Company, 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 hereby expressly waived and released as a condition of, and as a consideration for, the issuance hereof. 

The Depositary by acceptance of this global Security agrees that it will not sell, assign, transfer or otherwise convey any beneficial interest in this global
Security unless such beneficial interest is in an amount equal to an authorized denomination for Securities of this series. 
 Capitalized terms used herein
and not otherwise defined herein shall have the respective meanings set forth in the Indenture. 

 SCHEDULE B 

Form of Note due 2052 

 UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW
YORK CORPORATION (“DTC” OR THE “DEPOSITARY”), NEW YORK, NEW YORK, TO THE COMPANY OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR IN
SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR
VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN. 
 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 DEPOSITARY OR
A NOMINEE OF SUCH SUCCESSOR DEPOSITARY, UNLESS AND UNTIL THIS SECURITY IS EXCHANGED IN WHOLE OR IN PART FOR SECURITIES IN DEFINITIVE FORM. 
  

			
	No [                ]	  	$[                ]

 CUSIP No: 04316J AB5 
 ISIN No:
US04316JAB52 
 Arthur J. Gallagher & Co. 

3.050% Notes due 2052 
 Arthur J.
Gallagher & Co., a corporation duly organized and existing under the laws of the State of Delaware (the “Company”), for value received, hereby promises to pay to Cede & Co., or registered assigns, the principal sum of
[                ] ($[                ]) on March 9, 2052, and to pay interest on
said principal sum from November 9, 2021, or from the most recent interest payment date to which interest has been paid or duly provided for, semi-annually in arrears on March 9 and September 9 in each year, commencing March 9,
2022, at the rate of 3.050% per annum until the principal hereof shall have become due and payable, and on any overdue principal and (to the extent that payment of such interest is enforceable under applicable law) on any overdue installment of
interest at the same rate per annum. The interest installment so payable, and punctually paid or duly provided for, on any interest payment date will, as provided in the Indenture hereinafter referred to, be paid to the person in whose name this
Security (or one or more Predecessor Securities, as defined in said Indenture) is registered at the close of business on the regular record date for such interest installment, which shall be the February 22 or August 25, as the case may be
(whether or not a Business Day), next preceding such interest payment date. Any such interest installment not so punctually paid or duly provided for shall forthwith cease to be payable to the registered holder on such regular record date, and may
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 to be fixed by the Trustee for the payment of such defaulted interest, notice whereof shall be
given to the registered holders of this series of Securities as provided in the Indenture, or may be paid at any time in any other lawful manner, all as more fully provided in the Indenture. Interest will be computed on the basis of a 360-day year comprised of twelve 30-day months. If interest or principal is payable on a day that is not a Business Day, such payment shall be made on the next succeeding
Business Day, as if made on the date such payment was due, and no interest shall accrue on such payment for the period from and after such due date to the date of such payment on the next succeeding Business Day. The principal of and the interest on
this Security shall be payable at the office or agency of the Company maintained for that purpose in the City of Chicago, State of Illinois, in any coin or currency of the United States of America which at the time of payment is legal tender for
payment of public and private debts; provided, however, that payment of interest may be made at the option of the Company by check mailed to the registered holder at such address as shall appear in the Security Register. This Security shall not be
entitled to any benefit under the Indenture, or be valid or become obligatory for any purpose, until the certificate of authentication hereon shall have been signed by or on behalf of the Trustee. 

As used herein, “Business Day” means each Monday, Tuesday, Wednesday, Thursday and Friday which is not a day on which banking institutions in the
Borough of Manhattan, New York City are authorized or obligated by law or executive order to close. 
 The provisions of this Security are continued on the
reverse side hereof, and such continued provisions shall for all purposes have the same effect as though fully set forth at this place. 

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

Dated: November 9, 2021 
  

					
	ARTHUR J. GALLAGHER & CO.
		
	By:	 	
                     

		 	Name:	 	Douglas K. Howell
		 	Title:	 	Vice President and Chief Financial Officer

  

					
	By:	 	
                     

		 	Name:	 	Seth Diehl
		 	Title:	 	Assistant Secretary

 CERTIFICATE OF AUTHENTICATION 

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

Dated: November 9, 2021 
  

			
	THE BANK OF NEW YORK MELLON TRUST COMPANY, N.A., AS TRUSTEE

 
			
		
	By:	 	  

 
			
	Authorized Signatory

 (FORM OF REVERSE OF SECURITY) 

This Security is one of a duly authorized series of Securities of the Company, all issued or to be issued in one or more series under and pursuant to an
Indenture dated as of May 20, 2021, duly executed and delivered by the Company and The Bank of New York Mellon Trust Company, N.A., as trustee (the “Trustee”), as amended and supplemented (the “Indenture”), to which
Indenture reference is hereby made for a description of the rights, limitation of rights, obligations, duties and immunities thereunder of the Trustee, the Company and the holders of the Securities. By the terms of the Indenture, the Securities are
issuable in series which may vary as to amount, date of maturity, rate of interest and in other respects as in the Indenture provided. This Security is one of the series designated on the face hereof (the “Securities”) unlimited in
aggregate principal amount. 
 Beneficial interests in this global Security may be held in minimum denominations of $2,000 and integral multiples of $1,000
in excess of $2,000. This global Security shall be exchangeable for Securities in definitive form registered in the names of persons other than the Depository or its nominee only if the Depository notifies the Company that it is unwilling or unable
to continue as the Depositary or if at any time such Depositary is no longer registered as a clearing agency or in good standing under the Securities Exchange Act of 1934 (the “Exchange Act”), as amended, or other applicable statute and a
successor Depositary is not appointed by the Company within 90 days and the Company executes and delivers to the Trustee an Issuer Order that this global Security shall be so exchangeable. To the extent that this global Security is exchangeable
pursuant to the preceding sentence, it shall be exchangeable for Securities registered in such names as the Depositary shall direct. Securities represented by this global Security that may be exchanged for Securities in definitive form under the
circumstances described in this paragraph will be exchangeable only for Securities in definitive form issued in minimum denominations of $2,000 and integral multiples of $1,000 in excess of $2,000. Notwithstanding any other provision herein, this
global Security may not be transferred except as a whole by the Depositary to a successor or to a nominee of such Depositary or its successor or by a nominee of such Depositary to such Depositary or its successor or to another nominee of such
Depositary or its successor. 
 In case an Event of Default with respect to the Securities shall have occurred and be continuing, the principal of all of
the Securities may be declared, and upon such declaration shall become, due and payable, in the manner, with the effect and subject to the conditions provided in the Indenture. 

The provisions of Sections 4.03 and 4.04 of the Indenture are to apply to the Securities. 

The Indenture contains provisions permitting the Company and the Trustee, with the consent of the holders of not less than a majority in principal amount of
the Outstanding Securities of each series affected by such supplemental indenture, to enter into a supplemental indenture or indentures for the purpose of adding any provision to or changing in any manner or eliminating any of the provisions of the
Indenture or of modifying in any manner the rights of the holders of Securities of such series under the Indenture; provided, however, that no such supplemental indenture shall, without the consent of the holder of each Outstanding
Security affected thereby, (1) change the stated maturity of the principal of, or any installment of principal of or interest on, any Security, or reduce the principal amount thereof or the rate of interest thereon or any premium payable
thereon, or reduce the amount of the principal of the Security that would be due and payable upon a declaration of acceleration of the maturity thereof, or adversely affect any right of repayment at the option of the Holder of any Security, or
reduce the amount of, or postpone the date fixed for, the payment of any sinking fund or analogous obligation, or impair the right to commence suit for the enforcement of any such payment on or after the stated maturity thereof (or, in the case of
redemption, on or after the Redemption Date), in each case other than the amendment or waiver in accordance with the terms of the Indenture of any covenant or related definition included pursuant to Section 3.01 of the Indenture that provides
for an offer to repurchase any Securities of a series upon a sale of assets or change of control transaction, or (2) reduce the percentage in principal amount of the Outstanding Securities of any series, the consent of whose holders is required
for any such supplemental indenture, or the consent of whose holders is required for any waiver (of compliance with certain provisions of the Indenture or certain defaults hereunder and their consequences) provided for in the Indenture, or
(3) modify the percentage of Securities required to consent to any such supplemental indenture, except to increase any such percentage or to provide that certain other provisions of the Indenture cannot be modified or waived without the consent
of the holder of each Outstanding Security affected thereby. 
 The Indenture also contains provisions permitting the holders of not less than a majority in
principal amount of Outstanding Securities of any series to waive, on behalf of the holders of all the Securities of such series, any past default under the Indenture with respect to such series and its consequences, except a default (1) in the
payment of the principal of (or premium, if any) or interest on any Security of such series, or (2) in respect of a covenant or provision 

 
of the Indenture which cannot be modified or amended without the consent of the holder of each Outstanding Security of such series affected. Upon any such waiver, such default shall cease to
exist, and any Event of Default arising therefrom shall be deemed to have been cured, for every purpose under the Indenture. 
 No reference herein to the
Indenture and no provision of this Security or of the Indenture shall alter or impair the obligation of the Company, which is absolute and unconditional, to pay the principal of and interest on this Security at the times and place and at the rate
and in the money herein prescribed. 
 The Securities are issuable as registered Securities without coupons. 

The Securities shall be in minimum denominations of $2,000 and integral multiples of $1,000 in excess of $2,000. Securities may be exchanged, upon
presentation thereof for that purpose, at the office or agency of the Company in the City of Chicago, State of Illinois, for other Securities of authorized denominations, and for a like aggregate principal amount and series, and upon payment of a
sum sufficient to cover any tax or other governmental charge in relation thereto. 
 The Securities may be redeemed, in whole at any time or in part from
time to time, at the option of the Company, (a) at any time prior to September 9, 2051, at a redemption price equal to the greater of (i) 100% of the principal amount of the Securities to be redeemed, and (ii) the sum of the present
value of (x) the payment on September 9, 2051 of the principal amount of the Securities to be redeemed and (y) the payment of the remaining scheduled payments through September 9, 2051 of interest on the Securities to be redeemed
(exclusive of interest accrued to the date of redemption), discounted to the redemption date, on a semiannual basis (assuming a 360-day year consisting of twelve 30-day
months), at a rate equal to the applicable Treasury Rate plus 20 basis points, and (b) at any time on or after September 9, 2051, at a redemption price equal to 100% of the principal amount of the Securities to be redeemed, plus, in either
case, accrued and unpaid interest, if any, thereon to, but excluding, the redemption date. 
 “Treasury Rate” means, with respect to any
redemption date: (a) the yield, under the heading which represents the average for the immediately preceding week, appearing in the most recently published statistical release designated “H.15” or any successor publication which is
published weekly by the Board of Governors of the Federal Reserve System and which establishes yields on actively traded U.S. Treasury securities adjusted to constant maturity under the caption “Treasury Constant Maturities,” for the
maturity corresponding to the applicable Comparable Treasury Issue (if no maturity is within three months before or after the remaining term of the respective series of Securities being redeemed, yields for the two published maturities most closely
corresponding to the applicable Comparable Treasury Issue will be determined and the Treasury Rate will be interpolated or extrapolated from such yields on a straight line basis, rounding to the nearest month); or (b) if such release (or any
successor release) is not published during the week preceding the calculation date or does not contain such yields, the rate per annum equal to the semiannual equivalent yield to maturity of the applicable Comparable Treasury Issue, calculated using
a price for the applicable Comparable Treasury Issue (expressed as a percentage of its principal amount) equal to the applicable Comparable Treasury Price for such redemption date. The Treasury Rate will be calculated on the third business day
preceding the date fixed for redemption. 
 “Comparable Treasury Issue” means the U.S. Treasury security selected by an Independent Investment
Banker as having a maturity comparable to the remaining term of each of the Securities to be redeemed (assuming, for this purpose, that the Securities matured on September 9, 2051) that would be utilized, at the time of selection and in
accordance with customary financial practice, in pricing new issues of corporate Securities of comparable maturity to the remaining term of such Securities. 

“Comparable Treasury Price” means, with respect to any redemption date, (1) the average of five Reference Treasury Dealer Quotations for such
redemption date, after excluding the highest and lowest Reference Treasury Dealer Quotations, or (2) if the Independent Investment Banker obtains fewer than five such Reference Treasury Dealer Quotations, the average of all such quotations.

 “Independent Investment Banker” means one of the Reference Treasury Dealers that the Company appoints to act as the Independent Investment
Banker from time to time. 
 “Reference Treasury Dealer” means (1) each of BofA Securities, Inc., J.P. Morgan Securities LLC and their
respective successors; provided, however, that if any of the forgoing ceases to be a primary dealer of U.S. government securities in the United States (a “Primary Treasury Dealer”), the Company shall substitute another Primary Treasury
Dealer and (2) at least three other Primary Treasury Dealers selected by the Company. 

 “Reference Treasury Dealer Quotations” means, with respect to each Reference Treasury Dealer and
any redemption date, the average, as determined by the Independent Investment Banker, 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 Independent
Investment Banker at 5:00 p.m., New York City time, on the third Business Day preceding such redemption date. 
 The Company will send a notice of
redemption to each holder of Securities to be redeemed in connection with any redemption in accordance with the notice delivery procedures of DTC at least 15 and not more than 60 days prior to the date fixed for redemption. Any notice to holders of
Securities to be redeemed pursuant to such a redemption shall include the appropriate calculation of the redemption price, but need not include the redemption price itself. The actual redemption price, calculated as described above, must be set
forth in an Officers’ Certificate delivered to the Trustee no later than two business days prior to the redemption date. Unless the Company defaults on payment of the redemption price, interest will cease to accrue on the Securities to be
redeemed or portions thereof called for redemption. If fewer than all of the Securities are to be redeemed, such Securities shall be selected not more than 45 days prior to the redemption date in accordance with the applicable procedures of DTC.
Neither the Trustee nor any registrar shall be liable for any such selection. 
 Notice of any redemption of Securities in connection with a transaction or
an event may, at the Company’s discretion, be given prior to the completion or the occurrence thereof. Any redemption or notice may, at the Company’s discretion, be subject to one or more conditions precedent, including, but not limited
to, completion or occurrence of a related transaction or event. At the Company’s discretion, the redemption date may be delayed until such time as any or all such conditions shall be satisfied, or such redemption may not occur and such notice
may be rescinded in the event that any or all such conditions shall not have been satisfied by the redemption date, or by the redemption date as so delayed. The Company will provide written notice to the Trustee as soon as practicable but in any
event no later than two days prior to the redemption date if any such redemption has been rescinded or delayed, and upon receipt and at the request of the Company, the Trustee will provide such notice to each holder of the Securities to be redeemed
in the same manner in which the notice of redemption was given. 
 If a Change of Control Triggering Event occurs, unless the Company has exercised its
right to redeem the Securities as described above, the Company will make an offer to each holder of the Securities to repurchase all of that holder’s Securities at a repurchase price in cash equal to 101% of the aggregate principal amount of
Securities repurchased (such principal amount to be equal to $2,000 or an integral multiple of $1,000 in excess thereof), plus any accrued and unpaid interest on the Securities repurchased to, but excluding, the date of repurchase. Within 30 days
following any Change of Control Triggering Event or, at the Company’s option, prior to any Change of Control, but after the public announcement of the Change of Control, the Company will send a notice to each holder and the Trustee describing
the transaction or transactions that constitute or may constitute the Change of Control Triggering Event and offering to repurchase the Securities on the payment date specified in the notice, which date will be no earlier than 30 days and no later
than 45 days from the date such notice is sent. The notice shall, if sent prior to the date of consummation of the Change of Control, state that the offer to repurchase is conditioned on the Change of Control Triggering Event occurring on or prior
to the payment date specified in the notice. 
 The Company will comply with the requirements of Rule 14e-1 under
the Exchange Act and any other securities laws and regulations to the extent those laws and regulations are applicable in connection with the repurchase of the Securities as a result of a Change of Control Triggering Event. To the extent that the
provisions of any securities laws or regulations conflict with the Change of Control Triggering Event provisions of the Securities, the Company will comply with the applicable securities laws and regulations and will not be deemed to have breached
its obligations under the Change of Control Triggering Event provisions of the Securities by virtue of such conflict. 
 On the Change of Control Triggering
Event payment date, the Company will, to the extent lawful (1) accept for payment all Securities or portions of Securities properly tendered pursuant to the Company’s offer; (2) deposit with the Paying Agent an amount equal to the
aggregate purchase price in respect of all Securities or portions of Securities properly tendered; and (3) deliver or cause to be delivered to the Trustee, the Securities properly accepted, together with an officers’ certificate stating
the aggregate principal amount of Securities being purchased by the Company. 

 The Paying Agent will promptly pay, from funds deposited by the Company for such purpose, to each holder of
the Securities properly tendered the purchase price for the Securities, and the Trustee will promptly authenticate and send (or cause to be transferred by book-entry) to each holder a new note equal in principal amount to any unpurchased portion of
any Securities surrendered. 
 The Company will not be required to make an offer to repurchase the Securities upon a Change of Control Triggering Event if a
third party makes an offer in the manner, at the times and otherwise in compliance with the requirements for an offer made by the Company and such third party purchases all Securities properly tendered and not withdrawn under its offer. 

In addition to the covenants set forth in Article 10 of the Indenture, the Company shall not, and shall not permit any of its subsidiaries to, directly or
indirectly, incur or suffer to exist, any Lien, other than a Permitted Lien, securing Debt upon any Capital Stock of any Significant Subsidiary of the Company that is owned, directly or indirectly, by the Company or any of its subsidiaries, in each
case whether owned at the date of the original issuance of the Securities or thereafter acquired, unless it has made or will make effective provision whereby the Securities will be secured by such Lien equally and ratably with (or prior to) all
other Debt of the Company or any subsidiary secured by such Lien. Any Lien created for the benefit of the holders of the Securities pursuant to the preceding sentence shall provide by its terms that such Lien will be automatically and
unconditionally released and discharged upon release and discharge of the Lien. 
 “Capital Stock” means, with respect to any person, any shares
or other equivalents (however designated) of any class of corporate stock or partnership interests or any other participations, rights, warrants, options or other interests in the nature of an equity interest in such person, including, without
limitation, preferred stock and any debt security convertible or exchangeable into such equity interest. 
 “Change of Control” means the
occurrence of any of the following: (1) the direct or indirect sale, transfer, conveyance or other disposition (other than by way of merger or consolidation), in one or a series of related transactions, of all or substantially all of the
Company’s properties or assets and those of its subsidiaries, taken as a whole, to any “person” or “group” (as those terms are used in Section 13(d) and 14(d) of the Exchange Act), other than the Company or one or more
of its wholly-owned subsidiaries; (2) the consummation of any transaction (including without limitation, any merger or consolidation) the result of which is that any person (including any “person” (as that term is used in
Section 13(d)(3) of the Exchange Act)) becomes the “beneficial owner” (as defined in Rules 13d-3 and 13d-5 under the Exchange Act), directly or
indirectly, of Capital Stock representing more than 50% of the aggregate ordinary voting power represented by the issued and outstanding Capital Stock of the Company; or (3) the adoption of a plan relating to the liquidation or dissolution of
the Company. 
 Notwithstanding the foregoing, a transaction will not be deemed to involve 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 Capital Stock of such holding company immediately following that transaction are substantially the same as the holders of the voting
Capital Stock of the Company immediately prior to that transaction or (B) immediately following that transaction, no person (including any “person” (as that term is used in Section 13(d)(3) of the Exchange Act)) becomes the
“beneficial owner” (as defined in Rules 13d-3 and 13d-5 under the Exchange Act), directly or indirectly, of Capital Stock representing more than 50% of the
aggregate ordinary voting power represented by the issued and outstanding Capital Stock of such holding company. 
 “Change of Control Triggering
Event” means the occurrence of both a Change of Control and a Ratings Decline. 
 “Debt” means (a) the principal of and premium (if any)
in respect of any obligation of such person for money borrowed, and any obligation evidenced by the Securities, debentures, bonds or other similar instruments for the payment of which such person is responsible or liable; (b) all obligations of
such person as lessee under leases required to be capitalized on the balance sheet of the lessee under generally accepted accounting principles and leases of property or assets made as part of any sale and leaseback transaction entered into by such
person; (c) all obligations of such person issued or assumed as the deferred purchase price of property, all conditional sale obligations of such person and all obligations of such person under any title retention agreement (but excluding trade
accounts payable arising in the ordinary course of business); (d) all obligations of such person for the reimbursement of any obligor on any letter of credit, banker’s acceptance or similar credit transaction; (e) all obligations of the
type referred to in clauses (a) through (d) of other persons and all dividends of other persons for the payment of which, in either case, 

 
such person is responsible or liable, directly or indirectly, as obligor, guarantor or otherwise, including by means of any guarantee; (f) all obligations of the type referred to in clauses
(a) through (d) of other persons secured by any Lien on any property of such person (whether or not such obligation is assumed by such person); and (g) to the extent not otherwise included in this definition, hedging obligations of such
person. 
 “Investment Grade” means a rating of Baa3 or better by Moody’s (or its equivalent under any successor rating categories of
Moody’s) and BBB- or better by S&P (or its equivalent under any successor rating categories of S&P) (or, in each case, if such Rating Agency ceases to rate the Securities for reasons outside the
Company’s control, the equivalent investment grade credit rating from any Rating Agency selected by the Company as a replacement Rating Agency). 

“Lien” means, with respect to any property of any person, any mortgage or deed of trust, pledge, hypothecation, assignment, deposit arrangement,
security interest, lien, charge, encumbrance, preference, priority or other security agreement or preferential arrangement of any kind or nature whatsoever on or with respect to such property (including any capitalized lease obligation, conditional
sale or other title retention agreement having substantially the same economic effect as any of the foregoing or any sale and leaseback transaction). 

“Moody’s” means Moody’s Investors Service Inc., a subsidiary of Moody’s Corporation, and its successors. 

“Permitted Lien” means (i) Liens on the Capital Stock of a Significant Subsidiary to secure Debt incurred to finance the purchase price of such
Capital Stock; (ii) Liens on the Capital Stock of a Significant Subsidiary existing at the time such person becomes a Subsidiary, provided that any such Lien is not incurred in anticipation of such person becoming a Subsidiary; and
(iii) extensions, renewals, refinancings or replacements of any Lien referred to in the foregoing clauses (i) and (ii); provided, however, that any Liens permitted by any of the foregoing clauses (i) and (ii) shall not extend to or
cover any additional Capital Stock of a Significant Subsidiary, other than the property that previously secured such Lien. 
 “Rating Agency”
means: (1) each of Moody’s and S&P; and (2) if either of Moody’s or S&P ceases to rate the Securities or fails to make a rating of the Securities publicly available for reasons outside the Company’s control, a
“nationally recognized statistical rating organization” within the meaning of Rule 15c3-1(c) (2) (vi) (F) under the Exchange Act selected by the Company as a replacement agency for Moody’s
or S&P, or both, as the case may be. 
 “Ratings Decline” means at any time during the period commencing on the earlier of, (i) the
occurrence of a Change of Control or (ii) public notice of the occurrence of a Change of Control or the intention by the Company to effect a Change of Control, and ending 60 days thereafter (which period shall be extended so long as the rating
of the Securities is under publicly announced consideration for a possible downgrade by any of the Rating Agencies) that (a) the rating of the Securities shall be reduced by both Rating Agencies and (b) the Securities shall be rated below
Investment Grade by each of the Rating Agencies. 
 “S&P” means S&P Global Ratings, and its successors. 

As provided in the Indenture and subject to certain limitations therein set forth, this Security is transferable by the registered holder hereof on the
Security Register of the Company, upon surrender of this Security for registration of transfer at the office or agency of the Company in the City of Chicago, State of Illinois, accompanied by a written instrument or instruments of transfer in form
satisfactory to the Company or the Security Registrar duly executed by the registered holder hereof or his attorney duly authorized in writing, and thereupon one or more new Securities of authorized denominations and for the same aggregate principal
amount and series will be issued to the designated transferee or transferees. No service charge will be made for any such transfer, but the Company may require payment of a sum sufficient to cover any tax or other governmental charge payable in
relation thereto. 
 Prior to due presentment for registration of transfer of this Security, the Company, the Trustee, any Paying Agent and any Security
Registrar for the Securities may deem and treat the registered holder hereof as the absolute owner hereof (whether or not this Security shall be overdue and notwithstanding any notice of ownership or writing hereon made by anyone other than the
Security Registrar for the Securities) for the purpose of receiving payment of or on account of the principal hereof and (subject to Section 3.10 of the Indenture) interest due hereon and for all other purposes, and neither the Company nor the
Trustee nor any Paying Agent nor any Security Registrar for the Securities shall be affected by any notice to the contrary. 

 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, against any incorporator, stockholder, shareholder, officer or director, as such, past, present or future, of the Company or of any successor Person,
either directly or through the Company, 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 hereby expressly waived and released as a condition of,
and as a consideration for, the issuance hereof. 
 The Depositary by acceptance of this global Security agrees that it will not sell, assign, transfer or
otherwise convey any beneficial interest in this global Security unless such beneficial interest is in an amount equal to an authorized denomination for Securities of this series. 

Capitalized terms used herein and not otherwise defined herein shall have the respective meanings set forth in the Indenture.

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