Document:

Exhibit 10.1

 

Modena 3 March, 2021

 

To:

Ideanomics,
Inc.

1441 Broadway, Suite 5116

New York, NY 10018

 

by email

 

RE: ENERGICA MOTOR COMPANY
S.P.A. – INVESTMENT AGREEMENT

 

Dear Sirs,

 

Further to our understandings, we submit
for your approval, to be given in a letter wholly incorporating the content hereof, the following proposal for a

 

INVESTMENT
AGREEMENT

 

between

 

	(1)	Energica Motor Company S.p.A., a joint stock company incorporated under the laws of Italy,
with registered office in Via Cesare della Chiesa, 150, Modena (MO), registered with the Companies’ Register of Modena, Tax
Code and VAT no. 03592550366 (“Energica” or “Company”), represented by Livia Cevolini, Chief
Executive Officer, duly empowered.

 

– of the one side –

 

and

 

	(2)	Ideanomics, Inc., a Nevada corporation, having its registered office in with offices at
1441 Broadway, Suite 5116, New York, NY 10018 (“Investor”), represented by Alfred Poor, Chief Executive Officer,
duly empowered.

 

– on the other side –

 

WHEREAS

 

	(A)	Energica is within the field of the manufacturing, commercialization and distribution (to wholesaler
and retailer) of super-sporty electrical motor-vehicles and related equipment.

 

	(B)	As of the date hereof, the authorized and resolved upon share capital of Energica is equal to euro
222.666,57, subscribed and paid-up for euro 222.666,57, and is divided into no. 22.266.657 ordinary shares without nominal value,
which are admitted to trading on the AIM Italia, a multilateral trading facility organized and managed by Borsa Italiana S.p.A.
(“AIM Italia”)

 

	(C)	On 22 June 2018, the shareholders meeting of Energica resolved inter alia upon: (i) the
granting to the board of directors of Energica (“Board of Directors”) the faculty to resolve upon the divisible
increase of the share capital of the Company, in one or more instances, for an amount equal to euro 20,000,000, against the issuance
of ordinary shares of the company, without nominal value, both to be offered for subscription to the existing shareholders pursuant
to article 2441, paragraph 1, of the Italian Civil Code as well as pursuant to article 2441, paragraph 5, of the Italian Civil
Code (and hence with the exclusion of the option right of the existing shareholders); (ii) the granting to the Board of Directors
all necessary powers to establish, in the case of a share capital increase with the exclusion of the option right of the existing
shareholders, the recipients or type or category of individuals or entities to which reserve the subscription of such share capital
increase; and (iii) established the relevant criteria by which the Board of Directors shall abide in connection with the exercise
of the mandate and powers granted thereto under (i) and (ii) above.

 

    - 1 -

     

    

 

	(D)	On 2 March 2021, the Board of Directors resolved inter alia upon: (i) an increase of the
share capital of the Company, in one or more instances, for an amount up to euro 17,000,000, against the issuance of ordinary shares
of the company, without nominal value, to be offered pursuant to article 2441, paragraph 5, of the Italian Civil Code (and hence
with the exclusion of the option right of the existing shareholders).

 

	(E)	The Investor is a company active within the field of electric vehicle and is pursuing a strategy
of acquiring and investing in companies involved in the manufacturing, assembly, sales, and marketing of Electric Vehicles of all
types, from mopeds through to heavy trucks, as well as EV charging companies and complimentary services businesses.

 

	(F)	The Investor interest in acquiring shares of Company can be summarized by the following: (i) Energica’s
high-performance motorbikes are powered by battery and charging technology which has been developed in-house by Energica;(ii) the
Investor has the majority ownership of Treeletrik, a Malaysia-based manufacturer and seller of EV mopeds, which may possibly be
able to make use of Energica’s in-house battery and charging technologies through a commercial relationship with Energica;
(iii) the Investor is also seeking a reciprocal relationship with Energica, whereby Energica and Treeletrik may leverage each other’s
sales and distribution networks for the benefit of increased sales and market development.

 

	(G)	On 2 March 2021 the Investor and the Company have entered into a letter of intent related to the
investment by the Investor in Energica of an amount equal to euro 10,909,091 against the subscription of an increase of Energica
reserved share capital, with a view to acquire a participation of approximately 20% in Energica share capital, and in any event,
no less than 20.0% following the completion of the Transaction.

 

	(H)	In addition, with the subscription of the New Shares by the Investor Energica intend to place up
to euro 3 million to with both existing and new investors.

 

	(I)	On the basis of the foregoing, the Parties intend to regulate the terms and conditions of the capital
increase and of the subscription and payment thereof by the Investor, upon the terms and conditions set out in this agreement (the
 “Transaction”).

 

Now, therefore,
the Parties hereby agree as follows:

 

TITLE
I

 

–
PRELIMINARY PROVISIONS –

 

	1.	Definitions

 

For
the purposes of this Agreement, the terms and expressions listed below, when starting with a capital letter, shall have the meaning
set out or referred to in this Article 1:

 

	“Affiliate”	 	with respect to any Person, any Person Controlling, Controlled by or under common Control with such Person.
	“Authority”	 	any Italian, foreign, in the EU or international, private or public, state, regional, provincial, municipal or local body carrying out legislative, judicial or administrative functions (including independent authorities such as the AGCM and social security institutions), or executive or arbitral functions, as well as any officer, member, apparatus, office or organ of the same.

 

    - 2 -

     

    

 

	“Board of Directors”	 	as defined in Recital  (C).
	“Business Day”	 	any calendar day, excluding (a) Saturdays and Sundays; (b) the other days in which banking institutions are not open to the public in Milan.
	“Capital Increase”	 	as defined in Paragraph 3.1.
	“Closing”	 	as defined in Paragraph 4.3.
	“Closing Date”	 	 the date that the Parties will agree upon in writing, which in any case shall fall no later than 5 March 2021.
	“Control”, “Controlling” and “Controlled”	 	as defined in accordance with the meaning set forth in article 2359, paragraph 1, no. 1, of the Italian Civil Code
	“Energica”	 	as defined in paragraph (1) of the Preamble of this agreement.
	“Executive Acts”	 	as defined in Paragraph  4.5.
	“Investor”	 	as defined in paragraph (2) of the Preamble of this agreement.
	“Law”	 	any law, regulation, decree, directive, convention, order, decision, custom or other source of law or Order, be it at a State, regional, provincial, municipal, local, foreign, international or EU level.
	“New Shares”	 	as defined in Paragraph 3.1.
	“Order”	 	any sentence, order, ordinance, decree, decision, judgement, opinion, directive, award, injunction, assessment, payment order or other order from any Authority whatsoever.
	“Paragraph”	 	any paragraph of any Article.
	“Parties”	 	collectively, Energica and the Investor.
	“Person”	 	any natural or legal person, even if not recognised, and Authority.
	“Restriction”	 	any real or pre-emption right, assignment obligation, option, co-sale right or obligation, or any other limitation (of a legal, judicial or contractual nature) on the transfer, use, enjoyment, fruition or the exercise of any other right on a property (including, with reference to the Shares, voting and profit-sharing rights as well as all the other administrative and property rights attached thereto).
	“Subscription Price”	 	as defined in Paragraph 3.1.
	“Tax”	 	with reference to a Person, any liability, payment obligation or any other tax and administrative obligation of said Person, including any charge, tax, levy (whether direct or indirect), excise tax, duty, burden, withholding tax or contribution (including social security contribution) imposed by any Authority whatsoever (including those due as withholding agent) as well as any interest or penalty in connection thereto.
	“Transaction”	 	as defined in Recital (I).

 

    - 3 -

     

    

 

	2.	Interpretation
                                         Rules

 

	2.1	In this Agreement, unless a different intention of the Parties
clearly appears from the context:

 

		(a)	the definition of any name shall also include all its declensions and the definition of any verb
shall also include all its conjugations;

 

		(b)	reference to any contract or document shall also be construed as a reference to the recitals as
well as to the amendments, if any, thereof (in particular, any reference to this Agreement shall also be construed as a reference
to the Recitals thereof, which are an integral and essential part thereof and constitute as well a covenant between the Parties);

 

		(c)	reference to a Law or a provision thereof shall also be construed as a reference to that Law or
provision thereof, as may be subsequently amended or interpreted as well as to any order implementing such Law or provision thereof;

 

		(d)	reference to any Person shall include also its successors, transferees or authorised assignees;

 

		(e)	the words “including”, “inclusive”, “included” or equivalent
words shall be interpreted just by way of an example, and not by limitation;

 

		(f)	whenever a provision in this Agreement provides for a Party to “cause” (or equivalent
words) a Person to perform (or not to perform) a certain act, such provision shall be interpreted as a promise of the fact of the
third party (“promessa del fatto del terzo”) pursuant to and for the purposes of Article 1381 of the Italian
Civil Code.

 

TITLE
II

 

–
INVESTMENT IN ENERGICA –

 

	3.	Capital
                                         Increase

 

	3.1	The Investor undertakes to, and Energica shall procure the Investor
to be granted the right to, invest in Energica and to acquire a shareholding representing 20.00% of Energica share capital (“Capital
Increase”) through the subscription of no. 6,128,703 new ordinary shares of Energica (“New
Shares”) against the payment by the Investor of an amount equal to euro 10,09,091 at a
subscription price equal to euro 1,78 (“Subscription Price”), provided that
the number of New Shares shares subscribed to by Investor are equal to 20.00% of Energica share capital post Transaction.

 

	3.2	The New Shares will be duly authorized, validly issued and free
and clear of any Restrictions and, as a consequence, on the Closing Date, will be free for subscription by the Investor pursuant
to the terms and conditions of this agreement.

 

	3.3	Energica shall cause the resolutions adopted by the Board of
Directors under Paragraph 3.2 to be regularly filed with the competent Companies’ Register pursuant to article 2436 of the
Italian Civil Code as soon as practically possible and in any case by and not later than 2 Business Days from the date of the Board
of Directors meeting.

 

	3.4	Energica shall procure any and all corporate steps and any other
actions or fulfilments (including any reports or resolution which is necessary or opportune for the purpose and in order for the
resolutions of the Board of Directors under Paragraph Recital (F) to be validly adopted and to be enrolled with the competent Companies’
Register (so that the Capital Increase shall be effective) as soon as practicable.

 

	3.5	The Investor hereby undertakes to subscribe for and fully pay-up,
on the Closing Date, the Capital Increase on the terms and conditions provided under Paragraph 3.1.

 

    - 4 -

     

    

 

	4.	Closing

 

	4.1	The Closing Date shall be on March 5, 2021 (the “Closing
Date”) or such other date as the Company and the Investor may agree upon in writing.

 

	4.2	At Closing, the Parties shall perform all the actions necessary
to perform this agreement and to fulfil the obligations indicated under this Article 4, provided that all actions at Closing shall
be considered to occur simultaneously and, unless all of the following is satisfactorily completed, the Closing and any of the
transactions here below shall be deemed not to have occurred.

 

	4.3	On
                                         the Closing Date, the Parties shall perform the following acts and fulfil the following
                                         requirements (the “Closing”):

 

		(a)	Energica shall procure that the New Shares are credited through the facilities and in accordance
with the procedures of Monte Titoli S.p.A. to an account or accounts designated by the Investor. Against delivery of the New Shares,
the Investor shall pay or procure there to be paid an amount in Euros equal to the number of New Shares multiplied by the Subscription
Price, in same-day funds to an account or accounts designated by Energica;

 

		(b)	Energica shall perform all filings, entries and registrations with the competent Authorities (including
the competent Companies’ Register) necessary in connection with the subscription of the Capital Increase and payment of the
relevant Subscription Price by the Investor (including in order for such subscription to become effective and enforceable vis-à-vis
any third Person);

 

		(c)	the Parties shall execute and deliver any such other actions and documents that are contemplated
by this agreement or that may be reasonably required by applicable Laws and regulations in order to complete the Transaction set
forth in this agreement or in connection therewith.

 

	4.4	The effect of the Closing is subject to the proper fulfilment
of all obligations provided for in Paragraph 4.3, which – irrespective of the timeline of their fulfilment – shall
be regarded as simultaneously fulfilled as part of a single and indivisible act.

 

	4.5	All
                                         acts that will be carried out, the agreements that will be entered into and the documents
                                         that will be executed or exchanged on the Closing (jointly, the “Executive
                                         Acts”) shall merely enforce the covenants
                                         contained in this Agreement. Therefore, none of the Executive Acts shall have the effect
                                         to novate or amend this Agreement and the covenants contained herein shall prevail in
                                         any case of conflict with the Executive Acts.

 

TITLE
III

 

–
OTHER ANCILLARY AGREEMENTS –

 

	5.	Lock-up
                                         Undertaking

 

	5.1	With respect to the New Shares, the Seller hereby undertakes,
as of now, for a period of 90 days from the Closing Date - except with the prior written consent of Energica – not to: (i)
engage, directly or indirectly, in any sale, transfer, disposal or other transaction which has as its object or effect, directly
or indirectly, the assignment or transfer to third parties, for any reason and in any form (including, without limitations, the
granting of option rights, the creation of Restrictions) of the New Shares (or other financial instruments, including but not limited
to financial participating instruments, which grant the right to purchase, subscribe for, convert into, or exchange for, the New
Shares or other financial instruments, including financial participating instruments, that grant rights inherent in or similar
to such shares or financial instruments); and (ii) not to approve and/or carry out transactions on derivative instruments, which
have the same effects, even if only economic, as the transactions referred to above.

 

    - 5 -

     

    

 

	6.	Multiple
                                         voting shares waiver

 

	6.1	The Investor agree to waive any right of conversion of the New
Shares in any special class of shares having multiple voting rights to be issued by the Company. 

 

	7.	Observer

 

	7.1	The Company shall invite a representative of the Investor that
is reasonably acceptable to the Company to attend the meetings of the Board of Directors (“Observer”);
provided, however, that the Company reserves the right to withhold any information and to exclude such Observer from any meeting
or portion thereof if (i) the Board of Directors reasonably believes that access to such information or attendance at such meeting
could result in an actual or potential conflict of interest or (ii) the Board reasonably believes that such exclusion from information
or attendance is necessary or advisable to protect the corporate interest of the Company.

 

	7.2	The Investor hereby appoints Tony Sklar, to act as the initial
Observer (“Initial Observer”) and the Company agrees that the Initial Observer
is reasonably acceptable to the Company. The Investor may remove the Initial Observer at any time upon prompt written notice to
the Company and may replace the Initial Observer with another individual (subject to the requirements of this Agreement).

 

	8.	Right
                                         of first refusal on future financing

 

	8.1	From the date of the Closing until 30 September, 2021, upon any
equity financing by the Company through the issuance of Company’s shares (“Subsequent Financing”),
the Investor shall have the right to participate in such Subsequent Financing as provided herein. At least 5 Business Days prior
to the closing of the Subsequent Financing, the Company shall deliver to the Investor a written notice regarding its intention
to participate in the Subsequent Financing (“Financing Notice”). The Investor
shall notify the Company on the 5th Business Day after their receipt of the Financing Notice of its willingness to provide the
Subsequent Financing on the terms described in the Financing Notice, subject to completion of mutually acceptable documentation.

 

	8.2	The right of first
refusal on financing provided Paragraph 8.1 shall not apply to transactions involving the following:

 

		(a)	any issuances of ordinary shares as a result of the exercise of options or warrants or conversion
of convertible notes which are granted or issued prior to the date of this Agreement or to be issued in compliance with the investment
agreement entered in by and between Energica and Negma Group Ltd;

 

		(b)	issuance of ordinary shares of the company to be offered for subscription to CRP Meccanica and
CRP Technology (with the exclusion of the option right of the existing shareholders) up to euro 2 million.

 

		(c)	issuance of ordinary shares of the company to be offered for subscription to existing and new shareholders
(with the exclusion of the option right of the existing shareholders) up to euro 3 million as provided in Recital (H).

 

TITLE
V

 

–
FINAL PROVISIONS –

 

	9.	Notices

 

	9.1	All notices between the Parties to be given under or howsoever
relating to this Agreement shall be given in writing and transmitted (i) by hand delivery, or (ii) registered letter with return
receipt, or (iii) certified electronic mail, or (iv) telefax or electronic mail confirmed by registered letter with return receipt,
to the following addresses (or to any other address that may be subsequently notified by the Parties in accordance with this Paragraph
9.1: 

 

    - 6 -

     

    

 

	if to Energica:	Via Cesare della Chiesa, 150, Modena (MO) 

    lcevolini@energicamotor.com
	With copy to:	NCTM Studio Legale Associato 

    Via Agnello, 12 – 20121 Milan 

    E-mail: lukas.plattner@nctm.it
	if to the Investor:	1441 Broadway, Suite 5116, New York, NY 10018

    ir@ideanomics.com
	With copy to:	Venable, LLP. 

270 Avenue of the Americas, 24 floor, New York, NY 10020 

E-mail wnhaddad@venable.com

 

	9.2	The notices given pursuant to Paragraph 9.1 shall be deemed duly
served:

 

		(a)	if delivered by hand or sent by registered letter or certified email, on the date of delivery,
as shown in the relevant receipt;

 

		(b)	if sent in advance via facsimile or non-certified email, when received in a readable format by
the recipient but subject to confirmation of the receipt of the register letter, it being understood that any notice received on
a day other than a Business Day or after 6 pm of a Business Day shall be deemed served on the following Business Day.

 

	10.	Entire
                                         Agreement

 

	10.1	The understandings contained in this Agreement represent the
full and complete expression of the Parties’ intention in connection with the transaction regulated hereunder and, as such,
supersede and novate any other previous agreement of whatever form and kind, between them.

 

	11.	Costs

 

	11.1	Each Party shall bear any and all expenses and costs incurred
or to be incurred in relation to the negotiation and execution of this Agreement, including, without limitation, any costs payable
for legal and professional assistance as well any further costs that may be required to implement the understandings contained
herein up to the Closing Date.

 

	11.2	Registration taxes relating to this Agreement or endorsement
fees, if payable, and, in general, the costs of the operations to implement the transfer of the Shares shall be borne by the Investor.

 

	11.3	Any tax costs and charges shall be shared between the Parties
according to the applicable provisions of Law.

 

	12.	Confidentiality

 

	12.1	The Parties undertake to keep strictly private and confidential
any information concerning their commitments relating to this Agreement, the transaction regulated hereunder and any other agreement
or deed implementing and or relating to this Agreement. The disclosure of any information to third parties shall be allowed only
insofar as it is necessary to perform this Agreement, or fulfil any obligation of the Law or any Order including EU market abuse
regulation. The confidentiality obligation under this Article 12 shall be effective for 2 years from the date of execution of this
Agreement.

 

    - 7 -

     

    

 

	13.	Amendments

 

	13.1	Any amendment or addition to this Agreement shall be valid and
effective only if contained in a specific amendment deed entered into in writing by the Parties.

 

	14.	Assignment

 

	14.1	Unless otherwise agreed under specific provisions of this Agreement,
no Party shall be entitled to wholly or partly assign this Agreement or any of the rights or obligations arising therefrom without
the other Party’s prior written consent.

 

	15.	Tolerance

 

	15.1	Any tolerance by a Party of any conduct of the other Party that
may amount to a breach of the provisions of this Agreement shall not be regarded as a waiver of the rights arising from the provisions
breached or of the right to claim for due performance of all terms and conditions of this Agreement.

 

	16.	Applicable
                                         law

 

	16.1	This Agreement shall be governed and construed according to the
laws of the Republic of Italy.

 

	17.	Exclusive
                                         jurisdiction

 

	17.1	Without prejudice to the above, any legal proceedings howsoever
connected with this agreement shall be subject to the exclusive jurisdiction of the Courts of Milan.

 

* * * * * * * * *

 

We are looking forward to being notified
of your acceptance.

 

Yours sincerely,

 

Energica Motor Company
S.p.A.

 

/s/ Livia Cevolini, CEO

 

 

For acceptance and confirmation

 

Ideanomics, Inc.

 

/s/ Alfred Poor, CEO

 

 

    - 8 -EX-4.1

 Exhibit 4.1 

RESOLUTIONS OF THE PRICING COMMITTEE 

OF THE BOARD OF DIRECTORS OF 

MASCO CORPORATION 

February 18, 2021 

WHEREAS, the Company has filed a Registration Statement (No. 333-229556) on Form S-3 with the Securities and Exchange Commission, which is in effect; 
 WHEREAS, the Company
desires to create three series of securities under the Indenture dated as of February 12, 2001, as supplemented by the First Supplemental Indenture dated as of November 30, 2006 and the Second Supplemental Indenture dated as of
September 18, 2020 (the “Indenture”), with The Bank of New York Mellon Trust Company, N.A. (as successor trustee under agreement originally with Bank One Trust Company, National Association) (the “Trustee”), providing for
the issuance from time to time of unsecured debentures, notes or other evidences of indebtedness of this Company (“Securities”) in one or more series under such Indenture; and 

WHEREAS, capitalized terms used in these resolutions and not otherwise defined are used with the same meaning ascribed to such terms in
the Indenture. 
 NOW, THEREFORE, IT IS RESOLVED, that there is established a series of Securities under the Indenture, the terms of
which shall be as follows (such series of Securities, the “2028 Notes”): 
  

	 	1.	 Such Securities shall be designated as the “1.500% Notes Due 2028”. 

 

	 	2.	 The aggregate principal amount of such Securities which may be authenticated and delivered under the Indenture
is limited to Six Hundred Million Dollars ($600,000,000), except for such Securities authenticated and delivered upon registration of, transfer of, or in exchange for, or in lieu of, other Securities of the same series pursuant to Sections 3.04,
3.05, 3.06, 9.06 or 11.07 of the Indenture. 

  

	 	3.	 The date on which the principal of such Securities shall be payable is February 15, 2028. Such Securities
are not subject to any sinking fund. 

  

	 	4.	 Such Securities shall bear interest from March 4, 2021 at the rate of 1.500% per annum, payable
semi-annually in arrears on February 15 and August 15 of each year commencing on August 15, 2021 until the principal thereof is paid or made available for payment. The February 1 and August 1 (whether or not a business day),
as the case may be, immediately preceding each such interest payment date shall be the “record date” for the determination of holders to who interest is payable. 

 

	 	5.	 Such Securities shall be issued initially in the form of global securities registered in the name of
Cede & Co. as nominee of The Depository Trust Company (“DTC”), and will be held by the Trustee as custodian for DTC. Such Securities shall be subject to the procedures of DTC and will not be issued in definitive registered form.

  

	 	6.	 The principal of and interest on such Securities shall be payable at the office or agency of this Company
maintained for such purpose in Chicago, Illinois or at any other office or agency designated by the Company for such purpose pursuant to the Indenture. 

  

	 	7.	 Such Securities shall be subject to redemption in whole or in part prior to maturity, at the Company’s
option, at the applicable Redemption Price established in accordance with current market practice. “Redemption Price” means at any time prior to December 15, 2027 (two months prior to the maturity of the Securities), the greater of
(i) 100% of the principal amount of the Securities to be redeemed, plus accrued and unpaid interest to the redemption date, and (ii) the sum of the present values of the principal amount of and remaining scheduled payments of interest on such
Securities to be redeemed that would be due if such Securities matured on December 15, 2027 but for the redemption (not including any portion of interest accrued as of the redemption date), discounted from the scheduled payment dates to the
redemption date on a semi-annual basis at the appropriate treasury rate plus 10 basis points plus accrued and unpaid interest to the redemption date; provided that if the Securities are redeemed on or after December 15, 2027 (two months
prior to the maturity of the Securities), the Redemption Price will equal 100% of the principal amount of the Securities to be redeemed, plus accrued and unpaid interest to the redemption date. 

The Company shall provide notice of any redemption at least 10 days but not more than 60 days before the redemption date to each holder of such
Securities to be redeemed. 

  
 1 

	 	8.	 Such Securities shall be issuable in denominations of Two Thousand Dollars ($2,000) and multiples of One
Thousand Dollars ($1,000) above that amount. 

  

	 	9.	 Such Securities shall be issuable at a price such that the Company shall receive Five Hundred and Ninety-Five
Million and Two Hundred and Sixty-Six Thousand Dollars ($595,266,000) after an underwriting discount of Three Million and Seven Hundred and Fifty Thousand Dollars ($3,750,000). 

 

	 	10.	 Such Securities shall be subject to Defeasance and discharge pursuant to Section 4.02 of the Indenture and
to Covenant Defeasance pursuant to Section 10.06 of the Indenture with respect to any term, provision or condition set forth in any negative or restrictive covenant of the Company applicable to such Securities; provided, however, that
all references in Section 4.02(i) or Section 10.06(f) of the Indenture to “Holders” shall be deemed to be references to “beneficial owners.” 

 

	 	11.	 Such Securities shall be subject to the following change of control repurchase event: 

If a Change of Control Repurchase Event occurs, unless the Company has exercised its right to redeem the Securities by giving notice of such
redemption to the Holders of the Securities, the Company will make an offer to each holder of the Securities to repurchase all or any part (in multiples of $1,000) of that holder’s Securities at a repurchase price in cash equal to 101% of the
aggregate principal amount of the Securities repurchased plus any accrued and unpaid interest on the Securities repurchased to the date of purchase. Within 30 days following any Change of Control Repurchase 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, with a copy to the Trustee, describing the transaction or transactions that constitute or may constitute the
Change of Control Repurchase Event and offering to repurchase the Securities on the payment date specified in the notice, which date will be no earlier than 30 days and no later than 60 days from the date such notice is sent. The notice shall, if
sent prior to the date of consummation of the Change of Control, state that the offer to purchase is conditioned on the Change of Control Repurchase Event occurring on or prior to the payment date specified in the notice. The Company will comply
with the requirements of Rule 14e-l under the Securities Exchange Act of 1934, as amended (the “Exchange Act”), and any other securities laws and regulations thereunder to the extent those laws and
regulations are applicable in connection with the repurchase of the Securities as a result of a Change of Control Repurchase Event. To the extent that the provisions of any securities laws or regulations conflict with the Change of Control
Repurchase 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 Repurchase Event provisions of the
Securities by virtue of such conflict. 
 On the Change of Control Repurchase Event payment date, the Company will, to the extent lawful:

 a. accept for payment all Securities or portions of the Securities properly tendered pursuant to the Company’s offer;

 b. deposit with the paying agent an amount equal to the aggregate purchase price in respect of all Securities or portions
of the Securities properly tendered; and 
 c. deliver or cause to be delivered to the Trustee the Securities properly
accepted, together with an officers’ certificate stating the aggregate principal amount of the Securities being purchased by the Company. 

The paying agent will promptly send to each holder of Securities properly tendered the purchase price for the Securities, and the Trustee will
promptly authenticate and mail (or cause to be transferred by book-entry) to each holder a new Security equal in principal amount to any unpurchased portion of any Securities surrendered; provided that each new Security will be in a principal
amount of $2,000 or a multiple of $1,000 in excess thereof. 
 The Company will not be required to make an offer to repurchase the Securities
upon a Change of Control Repurchase Event if a third party makes an offer in the manner, at the times and otherwise in compliance with the requirements for such an offer made by the Company and such third party purchases all Securities properly
tendered and not withdrawn under its offer. 
 “Below Investment Grade Rating Event” means the Securities are rated below
investment grade by both Rating Agencies on any date from the date of the public notice of an arrangement that could result in a Change of Control until the end of the 60-day period following public notice of
the occurrence of a Change of Control (which period shall be extended so long as the rating of the Securities is under publicly announced consideration for possible downgrade by either of the Rating Agencies); provided that a Below Investment
Grade Rating Event otherwise arising by virtue of a particular reduction in rating shall not be deemed to have occurred in respect of a particular Change of Control (and thus shall not be deemed a Below Investment Grade Rating Event for purposes of
the 

  
 2 

 
definition of Change of Control Repurchase Event hereunder) if the rating agencies making the reduction in rating to which this definition would otherwise apply do not announce or publicly
confirm or inform the Trustee in writing at the Company’s request that the reduction was the result, in whole or in part, of any event or circumstance comprised of or arising as a result of, or in respect of, the applicable Change of Control
(whether or not the applicable Change of Control shall have occurred at the time of the Below Investment Grade Rating Event). 
 “Change
of Control” means the consummation of any transaction (including, without limitation, any merger or consolidation) the result of which is that any “person” (as that term is used in Section 13(d)(3) of the Exchange Act) becomes
the beneficial owner, directly or indirectly, of more than 50% of the Company’s Voting Stock, measured by voting power rather than number of shares. 

“Change of Control Repurchase Event” means the occurrence of both a Change of Control and a Below Investment Grade Rating Event. 

“Investment Grade” means a rating of Baa3 or better by Moody’s (or its equivalent under any successor rating categories of
Moody’s); a rating of BBB- or better by S&P (or its equivalent under any successor rating categories of S&P); and the equivalent investment grade credit rating from any additional rating agency or
rating agencies selected by the Company. 
 “Moody’s” means Moody’s Investors Service, Inc., and its successors. 

“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 of the Company’s control, a “nationally recognized statistical rating organization” within the meaning of Section 3(a)(62) of the
Exchange Act, selected by the Company (as certified by a resolution of the Board of Directors delivered to the trustee) as a replacement agency for Moody’s or S&P, or both, as the case may be. 

“S&P” means S&P Global Ratings, a division of S&P Global Inc., and any successor to its rating agency business. 

“Voting Stock” of any specified “person” (as that term is used in Section 13(d)(3) of the Exchange Act) as of any date
means the capital stock of such person that is at the time entitled to vote generally in the election of the board of directors of such person. 

RESOLVED, that the 2028 Notes are declared to be issued under the Indenture and subject to the provisions hereof; 

RESOLVED, that with respect to the Securities of each series, (i) the Company is authorized, if reasonably requested by the
Trustee, to provide the Trustee with such reasonable information as it has in its possession to enable the Trustee to determine whether any payments pursuant to the Indenture are subject to the withholding requirements described in
Section 1471(b) of the U.S. Internal Revenue Code of 1986 (the “Code”) or otherwise imposed pursuant to Sections 1471 through 1474 of the Code and any regulations, or agreements thereunder or official interpretations thereof
(“Applicable Law”), provided, however, that the Company shall not be required to provide information that it is prohibited legally from disclosing; and (ii) the Trustee shall be entitled to make any withholding or
deduction from payments under the Indenture to the extent necessary to comply with Applicable Law, for which the Trustee shall not have any liability; 

RESOLVED, that the President and Chief Executive Officer or any Vice President of the Company is authorized to execute, on the
Company’s behalf and in its name, and the Secretary or any Assistant Secretary of the Company is authorized to attest to such execution and under the Company’s seal (which may be in the form of a facsimile of the Company’s seal),
$600,000,000 aggregate principal amount of the 2028 Notes (and in addition, Securities to replace lost, stolen, mutilated or destroyed Securities and Securities required for exchange, substitution or transfer, all as provided in the Indenture) and
to deliver such Securities to the Trustee for authentication, and the Trustee is authorized and directed thereupon to authenticate and deliver the same to or upon the written order of this Company as provided in the Indenture; 

RESOLVED, that the signatures of the Company officers so authorized to execute the Securities of each such series may be the manual or
facsimile signatures of the present or any future authorized officers and may be imprinted or otherwise reproduced thereon, and the Company for such purpose adopts each facsimile signature as binding upon it notwithstanding the fact that at the time
the respective Securities shall be authenticated and delivered or disposed of, the individual so signing shall have ceased to hold such office; 

RESOLVED, that Citigroup Global Markets Inc. and J.P. Morgan Securities LLC are appointed joint bookrunning managers of the
underwriters for the issuance and sale of the Securities of each series authorized hereby, and the President and Chief Executive Officer or any Vice President of the Company is authorized, in the Company’s name and on its behalf, to execute and
deliver an underwriting agreement with the underwriters, relating to the offering and sale of the Securities authorized hereby; 

  
 3 

 RESOLVED, that The Bank of New York Mellon Trust Company, N.A., the Trustee under the
Indenture, is appointed trustee for the Securities of each series authorized hereby, and as Agent of this Company for the purpose of effecting the registration, transfer and exchange of the Securities of such series as provided in the Indenture, and
the corporate trust office of The Bank of New York Mellon Trust Company, N.A., in Chicago, Illinois is designated pursuant to the Indenture as the office or agency of the Company where the Securities of each series may be presented for registration,
transfer and exchange and where notices and demands to or upon this Company in respect of the Securities of each series and the Indenture may be served; 

RESOLVED, that The Bank of New York Mellon Trust Company, N.A. is appointed Paying Agent of this Company for the payment of interest on
and principal of the Securities of each series authorized hereby and the corporate trust office of The Bank of New York Mellon Trust Company, N.A., in Chicago, Illinois is designated, pursuant to the Indenture, as the office or agency of the Company
where Securities of each series may be presented for payment; and 
 RESOLVED, that each of the Company’s officers is authorized
and directed, on behalf of the Company and in its name, to do or cause to be done everything such officer deems advisable to effect the sale and delivery of the Securities of each series authorized hereby pursuant to the underwriting agreement and
otherwise to carry out the Company’s obligations under the underwriting agreement, and to do or cause to be done everything and to execute and deliver all documents as such officer deems advisable in connection with the execution and delivery
of an underwriting agreement and the execution, authentication and delivery of the Securities of each series (including, without limiting the generality of the foregoing, delivery to the Trustee of the Securities of each series for authentication
and of requests or orders for the authentication and delivery of the Securities of each series). 

  
 4 

 FORM OF 1.500% NOTE DUE 2028 

UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, 55 WATER STREET, NEW YORK, NEW YORK (THE
“DEPOSITARY”), TO MASCO CORPORATION 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 THE DEPOSITARY (AND ANY PAYMENT IS MADE TO CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITARY), 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. 
 MASCO CORPORATION 

1.500% Note Due 2028 
  

			
	CUSIP No. 574599 BS4	  	$[___]

 No. R-[___] 

Masco Corporation, a corporation duly organized and existing under the laws of Delaware (herein called the “Company,” which
term includes any successor corporation under the Indenture hereinafter referred to), for value received, hereby promises to pay to CEDE & CO. or registered assigns, the principal sum of [___] Dollars on February 15, 2028, and to pay
interest thereon from March 4, 2021, or from the most recent Interest Payment Date to which interest has been paid or duly provided for, semi-annually on February 15 and August 15 in each year, commencing August 15, 2021, at the
rate of 1.500% per annum, until the principal hereof is paid or made available for payment. The interest so payable, and punctually paid or duly provided for, on any Interest Payment Date will, as provided in such Indenture, be paid to the Person in
whose name this Security (or one or more Predecessor Securities) is registered at the close of business on the Regular Record Date for such interest, which shall be the February 1 or August 1 (whether or not a Business Day), as the case
may be, next preceding such Interest Payment Date; provided, however, that interest payable at final maturity will be payable to the person to whom the principal hereof will be payable. Any such interest not so punctually paid or duly
provided for will forthwith cease to be payable to the Holder on such Regular Record Date and may either be paid to the Person in whose name this Security (or one or more Predecessor Securities) is registered at the close of business on a Special
Record Date for the payment of such Defaulted Interest to be fixed by the Trustee, notice whereof shall be given to Holders of Securities of this series not less than 10 days prior to such Special Record Date, or be paid at any time in any other
lawful manner not inconsistent with the requirements of any securities exchange on which the Securities of this series may be listed, and upon such notice as may be required by such exchange, all as more fully provided in said Indenture. Interest on
the Securities of this series shall be computed on the basis of a 360-day year consisting of twelve 30-day months. 

Payment of the principal of (and premium, if any) and any such interest on this Security will be made at the office or agency of the Company
maintained for that purpose, in such coin or currency of the United States of America as at the time of payment is legal tender for payment of public and private debts; provided, however, that at the option of the Company payment of interest
may be made by check mailed to the address of the Person entitled thereto as such address shall appear in the Security Register. 
 The
Securities of this series will constitute part of the Company’s senior debt and will rank on a parity with all of its other unsecured and unsubordinated debt. 

Reference is hereby made to the further provisions of this Security set forth on the reverse hereof, which further provisions shall for all
purposes have the same effect as if set forth at this place. 
 Unless the certificate of authentication hereon has been executed by the
Trustee referred to on the reverse hereof by manual, facsimile or electronic signature, this Security shall not be entitled to any benefit under the Indenture or be valid or obligatory for any purpose. 

  
 5 

 IN WITNESS WHEREOF, the Company has caused this instrument to be duly executed under its corporate seal.

 Dated: 
  

			
	MASCO CORPORATION
		
	By:	 	 
		 	Name: John G. Sznewajs
		 	Title:   Vice President, Chief Financial Officer

  

			
	Attest:	 	 
		 	Name: Kenneth G. Cole
		 	 Title:   Vice President, General Counsel and

            Secretary

  
 6 

 FORM OF TRUSTEE’S CERTIFICATE OF AUTHENTICATION 

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

Date of Authentication: 
  

			
	The Bank of New York Mellon Trust Company, N.A.
		
	By:	 	  

		 	Authorized Signatory

  
 7 

 REVERSE OF SECURITY 

This Security is one of a duly authorized issue of securities of the Company (herein called the “Securities”), issued and to
be issued in one or more series under an Indenture, dated as of February 12, 2001 as supplemented by the First Supplemental Indenture dated as of November 30, 2006 and the Second Supplemental Indenture dated as of September 18, 2020
(herein called the “Indenture”), between the Company and The Bank of New York Mellon Trust Company, N.A. (as successor to Bank One Trust Company, National Association), as Trustee (herein called the “Trustee,” which
term includes any successor trustee under the Indenture), to which Indenture and all indentures supplemental thereto reference is hereby made for a statement of the respective rights, limitations of rights, duties and immunities thereunder of the
Company, the Trustee and the Holders of the Securities and of the terms upon which the Securities are, and are to be, authenticated and delivered. This Security is one of the series designated on the face hereof, initially limited in aggregate
principal amount to $600,000,000. 
 The Securities of this series will be redeemable at the option of the Company, in whole at any time or
in part from time to time (each, a “Redemption Date”) at the applicable Redemption Price. “Redemption Price” means, at any time prior to December 15, 2027, the greater of (i) 100% of the principal amount of the
Securities of this series to be redeemed plus accrued and unpaid interest thereon to the Redemption Date, and (ii) the sum, as determined by the Independent Investment Banker, of the present values of the principal amount of and the remaining
scheduled payments of interest on the Securities of this series to be redeemed that would be due if such Securities matured on December 15, 2027 but for such redemption (exclusive of interest accrued to such Redemption Date), discounted from
the scheduled payment dates to the Redemption Date on a semi-annual basis (assuming a 360-day year consisting of twelve 30-day months) at the Treasury Rate plus
10 basis points plus accrued and unpaid interest thereon to the Redemption Date; provided that if the Securities of this series are redeemed on or after December 15, 2027, “Redemption Price” will equal 100% of the
principal amount of the Securities of this series to be redeemed plus accrued and unpaid interest thereon to the Redemption Date. Notwithstanding the foregoing, installments of interest on Securities of this series that are due and payable on an
Interest Payment Date falling on or prior to the relevant Redemption Date will be payable to the Holders of such Securities registered as such at the close of business on the relevant record date according to their terms and the provisions of the
Indenture. Notwithstanding Section 11.04 of the Indenture, notice of any such redemption need not set forth the Redemption Price but only the manner of calculation thereof. The Company shall give the Trustee written notice of the Redemption
Price promptly after the determination thereof and the Trustee shall have no responsibility for determining the Redemption Price. 
 If a
Change of Control Repurchase Event occurs, unless the Company has exercised its right to redeem the Securities of this series by giving notice of such redemption to the Holders of the Securities of this series pursuant to Section 11.04 of the
Indenture, the Company will make an offer to the Holders of the Securities of this series to repurchase all or any part (in multiples of $1,000) of such Securities at a repurchase price in cash equal to 101% of the aggregate principal amount of the
Securities of this series repurchased plus any accrued and unpaid interest on the Securities of this series repurchased to the date of purchase. Within 30 days following any Change of Control Repurchase 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 of the Securities of this series, with a copy to the Trustee, describing the transaction or transactions that
constitute or may constitute the Change of Control Repurchase Event and offering to repurchase the Securities of this series on the Payment Date specified in the notice, which date will be no earlier than 30 days and no later than 60 days
from the date such notice is sent. The notice shall, if sent prior to the date of consummation of the Change of Control, state that the offer to purchase is conditioned on the Change of Control Repurchase Event occurring on or prior to the payment
date specified in the notice (the “Change of Control Repurchase Event Payment Date”). The Company will comply with the requirements of Rule 14e-1 under the Securities Exchange Act of 1934, as amended
(the “Exchange Act”), and any other securities laws and regulations thereunder to the extent those laws and regulations are applicable in connection with the repurchase of the Securities of this series as a result of a Change of
Control Repurchase Event. To the extent that the provisions of any securities laws or regulations conflict with the Change of Control Repurchase Event provisions of the Securities of this series, 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 Repurchase Event provisions of the Securities of this series by virtue of such conflict. 

On the Change of Control Repurchase Event Payment Date, the Company will, to the extent lawful: 

 

	 	1.	 accept for payment all Securities of this series or portions of the Securities of this series 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 of
this series or portions of the Securities of this series properly tendered; and 

  

	 	3.	 deliver or cause to be delivered to the Trustee the Securities of this series properly accepted, together with
an Officers’ Certificate stating the aggregate principal amount of Securities of this series being purchased by the Company. 

The Paying Agent will promptly send to each Holder of the Securities of this series properly tendered the purchase price for the Securities of
this series, and the Trustee will promptly authenticate and mail (or cause to be transferred by book-entry) to each 

  
 8 

 
Holder a new Security of this series equal in principal amount to any unpurchased portion of any Securities of this series surrendered; provided that each new Security of this series will
be in a principal amount of $2,000 or a multiple of $1,000 in excess thereof. 
 The Company will not be required to make an offer to
repurchase the Securities of this series upon a Change of Control Repurchase Event if a third party makes such an offer in the manner, at the times and otherwise in compliance with the requirements for an offer made by the Company and such third
party purchases all Securities of this series properly tendered and not withdrawn under its offer. 
 “Below Investment Grade Rating
Event” means the Securities of this series are rated below investment grade by both Rating Agencies on any date from the date of the public notice of an arrangement that could result in a Change of Control until the end of the 60-day period following public notice of the occurrence of a Change of Control (which period shall be extended so long as the rating of the Securities of this series is under publicly announced consideration for
possible downgrade by either of the rating agencies); provided that a Below Investment Grade Rating Event otherwise arising by virtue of a particular reduction in rating shall not be deemed to have occurred in respect of a particular Change
of Control (and thus shall not be deemed a Below Investment Grade Rating Event for purposes of the definition of Change of Control Repurchase Event hereunder) if the Rating Agencies making the reduction in rating to which this definition would
otherwise apply do not announce or publicly confirm or inform the Trustee in writing at the request of the Company that the reduction was the result, in whole or in part, of any event or circumstance comprised of or arising as a result of, or in
respect of, the applicable Change of Control (whether or not the applicable Change of Control shall have occurred at the time of the Below Investment Grade Rating Event). 

“Change of Control” means the consummation of any transaction (including, without limitation, any merger or consolidation)
the result of which is that any “person” (as that term is used in Section 13(d)(3) of the Exchange Act) becomes the beneficial owner, directly or indirectly, of more than 50% of the Company’s Voting Stock, measured by voting
power rather than number of shares. 
 “Change of Control Repurchase Event” means the occurrence of both a Change of
Control and a Below Investment Grade Rating Event. 
 “Comparable Treasury Issue” means the United States Treasury security
selected by the Independent Investment Banker as having a maturity comparable to the remaining term of the Securities of this series to be redeemed (assuming, for this purpose, the Securities matured on December 15, 2027) that would be
utilized, at the time of selection and in accordance with customary financial practice, in pricing new issues of corporate debt securities of comparable maturity to the remaining term of the Securities of this series to be redeemed. 

“Comparable Treasury Price” means, with respect to any Redemption Date, the average of the Reference Treasury Dealer
Quotations for such Redemption Date, after excluding the highest and lowest of such Reference Treasury Dealer Quotations, or if the Independent Investment Banker obtains fewer than five such Reference Treasury Dealer Quotations, the average of all
such Reference Treasury Dealer Quotations. 
 “Independent Investment Banker” means one of the Reference Treasury Dealers
appointed by the Company. 
 “Investment Grade” means a rating of Baa3 or better by Moody’s (or its equivalent under
any successor rating categories of Moody’s); a rating of BBB- or better by S&P (or its equivalent under any successor rating categories of S&P); and the equivalent investment grade credit rating
from any additional Rating Agency or Rating Agencies selected by the Company. 
 “Moody’s” means Moody’s
Investors Service Inc., and its successors. 
 “Paying Agent” means The Bank of New York Mellon Trust Company, N.A. 

“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 of this series or fails to make a rating of the Securities of this series publicly available for reasons outside of the Company’s control, a “nationally recognized statistical rating organization” within the
meaning of Section 3(a)(62) of the Exchange Act, selected by the Company (as certified by a resolution of the Company’s board of directors delivered to the Trustee) as a replacement agency for Moody’s or S&P, or both, as the case
may be. 
 “Reference Treasury Dealer” means (a) each of Citigroup Global Markets Inc. and J.P. Morgan Securities LLC
and their respective successors, unless any of them ceases to be a primary U.S. Government securities dealer in New York City (a “Primary Treasury Dealer”), in which case the Company shall substitute another Primary Treasury Dealer; and
(b) any other Primary Treasury Dealers selected by the Company. 
 “Reference Treasury Dealer Quotations” means, with
respect to each Reference Treasury Dealer and any Redemption Date for the Securities of this series, 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 

  
 9 

 
Investment Banker by such Reference Treasury Dealer at 5:00 p.m. New York City time, on the third Business Day preceding such Redemption Date. 

“S&P” means S&P Global Ratings, a division of S&P Global Inc. and any successor to its rating agency business.

 “Treasury Rate” means, with respect to any Redemption Date, the rate per annum equal to the semi-annual equivalent yield
to maturity of the Comparable Treasury Issue, calculated on the third Business Day preceding such Redemption Date using a price for the Comparable Treasury Issue (expressed as a percentage of its principal amount) equal to the Comparable Treasury
price for such Redemption Date. 
 “Voting Stock” of any specified “person” (as that term is used in
Section 13(d)(3) of the Exchange Act) as of any date means the capital stock of such person that is at the time entitled to vote generally in the election of the board of directors of such person. 

This Security will be subject to defeasance and discharge and to defeasance of certain obligations as set forth in the Indenture; provided,
however, that all references in Section 4.02(i) and Section 10.06(f) of the Indenture to “Holders” shall be deemed to be references to “beneficial owners.” 

The Indenture permits, with certain exceptions as therein provided, the amendment thereof and the modification of the rights and obligations
of the Company and the rights of the Holders of the Securities of each series to be affected under the Indenture at any time by the Company and the Trustee with the consent of the Holders of a majority in principal amount of the Securities at the
time Outstanding of each series to be affected. The Indenture also contains provisions permitting the Holders of specified percentages in principal amount of the Securities of each series at the time Outstanding, on behalf of the Holders of all
Securities of such series, to waive certain past defaults under the Indenture and their consequences. Any such consent or waiver by the Holder of this Security shall be conclusive and binding upon such Holder and upon all future Holders of this
Security and of any Security issued upon the registration of transfer hereof or in exchange herefor or in lieu hereof, whether or not notation of such consent or waiver is made upon this Security. 

As provided in and subject to the provisions of the Indenture, the Holder of this Security shall not have the right to institute any
proceeding with respect to the Indenture or for the appointment of a receiver or trustee or for any other remedy thereunder, unless such Holder shall have previously given the Trustee written notice of a continuing Event of Default with respect to
the Securities of this series, the Holders of not less than 25% in principal amount of the Securities of this series at the time Outstanding shall have made written request to the Trustee to institute proceedings in respect of such Event of Default
as Trustee and offered the Trustee reasonable indemnity, and the Trustee shall not have received from the Holders of a majority in principal amount of Securities of this series at the time Outstanding a direction inconsistent with such request, and
shall have failed to institute any such proceeding, for 60 days after receipt of such notice, request and offer of indemnity. The foregoing shall not apply to any suit instituted by the Holder of this Security for the enforcement of any payment of
principal hereof or any premium or interest hereon on or after the respective due dates expressed herein. 
 No reference herein to the
Indenture and no provision of this Security or of the Indenture shall alter or impair the obligation of the Company, which is absolute and unconditional, to pay the principal of (and premium, if any) and interest on this Security herein provided,
and at the times, place and rate, and in the coin or currency, herein prescribed. 
 As provided in the Indenture and subject to certain
limitations therein and on face of this Security, the transfer of this Security is registrable in the Security Register, upon surrender of this Security for registration of transfer at the office or agency of the Company in any place where the
principal of (and premium, if any) and interest on this Security are payable, duly endorsed by, or accompanied by a written instrument of transfer in form satisfactory to the Company and the Security Registrar duly executed by, the Holder hereof or
his attorney duly authorized in writing, and thereupon one or more new Securities of this series, of authorized denominations and for the same aggregate principal amount, will be issued to the designated transferee or transferees. 

The Securities of this series are issuable only in registered form without coupons in denominations of $2,000 and any multiple of $1,000 in
excess thereof. As provided in the Indenture and subject to certain limitations therein set forth, Securities of this series are exchangeable for a like aggregate principal amount of Securities of this series of a different authorized denomination,
as requested by the Holder surrendering the same. 
 No service charge shall be made for any such registration of transfer or exchange, but
the Company may require payment of a sum sufficient to cover any tax or other governmental charge payable in connection therewith. 
 Prior
to due presentment of this Security for registration of transfer, the Company, the Trustee and any agent of the Company or the Trustee may treat the Person in whose name this Security is registered as the owner hereof for all purposes (subject to
Section 3.07 of the Indenture), whether or not this Security be overdue, and neither the Company, the Trustee nor any such agent shall be affected by notice to the contrary. 

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

 

  
 10

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