Document:

Exhibit 4.2

 

	
 
    

 

ECOLAB INC.

 

$750,000,000 2.700% Notes due 2026

$250,000,000 3.700% Notes due 2046

 

FOURTH SUPPLEMENTAL INDENTURE

 

Dated as of October 18, 2016

 

to

 

Indenture dated as of January 12, 2015

 

WELLS FARGO BANK, NATIONAL ASSOCIATION

 

Trustee

 

	
 
    

 

 

This FOURTH SUPPLEMENTAL INDENTURE (this “Fourth Supplemental Indenture”) dated as of October 18, 2016, is between ECOLAB INC., a Delaware corporation (the “Company”) and WELLS FARGO BANK, NATIONAL ASSOCIATION (the “Trustee”).

 

RECITALS

 

WHEREAS, the Company has heretofore executed and delivered to the Trustee an indenture, dated as of January 12, 2015 (the “Existing Indenture,” and, together with this Fourth Supplemental Indenture, the “Indenture”) providing for the issuance by the Company from time to time of its debt securities to be issued in one or more series;

 

WHEREAS, the Company, in the exercise of the power and authority conferred upon and reserved to it under the provisions of the Existing Indenture and pursuant to appropriate resolutions of the Board of Directors, has duly determined to make, execute and deliver to the Trustee this Fourth Supplemental Indenture to the Existing Indenture in order to issue a new series of debt securities to be designated as the “2.700% Notes due 2026” (the “2026 Notes”) and the “3.700% Notes due 2046” (the “2046 Notes” and, together with the 2026 Notes, the “Notes”), and to set forth the terms that will be applicable thereto and the forms thereof;

 

WHEREAS, the Company has duly determined to appoint Wells Fargo Bank, National Association as Trustee, Registrar and Paying Agent under the Indenture with respect to the Notes and Wells Fargo Bank, National Association is willing to accept such appointment with respect to the Notes;

 

WHEREAS, Sections 2.01, 3.01 and 13.01 and of the Existing Indenture provide, among other things, that the Company and the Trustee may, without the consent of Holders, enter into indentures supplemental to the Existing Indenture to provide for specific terms applicable to any series of notes and to add to the covenants of the Company for the benefit of the Holders of each series of notes (and if such covenants are to be for the benefit of less than all series of notes, stating that such covenants are expressly being included solely for the benefit of such series);

 

WHEREAS, all things necessary to make the Notes, when executed by the Company and authenticated and delivered by the Trustee or any Authenticating Agent and issued upon the terms and subject to the conditions set forth hereinafter and in the Indenture against payment therefor, the valid, binding and legal obligations of the Company and to make this Fourth Supplemental Indenture a valid, binding and legal agreement of the Company, have been done;

 

NOW, THEREFORE, in consideration of the premises and for other good and valuable consideration, the sufficiency and adequacy of which are hereby acknowledged, the parties hereto hereby agree as follows:

 

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ARTICLE I

 

APPLICATION OF FOURTH SUPPLEMENTAL INDENTURE
 AND CREATION OF NOTES

 

Section 1.01                             Application of this Fourth Supplemental Indenture.

 

Notwithstanding any other provision of this Fourth Supplemental Indenture, pursuant to Section 13.01 of the Existing Indenture, the provisions of this Fourth Supplemental Indenture, including the covenants set forth herein, are expressly being included solely for the benefit of the Holders of the Notes.  The Notes constitute a series of notes as provided in Section 3.01 of the Existing Indenture.

 

Section 1.02                             Designation and Amount of Notes.

 

The 2026 Notes shall be known and designated as the “2.700% Notes due 2026” and the 2046 Notes shall be known and designated as the “3.700% Notes due 2046.”  The Notes shall be unsecured and unsubordinated obligations of the Company.  The initial maximum aggregate principal amount of Notes that may be authenticated and delivered under this Fourth Supplemental Indenture shall not exceed $750,000,000 of the 2026 Notes and $250,000,000 of the 2046 Notes, except for Notes authenticated and delivered upon registration or transfer of, or in exchange for, or in lieu of, Notes pursuant to Sections 3.04, 3.06, 3.07 and 4.06 of the Existing Indenture.  Notwithstanding the foregoing, the Company may from time to time, without giving notice to or seeking the consent of the Holders of the Notes, issue debt securities having the same terms (except for the issue date, and, in some cases, the public offering price and the first Interest Payment Date) and ranking equally and ratably with the Notes (“Additional Notes”).  The applicable series of Notes and Additional Notes of such series shall together constitute one series for purposes of the Existing Indenture and this Fourth Supplemental Indenture, including, without limitation, waivers, amendments, redemptions and offers to purchase.

 

Section 1.03                             Terms; Denominations; Form of Security.

 

(a)                                 The Notes are issuable in fully registered form as Global Securities without coupons, in denominations of $2,000 or any amount in excess thereof which is an integral multiple of $1,000, and shall be in substantially the form of Exhibit A hereto.  The Depository Trust Company (“DTC”) shall act as Depositary for the Notes.  Notwithstanding the foregoing, the Notes shall be issued as Individual Securities to each Person that the Depositary identifies as the beneficial owner of the Notes represented by the Global Securities upon surrender by the Depositary of the Global Security if:

 

(i)                                     the Depositary notifies us that it is no longer willing or able to act as a depositary for such Global Security or ceases to be a clearing agency registered under the Exchange Act, and the Company shall not have appointed a successor Depositary within 90 days of that notice or becoming aware that the Depositary is no longer so registered;

 

(ii)                                  an event of default has occurred and is continuing, and the Depositary requests the issuance of certificated notes; or

 

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(iii)                               the Company determines not to have the Notes represented by a Global Security.

 

(b)                                 The terms and provisions contained in the forms of Note attached hereto as Exhibit A shall constitute, and are hereby expressly made, a part of this Fourth Supplemental Indenture and the Company, by its execution and delivery of this Fourth Supplemental Indenture, expressly agrees to such terms and provisions and to be bound thereto.  Any of the Notes may have such letters, numbers or other marks of identification and such notations, legends and endorsements as the officers executing the same may approve (execution thereof to be conclusive evidence of such approval) and are not inconsistent with the provisions of the Indenture (and which do not affect the rights, duties or immunities of the Trustee), or as may be required to comply with any law or with any rule or regulation made pursuant thereto or with any rule or regulation of any securities exchange or automated quotation system on which the Notes may be listed.

 

Section 1.04                             Payment of Principal and Interest,

 

(a)                                 The Notes shall mature, and the principal of the Notes shall be due and payable in U.S. Dollars to the Holders thereof, together with all accrued and unpaid interest thereon, as follows: on November 1, 2026 for the 2026 Notes (the Stated Maturity of principal of the 2026 Notes) and on November 1, 2046 for the 2046 Notes (the Stated Maturity of principal of the 2046 Notes).

 

(b)                                 The 2026 Notes shall bear interest at 2.700% per annum and the 2046 Notes shall bear interest at 3.700% per annum, in each case from and including October 18, 2016, or from the most recent Interest Payment Date on which interest has been paid or provided for, until the principal thereof becomes 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.  Interest shall be calculated on the basis of a 360-day year comprised of twelve 30-day months.  Interest on the Notes shall be payable semi-annually in arrears in U.S. Dollars on May 1 and November 1 of each year, commencing on May 1, 2017 (the Interest Payment Dates with respect to the Notes).  Payments of interest shall be made to the Person in whose name a Note (or predecessor Note) is registered (which shall initially be the Depositary) at the close of business on April 15 or October 15, as the case may be, next preceding such Interest Payment Date (the Record Date with respect to the Notes).

 

(c)                                  For so long as the Notes are represented by one or more Global Securities, all payments of principal and interest shall be made by the Company through the Paying Agent by wire transfer of immediately available funds in U.S. Dollars to the Depositary or its nominee, as the case may be, as the registered owner of the Global Securities representing such Notes.  In the event that definitive Notes shall have been issued, all payments of principal and interest shall be made by the Company through the Paying Agent by wire transfer of immediately available funds in U.S. Dollars to the accounts of the registered Holders thereof; provided, that the Company may elect to make such payments at the office of the Paying Agent in The City of Minneapolis; and provided further, that the Company may at its option pay interest by check to the registered address of each Holder of a definitive Note.

 

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(d)                                 The Notes shall trade in the Depositary’s Same-Day Funds Settlement System until Stated Maturity (or until they are subject to acceleration pursuant to Article VII of the Existing Indenture) and secondary market trading activity in the Notes may be required by the Depositary to settle in immediately available funds.

 

(e)                                  The Notes are subject to redemption by the Company in whole or in part in the manner described herein.

 

Section 1.05                             Sinking Fund.

 

The Notes are not subject to any sinking fund.

 

Section 1.06                             Defeasance and Covenant Defeasance.

 

The defeasance and covenant defeasance provisions of Article XI of the Existing Indenture will apply to the Notes.

 

Section 1.07                             Tax Matters.

 

The Company will not pay additional amount on the Notes held by Non-U.S. Persons in respect of any tax, assessment or governmental change withheld or deducted.

 

ARTICLE II

 

DEFINITIONS

 

Section 2.01                             Definitions.

 

(a)                                 All capitalized terms used herein and not otherwise defined below shall have the meanings ascribed thereto in the Existing Indenture.

 

(b)                                 The following terms for purposes of the Trust Indenture Act shall have the following meanings:

 

“indenture trustee” or “institutional trustee” shall mean the Trustee.

 

“indenture securities” means the Notes.

 

“indenture security holder” means a Holder of the Notes.

 

“indenture to be qualified” means this Fourth Supplemental Indenture.

 

(c)                                  The following are definitions used in this Fourth Supplemental Indenture and to the extent that a term is defined both herein and in the Existing Indenture, the definition in this Fourth Supplemental Indenture shall govern with respect to the Notes.

 

“Attributable Debt” in respect of a Sale and Leaseback Transaction means, as of any particular time, the present value (discounted at the rate of interest implicit in the terms of the lease involved in the Sale and Leaseback Transaction, as determined in good faith by the

 

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Company) of the obligation of the lessee thereunder for net rental payments (excluding, however, any amounts required to be paid by such lessee, whether or not designated as rent or additional rent, on account of maintenance and repairs, services, insurance, taxes, assessments, water rates and similar charges or any amounts required to be paid by such lessee thereunder contingent upon monetary inflation or the amount of sales, maintenance and repairs, insurance, taxes, assessments, water rates or similar charges) during the remaining term of such lease (including any period for which such lease has been extended or may, at the option of the lessor, be extended).

 

“Below Investment Grade Rating Event” means the rating on the Notes is lowered by each of the Rating Agencies and the Notes are rated below Investment Grade by each of the Rating Agencies on any day within the 60-day period (which 60-day period will be extended so long as the rating of the Notes is under publicly announced consideration for a possible downgrade by any of the Rating Agencies) after the earlier of (1) the occurrence of a Change of Control and (2) public notice of the occurrence of a Change of Control or the Company’s intention to effect a Change of Control; 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) 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 its 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 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 assets and those of its Subsidiaries, taken as a whole, to any person, other than the Company or one of its Subsidiaries;

 

(2)                                 the first day on which a majority of the members of the Company’s Board of Directors are not Continuing Directors; or

 

(3)                                 the consummation of any transaction (including, without limitation, any merger or consolidation) the result of which is that any person, other than the Company or one or more of its Wholly-Owned Subsidiaries, becomes the beneficial owner, directly or indirectly, of more than 50% of the then outstanding number of shares of the Company’s Voting Stock.

 

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 Stock of such holding company immediately following that transaction are substantially the same as the holders of the Company’s Voting Stock immediately prior to that

 

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transaction or (B) immediately following that transaction no person (other than a holding company satisfying the requirements of this sentence) is the beneficial owner, directly or indirectly of more than 50% of the Voting Stock of such holding company.

 

The term “person,” as used in this definition, has the meaning given thereto in Section 13(d)(3) of the Exchange Act.

 

“Change of Control 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 Quotation Agent as having an actual or interpolated maturity comparable to the remaining term (as measured from the date of redemption) of the Notes to be redeemed calculated as if the maturity date of such series of Notes were the applicable Par Call Date (the “Remaining Life”) 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 Life of such Notes.

 

“Comparable Treasury Price” means, with respect to any Redemption Date, (i) the average of four Reference Treasury Dealer Quotations for such Redemption Date, after excluding the highest and lowest such Reference Treasury Dealer Quotations, or (ii) if the Quotation Agent obtains fewer than four such Reference Treasury Dealer Quotations, the average of all such quotations, or (iii) if only one Reference Treasury Dealer Quotation is received, such quotation.

 

“Consolidated Net Tangible Assets” means the aggregate amount of assets (less applicable reserves and other properly deductible items) of the Company and its Restricted Subsidiaries after deducting therefrom (a) all goodwill, tradenames, trademarks, patents, unamortized debt discount and expense and other like intangibles and (b) all current liabilities (excluding any current liabilities for money borrowed having a maturity of less than 12 months but by its terms being renewable or extendible beyond 12 months from such date at the option of the borrower), all as reflected in the Company’s latest audited consolidated balance sheet contained in the Company’s most recent annual report to its stockholders prior to the time as of which “Consolidated Net Tangible Assets” shall be determined.

 

“Continuing Director” means, as of any date of determination, any member of the Company’s Board of Directors who (1) was a member of the Company’s Board of Directors on October 18, 2016; or (2) was nominated for election, elected or appointed to the Company’s Board of Directors with the approval of a majority of the Continuing Directors who were members of the Company’s Board of Directors at the time of such nomination, election or appointment (either by a specific vote or by approval of the Company’s proxy statement in which such member was named as a nominee for election as a director).

 

“Corporate Trust Office” means the office of the Trustee at which the corporate trust business of the Trustee with respect to the Fourth Supplemental Indenture is, at any particular time, principally administered, which office is, as of the date on which this Fourth Supplemental Indenture is dated, located in Minneapolis, Minnesota.

 

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c/o
    	
Wells   Fargo Bank, National Association
    
	
 
    	
150   East 42nd Street
    
	
 
    	
40th   Floor
    
	
 
    	
New   York, NY 10017
    
	
 
    	
Attention:   Ecolab Administrator
    

 

“Investment Grade” means a rating of Baa3 or better by Moody’s (or its equivalent under any successor rating categories of Moody’s) and a rating of BBB- or better by S&P (or its equivalent under any successor rating categories of S&P) or 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.

 

“Operating Property” means any manufacturing or processing plant, warehouse or distribution center, together with the land upon which it is situated located within the United States or in Canada and owned and operated as of the date of this Fourth Supplemental Indenture or thereafter by the Company or any Restricted Subsidiary and having a net book value on the date as of which the determination is being made of more than 1.0% of Consolidated Net Tangible Assets other than property which, in the opinion of the Board of Directors of the Company, is not of material importance to the total business conducted by the Company and its Restricted Subsidiaries taken as a whole.

 

“Quotation Agent” means any Reference Treasury Dealer appointed by the Company.

 

“Rating Agency” means (1) each of Moody’s and S&P; and (2) if either Moody’s or S&P ceases to rate the Notes or fails to make a rating of the Notes publicly available for reasons outside of the Company’s control, a “nationally recognized statistical rating organization” as defined in Section 3(a)(62) of the Exchange Act, selected by the Company as a replacement agency for Moody’s or S&P, or both, as the case may be.

 

“Reference Treasury Dealer” means (i) each of Citigroup Global Markets Inc. and Credit Suisse Securities (USA) LLC (or their respective affiliates that are Primary Treasury Dealers) and their respective successors; provided, however, that if any of the foregoing shall cease to be a primary U.S. Government securities dealer (a “Primary Treasury Dealer”), the Company shall substitute therefor another Primary Treasury Dealer, and (ii) two 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 Company, of the bid and asked prices for the Comparable Treasury Issue (expressed in each case as a percentage of its principal amount) quoted in writing to the Quotation Agent by such Reference Treasury Dealer at 5:00 p.m., New York City time, on the third Business Day preceding such Redemption Date.

 

“Restricted Subsidiaries” means all Subsidiaries other than Unrestricted Subsidiaries.

 

“S&P” means S&P Global Ratings, a division of The McGraw-Hill Financial, Inc., and its successors.

 

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“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, assuming 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.

 

“Unrestricted Subsidiaries” means (1) any Subsidiary substantially all of whose physical properties are located, or substantially all of whose business is carried on, outside the United States and Canada, (2) any finance Subsidiary and (3) any Subsidiary of an Unrestricted Subsidiary.  In addition, the Board of Directors may designate any other Subsidiary of the Company (including any newly acquired or newly formed Subsidiary) to be an Unrestricted Subsidiary unless such Subsidiary owns any capital stock of, or owns or holds any mortgage on any Operating Property of, the Company or any Restricted Subsidiary of the Company; provided that the Subsidiary to be so designated has total assets at the time of such designation of $5 million or less.

 

“Voting Stock” of any specified Person 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.

 

“Wholly-Owned Subsidiary” of any specified Person means a Subsidiary all of whose Voting Stock is owned by the Company or a Wholly-Owned Subsidiary, the accounts of which are consolidated with those of the Company in its consolidated financial statements.

 

Section 2.02                             Other Definitions.

 

	
Term
    	
 
    	
Defined in Section
    
	
 
    	
 
    	
 
    
	
“Additional Notes”
    	
 
    	
1.02
    
	
“Change of Control Offer”
    	
 
    	
4.01(b)
    
	
“Change of Control Payment”
    	
 
    	
4.01(a)
    
	
“Change of Control Payment Date”
    	
 
    	
4.01(b)(ii)
    
	
“Debt”
    	
 
    	
5.01
    
	
“mortgage”
    	
 
    	
5.01
    
	
“Par Call Date”
    	
 
    	
3
    
	
“Primary Treasury Dealer”
    	
 
    	
2.01
    
	
“Remaining Life”
    	
 
    	
2.01
    

 

ARTICLE III

 

OPTIONAL REDEMPTION

 

The Company may redeem the 2026 Notes, at any time prior to August 1, 2026, and the 2046 Notes, at any time prior to May 1, 2046 (each such date a “Par Call Date”), at any time in whole or from time to time in part, in each case at the Company’s option, at a Redemption Price equal to the greater of:

 

(i)                                     100% of the principal amount of the Notes to be redeemed on the Redemption Date; and

 

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(ii)                                  as determined by the Quotation Agent, the sum of the present values of the principal amount of the Notes to be redeemed and remaining scheduled payments of interest thereon (not including any portion of those payments of interest accrued as of the Redemption Date) from the Redemption Date to the applicable Par Call Date, in each case discounted 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 20 basis points for the 2026 Notes and 25 basis points for the 2046 Notes;

 

plus, in each case, accrued and unpaid interest, if any, to but excluding the Redemption Date.

 

In addition, the Company may redeem the 2026 Notes, on or after August 1, 2026, or the 2046 Notes on or after May 1, 2046, at any time in whole or from time to time in part, in each case at the Company’s option at the Redemption Price equal to 100% of the principal amount of the Notes to be redeemed, plus any accrued and unpaid interest, if any, to but excluding the Redemption Date.

 

Notwithstanding the foregoing, installments of interest on the Notes that are due and payable on Interest Payment Dates falling on or prior to a Redemption Date will be payable on the Interest Payment Date to the registered Holders as of the close of business on the relevant Record Date according to the Notes and the Indenture.

 

Notice of any redemption will be delivered at least 30 days but not more than 60 days before the Redemption Date to each registered Holder of the Notes to be redeemed by the Company or by the trustee on its behalf; provided that notice of redemption may be delivered more than 60 days prior to the Redemption Date if the notice is issued in connection with a defeasance of such Notes or a satisfaction and discharge of such Notes.

 

If less than all of the Notes are to be redeemed, the Notes to be redeemed shall be selected by lot by the Trustee.

 

Except as otherwise set forth in this Article III, the terms and conditions upon which and the manner in which the Notes may be redeemed by the Company pursuant to this Article III are governed by the provisions of Article IV of the Existing Indenture.

 

ARTICLE IV

 

CHANGE OF CONTROL

 

Section 4.01                             Change of Control.

 

(a)                                 Upon the occurrence of a Change of Control Repurchase Event, unless all of the Notes of a series have been called for redemption pursuant to Article III hereof, each Holder of Notes of such series shall have the right to require the Company to repurchase all or any part (equal to $1,000 or an integral multiple of $1,000 in excess thereof) of such Holder’s Notes of such series at a repurchase price in cash equal to 101% of the aggregate principal amount of Notes of such series repurchased plus any accrued and unpaid interest on the Notes repurchased to the date of repurchase (the “Change of Control Payment”).

 

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(b)           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 transaction or transactions that constitutes or may constitute a Change of Control, the Company shall mail, or cause to be mailed, a notice (a “Change of Control Offer”) 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 specifying:

 

(i)            that the Change of Control Offer is being made pursuant to this Section 4.01 and that all Notes of such series tendered will be accepted for payment;

 

(ii)           the Change of Control Payment and the purchase date, which shall be a Business Day no earlier than 30 days and no later than 60 days from the date such notice is mailed (the “Change of Control Payment Date”);

 

(iii)          the CUSIP numbers for the Notes of such series;

 

(iv)          that any Note of such series not tendered will continue to accrue interest;

 

(v)           that, unless the Company defaults in the payment of the Change of Control Payment, all Notes of such series accepted for payment pursuant to the Change of Control Offer will cease to accrue interest after the Change of Control Payment Date;

 

(vi)          that Holders electing to have any Notes of such series purchased pursuant to a Change of Control Offer will be required to surrender such Notes to the Paying Agent at the address specified in the notice prior to the close of business on the third Business Day preceding the Change of Control Payment Date;

 

(vii)         that Holders will be entitled to withdraw their election referred to in clause (vi) if the Paying Agent receives, not later than the close of business on the second Business Day preceding the Change of Control Payment Date, a facsimile transmission or letter setting forth the name of the Holder, the principal amount of Notes of such series delivered for purchase, and a statement that such Holder is withdrawing his election to have such Notes purchased;

 

(viii)        that Holders whose Notes of such series are being purchased only in part will be issued new Notes of such series equal in principal amount to the unpurchased portion of the Notes of such series surrendered, which unpurchased portion will be equal to $2,000 in principal amount or an integral multiple of $1,000 in excess thereof; and

 

(ix)          if the notice is mailed prior to the date of consummation of the Change of Control, that the Change of Control Offer is conditioned on the Change of Control Repurchase Event occurring on or prior to the payment date specified in the notice.

 

(c)           The Company shall comply with the requirements of Rule 14e-1 under the Exchange Act and any other securities laws and regulations thereunder to the extent those laws and regulations are applicable in connection with the repurchase of the Notes of such 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 provisions of this Section 4.01, the Company will

 

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comply with the applicable securities laws and regulations and will not be deemed to have breached its obligations under this Section 4.01 by virtue of such conflict.

 

(d)           On the Change of Control Payment Date, the Company will, to the extent lawful:

 

(i)            accept for payment all Notes of such series or portions thereof (in integral multiples of $1,000) properly tendered pursuant to the Change of Control Offer;

 

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

 

(iii)          deliver or cause to be delivered to the Trustee the Notes or such series properly accepted, together with an Officer’s Certificate stating the aggregate principal amount of Notes or portions of such Notes of such series being purchased by the Company.

 

(e)           The Paying Agent will promptly deliver to each Holder of Notes of such series properly tendered the Change of Control Payment for such Notes, and the Trustee will promptly authenticate and mail (or cause to be transferred by book entry) to each Holder a new Note of such series equal in principal amount to any unpurchased portion of such Notes surrendered, if any; provided that each new Note will be in a principal amount of $2,000 or an integral multiple of $1,000 in excess thereof.

 

(f)            The Company shall not be required to make a Change of Control Offer upon a Change of Control Repurchase Event if a third party makes the Change of Control Offer in the manner, at the times and otherwise in compliance with the requirements set forth in this Section 4.01 applicable to a Change of Control Offer made by the Company and purchases all Notes of such series properly tendered and not withdrawn under such Change of Control Offer.

 

ARTICLE V

 

COVENANTS

 

The covenants set forth in this Article V shall be applicable to the Company in addition to the covenants in Article VI of the Existing Indenture, which shall in all respects be applicable in respect of the Notes; provided that the covenant contained in Section 6.04 of the Existing Indenture shall not be applicable to the Notes.

 

Section 5.01          Restrictions on Liens.

 

The Company will not, and will not permit any Restricted Subsidiary to, issue, assume or guarantee any indebtedness for money borrowed (herein referred to as “Debt”) if such Debt is secured by any mortgage, security interest, pledge, lien or other encumbrance (herein referred to as a “mortgage”) upon any Operating Property of the Company or any Restricted Subsidiary or any shares of stock or Debt of any Restricted Subsidiary, whether owned at the date of the issuance of the Notes or thereafter acquired, without effectively securing the Notes equally and ratably with such Debt for at least the period such other Debt is so secured unless, after giving

 

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effect thereto, the aggregate amount of all Debt so secured (not including Debt permitted in clauses (1) through (7) in the following sentence), together with all Attributable Debt in respect of Sale and Leaseback Transactions involving Operating Properties pursuant to clause (2) of Section 5.02 in existence at such time would not exceed 15% of Consolidated Net Tangible Assets.

 

The foregoing restriction does not apply to, and therefore shall be excluded in computing secured Debt for the purpose of such restriction, Debt secured by:

 

(1)           mortgages on Operating Property, shares of stock or Debt of any entity existing at the time such entity becomes a Restricted Subsidiary, provided that such mortgages are not incurred in anticipation of such entity’s becoming a Restricted Subsidiary;

 

(2)           mortgages on Operating Property, shares of stock or Debt existing at the time of acquisition thereof by the Company or a Restricted Subsidiary or mortgages thereon to secure the payment of all or any part of the purchase price thereof, or mortgages on Operating Property, shares of stock or Debt to secure any Debt incurred prior to, at the time of, or within 180 days after, the latest of the acquisition thereof or, in the case of Operating Property, the completion of construction, the completion of improvements or the commencement of substantial commercial operation of such Operating Property for the purpose of financing all or any part of the purchase price thereof, such construction or the making of such improvements;

 

(3)           mortgages to secure Debt owing to the Company or to a Restricted Subsidiary;

 

(4)           mortgages on Operating Property, shares of stock or Debt existing at the date of the initial issuance of the Notes;

 

(5)           mortgages on Operating Property, shares of stock or Debt of a Person existing at the time such Person is merged into or consolidated with the Company or a Restricted Subsidiary or at the time of a sale, lease or other disposition of the properties of a Person as an entirety or substantially as an entirety to the Company or a Restricted Subsidiary, provided that such mortgage was not incurred in anticipation of such merger or consolidation or sale, lease or other disposition;

 

(6)           mortgages on Operating Property, shares of stock or Debt in favor of the United States or any state, territory or possession thereof (or the District of Columbia), or any department, agency, instrumentality or political subdivision of the United States or any state, territory or possession thereof (or the District of Columbia), to secure partial, progress, advance or other payments pursuant to any contract or statute or to secure any Debt incurred for the purpose of financing all or any part of the purchase price or the cost of constructing or improving the Operating Property subject to such mortgages; or

 

(7)           extensions, renewals or replacements, in whole or in part, of any mortgage referred to in the foregoing clauses (1) through (6), provided, however, that the principal

 

12

 

amount of Debt secured thereby shall not exceed the principal amount of Debt so secured at the time of such extension, renewal or replacement.

 

Section 5.02          Restrictions on Sale and Leaseback; Transactions.

 

Sale and Leaseback Transactions by the Company or any Restricted Subsidiary with a third party of any Operating Property are prohibited (except for temporary leases for a term, including renewals, of not more than 60 months and except for leases between the Company and a Restricted Subsidiary or between Restricted Subsidiaries) unless the net proceeds of such Sale and Leaseback Transactions are at least equal to the fair market value (as determined in good faith by the Board of Directors of the Company) of the Operating Property to be leased and either:

 

(1)           the Company or such Restricted Subsidiary would (at the time of entering into such arrangement) be entitled, as described in clauses (1) through (7) of the second paragraph of Section 5.01, without equally and ratably securing the Notes, to issue, assume or guarantee Debt secured by a mortgage on such Operating Property;

 

(2)           the Attributable Debt of the Company and its Restricted Subsidiaries in respect of such Sale and Leaseback Transactions (other than such Sale and Leaseback Transactions as are referred to in clause (1) or (3) of this paragraph), plus the aggregate principal amount of Debt secured by mortgages on Operating Properties then outstanding (excluding any such Debt secured by mortgages described in clauses (1) through (7) of the second paragraph of Section 5.01) which do not equally and ratably secure the Notes, would not exceed 15% of Consolidated Net Tangible Assets; or

 

(3)           the Company, within 180 days after the sale or transfer, applies or causes a Restricted Subsidiary to apply an amount equal to the greater of the net proceeds of such sale or transfer or fair market value of the Operating Property (as determined in good faith by the Board of Directors of the Company) so sold and leased back at the time of entering into such Sale and Leaseback Transaction to

 

(a)           retire (other than any mandatory retirement, mandatory repayment or sinking fund payment or by payment at maturity) Notes or other Debt of the Company or a Restricted Subsidiary (other than Debt subordinated to the Notes) having a Stated Maturity more than 12 months from the date of such application or which is extendible at the option of the obligor thereon to a date more than 12 months from the date of such application or

 

(b)           purchase, construct or develop one or more Operating Properties (other than that involved in such Sale and Leaseback Transaction);

 

provided that the amount to be so applied pursuant to this clause (3) will be reduced by the principal amount of Notes delivered within 180 days after such sale or transfer to the Trustee for retirement and cancellation.

 

13

 

Section 5.03          Other Limitations.

 

(a)           Neither the Company nor any Restricted Subsidiary may transfer an Operating Property or shares of stock or Debt of a Restricted Subsidiary to an Unrestricted Subsidiary.

 

(b)           An Unrestricted Subsidiary may not be designated a Restricted Subsidiary unless, after giving effect thereto, the aggregate amount of all Debt of the Company and its Restricted Subsidiaries secured by mortgages which would otherwise be subject to the restrictions of Section 5.01 and the Attributable Debt in respect of all Sale and Leaseback Transactions pursuant to clause (2) under Section 5.02 in existence at such time does not at the time exceed 15% of Consolidated Net Tangible Assets.

 

Section 5.04          Merger, Consolidation and Sale of Assets.

 

(a)           The Company will not consolidate with or merge into any other Person or sell, convey, transfer or lease all or substantially all its assets to any other Person, unless (1) the Person formed by such consolidation or into which the Company is merged or to which such sale, conveyance, transfer or lease is made shall (A) be incorporated or otherwise organized under the laws of the United States, any state thereof or the District of Columbia, and (B) expressly assume, by supplemental indenture, executed and delivered by such Person prior to or simultaneously with such consolidation, merger, sale, conveyance, transfer or lease, the due and punctual payment of the principal of and interest and premium, if any, on all the Notes, according to their tenor, and the due and punctual performance and observance of all other obligations to the Holders and the Trustee under the Indenture or under the Notes to be performed or observed by the Company; and (2) immediately after giving effect to such consolidation, merger, sale, conveyance, transfer or lease, no Default shall have occurred and be continuing. Clause (2) of the immediately preceding sentence shall not apply to (X) any sale, conveyance, transfer or lease between or among the Company and one or more Subsidiaries of the Company, (Y) any merger of the Company into any Subsidiary of the Company or (Z) any merger of the Company into an Affiliate of the Company for the purpose of the Company reincorporating or reorganizing.

 

(b)           Upon any consolidation of the Company with or merger of the Company into any other Person, or any sale, conveyance, transfer or lease of all or substantially all of the assets of the Company to any other Person, in accordance with this Section 5.04, the Person formed by such consolidation or into which the Company is merged or to which such sale, conveyance, transfer or lease is made shall succeed to, and be substituted for, and may exercise every right and power of, the Company under the Indenture with the same effect as if such successor Person had been named as the Company in the Indenture, and thereafter, except in the case of a lease, the predecessor Company shall be relieved of and discharged from all obligations and covenants under the Indenture and the Notes, and from time to time such Person may exercise each and every right and power of the Company under the Indenture, in the name of the Company, or in its own name; and any act or proceeding by any provision of the Indenture required or permitted to be done by the Board of Directors or any officer of the Company may be done with like force and effect by the like board or officer of any Person that shall at the time be the successor of the Company hereunder. In the event of any such sale, conveyance or transfer, but not any such lease, the Company (or any successor entity which shall theretofore have become such in the

 

14

 

manner described in this Section 5.04) shall be relieved of and discharged from all obligations and covenants under the Indenture and the Notes and may thereupon be dissolved and liquidated.

 

(c)           The Trustee, subject to the provisions of Sections 10.01 and 10.02 of the Existing Indenture, may receive an Opinion of Counsel, prepared in accordance with Section 15.01 of the Existing Indenture, as conclusive evidence that any such merger, sale, conveyance or lease, and any such assumption, complies with the applicable provisions of the Indenture.

 

ARTICLE VI

 

MISCELLANEOUS

 

Section 6.01          Trust Indenture Act Controls.

 

If any provision of this Fourth Supplemental Indenture limits, qualifies or conflicts with another provision that is required or deemed to be included in this Fourth Supplemental Indenture by the Trust Indenture Act, the required or deemed provision shall control.

 

Section 6.02          Notices.

 

Any notice or communication shall be in writing and delivered in person or mailed by first-class mail or sent by facsimile (with a hard copy delivered in person or by mail promptly thereafter) and addressed as follows:

 

if to the Company:

 

Ecolab Inc.
 370 Wabasha Street North
 St. Paul, Minnesota 55102
 Attention: General Counsel 
 Facsimile: (651) 293-2471

 

if to the Trustee:

 

Wells Fargo Bank, National Association
 150 East 42nd Street
 40th Floor
 New York, NY  10017
 Attention: Ecolab Administrator
 Facsimile: (917) 260-1593

 

The Company or the Trustee by notice to the other may designate additional or different addresses for subsequent notices or communications.

 

Notwithstanding any other provision of this Fourth Supplemental Indenture, the Existing Indenture or any Note, where this Fourth Supplemental Indenture, the Existing Indenture or any Note provides for notice of any event (including any notice of redemption or repurchase) to a

 

15

 

Holder of a Global Security (whether by mail or otherwise), such notice shall be sufficiently given if given to DTC (or its designee) pursuant to the standing instructions from DTC or its designee, including by electronic mail in accordance with accepted practices at DTC.

 

Section 6.03          Governing Law.

 

THIS FOURTH SUPPLEMENTAL INDENTURE AND THE NOTES SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK.

 

Section 6.04          Multiple Originals.

 

The parties may sign any number of copies of this Fourth Supplemental Indenture.  Each signed copy shall be an original, but all of them together represent the same agreement.  One signed copy is enough to prove this Fourth Supplemental Indenture.

 

Section 6.05          Headings.

 

The headings of Articles and Sections of this Fourth Supplemental Indenture have been inserted for convenience of reference only, are not intended to be considered a part hereof and shall not modify or restrict any of the terms or provisions hereof.

 

Section 6.06          Not Responsible for Recitals or Issuance of Notes.

 

The recitals contained herein and in the Notes, except the Trustee’s certificates of authentication, shall be taken as the statements of the Company, and the Trustee does not assume any responsibility for their correctness.  The Trustee makes no representation as to the validity or sufficiency of this Fourth Supplemental Indenture or of the Notes.  The Trustee shall not be accountable for the Company’s use of the proceeds from the Notes or for monies paid over to the Company pursuant to this Fourth Supplemental Indenture.  All of the provisions contained in the Existing Indenture in respect of the rights, privileges, and immunities of the Trustee, including but not limited to its rights to be compensated, reimbursed and indemnified, shall be applicable to the Trustee in respect of this Fourth Supplemental Indenture as fully and with like force and effect as though set forth in full herein.

 

Section 6.07          Adoption, Ratification and Confirmation.

 

The Existing Indenture, as supplemented and amended by this Fourth Supplemental Indenture, is in all respects hereby adopted, ratified and confirmed.

 

[Signature Page Follows]

 

16

 

IN WITNESS WHEREOF, the parties have caused this Fourth Supplemental Indenture to be duly executed as of the date first written above.

 

	
 
    	
ECOLAB   INC.
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
/s/   Kristen Bettmann
    
	
 
    	
Name:
    	
Kristen   Bettmann
    
	
 
    	
Title:
    	
Assistant   Treasurer
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
WELLS   FARGO BANK, NATIONAL ASSOCIATION, as Trustee
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
/s/   Stefan Victory
    
	
 
    	
Name:
    	
Stefan   Victory
    
	
 
    	
Title:
    	
Vice   President
    

 

[Signature Page to Fourth Supplemental Indenture]

 

 

EXHIBIT A-1

 

[Form of Face of Note]

 

THIS NOTE IS A GLOBAL SECURITY WITHIN THE MEANING OF THE INDENTURE HEREINAFTER REFERRED TO AND IS REGISTERED IN THE NAME OF A DEPOSITARY OR A NOMINEE THEREOF.  THIS NOTE MAY NOT BE EXCHANGED IN WHOLE OR IN PART FOR A NOTE REGISTERED, AND NO TRANSFER OF THIS NOTE IN WHOLE OR IN PART MAY BE REGISTERED, IN THE NAME OF ANY PERSON OTHER THAN SUCH DEPOSITARY OR A NOMINEE THEREOF, EXCEPT IN THE LIMITED CIRCUMSTANCES DESCRIBED IN THE INDENTURE.

 

UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY TO THE ISSUER OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO., OR SUCH OTHER NAME AS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY AND ANY PAYMENT HEREON IS MADE TO CEDE & CO., ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL SINCE THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.

 

CUSIP 278865AV2

 

ECOLAB INC.

 

2.700% NOTE DUE 2026

 

	
$500,000,000
    	
No.: R-1
    

 

ECOLAB INC., a Delaware corporation (herein called the “Company”), for value received, hereby promises to pay to CEDE & CO., or registered assigns, the principal sum of $500,000,000 (FIVE HUNDRED MILLION DOLLARS) or such other principal amount as shall be set forth on Schedule I hereto on November 1, 2026 and to pay interest thereon at the rate of 2.700% per annum from October 18, 2016 or from the most recent Interest Payment Date to which interest has been paid or duly provided for, on May 1 and  November 1 of each year, commencing May 1, 2017 (each an “Interest Payment Date”), until the principal hereof is paid or made available for payment.

 

The interest that is payable and is punctually paid or duly provided for on any Interest Payment Date will, except as provided in the Indenture hereinafter referred to, be paid to the Person in whose name this Note (or one or more predecessor Notes) is registered at the close of business on the Record Date for such interest, which will be April 15 and October 15, as the case may be, immediately preceding each Interest Payment Date.  Any such interest not so punctually paid or duly provided for shall forthwith cease to be payable to the Holder on the relevant Record Date and either may be paid to the Persons in whose name this Note (or one or more predecessor Notes) are 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 the Holders not less than ten calendar days prior to such Special Record Date, or may be paid in any other lawful manner, all as more fully provided in the Indenture.  Payment of the principal of and interest on this Note will be made at the office or agency of the Company maintained for that purpose, or in such other office or agency as may be established by the Company pursuant to the Indenture (initially the principal corporate trust office of the Trustee in Minneapolis, Minnesota (the “Corporate Trust Office”)), 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 payment of interest may be made at the option of the Company through the Paying Agent (i) by check mailed to the address of the Person entitled thereto as such address shall appear in the Security Register or (ii) by wire transfer to an account maintained by the Person entitled thereto as specified in the Security Register.  In the event that notes in definitive form shall have been issued, payments of principal and interest at maturity will be made against presentation of this Note at the Corporate Trust Office (or such other office as may be established pursuant to the Indenture), by check or wire transfer.

 

 Reference is hereby made to the further provisions of this Note set forth on the reverse side hereof, which further provisions shall for all purposes have the same effect as though fully set forth at this place.

 

Unless the Certificate of Authentication hereon has been executed by the Trustee or an Authenticating Agent under the Indenture referred to on the reverse hereof by the manual signature of one of its authorized officers, this Note shall not be entitled to any benefit under the Indenture or be valid or obligatory for any purpose.

 

 

IN WITNESS WHEREOF, the Company has caused this Note to be signed in its name by the manual or facsimile signature of its Assistant Treasurer and attested by the manual or facsimile signature of one of its Assistant Secretaries.

 

Date:

 

	
 
    	
 
    	
ECOLAB   INC.
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
By:
    	
 
    
	
 
    	
 
    	
 
    	
Name:   
    	
Kristen   Bettmann
    
	
 
    	
 
    	
 
    	
Title:
    	
Assistant   Treasurer
    

 

	
ATTEST:
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
Assistant   Secretary
    	
 
    	
 
    

 

 

Trustee’s Certificate of Authentication

 

This is one of the Notes described in the Indenture.

 

	
Dated:
    	
 
    
	
 
    	
 
    
	
 
    	
WELLS   FARGO BANK, NATIONAL ASSOCIATION, as Trustee
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
By:
    	
 
    
	
 
    	
 
    	
Authorized   Signatory
    

 

 

[Form of Reverse of Note]

 

ECOLAB INC.

 

2.700% NOTE DUE 2026

 

1.                                      This Note is one of a duly authorized issue of securities of the Company designated as its 2.700% Notes due 2026 (the “Notes”) issued under an Indenture dated as of January 12, 2015 (herein called, together with the Fourth Supplemental Indenture referred to below, the “Indenture”), between the Company and Wells Fargo Bank National Association, as Trustee, to which Indenture and all indentures supplemental thereto reference is hereby made for a statement of the respective rights thereunder of the Company, the Trustee and the Holders of the Notes, and the terms upon which the Notes are, and are to be, authenticated and delivered.

 

2.                                      This Note is one of the notes of the series designated on the face hereof, limited to an aggregate principal amount not to exceed $500,000,000, which amount may be increased at the option of the Company if in the future it determines that it may wish to sell additional Notes of this series, as specified in the Fourth Supplemental Indenture between the Company and Trustee, dated as of October 18, 2016, establishing the form and certain terms of the Notes pursuant to the Indenture (the “Fourth Supplemental Indenture”). References herein to “this series” mean the series of Notes designated on the face hereof.

 

3.                                      Prior to August 1, 2026 (the “Par Call Date”), the Company may redeem the Notes at any time or in whole or from time to time in part, in each case, at the Company’s option, at a Redemption Price equal to the greater of:

 

(i)                                     100% of the principal amount of the Notes to be redeemed on the Redemption Date; and

 

(ii)                                  as determined by the Quotation Agent, the sum of the present values of the principal amount of the Notes to be redeemed and remaining scheduled payments of interest thereon (not including any portion of those payments of interest accrued as of the Redemption Date) from the Redemption Date to the Par Call Date, discounted 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 20 basis points;

 

plus, in each case, accrued and unpaid interest, if any, to but excluding the Redemption Date.

 

In addition, the Company may redeem the Notes on or after August 1, 2026 at any time in whole or from time to time in part, in each case at the Company’s option at a Redemption Price equal to 100% of the principal amount of the Notes to be redeemed, plus any accrued and unpaid interest, if any, to but excluding the Redemption Date.

 

Notwithstanding the foregoing, installments of interest on the Notes that are due and payable on Interest Payment Dates falling on or prior to a Redemption Date will be payable on the Interest Payment Date to the registered Holders as of the close of business on the relevant Record Date according to the Notes and the Indenture.

 

 

Any notice to holders of Notes of a redemption pursuant to this paragraph 3 hereof will include the appropriate calculation of the Redemption Price, but does not need to include the Redemption Price itself.  The actual Redemption Price, calculated as described above, will be set forth in an Officer’s Certificate of the Company delivered to the Trustee no later than two Business Days prior to the redemption date.

 

4.                                      Upon the occurrence of a Change of Control Repurchase Event, unless all Notes have been called for redemption pursuant to paragraph 3 of this Note, each Holder of the Notes shall have the right to require the Company to repurchase all or any part (equal to $1,000 or an integral multiple of $1,000 in excess thereof) of such Holder’s Notes at a repurchase price in cash equal to 101% of the aggregate principal amount of such Notes plus accrued and unpaid interest thereon, if any, to the date of repurchase.  “Change of Control Repurchase Event” means the occurrence of both a Change of Control and a Below Investment Grade Rating Event, as such terms are defined in the Indenture.  The Change of Control Offer will be made in accordance with the terms specified in the Indenture.

 

5.                                      If an Event of Default with respect to the Notes (other than certain events of bankruptcy, insolvency or reorganization) shall occur and be continuing, the Trustee or the Holders of 25% or more in principal amount of the Outstanding Notes may declare the principal of and all accrued but unpaid interest on all Notes to be due and payable in the manner and with the effect provided in the Indenture.  The Indenture provides that such declaration and its consequences may, in certain events, be annulled by the Holders of a majority in principal amount of the Outstanding Notes.

 

6.                                      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 Notes under the Indenture at any time by the Company and the Trustee with the consent of the Holders of a majority in aggregate principal amount of Notes at the time Outstanding.  The Indenture also contains provisions permitting the Holders of specified percentages in aggregate principal amount of Notes at the time Outstanding, on behalf of the Holders of all Notes, to waive compliance by the Company with certain provisions of the Indenture and certain past defaults under the Indenture and their consequences.  Any such consent or waiver by the Holder of this Note shall be conclusive and binding upon such Holder and upon all future Holders of this Note and; of any Note issued upon the registration of transfer hereof or in exchange therefor or in lieu hereof; whether or not notation of such consent or waiver is made upon this Note.

 

7.                                      No reference herein to the Indenture and no provisions of this Note 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 Note at the times, places and rate, and in the coin or currency, herein prescribed.

 

8.                                      As provided in the Indenture and subject to certain limitations therein set forth, the transfer of this Note may be registered on the Register of the Company, upon surrender of this Note for registration of transfer at the office or agency to be maintained by the Company for that purpose, or at such other office or agency as may be established by the Company for such purpose pursuant to the Indenture (initially the principal corporate trust office of the Trustee in

 

 

Minneapolis, Minnesota), duly endorsed by, or accompanied by a written instrument of transfer in form satisfactory to the Company, and duly executed by the Holder hereof or such Holder’s attorney duly authorized in writing, and thereupon one or more new Notes, of authorized denominations and for like aggregate principal amount, will be issued to the designated transferee or transferees.

 

9.                                      The Notes are issuable only in fully registered form, without coupons, in denominations of $2,000 or any amount in excess thereof which is an integral multiple of $1,000.  As provided in the Indenture, and subject to certain limitations therein set forth, the Notes are exchangeable for a like aggregate principal amount of Notes in authorized denominations, as requested by the Holder surrendering the same.

 

10.                               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.

 

11.                               Prior to the due presentment of this Note for registration of transfer or exchange, the Company, the Trustee and any agent of the Company or the Trustee may treat the Person in whose name this Note is registered as the owner hereof for all purposes, whether or not this Note be overdue, and neither the Company, the Trustee, nor any such agent shall be affected by notice to the contrary.

 

12.                               Interest on the Notes shall be computed on the basis of a 360-day year of twelve 30- day months.  Interest shall be payable to and excluding any Interest Payment Date.

 

13.                               The Trustee, in its individual or any other capacity, may make loans to, accept deposits from, and perform services for the Company or its Affiliates, and may otherwise deal with the Company or its Affiliates, as if it were not the Trustee.

 

14.                               This Note shall not be valid until authenticated by the manual signature of the Trustee or an Authenticating Agent.

 

15.                               Customary abbreviations may be used in the name of a Holder or an assignee, such as: TEN COM (= tenants in common), TEN ENT (= tenants by the entireties), JT TEN (= joint tenants with right of survivorship and not as tenants in common), CUT (= Custodian), and U/G/M/A (= Uniform Gifts to Minors Act).

 

16.                               Each Holder of this Note covenants and agrees by such Holder’s acceptance thereof to comply with and be bound by the foregoing provisions.

 

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

 

 

ASSIGNMENT FORM

 

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

 

PLEASE INSERT SOCIAL SECURITY OR
 OTHER IDENTIFYING NUMBER OF ASSIGNEE

 

 

PLEASE PRINT OR TYPEWRITE NAME AND ADDRESS INCLUDING POSTAL ZIP CODE OF ASSIGNEE

 

	
 
    	
 
    
	
 
    	
 
    
	
 
    	
 
    

 

the within Security and all rights thereunder, hereby irrevocably constituting and appointing                              attorney to transfer said Security on the books of the Company, with full power of substitution in the premises.

 

	
Dated:
    	
 
    	
 
    
	
 
    	
 
    
	
Signature:
    	
 
    	
 
    
				

 

NOTICE:                    THE SIGNATURE TO THIS ASSIGNMENT MUST CORRESPOND WITH THE NAME AS WRITTEN UPON THE FACE OF THE WITHIN INSTRUMENT IN EVERY PARTICULAR, WITHOUT ALTERATION OR ENLARGEMENT OR ANY CHANGE WHATEVER.

 

Signature Guarantee:

 

SIGNATURE GUARANTEE

 

Signatures must be guaranteed by an “eligible guarantor institution” meeting the requirements of the Registrar, which requirements include membership or participation in the Security Transfer Agent Medallion Program (“STAMP”) or such other “signature guarantee program” as may be determined by the Registrar in addition to, or in substitution for, STAMP, all in accordance with the Securities Exchange Act of 1934, as amended.

 

 

Schedule I

 

SCHEDULE OF TRANSFERS AND EXCHANGES

 

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

 

	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
Principal Amount of this
    	
 
    	
Signature of
    
	
 
    	
 
    	
Amount of Decrease in
    	
 
    	
Amount of Increase
    	
 
    	
Global Security
    	
 
    	
Authorized
    
	
Date of
    	
 
    	
Principal Amount of
    	
 
    	
in Principal Amount of
    	
 
    	
following such Decrease
    	
 
    	
Signatory of trustee
    
	
Exchange
    	
 
    	
this Global Security
    	
 
    	
this Global Security
    	
 
    	
or Increase
    	
 
    	
or Custodian
    
	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    

 

 

EXHIBIT A-2

 

[Form of Face of Note]

 

THIS NOTE IS A GLOBAL SECURITY WITHIN THE MEANING OF THE INDENTURE HEREINAFTER REFERRED TO AND IS REGISTERED IN THE NAME OF A DEPOSITARY OR A NOMINEE THEREOF.  THIS NOTE MAY NOT BE EXCHANGED IN WHOLE OR IN PART FOR A NOTE REGISTERED, AND NO TRANSFER OF THIS NOTE IN WHOLE OR IN PART MAY BE REGISTERED, IN THE NAME OF ANY PERSON OTHER THAN SUCH DEPOSITARY OR A NOMINEE THEREOF, EXCEPT IN THE LIMITED CIRCUMSTANCES DESCRIBED IN THE INDENTURE.

 

UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY TO THE ISSUER OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO., OR SUCH OTHER NAME AS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY AND ANY PAYMENT HEREON IS MADE TO CEDE & CO., ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL SINCE THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.

 

CUSIP 278865AV2

 

ECOLAB INC.

 

2.700% NOTE DUE 2026

 

	
$250,000,000
    	
No.: R-2
    

 

ECOLAB INC., a Delaware corporation (herein called the “Company”), for value received, hereby promises to pay to CEDE & CO., or registered assigns, the principal sum of $250,000,000 (TWO HUNDRED FIFTY MILLION DOLLARS) or such other principal amount as shall be set forth on Schedule I hereto on November 1, 2026 and to pay interest thereon at the rate of 2.700% per annum from October 18, 2016 or from the most recent Interest Payment Date to which interest has been paid or duly provided for, on May 1 and  November 1 of each year, commencing May 1, 2017 (each an “Interest Payment Date”), until the principal hereof is paid or made available for payment.

 

The interest that is payable and is punctually paid or duly provided for on any Interest Payment Date will, except as provided in the Indenture hereinafter referred to, be paid to the Person in whose name this Note (or one or more predecessor Notes) is registered at the close of business on the Record Date for such interest, which will be April 15 and October 15, as the case may be, immediately preceding each Interest Payment Date.  Any such interest not so punctually paid or duly provided for shall forthwith cease to be payable to the Holder on the relevant Record Date and either may be paid to the Persons in whose name this Note (or one or more predecessor Notes) are 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 the Holders not less than ten calendar days prior to such Special Record Date, or may be paid in any other lawful manner, all as more fully provided in the Indenture.  Payment of the principal of and interest on this Note will be made at the office or agency of the Company maintained for that purpose, or in such other office or agency as may be established by the Company pursuant to the Indenture (initially the principal corporate trust office of the Trustee in Minneapolis, Minnesota (the “Corporate Trust Office”)), 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 payment of interest may be made at the option of the Company through the Paying Agent (i) by check mailed to the address of the Person entitled thereto as such address shall appear in the Security Register or (ii) by wire transfer to an account maintained by the Person entitled thereto as specified in the Security Register.  In the event that notes in definitive form shall have been issued, payments of principal and interest at maturity will be made against presentation of this Note at the Corporate Trust Office (or such other office as may be established pursuant to the Indenture), by check or wire transfer.

 

Reference is hereby made to the further provisions of this Note set forth on the reverse side hereof, which further provisions shall for all purposes have the same effect as though fully set forth at this place.

 

Unless the Certificate of Authentication hereon has been executed by the Trustee or an Authenticating Agent under the Indenture referred to on the reverse hereof by the manual signature of one of its authorized officers, this Note shall not be entitled to any benefit under the Indenture or be valid or obligatory for any purpose.

 

 

IN WITNESS WHEREOF, the Company has caused this Note to be signed in its name by the manual or facsimile signature of its Assistant Treasurer and attested by the manual or facsimile signature of one of its Assistant Secretaries.

 

Date:

 

	
 
    	
ECOLAB INC.
    
	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
 
    
	
 
    	
 
    	
Name:
    	
Kristen Bettmann
    
	
 
    	
 
    	
Title:
    	
Assistant Treasurer
    
	
 
    	
 
    
	
ATTEST:
    	
 
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
 
    	
 
    
	
Assistant Secretary
    	
 
    
					

 

 

Trustee’s Certificate of Authentication

 

This is one of the Notes described in the Indenture.

 

Dated:

 

	
 
    	
WELLS   FARGO BANK, NATIONAL
   ASSOCIATION, as Trustee
    
	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
 
    
	
 
    	
Authorized Signatory
    

 

 

[Form of Reverse of Note]

 

ECOLAB INC.

 

2.700% NOTE DUE 2026

 

1.                                      This Note is one of a duly authorized issue of securities of the Company designated as its 2.700% Notes due 2026 (the “Notes”) issued under an Indenture dated as of January 12, 2015 (herein called, together with the Fourth Supplemental Indenture referred to below, the “Indenture”), between the Company and Wells Fargo Bank National Association, as Trustee, to which Indenture and all indentures supplemental thereto reference is hereby made for a statement of the respective rights thereunder of the Company, the Trustee and the Holders of the Notes, and the terms upon which the Notes are, and are to be, authenticated and delivered.

 

2.                                      This Note is one of the notes of the series designated on the face hereof, limited to an aggregate principal amount not to exceed $250,000,000, which amount may be increased at the option of the Company if in the future it determines that it may wish to sell additional Notes of this series, as specified in the Fourth Supplemental Indenture between the Company and Trustee, dated as of October 18, 2016, establishing the form and certain terms of the Notes pursuant to the Indenture (the “Fourth Supplemental Indenture”). References herein to “this series” mean the series of Notes designated on the face hereof.

 

3.                                      Prior to August 1, 2026 (the “Par Call Date”), the Company may redeem the Notes at any time or in whole or from time to time in part, in each case, at the Company’s option, at a Redemption Price equal to the greater of:

 

(i)                                     100% of the principal amount of the Notes to be redeemed on the Redemption Date; and

 

(ii)                                  as determined by the Quotation Agent, the sum of the present values of the principal amount of the Notes to be redeemed and remaining scheduled payments of interest thereon (not including any portion of those payments of interest accrued as of the Redemption Date) from the Redemption Date to the Par Call Date, discounted 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 20 basis points;

 

plus, in each case, accrued and unpaid interest, if any, to but excluding the Redemption Date.

 

In addition, the Company may redeem the Notes on or after August 1, 2026 at any time in whole or from time to time in part, in each case at the Company’s option at a Redemption Price equal to 100% of the principal amount of the Notes to be redeemed, plus any accrued and unpaid interest, if any, to but excluding the Redemption Date.

 

Notwithstanding the foregoing, installments of interest on the Notes that are due and payable on Interest Payment Dates falling on or prior to a Redemption Date will be payable on the Interest Payment Date to the registered Holders as of the close of business on the relevant Record Date according to the Notes and the Indenture.

 

 

Any notice to holders of Notes of a redemption pursuant to this paragraph 3 hereof will include the appropriate calculation of the Redemption Price, but does not need to include the Redemption Price itself.  The actual Redemption Price, calculated as described above, will be set forth in an Officer’s Certificate of the Company delivered to the Trustee no later than two Business Days prior to the redemption date.

 

4.                                      Upon the occurrence of a Change of Control Repurchase Event, unless all Notes have been called for redemption pursuant to paragraph 3 of this Note, each Holder of the Notes shall have the right to require the Company to repurchase all or any part (equal to $1,000 or an integral multiple of $1,000 in excess thereof) of such Holder’s Notes at a repurchase price in cash equal to 101% of the aggregate principal amount of such Notes plus accrued and unpaid interest thereon, if any, to the date of repurchase.  “Change of Control Repurchase Event” means the occurrence of both a Change of Control and a Below Investment Grade Rating Event, as such terms are defined in the Indenture.  The Change of Control Offer will be made in accordance with the terms specified in the Indenture.

 

5.                                      If an Event of Default with respect to the Notes (other than certain events of bankruptcy, insolvency or reorganization) shall occur and be continuing, the Trustee or the Holders of 25% or more in principal amount of the Outstanding Notes may declare the principal of and all accrued but unpaid interest on all Notes to be due and payable in the manner and with the effect provided in the Indenture.  The Indenture provides that such declaration and its consequences may, in certain events, be annulled by the Holders of a majority in principal amount of the Outstanding Notes.

 

6.                                      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 Notes under the Indenture at any time by the Company and the Trustee with the consent of the Holders of a majority in aggregate principal amount of Notes at the time Outstanding.  The Indenture also contains provisions permitting the Holders of specified percentages in aggregate principal amount of Notes at the time Outstanding, on behalf of the Holders of all Notes, to waive compliance by the Company with certain provisions of the Indenture and certain past defaults under the Indenture and their consequences.  Any such consent or waiver by the Holder of this Note shall be conclusive and binding upon such Holder and upon all future Holders of this Note and; of any Note issued upon the registration of transfer hereof or in exchange therefor or in lieu hereof; whether or not notation of such consent or waiver is made upon this Note.

 

7.                                      No reference herein to the Indenture and no provisions of this Note 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 Note at the times, places and rate, and in the coin or currency, herein prescribed.

 

8.                                      As provided in the Indenture and subject to certain limitations therein set forth, the transfer of this Note may be registered on the Register of the Company, upon surrender of this Note for registration of transfer at the office or agency to be maintained by the Company for that purpose, or at such other office or agency as may be established by the Company for such purpose pursuant to the Indenture (initially the principal corporate trust office of the Trustee in 

 

 

Minneapolis, Minnesota), duly endorsed by, or accompanied by a written instrument of transfer in form satisfactory to the Company, and duly executed by the Holder hereof or such Holder’s attorney duly authorized in writing, and thereupon one or more new Notes, of authorized denominations and for like aggregate principal amount, will be issued to the designated transferee or transferees.

 

9.                                      The Notes are issuable only in fully registered form, without coupons, in denominations of $2,000 or any amount in excess thereof which is an integral multiple of $1,000.  As provided in the Indenture, and subject to certain limitations therein set forth, the Notes are exchangeable for a like aggregate principal amount of Notes in authorized denominations, as requested by the Holder surrendering the same.

 

10.                               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.

 

11.                               Prior to the due presentment of this Note for registration of transfer or exchange, the Company, the Trustee and any agent of the Company or the Trustee may treat the Person in whose name this Note is registered as the owner hereof for all purposes, whether or not this Note be overdue, and neither the Company, the Trustee, nor any such agent shall be affected by notice to the contrary.

 

12.                               Interest on the Notes shall be computed on the basis of a 360-day year of twelve 30- day months.  Interest shall be payable to and excluding any Interest Payment Date.

 

13.                               The Trustee, in its individual or any other capacity, may make loans to, accept deposits from, and perform services for the Company or its Affiliates, and may otherwise deal with the Company or its Affiliates, as if it were not the Trustee.

 

14.                               This Note shall not be valid until authenticated by the manual signature of the Trustee or an Authenticating Agent.

 

15.                               Customary abbreviations may be used in the name of a Holder or an assignee, such as: TEN COM (= tenants in common), TEN ENT (= tenants by the entireties), JT TEN (= joint tenants with right of survivorship and not as tenants in common), CUT (= Custodian), and U/G/M/A (= Uniform Gifts to Minors Act).

 

16.                               Each Holder of this Note covenants and agrees by such Holder’s acceptance thereof to comply with and be bound by the foregoing provisions.

 

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

 

 

ASSIGNMENT FORM

 

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

 

PLEASE INSERT SOCIAL SECURITY OR
 OTHER IDENTIFYING NUMBER OF ASSIGNEE

 

	
 
    
	
PLEASE   PRINT OR TYPEWRITE NAME AND ADDRESS INCLUDING POSTAL ZIP CODE OF ASSIGNEE
    

 

	
 
    	
 
    
	
 
    	
 
    
	
 
    	
 
    

 

the within Security and all rights thereunder, hereby irrevocably constituting and appointing                              attorney to transfer said Security on the books of the Company, with full power of substitution in the premises.

 

	
Dated:
    	
 
    	
 
    
	
 
    	
 
    
	
Signature:
    	
 
    	
 
    
				

 

NOTICE:                    THE SIGNATURE TO THIS ASSIGNMENT MUST CORRESPOND WITH THE NAME AS WRITTEN UPON THE FACE OF THE WITHIN INSTRUMENT IN EVERY PARTICULAR, WITHOUT ALTERATION OR ENLARGEMENT OR ANY CHANGE WHATEVER.

 

Signature Guarantee:

 

SIGNATURE GUARANTEE

 

Signatures must be guaranteed by an “eligible guarantor institution” meeting the requirements of the Registrar, which requirements include membership or participation in the Security Transfer Agent Medallion Program (“STAMP”) or such other “signature guarantee program” as may be determined by the Registrar in addition to, or in substitution for, STAMP, all in accordance with the Securities Exchange Act of 1934, as amended.

 

 

Schedule I

 

SCHEDULE OF TRANSFERS AND EXCHANGES

 

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

 

	
Date of
   Exchange
    	
 
    	
Amount of Decrease in
   Principal Amount of
   this Global Security
    	
 
    	
Amount of Increase
   in Principal Amount of
   this Global Security
    	
 
    	
Principal Amount of this
   Global Security
   following such Decrease
   or Increase
    	
 
    	
Signature of
   Authorized
   Signatory of trustee
   or Custodian
    	
 
    
	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    

 

 

EXHIBIT A-3

 

[Form of Face of Note]

 

THIS NOTE IS A GLOBAL SECURITY WITHIN THE MEANING OF THE INDENTURE HEREINAFTER REFERRED TO AND IS REGISTERED IN THE NAME OF A DEPOSITARY OR A NOMINEE THEREOF.  THIS NOTE MAY NOT BE EXCHANGED IN WHOLE OR IN PART FOR A NOTE REGISTERED, AND NO TRANSFER OF THIS NOTE IN WHOLE OR IN PART MAY BE REGISTERED, IN THE NAME OF ANY PERSON OTHER THAN SUCH DEPOSITARY OR A NOMINEE THEREOF, EXCEPT IN THE LIMITED CIRCUMSTANCES DESCRIBED IN THE INDENTURE.

 

UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY TO THE ISSUER OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO., OR SUCH OTHER NAME AS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY AND ANY PAYMENT HEREON IS MADE TO CEDE & CO., ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL SINCE THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.

 

CUSIP 278865AW0

 

ECOLAB INC.

 

3.700% NOTE DUE 2046

 

	
$250,000,000
    	
No.: R-1
    

 

ECOLAB INC., a Delaware corporation (herein called the “Company”), for value received, hereby promises to pay to CEDE & CO., or registered assigns, the principal sum of $250,000,000 (TWO HUNDRED FIFTY MILLION DOLLARS) or such other principal amount as shall be set forth on Schedule I hereto on November 1, 2046 and to pay interest thereon at the rate of 3.700% per annum from October 18, 2016 or from the most recent Interest Payment Date to which interest has been paid or duly provided for, on May 1 and November 1 of each year, commencing May 1, 2017 (each an “Interest Payment Date”), until the principal hereof is paid or made available for payment.

 

The interest that is payable and is punctually paid or duly provided for on any Interest Payment Date will, except as provided in the Indenture hereinafter referred to, be paid to the Person in whose name this Note (or one or more predecessor Notes) is registered at the close of business on the Record Date for such interest, which will be the April 15 and October 15, as the case may be, immediately preceding each Interest Payment Date.  Any such interest not so punctually paid or duly provided for shall forthwith cease to be payable to the Holder on the relevant Record Date and either may be paid to the Persons in whose name this Note (or one or more predecessor Notes) are 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

 

 

the Holders not less than ten calendar days prior to such Special Record Date, or may be paid in any other lawful manner, all as more fully provided in the Indenture.  Payment of the principal of and interest on this Note will be made at the office or agency of the Company maintained for that purpose, or in such other office or agency as may be established by the Company pursuant to the Indenture (initially the principal corporate trust office of the Trustee in Minneapolis, Minnesota (the “Corporate Trust Office”)), 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 payment of interest may be made at the option of the Company through the Paying Agent (i) by check mailed to the address of the Person entitled thereto as such address shall appear in the Security Register or (ii) by wire transfer to an account maintained by the Person entitled thereto as specified in the Security Register.  In the event that notes in definitive form shall have been issued, payments of principal and interest at maturity will be made against presentation of this Note at the Corporate Trust Office (or such other office as may be established pursuant to the Indenture), by check or wire transfer.

 

Reference is hereby made to the further provisions of this Note set forth on the reverse side hereof, which further provisions shall for all purposes have the same effect as though fully set forth at this place.

 

Unless the Certificate of Authentication hereon has been executed by the Trustee or an Authenticating Agent under the Indenture referred to on the reverse hereof by the manual signature of one of its authorized officers, this Note shall not be entitled to any benefit under the Indenture or be valid or obligatory for any purpose.

 

 

IN WITNESS WHEREOF, the Company has caused this Note to be signed in its name by the manual or facsimile signature of its Assistant Treasurer and attested by the manual or facsimile signature of one of its Assistant Secretaries.

 

Date:

 

	
 
    	
ECOLAB   INC.
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
By:
    	
 
    
	
 
    	
 
    	
Name:   
    	
Kristen   Bettmann
    
	
 
    	
 
    	
Title:
    	
Assistant   Treasurer
    

 

ATTEST:

 

 

	
 
    	
 
    
	
Assistant   Secretary
    	
 
    

 

 

Trustee’s Certificate of Authentication

 

This is one of the Notes described in the Indenture.

 

Dated:

 

	
 
    	
WELLS   FARGO BANK, NATIONAL 
    
	
 
    	
ASSOCIATION,   as Trustee
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
By:
    	
 
    
	
 
    	
 
    	
Authorized Signatory
    
				

 

 

[Form of Reverse of Note]

 

ECOLAB INC.

 

3.700% NOTE DUE 2046

 

1.                                      This Note is one of a duly authorized issue of securities of the Company designated as its 3.700% Notes due 2046 (the “Notes”) issued under an Indenture dated as of January 12, 2015 (herein called, together with the Fourth Supplemental Indenture referred to below, the “Indenture”), between the Company and Wells Fargo Bank National Association, as Trustee, to which Indenture and all indentures supplemental thereto reference is hereby made for a statement of the respective rights thereunder of the Company, the Trustee and the Holders of the Notes, and the terms upon which the Notes are, and are to be, authenticated and delivered.

 

2.                                      This Note is one of the notes of the series designated on the face hereof, limited to an aggregate principal amount not to exceed $250,000,000, which amount may be increased at the option of the Company if in the future it determines that it may wish to sell additional Notes of this series, as specified in the Fourth Supplemental Indenture between the Company and Trustee, dated as of October 18, 2016, establishing the form and certain terms of the Notes pursuant to the Indenture (the “Fourth Supplemental Indenture”). References herein to “this series” mean the series of Notes designated on the face hereof.

 

3.                                      Prior to May 1, 2046 (the “Par Call Date”), the Company may redeem the Notes at any time in whole or from time to time in part, in each case, at the Company’s option, at a Redemption Price equal to the greater of:

 

(i)                                     100% of the principal amount of the Notes to be redeemed on the Redemption Date; and

 

(ii)                                  as determined by the Quotation Agent, the sum of the present values of the principal amount of the Notes to be redeemed and remaining scheduled payments of interest thereon (not including any portion of those payments of interest accrued as of the Redemption Date) from the Redemption Date to the applicable Par Call Date, discounted 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 25 basis points;

 

plus, in each case, accrued and unpaid interest, if any, to but excluding the Redemption Date.

 

In addition, the Company may redeem the Notes on or after May 1, 2046, at any time in whole or from time to time in part, in each case at the Company’s option at a Redemption Price equal to 100% of the principal amount of the Notes to be redeemed, plus any accrued and unpaid interest, if any, to but excluding the Redemption Date.

 

Notwithstanding the foregoing, installments of interest on the Notes that are due and payable on Interest Payment Dates falling on or prior to a Redemption Date will be payable on the Interest Payment Date to the registered Holders as of the close of business on the relevant Record Date according to the Notes and the Indenture.

 

 

Any notice to holders of Notes of a redemption pursuant to this paragraph 3 hereof will include the appropriate calculation of the Redemption Price, but does not need to include the Redemption Price itself.  The actual Redemption Price, calculated as described above, will be set forth in an Officer’s Certificate of the Company delivered to the Trustee no later than two Business Days prior to the redemption date.

 

4.                                      Upon the occurrence of a Change of Control Repurchase Event, unless all Notes have been called for redemption pursuant to paragraph 3 of this Note, each Holder of the Notes shall have the right to require the Company to repurchase all or any part (equal to $1,000 or an integral multiple of $1,000 in excess thereof) of such Holder’s Notes at a repurchase price in cash equal to 101% of the aggregate principal amount of such Notes plus accrued and unpaid interest thereon, if any, to the date of repurchase.  “Change of Control Repurchase Event” means the occurrence of both a Change of Control and a Below Investment Grade Rating Event, as such terms are defined in the Indenture.  The Change of Control Offer will be made in accordance with the terms specified in the Indenture.

 

5.                                      If an Event of Default with respect to the Notes (other than certain events of bankruptcy, insolvency or reorganization) shall occur and be continuing, the Trustee or the Holders of 25% or more in principal amount of the Outstanding Notes may declare the principal of and all accrued but unpaid interest on all Notes to be due and payable in the manner and with the effect provided in the Indenture.  The Indenture provides that such declaration and its consequences may, in certain events, be annulled by the Holders of a majority in principal amount of the Outstanding Notes.

 

6.                                      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 Notes under the Indenture at any time by the Company and the Trustee with the consent of the Holders of a majority in aggregate principal amount of Notes at the time Outstanding.  The Indenture also contains provisions permitting the Holders of specified percentages in aggregate principal amount of Notes at the time Outstanding, on behalf of the Holders of all Notes, to waive compliance by the Company with certain provisions of the Indenture and certain past defaults under the Indenture and their consequences.  Any such consent or waiver by the Holder of this Note shall be conclusive and binding upon such Holder and upon all future Holders of this Note and; of any Note issued upon the registration of transfer hereof or in exchange therefor or in lieu hereof; whether or not notation of such consent or waiver is made upon this Note.

 

7.                                      No reference herein to the Indenture and no provisions of this Note 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 Note at the times, places and rate, and in the coin or currency, herein prescribed.

 

8.                                      As provided in the Indenture and subject to certain limitations therein set forth, the transfer of this Note may be registered on the Register of the Company, upon surrender of this Note for registration of transfer at the office or agency to be maintained by the Company for that purpose, or at such other office or agency as may be established by the Company for such purpose pursuant to the Indenture (initially the principal corporate trust office of the Trustee in

 

 

Minneapolis, Minnesota), duly endorsed by, or accompanied by a written instrument of transfer in form satisfactory to the Company, and duly executed by the Holder hereof or such Holder’s attorney duly authorized in writing, and thereupon one or more new Notes, of authorized denominations and for like aggregate principal amount, will be issued to the designated transferee or transferees.

 

9.                                      The Notes are issuable only in fully registered form, without coupons, in denominations of $2,000 or any amount in excess thereof which is an integral multiple of $1,000.  As provided in the Indenture, and subject to certain limitations therein set forth, the Notes are exchangeable for a like aggregate principal amount of Notes in authorized denominations, as requested by the Holder surrendering the same.

 

10.                               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.

 

11.                               Prior to the due presentment of this Note for registration of transfer or exchange, the Company, the Trustee and any agent of the Company or the Trustee may treat the Person in whose name this Note is registered as the owner hereof for all purposes, whether or not this Note be overdue, and neither the Company, the Trustee, nor any such agent shall be affected by notice to the contrary.

 

12.                               Interest on the Notes shall be computed on the basis of a 360-day year of twelve 30- day months.  Interest shall be payable to and excluding any Interest Payment Date.

 

13.                               The Trustee, in its individual or any other capacity, may make loans to, accept deposits from, and perform services for the Company or its Affiliates, and may otherwise deal with the Company or its Affiliates, as if it were not the Trustee.

 

14.                               This Note shall not be valid until authenticated by the manual signature of the Trustee or an Authenticating Agent.

 

15.                               Customary abbreviations may be used in the name of a Holder or an assignee, such as: TEN COM (= tenants in common), TEN ENT (= tenants by the entireties), JT TEN (= joint tenants with right of survivorship and not as tenants in common), CUT (= Custodian), and U/G/M/A (= Uniform Gifts to Minors Act).

 

16.                               Each Holder of this Note covenants and agrees by such Holder’s acceptance thereof to comply with and be bound by the foregoing provisions.

 

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

 

 

ASSIGNMENT FORM

 

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

 

PLEASE INSERT SOCIAL SECURITY OR
 OTHER IDENTIFYING NUMBER OF ASSIGNEE

 

	
 
    
	
PLEASE   PRINT OR TYPEWRITE NAME AND ADDRESS INCLUDING POSTAL ZIP CODE OF ASSIGNEE
    

 

	
 
    	
 
    
	
 
    	
 
    
	
 
    	
 
    

 

the within Security and all rights thereunder, hereby irrevocably constituting and appointing                              attorney to transfer said Security on the books of the Company, with full power of substitution in the premises.

 

	
Dated:
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
Signature:
    	
 
    	
 
    

 

NOTICE:                    THE SIGNATURE TO THIS ASSIGNMENT MUST CORRESPOND WITH THE NAME AS WRITTEN UPON THE FACE OF THE WITHIN INSTRUMENT IN EVERY PARTICULAR, WITHOUT ALTERATION OR ENLARGEMENT OR ANY CHANGE WHATEVER.

 

Signature Guarantee:

 

SIGNATURE GUARANTEE

 

Signatures must be guaranteed by an “eligible guarantor institution” meeting the requirements of the Registrar, which requirements include membership or participation in the Security Transfer Agent Medallion Program (“STAMP”) or such other “signature guarantee program” as may be determined by the Registrar in addition to, or in substitution for, STAMP, all in accordance with the Securities Exchange Act of 1934, as amended.

 

 

Schedule I

 

SCHEDULE OF TRANSFERS AND EXCHANGES

 

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

 

	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
Principal Amount of this
    	
 
    	
Signature of
    
	
 
    	
 
    	
Amount of Decrease in
    	
 
    	
Amount of Increase
    	
 
    	
Global Security
    	
 
    	
Authorized
    
	
Date of
    	
 
    	
Principal Amount of
    	
 
    	
in Principal Amount of
    	
 
    	
following such Decrease
    	
 
    	
Signatory of trustee
    
	
Exchange
    	
 
    	
this Global Security
    	
 
    	
this Global Security
    	
 
    	
or Increase
    	
 
    	
or CustodianExhibit 10.1

 

SPIN-OFF AGREEMENT

 

This
SPIN-OFF AGREEMENT, dated as of October 13, 2016 (this “Agreement”), is entered into by and among Steampunk
Wizards Inc., a Nevada corporation (the “Seller”), Steampunk Wizards, Ltd., a corporation organized under the
laws of Malta (“Spin-Off Subsidiary”), Praefidi Holdings Limited, an entity organized under the laws of Malta
(“Buyer”), and Brendon Grunewald, an individual having an address in Belgium as set forth in Section 7.2(b)
below (“Grunewald”).

 

R
E C I T A L S:

 

WHEREAS,
Seller is the owner of all of the issued and outstanding capital stock and equity interests of Spin-Off Subsidiary (the “Shares”);

 

WHEREAS,
as of the Closing, Grunewald is the sole owner, officer and director of Buyer;

 

WHEREAS,
this Agreement is made in connection with the closing of a Securities Purchase Agreement, dated as of the date hereof (the “Purchase
Agreement”) between Grunewald and certain other previous shareholders of Steampunk Wizards, Inc., the buyers identified
in the Purchase Agreement, and Steampunk Wizards, Inc., and, as to certain sections only, Spin-Off Subsidiary;

 

WHEREAS,
Buyer desires to purchase the Shares from Seller, on the terms and subject to the conditions specified in this Agreement, and
Grunewald desires to purchase all of Seller’s right to receive payment under the Seller Loans (as defined in Section
1.2 below) from Seller, on the terms and subject to the conditions specified in this Agreement;

 

WHEREAS,
Seller desires to sell and transfer the Shares to Buyer, on the terms and subject to the conditions specified in this Agreement,
and Seller desires to sell, assign and transfer to Grunewald, all of Seller’s right to receive payment pursuant to the Seller
Loans, all in exchange for the Purchase Price to be paid from Buyer to Seller as set forth in Section 1.3 below;

 

NOW,
THEREFORE, in consideration of the premises and the covenants, promises and agreements herein set forth and for other good
and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto, intending legally
to be bound, agree as follows:

 

Article
I

PURCHASE AND SALE OF SPIN-OFF SUBSIDIARY STOCK AND seller loans to spin-off subsIdiary

 

1.1Purchase
and Sale of Shares. Subject to the terms and conditions provided below, Seller shall sell and transfer to Buyer and Buyer
shall purchase from Seller, on the Closing Date (as defined in Section 3.1), all of the issued and outstanding shares of
capital stock of Spin-Off Subsidiary (the “Shares”), as set forth in Exhibit A attached hereto

 

1.2Purchase
and Sale of Seller Loans to Spin-Off Subsidiary. Subject to the terms and conditions of this Agreement, Seller shall sell,
assign and transfer to Grunewald, and Grunewald shall purchase and accept from Seller, all of Seller’s right to receive
payment from Spin-Off Subsidiary for the loans made from Seller to Spin-Off Subsidiary on the dates and in the amounts set forth
on Schedule B below (collectively, the “Seller Loans”), all in accordance with the loan assignment agreement
attached hereto as Schedule C (the “Loan Assignment Agreement”). On and after the Closing, Seller and Grunewald
shall take such reasonable steps as are reasonably necessary to amend and/or assign any documentation relating to the Seller Loans
which are necessary to reflect Grunewald as the owner of the right to receive all amounts owed by Spin-Off Subsidiary and payments
thereof pursuant to the Seller Loans.

 

    	 	1	 

     

    

 

1.3Purchase
Price. The purchase price for the Shares and the Seller Loans shall be Two Thousand ($2,000.00) U.S. Dollars (the “Purchase
Price”), deliverable by Buyer to Seller as provided in Section 2.3. 

 

Article
II.

CLOSING

 

2.1Closing.
The closing of the purchase and sale of the Shares (the “Closing”) shall take place remotely by electronic
exchange of signature pages, on the date hereof (the “Closing Date”).

 

2.2Transfer
of Shares. At the Closing, Seller shall deliver to Buyer: (a) certificates representing the Shares purchased by Buyer, duly
endorsed to Buyer or as directed by Buyer, which delivery shall vest Buyer with good and marketable title to such Shares, free
and clear of all liens and encumbrances; and (b) duly executed stock power(s) assigning and transferring the Shares to the Buyer.

  

2.3Payment
of Purchase Price. At the Closing, Buyer shall deliver to Seller the Purchase Price by wire transfer or by check to the Seller.

  

2.4Transfer
of Records. On or before the Closing, Seller shall transfer to Spin-Off Subsidiary all existing corporate books and records
in Sellers possession relating to Spin-Off Subsidiary and its business, including but not limited to all agreements, litigation
files, real estate files, personnel files and filings with governmental agencies; provided, however, when any such documents
relate to both Seller and Spin-Off Subsidiary, only copies of such documents need be furnished. On or before the Closing, Buyer
and Spin-Off Subsidiary shall transfer to Seller all existing corporate books and records in the possession of Buyer or Spin-Off
Subsidiary relating to Seller, including but not limited to all corporate minute books, stock ledgers, certificates and corporate
seals of Seller and all agreements, litigation files, real property files, personnel files and filings with governmental agencies;
provided, however, when any such documents relate to both Seller and Spin-Off Subsidiary or its business, only copies of
such documents need be furnished.

  

2.5Further
Assurances. At or after the Closing, and without further consideration, Seller, Spin-Off Subsidiary, Buyer and Grunewald,
will each execute and deliver to one another such further instruments of conveyance and transfer as each may reasonably request
in order to more effectively convey the Shares to Buyer, to convey to Grunewald Seller’s right to receive payment on the
Seller Loans, and to effectuate the consummation of the transactions provided for herein.

 

Article
III.

BUYER’S
REPRESENTATIONS AND WARRANTIES.

 

Buyer
represents and warrants to Seller that:

  

3.1Capacity
and Enforceability. Buyer is an entity duly organized, validly existing and in good standing under the laws of Malta. Buyer
has the power, authority and legal capacity to execute and deliver this Agreement and the documents to be executed and delivered
by Buyer at the Closing pursuant to the transactions contemplated this Agreement. This Agreement and all such documents constitute
valid and binding agreements of Buyer, enforceable in accordance with their terms, except as such enforceability may be limited
by applicable bankruptcy, insolvency, fraudulent conveyance or similar laws affecting the enforcement of creditors’ rights
generally and subject to general principles of equity (regardless of whether enforcement is sought in a proceeding of law or in
equity).

 

    	 	2	 

     

    

 

3.2Compliance.
Neither the execution and delivery of this Agreement nor the consummation of the transactions contemplated hereby by Buyer will
result in the breach of any term or provision of, or constitute a default under, or violate any agreement, indenture, instrument,
order, law or regulation to which Buyer is a party or by which Buyer is bound.

 

3.3Purchase
for Investment. Buyer is financially able to bear the economic risks of acquiring the Shares and the other transactions contemplated
hereby and has no need for liquidity in its investment in the Shares. Buyer has such knowledge and experience in financial and
business matters in general, and with respect to businesses of a nature similar to the business of Spin-Off Subsidiary (after
giving effect to the Assignment), so as to be capable of evaluating the merits and risks of, and making an informed business decision
with regard to, the acquisition of the Shares and the other transactions contemplated hereby. Buyer is acquiring the Shares solely
for its own account and not with a view to or for resale in connection with any distribution or public offering thereof, within
the meaning of any applicable securities laws and regulations, unless such distribution or offering is registered under the Securities
Act of 1933, as amended (the “Securities Act”), or an exemption from such registration is available. Buyer
has (i) received all the information he has deemed necessary to make an informed decision with respect to the acquisition of the
Shares and the other transactions contemplated hereby; (ii) had an opportunity to make such investigation as he has desired pertaining
to Spin-Off Subsidiary (after giving effect to the Assignment) and the acquisition of an interest therein and the other transactions
contemplated hereby, and to verify the information which is, and has been, made available to it; and (iii) had the opportunity
to ask questions of Seller concerning Spin-Off Subsidiary (after giving effect to the Assignment). Buyer acknowledges that Grunewald
is a current director and officer of Spin-Off Subsidiary and, as such, Grunewald has actual knowledge of the business, operations
and financial affairs of Spin-Off Subsidiary (after giving effect to the Assignment). Buyer has received no public solicitation
or advertisement with respect to the offer or sale of the Shares. Buyer realizes that the Shares are “restricted securities”
as that term is defined in Rule 144 promulgated by the Securities and Exchange Commission under the Securities Act, the resale
of the Shares is restricted by federal and state securities laws and, accordingly, the Shares must be held indefinitely unless
their resale is subsequently registered under the Securities Act or an exemption from such registration is available for their
resale. Buyer understands that any resale of the Shares must be registered under the Securities Act (and any applicable state
securities law) or be effected in circumstances that, in the opinion of counsel for Spin-Off Subsidiary at the time, create an
exemption or otherwise do not require registration under the Securities Act (or applicable state securities laws). Buyer acknowledges
and consents that certificates now or hereafter issued for the Shares will bear a legend substantially as follows:

 

THE
SECURITIES EVIDENCED BY THIS CERTIFICATE HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES
ACT”), OR QUALIFIED UNDER ANY APPLICABLE STATE SECURITIES LAWS (THE “STATE ACTS”), HAVE BEEN ACQUIRED FOR INVESTMENT
AND MAY NOT BE SOLD, PLEDGED, HYPOTHECATED OR OTHERWISE TRANSFERRED EXCEPT PURSUANT TO A REGISTRATION STATEMENT UNDER THE SECURITIES
ACT AND QUALIFICATION UNDER THE STATE ACTS OR PURSUANT TO EXEMPTIONS FROM SUCH REGISTRATION OR QUALIFICATION REQUIREMENTS (INCLUDING,
IN THE CASE OF THE SECURITIES ACT, THE EXEMPTIONS AFFORDED BY SECTION 4(a)(1) OF THE SECURITIES ACT AND RULE 144 THEREUNDER).
AS A PRECONDITION TO ANY SUCH TRANSFER, THE ISSUER OF THESE SECURITIES SHALL BE FURNISHED WITH AN OPINION OF COUNSEL OPINING AS
TO THE AVAILABILITY OF EXEMPTIONS FROM SUCH REGISTRATION AND QUALIFICATION AND/OR SUCH OTHER EVIDENCE AS MAY BE SATISFACTORY THERETO
THAT ANY SUCH TRANSFER WILL NOT VIOLATE THE SECURITIES LAWS.

 

    	 	3	 

     

    

 

Article
IV. 

SELLER’S
REPRESENTATIONS AND WARRANTIES.

 

Seller
represents and warrants to Buyer that:

 

4.1Organization
and Good Standing. Seller is a corporation duly incorporated, validly existing, and in good standing under the laws of the
State of Nevada and is properly qualified to do business and is in good standing in each state in which it is required to be so
qualified. Spin-off Subsidiary is a corporation duly incorporated, validly existing, and in good standing under the laws of Malta,
and is properly qualified to do business and is in good standing in each state and country in which it is required to be so qualified.

 

4.2Authority
and Enforceability. Seller and Spin-Off Subsidiary have full power and authority to enter into this Agreement and to consummate
the transactions contemplated hereby and to perform its obligations hereunder. The execution and delivery of this Agreement and
the documents to be executed and delivered at the Closing pursuant to the transactions contemplated hereby, and performance in
accordance with the terms hereof and thereof, have been duly authorized by Seller and Spin-Off Subsidiary, including requisite
approval by Seller’s board of directors and shareholders, and approval by the board of directors of Spin-Off Subsidiary,
and all such documents constitute valid and binding agreements of Seller and Spin-Off Subsidiary enforceable in accordance with
their terms.

 

4.3Capitalization;
Subsidiaries . Seller owns all of the issued and outstanding stock of Spin-Off Subsidiary. The Shares constitute
all of the issued and outstanding securities of Spin-Off Subsidiary. Seller does not have any subsidiaries or have any ownership
interest in any other Person, other than Spin-Off Subsidiary. 

 

4.4Title
to Shares. Seller is the sole record and beneficial owner of the Shares. At Closing, Buyer will have good and marketable title
to the Shares, which Shares are, and at the Closing will be, free and clear of all options, warrants, pledges, claims, liens and
encumbrances, and any restrictions or limitations prohibiting or restricting transfer to Buyer. The Shares represent all of the
issued and outstanding securities of Spin-Off Subsidiary. Seller has good and marketable title to, and all other legal rights
to possess and use, sell, assign, transfer and convey the Shares, free and clear of all Liens. Upon consummation of the transactions
contemplated by this Agreement at the Closing, good and marketable title to the Shares, free and clear of all Liens (other than
Liens incurred or imposed by Buyer), will pass to Buyer. As used herein, “Lien” means any interest (including
any security interest), pledge, mortgage, lien, encumbrance, charge, claim or other right of third parties, including any spousal
interests (community or otherwise), whether created by law or in equity, including any such restriction on the use, voting, transfer,
receipt of income or other exercise of any attributes of ownership.

  

4.5Bank
Accounts and Safe Deposit Boxes. Except as set forth on Schedule 4.5, Seller and Spin-Off Subsidiary or either, do
not have any bank or other deposit or financial account, nor does Seller and Spin-Off Subsidiary have any lock boxes or safety
deposit boxes.

 

4.6Property.

 

(a)Neither
Seller nor Spin-Off Subsidiary: (i) owns, and neither has ever owned, any real property or any interest in real property; or (ii)
is party to or is otherwise obligated under any lease, lease guarantee, agreement or document related thereto.

  

    	 	4	 

     

    

 

(b)
Spin-Off Subsidiary owns and holds all rights to use all plants, machinery, equipment and other personal property necessary for
the conduct of the business of the Spin-Off Subsidiary, as presently conducted, free and clear of all Liens.

 

(c)Seller
does not own any property used in or necessary for the business of Spin-Off Subsidiary.

 

4.7Intellectual
Property. Neither Seller nor Spin-Off Subsidiary owns any registered Intellectual Property, nor has Seller nor Spin-Off Subsidiary
submitted any application therefor anywhere in the world. Spin-Off Subsidiary owns or has valid and enforceable licenses to use
all Intellectual Property currently used, licensed or held for use by Spin-Off Subsidiary, and previously used or licensed by
Spin-Off Subsidiary (“Spin-Off IP”), and there are no agreements which restrict or limit the use of
Spin-Off IP by Seller, Spin-Off Subsidiary, or Buyer as assignee, for the purpose(s) for which such Spin-Off IP has been used
in the business of the Seller and Spin-Off Subsidiary. The Spin-Off IP is valid and enforceable, the Spin-Off IP does not violate
any agreement related to trade secrets and does not infringe on any Intellectual Property or proprietary rights of any Person
in any country. Seller has not sold, transferred, licensed or sublicensed out any of its owned or licensed Intellectual Property
and/or any of the Spin-Off IP. Seller and Spin-Off Subsidiary have not interfered with, infringed upon or misappropriated any
Intellectual Property rights of third parties, and neither Seller nor Spin-Off Subsidiary have received any notice of claim that
any of the Spin-Off IP has expired, is not valid or enforceable in any country or that it infringes upon, conflicts with or misappropriates
any Intellectual Property of any third party, and no such claims or controversies currently exist. Each employee, consultant and
independent contractor of Seller or Spin-Off Subsidiary or both, has assigned to Spin-Off Subsidiary, all Intellectual Property
arising from the services performed for Seller or Spin-Off Subsidiary by such Person. Neither Seller nor Spin-Off Subsidiary is
a party to any contract or agreement that requires Seller or Spin-Off Subsidiary, as the case may be, to assign to any Person
any of its rights in any Intellectual Property developed by Seller or Spin-Off Subsidiary, as the case may be, to assign to any
Person any of its rights in any Intellectual Property developed by Seller under such contract.

  

(a)As
used in this Agreement, “Intellectual Property” means all of the following worldwide, including any applications
to register and any rights to apply to register any of the following, as they exist in any jurisdiction throughout the world,
that are owned, purported by the Seller to be owned, or used, or held for use in the operations of the Spin-Off Subsidiary’s
business: (a) trademarks and service marks, trade dress, product configurations, trade names, designs, logos and icons and other
indications of origin, including all goodwill appurtenant thereto; (b) inventions (whether patented or unpatented), know-how,
discoveries, improvements, ideas, know-how, methodology, models, algorithms, formulae, systems, processes, technology, whether
patentable or not, and all patents, industrial designs, and utility models, and all applications and rights of priority pertaining
to the foregoing, in any jurisdiction, including re-issues, continuations, divisions, continuations-in-part, re-examinations,
renewals and extensions; (c) trade secrets and other rights in confidential and other nonpublic information that derive economic
value from not being generally known and not being readily ascertainable by proper means, including the right in any jurisdiction
to limit the use or disclosure thereof, and any other information, however documented, that is a trade secret within the meaning
of the applicable trade secret protection laws, including the Uniform Trade Secrets Act; (d) software, including interpreted or
compiled source code, object code, development documentation, programming tools, software libraries, drawings, flow charts, specifications,
metadata and data; (e) copyrights in writings, designs, literary works, software, and any other original works of authorship fixed
or recorded in any medium, including but not limited to electronic media, including applications or registrations in any jurisdiction
for the foregoing and all moral rights in the forgoing; (f) database rights; (g) internet web sites, domain names and applications
and registrations pertaining thereto; and (h) social media accounts, the usernames and passwords associated therewith, and all
content contained therein; (i) all applications and registrations in any jurisdiction pertaining to the foregoing with all rights
of priority, all goodwill associated therewith and all rights to sue or recover for the past or future infringement or misappropriation
thereof, and all licenses, sublicenses, permissions, and other agreements related to the preceding property.

 

    	 	5	 

     

    

 

4.8No
Violation. Neither the execution nor the delivery by Seller or Spin-Off Subsidiary of this Agreement, nor the consummation
or performance by Seller or Spin-Off Subsidiary of the transactions contemplated hereby or thereby will, directly or indirectly,
(a) violate or conflict with, any provision of the Organizational Documents of Seller or Spin-Off Subsidiary, (b) contravene,
conflict with, constitute a default (or an event or condition which, with notice or lapse of time or both, would constitute a
default) under, or result in the termination or acceleration of, or result in the imposition or creation of any Lien under, or
give rise to any right of termination, cancellation or acceleration of any obligation or result in a loss of a material benefit
under, or give rise to any obligation of Seller or Spin-Off Subsidiary to make any payment under, any agreement or instrument
to which the Seller or Spin-off Subsidiary is a party or by which Seller or Spin-Off Subsidiary or the Shares are bound; (c) contravene,
conflict with, or result in a violation of, any law, regulation or order of a governmental authority, to which Seller, Spin-Off
Subsidiary or the Shares, may be subject; or (d) require any filing with, or Permit, consent or approval of, or the giving of
any notice to, any Governmental Authority or other Person.

 

(a)“Organizational
Documents” means a company’s certificate of incorporation, certificate of formation, articles of organization
or other equivalent charter document and bylaws, operating agreement or other equivalent document.

 

(b)“Governmental
Authority” means any federal or national, state or provincial, municipal or local government, governmental authority,
regulatory or administrative agency, governmental commission, department, board, bureau, agency or instrumentality, political
subdivision, court, tribunal, official arbitrator or arbitral body in each case whether domestic or foreign. The term “Governmental
Authority” includes any Person acting on behalf of a Governmental Authority.

 

(c)“Law”
means any statute, law, ordinance, regulation, rule, code, order, constitution, treaty, common law, judgment, decree, other requirement
or rule of law of any Governmental Authority.

 

(d)“Order”
means any award, decision, injunction, judgment, order, ruling, subpoena, or verdict entered, issued, made, or rendered by any
court, administrative agency, or other Governmental Authority.

 

(e)“Permit”
means any federal, state, local, foreign or other third-party permit, grant, easement, consent, approval, authorization, exemption,
license, franchise, concession, ratification, permission, clearance, confirmation, endorsement, waiver, certification, designation,
rating, registration or qualification that is or has been issued, granted, given or otherwise made available by or under the authority
of any Governmental Authority or other Person.

 

    	 	6	 

     

    

 

4.9Compliance
with Laws; Permits. Seller and Spin-Off Subsidiary are in compliance with all Laws and Orders in respect of the operation,
activities, conduct and transactions of the business of Spin-Off Subsidiary (the “Business”) and operations
of the Spin-Off Subsidiary and the ownership and or possession of the Shares. None of the operation, activity, conduct and transactions
of the Business or the ownership or possession of the Shares conflicts with the rights of any other Person or violates, or with
or without the giving of notice or passage of time, or both, will violate, conflict with or result in a default, right to accelerate
or loss of rights under, any terms or provisions of any Lien, contract or any Law or Order to which Seller is a party or by which
Seller, the Business or the Shares may be bound or affected. Seller has not received any written or, oral notice of any actual
or alleged violation or non-compliance with applicable Laws. Seller and Spin-Off Subsidiary own or possess all right, title and
interest in all Permits required to own the Shares and conduct the Business as now being conducted, and all such Permits are valid
and in full force and effect and Seller and Spin-Off Subsidiary are in full compliance with the terms and conditions of such Permits.

  

4.10Absence
of Changes. Since August 11, 2016, (a) Seller and Spin-Off Subsidiary have each conducted business only in the Ordinary Course
and (b) there has not been any change or development which, individually or in the aggregate, has had, and would reasonably be
expected to have a Material Adverse Effect. Without limiting the previous sentence, since August 11, 2016, neither Seller nor
Spin-Off Subsidiary has approved, taken or otherwise effected any of the following transactions or actions: (i) sold, transferred,
leased or otherwise disposed of any material assets that would constitute if owned by Spin-Off Subsidiary on August 11, 2016;
(ii) permitted any of the Shares to be subject to any Lien; (iii) cancelled or compromised any debt or claim or waived or released
any material right of Seller in connection with the Business; (iii) changed or modified in any material respects the credit, collection
or payment policies, procedures or practices of the Business, including accelerating collections of receivables of the Business;
(iv) failed to pay any creditor, customer or subcontractor of Spin-Off Subsidiary in connection with the Business when due, unless
such amount was being contested in good faith by Seller or Spin-Off Subsidiary (and which contest has otherwise been disclosed
in writing to Buyer); or (v) changed Seller’s or Spin-Off Subsidiary’s accounting principles applicable to the Business,
except insofar as may have been required by a change in GAAP.

  

(a)“Material
Adverse Effect” means, with respect to Seller or Spin-Off Subsidiary, any event, fact, condition, change, circumstance,
occurrence or effect, which, either individually or in the aggregate with all other events, facts, conditions, changes, circumstances,
occurrences or effects, (a) has had, or would reasonably be expected to have, a material adverse effect on the business, operations,
properties, prospects, assets, liabilities, value, condition (financial or otherwise), licenses or results of operations of the
Business or the Shares or (b) does or would reasonably be expected to materially impair or delay the ability of Seller or Spin-Off
Subsidiary to perform its obligations under this Agreement and or to consummate the transactions contemplated hereby; provided,
however, that a Material Adverse Effect will not include any adverse effect or change resulting from any change, circumstance
or effect relating to (A) the economy in general, (B) securities markets, regulatory or political conditions in the United States
(including terrorism or the escalation of any war, whether declared or undeclared or other hostilities), (C) changes in applicable
Laws or GAAP or the application or interpretation thereof or (D) a natural disaster (provided, that in the cases of clauses (A)
through (D), the Business is not disproportionately affected by such event as compared to other similar companies and businesses
in similar industries and geographic regions as the Business).

  

(b)“Ordinary
Course” means, with respect to a Person, an action taken by such Person if (a) such action is recurring in nature, is
consistent with the past practices of the Person and is taken in the ordinary course of the normal day-to-day operations of the
Person; and (b) such action is not required to be authorized by the equity holders of such Person, the board of directors (or
equivalent) of such Person or any committee of the board of directors (or equivalent) of such Person and does not require any
other special authorization of any nature. Unless the context or language herein requires otherwise, each reference to Ordinary
Course will be deemed to be a reference to Ordinary Course of Seller.

 

    	 	7	 

     

    

 

4.11Employees.

  

(a)Except
as set forth on Schedule 4.11(a), Seller and Spin-Off Subsidiary have no employees, independent contractors or other Persons
providing services to them. Seller and Spin-Off Subsidiary are in full compliance with all Laws regarding employment, wages, hours,
benefits, equal opportunity, collective bargaining, the payment of Social Security and other taxes, and occupational safety and
health. Seller and Spin-Off Subsidiary are not liable for the payment of any compensation, damages, taxes, fines, penalties or
other amounts, however designated, for failure to comply with any of the foregoing Laws.

  

(b)No
director, officer or employee of Seller or Spin-Off Subsidiary is a party to, or is otherwise bound by, any contract (including
any confidentiality, non-competition or proprietary rights agreement) with any other person that in any way adversely affects
or will materially affect (i) the performance of his or her duties as a director, officer or employee of Spin-Off Subsidiary,
or (ii) the ability of Spin-Off Subsidiary, to conduct its Business. Each employee of Spin-Off Subsidiary is employed on an at-will
basis and Spin-Off Subsidiary does not have any contract with any of its employees which would interfere with its ability to discharge
its employees.

 

4.12Stock
Option Plans; Employee Benefits.

 

(a)Seller
and Spin-Off Subsidiary have no stock option plans providing for the grant by Seller or Spin-Off Subsidiary of stock options to
directors, officers or employees.

 

(b)Seller
and Spin-Off Subsidiary have no employee benefit plans or arrangements covering their present and former employees or providing
benefits to such persons in respect of services provided Steampunk.

  

(c)Neither
the consummation of the transactions contemplated hereby alone, nor in combination with another event, with respect to each director,
officer, employee and consultant of Seller or Spin-Off Subsidiary, will result in (a) any payment (including, without limitation,
severance, unemployment compensation or bonus payments) becoming due from Seller (except as otherwise contemplated by this Agreement),
(b) any increase in the amount of compensation or benefits payable to any such individual, or (c) any acceleration of the
vesting or timing of payment of compensation payable to any such individual. No agreement, arrangement or other contract of Seller
or Spin-Off Subsidiary provides benefits or payments contingent upon, triggered by, or increased as a result of a change in the
ownership or effective control of Seller or Spin-Off Subsidiary.

 

4.13SEC
Documents; Financial Statements. Seller has filed all reports required to be filed by it under the U.S. Securities Exchange
Act of 1934, as amended, including pursuant to Section 13(a) or 15(d) thereof, for the three (3) years preceding the date hereof
(or such shorter period as Seller was required by law to file such material) (the foregoing materials being collectively referred
to herein as the “SEC Documents”). As of their respective dates, the SEC Documents and any registration statements
filed under the Securities Act of 1933, as amended (the “Registration Statements”) complied in all material
respects with the requirements of the Exchange Act and the Securities Act, as applicable, and the rules and regulations of the
U.S. Securities Exchange Commission (the “Commission”) promulgated thereunder, and none of the SEC Documents
or Registration Statements, when filed, contained any untrue statement of a material fact or omitted to state a material fact
required to be stated therein or necessary in order to make the statements therein, in light of the circumstances under which
they were made, not misleading. All material contracts to which Seller is a party or to which the property or assets of Seller
are subject have been appropriately filed as exhibits to the SEC Documents and the Registration Statements as and to the extent
required under the Exchange Act and the Securities Act, as applicable. The financial statements of Seller included in the Registration
Statement and the SEC Documents comply in all material respects with applicable accounting requirements and the rules and regulations
of the Commission with respect thereto as in effect at the time of filing, were prepared in accordance with GAAP applied on a
consistent basis during the periods involved (except as may be indicated in the notes thereto, or, in the case of unaudited statements
as permitted by Form 10-Q of the Commission), and fairly present in all material respects (subject in the case of unaudited statements,
to normal, recurring audit adjustments) the financial position of Seller as at the dates thereof and the results of its operations
and cash flows for the periods then ended. The disclosure set forth in the SEC Documents and Registration Statements regarding
Seller’s business is current and complete and accurately reflects operations of Seller, as it exists as of the date hereof.

 

    	 	8	 

     

    

 

4.14Tax
Matters. Seller and Spin-Off Subsidiary have each timely filed all tax returns which each is required to have filed, all such
tax returns are accurate and complete in all material respects and Seller and Spin-Off Subsidiary have paid all taxes owed by
either of them which were due and payable (whether or not shown on any tax return).

  

4.15Solvency.
Neither Seller nor Spin-Off Subsidiary is entering into this Agreement with the intent to hinder, delay or defraud any Person
to which Seller or Spin-Off Subsidiary is, or may become, indebted. After the Closing and after giving effect to this Agreement
and the other transactions contemplated hereby, Seller expects and believes in good faith that it will not be insolvent (either
because its financial condition will be such that the sum of its debts is greater than the fair value of its assets or because
the present fair salable value of its assets would be less than the amount required to pay its probable liability on debts as
they become absolute and matured).

  

4.16Binding
Obligations. Assuming this Agreement has been duly and validly authorized, executed and delivered by the parties hereto other
than the Seller and Spin-Off Subsidiary, this Agreement is duly authorized, executed and delivered by Seller and Spin-Off Subsidiary,
and constitutes the legal, valid and binding obligation of Seller and Spin-Off Subsidiary, enforceable against each of them in
accordance with its terms, except as such enforcement is limited by general equitable principles, or by bankruptcy, insolvency
and other similar laws affecting the enforcement of creditors rights generally.

 

4.17Liabilities
of Spin-Off Subsidiary. Spin-Off Subsidiary has no liabilities other than as specifically set forth on Schedule A and
Schedule B. Spin-Off Subsidiary owes no debt to Seller other than as set forth on Schedule B. 

  

4.18Ability
to Carry Out Obligations. The execution and delivery of this Agreement by Seller and Spin-Off Subsidiary and the performance
by Seller and Spin-Off Subsidiary of its obligations hereunder will not cause, constitute, or conflict with or result in (a) any
breach or violation of any of the provisions of or constitute a default under any agreement to which such Seller or Spin-Off Subsidiary
is a party, or by which Seller or Spin-Off Subsidiary is bound, or (b) an event that would result in the creation or imposition
of any lien, charge, or encumbrance upon the Shares being sold by Seller pursuant to this Agreement.

 

Article
V

OTHER
AGREEMENTS

 

5.1Expenses.
Each party hereto shall bear its expenses separately incurred in connection with this Agreement and with the performance of its
obligations hereunder.

 

    	 	9	 

     

    

 

5.2Confidentiality.

 

(a)Seller,
Spin-Off Subsidiary and Buyer will maintain in confidence, and will cause their respective directors, officers, employees, agents,
and advisors (collectively, “Representatives”), as applicable, to maintain in confidence, any written, oral,
or other information obtained in confidence from another party in connection with this Agreement or the transactions contemplated
by this Agreement, unless: (i) such information is already known to such party (other than by reason of a breach of a confidentiality
obligation by such party or any third party of which such party is aware) or to others not bound by a duty of confidentiality
or such information becomes publicly available through no fault of such party, (ii) the use of such information is necessary or
appropriate in making any required filing with the Commission, or obtaining any consent or approval required for the consummation
of the transactions contemplated by this Agreement, or (iii) the furnishing or use of such information is required by or necessary
or appropriate in connection with legal proceedings or applicable Law, including, without limitation, any rules and regulations
of the Commission, a stock exchange or self-regulatory organization.

 

(b)In
the event that any party is required to disclose any information of another party pursuant to this Agreement, the party requested
or required to make the disclosure (the “Disclosing Party”) shall provide the party that provided such information
(the “Providing Party”) with prompt notice of any such requirement so that the Providing Party may seek a protective
order or other appropriate remedy and/or waive compliance with the provisions of this Section 5.2. If, in the absence of
a protective order or other remedy or the receipt of a waiver by the Providing Party, the Disclosing Party is nonetheless, legally
compelled to disclose the information of the Providing Party, the Disclosing Party may, without liability hereunder, disclose
only that portion of the Providing Party’s information which such counsel advises is legally required to be disclosed, provided
that the Disclosing Party exercises its reasonable efforts to preserve the confidentiality of the Providing Party’s information,
including, without limitation, by cooperating with the Providing Party to obtain an appropriate protective order or other relief
assurance that confidential treatment will be accorded the Providing Party’s information.

  

(c)Notwithstanding
the foregoing in Section 5.2(a) and (b) or Section 5.4, Seller on behalf of itself and its Representatives, expressly acknowledges
and agrees that the records, books, data and other confidential information concerning the Spin-Off Subsidiary’s financial
status, products, accounts, client development (including customer and prospect lists), sales activities and procedures, promotional
and marketing techniques, plans and strategies, financing, research, development, technology, trade secrets, know-how, software,
Intellectual Property and expansion plans and credit and financial data concerning customers and suppliers and other information
involving Spin-Off Subsidiary obtained by Seller or its Representatives through Seller’s or its Representatives past affiliation
with Spin-Off Subsidiary are considered by Buyer to be confidential and are valuable, special and unique assets of Spin-Off Subsidiary,
access to and knowledge of which are essential to preserve the goodwill and going business value of Spin-Off Subsidiary for the
benefit of Buyer. Seller further agrees that all knowledge and information described in the preceding sentence not in the public
domain (unless such knowledge and information is in the public domain as a result of a breach by Seller of this Agreement) obtained
by Seller or its Representatives as a result of Seller’s or its Representatives past affiliation with Spin-Off Subsidiary
or Buyer shall be considered confidential information of the Buyer (collectively, the “Buyer Confidential Information”).
In recognition of the foregoing, Seller hereby agrees that Seller will not, and will not permit its Representatives, on and after
the Closing, to: (x) disclose, or cause to be disclosed, any of the Buyer Confidential Information to any person or entity for
any reason or purpose whatsoever, except and to the extent such disclosure is required by any applicable Law (including any disclosure
requirements of the SEC or stock exchange on which the securities of Seller is listed or quoted) or Order (provided, that Seller
shall, (i) to extent reasonably possible, give the Buyer prompt notice of such required disclosure prior to disclosure; (ii) cooperate
with the Buyer in the event that it elects to contest such disclosure in its entirety or a portion thereof or seek a protective
order with respect thereto; and (iii) in any event only disclose the Buyer Confidential Information, or portion thereof, specifically
required (after giving effect to any order obtained pursuant to clause (ii) above); or (y) make use of any of the Buyer Confidential
Information for Seller’s or its Affiliates’ or Representatives own purposes or for the benefit of any person or entity
(except Buyer or Buyer’s Affiliates) under any circumstances.

  

    	 	10	 

     

    

 

(i)For
the purposes of this Agreement, an “Affiliate” is a person or entity that directly, or indirectly through one
or more intermediaries, controls or is controlled by, or is under common control with, another specified person or entity.

  

(d)No
party shall make any public announcement concerning this transaction without the prior written approval of all other parties,
other than as may be required by applicable law or judicial process.

 

5.3Brokers’
Fees. In connection with the transactions specifically contemplated by this Agreement, no party to this Agreement has employed
the services of a broker and each agrees to indemnify the other against all claims of any third parties for fees and commissions
of any brokers claiming a fee or commission related to the transactions contemplated hereby.

 

5.4Access
to Information Post-Closing; Cooperation.

 

(a)Following
the Closing, Buyer and Spin-Off Subsidiary shall afford to Seller and its authorized accountants, counsel and other designated
representatives, reasonable access (and including using reasonable efforts to give access to persons or firms possessing information)
and duplicating rights during normal business hours to allow records, books, contracts, instruments, computer data and other data
and information, in each case created prior to the Closing (collectively, “Information”) within the possession
or control of Buyer or Spin-Off Subsidiary insofar as such access is reasonably required by Seller to comply with applicable law
or the order of a Governmental Authority. Information may be requested under this Section 5.4(a) for, without limitation,
audit, accounting, third party claims, litigation and tax purposes, as well as for purposes of fulfilling legal disclosure and
reporting obligations and performing this Agreement and the transactions contemplated hereby. No Information of Spin-Off Subsidiary
existing at the Closing Date and required to be maintained by applicable Law shall be destroyed by Buyer or Spin-Off Subsidiary
for a period of seven (7) years after Closing.

  

(b)Following
the Closing, Seller shall afford to Buyer and Spin-Off Subsidiary and each of their authorized accountants, counsel and other
designated representatives reasonable access (including using reasonable efforts to give access to persons or firms possessing
information) and duplicating rights during normal business hours to Information within Seller’s possession or control relating
to the business of Spin-Off Subsidiary insofar as such access is reasonably required by Buyer. Information may be requested under
this Section 5.4(b) for, without limitation, audit, accounting, claims, litigation and tax purposes as well as for purposes
of fulfilling disclosure and reporting obligations and for performing this Agreement and the transactions contemplated hereby.
No Information existing at the Closing Date and required to be maintained by applicable Law shall be destroyed by Seller (and
Seller shall not permit it Representatives to destroy such Information) for a period of seven (7) years after Closing.

 

(c)At
all times following the Closing, Seller, Buyer and Spin-Off Subsidiary shall use their reasonable efforts to make available to
the other on written request, the current and former officers, directors, employees and agents of Seller or Spin-Off Subsidiary
for any of the purposes set forth in Section 5.4(a) or (b) above or as witnesses to the extent that such persons
may reasonably be required in connection with any legal, administrative or other proceedings in which Seller or Spin-Off Subsidiary
may from time to be involved.

 

    	 	11	 

     

    

 

(d)The
party to whom any Information or witnesses are provided under this Section 5.4 shall reimburse the provider thereof for
all out-of-pocket expenses actually and reasonably incurred, including, without limitation, reasonable attorney’s fees,
in providing such Information or witnesses.

  

(e)Seller,
Buyer, Spin-Off Subsidiary and their respective employees and agents shall each hold in strict confidence all Information concerning
the other party or parties in their possession or furnished by the other or the other’s Representative pursuant to this
Agreement with the same degree of care as such party utilizes as to such party’s own confidential information (except to
the extent that such Information is (i) in the public domain through no fault of such party or (ii) later lawfully acquired from
any other source by such party without, so such party’s knowledge, any breach of a confidentiality obligation), and each
party shall not release or disclose such Information to any other person, except such party’s auditors, attorneys, financial
advisors, bankers, other consultants and advisors or persons to whom such party has a valid obligation to disclose such Information,
unless compelled to disclose such Information by judicial or administrative process or, as advised by its counsel, by other requirements
of law. In the case of a conflict between this Section and Section 5.2, Section 5.2 shall control.

 

(f)Seller,
Buyer and Spin-Off Subsidiary shall each use their best efforts to forward promptly to the other party all notices, claims, correspondence
and other materials which are received and determined to pertain to the other party.

  

5.5Filings
and Consents. Seller shall make or cause to be made and shall obtain or cause to be obtained, if any, all filings and consents
which must be made and/or obtained prior to and after the Closing to consummate the purchase and sale of the Shares and to report
any such transactions to the SEC and any other Governmental Authority. Seller shall indemnify the Buyer Indemnified Parties (as
defined in Section 6.2 below) against any Losses (as defined in Section 6.1 below) incurred by such Buyer Indemnified
Parties by virtue of the failure to make and/or obtain any such filings or consents.

 

5.6Insurance.
Buyer acknowledges that on the Closing Date, effective as of the Closing, any insurance coverage and bonds provided by Seller
for Buyer or for Spin-Off Subsidiary, and all certificates of insurance evidencing that Buyer or Spin-Off Subsidiary maintain
any required insurance by virtue of insurance provided by Seller, will terminate with respect to any insured damages resulting
from matters occurring subsequent to Closing.

  

5.7Audits.
Seller will allow Spin-Off Subsidiary and its counsel to participate at Spin-Off Subsidiary’s expense in any audit of Seller’s
consolidated federal income tax returns to the extent that such audit raises issues that relate to and increase the tax liability
of Spin-Off Subsidiary. Seller shall have the absolute right, in its sole discretion, to engage professionals and direct the representation
of Seller in connection with any such audit and the resolution thereof, without receiving the consent of Buyer or Spin-Off Subsidiary
or any other party acting on behalf of Buyer or Spin-Off Subsidiary, provided that Seller will not settle any such audit in a
manner which could adversely affect Spin-Off Subsidiary after the Closing Date without Spin-Off Subsidiary’s prior written
consent. In the event that after Closing any tax authority informs Buyer or Spin-Off Subsidiary of any notice of proposed audit,
claim, assessment or other dispute concerning an amount of taxes which pertain to Seller, or to Spin-Off Subsidiary during the
period prior to Closing, Buyer or Spin-Off Subsidiary must promptly notify Seller of the same within 15 business days of the date
of the notice from the tax authority. In the event Buyer or Spin-Off Subsidiary does not notify Seller within such 15 business
day period, Spin-Off Subsidiary, will indemnify Seller for any incremental interest, penalty or other assessments resulting from
the delay in giving notice. To the extent of any conflict or inconsistency, the provisions of this Section 5.7 shall control
over the provisions of Section 6.2 below.

  

    	 	12	 

     

    

 

5.8Cooperation
on Tax Matters. Buyer, Seller and Spin-Off Subsidiary shall cooperate fully, as and to the extent reasonably requested by
any party, in connection with the filing of tax returns pursuant to this Section and any audit, litigation or other proceeding
with respect to taxes. Such cooperation shall include the retention and (upon the other party’s request) the provision of
records and information which are reasonably relevant to any such audit, litigation or other proceeding and making employees available
on a mutually convenient basis to provide additional information and explanation of any material provided hereunder. Spin-Off
Subsidiary shall (i) retain all books and records with respect to tax matters pertinent to Spin-Off Subsidiary and Seller relating
to any taxable period beginning before the Closing Date until the expiration of the statute of limitations (and, to the extent
notified by Seller, any extensions thereof) of the respective taxable periods, and abide by all record retention agreements entered
into with any taxing authority, and (ii) give the other parties reasonable written notice prior to transferring, destroying or
discarding any such books and records and, if Seller so requests, Buyer agrees to provide copies of such books and records in
the possession of Spin-Off Subsidiary.

 

5.9Use
of Name and Marks. Upon the Closing, Seller shall cease all use of the name Steampunk Wizards and all, logos, icons
and Trademarks owned or used at any time by Seller or Spin-Off Subsidiary, except as otherwise permitted in the following sentence.
Within sixty (60) days after Closing, Seller shall:

 

(a)cause
its certificate of incorporation to be amended to change its name from Steampunk Wizards, Inc. to a different name which is not
derived from or similar to and which does not contain, refer to or imply a connection with the name “Steampunk Wizards”;
and

  

(b)cause
its ticker symbol to be changed to something other than SPWZ or any extension or derivation thereof or anything similar thereto
or implying a connection therewith.

 

5.10
Further Assurances. Following the date hereof, Seller shall take such steps and actions, and provide such cooperation and
assistance to Buyer and Spin-Off Subsidiary and any of their successors, assigns and legal representatives, including the execution
and delivery of any affidavits, declarations, oaths, exhibits, assignments, powers of attorney, or other documents, as may be
reasonably necessary or appropriate to effect, evidence or perfect the sale of the Shares to Buyer or any assignee or successor
thereof.

 

Article
VI

INDEMNIFICATION

 

6.1Indemnification
by Buyer. Buyer, covenants and agrees to indemnify, defend, protect and hold harmless Seller, and its respective officers,
directors, employees, stockholders, agents, representatives and Affiliates (collectively, the “Seller Indemnified Parties”)
at all times from and after the date of this Agreement, from and against all losses, liabilities, damages, claims, actions, suits,
proceedings, demands, assessments, adjustments, costs and expenses (including specifically, but without limitation, reasonable
attorneys’ fees and expenses of investigation), whether or not involving a third party claim (collectively, “Losses”),
incurred by any Seller Indemnified Party as a result of or arising from: (i) any breach of the representations and warranties
of Buyer set forth herein or in certificates delivered in connection herewith, and (ii) any breach or nonfulfillment of any covenant
or agreement on the part of Buyer under this Agreement; provided that Buyer shall have no obligation to indemnify Seller
for Losses for which Seller is obligated to indemnify a Buyer Indemnified Party (defined below) pursuant to Section 6.2
below.

  

    	 	13	 

     

    

 

(a)Notwithstanding
any other provision of this Agreement: (1) Buyer’s and Spin-Off Subsidiary’s aggregate liability in respect of all
claims that the Seller may have against either or both of them pursuant to this Agreement will not exceed that amount of the Purchase
Price actually paid by Buyer to Seller pursuant to this Agreement; (2) Buyer shall not have any liability for any breach of any
representation, warranty, covenant or other obligation of the Spin-Off Subsidiary set forth in this Agreement; and (3) neither
Buyer nor Spin-Off Subsidiary shall have any liability to Seller for consequential damages, lost profits, or incidental or indirect
damages, including diminution of value or multiples of earnings damages, related or based upon this Agreement.

  

6.2Indemnification
by Seller. From and after the Closing, Seller agrees, to indemnify the Buyer and Spin-Off Subsidiary and each of their respective
officers, directors, employees, stockholders, agents, representatives and Affiliates (collectively, the “Buyer Indemnified
Parties”), as applicable, against all Losses incurred by such Buyer Indemnified Parties, caused by (i) any breach of
any representation or warranty made by Seller in this Agreement or in any document or certificate delivered by Seller pursuant
to this Agreement; and (ii) any breach of any covenant or obligation of Seller in this Agreement or any documents attached or
delivered pursuant to this Agreement; and (iii) any fraud on behalf of Seller or any liability of Spin-Off Subsidiary which arose
prior to the Closing and which was not disclosed to Buyer by Seller.

  

6.3Third
Party Claims.

 

(a)Defense.
If any claim or liability should be asserted against any of the Buyer Indemnified Parties or the Seller Indemnified Parties (each,
as applicable, whether or not involving a Third Party Claim, an “Indemnitee”) by a third party after the Closing
(a “Third-Party Claim”) for which Buyer has an indemnification obligation under the terms of Section 6.1
or for which Seller has an indemnification obligation under the terms of Section 6.2, then the Indemnitee shall notify
the indemnifying party (as applied to Buyer, or Seller, as applicable (whether or not involving a third-party claim), the “Indemnitor”)
within 20 days after the Third-Party Claim is asserted by a third party (said notification being referred to as a “Claim
Notice”) and give the Indemnitor a reasonable opportunity to take part in any examination of the books and records of
the Indemnitee relating to such Third-Party Claim and to assume the defense of such Third-Party Claim and, in connection therewith,
to conduct any proceedings or negotiations relating thereto and necessary or appropriate to defend the Indemnitee and/or settle
the Third-Party Claim. The expenses (including reasonable attorneys’ fees) of all negotiations, proceedings, contests, lawsuits
or settlements with respect to any Third-Party Claim shall be borne by the Indemnitor. If the Indemnitor agrees to assume the
defense of any Third-Party Claim in writing within 20 days after the Claim Notice of such Third-Party Claim has been delivered,
through counsel reasonably satisfactory to Indemnitee, then the Indemnitor shall be entitled to control the conduct of such defense,
and any decision to settle such Third-Party Claim, and shall be responsible for any expenses of the Indemnitee in connection with
the defense of such Third-Party Claim so long as the Indemnitor continues such defense until the final resolution of such Third-Party
Claim. The Indemnitor shall be responsible for paying all settlements made or judgments entered with respect to any Third-Party
Claim the defense of which has been assumed by the Indemnitor. Except as provided in subsection (b) below, both the Indemnitor
and the Indemnitee must approve any settlement of a Third-Party Claim, which approval shall not be unreasonably withheld. A failure
by the Indemnitee to timely give the Claim Notice shall not excuse Indemnitor from any indemnification liability except only to
the extent that the Indemnitor is materially and adversely prejudiced by such failure.

  

(b)Failure
to Defend. If the Indemnitor shall not agree to assume the defense of any Third-Party Claim in writing within 20 days after
the Claim Notice of such Third-Party Claim has been delivered, or shall fail to continue such defense until the final resolution
of such Third-Party Claim, then the Indemnitee may defend against such Third-Party Claim in such manner as it may deem appropriate
and the Indemnitee may settle such Third-Party Claim, in its sole discretion, on such terms as it may deem appropriate; provided
however, that the Indemnitor shall (i) promptly reimburse the Indemnitee for the amount of all settlement payments and expenses,
legal and otherwise, incurred by the Indemnitee in connection with the defense or settlement of such Third-Party Claim, or (ii)
shall pay, in advance of any settlement or proceedings and in installments as reasonably agreed to by the parties, such sums and
expenses reasonably expected to be incurred in connection with the defense of the Third-Party Claim and any settlement thereof.
If no settlement of such Third-Party Claim is made, then the Indemnitor shall satisfy any judgment rendered with respect to such
Third-Party Claim before the Indemnitee is required to do so, and pay all expenses, legal or otherwise, incurred by the Indemnitee
in the defense against such Third-Party Claim.

 

    	 	14	 

     

    

 

6.4Non-Third-Party
Claims. Upon discovery of any claim for which Indemnitor has an indemnification obligation under the terms of Section 6.1
or Section 6.2 which does not involve a claim by a third party against the Indemnitee, the Indemnitee shall give prompt notice
to Indemnitor of such claim and, in any case, shall give Indemnitor such notice within 30 days of such discovery. A failure by
Indemnitee to timely give the foregoing notice to Indemnitor shall not excuse Indemnitor from any indemnification liability except
to the extent that Indemnitor is materially and adversely prejudiced by such failure.

  

6.5Survival.
Anything in this Agreement to the contrary notwithstanding, the liability of each Indemnitor under this Article VI shall
survive as follows: (a) an Indemnitor’s liability for breach of any representation or warranty of such Indemnitor
in this Agreement shall survive until and terminate upon the first (1st) anniversary of the Closing date, provided
that such liability shall survive if, prior to the first (1st) anniversary of the Closing Date, any Indemnitee shall
have asserted a claim for indemnification for Losses incurred by such Indemnitee pursuant to this Article VI in writing
to the appropriate party, which claim shall identify its basis with reasonable specificity (a “Claim”), in
which case the liability for such Claim shall continue until it shall have been finally settled, decided or adjudicated, (b)
an Indemnitor’s liability for Losses incurred as a result of such Indemnitor’s breach of any covenant or agreement
to be performed by such Indemnitor after the Closing, shall survive indefinitely, and (c) liability of an Indemnitor for
Losses arising out of Third-Party Claims for which such Indemnitor has an indemnification obligation, which liability shall survive
until the statute of limitation applicable to any third party’s right to assert a Third-Party Claim bars assertion of such
claim.

 

6.6Exclusive
Remedy. Except for Claims based on actions for specific performance, injunctive relief or equitable remedies brought in accordance
with this Agreement, the sole and exclusive remedy of any Seller or Buyer Indemnitee for any and all claims or Losses relating
to or arising out of or in connection with this Agreement or the transactions contemplated by this Agreement and the facts and
circumstances relating and pertaining thereto (whether any such claim may be made in contract, breach of warranty, tort, or otherwise,
and whether arising by statute, common law or otherwise) shall be an action for indemnity pursuant to this Article VI,
which shall be governed and limited by this Article VI.

 

Article
VII

MISCELLANEOUS.

 

7.1Definitions.
Capitalized terms used herein without definition have the meanings ascribed to them in the Securities Purchase Agreement.

 

    	 	15	 

     

    

 

7.2Notices.
All notices and communications required or permitted hereunder shall be in writing and deemed given when received by means of
the United States mail, addressed to the party to be notified, postage prepaid and registered or certified with return receipt
requested, or personal delivery, or overnight courier, as follows:

 

(a)If
to Seller, addressed to:

 

Steampunk
Wizards, Inc.

c/o
Hunter Taubman Fischer & Li LLC 

1450
Broadway, 26th Floor 

New
York, NY 10018 

Attn:
Joshua O’Cock, CEO

 

With
a copy to (which shall not constitute notice hereunder):

 

Hunter
Taubman Fischer Li LLC

1450
Broadway, 26th Floor

New
York, NY 10018

Attn:
Louis Taubman

Email
Address: ltaubman@htflawyers.com

 

(b)         If
to Buyer, Grunewald or Spin-Off Subsidiary, addressed to:

 

Brendon
Grunewald 

Ave
des Cattleyas 47, 

Brussels
B-1150, Belgium

Email
Address: brendon@steampunkwizards.com

  

With
a copy to (which shall not constitute notice hereunder):

 

Dr.
Michael Muscat,

Swissquote Financial Services Malta,

Fino Buildings, Level 2,

Notabile Road,

Mriehel, Malta.

Email
Address: mmuscat14@gmail.com

 

or
to such other address as any party hereto shall specify pursuant to this Section 7.2 from time to time.

 

7.3Exercise
of Rights and Remedies. Except as otherwise provided herein, no delay of or omission in the exercise of any right, power or
remedy accruing to any party as a result of any breach or default by any other party under this Agreement shall impair any such
right, power or remedy, nor shall it be construed as a waiver of or acquiescence in any such breach or default, or of any similar
breach or default occurring later; nor shall any waiver of any single breach or default be deemed a waiver of any other breach
or default occurring before or after that waiver.

 

7.4Reformation
and Severability. In case any provision of this Agreement shall be invalid, illegal or unenforceable, it shall, to the extent
possible, be modified in such manner as to be valid, legal and enforceable but so as to most nearly retain the intent of the parties,
and if such modification is not possible, such provision shall be severed from this Agreement, and in either case the validity,
legality and enforceability of the remaining provisions of this Agreement shall not in any way be affected or impaired thereby.

 

    	 	16	 

     

    

 

7.5Further
Acts and Assurances. From and after the Closing, Seller, Buyer and Spin-Off Subsidiary agree that each will act in a manner
supporting compliance, including compliance by its Affiliates, with all of its obligations under this Agreement and, from time
to time, shall, at the request of another party hereto, and without further consideration, cause the execution and delivery of
such other instruments of conveyance, transfer, assignment or assumption and take such other action or execute such other documents
as such party may reasonably request in order more effectively to convey, transfer to and vest in Buyer, and to put Spin-Off Subsidiary
in possession of, all Shares and to convey, transfer to and vest in Buyer, the Shares, and, in the case of any contracts and rights
that cannot be effectively transferred without the consent or approval of another person that is unobtainable, to use its best
reasonable efforts to ensure that Spin-Off Subsidiary receives the benefits thereof to the maximum extent permissible in accordance
with applicable law or other applicable restrictions, and shall perform such other acts which may be reasonably necessary to effectuate
the purposes of this Agreement.

 

7.6Entire
Agreement; Amendments. This Agreement contains the entire understanding of the parties relating to the subject matter contained
herein. This Agreement cannot be amended or changed except through a written instrument signed by all of the parties hereto.

 

7.7Assignment.
No party may assign his, her or its rights or obligations hereunder, in whole or in part, without the prior written consent of
the other parties. This Agreement will be binding on and enforceable against all permitted successors and assignees.

 

7.8Governing
Law. This Agreement shall be governed by and construed in accordance with the laws of the State of New York, without giving
effect to principles of conflicts or choice of laws thereof.

 

7.9Counterparts.
This Agreement may be executed in one or more counterparts, with the same effect as if all parties had signed the same document.
Each such counterpart shall be an original, but all such counterparts taken together shall constitute a single agreement. In the
event that any signature is delivered by facsimile transmission, such signature shall create a valid and binding obligation of
the party executing (or on whose behalf such signature is executed) the same with the same force and effect as if such facsimile
signature page was an original thereof.

  

7.10Section
Headings and Gender. The section headings used herein are inserted for reference purposes only and shall not in any way affect
the meaning or interpretation of this Agreement. All personal pronouns used in this Agreement shall include the other genders,
whether used in the masculine, feminine or neuter and the singular shall include the plural, and vice versa, whenever and as often
as may be appropriate.

 

7.11Specific
Performance; Remedies. Each of the parties to this Agreement acknowledges and agrees that, if any provision of this Agreement
is not performed in accordance with its specific terms or is otherwise breached, irreparable damages would be incurred by the
other parties to this Agreement. Accordingly, the parties to this Agreement agree that any party will be entitled to seek an injunction
or injunctions to prevent breaches of the provisions of this Agreement and to enforce specifically this Agreement and its terms
and provisions in any action instituted in any court of the United States or any state thereof having jurisdiction over the parties
and the matter, subject to Section 7.8, in addition to any other remedy to which they may be entitled, at law or in equity.
Except as expressly provided herein, the rights, obligations and remedies created by this Agreement are cumulative and are in
addition to any other rights, obligations or remedies otherwise available at law or in equity, and nothing herein will be considered
an election of remedies.

 

7.12Submission
to Jurisdiction; Process Agent; No Jury Trial.

 

(a)Each
party to the Agreement hereby submits to the jurisdiction of any state or federal court sitting in the Borough of Manhattan, City
and State of New York, in any action arising out of or relating to this Agreement, and agrees that all claims in respect of the
action may be heard and determined in any such court. Each party to the Agreement also agrees not to bring any action arising
out of or relating to this Agreement in any other court. Each party to the Agreement agrees that a final judgment in any action
so brought will be conclusive and may be enforced by action on the judgment or in any other manner provided at law or in equity.
Each party to the Agreement waives any defense of inconvenient forum to the maintenance of any action so brought and waives any
bond, surety or other security that might be required of any other party with respect thereto.

 

    	 	17	 

     

    

 

(b)EACH
PARTY TO THIS AGREEMENT HEREBY AGREES TO WAIVE ITS RIGHTS TO JURY TRIAL OF ANY DISPUTE BASED UPON OR ARISING OUT OF THIS AGREEMENT
OR ANY OTHER AGREEMENTS RELATING TO THE SUBJECT MATTER OF THIS AGREEMENT OR ANY DEALINGS AMONG THEM RELATING TO THE TRANSACTIONS
CONTEMPLATED HEREBY. The scope of this waiver is intended to be all encompassing of any and all actions that may be filed in any
court and that relate to the subject matter of the transactions, including contract claims, tort claims, breach of duty claims
and all other common law and statutory claims. Each party to the Agreement hereby acknowledges that this waiver is a material
inducement to enter into a business relationship and that they will continue to rely on the waiver in their related future dealings.
Each party to the Agreement further represents and warrants that it has reviewed this waiver with its legal counsel, and that
each knowingly and voluntarily waives its jury trial rights following consultation with legal counsel. NOTWITHSTANDING ANYTHING
TO THE CONTRARY HEREIN, THIS WAIVER IS IRREVOCABLE, MEANING THAT IT MAY NOT BE MODIFIED ORALLY OR IN WRITING, AND THE WAIVER WILL
APPLY TO ANY AMENDMENTS, RENEWALS, SUPPLEMENTS OR MODIFICATIONS TO THIS AGREEMENT OR TO ANY OTHER DOCUMENTS OR AGREEMENTS RELATING
HERETO. In the event of commencement of any action, this Agreement may be filed as a written consent to trial by a court.

 

(c)Construction.
The parties hereto have participated jointly in the negotiation and drafting of this Agreement. If an ambiguity or question of
intent or interpretation arises, this Agreement will be construed as if drafted jointly by the parties hereto and no presumption
or burden of proof will arise favoring or disfavoring any party because of the authorship of any provision of this Agreement.
Any reference to any federal, state, local or foreign law will be deemed also to refer to law as amended and all rules and regulations
promulgated thereunder, unless the context requires otherwise. The words “include,” “includes,”
and “including” will be deemed to be followed by “without limitation.” The words “this
Agreement,” “herein,” “hereof,” “hereby,” “hereunder,”
and words of similar import refer to this Agreement as a whole and not to any particular subdivision unless expressly so limited.
The parties hereto intend that each representation, warranty and covenant contained herein will have independent significance.
If any party hereto has breached any representation, warranty or covenant contained herein in any respect, the fact that there
exists another representation, warranty or covenant relating to the same subject matter (regardless of the relative levels of
specificity) which that party has not breached will not detract from or mitigate the fact that such party is in breach of the
first representation, warranty or covenant.

 

7.13General
Releases.

 

(a)Each
party hereto, respectively, on its own behalf and on behalf of its Affiliates (each such party and its Affiliates, a “Releasor”),
effective on the Closing Date: (i) irrevocably and unconditionally releases, waives and forever discharges each other party
to this Agreement and such other party’s respective officers, directors, stockholders, successors, Representatives and permitted
assigns (each, a “Releasee”), from any and all claims and Liabilities, but only to the extent arising prior
to the Closing, and with the exception of the Seller’s right to receive payment under the Seller Loans, which right to receive
payment was sold and assigned to Brendon Grunewald pursuant to the Loan Assignment Agreement executed simultaneously with this
Agreement (collectively all claims and Liabilities released pursuant to this Section 7.13(a)(i) are referred to as the
“Released Claims”); and (ii) irrevocably agrees to refrain from directly or indirectly asserting any
claim or demand or commencing (or causing to be commenced) any suit, action or proceeding of any kind against any of the Releasees,
based upon or in connection with any matter released or purported to be released pursuant to this Section 7.13(a).

  

(b)For
the avoidance of doubt, this Section 7.13 does not constitute a release with respect to claims or Liabilities arising out
of, based on or resulting from this Agreement, the Purchase Agreement, or the agreements or exhibits attached hereto and thereto.
As used in this Agreement, “Liabilities” means, collectively, any debt, claim, cause of action, obligation,
or liability.

 

 

[Signature
page follows this page]

 

    	 	18	 

     

    

 

IN
WITNESS WHEREOF, the parties hereto have duly executed this Spin-Off Agreement as of the day and year first above written.

 

	 	SELLER:
	 	 
	 	STEAMPUNK
    WIZARDS INC.
	 	 	 
	 	By:  	/s/
    Joshua O’Cock
	 	 	Name:
    Joshua O’Cock
	 	 	Title:
    Chief Executive Officer
	 	 	 
	 	SPIN-OFF
    SUBSIDIARY: 
	 	 
	 	STEAMPUNK
    WIZARDS, LTD.
	 	 	 
	 	By:  	/s/
    Brendon Grunewald
	 	 	Name:  Brendon
    Grunewald
	 	 	Title:    Chief
    Executive Officer
	 	 	 
	 	BUYER:
	 	 
	 	PraeFIDI
    Holdings limited:
	 	 	 
	 	By:	/s/
    Brendon Grunewald
	 	 	Name:  Brendon
    Grunewald
	 	 	Title:    Chief
    Executive Officer
	 	 	 
	 	GRUNEWALD:
	 	 	 
	 	Signature:	/s/
    Brendon Grunewald
	 	 	Name:  Brendon
    Grunewald, personally

 

[Signature Page to Spin-Off Agreement] 

 

19

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