Document:

Exhibit 10.18

 

SPACE
APPRENTICES ENTERPRISE INC.

 

STOCK
RESTRICTION AGREEMENT

 

THIS
STOCK RESTRICTION AGREEMENT is entered into as of November 1, 2018, by SPACE APPRENTICES ENTERPRISE INC., a Delaware
corporation (the “Company”), and MIKHAIL KOKORICH (the “Purchaser”).

 

RECITALS

 

WHEREAS,
the parties entered into a Stock Transfer Agreement dated as of March 18, 2018 (the “Stock Transfer Agreement”),
pursuant to which the Purchaser acquired 50,000,000 Shares of the Company’s Common Stock (the “Original Purchased
Shares”), for $0.003 per share, each of the foregoing on an after stock-split basis; and

 

WHEREAS,
pursuant to the Stock Transfer Agreement, the Original Purchased Shares are currently fully vested and not subject to repurchase
by the Company; and

 

WHEREAS,
pursuant to an Exchange Agreement by and between the Company and the Purchaser, dated on or about the date hereof, 80% of the
Original Purchased Shares, 40,000,000 Shares, were reconstituted into shares of the Company’s Class B Common Stock
(the “Class B Purchased Shares”) and 20% of the Original Purchased Shares, 10,000,000 Shares, were
reconstituted into shares of the Company’s FF Preferred Stock (the “FF Preferred Purchased Shares” and
together with the Class B Purchased Shares, the “Purchased Shares”); and

 

WHEREAS,
in order to induce the Company to enter into a sale of shares of its Preferred Stock to certain investors, the Purchaser hereby
agrees to the imposition of contractual restrictions with respect to the Class B Purchased Shares, and the Purchaser and the Company
hereby agree that this Agreement shall govern the right of the Company to repurchase the Class B Purchased Shares in certain circumstances;

 

WHEREAS,
the FF Preferred Purchased Shares shall be fully-vested; and

 

WHEREAS,
capitalized terms not defined above are defined in Section 8 of this Agreement.

 

NOW,
THEREFORE, in consideration of the mutual promises and covenants set forth herein, the parties hereby agree as follows:

 

Section
1. RIGHT OF REPURCHASE.

 

(a) Scope
of Repurchase Right. The FF Preferred Purchased Shares shall be fully vested and shall not be Restricted Shares. Until they
vest in accordance with Subsection (b) below, the Class B Purchased Shares shall be Restricted Shares and shall be
subject to the Company’s Right of Repurchase. The Company may exercise its Right of Repurchase only during the Repurchase
Period following the termination of the Purchaser’s Service, and shall be deemed to have automatically exercised the Right
of Repurchase in accordance with Subsection (d) below, unless the Company provides notice to the holder of the Restricted
Shares that it will not be exercising its Right of Repurchase. The Company may exercise its Right of Repurchase only with respect
to the portion of the Restricted Shares that has not vested in accordance with Subsection (b) below. If the Right
of Repurchase is exercised, the Company shall pay the Purchaser an amount equal to the Repurchase Price for each of the Restricted
Shares being repurchased.

 

     

     

    

 

(b) Lapse
of Repurchase Right. The Right of Repurchase shall lapse with respect to 1/48th of the Class B Purchased Shares when
the Purchaser completes each month of continuous Service from the Vesting Commencement Date. In addition, the following rules
shall apply if the Company is subject to a Change in Control before the Purchaser’s Service terminates:

 

If
the Purchaser is subject to an Involuntary Termination within 12 months after the Change in Control, then Right of Repurchase
shall lapse with respect to 100% of any remaining Restricted Shares.

 

(c) Restricted
Shares Held. Upon execution of this Agreement, the Restricted Shares, and any certificate(s) for the Restricted Shares (whether
electronic or otherwise), shall be held by the Company in escrow in accordance with the provisions of this Agreement. Any additional
or exchanged securities or other property described in Subsection (f) below that are Restricted Shares in accordance
herewith shall immediately be delivered to the Company to be held in escrow. All ordinary cash dividends on Restricted Shares
(or on other securities held in escrow) shall be paid directly to the Purchaser and shall not be held in escrow. Restricted Shares,
together with any other assets held in escrow under this Agreement, shall be (i) surrendered to the Company for repurchase
upon exercise of the Right of Repurchase or the Right of First Refusal or (ii) released to the Purchaser to the extent that
the Shares have ceased to be Restricted Shares.

 

(d) Exercise
of Repurchase Right. The Company shall be deemed to have exercised its Right of Repurchase automatically for all Restricted
Shares as of the commencement of the Repurchase Period, unless the Company during the Repurchase Period notifies the holder of
the Restricted Shares pursuant to Section 6 that it will not exercise its Right of Repurchase for some or all of the
Restricted Shares. The Company shall pay to the holder of the Restricted Shares the Repurchase Price for the Restricted Shares
being repurchased. Payment shall be made in cash or cash equivalents and/or by canceling indebtedness to the Company incurred
by the Purchaser in the purchase of the Restricted Shares. The certificate(s) representing the Restricted Shares being repurchased
shall be released from escrow and promptly delivered to the Company.

 

(e) Termination
of Rights as Stockholder. If the Right of Repurchase is exercised in accordance with this Section 1 and the Company
makes available the consideration for the Restricted Shares being repurchased, then the person from whom the Restricted Shares
are repurchased shall no longer have any rights as a holder of the Restricted Shares (other than the right to receive payment
of such consideration). Such Restricted Shares shall be deemed to have been repurchased pursuant to this Section 1,
whether or not the certificate(s) for such Restricted Shares have been delivered to the Company or the consideration for such
Restricted Shares has been accepted.

 

    	 	2	 

     

    

 

(f) Additional
or Exchanged Securities and Property. In the event of a merger or consolidation of the Company with or into another entity,
any other corporate reorganization, a stock split, the declaration of a stock dividend, the declaration of an extraordinary dividend
payable in a form other than stock, a spin-off, an adjustment in conversion ratio, a recapitalization or a similar transaction
affecting the Company’s outstanding securities, any securities or other property (including cash or cash equivalents) that
are by reason of such transaction exchanged for, or distributed with respect to, any Restricted Shares shall continue to the existing
vesting schedule set forth herein. Appropriate adjustments to reflect the exchange or distribution of such securities or property
shall be made to the number and/or class of the Restricted Shares. Appropriate adjustments shall also be made to the price per
share to be paid upon the exercise of the Right of Repurchase, provided that the aggregate purchase price payable for the Restricted
Shares shall remain the same. In the event of a merger or consolidation of the Company with or into another entity or any other
corporate reorganization, the Right of Repurchase may be exercised by the Company’s successor in accordance with the terms
of this Agreement.

 

(g) Transfer
of Restricted Shares. The Purchaser shall not transfer, assign, encumber or otherwise dispose of any Restricted Shares without
the Company’s written consent, except for Permitted Transfers, provided that the Transferee agrees in writing on a form
prescribed by the Company to be bound by all provisions of this Agreement. If the Purchaser transfers any Restricted Shares in
accordance with this Section 1(g), then this Agreement shall apply to the Transferee to the same extent as to the
Purchaser.

 

(h) Assignment
of Repurchase Right. With the approval of the Board of Directors, the Company may freely assign the Company’s Right
of Repurchase, in whole or in part. Any person who accepts an assignment of the Right of Repurchase from the Company shall assume
all of the Company’s rights and obligations under this Section 1.

 

(i) Part-Time
Employment and Leaves of Absence. If the Purchaser commences working on a part-time basis, then the Company may adjust the
vesting schedule set forth in Subsection (b) above. If the Purchaser goes on a leave of absence, then the Company
may adjust the vesting schedule set forth in Subsection (b) above in accordance with the Company’s leave of
absence policy or the terms of such leave. Except as provided in the preceding sentence, Service shall be deemed to continue while
the Purchaser is on a bona fide leave of absence, if (i) such leave was approved in advance by the Company in writing
and (ii) continued crediting of Service is expressly required by the terms of such leave or by applicable law (as determined
by the Company). Service shall be deemed to terminate when such leave ends, unless the Purchaser immediately returns to active
work.

 

Section
2. RIGHT OF FIRST REFUSAL.

 

(a) Right
of First Refusal. In the event that the Purchaser proposes to sell, pledge or otherwise transfer to a third party any Purchased
Shares, or any interest in Purchased Shares, the Company shall have the Right of First Refusal with respect to all (and not less
than all) of such Purchased Shares. If the Purchaser desires to transfer Purchased Shares, the Purchaser shall give a written
Transfer Notice to the Company describing fully the proposed transfer, including the number of Purchased Shares proposed to be
transferred, the proposed transfer price, the name and address of the proposed Transferee and proof satisfactory to the Company
that the proposed sale or transfer will not violate any applicable federal, State or foreign securities laws. The Transfer Notice
shall be signed both by the Purchaser and by the proposed Transferee and must constitute a binding commitment of both parties
to the transfer of the Purchased Shares. The Company shall have the right to purchase all, and not less than all, of the Purchased
Shares on the terms of the proposal described in the Transfer Notice (subject, however, to any change in such terms permitted
under Subsection (b) below) by delivery of a notice of exercise of the Right of First Refusal within 30 days
after the date when the Transfer Notice was received by the Company.

 

    	 	3	 

     

    

 

(b) Transfer
of Shares. If the Company fails to exercise its Right of First Refusal within 30 days after receiving the Transfer Notice,
the Purchaser may, not later than 90 days after the Company received the Transfer Notice, conclude a transfer of the Purchased
Shares subject to the Transfer Notice on the same terms and conditions described in the Transfer Notice, provided that any such
sale is made in compliance with applicable federal, State and foreign securities laws and not in violation of any other contractual
restrictions to which the Purchaser is bound. Any proposed transfer on terms and conditions different from those described in
the Transfer Notice, as well as any subsequent proposed transfer by the Purchaser, shall again be subject to the Right of First
Refusal and shall require compliance with the procedure described in Subsection (a) above. If the Company exercises
its Right of First Refusal, the parties shall consummate the sale of the Purchased Shares on the terms set forth in the Transfer
Notice within 60 days after the Company received the Transfer Notice (or within such longer period as may have been specified
in the Transfer Notice); provided, however, that in the event the Transfer Notice provided that payment for the Purchased Shares
was to be made in a form other than cash or cash equivalents paid at the time of transfer, the Company shall have the option of
paying for the Purchased Shares with cash or cash equivalents equal to the present value of the consideration described in the
Transfer Notice.

 

(c) Additional
or Exchanged Securities and Property. In the event of a merger or consolidation of the Company with or into another entity,
any other corporate reorganization, a stock split, the declaration of a stock dividend, the declaration of an extraordinary dividend
payable in a form other than stock, a spin-off, an adjustment in conversion ratio, a recapitalization or a similar transaction
affecting the Company’s outstanding securities, any securities or other property (including cash or cash equivalents) that
are by reason of such transaction exchanged for, or distributed with respect to, any Purchased Shares subject to this Section
2 shall immediately be subject to the Right of First Refusal. Appropriate adjustments to reflect the exchange or distribution
of such securities or property shall be made to the number and/or class of the Purchased Shares subject to this Section 2.

 

(d) Termination
of Right of First Refusal. Any other provision of this Section 2 notwithstanding, in the event that the Stock
is readily tradable on an established securities market when the Purchaser desires to transfer Purchased Shares, the Company shall
have no Right of First Refusal, and the Purchaser shall have no obligation to comply with the procedures prescribed by Subsections (a)
and (b) above.

 

(e) Permitted
Transfers. This Section 2 shall not apply to (i) a transfer by beneficiary designation, will or intestate
succession or (ii) a Permitted Transfer, provided that, in either case, the Transferee agrees in writing on a form prescribed
by the Company to be bound by all provisions of this Agreement. If the Purchaser transfers any Purchased Shares, either under
this Subsection (e) or after the Company has failed to exercise the Right of First Refusal, then this Agreement shall
apply to the Transferee to the same extent as to the Purchaser.

 

    	 	4	 

     

    

 

(f) Termination
of Rights as Stockholder. If the Company makes available, at the time and place and in the amount and form provided in this
Agreement, the consideration for the Purchased Shares to be purchased in accordance with this Section 2, then after
such time the person from whom such Purchased Shares are to be purchased shall no longer have any rights as a holder of such Purchased
Shares (other than the right to receive payment of such consideration in accordance with this Agreement). Such Purchased Shares
shall be deemed to have been purchased in accordance with the applicable provisions hereof, whether or not the certificate(s)
therefor have been delivered as required by this Agreement.

 

(g) Assignment
of Right of First Refusal. The Board of Directors may freely assign the Company’s Right of First Refusal, in whole or
in part. Any person who accepts an assignment of the Right of First Refusal from the Company shall assume all of the Company’s
rights and obligations under this Section 2.

 

Section
3. SUCCESSORS AND ASSIGNS.

 

Except
as otherwise expressly provided to the contrary, the provisions of this Agreement shall inure to the benefit of, and be binding
upon, the Company and its successors and assigns and be binding upon the Purchaser and the Purchaser’s legal representatives,
heirs, legatees, distributees, assigns and transferees by operation of law, whether or not any such person has become a party
to this Agreement or has agreed in writing to join herein and to be bound by the terms, conditions and restrictions hereof. Except
as expressly provided herein, the Purchaser may not assign this Agreement or any of its rights or obligations hereunder without
prior written consent of the Company.

 

Section
4. NO RETENTION RIGHTS.

 

Nothing
in this Agreement shall confer upon the Purchaser any right to continue in Service for any period of specific duration or interfere
with or otherwise restrict in any way the rights of the Company (or any Parent or Subsidiary employing or retaining the Purchaser)
or of the Purchaser, which rights are hereby expressly reserved by each, to terminate his Service at any time and for any reason,
with or without Cause.

 

Section
5. LEGEND.

 

All
certificates evidencing Class B Purchased Shares shall bear the following legend (in addition to any legend(s) required by the
Stock Transfer Agreement or applicable law):

 

“THE
SHARES REPRESENTED HEREBY MAY NOT BE SOLD, ASSIGNED, TRANSFERRED, ENCUMBERED OR IN ANY MANNER DISPOSED OF, EXCEPT IN COMPLIANCE
WITH THE TERMS OF A WRITTEN AGREEMENT BETWEEN THE COMPANY AND THE REGISTERED HOLDER OF THE SHARES (OR THE PREDECESSOR IN INTEREST
TO THE SHARES). SUCH AGREEMENT GRANTS TO THE COMPANY CERTAIN REPURCHASE RIGHTS UPON TERMINATION OF SERVICE WITH THE COMPANY. THE
SECRETARY OF THE COMPANY WILL UPON WRITTEN REQUEST FURNISH A COPY OF SUCH AGREEMENT TO THE HOLDER HEREOF WITHOUT CHARGE.”

 

    	 	5	 

     

    

 

Section
6. NOTICE.

 

Any
notice required by the terms of this Agreement shall be given in writing. It shall be deemed effective upon (i) personal
delivery, (ii) deposit with the United States Postal Service, by registered or certified mail, with postage and fees prepaid
or (iii) deposit with Federal Express Corporation, with shipping charges prepaid. Notice shall be addressed to the Company
at its principal executive office and to the Purchaser at the address that he or she most recently provided to the Company in
accordance with this Section 6.

 

Section
7. ENTIRE AGREEMENT.

 

This
Agreement constitutes the entire contract between the parties hereto with regard to the subject matter hereof. It supersedes any
other agreements, representations or understandings (whether oral or written and whether express or implied) which relate to the
subject matter hereof.

 

Section
8. CHOICE OF LAW.

 

This
Agreement shall be governed by, and construed in accordance with, the laws of the State of Delaware, as such laws are applied
to contracts entered into and performed in such State.

 

Section
9. DEFINITIONS.

 

(a) “Agreement”
shall mean this Stock Restriction Agreement.

 

(b) “Board
of Directors” shall mean the Board of Directors of the Company, as constituted from time to time.

 

(c) “Cause”
shall mean:

 

(i) An
unauthorized use or disclosure by the Purchaser of the Company’s confidential information or trade secrets;

 

(ii) A
material breach by the Purchaser of any agreement between the Purchaser and the Company and, to the extent it is curable by the
Purchaser as determined by the Board of Directors, which breach is not corrected by Purchaser within ten (10) days after written
notice from the Board of Directors or the Company’s Chief Executive Officer thereof;

 

(iii) A
material failure by the Purchaser to comply with the Company’s written policies or rules and, to the extent it is curable
by the Purchaser as determined by the Board of Directors, which failure is not corrected by Purchaser within ten (10) days after
written notice from the Board of Directors or the Company’s Chief Executive Officer thereof;

 

    	 	6	 

     

    

 

(iv) The
Purchaser’s commission or attempted commission of, or participation in, a fraud, embezzlement, misappropriation or other
act of dishonesty against the Company;

 

(v) The
Purchaser’s conviction of, or the entering a plea of guilty or no contest to, any felony or any crime involving moral turpitude;

 

(vi) The
Purchaser’s gross negligence or willful misconduct;

 

(vii) A
failure by the Purchaser to perform assigned duties or comply with a lawful directive of the Board of Directors and, to the extent
it is curable by the Purchaser, is not cured within fifteen (15) days after receiving written notification of such failure from
the Board of Directors; or

 

(viii) A
failure by the Purchaser to cooperate in good faith with a governmental or internal investigation of the Company or its directors,
officers or employees, if the Company has requested the Purchaser’s cooperation.

 

(d) “Change
in Control” shall mean (i) the consummation of a merger or consolidation of the Company with or into another entity,
(ii) the sale, exclusive license or similar disposition of all or substantially all of the Company’s assets or intellectual
property or (iii) the dissolution, liquidation or winding up of the Company. The foregoing notwithstanding, a merger or consolidation
of the Company shall not constitute a “Change in Control” if immediately after such merger or consolidation a majority
of the voting power of the capital stock of the continuing or surviving entity, or any direct or indirect parent corporation of
such continuing or surviving entity, will be owned by the persons who were the Company’s stockholders immediately prior
to such merger or consolidation in substantially the same proportions as their ownership of the voting power of the Company’s
capital stock immediately prior to such merger or consolidation.

 

(e) “Consultant”
shall mean a person who performs bona fide services for the Company, a Parent or a Subsidiary as a consultant or advisor, excluding
Employees.

 

(f) “Employee”
shall mean any individual who is a common-law employee of the Company, a Parent or a Subsidiary.

 

(g) “Good
Reason” shall mean that the Purchaser resigns as an Employee within 90 days after one of the following conditions has
come into existence without his or her consent:

 

(i) If
Purchaser is then an Employee, a reduction in the Purchaser’s base salary by more than 10% (unless such reduction is made
in connection with an across the board reduction in base salaries of the Company’s senior executives);

 

(ii) If
Purchaser is then an Employee, a material diminution of the Purchaser’s authority, duties or responsibilities; provided,
however, that the acquisition of the Company and subsequent conversion of the Company to a division or unit of the acquiring
company will not by itself result in a diminution of the Purchaser’s position; or

 

    	 	7	 

     

    

 

(iii) If
Purchaser is then an Employee, a relocation of the Purchaser’s principal workplace by more than 40 miles.

 

A
condition shall not be considered “Good Reason” unless the Purchaser gives the Company written notice of such condition
within 90 days after such condition comes into existence and the Company fails to remedy such condition within 30 days
after receiving the Purchaser’s written notice.

 

(h) “Involuntary
Termination” shall mean the termination of the Purchaser’s Service by reason of:

 

(i) The
involuntary discharge of the Purchaser by the Company (or the Parent or Subsidiary employing him or her) for reasons other than
Cause; or

 

(ii) The
voluntary resignation of the Purchaser for Good Reason.

 

(i) “Parent”
shall mean any corporation (other than the Company) in an unbroken chain of corporations ending with the Company, if each of the
corporations other than the Company owns stock possessing 50% or more of the total combined voting power of all classes of stock
in one of the other corporations in such chain.

 

(j) “Permitted
Transfer” shall have the meaning ascribed to such term in the Restated Certificate of Incorporation of the Company Incorporation
(as it may be amended from time to time).

 

(k) “Preferred
Stock” shall have the meaning ascribed to such term in the Restated Certificate of Incorporation of the Company Incorporation
(as it may be amended from time to time).

 

(l) “Repurchase
Period” shall mean a period of 180 consecutive days commencing on the date when the Purchaser’s Service terminates
for any reason, including (without limitation) death or disability.

 

(m) “Repurchase
Price” shall mean the greater of (i) $0.003 per share (as adjusted for stock splits, stock dividends, combinations,
recapitalizations or the like) or (ii) the fair market value of a Share at the time of a repurchase of Restricted Shares
under this Agreement as determined in good faith by the Board of Directors.

 

(n) “Restricted
Share” shall mean a Purchased Share that is subject to the Right of Repurchase.

 

(o) “Right
of First Refusal” shall mean the Company’s right of first refusal described in Section 2.

 

    	 	8	 

     

    

 

(p) “Right
of Repurchase” shall mean the Company’s right of repurchase described in Section 1.

 

(q) “Service”
shall mean service of Mikhail Kokorich as an Employee, Consultant or member of the Company’s Board of Directors.

 

(r) “Share”
shall mean one share of Stock.

 

(s) “Stock”
shall mean the Class B Common Stock of the Company.

 

(t) “Subsidiary”
shall mean any corporation (other than the Company) in an If unbroken chain of corporations beginning with the Company, if each
of the corporations other than the last corporation in the unbroken chain owns stock possessing 50% or more of the total combined
voting power of all classes of stock in one of the other corporations in such chain.

 

(u) “Transferee”
shall mean any person to whom the Purchaser has directly or indirectly transferred a Class B Purchased Share.

 

(v) “Vesting
Commencement Date” shall mean November 1, 2018.

 

(Signature
Page Follows)

 

    	 	9	 

     

    

 

IN
WITNESS WHEREOF, each of the parties has executed this Agreement, in the case of the Company by its duly authorized officer, as
of the day and year first above written.

 

	PURCHASER:	 	SPACE
    APPRENTICES ENTERPRISE INC.
	 	 	 
	/s/
    Mikhail Kokorich 	 	By: 	/s/
Mikhail Kokorich 
	Mikhail
    Kokorich	 	Name: 	Mikhail Kokorich
	 	 	Title: 	President

 

SIGNATURE PAGE
TO STOCK RESTRICTION AGREEMENTDocument

EXHIBIT 4-A-1

EXCEPT AS OTHERWISE PROVIDED HEREIN, THIS SECURITY IS A GLOBAL SECURITY WITHIN THE MEANING OF THE INDENTURE HEREINAFTER REFERRED TO AND IS REGISTERED IN THE NAME OF A COMMON DEPOSITARY OR A NOMINEE THEREOF. THIS SECURITY MAY NOT BE TRANSFERRED TO, OR REGISTERED OR EXCHANGED IN WHOLE OR IN PART FOR A SECURITY REGISTERED IN THE NAME OF, ANY PERSON OTHER THAN SUCH COMMON DEPOSITARY OR A NOMINEE THEREOF, AND NO SUCH TRANSFER MAY BE REGISTERED, EXCEPT IN THE LIMITED CIRCUMSTANCES DESCRIBED IN THE INDENTURE. EVERY SECURITY AUTHENTICATED AND DELIVERED UPON REGISTRATION OF TRANSFER OF, OR IN EXCHANGE FOR OR IN LIEU OF, THIS SECURITY SHALL BE A GLOBAL SECURITY SUBJECT TO THE FOREGOING, EXCEPT IN SUCH LIMITED CIRCUMSTANCES.
UNLESS THIS SECURITY IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE BANK OF NEW YORK DEPOSITORY (NOMINEES) LIMITED, AS NOMINEE OF THE BANK OF NEW YORK MELLON, LONDON BRANCH, AS COMMON DEPOSITARY FOR EUROCLEAR BANK, S.A./N. V.  (“EUROCLEAR”) AND CLEARSTREAM BANKING S.A. (“CLEARSTREAM,” AND, TOGETHER WITH EUROCLEAR, THE “DEPOSITORY”), TO THE ISSUER OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY SECURITY ISSUED IS REGISTERED IN THE NAME OF THE BANK OF NEW YORK DEPOSITORY (NOMINEES) LIMITED OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF THE BANK OF NEW YORK MELLON, LONDON BRANCH, AS COMMON DEPOSITARY FOR THE DEPOSITORY (AND ANY PAYMENT IS MADE TO THE BANK OF NEW YORK DEPOSITORY (NOMINEES) LIMITED OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF THE BANK OF NEW YORK MELLON, LONDON BRANCH, AS COMMON DEPOSITARY FOR THE DEPOSITORY), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, THE BANK OF NEW YORK MELLON, LONDON BRANCH, HAS AN INTEREST HEREIN.
TRANSFERS OF THIS NOTE ARE LIMITED TO TRANSFERS IN WHOLE, BUT NOT IN PART, TO NOMINEES OF THE COMMON DEPOSITARY OR TO A SUCCESSOR THEREOF OR SUCH SUCCESSOR'S NOMINEE AND TRANSFERS OF PORTIONS OF THIS GLOBAL SECURITY ARE LIMITED TO TRANSFERS MADE IN ACCORDANCE WITH THE TRANSFER PROVISIONS OF THE INDENTURE.

FORD MOTOR CREDIT COMPANY LLC
FIXED RATE 
EURO MEDIUM-TERM NOTES 
DUE NINE MONTHS OR MORE FROM THE DATE OF ISSUE
    
No. R-________________    

FORD MOTOR CREDIT COMPANY LLC, a limited liability company, duly formed and existing under the laws of the State of Delaware (herein called the “Company”, which term includes any successor company under the Indenture hereinafter referred to), for value received, hereby promises to pay to THE BANK OF NEW YORK DEPOSITORY (NOMINEES) LIMITED, as nominee of The Bank of New York Mellon, London Branch, a common depositary for Euroclear and Clearstream, or registered assigns, the principal sum outstanding hereunder up to an aggregate of €5,250,000,000 Euros (or its equivalent in other currencies) less the principal amount outstanding under the Ford Motor Credit Company LLC Euro Floating Rate Note Due Nine Months or More from the Date of Issue dated as of even date herewith and the Ford Motor Credit Company LLC Medium-Term Notes Due Nine Months or More from the Date of Issue - Series B and to pay interest on the principal amount outstanding hereunder at the rate per annum in accordance with the terms of the Pricing Supplements attached hereto commencing on the date specified in the attached Pricing Supplements (each such date an “Interest Payment Date”) at the rate specified in the attached Pricing Supplements, until the principal hereof is paid or made available for payment.  If the Interest Payment Date is not a Business Day, the Interest Payment Date will be postponed to the next Business Day.  The interest so payable, and punctually paid or duly provided for, on any Interest Payment Date will, as provided in the Indenture, be paid to the Person in whose name this global Security (or one or more Predecessor Securities) is registered at the close of business on the Regular Record Date for such interest, which shall be the 15th day next preceding such Interest Payment Date (whether or not a Business Day) unless otherwise specified in a Pricing Supplement.  

2

Except as otherwise provided in the Indenture, any such interest not so punctually paid or duly provided for will forthwith cease to be payable to the Holder hereof on such Regular Record Date and may either be paid to the Person in whose name this global Security (or one or more Predecessor Securities) is registered at the close of business on a Special Record Date for the payment of such Defaulted Interest to be fixed by the Trustee, notice whereof shall be given to the Holder of this global Security not less than 10 days prior to such Special Record Date, or be paid at any time in any other lawful manner not inconsistent with the requirements of any securities exchange on which the Securities evidenced by this global Security may be listed, and upon such notice as may be required by such exchange, all as more fully provided in the Indenture. The Pricing Supplement may also contain such other additional terms as are not otherwise inconsistent with the terms of this Security or the Indenture.   As used herein, unless otherwise defined in the Pricing Supplement, the term “Business Day” shall mean any day, other than a Saturday or Sunday, that is neither a legal holiday nor a day on which commercial banks are authorized or required by law, regulation or executive order to close in London or The City of New York.  

Payment of the principal of and any interest on this global Security will be made by The Bank of New York Mellon, London Branch, as Paying Agent, and will be made in the currency specified in the attached Pricing Supplements (the “Applicable Currency”), and all payments of principal of, the redemption price (if any), and interest and additional amounts (if any), on this global Security, will be payable in the Applicable Currency, provided, that if the Applicable Currency is unavailable to the Company due to the imposition of exchange controls or other circumstances beyond the Company’s control or if the Applicable Currency is no longer being used or for the settlement of transactions by public institutions of or within the international banking community, then all payments in respect of this global Security will be made in U.S. dollars until the Applicable Currency is again available to the Company or so used. The amount payable on any date in the Applicable Currency will be converted into U.S. dollars at the rate mandated by the Board of Governors of the Federal Reserve System as of the close of business on the second Business Day prior to the relevant payment date or, in the event the Board of Governors of the Federal Reserve System has not mandated a rate of conversion, on the basis of the most recent U.S. dollar / Applicable Currency exchange rate published in The Wall Street Journal on or prior to the second Business Day prior to the relevant payment date or, in the event The Wall Street Journal has not published such exchange rate, the rate will be determined in the Company’s sole discretion on the basis of the most recently available market exchange rate for the Applicable Currency. Any payment in respect of this global Security so made in U.S. dollars will not constitute an event of default under this global Security or the Indenture. Neither the Trustee nor The Bank of New York Mellon, London Branch shall have any responsibility for any calculation or conversion in connection with the foregoing.
This global Security is a global security evidencing a portion of a duly authorized issuance of securities of the Company (herein called the “Securities”), issued and to be issued in one or more series under an Indenture, dated as of March 16, 2015 (herein called the “Indenture”), between the Company and The Bank of New York Mellon, as Trustee (herein called the “Trustee”, which term includes any successor trustee under the Indenture), to which Indenture and all indentures supplemental thereto reference is hereby made for a statement of the respective rights, limitations of rights, duties and immunities thereunder of the Company, the Trustee and the Holders of the Securities and of the terms upon which the Securities are, and are to be, authenticated and delivered.  This global Security represents a portion of the series designated as the Company’s Euro Medium-Term Notes Due Nine Months or More from the Date of Issue (herein called the “Notes”). 
Notices with respect to this global Security will be published in a newspaper in The City of New York.  It is expected that publication will be made in The Wall Street Journal.  Any such notice shall be deemed to have been given on the date of such publication or, if published more than once, on the date of the first such publication.
This global Security is subject to redemption, as set forth hereunder and in the Pricing Supplements.
This global Security is only subject to redemption in accordance with the attached Pricing Supplements, upon not less than 30 nor more than 60 days’ prior notice given in the manner provided in the Indenture, at a redemption price specified in such Pricing Supplement, together with any accrued and unpaid interest to such redemption date.
All payments of principal and interest in respect of this Security will be made free and clear of, and without deduction or withholding for or on account of any present or future taxes, duties, assessments or other governmental charges of whatsoever nature required to be deducted or withheld by the United States or any political subdivision or taxing authority of or in the United States, unless such withholding or deduction is required by law.
If an Event of Default with respect to the Notes shall occur and be continuing, the principal of such Notes may be declared due and payable in the manner and with the effect provided in the Indenture.
The Indenture permits, with certain exceptions as therein provided, the amendment thereof and the modification of the rights and obligations of the Company and the rights of the Holders of the Securities of a particular series 

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to be affected under the Indenture at any time by the Company and the Trustee with the consent of the Holders of a majority in principal amount of the Securities at the time Outstanding of each series to be affected.  The Indenture also contains provisions permitting the Holders of specified percentages in principal amount of the Securities of each series at the time Outstanding, on behalf of the Holders of all Securities of such series, to waive compliance by the Company with certain provisions of the Indenture and certain past defaults under the Indenture and their consequences.  Any such consent or waiver by the Holder of this global Security shall be conclusive and binding upon such Holder and upon all future Holders of this global Security and of any Security issued upon the registration of transfer hereof or in exchange herefor or in lieu hereof, whether or not notation of such consent or waiver is made upon this global Security.
No reference herein to the Indenture and no provision of this global Security or of the Indenture shall alter or impair the obligation of the Company, which is absolute and unconditional, to pay the principal of and interest on this global Security at the times, place and rate, and in the coin or currency, herein prescribed.
If at any time the Depository notifies the Company that it is unwilling or unable to continue as Depository for the Securities evidenced hereby and a successor Depository is not appointed by the Company within 90 days after the Company receives such notice, the Company shall execute, and the Trustee shall authenticate and deliver, Securities in definitive registered form without coupons, in denominations of €100,000 (or its equivalent in other currencies) or any amount in excess thereof which is an integral multiple of €1,000 (or its equivalent in other currencies), unless otherwise specified in a Pricing Supplement, (such denominations referred to herein as “authorized denominations”), of like tenor and in an aggregate principal amount equal to the principal amount of this global Security in exchange for this global Security.  In addition, the Company may at any time determine that the Securities evidenced hereby shall no longer be represented by a global security.  Notes (including Notes denominated in pounds sterling) in respect of which the issue proceeds are to be accepted in the United Kingdom or which issue otherwise constitutes a contravention of Section 19 of the Financial Services and Markets Act 2000 and which have a maturity of less than one year shall have a minimum denomination and redemption value of £100,000 (or if the Notes are denominated in a currency other than pounds sterling, as specified in the Pricing Supplement, at least the equivalent thereof in such currency using the spot rate as of the date of issue). In such event, the Company shall execute and the Trustee, upon receipt of an Officers’ Certificate evidencing such determination by the Company, shall authenticate and deliver Securities in definitive registered form without coupons, in authorized denominations, and of like tenor and in an aggregate principal amount equal to the principal amount of this global Security in exchange for this global Security.  Upon the exchange of this global Security for such Securities in definitive registered form without coupons, in authorized denominations, this global Security shall be cancelled by the Trustee.  Securities in definitive registered form issued in exchange for this global Security shall be registered in such names and in such authorized denominations as the Depository, pursuant to instructions from its direct or indirect participants or otherwise, shall instruct the Trustee.  The Trustee shall deliver such Securities to the Persons in whose names such Securities are so registered.
As provided in the Indenture and subject to certain limitations set forth therein, the transfer of a Security may be registered on the Security Register upon surrender of such Security for registration of transfer at the corporate trust office of the Trustee or at such other office in The City of New York or another city as the Company may designate where the principal of and interest on such Security are payable, (i) duly endorsed by, or accompanied by a written instrument of transfer in form satisfactory to the Trustee duly executed by, the Holder hereof or his attorney duly authorized in writing, and thereupon one or more new Securities of authorized denominations, and of like tenor and in the same aggregate principal amount shall be issued to the designated transferee or transferees.  No service charge shall be charged for any registration of transfer or exchange of a Security, but the transferor may be required to pay a sum sufficient to cover any tax or other governmental charge that may be imposed in connection with any such registration of transfer or exchange; provided, however, that for so long as any Securities are evidenced by this global Security, this global Security may be transferred in whole but not in part, only to another nominee of the Depository or to a successor Depository selected or approved by the Company or to a nominee of such successor Depository.
Prior to due presentment of a Security for registration of transfer, the Company, the Trustee and any agent of the Company or the Trustee may treat the Person in whose name such Security is registered as the owner hereof for all purposes, whether or not such Security is overdue, and neither the Company, the Trustee nor any such agent shall be affected by notice to the contrary.
All terms used in this global Security that are defined in the Indenture and not herein otherwise defined shall have the meanings assigned to them therein.
Unless the certificate of authentication hereon has been executed by the Trustee, directly or through an Authenticating Agent, by manual signature of an authorized signatory, this global Security shall not be entitled to any benefit under the Indenture or be valid or obligatory for any purpose.

IN WITNESS WHEREOF, Ford Motor Credit Company LLC has caused this instrument to be signed by its Chairman of the Board, or its President, or one of its Vice Presidents, and by its Treasurer or one of its Assistant Treasurers, manually or in facsimile, and its corporate seal to be imprinted hereon.

						
	Dated:  February 17, 2017	FORD MOTOR CREDIT COMPANY LLC
		
		By: 
      Chairman of the Board

		
	[COMPANY SEAL]	
		By:
     Chief Financial Officer and Treasurer

Attest: 

By:  ________________________
        Assistant Secretary

TRUSTEE’S CERTIFICATE OF AUTHENTICATION

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

THE BANK OF NEW YORK MELLON
   As Trustee,

By:  _________________________
        Authorized Officer

Dated:  February 17, 2017

FOR VALUE RECEIVED, the undersigned hereby sells, assigns and transfers unto

PLEASE INSERT SOCIAL SECURITY OR OTHER IDENTIFYING NUMBER OF ASSIGNEE
______________________________________________________________________

______________________________________________________________________
(Print or Type Name and Address including Zip Code of Assignee)

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

Dated: __________________

NOTE: The signature to this assignment must correspond with the name as written upon the face of the within global Security in every particular without alteration or enlargement or any change whatsoever and must be guaranteed by a commercial bank or trust company having its principal office or correspondent in The City of New York or by a member of the New York Stock Exchange.

NOTE: Medallion Guarantee Stamp - We cannot complete the transfer if this stamp is not affixed to this assignment.  This stamp can be obtained from a financial institution that is a member of the Securities Transfer Association Medallion Program, New York Exchange Medallion Program or Global Note Exchange Medallion Program.

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