Document:

EX-4.9

 Exhibit 4.9 

FOURTH SUPPLEMENTAL INDENTURE 

Dated as of March 25, 2022 

Supplementing that Certain 

INDENTURE 
 Dated as of
June 15, 2015 
 Among 

FORTUNE BRANDS HOME & SECURITY, INC. 

and 
 WILMINGTON TRUST, NATIONAL
ASSOCIATION, 
 Trustee 
 and

 CITIBANK, N.A., 
 Securities
Agent 
 4.000% SENIOR NOTES DUE 2032 

4.500% SENIOR NOTES DUE 2052 

 TABLE OF CONTENTS 

 

					
	 	  	Page	 
		
	 ARTICLE I. DEFINITIONS
	  	 	1	 
		
	 SECTION 1.1. Certain Terms Defined in the Indenture
	  	 	1	 
		
	 SECTION 1.2. Definitions
	  	 	2	 
		
	 ARTICLE II. FORM AND TERMS OF THE NOTES
	  	 	9	 
		
	 SECTION 2.1. Form and Dating
	  	 	9	 
		
	 SECTION 2.2. Certain Terms of the Notes
	  	 	11	 
		
	 SECTION 2.3. Optional Redemption
	  	 	12	 
		
	 SECTION 2.4. Change of Control
	  	 	13	 
		
	 SECTION 2.5. Limitations on Liens
	  	 	15	 
		
	 SECTION 2.6. Limitation on Sale and Leaseback Transactions
	  	 	15	 
		
	 SECTION 2.7. Defeasance
	  	 	15	 
		
	 ARTICLE III. MISCELLANEOUS
	  	 	16	 
		
	 SECTION 3.1. Relationship with Indenture
	  	 	16	 
		
	 SECTION 3.2. Trust Indenture Act Controls
	  	 	16	 
		
	 SECTION 3.3. Governing Law
	  	 	16	 
		
	 SECTION 3.4. Multiple Counterparts
	  	 	16	 
		
	 SECTION 3.5. Severability
	  	 	16	 
		
	 SECTION 3.6. Ratification
	  	 	16	 
		
	 SECTION 3.7. Headings
	  	 	17	 
		
	 SECTION 3.8. Effectiveness
	  	 	17	 
		
	 EXHIBIT A – Form of 4.000% Senior Note due 2032
	  	 	A-1	 
	 EXHIBIT B – Form of 4.500% Senior Notes due 2052
	  	 	B-1	 

  
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 FOURTH SUPPLEMENTAL INDENTURE 

This Fourth Supplemental Indenture, dated as of March 25, 2022 (this “Fourth Supplemental Indenture”), among FORTUNE
BRANDS HOME & SECURITY, INC., a Delaware corporation (hereinafter called the “Company”), having its principal office at 520 Lake Cook Road, Deerfield, IL 60015, WILMINGTON TRUST, NATIONAL ASSOCIATION, a national banking
association (hereinafter called the “Trustee”) having a corporate trust office at Rodney Square North, 1100 N. Market Street Wilmington, DE 19890 and CITIBANK, N.A., a national banking association (hereinafter called the
“Securities Agent”) having a corporate trust office at 388 Greenwich Street, 14th Floor, New York, NY 10013, supplements that certain Indenture, dated as of June 15, 2015, among the Company, the Trustee and the Securities
Agent (the “Indenture”). 
 RECITALS OF THE COMPANY 

WHEREAS, the Company has duly authorized the execution and delivery of the Indenture to provide for the issuance from time to time of its
unsecured debentures, notes or other evidences of indebtedness to be issued in one or more series as provided for in the Indenture; 

WHEREAS, the Indenture provides that the Securities shall be in the form as may be established by or pursuant to a Board Resolution and set
forth in an Officers’ Certificate or as may be established in one or more supplemental indentures thereto, in each case with such appropriate insertions, omissions, substitutions, and other variations as are required or permitted by the
Indenture; and 
 WHEREAS, the Company has determined to issue and deliver, and the Securities Agent shall authenticate, (i) a series
of Securities designated as the Company’s “4.000% Senior Notes due 2032” (hereinafter called the “2032 Notes”) and (ii) a series of Securities designated as the Company’s “4.500% Senior Notes due
2052” (hereinafter called the “2052 Notes” and together with the 2032 Notes, the “Notes”) pursuant to the terms of this Fourth Supplemental Indenture and substantially in the form as herein set forth, with such
appropriate insertions, omissions, substitutions and other variations as are required or permitted by the Indenture and this Fourth Supplemental Indenture. 

NOW, THEREFORE, THIS FOURTH SUPPLEMENTAL INDENTURE WITNESSETH: 

For and in consideration of the premises stated herein and the purchase of the Notes by the Holders thereof, the parties hereto hereby enter
into this Fourth Supplemental Indenture, for the equal and proportionate benefit of all Holders of the Notes, as follows: 
 ARTICLE I.

 DEFINITIONS 

SECTION 1.1. Certain Terms Defined in the Indenture. 

For purposes of this Fourth Supplemental Indenture, all capitalized terms used but not defined herein shall have the meanings ascribed to such
terms in the Indenture, as amended and supplemented hereby. 

 SECTION 1.2. Definitions. 

For the benefit of the Holders of the each series of the Notes, Section 1.01 of the Indenture shall be amended by
adding or substituting, as applicable, the following new definitions: 
 “Attributable Debt” in respect of a Sale and
Leaseback Transaction means, at the time of determination, the present value discounted at the rate of interest implicit in the terms of the lease (as determined in good faith by the Company) of the obligations of the lessee under such lease for net
rental payments during the remaining term of the lease (including any period for which such lease has been extended or may, at the Company’s option, be extended). 

“Below Investment Grade Rating Event” means the rating on either series of the Notes is lowered and either such series of
Notes is rated below an Investment Grade Rating by each of the three Rating Agencies on any date from the date of the public notice of an arrangement that could result in a Change of Control until the end of the
60-day period following public notice of the occurrence of the Change of Control (which 60-day period shall be extended so long as the rating of such series of Notes is
under publicly announced consideration for possible downgrade below investment grade by any of the Rating Agencies); provided, that a Below Investment Grade Rating Event otherwise arising by virtue of a particular reduction in rating shall
not be deemed to have occurred in respect of a particular Change of Control (and thus shall not be deemed a Below Investment Grade Rating Event for purposes of the definition of Change of Control Repurchase Event) 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 and the Securities Agent in writing at the request of the Company that the reduction was the result, in whole or in part, of
any event or circumstance comprised of or arising as a result of, or in respect of, the applicable Change of Control (whether or not the applicable Change of Control shall have occurred at the time of the Below Investment Grade Rating Event). 

“Business Day” means any day, other than a Saturday or Sunday, that is not a legal holiday, or a day on which banking
institutions are authorized or required by law or regulation to close in The City of New York. 
 “Capital Lease
Obligation” means, at the time any determination is to be made, the amount of the liability in respect of a capital lease that would at that time be required to be capitalized on a balance sheet prepared in accordance with generally
accepted accounting principles in the United States of America. 
 “Change of Control” means the occurrence of any of the
following: 
 (1) the Company sells, assigns, transfers, leases or otherwise conveys (other than by way of merger or
consolidation) all or substantially all of its properties and assets to any Person (including any “person” (as that term is used in Section 13(d)(3) of the Securities Exchange Act, as amended (the “Exchange Act”))
other than the Company or one of its Subsidiaries; 
 (2) the consummation of any transaction (including without limitation,
any merger or consolidation) the result of which is that any Person (including any “person” or “group” (as those terms are used in Section 13(d)(3) of the Exchange Act)) becomes the “beneficial
owner” (as defined in Rules 13d-3 and 13d-5 under the Exchange Act), directly or indirectly, of more than 50% of the outstanding Voting Stock of the
Company; 

  
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 (3) the Company consolidates with, or merges with or into, any Person, or
any Person consolidates with, or merges with or into, the Company, in any such event pursuant to a transaction in which any of the outstanding Voting Stock of the Company (or any other Voting Stock into which the Voting Stock of the Company is
reclassified, consolidated, exchanged or changed) is converted into or exchanged for cash, securities or other property, other than any such transaction where the shares of the Voting Stock of the Company (or any other Voting Stock into which the
Voting Stock of the Company is reclassified, consolidated, exchanged or changed) outstanding immediately prior to such transaction constitute, or are converted into or exchanged for, a majority of the Voting Stock of the surviving Person immediately
after giving effect to such transaction; or 
 (4) the adoption of a plan relating to the liquidation or dissolution of the
Company. 
 Notwithstanding the foregoing, a transaction will not be deemed to involve a Change of Control if (i) the Company becomes a
wholly owned subsidiary of a holding company that has agreed to be bound by the terms of each series of the Notes and (ii) the holders of the Voting Stock of such holding company immediately following that transaction are the holders of at
least a majority of the Voting Stock of the Company immediately prior to that transaction. 
 “Change of Control Repurchase
Event” means the occurrence of both a Change of Control and a Below Investment Grade Rating Event. 
 “Consolidated Net
Tangible Assets” means the excess over current liabilities of all assets as determined by the Company and set forth in a consolidated balance sheet of the Company and its consolidated Subsidiaries prepared in accordance with generally
accepted accounting principles as of a date within 90 days of the date of such determination, after deducting goodwill, trademarks, patents, other like intangibles and the minority interest of others. 

“Fitch” means Fitch, Inc. 

“Funded Debt” means debt for borrowed money which by its terms matures more than one year from the date of creation, or which
is extendable or renewable at the sole option of the obligor so that it may become payable more than one year from such date or which is classified, in accordance with generally accepted accounting principles, as long-term debt on the consolidated
balance sheet for the most-recently ended fiscal quarter (or if incurred subsequent to the date of such balance sheet, would have been so classified) of the person for which the determination is being made. Funded Debt does not include
(1) obligations created pursuant to leases, (2) any debt or portion thereof maturing by its terms within one year from the time of any computation of the amount of outstanding Funded Debt unless such debt shall be extendable or renewable
at the sole option of the obligor in such manner that it may become payable more than one year from such time, (3) any debt for which money in the amount necessary for the payment or redemption of such debt is deposited in trust either at or
before the maturity date thereof, (4) endorsements of negotiable instruments for collection, deposit or negotiation, or (5) guarantees by the Company or a Restricted Subsidiary arising in connection with the sale, discount, guarantee or
pledge of notes, 

  
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chattel mortgages, leases, accounts receivable, trade acceptances and other paper arising, in the ordinary course of business, out of installment or conditional sales to or by, or transactions
involving title retention with, distributors, dealers or other customers, of merchandise, equipment or services. The Company or a Restricted Subsidiary shall be deemed to have assumed any Funded Debt secured by any mortgage upon any of its property
or assets whether or not it has actually done so. 
 “Indebtedness” means, with respect to any specified Person, any
indebtedness of such Person, whether or not contingent: 
 (1) in respect of borrowed money; 

(2) evidenced by bonds, notes, debentures or similar instruments or letters of credit (or reimbursement agreements in respect
thereof); 
 (3) in respect of bankers’ acceptances; 

(4) representing Capital Lease Obligations; or 

(5) representing the balance deferred and unpaid of the purchase price of any property, except any such balance that
constitutes an accrued expense or trade payable. 
 “Investment Grade Rating” means a rating equal to or higher than Baa3
(or the equivalent) by Moody’s and BBB- (or the equivalent) by S&P and Fitch, and the equivalent investment grade credit rating from any replacement rating agency or rating agencies selected by the
Company. 
 “Lien” means, with respect to Principal Property, any mortgage or deed of trust, pledge, hypothecation,
security interest, lien, encumbrance or other security arrangement of any kind or nature on or with respect to such property or assets. 

“Moody’s” means Moody’s Investors Service, Inc. 

“Par Call Date” shall have the meaning assigned to such term in Section 2.3(b). 

“Permitted Liens” means: 

(1) Liens (other than Liens created or imposed under the Employee Retirement Income Security Act of 1974, as amended
(“ERISA”)), for taxes, assessments or governmental charges or levies not yet subject to penalties for non timely payment or Liens for taxes being contested in good faith by appropriate proceedings for which adequate reserves
determined in accordance with generally accepted accounting principles have been established (and as to which the property or assets subject to any such Lien is not yet subject to foreclosure, sale or loss on account thereof); 

(2) statutory Liens of landlords and Liens of mechanics, materialmen, warehousemen, carriers and suppliers and other Liens
imposed by law or pursuant to customary reservations or retentions of title arising in the ordinary course of business, provided that any such Liens which are material secure only amounts not yet due and

  
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payable or, if due and payable, are unfiled and no other action has been taken to enforce the same or are being contested in good faith by appropriate proceedings for which adequate reserves
determined in accordance with generally accepted accounting principles have been established (and as to which the property or assets subject to any such Lien is not yet subject to foreclosure, sale or loss on account thereof); 

(3) Liens (other than Liens created or imposed under ERISA) incurred or deposits made by the Company and its subsidiaries in
the ordinary course of business in connection with workers’ compensation, unemployment insurance and other types of social security, laws or regulations, or to secure the performance of tenders, statutory obligations, bids, leases, trade or
government contracts, surety, indemnification, appeal, performance and return-of-money bonds, letters of credit, bankers acceptances and other similar obligations
(exclusive of obligations for the payment of borrowed money), or as security for customs or import duties and related amounts; 

(4) Liens in connection with attachments or judgments (including judgment or appeal bonds), provided that the judgments secured
shall, within 30 days after the entry thereof, have been discharged or execution thereof stayed pending appeal, or shall have been discharged within 30 days after the expiration of any such stay; 

(5) Liens securing Indebtedness (including capital leases) incurred to finance the purchase price or cost of construction of
property or assets (or additions, repairs, alterations or improvements thereto), provided that such Liens and the Indebtedness secured thereby are incurred within twelve months of the later of acquisition or completion of construction (or addition,
repair, alteration or improvement) and full operation thereof; 
 (6) Liens securing industrial revenue bonds, pollution
control bonds or similar types of tax-exempt bonds; 
 (7) Liens arising from
deposits with, or the giving of any form of security to, any governmental agency required as a condition to the transaction of business or exercise of any privilege, franchise or license; 

(8) encumbrances, covenants, conditions, restrictions, easements, reservations and rights of way or zoning, building code or
other restrictions, (including defects or irregularities in title and similar encumbrances) as to the use of real property, or Liens incidental to conduct of the business or to the ownership of our or our subsidiaries’ properties not securing
Indebtedness that does not in the aggregate materially impair the use of said properties in the operation of our business, including our subsidiaries, taken as a whole; 

(9) leases, licenses, subleases or sublicenses granted to others not interfering in any material respect with our business,
including our Subsidiaries, taken as a whole; 
 (10) Liens on property or assets at the time such property or assets are
acquired by the Company or any of its Subsidiaries; provided that such Liens were in existence prior to the contemplation of such acquisition of property or assets acquired by the Company or any of its Subsidiaries; 

  
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 (11) Liens on property of a Person existing at the time such Person is
merged with or into or consolidated with the Company or any of its Subsidiaries; provided that such Liens were in existence prior to the contemplation of such merger or consolidation and do not extend to any assets other than those of the Person
merged into or consolidated with the Company or such Subsidiary; 
 (12) Liens on receivables from customers sold to third
parties pursuant to credit arrangements in the ordinary course of business; 
 (13) Liens existing on the date of this Fourth
Supplemental Indenture or any extensions, amendments, renewals, refinancings, replacements or other modifications thereto; provided that (a) such extension, renewal or replacement Lien is limited to the same property that secured
the original Lien (plus improvements and accessions to such property) and (b) the Indebtedness secured by the new Lien (other than any Indebtedness incurred from transaction costs) is not greater than the Indebtedness secured by the Lien that
is extended, renewed or replaced; 
 (14) Liens on any property or assets created, assumed or otherwise brought into
existence in contemplation of the sale, assignment, transfer, lease or other conveyance of the underlying property or assets, whether directly or indirectly, by way of share disposition, merger, consolidation or otherwise; 

(15) Liens in favor of the United States of America or any State thereof, or any department, agency or instrumentality or
political subdivision thereof, to secure partial, progress, advance or other payments; 
 (16) Liens arising solely by virtue
of any statutory or common law provisions relating to banker’s Liens, rights of set-off or similar rights and remedies as to deposit accounts or other funds maintained with a depositary institution; 

(17) Liens arising from financing statement filings regarding operating leases; 

(18) Liens in favor of customs and revenue authorities to secure custom duties in connection with the importation of goods;

 (19) Liens securing the financing of insurance premiums payable on insurance policies; provided, that such Liens shall
only encumber unearned premiums with respect to such insurance, interests in any state guarantee fund relating to such insurance and subject and subordinate to the rights and interests of any loss payee, loss payments which shall reduce such
unearned premiums; 
 (20) Liens securing cash management obligations (that do not constitute Indebtedness), or arising out
of conditional sale, title retention, consignment or similar arrangements for sale of goods and contractual rights of set-off relating to purchase orders and other similar arrangements, in each case in the
ordinary course of business; and 

  
 6 

 (21) Liens on any property or assets of any Subsidiaries organized under the
laws of a jurisdiction other than the United States or any state thereof securing Indebtedness of such Subsidiaries (but not Indebtedness of the Company). 

“Person” means any individual, partnership, corporation, limited liability company, joint stock company, business trust,
trust, unincorporated association, joint venture or other entity, or a government or political subdivision or agency thereof. 

“Principal Property” means any building, structure or other facility, together with the land upon which it is erected and
fixtures (other than machinery or equipment) comprising a part thereof, owned or leased by the Company or any Restricted Subsidiary, used primarily for manufacturing and located in the United States, the gross book value on the books of the Company
or such Restricted Subsidiary (without deduction of any depreciation reserve) of which on the date as of which the determination is being made exceeds 2% of Consolidated Net Tangible Assets, other than any such building, structure or other facility
or any portion thereof or any such fixture (together with the land upon which it is erected and any such fixtures comprising a part thereof) (i) which is financed by industrial development bonds which are tax exempt pursuant to Section 103
of the Internal Revenue Code of 1986, as amended (or which receive similar tax treatment under any subsequent amendments thereto or successor laws thereof), or (ii) which, in the opinion of the Board of Directors, is not of material importance
to the total business conducted by the Company and its Subsidiaries taken as a whole. 
 “Rating Agencies” means
(i) each of Fitch, Moody’s and S&P; and (ii) if Fitch, Moody’s or S&P ceases to rate either series of the Notes or fails to make a rating of either series of the Notes publicly available for reasons outside of our
control, a “nationally recognized statistical rating organization” within the meaning of Section 3(a)(62) of the Exchange Act, selected by the Company (as certified by a resolution of the Board of Directors) as a replacement agency
for Fitch, Moody’s or S&P, or any of them, as the case may be. 
 “Restricted Subsidiary” means any Subsidiary
other than (i) each Subsidiary organized and existing under laws other than the laws of the United States or a state thereof, (ii) each Subsidiary substantially all of the physical properties of which are located, or substantially all of
the business of which is carried on, outside of the United States, (iii) each Subsidiary the primary business of which consists of finance, banking, credit, leasing, insurance, financial services, or similar operations or any combination
thereof, (iv) each Subsidiary the primary business of which consists of the ownership, construction, management, operation, sale or leasing of real property or improvements thereon, or similar operations or any combination thereof,
(v) each Subsidiary the primary business of which consists of the exploration for, or the extraction, production, transporting, or marketing of, petroleum or gas or other extracted substances, or similar operations or any combination thereof,
(vi) each Subsidiary the primary business of which consists of the ownership or operation of one or more transportation businesses or facilities or equipment related thereto or similar operations or any combination thereof, (vii) each
Subsidiary the primary business of which consists of obtaining funds with which to make investments outside of the United States, (viii) each Subsidiary substantially all of the assets of which consist of the ownership directly or indirectly of
the capital stock of one or more Subsidiaries covered by the preceding clauses (i) through (vii), (ix) each Subsidiary which the Company or any Subsidiary is, by the terms of the final order of any court of competent jurisdiction from
which no further appeal 

  
 7 

 
may be taken, required to dispose of and which shall by Board Resolution be determined not to be a Restricted Subsidiary, effective as of the date specified in such resolution and (x) any
corporation a majority of the voting shares of which shall at the time be owned directly or indirectly by one or more corporations specified in the preceding clauses (i) through (ix); provided, however, that the Board of Directors
may by Board Resolution declare any such Subsidiary to be a Restricted Subsidiary, effective as of the date such resolution is adopted. 

“S&P” means Standard & Poor’s Financial Services LLC, a subsidiary of S&P Global Inc. and its
successors. 
 “Sale and Leaseback Transaction” has the meaning specified in Section 2.6. 

“Treasury Rate” means, with respect to any Redemption Date, the yield determined by the Company in accordance with the
following two paragraphs: 
 The Treasury Rate shall be determined by the Company after 4:15 p.m., New York City time (or after such time as
yields on U.S. government securities are posted daily by the Board of Governors of the Federal Reserve System), on the third Business Day preceding the Redemption Date based upon the yield or yields for the most recent day that appear after such
time on such day in the most recent statistical release published by the Board of Governors of the Federal Reserve System designated as “Selected Interest Rates (Daily)—H.15” (or any successor designation or publication)
(“H.15”) under the caption “U.S. government securities–Treasury constant maturities–Nominal” (or any successor caption or heading). In determining the Treasury Rate, the Company shall select, as applicable: (1) the
yield for the Treasury constant maturity on H.15 exactly equal to the period from the Redemption Date to the Par Call Date for the Notes of such series (the “Remaining Life”); or (2) if there is no such Treasury constant
maturity on H.15 exactly equal to the Remaining Life, the two yields – one yield corresponding to the Treasury constant maturity on H.15 immediately shorter than and one yield corresponding to the Treasury constant maturity on H.15 immediately
longer than the Remaining Life – and shall interpolate to the Par Call Date on a straight-line basis (using the actual number of days) using such yields and rounding the result to three decimal places; or (3) if there is no such Treasury
constant maturity on H.15 shorter than or longer than the Remaining Life, the yield for the single Treasury constant maturity on H.15 closest to the Remaining Life. For purposes of this paragraph, the applicable Treasury constant maturity or
maturities on H.15 shall be deemed to have a maturity date equal to the relevant number of months or years, as applicable, of such Treasury constant maturity from the Redemption Date. 

If on the third Business Day preceding the Redemption Date H.15 or any successor designation or publication is no longer published, the
Company shall calculate the Treasury Rate based on the rate per annum equal to the semi-annual equivalent yield to maturity at 11:00 a.m., New York City time, on the second Business Day preceding such Redemption Date of the United States Treasury
security maturing on, or with a maturity that is closest to, the Par Call Date for the Notes of such series, as applicable. If there is no United States Treasury security maturing on such Par Call Date but there are two or more United States
Treasury securities with a maturity date equally distant from such Par Call Date, one with a maturity date preceding such Par Call Date and one with a maturity date following such Par Call Date, the Company shall select the United States Treasury
security with a maturity date preceding such Par Call Date. If there are two or more 

  
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United States Treasury securities maturing on such Par Call Date or two or more United States Treasury securities meeting the criteria of the preceding sentence, the Company shall select from
among these two or more United States Treasury securities the United States Treasury security that is trading closest to par based upon the average of the bid and asked prices for such United States Treasury securities at 11:00 a.m., New York City
time. In determining the Treasury Rate in accordance with the terms of this paragraph, the semi-annual yield to maturity of the applicable United States Treasury security shall be based upon the average of the bid and asked prices (expressed as a
percentage of principal amount) at 11:00 a.m., New York City time, of such United States Treasury security, and rounded to three decimal places. 

“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. 
 ARTICLE II. 

FORM AND TERMS OF THE NOTES 

SECTION 2.1. Form and Dating. 

The 2032 Notes and the Securities Agent’s certificate of authentication shall be substantially in the form of
Exhibit A attached hereto. The 2052 Notes and the Securities Agent’s certificate of authentication shall be substantially in the form of Exhibit B attached hereto. The Notes shall be executed on behalf of the
Company by two of the officers of the Company specified in Section 3.03 of the Indenture. The Notes may have notations, legends or endorsements required by law, stock exchange rules or usage. Each Note shall be dated the
date of its authentication. 
 The terms and notations contained in the Notes shall constitute, and are hereby expressly made, a part of the
Indenture as supplemented by this Fourth Supplemental Indenture; and the Company, the Trustee and the Securities Agent, by their execution and delivery of this Fourth Supplemental Indenture, expressly agree to such terms and provisions and to be
bound thereby; provided that, to the extent of any inconsistency between the terms and provisions in the Indenture, as supplemented by this Fourth Supplemental Indenture, and those contained in the Notes, the Indenture, as supplemented by
this Fourth Supplemental Indenture, shall govern. 
 (a) Global Notes. The Notes designated herein shall be issued initially in the
form of one or more fully-registered permanent global Securities, which shall be held by the Securities Agent as custodian for The Depository Trust Company, New York, New York (the “Depositary”), and registered in the name of
Cede & Co., the Depositary’s nominee, duly executed by the Company, authenticated by the Securities Agent. The aggregate principal amount of each series of outstanding Notes may from time to time be increased or decreased by
adjustments made on the records of the Securities Agent and the Depositary or its nominee as hereinafter provided. 
 Unless and until the
Global Notes are exchanged in whole or in part for the individual Notes represented thereby pursuant to Section 3.05 of the Indenture, such Global Notes may not be transferred except as a whole by the Depositary to its
nominee or by its nominee to the Depositary or another nominee of the Depositary or by the Depositary or any of its nominees to a successor depositary or any nominee of such successor depositary. Upon the occurrence of the

  
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events specified in Section 3.05 of the Indenture in relation thereto for any series of the Notes, the Company shall execute, and the Securities Agent shall, upon
receipt of a Company Order for authentication, authenticate and deliver, Notes for such series in definitive form in an aggregate principal amount equal to the principal amount of the Global Notes in exchange for such Global Note. 

(b) Book-Entry Provisions. This Section 2.1(b) shall apply only to the Global Notes deposited with or on
behalf of the Depositary. 
 The Company shall execute and the Securities Agent shall, in accordance with this
Section 2.1(b), authenticate and deliver the Global Notes that shall be registered in the name of the Depositary or the nominee of the Depositary and shall be held by the Securities Agent as custodian for the Depositary.

 Participants of the Depositary shall have no rights either under the Indenture or with respect to any Global Notes. The Depositary shall
be treated by the Company, the Securities Agent, the Trustee and any agent of the Company, the Securities Agent or the Trustee as the absolute owner of such Global Note for all purposes under the Indenture. Notwithstanding the foregoing, nothing
herein shall prevent the Company, the Securities Agent or the Trustee from giving effect to any written certification, proxy or other authorization furnished by the Depositary or impair, as between the Depositary and its participants, the operation
of customary practices of such Depositary governing the exercise of the rights of an owner of a beneficial interest in the Global Notes. 

(c) Definitive Notes. Definitive Notes issued in physical, certificated form, registered in the name of the beneficial owner thereof,
shall be substantially in the forms of Exhibit A and Exhibit B attached hereto, but without including the text referred to therein as applying only to Global Notes. Except as provided above in
subsection (a), owners of beneficial interests in the Global Notes will not be entitled to receive physical delivery of certificated Notes. 

(d) Transfer and Exchange of the Notes. The transfer and exchange of beneficial interests in the Global Notes shall be effected through
the Depositary, in accordance with the Indenture and the procedures of the Depositary therefor. Beneficial interests in the Global Notes may be transferred to Persons who take delivery thereof in the form of a beneficial interest in the Global
Notes. 
 (e) Paying Agent. The Company appoints the Securities Agent as the initial agent of the Company for the payment of the
principal of (and premium, if any) and interest on and any Additional Amounts with respect to the Notes, and the applicable Corporate Trust Office of the Securities Agent, be and hereby is, designated as the office or agency where the Notes may be
presented for payment and where notices to or demands upon the Company in respect of the Notes and this Fourth Supplemental Indenture and the Indenture pursuant to which the Notes are to be issued may be made. 

  
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 SECTION 2.2. Certain Terms of the Notes. 

The following terms relating to the Notes are hereby established: 

(a) Title. The 2032 Notes shall constitute a series of Securities having the title “4.000% Senior Notes due 2032.” The
2052 Notes shall constitute a series of Securities having the title “4.500% Senior Notes due 2052.” 
 (b) Principal
Amount. The aggregate principal amount of the Notes that may be initially authenticated and delivered under the Indenture (except for Notes authenticated and delivered upon registration of, transfer of, or in exchange for, or in lieu of,
other Notes pursuant to Sections 3.04, 3.05, 3.06 or 11.07 of the Indenture) shall be (i) in the case of the 2032 Notes, FOUR HUNDRED FIFTY MILLION DOLLARS ($450,000,000) and (ii) in the case
of the 2052 Notes, FOUR HUNDRED FIFTY MILLION DOLLARS ($450,000,000). The Company may, from time to time, without notice to, or the consent of, the Holders of the Notes, issue and sell additional Securities (“Additional Securities”)
ranking equally and ratably with the relevant series of Notes in all respects (other than the issue date, and to the extent applicable, issue price, initial date of interest accrual and initial interest payment date of such Additional Securities),
provided that such Additional Securities are fungible with the previously issued series of Notes for U.S. federal income tax purposes. Any such Additional Securities shall be consolidated and form a single series with the relevant Notes
for such series for all purposes under the Indenture, including voting. 
 (c) Maturity Date. The entire outstanding principal
of the 2032 Notes shall be payable on March 25, 2032. The entire outstanding principal of the 2052 Notes shall be payable on March 25, 2052. 

(d) Interest Rate. The rate at which the 2032 Notes shall bear interest shall be 4.000% per annum, and the rate at which the 2052
Notes shall bear interest shall be 4.500% per annum, in each case, computed on the basis of a 360-day year comprised of twelve 30-day months; the date from which
interest shall accrue on the Notes shall be March 25, 2022, or the most recent Interest Payment Date to which interest has been paid or duly provided for; the Interest Payment Dates for the Notes shall be the 25th day of March and September of
each year, commencing on September 25, 2022; the interest so payable, and punctually paid or duly provided for, on any Interest Payment Date, will be paid, in immediately available funds, to the Persons in whose names the Notes (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 10th day of March and September (whether or not a Business Day), as the case may be, next preceding such Interest Payment
Date. Any such interest not punctually paid or duly provided for shall forthwith cease to be payable to the respective Holders on such Regular Record Date, and such defaulted interest may be paid to the Persons in whose names the Notes (or one or
more Predecessor Securities) are registered at the close of business on a Special Record Date for the payment of such defaulted interest to be fixed by the Securities Agent, notice whereof shall be given to Holders of Notes not less than
10 days prior to such Special Record Date, or may be paid at any time in any other lawful manner not inconsistent with requirements of any securities exchange on which the Notes may be listed, and upon such notice as may be required by such
exchange, all as more fully provided in said Indenture. Payment of principal of, and premium, if any, and interest on, the Notes will be made at the applicable Corporate Trust Office of the Securities Agent or such other office or agency of the
Company as may be designated for such purpose, in such coin or currency of the United States of America as at the time of payment is legal tender for payment of public and private debts; provided, however, that each installment of
interest, premium, if any, and principal on, the Notes may at the Company’s option be paid in immediately available funds by check mailed to the Person entitled thereto at its address on the Security Register or by wire transfer to an account
maintained by the payee located in the United States. 

  
 11 

 (e) Currency. The currency of denomination of the Notes is United States dollars.
Payment of principal of and interest and premium, if any, on, the Notes will be made in United States dollars. 
 SECTION 2.3. Optional
Redemption. 
 (a) Applicability of Article Eleven. The provisions of Article Eleven of the Indenture shall apply to the Notes, as
supplemented by Sections 2.3(a) and (b) and Section 2.4 below. 
 (b)
Redemption Price. Prior to December 25, 2031, in the case of the 2032 Notes, or prior to September 25, 2051, in the case of the 2052 Notes (in each case, as applicable, the “Par Call Date”), the Company may redeem
the applicable series of Notes at its option, in whole or in part, at any time and from time to time for cash, at a redemption price (expressed as a percentage of principal amount and rounded to three decimal places) equal to the greater of: 

(1)(a) the sum of the present values of the remaining scheduled payments of principal and interest thereon discounted to the Redemption Date
(assuming the Notes of the series to be redeemed matured on the Par Call Date for the Notes of such series) on a semi-annual basis (assuming a 360-day year consisting of twelve
30-day months) at the Treasury Rate plus 25 basis points, in the case of the 2032 Notes, and 35 basis points, in the case of the 2052 Notes, less (b) interest accrued to the Redemption Date; and 

(2) 100% of the principal amount of the Notes of such series to be redeemed, 

plus, in either case, accrued and unpaid interest thereon to the Redemption Date. 

On or after the applicable Par Call Date, the Company may redeem the applicable series of Notes, in whole or in part, at any time and from
time to time for cash, at a redemption price equal to 100% of the principal amount of the Notes being redeemed plus, in each case, accrued and unpaid interest thereon to 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. 

In addition, the Company may at any time purchase Notes by tender, in the open market or by private agreement, subject to applicable law. 

The Company’s actions and determinations in determining the redemption price shall be conclusive and binding for all purposes, absent
manifest error. 
 (c) Interest Payable. On and after any Redemption Date for the Notes, interest will cease to accrue on the Notes or
any portion thereof called for redemption, unless the Company defaults in the payment of the Redemption Price. 

  
 12 

 SECTION 2.4. Change of Control. 

(a) Upon the occurrence of a Change of Control Repurchase Event, unless the Company has exercised its right to redeem the Notes pursuant to
Section 2.3, the Company shall make an offer (a “Change of Control Offer”) to each Holder to repurchase, in cash, all or any part (in integral multiples of $1,000) of each Holder’s Notes at a purchase
price equal to 101% of the aggregate principal amount thereof plus accrued and unpaid interest, if any, on the Notes repurchased, to, but not including the date of repurchase, subject to the rights of holders of Notes on the relevant Regular Record
Date to receive interest due on the relevant Interest Payment Date (the “Change of Control Payment”). 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 pending Change of Control, the Company shall, by first class mail (or use such electronic means as are acceptable to the applicable Depositary for any Notes), send a notice to Holders of the Notes
(with a copy to the Trustee and the Securities Agent) describing the transaction or transactions that constitute the Change of Control Repurchase Event, stating: 
  

	 	(1)	 that the Change of Control Offer is being made pursuant to this Section 2.4 and that
all Notes tendered will be accepted for payment; 

  

	 	(2)	 the repurchase price and the repurchase date, which shall be no earlier than 30 days and no later than 60 days
from the date such notice is mailed (the “Change of Control Payment Date”); 

  

	 	(3)	 that any Note not tendered will continue to accrue interest; 

 

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

  

	 	(5)	 that Holders electing to have any Notes repurchased pursuant to a Change of Control Offer will be required to
surrender the Notes, with the form entitled “Option of Holder to Elect Repurchase” on the reverse of the Note completed, to the Paying Agent at the address specified in the notice or transfer such Notes to the Paying Agent by book-entry
transfer pursuant to the applicable procedures of the Paying Agent, prior to the close of business on the third Business Day preceding the Change of Control Payment Date; 

 

	 	(6)	 that Holders will be entitled to withdraw their election if the Paying Agent receives, no 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 the Notes delivered for repurchase, and a statement that such
Holder is withdrawing his election to have the Notes repurchased; 

  

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

  
 13 

	 	(8)	 if such notice is mailed prior to the consummation of the Change of Control, that the Change of Control Offer
is conditioned on the Change of Control being consummated on or prior to the Change of Control Payment Date. 

 (b) The
Company will 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 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 2.4, the
Company will comply with the applicable securities laws and regulations and will not be deemed to have breached its obligations under this Section 2.4 by virtue of such compliance. 

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

 

	 	(1)	 accept for payment all Notes or portions thereof properly tendered and not withdrawn pursuant to the Change of
Control Offer; 

  

	 	(2)	 deposit with the Paying Agent an amount equal to the Change of Control Payment in respect of all Notes or
portions of Notes accepted for payment; and 

  

	 	(3)	 deliver or cause to be delivered to the Securities Agent the Notes properly accepted together with an
Officers’ Certificate stating the aggregate principal amount of Notes or portions of Notes being repurchased by the Company. 

(d) The Paying Agent will promptly mail to each Holder of Notes accepted for payment the Change of Control Payment for such Notes deposited
pursuant to (c)(2) above, and the Securities Agent will promptly authenticate and mail (or cause to be transferred by book entry) to each Holder a new Note equal in principal amount to any unpurchased portion of the Notes surrendered, if any;
provided that each new Note will be in a principal amount of $2,000 or any integral multiple of $1,000 in excess of $2,000. The Company will publicly announce the results of the Change of Control Offer on or as soon as practicable after the
Change of Control Payment Date. Except as described above with respect to a Change of Control, this Fourth Supplemental Indenture does not contain provisions that permit Holders of the Notes to require the Company to repurchase or redeem the Notes
in the event of a takeover, recapitalization or similar transaction. 
 (e) Notwithstanding anything to the contrary in this
Section 2.4, the Company shall not be required to make a Change of Control Offer upon a Change of Control Repurchase Event if (1) 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 2.4 and repurchases all Notes validly tendered and not withdrawn under the Change of Control Offer; or (2) notice of redemption has been given
pursuant to Section 11.04 of the Indenture, unless and until there is a default in the payment of the applicable Redemption Price. 

(f) Except as set forth in Section 2.4(a), the Company has no obligation to redeem, repay, prepay or purchase Notes
pursuant to any sinking fund or analogous provisions or at the option of any Holder of Notes. 

  
 14 

 SECTION 2.5. Limitations on Liens. The Company shall not, and shall not permit any of
its Restricted Subsidiaries to, create, incur, issue, assume or guarantee any debt for borrowed money of the Company or any of its Restricted Subsidiaries secured by a Lien (other than Permitted Liens) upon any Principal Property or on any capital
stock of any Restricted Subsidiary (in each case, whether owned on the date of this Fourth Supplemental Indenture or thereafter acquired), without making effective provision to secure all of the Outstanding Notes, equally and ratably with any and
all other debt for borrowed money thereby secured, so long as any of such debt shall be so secured, unless the aggregate principal amount of all outstanding debt for borrowed money of the Company and its Restricted Subsidiaries that is secured by
Liens (other than Permitted Liens) on any Principal Property or upon the capital stock of any Restricted Subsidiary (in each case, whether owned on the date of this Fourth Supplemental Indenture or thereafter acquired) plus the amount of all
outstanding Attributable Debt incurred in respect of Sale and Leaseback Transactions involving any Principal Properties would not exceed 15% of Consolidated Net Tangible Assets calculated as of the date of the creation or incurrence of the Lien.

 SECTION 2.6. Limitation on Sale and Leaseback Transactions. The Company shall not, and shall not permit any Restricted Subsidiary
of the Company to, enter into any arrangement with any Person providing for the leasing by the Company or any Restricted Subsidiary of the Company of any property or assets that have been or are to be sold or transferred by the Company or such
Restricted Subsidiary of the Company to such Person, with the intention of taking back a lease of such property or assets (a “Sale and Leaseback Transaction”) unless either: 

(a) within 12 months after the receipt of the proceeds of the sale or transfer, the Company or any Restricted Subsidiary of the Company
applies an amount equal to the greater of the net proceeds of the sale or transfer or the fair value (as determined in good faith by the Company’s Board of Directors) of such property or assets at the time of such sale or transfer to the
prepayment or retirement (other than any mandatory prepayment or retirement) of Funded Debt which ranks equally with or senior to the Notes; or 

(b) the Company or such Restricted Subsidiary of the Company would be entitled, at the effective date of the sale or transfer, to incur debt
for borrowed money secured by a Lien on such property or assets in an amount at least equal to the Attributable Debt in respect of the Sale and Leaseback Transaction, without equally and ratably securing the Notes pursuant to
Section 2.5. 
 The foregoing restriction in the paragraph above shall not apply to any Sale and Leaseback
Transaction (i) for a term of not more than three years including renewals; (ii) between the Company and a Restricted Subsidiary of the Company or between Restricted Subsidiaries of the Company, provided that the lessor is the Company or a
wholly owned Restricted Subsidiary of the Company; or (iii) entered into within 120 days after the later of the acquisition or completion of construction of the subject property or assets. 

SECTION 2.7. Defeasance. Section 4.03 (including subparagraph (4) thereof and clause (B), but not
clause (A), of such subparagraph) and Section 10.06 (including subparagraph (5) thereof) of the Indenture will apply to the Notes. 

  
 15 

 ARTICLE III. 

MISCELLANEOUS 
 SECTION
3.1. Relationship with Indenture. 
 The terms and provisions contained in the Indenture will constitute, and are hereby expressly
made, a part of this Fourth Supplemental Indenture. However, to the extent any provision of the Indenture conflicts with the express provisions of this Fourth Supplemental Indenture, the provisions of this Fourth Supplemental Indenture will govern
and be controlling. 
 SECTION 3.2. Trust Indenture Act Controls. 

If any provision of this Fourth Supplemental Indenture limits, qualifies or conflicts with another provision which is required to be included
in this Fourth Supplemental Indenture by the Trust Indenture Act, the required provision shall control. If any provision of this Fourth Supplemental Indenture modifies or excludes any provision of the Trust Indenture Act which may be so modified or
excluded, the latter provision shall be deemed to apply to this Fourth Supplemental Indenture as so modified or to be excluded, as the case may be. 

SECTION 3.3. 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
without regard to conflicts of law principles of such State other than New York General Obligations Law Section 5-1401. 

SECTION 3.4. Multiple Counterparts. 

The parties may sign multiple counterparts of this Fourth Supplemental Indenture. Each signed counterpart shall be deemed an original
regardless of whether delivered in physical or electronic form, but all of them together represent one and the same Fourth Supplemental Indenture. 

SECTION 3.5. Severability. 

Each provision of this Fourth Supplemental Indenture shall be considered separable and if for any reason any provision which is not essential
to the effectuation of the basic purpose of this Fourth Supplemental Indenture or the Notes shall be invalid, illegal or unenforceable, the validity, legality and enforceability of the remaining provisions shall not in any way be affected or
impaired thereby and a Holder shall have no claim therefor against any party hereto. 
 SECTION 3.6. Ratification. 

The Indenture, as supplemented and amended by this Fourth Supplemental Indenture, is in all respects ratified and confirmed. The Indenture and
this Fourth Supplemental Indenture shall be read, taken and construed as one and the same instrument. All provisions included in this Fourth Supplemental Indenture supersede any conflicting provisions included in the Indenture unless not permitted
by law. The parties hereto accept the trusts created by the Indenture, as supplemented by this Fourth Supplemental Indenture, and agree to perform the same upon the terms and conditions of the Indenture, as supplemented by this Fourth Supplemental
Indenture. 

  
 16 

 SECTION 3.7. Headings. 

The Section headings in this Fourth Supplemental Indenture are for convenience only and shall not affect the construction thereof. 

SECTION 3.8. Effectiveness. 

The provisions of this Fourth Supplemental Indenture shall become effective as of the date hereof. 

[Remainder of Page Intentionally Left Blank] 

  
 17 

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

			
	FORTUNE BRANDS HOME & SECURITY, INC.
		
	By:	 	 /s/ Patrick D. Hallinan

	Name:	 	 Patrick D. Hallinan

	Title:	 	 Senior Vice President and Chief Financial Officer

	
	WILMINGTON TRUST, NATIONAL ASSOCIATION, not in its individual capacity but solely as Trustee
		
	By:	 	 /s/ Christopher Spinelli

	Name:	 	 Christopher Spinelli

	Title:	 	 Vice President

	
	CITIBANK, N.A., not in its individual capacity but solely as Securities Agent
		
	By:	 	 /s/ Keri-anne Marshall

	Name:	 	 Keri-anne Marshall

	Title:	 	 Senior Trust Officer

  
 [Signature page to
Fourth Supplemental Trust Indenture] 

 EXHIBIT A 

FORM OF 4.000% SENIOR NOTE DUE 2032 

  
 Exh. A-1 

 [FACE OF NOTE] 

THIS SECURITY IS A GLOBAL SECURITY WITHIN THE MEANING OF THE INDENTURE HEREINAFTER REFERRED TO AND IS REGISTERED IN THE NAME OF THE DEPOSITORY
TRUST COMPANY (THE “DEPOSITARY”) OR A NOMINEE OF THE DEPOSITARY. THIS SECURITY IS EXCHANGEABLE FOR SECURITIES REGISTERED IN THE NAME OF A PERSON OTHER THAN THE DEPOSITARY OR ITS NOMINEE ONLY IN THE LIMITED CIRCUMSTANCES DESCRIBED IN THE
INDENTURE, AND NO TRANSFER OF THIS SECURITY (OTHER THAN A TRANSFER OF THIS SECURITY AS A WHOLE BY THE DEPOSITARY TO A NOMINEE OF THE DEPOSITARY OR BY A NOMINEE OF THE DEPOSITARY TO THE DEPOSITARY OR ANOTHER NOMINEE OF THE DEPOSITARY OR BY THE
DEPOSITARY OR ANY SUCH NOMINEE TO A SUCCESSOR DEPOSITARY OR A NOMINEE OF SUCH SUCCESSOR DEPOSITARY) MAY BE MADE EXCEPT IN LIMITED CIRCUMSTANCES. 

UNLESS THIS GLOBAL SECURITY IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITARY TO THE COMPANY (AS DEFINED HEREIN) OR ITS AGENT FOR
REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY SECURITY ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITARY (AND ANY PAYMENT THEREON IS MADE TO
CEDE & CO., OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITARY), ANY TRANSFER, PLEDGE, OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL IN AS MUCH AS THE REGISTERED OWNER
HEREOF, CEDE & CO., HAS AN INTEREST HEREIN. 
  

			
	 REGISTERED
	  	REGISTERED
		
	 Number
	  	U.S.$
	 R-
	  	
	
	 FORTUNE BRANDS HOME & SECURITY, INC.

4.000% Senior Notes due 2032

		  	CUSIP 34964C AF3

  
  

FORTUNE BRANDS HOME & SECURITY, INC., a Delaware corporation (the “Company”), for value received, hereby promises to
pay to CEDE & CO. or registered assigns, the principal sum of             DOLLARS on March 25, 2032, and to pay interest, semiannually in arrears in cash on March 25 and
September 25 of each year (each, an “Interest Payment Date”) commencing September 25, 2022, on said principal sum at the rate of 4.000% per annum from the most recent Interest Payment Date to which interest has been paid
or duly provided for, as the case may be, next preceding the date of this Security to which interest has been paid, unless the date hereof is a date to which interest has been paid, in which case from the date of this Security, or unless no interest
has been paid on the Securities, in which case from March 25, 2022, until payment of said principal sum has been made or duly provided for. Notwithstanding the foregoing, if the date hereof is after a March 10 or September 10, as the
case may be, and before the following Interest Payment Date, this Security shall bear interest from such Interest Payment Date; provided,  

  
 Exh. A-2 

 
however, that if the Company shall default in the payment of interest due on such Interest Payment Date then this Security shall bear interest from the next preceding Interest Payment Date
to which interest has been paid, or, if no interest has been paid on the Securities, from March 25, 2022. The interest so payable on any March 25 or September 25 will, subject to certain exceptions provided in the Indenture dated as
of June 15, 2015 (the “Base Indenture”), as supplemented by the Fourth Supplemental Indenture dated as of March 25, 2022 (as so supplemented, the “Supplemental Indenture”, and as amended, modified or
supplemented in accordance with the terms thereof by any other indenture supplemental thereto with respect to the Securities of this series, the “Indenture”), among the Company, Wilmington Trust, National Association, as trustee
(the “Trustee,” which term includes any successor trustee under the Indenture with respect to the Securities of this series), and Citibank, N.A., as securities agent (the “Securities Agent,” which term includes any
successor securities agent under the Indenture with respect to the Securities of this series), be paid to the Person in whose name this Security (or one or more Predecessor Securities) is registered at the close of business on the March 10 or
September 10, as the case may be, next preceding such Interest Payment Date. The principal of (and premium, if any) and interest on this Security are payable at the office or agency of the Company in the Borough of Manhattan, The City of New
York, 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 each installment of interest, premium, if any, and principal on
this Security may be paid, at the option of the Company, by check mailed to the Person entitled thereto at its address on the Security Register or by wire transfer to an account maintained by the Persons entitled thereto located in the United
States. Any interest not punctually paid or duly provided for shall be payable as provided in said Indenture. 

  
 Exh. A-3 

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

Dated: March 25, 2022 
  

			
	FORTUNE BRANDS HOME & SECURITY, INC.
		
	By:	 	  

		 	Name:
		 	Title:

  

			
	Attest:
		
	By:	 	  

		 	Name:
		 	Title:

  
 Exh. A-4 

 SECURITIES AGENT’S CERTIFICATE OF AUTHENTICATION 

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

Dated: March 25, 2022 
  

			
	CITIBANK, N.A., not in its individual capacity but solely as Securities Agent
		
	By:	 	  

		 	Authorized Officer

  
 Exh. A-5 

 [REVERSE OF NOTE] 

FORTUNE BRANDS HOME & SECURITY, INC. 

4.000% Senior Notes due 2032 

This Security is one of a duly authorized issue of Securities of the Company designated as its 4.000% Senior Notes due 2032 (Securities of
such series being hereinafter called the “Securities”), initially issued in an aggregate principal amount of $450,000,000 (but subject to additional issuances from time to time in accordance with the terms of the Indenture), issued
and to be issued 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, obligations, duties and immunities thereunder of the Company,
the Trustee, the Securities Agent and the Holders of the Securities, and the terms upon which the Securities are, and are to be, authenticated and delivered. Capitalized terms which are used and not otherwise defined in this Security have the
meanings given to those terms in the Indenture. 
 The Indenture imposes certain limitations on the ability of the Company and any
Restricted Subsidiary to create, incur, issue, assume or guarantee any debt for borrowed money of the Company or any of its Restricted Subsidiaries secured by a Lien or engage in Sale and Leaseback Transactions, in each case, subject to exceptions
as set forth in the Indenture. The Indenture also imposes certain limitations on the ability of the Company to consolidate with or merge into any other person or sell, assign, transfer, lease or otherwise convey all or substantially all of the
properties and assets of the Company to any other person, subject to exceptions as set forth in the Indenture. 
 Except as otherwise
provided in the Indenture, this Security will be issued in global form only and registered in the name of the Depositary or its nominee. This Security will not be issued in definitive form, except as otherwise provided in the Indenture, and
ownership of this Security shall be maintained in book-entry form by the Depositary for the accounts of participating organizations of the Depositary. 

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

As provided in the Indenture and subject to certain limitations therein set forth, this Security may be registered for transfer on the
Security Register of the Company, upon surrender of this Security for registration of transfer at the Corporate Trust Office of the Securities Agent in Jersey City, New Jersey, duly endorsed by, or accompanied by a written instrument of transfer in
form satisfactory to the Company, the Securities Agent and the Security Registrar duly executed by, the registered Holder hereof or its attorney duly authorized in writing, and thereupon one or more new Securities, of authorized denominations and
for the same aggregate principal amount, will be issued to the designated transferee or transferees. 

  
 Exh. A-6 

 The Company may, from time to time, without notice to or the consent of the Holders of the
Securities, increase the aggregate principal amount of the Securities which may be authenticated and delivered under the Indenture and issue such increased principal amount (or any portion thereof), in which case any additional Securities so issued
will have the same form and terms (other than the date of issuance and, under certain circumstances, the date from which interest thereon will begin to accrue), and will carry the same right to receive principal and accrued and unpaid interest, as
the Securities previously issued, and such additional Securities will form a single series with the Securities previously issued; provided that such additional Securities are fungible with the Securities previously issued for
U.S. federal income tax purposes. 
 The Securities are issuable only as Registered Securities in minimum denominations of $2,000 and
integral multiples of $1,000 in excess thereof. As provided in the Indenture, and subject to certain limitations therein set forth, Securities are exchangeable for a like aggregate principal amount of Registered Securities of different authorized
denominations, as requested by the Holder surrendering the same. 
 No service charge will be made for any such registration of transfer or
exchange, but the Company or the Securities Agent may require payment of a sum sufficient to cover any tax or other governmental charge payable in connection therewith subject to certain exceptions as set forth in the Indenture. 

The Company, the Trustee, the Securities Agent and any agent of the Company, the Trustee or the Securities Agent may treat the Person in whose
name this Security is registered as the owner hereof for all purposes, whether or not this Security be overdue, and neither the Company, the Trustee nor the Securities Agent nor any such agent shall be affected by notice to the contrary. 

The Securities of this series are subject to redemption at the Company’s option as provided in the Indenture. 

Upon the occurrence of a Change of Control Repurchase Event, unless the Company has exercised its right to redeem the Securities, the
Indenture contains provisions for the Company to make an offer to each Holder to repurchase, in cash, all or any part (in integral multiples of $1,000) of each Holder’s Securities at a purchase price equal to 101% of the aggregate principal
amount of the Securities to be repurchased plus accrued and unpaid interest, if any, on the Securities repurchased, to but not including the date of repurchase (subject to the rights of Holders of Securities on the relevant Regular Record Date to
receive interest due on the relevant Interest Payment Date) as provided in, and subject to the terms of, the Indenture. 
 The Indenture
contains provisions for defeasance at any time of the entire indebtedness of this Security and certain restrictive covenants and Events of Default with respect to this Security, in each case upon compliance with certain conditions set forth in the
Indenture. 
 If an Event of Default, as defined in the Indenture, with respect to the Securities shall occur, the principal of all the
Securities may be declared due and payable in the manner and with the effect provided in the Indenture. 

  
 Exh. A-7 

 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 under the Indenture at any time by the Company with the consent of the Holders of a majority in aggregate principal amount of the then
Outstanding Securities of this series and of each other series issued under the Indenture and affected by such amendment or modification. The Indenture also permits the Holders of a majority in aggregate principal amount of the Securities at the
time Outstanding, on behalf of the Holders of all the Securities, to waive certain past defaults under the Indenture with respect to the Securities and their consequences if all amounts due to the Trustee and the Securities Agent have been paid in
full. Any such consent or waiver shall be conclusive and binding upon the Holder of this Security and upon all future Holders of this Security and of any Security issued upon the registration of transfer hereof or in exchange herefor or in lieu
hereof whether or not a notation of such consent or waiver is made upon this Security. 
 No recourse shall be had for the payment of the
principal of or the interest on this Security, or for any claim based hereon, or otherwise in respect hereof, or based on or in respect of the Indenture or any indenture supplemental thereto with respect to the Securities of this series, against any
incorporator, stockholder, officer or director, as such, past, present or future, of the Company or any successor Person, either directly or through the Company, whether by virtue of any constitution, statute or rule of law, or by the enforcement of
any assessment or penalty or otherwise, all such liability being, by the acceptance hereof and as part of the consideration for the issue hereof, expressly waived and released. 

This Security is not subject to any sinking fund. 

THIS SECURITY SHALL BE DEEMED TO BE A CONTRACT MADE UNDER THE LAWS OF THE STATE OF NEW YORK AND FOR ALL PURPOSES SHALL BE CONSTRUED IN
ACCORDANCE WITH AND GOVERNED BY THE LAWS OF SAID STATE. 
 Unless the certificate of authentication hereon has been executed by the
Securities Agent by the manual signature of one of its authorized officers, this Security shall not be entitled to any benefit under said Indenture, or be valid or obligatory for any purpose. 

  
 Exh. A-8 

 EXHIBIT B 

FORM OF 4.500% SENIOR NOTE DUE 2052 

  
 Exh. B-1 

 [FACE OF NOTE] 

THIS SECURITY IS A GLOBAL SECURITY WITHIN THE MEANING OF THE INDENTURE HEREINAFTER REFERRED TO AND IS REGISTERED IN THE NAME OF THE DEPOSITORY
TRUST COMPANY (THE “DEPOSITARY”) OR A NOMINEE OF THE DEPOSITARY. THIS SECURITY IS EXCHANGEABLE FOR SECURITIES REGISTERED IN THE NAME OF A PERSON OTHER THAN THE DEPOSITARY OR ITS NOMINEE ONLY IN THE LIMITED CIRCUMSTANCES DESCRIBED IN THE
INDENTURE, AND NO TRANSFER OF THIS SECURITY (OTHER THAN A TRANSFER OF THIS SECURITY AS A WHOLE BY THE DEPOSITARY TO A NOMINEE OF THE DEPOSITARY OR BY A NOMINEE OF THE DEPOSITARY TO THE DEPOSITARY OR ANOTHER NOMINEE OF THE DEPOSITARY OR BY THE
DEPOSITARY OR ANY SUCH NOMINEE TO A SUCCESSOR DEPOSITARY OR A NOMINEE OF SUCH SUCCESSOR DEPOSITARY) MAY BE MADE EXCEPT IN LIMITED CIRCUMSTANCES. 

UNLESS THIS GLOBAL SECURITY IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITARY TO THE COMPANY (AS DEFINED HEREIN) OR ITS AGENT FOR
REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY SECURITY ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITARY (AND ANY PAYMENT THEREON IS MADE TO
CEDE & CO., OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITARY), ANY TRANSFER, PLEDGE, OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL IN AS MUCH AS THE REGISTERED OWNER
HEREOF, CEDE & CO., HAS AN INTEREST HEREIN. 
  

			
	 REGISTERED
	  	REGISTERED
		
	 Number
	  	U.S.$
	 R-
	  	
	
	 FORTUNE BRANDS HOME & SECURITY, INC.

4.500% Senior Notes due 2052

		  	CUSIP 34964C AG1

  
  

FORTUNE BRANDS HOME & SECURITY, INC., a Delaware corporation (the “Company”), for value received, hereby promises to
pay to CEDE & CO. or registered assigns, the principal sum of             DOLLARS on March 25, 2052, and to pay interest, semiannually in arrears in cash on March 25 and
September 25 of each year (each, an “Interest Payment Date”) commencing September 25, 2022, on said principal sum at the rate of 4.500% per annum from the most recent Interest Payment Date to which interest has been paid
or duly provided for, as the case may be, next preceding the date of this Security to which interest has been paid, unless the date hereof is a date to which interest has been paid, in which case from the date of this Security, or unless no interest
has been paid on the Securities, in which case from March 25, 2022, until payment of said principal sum has been made or duly provided for. Notwithstanding the foregoing, if the date hereof is after a March 10 or September 10, as the
case may be, and before the following Interest Payment Date, this Security shall bear interest from such Interest Payment Date; provided, however, that if the Company shall default in the payment of interest due on such Interest Payment

  
 Exh. B-2 

 
Date then this Security shall bear interest from the next preceding Interest Payment Date to which interest has been paid, or, if no interest has been paid on the Securities, from March 25,
2022. The interest so payable on any March 25 or September 25 will, subject to certain exceptions provided in the Indenture dated as of June 15, 2015 (the “Base Indenture”), as supplemented by the Fourth Supplemental
Indenture dated as of March 25, 2022 (as so supplemented, the “Supplemental Indenture”, and as amended, modified or supplemented in accordance with the terms thereof by any other indenture supplemental thereto with respect to
the Securities of this series, the “Indenture”), among the Company, Wilmington Trust, National Association, as trustee (the “Trustee,” which term includes any successor trustee under the Indenture with respect to
the Securities of this series), and Citibank, N.A., as securities agent (the “Securities Agent,” which term includes any successor securities agent under the Indenture with respect to the Securities of this series), be paid to the
Person in whose name this Security (or one or more Predecessor Securities) is registered at the close of business on the March 10 or September 10, as the case may be, next preceding such Interest Payment Date. The principal of (and
premium, if any) and interest on this Security are payable at the office or agency of the Company in the Borough of Manhattan, The City of New York, 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 each installment of interest, premium, if any, and principal on this Security may be paid, at the option of the Company, by check mailed to the Person entitled thereto at
its address on the Security Register or by wire transfer to an account maintained by the Persons entitled thereto located in the United States. Any interest not punctually paid or duly provided for shall be payable as provided in said Indenture.

  
 Exh. B-3 

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

Dated: March 25, 2022 
  

			
	FORTUNE BRANDS HOME & SECURITY, INC.
		
	By:	 	  

		 	Name:
		 	Title:

			
	 Attest:

		
	 By:
	 	  

		 	 Name:

		 	 Title:

  
 Exh. B-4 

 SECURITIES AGENT’S CERTIFICATE OF AUTHENTICATION 

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

Dated: March 25, 2022 
  

			
	CITIBANK, N.A., not in its individual capacity but solely as Securities Agent
		
	By:	 	  

		 	Authorized Officer

  
 Exh. B-5 

 [REVERSE OF NOTE] 

FORTUNE BRANDS HOME & SECURITY, INC. 

4.500% Senior Notes due 2052 

This Security is one of a duly authorized issue of Securities of the Company designated as its 4.500% Senior Notes due 2052 (Securities of
such series being hereinafter called the “Securities”), initially issued in an aggregate principal amount of $450,000,000 (but subject to additional issuances from time to time in accordance with the terms of the Indenture), issued
and to be issued 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, obligations, duties and immunities thereunder of the Company,
the Trustee, the Securities Agent and the Holders of the Securities, and the terms upon which the Securities are, and are to be, authenticated and delivered. Capitalized terms which are used and not otherwise defined in this Security have the
meanings given to those terms in the Indenture. 
 The Indenture imposes certain limitations on the ability of the Company and any
Restricted Subsidiary to create, incur, issue, assume or guarantee any debt for borrowed money of the Company or any of its Restricted Subsidiaries secured by a Lien or engage in Sale and Leaseback Transactions, in each case, subject to exceptions
as set forth in the Indenture. The Indenture also imposes certain limitations on the ability of the Company to consolidate with or merge into any other person or sell, assign, transfer, lease or otherwise convey all or substantially all of the
properties and assets of the Company to any other person, subject to exceptions as set forth in the Indenture. 
 Except as otherwise
provided in the Indenture, this Security will be issued in global form only and registered in the name of the Depositary or its nominee. This Security will not be issued in definitive form, except as otherwise provided in the Indenture, and
ownership of this Security shall be maintained in book-entry form by the Depositary for the accounts of participating organizations of the Depositary. 

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

As provided in the Indenture and subject to certain limitations therein set forth, this Security may be registered for transfer on the
Security Register of the Company, upon surrender of this Security for registration of transfer at the Corporate Trust Office of the Securities Agent in Jersey City, New Jersey, duly endorsed by, or accompanied by a written instrument of transfer in
form satisfactory to the Company, the Securities Agent and the Security Registrar duly executed by, the registered Holder hereof or its attorney duly authorized in writing, and thereupon one or more new Securities, of authorized denominations and
for the same aggregate principal amount, will be issued to the designated transferee or transferees. 

  
 Exh. B-6 

 The Company may, from time to time, without notice to or the consent of the Holders of the
Securities, increase the aggregate principal amount of the Securities which may be authenticated and delivered under the Indenture and issue such increased principal amount (or any portion thereof), in which case any additional Securities so issued
will have the same form and terms (other than the date of issuance and, under certain circumstances, the date from which interest thereon will begin to accrue), and will carry the same right to receive principal and accrued and unpaid interest, as
the Securities previously issued, and such additional Securities will form a single series with the Securities previously issued; provided that such additional Securities are fungible with the Securities previously issued for
U.S. federal income tax purposes. 
 The Securities are issuable only as Registered Securities in minimum denominations of $2,000 and
integral multiples of $1,000 in excess thereof. As provided in the Indenture, and subject to certain limitations therein set forth, Securities are exchangeable for a like aggregate principal amount of Registered Securities of different authorized
denominations, as requested by the Holder surrendering the same. 
 No service charge will be made for any such registration of transfer or
exchange, but the Company or the Securities Agent may require payment of a sum sufficient to cover any tax or other governmental charge payable in connection therewith subject to certain exceptions as set forth in the Indenture. 

The Company, the Trustee, the Securities Agent and any agent of the Company, the Trustee or the Securities Agent may treat the Person in whose
name this Security is registered as the owner hereof for all purposes, whether or not this Security be overdue, and neither the Company, the Trustee nor the Securities Agent nor any such agent shall be affected by notice to the contrary. 

The Securities of this series are subject to redemption at the Company’s option as provided in the Indenture. 

Upon the occurrence of a Change of Control Repurchase Event, unless the Company has exercised its right to redeem the Securities, the
Indenture contains provisions for the Company to make an offer to each Holder to repurchase, in cash, all or any part (in integral multiples of $1,000) of each Holder’s Securities at a purchase price equal to 101% of the aggregate principal
amount of the Securities to be repurchased plus accrued and unpaid interest, if any, on the Securities repurchased, to but not including the date of repurchase (subject to the rights of Holders of Securities on the relevant Regular Record Date to
receive interest due on the relevant Interest Payment Date) as provided in, and subject to the terms of, the Indenture. 
 The Indenture
contains provisions for defeasance at any time of the entire indebtedness of this Security and certain restrictive covenants and Events of Default with respect to this Security, in each case upon compliance with certain conditions set forth in the
Indenture. 
 If an Event of Default, as defined in the Indenture, with respect to the Securities shall occur, the principal of all the
Securities 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 under the Indenture at any time by the Company with the consent of the
Holders of a majority in aggregate principal amount of the then Outstanding Securities of this series and of 

  
 Exh. B-7 

 
each other series issued under the Indenture and affected by such amendment or modification. The Indenture also permits the Holders of a majority in aggregate principal amount of the Securities
at the time Outstanding, on behalf of the Holders of all the Securities, to waive certain past defaults under the Indenture with respect to the Securities and their consequences if all amounts due to the Trustee and the Securities Agent have been
paid in full. Any such consent or waiver shall be conclusive and binding upon the Holder of this Security and upon all future Holders of this Security and of any Security issued upon the registration of transfer hereof or in exchange herefor or in
lieu hereof whether or not a notation of such consent or waiver is made upon this Security. 
 No recourse shall be had for the payment of
the principal of or the interest on this Security, or for any claim based hereon, or otherwise in respect hereof, or based on or in respect of the Indenture or any indenture supplemental thereto with respect to the Securities of this series, against
any incorporator, stockholder, officer or director, as such, past, present or future, of the Company or any successor Person, either directly or through the Company, whether by virtue of any constitution, statute or rule of law, or by the
enforcement of any assessment or penalty or otherwise, all such liability being, by the acceptance hereof and as part of the consideration for the issue hereof, expressly waived and released. 

This Security is not subject to any sinking fund. 

THIS SECURITY SHALL BE DEEMED TO BE A CONTRACT MADE UNDER THE LAWS OF THE STATE OF NEW YORK AND FOR ALL PURPOSES SHALL BE CONSTRUED IN
ACCORDANCE WITH AND GOVERNED BY THE LAWS OF SAID STATE. 
 Unless the certificate of authentication hereon has been executed by the
Securities Agent by the manual signature of one of its authorized officers, this Security shall not be entitled to any benefit under said Indenture, or be valid or obligatory for any purpose. 

  
 Exh. B-8Exhibit Description of Common Stock  (00403769.DOCX;1)

​

Exhibit 4.6
DESCRIPTION OF REGISTRANT’S SECURITIES
General
PB Bankshares, Inc. (“PB Bankshares”) is authorized to issue 40,000,000 shares of common stock, par value of $0.01 per share, and 10,000,000 shares of preferred stock, par value $0.01 per share. As of March 24, 2022, PB Bankshares has 2,777,250 shares of common stock outstanding and no shares of preferred stock outstanding.  Each share of PB Bankshares common stock has the same relative rights as, and is identical in all respects to, each other share of common stock
Common Stock
Dividends. PB Bankshares may pay dividends on its common stock if, after giving effect to such dividends, it would be able to pay its debts in the usual course of business and its total assets would exceed the sum of its total liabilities plus the amount needed to satisfy the preferential rights upon dissolution of stockholders whose preferential rights on dissolution are superior to those receiving the dividends. However, even if PB Bankshares’s assets are less than the amount necessary to satisfy the requirement set forth above, PB Bankshares may pay dividends from: its net earnings for the fiscal year in which the distribution is made; its net earnings for the preceding fiscal year; or the sum of its net earnings for the preceding eight fiscal quarters. The holders of common stock of PB Bankshares will be entitled to receive and share equally in dividends as may be declared by our board of directors out of funds legally available therefor. If PB Bankshares issues shares of preferred stock, the holders thereof may have a priority over the holders of the common stock with respect to dividends.
Voting Rights. The holders of common stock of PB Bankshares have exclusive voting rights in PB Bankshares.  They elect PB Bankshares’s board of directors and act on other matters as are required to be presented to them under Maryland law or as are otherwise presented to them by the board of directors.  Generally, each holder of common stock is entitled to one vote per share and does not have any right to cumulate votes in the election of directors.  Any person who beneficially owns more than 10% of the then-outstanding shares of PB Bankshares’s common stock, however, will not be entitled or permitted to vote any shares of common stock held in excess of the 10% limit.  If PB Bankshares issues shares of preferred stock, holders of the preferred stock may also possess voting rights. Certain matters require the approval of 80% of our outstanding common stock.
As a Pennsylvania stock savings bank, corporate powers and control of Prescence Bank is vested in its board of directors, who elect the officers of Prescence Bank and who fill any vacancies on the board of directors. Voting rights of Prescence Bank is vested exclusively in the owner of the shares of capital stock of Prescence Bank, which is PB Bankshares, and voted at the direction of PB Bankshares’s board of directors.  Consequently, the holders of the common stock of PB Bankshares will not have direct control of Prescence Bank.
Liquidation. In the unlikely event of any liquidation, dissolution or winding up of Prescence Bank, PB Bankshares, as the holder of 100% of Prescence Bank’s capital stock, would be entitled to receive all assets of Prescence Bank available for distribution, after payment or provision for payment of all debts and liabilities of Prescence Bank, including all deposit accounts and accrued interest thereon, and after distribution of the balance in the liquidation account to Eligible Account Holders and Supplemental Eligible Account Holders.  In the unlikely event of liquidation, dissolution or winding up of PB Bankshares, the holders of its common stock would be entitled to receive, after payment or provision for payment of all its debts and liabilities, all of the assets of PB Bankshares available for distribution.  If preferred stock is issued, the holders thereof may have a priority over the holders of the common stock in the event of liquidation or dissolution.
Preemptive Rights. Holders of the common stock of PB Bankshares are not entitled to preemptive rights with respect to any shares that may be issued.  The common stock is not subject to redemption.

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​

RESTRICTIONS ON ACQUISITION OF PB BANKSHARES, INC.
The following discussion is a general summary of the material provisions of Maryland law, PB Bankshares’s articles of incorporation and bylaws, Prescence Bank’s Pennsylvania stock articles of incorporation, Pennsylvania banking law and certain other regulatory provisions that may be deemed to have an “anti-takeover” effect.  The following description of certain of these provisions is necessarily general and is not intended to be a complete description of the document or regulatory provision in question.  
Maryland Law and Articles of Incorporation and Bylaws of PB Bankshares
Maryland law, as well as PB Bankshares’s articles of incorporation and bylaws contain a number of provisions relating to corporate governance and rights of stockholders that may discourage future takeover attempts.  As a result, stockholders who might desire to participate in such transactions may not have an opportunity to do so. In addition, these provisions will also render the removal of the board of directors or management of PB Bankshares more difficult. 
Directors. The board of directors is divided into three classes.  The members of each class is elected for a term of three years and only one class of directors is elected annually.  Thus, it would take at least two annual elections to replace a majority of the board of directors.  The bylaws establish qualifications for board members, including restrictions on affiliations with competitors of Prescence Bank, restrictions based upon prior legal or regulatory violations and a residency requirement. The bylaws also impose a restriction on eligibility for election, re-election, appointment or re-appointment to the board of directors (excluding the current directors) if, at the time of such election, re-election, appointment or re-appointment, such person has reached the age of 80; however, the board of directors may waive this director qualification if the board of directors determines, by a two-thirds vote, that such waiver is the best interest of PB Bankshares.  Further, the bylaws impose notice and information requirements in connection with the nomination by stockholders of candidates for election to the board of directors or the proposal by stockholders of business to be acted upon at an annual meeting of stockholders. Such notice and information requirements are applicable to all stockholder business proposals and nominations, and are in addition to any requirements under the federal securities laws.
Evaluation of Offers.  The articles of incorporation of PB Bankshares provide that its board of directors, when evaluating a transaction that would or may involve a change in control of PB Bankshares (whether by purchases of its securities, merger, consolidation, share exchange, sale of all or substantially all of its assets or otherwise), may, in connection with the exercise of its business judgment in determining what is in the best interests of PB Bankshares and its stockholders and in making any recommendation to the stockholders, give due consideration to all relevant factors, including, but not limited to: 
		●	the economic effect, both immediate and long-term, upon PB Bankshares’s stockholders, including stockholders, if any, who do not participate in the transaction;

		●	the social and economic effect on the present and future employees, creditors and customers of, and others dealing with, PB Bankshares and its subsidiaries and on the communities in which PB Bankshares and its subsidiaries operate or are located; 

		●	whether the proposal is acceptable based on the historical, current or projected future operating results or financial condition of PB Bankshares;

		●	whether a more favorable price could be obtained for PB Bankshares’s stock or other securities in the future;

		●	the reputation and business practices of the other entity to be involved in the transaction and its management and affiliates as they would affect the employees of PB Bankshares and its subsidiaries;

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		●	the future value of the stock or any other securities of PB Bankshares or the other entity to be involved in the proposed transaction;

		●	any antitrust or other legal and regulatory issues that are raised by the proposal;

		●	the business and historical, current or expected future financial condition or operating results of the other entity to be involved in the transaction, including, but not limited to, debt service and other existing financial obligations, financial obligations to be incurred in connection with the proposed transaction, and other likely financial obligations of the other entity to be involved in the proposed transaction; and

		●	the ability of PB Bankshares to fulfill its objectives as a financial institution holding company and on the ability of its subsidiary financial institution to fulfill the objectives of a federally insured financial institution under applicable statutes and regulations.  

Restrictions on Calling Special Meetings.  The articles of incorporation and bylaws provide that special meetings of stockholders can be called by the president, the chief executive officer, the chairperson, by a majority of the whole board of directors, or upon the written request of stockholders entitled to cast at least a majority of all votes entitled to vote at the meeting. 
Prohibition of Cumulative Voting.  The articles of incorporation prohibit cumulative voting for the election of directors.  
Limitation of Voting Rights.  The articles of incorporation provide that no record owner of any of PB Bankshares’s outstanding common stock that is beneficially owned, directly or indirectly, by a person who beneficially owns more than 10% of the outstanding shares of common stock will be permitted to vote any shares in excess of such 10% limit. This provision has been included in the articles of incorporation in reliance on Section 2-507(a) of the Maryland General Corporation Law, which entitles stockholders to one vote for each share of stock unless the articles of incorporation provide for a greater or lesser number of votes per share or limit or deny voting rights.
Restrictions on Removing Directors from Office.  The articles of incorporation provide that directors may be removed only for cause, and only by the affirmative vote of the holders of at least two-thirds of the voting power of all of PB Bankshares’s then-outstanding common stock entitled to vote (after giving effect to the limitation on voting rights discussed above in “—Limitation of Voting Rights”).
Authorized but Unissued Shares.  PB Bankshares has authorized but unissued shares of common and preferred stock.  See “Description of Common Stock of PB Bankshares, Inc.”  The articles of incorporation authorize 40,000,000 shares of common stock and 10,000,000 shares of serial preferred stock.  PB Bankshares is authorized to issue preferred stock from time to time in one or more series subject to applicable provisions of law, and the board of directors is authorized to fix the preferences, conversion and other rights, voting powers, restrictions, limitations as to dividends, qualifications and terms and conditions of redemption of the shares of each such shares.  In the event of a proposed merger, tender offer or other attempt to gain control of PB Bankshares that the board of directors does not approve, it may be possible for the board of directors to authorize the issuance of a series of preferred stock with rights and preferences that would impede the completion of the transaction. An effect of the possible issuance of preferred stock therefore may be to deter a future attempt to gain control of PB Bankshares.  The board of directors has no present plan or understanding to issue any preferred stock. 
Amendments to Articles of Incorporation and Bylaws.  Amendments to the articles of incorporation must be approved by the board of directors and also by of the affirmative vote of at least two-thirds of the outstanding shares of common stock, or by the affirmative vote of the majority of the outstanding shares of our common stock if at least two-thirds of the members of the whole board of directors approves such amendment; provided, however, that approval by at least 80% of the outstanding voting stock is generally required to amend certain provisions:
		(i)	the limitation on voting rights of persons who directly or indirectly beneficially own more than 10% of the outstanding shares of common stock;

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		(ii)	the division of the board of directors into three staggered classes;

		(iii)	the ability of the board of directors to fill vacancies on the board;

		(iv)	the requirement that directors may only be removed for cause and by the affirmative vote of at least two-thirds of the votes eligible to be cast by stockholders;

		(v)	the ability of the board of directors to amend and repeal the bylaws;

		(vi)	the ability of the board of directors to evaluate a variety of factors in evaluating offers to purchase or otherwise acquire PB Bankshares;

		(vii)	the authority of the board of directors to provide for the issuance of preferred stock;

		(viii)	the validity and effectiveness of any action lawfully authorized by the affirmative vote of the holders of a majority of the total number of outstanding shares of common stock; 

		(ix)	the number of stockholders constituting a quorum or required for stockholder consent;

		(x)	the indemnification of current and former directors and officers, as well as employees and other agents, by PB Bankshares;

		(xi)	the limitation of liability of officers and directors to PB Bankshares for money damages;

		(xii)	the inability of stockholders to cumulate their votes in the election of directors;

		(xiii)	the advance notice requirements for stockholder proposals and nominations;

		(xiv)	the requirement that the forum for certain actions or disputes will be a state or federal court located within the State of Maryland; and 

		(xv)	the provision of the articles of incorporation requiring approval of at least 80% of the outstanding voting stock to amend the provisions of the articles of incorporation provided in (i) through (xiv) of this list.

The articles of incorporation also provide that the bylaws may be amended by the affirmative vote of a majority of PB Bankshares’s directors or by the stockholders by the affirmative vote of at least 80% of the votes eligible to be voted at a duly constituted meeting of stockholders.  Any amendment of this super-majority requirement for amendment of the bylaws would also require the approval of 80% of the outstanding voting stock. 
The provisions requiring the affirmative vote of 80% of the total votes eligible to be cast for certain stockholder actions have been included in the articles of incorporation of PB Bankshares in reliance on Section 2-104(b)(4) of the Maryland General Corporation Law, which permits the articles of incorporation to require a greater proportion of votes than the proportion that would otherwise be required for stockholder action under the Maryland General Corporation Law.
Purpose and Anti-Takeover Effects of PB Bankshares’s Articles of Incorporation and Bylaws. Our board of directors believes that the provisions described above are prudent and will reduce our vulnerability to takeover attempts and certain other transactions that have not been negotiated with and approved by our board of directors. We believe these provisions are in the best interests of PB Bankshares and its stockholders. Our board of directors believes that it will be in the best position to determine the true value of PB Bankshares and to negotiate more effectively for what may be in the best interests of all our stockholders. Accordingly, our board of directors believes that it is in the best interests of PB Bankshares and all of our stockholders to encourage potential acquirers to negotiate directly with the board of directors and that these provisions will encourage such negotiations and discourage hostile takeover attempts. It is also the view of our board of directors that these provisions should not 

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discourage persons from proposing a merger or other transaction at a price reflective of the true value of PB Bankshares and that is in the best interests of all our stockholders.
Takeover attempts that have not been negotiated with and approved by our board of directors present the risk of a takeover on terms that may be less favorable than might otherwise be available. A transaction that is negotiated and approved by our board of directors, on the other hand, can be carefully planned and undertaken at an opportune time in order to obtain maximum value for our stockholders, with due consideration given to matters such as the management and business of the acquiring corporation.
Although a tender offer or other takeover attempt may be made at a price substantially above the current market price, such offers are sometimes made for less than all of the outstanding shares of a target company. As a result, stockholders may be presented with the alternative of partially liquidating their investment at a time that may be disadvantageous, or retaining their investment in an enterprise that is under different management and whose objectives may not be similar to those of the remaining stockholders.
Despite our belief as to the benefits to stockholders of these provisions of PB Bankshares’s articles of incorporation and bylaws, these provisions also may have the effect of discouraging a future takeover attempt that would not be approved by our board of directors, but pursuant to which stockholders may receive a substantial premium for their shares over then current market prices. As a result, stockholders who might desire to participate in such a transaction may not have any opportunity to do so. Such provisions will also make it more difficult to remove our board of directors and management. Our board of directors, however, has concluded that the potential benefits outweigh the possible disadvantages.
Prescence Bank’s Articles of Incorporation 
The articles of incorporation of Prescence Bank provides that for a period of five years from the closing of the conversion and offering, no person (including a group acting in concert) other than PB Bankshares, Inc. may offer directly or indirectly to acquire the beneficial ownership of more than 5% of any class of equity security of Prescence Bank. This provision does not apply to any tax-qualified employee benefit plan of Prescence Bank or PB Bankshares, or to an underwriter or member of an underwriting or selling group involving the public sale or resale of securities of Prescence Bank or any of its subsidiaries, so long as after the sale or resale, no underwriter or member of the selling group is a beneficial owner, directly or indirectly, of more than 5% of any class of equity securities of Prescence Bank.  In addition, during this five-year period, all shares owned over the 5% limit may not be voted on any matter submitted to stockholders for a vote. 
Conversion Regulations
Without the prior written approval of the FDIC, the Pennsylvania Department of Banking and Securities and the Federal Reserve Board, no person may make an offer or announcement of an offer to purchase shares or actually acquire shares of a converted institution or its holding company for a period of three years from the date of the completion of the conversion if, upon the completion of such offer, announcement or acquisition, the person would become the beneficial owner of more than 10% of the outstanding stock of the institution or its holding company. Federal regulations have defined “person” to include any individual, group acting in concert, corporation, partnership, association, joint stock company, trust, unincorporated organization or similar company, a syndicate or any other group formed for the purpose of acquiring, holding or disposing of securities of an insured institution.  However, offers made exclusively to a bank or its holding company, or to an underwriter or member of a selling group acting on the converting institution’s or its holding company’s behalf for resale to the general public are excepted. The regulation also provides civil penalties for willful violation or assistance in any such violation of the regulation by any person connected with the management of the converting institution or its holding company or who controls more than 10% of the outstanding shares or voting rights of a converted institution or its holding company.
​
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Change in Control Law and Regulations 
Under the Change in Bank Control Act, a federal law, no person may acquire control of an insured state savings bank or its parent holding company unless the Federal Reserve Board has been given 60 days’ prior written notice and has not issued a notice disapproving the proposed acquisition.  The Federal Reserve Board takes into consideration certain factors, including the financial and managerial resources of the acquirer and the competitive effects of the acquisition.  In addition, federal regulations provide that no company may acquire control of a state savings bank without the prior approval of the Federal Reserve Board.  Any company that acquires such control becomes a “bank holding company” subject to registration, examination and regulation by the Federal Reserve Board.  
Control, as defined under federal law, means ownership, control of or holding irrevocable proxies representing more than 25% of any class of voting stock, control in any manner of the election of a majority of the company’s directors, or a determination by the Federal Reserve Board that the acquirer has the power to direct, or directly or indirectly exercise a controlling influence over, the management or policies of the institution.  Acquisition of more than 10% of any class of a bank holding company’s voting stock constitutes a rebuttable determination of control under the regulations under certain circumstances including where, as is the case with PB Bankshares, the issuer has registered securities under Section 12 of the Securities Exchange Act of 1934.  

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