Document:

EX-4.14

 Exhibit 4.14 

[Form of Floating Rate Senior Note] 
 Unless this
certificate is presented by an authorized representative of The Depository Trust Company, a New York corporation (“DTC”), to Ally Financial Inc. or its agent for registration of transfer, exchange or payment, and any certificate
issued is registered in the name of Cede & Co. or such other name as requested by an authorized representative of DTC (and any payment is made to Cede & Co. or to such other entity as is requested by an authorized representative of
DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL inasmuch as the registered owner hereof, Cede & Co., has an interest herein. 

No. [—] 
 CUSIP No.: [—] 

ISIN No.: [—] 
 Floating Rate
Senior Note due [—] 
 Ally Financial Inc. 

promises to pay to Cede & Co. or registered assigns, 

the principal sum of [—] DOLLARS ($[—]) on [—]. 

Interest Payment Dates: [—], [—], [—] and [—] (or, if any such day would otherwise be a day that is not a Business Day (as defined on the
reverse side of this note), the Interest Payment Date will be postponed to the immediately succeeding day that is a Business Day, except that if that Business Day is in the immediately succeeding calendar month, the Interest Payment Date shall be
the immediately preceding Business Day), commencing on [—]. 
 Regular Record Dates: The calendar day that is 15 calendar days prior to each Interest
Payment Date (as defined on the reverse side of this note). 
 Dated: [—] 

[ADDITIONAL PROVISIONS OF THIS NOTE ARE
SET FORTH ON THE REVERSE SIDE OF THIS NOTE] 

 WITNESS THE SEAL OF THE COMPANY AND THE SIGNATURES OF ITS DULY AUTHORIZED OFFICERS. 

 

			
	ALLY FINANCIAL INC.
		
	By:	 	  

	Name:
	Title:
		
	By:	 	  

	Name:
	Title:

 Dated: [—] 

  
 [Signature Page to Senior
Note] 

			
	TRUSTEE’S CERTIFICATE OF AUTHENTICATION
	
	THIS IS ONE OF THE SECURITIES OF THE SERIES DESIGNATED THEREIN REFERRED TO IN THE WITHIN-MENTIONED INDENTURE.
	
	THE BANK OF NEW YORK MELLON, AS TRUSTEE
		
	By:	 	  

		 	Authorized Signatory

 Dated: [—] 

  
 [Signature Page to Senior
Note] 

 [REVERSE SIDE OF NOTE] 

Floating Rate Senior Note due [—] 

Capitalized terms used herein have the meanings assigned to them in the Indenture referred to below unless otherwise indicated. 

Ally Financial Inc., a Delaware corporation (hereinafter called the “Company”, which term includes any successor under the
Indenture hereinafter referred to), for value received, hereby promises to pay to Cede & Co., or its registered assigns, the principal sum of [—] DOLLARS ($[—]) at the office or agency of the Company for such purpose in the
Borough of Manhattan, The City of New York, on [—], in such coin or currency of the United States of America as at the time of payment shall be legal tender for the payment of public and private debts, and to pay interest on said principal sum
at a floating rate per annum equal to the Compounded SOFR plus [—] basis points (the “Margin”), as determined in arrears by the Calculation Agent (as defined below) in the manner described herein, quarterly in arrears on
[—], [—], [—] and [—] (each, an “Interest Payment Date”) of each year, beginning on [—], at the office or agency of the Company for such purpose in the Borough of Manhattan, The City of New York, in like
coin or currency. Such interest will accrue from and including [—], or the most recent Interest Payment Date (whether or not such Interest Payment Date was a Business Day (as defined below)) for which interest had been paid or duly provided for
to, but excluding, the next Interest Payment Date or the maturity date, as the case may be. The first payment to be made on [—], is in respect of the period from and including [—], to but excluding [—]. The interest so payable on any
Interest Payment Date will, subject to certain exceptions provided in the Indenture referred to below, be paid to the person in whose name this Floating Rate Note (as defined below) is registered as of the applicable Regular Record Date (as defined
below). At the option of the Company, interest may be paid by check to the registered holder hereof entitled thereto at his last address as it appears on the registry books, and principal may be paid by check to the registered holder hereof or other
person entitled thereto against surrender of this Floating Rate Note. 
 Compounded SOFR for each interest period will be calculated by the
Calculation Agent in accordance with the formula set forth herein with respect to the Observation Period (as defined below) relating to such interest period. Interest on the Floating Rate Notes will be computed on the basis of the actual number of
days elapsed in each interest period (or any other relevant period) and a 360-day year. The amount of accrued interest payable on this Floating Rate Note for each interest period will be computed by
multiplying (x) the outstanding principal amount of this Floating Rate Note by (y) the product of (i) the interest rate for the relevant interest period multiplied by (ii) the quotient of the actual number of calendar days in the
applicable Observation Period relating to such interest period (or any other relevant period) divided by 360. The interest rate on this Floating Rate Note will in no event be lower than zero. 

If an Interest Payment Date falls on a day that is not a Business Day, the Interest Payment Date will be postponed to the immediately
succeeding day that is a Business Day, except that if that Business Day is in the immediately succeeding calendar month, the Interest Payment Date shall be the immediately preceding Business Day, in each case with interest accruing to the applicable
Interest Payment Date (as so adjusted). If the maturity date or a redemption date (if applicable) falls on a day that is not a Business Day, the payment of interest and principal will be made on the next succeeding business day, but no additional
interest shall accrue and be paid unless the Company fails to make a payment on such next succeeding Business Day. 

  
 R-1 

 The Calculation Agent will determine the Compounded SOFR, interest rate and accrued interest
for each interest period in arrears as soon as reasonably practicable on or after the Interest Payment Determination Date (as defined below) for such interest period and prior to the relevant Interest Payment Date and will notify the Company (if the
Company is not the Calculation Agent) of such Compounded SOFR, interest rate and accrued interest for each interest period as soon as reasonably practicable after such determination, but in any event by the Business Day immediately prior to such
Interest Payment Date. At the request of a Holder of the Floating Rate Notes, the Company will provide the Compounded SOFR, interest rate and amount of interest accrued with respect to any interest period, after such Compounded SOFR, interest rate
and accrued interest have been determined. The Calculation Agent’s determination of any interest rate, and its calculation of interest payments for any interest period, will be maintained on file at the Calculation Agent’s principal
offices and will be provided in writing to the Trustee. The Trustee shall have no responsibility or liability for calculations made by the Calculation Agent (or the Company, if there is no Calculation Agent) and shall be entitled to conclusively
rely on the accuracy of such calculations. 
 “Benchmark” means, initially, Compounded SOFR; provided that if a
Benchmark Transition Event and its related Benchmark Replacement Date have occurred with respect to Compounded SOFR (or the published SOFR Index used in the calculation thereof) or the then-current Benchmark, then “Benchmark” means the
applicable Benchmark Replacement. 
 “Benchmark Replacement” means the first alternative set forth in the order below that
can be determined by the Company or its designee as of the Benchmark Replacement Date; provided that if the Benchmark Replacement cannot be determined in accordance with clause (1) below as of the Benchmark Replacement Date and the
Company or its designee shall have determined that the ISDA Fallback Rate determined in accordance with clause (2) below is not an industry-accepted rate of interest as a replacement for the then-current Benchmark for U.S. dollar-denominated
floating rate notes at such time, then clause (2) below shall be disregarded, and the Benchmark Replacement shall be determined in accordance with clause (3) below: 
  

	 	(1)	 the sum of: (a) an alternate rate of interest that has been selected or recommended by the Relevant
Governmental Body as the replacement for the then-current Benchmark and (b) the Benchmark Replacement Adjustment; 

  

	 	(2)	 the sum of: (a) the ISDA Fallback Rate and (b) the Benchmark Replacement Adjustment; or

  

	 	(3)	 the sum of: (a) the alternate rate of interest that has been selected by the Company or its designee as
the replacement for the then-current Benchmark giving due consideration to any industry-accepted rate of interest as a replacement for the then-current Benchmark for U.S. dollar-denominated floating rate notes at such time and (b) the Benchmark
Replacement Adjustment. 

 “Benchmark Replacement Adjustment” means the first alternative set forth in
the order below that can be determined by the Company or its designee as of the Benchmark Replacement Date: 
  

	 	(1)	 the spread adjustment (which may be a positive or negative value or zero), or method for calculating or
determining such spread adjustment, that has been selected or recommended by the Relevant Governmental Body for the applicable Unadjusted Benchmark Replacement; 

  
 R-2 

	 	(2)	 if the applicable Unadjusted Benchmark Replacement is equivalent to the ISDA Fallback Rate, the ISDA Fallback
Adjustment; or 

  

	 	(3)	 the spread adjustment (which may be a positive or negative value or zero) that has been selected by the Company
or its designee giving due consideration to any industry-accepted spread adjustment, or method for calculating or determining such spread adjustment, for the replacement of the then-current Benchmark with the applicable Unadjusted Benchmark
Replacement for U.S. dollar-denominated floating rate notes at such time. 

 “Benchmark Replacement Conforming
Changes” means, with respect to any Benchmark Replacement, any technical, administrative or operational changes (including changes to the definitions or interpretations of interest period, the timing and frequency of determining rates and
making payments of interest, the rounding of amounts or tenors, and other administrative matters) that the Company or its designee decides may be appropriate to reflect the adoption of such Benchmark Replacement in a manner substantially consistent
with market practice (or, if the Company or its designee decides that adoption of any portion of such market practice is not administratively feasible or if the Company or its designee determines that no market practice for use of the Benchmark
Replacement exists, in such other manner as the Company or its designee determines is reasonably practicable). 
 “Benchmark
Replacement Date” means the earliest to occur of the following events with respect to the then-current Benchmark (including any daily published component used in the calculation thereof): 

 

	 	(1)	 in the case of clause (1) or (2) of the definition of “Benchmark Transition Event,” the later of
(a) the date of the public statement or publication of information referenced therein and (b) the date on which the administrator of the Benchmark permanently or indefinitely ceases to provide the Benchmark (or such component); or

  

	 	(2)	 in the case of clause (3) of the definition of “Benchmark Transition Event,” the date of the
public statement or publication of information referenced therein. 

 For the avoidance of doubt, if the event giving rise
to the Benchmark Replacement Date occurs on the same day as, but earlier than, the Reference Time in respect of any determination, the Benchmark Replacement Date will be deemed to have occurred prior to the Reference Time for such determination.

 “Benchmark Transition Event” means the occurrence of one or more of the following events with respect to the
then-current Benchmark (including the daily published component used in the calculation thereof): 
  

	 	(1)	 a public statement or publication of information by or on behalf of the administrator of the Benchmark (or such
component) announcing that such administrator has ceased or will cease to provide the Benchmark (or such component), permanently or indefinitely, provided that, at the time of such statement or publication, there is no successor administrator
that will continue to provide the Benchmark (or such component); 

  

	 	(2)	 a public statement or publication of information by the regulatory supervisor for the administrator of the
Benchmark (or such component), the central bank for the currency of the Benchmark (or such component), an insolvency official with jurisdiction over the administrator for the Benchmark (or such component), a resolution authority with jurisdiction
over the 

  
 R-3 

	 	
administrator for the Benchmark (or such component) or a court or an entity with similar insolvency or resolution authority over the administrator for the Benchmark (or such component), which
states that the administrator for the Benchmark (or such component) has ceased or will cease to provide the Benchmark (or such component) permanently or indefinitely, provided that, at the time of such statement or publication, there is no
successor administrator that will continue to provide the Benchmark (or such component); or 

  

	 	(3)	 a public statement or publication of information by the regulatory supervisor for the administrator of the
Benchmark announcing that the Benchmark is no longer representative. 

 “Business Day” is any day which
is not a Saturday or Sunday or a day on which banking institutions in New York, New York are authorized or obligated by law or executive order to close. 

“Calculation Agent” means [—], or its successor appointed by the Company. The Company or an affiliate of the Company may
assume the duties of the Calculation Agent. 
 “Compounded SOFR” means, with respect to any interest period, the rate
determined by the Calculation Agent in accordance with the following formula (and the resulting percentage will be rounded, if necessary, to the nearest one hundred-thousandth of a percentage point): 

 

													
	(	  	SOFR IndexEnd	 	  
 – 1
	 	)	  	x	 	360	  	
	  	SOFR IndexStart	 	d  	  	

 where: 

“SOFR IndexStart” means, for periods other than
the initial interest period in the Floating Rate Period, the SOFR Index value on the preceding Interest Payment Determination Date, and, for the initial interest period in the Floating Rate Period, the SOFR Index value on the date that is two U.S.
Government Securities Business Days before the first day of such initial interest period (such first day expected to be [—]); 

“SOFR IndexEnd” means the SOFR Index value on
the Interest Payment Determination Date relating to the applicable Interest Payment Date (or in the final interest period, relating to the maturity date, or, in the case of the redemption of the Floating Rate Notes, relating to the applicable
redemption date); and 
 “d” is the number of calendar days in the relevant Observation Period. 

“Interest Payment Determination Date” means the date two U.S. Government Securities Business Days before each Interest
Payment Date (or, in the case of the redemption of the Floating Rate Notes, preceding the applicable redemption date). 

“ISDA” means the International Swaps and Derivatives Association, Inc., or any successor thereto. 

  
 R-4 

 “ISDA Definitions” means the 2006 ISDA Definitions published by ISDA, as
amended or supplemented from time to time, or any successor definitional booklet for interest rate derivatives published from time to time. 

“ISDA Fallback Adjustment” means the spread adjustment (which may be a positive or negative value or zero) that would apply
for derivatives transactions referencing the ISDA Definitions to be determined upon the occurrence of an index cessation event with respect to the Benchmark for the applicable tenor. 

“ISDA Fallback Rate” means the rate that would apply for derivatives transactions referencing the ISDA Definitions to be
effective upon the occurrence of an index cessation date with respect to the Benchmark for the applicable tenor excluding the applicable ISDA Fallback Adjustment. 

“Observation Period” means, in respect of each interest period, the period from, and including, the date two U.S. Government
Securities Business Days preceding the first date in such interest period to, but excluding, the date two U.S. Government Securities Business Days preceding the Interest Payment Date for such interest period (or, in the final interest period,
preceding the maturity date or, in the case of the redemption of the Floating Rate Notes, preceding the applicable redemption date). 

“Reference Time” with respect to any determination of the Benchmark means (1) if the Benchmark is Compounded SOFR, the
SOFR Index Determination Time (as defined herein), and (2) if the Benchmark is not Compounded SOFR, the time determined by the Company or its designee in accordance with the Benchmark Replacement Conforming Changes. 

The “Regular Record Dates” for payments are the dates 15 calendar days prior to each Interest Payment Date. 

“Relevant Governmental Body” means the Federal Reserve Board and/or the FRBNY, or a committee officially endorsed or convened
by the Federal Reserve Board and/or the FRBNY or any successor thereto. 
 “SOFR” means the daily secured overnight
financing rate as provided by the SOFR Administrator on the SOFR Administrator’s Website. 
 “SOFR Administrator”
means the Federal Reserve Bank of New York (the “FRBNY”) (or a successor administrator of SOFR). 
 “SOFR
Administrator’s Website” means the website of the FRBNY, currently at www.newyorkfed.org, or any successor source. 

“SOFR Index” means, with respect to any U.S. Government Securities Business Day: 

 

	 	(1)	 the SOFR Index value as published by the SOFR Administrator as such index appears on the SOFR
Administrator’s Website at 3:00 p.m. (New York time) on such U.S. Government Securities Business Day (the “SOFR Index Determination Time”); or 

 

	 	(2)	 if a SOFR Index value does not so appear as specified in (1) above at the SOFR Index Determination Time,
then: 

  
 R-5 

	 	(i)	 If a Benchmark Transition Event and its related Benchmark Replacement Date have not occurred with respect to
SOFR, “Compounded SOFR” means, for the applicable interest period for which such index is not available, the rate of return on a daily compounded interest investment calculated in accordance with the formula for SOFR Averages, and
definitions required for such formula, published on the SOFR Administrator’s Website, currently at https://www.newyorkfed.org/markets/treasury-repo-reference-rates-information, or any successor source. For the purposes of this provision,
references in the SOFR Averages compounding formula and related definitions to “calculation period” shall be replaced with “Observation Period” and the words “that is, 30-, 90-, or 180- calendar days” shall be removed. If SOFR (“SOFRi”) does not so appear for any day “i” in the Observation Period, SOFRi for such
day “i” shall be SOFR published in respect of the first preceding U.S. Government Securities Business Day for which SOFR was published on the SOFR Administrator’s Website; or 

 

	 	(ii)	 If the Company or its designee determines that a Benchmark Transition Event and its related Benchmark
Replacement Date have occurred with respect to SOFR: 

  

	 	(a)	 The applicable Benchmark Replacement shall replace the then-current Benchmark for all purposes relating to the
Floating Rate Notes during the Floating Rate Period in respect of such determination on such date and all determinations on all subsequent dates; provided that, if the Company or its designee is unable to or does not determine a Benchmark
Replacement in accordance with the provisions below prior to 5:00 p.m. (New York time) on the relevant Interest Payment Determination Date, the interest rate for the related quarterly interest period shall be equal to the interest rate in effect for
the immediately preceding interest period or, in the case of the Interest Payment Determination Date prior to the first Floating Rate Interest Payment Date, the Initial Interest Rate. In accordance with and subject to this provision, after a
Benchmark Transition Event and related Benchmark Replacement Date have occurred, the amount of interest that will be payable for each interest period on the Floating Rate Notes during the Floating Rate Period will be determined by reference to a
rate per annum equal to the sum of the Benchmark Replacement plus the Margin; 

  

	 	(b)	 In connection with the implementation of a Benchmark Replacement, the Company or its designee shall have the
right to make Benchmark Replacement Conforming Changes from time to time, which Benchmark Replacement Conforming Changes shall apply to the Floating Rate Notes for all future interest periods during the Floating Rate Period. The Company shall
promptly give notice of the determination of the Benchmark Replacement, the Benchmark Replacement Adjustment and any Benchmark Replacement Conforming Changes to the Trustee, the Calculation Agent and the Holders of the Floating Rate Notes;
provided that failure to provide such notice shall have no impact on the effectiveness of, or otherwise invalidate, any such determination; 

  
 R-6 

	 	(c)	 Any determination, decision or election made by the Company or its designee for the purposes of determining the
Benchmark Replacement, the Benchmark Replacement Adjustment and any Benchmark Replacement Conforming Changes, including any determination with respect to tenor, rate or adjustment, or the occurrence or
non-occurrence of an event, circumstance or date and any decision to take or refrain from taking any action or any selection, shall be conclusive and binding on the Holders of the Floating Rate Notes and the
Trustee, absent manifest error. If made by the Company as Calculation Agent, such determination, decision or election shall be made in the Company’s sole discretion. If made by a Calculation Agent other than the Company or its designee (which
may be the Company’s affiliate), such determination, decision or election shall be made after consulting with the Company, and such Calculation Agent or designee (which may be the Company’s affiliate) shall not make any such determination,
decision or election to which the Company reasonably objects. Notwithstanding anything to the contrary in the Indenture or this Floating Rate Note, any determination, decision or election made in accordance with this provision shall become effective
without consent from the Holders of the Floating Rate Notes, the Trustee or any other party; and 

  

	 	(d)	 Any determination, decision or election relating to the Benchmark shall be made by the Company or the
Company’s designee in accordance with this provision. Neither the Trustee nor the Calculation Agent shall have any responsibility for not making any such determination, decision or election. The Company may designate an entity (which may be its
affiliate) to make any determination, decision or election that the Company has the right to make in connection with the determination of the Benchmark. Under no circumstances will the Trustee or the Calculation Agent be responsible for selecting or
determining any Benchmark Replacement if the Benchmark will no longer be available following a Benchmark Transaction Event and its related Benchmark Replacement Date. 

“Unadjusted Benchmark Replacement” means the Benchmark Replacement excluding the Benchmark Replacement Adjustment. 

“U.S. Government Securities Business Day” means any day except for a Saturday, a Sunday or a day on which the Securities
Industry and Financial Markets Association or any successor organization recommends that the fixed income departments of its members be closed for the entire day for purposes of trading in U.S. government securities. 

This Floating Rate Note is one of a duly authorized issue of debentures, notes, bonds or other evidences of indebtedness of the Company
(hereinafter called the “Securities”) of the series hereinafter specified, all issued or to be issued under and pursuant to an indenture dated as of July 1, 1982 (as may be supplemented from time to time, herein called the
“Indenture”), duly executed and delivered by the Company to The Bank of New York Mellon (herein called the “Trustee”, which term includes any successor trustee under the Indenture), to which the Indenture and all
indentures supplemental thereto reference is hereby made for a description of the rights, limitations of rights, obligations, duties and immunities thereunder of the Trustee, the Company and the Holders of the Securities. The terms of this Floating
Rate Note include those stated in the Indenture and those made part of the Indenture by reference to the Trust Indenture Act. This Floating Rate Note is subject to all such terms, and Holders are referred to the Indenture and the Trust Indenture Act
for a statement of all such terms. To the extent permitted by applicable law, in the event of any inconsistency between the terms of this Floating Rate Note and the terms of the Indenture, the terms of this Floating Rate Note shall control. The
Securities 

  
 R-7 

 
may be issued in one or more series, which different series may be issued in various aggregate principal amounts, may mature at different times, may bear interest (if any) at different rates, may
be subject to different redemption provisions (if any), and may otherwise vary as in the Indenture provided. This Floating Rate Note is [a global note] [one of [—] ([—]) global notes], which [together] represent[s] all of the
Company’s Floating Rate Senior Notes due [—] (CUSIP: [—]) registered with the United States Securities and Exchange Commission (the “Floating Rate Notes”, which term shall include any Additional Notes (as defined
below)), limited in initial issuance to the aggregate principal amount of $[—]. 
 The Floating Rate Notes are in registered book-entry
form without coupons in initial denominations of $[2,000] and integral multiples of $[1,000] in excess thereof. 
 The Floating Rate Notes
do not have the benefit of a sinking fund. 
 [The Floating Rate Notes may not be redeemed prior to maturity.] 

[The Floating Rate Notes will be redeemable at the Company’s option, in whole or in part, at any time and from time to time, on or after
[—], at a redemption price equal to [—], plus accrued and unpaid interest thereon, if any, to, but excluding, the redemption date.] 

[If the Company redeems Floating Rate Notes at its option, then (a) notwithstanding the foregoing, installments of interest on the
Floating Rate Notes that are due and payable on any Interest Payment Date falling on or prior to a redemption date for the Floating Rate Notes will be payable on that Interest Payment Date to the registered holders thereof as of the close of
business on the relevant record date according to the terms of the Floating Rate Notes and the Indenture and (b) the redemption price will, if applicable, be calculated on the basis of a 360-day year
consisting of twelve 30-day months.] 
 [Notice of any redemption will be mailed at least [—]
days but not more than [—] days before the redemption date to each Holder of the Floating Rate Notes to be redeemed. Unless the Company defaults in payment of the redemption price, on or after the redemption date, interest will cease to accrue
on the Floating Rate Notes called for redemption.] 
 [If less than all of the Floating Rate Notes are to be redeemed, the Trustee shall
select pro rata or by lot or in such other manner as the Trustee shall deem fair and appropriate, the Floating Rate Notes to be redeemed, subject in all cases to compliance with applicable DTC procedures. The Trustee may select for redemption
Floating Rate Notes and portions of Floating Rate Notes in amounts of $[2,000] and integral multiples of $[1,000] in excess thereof (provided that the unredeemed portion of such Floating Rate Notes redeemed in part will not be less than
$[2,000]) and shall thereafter promptly notify the Company in writing of the numbers of Floating Rate Notes to be redeemed, in whole or in part.] 

In addition to the covenants of the Company set forth in the Indenture, the Company agrees that (each an “Additional
Covenant”): 
 (a) the Company shall not, and shall not permit any of its subsidiaries to, directly or indirectly, pay or cause to
be paid any consideration, whether by way of interest, fee or otherwise, to any Holder of Floating Rate Notes for or as an inducement to any consent, waiver or amendment of any of the terms or provisions of the Indenture or the Floating Rate Notes
unless such consideration is offered to be paid or agreed to be paid to all Holders of the Floating Rate Notes which so consent, waive or agree to amend in the time frame set forth in the solicitation documents relating to such consent, waiver or
agreement; and 

  
 R-8 

 (b) the Company shall furnish to the Holder of this Floating Rate Note and to prospective
investors, upon their request, the information required to be delivered pursuant to Rule 144A(d)(4) under the Securities Act of 1933, as amended, for so long as any Floating Rate Notes remain outstanding during any period when it is not subject to
the reporting requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, or otherwise permitted to furnish the Securities and Exchange Commission with certain information pursuant to Rule
12g3-2(b) of the Securities Exchange Act of 1934. 
 In case an Event of Default, as defined in the
Indenture or herein, with respect to the Floating Rate Notes shall have occurred and be continuing, the principal hereof may be declared, and upon such declaration shall become, due and payable in the manner, with the effect and subject to the
conditions provided in the Indenture. Holders of the Floating Rate Notes shall vote as a separate class with respect to any defaults, Events of Default, Covenant Breaches or remedies relating thereto as a result of any covenants, obligations, or
provisions affecting only the Floating Rate Notes, including the Additional Covenants. 
 The Indenture contains provisions permitting the
Company and the Trustee, with the consent of the Holders of not less than 662/3% in aggregate principal amount of the Securities at the time outstanding (as defined in the Indenture) of all series to be affected by the execution of such supplemental
indentures referred to in this sentence (voting as one class), evidenced as in the Indenture provided, to execute supplemental indentures adding any provisions to or changing in any manner or eliminating any of the provisions of the Indenture or of
any supplemental indenture or modifying in any manner the rights of the Holders of the Securities of each such series; provided that no such supplemental indenture shall (i) extend the fixed maturity of any Securities, or reduce the
principal amount thereof or premium, if any, or reduce the rate or extend the time of payment of any interest thereon, without the consent of the Holder of each Security so affected, or (ii) reduce the aforesaid percentage of Securities, the
consent of the Holders of which is required for any such supplemental indenture, without the consent of the Holders of all Securities then outstanding. Any such consent or waiver by the Holder of this Floating Rate Note shall be conclusive and
binding upon such Holder and upon all future Holders of this Floating Rate Note and of any Floating Rate Note issued upon the registration of transfer hereof, or in lieu hereof, whether or not notation for such consent or waiver is made upon this
Floating Rate Note. 
 Holders of the Floating Rate Notes shall vote as a separate class with respect to amendments, modifications or
waivers affecting only the Floating Rate Notes, including amendments, modifications or waivers with respect to the Additional Covenants. Holders of Floating Rate Notes that contain redemption or mandatory redemption provisions shall vote as a
separate class with respect to amendments, modifications or waivers that affect only such provisions. Holders of Securities that are not Floating Rate Notes, or, with respect to redemption or mandatory redemption provisions, that do not have such
provisions, shall not have any voting rights with respect to such matters. 
 For the avoidance of doubt, in determining whether the Holders
of the required aggregate principal amount of Floating Rate Notes have concurred in any direction, consent or waiver, Floating Rate Notes which are owned by the Company or any other obligor on the Floating Rate Notes, or by any person directly or
indirectly controlling or controlled by or under direct or indirect common control with the 

  
 R-9 

 
Company or any other obligor on the Floating Rate Notes, shall be disregarded and deemed not to be outstanding for the purpose of any such determination, except that for the purpose of
determining whether the Trustee shall be protected in relying on any such direction, consent or waiver, only Floating Rate Notes which a Responsible Officer of the Trustee knows are so owned shall be so disregarded. Floating Rate Notes so owned
which have been pledged in good faith may be regarded as outstanding for the purposes of this paragraph if the pledgee shall establish to the satisfaction of the Trustee the pledgee’s right to vote such Floating Rate Notes and that the pledgee
is not a person directly or indirectly controlling or controlled by or under direct or indirect common control with the Company or any such other obligor. In the case of a dispute as to such right, any decision by the Trustee taken upon the advice
of counsel shall be full protection to the Trustee. 
 No reference herein to the Indenture and no provision of this Floating Rate Note or
of the Indenture shall alter or impair the obligation of the Company, which is absolute and unconditional, to pay the principal of and interest on this Floating Rate Note at the place, at the respective times, at the rate, and in the coin or
currency, herein prescribed. 
 The Company may from time to time, without notice to or the consent of the registered holders of the
Floating Rate Notes, create and issue additional notes (the “Additional Notes”) ranking pari passu with the Floating Rate Notes in all respects (or in all respects except for the payment of interest accruing prior to the
issue date of such Additional Notes or except for the first payment of interest following the issue date of such Additional Notes). Such Additional Notes may be consolidated and form a single series with the Floating Rate Notes and have the same
terms as to status, redemption or otherwise as the Floating Rate Notes. 
 Upon due presentment for registration of transfer of this
Floating Rate Note at the office or agency designated and maintained by the Company for such purpose in the Borough of Manhattan, The City of New York, pursuant to the provisions of the Indenture, a new Floating Rate Note for an equal aggregate
principal amount will be issued to the transferee in exchange therefor, subject to the limitations provided in the Indenture, without charge except for any tax or other governmental charge imposed in connection therewith. 

The Company, the Trustee and any agent of the Company or the Trustee may deem and treat the Holder in whose name this Floating Rate Note is
registered upon the books of the Company to be, and may treat such Holder as, the absolute owner of this Floating Rate Note (whether or not this Floating Rate Note shall be overdue and notwithstanding any notation of ownership or other writing
hereon), for the purpose of receiving payment of or on account of the principal of (and premium, if any) and interest hereon, and for all other purposes, and neither the Company nor the Trustee nor any agent of the Company or the Trustee shall be
affected by any notice to the contrary. 
 No recourse under or upon any obligation, covenant or agreement in the Indenture or any indenture
supplemental thereto or in any Security, or because of any indebtedness evidenced thereby, shall be had against any incorporator, or against any past, present or future stockholder, officer or director, as such, of the Company or of any successor
corporation, either directly or through the Company or any successor corporation, under any rule of law, statute or constitutional provision or by the enforcement of any assessment or by any legal or equitable proceeding or otherwise, all such
liability being expressly waived and released by the acceptance hereof and as part of the consideration for the issue hereof. 

  
 R-10 

 This Floating Rate Note is governed by and construed in accordance with the laws of the
State of New York. 
 This Floating Rate Note shall not be valid or become obligatory for any purpose until the certificate of
authentication hereon shall have been signed by the Trustee under the Indenture. 
 The Company will furnish to any Holder upon written
request and without charge a copy of the Indenture. 

  
 R-11 

 ASSIGNMENT FORM 

FOR VALUE RECEIVED the undersigned hereby sells, 

assigns and transfers unto 
 PLEASE INSERT SOCIAL
SECURITY OR OTHER 
 IDENTIFYING NUMBER OF ASSIGNEE 
  

 
  

 

	
	
	 Please print or typewrite name and address including postal zip code of assignee

 
  

the within Floating Rate Note due [—] of Ally Financial Inc. and hereby irrevocably constitutes and appoints _________________________________ attorney to
transfer said Floating Rate Note due [—] on the books of the within-named Company, with full power of substitution in the premises.

 Dated: ____________ 
  

			
	SIGN HERE	 	  

		 	NOTICE: THE SIGNATURE OF THIS ASSIGNMENT MUST CORRESPOND WITH THE NAME AS WRITTEN UPON THE FACE OF THE WITHIN INSTRUMENT IN EVERY PARTICULAR WITHOUT ALTERATION OR ENLARGEMENT OR ANY CHANGE WHATEVER.
		
		 	SIGNATURE GUARANTEEDExhibit
10.1

 

CQENS
Technologies,

5550 Nicollet Avenue

Minneapolis,
MN 55419

 

[Date]

 

NAME:

TITLE:

Re:
Stock Option

 

Dear
[NAME],

 

We
are pleased to advise you that on October 21, 2021 the Board of Directors of CQENS Technologies Inc., a Delaware corporation(the “Company”)
authorized the Award to you of an option to purchase _________ shares of our common stock, par value $0.0001 per share , upon the following
terms and conditions. This award is in recognition of your efforts as an employee and/or executive of the Company and your continued
efforts on behalf of the Company.

 

 1. The Option is granted in accordance with and subject to the terms and conditions of the Company’s

 

2014
Equity Compensation Plan (the “Plan”). You have been provided a copy of the Plan in the past, but should you require a replacement,
please let us know.

 

 2. The Option is a non-qualifying stock option.

 

3. The
Option is exercisable commencing on ______________ and terminating at ______ pm New York time on ________________. 

 

 4. The price at which the Option may be exercised is $_________ per share.

 

5. The
Option is non-transferable and may be exercised, in whole or in part, during the exercise period, only by you, except that upon your
death, the Option may be exercised strictly in accordance with the terms and conditions of the Plan.

 

6. The
exercise price and number of shares issuable upon exercise of the Option (the “Option Shares”) are subject to adjustment
in accordance with the Plan in the event of stock splits, dividends, reorganizations and similar corporate events.

 

7. If,
neither the Option nor the Option Shares have been registered under the Securities Act of 1933, as amended (the “Act”), and
the Option Shares may not be sold, assigned, pledged, transferred or otherwise disposed of absent registration under the Act or the availability
of an applicable exemption from registration. All certificates evidencing the Option Shares will contain a legend describing this restriction
on resale of the Option Shares. There is no assurance that there will be a public market into which you may sell the Option Shares or
that you will be able to sell your Option Shares at a profit or at all.

 

8. In
order to exercise the Option, you must provide us with written notice that you are exercising all or a portion of your Option. The written
notice must specify the number of Option Shares that you are exercising your Option for, and must be accompanied by the exercise price
described in paragraph 4, above. Your Option Shares will be issued to you within approximately one week following our receipt of your
exercise notice and cleared funds evidencing the exercise price.

 

    	1

    	 

    

 

9. No
rights or privileges of a stockholder of the Company are conferred by reason of the grant of the Option to you. You will have no rights
of a stockholder until you have delivered your exercise notice to us and we have received the exercise price of the Option in cleared
funds. You understand that the Plan contains important information about your Option and your rights with respect to the Option. The
Plan includes terms relating to your right to exercise the Option, important restrictions on your ability to transfer the Option or Option
Shares, provisions relating to adjustments in the number of Option Shares and the exercise price and early termination of the Option
following the occurrence of certain events, including the termination of your relationship with us. By signing below, you acknowledge
your receipt of a copy of the Plan. By acceptance of your Option, you agree to abide by the terms and conditions of the Plan.

 

10. Our
business is subject to many risks and uncertainties. We may never operate profitably. The exercise of your Option is a speculative investment
and there is no assurance that you will realize a profit on the sale of Option Shares received upon exercise of your Option.

 

11. The
Option will become effective upon your acknowledgment of the terms and conditions of this Agreement and your delivery to us of a signed
counterpart of this Agreement.

 

12. This
Agreement and Plan contain all of the terms and conditions of your Option and supersedes all prior agreements or understandings relating
to your Option. This Agreement shall be governed by the laws of the State of Delaware without regard to the conflicts of law provisions
thereof.

 

 13. This Agreement may not be amended orally.

 

	 	 	Very
    truly yours,
	 	 	 
	 	 	 
	 	 	William
    Bartkowski
	 	 	President,
    COO

 

	AGREED
    TO AND ACCEPTED THIS	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	(Signature)	 	 

 

    	2

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