Document:

EX-10.13

 Exhibit 10.13 

PAYCOR HCM, INC. 
 2021
EMPLOYEE STOCK PURCHASE PLAN 
 ARTICLE I 

PURPOSE 
 The Plan’s
purpose is to assist employees of the Company and its Designated Companies in acquiring a share ownership interest in the Company, and to help such employees provide for their future security and to encourage them to remain in the employment of the
Company and its Subsidiaries. 
 The Plan consists of two components: the Section 423 Component and
the Non-Section 423 Component. The Section 423 Component is intended to qualify as an “employee stock purchase plan” under Section 423 of the Code and shall be administered,
interpreted and construed in a manner consistent with the requirements of Section 423 of the Code. In addition, this Plan authorizes the grant of Options under the Non-Section 423 Component,
which need not qualify as Options granted pursuant to an “employee stock purchase plan” under Section 423 of the Code; such Options granted under the Non-Section 423 Component shall be
granted pursuant to separate Offerings containing such sub-plans, appendices, rules or procedures as may be adopted by the Administrator and designed to achieve tax, securities laws or other
objectives for Eligible Employees and the Designated Companies in locations outside of the United States. Except as otherwise provided herein or determined by the Administrator, the Non-Section 423
Component will operate and be administered in the same manner as the Section 423 Component. Offerings intended to be made under the Non-Section 423 Component will be designated as such by the
Administrator at or prior to the time of such Offering. 
 For purposes of this Plan, the Administrator may designate separate Offerings
under the Plan, the terms of which need not be identical, in which Eligible Employees will participate, even if the dates of the applicable Offering Period(s) in each such Offering is identical, provided that the terms of participation are the same
within each separate Offering under the Section 423 Component as determined under Section 423 of the Code. Solely by way of example and without limiting the foregoing, the Company could, but shall not be required to, provide for
simultaneous Offerings under the Section 423 Component and the Non-Section 423 Component of the Plan. 

ARTICLE II 
 DEFINITIONS

 As used in the Plan, the following words and phrases have the meanings specified below, unless the context clearly indicates
otherwise: 
 2.1 “Administrator” means the Committee, or such individuals to which authority to administer the Plan has
been delegated under Section 7.1 hereof. 
 2.2 “Affiliate” means a corporation or other entity
controlled by, controlling, or under control with the Company. The term “control” (including, with correlative meaning, the terms “controlled by” and “under common control with”), as applied to any person, means the
possession, directly or indirectly, of the power to direct or cause the direction of management and policies of such person, whether through the ownership of voting or other securities, by contract or otherwise. 

2.3 “Agent” means the brokerage firm, bank or other financial institution, entity or person(s), if any, engaged, retained,
appointed or authorized to act as the agent of the Company or an Employee with regard to the Plan. 
  

 2.4 “Board” means the Board of Directors of the Company. 

2.5 “Code” means the U.S. Internal Revenue Code of 1986, as amended from time to time. Any reference to any section of the
Code shall also be a reference to any successor provision and any guidance and treasury regulation promulgated thereunder. 
 2.6
“Committee” means the Compensation and Benefits Committee of the Board. 
 2.7 “Common Stock” means the
common stock, $0.001 par value per share, of the Company. 
 2.8 “Company” means Paycor HCM, Inc., a Delaware corporation,
and its successors by operation of law. 
 2.9 “Compensation” of an Employee means the gross base compensation received by
such Employee as compensation for services to the Company or any Designated Company, including base salary, wages, prior week adjustment and overtime payments, commissions, annual incentive compensation or other payments made under any annual bonus
program, vacation pay, holiday pay, jury duty pay, funeral leave pay, and military leave pay but excluding payments made under any special or one-time bonus programs (e.g., retention or sign-on bonuses), education or tuition reimbursements, travel expenses, business and moving reimbursements (including tax gross ups and taxable mileage allowance), imputed income arising under any group insurance or
benefit program, income received in connection with any share options, share appreciation rights, restricted shares, restricted share units or other compensatory equity awards, fringe benefits, other special payments and all contributions made by
the Company or any designated Subsidiary for the Employee’s benefit under any employee benefit plan now or hereafter established. The Administrator, in its discretion, may establish a different definition of Compensation for an Offering, which
for the Section 423 Component shall apply on a uniform and nondiscriminatory basis. Further, the Administrator will have discretion to determine the application of this definition to Eligible Employees outside the United States. 

2.10 “Designated Company” means each Affiliate and Subsidiary, including any Affiliate and Subsidiary in existence on the
Effective Date and any Affiliate and Subsidiary formed or acquired following the Effective Date, that has been designated by the Administrator from time to time in its sole discretion as eligible to participate in the Plan, in accordance with
Section 7.2 hereof, such designation to specify whether such participation is in the Section 423 Component or Non-Section 423 Component. A Designated Company may
participate in either the Section 423 Component or Non-Section 423 Component, but not both. Notwithstanding the foregoing, if any Affiliate or Subsidiary is disregarded for U.S. federal income
tax purposes in respect of the Company or any Designated Company participating in the Section 423 Component, then such disregarded Affiliate or Subsidiary shall automatically be a Designated Company participating in the Section 423
Component. If any Affiliate or Subsidiary is disregarded for U.S. federal income tax purposes in respect of any Designated Company participating in the Non-Section 423 Component, the Administrator
may exclude such Affiliate or Subsidiary from participating in the Plan, notwithstanding that the Designated Company in respect of which such Affiliate or Subsidiary is disregarded may participate in the Plan. 

2.11 “Effective Date” means the date the Plan is adopted by the Board, subject to approval of the Company’s shareholders.

 2.12 “Eligible Employee” means any Employee of the Company or a Designated Company, except that the Administrator may
exclude any or all of the following unless prohibited by applicable law, Employees: 

  
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 (a) who are customarily scheduled to work 20 hours or less per week; 

(b) whose customary employment is not more than five months in a calendar year; 

(c) who have been employed less than two years; 

(d) who are not employed by the Company or a Designated Company prior to the applicable Enrollment Date occurs; 

(e) any Employee who is a “highly compensated employee” of the Company or any Designated Company (within the meaning of
Section 414(q) of the Code), or that is such a “highly compensated employee” (i) with compensation above a specified level, (ii) who is an officer or (iii) who is subject to the disclosure requirements of Section 16(a)
of the Exchange Act; or 
 (f) any Employee who is a citizen or resident of a jurisdiction outside the United States (without regard to
whether they are also a citizen of the United States or a resident alien (within the meaning of Section 7701(b)(1)(A) of the Code)) if either (i) the grant of the Option is prohibited under the laws of the jurisdiction governing such
Employee, or (ii) compliance with the laws of the jurisdiction would cause the Section 423 Component, any Offering thereunder or an Option granted thereunder to violate the requirements of Section 423 of the Code;
provided that, any exclusion shall be applied in an identical manner under each Offering to all Employees in accordance with Treas. Reg. § 1.423-2(e). 

Notwithstanding the foregoing, any Employee who, after the granting of the Option, would be deemed for purposes of Section 423(b)(3) of
the Code to possess 5% or more of the total combined voting power or value of all classes of shares of the Company or any Subsidiary shall not be an Eligible Employee. For purposes of the preceding sentence, the rules of Section 424(d) of the
Code with regard to the attribution of share ownership shall apply in determining the share ownership of an individual, and shares which an Employee may purchase under outstanding options shall be treated as shares owned by the Employee. 

Further, with respect to the Non-Section 423 Component, (A) the Administrator may limit
eligibility further within a Designated Company so as to only designate some Employees of a Designated Company as Eligible Employees, and (B) to the extent any restrictions in this definition are not consistent with applicable local laws, the
applicable local laws shall control. 
 2.13 “Employee” means any person who renders services to the Company or a Designated
Company in the status of an employee within the meaning of Section 3401(c) of the Code. “Employee” shall not include any director of the Company or a Designated Company who does not render services to the Company or a Designated
Company in the status of an employee within the meaning of Section 3401(c) of the Code. For purposes of the Plan, the employment relationship shall be treated as continuing intact while the individual is on military leave, sick leave or other
leave of absence approved by the Company or a Designated Company and meeting the requirements of Treas. Reg. § 1.421-1(h)(2). Where the period of leave exceeds three months, or such other period
specified in Treas. Reg. § 1.421-1(h)(2), and the individual’s right to reemployment is not guaranteed either by statute or by contract, the employment relationship shall be deemed to have
terminated on the first day immediately following such three-month period, or such other period specified in Treas. Reg. § 1.421-1(h)(2). 

2.14 “Enrollment Date” means the first date of each Offering Period. 

2.15 “Exercise Date” means the last day of each Purchase Period, except as provided in Section 5.2
hereof. 

  
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 2.16 “Exchange Act” means the Securities Exchange Act of 1934, as amended
from time to time. Reference to a specific section of the Exchange Act or regulation thereunder shall include such section or regulation, any valid regulation or interpretation promulgated under such section, and any comparable provision of any
future legislation or regulation amending, supplementing, or superseding such section or regulation. 
 2.17 “Fair Market
Value” means, as of any date, the value of the Common Stock determined as follows: 
 (a) If the Common Stock is (i) listed on
any established securities exchange (such as the New York Stock Exchange or Nasdaq Stock Market), (ii) listed on any national market system or (iii) listed, quoted or traded on any automated quotation system, the Fair Market Value of a Share
shall be the closing sales price for a Share as quoted on such exchange or system for such date or, if there is no closing sales price for a Share on the date in question, the closing sales price for a Share on the last preceding date for which such
quotation exists, as reported in The Wall Street Journal or such other source as the Administrator deems reliable; 
 (b) If
the Common Stock is not listed on an established securities exchange, national market system or automated quotation system, but the Common Stock is regularly quoted by a recognized securities dealer, the Fair Market Value of a Share shall be the
mean of the high bid and low asked prices for such date or, if there are no high bid and low asked prices for a Share on such date, the high bid and low asked prices for a Share on the last preceding date for which such information exists, as
reported in The Wall Street Journal or such other source as the Administrator deems reliable; or 
 (c) If the Common Stock
is neither listed on an established securities exchange, national market system or automated quotation system nor regularly quoted by a recognized securities dealer, the Fair Market Value of a Share shall be established by the Administrator in good
faith. 
 2.18 “Grant Date” means the first day of an Offering Period. 

2.19 “New Exercise Date” has the meaning set forth in Section 5.2(b) hereof. 

2.20 “Non-Section 423 Component” means those Offerings under the
Plan, together with the sub-plans, appendices, rules or procedures, if any, adopted by the Administrator as a part of this Plan, in each case, pursuant to which Options may be granted to Eligible
Employees that need not satisfy the requirements for Options granted pursuant to an “employee stock purchase plan” that are set forth under Section 423 of the Code. 

2.21 “Offering” means an offer under the Plan of an Option that may be exercised during an Offering Period as further
described in Article IV hereof. Unless otherwise specified by the Administrator, each Offering to the Eligible Employees shall be deemed a separate Offering, even if the dates and other terms of the applicable Purchase Periods of each such
Offering are identical and the provisions of the Plan will separately apply to each Offering. To the extent permitted by Treas. Reg. § 1.423-2(a)(1), the terms of each separate Offering under
the Section 423 Component need not be identical, provided that the terms of the Section 423 Component and an Offering thereunder together satisfy Treas. Reg. § 1.423-2(a)(2) and
(a)(3). 

  
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 2.22 “Offering Period” means one or more periods to be selected by the
Administrator in its sole discretion with respect to which Options shall be granted to Participants. The duration and timing of Offering Periods may be established or changed by the Administrator at any time, in its sole discretion and may consist
of one or more Purchase Periods. Notwithstanding the foregoing, in no event may an Offering Period exceed 27 months. 
 2.23
“Option” means the right to purchase Shares pursuant to the Plan during each Offering Period. 
 2.24 “Option
Price” means the purchase price of a Share hereunder as provided in Section 4.2 hereof. 
 2.25
“Parent” means any entity that is a parent corporation of the Company within the meaning of Section 424 of the Code. 

2.26 “Participant” means any Eligible Employee who elects to participate in the Plan. 

2.27 “Payday” means the regular and recurring established day for payment of Compensation to an Employee. 

2.28 “Plan” means this Employee Stock Purchase Plan, including both the Section 423 Component and Non-Section 423 Component and any other sub-plans or appendices hereto, as amended from time to time. 

2.29 “Plan Account” means a bookkeeping account established and maintained by the Company in the name of each Participant.

 2.30 “Purchase Period” means one or more periods within an Offering Period, as determined by the Administrator in its
sole discretion. The duration and timing of Purchase Periods may be established or changed by the Administrator at any time, in its sole discretion. Notwithstanding the foregoing, in no event may a Purchase Period end after the end of the Offering
Period under which it is established. 
 2.31 “Section 409A” means the nonqualified deferred compensation
rules under Section 409A of the Code and any applicable treasury regulations and other official guidance thereunder. 
 2.32
“Section 423 Component” means those Offerings under the Plan that are intended to meet the requirements under Section 423(b) of the Code. 

2.33 “Shares” means shares of Common Stock. 

2.34 “Subsidiary” means any subsidiary corporation of the Company within the meaning of Section 424(f) of the Code. 

2.35 “Tax-Related Items” means any U.S. and non-U.S. federal, provincial, state and/or local taxes (including, without limitation, income tax, social insurance contributions, fringe benefit tax, employment tax, stamp tax and any employer tax
liability which has been transferred to a Participant) for which a Participant is liable in connection with his or her participation in the Plan. 

2.36 “Treas. Reg.” means U.S. Department of the Treasury regulations. 

2.37 “Withdrawal Election” has the meaning set forth in Section 6.1(a) hereof. 

  
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 ARTICLE III 

PARTICIPATION 
 3.1
Eligibility. 
 (a) Any Eligible Employee who is employed by the Company or a Designated Company on a given Enrollment Date for an
Offering Period shall be eligible to participate in the Plan during such Offering Period, subject to the requirements of Articles IV and V hereof, and, for the Section 423 Component, the limitations imposed by Section 423(b)
of the Code. 
 (b) No Eligible Employee shall be granted an Option under the Section 423 Component which permits the Participant’s
rights to purchase Shares under the Plan, and to purchase shares under all other employee stock purchase plans of the Company, any Parent or any Subsidiary subject to Section 423 of the Code, to accrue at a rate which exceeds $25,000 of fair
market value of such shares (determined at the time such Option is granted) for each calendar year in which such Option is outstanding at any time. The limitation under this Section 3.1(b) shall be applied in accordance
with Section 423(b)(8) of the Code. 
 3.2 Election to Participate; Payroll Deductions. 

(a) Each individual who is an Eligible Employee as of an Offering Period’s Enrollment Date may elect to participate in such Offering
Period and the Plan by delivering to the Company or an Agent designated by the Company an enrollment form including a payroll deduction authorization (which may be in an electronic format or such other method as determined by the Company in
accordance with the Company’s practices) (a “Participation Election”) no later than the period of time prior to the applicable Enrollment Date determined by the Administrator, in its sole discretion. Except as provided in
Section 3.2(e) hereof, an Eligible Employee may participate in the Plan only by means of payroll deduction. 
 (b)
Subject to Section 3.1(b) hereof and except as may otherwise be determined by the Administrator, payroll deductions (i) shall equal at least 1% of the Participant’s Compensation as of each Payday of the Offering
Period following the Enrollment Date, but not more than 10% of the Participant’s Compensation as of each Payday of the Offering Period following the Enrollment Date; and (ii) shall be expressed as a whole number percentage.
Subject to Section 3.2(e) hereof, amounts deducted from a Participant’s Compensation with respect to an Offering Period pursuant to this Section 3.2 shall be deducted each Payday through
payroll deduction and credited to the Participant’s Plan Account. 
 (c) Unless otherwise determined by the Administrator, following at
least one payroll deduction, a Participant may increase or decrease the percentage of Compensation or the fixed dollar amount designated in his or her enrollment form, subject to the limits of this Section 3.2, or may
suspend his or her payroll deductions, at any time during an Offering Period; provided, however, that the Administrator may limit the number of changes a Participant may make to his or her payroll deduction elections during each
Offering Period in the applicable Offering (and in the absence of any specific designation by the Administrator, a Participant shall be allowed one change to his or her payroll deduction elections during each Offering Period). Any such change or
suspension of payroll deductions shall be effective with the first full payroll period following ten business days after the Company’s receipt of the new enrollment form (or such shorter or longer period as may be specified by the Administrator
in the applicable Offering). In the event a Participant suspends his or her payroll deductions, such Participant’s cumulative payroll deductions prior to the suspension shall remain in his or her account and shall be applied to the purchase of
Shares on the next occurring Exercise Date and shall not be paid to such Participant unless he or she withdraws from participation in the Plan pursuant to Section 6.1. 

  
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 (d) Upon the completion of an Offering Period, each Participant in such Offering Period
shall automatically participate in the immediately following Offering Period at the same payroll deduction percentage as in effect at the termination of such Offering Period, unless such Participant delivers to the Company or an Agent designated by
the Company a different Participation Election with respect to the successive Offering Period in accordance with Section 3.2(a) hereof, or unless such Participant becomes ineligible or otherwise modifies the
Participant’s election for participation in the Plan. 
 (e) Notwithstanding any other provisions of the Plan to the contrary, in non-U.S. jurisdictions where participation in the Plan through payroll deductions is prohibited or otherwise problematic under applicable local laws (as determined by the Administrator in its sole
discretion), the Administrator may provide that an Eligible Employee may elect to participate through contributions to the Participant’s Plan Account in a form acceptable to the Administrator in lieu of or in addition to payroll deductions;
provided, however, that, for any Offering under the Section 423 Component, the Administrator must determine that any alternative method of contribution is applied on an equal and uniform basis to all Eligible Employees in the Offering. Any
reference to “payroll deductions” in this Section 3.2 (or in any other section of the Plan) will similarly cover contributions by other means made pursuant to this Section 3.2(e). 

ARTICLE IV 
 PURCHASE OF
SHARES 
 4.1 Grant of Option. The Company may make one or more Offerings under the Plan, which may be successive or overlapping
with one another, until the earlier of: (i) the date on which all Shares available under the Plan have been purchased or (ii) the date on which the Plan is suspended or terminates. No Offering shall commence prior to the date on which the
Company’s registration statement on Form S-8 is filed with the U.S. Securities and Exchange Commission in respect of the Plan. The Administrator shall designate the terms and conditions of each
Offering in writing, including without limitation, the Offering Period and the Purchase Periods. Each Participant shall be granted an Option with respect to an Offering Period on the applicable Grant Date. Subject to the limitations of
Section 3.1(b) hereof, the number of Shares subject to a Participant’s Option shall be determined by dividing (a) such Participant’s payroll deductions accumulated prior to an Exercise Date and retained in
the Participant’s Plan Account on such Exercise Date by (b) the applicable Option Price; provided that, in no event shall a Participant be permitted to purchase during each Offering Period more than $25,000 worth of shares
of Common Stock (subject to any adjustment pursuant to Section 5.2 hereof). The Administrator may, for future Offering Periods, increase or decrease, in its absolute discretion, the maximum number of Shares that a
Participant may purchase during any Purchase Periods under such future Offering Periods. Each Option shall expire on the last Exercise Date for the applicable Offering Period immediately after the automatic exercise of the Option in accordance with
Section 4.3 hereof, unless such Option terminates earlier in accordance with Article VI hereof. 
 4.2
Option Price. The Option Price shall equal 85% of the lesser of the Fair Market Value of a Share on (a) the applicable Grant Date and (b) the applicable Exercise Date, or such other price designated by the Administrator. 

4.3 Purchase of Shares. 

(a) On each Exercise Date for an Offering Period, each Participant shall automatically and without any action on such Participant’s part
be deemed to have exercised the Participant’s Option to purchase at the applicable Option Price the largest number of whole Shares which can be purchased with the amount in the Participant’s Plan Account, subject to the limitations set
forth in the Plan. Unless 

  
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otherwise determined by the Administrator in advance of an Offering or in accordance with applicable law, any balance that is remaining in the Participant’s Plan Account (after exercise of
such Participant’s Option) as of the Exercise Date shall be carried forward into the next Offering Period, unless the Participant has properly elected to withdraw from the Plan, has ceased to be an Eligible Employee or with respect to the
maximum limitations set forth in Section 3.1(b) and Section 4.1. Any balance not carried forward to the next Offering Period in accordance with the prior sentence shall promptly be refunded as soon
as administratively practicable to the applicable Participant. 
 (b) As soon as practicable following each Exercise Date, the number of
Shares purchased by such Participant pursuant to Section 4.3(a) hereof shall be delivered (either in share certificate or book entry form), in the Company’s sole discretion, to either (i) the Participant or
(ii) an account established in the Participant’s name at a stock brokerage or other financial services firm designated by the Company. The Company may require that shares be retained with such brokerage or firm for a designated period of
time and/or may establish procedures to permit tracking of disqualifying dispositions of such shares. 
 4.4 Transferability of
Rights. An Option granted under the Plan shall not be transferable, other than by will or the applicable laws of descent and distribution, and is exercisable during the Participant’s lifetime only by the Participant. No option or interest
or right to the Option shall be available to pay off any debts, contracts or engagements of the Participant or the Participant’s successors in interest or shall be subject to disposition by pledge, encumbrance, assignment or any other means
whether such disposition be voluntary or involuntary or by operation of law by judgment, levy, attachment, garnishment or any other legal or equitable proceedings (including bankruptcy), and any attempt at disposition of the Option shall have no
effect. 
 ARTICLE V 

PROVISIONS RELATING TO COMMON STOCK 

5.1 Shares Reserved. Subject to adjustment as provided in Section 5.2 hereof, the aggregate number of Shares
that may be issued pursuant to rights granted under the Plan shall be the sum of (a) [•] shares and (b) an annual increase on the first day of each year beginning on January 1, 2022 and annually thereafter ending in 2031 equal to the
lesser of (i) [•]% of all classes of the Company’s shares outstanding on the last day of the immediately preceding calendar year and (ii) such smaller number of shares as may be determined by the Board. Shares made available for sale
under the Plan may be authorized but unissued shares or treasury Shares. If any right granted under the Plan shall for any reason terminate without having been exercised, the Shares not purchased under such right shall again become available for
issuance under the Plan. 
 5.2 Adjustments Upon Changes in Capitalization, Dissolution, Liquidation, Merger or Asset Sale. 

(a) Changes in Capitalization. Subject to any required action by the shareholders of the Company, the number of Shares which have been
authorized for issuance under the Plan but not yet placed under Option, as well as the price per share and the number of Shares covered by each Option under the Plan which has not yet been exercised shall be proportionately adjusted for any increase
or decrease in the number of issued Shares resulting from a share split, reverse share split, share dividend, combination, amalgamation, consolidation, reorganization, arrangement or reclassification of the Shares, or any other increase or decrease
in the number Shares effected without receipt of consideration by the Company; provided, however, that conversion of any convertible securities of the Company shall not be deemed to have been “effected without receipt of
consideration.” Such adjustment shall be made by the Administrator, whose determination in that respect shall be final, binding and conclusive. Except as expressly provided herein, no issuance by the Company of shares of any class, or
securities convertible into shares of any class, shall affect, and no adjustment by reason thereof shall be made with respect to, the number or price of shares of Shares subject to an Option. 

  
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 (b) Dissolution or Liquidation. In the event of the proposed dissolution or
liquidation of the Company, the Offering Periods then in progress shall be shortened by setting a new Exercise Date (the “New Exercise Date”), and shall terminate immediately prior to the consummation of such proposed dissolution or
liquidation, unless provided otherwise by the Administrator. The New Exercise Date shall be before the date of the Company’s proposed dissolution or liquidation. The Administrator shall notify each Participant in writing, at least
ten business days prior to the New Exercise Date, that the Exercise Date for the Participant’s Option has been changed to the New Exercise Date and that the Participant’s Option shall be exercised automatically on the New Exercise
Date, unless prior to such date the Participant has withdrawn from the Offering Period as provided in Section 6.1 hereof or the Participant has ceased to be an Eligible Employee as provided in
Section 6.2 hereof. 
 (c) Merger or Asset Sale. In the event of a proposed sale of all or substantially all
of the assets of the Company, or the merger of the Company with or into another corporation, each outstanding Option shall be assumed or an equivalent Option substituted by the successor corporation or a parent or subsidiary of the successor
corporation. If the successor corporation refuses to assume or substitute for the Option, any Offering Periods then in progress shall be shortened by setting a New Exercise Date and any Offering Periods then in progress shall end on the New Exercise
Date. The New Exercise Date shall be before the date of the Company’s proposed sale or merger. The Administrator shall notify each Participant in writing, at least ten business days prior to the New Exercise Date, that the Exercise Date for the
Participant’s Option has been changed to the New Exercise Date and that the Participant’s Option shall be exercised automatically on the New Exercise Date, unless prior to such date the Participant has withdrawn from the Offering Period as
provided in Section 6.1 hereof or the Participant has ceased to be an Eligible Employee as provided in Section 6.2 hereof. 

5.3 Insufficient Shares. If the Administrator determines that, on a given Exercise Date, the number of Shares with respect to which
Options are to be exercised may exceed the number of Shares remaining available for sale under the Plan on such Exercise Date, the Administrator shall make a pro rata allocation of the Shares available for issuance on such Exercise Date in as
uniform a manner as shall be practicable and as it shall determine in its sole discretion to be equitable among all Participants exercising Options to purchase Shares on such Exercise Date, and unless additional shares are authorized for issuance
under the Plan, no further Offering Periods shall take place and the Plan shall terminate pursuant to Section 7.5 hereof. If an Offering Period is so terminated, then the balance of the amount credited to the
Participant’s Plan Account which has not been applied to the purchase of Shares shall be paid to such Participant in one lump sum in cash within 30 days after such Exercise Date, without any interest thereon (except as may be required by
applicable local laws). 
 5.4 Rights as Shareholders. With respect to Shares subject to an Option, a Participant shall not be deemed
to be a shareholder of the Company and shall not have any of the rights or privileges of a shareholder. A Participant shall have the rights and privileges of a shareholder of the Company when, but not until, the Shares have been deposited in the
designated brokerage account following exercise of the Participant’s Option. 

  
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 ARTICLE VI 

TERMINATION OF PARTICIPATION 

6.1 Cessation of Contributions; Voluntary Withdrawal. 

(a) A Participant may cease payroll deductions during an Offering Period and elect to withdraw from the Plan by delivering written notice of
such election to the Company or an Agent designated by the Company in such form and at such time prior to the Exercise Date for such Offering Period as may be established by the Administrator (a “Withdrawal Election”). In the event
a Participant elects to withdraw from the Plan, amounts then credited to such Participant’s Plan Account shall be returned to the Participant in one lump-sum payment in cash within 30 days after
such election is received by the Company, without any interest thereon (except as may be required by applicable local laws), and the Participant shall cease to participate in the Plan and the Participant’s Option for such Offering Period shall
terminate upon receipt of the Withdrawal Election.  
 (b) A Participant’s withdrawal from the Plan shall not have any
effect upon the Participant’s eligibility to participate in any similar plan which may hereafter be adopted by the Company or in succeeding Offering Periods which commence after the termination of the Offering Period from which the Participant
withdraws. 
 (c) A Participant who ceases contributions to the Plan during any Offering Period shall not be permitted to resume
contributions to the Plan during that Offering Period. 
 6.2 Termination of Eligibility. Upon a Participant’s ceasing to be an
Eligible Employee, for any reason, such Participant’s Option for the applicable Offering Period shall automatically terminate, the Participant shall be deemed to have elected to withdraw from the Plan, and any balance on such Participant’s
Plan Account shall be paid to such Participant or, in the case of the Participant’s death, to the person or persons entitled thereto pursuant to applicable law, within 30 days after such cessation of being an Eligible Employee, without any
interest thereon (except as may be required by applicable local laws). If a Participant transfers employment from the Company or any Designated Company participating in the Section 423 Component to any Designated Company participating in the Non-Section 423 Component, such transfer shall not be treated as a termination of employment, but the Participant shall immediately cease to participate in the Section 423 Component; however, any
contributions made for the Offering Period in which such transfer occurs shall be transferred to the Non-Section 423 Component, and such Participant shall immediately join the then-current Offering
under the Non-Section 423 Component upon the same terms and conditions in effect for the Participant’s participation in the Section 423 Component, except for such modifications otherwise
applicable for Participants in such Offering. A Participant who transfers employment from any Designated Company participating in the Non-Section 423 Component to the Company or any Designated
Company participating in the Section 423 Component shall not be treated as terminating the Participant’s employment and shall remain a Participant in the Non-Section 423 Component until the
earlier of (i) the end of the current Offering Period under the Non-Section 423 Component, or (ii) the Enrollment Date of the first Offering Period in which the Participant is eligible to
participate following such transfer. Notwithstanding the foregoing, the Administrator may establish different rules to govern transfers of employment between companies participating in the Section 423 Component and the Non-Section 423 Component, consistent with the applicable requirements of Section 423 of the Code. 

  
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 ARTICLE VII 

GENERAL PROVISIONS 
 7.1
Administration. 
 (a) The Plan shall be administered by the Committee, which shall be composed of members of the Board. The Committee
may delegate administrative tasks under the Plan to the services of an Agent or Employees to assist in the administration of the Plan, including without limitation, determining the Designated Companies participating in the Plan, establishing and
maintaining an individual securities account under the Plan for each Participant, determining enrollment and withdrawal deadlines and determining exchange rates. In its absolute discretion, the Board may at any time and from time to time exercise
any and all rights and duties of the Administrator under the Plan. 
 (b) It shall be the duty of the Administrator to conduct the general
administration of the Plan in accordance with the provisions of the Plan. The Administrator shall have the power, subject to, and within the limitations of, the express provisions of the Plan: 

(i) To establish and terminate Offerings; 

(ii) To determine when and how Options shall be granted and the provisions and terms of each Offering (which need not be
identical); 
 (iii) To select Designated Companies in accordance with Section 7.2 hereof; and 

(iv) To construe and interpret the Plan, the terms of any Offering and the terms of the Options and to adopt such rules for the
administration, interpretation, and application of the Plan as are consistent therewith and to interpret, amend or revoke any such rules. The Administrator, in the exercise of this power, may correct any defect, omission or inconsistency in the
Plan, any Offering or any Option, in a manner and to the extent it shall deem necessary or expedient to administer the Plan, subject to Section 423 of the Code for the Section 423 Component. 

(c) The Administrator may adopt rules or procedures relating to the operation and administration of the Plan to accommodate the specific
requirements of local laws and procedures, provided that, the adoption and implementation of any such rules and/or procedures would not cause the Section 423 Component to be in noncompliance with Section 423 of the Code. Without
limiting the generality of the foregoing, the Administrator is specifically authorized to adopt rules and procedures regarding handling of participation elections, payroll deductions, payment of interest, conversion of local currency, payroll tax,
withholding procedures and handling of share certificates which vary with local requirements. 
 (d) The Administrator may adopt sub-plans applicable to particular Designated Companies or locations, which sub-plans may be designed to be outside the scope of Section 423 of
the Code. The rules of such sub-plans may take precedence over other provisions of this Plan, with the exception of Section 5.1 hereof, but unless otherwise superseded by
the terms of such sub-plan, the provisions of this Plan shall govern the operation of such sub-plan. 

(e) All expenses and liabilities incurred by the Administrator in connection with the administration of the Plan shall be borne by the Company.
The Administrator may employ attorneys, consultants, accountants, appraisers, brokers or other persons. The Administrator, the Company and its officers and directors shall be entitled to rely upon the advice, opinions or valuations of any such
persons. All actions taken and all interpretations and determinations made by the Administrator in good faith shall be final and binding upon all Participants, the Company and all other interested persons. No member of the Board or Administrator
shall be personally liable for any action, determination or interpretation made in good faith with respect to the Plan or the Options, and all members of the Board or Administrator shall be fully protected by the Company in respect to any such
action, determination, or interpretation. Any and all risks resulting from any market fluctuations or conditions of any nature and affecting the price of Shares are assumed by the Participant. 

  
 11 

 7.2 Designation of Affiliates and Subsidiaries. The Administrator shall designate
from time to time the Affiliates and Subsidiaries that shall constitute Designated Companies, and determine whether such Designated Companies shall participate in the Section 423 Component
or Non-Section 423 Component; provided, however, that an Affiliate that does not also qualify as a Subsidiary may be designated only as participating in the Non-Section 423 Component. The Administrator may designate an Affiliate or Subsidiary, or terminate the designation of an Affiliate or Subsidiary, without the approval of the shareholders of the
Company. 
 7.3 Reports. Individual accounts shall be maintained for each Participant in the Plan. Statements of Plan Accounts shall
be given to Participants at least annually, which statements shall set forth the amounts of payroll deductions, the Option Price, the number of shares purchased and the remaining cash balance, if any. 

7.4 No Right to Employment. Nothing in the Plan shall be construed to give any person (including any Participant) the right to remain in
the employ of the Company, a Parent or a Subsidiary or to affect the right of the Company, any Parent or any Subsidiary to terminate the employment of any person (including any Participant) at any time, with or without cause, which right is
expressly reserved. 
 7.5 Amendment and Termination of the Plan. 

(a) The Board may, in its sole discretion, amend, suspend or terminate the Plan at any time and from time to time. To the extent necessary to
comply with Section 423 of the Code (or any successor rule or provision), with respect to the Section 423 Component, or any other applicable law, regulation or stock exchange rule, the Company shall obtain shareholder approval of any such
amendment to the Plan in such a manner and to such a degree as required by Section 423 of the Code or such other law, regulation or rule. 

(b) If the Administrator determines that the ongoing operation of the Plan may result in unfavorable financial accounting consequences, the
Administrator may in its discretion modify or amend the Plan to reduce or eliminate such accounting consequence including, but not limited to: 

(i) altering the Option Price for any Offering Period including an Offering Period underway at the time of the change in Option
Price; 
 (ii) shortening any Offering Period so that the Offering Period ends on a new Exercise Date, including an Offering
Period underway at the time of the Administrator action; and 
 (iii) allocating Shares. 

Such modifications or amendments shall not require shareholder approval or the consent of any Participant. 

(c) Upon termination of the Plan, the balance in each Participant’s Plan Account shall be refunded as soon as practicable after such
termination, without any interest thereon (except as may be required by applicable local laws). 

  
 12 

 7.6 Use of Funds; No Interest Paid. All funds received by the Company by reason of
purchase of shares of Shares under the Plan shall be included in the general funds of the Company free of any trust or other restriction and may be used for any corporate purpose (except as may be required by applicable local laws). No interest
shall be paid to any Participant or credited under the Plan (except as may be required by applicable local laws). 
 7.7 Term; Approval by
Shareholders. No Option may be granted during any period of suspension of the Plan or after termination of the Plan. The Plan shall be submitted for the approval of the Company’s shareholders within 12 months after the date of the
Board’s initial adoption of the Plan. Options may be granted prior to such shareholder approval; provided, however, that such Options shall not be exercisable prior to the time when the Plan is approved by the
shareholders; provided, further that if such approval has not been obtained by the end of the 12-month period, all Options previously granted under the Plan shall
thereupon terminate and be canceled and become null and void without being exercised. 
 7.8 Effect Upon Other Plans. The adoption of
the Plan shall not affect any other compensation or incentive plans in effect for the Company, any Parent or any Subsidiary. Nothing in the Plan shall be construed to limit the right of the Company, any Parent or any Subsidiary (a) to establish
any other forms of incentives or compensation for employees of the Company or any Parent or any Subsidiary, or (b) to grant or assume Options otherwise than under the Plan in connection with any proper corporate purpose, including, but not by
way of limitation, the grant or assumption of options in connection with the acquisition, by purchase, lease, merger, amalgamation, combination, arrangement, consolidation or otherwise, of the business, shares or assets of any corporation, firm or
association. 
 7.9 Conformity to Securities Laws. Notwithstanding any other provision of the Plan, the Plan and the participation in
the Plan by any individual who is then subject to Section 16 of the Exchange Act shall be subject to any additional limitations set forth in any applicable exemption rule under Section 16 of the Exchange Act (including any amendment to Rule 16b-3 of the Exchange Act) that are requirements for the application of such exemptive rule. To the extent permitted by applicable law, the Plan shall be deemed amended to the extent necessary to
conform to such applicable exemptive rule. 
 7.10 Notice of Disposition of Shares. Each Participant shall give the Company prompt
notice of any disposition or other transfer of any Shares, acquired pursuant to the exercise of an Option granted under the Section 423 Component, if such disposition or transfer is made (a) within two years after the applicable Grant Date
or (b) within one year after the transfer of such Shares to such Participant upon exercise of such Option. The Company may direct that any certificates evidencing shares acquired pursuant to the Plan refer to such requirement. 

7.11 Tax Withholding. At the time of any taxable event that creates a withholding obligation for the Company or any Parent, Affiliate or
Subsidiary, the Participant will make adequate provision for any Tax-Related Items. In their sole discretion, and except as otherwise determined by the Administrator, the Company or the Designated
Company that employs or employed the Participant may satisfy their obligations to withhold Tax-Related Items by (a) withholding from the Participant’s wages or other compensation,
(b) withholding a sufficient whole number of Shares otherwise issuable following exercise of the Option having an aggregate value sufficient to pay the Tax-Related Items required to be withheld
with respect to the Option and/or shares, or (c) withholding from proceeds from the sale of Shares issued upon exercise of the Option, either through a voluntary sale or a mandatory sale arranged by the Company. 

  
 13 

 7.12 Governing Law. The Plan and all rights, agreements and obligations hereunder
shall be administered, interpreted and enforced under the laws of the Province of British Columbia and the federal laws of Canada applicable therein, without regard to the conflict of law rules thereof or of any other jurisdiction. 

7.13 Notices. All notices or other communications by a Participant to the Company under or in connection with the Plan shall be deemed
to have been duly given when received in the form specified by the Company at the location, or by the person, designated by the Company for the receipt thereof. 

7.14 Conditions to Issuance of Shares. 

(a) Notwithstanding anything herein to the contrary, the Company shall not be required to issue or deliver any certificates or make any book
entries evidencing Shares pursuant to the exercise of an Option by a Participant, unless and until the Administrator has determined, with advice of counsel, that the issuance of such Shares is in compliance with all applicable laws, regulations of
governmental authorities and, if applicable, the requirements of any securities exchange or automated quotation system on which the Shares are listed or traded, and the Shares are covered by an effective registration statement or applicable
exemption from registration. In addition to the terms and conditions provided herein, the Administrator may require that a Participant make such reasonable covenants, agreements, and representations as the Administrator, in its discretion, deems
advisable in order to comply with any such laws, regulations, or requirements. 
 (b) All certificates for Shares delivered pursuant to the
Plan and all Shares issued pursuant to book entry procedures are subject to any stop-transfer orders and other restrictions as the Administrator deems necessary or advisable to comply with U.S.
and non-U.S. federal, provincial, state or local securities or other laws, rules and regulations and the rules of any securities exchange or automated quotation system on which the Shares are listed,
quoted, or traded. The Administrator may place legends on any certificate or book entry evidencing Shares to reference restrictions applicable to the Shares. 

(c) The Administrator shall have the right to require any Participant to comply with any timing or other restrictions with respect to the
settlement, distribution or exercise of any Option, including a window-period limitation, as may be imposed in the sole discretion of the Administrator. 

(d) Notwithstanding any other provision of the Plan, unless otherwise determined by the Administrator or required by any applicable law, rule
or regulation, the Company may, in lieu of delivering to any Participant certificates evidencing Shares issued in connection with any Option, record the issuance of Shares in the books of the Company (or, as applicable, its transfer agent or share
plan administrator). 
 If, pursuant to this Section 7.14, the Administrator determines that Shares will not be issued to any
Participant, the Company is relieved from liability to any Participant except to refund to the Participant such Participant’s Plan Account balance, without interest thereon (except as may be required by applicable local laws). 

7.15 Equal Rights and Privileges. All Eligible Employees granted Options pursuant to an Offering under the Section 423 Component
shall have equal rights and privileges under this Plan to the extent required under Section 423 of the Code so that the Section 423 Component qualifies as an “employee stock purchase plan” within the meaning of Section 423
of the Code. Any provision of the Section 423 Component that is inconsistent with Section 423 of the Code shall, without further act or amendment by the Company or the Board, be reformed to comply with the equal rights and privileges
requirement of Section 423 of the Code. Eligible Employees participating in the Non-Section 423 Component need not have the same rights and privileges as each other, or as Eligible Employees
participating in the Section 423 Component. 

  
 14 

 7.16 Rules Particular to Specific Countries. Notwithstanding anything herein to the
contrary, the terms and conditions of the Plan with respect to Participants who are tax residents of a particular non-U.S. country or who
are non-U.S. nationals or employed in non-U.S. jurisdictions may be subject to an addendum to the Plan in the form of an appendix or sub-plan (which appendix or sub-plan may be designed to govern Offerings under the Section 423 Component or
the Non-Section 423 Component, as determined by the Administrator). To the extent that the terms and conditions set forth in an appendix
or sub-plan conflict with any provisions of the Plan, the provisions of the appendix or sub-plan shall govern. The adoption of any such appendix or sub-plan shall be pursuant to Section 7.1 above. Without limiting the foregoing, the Administrator is specifically authorized to adopt rules and procedures, with respect to
Participants who are non-U.S. nationals or employed in non-U.S. jurisdictions, regarding the exclusion of particular Affiliates or Subsidiaries from
participation in the Plan, eligibility to participate, the definition of Compensation, handling of payroll deductions or other contributions by Participants, payment of interest, conversion of local currency, data privacy security, payroll tax,
withholding procedures, establishment of bank or trust accounts to hold payroll deductions or contributions, provided that the adoption and implementation of any such rules and/or procedures would not cause the Section 423 Component to
be in noncompliance with Section 423 of the Code. 
 7.17 Section 409A. The Section 423 Component of the Plan and the
Options granted pursuant to Offerings thereunder are intended to be exempt from the application of Section 409A. Neither the Non-Section 423 Component nor any Option granted pursuant to an Offering thereunder is intended to constitute
or provide for “nonqualified deferred compensation” within the meaning of Section 409A. Notwithstanding any provision of the Plan to the contrary, if the Administrator determines that any Option granted under the Plan may be or become
subject to Section 409A or that any provision of the Plan may cause an Option granted under the Plan to be or become subject to Section 409A, the Administrator may adopt such amendments to the Plan and/or adopt other policies and
procedures (including amendments, policies and procedures with retroactive effect), or take any other actions as the Administrator determines are necessary or appropriate to avoid the imposition of taxes under Section 409A, either through
compliance with the requirements of Section 409A or with an available exemption therefrom. 
 * * * * * 

I hereby certify that the foregoing Plan was adopted by the Board of Directors of Paycor HCM, Inc. on [•]. 

I hereby certify that the foregoing Plan was approved by the shareholders of Paycor HCM, Inc. on [•]. 

Executed on [•]. 
  

	
	  
 Corporate Secretary

  
 15EX-4.1

 Exhibit 4.1 

THIS NOTE IS NOT A SAVINGS ACCOUNT, DEPOSIT OR OTHER OBLIGATION OF ANY BANK OR NONBANK SUBSIDIARY OF THE COMPANY AND IS NOT INSURED BY THE FEDERAL DEPOSIT
INSURANCE CORPORATION, THE DEPOSIT INSURANCE FUND OR ANY OTHER GOVERNMENTAL AGENCY. 
 IF THIS NOTE IS REGISTERED IN THE NAME OF CEDE & CO. AS
NOMINEE FOR THE DEPOSITORY TRUST COMPANY, THEN THE FOLLOWING LEGEND SHALL APPLY: 
 UNLESS AND UNTIL IT IS EXCHANGED IN WHOLE OR IN PART FOR NOTES IN
CERTIFICATED FORM, THIS NOTE MAY NOT BE TRANSFERRED EXCEPT 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. UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY (55 WATER STREET, NEW YORK, NEW YORK) TO THE ISSUER OR ITS AGENT FOR
REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR SUCH OTHER NAME AS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY AND ANY PAYMENT IS MADE TO
CEDE & CO., ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL SINCE THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN. 

ANY PURCHASER, HOLDER OR SUBSEQUENT TRANSFEREE OF THIS NOTE OR ANY INTEREST HEREIN REPRESENTS BY ITS PURCHASE AND HOLDING OF THIS NOTE THAT IT EITHER
(1) IS NOT, AND IS NOT PURCHASING THIS NOTE ON BEHALF OF OR WITH THE ASSETS OF, A PENSION, PROFIT-SHARING OR OTHER EMPLOYEE BENEFIT PLAN SUBJECT TO THE U.S. EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974, AS AMENDED (“ERISA”), ANY
INDIVIDUAL RETIREMENT ACCOUNT (“IRA”), KEOGH PLAN OR ANY OTHER PLAN SUBJECT TO SECTION 4975 OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED (THE “CODE”), ANY ENTITY WHOSE UNDERLYING ASSETS ARE CONSIDERED TO INCLUDE
“PLAN ASSETS” WITHIN THE MEANING OF ERISA BY REASON OF THE INVESTMENTS BY SUCH PLANS OR ACCOUNTS THEREIN, OR ANY EMPLOYEE BENEFIT PLAN THAT IS A GOVERNMENTAL PLAN (AS DEFINED IN SECTION 3(32) OF ERISA), A CHURCH PLAN (AS DEFINED IN SECTION
3(33) OF ERISA) OR A NON-U.S. PLAN (AS DESCRIBED IN SECTION 4(B)(4) OF ERISA) THAT IS NOT SUBJECT TO THE REQUIREMENTS OF ERISA OR THE CODE BUT IS SUBJECT TO SIMILAR PROVISIONS UNDER APPLICABLE FEDERAL,
STATE, LOCAL, NON-U.S. OR OTHER LAWS (“SIMILAR LAWS”) OR (2) THE PURCHASE AND HOLDING OF THIS NOTE WILL NOT CONSTITUTE A NON-EXEMPT PROHIBITED TRANSACTION
UNDER SECTION 406 OF ERISA, SECTION 4975 OF THE CODE OR UNDER ANY APPLICABLE SIMILAR LAWS. 
 IF APPLICABLE, THE “TOTAL AMOUNT OF OID”,
“ORIGINAL YIELD TO MATURITY” AND “INITIAL SHORT ACCRUAL PERIOD OID” (COMPUTED UNDER THE EXACT METHOD) SET FORTH BELOW HAVE BEEN COMPLETED SOLELY FOR THE PURPOSES OF APPLYING THE FEDERAL INCOME TAX ORIGINAL ISSUE DISCOUNT RULES.

  

			
	CUSIP:	  	ISIN:
	REGISTERED	  	REGISTERED
	No. FLR-	  	$

 THE BANK OF NEW YORK MELLON CORPORATION 

[SENIOR MEDIUM-TERM NOTE SERIES J] 

[SENIOR SUBORDINATED MEDIUM-TERM NOTE SERIES K] 

(Floating Rate) 
  

							
	BASE RATE:	  	ORIGINAL ISSUE DATE:	  	STATED MATURITY DATE:	  	ISSUE PRICE:
				
	INDEX MATURITY:	  	INITIAL INTEREST RATE:	  	INTEREST PERIOD:	  	INTEREST PAYMENT DATES:
				
	SPREAD:	  	INITIAL INTEREST RESET DATE:	  	INTEREST RESET DATES:	  	CALCULATION AGENT:
				
	SPREAD MULTIPLIER:	  	[INITIAL REDEMPTION DATE][OPTIONAL REDEMPTION DATE]:	  	MAXIMUM INTEREST RATE:	  	MINIMUM INTEREST RATE:
				
	TAX REDEMPTION:	  	[INITIAL] REDEMPTION PERCENTAGE:	  	FIXED RATE COMMENCEMENT DATE:	  	FIXED INTEREST RATE:
				
	Yes                No	  		  		  	
				
	HOLDER’S OPTIONAL REPAYMENT DATE(S):	  	ANNUAL REDEMPTION PERCENTAGE REDUCTION:	  	ORIGINAL YIELD TO MATURITY:	  	DESIGNATED LIBOR PAGE:
				
	INITIAL SHORT ACCRUAL PERIOD OID:	  	TOTAL AMOUNT OF OID:	  	DESIGNATED CMT MATURITY INDEX:	  	DESIGNATED CMT TELERATE PAGE:

  
 -2- 

 OTHER PROVISIONS: 

IF THE BASE RATE FOR THIS NOTE IS COMPOUNDED SOFR, THE BASE RATE WILL BE SUBJECT TO THE PROVISIONS SET FORTH BELOW UNDER “COMPOUDNED SOFR—EFFECTS OF
A BENCHMARK TRANSITION EVENT.” 
 IF THE BASE RATE FOR THIS NOTE IS COMPOUNDED SOFR, THE INTEREST PERIOD WILL BE AS DEFINED BELOW UNDER
“COMPOUNDED SOFR”. 
 IF THE CALCULATION AGENT IDENTIFIED ABOVE RESIGNS OR IS REMOVED BY THE COMPANY, REFERENCES HEREIN TO THE CALCULATION AGENT
SHALL INCLUDE ANY SUCCESSOR. THE COMPANY MAY APPOINT ITSELF OR ANY AFFILIATE OR ANY OTHER PERSON TO ACT AS CALCULATION AGENT. IN ADDITION, IF THE BASE RATE FOR THIS NOTE IS COMPOUNDED SOFR, THE PROVISIONS WITH RESPECT TO THE CALCULATION AGENT SET
FORTH UNDER “COMPOUNDED SOFR” SHALL ALSO APPLY. 
 INTEREST CALCULATION: 
  

			
	[X]	  	REGULAR FLOATING RATE NOTE
		
	[   ]	  	FLOATING RATE/FIXED RATE NOTE
		
	[   ]	  	INVERSE FLOATING RATE NOTE
		
	[   ]	  	IF BOX IS CHECKED, THIS NOTE IS AN AMORTIZING NOTE AND INFORMATION REGARDING AMORTIZING PAYMENT DATES AND AMORTIZING PAYMENT AMOUNTS IS PROVIDED IN AN ADDENDUM.
		
	[   ]	  	IF BOX IS CHECKED, THIS NOTE IS A RENEWABLE NOTE OR AN EXTENDIBLE NOTE AND INFORMATION REGARDING RENEWAL DATE, NEW MATURITY DATE, FINAL MATURITY DATE OR EXTENSION PERIOD, AS APPLICABLE, AND ANY OTHER APPROPRIATE INFORMATION, IS
PROVIDED IN AN ADDENDUM.

 The Bank of New York Mellon Corporation, a Delaware corporation (the “Company”, which term includes
any successor corporation under the Indenture hereinafter referred to), for value received, hereby promises to pay to Cede & Co., or registered assigns, the principal sum of ______________________________________ on the Stated Maturity Date
specified above (except to the extent redeemed or repaid prior to the Stated Maturity Date), and to pay interest thereon at a rate per annum equal to [Insert if the Base Rate is not Compounded SOFR — the Initial Interest Rate specified above
until the Initial Interest Reset Date or Fixed Rate Commencement Date specified above, if any, and thereafter at] a rate determined in accordance with the provisions set forth below, depending upon the Base Rate specified above, until the principal
hereof is paid or duly made available for payment. The Company will pay interest on the Interest Payment Dates specified herein, commencing with the first Interest Payment Date next succeeding the Original Issue Date specified above, and on the
Stated Maturity Date (or any [Redemption Date as defined below][the Optional Redemption Date] or any Holder’s Optional Repayment Date specified above, [in each case] with respect to which such option has been exercised, each such Stated
Maturity Date, [Redemption Date][Optional Redemption Date] and Holder’s Optional Repayment Date 

  
 -3- 

 
being hereinafter referred to as a “Maturity Date” with respect to the principal repayable on such date); provided, however, that if the Original Issue Date occurs between
a Regular Record Date, as defined below, and the next succeeding Interest Payment Date or on an Interest Payment Date, interest payments will commence on the second Interest Payment Date next succeeding the Original Issue Date, to the registered
Holder of this Note on the Regular Record Date with respect to such second Interest Payment Date; and provided, further, that if an Interest Payment Date (other than an Interest Payment Date that occurs on any Maturity Date) would fall
on a day that is not a Business Day, as defined below, such Interest Payment Date shall be the next day that is a Business Day, except in the case that the Base Rate is LIBOR or Compounded SOFR, if such next Business Day falls in the next succeeding
calendar month, such Interest Payment Date will be the next preceding day that is a Business Day. If any Maturity Date of this Note should fall on a day that is not a Business Day, the payment of interest, principal or premium, if any, due on such
date shall be made on the next day that is a Business Day and no additional interest on such amounts shall accrue from and after such Maturity Date. Interest payable on this Note on any Interest Payment Date will include interest accrued from the
Original Issue Date specified above, or the most recent date for which interest has been paid or duly provided for, to, but excluding, such Interest Payment Date or the Maturity Date, as the case may be; provided, however, that in the
case of Notes that reset daily or weekly, interest payments on each Interest Payment Date will be the amount of interest accrued from but excluding the Regular Record Date through which interest has been paid or duly provided for (or from and
including the Original Issue Date specified above if no interest has been paid or duly provided for) to and including the Regular Record Date next preceding the applicable Interest Payment Date, except that the interest payment due on the Maturity
Date will include interest accrued to but excluding such date. The interest so payable, and punctually paid or duly provided for, on any Interest Payment Date will, subject to certain exceptions, be paid to the Person in whose name this Note (or one
or more predecessor Notes) is registered at the close of business on the date 15 calendar days][calendar day immediately] prior to an Interest Payment Date (whether or not a Business Day) (the “Regular Record Date”); provided,
however, that interest payable at the Maturity Date will be payable to the Person to whom the principal hereof shall be payable. Any such interest not so punctually paid or duly provided for will forthwith cease to be payable to the Holder on
such Regular Record Date and may either be paid to the Person in whose name this Note (or one or more predecessor Notes) is registered at the close of business on a Special Record Date for the payment of such Defaulted Interest to be fixed by the
Company, notice whereof shall be given to the Holder of this Note and the Trustee not less than 10 days prior to such Special Record Date, or may be paid at any time in any other lawful manner, all as more fully provided in the Indenture. 

Payment of the principal of, premium, if any, on and interest due on this Note will be made in immediately available funds at the office or
agency of the Company maintained for that purpose 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][If
applicable, insert description of currency, currencies, composite currency, composite currencies or currency units in which the principal of or any premium or interest is payable]; provided, however, that payment of interest on any
Interest Payment Date other than the Maturity Date may be made at the option of the Company (i) by check mailed to the address of the Person entitled thereto as such address shall appear in the Security Register and (ii) by wire transfer
in immediately available funds at such place and to such account as may be designed by the Person entitled thereto as specified in the Security Register in writing not less than 10 days prior to the date of the interest payment; and provided,
further that payment may be made pursuant to the Applicable Procedures. A Holder of not less than $10,000,000 aggregate principal amount of the Notes having the same 

  
 -4- 

 
Interest Payment Dates may by written notice to the Paying and Authenticating Agent and Security Registrar (referred to below) at its principal corporate trust office in The City of New York (or
at such other address as the Company shall give notice in writing), on or before the Regular Record Date preceding an Interest Payment Date, arrange to have the interest payable on all Notes held by such Holder on such Interest Payment Date, and all
subsequent Interest Payment Dates until written notice to the contrary is given to the Paying and Authenticating Agent and Security Registrar, made by wire transfer of immediately available funds to a designated account maintained at a bank in The
City of New York (or other bank consented to by the Company) as the Holder of such Notes shall have designated; provided that such bank has appropriate facilities therefor. 

[Insert if this Note is a Senior Subordinated Medium-Term Note — This Note is one of a duly authorized series of securities of the
Company (hereinafter called the “Securities”) issued and to be issued in one or more series under an Indenture dated as of February 9, 2016, as supplemented by the first supplemental indenture dated as of January 30, 2017 (herein
called the “Indenture”), between the Company and Wilmington Trust, National Association, as Trustee (herein called the “Trustee”, which term includes any successor trustee under the Indenture), to which Indenture and all
indentures supplemental thereto reference is hereby made for a statement of the respective rights, duties and immunities thereunder of the Company, the Trustee and the Holders of the Senior Subordinated Medium-Term Notes Series K (the
“Notes”) and of the terms upon which the Notes are, and are to be, authenticated and delivered. The Bank of New York Mellon, acting through its principal corporate trust office is the initial Paying Agent for the payment of interest and
principal of the Notes; The Bank of New York Mellon acting through its principal corporate trust office is the Authenticating Agent for the Notes; and The Bank of New York Mellon acting through its principal corporate trust office is the Security
Register for the Notes (the “Paying and Authenticating Agent and Security Registrar”). The Notes may bear different Original Issue Dates, mature at different times, bear interest at different rates and vary in such other ways as are
provided in the Indenture.] 
 [Insert if this Note is a Senior Medium-Term Note — This Note is one of a duly authorized series of
securities of the Company (hereinafter called the “Securities”) issued and to be issued in one or more series under an Indenture dated as of February 9, 2016, as supplemented by the first supplemental indenture dated as of
January 30, 2017 (herein called the “Indenture”), between the Company and Deutsche Bank Trust Company Americas, as Trustee (herein called the “Trustee”, which term includes any successor trustee under the Indenture), to
which Indenture and all indentures supplemental thereto reference is hereby made for a statement of the respective rights, duties and immunities thereunder of the Company, the Trustee and the Holders of the Senior Medium-Term Notes Series J (the
“Notes”) and of the terms upon which the Notes are, and are to be, authenticated and delivered. The Bank of New York Mellon, acting through its principal corporate trust office is the initial Paying Agent for the payment of interest and
principal of the Notes; The Bank of New York Mellon acting through its principal corporate trust office is the Authenticating Agent for the Notes; and The Bank of New York Mellon acting through its principal corporate trust office is the Security
Register for the Notes (the “Paying and Authenticating Agent and Security Registrar”). The Notes may bear different Original Issue Dates, mature at different times, bear interest at different rates and vary in such other ways as are
provided in the Indenture.] 
 This Note is not subject to any sinking fund. 

  
 -5- 

 [Insert if this Note is a Senior Subordinated Medium-Term Note — The Indenture contains
provisions for defeasance at any time of (a) the entire indebtedness evidenced by this Note and/or (b) certain restrictive covenants and Defaults with respect to this Note, in each case upon compliance by the Company with certain conditions set
forth in the Indenture. These provisions [shall not][shall] apply to this Note.] 
 [Insert if this Note is a Senior Medium-Term Note —
The Indenture contains provisions for defeasance at any time of (a) the entire indebtedness evidenced by this Note and/or (b) certain restrictive covenants, Events of Default and Covenant Breaches with respect to this Note, in each case
upon compliance by the Company with certain conditions set forth in the Indenture. At the election of the Company, these provisions [shall][shall not] apply to this Note.] 

[Insert if this Note is a Senior Subordinated Medium-Term Note, if applicable – Describe any addition to, elimination of or other change
in the Events of Default or Defaults that apply to the Note, and any change in the acceleration provisions in Section 502 of the Indenture.] 

[Insert if this Note is a Senior Medium-Term Note, if applicable — Describe any addition to, elimination of or other change in the Events
of Default that apply to the Note, and any change in the right of the Trustee or the requisite Holders of the Notes to declare the principal amount thereof due and payable under Section 502 of the Indenture.] 

[If this Note is a Senior Subordinated Medium-Term Note, if applicable – Describe any addition to, elimination of or other change in the
covenants that apply to this Note.] 
 [If this Note is a Senior Medium-Term Note, if applicable – Describe any addition to,
elimination of or other change in the covenants or the definition of “Covenant Breach” that apply to this Note.] 
 This Note may
be subject to repayment at the option of the Holder on the Holder’s Optional Repayment Date(s), if any, indicated above. If no Holder’s Optional Repayment Dates are set forth above, this Note may not be so repaid at the option of the
Holder hereof prior to the Stated Maturity Date. On any Holder’s Optional Repayment Date, this Note shall be repayable in whole or in part in increments of $[1,000][Insert other minimum denomination] (provided that any remaining principal
hereof shall be at least $[1,000][Insert other minimum denomination]) at the option of the Holder hereof at a repayment price equal to 100% of the principal amount to be repaid, together with interest thereon payable to the date of repayment. For
this Note to be repaid in whole or in part at the option of the Holder hereof, this Note must be received, with the form entitled “Option to Elect Repayment” below duly completed, by the Paying and Authenticating Agent and Security
Registrar at the principal corporate trust office of The Bank of New York Mellon in The City of New York, or such other address which the Company shall from time to time notify the Holder of this Note, not less than 10 nor more than 60 days prior to
a Holder’s Optional Repayment Date. Exercise of such repayment option by the Holder hereof shall be irrevocable. 
 [Insert, as
applicable, if this Note is not redeemable or is redeemable on one or more dates at the option of the Company – This Note may be redeemed at the option of the Company on any date on and after the Initial Redemption Date, if any, specified above
(the “Redemption Date”). If no Initial Redemption Date is set forth above, this Note may not be redeemed at the option of the Company prior to the Stated Maturity Date. On and after the Initial Redemption Date, if any, this Note may be
redeemed at any time in whole [but not in part][or from time to time in part in increments of $[1,000][Insert other minimum denomination] (provided that any remaining principal hereof shall be at least $[1,000][Insert other minimum denomination])]
at the option of the Company at the applicable Redemption Price (as defined below) together with interest thereon payable to the Redemption Date, on notice given to the Holder not less than [5 nor more than 30][10 nor more than 60] days prior to the
Redemption Date. [In the event of redemption of this Note in part only, a new Note for the unredeemed portion hereof shall be issued in the name of the Holder hereof upon the surrender hereof.]] 

  
 -6- 

 [Insert, as applicable, if this Note is redeemable at the option of the Company on only a
single date – This Note may be redeemed at the option of the Company on the Optional Redemption Date specified above. On the Optional Redemption Date this Note may be redeemed in whole [but not in part][or in part in increments of
$[1,000][Insert other minimum denomination] (provided that any remaining principal hereof shall be at least $[1,000][Insert other minimum denomination])] at the option of the Company at the applicable Redemption Price (as defined below) together
with interest thereon payable to the Optional Redemption Date, on notice given to the Holder not less than [5 nor more than 30][10 nor more than 60] days prior to the Optional Redemption Date. [In the event of redemption of this Note in part only, a
new Note for the unredeemed portion hereof shall be issued in the name of the Holder hereof upon the surrender hereof.]] 
 [Insert if this
Note is a Senior Subordinated Medium-Term Note — Notwithstanding the foregoing, the Company may not redeem this Note without having received the prior approval of the “appropriate federal banking agency” with respect to the Company,
as defined in Section 3(q) of the Federal Deposit Insurance Act (12 U.S.C. § 1813(q)), or any successor provision, if then required under capital regulations applicable to the Company.] 

Notices to the Holder of this Note with respect to redemption as provided above will be delivered to the Holder’s address listed in the
Security Register maintained by the Security Registrar not less than [5 nor more than 30][10 nor more than 60] days prior to the [Redemption Date][Optional Redemption Date]. Notwithstanding anything in the Indenture or this Note to the contrary,
such notice shall be sufficiently given if given to the Depositary for such Security (or its designee), pursuant to its Applicable Procedures, not later than the latest date (if any), and not earlier than the earliest date (if any), prescribed for
the giving of such notice. 
 [Insert if this Note is not redeemable or is redeemable on one or more dates at the option of the Company
– If this Note is redeemable at the option of the Company, the “Redemption Price” shall initially be the Initial Redemption Percentage specified above of the principal amount of this Note to be redeemed and shall decline at each
anniversary of the Initial Redemption Date by the Annual Redemption Percentage Reduction, if any, specified above, of the principal amount to be redeemed until the Redemption Price is 100% of such principal amount.] 

[Insert if this Note is redeemable at the option of the Company on only a single date – The “Redemption Price” shall be the
Redemption Percentage specified above of the principal amount of this Note to be redeemed.] 
 If the Base Rate for this Note is not
Compounded SOFR, accrued interest hereon shall be an amount calculated by multiplying the principal amount hereof by an accrued interest factor. In such case, such accrued interest factor shall be computed by adding the interest factor calculated
for each day from the Original Issue Date or from but excluding the last date for which interest shall have been paid, as the case may be, to the date for which accrued interest is being calculated. The interest factor for each such day shall be
computed by dividing the interest rate applicable to such day by 360 or, in the case of Notes having the Treasury Rate or CMT Rate as their Base Rate, by the actual number of days in the year. 

  
 -7- 

 If the Base Rate for this Note is Compounded SOFR, accrued interest hereon for each Interest
Period will be calculated as an amount equal to the product of (i) the outstanding principal amount of this Note multiplied by (ii) the product of (a) the interest rate applicable to such Interest Period, as defined below, multiplied
by (b) the quotient of the actual number of calendar days in such Interest Period divided by 360. 
 Except as described below, this
Note will bear interest at the rate determined by reference to the Base Rate specified above (i) plus or minus the Spread, if any, specified above and/or (ii) multiplied by the Spread Multiplier, if any, specified above. 

If the Base Rate for this Note is not Compounded SOFR, for purposes of determining the applicable accrued interest factor, the interest rate
in effect on each day shall be (a) if such day is an Interest Reset Date specified above, the interest rate with respect to the Interest Determination Date (as defined below) pertaining to such Interest Reset Date or (b) if such day is not
an Interest Reset Date, the interest rate with respect to the Interest Determination Date pertaining to the next preceding Interest Reset Date, subject to the Maximum or Minimum Interest Rate specified above, if any, provided that the interest rate
in effect from the Original Issue Date to the Initial Interest Reset Date shall be the Initial Interest Rate; provided further that the Notes will not reset after the Fixed Rate Commencement Date, if any. If the Base Rate for this Note
is not Compounded SOFR, if any Interest Reset Date would otherwise be a day that is not a Business Day, such Interest Reset Date shall be postponed to the next day that is a Business Day, except that if the Base Rate specified above is LIBOR, if
such Business Day is in the next succeeding calendar month, such Interest Reset Date shall be the immediately preceding Business Day. If a treasury bill auction will be held on a day that would otherwise be an Interest Reset Date with respect to the
Treasury Rate, then such Interest Reset Date shall be the Business Day following such auction date. 
 The Interest Determination Date with
respect to the Federal Funds Rate and the Prime Rate will be the Business Day preceding the Interest Reset Date. The Interest Determination Date with respect to the Commercial Paper Rate and the CMT Rate will be the second Business Day preceding the
Interest Reset Date. The Interest Determination Date with respect to LIBOR shall be the second London Banking Day (as defined below) preceding an Interest Reset Date. The Interest Determination Date with respect to the Eleventh District Cost of
Funds Rate shall be the last Business Day of the month immediately preceding the applicable Interest Reset Date in which the Federal Home Loan Bank of San Francisco publishes the Index (as hereinafter defined). The Interest Determination Date with
respect to the Treasury Rate shall be the day of the week in which such Interest Reset Date falls on which Treasury bills of the Index Maturity specified above normally would be auctioned; provided, however, that if as a result of a
legal holiday an auction is held on the Friday of the week preceding the Interest Reset Date, the related Interest Determination Date shall be such preceding Friday. The Interest Determination Date with respect to a Note the interest rate of which
is determined by two or more Interest Rate Bases (none of which is Compounded SOFR) shall be the second Business Day next preceding the applicable Interest Reset Date on which each Base Rate is determinable. If the Base Rate for this Note is not
Compounded SOFR, the applicable Base Rate shall be determined as of such date, and the applicable interest rate will take effect on the applicable Interest Reset Date. The Interest Determination Date with respect to Compounded SOFR shall be the date
two U.S. Government Securities Business Days, as defined below, before the applicable Interest Payment Date (or, in the case of the final Interest Period, before the Stated Maturity Date, or in the case of any redemption of this Note, before the
applicable date of redemption). 

  
 -8- 

 If the Base Rate for this Note is not Compounded SOFR, the “Calculation Date”
pertaining to any Interest Determination Date shall be the earlier of (i) the tenth calendar day after such Interest Determination Date or, if such day is not a Business Day, the next succeeding Business Day and (ii) the Business Day next
preceding the applicable Interest Payment Date or the date of Maturity, as the case may be. If the Base Rate for this Note is Compounded SOFR, the “Calculation Date” shall be the Interest Determination Date. 

All percentages resulting from any calculation on the Notes will be rounded, if necessary, to the nearest one hundred-thousandth of a
percentage point, with five one-millionths of a percentage point rounded upward, and all dollar amounts used in or resulting from such calculation on the Notes will be rounded to the nearest cent (with one-half cent being rounded upward). 
 As used herein, “Business Day” means with respect to
Notes denominated in U.S. dollars, (i) any day other than a Saturday, Sunday, legal holiday or other day on which banking institutions in The City of New York are authorized or required by law, regulation or executive order to close; provided
that in the case where the Base Rate is LIBOR, such day is also a London Banking Day. “London Banking Day” means a day on which dealings in the applicable LIBOR currency are transacted in the London interbank market. For Notes having a
specified currency other than U.S. dollars (other than Notes denominated in Euros), “Business Day” means any day that, in the Principal Financial Center (as defined below) of the country of the specified currency, is not a day on which
banking institutions generally are authorized or obligated by law to close; and for Notes denominated in Euros, a day on which the Trans-European Automated Real-time Gross Settlement Express Transfer System is open. 

If the Base Rate for this Note is not Compounded SOFR, the interest rate that will become effective on each subsequent Interest Reset Date
will be determined by the Calculation Agent (calculated with reference to the Base Rate or Rates and the Spread and/or Spread Multiplier, if any) as follows (such determination, in the absence of manifest error, to be binding upon all parties,
including the Company and the Holder of this Note). 
 CMT Rate 

“CMT Rate” means: 
  

	(1)	 if CMT Reuters Page FRBCMT is specified in the applicable pricing supplement: 

(a) the percentage equal to the yield for United States Treasury securities at “constant maturity” having the Index Maturity
specified in the applicable pricing supplement as published in H.15(519) under the caption “Treasury Constant Maturities”, as the yield is displayed on Reuters Monitor Money Rates Service (or any successor service) on page FRBCMT (or any
other page as may replace the specified page on that service) (“Reuters Page FRBCMT”), for the particular Interest Determination Date, or 

(b) if the rate referred to in clause (a) does not so appear on Reuters Page FRBCMT, the percentage equal to the yield for United States
Treasury securities at “constant maturity” having the particular Index Maturity and for the particular Interest Determination Date as published in H.15(519) under the caption “Treasury Constant Maturities”, or 

  
 -9- 

 (c) if the rate referred to in clause (b) does not so appear in H.15(519), the rate on
the particular Interest Determination Date for the period of the particular Index Maturity as may then be published by either the Federal Reserve System Board of Governors or the United States Department of the Treasury that the Company determines
to be comparable to the rate which would otherwise have been published in H.15(519), or 
 (d) if the rate referred to in clause (c) is
not so published, the rate on the particular Interest Determination Date calculated by the Calculation Agent as a yield to maturity based on the arithmetic mean of the secondary market bid prices at approximately 3:30 P.M., New York City time,
on that Interest Determination Date of three leading primary United States government securities dealers in The City of New York (which may include the Agents or their affiliates) (each, a “Reference Dealer”), selected by the Company and
identified to the Calculation Agent from five Reference Dealers selected by the Company and eliminating the highest quotation, or, in the event of equality, one of the highest, and the lowest quotation or, in the event of equality, one of the
lowest, for United States Treasury securities with an original maturity equal to the particular Index Maturity, a remaining term to maturity no more than 1 year shorter than that Index Maturity and in a principal amount of at least $100,000,000, or

 (e) if fewer than five but more than two of the prices referred to in clause (d) are provided as requested, the rate on the
particular Interest Determination Date calculated by the Calculation Agent based on the arithmetic mean of the bid prices obtained and neither the highest nor the lowest of the quotations shall be eliminated, or 

(f) if fewer than three prices referred to in clause (d) are provided as requested, the rate on the particular Interest Determination Date
calculated by the Calculation Agent as a yield to maturity based on the arithmetic mean of the secondary market bid prices as of approximately 3:30 P.M., New York City time, on that Interest Determination Date of three Reference Dealers
selected by the Company and identified to the Calculation Agent from five Reference Dealers selected by the Company and eliminating the highest quotation or, in the event of equality, one of the highest and the lowest quotation or, in the event of
equality, one of the lowest, for United States Treasury securities with an original maturity greater than the particular Index Maturity, a remaining term to maturity closest to that Index Maturity and in a principal amount of at least $100,000,000,
or 
 (g) if fewer than five but more than two prices referred to in clause (f) are provided as requested, the rate on the particular
Interest Determination Date calculated by the Calculation Agent based on the arithmetic mean of the bid prices obtained and neither the highest nor the lowest of the quotations will be eliminated, or 

(h) if fewer than three prices referred to in clause (f) are provided as requested, the CMT Rate in effect on the particular Interest
Determination Date. 
  

	(2)	 if CMT Reuters Page FEDCMT is specified in the applicable pricing supplement: 

(a) the percentage equal to the one-week or one-month, as
specified in the applicable pricing supplement, average yield for United States Treasury securities at “constant maturity” having the Index Maturity specified in the applicable pricing supplement as published in H.15(519) opposite the
caption “Treasury Constant Maturities”, as the yield is displayed on Reuters Monitor Money Rates Service (or any successor service) (on page FEDCMT or any other page as may replace the specified page on that service) (“Reuters Page
FEDCMT “), for the week or month, as applicable, ended immediately preceding the week or month, as applicable, in which the particular Interest Determination Date falls, or 

  
 -10- 

 (b) if the rate referred to in clause (a) does not so appear on Reuters Page FEDCMT,
the percentage equal to the one-week or one-month, as specified in the applicable pricing supplement, average yield for United States Treasury securities at
“constant maturity” having the particular Index Maturity and for the week or month, as applicable, preceding the particular Interest Determination Date as published in H.15(519) opposite the caption “Treasury Constant
Maturities,” or 
 (c) if the rate referred to in clause (b) does not so appear in H.15(519), the
one-week or one-month, as specified in the applicable pricing supplement, average yield for United States Treasury securities at “constant maturity” having the
particular Index Maturity as otherwise announced by the Federal Reserve Bank of New York for the week or month, as applicable, ended immediately preceding the week or month, as applicable, in which the particular Interest Determination Date falls,
or 
 (d) if the rate referred to in clause (c) is not so published, the rate on the particular Interest Determination Date calculated
by the Calculation Agent as a yield to maturity based on the arithmetic mean of the secondary market bid prices at approximately 3:30 P.M., New York City time, on that Interest Determination Date of three Reference Dealers selected by the
Company and identified to the Calculation Agent from five Reference Dealers selected by the Company and eliminating the highest quotation, or, in the event of equality, one of the highest, and the lowest quotation or, in the event of equality, one
of the lowest, for United States Treasury securities with an original maturity equal to the particular Index Maturity, a remaining term to maturity no more than 1 year shorter than that Index Maturity and in a principal amount of at least
$100,000,000, or 
 (e) if fewer than five but more than two of the prices referred to in clause (d) are provided as requested, the rate
on the particular Interest Determination Date calculated by the Calculation Agent based on the arithmetic mean of the bid prices obtained and neither the highest nor the lowest of the quotations shall be eliminated, or 

(f) if fewer than three prices referred to in clause (d) are provided as requested, the rate on the particular Interest Determination Date
calculated by the Calculation Agent as a yield to maturity based on the arithmetic mean of the secondary market bid prices as of approximately 3:30 P.M., New York City time, on that Interest Determination Date of three Reference Dealers
selected by the Company and identified to the Calculation Agent from five Reference Dealers selected by the Company and eliminating the highest quotation or, in the event of equality, one of the highest and the lowest quotation or, in the event of
equality, one of the lowest, for United States Treasury securities with an original maturity greater than the particular Index Maturity, a remaining term to maturity closest to that Index Maturity and in a principal amount of at least $100,000,000,
or 
 (g) if fewer than five but more than two prices referred to in clause (f) are provided as requested, the rate on the particular
Interest Determination Date calculated by the Calculation Agent based on the arithmetic mean of the bid prices obtained and neither the highest or the lowest of the quotations will be eliminated, or 

  
 -11- 

 (h) if fewer than three prices referred to in clause (f) are provided as requested, the
CMT Rate in effect on that Interest Determination Date. 
 If two United States Treasury securities with an original maturity greater than
the Index Maturity specified in the applicable pricing supplement have remaining terms to maturity equally close to the particular Index Maturity, the quotes for the United States Treasury security with the shorter original remaining term to
maturity will be used. 
 Commercial Paper Rate 

“Commercial Paper Rate” means: 
 (1) the Money Market
Yield (as defined below) on the particular Interest Determination Date of the rate for commercial paper having the Index Maturity specified in the applicable pricing supplement as published in H.15(519) (as defined below) under the caption
“Commercial Paper-Nonfinancial”, or 
 (2) if the rate referred to in clause (1) is not so published
by 3:00 P.M., New York City time, on the related Calculation Date, the Money Market Yield of the rate on the particular Interest Determination Date for commercial paper having the particular Index Maturity as published in H.15 Daily Update (as
defined below), or such other recognized electronic source used for the purpose of displaying the applicable rate, under the caption “Commercial Paper-Nonfinancial”, or 

(3) if the rate referred to in clause (2) is not so published by 3:00 P.M., New York City time, on the related Calculation Date, the rate on the
particular Interest Determination Date calculated by the Calculation Agent as the Money Market Yield of the arithmetic mean of the offered rates at approximately 11:00 A.M., New York City time, on that Interest Determination Date of three leading
dealers of United States dollar commercial paper in The City of New York (which may include the Agents or their affiliates) selected by the Company and identified to the Calculation Agent for commercial paper having the particular Index Maturity
placed for industrial issuers whose bond rating is “Aa”, or the equivalent, from a nationally recognized statistical rating organization, or 
 (4)
if the dealers so selected by the Company are not quoting as mentioned in clause (3), the Commercial Paper Rate in effect on the particular Interest Determination Date. 

“Money Market Yield” means a yield (expressed as a percentage) calculated in accordance with the following formula: 

 
 

 
 where “D” refers to the applicable per annum rate for commercial paper quoted on a bank discount basis and
expressed as a decimal, and “M” refers to the actual number of days in the applicable Interest Reset Period (the period between Interest Reset Dates). 

  
 -12- 

 “H.15(519)” means the weekly statistical release designated as H.15(519), or any successor
publication, published by the Board of Governors of the Federal Reserve System. 
 “H.15 Daily Update” means the daily update of H.15(519),
available through the world-wide-web site of the Board of Governors of the Federal Reserve System at http://federalreserve.gov/releases/h15/update, or any successor site
or publication. 
 Eleventh District Cost of Funds Rate 

“Eleventh District Cost of Funds Rate” means: 
 (1) the
rate equal to the monthly weighted average cost of funds for the calendar month immediately preceding the month in which the particular Interest Determination Date falls as set forth under the caption “11th Dist COFI:” on the display on
Reuters on page COFI/ARMS (or any other page as may replace such page on such service) (“Reuters Page COFI/ARMS”) as of 11:00 A.M., San Francisco time, on such Interest Determination Date, or 

(2) if the rate referred to in clause (1) does not so appear on Reuters Page COFI/ARMS, the monthly weighted average cost of funds paid by member
institutions of the Eleventh Federal Home Loan Bank District that was most recently announced (the “Index”) by the Federal Home Loan Bank of San Francisco as the cost of funds for the calendar month immediately preceding that Interest
Determination Date, or 
 (3) if the Federal Home Loan Bank of San Francisco fails to announce the Index on or prior to the particular Interest Determination
Date for the calendar month immediately preceding that Interest Determination Date, the Eleventh District Cost of Funds Rate in effect on the particular Interest Determination Date. 

Federal Funds Rate 
 “Federal Funds Rate” means:

 (1) the rate as of the particular Interest Determination Date for United States dollar federal funds as published in H.15(519) under the caption
“Federal Funds (Effective)” and displayed on Reuters Monitor Money Rates Service (or any successor service) on page FEDFUNDS1 (or any other page as may replace the specified page on that service) (“Reuters Page FEDFUNDS1”), or

 (2) if the rate referred to in clause (1) does not so appear on Reuters Page FEDFUNDS1 or is not so published by 3:00 P.M., New York City time, on
the related Calculation Date, the rate as of the particular Interest Determination Date for United States dollar federal funds as published in H.15 Daily Update, or such other recognized electronic source used for the purpose of displaying the
applicable rate, under the caption “Federal Funds (Effective)”, or 
 (3) if the rate referred to in clause (2) is not so published by 3:00
P.M., New York City time, on the related Calculation Date, the rate with respect to the particular Interest Determination Date calculated by the Calculation Agent as the arithmetic mean of the rates for the last transaction in overnight United
States dollar federal funds arranged by three leading brokers of United States dollar federal funds transactions in The City of New York (which may include the Agents or their affiliates), selected by the Company and identified to the Calculation
Agent prior to 9:00 A.M., New York City time, on the Business Day following that Interest Determination Date, or 

  
 -13- 

 (4) if the brokers so selected by the Company are not quoting as mentioned in clause (3), the Federal
Funds Rate in effect on the particular Interest Determination Date. 
 LIBOR 

“LIBOR” means: 
 (1) the arithmetic mean of the offered
rates, calculated by the Calculation Agent, or the offered rate, if the LIBOR Page by its terms provides only for a single rate, for deposits in the LIBOR Currency having the particular Index Maturity, commencing on the related Interest Reset Date,
that appear or appears, as the case may be, on the LIBOR Page as of 11:00 A.M., London time, on the particular Interest Determination Date, or 
 (2) if no
rate appears on the particular Interest Determination Date on the LIBOR Page as specified in clause (1), the rate calculated by the Calculation Agent of at least two offered quotations obtained by the Calculation Agent after requesting the principal
London offices of each of four major reference banks (which may include affiliates of the agents for the initial offering of the Notes) selected by the Company and identified to the Calculation Agent, in the London interbank market to provide the
Calculation Agent with its offered quotation for deposits in the LIBOR Currency for the period of the particular Index Maturity, commencing on the related Interest Reset Date, to prime banks in the London interbank market at approximately 11:00
A.M., London time, on that Interest Determination Date and in a principal amount that is representative, as determined by the Company, for a single transaction in the LIBOR Currency in that market at that time, or 

(3) if fewer than two offered quotations referred to in clause (2) are provided as requested, the rate calculated by the Calculation Agent as the
arithmetic mean of the rates quoted at approximately 11:00 A.M., in the applicable Principal Financial Center (as defined below), on the particular Interest Determination Date by three major banks (which may include affiliates of the agents for the
initial offering of the Notes) selected by the Company and identified to the Calculation Agent, in that Principal Financial Center selected by the Calculation Agent for loans in the LIBOR Currency to leading European banks, having the particular
Index Maturity and in a principal amount that is representative, as determined by the Company, for a single transaction in the LIBOR Currency in that market at that time, or 

(4) if the banks so selected by the Company are not quoting as mentioned in clause (3), but a LIBOR Event (as defined below) has not occurred, LIBOR for the
upcoming interest period to which the Interest Determination Date relates shall be LIBOR as in effect for the current interest period, or 
 (5)
notwithstanding clauses (1)-(4) above, if the Company, in its sole discretion, determines that LIBOR for deposits in the LIBOR Currency having the particular Index Maturity has been permanently discontinued or is no longer viewed as an acceptable
benchmark for securities like this Note and the Company has notified the Calculation Agent in writing of such determination (a “LIBOR Event”), the Calculation Agent will use, as directed by the Company in writing, as a substitute for LIBOR
(the “Alternative Rate”) for each future Interest Determination Date, the alternative reference rate selected by the central bank, reserve bank, monetary authority or any 

  
 -14- 

 
similar institution (including any committee or working group thereof) that is consistent with market practice regarding a substitute for LIBOR. As part of such substitution, the Calculation
Agent will, as directed by the Company in writing, make such adjustments to the Alternative Rate or the spread thereon, as well as the business day convention, Interest Determination Dates and related provisions and definitions
(“Adjustments”), in each case that are consistent with market practice for the use of such Alternative Rate. For each of the foregoing determinations, the Company may, in its sole discretion, appoint an independent financial advisor
(“IFA”) to make such determinations and the decision of the IFA will be binding on the Company, the Calculation Agent, the Trustee and the Holders of this Note. Notwithstanding the foregoing, if the Company determines in its sole
discretion that there is no alternative reference rate selected by the central bank, reserve bank, monetary authority or any similar institution (including any committee or working group thereof) that is consistent with market practice regarding a
substitute for LIBOR for deposits in the LIBOR Currency having the particular Index Maturity, the Company may, in its sole discretion, appoint an IFA to determine an appropriate Alternative Rate and any Adjustments, and the decision of the IFA will
be binding on the Company, the Calculation Agent, the Trustee and the Holders of this Note. If a LIBOR Event has occurred, but for any reason an Alternative Rate has not been determined or the Company determines, in its sole discretion, that there
is no such market practice for the use of such Alternative Rate (and, in each case, an IFA has not determined an appropriate Alternative Rate and Adjustments or an IFA has not been appointed), LIBOR for the upcoming interest period to which the
Interest Determination Date relates shall be LIBOR as in effect for the current interest period. 
 “LIBOR Currency” means the currency specified
in the applicable pricing supplement as to which LIBOR shall be calculated or, if no currency is specified in the applicable pricing supplement, United States dollars. 

“LIBOR Page” means the display on Bloomberg L.P. (or any successor service) on the “BBAM” page (or any other page as may replace such page
on such service) for the purpose of displaying the London interbank rates of major banks for the LIBOR Currency; or 
 “Principal Financial
Center” means, as applicable: 
  

	•	 the capital city of the country issuing the Specified Currency; 

 

	•	 the capital city of the country to which the LIBOR Currency relates; or 

 

	•	 London if the LIBOR Currency is the Euro; 

provided, however, that with respect to United States dollars, Australian dollars, Canadian dollars, South African rand and Swiss francs, the
“Principal Financial Center” shall be The City of New York, Sydney and (solely in the case of the Specified Currency) Melbourne, Toronto, Johannesburg and Zurich, respectively. 

The establishment of LIBOR for each interest period by the Calculation Agent (including, for the avoidance of doubt, at direction of the Company in the case
of clause (5) of the definition of LIBOR) or IFA, as applicable, shall (in the absence of manifest error) be final and binding on the Company, the Calculation Agent, the Trustee and the Holders of this Note. For the avoidance of doubt, any
adjustments made pursuant to clause (5) of the definition of LIBOR shall not be subject to the vote or consent of the Holders of this Note, and the Company and the Trustee may, without the vote or consent of the Holders of this Note, amend or
supplement the Indenture or this Note to implement the terms of clause (5) of the definition of LIBOR. 

  
 -15- 

 Prime Rate 

“Prime Rate” means: 
 (1) the rate on the particular
Interest Determination Date as published in H.15(519) under the caption “Bank Prime Loan”, or 
 (2) if the rate referred to in clause (1) is
not so published by 3:00 P.M., New York City time, on the related Calculation Date, the rate on the particular Interest Determination Date as published in H.15 Daily Update, or such other recognized electronic source used for the purpose of
displaying the applicable rate, under the caption “Bank Prime Loan”, or 
 (3) if the rate referred to in clause (2) is not so published by
3:00 P.M., New York City time, on the related Calculation Date, the rate on the particular Interest Determination Date calculated by the Calculation Agent as the arithmetic mean of the rates of interest publicly announced by each bank that appears
on the Reuters Screen US PRIME 1 Page (as defined below) as the applicable bank’s prime rate or base lending rate as of 11:00 A.M., New York City time, on that Interest Determination Date, or 

(4) if fewer than four rates referred to in clause (3) are so published by 3:00 p.m., New York City time, on the related Calculation Date, the rate on the
particular Interest Determination Date calculated by the Calculation Agent as the arithmetic mean of the prime rates or base lending rates quoted on the basis of the actual number of days in the year divided by a
360-day year as of the close of business on that Interest Determination Date by three major banks (which may include affiliates of the Agents) in The City of New York selected by the Company and identified to
the Calculation Agent, or 
 (5) if the banks so selected by the Company are not quoting as mentioned in clause (4), the Prime Rate in effect on the
particular Interest Determination Date. 
 “Reuters Screen US PRIME 1 Page” means the display on the Reuters Monitor Money Rates Service (or any
successor service) on the “US PRIME 1” page (or any other page as may replace that page on that service) for the purpose of displaying prime rates or base lending rates of major United States banks. 

Treasury Rate 
 “Treasury Rate” means: 

(1) the rate from the auction held on the Treasury Rate Note Interest Determination Date (the “Auction”) of direct obligations of the United States
(“Treasury Bills”) having the Index Maturity specified in the applicable pricing supplement under the caption “INVESTMENT RATE” on the display on Reuters Monitor Money Rates Service (or any successor service) on page USAUCTION
10/11 (or any other page as may replace that page on that service) (“Reuters Page USAUCTION 10/11”), or 

  
 -16- 

 (2) if the rate referred to in clause (1) is not so published by 3:00 P.M., New York City time, on the
related Calculation Date, the Bond Equivalent Yield (as defined below) of the rate for the applicable Treasury bills as published in H.15 Daily Update, or another recognized electronic source used for the purpose of displaying the applicable rate,
under the caption “U.S. Government Securities/Treasury Bills/Auction High”, or 
 (3) if the rate referred to in clause (2) is not so
published by 3:00 P.M., New York City time, on the related Calculation Date, the Bond Equivalent Yield of the auction rate of the applicable Treasury bills as announced by the United States Department of the Treasury, or 

(4) if the rate referred to in clause (3) is not so announced by the United States Department of the Treasury, or if the Auction is not held, the Bond
Equivalent Yield of the rate on the particular Interest Determination Date of the applicable Treasury bills as published in H.15(519) under the caption “U.S. Government Securities/Treasury Bills/Secondary Market”, or 

(5) if the rate referred to in clause (4) not so published by 3:00 P.M., New York City time, on the related Calculation Date, the rate on the particular
Interest Determination Date of the applicable Treasury bills as published in H.15 Daily Update, or another recognized electronic source used for the purpose of displaying the applicable rate selected by the Company, under the caption “U.S.
Government Securities/Treasury Bills/Secondary Market”, or 
 (6) if the rate referred to in clause (5) is not so published by 3:00 P.M., New York
City time, on the related Calculation Date, the rate on the particular Interest Determination Date calculated by the Calculation Agent as the Bond Equivalent Yield of the arithmetic mean of the secondary market bid rates, as of approximately 3:30
P.M., New York City time, on that Interest Determination Date, of three primary United States government securities dealers (which may include the Agents or their affiliates) selected by the Company and identified to the Calculation Agent, for the
issue of Treasury bills with a remaining maturity closest to the Index Maturity specified in the applicable pricing supplement, or 
 (7) if the dealers so
selected by the Company are not quoting as mentioned in clause (6), the Treasury Rate in effect on the particular Interest Determination Date. 
 “Bond
Equivalent Yield” means a yield (expressed as a percentage) calculated in accordance with the following formula: 
  

 
 where “D” refers to the applicable per annum rate for Treasury bills quoted on a bank discount basis and
expressed as a decimal, “N” refers to 365 or 366, as the case may be, and “M” refers to the actual number of days in the applicable Interest Reset Period. 

If the Base Rate for this Note is Compounded SOFR, the interest rate that will apply with respect to any Interest Period will be determined by the Calculation
Agent (calculated with reference to the Base Rate and the Spread and/or Spread Multiplier, if any) as follows (such determination, in the absence of manifest error, to be binding upon all parties, including the Company and the Holder of this Note).

  
 -17- 

 Compounded SOFR 

“Compounded SOFR” means, with respect to any Interest Period, the rate computed in accordance with the following formula: 

 
 

 
 where: 
 “SOFR IndexStart” is the SOFR Index value for the day which is two U.S. Government Securities Business Days preceding the first date of the relevant Interest Period; 

“SOFR IndexEnd” is the SOFR Index value for the day which is two U.S. Government Securities
Business Days preceding the Interest Payment Date relating to such Interest Period (or, in the final Interest Period, preceding the Stated Maturity Date, or, in the case of the redemption of any Notes, preceding the applicable redemption date); and

 “dc” is the number of calendar days in the relevant Observation Period. 

For purposes of determining Compounded SOFR, 
 “Interest
Period” means (i) the period from and including any Interest Payment Date (or, with respect to the initial Interest Period only, from and including the Original Issue Date) to, but excluding, the next succeeding Interest Payment Date;
(ii) in the case of the last such period, from and including the Interest Payment Date immediately preceding the Stated Maturity Date to, but excluding, the Stated Maturity Date; or (iii) in the event of any redemption of any Notes, from
and including the Interest Payment Date immediately preceding the [applicable Redemption Date][Optional Redemption Date] to, but excluding, such Redemption Date. 

“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 Stated
Maturity Date, or in the case of the redemption of any Notes, preceding the applicable [Redemption Date][Optional Redemption Date]). 
 “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 (or a successor administrator of SOFR). 
 “SOFR Administrator’s Website”
means the website of the SOFR Administrator, which, as of the Original Issue Date, is http://www.newyorkfed.org, or any successor source. 

  
 -18- 

 “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”); provided that: 

 

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

  

	 	(i)	 if a Benchmark Transition Event and its related Benchmark Replacement Date have not occurred with respect to
SOFR, then Compounded SOFR shall be the rate determined pursuant to the provisions set forth below under “SOFR Index Unavailable;” or 

  

	 	(ii)	 if a Benchmark Transition Event and its related Benchmark Replacement Date have occurred with respect to SOFR,
then Compounded SOFR shall be the rate determined pursuant to the provisions set forth below under “Effect of a Benchmark Transition Event.” 

“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 recommends that the fixed income departments of its members be closed for the entire day for purposes of trading in U.S. government securities. 

Notwithstanding anything to the contrary in the Indenture or this Note, if the Company or its designee determines on or prior to the relevant
Reference Time that a Benchmark Transition Event and its related Benchmark Replacement Date have occurred with respect to determining Compounded SOFR, then the benchmark replacement provisions set forth below under “Effects of a Benchmark
Transition Event” will thereafter apply to all determinations of the rate of interest payable on this Note. For the avoidance of doubt, in accordance with the benchmark replacement provisions set forth below under “Effects of a Benchmark
Transition Event,” after a Benchmark Transition Event and its related Benchmark Replacement Date have occurred, the interest rate for each Interest Period on this Note will be an annual rate equal to the sum of the Benchmark Replacement and the
Spread. 
 SOFR Index Unavailable: 
 If a SOFR
IndexStart or SOFR IndexEnd is not published on the associated Interest Determination Date and 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 at https://www.newyorkfed.org/markets/treasury-reporeference-rates-information. 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 the daily 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. 

  
 -19- 

 Effects of a Benchmark Transition Event: 

If the Company, or its designee, determines that a Benchmark Transition Event and its related Benchmark Replacement Date have
occurred on or prior to the Reference Time in respect of any determination of the Benchmark on any date, the Benchmark Replacement will replace the then-current Benchmark for all purposes relating to this Note in respect of such determination on
such date and all determinations on all subsequent dates. 
 In connection with the implementation of a Benchmark
Replacement, the Company or its designee will have the right to make Benchmark Replacement Conforming Changes from time to time. 

Any determination, decision or election that may be made by the Company or its designee pursuant to the provisions set forth
under “Effects of a Benchmark Transition Event,” including any determination with respect to a tenor, rate or adjustment or of 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: (1) will be conclusive and binding absent manifest error; (2) if made by the Company, will be made in its sole discretion; (3) if made by the Company’s
designee, will be made after consultation with the Company, and such designee will not make any such determination, decision or election to which the Company objects and (4) notwithstanding anything to the contrary in the Indenture or this
Note, shall become effective without consent from the Holder hereof or any other party. 
 Any determination, decision or
election pursuant to the Benchmark replacement provisions shall be made by the Company or its designee on the basis as described above, and in no event shall the Calculation Agent be responsible for making any such determination, decision or
election. The Company may, in its sole discretion, designate any affiliate of the Company or any other person to make one or more determinations, decisions or elections on a temporary or permanent basis, and the Company may, in its sole discretion,
revoke any such designation. Any person so designated in accordance with the immediately preceding sentence will be a “designee” for purposes of the provisions described under “Effects of a Benchmark Transition Event” so long as
such designation remains in effect. 
 “Benchmark” means, initially, Compounded SOFR, as such term is defined above; provided that if the Company
or its designee determines on or prior to the Reference Time that a Benchmark Transition Event and its related Benchmark Replacement Date have occurred with respect to Compounded SOFR (or the published daily SOFR or 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. 
  

	 	(1)	 the sum of: (a) the 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

  
 -20- 

	 	(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; 

 

	 	(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 definition of Interest Period, the timing and frequency of determining rates and making payments of
interest, the rounding of amounts or tenors, and other technical, administrative or operational 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. 

  
 -21- 

 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 any 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 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 of 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. 

 “ISDA Definitions” means the 2006 ISDA
Definitions published by the International Swaps and Derivatives Association, Inc. or any successor thereto, 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. 

“Reference Time” with respect to any determination of the Benchmark means (1) if the Benchmark is Compounded SOFR, the SOFR
Index Determination Time, 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. 

  
 -22- 

 “Relevant Governmental Body” means the Federal Reserve Board and/or the Federal
Reserve Bank of New York, or a committee officially endorsed or convened by the Federal Reserve Board and/or the Federal Reserve Bank of New York or any successor thereto. 

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

If the Base Rate for this Note is Compounded SOFR, so long as Compounded SOFR is required to be determined with respect to this
Note, there will at all times be a Calculation Agent. In the event that any then acting Calculation Agent shall be unable or unwilling to act, or that such Calculation Agent shall fail to duly establish Compounded SOFR for any Interest Period, or
that the Company proposes to remove such Calculation Agent, the Company shall appoint itself or another person which is a bank, trust company, investment banking firm or other financial institution to act as the Calculation Agent. 

If the Base Rate for this Note is Compounded SOFR, none of the Trustee, the Paying Agent and the Calculation Agent shall be
under any obligation (i) to monitor, determine or verify the unavailability or cessation of SOFR or the SOFR Index, or whether or when there has occurred, or to give notice to any other transaction party of the occurrence of, any Benchmark
Transition Event or related Benchmark Replacement Date, (ii) to select, determine or designate any Benchmark Replacement, or other successor or replacement benchmark index, or whether any conditions to the designation of such a rate or index
have been satisfied, or (iii) to select, determine or designate any Benchmark Replacement Adjustment, or other modifier to any replacement or successor index, or (iv) to determine whether or what Benchmark Replacement Conforming Changes
are necessary or advisable, if any, in connection with any of the foregoing, including, but not limited to, adjustments as to any alternative spread thereon, the business day convention, interest determination dates or any other relevant methodology
applicable to such substitute or successor Benchmark. In connection with the foregoing, each of the Trustee, the Paying Agent and the Calculation Agent shall be entitled to conclusively rely on any determinations made by the Company or its designee
without independent investigation, and none will have any liability for actions taken at the Company’s direction in connection therewith. 

None of the Trustee, the Paying Agent and the Calculation Agent shall be liable for any inability, failure or delay on its part
to perform any of its duties set forth herein or in the Indenture as a result of the unavailability of SOFR, the SOFR Index or other applicable Benchmark Replacement, including as a result of any failure, inability, delay, error or inaccuracy on the
part of any other transaction party in providing any direction, instruction, notice or information required or contemplated by the terms of this Note and reasonably required for the performance of such duties. None of the Trustee, the Paying Agent
or the Calculation Agent shall be responsible or liable for the Company’s actions or omissions or for those of its designee, or for any failure or delay in the performance by the Company or its designee, nor shall any of the Trustee, the Paying
Agent or the Calculation Agent be under any obligation to oversee or monitor the Company’s performance or that of its designee. The Trustee and Paying Agent shall have no responsibility or liability for calculations made by the Calculation
Agent and shall be entitled to conclusively rely on the accuracy of such calculations. 

  
 -23- 

 Notwithstanding the foregoing, the interest rate hereon shall not be greater than the
Maximum Interest Rate, if any, or less than the Minimum Interest Rate, if any. The Calculation Agent shall calculate the interest rate hereon in accordance with the foregoing on or before each Calculation Date. The interest rate on this Note will in
no event be higher than the maximum rate permitted by New York law, as the same may be modified by United States law of general application. 

If the Base Rate for this Note is not Compounded SOFR, at the request of the Holder hereof, the Calculation Agent will provide to the Holder
hereof the interest rate hereon then in effect and, if determined, the interest rate which will become effective on the next Interest Reset Date. If the Base Rate for this Note is Compounded SOFR, at the request of the Holder hereof, the Calculation
Agent will provide the Holder hereof the interest rate most recently calculated with respect to this Note. 
 The “Amortized Face
Amount” of an Original Issue Discount Note shall be the amount equal to (i) the Issue Price set forth above plus (ii) that portion of the difference between the Issue Price and the principal amount of such Note that has accrued at the
Original Yield to Maturity (computed in accordance with generally accepted United States bond yield computation principles) by the date of redemption or repayment, as calculated by an agent appointed by the Company, but in no event shall the
Amortized Face Amount of an Original Issue Discount Note exceed its principal amount. 
 If an Event of Default with respect to the Notes
shall occur and be continuing, the principal of the Notes may become due and payable in the manner and with the effect provided in the Indenture. 

[Insert if this Note is a Senior Subordinated Medium-Term Note – The indebtedness evidenced by this Note is, to the extent provided in
the Indenture, subordinate and subject in right of payment to the prior payment in full of all Senior Indebtedness, and this Note is issued subject to the provisions of the Indenture with respect thereto. Each Holder of this Note, by accepting the
same, (a) agrees to and shall be bound by the provisions of the Indenture, (b) authorizes and directs the Trustee on his or her behalf to take such actions as may be necessary or appropriate to effectuate the subordination so provided and
(c) appoints the Trustee his or her attorney-in-fact for any and all such purposes. Each Holder hereof, by his or her acceptance hereof, waives all notice of the
acceptance of the subordination provisions contained herein and in the Indenture by each holder of Senior Indebtedness, whether now outstanding or hereafter created, incurred, assumed or guaranteed, and waives reliance by each such holder upon said
provisions.] 
 [Insert if this Note is a Senior Subordinated Medium-Term Note – Payment of principal on the Securities may be
accelerated only in the case of certain events involving the bankruptcy, insolvency or reorganization of the Company. There is no right of acceleration in the case of a default in the performance of any covenant of the Company, including the payment
of principal or interest. In case a Default with respect to the Securities shall occur and be continuing, the Trustee may in its discretion proceed to protect and enforce its rights and the rights of the Holders of the Securities through appropriate
judicial proceedings. The Indenture defines a Default to include, without limitation, default in the payment of principal of the Securities when due and default for 30 days in any payment of interest on any Security of this series.] 

  
 -24- 

 [Insert if this Note is a Senior Medium-Term Note – Payment of principal on this Note
may be accelerated only in the case of default for 30 days in any payment of principal of (or premium, if any, on) or interest on the Securities of this series and certain events involving the bankruptcy, insolvency or reorganization of the Company.
There is no right of acceleration in the case of a default in the performance of any other covenant of the Company. In case an Event of Default or Covenant Breach with respect to the Securities of this series shall occur and be continuing, the
Trustee may in its discretion proceed to protect and enforce its rights and the rights of the Holders of the Securities of this series through appropriate judicial proceedings. The Indenture defines a Covenant Breach to include default in the
deposit of any sinking fund payment, when and as due by the terms of a Security of this series or default in the performance, or breach, of any covenant or warranty of the Company in the Indenture or any Security of this series (other than a
covenant or warranty a default in whose performance or whose breach is specifically dealt with in Section 501 of the Indenture or which has expressly been included in the Indenture solely for the benefit of securities other than Securities of
this series), and continuance of such default or breach for a period of 90 days after there has been given, by registered or certified mail, to the Company by the Trustee or to the Company and the Trustee by the Holders of at least 25% in principal
amount of the Outstanding Securities of this series a written notice specifying such default or breach and requiring it to be remedied and stating that such notice is a “Notice of Covenant Breach” under the Indenture. For the purpose of
this paragraph, the term “series” refers to such Securities with identical terms, except as to issue date, principal amount and, if applicable, the date from which interest begins to accrue.] 

The Indenture permits, with certain exceptions as therein provided, the amendment thereof and the modification of the rights and obligations
of the Company and the rights of the Holders of the securities of each series to be affected under the Indenture at any time by the Company and the Trustee with the consent of the Holders of not less than a majority in principal amount of the
Securities at the time Outstanding of each series to be affected. The Indenture also contains provisions permitting the Holders of specified percentages in principal amount of the Securities of each series at the time Outstanding to be affected
under the Indenture, on behalf of the Holders of all securities of such series, to waive compliance by the Company with certain provisions of the Indenture and certain past defaults under the Indenture and their consequences. Any such consent or
waiver by the Holder of this Note shall be conclusive and binding upon such Holder and upon all future Holders of this Note and of any Note issued upon the registration of transfer hereof or in exchange herefor or in lieu hereof, whether or not
notation of such consent or waiver is made upon this Note. [Insert if this Note is a Senior Medium-Term Note – For the purpose of this paragraph, the term “default” means any event which is, or after notice or lapse of time or both
would become, an Event of Default or Covenant Breach in respect of such Securities, and, for purposes of any waivers of past defaults, the term “series” refers to such Securities with identical terms, except as to issue date, principal
amount and, if applicable, the date from which interest begins to accrue.] 
 [Insert if this Note is a Senior Subordinated Medium-Term Note
– As provided in and subject to the provisions of the Indenture, the Holder of this Note shall not have the right to institute any proceeding with respect to the Indenture or this Note or for the appointment of a receiver or trustee or for any
other remedy thereunder, unless such Holder shall have previously given the Trustee written notice of a continuing Default with respect to the Securities of this series, the Holders of not less than 25% in principal amount of the Securities of this
series at the time Outstanding shall have made written request to the Trustee to institute proceedings in respect of such Default as Trustee and offered the Trustee indemnity or security reasonably satisfactory to the Trustee, and the Trustee shall

  
 -25- 

 
not have received from the Holders of a majority in principal amount of Securities of this series at the time Outstanding a direction inconsistent with such request, and shall have failed to
institute any such proceeding, for 60 days after receipt of such notice, request and offer of indemnity or security. The foregoing shall not apply to any suit instituted by the Holder of this Note for the enforcement of any payment of principal
hereof (and premium, if any, hereon) or interest hereon on or after the respective due dates expressed herein.] 
 [Insert if this Note is a
Senior Medium-Term Note – As provided in and subject to the provisions of the Indenture, the Holder of this Note shall not have the right to institute any proceeding with respect to the Indenture or this Note or for the appointment of a
receiver or trustee or for any other remedy thereunder, unless such Holder shall have previously given the Trustee written notice of a continuing Event of Default or Covenant Breach with respect to the Securities of this series, the Holders of not
less than 25% in principal amount of the Securities of this series at the time Outstanding shall have made written request to the Trustee to institute proceedings in respect of such Event of Default or Covenant Breach, as applicable, as Trustee and
offered the Trustee reasonable indemnity, and the Trustee shall not have received from the Holders of a majority in principal amount of Securities of this series at the time Outstanding a direction inconsistent with such request, and shall have
failed to institute any such proceeding, for 60 days after receipt of such notice, request and offer of indemnity. The foregoing shall not apply to any suit instituted by the Holder of this Note for the enforcement of any payment of principal hereof
(and premium, if any, hereon) or interest hereon on or after the respective due dates expressed herein. For purposes of this paragraph, the term “series” refers to such Securities with identical terms, except as to issue date, principal
amount and, if applicable, the date from which interest begins to accrue.] 
 If so provided pursuant to the terms of any specific
Securities, the above-referenced provisions of the Indenture regarding the ability of Holders to waive certain defaults, or to request the Trustee to institute proceedings (or to give the Trustee other directions) in respect thereof, may be applied
differently with regard to such Securities. 
 No reference herein to the Indenture and no provision of this Note or of the Indenture shall
alter or impair the obligation of the Company, which is absolute and unconditional, to pay the principal of (and premium, if any, on) and interest on this Note, at the times, place and rate, and in the coin or currency, herein prescribed. 

As provided in the Indenture, and subject to certain limitations therein set forth, the transfer of this Note may be registered on the
Security Register of the Company upon surrender of this Note for registration of transfer at the office or agency of the Company in any place where the principal of and premium, if any, on and interest on this Note are payable, duly endorsed by, or
accompanied by a written instrument of transfer in form satisfactory to the Company and the Security Registrar, duly executed by the Holder hereof or by such Holder’s attorney duly authorized in writing and thereupon one or more new Notes and
of like tenor, of authorized denominations and for the same aggregate principal amount, will be issued to the designated transferee or transferees. 

The Notes are issuable only in registered form without coupons in denominations of $[1,000][Insert other minimum denomination] or any amount
in excess thereof which is an integral multiple of $[1,000][Insert other minimum denomination] and, unless otherwise specified on the face hereof, shall be denominated in U.S. dollars. As provided in the Indenture, and subject to certain limitations
therein set forth, the Notes are exchangeable for a like aggregate principal amount of Notes and of like tenor of a different authorized denomination, as requested by the Holder surrendering the same. 

  
 -26- 

 No service charge will be made for any such registration of transfer or exchange, but the
Company may require payment of a sum sufficient to cover any tax or other governmental charge payable in connection therewith. 
 Prior to
due presentment of this Note for registration of transfer, the Company, the Trustee and any agent of the Company or the Trustee may treat the Person in whose name this Note is registered as the owner hereof for all purposes, whether or not this Note
be overdue, and neither the Company, the Trustee nor any such agent shall be affected by notice to the contrary. 
 No recourse shall be had
for the payment of the principal of (and premium, if any) or the interest on this Note, 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, against any
incorporator, shareholder, officer or director, as such, past, present or future, of the Company or any successor corporation, 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. 

The Indenture and the Notes shall be governed by and construed in accordance with the laws of the State of New York applicable to agreements
made and to be performed in such State. 
 Under the Indenture, the Company, the Trustee and the Holder of the Note waive, to the fullest
extent permitted by law, any right to a trial by jury in any proceeding relating to the Notes. 
 All terms used in this Note which are
defined in the Indenture shall have the meanings assigned to them in the Indenture. 
 Except to the extent specified in this Note pursuant
to Section 301 of the Indenture, in the event of any inconsistency between the Indenture and this Note, the provisions of the Indenture shall govern. 

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

  
 -27- 

 IN WITNESS WHEREOF, the Company has caused this instrument to be duly executed, manually or in facsimile,
and its corporate seal to be imprinted hereon. 
  

			
	Dated:
	
	THE BANK OF NEW YORK MELLON CORPORATION
		
	By:	 	  

 

	
	[SEAL]
	
	Attest:
	
	  

  

			
	CERTIFICATE OF AUTHENTICATION:	  	
		
	This is one of the Securities of the series designated therein referred to in the within-mentioned Indenture.	  	
		
	Dated:	  	

  

			
	By:	 	The Bank of New York Mellon
		 	As Authenticating Agent
		
	By:	 	  

		 	Authorized Officer

  
 -28- 

 OPTION TO ELECT REPAYMENT 

The undersigned hereby irrevocably request(s) and instruct(s) the Company to repay this Note (or portion hereof specified below) pursuant to its terms at a
price equal to the principal amount hereof together with interest to the repayment date, to the undersigned, at 
  

                        
                                         
                                         
                                         
                              

                       
                                         
                                         
                                         
                               

(Please print or typewrite name and address of the undersigned) 

For this Note to be repaid, this Note must be received at the corporate trust office of The Bank of New York Mellon, in The City of New York, or at such other
place or places which the Company shall from time to time notify the Holder of this Note, not less than 10 nor more than 60 days prior to the Holder’s Optional Repayment Date, if any, specified above, with this “Option to Elect
Repayment” form duly completed. Exercise of such repayment option by the Holder hereof shall be irrevocable. In the event of repayment of this Note in part only, a new Note or Notes for the amount of the unpaid portion hereof shall be issued in
the name of the Holder hereof upon the cancellation hereof. 
 If less than the entire principal amount of this Note is to be repaid, specify the portion
hereof (which shall be in increments of $[1,000][Insert other minimum denomination]) which the Holder elects to have repaid and specify the denomination or denominations (each of which shall be $[1,000][Insert other minimum denomination] or an
integral multiple of $[1,000][Insert other minimum denomination] in excess of $[1,000][Insert other minimum denomination]) of the Notes to be issued to the Holder for the portion of this Note not being repaid (in the absence of any such
specification, one such Note will be issued for the portion not being repaid). 
  

			
	$ ____________________	  	                                      
                          
		
	Date ______________________	  	

 NOTICE: The signature on this Option to Elect Repayment must correspond with the name as written upon the face of this Note in
every particular, without alteration or enlargement or any change whatever. 

  
 -29- 

 ABBREVIATIONS 

The following abbreviations, when used in the inscription on this instrument, shall be construed as though they were written out in full according to
applicable laws or regulations. 
  

	
	 TEN COM — as tenants in common

	
	 UNIF GIFT MIN ACT- ............. Custodian ............

	                                      
      (Minor)
	
	 Under Uniform Gifts to Minors Act _________________________

	                                      
                                         
                     (State)
	
	 TEN ENT — as tenants by the entireties

	 JT TEN — as joint tenants with right of survivorship

	     and not as tenants in common

 Additional abbreviations may also be used though not in the above list. 

  
 -30- 

                       
                                         
                 
 FOR VALUE RECEIVED, the undersigned
hereby sell(s), assign(s) and transfer(s) unto 
 Please Insert Social Security or Other Identifying Number of Assignee: 

 

                        
                                         
                
  

                       
                                         
                                         
                                         
                           

PLEASE PRINT OR TYPEWRITE NAME AND ADDRESS 

INCLUDING ZIP CODE OF ASSIGNEE: 

                        
                                         
                                         
                                         
                          
  

                        
                                         
                                         
                                         
                          
  

                       
                                         
                                         
                                         
                           

the within Note and all rights thereunder, and does hereby irrevocably constitute and appoint ______________________________________________________ attorney
to transfer said Note on the books of the Company, with full power of substitution in the premises. 
 Dated:
                                         
                                         
           
 NOTICE: The signature(s) to this assignment must correspond with the name as written upon the
within instrument in every particular, without alteration or enlargement, or any change whatever. 
 SIGNATURE GUARANTEED:______________________________

 NOTICE: The signature(s) must be guaranteed by an eligible guarantor institution (e.g., banks, securities brokers or dealers, credit unions,
national securities exchanges and savings associations) which is a member of or participant in a signature guarantee program recognized by the Securities Registrar pursuant to Rule 17Ad-15 under the Securities
Exchange Act of 1934. 

  
 -31-

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