Document:

Exhibit 4.1

 

Execution Version

 

 

SUZANO AUSTRIA GMBH

 

Company

 

SUZANO S.A.

 

Guarantor

 

AND

 

DEUTSCHE BANK TRUST COMPANY AMERICAS

 

Trustee

 

___________

 

FIRST SUPPLEMENTAL INDENTURE

 

Dated as of September 14, 2020

 

___________

 

Debt Securities

 

WARNING

 

The taking of this document or any
certified copy thereof or any document which confirms or refers to this document or any document constituting substitute documentation
thereof (each a “Stamp Duty Sensitive Document”) into the Republic of Austria as well as printing out any e-mail communication
which confirms or refers to any Stamp Duty Sensitive Document or to which a copy, a pdf-scan or any other scan of any Stamp Duty
Sensitive Document is attached in the Republic of Austria and sending any e-mail communication carrying a signature (whether digitally,
manuscript or otherwise technically reproduced) which confirms or refers to any Stamp Duty Sensitive Document or to which a copy,
a pdf-scan or any other scan of any Stamp Duty Sensitive Document is attached to or from an Austrian addressee may cause the imposition
of Austrian stamp duty. Accordingly, keep the original document as well as all certified copies thereof and written and signed
confirmations thereof or references thereto and any document constituting substitute documentation thereof outside of the Republic
of Austria and do not (i) print out any e-mail communication which confirms or refers to any Stamp Duty Sensitive Document
or to which a copy, a pdf-scan or any other scan of any Stamp Duty Sensitive Document is attached in the Republic of Austria and
(ii) send any e-mail communication carrying a signature (whether digitally, manuscript or otherwise technically reproduced)
which confirms or refers to any Stamp Duty Sensitive Document or to which a copy, a pdf-scan or any other scan of any Stamp Duty
Sensitive Document is attached to or from an Austrian addressee.

 

 

    

     

    

 

FIRST SUPPLEMENTAL INDENTURE (this “First
Supplemental Indenture”), dated as of September 14, 2020, among SUZANO AUSTRIA GMBH, a limited liability company
incorporated under the laws of the Republic of Austria (the “Company”), having its corporate seat at Vienna,
Austria and its principal office at Fleischmarkt 1, 1010 Vienna, Austria, SUZANO S.A., a corporation (sociedade por ações)
organized under the laws of the Federative Republic of Brazil (“Suzano” or the “Guarantor”),
as guarantor, and DEUTSCHE BANK TRUST COMPANY AMERICAS, a New York banking corporation, as trustee, registrar, paying agent and
transfer agent (herein called the “Trustee”).

 

RECITALS

 

WHEREAS, the Company, the Guarantor and the Trustee
have executed and delivered an Indenture dated as of January 24, 2020, as heretofore supplemented (the “Base Indenture,”
and together with this First Supplemental Indenture, the “Indenture”) to provide for the issuance from time
to time of the Company’s unsecured notes in one or more series (the “Securities”), including the Notes
(as defined below).

 

WHEREAS, Section 9.01(7) of the Base Indenture
permits the Company and the Trustee to enter into a supplemental indenture to establish the forms or terms of the Securities of
any series as permitted under Sections 2.01 and 3.01 of the Base Indenture without the consent of Holders.

 

WHEREAS, there are no debt securities Outstanding of
any series created prior to the execution of this First Supplemental Indenture that are entitled to the benefit of the provisions
set forth herein or that would be adversely affected by such provisions.

 

WHEREAS, the Board of the Company have authorized the
entry into this First Supplemental Indenture and the establishment of the Notes (as defined below), as required by Section 9.01
of the Base Indenture.

 

WHEREAS, the parties hereto desire to establish a series
of Securities to be known as the 3.750% Notes due 2031 (the “Notes”), issued pursuant to Registration Statements
on Form F-3 (File Nos. 333-236083, 333-236083-01 and 333-236083-02) (the “Registration Statement”),
dated January 24, 2020, the Prospectus Supplement dated September 10, 2020 and related Base Prospectus dated January 24,
2020, and to Sections 2.01 and 3.01 of the Base Indenture. The Notes may be issued from time to time and any Notes issued as part
of the relevant series created herein will constitute a single series of Securities under the Indenture and shall be included
in the definition of “Notes,” where the context requires.

 

WHEREAS, the Company has requested and hereby requests
that the Trustee execute and deliver this First Supplemental Indenture and the Company has provided the Trustee with a Board Resolution
authorizing the execution of this First Supplemental Indenture.

 

All actions required by the Company to be taken in order to
make this First Supplemental Indenture a valid, binding and enforceable instrument in accordance with its terms, have been taken
and performed, and the execution and delivery of this First Supplemental Indenture has been duly authorized in all respects.

 

    

     

    

 

NOW, THEREFORE, for and in consideration
of the premises and the mutual covenants contained herein and in the Indenture and for other good and valuable consideration,
the receipt and sufficiency of which are herein acknowledged, the Company, Suzano, and the Trustee hereby agree, for the equal
and ratable benefit of all Holders, as follows:

 

ARTICLE
1

DEFINITIONS

 

SECTION 1.01.         Defined
Terms. All capitalized terms used but not defined herein shall have the meanings ascribed to such terms in the Base Indenture,
as supplemented and amended hereby. All definitions in the Base Indenture shall be read in a manner consistent with the terms
of this First Supplemental Indenture.

 

SECTION 1.02.         Additional
Definitions. For all purposes of this First Supplemental Indenture and the Notes, except as otherwise expressly provided or
unless the subject matter or context otherwise requires, the following terms have the meanings given to them in this Section 1.02.

 

“Closing Date” means September 14,
2020.

 

“Comparable Treasury
Issue” means the United States Treasury security or securities selected by an Independent Investment Banker as having
an actual or interpolated maturity that would be utilized, at the time of selection and in accordance with customary financial
practice, in pricing new issues of corporate debt securities of a comparable maturity to the Par Call Date, as applicable.

 

“Comparable Treasury Price” means,
with respect to any redemption date (i) the average of the Reference Treasury Dealer Quotations for such redemption date,
after excluding the highest and lowest such Reference Treasury Dealer Quotation or (ii) if the Independent Investment Banker
obtains fewer than four such Reference Treasury Dealer Quotations, the average of all such quotations.

 

“External Verifier” means a qualified
provider of third-party assurance or attestation services appointed by the Guarantor to review the Guarantor's statement of the
Greenhouse Gas Emissions Intensity.

 

“Greenhouse Gas Emissions Intensity”
means tCO2e divided by Tons Produced, also expressed as tCO2e/ton produced.

 

“Independent Investment
Banker” means one of the Reference Treasury Dealers appointed by the Issuer.

 

“Interest Payment Record Date”
means January 13 and July 13 of each year.

 

“Par Call Date”
means October 15, 2030.

 

    

     

    

 

“Payment Account” has the meaning
set forth in Section 2.01(viii) herein.

 

“Reference Treasury
Dealers” means BNP Paribas Securities Corp., BofA Securities, Inc., J.P. Morgan Securities LLC, Mizuho Securities
USA LLC and Scotia Capital (USA) Inc. or any of their Affiliates which are primary United States government securities dealers
and not less than two other leading primary United States government securities dealers in New York City reasonably designated
by the Issuer; provided that if any of the foregoing cease to be a primary United States government securities dealer in New York
City (a “Primary Treasury Dealer”), the Issuer will substitute therefor another Primary Treasury Dealer.

 

“Reference Treasury Dealer Quotation”
means, with respect to each Reference Treasury Dealer and any redemption date, the average, as determined by the Independent Investment
Banker, of the bid and asked price for the Comparable Treasury Issue (expressed in each case as a percentage of its principal
amount) quoted in writing to the Independent Investment Banker by such Reference Treasury Dealer at 3:30 pm New York time on the
third Business Day preceding such redemption date.

 

“Sustainability Performance Target”
means the Greenhouse Gas Emissions Intensity reduction target set forth in the Sustainability-Linked Securities Framework, which
results in a Greenhouse Gas Emissions Intensity not exceeding 0.190 tCO2e/ton produced, calculated by taking the average of the
tCO2e/ton produced for the years ended December 31, 2024 and 2025 for the Guarantor and its consolidated subsidiaries; provided,
however, that for purposes of the Sustainability Performance Target and the calculation of Greenhouse Gas Emissions Intensity,
the Guarantor may exclude (A) the tCO2e and Tons Produced attributable to any single or related series of acquisitions completed
since the Issue Date by the Guarantor and its consolidated subsidiaries that individually, or in the aggregate in the case of
a related series, represent (i) more than 10% of the annual net sales revenue of the Guarantor, calculated by reference to
the audited consolidated financial statements of the Guarantor for the fiscal year ended December 31, 2019, or (ii) more
than 10% of the total annual installed production capacity of the Guarantor and its consolidated subsidiaries, calculated by reference
to the fiscal year ended December 31 immediately prior to such acquisition, or (B) the impact of any material amendment
to, or change in, any applicable laws, regulations, rules, guidelines and policies, applicable and/or relating to the production
of pulp and finished paper of the Guarantor and its consolidated subsidiaries following the Issue Date.

 

“Sustainability-Linked Securities Framework”
means the Sustainability-Linked Securities Framework adopted by the Guarantor in September 2020.

 

“tCO2e” means the sum of Scope
1 emissions (from direct operations) and Scope 2 emissions (from electricity purchased) during a given period, measured in metric
tons of carbon dioxide equivalent, according to the World Resources Institute and the World Business Council for Sustainable Development’s
Greenhouse Gas Protocols (March 2004).

 

    

     

    

 

“Tons Produced” means the sum
of pulp and finished paper produced during a given period, measured in metric tons.

 

“Treasury Rate” means, with respect
to any redemption date, the rate per annum equal to the semi-annual equivalent yield to maturity or interpolated maturity (on
a day count basis) of the Comparable Treasury Issue, assuming a price for the Comparable Treasury Issue (expressed as a percentage
of its principal amount) equal to the Comparable Treasury Price for such redemption date.

 

ARTICLE 2

TERMS
OF THE NOTES

 

SECTION 2.01.         General.
In accordance with Section 3.01 of the Base Indenture, the following terms relating to the Notes are hereby
established:

 

(i)            Title:
The Notes shall constitute a series of Securities having the title “3.750% Global Notes due 2031”.

 

(ii)           Aggregate
Amount: The aggregate principal amount of the Notes that may be authenticated and delivered under this First Supplemental
Indenture shall be U.S.$750,000,000. As provided in the Base Indenture, the Company may, from time to time, without the consent
of the Holders, issue Add On Notes having identical terms (including CUSIP, ISIN and other relevant identifying characteristics
as the Notes), so long as, on the date of issuance of such Add On Notes: (i) no Default or Event of Default shall have occurred
and then be continuing, or shall occur as a result of the issuance of such Add On Notes, (ii) such Add On Notes shall rank
pari passu with the Notes and shall have identical terms, conditions and benefits as the Notes and be part of the same
series as the Notes, (iii) the Company and the Trustee shall have executed and delivered a further supplemental indenture
to the Indenture providing for the issuance of such Add On Notes and reflecting such amendments to the Indenture as may be required
to reflect the increase in the aggregate principal amount of the Notes resulting from the issuance of the Add On Notes, (iv) Suzano
shall have executed and delivered and the Trustee shall have acknowledged an amended Guarantee reflecting the increase in the
aggregate principal amount of the Notes resulting from the issuance of the Add On Notes and (v) the Trustee shall have received
all such opinions and other documents as it shall have requested, including an Opinion of Counsel stating that such Add On Notes
are authorized and permitted by the Indenture and all conditions precedent to the issuance of such Add On Notes have been complied
with by the Company and Suzano. All Add On Notes issued hereunder will, when issued, be considered Notes for all purposes hereunder
and will be subject to and take the benefit of all of the terms, conditions and provisions of this Indenture.

 

(iii)          Ranking:
The Notes (including any additional Add On Notes) shall be general senior unsecured and unsubordinated obligations of the
Company and shall at all times rank pari passu among themselves and at least equal in right of payment with all of the
Company’s other existing and future unsecured and unsubordinated obligations from time to time outstanding that are
not, by their terms, expressly subordinated in right of payment to the Notes (other than obligations preferred by statute or
by operation of law).

 

    

     

    

 

(iv)          Maturity: The
entire outstanding principal of the Notes shall be payable in a single installment on January 15, 2031 (the
 “Maturity Date”). No payments in respect of the principal of the Notes shall be paid prior to the Maturity
Date except in the case of the occurrence of an Event of Default and acceleration of the aggregate outstanding principal
amount of the Notes, upon redemption prior to the Maturity Date pursuant to Section 2.01(xii) and
Section 2.01(xiii) hereof.

 

 

(v)           Interest: The
Notes bear interest from and including September 14, 2020 at a rate of 3.750% per annum (the “Initial Rate of
Interest”), subject to Section 2.01(vi) hereof. All interest shall be paid by the Company to the Trustee
and distributed by the Trustee in accordance with this Indenture semi-annually in arrears on January 15 and July 15
of each year during which any portion of the Notes shall be Outstanding (each, an “Interest Payment
Date”), commencing on January 15, 2021, and will initially accrue from and including the date of issuance and
thereafter from the last Interest Payment Date to which interest has been paid. Interest shall be paid to the Person in whose
name a Note is registered at the close of business on the preceding Interest Payment Record Date. As provided in the Base
Indenture, (i) interest accrued with respect to the Notes shall be calculated based on a 360-day year consisting of 12
months of 30 days each, (ii) payment of principal and interest and other amounts on the Notes will be made at the
Corporate Trust Office of the Trustee in New York City, or such other paying agent office in the United States as the Company
appoints, in the form provided for in Section 10.08 of the Base Indenture, (iii) all such payments to the Trustee
shall be made by the Company by depositing immediately available funds in U.S. Dollars prior to 3:00 p.m., New York City
Time, one Business Day prior to the relevant Interest Payment Date to the Payment Account and (iv) so long as any of the
Notes remain Outstanding, the Company shall maintain a paying agent in New York City.

 

(vi)          Interest
Rate Step Up: From and including July 16, 2026 (the “Interest Rate Step Up Date”), the interest rate
payable on the Notes shall be increased by 25 basis points to 4.000% per annum (the “Subsequent Rate of Interest”)
unless the Company has notified (the “Satisfaction Notification”) the Trustee in writing at least 30 days prior
to the Interest Rate Step Up Date (the “Notification Date”) that in respect of the year ended December 31,
2025: (i) the Sustainability Performance Target has been satisfied and (ii) the satisfaction of the Sustainability Performance
Target has been confirmed by the External Verifier in accordance with its customary procedures. If as of the Notification Date
(x) the Company fails, or is unable, to provide the Satisfaction Notification, (y) the Sustainability Performance Target
has not been satisfied or (z) the External Verifier has not confirmed satisfaction of the Sustainability Performance Target,
the Subsequent Rate of Interest will apply for each interest period from and including the Interest Rate Step Up Date up to, and
including, the Maturity Date.

 

(vii)         [Reserved]

 

    

     

    

 

(viii)        Payment
Account: On the Closing Date, the Trustee shall establish (and shall promptly notify the Company of the
establishment of such account, including the relevant account numbers and other relevant identifying details) and, until the
Notes and all accounts due in respect thereof have been paid in full, the Trustee shall maintain the special purpose
non-interest bearing trust account established pursuant to the First Supplemental Indenture (the “Payment
Account”) into which all payments required to be made by the Company under or with respect to the Notes shall be
deposited. The Company agrees that the Payment Account shall be maintained in the name of the Trustee and under its sole
dominion and control (acting on behalf of the Holders) and used solely to make payments of principal, interest and other
amounts from time to time due and owing on, or with respect to, the Notes. No funds contained in the Payment Account shall be
used for any other purpose or in any manner not expressly provided for herein nor shall the Company or any other Person have
an interest therein or amounts on deposit therein. All amounts on deposit in the Payment Account on any Interest Payment Date
after the Trustee has paid all amounts due and owing to the holders of the Notes as of such Interest Payment Date shall be
retained in the Payment Account and used by the Trustee to pay any amounts due and owing to the Holders on the next
succeeding Interest Payment Date.

 

(ix)            Form and
Denomination: The Notes shall be issuable in whole in the registered form of one or more Global Notes (without
coupons), in minimum denominations of U.S.$1,000 and integral multiples thereof, and shall be transferable in integral
multiples of U.S.$1,000 and integral multiples thereof and the Depository for such Global Notes shall be The Depository Trust
Company, New York, New York.

 

(x)            Guarantee:
The Notes shall have the benefit of the Guarantee in the manner provided in Article 3 of this First Supplemental Indenture.

 

(xi)           Rating:
The Notes can be issued without the requirement that they have any rating from a nationally recognized statistical rating organization.

 

(xii)          Optional
Early Redemption. The Notes are subject to redemption at the Company’s option prior to the Par Call Date in
whole at any time, or in part from time to time, at a redemption price equal to the greater of (A) 100% of the principal
amount of such Notes and (B) the sum of the present values, calculated as of the redemption date, of the remaining
scheduled payments of principal and interest thereon (exclusive of interest accrued to the redemption date) (calculated at a
rate of 3.750% per annum until the interest period immediately following the Interest Rate Step Up Date, at which point the
interest rate shall be deemed to be the Subsequent Rate of Interest unless the Sustainability Performance Target has been
satisfied in respect of the year ended December 31, 2025 and the Company has provided confirmation thereof to the
Trustee together with a related confirmation by the External Verifier at least 30 days prior to July 16, 2026 as set
forth in Section 2.01(vi)) as if the bonds were redeemed on the Par Call Date, discounted to the redemption date on an
annual basis (assuming a 360-day year consisting of twelve 30-day months) at the Treasury Rate plus 50 basis points, plus in
each case, any accrued and unpaid interest and Additional Amounts, if any, on such notes to the redemption date, as
calculated by the Independent Investment Banker. At any time on or after the Par Call Date, the company will have the right
to redeem the Notes, in whole or in part and from time to time, at a redemption price equal to 100% of the principal amount
of the Notes being redeemed plus accrued and unpaid interest on the principal amount of the Notes being redeemed to such
redemption date.

 

    

     

    

 

(xiii)         Early
Redemption Solely for Tax Reasons. If as a result of any change in or amendment to the laws or treaties (or any rules or
regulations thereunder) of any Taxing Jurisdiction, or any amendment to or change in an official interpretation, administration
or application of such laws, treaties, rules, or regulations (including a holding by a court of competent jurisdiction), which
change or amendment or change in official position becomes effective on or after the issue date, or, with respect to a successor,
after the date a successor assumes the obligations under the Notes or the note guarantees, the Company or Suzano or a successor
have or will become obligated to pay Additional Amounts in excess of the Additional Amounts that the Company or Suzano would be
obligated to pay if payments were subject to withholding or deduction at a rate of 15% (or at a rate of 25% in case the holder
of the Notes is resident in a tax haven jurisdiction, i.e., countries which do not impose any income tax or which impose it at
a maximum rate lower than 20% or where the laws impose restrictions on the disclosure of ownership composition or securities ownership)
as a result of the taxes, duties, assessments and other governmental charges described above (the “Minimum Withholding
Level”), then the Company may, at its option, redeem all, but not less than all, of the Notes, at a redemption price
equal to 100% of their principal amount, together with interest and Additional Amounts accrued to the date fixed for redemption,
upon publication of irrevocable notice not less than 15 days nor more than 90 days prior to the date fixed for redemption. No
notice of such redemption may be given earlier than 90 days prior to the earliest date on which the Company would, but for such
redemption, be obligated to pay the Additional Amounts above the Minimum Withholding Level, were a payment then due. The Company
shall not have the right to so redeem the Notes in the event it becomes obliged to pay Additional Amounts which are less than
the Additional Amounts payable at the Minimum Withholding Level. Notwithstanding the foregoing, the Company shall not have the
right to so redeem the Notes unless: (i) it has taken measures it considers reasonable to avoid the obligation to pay Additional
Amounts; and (ii) it has complied with all applicable regulations to legally effect such redemption; provided, however, that
for this purpose reasonable measures shall not include any change in the Company’s, Suzano’s or any successor’s
jurisdiction of incorporation or organization or location of each of their principal executive or registered office.

 

In the event that the Company elects to so redeem the Notes,
it will deliver to the Trustee: (i) a certificate, signed in the name of the Company by two of its directors or by its attorney
in fact in accordance with its articles of association, stating that the Company is entitled to redeem the Notes pursuant to their
terms and setting forth a statement of facts showing that the condition or conditions precedent to the right of the Company to
so redeem have occurred or been satisfied; and (ii) an Opinion of Counsel (as provided for in the Indenture) to the effect
that the Issuer has or will become obligated to pay Additional Amounts in excess of the Additional Amounts payable at the Minimum
Withholding Level as a result of the change or amendment and that all governmental approvals necessary for the Issuer to effect
the redemption have been obtained and are in full force and effect.

 

(xiv)        Conversion:
The Notes will not be convertible into, or exchangeable for, any other securities.

 

(xv)         Defeasance:
The provisions of Sections 13.01, 13.02 and 13.03 of the Base Indenture shall apply to the Notes.

 

(xvi)        Covenants:
Except as set forth in Section 2.05, the Notes will be subject to the covenants set forth in Article 10 of the Base
Indenture.

 

    

     

    

 

 

(xvii)            Registration:
The Notes are SEC Registered Securities.

 

SECTION 2.02.     Amendment
to Section 5.01 Relating to Events of Default. With respect to the Notes only, (and for the avoidance of
doubt, not with respect to any other series of Notes issued pursuant to the Base Indenture on or prior to the date hereof), Section 5.01
of the Base Indenture is hereby amended by deleting the existing language and replacing it with the language below (without any
effect on the other provisions contained therein):

 

“Section 5.01
Events of Default.

 

“Event
of Default,” wherever used herein with respect to the Notes, means any one of the following events (whatever the reason
for such Event of Default and whether it shall be voluntary or involuntary or be effected by operation of law or pursuant to any
judgment, decree or order of any court or any order, rule or regulation of any administrative or governmental body):

 

(a)            The
Company shall fail to make any payment in respect of principal on any of the Notes whether on the Maturity Date (as the same may
be extended as permitted hereunder), upon redemption or prior to the Maturity or otherwise in accordance with the terms of the
Notes and the Indenture;

 

(b)            The
Company shall fail to make any payment in respect of any interest or other amounts due on or with respect to the Notes (including
Additional Amounts, if any) in accordance with the terms of the Notes and the Indenture, non-payment of which shall continue for
a period of 30 calendar days and the Trustee shall not have otherwise received such amounts from amounts on deposit, from Suzano
under ‎Section 12.01 of the Indenture or otherwise by the end of such 30 calendar
day period;

 

(c)            The
Company or Suzano shall fail to perform, or breach, any term, covenant, agreement or obligation in respect of the Notes issued
under the Indenture and such failure (other than any failure to make any payment under ‎Section 12.01
of the Indenture, for which there is no cure) is either incapable of remedy or continues for a period of 60 calendar days after
there has been received by the Company or Suzano from the Trustee or the Holders of at least 25% in principal amount of the Outstanding
Notes a written notice specifying such default or breach and requiring it to be remedied and stating that such notice is a “Notice
of Default” hereunder;

 

(d)            The
maturity of any Debt of the Company or Suzano or any Material Subsidiary thereof in a total aggregate principal amount of U.S.$75,000,000
or more is accelerated in accordance with the terms of that Debt, it being understood that prepayment or redemption by the Company
or Suzano or any Material Subsidiary thereof of any Debt is not acceleration for this purpose;

 

    

     

    

 

(e)            One
or more final and non-appealable judgments or orders for the payment of money are rendered against the Company, Suzano or any
of its Subsidiaries and are not paid or discharged, and there is a period of 60 consecutive days following entry of the final
and non-appealable judgment or order that causes the aggregate amount for all such final and non-appealable judgments or orders
outstanding and not paid or discharged against all such Persons to exceed U.S.$75,000,000 or the equivalent thereof at the time
of determination (in excess of amounts which Suzano’s insurance carriers have agreed to pay under applicable policies) during
which a stay of enforcement, by reason of a pending appeal or otherwise, is not in effect;

 

(f)            Proceedings
are initiated against the Company or Suzano or any Material Subsidiary thereof under any applicable bankruptcy, reorganization,
insolvency, moratorium or intervention law or law with similar effect, or under any other law for the relief of, or relating to,
debtors, and any such proceeding is not dismissed or stayed within 60 days after the entering of such proceeding, or an administrator,
receiver, administrador judicial, liquidator, custodian, trustee, manager, fiduciary, statutory manager, intervener or assignee
for the benefit of creditors (or other similar official) is appointed to take possession or control of, or a distress, execution,
attachment or sequestration or other process is levied, enforced upon, sued out or put in force against, all or any material part
of the undertaking, property, assets or revenues of the Company or Suzano or any Material Subsidiary thereof and is not dismissed
or stayed within 60 days;

 

(g)            The
Company or Suzano or any Material Subsidiary thereof commences voluntarily or consents to judicial, administrative or other proceedings
relating to it under any applicable bankruptcy, reorganization, insolvency, moratorium or intervention law or law with similar
effect, or under any other law for the relief of, or relating to, debtors, or makes or enters into any composition, recuperação
judicial or extrajudicial or other similar arrangement with its creditors, or appoints or applies for the appointment of an administrator,
receiver, administrador judicial, liquidator, custodian, trustee, manager, fiduciary, statutory manager, intervener or assignee
for the benefit of creditors (or other similar official) to take possession or control of the whole or any material part of its
undertaking, property, assets or revenues, or takes any judicial, administrative or other similar proceeding under any law for
a readjustment or deferment of its Debt or any part of it;

 

(h)            the
Guarantee ceases to be in full force and effect, other than in accordance with the terms of this Indenture, or Suzano denies or
disaffirms its obligations under the Guarantee; and

 

(i)            Any
event occurs that under the laws of any relevant jurisdiction has substantially the same effect as any of the events referred
to in any of paragraphs (e), (f) or (g) of this ‎Section 5.01.”

 

    

     

    

 

SECTION 2.03.     Amendments
to Section 8.01 Relating to Limitation on Consolidation, Merger, Sale or Conveyance. With respect to
the Notes only, (and, for the avoidance of doubt, not with respect to any other series of notes issued pursuant to the Base
Indenture on or prior to the date hereof) Section 9.07 of the Base Indenture is hereby amended by deleting the existing
language and replacing it with the language below (without any effect on the other provisions contained therein):

 

“Section 8.01
Limitation Consolidation, Merger or Sale of Substantially All Assets.

 

(a)            Neither
Suzano nor the Company will, in a single transaction or a series of transactions:

 

(i)            consolidate
with, merge with or into any Person, or

 

(ii)           sell,
convey, transfer, assign, or otherwise dispose of all or substantially all of its assets (determined on a consolidated basis for
Suzano and its Subsidiaries, as the case may be) as an entirety or substantially an entirely, in one transaction or a series of
related transactions, to any Person, or

 

(iii)          permit
any Person to merge with or into Suzano or the Company; in ease case unless

 

		1.	either: (x) Suzano,
                                         the Company or Fibria Overseas Finance, as applicable, is the continuing Person; or (y) the
                                         resulting, surviving or transferee Person (the “Successor Company”)
                                         is (A) in the event of a merger of Suzano, a corporation organized and validly existing
                                         under the laws of Brazil or any political subdivision thereof, the United States of America
                                         or any state thereof or the District of Columbia or any other country member of the Organization
                                         for Economic Co-operation and Development (“OECD”) or (B) in
                                         the event of a merger of the Company, an entity organized and validly existing under
                                         the laws of Austria, the United States of America or any state thereof or the District
                                         of Columbia or any other country member of the OECD, and, in each case, expressly assumes
                                         by supplemental indenture, executed and delivered to the Trustee, in form as set forth
                                         in this Indenture or as otherwise satisfactory to the Trustee, all of the obligations
                                         of Suzano or the Company, as the case may be, under this Indenture and the Guarantee,
                                         as applicable;

 

		2.	immediately
                                         after giving effect to the transaction, no Event of Default, and no Default has occurred
                                         and is continuing; and

 

    

     

    

 

		3.	if Suzano is
                                         organized under Brazilian law or the Company is organized under Austrian law or Cayman
                                         Islands law, as applicable, and Suzano or the Company merges with a corporation, or the
                                         Successor Company is, organized under the laws of the United States, any State thereof
                                         or the District of Columbia or any country member of the OECD, or (ii) if Suzano
                                         or the Company is organized under the laws of the United States, any State thereof or
                                         the District of Columbia and merges with a corporation, or the Successor Company is,
                                         organized under the laws of Brazil, Austria or the Cayman Islands, as applicable, or
                                         any country member of the OECD, then Suzano, the Company or the Successor Company will
                                         have delivered to the Trustee an Opinion of Counsel from each of Brazilian, Austrian
                                         or Cayman Islands, as applicable, U.S. and the successor jurisdiction counsel to the
                                         effect that, as applicable, the Holders will not recognize income, gain or loss for U.S.
                                         jurisdiction or Brazilian, Austrian or Cayman Islands jurisdiction, as applicable, or
                                         the successor jurisdiction income tax purposes as a result of such transaction; and

 

		4.	the Company
                                         or the Successor Company, as the case may be, delivers to the Trustee an Officer’s
                                         Certificate and an Opinion of Counsel, each stating that the consolidation, merger or
                                         transfer and the supplemental indenture (if any) comply with this Indenture;

 

provided,
that clause (2) does not apply to the consolidation or merger of Suzano or the Company with or into any of Suzano’s
Subsidiaries or the consolidation or merger of a Subsidiary of Suzano with or into Suzano or the Company or Fibria Overseas Finance.

 

(b)            Suzano
shall not sell or otherwise transfer any Equity Interest in the Company (other than directors’ qualifying shares) to any
other Person other than a Subsidiary of Suzano unless Suzano becomes the direct obligor under the Notes;

 

(c)            Upon
the consummation of any transaction effected in accordance with this Section 8.01, if Suzano or the Company or Fibria Overseas
Finance, as applicable, is not the continuing Person, the Successor Company will succeed to, and be substituted for, and may exercise
every right and power of Suzano under the Guarantee, or the Company or Fibria Overseas Finance under this Indenture with the same
effect as if such successor Person had been named as Suzano or the Company, as applicable, in this Indenture. Upon such substitution,
unless the successor is one or more of Suzano’s Subsidiaries, Suzano or the Company, as applicable, will be released from
its obligations under this Indenture or the Guarantee, as applicable.”

 

SECTION 2.04.     Amendments
to Section 9.07 Relating to Substitution of the Company. With respect to the Notes only, (and, for the
avoidance of doubt, not with respect to any other series of notes issued pursuant to the Base Indenture on or prior to the
date hereof) Section 9.07 of the Base Indenture is hereby amended by deleting the existing language and replacing it
with the language below (without any effect on the other provisions contained therein):

 

    

     

    

 

“Section 9.07.
Substitution of the Company.

 

(a) Notwithstanding
any other provision contained in this Indenture, (i) the Company may, without the consent of any Holder (and by purchasing
any Securities, each Holder expressly consents to the provisions of this Section 9.07), be substituted by (i) Suzano
or (ii) any Wholly-Owned Subsidiary of Suzano as principal debtor in respect of the Securities (in each case, in such capacity,
the “Successor Company”); provided that the following conditions are satisfied:

 

(i) such
documents shall be executed by the Successor Company, the Company, Suzano and the Trustee as may be necessary to give full effect
to the substitution, including a supplemental indenture under which the Successor Company assumes all of the Company’s obligations
under this Indenture and the Securities and, unless Suzano’s then existing Guarantee remains in full force and effect, substitute
guarantee issued by Suzano in respect of the Notes (collectively, the “Company Substitution Documents”) and
(without limiting the generality of the foregoing) pursuant to which the Successor Company shall undertake in favor of each Holder
to be bound by the terms and conditions of the Securities and the provisions of this Indenture as fully as if the Successor Company
had been named in the Securities and this Indenture as the principal debtor in respect of the Securities;

 

(ii) without
limiting the generality of Section 9.07(a)(i), the Company Substitution Documents shall contain covenants by the Successor
Company (i) to ensure that each Holder has the benefit of a covenant in terms corresponding to the obligations of the Company
in respect of the payment of Additional Amounts set forth in Section 10.10 of this Indenture, with the substitution of the
references to Austria with references to the jurisdiction of organization of the Successor Company; and (ii) to indemnify
each Holder and beneficial owner of the Securities against all taxes or duties (a) which arise by reason of a law or regulation
in effect or contemplated on the effective date of the substitution, which may be incurred or levied against such Holder or beneficial
owner of the Securities as a result of the substitution pursuant to the conditions set forth in this Section 9.07 and which
would not have been so incurred or levied had such substitution not been made and (b) which are imposed on such Holder or
beneficial owner of the Securities by any political subdivision or taxing authority of any country in which such Holder or beneficial
owner of the Securities resides or is subject to any such tax or duty and which would not have been so imposed had the substitution
not been made;

 

    

     

    

 

(iii) the
Successor Company shall have delivered, or caused the delivery, to the Trustee of an Opinion of Counsel in the jurisdiction of
organization of the Successor Company, Austria and Brazil, to the effect that the Company Substitution Documents, this Indenture,
the Securities and the Guarantee constitute legal, valid and binding obligations of the Successor Company, enforceable against
the Successor Company in accordance with their terms (subject, as to the enforcement of remedies, to applicable bankruptcy, reorganization,
insolvency, fraudulent transfer, moratorium and similar laws of general applicability relating to or affecting creditors’
rights and to general principles of equity) and other specified legal matters, such Opinion of Counsel to be dated not more than
five days prior to the date of succession of the Company by the Successor Company;

 

(iv) the
Successor Company shall have delivered, or caused the delivery, to the Trustee of an Opinion of Counsel from New York counsel
reasonably satisfactory to the Trustee, to the effect that (i) the Company Substitution Documents this Indenture, the Securities
and the Guarantee constitute legal, valid and binding obligations of the Successor Company and the Guarantor parties thereto under
the law of the State of New York, enforceable against such parties in accordance with their terms (subject, as to the enforcement
of remedies, to applicable bankruptcy, reorganization, insolvency, fraudulent transfer, moratorium and similar laws of general
applicability relating to or affecting creditors’ rights and to general principles of equity), and (ii) no consent,
approval, authorization or order of any U.S. federal or New York State court or governmental agency or regulatory body is required
for the consummation of the transactions contemplated by the Company Substitution Documents and compliance with the terms thereof
by each of the Successor Company, Suzano and the Guarantor, except as may be required by U.S. state securities laws, such Opinion
of Counsel to be dated not more than five days prior to the date of succession of the Company by the Successor Company;

 

(v) the
Successor Company shall have delivered, or caused the delivery, to the Trustee of an Officer’s Certificate as to compliance
with the provisions of this Indenture, including those provisions described under this Section 9.07;

 

    

     

    

 

(vi) the
Successor Company shall have appointed a process agent in the Borough of Manhattan, in the City of New York to receive service
of process on its behalf in relation to any legal action or proceedings arising out of or in connection with the Securities, this
Indenture and the Company Substitution Documents;

 

(vii) no
Event of Default shall have occurred and be continuing; and

 

(viii) such
substitution shall comply with all applicable requirements under the laws of the jurisdiction of organization of the Successor
Company, Austria and Brazil for the purpose of such substitution.

 

(b) Upon
the execution of the Company Substitution Documents, any substitute guarantee and compliance with the other conditions set forth
in Section 9.07(a) hereof, (i) the Successor Company shall be deemed to be named in the Securities as the principal
debtor in place of the Company, (ii) the Securities shall thereupon be deemed to be amended to give effect to such succession,
and (iii) any reference in this Indenture to the Company shall from then on be deemed to refer to the Successor Company and
any reference to the country in which the Company is domiciled or resident for taxation purposes shall from then on be deemed
to refer to the country of domicile or residence for taxation purposes of the Successor Company.

 

(i) The
Company Substitution Documents shall be delivered to and held by the Trustee for so long as any Securities remain outstanding
and for so long as any claim may be made against the Successor Company or the Company by any Holder in respect of the Securities
or the Company Substitution Documents shall not have been finally adjudicated, settled or discharged. The Successor Company and
the Company shall acknowledge in the Company Substitution Documents the right of every Holder to the production of the Company
Substitution Documents for the enforcement of any of the Securities, this Indenture or the Company Substitution Documents.

 

(ii) Not
later than 10 Business Days after the execution of the Company Substitution Documents, the Successor Company shall give notice
thereof to the Holders. Notice of any such substitution shall be published in accordance with Section 1.05, 1.06 and 1.07.

 

    

     

    

 

(iii) Notwithstanding
any other provision of this Indenture, Suzano (unless it is the Successor Company) shall promptly execute and deliver any documents
or instruments, including any substitute guarantee and a legal opinion of internationally recognized Brazilian, Luxembourg and
Austrian counsel that may be required, or that the Trustee may reasonably request, to ensure that the Suzano’s Guarantee
shall continue in full force and effect for the benefit of the Holders and beneficial owners of the Securities following the succession
pursuant to this Article IX.”

 

SECTION 2.05.     Amendment
to Article X. With respect to the Notes only, (and for the avoidance of doubt, not with respect to any other series of
Notes issued pursuant to the Base Indenture on or prior to the date hereof), the following language will be added as Section 10.16
of the Base Indenture:

 

“Section 10.16.
Maintenance of Properties.

 

Suzano
will cause all properties used or useful in the conduct of its business or the business of any of its Subsidiaries to be maintained
and kept in good condition, repair and working order as in the judgment of Suzano may be necessary so that the business of Suzano
and its Subsidiaries may be properly and advantageously conducted at all times; provided that nothing shall prevent Suzano or
any of its Subsidiaries from discontinuing the use, operation or maintenance of any of such properties or disposing of any of
them, if such discontinuance or disposal is, in the judgment of Suzano, desirable in the conduct of the business of Suzano and
its Subsidiaries taken as a whole.”

 

SECTION 2.06.     Amendment
to Section 12.01 Relating to Unconditional Guarantee. With respect to the Notes only, (and for the avoidance of doubt,
not with respect to any other series of Notes issued pursuant to the Base Indenture on or prior to the date hereof), the following
language under Section 12.01 of the Base Indenture:

 

“Rights
of Holders to payment in full under the Securities pursuant to the Guarantee shall be equal in right of payment with all other
existing and future senior unsecured obligations of Suzano, subject to certain statutory preferences under applicable law, and
senior in right of payment to Suzano’s subordinated debt.”

 

shall be deleted and
replaced with the following language (without any effect on the other provisions contained therein):

 

“Rights
of Holders to payment in full under the Securities pursuant to the Guarantee shall be equal in right of payment to all other existing
and future senior unsecured obligations of Suzano, subject to certain statutory preferences under applicable law, including labor
and tax claims; senior in right of payment to Suzano’s subordinated debt; and effectively subordinated to the debt and other
liabilities (including subordinated debt and trade payables) of Suzano’s subsidiaries (other than the Company) and jointly
controlled companies and to secured debt of Suzano to the extent of the value of the assets securing such secured debt.”

 

    

     

    

 

ARTICLE 3

GUARANTee

 

SECTION 3.01.     Execution. The
Trustee is hereby authorized and directed to acknowledge the Guarantee and to perform all of its duties and obligations
thereunder.

 

SECTION 3.02.     Enforcement. The
Trustee shall enforce the provisions of the Guarantee against Suzano in accordance with the terms thereof and the terms of
the Indenture, and Suzano, by execution of this First Supplemental Indenture, and by so agreeing to become a party to the
Indenture, agrees that each Holder shall have direct rights under the Guarantee as if it were a party thereto.

 

SECTION 3.03.
  Suzano hereby (i) acknowledges and agrees to be bound by the provisions of Section 1.08 of the Base
Indenture and (ii) confirms that (A) its obligations under the Guarantee shall be issued pursuant to the Indenture
and (B) it intends for the Holders, in addition to those rights under the Guarantee as provided therein, to be entitled
to the benefits of the Indenture with respect to their rights against Suzano under the Guarantee.

 

SECTION 3.04.     Taxes;
Additional Amounts. For the avoidance of doubt, the Company’s obligations to pay any indemnity with
respect to taxes, including the obligation to pay Additional Amounts pursuant to Section 10.10 of the Base Indenture,
shall extend to any payments made by Suzano pursuant to the Guarantee.

 

ARTICLE 4

MISCELLANEOUS

 

SECTION 4.01.     Effect
of the First Supplemental Indenture. This First Supplemental Indenture supplements the Indenture and shall
be a part, and subject to all the terms, thereof. The Base Indenture, as supplemented and amended by this First Supplemental
Indenture, is in all respects ratified and confirmed, and the Base Indenture and this First Supplemental Indenture shall be
read, taken and construed as one and the same instrument. All provisions included in this First Supplemental Indenture
supersede any conflicting provisions included in the Base Indenture unless not permitted by law. The provisions of this First
Supplemental Indenture are intended to apply solely to the Notes and the Holders thereof and shall not apply to any future
issuance of securities by the Company (other than any Add On Notes as provided herein) and all references to provisions of
the Base Indenture herein amended and restated or otherwise modified shall have effect solely with respect to the Notes
contemplated in this First Supplemental Indenture. The Trustee accepts the trusts created by the Base Indenture, as
supplemented by this First Supplemental Indenture, and agrees to perform the same upon the terms and conditions of the Base
Indenture, as supplemented by this First Supplemental Indenture.

 

SECTION 4.02.     Governing
Law. This First Supplemental Indenture shall be governed by, and construed in accordance with, the laws of
the State of New York.

 

SECTION 4.03.     Trustee
Makes No Representation. In entering into this First Supplemental Indenture, the Trustee shall be entitled
to the benefit of every provision of the Indenture relating to the conduct or affecting the liability of or affording
protection to the Trustee (including, without limitation, the right to be indemnified), whether or not elsewhere herein so
provided. The Trustee, for itself and its successors, accepts the terms of the Indenture as amended by this First
Supplemental Indenture, and agrees to perform the same, but only upon the terms and provisions defining and limiting the
liabilities and responsibilities of the Trustee, which terms and provisions shall in like manner define and limit its
liabilities and responsibilities in the performance of the trust created by the Indenture. The Trustee shall not be
responsible in any manner whatsoever for or in respect of and makes no representations (i) as to the validity or
sufficiency of this First Supplemental Indenture or any of the terms or provisions hereof, other than as to the validity of
its execution and delivery by the Trustee, (ii) in respect of recitals contained herein (all of which recitals or
statements are made solely by the Issuer and the Guarantor), (iii) as to the due execution hereof by the Issuer and the
Guarantor, or (iv) as to the consequences of any amendment and/or waiver herein provided for.

 

SECTION 4.04.     Effect
of Headings. The section headings herein are for convenience only and shall not affect the construction of
this First Supplemental Indenture.

 

SECTION 4.05.     Counterparts. The
parties may sign any number of copies of this First Supplemental Indenture. Each signed copy shall be an original, but all of
them together represent the same agreement. The exchange of copies of this First Supplemental Indenture and of signature
pages by facsimile or PDF transmission shall constitute effective execution and delivery of this First Supplemental
Indenture as to the parties hereto and may be used in lieu of the original Supplemental Indenture for all purposes.
Signatures of the parties hereto transmitted by facsimile or PDF shall be deemed to be their original signatures for all
purposes.

 

SECTION 4.06.     Waiver
of Jury Trial. EACH OF THE PARTIES HERETO HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY
APPLICABLE LAW, ANY AND ALL RIGHT TO TRIAL BY JURY IN ANY LEGAL PROCEEDING ARISING OUT OF OR RELATING TO THE INDENTURE OR THE
NOTES.

 

SECTION 4.07.     Electronic
Signatures and Transmission. Facsimile, documents executed, scanned and transmitted electronically and electronic signatures,
including those created or transmitted through a software platform or application, shall be deemed original signatures for purposes
of this Indenture and all matters and agreements related thereto, with such facsimile, scanned and electronic signatures having
the same legal effect as original signatures. The parties agree that this Indenture or any instrument, agreement or document necessary
for the consummation of the transactions contemplated by this Indenture or related hereto or thereto (including, without limitation,
addendums, amendments, notices, instructions, communications with respect to the delivery of securities or the wire transfer of
funds or other communications) (“Executed Documentation”) may be accepted, executed or agreed to through the use of
an electronic signature in accordance with applicable laws, rules and regulations in effect from time to time applicable
to the effectiveness and enforceability of electronic signatures. Any Executed Documentation accepted, executed or agreed to in
conformity with such laws, rules and regulations will be binding on all parties hereto to the same extent as if it were physically
executed and each party hereby consents to the use of any third party electronic signature capture service providers as may be
reasonably chosen by a signatory hereto or thereto. When the Trustee acts on any Executed Documentation sent by electronic transmission,
the Trustee will not be responsible or liable for any losses, costs or expenses arising directly or indirectly from its reliance
upon and compliance with such Executed Documentation, notwithstanding that such Executed Documentation (a) may not be an
authorized or authentic communication of the party involved or in the form such party sent or intended to send (whether due to
fraud, distortion or otherwise) or (b) may conflict with, or be inconsistent with, a subsequent written instruction or communication;
it being understood and agreed that the Trustee shall conclusively presume that Executed Documentation that purports to have been
sent by an authorized officer of a Person has been sent by an authorized officer of such Person. The party providing Executed
Documentation through electronic transmission or otherwise with electronic signatures agrees to assume all risks arising out of
such electronic methods, including, without limitation, the risk of the Trustee acting on unauthorized instructions and the risk
of interception and misuse by third parties.

 

[SIGNATURE
PAGE TO FOLLOW IMMEDIATELY]

 

    

     

    

 

Execution
Version

 

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

 

	 	Suzano Austria GmbH
	 	as the Company
	 	 	 
	 	By:	/s/ Marcelo Feriozzi Bacci
			Name:Marcelo Feriozzi Bacci
 Title:Chief Financial Officer  
	 	 	 
	 	 	 
	 	By:	/s/ Carlos Anibal Almeida  
			Name:Carlos Anibal Almeida
 Title:Executive Director  

 

    

     

    

 

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

 

	 	Suzano S.A.
	 	as Guarantor  
	 	 
	 	By:	/s/ Marcelo Feriozzi Bacci  
			Name: Marcelo Feriozzi Bacci
 Title: Chief Financial Officer
	 	 	 
	 	 	 
	 	By:	/s/ Carlos Anibal Almeida
			Name: Carlos Anibal Almeida
 Title: Executive Director  

 

    

     

    

 

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

 

	 	DEUTSCHE BANK TRUST COMPANY AMERICAS, 
 as Trustee
	 	 	 
	 	By:	/s/ Bridgette Casasnovas  
	 	 	Name: Bridgette Casasnovas
	 	 	Title: Vice President   
	 	 	 
	 	 	 
	 	By:	/s/ Luke Russell  
	 	 	Name: Luke Russell
	 	 	Title: Assistant Vice President 

 

    

     

    

 

EXHIBIT A

 

FORM OF GLOBAL SECURITY

 

[FORM OF FACE OF NEW SECURITY]

 

[Global Securities Legend]

 

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

 

UNLESS THIS GLOBAL SECURITY IS PRESENTED
BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), TO THE ISSUER
OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY DEFINITIVE SECURITY ISSUED IS REGISTERED IN THE NAME OF
CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE &
CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE, OR OTHER USE HEREOF
FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST
HEREIN.

 

    A-1

     

    

 

No.        U.S.$

 

SUZANO AUSTRIA GMBH

 

[●]% Global Notes due [●], 2031

 

Date: ___________

 

No._________ CUSIP NO._____________

 

ISIN NO.______________

 

This Security is one of a duly authorized
issue of securities of SUZANO AUSTRIA GMBH, a private company incorporated with limited liability under the laws of Austria (the
 “Company”), designated as its [●]% Global Notes due [●], 2031 (the “Securities”),
issued in an initial aggregate principal amount of U.S.$[●] as revised by the Schedule of Increases and Decreased attached
hereto, under the First Supplemental Indenture (the “First Supplemental Indenture”), effective as of September [●],
2020, by and among the Issuer, Suzano S.A., a corporation (sociedade por ações) organized under the laws of
Brazil (“Suzano” or the “Guarantor”), and Deutsche Bank Trust Company Americas, a New York
banking corporation, as Trustee (the “Trustee”), to the Indenture, dated as of January 24, 2020 (the “Base
Indenture,” and as supplemented by the First Supplemental Indenture and any further supplements thereto with respect
to the Securities, the “Indenture”), by and among the Company, the Guarantor and the Trustee. Reference is hereby
made to the Indenture for a statement of the respective rights, limitations of interests, benefits, obligations and duties thereunder
of the Company, the Trustee and the Holders, and of the terms upon which the Securities are, and are to be, authenticated and delivered.
All capitalized terms used in this Securities which are defined in the Indenture and not otherwise defined herein shall have the
meanings assigned to them in the Indenture.

 

The Company, for value received, hereby promises
to pay to ________________, or its registered assigns [If applicable, insert - - as nominee of __________________], and as the
Holder of record of this Security, the principal amount specified above in _________ on __________ (or earlier as provided for
in the Indenture) upon presentation and surrender hereof, at the office or agency of the Trustee referred to below.

 

As provided for in the Indenture, the Company
promises to pay interest on the outstanding principal amount hereof, from ______________, semi-annually in arrears on ___________
and ____________ of each year (each such date, an “Interest Payment Date”), commencing ____________ at a rate
equal to [●]% per annum, subject to the paragraph below, and will initially accrue from the date of issuance and thereafter
from the last Interest Payment Date to which interest has been paid. Interest payable, and punctually paid or duly provided for,
on this Security on any Interest Payment Date will, as provided in the Indenture, be paid in immediately available funds to the
Person in whose name this Security (or one or more predecessor Securities) is registered at the close of business on the Business
Day preceding such interest payment.

 

    A-2

     

    

 

From and including July 16, 2026, the
Interest Rate Step Up Date, the Subsequent Rate of Interest payable on the Notes shall be increased by 25 basis points to [●]%
per annum, unless the Company has provided a Satisfaction Notification to the Trustee in writing on the Notification Date that
in respect of the year ended December 31, 2025: (i) the Sustainability Performance Target has been satisfied and (ii) the
satisfaction of the Sustainability Performance Target has been confirmed by the External Verifier in accordance with its customary
procedures. If as of the Notification Date (x) the Company fails, or is unable, to provide the Satisfaction Notification,
(y) the Sustainability Performance Target has not been satisfied or (z) the External Verifier has not confirmed satisfaction
of the Sustainability Performance Target, the Subsequent Rate of Interest will apply for each interest period from and including
the Interest Rate Step Up Date up to, and including, the Maturity Date.

 

Payment of the principal of and interest on
this Security will be payable by wire transfer to a _______ account maintained by the Holder of this Security as reflected in the
Security Register of the Trustee. In the event the date for any payment of the principal of or interest on any Security is not
a Business Day, then payment will be made on the next Business Day with the same force and effect as if made on the nominal date
of any such date for such payment and no additional interest will accrue on such payment as a result of such payment being made
on the next succeeding Business Day. Interest shall accrue on the Securities at the rate of [●]% per annum until all required
amounts due in respect of the Securities have been paid. Interest accrued with respect to this Security shall be calculated based
on 360-day year consisting of 12 months of 30 days each.

 

The Securities are subject to redemption
by the Issuer on the terms and conditions specified in the Indenture.

 

This Security does not purport to summarize
the Indenture, and reference is made to the Indenture for information with respect to the respective rights, limitations of interests,
benefits, obligations and duties thereunder of the Company, the Trustee and the Holders. If an Event of Default shall occur and
be continuing, the outstanding principal amount of all the Securities may become or may be declared due and payable in the manner
and with the effect provided in the Indenture.

 

Modifications of the Indenture may be made
by the Company and the Trustee only to the extent and in the circumstances permitted by the Indenture.

 

    A-3

     

    

 

The Securities shall be issued only in fully
registered form, without coupons. Securities shall be issued in the form of beneficial interests in one or more global securities
in denominations of U.S.$1,000 and any integral multiples thereof.

 

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

 

    A-4

     

    

 

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

 

	 	Suzano Austria GmbH
	 	 	 
	 	By:	
	 	 	Name:
	 	 	Title:
	 	 	 
	 	 	 
	 	By:	
	 	 	Name:
	 	 	Title:

 

Dated: [●], 2020

 

    

     

    

 

TRUSTEE’S CERTIFICATE OF AUTHENTICATION

 

Deutsche Bank Trust Company Americas

 

as Trustee, certifies that this is one of the Securities referred
to in the Indenture.

 

	By:	 	 
	 	Authorized Signatory	 

 

 

Dated: _____, 2020

 

    A-2

     

    

 

Reverse of Global Security

 

This Security is one of a duly authorized
issue of securities of the Company (herein called the “Securities”), issued and to be issued in one or more
series under an Indenture, dated as of January 24, 2020, as supplemented with respect to the Securities (herein called the
 “Indenture” which term shall have the meaning assigned to it in such instrument), between the Company, the Guarantor
and Deutsche Bank Trust Company Americas, as Trustee (herein called the “Trustee,” which term includes any other
successor trustee under the Indenture), and reference is hereby made to the Indenture for a statement of the respective rights,
limitations of rights, duties and immunities thereunder of the Company, the Trustee and the Holders of the Securities and of the
terms upon which the Securities are, and are to be, authenticated and delivered. This Security is one of the series designated
on the face hereof.

 

Prior to , 20 (the “Par Call Date”),
the Company may redeem the Securities in whole at any time, or in part from time to time, at a redemption price based on a “make-whole”
premium, plus accrued and unpaid interest, if any, to the redemption date. At any time on or after the Par Call Date, we may redeem
the Securities, in whole or in part at a redemption price equal to 100% of the principal amount of the Securities being redeemed
plus accrued and unpaid interest on the principal amount of the Securities being redeemed to such redemption date. For purposes
of optional redemption, interest will be calculated after the Interest Rate Step Up Date at the Subsequent Rate of Interest, unless
the Sustainability Performance Target has been satisfied and the Issuer has provided Satisfaction Notification to the Trustee in
writing on the Notification Date.

 

The Company may redeem the Securities, in
whole but not in part, at 100% of its principal amount plus accrued and unpaid interest and Additional Amounts (as defined below),
if any, at any time upon the occurrence of specified events relating to Brazilian, Austrian or other relevant jurisdictions’
tax laws.

 

Notice of redemption will be given by mail
to Holders of Securities of this series, not less than 15 days nor more than 60 days prior to the date fixed for redemption, all
as provided in the Indenture.  Such notice may at the Company’s option be subject to the satisfaction of one or
more conditions precedent, and it may be rescinded or the applicable redemption date delayed in the event that any or all such
conditions shall not have been satisfied by the applicable redemption date.  Any conditions precedent shall be described
in such notice.

 

In the event of redemption of this Security
in part only, a new Security or Securities of this series and of like tenor for the unredeemed portion hereof will be issued in
the name of the Holder hereof upon the cancellation hereof.

 

The Indenture contains provisions for defeasance
at any time of the entire indebtedness on this Security or certain restrictive covenants and Events of Default with respect to
this Security, in each case, upon compliance with certain conditions set forth in the Indenture.)

 

    

     

    

 

If an Event of Default with respect to Securities
of this series shall occur and be continuing, the principal of the Securities of this series may be declared due and payable in
the manner and with the effect provided in the Indenture.

 

If any deduction or withholding for any present
or future taxes, assessments or other governmental charges of Brazil or Austria (or any political subdivision or taxing authority
thereof or therein) shall at any time be required by Brazil or Austria (or any such political subdivision or taxing authority)
in respect of any amounts to be paid by the Company under the Securities, the Company will pay to the Holder of this Security such
additional amounts as may be necessary in order that the net amounts paid to such Holder of such Security who, with respect to
any such tax, assessment or other governmental charge, is not resident in Brazil or Austria, after such deduction or withholding,
shall be not less than the amounts specified in such Security to which such Holder is entitled (“Additional Amounts”);
provided, however, that the Company shall not be required to make any payment of Additional Amounts for or on account of:

 

(d)         any
tax, assessment or other governmental charge which would not have been imposed but for (i) the existence of any present or
former connection between such Holder or the beneficial owner of the Security of such series (or between a fiduciary, settler,
beneficiary, member or shareholder of, or possessor of a power over, such Holder or beneficial owner, if such Holder or beneficial
owner is an estate, trust, partnership or corporation) and Brazil or Austria or any political subdivision or territory or possession
thereof or area subject to its jurisdiction other than the mere holding of a Security or receipt of payment in respect thereto,
including, without limitation, such Holder or beneficial owner (or such fiduciary, settler, beneficiary, member, shareholder or
possessor) being or having been a citizen or resident thereof or being or having been present or engaged in trade or business therein
or having or having had a permanent establishment therein or (ii) the presentation of a Security of such series (where presentation
is required) for payment on a date more than 30 days after the date on which such payment became due and payable or the date on
which payment thereof is duly provided for, whichever occurs later;

 

(e)         any
estate, inheritance, gift, sale, transfer, personal property or similar tax, assessment or other governmental charge;

 

(f)          any
amount required to be deducted or withheld by any Paying Agent from a payment on or in respect of the Security, if such payment
can be made without such deduction or withholding by any other Paying Agent and we duly provide for such other Paying Agent to
make such payment;

 

(g)         withholding
for any taxes, duties, assessments or other governmental charges that are payable otherwise than by deduction or withholding from
payments on the Security;

 

(h)            any
tax, assessment or other governmental charge that is imposed or withheld by reason of the failure to comply by the Holder or the
beneficial owner of the Security of such series with a request of the Company addressed to the Holder (i) to provide information
concerning the nationality, residence or identity of the Holder or such beneficial owner or (ii) to make any declaration or
other similar claim or satisfy any information or reporting requirements, which, in the case of (i) or (ii), is required or
imposed by a statute, treaty, regulation or administrative practice of Brazil or Austria as a precondition to exemption from all
or part of such tax, assessment or other governmental charge;

 

    

     

    

 

(f)           where
the Holder would have been able to avoid the tax, levy, deduction or other governmental charge by taking reasonable measures available
to such Holder; or

 

(g)          any
combination of items (a), (b), (c), (d), (e) and (f) above;

 

nor shall Additional Amounts be paid with respect to any payment
in respect of any Security to any Holder or beneficial owner who is a fiduciary or partnership or other than the sole beneficial
owner of such payment to the extent such payment would be required by the laws of Brazil or Austria (or any political subdivision
or taxing authority thereof or therein) to be included in the income for tax purposes of a beneficiary or settlor with respect
to such fiduciary or a member of such partnership or a beneficial owner who would not have been entitled to such Additional Amounts
had it been the Holder or beneficial owner, as the case may be, of such Security.

 

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

 

As set forth in, and subject to, the provisions
of the Indenture, no Holder of any Security of this series will have any right to institute any proceeding with respect to the
Indenture, this Security or for any remedy thereunder, unless such Holder shall have previously given to the Trustee written notice
of a continuing Event of Default with respect to the Securities of this series, the Holders of not less than 25% in principal amount
of the Outstanding Securities of this series shall have made written request, and offered indemnity or security satisfactory to
the Trustee to institute such proceeding as trustee, and the Trustee shall not have received from the Holders of a majority in
principal of the Outstanding Securities of this series a direction inconsistent with such request and shall have failed to institute
such proceeding within 60 days; provided, however, that such limitations do not apply to a suit instituted by the Holder hereof
for the enforcement of payment of the principal (and premium, if any), interest or any Additional Amount on this Security on or
after the respective due dates expressed herein.

 

    

     

    

 

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

 

The Securities of this series are issuable
only in registered form without coupons in denominations of U.S.$1,000 and any integral multiple thereof. As provided in the Indenture
and subject to certain limitations therein set forth, Securities of this series are exchangeable for a like aggregate principal
amount of Securities of this series and of like tenor of a different authorized denomination, as requested by the Holder surrendering
the same. As provided in the Indenture and subject to certain limitations therein set forth, the transfer of this Security is registrable
in the Security Register, upon surrender of this Security for registration of transfer at the office or agency of the Company in
any place where the principal of and any premium and interest on this Security 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 his attorney duly authorized in writing, and thereupon one or more new Securities of this series and of like tenor, of authorized
denominations and for the same aggregate principal amount, will be issued to the designated transferee or transferees.

 

No service charge shall be made for any such
registration of transfer or exchange, but the Company and the Trustee 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 Security
for registration of transfer, the Company, the Trustee and any agent of the Company or the Trustee may treat the Person in whose
name this Security is registered as the owner hereof for all purposes, whether or not this Security be overdue, and neither the
Company or the Trustee nor any such agent shall be affected by notice to the contrary.

 

The Indenture and the Securities shall be
governed by and construed in accordance with the laws of the State of New York.

 

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

 

    

     

    

 

SCHEDULE A

  

SCHEDULE OF PRINCIPAL AMOUNT

 

The initial principal amount of this Security
shall be U.S.$ _____________. The following decreases/increases in the principal amount of this Security have been made:

 

	Date of

 Decrease/Increase	 	Decrease in

 Principal 

Amount	 	Increase in

 Principal

 Amount	 	Total Principal

 Amount

 Following Such 

Decrease/Increase	 	Notation Made

 by or on Behalf 

of TrusteeEX-10.6

 EXHIBIT 10.6 

THIS PROMISSORY NOTE (“NOTE”) HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”). THIS NOTE HAS
BEEN ACQUIRED FOR INVESTMENT ONLY AND MAY NOT BE SOLD, TRANSFERRED OR ASSIGNED IN THE ABSENCE OF REGISTRATION OF THE RESALE THEREOF UNDER THE SECURITIES ACT OR AN OPINION OF COUNSEL REASONABLY SATISFACTORY IN FORM, SCOPE AND SUBSTANCE TO THE COMPANY
THAT SUCH REGISTRATION IS NOT REQUIRED. 
 PROMISSORY NOTE 
  

			
	Principal Amount: up to $300,000	  	Dated as of July 31, 2020
	(as set forth on the Schedule of Borrowings attached hereto)	  	

 AEA-Bridges Impact Corp., a Cayman Islands exempted company and blank
check company (the “Maker”), promises to pay to the order of AEA-Bridges Impact Sponsor LLC, a Cayman Islands limited liability company, or its registered assigns or successors in interest
(the “Payee”), or order, the principal sum of up to three hundred thousand U.S. dollars ($300,000) (as set forth on the Schedule of Borrowings attached hereto) in lawful money of the United States of America, on the terms and
conditions described below. All payments on this Note shall be made by check or wire transfer of immediately available funds or as otherwise determined by the Maker to such account as the Payee may from time to time designate by written notice in
accordance with the provisions of this Note. 
 1.    Principal. The principal balance of this Note shall be
payable by the Maker on the earlier of: (i) December 31, 2020 or (ii) the date on which Maker consummates an initial public offering of its securities (the “IPO”). The principal balance may be prepaid at any time. Under no
circumstances shall any individual, including but not limited to any officer, director, employee or shareholder of the Maker, be obligated personally for any obligations or liabilities of the Maker hereunder. 

2.    Interest. No interest shall accrue on the unpaid principal balance of this Note. 

3.    Drawdown Requests. Maker and Payee agree that Maker may request up to Three Hundred Thousand Dollars
($300,000) for costs reasonably related to Maker’s initial public offering of its securities. The principal of this Note may be drawn down from time to time prior to the earlier of: (i) December 31, 2020 or (ii) the date on which
Maker consummates an initial public offering of its securities, upon written request from Maker to Payee (each, a “Drawdown Request”). Each Drawdown Request must state the amount to be drawn down, and must not be an amount less than
One Thousand Dollars ($1,000) unless agreed upon by Maker and Payee. Payee shall fund each Drawdown Request no later than one (1) business day after receipt of a Drawdown Request; provided, however, that the maximum amount of drawdowns
collectively under this Note is Three Hundred Thousand Dollars ($300,000). No fees, payments or other amounts shall be due to Payee in connection with, or as a result of, any Drawdown Request by Maker. 

4.    Application of Payments. All payments shall be applied first to payment in full of any costs incurred in the
collection of any sum due under this Note, including (without limitation) reasonable attorney’s fees, then to the payment in full of any late charges and finally to the reduction of the unpaid principal balance of this Note. 

5.    Events of Default. The following shall constitute an event of default (“Event of Default”):

 (a)    Failure to Make Required Payments. Failure by Maker to pay the principal amount due
pursuant to this Note within five (5) business days of the date specified above. 

(b)    Voluntary Bankruptcy, Etc. The commencement by Maker of a voluntary case under any applicable
bankruptcy, insolvency, reorganization, rehabilitation or other similar law, or the consent by it to the appointment of or taking possession by a receiver, liquidator, assignee, trustee, custodian, sequestrator (or other similar official) of Maker
or for any substantial part of its property, or the making by it of any assignment for the benefit of creditors, or the failure of Maker generally to pay its debts as such debts become due, or the taking of corporate action by Maker in furtherance
of any of the foregoing. 

 (c)    Involuntary Bankruptcy, Etc. The entry of a
decree or order for relief by a court having jurisdiction in the premises in respect of Maker in an involuntary case under any applicable bankruptcy, insolvency or other similar law, or appointing a receiver, liquidator, assignee, custodian,
trustee, sequestrator (or similar official) of Maker or for any substantial part of its property, or ordering the winding-up or liquidation of its affairs, and the continuance of any such decree or order
unstayed and in effect for a period of 60 consecutive days. 
 6.    Remedies. 

(a)    Upon the occurrence of an Event of Default specified in Section 5(a) hereof, Payee may, by
written notice to Maker, declare this Note to be due immediately and payable, whereupon the unpaid principal amount of this Note, and all other amounts payable thereunder, shall become immediately due and payable without presentment, demand, protest
or other notice of any kind, all of which are hereby expressly waived, anything contained herein or in the documents evidencing the same to the contrary notwithstanding. 

(b)    Upon the occurrence of an Event of Default specified in Sections 5(b) and 5(c), the unpaid principal
balance of this Note, and all other sums payable with regard to this Note, shall automatically and immediately become due and payable, in all cases without any action on the part of Payee. 

7.    Waivers. Maker and all endorsers and guarantors of, and sureties for, this Note waive presentment for
payment, demand, notice of dishonor, protest, and notice of protest with regard to the Note, all errors, defects and imperfections in any proceedings instituted by Payee under the terms of this Note, and all benefits that might accrue to Maker by
virtue of any present or future laws exempting any property, real or personal, or any part of the proceeds arising from any sale of any such property, from attachment, levy or sale under execution, or providing for any stay of execution, exemption
from civil process, or extension of time for payment; and Maker agrees that any real estate that may be levied upon pursuant to a judgment obtained by virtue hereof, on any writ of execution issued hereon, may be sold upon any such writ in whole or
in part in any order desired by Payee. 
 8.    Unconditional Liability. Maker hereby waives all notices in
connection with the delivery, acceptance, performance, default, or enforcement of the payment of this Note, and agrees that its liability shall be unconditional, without regard to the liability of any other party, and shall not be affected in any
manner by any indulgence, extension of time, renewal, waiver or modification granted or consented to by Payee, and consents to any and all extensions of time, renewals, waivers, or modifications that may be granted by Payee with respect to the
payment or other provisions of this Note, and agrees that additional makers, endorsers, guarantors, or sureties may become parties hereto without notice to Maker or affecting Maker’s liability hereunder. 

9.    Notices. All notices, statements or other documents which are required or contemplated by this Agreement
shall be: (i) in writing and delivered personally or sent by first class registered or certified mail, overnight courier service or facsimile or electronic transmission to the address designated in writing, (ii) by facsimile to the number
most recently provided to such party or such other address or fax number as may be designated in writing by such party and (iii) by electronic mail, to the electronic mail address most recently provided to such party or such other electronic
mail address as may be designated in writing by such party. Any notice or other communication so transmitted shall be deemed to have been given on the day of delivery, if delivered personally, on the business day following receipt of written
confirmation, if sent by facsimile or electronic transmission, one (1) business day after delivery to an overnight courier service or five (5) days after mailing if sent by mail. 

10.    Construction. THIS NOTE SHALL BE CONSTRUED AND ENFORCED IN ACCORDANCE WITH THE LAWS OF NEW YORK, WITHOUT
REGARD TO CONFLICT OF LAW PROVISIONS THEREOF. 
 11.    Severability. Any provision contained in this Note which
is prohibited or unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective to the extent of such prohibition or unenforceability without invalidating the remaining provisions hereof, and any such prohibition or
unenforceability in any jurisdiction shall not invalidate or render unenforceable such provision in any other jurisdiction. 

  
 2 

 12.    Trust Waiver. Notwithstanding anything herein to the contrary,
the Payee hereby waives any and all right, title, interest or claim of any kind (“Claim”) in or to any distribution of or from the trust account to be established in which the proceeds of the IPO conducted by the Maker (including
the deferred underwriters discounts and commissions) and certain of the proceeds of the sale of the warrants issued in a private placement to occur in connection with the consummation of the IPO are to be deposited, as described in greater detail in
the registration statement and prospectus to be filed with the Securities and Exchange Commission in connection with the IPO, and hereby agrees not to seek recourse, reimbursement, payment or satisfaction for any Claim against the trust account for
any reason whatsoever. 
 13.    Amendment; Waiver. Any amendment hereto or waiver of any provision hereof may be
made with, and only with, the written consent of the Maker and the Payee. 
 14.    Assignment. No assignment or
transfer of this Note or any rights or obligations hereunder may be made by any party hereto (by operation of law or otherwise) without the prior written consent of the other party hereto and any attempted assignment without the required consent
shall be void. 
 [Signature page follows] 

  
 3 

 IN WITNESS WHEREOF, Maker, intending to be legally bound hereby, has caused this Note to
be duly executed by the undersigned as of the day and year first above written. 
  

			
	AEA-BRIDGES IMPACT CORP.
	a Cayman Islands exempted company
		
	By:	 	 /s/ John Garcia

	Name:	 	John Garcia
	Title:	 	Co-Chief Executive Officer

 SCHEDULE OF BORROWINGS 

The following increases or decreases in this Promissory Note have been made: 

 

													
	 Date of Increase or Decrease
	  	Amount of decrease in
Principal Amount of
this Promissory Note	 	  	Amount of increase in
Principal Amount of
this Promissory Note	 	  	Principal Amount of
this Promissory Note
following such decrease
or increase

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