Document:

exhibit43formofnote

Exhibit 4.3        UNLESS AND UNTIL IT IS EXCHANGED IN WHOLE OR IN PART FOR SENIOR NOTES IN  CERTIFICATED FORM, THIS SECURITY 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.   THIS SECURITY IS NOT A DEPOSIT AND IS NOT INSURED BY THE FEDERAL DEPOSIT INSURANCE  CORPORATION OR BY ANY OTHER INSURER OR GOVERNMENTAL AGENCY.   THIS SENIOR NOTE IS A DIRECT, UNCONDITIONAL, UNSECURED AND UNSUBORDINATED  OBLIGATION OF THE PNC FINANCIAL SERVICES GROUP, INC. THIS SENIOR NOTE IS AN OBLIGATION  SOLELY OF THE PNC FINANCIAL SERVICES GROUP, INC. AND WILL NOT BE AN OBLIGATION OF, OR  OTHERWISE GUARANTEED BY, ANY AFFILIATE OF THE PNC FINANCIAL SERVICES GROUP, INC. THE  OBLIGATIONS EVIDENCED BY THIS SENIOR NOTE RANK EQUALLY WITH ALL OTHER UNSECURED AND  UNSUBORDINATED INDEBTEDNESS OF THE PNC FINANCIAL SERVICES GROUP, INC.     

 

    THE PNC FINANCIAL SERVICES GROUP, INC.   2.307% SENIOR FIXED RATE/FLOATING RATE NOTES DUE APRIL 23, 2032         REGISTERED                        CUSIP: 693475BA2  No.                        ISIN: US693475BA21                          $   THE PNC FINANCIAL SERVICES GROUP, INC., a corporation duly organized and existing under the laws of  Pennsylvania (herein called 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 April 23, 2032, and to pay interest thereon (a) from, and including, April 23, 2021 to, but excluding, April 23, 2031 (the  “Fixed Rate Period”) at the rate of 2.307% per annum, payable semiannually in arrears on April 23 and October 23 of each  year, commencing October 23, 2021 and ending on April 23, 2031 (each, a “Fixed Rate Interest Payment Date”), and (b)  from, and including, April 23, 2031 to, but excluding, the maturity date (the “Floating Rate Period”), at a floating rate per  annum equal to Compounded SOFR (determined with respect to each quarterly interest period using the SOFR Index as  described herein) plus 0.97926%, payable quarterly in arrears on July 23, 2031, October 23, 2031, January 23, 2032 and at  the maturity date (each, a “Floating Rate Interest Payment Date” and, together with the Fixed Rate Interest Payment Dates,  each, an “Interest Payment Date”), until the principal hereof is paid or made available for payment, and (in each case, to the  extent that the payment of such interest specified in (a) or (b) shall be legally enforceable), at the same rate per annum on any  overdue principal and premium and on any overdue installment of interest. Interest shall accrue from, and including, April  23, 2021 to, but excluding, the first Interest Payment Date and then from, and including, the immediately preceding Interest  Payment Date to which interest has been paid or duly provided for to, but excluding, the next Interest Payment Date or the  maturity date, as the case may be. Interest payable during the Fixed Rate Period will be computed on the basis of a 360-day  year consisting of twelve 30-day months. Interest payable during the Floating Rate Period will be computed on the basis of  the actual number of days in each interest period (or any other relevant period) and a 360-day year. The amount of accrued  interest payable on this Security for each interest period during the Floating Rate Period will be computed by multiplying (x)  the outstanding principal amount of this Security by (y) the product of (i) the interest rate for the relevant interest period  multiplied by (ii) the quotient of the actual number of calendar days in the applicable Observation Period (as defined below)  relating to such interest period (or any other relevant period) divided by 360. The interest rate on this Security during the  Floating Rate Period will in no event be lower than zero. The interest so payable, and punctually paid or duly provided for,  on any Interest Payment Date, subject to certain exceptions, will, as provided in the Indenture, be paid to the Person in whose  name this Security (or one or more Predecessor Securities) is registered at the close of business on the record date for such  interest period, which shall be the 15th calendar day, whether or not a Business Day, immediately preceding such Interest  Payment Date. However, interest payable on the maturity date will be paid to the person to whom the principal will be  payable. Any such interest not so punctually paid or duly provided for will forthwith cease to be payable to the Holder on  such record date and may either be paid to the Person in whose name this Security (or one or more Predecessor Securities) is  registered at the close of business on a record date for the payment of such Defaulted Interest to be fixed by the Trustee,  notice whereof shall be given to Holders of the Securities not less than 10 days prior to such record date, or be paid at any  time in any other lawful manner acceptable to the Trustee and not inconsistent with the requirements of any securities  exchange on which the Securities may be listed, and upon such notice as may be required by such exchange, all as more fully  provided in said Indenture. The Company will pay interest in such coin or currency of the United States of America as at the  time of payment shall be legal tender for the payment of public and private debts.   If a Fixed Rate Interest Payment Date or the maturity date for the Senior Notes (as defined below) falls on a day that  is not a Business Day, the Company will postpone the interest payment or the payment of principal and interest at maturity to  the next succeeding Business Day, but the payments made on such dates will be treated as being made on the date that the  payment was first due and the Holder will not be entitled to any further interest or other payments with respect to such  postponements. If a Floating Rate Interest Payment Date falls on a day that is not a Business Day, the Company will  postpone the interest payment to the next succeeding Business Day, except that, if the next succeeding Business Day falls in  the next calendar month, then such interest payment will be advanced to the immediately preceding day that is a Business  Day and, in each case, the related interest periods also will be adjusted for such non-Business Days.  The term “Business Day” means any day except a Saturday, a Sunday or a legal holiday in the City of New York or  the City of Pittsburgh on which banking institutions are authorized or obligated by law, regulation or executive order to close.   This Security is one of a duly authorized issue of securities of the Company (herein called the “Securities” or  “Senior Notes”), issued and to be issued in one or more series under an Indenture (the “Base Indenture”), dated as of  September 6, 2012, as amended by that certain First Supplemental Indenture, dated as of April 23, 2021 (together with the  

 

    Base Indenture, the “Indenture”), among the Company and The Bank of New York Mellon, as Trustee (herein called the  “Trustee,” which term includes any successor trustee under the Indenture), to which Indenture and all indentures  supplemental thereto reference is hereby made for a statement of the respective rights, limitations of rights, duties and  immunities thereunder of the Company, the Trustee and the Holders of the Securities and of the terms upon which the  Securities are, and are to be, authenticated and delivered. This Security is one of the series designated above, initially issued  in the aggregate principal amount of $1,000,000,000, and is subject to additional issuances as the Company may determine or  as provided for in the Indenture.   During the Floating Rate Period, the Calculation Agent (as defined below) will determine Compounded SOFR, the  interest rate and accrued interest for each interest period in arrears as soon as reasonably practicable on or after the Interest  Payment Determination Date (as defined below) for such interest period and prior to the relevant Floating Rate Interest  Payment Date and will notify the Company of Compounded SOFR, such interest rate and accrued interest for each interest  period as soon as reasonably practicable after such determination, but in any event by the Business Day immediately prior to  the Floating Rate Interest Payment Date. At the request of the Holder, the Calculation Agent will provide Compounded  SOFR, the interest rate and the amount of interest accrued with respect to any interest period during the Floating Rate Period,  after Compounded SOFR, such interest rate and accrued interest have been determined.  SOFR is published by the FRBNY (as defined below) and is intended to be a broad measure of the cost of borrowing  cash overnight collateralized by U.S. Treasury securities.  The SOFR Index (as defined below) is published by the FRBNY and measures the cumulative impact of  compounding SOFR on a unit of investment over time, with the initial value set to 1.00000000 on April 2, 2018, the first  value date of SOFR. The SOFR Index value reflects the effect of compounding SOFR each Business Day and allows the  calculation of compounded SOFR averages over custom time periods.  The FRBNY notes on its publication page for the SOFR Index that use of the SOFR Index is subject to important  limitations, indemnification obligations and disclaimers, including that the FRBNY may alter the methods of calculation,  publication schedule, rate revision practices or availability of the SOFR Index at any time without notice. The interest rate for  any interest period during the Floating Rate Period will not be adjusted for any modifications or amendments to the SOFR  Index or SOFR data that the FRBNY may publish after the interest rate for that interest period during the Floating Rate  Period has been determined.  With respect to any interest period during the Floating Rate Period, “Compounded SOFR” will be determined by the  Calculation Agent in accordance with the following formula (and the resulting percentage will be rounded, if necessary, to  the nearest one hundred-thousandth of a percentage point):       where:  “SOFR IndexStart” = For periods other than the initial interest period during the Floating Rate Period, the SOFR  Index value on the preceding Interest Payment Determination Date, and, for the initial interest period during the Floating  Rate Period, the SOFR Index value on the date that is two U.S. Government Securities Business Days (as defined below)  before the first day of such initial interest period during the Floating Rate Period (expected to be April 23, 2031);  “SOFR IndexEnd” = The SOFR Index value on the Interest Payment Determination Date relating to the applicable  Floating Rate Interest Payment Date (or in the final interest period, relating to the maturity date, or, in the case of the  redemption of the Senior Notes during the Floating Rate Period, relating to the applicable redemption date); and  “d” is the number of calendar days in the relevant Observation Period.  For purposes of determining Compounded SOFR,  “Interest Payment Determination Date” means the date two U.S. Government Securities Business Days before each  Floating Rate Interest Payment Date (or, in the case of the redemption of the Senior Notes during the Floating Rate Period,  preceding the applicable redemption date).  “Observation Period” means, in respect of each interest period during the Floating Rate 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 Floating Rate Interest Payment Date for  

 

    such interest period (or in the final interest period, preceding the maturity date or, in the case of redemption of the Senior  Notes, preceding the applicable redemption date).  “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 defined below) as such index appears  on the SOFR Administrator’s Website at 3:00 p.m. (New York time) on such U.S. Government Securities  Business Day (the “SOFR Index Determination Time”); or:  (2) if a SOFR Index value does not so appear as specified in (1) above at the SOFR Index Determination Time,  then: (i) if a Benchmark Transition Event (as defined below) and its related Benchmark Replacement Date  (as defined below) have not occurred with respect to SOFR, Compounded SOFR shall be the rate  determined pursuant to the “SOFR Index Unavailable Provisions” described below; or (ii) if a Benchmark  Transition Event and its related Benchmark Replacement Date have occurred with respect to SOFR,  Compounded SOFR shall be the rate determined pursuant to the “Effect of a Benchmark Transition Event”  provisions described below.  “SOFR” means the daily secured overnight financing rate as provided by the SOFR Administrator on the SOFR  Administrator’s Website.  “SOFR Administrator” means the FRBNY (or a successor administrator of SOFR).  “SOFR Administrator’s Website” means the website of the FRBNY, currently at http://www.newyorkfed.org, or any  successor source.  “U.S. Government Securities Business Day” means any day except for a Saturday, a Sunday or a day on which the  Securities Industry and Financial Markets Association or any successor organization recommends that the fixed income  departments of its members be closed for the entire day for purposes of trading in U.S. government securities.  Notwithstanding anything to the contrary in the Indenture or this Security, if the Company or its designee determines  on or prior to the relevant Reference Time (as defined below) that a Benchmark Transition Event and its related Benchmark  Replacement Date have occurred with respect to determining SOFR, then the benchmark replacement provisions set forth  below under “Effect of Benchmark Transition Event” will thereafter apply to all determinations of the rate of interest payable  on this Security.  For the avoidance of doubt, in accordance with the benchmark replacement provisions, after a Benchmark Transition  Event and its related Benchmark Replacement Date have occurred, the interest rate for each interest period during the  Floating Rate Period will be an annual rate equal to the sum of the Benchmark Replacement plus 0.97926%.  SOFR Index Unavailable Provisions. If a SOFR IndexStart or SOFR IndexEnd is not published on the associated  Interest Payment 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-repo-reference-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 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.  Effect of a Benchmark Transition Event.  (1) Benchmark Replacement. 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 (as defined below) on any date, the Benchmark Replacement will  replace the then-current Benchmark for all purposes relating to the Senior Notes in respect of such  determination on such date and all determinations on all subsequent dates.  (2) Benchmark Replacement Conforming Changes. 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.  

 

    (3) Decisions and Determinations. Any determination, decision or election that may be made by the Company  or its designee pursuant to the benchmark replacement provisions described herein, including any  determination with respect to tenor, rate or adjustment, or the occurrence or non-occurrence of an event,  circumstance or date and any decision to take or refrain from taking any action or any selection:  • will be conclusive and binding absent manifest error;  • if made by the Company, will be made in the Company’s sole discretion;  • 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  • notwithstanding anything to the contrary in herein, shall become effective without consent from the  Holder or any other party.  Any determination, decision or election pursuant to the benchmark replacement provisions shall be made by the  Company or its designee (which may be its affiliate) on the basis as described above, and in no event shall the Calculation  Agent be responsible for making any such determination, decision or election.  Certain Defined Terms. As used herein:  “Benchmark” means, initially, Compounded SOFR, as such term is defined above; provided that if a Benchmark  Transition Event and its related Benchmark Replacement Date have occurred with respect to Compounded SOFR (or the  published SOFR Index used in the calculation thereof) or the then-current Benchmark, then “Benchmark” means the  applicable Benchmark Replacement.  “Benchmark Replacement” means the first alternative set forth in the order below that can be determined by the  Company or its designee as of the Benchmark Replacement Date; provided that if the Benchmark Replacement cannot be  determined in accordance with clause (1) below as of the Benchmark Replacement Date and the Company or its designee  shall have determined that the ISDA Fallback Rate (as defined below) determined in accordance with clause (2) below is not  an industry-accepted rate of interest as a replacement for the then-current Benchmark for U.S. dollar-denominated floating  rate notes at such time, then clause (2) below shall be disregarded, and the Benchmark Replacement shall be determined in  accordance with clause (3) below:  (1) the sum of: (a) an alternate rate of interest that has been selected or recommended by the Relevant  Governmental Body (as defined below) as the replacement for the then-current Benchmark and (b) the  Benchmark Replacement Adjustment (as defined below);  (2) the sum of: (a) the ISDA Fallback Rate and (b) the Benchmark Replacement Adjustment; or  (3) the sum of: (a) the alternate rate of interest that has been selected by the Company or its designee as the  replacement for the then-current Benchmark giving due consideration to any industry-accepted rate of  interest as a replacement for the then-current Benchmark for U.S. dollar denominated floating rate notes at  such time and (b) the Benchmark Replacement Adjustment.  “Benchmark Replacement Adjustment” means the first alternative set forth in the order below that can be determined  by the Company or its designee as of the Benchmark Replacement Date:  (1) the spread adjustment (which may be a positive or negative value or zero), or method for calculating or  determining such spread adjustment, that has been selected or recommended by the Relevant Governmental  Body for the applicable Unadjusted Benchmark Replacement (as defined below);  (2) if the applicable Unadjusted Benchmark Replacement is equivalent to the ISDA Fallback Rate, the ISDA  Fallback Adjustment (as defined below); or  (3) the spread adjustment (which may be a positive or negative value or zero) that has been selected by the  Company or its designee giving due consideration to any industry-accepted spread adjustment, or method  for calculating or determining such spread adjustment, for the replacement of the then-current Benchmark  with the applicable Unadjusted Benchmark Replacement for U.S. dollar denominated floating rate notes at  such time.  

 

    “Benchmark Replacement Conforming Changes” means, with respect to any Benchmark Replacement, any  technical, administrative or operational changes (including changes to the definitions or interpretations of interest period, the  timing and frequency of determining rates and making payments of interest, the rounding of amounts or tenors, and other  administrative matters) that the Company or its designee decides may be appropriate to reflect the adoption of such  Benchmark Replacement in a manner substantially consistent with market practice (or, if the Company or its designee  decides that adoption of any portion of such market practice is not administratively feasible or if the Company or its designee  determines that no market practice for use of the Benchmark Replacement exists, in such other manner as the Company or its  designee determines is reasonably practicable).  “Benchmark Replacement Date” means the earliest to occur of the following events with respect to the then-current  Benchmark (including any daily published component used in the calculation thereof):  (1) in the case of clause (1) or (2) of the definition of “Benchmark Transition Event,” the later of (a) the date of  the public statement or publication of information referenced therein and (b) the date on which the  administrator of the Benchmark permanently or indefinitely ceases to provide the Benchmark (or such  component); or  (2) in the case of clause (3) of the definition of “Benchmark Transition Event,” the date of the public statement  or publication of information referenced therein.  For the avoidance of doubt, if the event giving rise to the Benchmark Replacement Date occurs on the same day as,  but earlier than, the Reference Time in respect of any determination, the Benchmark Replacement Date will be deemed to  have occurred prior to the Reference Time for such determination.  “Benchmark Transition Event” means the occurrence of one or more of the following events with respect to the then- current Benchmark (including the daily published component used in the calculation thereof):  (1) a public statement or publication of information by or on behalf of the administrator of the Benchmark (or  such component) announcing that such administrator has ceased or will cease to provide the Benchmark (or  such component), permanently or indefinitely, provided that, at the time of such statement or publication,  there is no successor administrator that will continue to provide the Benchmark (or such component); or  (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  “Calculation Agent” means The Bank of New York Mellon, or its successor appointed by the Company, acting as  calculation agent.  “FRBNY” means the Federal Reserve Bank of New York.  “ISDA Definitions” means the 2006 ISDA Definitions published by ISDA, 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, as such time is defined above, 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.  “Relevant Governmental Body” means the Federal Reserve Board and/or the FRBNY, or a committee officially  endorsed or convened by the Federal Reserve Board and/or the FRBNY or any successor thereto.  “Unadjusted Benchmark Replacement” means the Benchmark Replacement excluding the Benchmark Replacement  Adjustment.  This Security is redeemable in whole, but not in part, by the Company on April 23, 2031, the date that is one year  prior to the maturity date, at 100% of the principal amount of the Security, plus accrued and unpaid interest thereon to the  date of redemption. In addition, this Security is redeemable in whole or in part by the Company on or after the 90th day prior  to the maturity date at 100% of the principal amount of the Security, plus accrued and unpaid interest thereon to the date of  redemption. The Company will provide 5 to 30 calendar days’ notice of the redemption to the registered Holder of this  Security. Other than as described in the preceding three sentences, this Security is not redeemable prior to maturity. This  Security will not be subject to repayment at the option of the Holders prior to maturity and will not be subject to any sinking  fund. This Security is not convertible into, or exchangeable for, equity securities of the Company. If an Event of Default (as  defined in the Indenture) with respect to the Securities shall occur and be continuing, the principal of the Securities may be  declared due and payable in the manner and with the effect provided in the Indenture.   Unless the certificate of authentication hereon has been executed by the Trustee hereinafter referred to, by manual or  facsimile signature, this Security shall not be entitled to any benefit under the Indenture or be valid or obligatory for any  purpose.   The obligations evidenced by this Security rank equally with all other unsecured and unsubordinated indebtedness of  the Company.   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 any series 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  outstanding Securities of all series (voting as one class) to be affected by such amendment or modification. The Indenture  also contains provisions permitting the Holders of specified percentages in principal amount of the outstanding Securities of  any series, 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 herefor or in lieu hereof, whether or not  notation of such consent or waiver is made upon this Security.   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 interest (if any) on this Security  at the times, place and rate, and in the coin or currency, herein prescribed.   The Securities are issuable only in registered form without coupons in denominations of $2,000 and any integral  multiples of $1,000 thereof. This Security is a global security, represented by one or more permanent global certificates  registered in the name of the nominee of The Depository Trust Company (each a “Global Note” and collectively, the “Global  Notes”). Accordingly, unless and until it is exchanged in whole or in part for individual certificates evidencing the Securities  represented hereby, this Security may not be transferred except as a whole by The Depositary Trust Company (the  “Depositary”) to a nominee of such Depositary or by a nominee of such Depositary or by the Depositary or any nominee to a  successor Depositary or any nominee of such successor. Ownership of beneficial interests in this Security will be shown on,  and the transfer of that ownership will be effected only through, records maintained by the applicable Depositary or its  nominee (with respect to interest of persons that have accounts with the Depositary (“Participants”) and the records of  Participants (with respect to interests of persons other than Participants)). Beneficial interests in Securities by persons that  hold through Participants will be evidenced only by, and transfers of such beneficial interests with such Participants will be  effected only through, records maintained by such Participants. Except as provided below, owners of beneficial interests in  this Security will not be entitled to have any individual certificates and will not be considered the owners or Holders thereof  under the Indenture.   Except in the limited circumstances set forth herein, Participants and owners of beneficial interests in the Global  

 

    Notes will not be entitled to receive Securities in definitive form and will not be considered Holders of Securities. If the  Depositary is at any time unwilling, unable or ineligible to continue as Depositary and a successor Depositary is not  appointed by the Company within 90 days, or an Event of Default has occurred and is continuing, and the Depositary  requests the issuance of certificated notes, the Company will issue individual certificates evidencing the Securities  represented hereby in definitive form in exchange for this Security in registered form to each person that the Depositary  identifies as the beneficial owner of the Securities represented by the Global Notes upon surrender by the Depositary of the  Global Notes. In addition, the Company may at any time and in its sole discretion determine not to have any Securities  represented by one or more global securities and, in such event, will issue individual certificates evidencing Securities in  definitive form in exchange for this Security. In any such instance, an owner of a beneficial interest in a Security will be  entitled to physical delivery in certificated form of Securities equal in principal amount to such beneficial interest and to have  such Securities registered in its name. Securities so issued in certificated form will be issued in denominations of $2,000 and  any integral multiples of $1,000 thereof and will be issued in registered form only, without coupons. Neither the Company  nor the principal paying agent will be liable for any delay by the Depositary, its nominee or any direct or indirect participant  in identifying the beneficial owners of the related Securities. The Company and the principal payment agent may  conclusively rely on, and will be protected in relying on, instructions from the Depositary or its nominee for all purposes,  including with respect to the registration and delivery, and the respective principal amounts, of the Securities to be issued.   Except as provided herein, beneficial owners of Global Notes will not be entitled to receive physical delivery of  Securities in definitive form and no Global Note will be exchangeable except for another Global Note of like denomination  and tenor to be registered in the name of the Depositary or its nominee. Accordingly, each person owning a beneficial interest  in a Global Note must rely on the procedures of the Depositary and, if such person is not a Participant, on the procedures of  the Participant through which such person owns its interest, to exercise any rights of a Holder under the Securities.   Beneficial interests in the Global Notes will be represented through book-entry accounts of financial institutions  acting on behalf of beneficial owners as direct and indirect participants in the Depositary. Investors may elect to hold  interests in the Global Notes through the Depositary, either directly if they are Participants of such system or indirectly  through organizations that are Participants in such system.   The laws of some jurisdictions may require that purchasers of securities take physical delivery of those securities in  definitive form. Accordingly, the ability to transfer interests in the Securities represented by a Global Note to those persons  may be limited. In addition, because the Depositary can act only on behalf of its Participants, who in turn act on behalf of  persons who hold interests through Participants, the ability of a person having an interest in Securities represented by a  Global Note to pledge or transfer such interest to persons or entities that do not participate in the Depositary’s system, or  otherwise to take actions in respect of such interest, may be affected by the lack of a physical definitive security in respect of  such interest.   Neither the Company, the Trustee, the principal paying agent nor any Security Registrar will have any responsibility  or liability for any aspect of the records relating to or payments made on account of Securities by the Depositary, or for  maintaining, supervising or reviewing any records of the Depositary relating to the Securities.   The Bank of New York Mellon will act as the Company’s principal paying agent with respect to the Securities  through its offices presently located at 525 William Penn Place, 38th Floor, Pittsburgh, PA 15259. The Company may at any  time rescind the designation of a paying agent, appoint a successor paying agent, or approve a change in the office through  which any paying agent acts. Payments of interest and principal may be made by wire-transfer in immediately available funds  for Securities held in book-entry form or, at the Company’s option in the event the Securities are not represented by Global  Notes, by check mailed to the address of the person entitled to the payment as it appears in the Security register. Payment of  principal will be made upon the surrender of the relevant Securities at the offices of the principal paying agent.   Notices to the Holders of registered Securities will be mailed to them at their respective addresses in the register of  the Securities and will be deemed to have been given on the fourth weekday (being a day other than Saturday or Sunday)  after the date of mailing. The Indenture contains provisions setting forth certain conditions to the institution of proceedings  by the Holders of Securities with respect to the Indenture or for any remedy under the Indenture.   All terms used in this Security which are defined in the Indenture shall have the meanings assigned to them in the  Indenture.   — end of page —  [signatures appear on following page]      

 

    IN WITNESS WHEREOF, THE PNC FINANCIAL SERVICES GROUP, INC. has caused this Note to be signed in  its name by its Chairman of the Board, Vice Chairman, Chief Executive Officer, President, Vice President, Treasurer,  Assistant Treasurer or Controller and by its Secretary or an Assistant Secretary, or by facsimiles of any of their signatures,  and its corporate seal, or a facsimile thereof, to be hereto affixed.   Dated:            THE PNC FINANCIAL SERVICES GROUP, INC.     By         Name:        Title:            Attest:       Name:     Title:        

 

    TRUSTEE’S CERTIFICATE OF AUTHENTICATION   This is one of the Securities of the series designated therein referred to in the within-mentioned Indenture.     Dated: April 23, 2021         THE BANK OF NEW YORK MELLON  as Trustee     By         Authorized Officeredsa_ex101

 

Exhibit 10.1

 

 

AMENDMENT NO. 1 TO

EDESA BIOTECH, INC. 2019 EQUITY INCENTIVE COMPENSATION
PLAN

 

This Amendment to the Edesa Biotech, Inc. 2019
Equity Incentive Compensation Plan (this “Amendment”)
is made and entered into effective as of March 1, 2021 (the
“Effective
Date”), by Edesa Biotech,
Inc., a British Columbia corporation (the
“Company”).

 

RECITALS

 

WHEREAS, the Company previously adopted the Edesa
Biotech, Inc. 2019 Equity Incentive Compensation Plan (the
“Plan”);

 

WHEREAS, by written consent of the Company’s Board
of Directors (the “Board”),
dated as of the Effective Date, the Board approved an increase of
the number of shares of the Company’s Common Shares reserved
for issuance under the Plan by 1,497,000, which represents a number
of Common Shares equal to twenty (20) percent of the
Company’s issued and outstanding Common Shares less
the number of Common Shares remaining available for delivery
under the Plan as of the Effective Date (the
“Plan
Reserve Increase”);

 

WHEREAS, pursuant to Section 9(f) of the Plan, the Board
may amend, alter, suspend, discontinue or terminate the Plan,
subject to obtaining the consent of the Company’s
shareholders not later than the annual meeting next following such
Board action if such shareholder approval is
required;

 

WHEREAS, the Company obtained the requisite approval of
its shareholders at its 2021 Annual General
Meeting;

 

WHEREAS, to record the adoption of the Plan Reserve
Increase by the Board, the Company has caused its authorized
officer to execute this Amendment to effectuate the Plan Reserve
Increase.

 

AGREEMENT

 

NOW
THEREFORE, the Company hereby
agrees as follows:

 

1. Section 4(a) of the Plan is hereby amended and restated to read
as follows:

 

“Limitation on Overall Number of Shares Available for
Delivery Under Plan. Subject to
adjustment as provided in Section 9(c) hereof, the total number of
Shares reserved and available for delivery under the Plan after the
Amendment Date (as defined below) shall be the sum of (i) 1,497,000
plus (ii) the number of Shares remaining available for delivery
under the Plan as of the Amendment Date. Any Shares that are
subject to Awards of Options shall be counted against this limit as
one (1) Share for every one (1) Share granted. Any Shares that are
subject to Awards other than Options shall be counted against this
limit as one and one-half (1.5) Shares for every one (1) Share
granted. Any Shares delivered under the Plan may consist, in whole
or in part, of authorized and unissued shares. For purposes hereof,
“Amendment Date” shall mean March 1,
2021.

 

2. Except as expressly modified by this Amendment, the Plan remains
in full force and effect pursuant to its terms. All references to
the Plan in other documentation shall be deemed to be a reference
to the Plan as amended by this Amendment.

 

3. This Amendment shall be governed by and construed in accordance
with the laws of British Columbia without giving effect to
principles of conflict of laws.

 

[Signature
Page Follows]

 

 

 

 

IN
WITNESS WHEREOF, the undersigned has caused this Amendment to be
duly executed effective as of the date first written
above.

 

 

EDESA BIOTECH, INC.

 

 

By: /s/Kathi Niffenegger

Name: Kathi Niffenegger

Title: Chief Financial Officer

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