Document:

Exhibit

Exhibit 10.14

NEXEO SOLUTIONS, LLC EXCESS BENEFIT PLAN
(as Amended and Restated Effective January 1, 2012)

Exhibit 10.14

Table of Contents
		
	I. 
	Purpose of the Excess Plan                                        1

		
	II. 
	Incorporation of the Basic Plan                                        1

		
	III. 
	Administration                                                2

		
	IV. 
	Eligibility                                                2

		
	V. 
	Amount of Benefit                                            2

		
	VI. 
	Deemed Investment of Excess Plan Accounts and Adjustment for Net Income or Loss            4

		
	VII. 
	Payment of Benefits                                            4

		
	VIII. 
	Employee’s Rights                                            4

		
	IX. 
	Amendment and Termination                                        5

		
	X. 
	Restrictions on Assignment                                        5

		
	XI. 
	Nature of Excess Plan                                            5

		
	XII. 
	Nonguarantee of Employment                                        6

		
	XIII. 
	Binding on Employer, Employees and Their Successors                            6

		
	XIV. 
	Employment with More than One Employer                                6

		
	XV. 
	Laws Governing                                                6

		
	APPENDIX A
	           A-1

Exhibit 10.14

NEXEO SOLUTIONS, LLC EXCESS BENEFIT PLAN

WHEREAS, NEXEO SOLUTIONS, LLC, a Delaware limited liability company (the "Company" or collectively with any other participating employers as set forth on Appendix A the "Employer"), has heretofore adopted the NEXEO SOLUTIONS, LLC EMPLOYEE SAVINGS PLAN (the "Basic Plan") for the benefit of their employees; 
WHEREAS, the Employer adopted the NEXEO SOLUTIONS, LLC EXCESS BENEFIT PLAN (the "Excess Plan") to provide additional benefits to certain of its employees who are participants in the Basic Plan on and after the effective date hereof whose benefits are limited under the Basic Plan; and
WHEREAS, the Employer desires to provide to certain individuals an additional annual contribution equal to three percent (3%) of the respective individual’s compensation.
NOW, THEREFORE, the Employer hereby adopts the Excess Plan as amended and restated effective as of January 1, 2012, as follows: 
I.

Purpose of the Excess Plan

The Employer intends and desires by the adoption of this Excess Plan to recognize the value to the Employer of the past and present services of employees covered by the Excess Plan and to encourage and assure their continued service with the Employer by making more adequate provision for their future retirement security. The establishment of this Excess Plan is made necessary by certain benefit limitations which are imposed on the Basic Plan by the Employee Retirement Income Security Act of 1974, as amended, ("ERISA"), and by sections 401(a)(17) and 415 of the Internal Revenue Code of 1986, as amended (the "Code"). For purposes of the Code, the Company intends this Plan to be an unfunded, unsecured promise to pay on the part of the Company. For purposes of ERISA, the Company intends the Plan to be an unfunded plan solely for the benefit of a select group of management or highly compensated employees of the Employer for the purpose of qualifying the Plan for the "top hat" plan exception under sections 201(2), 301 (a)(3) and 401(a)(I) of ERISA. 
II.

Incorporation of the Basic Plan

The Basic Plan, with any amendments thereto to the date of adoption of the Excess Plan, will be attached hereto as Exhibit I and is hereby incorporated by reference into and will form a part of this Excess Plan as if fully set forth herein verbatim. Any amendment made to the Basic Plan will also be incorporated by reference into and form a part of this Excess Plan, effective as of the effective date of such amendment. The Basic Plan, whenever referred to in this Excess Plan, will mean the Basic Plan, as amended, as it exists as of the date any determination is made of amounts credited or benefits payable under this Excess Plan. All terms used in this Excess Plan will 

Exhibit 10.14

have the meanings assigned to them under the provisions of the Basic Plan unless otherwise qualified by the context. 
III.

Administration

This Excess Plan will be administered by the plan administrator or administrative committee under the Basic Plan (the "Plan Administrator") which will administer it in a manner consistent with the administration of the Basic Plan, as from time to time amended and in effect, except that this Excess Plan will be administered as an unfunded plan which is not intended to meet the qualification requirements of section 401 of the Code. The Plan Administrator will have full power and authority to interpret, construe and administer this Excess Plan and the Plan Administrator’s interpretations and construction hereof, and actions hereunder, including the amount or recipient of any payment to be made hereunder, will be binding and conclusive on all persons for all purposes. The Plan Administrator will not participate in any action or determination regarding his or her own benefits hereunder. The Company will indemnify and hold harmless the Plan Administrator and each Employee who is a delegate of the Plan Administrator against any and all expenses and liabilities arising out of his administrative functions or fiduciary responsibilities, including any expenses and liabilities that are caused by or result from an act or omission constituting the negligence of such individual in the performance of such functions or responsibilities, but excluding expenses and liabilities that are caused by or result from such individual’s own gross negligence or willful misconduct. Expenses against which such individual will be indemnified hereunder will include, without limitation, the amounts of any settlement or judgment, costs, counsel fees, and related charges reasonably incurred in connection with a claim asserted or a proceeding brought or settlement thereof. 
IV.

Eligibility

Those who are eligible to participate in the Excess Plan are those Employees (a) who are participating in the Basic Plan, (b) who are classified as compensation bands 21 and above, and (c) whose benefits under Sections 3.2 ("Matching Contributions") and 3.3 ("Nonelective Contributions") (i.e., collectively the "Employer Contributions") of the Basic Plan are limited pursuant to sections 401(a)(17) or 415 of the Code.  In no event will an Employee who is not entitled to benefits under the Basic Plan be eligible for a benefit under this Excess Plan.
V.

Amount of Benefit

The Plan Administrator will establish a memorandum bookkeeping account (the "Excess Plan Account") for each Employee whose allocations of Employer Contributions under the Basic Plan have been limited pursuant to sections 401(a)(17) or 415 of the Code. As of the end of each 

Exhibit 10.14

Plan Year, the Plan Administrator will credit such Employee’s Excess Plan Account in an amount equal to the sum of (a), (b), and (c) where: 
		
	(a)
	equals the excess, if any, of:

		
	(1)
	the amount that would have been allocated to the Matching Contributions Account and Nonelective Contribution Account of such Employee under the Basic Plan as of the end of such Plan Year if the provisions of the Basic Plan were administered without regard to the maximum amount of retirement income limitations of section 415 of the Code, over

		
	(2)
	the amount that was in fact allocated as of the end of such Plan Year to the Matching Contributions Account and Nonelective Contributions Account of such Employee under the Basic Plan; and

		
	(b)
	equals the excess, if any, of:

		
	(1)
	the amount that would have been allocated to the Matching Contributions Account and Nonelective Contribution Account of such Employee under the Basic Plan as of the end of such Plan Year if the provisions of the Basic Plan were administered without regard to the maximum compensation limitation under section 401(a)(17) of the Code, over

		
	(2)
	the amount that was in fact allocated as of the end of such Plan Year to the Matching Contributions Account and Nonelective Contributions Account of such Employee under the Basic Plan. 

		
	(c)
	equals zero ($0.00), unless the Employee is a direct report to the Company’s Chief Executive Officer and receives an award letter addressing the following, then (c) shall be equal to three percent (3%) of such Employee's compensation, provided that for the 2012 Plan Year, it shall also include an additional catch-up contribution amount equal to three percent (3%) of such Employee's compensation for the prior year (i.e., the initial contribution shall reflect two (2) years of contributions).

In determining the excess benefits for Employees of the Employer in compensation bands 21 and above, the definition of Compensation will include bonuses. An Employee’s Vested Interest in his Excess Plan Account will be the same percentage as his Vested Interest in his Employer Contribution Accounts under the Basic Plan. Therefore, if any portion of an Employee’s Employer Contribution Accounts under the Basic Plan is forfeited for any reason, the Plan Administrator will debit such Employee’s Excess Plan Account by an amount equal to the percentage of such Excess Plan Account which corresponds to the percentage of his Employer Contribution Accounts under the Basic Plan that were forfeited. Benefits payable under this Excess Plan to any recipient will be computed in accordance with the foregoing and with the objective that such recipient should receive under this Excess Plan and the Basic Plan that total amount which would have been payable to that recipient solely under the Basic Plan had sections 401(a)(17) and 415 of the Code not been applicable thereto. This Excess Plan is intended to constitute an unfunded "excess benefit plan" within the meaning of sections 3(36) and 4(b)(5) of ERISA.

Exhibit 10.14

VI.

Deemed Investment of Excess Plan Accounts and Adjustment for Net Income or Loss

The amounts credited to each Employee’s Excess Plan Account will be deemed to be invested in the funds made available under the Basic Plan (the "Investment Funds") in the same manner as the Employee designates for amounts allocated to his Account under the Basic Plan. If an Employee changes his investment designation with respect to amounts allocated to his Account under the Basic Plan, such change will also apply to the amounts credited to such Employee’s Excess Plan Account. The Plan Administrator will ascertain the net income (or net loss) of the Investment Funds at such times and in such manner as it deems appropriate and will adjust the balance of each Employee’s Excess Plan Account as appropriate to reflect such net income (or net loss). An Employee’s Excess Plan Account will continue to be adjusted for the net income (or net loss) of the Investment Funds so long as there is any balance credited to such account. 
VII.

 Payment of Benefits

The vested portion of the amount credited to an Employee’s Excess Plan Account will be paid in a lump sum cash payment as soon as practicable following the Employee’s termination of employment with the Employer for any reason including death. If an Employee’s termination of employment is by reason of his death, the payment will be made to the Employee’s beneficiary under the Basic Plan. In the event the Employee is a "specified employee" of the Company, as such term is defined in Treasury Regulation Section 1.409A-1(i), as of the Employee’s date of termination of employment, payments made pursuant to this Article VII will not be paid until the first day of the seventh month following the Employee’s date of termination of employment. The Employer will have the right to deduct from all payments made under this Excess Plan any federal, state or local taxes required by law to be withheld with respect to such payments. The Employee’s Excess Plan Account will be debited for the amount paid pursuant to this Article VII. 
VIII.

 Employee’s Rights

Except as otherwise specifically provided, an Employee’s rights under this Excess Plan will be the same as his rights under the Basic Plan. Benefits payable under this Excess Plan will be a general, unsecured obligation of the Employer to be paid by the Employer from its general assets, and such payments will not (a) impose any obligation upon the Trust under the Basic Plan; (b) be paid from the Trust under the Basic Plan; or (c) have any effect whatsoever upon the Basic Plan or the payment of benefits from the Trust under the Basic Plan. No Employee or Beneficiary will have any title to or beneficial ownership in any assets which the Employer may set aside to pay benefits hereunder or any other assets of the Employer. Further, Employees will not be permitted to withdraw or borrow from their Excess Plan Accounts. 

Exhibit 10.14

IX.

 Amendment and Termination

The Employer expects to continue this Excess Plan indefinitely, but reserves the right to amend or terminate it if, in its sole judgment, such a change is deemed necessary or desirable. Any such amendment or termination will be by action of the Company’s Authorized Representative. However, if the Employer should amend or terminate this Excess Plan, the Employer will be liable for any benefits accrued including any nonvested benefits under this Excess Plan (determined on the basis of each Employee’s presumed termination of employment as of the date of such amendment or discontinuance) as of the date of such action. 
X.

Restrictions on Assignment

The interest of an Employee or Beneficiary may not be sold, transferred, assigned, or encumbered in any manner, either voluntarily or involuntarily, and any attempt to anticipate, alienate, sell, transfer, assign, pledge, encumber, or charge the same will be null and void; neither will the benefits hereunder be liable for or subject to the debts, contracts, liabilities, engagements, or torts of any person to whom such benefits or funds are payable, nor will they be subject to garnishment, attachment, or other legal or equitable process nor will they be an asset in bankruptcy, except that no amount will be payable hereunder until and unless any and all amounts representing debts or other obligations owed to the Company or any affiliate of the Company by the Employee with respect to whom such amount would otherwise be payable will have been fully paid and satisfied. The preceding notwithstanding, the Plan Administrator will comply with the terms and provisions of an order that satisfies the requirements for a "qualified domestic relations order" as defined in section 206(d) of ERISA, including an order that requires distributions to an alternate payee prior to an Employee’s earliest retirement age as such term is defined in section 206(d)(3)(E)(ii) of ERISA. 
XI.

Nature of Excess Plan

The Excess Plan is not intended to meet the qualification requirements of section 401 of the Code. Although the Employer is obligated to pay all amounts due under the Excess Plan out of its general assets, the Employer, in its sole discretion, may set aside such amounts for the payment of benefits as the Employer may from time to time determine. Neither the establishment of the Excess Plan, the operation thereof, nor the setting aside of any amounts will be deemed to create a funding arrangement. Any and all amounts set aside will remain subject to the claims of the general creditors of the Employer, present and future, and no payment will be made under the Excess Plan unless the Employer is then solvent. This Article will not require the Employer to set aside any funds, but the Employer may set aside such funds if it chooses to do so. The preceding paragraph to the contrary notwithstanding, the Employer may fund all or part of its obligations hereunder by transferring assets to a trust if the provisions of the trust agreement creating such trust require the use of such trust’s assets to satisfy claims of the Employer’s general unsecured creditors in the event of the 

Exhibit 10.14

Employer’s insolvency or bankruptcy and provide that no Employee will at any time have a prior claim to such assets and that such trust will not cause the Plan to be other than "unfunded" for the purposes of ERISA. The assets of such trust will not be deemed to be assets of this Excess Plan. 
XII.

 Nonguarantee of Employment

Nothing contained in this Excess Plan will be construed as a contract of employment between the Employer and any Employee, or as a right to have benefits which are provided by the Employer maintained, or as a right of any Employee to be continued in the employment of the Employer, or as a limitation of the right of the Employer to discharge any of its Employee, with or without cause. 
XIII.

 Binding on Employer, Employees and Their Successors

This Excess Plan will be binding upon and inure to the benefit of the Employer, its successors and assigns and the Employee and his heirs, executors, administrators and legal representatives. The provisions of this Excess Plan will be applicable with respect to each Employer separately, and amounts payable hereunder will be paid by the Employer which employs the particular Employee. 
XIV.

 Employment with More than One Employer

If any Employee will be entitled to benefits under the Basic Plan on account of service with more than one Employer, the obligations under this Excess Plan will be apportioned among such Employers on the basis of time of service with each. 

XV.

 Laws Governing

This Excess Plan will be construed in accordance with and governed by the laws of the State of Delaware except to the extent preempted by federal law. 

[SIGNATURE PAGE TO FOLLOW]

Exhibit 10.14

EXECUTED this 11th day of November, 2011. 

NEXEO SOLUTIONS, LLC

 By:        /s/ Gene M. Gillock        

 Name:    Gene M. Gillock        

 Title:        VP Global Rewards        

Exhibit 10.14

APPENDIX A
OTHER PARTICIPATING EMPLOYERS

NoneEX-4.3

 Exhibit 4.3 

EXECUTION VERSION 

SANTANDER HOLDINGS USA, INC. 

Company 
 to 

DEUTSCHE BANK TRUST COMPANY AMERICAS 

Trustee 
 Nineteenth
Supplemental Indenture 
 SENIOR DEBT SECURITIES 

Dated as of December 5, 2018 

 TABLE OF CONTENTS 

 

					
	 	  	PAGE	 
	 ARTICLE 1 Scope Of Nineteenth Supplemental Indenture
	  	 	1	 
		
	 Section 1.01. Scope
	  	 	1	 
		
	 ARTICLE 2 Definitions
	  	 	2	 
		
	 Section 2.01. Definitions and Other Provisions of General Application
	  	 	2	 
		
	 ARTICLE 3 Form And Terms Of The Notes
	  	 	2	 
		
	 Section 3.01. Form and Dating
	  	 	2	 
	 Section 3.02. Terms of the Notes
	  	 	2	 
		
	 ARTICLE 4 Supplemental Indentures
	  	 	4	 
		
	 Section 4.01. Supplemental Indentures
	  	 	4	 
		
	 ARTICLE 5 Miscellaneous
	  	 	4	 
		
	 Section 5.01. Trust Indenture Act of 1939
	  	 	4	 
	 Section 5.02. Governing Law
	  	 	4	 
	 Section 5.03. Duplicate Originals
	  	 	4	 
	 Section 5.04. Separability
	  	 	4	 
	 Section 5.05. Ratification
	  	 	4	 
	 Section 5.06. Effectiveness
	  	 	4	 
	 Section 5.07. Successors
	  	 	4	 
	 Section 5.08. Trustee’s Disclaimer
	  	 	5	 
		
	 EXHIBIT A - Form of 4.450% Senior Note due 2021
	  	 	A-1	 

  
 i 

 NINETEENTH SUPPLEMENTAL INDENTURE 

NINETEENTH SUPPLEMENTAL INDENTURE (this “Nineteenth Supplemental Indenture”), dated as of December 5, 2018, between
SANTANDER HOLDINGS USA, INC., a corporation duly organized and existing under the laws of the Commonwealth of Virginia (the “Company”), having its principal office at 75 State Street, Boston, Massachusetts 02109, and Deutsche Bank
Trust Company Americas, a New York banking corporation, having a corporate trust office at 60 Wall Street, 16th Floor, New York, New York, 10005, as Trustee (the “Trustee”). 

RECITALS OF THE COMPANY 

WHEREAS, the Company and the Trustee executed and delivered an Indenture, dated as of April 19, 2011 (the “Base
Indenture”) to provide for the issuance by the Company from time to time of its unsecured debentures, notes or other evidences of indebtedness (the “Securities”); 

WHEREAS, the Company amended the Base Indenture pursuant to the Eighth Supplemental Indenture, dated as of March 1, 2017, between
the Company and the Trustee (the “Eighth Supplemental Indenture,” and the Base Indenture, as amended by the Eighth Supplemental Indenture and as supplemented by this Nineteenth Supplemental Indenture, the
“Indenture”); 
 WHEREAS, Sections 2.01, 3.01 and 9.01 of the Base Indenture provide that the Company, when
authorized by a Board Resolution, and the Trustee, at any time and from time to time, may enter into one or more indentures supplemental to the Indenture, without the consent of any Holders, to, among other things, establish the terms of Securities
of any series as permitted by the Indenture; 
 WHEREAS, the issuance and sale of $1,000,000,000 aggregate principal amount of a new
series of the Securities of the Company designated as its 4.450% Senior Notes due 2021 (the “Notes”) have been authorized by resolutions adopted by the board of directors of the Company; 

WHEREAS, the Company desires to issue and sell $1,000,000,000 aggregate principal amount of the Notes as of the date hereof; 

WHEREAS, the Company desires to establish the terms of the Notes; 

WHEREAS, all things necessary to make this Nineteenth Supplemental Indenture a legal and binding supplement to the Base Indenture in
accordance with its terms and the terms of the Base Indenture have been done; 
 WHEREAS, the Company has complied with all
conditions precedent provided for in the Base Indenture relating to this Nineteenth Supplemental Indenture; and 
 WHEREAS, the
Company has requested that the Trustee execute and deliver this Nineteenth Supplemental Indenture. 
 NOW, THEREFORE: 

For and in consideration of the premises stated herein and the purchase of the Notes by the Holders thereof, the Company and the Trustee
covenant and agree, for the equal and proportionate benefit of the Holders of the Notes, as follows: 
 ARTICLE 1 

SCOPE OF NINETEENTH SUPPLEMENTAL INDENTURE 

Section 1.01. Scope. This Nineteenth Supplemental Indenture constitutes a supplement to the Base Indenture and an integral part of
the Indenture and shall be read together with the Base Indenture and Eighth Supplemental Indenture as though all the provisions thereof are contained in one instrument. Except as expressly amended by the Eighth Supplemental Indenture and Nineteenth
Supplemental Indenture, the terms and provisions of the Base Indenture shall remain in full force and effect. Notwithstanding the foregoing, this Nineteenth Supplemental Indenture shall only apply to the Notes. 

 ARTICLE 2 

DEFINITIONS 

Section 2.01. Definitions and Other Provisions of General Application. For all purposes of this Nineteenth Supplemental Indenture
unless otherwise specified herein: 
 (a) all terms used in this Nineteenth Supplemental Indenture which are not otherwise defined herein
shall have the meanings they are given in the Base Indenture, as amended by the Eighth Supplemental Indenture; 
 (b) the provisions of
general application stated in Sections 1.02 through 1.15 of the Base Indenture shall apply to this Nineteenth Supplemental Indenture, except that the words “herein,” “hereof,” “hereto” and
“hereunder” and other words of similar import refer to this Nineteenth Supplemental Indenture as a whole and not to the Base Indenture or any particular Article, Section or other subdivision of the Base Indenture or this Nineteenth
Supplemental Indenture; 
 (c) Section 1.01 of the Base Indenture is amended and supplemented, solely with respect to the Notes, by inserting
the following additional defined term in its appropriate alphabetical position: 
 “Issue Date” means
December 5, 2018. 
 ARTICLE 3 

FORM AND TERMS OF THE NOTES 

Section 3.01. Form and Dating. 

(a) The Notes and the Certificate of Authentication shall be substantially in the form of Exhibit A attached hereto. The Notes may have
notations, a legend or legends or endorsements as may be required to comply with any law or with any rules of any securities exchange or usage. Each Note shall be dated the date of its authentication. 

(b) The terms contained in the Notes shall constitute, and are hereby expressly made, a part of the Indenture as supplemented by this
Nineteenth Supplemental Indenture and the Company and the Trustee, by their execution and delivery of this Nineteenth Supplemental Indenture, expressly agree to such terms and provisions and to be bound thereby. 

Section 3.02. Terms of the Notes. The following terms relating to the Notes are hereby established: 

(a) Title. The Notes shall constitute a series of Securities having the title “Santander Holdings USA, Inc. 4.450% Senior Notes due
2021,” and the CUSIP number shall be “80282KAU0”. 
 (b) Principal Amount. The aggregate principal amount of the Notes
that may be authenticated and delivered under the Indenture, as amended hereby, shall be $1,000,000,000 on the Issue Date. Provided that no Covenant Breach or Event of Default has occurred and is continuing with respect to the Notes, the Company
may, without notice to or the consent of the Holders, create and issue additional Securities having the same terms as, and ranking equally and ratably with, the Notes in all respects and so that such additional Notes will be consolidated and form a
single series with, and have the same terms as to status, redemption or otherwise as, the Notes initially issued. 

  
 2 

 (c) Person to Whom Interest is Payable. Interest payable, and punctually paid or duly
provided for, on any Interest Payment Date will be paid to the Person in whose name the Notes are registered at the close of business on the Regular Record Date for such interest, which shall be the close of business fifteen (15) calendar days
(whether or not a Business Day) immediately preceding an Interest Payment Date (May 19 and November 18, respectively). Any such interest not so punctually paid or duly provided for will forthwith cease to be payable to the Holder on such
Regular Record Date and may either be paid to the Person in whose name this Note is registered at the close of business on a Special Record Date for the payment of such Defaulted Interest to be fixed by the Trustee, notice whereof shall be given to
Holders of Notes of this series not less than 10 days prior to such Special Record Date, or be paid at any time in any other lawful manner and as provided for in the Base Indenture. 

(d) Maturity Date. The entire outstanding principal of the Notes shall be payable on December 3, 2021 (the “Maturity
Date”). 
 (e) Interest. The rate at which the Notes shall bear interest shall be 4.450% per annum (the “Applicable
Rate”); the date from which interest shall accrue on the Notes shall be December 5, 2018 or the most recent Interest Payment Date to which interest has been paid or duly provided for; the Interest Payment Dates for the Notes shall be
June 3 and December 3 of each year, beginning on June 3, 2019. In the event that any scheduled Interest Payment Date for the Notes falls on a day that is not a Business Day, then payment of interest payable on such Interest Payment
Date shall be postponed to the next succeeding day which is a Business Day (and no interest on such payment will accrue for the period from and after such scheduled Interest Payment Date). 

(f) Place of Payment of Principal and Interest. Payment of the principal of (and premium, if any) and interest on the Notes will be made
at the office or agency of the Company maintained for that purpose in New York, New York, in such coin or currency of the United States of America as at the time of payment is legal tender for payment of public and private debts against surrender of
any Note in the case of any payment due at the Maturity Date; provided, however, that (i) if any Note is a Global Security, payments shall be made in respect of such Note pursuant to the Applicable Procedures of the Depositary as
in effect from time to time, and (ii) if any Note is not a Global Security, payment of interest in respect of such Note will be made by check mailed to the address of the Person entitled thereto as such address shall appear in the Security
Register at the close of business on the Regular Record Date for such interest. Notwithstanding the foregoing, if any Note is not a Global Security and has a principal amount of at least $1,000,000, upon request, the Company will pay any amount that
becomes due on such Note by wire transfer of immediately available funds to an account at a bank in New York City, on the due date. To request such a wire payment, the Holder of such Note must give the Paying Agent appropriate wire transfer
instructions at least five Business Days before the requested wire payment is due. In the case of any interest payment due on an Interest Payment Date, the instructions must be given by the person or entity who is the Holder on the relevant Regular
Record Date. Any wire instructions, once properly given, will remain in effect unless and until new instructions are given in the manner described above. 

(g) Redemption. The Company may, at its option, on or after the 30th day prior to the Maturity Date (November 3, 2021), redeem the
Notes, in whole or in part, at a redemption price equal to 100% of the principal amount of the Notes to be redeemed (par) plus accrued and unpaid interest thereon to the date of redemption. Other than as set forth in the preceding sentence, the
Notes are not redeemable prior to the Maturity Date. 
 (h) Sinking Fund. There shall be no sinking fund for the Notes. 

(i) Denomination. The Notes shall be in minimum denominations of $2,000 and integral multiples of $1,000 in excess thereof. 

(j) Currency of the Notes. The Notes shall be denominated, and payment of principal and interest of the Notes shall be payable in, the
currency of the United States of America. 
 (k) Currency of Payment. The principal of and interest on the Notes shall be payable in
the currency of the United States of America. 
 (l) Defeasance. Article 13 of the Base Indenture shall apply to the Notes. 

(m) Registered Form. The Notes shall be issuable as registered Global Securities, and the depositary for the Notes shall be the
Depository Trust Company in The City of New York (“DTC”) or any successor depositary appointed by the Company within 90 days of the termination of services of DTC (or any successor to DTC). Sections 2.04 and 3.05 of the Base
Indenture shall apply to the Notes. 

  
 3 

 (n) Covenants. The covenants set forth in Article 10 of the Base Indenture shall
apply to the Notes. 
 (o) Additional Terms. Other terms applicable to the Notes are as otherwise provided for below. 

ARTICLE 4 

SUPPLEMENTAL INDENTURES 

Section 4.01. Supplemental Indentures. The following paragraph shall be added to the end of Section 9.01 of the Base
Indenture and shall only apply to the Notes: 
 Notwithstanding the foregoing, without the consent of any Holder of Securities, the Company
and the Trustee may amend or supplement the Indenture or the Securities to conform the terms of the Indenture and the Securities to the description of the Securities in the prospectus supplement dated November 28, 2018 relating to the offering
of the Securities. 
 ARTICLE 5 

MISCELLANEOUS 

Section 5.01. Trust Indenture Act of 1939. This Nineteenth Supplemental Indenture shall incorporate and be governed by the
provisions of the Trust Indenture Act that are required to be part of and to govern indentures qualified under the Trust Indenture Act. 

Section 5.02. Governing Law. This Nineteenth Supplemental Indenture and the Notes shall be governed by and construed in
accordance with the law of the State of New York, without regard to principles of conflicts of law. 
 Section 5.03. Duplicate
Originals. The parties may sign any number of copies of this Nineteenth Supplemental Indenture. Each signed copy shall be an original, but all of them together represent the same agreement. 

Section 5.04. Separability. In case any provision in this Nineteenth Supplemental Indenture or the Notes shall be invalid, illegal
or unenforceable, the validity, legality and enforceability of the remaining provisions shall not in any way be affected or impaired thereby. 

Section 5.05. Ratification. The Base Indenture, as amended by the Eighth Supplemental Indenture and as supplemented and amended by
this Nineteenth Supplemental Indenture, is in all respects ratified and confirmed. The Base Indenture, the Eighth Supplemental Indenture and this Nineteenth Supplemental Indenture shall be read, taken and construed as one and the same instrument.
All provisions included in this Nineteenth Supplemental Indenture supersede any conflicting provisions included in the Base Indenture unless not permitted by law. The Trustee accepts the trusts created by the Base Indenture, as amended by the Eighth
Supplemental Indenture and as supplemented by this Nineteenth Supplemental Indenture, and agrees to perform the same upon the terms and conditions of the Base Indenture, as amended by the Eighth Supplemental Indenture and as supplemented by this
Nineteenth Supplemental Indenture. 
 Section 5.06. Effectiveness. The provisions of this Nineteenth Supplemental
Indenture shall become effective as of the date hereof. 
 Section 5.07. Successors. All agreements of the Company in this
Nineteenth Supplemental Indenture shall bind its successors. All agreements of the Trustee in this Nineteenth Supplemental Indenture shall bind its successors. 

  
 4 

 Section 5.08. Trustee’s Disclaimer. The recitals contained
herein shall be taken as the statements of the Company and the Trustee assumes no responsibility for their correctness. The Trustee shall not be responsible in any manner whatsoever for or in respect of the validity or sufficiency of this Nineteenth
Supplemental Indenture, the Notes, or for or in respect of the recitals contained herein, all of which recitals are made solely by the Company. 

  
 5 

 IN WITNESS WHEREOF, the parties hereto have caused this Nineteenth Supplemental Indenture to
be duly executed as of the date set forth above. 
  

									
		 		 		 		 	 SANTANDER HOLDINGS USA, INC.

as the Company

				
	Attest	 		 		 	
					
	By:	 	 /s/ Gerard Chamberlain
	 	                                    	 	By:	 	 /s/ Andrew Withers

	Name:	 	Gerard A. Chamberlain	 		 	Name:	 	Andrew Withers
	Title:	 	Executive Vice President and
Assistant Secretary	 		 	Title:	 	Senior Vice President

  

  
 SIGNATURE
PAGE TO NINETEENTH SUPPLEMENTAL INDENTURE 

 
			
	 DEUTSCHE BANK TRUST COMPANY AMERICAS,

as Trustee

	
	 By:   Deutsche Bank National Trust Company

		
	By	 	 /s/ Jeffrey Schoenfeld

		 	Name: Jeffrey Schoenfeld
		 	Title:   Vice President
		
	By:	 	 /s/ Kathryn Fischer

		 	Name: Kathryn Fischer
		 	Title:   Vice President

  

  
 SIGNATURE
PAGE TO NINETEENTH SUPPLEMENTAL INDENTURE 

 EXHIBIT A 

FORM OF NOTE 
 [FORM OF
FACE OF NOTE] 
 [Global Notes 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 THEREOF. THIS SECURITY MAY NOT BE EXCHANGED IN WHOLE OR IN PART FOR A SECURITY REGISTERED, AND NO TRANSFER OF THIS SECURITY IN WHOLE OR IN PART MAY BE REGISTERED, IN THE NAME OF ANY PERSON OTHER THAN SUCH DEPOSITARY OR A NOMINEE
THEREOF, EXCEPT IN LIMITED CIRCUMSTANCES DESCRIBED IN THE INDENTURE. 
 UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE
OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), NEW YORK, NEW YORK, TO THE COMPANY 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 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.] 

THIS SECURITY IS NOT A DEPOSIT AND IS NOT INSURED BY THE FEDERAL DEPOSIT INSURANCE CORPORATION, THE DEPOSIT INSURANCE FUND OR ANY OTHER
GOVERNMENTAL AGENCY OR FUND. 

  
 A-1 

 SANTANDER HOLDINGS USA, INC. 

4.450% Senior Notes due 2021 
 CUSIP
No.: 80282KAU0 
 ISIN: US80282KAU07 
  

			
	No.    __	  	$            

 Santander Holdings USA, Inc., a corporation duly organized and existing under the laws of the Commonwealth of
Virginia (herein called the “Company”, which term includes any successor Person under the Indenture hereinafter referred to), for value received, hereby promises to pay to CEDE & CO., or registered assigns, the principal sum of
$                     on December 3, 2021, and to pay interest thereon from December 5, 2018 or from the most recent Interest Payment Date
to which interest has been paid or duly provided for, semi-annually on June 3 and December 3 in each year, commencing June 3, 2019, and at the Maturity Date, at the rate of 4.450% per annum, until the principal hereof is paid or made
available for payment, provided that any premium, and any such installment of interest, which is overdue shall bear interest at the rate of 4.450% per annum (to the extent that the payment of such interest shall be legally enforceable), from
the dates such overdue amounts are due until they are paid or duly provided for, and such interest on any overdue installment shall be payable on demand. The interest so payable, and punctually paid or duly provided for, on any Interest Payment Date
will, as provided in such 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 Regular Record Date for such interest, which shall be the close of business
fifteen (15) calendar days (whether or not a Business Day) immediately prior to an Interest Payment Date (May 19 and November 18, respectively). Any such interest so payable, but not punctually paid or duly provided for will forthwith
cease to be payable to the Holder on such Regular Record Date and may either be paid to the Person in whose name this Security (or one or more Predecessor Securities) is registered at the close of business on a Special Record Date for the payment of
such Defaulted Interest to be fixed by the Trustee, notice whereof shall be given to Holders of Securities of this series not less than 10 days prior to such Special Record Date, as more fully provided in said Indenture. 

Payment of the principal of (and premium, if any) and interest on this Security will be made at the office or agency of the Company maintained
for that purpose in New York, New York, in such coin or currency of the United States of America as at the time of payment is legal tender for payment of public and private debts against surrender of this Security in the case of any payment due at
the Maturity Date; provided, however, that (i) if this Security is a Global Security, payments shall be made pursuant to the Applicable Procedures of the Depositary as in effect from time to time, and (ii) if this Security is not
a Global Security, payment of interest will be made by check mailed to the address of the Person entitled thereto as such address shall appear in the Security Register at the close of business on the Regular Record Date for such interest.
Notwithstanding the foregoing, if this Security is not a Global Security and has a principal amount of at least $1,000,000, upon request, the Company will pay any amount that becomes due on this Security by wire transfer of immediately available
funds to an account at a bank in New York City, on the due date. To request wire payment, the Holder must give the Paying Agent appropriate wire transfer instructions at least five Business Days before the requested wire payment is due. In the case
of any interest payment due on an Interest Payment Date, the instructions must be given by the person or entity who is the Holder on the relevant Regular Record Date. Any wire instructions, once properly given, will remain in effect unless and until
new instructions are given in the manner described above. 
 Reference is hereby made to the further provisions of this Security set forth
on the reverse hereof, which further provisions shall for all purposes have the same effect as if set forth at this place. 
 Unless the
certificate of authentication hereon has been executed by the Trustee referred to on the reverse hereof by manual signature, this Security shall not be entitled to any benefit under the Indenture or be valid or obligatory for any purpose. 

 

  
 [Signature Page
Follows] 
 A-2 

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

Dated: 
  

			
	Attest	  	 SANTANDER HOLDINGS USA, INC.
 as the
Company

		
	By:                                     
                                         
  	  	By:                                     
                                         
  
	 Name:
 Title:
	  	 Name:
 Title:

 CERTIFICATE OF AUTHENTICATION 

This is one of the Securities of the series designated therein and referred to in the Indenture referred to hereinafter. 

Dated: 
  

	
	 DEUTSCHE BANK TRUST COMPANY AMERICAS,

as Trustee

	
	    By:                                 
                                         
  

  
 A-3 

 [Reverse of 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 April 19, 2011 (herein called the “Base Indenture”, which term shall have the meaning assigned to it in such instrument), between the Company and Deutsche Bank
Trust Company Americas, as Trustee (herein called the “Trustee”, which term includes any successor trustee under the Indenture), as amended by an Eighth Supplemental Indenture, dated as of March 1, 2017, between the Company and
the Trustee (herein called the “Eighth Supplemental Indenture”), and as supplemented by a Nineteenth Supplemental Indenture, dated as of December 5, 2018, between the Company and the Trustee (herein called the
“Nineteenth Supplemental Indenture” and, together with the Base Indenture and Eighth Supplemental Indenture, 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, initially limited in aggregate principal amount of $1,000,000,000. 
 The Securities of this series shall be
redeemable in whole or in part by the Company on or after the 30th day prior to the Maturity Date (November 3, 2021) at 100% of the principal amount of the Securities of this series to be redeemed (par), plus accrued and unpaid interest thereon to
the date of redemption. Other than as set forth in the preceding sentence, the Securities of this series are not redeemable prior to the Maturity Date. The Securities of this series are not entitled to the benefit of any sinking fund. 

The Securities of this series will not be listed on any national securities exchange or included in any automated quotation system. Currently
there is no market for the Securities of this series. 
 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. 

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

The Indenture permits, with certain exceptions as therein provided, the amendment thereof and the modification of the rights and obligations
of the Company and the rights of the Holders of the Securities 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 all Securities at the time Outstanding
to be affected, considered together as one class for this purpose (such Securities to be affected may be Securities of the same or different series and, with respect to any series, may comprise fewer than all the Securities of such series). The
Indenture also contains provisions (i) permitting the Holders of a majority in principal amount of the Securities at the time Outstanding to be affected under the Indenture, considered together as one class for this purpose (such affected
Securities may be Securities of the same or different series and, with respect to any particular series, may comprise fewer than all the Securities of such series), on behalf of the Holders of all Securities so affected, to waive compliance by the
Company with certain provisions of the Indenture and (ii) permitting the Holders of a majority in principal amount of the Securities at the time Outstanding of any series to be affected under the Indenture (with each such series considered
separately for this purpose), on behalf of the Holders of all Securities of such series, to waive 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 therefor or in lieu hereof, whether or not notation of such consent or waiver is made upon this
Security. 
 As provided in and subject to the provisions of the Indenture, the Holder of this Security shall not have the right to
institute any proceeding with respect to the Indenture, or for the appointment of a receiver or trustee, or for any other remedy thereunder, unless such Holder shall have previously given the Trustee written notice of a continuing Covenant Breach or
Event of Default with respect to the Securities of this series, the Holders of not less than 25% in principal amount of the Securities of this series at the time Outstanding shall have made written request to the Trustee to institute proceedings in
respect of such Covenant Breach or Event of Default as Trustee and offered 

  
 A-4 

 
the Trustee indemnity and/or security satisfactory to it, and the Trustee shall not have received from the Holders of a majority in principal amount of Securities of this series at the time
Outstanding a direction inconsistent with such request, and shall have failed to institute any such proceeding, for 60 days after receipt of such notice, request and offer of indemnity and/or security. The foregoing shall not apply to any suit
instituted by the Holder of this Security for the enforcement of any payment of principal hereof or any premium or interest hereon 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. 

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. 

The Securities of this series are issuable only in registered form without coupons in denominations of $2,000 and in integral multiples of
$1,000 in excess 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. 
 No service charge shall be made for any such
registration of transfer or exchange, but the Company may require payment of a sum sufficient to cover any tax or other governmental charge payable in connection therewith. 

Prior to due presentment of this 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, the Trustee nor any such agent shall be affected by notice to the contrary. 

[This Security is a Global Security and is subject to the provisions of the Indenture relating to Global Securities, including the limitations
in Section 3.05 thereof on transfers and exchanges of Global Securities. ] 
 The Indenture and this Security shall be governed by and
construed in accordance with the law of the State of New York, without regard to principles of conflicts of law. 
 All terms used in this
Security which are defined in the Indenture shall have the meanings assigned to them in the Indenture. 

  
 A-5 

 ASSIGNMENT FORM 

To assign this Note, fill in the form below: 
 I or we assign
and transfer this Note to: 
  
  

(Print or type assignee’s name, address and zip code) 
  

 
 (Insert assignee’s soc. sec. or
tax I.D. No.) 
 and irrevocably
appoint                            agent to transfer this Note on the books of the Issuer. The agent may
substitute another to act for him. 
  
  

 

			
	Date:
                                         
                           	  	Your
Signature:                                       
                                     

  
  

Sign exactly as your name appears on the other side of this Note. 

Signature Guarantee: 
  

			
	 Date:
                                         
                                         
          
 Signature must be guaranteed by a participant in a recognized signature guaranty medallion
program or other signature guarantor program reasonably acceptable to the Trustee
	  	
                          
                                         
                                 

Signature of Signature Guarantee

  
 A-6 

 SCHEDULE OF INCREASES OR DECREASES IN GLOBAL NOTE 

The initial principal amount of this Global Note is
$                    . The following increases or decreases in this Global Note have been made: 

 

									
	 Date of
Exchange
	  	 Amount of decrease

in Principal Amount
 of this Global
Note
	  	 Amount of increase in

Principal Amount of
 this Global
Note
	  	 Principal Amount of this
Global Note
following
such decrease or increase
	  	 Signature of authorized
signatory of Trustee
or
Securities Custodian

  
 A-7

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