Document:

EX-10.1

  Exhibit 10.1

  Separation and Release of Claims Agreement

  This Separation and Release of Claims Agreement (“Agreement”) is entered into by and between Ranpak Holdings Corp., a Delaware corporation, together with its subsidiaries (the “Company”), and Michael A. Jones (the “Executive”), effective as of November 30, 2022.  Except as otherwise provided herein, this Agreement supersedes in its entirety the Offer Letter Agreement, executed on or about June 3, 2019, by and between the Company and the Executive (the “Offer Letter Agreement”).

  1.Termination.  Except as otherwise provided in Section 2 of this Agreement, as of the Employment Termination Date (defined below), the Executive’s employment with the Company will cease and he will no longer serve as Vice Chairman and Managing Director, North America.  The Executive’s last day of employment with the Company will be November 30, 2022 (the “Employment Termination Date”).  The Executive agrees that on and after the Employment Termination Date, the Executive will not represent himself as being an employee or officer of the Company for any purpose.  

  2.Service as Director.  Notwithstanding Section 1 of this Agreement, following the Employment Termination Date, the Executive will remain a non-employee member of the Company’s board of directors (the “Board”), and after the Employment Termination Date, the Executive shall be eligible to receive director compensation pursuant to the Company’s non-employee director compensation policies (“NED Compensation”). 

  3.Equity Awards.  Subject to the Executive’s continued compliance with this Agreement and the Restrictive Covenant (as defined in Section 5 of this Agreement), with respect to Executive’s outstanding equity awards under the Company’s 2019 Omnibus Incentive Plan (the “Plan”):

  (a)Outstanding restricted stock units (“RSUs”) and performance restricted stock units (“PRSUs”) (other than the LTIP PRSUs (as defined below)) as of the Employment Termination Date shall remain outstanding and subject to the terms of the Plan and the applicable award agreements following the Employment Termination Date; provided, however, that for purposes of the applicable award agreements, a “termination of employment” will not be deemed to occur unless and until the Executive terminates his service on the Board for any reason.

  (b)Notwithstanding anything to the contrary in the terms of the Plan or the applicable award agreements, the special long-term PRSUs that were granted in the target amount of 240,000 units pursuant to an award agreement dated as of March 3, 2020 (the “LTIP PRSUs”) shall be forfeited for no consideration as of the Employment Termination Date.

  4.No Other Compensation or Benefits.  Except as otherwise provided herein or as required by applicable law, the Executive will not be entitled to any compensation or benefits or to participate in any past, present or future employee benefit programs or 

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  arrangements of the Company on or after the Employment Termination Date (other than any NED Compensation).  

  5.Covenants and Agreements.  Subject to Section 7 of this Agreement, the covenants and agreements set forth in Annex B of the Offer Letter Agreement (the “Restrictive Covenant”) remain in full force and effect.

  6.Return of Property.  No later than the last day of the Executive’s employment with the Company or by such earlier date requested by the Company, the Executive will deliver to the Company (or, if requested by the Company, destroy) all property made available to the Executive in connection with his employment with the Company, including, without limitation, any and all records, manuals, customer lists, notebooks, cellphones, electronic devices, computers, computer programs, credit cards, and files, papers, electronically stored information and documents kept or made by the Executive in connection with his employment.

  7.Executive Protections.  The Executive has the right under federal law to certain protections for cooperating with or reporting legal violations to the Securities and Exchange Commission (the “SEC”) and/or its Office of the Whistleblower, as well as certain other governmental entities and self-regulatory organizations.  As such, nothing in this Agreement or otherwise prohibits or limits the Executive from disclosing this Agreement to, or from cooperating with or reporting violations to or initiating communications with, the SEC or any other such governmental entity or self-regulatory organization, and the Executive may do so without notifying the Company.  The Company may not retaliate against the Executive for any of these activities, and nothing in this Agreement or otherwise requires the Executive to waive any monetary award or other payment that the Executive might become entitled to from the SEC or any other governmental entity or self-regulatory organization.  Moreover, nothing in this Agreement or otherwise prohibits the Executive from notifying the Company that he is going to make a report or disclosure to law enforcement.  Notwithstanding anything to the contrary in this Agreement or otherwise, as provided for in the Defend Trade Secrets Act of 2016 (18 U.S.C. § 1833(b)), the Executive will not be held criminally or civilly liable under any federal or state trade secret law for the disclosure of a trade secret that (a) is made (i) in confidence to a federal, state, or local government official, either directly or indirectly, or to an attorney, and (ii) solely for the purpose of reporting or investigating a suspected violation of law; or (b) is made in a complaint or other document filed in a lawsuit or other proceeding, if such filing is made under seal.  Without limiting the foregoing, if the Executive files a lawsuit for retaliation by the Company for reporting a suspected violation of law, the Executive may disclose the trade secret to his attorney and use the trade secret information in the court proceeding, if the Executive (x) files any document containing the trade secret under seal, and (y) does not disclose the trade secret, except pursuant to court order.

  8.Release.

  (a)General Release.  In consideration of the Company’s obligations under this Agreement and for other valuable consideration, the Executive hereby 

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  releases and forever discharges the Company, each of its affiliates, and each of their direct or indirect shareholders, officers, employees, directors and agents (collectively, the “Released Parties”) from any and all claims, actions and causes of action (collectively, “Claims”), including, without limitation, any Claims arising under (A) the Sarbanes-Oxley Act of 2002, 18 U.S.C. § 1514; Sections 748(h)(i), 922(h)(i) and 1057 of the Dodd-Frank Wall Street and Consumer Protection Act (the “Dodd Frank Act”), 7 U.S.C. § 26(h), 15 U.S.C. § 78u-6(h)(i) and 12 U.S.C. § 5567(a) but excluding from this release any right the Executive may have to receive a monetary award from the SEC as an SEC Whistleblower, pursuant to the bounty provision under Section 922(a)-(g) of the Dodd Frank Act, 7 U.S.C. Sec. 26(a)-(g), or directly from any other federal or state agency pursuant to a similar program, or (B) any applicable federal, state, local or foreign law, that the Executive may have, or in the future may possess arising out of (x) the Executive’s employment relationship with and service as a director, employee, officer or manager of the Company or any of its affiliates, or any of their predecessors, and the termination of such relationship or service, or (y) any event, condition, circumstance or obligation that occurred, existed or arose on or prior to the date hereof; provided, however, that the release set forth in this Section 8(a) will not apply to (i) the obligations of the Company under this Agreement, (ii) the obligations of the Company to continue to provide director and officer indemnification to the Executive as provided in the governing documents of the Company, and (iii) Claims that may arise out of the Executive’s service as a director after the Employment Termination Date.  The Executive further agrees that the payments and benefits described in this Agreement will be in full satisfaction of any and all claims for payments or benefits, whether express or implied, that the Executive may have against the Company arising out of his employment relationship, his service as a director, employee, officer or manager of the Company and the termination thereof.  The provision of the payments and benefits described in this Agreement will not be deemed an admission of liability or wrongdoing by the Company.  This Section 8(a) does not apply to any Claims that the Executive may have as of the date he signs this Agreement arising under the Federal Age Discrimination in Employment Act of 1967, as amended, and the applicable rules and regulations promulgated thereunder (“ADEA”).  Claims arising under ADEA are addressed in Section 8(b) of this Agreement.

  (b)Release of ADEA Claims.  In consideration of the payments and benefits provided to the Executive under this Agreement, the Executive hereby releases and forever discharges the Company its direct or indirect shareholders, officers, employees, directors and agents from any and all Claims that the Executive may have as of the date he signs this Agreement arising under ADEA.  By signing this Agreement, the Executive hereby acknowledges and confirms the following: (i) the Executive was advised by the Company in connection with his termination to consult with an attorney of his choice prior to signing this Agreement and to have such attorney explain to him the terms of this Agreement, including, without limitation, the terms relating to his release of claims arising under ADEA; (ii) the Executive has been given a period of not fewer than 21 days to consider the terms of this Agreement and to consult with an attorney of his choosing with respect thereto; and (iii) the Executive is providing the release and discharge set forth in this Section (b) only in exchange for consideration in addition to anything of value to which the Executive is already entitled.

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  (c)Representation.  Subject to Section 7 hereof, the Executive hereby represents that he has not instituted, assisted or otherwise participated in connection with, any action, complaint, claim, charge, grievance, arbitration, lawsuit or administrative agency proceeding, or action at law or otherwise against the Company or any of their respective shareholders, officers, employees, directors, shareholders or agents.

  9.Non-Disparagement.  The Executive agrees that he will not make, or cause or assist any other person or entity to make, any statement or other communication to any third party person or entity or to any general public media in any form which impugns or attacks, or is otherwise critical of, the reputation, business or character of the Company or its affiliates or any of their respective directors, officers, shareholders or employees.

  10.Cessation of Payments.  In the event that the Executive (a) files any charge, claim, demand, action or arbitration with regard to his employment, compensation or termination of employment under any federal, state, local or foreign law, or an arbitration under any industry regulatory entity, except in either case for a claim for breach of this Agreement or failure to honor the obligations set forth herein or (b) breaches any of the covenants contained in or incorporated into this Agreement or the Restrictive Covenant, the Company will be entitled to immediately cancel any outstanding RSUs or PRSUs.

  11.Miscellaneous.  

  (a)Entire Agreement.  This Agreement sets forth the entire agreement and understanding of the parties hereto with respect to the matters covered hereby and supersedes and replaces any express or implied prior agreements with respect to the matters covered hereby which the Executive may have had with the Company; provided, however, that the Restrictive Covenant shall remain in full force and effect following the Employment Termination Date.  

  (b)Governing Law.  This Agreement will be governed by, and construed in accordance with, the laws of the State of Ohio (determined without regard to the choice of law provisions thereof).

  (c)Withholding.  All payments under this Agreement will be reduced by any applicable withholding taxes or other amounts required to be withheld by law or contract.

  (d)Voluntary Assent.  The Executive affirms that he has read this Agreement, and understands all of its terms, including the full and final release of claims set forth in Section 8.  The Executive further acknowledges that he has voluntarily entered into this Agreement; that he has not relied upon any representation or statement, written or oral, not set forth in this Agreement; that the only consideration for signing this Agreement is as set forth herein; and that this document gives the Executive the opportunity and encourages the Executive to have this Agreement reviewed by his attorney and/or tax advisor.

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  (e)Revocation.  This Agreement may be revoked by the Executive within the seven-day period commencing on the date the Executive signs this Agreement (the “Revocation Period”).  In the event of any such revocation by the Executive, all obligations of the Company and the Executive under this Agreement will terminate and be of no further force and effect as of the date of such revocation.  No such revocation by the Executive will be effective unless it is in writing and signed by the Executive and received by the Company prior to the expiration of the Revocation Period.

  (f)Waiver.  The failure of either party to this Agreement to enforce any of its terms, provisions or covenants will not be construed as a waiver of the same or of the right of such party to enforce the same.  Waiver by either party hereto of any breach or default by the other party of any term or provision of this Agreement will not operate as a waiver of any other breach or default.

  (g)Severability.  In the event that any provision of this Agreement is held to be invalid, illegal or unenforceable, the validity, legality and enforceability of the remainder of this Agreement will not in any way be affected or impaired thereby.

  (h)Section 409A.  If any provision of this Agreement contravenes Section 409A of the Internal Revenue Code of 1986, as amended (the “Code”), the regulations promulgated thereunder or any related guidance issued by the U.S. Treasury Department, the Company may reform this Agreement or any provision hereof to maintain to the maximum extent practicable the original intent of the provision without violating the provisions of Section 409A of the Code.

  (i)Counterparts.  This Agreement may be executed in one or more counterparts, which together will constitute one and the same agreement.

  (j)Notices.  Every notice or other communication relating to this Agreement will be in writing, and will be mailed to or delivered to the party for whom or which it is intended at such address as may from time to time be designated by it in a notice mailed or delivered to the other party as herein provided; provided that, unless and until some other address be so designated, all notices and communications by the Executive to the Company will be mailed or delivered to the Company at its principal executive office, and all notices and communications by the Company to the Executive may be given to the Executive personally or may be mailed to the Executive at his last known address, as reflected in the Company’s records.  Any notice so addressed will be deemed to be given or received (i) if delivered by hand, on the date of such delivery, (ii) if mailed by courier or by overnight mail, on the first business day following the date of such mailing, and (iii) if mailed by registered or certified mail, on the third business day after the date of such mailing.

   

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	RANPAK HOLDINGS CORP.

	By:
	/s/ Omar Asali

	 
	Name:   Omar Asali

	 
	Title:     Chairman and CEO

	Date:
	November 28, 2022

  I HEREBY ACKNOWLEDGE THAT I HAVE READ THIS AGREEMENT, THAT I FULLY KNOW, UNDERSTAND AND APPRECIATE ITS CONTENTS, AND THAT I HEREBY ENTER INTO THIS AGREEMENT VOLUNTARILY AND OF YOUR OWN FREE WILL.

  		
	ACCEPTED AND AGREED:

	/s/ Michael A. Jones

	Michael A. Jones

	Date:
	November 26, 2022

   

   

  6EX-4.1

 Exhibit 4.1 

DISCOVER FINANCIAL SERVICES 

6.700% SENIOR NOTE 
  

					
	REGISTERED	  		  	$500,000,000
	No. Fixed- 1	  		  	CUSIP: 254709 AS7
		  		  	ISIN: US254709AS70

 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.

 UNLESS AND UNTIL IT IS EXCHANGED IN WHOLE OR IN PART FOR NOTES IN DEFINITIVE REGISTERED FORM, THIS NOTE MAY NOT BE TRANSFERRED EXCEPT AS A WHOLE BY THE
DEPOSITARY TO THE 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. 

 DISCOVER FINANCIAL SERVICES 

6.700% SENIOR NOTE DUE 2032 
  

					
	 INTEREST RATE:
	  	 ORIGINAL ISSUE DATE:
	  	 MATURITY DATE:

			
	 6.700%
	  	 November 29, 2022
	  	 November 29, 2032

			
	 INTEREST PAYMENT DATES:
	  	 INTEREST ACCRUAL DATE:
	  	REPAYMENT AT OPTION OF HOLDER:
			
	Each May 29 and November 29, commencing May 29, 2023	  	 November 29, 2022
	  	 N/A

			
	 INTEREST PAYMENT PERIOD:
	  	TAX REDEMPTION AND PAYMENT OF ADDITIONAL AMOUNTS:	  	 MINIMUM DENOMINATIONS:

			
	 Semiannually
	  	 N/A
	  	 $2,000 and integral multiples of

$1,000 in excess thereof

 DISCOVER FINANCIAL SERVICES, a Delaware corporation (together with its successors and assigns, the
“Issuer”), for value received, hereby promises to pay to CEDE & CO., or registered assignees, the principal sum of $500,000,000 on the Maturity Date specified above (except to the extent redeemed or repaid prior to
maturity) and to pay interest thereon at the Interest Rate per annum specified above, from and including the Interest Accrual Date specified above until the principal hereof is paid or duly made available for payment semiannually in arrears on each
Interest Payment Date (as specified above), commencing on the Interest Payment Date next succeeding the Interest Accrual Date specified above, and on the Maturity Date (or on any redemption or repayment date); provided, however,
that if the Interest Accrual Date occurs between a Record Date, as defined below, and the next succeeding Interest Payment Date, interest payments will commence on the second Interest Payment Date succeeding the Interest Accrual Date to the
registered Holder of this Note on the Record Date with respect to such second Interest Payment Date; and provided, further, that if the Interest Payment Date or the Maturity Date (or any redemption or repayment date) does not
fall on a Business Day, as defined below, payment of interest, premium, if any, or principal otherwise payable on such date need not be made on such date, but may be made on the next succeeding Business Day with the same force and effect as
if made on the Interest Payment Date or on the Maturity Date (or any redemption or repayment date), and no interest on such payment shall accrue for the period from and after the Interest Payment Date or the Maturity Date (or any redemption or
repayment date) to such next succeeding Business Day. 
 Interest on this Note will accrue from and including the most recent date to
which interest has been paid or duly provided for, or, if no interest has been paid or duly provided for, from and including the Interest Accrual Date, until but excluding the date the principal hereof has been paid or duly made available for
payment. The interest so payable, and punctually paid or duly provided for, on any Interest Payment Date will, subject to certain exceptions described herein, be paid to the person in whose name this Note (or one or more predecessor Notes) is
registered at the close of business on the May 14 and November 14 immediately preceding such Interest Payment Date (whether or not a Business Day) (each such date, a “Record Date”); provided, however,
that interest payable at maturity (or any redemption or repayment date) will be payable to the person to whom the principal hereof shall be payable. As used herein, “Business Day” means any day, other than a Saturday or Sunday, that
is neither a legal holiday nor a day on which banking institutions are authorized or required by law or regulation to close in The City of New York. 

  
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 Payment of the principal of and premium, if any, and interest on this Note due at maturity
(or any redemption or repayment date) will be made in immediately available funds upon surrender of this Note at the office or agency of the Paying Agent, as defined on the reverse hereof, maintained for that purpose in the Borough of Manhattan, The
City of New York, or at such other paying agency as the Issuer may determine, in U.S. dollars. U.S. dollar payments of interest, other than interest due at maturity or on any date of redemption or repayment, will be made by U.S. dollar
check mailed to the address of the person entitled thereto as such address shall appear in the Note register. 
 Reference is hereby made to
the further provisions of this Note 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
Note shall not be entitled to any benefit under the Senior Indenture, as defined on the reverse hereof, or be valid or obligatory for any purpose. 

  
 3 

 IN WITNESS WHEREOF, the Issuer has caused this Note to be duly executed. 

DATED: November 29, 2022 
  

			
	DISCOVER FINANCIAL SERVICES
		
	By:	 	 
		 	Name: Timothy J. Schmidt
		 	Title: Senior Vice President and Treasurer

 TRUSTEE’S CERTIFICATE OF AUTHENTICATION 

This is one of the Securities referred to in the within-mentioned Senior Indenture. 
  

			
	
	U.S. BANK TRUST COMPANY, NATIONAL ASSOCIATION as Trustee
		
	By:	 	 
		 	Authorized Officer

  

  
 [Signature Page to Global
Note] 

 REVERSE OF SECURITY 

This Note is one of the duly authorized debt securities of the Issuer of a series designated as the 6.700% Senior Notes due 2032 (the
“Notes”). The Notes are issuable under a Senior Indenture, dated as of June 12, 2007, between the Issuer and U.S. Bank Trust Company, National Association (as successor in interest to U.S. Bank National Association), as
Trustee (the “Trustee,” which term includes any successor trustee under the Senior Indenture) (as may be amended or supplemented from time to time, the “Senior Indenture”), to which Senior Indenture and all
indentures supplemental thereto reference is hereby made for a statement of the respective rights, limitations of rights, duties and immunities of the Issuer, the Trustee and Holders of the Notes and the terms upon which the Notes are, and are to
be, authenticated and delivered. The Issuer has appointed U.S. Bank Trust Company, National Association, at its corporate trust office in The City of New York, as the paying agent (the “Paying Agent,” which term includes any
additional or successor Paying Agent appointed by the Issuer) with respect to this Note. To the extent not inconsistent herewith, the terms of the Senior Indenture are hereby incorporated by reference herein. 

This Note does not have the benefit of a sinking fund. 

Interest payments on this Note will include interest accrued to but excluding the Interest Payment Dates or the Maturity Date (or any earlier
redemption or repayment date), as the case may be. Interest payments for this Note will be computed and paid on the basis of a 360-day year of twelve 30-day months. 

The Issuer may, at its option, at any time on or after August 29, 2032, redeem the Notes in whole or in part on no less than 10 nor more
than 60 days’ prior notice delivered to the Holder of the Notes. The Notes will be redeemable at a redemption price equal to 100% of the principal amount of the Notes to be redeemed, plus accrued and unpaid interest to but excluding the
redemption date. If fewer than all of the Notes are to be redeemed, the Trustee will select the Notes for redemption on a pro rata basis, by lot or by such other method in accordance with procedures of the Depository Trust Company
(“DTC”). The Notes will be redeemed in denominations of $2,000 and integral multiples of $1,000 in excess thereof. If any Notes are to be redeemed in part only, the notice of redemption that relates to such Notes will state the
portion of such Notes to be redeemed. Unless the Issuer defaults in payment of the redemption price, on and after the redemption date, interest will cease to accrue on the Notes or the portions of the Notes called for redemption. 

This Note and all the obligations of the Issuer hereunder are direct, unsecured obligations of the Issuer and rank without preference or
priority among themselves and equally with all other existing and future unsecured and unsubordinated indebtedness of the Issuer, subject to certain statutory exceptions in the event of liquidation upon insolvency. 

This Note, and any Note or Notes issued upon transfer or exchange hereof, is issuable only in fully registered form, without coupons, and is
issuable only in denominations of U.S. $2,000 and any integral multiple of U.S. $1,000 in excess thereof. 

  
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 The Trustee has been appointed registrar for the Notes, and the Trustee will maintain at its
office in The City of New York a register for the registration and transfer of Notes. This Note may be transferred at the aforesaid office of the Trustee by surrendering this Note for cancellation, accompanied by a written instrument of transfer in
form satisfactory to the Issuer and the Trustee and duly executed by the registered Holder hereof in person or by the Holder’s attorney duly authorized in writing, and thereupon the Trustee shall issue in the name of the transferee or
transferees, in exchange herefor, a new Note or Notes having identical terms and provisions and having alike aggregate principal amount in authorized denominations, subject to the terms and conditions set forth herein; provided,
however, that the Trustee will not be required (i) to register the transfer of or exchange any Note that has been called for redemption in whole or in part, except the unredeemed portion of Notes being redeemed in part,
(ii) to register the transfer of or exchange any Note if the Holder thereof has exercised his right, if any, to require the Issuer to repurchase such Note in whole or in part, except the portion of such Note not required to be repurchased, or
(iii) to register the transfer of or exchange Notes to the extent and during the period so provided in the Senior Indenture with respect to the redemption of Notes. Notes are exchangeable at said office for other Notes of other authorized
denominations of equal aggregate principal amount having identical terms and provisions. All such exchanges and transfers of Notes will be free of charge, but the Issuer may require payment of a sum sufficient to cover any tax or other governmental
charge in connection therewith. All Notes surrendered for exchange shall be accompanied by a written instrument of transfer in form satisfactory to the Issuer and the Trustee and executed by the registered Holder in person or by the Holder’s
attorney duly authorized in writing. The date of registration of any Note delivered upon any exchange or transfer of Notes shall be such that no gain or loss of interest results from such exchange or transfer. 

In case this Note shall at any time become mutilated, defaced or be destroyed, lost or stolen and this Note or evidence of the loss, theft or
destruction thereof (together with the indemnity hereinafter referred to and such other documents or proof as may be required in the premises) shall be delivered to the Trustee, the Issuer in its discretion may execute a new Note of like tenor in
exchange for this Note, but, if this Note is destroyed, lost or stolen, only upon receipt of evidence satisfactory to the Trustee and the Issuer that this Note was destroyed or lost or stolen and, if required, upon receipt also of indemnity
satisfactory to each of them. All expenses and reasonable charges associated with procuring such indemnity and with the preparation, authentication and delivery of a new Note shall be borne by the owner of the Note mutilated, defaced, destroyed,
lost or stolen. 
 The Senior Indenture provides that if an Event of Default (as defined in the Senior Indenture) applicable to the debt
securities of any series shall have occurred and be continuing, either the Trustee or the Holders of not less than 25% in aggregate principal amount of the outstanding debt securities of such series by notice in writing to the Issuer and to the
Trustee, if given by the securityholders, may then declare the principal of all debt securities of such series and interest accrued thereon to be due and payable immediately, but upon certain conditions such declarations may be annulled and past
defaults may be waived (except a continuing default in payment of principal or premium, if any, or interest on such debt securities) by the Holders of a majority in aggregate principal amount of the debt securities of such series then outstanding.

 The provisions in Article X of the Senior Indenture relating to discharge and defeasance shall be applicable to the Notes. 

The Senior Indenture permits the Issuer and the Trustee, with the consent of the Holders of not less than a majority in aggregate principal
amount of Securities of any series issued under the Senior Indenture then outstanding and affected, to execute supplemental indentures adding any provisions to or changing in any manner the rights of the Holders of such series so affected;
provided that the Issuer and the Trustee may not, without the consent of the Holder of each outstanding Security affected thereby, (a) extend the final maturity of any such Security, or reduce the principal amount thereof, or reduce the
rate or extend the time of payment of interest thereon, or reduce any amount payable on redemption or repayment thereof, or change the currency of payment thereof, or modify or amend the provisions for conversion of any currency into any other
currency, or impair or affect the rights of any Holder to institute suit for the payment thereof or (b) reduce the aforesaid percentage in principal amount of Securities the consent of the Holders of which is required for any such supplemental
indenture. 

  
 6 

 Except as described below, owners of beneficial interests in a Global Note will not be
entitled to have the Notes represented by such Global Note registered in their names, will not receive or be entitled to receive physical delivery of the Notes in definitive form and will not be considered the owners or holders of the Notes under
the Senior Indenture. 
 If (i) DTC, as depositary for the Notes, notifies the Issuer that it is no longer willing or able to act as a
depositary or DTC ceases to be registered as a clearing agency under the Exchange Act and a successor depositary is not appointed within 90 days of such notice or cessation, (ii) the Issuer in its sole discretion determines that the Global
Notes (on whole but not in part) should be exchanged for individual Notes and delivers a written notice to such effect to the Trustee or (iii) an Event of Default specified in Section 5.01(e) or 5.01(f) of the Senior Indenture shall have
occurred and be continuing with respect to the Notes, then, upon surrender by DTC of the Global Note, Notes in certificated form will be issued to each person that DTC identifies as the beneficial owner of the Notes represented by the Global Note.
Upon any such issuance, the Trustee is required to register such certificated Notes in the name of such person or persons (or the nominee of any thereof) and cause the same to be delivered thereto. 

Principal of, premium (if any) and interest on this Note will be payable, and this Note may be exchanged or transferred, at the office or
agency maintained by the Issuer for such purpose (which initially will be the corporate trust office of the Trustee). Payment of principal of, premium (if any) and interest on Notes in global form will be made in immediately available funds to
DTC’s nominee as the registered Holder of such global notes. If this Note is no longer represented by a global Note, payment of interest on the Notes in certificated form may, at the Issuer’s option, be made by check mailed directly to
Holders at their registered addresses. 
 So long as the Notes are represented by one or more global Notes, transfers of beneficial
interests in such global Notes will be effected under DTC’s procedures and will be settled in same-day funds. If the Notes are no longer represented by global Notes, a Holder may transfer or exchange
Notes in certificated form at the same location given in the preceding paragraph. The Issuer is not required to transfer or exchange any Note selected for redemption or for a period of 15 days before a selection of Notes to be redeemed. 

The registered Holder of a Note will be treated as the owner of it for all purposes. 

The Issuer will not be required to (a) register the transfer of or exchange Notes to be redeemed for a period of fifteen calendar days
preceding the mailing of the relevant notice of redemption; or (b) register the transfer of or exchange any registered Note selected for redemption in whole or in part, except the unredeemed or unpaid portion of that registered Note being
redeemed in part. 
 No service charge will be made for any registration of transfer or exchange of Notes, but the Issuer may require
payment of a sum sufficient to cover any tax or other governmental charge payable in connection with the registration of transfer or exchange of Notes. 

With respect to moneys paid by the Issuer and held by the Trustee or any Paying Agent for payment of the principal of or interest or premium,
if any, on any Notes that remain unclaimed at the end of two years after such principal, interest or premium shall have become due and payable (whether at maturity or upon call for redemption or otherwise), (i) the Trustee or such Paying Agent
shall notify the Holders of such Notes that such Moneys shall be repaid to the Issuer and any person claiming such moneys shall thereafter look only to the Issuer for payment thereof and (ii) such moneys shall be so repaid to the Issuer. Upon
such repayment all liability of the Trustee or such Paying Agent with respect to such moneys shall thereupon cease, without, however, limiting in any way any obligation that the Issuer may have to pay the principal of or interest or premium, if any,
on this Note as the same shall become due. 

  
 7 

 No provision of this Note or of the Senior Indenture shall alter or impair the obligation of
the Issuer, which is absolute and unconditional, to pay the principal of, premium, if any, and interest on this Note at the time, place, and rate, and in the coin or currency, herein prescribed unless otherwise agreed between the Issuer and the
registered Holder of this Note. 
 Prior to due presentment of this Note for registration of transfer, the Issuer, the Trustee and any agent
of the Issuer or the Trustee may treat the Holder in whose name this Note is registered as the owner hereof for all purposes, whether or not this Note be overdue, and none of the Issuer, the Trustee or any such agent shall be affected by notice to
the contrary. 
 No recourse shall be had for the payment of the principal of, premium, if any, or the interest on this Note, for any claim
based hereon, or otherwise in respect hereof, or based on or in respect of the Senior Indenture or any indenture supplemental thereto, against any incorporator, shareholder, officer or director, as such, past, present or future, of the Issuer or of
any successor corporation, either directly or through the Issuer or any successor corporation, whether by virtue of any constitution, statute or rule of law or by the enforcement of any assessment or penalty or otherwise, all such liability being,
by the acceptance hereof and as part of the consideration for the issue hereof, expressly waived and released. 
 This Note shall for all
purposes be governed by, and construed in accordance with, the laws of the State of New York, except as may be required by mandatory provisions of law. 

All terms used in this Note which are defined in the Senior Indenture and not otherwise defined herein shall have the meanings assigned to
them in the Senior Indenture. 

  
 8 

 ABBREVIATIONS 

The following abbreviations, when used in the inscription on the face of this instrument, shall be construed as though they were written out
in full according to applicable laws or regulations: 
 TEN COM – as tenants in common 

TEN ENT – as tenants by the entireties 

JT TEN – as joint tenants with right of survivorship and not as tenants in common 

UNIF GIFT MIN ACT – _________________________ Custodian ___________________ 

                       
         (Minor)                               
                 (Cust) 
 Under Uniform Gifts to Minors
Act     ____________________ 

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

  
 9 

 FOR VALUE RECEIVED, the undersigned hereby sell(s), assign(s) and transfer(s) unto 

	
	
	   

	[PLEASE INSERT SOCIAL SECURITY OR OTHER
	 IDENTIFYING NUMBER OF ASSIGNEE]

  

	
	 
	 
	 
	[PLEASE PRINT OR TYPE NAME AND ADDRESS, INCLUDING ZIP CODE, OF ASSIGNEE]

 the within Note and all rights thereunder, hereby irrevocably constituting and appointing such person attorney to transfer
such note on the books of the Issuer, with full power of substitution in the premises. 
  

									
	Dated:	 	 	 	    	  		  	 
		 		 		  		  	Name:

  
 10 

 OPTION TO ELECT REPAYMENT 

The undersigned hereby irrevocably requests and instructs the Issuer to repay the within Note (or portion thereof specified below) pursuant to
its terms at a price equal to the principal amount thereof, together with interest to the Change of Control Payment Date, to the undersigned at 
  

	
	 
	 
	 

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

If less than the entire principal amount of the within Note is to be repaid, specify the portion thereof which the Holder elects to have
repaid: _______________; and specify the denomination or denominations (which shall not be less than the minimum authorized denomination) of the Notes to be issued to the Holder for the portion of the within Note not being repaid (in the absence of
any such specification, one such Note will be issued for the portion not being repaid): ________________. 
  

							
	Dated:	 	 	 		  	 
		 		 	    	  	 Name:
  

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

  
 11

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