Document:

EX-4.3

 Exhibit 4.3 

Unless this certificate is presented by an authorized representative of Euroclear Bank S.A./N.V. (“Euroclear”) and Clearstream Banking,
société anonyme (“Clearstream” and, together with Euroclear, “Euroclear/Clearstream”), to the Company or its agent for registration of transfer, exchange, or payment, and any certificate issued is registered in the
name of The Bank of New York Depository (Nominees) Limited or in such other name as is requested by an authorized representative of Euroclear/Clearstream (and any payment is made to The Bank of New York Depository (Nominees) Limited or to such other
entity as is requested by an authorized representative of Euroclear/Clearstream), ANY TRANSFER, PLEDGE, OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL inasmuch as the registered owner hereof, The Bank of New York
Depository (Nominees) Limited, has an interest herein. 
 BECTON, DICKINSON AND COMPANY 

1.900% Notes due December 15, 2026 
  

			
	ISIN:	  	XS1531347661
	Common Code:	  	153134766
	CUSIP No.:	  	075887 BP3

  

			
	No. 1	  	€500,000,000

 BECTON, DICKINSON AND COMPANY, a New Jersey corporation (such corporation, and its successors and assigns under the Indenture
hereinafter referred to, being herein called the “Company”) for value received, hereby promises to pay to THE BANK OF NEW YORK DEPOSITORY (NOMINEES) LIMITED, as nominee of The Bank of New York Mellon, London Branch, as common depositary
for Euroclear Bank, S.A./N.V. (“Euroclear”) and Clearstream Banking, société anonyme (“Clearstream”), or registered assigns, the principal sum of €500,000,000 on December 15, 2026 and to pay interest, on
December 15 of each year, commencing December 15, 2017, on said principal sum at the rate of 1.900% per annum, from December 9, 2016 or from the most recent interest payment date to which interest has been paid or provided for, as the case may
be, until payment of said principal sum has been made or duly provided for.
 The interest so payable on any December 15 shall, subject
to certain exceptions provided in the Indenture referred to on the reverse hereof, be paid to the person in whose name this Note is registered at the close of business on the Business Day immediately preceding the applicable interest payment
date. Interest will be computed on the basis of the actual number of days in the period for which interest is being calculated and the actual number of days from and including the last date on which interest was paid (or from December 9, 2016,
if no interest has been paid), to but excluding the next scheduled interest payment date. This payment convention is referred to as ACTUAL/ACTUAL (ICMA) as defined in the rulebook of the International Capital Market

 
Association. If any interest payment date is not a Business Day, payment of interest will be made on the next day that is a Business Day and no interest will accrue as a result of such delayed
payment on amounts payable from and after such interest payment date to the next succeeding Business Day. 
 “Business Day” means
any day that is not a Saturday or Sunday and that is not a day on which banking institutions are authorized or obligated by law or executive order to close in the City of New York or London and on which the Trans-European Automated Real-time Gross
Settlement Express Transfer system (the TARGET2 system), or any successor thereto, operates. 
 Payment of the principal of and interest on
this Note will be made at the office or agency of the Company maintained for that purpose in the City of London, England, which shall be initially the corporate trust office of The Bank of New York Mellon, London Branch, located at One Canada
Square, London E14 5AL. 
 All payments of interest and principal, including payments made upon any redemption of this Note, will be made in
euro; provided, that if on or after December 1, 2016, the euro is unavailable to the Company due to the imposition of exchange controls or other circumstances beyond the Company’s control or if the euro is no longer being used by the then
member states of the European Monetary Union that have adopted the euro as their currency or for the settlement of transactions by public institutions of or within the international banking community, then all payments in respect of this Note will
be made in U.S. dollars until the euro is again available to the Company or so used. The amount payable on any date in euro will be converted into U.S. dollars at the rate mandated by the U.S. Federal Reserve Board as of the close of business on the
second Business Day prior to the relevant payment date or, in the event the U.S. Federal Reserve Board has not mandated a rate of conversion, on the basis of the most recent U.S. dollar/euro exchange rate available on or prior to the second Business
Day prior to the relevant payment date, as determined by the Company in its sole discretion. Any payment in respect of this Note so made in U.S. dollars will not constitute an Event of Default with respect to the Notes of this series or under the
Indenture governing the Notes. 
 “euro” and “€” means the lawful currency of the member states of the European
Monetary Union that have adopted the euro as their currency. 
 Reference is made to the further provisions of this Note set forth on the
reverse hereof. Such further provisions shall for all purposes have the same effect as though fully set forth at this place. 
 This Note
shall not be valid or become obligatory for any purpose until the certificate of authentication hereon shall have been signed by the Trustee under the Indenture referred to on the reverse hereof. 

  
 -2- 

 IN WITNESS HEREOF, Becton, Dickinson and Company has caused this Note to be executed in its name
and on its behalf by the signatures of two of its officers authorized to execute Securities pursuant to the Indenture and has caused its corporate seal to be affixed hereunto or imprinted hereon. 

Dated: December 9, 2016 
  

					
	BECTON, DICKINSON AND COMPANY
		
	By	 	  

		 	Name:	 	Christopher R. Reidy
		 	Title:	 	Executive Vice President, Chief Financial Officer and Chief Administrative Officer
		
	By	 	  

		 	Name:	 	John E. Gallagher
		 	Title:	 	Senior Vice President, Corporate Finance, Controller and Treasurer

 TRUSTEE’S CERTIFICATE OF AUTHENTICATION 

This Note is one of the Securities of the series referred to herein issued pursuant to the within-mentioned Indenture.

 Dated: December 9, 2016 
  

			
	THE BANK OF NEW YORK MELLON TRUST COMPANY, N.A.
		 	as Trustee
		
	By	 	  

		 	Name:
		 	Title:

 [Reverse of Security] 

BECTON, DICKINSON AND COMPANY 

1.900% Notes due December 15, 2026 

This Note is one of a duly authorized issue of debentures, notes or other evidences of indebtedness of the Company (herein called the
“Securities”) of the series hereinafter specified, all issued or to be issued under and pursuant to an Indenture, dated as of March 1, 1997 (as amended or supplemented, herein called the “Indenture”), duly executed and delivered
by the Company and The Bank of New York Mellon Trust Company, N.A., as successor to JPMorgan Chase Bank (formerly known as The Chase Manhattan Bank), as Trustee (herein called the “Trustee”), to which the Indenture and all indentures
supplemental thereto reference is hereby made for a statement of the respective rights, limitations of rights, duties, obligations and immunities thereunder of the Company, the Trustee and the holders of the Securities. The Securities may be
issued in one or more series, which different series may be issued in various aggregate principal amounts, may mature at different times, may bear interest (if any) at different rates, may be subject to different redemption provisions (if any), may
be subject to different sinking, purchase or analogous funds (if any) and may otherwise vary as in the Indenture provided. This Note is one of a series designated as the 1.900% Notes due December 15, 2026 (the “Notes”) limited in
aggregate principal amount to €500,000,000 (except as in the Indenture provided), issued in minimum denominations of €100,000 and integral multiples of €1,000 in excess thereof. The Company may, from time to time, without the
consent of the existing holders of the Notes, issue additional notes under the Indenture having the same terms as the Notes in all respects, except for issue date, issue price and the initial interest payment date. Any such additional notes
shall be consolidated with and form a single series with the Notes. Terms defined in the Indenture have the same definitions herein unless otherwise specified. The Notes are governed by the laws of the State of New York. 

Initially, The Bank of New York Mellon, London Branch will act as Paying Agent. The Bank of New York Mellon Trust Company, N.A. will initially
act as Registrar for the Notes. The Company may change any Paying Agent upon notice to the Trustee. 
 In case an Event of Default, as
defined in the Indenture, with respect to the Notes shall have occurred and be continuing, the principal hereof and interest hereon may be declared, and upon such declaration shall become, due and payable, in the manner, with the effect and subject
to the conditions provided 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 of any series at any time by the Company and the Trustee with the consent of the holders of a majority in aggregate principal amount of
the outstanding Securities of such series, each affected series voting separately. The Indenture also contains provisions 

 
permitting the holders of a majority in aggregate principal amount of the outstanding Securities of any series, on behalf of the holders of all the Securities of such series, to waive certain
past defaults under the Indenture and their consequences. Any such consent or waiver by or on behalf of the holder of this Note shall be conclusive and binding upon such holder and upon all future holders of this Note and of any Note issued
upon the registration of transfer hereof or in exchange hereof or in lieu hereof whether or not notation of such consent or waiver is made upon this Note or such other Note. 

Subject to the terms of the Indenture, the Company may elect either (i) to defease and be discharged from any and all obligations with respect
to the Notes or (ii) to be released from its obligations with respect to certain covenants applicable to the Notes, upon compliance by the Company with certain conditions set forth therein, which provisions apply to this Note. 

No reference herein to the Indenture and no provision of this Note or of the Indenture shall alter or impair the obligation of the Company,
which is absolute and unconditional, to pay the principal of and interest on this Note at the place, at the respective times, at the rate and in the coin or currency prescribed herein. 

The Notes are redeemable as a whole or in part at the option of the Company at any time prior to September 15, 2022, at a redemption price
equal to the greater of (1) 100% of the principal amount of the Notes to be redeemed and (2) the sum of the present values of the remaining scheduled payments on the notes being redeemed, discounting such payments to the redemption date on an annual
basis (ACTUAL/ACTUAL (ICMA)) at the applicable Comparable Government Bond Rate, plus 25 basis points, plus in each case, accrued and unpaid interest to the date of redemption on the principal balance of the Notes being redeemed. The Trustee
shall have no responsibility for calculating the redemption price. 
 The Notes are redeemable, as a whole or in part at the option of the
Company at any time on or after September 15, 2022, at a redemption price equal to 100% of the principal amount of the Notes to be redeemed, plus accrued and unpaid interest to the date of redemption on the principal balance of the Notes being
redeemed. 
 For the purposes hereof: 

“Comparable Government Bond Rate” means the yield to maturity, expressed as a percentage (rounded to three decimal places, with
0.0005 being rounded upwards), on the third Business Day prior to the date fixed for redemption, of the Comparable Government Bond on the basis of the middle market price of the Comparable Government Bond prevailing at 11:00 a.m. (London time) on
such Business Day as determined by an independent investment bank selected by the Company. 
 “Comparable Government Bond” means,
in relation to any Comparable Government Bond Rate calculation, at the discretion of an independent investment bank selected by the Company, a German federal government bond whose maturity is closest to the maturity of the

 
Notes to be redeemed, or if such independent investment bank in its discretion determines that such similar bond is not in issue, such other German federal government bond as such independent
investment bank may, with the advice of three brokers of, and/or market makers in, German federal government bonds selected by the Company, determine to be appropriate for determining the Comparable Government Bond Rate. 

“Remaining Scheduled Payments,” means, with respect to each Note, the remaining scheduled payments of the principal and interest
thereon that would be due after the related redemption date but for such redemption; provided, however, that, if such redemption date is not an interest payment date with respect to such Note, the amount of the next scheduled interest
payment thereon will be reduced by the amount of interest accrued thereon to such redemption date. 
 Notice of any redemption described
above shall be mailed or otherwise transmitted in accordance with the applicable procedures of Euroclear or Clearstream to each holder of the Notes or portions thereof called for redemption not less than 30 days and not more than 60 days before the
redemption date. On and after any redemption date, the Notes or any portion of the Notes called for redemption shall stop accruing interest. On or before any redemption date, the Company shall deposit with the Paying Agent or the Trustee
money sufficient to pay the accrued interest on the Notes to be redeemed and their redemption price. If less than all of the Notes are redeemed, such Notes should be redeemed pursuant to applicable Depositary procedures or by such method as the
Paying Agent shall deem fair and appropriate in accordance with the applicable procedures of Euroclear and Clearstream and may provide for selection for redemption of portions (equal to €100,000 or any integral multiple of €1,000 in excess
thereof) of the principal amount of such Note of a denomination larger than €100,000. 
 Upon the occurrence of a Change of Control
Triggering Event, unless the Company has exercised its right to redeem the Notes as described above, each holder of outstanding Notes shall have the right to require the Company to purchase all or a portion of that holder’s Notes (in integral
multiples of €1,000) (a “Change of Control Offer”) at a purchase price equal to 101% of the principal amount thereof plus accrued and unpaid interest, if any, to the date of purchase (the “Change of Control Payment”),
subject to the rights of holders of Notes on the relevant record date to receive interest due on the relevant interest payment date. For purposes hereof: 

“Change of Control” means the occurrence of any one of the following: 

(i) the direct or indirect sale, lease, transfer, conveyance or other disposition (other than by way of merger or consolidation), in one or a
series of related transactions, of all or substantially all of the assets of the Company and its subsidiaries taken as a whole to any Person (including any “person” (as that term is used in Section 13(d)(3) of the Securities Exchange Act
of 1934 (the “Exchange Act”))) other than to the Company or one of its subsidiaries; 
 (ii) the consummation of any transaction
(including without limitation, any merger or consolidation) the result of which is that any Person (including any “person” (as that term is 

 
used in Section 13(d)(3) of the Exchange Act)) becomes the “beneficial owner” (as defined in Rules 13d-3 and 13d-5 under the Exchange Act), directly or indirectly, of more than 50% of
the outstanding Voting Stock of the Company, measured by voting power rather than number of shares; 
 (iii) the Company consolidates with,
or merges with or into, any Person, or any Person consolidates with, or merges with or into, the Company, in any such event pursuant to a transaction in which any of the outstanding Voting Stock of the Company or such other Person is converted into
or exchanged for cash, securities or other property, other than any such transaction where the shares of the Voting Stock of the Company outstanding immediately prior to such transaction constitute, or are converted into or exchanged for, a majority
of the Voting Stock of the surviving Person immediately after giving effect to the transaction; or 
 (iv) the adoption of a plan relating
to the liquidation or dissolution of the Company. 
 Notwithstanding the foregoing, a transaction shall not be considered to be a Change of
Control if: (a) the Company becomes a direct or indirect wholly-owned subsidiary of a holding company and (b)(x) immediately following that transaction, the direct or indirect holders of the Voting Stock of the holding company are substantially the
same as the holders of the Company’s Voting Stock immediately prior to that transaction or (y) immediately following that transaction, no Person is the beneficial owner, directly or indirectly, of more than 50% of the Voting Stock of such
holding company. 
 “Change of Control Triggering Event” means the Notes cease to be rated Investment Grade by each of the two
Rating Agencies on any date during the period (the “Trigger Period”) commencing on the date of the first public announcement by the Company of any Change of Control (or pending Change of Control) and ending 60 days following consummation
of that Change of Control (which Trigger Period shall be extended following consummation of a Change of Control for so long as either of the Rating Agencies has publicly announced that it is considering a possible ratings downgrade). Unless the
two Rating Agencies are providing a rating for the Notes at the commencement of any Trigger Period, the Notes shall be deemed to have ceased to be rated Investment Grade by the two Rating Agencies during that Trigger Period. Notwithstanding the
foregoing, no Change of Control Triggering Event shall be deemed to have occurred in connection with (i) any particular Change of Control unless and until such Change of Control has actually been consummated or (ii) any reduction in rating if the
Rating Agencies making the reduction in rating to which this definition would otherwise apply do not announce or publicly confirm or inform the trustee in writing at its request that the reduction was the result, in whole or in part, of any event or
circumstance comprised of or arising as a result of, or in respect of, a Change of Control (whether or not the Change of Control shall have occurred at the time of the reduction in rating). In no event shall the Trustee be charged with the
responsibility of monitoring the Company’s ratings. 
 “Investment Grade” means a rating of Baa3 or better by Moody’s
(or its equivalent under 

 
any successor rating category of Moody’s); and a rating of BBB- or better by S&P (or its equivalent under any successor rating category of S&P) or the equivalent investment grade
credit rating from any additional Rating Agency or Rating Agencies selected by the Company in accordance with the definition of “Rating Agency.” 

“Moody’s” means Moody’s Investors Service, Inc., a subsidiary of Moody’s Corporation, and its successors. 

“Person” means any individual, corporation, partnership, joint venture, association,
joint-stock company, trust, unincorporated organization, limited liability company or government or other entity. 

“Rating Agency” means each of Moody’s and S&P; provided, that if any of Moody’s or S&P ceases to provide rating
services to issuers or investors or fails to make a rating of the Notes publicly available for reasons outside of the Company’s control, the Company may appoint a replacement for that Rating Agency. 

“S&P” means S&P Global Ratings and its successors. 

“Voting Stock” of any specified Person as of any date means the capital stock of that Person that is at the time entitled to vote
generally in the election of the board of directors of that Person. 
 Within 30 days following the date upon which the Change of Control
Triggering Event has occurred, or at the Company’ s option, prior to any Change of Control but after the public announcement of the pending Change of Control, the Company shall send, in accordance with the applicable procedures of Euroclear or
Clearstream, a notice to each holder of the Notes, with a copy to the Trustee, which notice shall govern the terms of the Change of Control Offer. The notice shall describe the transaction or transactions constituting the Change of Control
Triggering Event and offer to repurchase the Notes on the purchase date, which must be no earlier than 30 days nor later than 60 days from the date the notice is sent, other than as may be required by law (the “Change of Control Payment
Date”). If the notice is sent prior to the date of consummation of the Change of Control, it shall state that the Change of Control Offer is conditioned on the Change of Control being consummated on or prior to the Change of Control
Payment Date. 
 If holders of Notes elect to have Notes purchased pursuant to a Change of Control Offer, they must surrender their Notes,
with the form entitled “Option of Holder to Elect Purchase” on the reverse of this Note completed, to the Paying Agent at the address specified in the notice, or transfer their Notes to the Trustee by book-entry transfer pursuant to the
applicable procedures of the Paying Agent, prior to the close of business on the third Business Day prior to the Change of Control Payment Date. On or prior to 10:00 a.m., London time, on the Business Day immediately preceding the Change of
Control Payment Date, the Company shall, to the extent lawful, deposit with the Paying Agent or the Trustee an amount equal to the Change of Control 

 
Payment in respect of all the Notes or portions of the Notes properly tendered. 
 The
Change of Control Offer may be accepted for less than the entire principal amount of a Note, but in that event the principal amount of such Note remaining outstanding after repurchase must be equal to €100,000 or an integral multiple of
€1,000 in excess thereof. On the Change of Control Payment Date, the Company shall, to the extent lawful, (i) accept for payment all Notes or portions of Notes properly tendered pursuant to the Change of Control Offer and (ii) deliver
or cause to be delivered to the Trustee the Notes properly accepted. The Paying Agent or the Trustee, as applicable, shall promptly deliver to each holder of the Notes properly tendered the Change of Control Payment for such Notes, and the
Trustee shall promptly authenticate and mail (or cause to be transferred by book entry) to each holder of the Notes a new Note equal in principal amount to any unpurchased portion of the Notes surrendered, if any. 

The Company shall not be required to make a Change of Control Offer if a third party makes such an offer in the manner, at the times and
otherwise in compliance with the requirements for such an offer made by the Company and that third party purchases all Notes properly tendered and not withdrawn under its offer. To the extent that the provisions of any securities laws or
regulations conflict with the provisions herein, the Company shall comply with the applicable securities laws and regulations and shall not be deemed to have breached its obligations under the provisions herein by virtue of such conflicts. 

Upon the presentment for registration of transfer of this Note at the office or agency of the Company designated for such purpose pursuant to
the Indenture, a new Note or Notes of authorized denominations for an equal aggregate principal amount shall be issued to the transferee in exchange therefor, subject to the limitations provided in the Indenture, without charge except for any tax or
other governmental charge imposed in connection therewith. 
 Prior to due presentment for registration of transfer of this Note, the
Company, the Trustee or any Note registrar, co-registrar, paying agent or authenticating agent, may deem and treat the registered holder hereof as the absolute owner of this Note (whether or not this Note shall be overdue and notwithstanding any
notation of ownership or other writing hereon), for the purpose of receiving payment hereof, or an account hereof, and for all other purposes, and the Company, the Trustee and any Note registrar, co-registrar, paying agent and authenticating agent
shall not be affected by any notice to the contrary. 
 Additional Amounts 

The Company shall, subject to the exceptions and limitations set forth below, pay as additional interest on the Notes such additional amounts
as are necessary in order that the net payment by the Company or a Paying Agent of the principal of and interest on the Notes to a holder who is not a United States Person, after withholding or deduction solely with respect to any present or future
tax, assessment or other governmental charge imposed by the United States or a taxing authority in the United States, will not be less than the amount provided in the Notes to be then due and payable; provided, however, that the foregoing obligation
to pay additional 

 
amounts will not apply: 
  

	 	•	 	to any tax, assessment or other governmental charge that would not have been imposed but for the holder (or the beneficial owner for whose benefit such holder holds the Notes), or a fiduciary, settlor, beneficiary,
member or shareholder of the holder, or a person holding a power over an estate or trust administered by a fiduciary holder, being treated as: 

  

	 	•	 	being or having been present in, or engaged in a trade or business in, the United States, or having or having had a permanent establishment in the United States; 

 

	 	•	 	having a current or former connection with the United States (other than a connection arising solely as a result of the ownership of the Notes, the receipt of any payment in respect of the Notes or the enforcement of
any rights under the Indenture), including being or having been a citizen of the United States or treated as being or having been a resident thereof; 

  

	 	•	 	being or having been a personal holding company, a passive foreign investment company or a controlled foreign corporation for United States federal income tax purposes, a foreign tax exempt organization, or a
corporation that has accumulated earnings to avoid United States federal income tax; 

  

	 	•	 	being or having been a “10-percent shareholder”, as defined in section 871(h)(3) of the United States Internal Revenue Code of 1986, as amended (the “Code”), or any successor provision, of the
Company; or 

  

	 	•	 	being a bank receiving payments on an extension of credit made pursuant to a loan agreement entered into in the ordinary course of its trade or business, within the meaning of section 881(c)(3) of the Code or any
successor provision; 

  

	 	•	 	to any holder that is not the sole beneficial owner of the Notes, or a portion thereof, or that is a fiduciary, partnership or limited liability company, but only to the extent that a beneficiary or settlor with respect
to the fiduciary, or a beneficial owner or member of the partnership or limited liability company would not have been entitled to the payment of an additional amount had the beneficiary, settlor, beneficial owner or member received directly its
beneficial or distributive share of the payment; 

  

	 	•	 	 to any tax, assessment or other governmental charge that would not have been imposed but for the failure of the
holder or any other person to comply with certification, identification or information reporting requirements concerning the nationality, residence, identity or connection with the United States of the holder or beneficial owner of the Notes, if
compliance is required by statute, by regulation of the United States or any taxing authority therein or by an 

	 	 
applicable income tax treaty to which the United States is a party as a precondition to exemption from such tax, assessment or other governmental charge; 

 

	 	•	 	to any tax, assessment or other governmental charge that is imposed otherwise than by withholding by the Company or a Paying Agent from the payment; 

 

	 	•	 	to any estate, inheritance, gift, sales, excise, transfer, wealth, capital gains or personal property tax or similar tax, assessment or other governmental charge; 

 

	 	•	 	to any tax, assessment or other governmental charge that would not have been imposed but for the presentation by the holder of the Notes, where presentation is required, for payment on a date more than 30 days after the
date on which payment became due and payable or the date on which payment thereof is duly provided for, whichever occurs later; 

  

	 	•	 	to any tax assessment or other governmental charge required to be withheld or deducted that is imposed on a payment pursuant to sections 1471 through 1474 of the Code (or any amended or successor version of such
sections that is substantively comparable and not materially more onerous to comply with), any Treasury Regulations promulgated thereunder, or any other official interpretations thereof (collectively, “FATCA”), any agreement (including any
intergovernmental agreement) entered into in connection therewith, or any law, regulation or other official guidance enacted in any jurisdiction implementing FATCA or an intergovernmental agreement in respect of FATCA; 

 

	 	•	 	any tax assessment or other governmental charge that is imposed or withheld solely by reason of a change in law, regulation, or administrative or judicial interpretation that becomes effective more than 15 days after
the payment becomes due or is duly provided for, whichever occurs later; 

  

	 	•	 	any tax, assessment or other governmental charge that is imposed by reason of the failure of the beneficial owner to fulfill the statement requirements of section 871(h) or section 881(c) of the Code; 

 

	 	•	 	any tax imposed pursuant to section 871(h)(6) or section 881(c)(6) of the Code (or any amended or successor provisions); or 

  

	 	•	 	in the case of any combination of the above bulleted items under this heading “Additional Amounts.” 

Except as specifically provided herein, the Company will not be required to pay additional amounts in respect of any tax, assessment or other
governmental charge. 

 “United States” as used under this heading “Additional Amounts” means
the United States of America, any state thereof, and the District of Columbia. 
 “United States Person” as used under this
heading “Additional Amounts” means (i) any individual who is a citizen or resident of the United States for United States federal income tax purposes, (ii) a corporation, partnership or other entity created or organized in or under the
laws of the United States, any state thereof or the District of Columbia (other than a partnership that is not treated as a United States person for United States federal income tax purposes), (iii) any estate the income of which is subject to U.S.
federal income taxation regardless of its source, or (iv) any trust if a United States court can exercise primary supervision over the administration of the trust and one or more united states persons can control all substantial trust decisions, or
if a valid election is in place to treat the trust as a United States person. 
 If, as a result of any change in, or amendment to, the laws
of the United States or the official interpretation thereof that is announced or becomes effective on or after December 1, 2016, the Company becomes or, based upon a written opinion of independent counsel selected by the Company, will become
obligated to pay additional amounts as described above under this heading “Additional Amounts” with respect to the Notes, then the Company may at any time at its option redeem, in whole, but not in part, the Notes on not less than 30 nor
more than 60 days’ prior notice, at a redemption price equal to 100% of their principal amount, plus accrued and unpaid interest on the Notes to be redeemed to, but not including, the date fixed for redemption. 

 OPTION OF HOLDER TO ELECT PURCHASE 

If you want to elect to have this Note purchased by the Company pursuant to a Change of Control Offer, check the appropriate box below: 

[    ] Change of Control Offer 

If you want to elect to have only part of this Note purchased by the Company pursuant to a Change of Control Offer, state the amount you elect
to have purchased: 
 €         (amount must be in integral multiples of €1,000; the
amount accepted shall be such that the principal amount of your Notes remaining outstanding after repurchase shall be equal to €100,000 or an integral multiple of €1,000 in excess thereof.) 

 

							
	Date:	 	  
	 	Your Signature:	 	  

				
		 		 		 	(Sign exactly as your name appears on the face of this Note)
				
		 		 	Tax Identification No.:	 	  

 Signature Guarantee*:     

 

	*	Participant in a recognized Signature Guarantee Medallion Program (or other signature guarantor acceptable to the Trustee).Blue Sphere Corporation S-1

 

Exhibit 10.32 

 

WASTE DELIVERY AGREEMENT

 

This WASTE DELIVERY
AGREEMENT (this “Agreement”), is made and entered into effective as of this 13th day of October, 2016 (the “Effective
Date”) by and among ORBIT ENERGY RHODE ISLAND, LLC. a Rhode Island limited liability company (“Receiver”), and
RENEWABLE ORGANICS MANAGEMENT, LLC, a Vermont, limited liability company (“Supplier”). Receiver and Supplier shall
be collectively referred to as the “Parties”, and each individually a “Party.”

 

RECITALS

 

WHEREAS, Receiver
is developing an anaerobic digestion biogas to energy plant located at the corner of Scituate Road and Old Pocaset Road, Johnson,
Rhode Island (the “Facility”) to convert certain organic waste materials (as more particularly set forth in Schedule
Ito this Agreement, “Conforming Waste”) into biogas to generate electricity and other end-use products and will accept
Conforming Waste for a tipping fee at the Facility as specified on Schedule 4 to this Agreement (the “Tipping Fee”)
from Supplier and other waste generators and waste haulers for use in the Facility’s digesters under the terms of this Agreement;

 

WHEREAS, Supplier operates a business
that generates and or transports Conforming Waste;

 

WHEREAS, Receiver desires to accept
and Supplier desires to deliver Conforming Waste in accordance with the terms and provisions hereof.

 

NOW, THEREFORE, in consideration
of the premises and the mutual covenants and agreements of the Parties hereinafter set forth it is hereby agreed by and between
the Parties hereto as follows:

 

		1.	Term. Receiver shall notify Supplier in writing (the “Commencement Date Notice”)
of the anticipated date on which the Facility shall commence to receive Conforming Waste (the “Commencement Date”),
which shall be no fewer than twenty (20) calendar days following the delivery of the Commencement Date Notice. This Agreement shall
take effect on the Effective Date and shall remain in effect for a period of five (5) years from the Commencement Date (the “Term”)
unless terminated under the provisions of Section 5. Provided that Supplier is not in default of its obligations in this Agreement,
Supplier shall have the option to extend the Term by an additional five (5) years commencing immediately at the expiration of the
initial Term (the “Option”) by providing Receiver with ninety (90) days written notice prior to the expiration of the
initial Term.

 

		2.	Delivery and Acceptance of Conforming Waste.

 

		(A)	Commencing on the Commencement Date and for the remainder of the Term, Supplier shall deliver Conforming Waste, and Receiver
shall accept Conforming Waste, at the Facility in accordance with the delivery schedule attached hereto as Schedule 2 (the “Delivery
Schedule”). The Delivery Schedule shall provide fora minimum delivery of 250 short tons of Conforming Waste per Delivery
Day (the “Minimum Daily Delivery Quantity”) and a maximum delivery of 320 short tons of Conforming Waste per
Delivery Day (the “Maximum Daily Delivery Quantity”) as provided on the Delivery Schedule. “Delivery Day’
means Monday through Friday between 8 AM and 5 PM prevailing Eastern Time and Saturday between 8 AM and 2 PM prevailing Eastern
Time. Supplier shall deliver Waste to the Facility only on Delivery Days, except as otherwise mutually agreed by the Parties.

 

		(B)	If Supplier will be unable to deliver the Minimum Daily Delivery Quantity for five (5) consecutive days, Supplier shall notify
Receiver at least seven (7) days prior to such anticipated missed delivery.

 

		(C)	Receiver shall not be obligated to accept any quantity of Conforming Waste above the Maximum Daily
Delivery Quantity, but may, from time to time, elect to do so at its sole discretion by written notice to Supplier. For any Conforming
Waste in excess of the Maximum Daily Delivery Quantity tendered for Delivery at the Facility but not accepted by Receiver (the
“Excess Waste”), Supplier shall have sole responsibility for (i) the cost of transporting such Excess Waste from the
Facility and (ii) the legal disposal of the Excess Waste.

 

		(D)	Supplier shall deliver only Conforming Waste to the Facility. Receiver has no obligation to accept
any waste other than Conforming Waste (“Nonconforming Waste”, together with Conforming Waste, the “Waste”)
at the Facility. Receiver shall be entitled to inspect each delivery of materials and reject any such delivery. If Receiver
deems, in its reasonable discretion, any delivered Waste to be Nonconforming Waste, Supplier shall be solely responsible for (i)
the cost of transporting such Nonconforming Waste from the Facility and (ii) the lawful disposal of the Nonconforming Waste.

 

     

     

    

 

		(E)	Supplier shall notify Receiver immediately on the arrival of a shipment of Conforming Waste at
the Facility, which notification shall include a property completed waste transfer note in the form required by applicable law
and attached hereto as Schedule 3. Upon arrival at the Facility, the driver shall deliver a copy of such waste transfer note to
appropriate personnel at the site office.

 

		(F)	Supplier shall be responsible for the cost of collecting, transporting and unloading the Conforming
Waste delivered to the Receiver. All drivers delivering Waste to the Facility shall be appropriately trained and shall wear suitable
personal protective gear.

 

		(G)	All Conforming Waste delivered to the Facility by or on behalf of the Supplier shall be supplied
by the Supplier free from all third party rights or interests. Title to and liability for Conforming Waste shall pass to Receiver
upon delivery to and acceptance by Receiver at the Facility. Title to and liability for Nonconforming Waste shall remain
with Supplier; provided, however, if Receiver fails to reject such Nonconforming Waste in accordance with this Section 2, title
to and liability for Nonconforming Waste shall pass to Receiver upon acceptance of Waste by Receiver at the Facility,

 

		(H)	Conforming Waste shall be weighed by Receiver, in accordance with local jurisdiction law and accepted
industry practices, by scales maintained by Receiver at the Facility and periodically tested, calibrated and certified by
the Rhode Island Department of Labor and Training. The Parties shall use such weights as required for any fees related to
the Waste.

 

		3.	Price; Payment.

 

		(A)	Supplier shall pay to Receiver a Tipping Fee as specified an the pricing schedule attached hereto
as Schedule 4 (the “Pricing Schedule”) per short ton of Conforming Waste.

 

		(B)	Weekly during the Term, Receiver shall provide to Supplier an invoice (an “Invoice”)
that includes (i) the quantities of Conforming Waste, (ii) the applicable Tipping Fee, and (iii) the total amount due to Supplier
for the prior week (the “Weekly Payment”), Payment shall be due no later than thirty (30) days following the date of
the Invoice (the “Due Date”).

 

		(C)	If the Supplier reasonably and in good faith disputes any Invoice or any portion thereof, Supplier
shall pay the amount in dispute by the Due Date and shall give the Receiver notice in writing of such dispute (“Dispute Notice”)
on or prior to the Due Date for such Invoice (the “Dispute Period”), including reasonable documentation to support
Supplier’s position, If Supplier fails to provide a Dispute Notice within the Dispute Period, the Invoice shall be deemed
to have been accepted in full. Upon timely receipt of a Dispute Notice by Receiver, the Parties shall attempt to resolve such dispute
amicably. Upon resolution of any disputed amount, the agreed-upon amount shall be adjusted up or down, as the case may be, on the
next Invoice. Notwithstanding the above, all Weekly Payments, including those that are currently disputed, shall continue to be
paid in accordance with the above paragraph.

 

		4.	Default; Remedies.

 

		(A)	The following shall be considered events of default (each a “Default”):

 

		1.	The other Party (the “Defaulting Party”) (1) becomes insolvent and commences a voluntary
proceeding seeking liquidation, reorganization or other relief with respect to itself or its debts or other liabilities; (ii) has
a receiver appointed by or for it (and such receiver appointed for it is not discharged or otherwise removed within 60 days after
appointment); (iii) has a petition in bankruptcy or reorganization filed by or against it (and in the case of an involuntary petition,
such petition is not dismissed or stayed within 60 days); (iv) commits a material breach of its representations or warranties for
which there shall be no cure; (v) assigns this Agreement in violation of Section 6; (vi) commits a material breach of its covenants
or obligations under this Agreement and fails to cure or diligently prosecute the cure within thirty (30) days following written
notice of such alleged breach from the non-breaching Party to the allegedly breaching Party; provided, however, that if the breach
is of a nature that cannot reasonably be cured within such thirty (30) day period following written notice, then such period shall
be extended for an additional thirty (30) days; or (vu) ceases to do business at any time for thirty (30) consecutive days.

 

     

     

    

 

		2.	Supplier fails to deliver at least the Minimum Daily Delivery Quantity for fourteen (14) consecutive
Delivery Days and in the fourteen (14) days thereafter fails to deliver such amounts of Conforming Waste (i) to satisfy its Minimum
Daily Delivery Quantity and (ii) to make up for the shortfall of Conforming Waste from the preceding fourteen (14) day period.

 

		3.	Supplier fails to deliver any Conforming Waste for a period of seven (7) consecutive days; or

 

		4.	Supplier fails to pay any amount due under this Agreement by the Due Date, which failure continues
for a period of at least fifteen (15) days following notice thereof delivered by Receiver.

 

		(B)	With the exception of the Default provided in Section 4(A)(2) above, if at any time a Default has
occurred, the other Party (the “Non-Defaulting Party”) will, without limiting the rights or remedies available to the
Non-Defaulting Party under this Agreement or applicable law, have the right:

 

		1.	To terminate this Agreement by providing the Defaulting Party written notice of the termination
date which shall be no less than thirty (30) days after the date such notice is provided by the Non-Defaulting Party;

 

		2.	To withhold any payments due to the Defaulting Party under this Agreement; or

 

		3.	To suspend performance due to the Defaulting Party under this Agreement.

 

		(C)	With regard to the Default provided in Section 4(A)(2) above, if at any time such a Default occurs,
Receiver shall have the tight, in its sole and absolute discretion, to either (1) terminate this Agreement as provided in Section
4(B)(l) above, or (2) present anew Waste Delivery Agreement for consideration by the Supplier taking into account the average amount
of Conforming Waste delivered by Supplier in the twenty-eight (28) days prior to the Default when memorializing the new Minimum
Daily Delivery Quantity.

 

		(D)	Notwithstanding the foregoing, the rights and remedies contained in this Section 4 are cumulative
with the other rights and remedies available under this Agreement or at law or in equity.

 

		5.	Termination.

 

		(A)	Supplier may terminate this Agreement without penalty should Receiver not achieve the Commencement
Date prior to December 31, 2016.

 

		(B)	Receiver may terminate this Agreement (1) should a material change in law prevent it from operating
the Facility profitably using prudent industry practices, and (2) pursuant to Sections 4(13) or 4(C) of this Agreement. In the
event Receiver terminates this Agreement in accordance with Section 4, Receiver shall use commercially reasonable efforts to mitigate
such costs and expenses.

 

		6.	Assignment; Change of Control.

 

		(A)	Receiver may assign this Agreement as collateral for any financing or in connection with a change
of control without the consent of Supplier. The assignee shall be bound to all rights and obligations of the Receiver of this Agreement.
Supplier hereby agrees to execute an estoppel, confirmations or other requested document on behalf of the financing, with such
execution not to be conditioned or delayed. In the event that Receiver assigns this Agreement in connection with the sale of the
Facility or in connection with a change of control involving fifty and one tenths percent (50.1%) or more of the controlling ownership
interest of Receiver, and the purchaser of the Facility or the controlling ownership interest of Receiver is a direct competitor
of Supplier for the delivery of Conforming Waste, Supplier shall have the right, upon thirty (30) days prior notice to Receiver,
to terminate this Agreement.

 

		(B)	Any assignment of this Agreement by Supplier shall require the prior consent of Receiver, which
consent shall not be unreasonably withheld, conditioned or delayed; provided, however, that Supplier may assign this Agreement,
upon prior written notice to Receiver, to an affiliated entity which is directly or indirectly controlled by or under common control
with Supplier.

 

		7.	Force Majeure. A “Force Majeure Event” means the occurrence of
any event or circumstance beyond the reasonable control of a Party which results in the failure or delay by such Party of some
performance under this Agreement, in full or part, including, but not limited to, the following: an act of God; war (declared or
undeclared); sabotage; riot: civil unrest or disturbance; terrorist activity; economic sanction or embargo; epidemic; civil strike,
explosion; lire; volcanic activity; earthquake; action of the elements; hurricane; flood; impassable roads; the binding order of
any applicable governmental authority; the delay of or failure to act on the part of any Governmental Authority; failure or unavailability
of equipment, supplies or products; or Change in Law. Upon the occurrence of a Force Majeure Event, the affected Party shall immediately
notify the unaffected Party of the Force Majeure Event and include the nature and expected impact of the event. During the period
of the Force Majeure Event, neither Party shall be shall be deemed to be in breach of this Agreement or otherwise liable to the
other Party fix performance or non-performance of its obligations (other than payment obligations) under the terms of this Agreement.
The affected Party shall use reasonable efforts to resolve the Force Majeure Event, to the extent that resolution of the Force
Majeure Event may be reasonably controlled by such Party. Upon cessation of the Force Majeure Event, the affected Party shall give
prompt written notice to the unaffected Party.

 

     

     

    

 

		8.	Representations and Warranties.

 

		(A)	Each Party is duly organized, validly existing and in good standing under the laws of the state
of its formation and the execution and delivery by such Party of, and the performance of its obligations under, this Agreement
has been duty authorized by all necessary action, does not and will not require any further consent or approval of any other Person.

 

		(B)	The Parties shall perform their obligations hereunder in compliance with any and all applicable
laws and governmental regulation.

 

		(C)	Supplier represents, warrants and covenants that all Waste delivered to the Facility shall be Conforming
Waste.

 

		(D)	Receiver represents, warrants and covenants that the Facility has been issued permits, licenses,
certificates or approvals required by valid and applicable laws, ordinances and regulations necessary to allow the Facility to
accept. treat. incinerate and/or dispose of Conforming Waste.

 

		(E)	Other than as set forth herein neither Patty makes any representation or warranty concerning the
Facility, either Party’s capabilities to enter into and execute the obligations of this Agreement. Except for the representations
and warranties contained within this Agreement, neither Party has relied on any additional statements of the other Party or its
affiliates.

 

		9.	Indemnification; Limit of Liability. Each Party (the “Indemnifying Party”)
shall indemnify, save harmless and defend the other Party and its directors, officers, employees and agents (collectively, the
“Indemnified Party”) from and against any and all claims, losses, damages, injuries, and liability, and all costs and
expenses attributable thereto (including attorneys’ fees for counsel reasonably acceptable to the Indemnified Party),
resulting from or arising directly or indirectly, out of, or in consequence of, or involving or relating to, (i) the performance
or any breach of this Agreement by the Indemnifying Party or iii) the breach of a covenant. representation or warranty by the Indemnifying
Party set out in this Agreement. This indemnity shall not apply in the instance of a deliberate or negligent act or omission, fraud,
intentional misrepresentation or willful misconduct by the Indemnified Party. NEITHER PARTY, ITS AFFILIATES, SUBCONTRACTORS, AGENTS
AND EMPLOYEES, SHALL BE LIABLE TO THE OTHER PARTY FOR ANY INCIDENTAL, INDIRECT, SPECIAL, PUNITIVE, CONSEQUENTIAL LOSSES OR DAMAGES.

 

		10.	Governing
                                         Law; Arbitration; Venue. This Agreement shall he governed by the laws
                                         of the State of Rhode Island. Any action brought to interpret or enforce any provisions
                                         of this Agreement shall be resolved exclusively by arbitration administered by the American
                                         Arbitration Association (AAA) in accordance with its Commercial Arbitration Rules. The
                                         place of arbitration shall be Charlotte, North Carolina,

 

		11.	Insurance.

 

		(A)	Each Party, at its own expense, shall maintain general liability insurance with a reputable insurance
company in the amount of $1,000,000.00 per occurrence and $2,000,000.00 in the aggregate.

 

		(B)	Supplier shall additional maintain in force:

 

		1.	Worker’s compensation insurance at statutory levels.

 

		2.	Motor vehicle liability insurance insuring against bodily injury and property damage claims arising out of the ownership, use,
or maintenance of any motor vehicle at a minimum amount of $1,000,000.00.

 

		(C)	Each of the Parties shall provide evidence of the above insurance upon request.

 

     

     

    

 

		12.	Relationship of the Parties. The relationship of the Parties under this Agreement
is that of independent contractors and is not intended to create a partnership or any other co-owned enterprise.

 

		13.	Entire Agreement. This Agreement constitutes the entire agreement between
the Parties relating to the subject matter hereof and supersedes all prior agreements, understandings, negotiations, whether oral
or written, of the Parties. No amendment or modification to the terms of this Agreement shall be effective unless in writing signed
by duly authorized representatives of all Parties hereto.

 

		14.	Non-Waiver; No Third Party Beneficiaries. No waiver by a Party of any of its rights
in this Agreement shall be construed as a waiver of any other right, matter or default nor a waiver of any subsequent breach of
the same or any provision. All waivers shall be in writing signed by the waiving Party. This Agreement is made and entered into
for the sole benefit of the Parties, and their permitted successors and assigns, and no other Person shall be a direct or indirect
legal beneficiary of, have any rights under, or have any direct or indirect cause of action or claim in connection with this Agreement.

 

		15.	Survival
                                         of Provisions. The terms of this Agreement shall survive fora period of
                                         three (3) years following the termination of this Agreement.

 

		16.	Confidentiality; Publicity. Supplier undertakes to keep the contents of this
Agreement and any information relating to or arising out of its operation confidential and shall not disclose the same to any third
party during the Term and for a period of two (2) years thereafter. Notwithstanding the foregoing, Supplier may disclose confidential
information (a) to its legal and technical advisors who are under a similar contractual or legal restriction on disclosure of such
information. (b) to the extent required by law, order of a court or any regulatory authority having jurisdiction over Supplier,
and (c) to the extent that such information is already in the public domain other than by breach of this Section or the breach
of a third party of any obligation of confidentiality. Neither Party may make any press release, public announcement or disclosure
of this Agreement without the prior written consent of the other, which consent shall not unreasonably be withheld, delayed or
conditioned. Notwithstanding the foregoing, Receiver may disclose information regarding this Agreement for the purposes of financing.

 

		17.	Severability;
                                         Further Assurances. In the event that any provision of the Agreement shall
                                         be found to be void or unenforceable, all other provisions shall remain in full force
                                         and effect unless the provisions which are void or unenforceable shall substantially
                                         affect the rights or obligations granted to or undertaken by either Party. If
                                         further instruments are necessary or desirable to carry out the terms of this Agreement,
                                         the other Party will execute and deliver all such instruments and assurances reasonably
                                         necessary and proper to carry out the terms of this Agreement

 

		18.	Notices.
                                         All notices required or permitted under the terms of this agreement shall be delivered
                                         to the following addresses of each Party (as such addressed may be modified from time
                                         to time by notice to the other Party) and may be delivered by express courier. first
                                         class mail or by electronic means (email or facsimile transmission). Notices shall be
                                         deemed received when actually received, if delivered by express courier or electronic
                                         means, or in the case of first class mail, 5 days following mailing.

 

		19.	Execution. This Agreement may be executed via facsimile or .pdf counterparts,
may be transmitted electronically by the Parties, and a facsimile or .pdf signature page shall be deemed an original for purposes
of this Agreement.

 

IN WITNESS WHEREOF, Receiver and Supplier
have caused this Agreement to be executed by their respective duly authorized officers on the date first written above.

 

	RECEIVER:	SUPPLIER:
	 	 
	/s/	ORBIT ENERGY RHODE ISLAND, LLC	/s/	RENEWABLE ORGANICS MANAGEMENT, LLC
	 	a Rhode Island limited liability company	 	a Vermont limited liability company

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