EX-4.2




 Exhibit 4.2 

EXECUTION VERSION 
  

 
  

TEVA PHARMACEUTICAL FINANCE NETHERLANDS II B.V., 

as Issuer, 
 TEVA PHARMACEUTICAL
INDUSTRIES LIMITED, 
 as Guarantor, 

THE BANK OF NEW YORK MELLON, 
 as
Trustee 
 and 
 THE BANK OF NEW
YORK MELLON, LONDON BRANCH, 
 as Paying Agent 
  

 
 THIRD
SUPPLEMENTAL SENIOR INDENTURE 
 Dated as of November 9, 2021 

to the Senior Indenture dated as of March 14, 2018 
  

 
 Creating the
series of Securities (as defined herein) designated 
 3.750% Sustainability-Linked Senior Notes due 2027 

and 
 4.375% Sustainability-Linked
Senior Notes due 2030 
  
  

 











 TABLE OF CONTENTS 

 

							
	 	 	 	  	Page	 
	 ARTICLE 1 DEFINITIONS AND INCORPORATION BY REFERENCE
	  	 	1	 
			
	 Section 1.1
	 	Definitions	  	 	1	 
	 Section 1.2
	 	Incorporation by Reference of Trust Indenture Act	  	 	9	 
	 Section 1.3
	 	Rules of Construction	  	 	9	 
		
	 ARTICLE 2 THE NOTES AND THE GUARANTEES
	  	 	9	 
			
	 Section 2.1
	 	Title and Terms	  	 	9	 
	 Section 2.2
	 	Forms of Notes	  	 	11	 
	 Section 2.3
	 	Legends	  	 	12	 
	 Section 2.4
	 	Form of Guarantees	  	 	13	 
	 Section 2.5
	 	Book-Entry Provisions for the Global Notes	  	 	13	 
	 Section 2.6
	 	[Reserved]	  	 	15	 
	 Section 2.7
	 	Defaulted Interest	  	 	15	 
	 Section 2.8
	 	Execution of Guarantee	  	 	15	 
	 Section 2.9
	 	Add On Notes	  	 	15	 
	 Section 2.10
	 	ISIN Numbers and Common Codes	  	 	17	 
		
	 ARTICLE 3 ADDITIONAL COVENANTS
	  	 	17	 
			
	 Section 3.1
	 	Payment of Additional Tax Amounts	  	 	17	 
	 Section 3.2
	 	Stamp Tax	  	 	18	 
	 Section 3.3
	 	Corporate Existence	  	 	18	 
	 Section 3.4
	 	Certificates of the Issuer and the Guarantor	  	 	18	 
	 Section 3.5
	 	Guarantor To Be the Sole Equityholder of the Issuer	  	 	18	 
	 Section 3.6
	 	Limitation on Liens	  	 	18	 
	 Section 3.7
	 	Limitation on Sales and Leasebacks	  	 	19	 
	 Section 3.8
	 	Waiver of Stay or Extension Laws	  	 	19	 
		
	 ARTICLE 4 REDEMPTION OF NOTES
	  	 	20	 
			
	 Section 4.1
	 	Optional Redemption	  	 	20	 
	 Section 4.2
	 	Notice of Redemption	  	 	20	 
	 Section 4.3
	 	Deposit of Redemption Price	  	 	20	 
	 Section 4.4
	 	Tax Redemption	  	 	20	 
		
	 ARTICLE 5 SATISFACTION AND DISCHARGE
	  	 	21	 
			
	 Section 5.1
	 	Satisfaction and Discharge	  	 	21	 
		
	 ARTICLE 6 APPOINTMENT OF PAYING AGENT
	  	 	21	 
			
	 Section 6.1
	 	Paying Agent	  	 	21	 


  
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	 ARTICLE 7 MISCELLANEOUS PROVISIONS
	  	 	22	 
			
	 Section 7.1
	 	Scope of Supplemental Indenture	  	 	22	 
	 Section 7.2
	 	Provisions of Supplemental Indenture for the Sole Benefit of Parties and Holders of Notes	  	 	22	 
	 Section 7.3
	 	Successors and Assigns of Issuer and Guarantor Bound by Supplemental Indenture	  	 	22	 
	 Section 7.4
	 	Notices and Demands on Issuer, Trustee, Paying Agent and Holders of Notes	  	 	22	 
	 Section 7.5
	 	Officer’s Certificates and Opinions of Counsel; Statements to be Contained Therein	  	 	24	 
	 Section 7.6
	 	Payments Due on Saturdays, Sundays and Holidays	  	 	25	 
	 Section 7.7
	 	Conflict of any Provisions of Supplemental Indenture with Trust Indenture Act of 1939	  	 	25	 
	 Section 7.8
	 	New York Law to Govern	  	 	25	 
	 Section 7.9
	 	Counterparts	  	 	25	 
	 Section 7.10
	 	Effect of Headings	  	 	25	 
	 Section 7.11
	 	Submission to Jurisdiction	  	 	25	 
	 Section 7.12
	 	Not Responsible for Recitals or Issuance of Securities	  	 	26	 
		
	 ARTICLE 8 SUPPLEMENTAL INDENTURES
	  	 	26	 
			
	 Section 8.1
	 	Without Consent of Holders	  	 	26	 
	 Section 8.2
	 	With Consent of Each Affected Holder	  	 	27	 

  

					
	EXHIBIT A —	  	 FORM OF 2027 NOTE
	  	A-1
	EXHIBIT B —	  	 FORM OF 2030 NOTE
	  	B-1


  
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 THIRD SUPPLEMENTAL SENIOR INDENTURE, dated as of November 9, 2021, by and among Teva
Pharmaceutical Finance Netherlands II B.V., a private company with limited liability (besloten vennootschap met beperkte aansprakelijkheid), incorporated under Dutch law (the “Issuer”), Teva Pharmaceutical Industries Limited,
a corporation incorporated under the laws of Israel (the “Guarantor”), The Bank of New York Mellon, a New York banking corporation, as trustee (the “Trustee”) and The Bank of New York Mellon, London Branch, as
paying agent (the “Paying Agent”). 
 W I T N E S S E T H: 

WHEREAS, the Issuer has heretofore executed and delivered to the Trustee and the Paying Agent a Senior Indenture, dated as of March 14,
2018 (the “Base Indenture”), providing for the issuance from time to time of one or more series of its senior unsecured debentures, notes or other evidences of indebtedness (the “Securities”); 

WHEREAS, the Issuer has heretofore executed and delivered to the Trustee and the Paying Agent a first supplemental senior indenture, dated as
of March 14, 2018, providing for the issuance of the 3.250% Senior Notes due 2022 and the 4.500% Senior Notes due 2025; 
 WHEREAS, the
Issuer has heretofore executed and delivered to the Trustee and the Paying Agent a second supplemental senior indenture, dated as of November 25, 2019, providing for the issuance of the 6.000% Senior Notes due 2025; 

WHEREAS, Section 7.01(h) of the Base Indenture provides that the Issuer, the Guarantor and the Trustee may from time to time enter into
one or more indentures supplemental thereto to establish the form or terms of Securities of a new series; 
 WHEREAS, the Issuer, pursuant
to the foregoing authority, proposes in and by this third supplemental senior indenture (this “Supplemental Indenture” and, together with the Base Indenture, the “Indenture”) to amend and supplement the Base
Indenture insofar as it will apply only to the 3.750% Sustainability-Linked Senior Notes due 2027 (the “2027 Notes”) and the 4.375% Sustainability-Linked Senior Notes due 2030 (the “2030 Notes”) issued hereunder
(and not to any other series of Securities). Unless the context otherwise suggests, the 2027 Notes and the 2030 Notes are collectively referred to as the “Notes”; and 

WHEREAS, all things necessary have been done to make the Notes, when executed by the Issuer and authenticated and delivered hereunder and duly
issued by the Issuer, the valid obligations of the Issuer, and to make this Supplemental Indenture a valid and legally binding agreement of the Issuer, in accordance with their and its terms; 

NOW, THEREFORE, THIS SUPPLEMENTAL INDENTURE WITNESSETH: 

For and in consideration of the premises and the purchases of the Notes by the holders thereof, the Issuer, the Guarantor and the Trustee
mutually covenant and agree for the equal and proportionate benefit of the respective Holders from time to time of the Notes as follows: 

ARTICLE 1 
 DEFINITIONS
AND INCORPORATION BY REFERENCE 
 Section 1.1 Definitions. 

Capitalized terms used herein but not defined shall have the meanings assigned to them in the Base Indenture unless otherwise indicated. For
all purposes of this Supplemental Indenture and the Notes, the following terms are defined as follows: 
 “Add On Notes”
means any notes originally issued after the date hereof pursuant to Section 2.9, including any replacement notes as specified in the relevant Add On Note Board Resolutions, Officer’s Certificate or supplemental indenture issued therefor in
accordance with the Base Indenture. 

  
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 “Additional Tax Amounts” has the meaning specified in Section 3.1.

 “Agent Members” has the meaning specified in Section 2.5. 

“Assurance Letter” means one or more assurance letters from an External Reviewer confirming whether one or more of the
Sustainability Performance Targets have been met. 
 “Authorized Agent” has the meaning specified in Section 7.11.

 “Business Day” means any day on which commercial banks and foreign exchange markets are open for business in New York
and London; provided that, for purposes of payments on the Notes, a “Business Day” must be a day on which the Trans-European Automated Real-Time Gross Settlement Express Transfer System (TARGET) is operating. 

“Capital Stock” means: 
  

	 	(1)	 in the case of a corporation, corporate stock; 



 

	 	(2)	 in the case of an association or business entity, any and all shares, interests, participations, rights or
other equivalents (however designated) of corporate stock; 


  

	 	(3)	 in the case of a partnership or limited liability company, partnership or membership interests (whether general
or limited); and 


  

	 	(4)	 any other interest or participation that confers on a Person the right to receive a share of the profits and
losses of, or distributions of assets of, the issuing Person. 


 “Certification Date” means June 30,
2026. 
 “Clearstream” means Clearstream Banking, S.A. 

“Common Depositary” means The Bank of New York Mellon, London Branch, at One Canada Square, Canary Wharf, London E14 5AL,
United Kingdom, as common depositary for Euroclear and/or Clearstream, or any successor Person thereto. 
 “Consolidated Net
Worth” means the stockholders’ equity of the Guarantor and its consolidated subsidiaries, as shown on the audited consolidated balance sheet of the Guarantor’s latest annual report to stockholders, prepared in accordance with
GAAP. 
 “corporation” means corporations, associations, limited liability companies, companies and business trusts or any
other similar entity. 
 “Default” means an event which is, or after notice or lapse of time or both would be, an Event of
Default. 
 “Defaulted Interest” has the meaning specified in Section 2.7. 

“Emission Reduction Target” means the Guarantor’s target to reduce the Scope 1 and 2 greenhouse gas (GHG) emissions by
no less than 25% as of the Testing Date (measured on a calendar year basis and compared to the 2019 baseline); provided, however, that for purposes of determining if the Emission Reduction Target has been attained, the Guarantor and
its consolidated subsidiaries may calculate greenhouse gas emissions attributable to any single or related series of acquisitions or divestitures completed since the issue date of the Notes as contemplated by The Greenhouse Gas Protocol or other
generally accepted protocol or standard for calculating such emissions. 
 “Euro” means the lawful single currency of the
participating states of the European Union as at the time of payment is legal tender for the payment of public and private debts. 

“Euroclear” means Euroclear Bank S.A./N.V. 

  
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 “Event of Default” with respect to the Notes of each series shall not have
the meaning assigned to such term by Section 4.01 of the Base Indenture. An Event of Default with respect to the Notes of each series means each one of the following events which shall have occurred and be continuing (whatever the reason for
such Event of Default and whether it shall be voluntary or involuntary or be effected by operation of law or pursuant to any judgment, decree or order of any court or any order, rule or regulation of any administrative or governmental body): 

(a) the Issuer defaults in the payment of the principal and premium, if any, of any of the Notes of such series when it becomes due and payable
at Maturity or upon redemption; 
 (b) the Issuer defaults in the payment of interest (including Additional Tax Amounts, if any) on any of
the Notes of such series when it becomes due and payable and such default continues for a period of 30 days after the date when due; 
 (c)
the Guarantor fails to perform its obligations under the Guarantees relating to the Notes of such series; 
 (d) except as permitted by the
Indenture, the Guarantees with respect to such series of Notes is held in any final, non-appealable judicial proceeding to be unenforceable or invalid or shall cease for any reason to be in full force and
effect or the Guarantor, or any Person acting on behalf of the Guarantor, shall deny or disaffirm its obligations under the Guarantees; 

(e) either the Issuer or the Guarantor fails to perform or observe any other term, covenant or agreement contained in the relevant Notes of
such series or this Supplemental Indenture or the Base Indenture and the default continues for a period of 60 days after written notice of such failure, requiring the Issuer or the Guarantor, as the case may be, to remedy the same, shall have been
given to the Issuer or the Guarantor, as the case may be, by the Trustee or to the Issuer or the Guarantor, as the case may be, and the Trustee by the Holders of at least 25% in aggregate principal amount of the Outstanding Notes of such series
(provided that such notice may not be given with respect to any action taken, and reported publicly or to holders of such series of the Notes, more than two years prior to such notice; provided further that the trustee shall have no obligation to
determine when or if any holders have been notified of any such action or to track when such two-year period starts or concludes); 

(f) (i) the Issuer or the Guarantor fails to make by the end of the applicable grace period, if any, any payment of principal or interest due
in respect of any Indebtedness for borrowed money, the aggregate outstanding principal amount of which is an amount in excess of $250,000,000; or (ii) there is an acceleration of any Indebtedness for borrowed money in an amount in excess of
$250,000,000 because of a default with respect to such Indebtedness, without, in the case of either (i) or (ii) above, such Indebtedness having been discharged or such non-payment or acceleration having
been cured, waived, rescinded or annulled, for a period of 30 days after written notice to the Issuer by the Trustee or to the Issuer and the Trustee by the Holders of at least 25% in aggregate principal amount of the Outstanding Notes of such
series; 
 (g) the entry by a court having jurisdiction in the premises of (i) a decree or order for relief in respect of the Issuer or
the Guarantor in an involuntary case or proceeding under any applicable U.S. federal or state bankruptcy, insolvency, reorganization or other similar law or (ii) a decree or order adjudging the Issuer or the Guarantor as bankrupt or insolvent,
or approving as properly filed a petition seeking reorganization, arrangement, adjustment or composition of or in respect of the Issuer or the Guarantor under any applicable U.S. federal or state law, or appointing a custodian, receiver, liquidator,
assignee, trustee, sequestrator or other similar official of the Issuer or the Guarantor or of any substantial part of its property, or ordering the winding up or liquidation of its affairs, and the continuance of any such decree or order for relief
or any such other decree or order unstayed and in effect for a period of 60 consecutive days; or 
 (h) the commencement by the Issuer or
the Guarantor of a voluntary case or proceeding under any applicable U.S. federal or state bankruptcy, insolvency, reorganization or other similar law or of any other case or proceeding to be adjudicated as bankrupt or insolvent, or the consent by
the Issuer to the entry of a 

  
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decree or order for relief in respect of the Issuer or the Guarantor in an involuntary case or proceeding under any applicable U.S. federal or state bankruptcy, insolvency, reorganization or
other similar law or to the commencement of any bankruptcy or insolvency case or proceeding against the Issuer or the Guarantor, or the filing by the Issuer or the Guarantor of a petition or answer or consent seeking reorganization or relief under
any applicable U.S. federal or state law, or the consent by the Issuer or the Guarantor to the filing of such petition or to the appointment of or the taking possession by a custodian, receiver, liquidator, assignee, trustee, sequestrator or other
similar official of the Issuer or the Guarantor or of any substantial part of its property, or the making by the Issuer or the Guarantor of an assignment for the benefit of creditors, or the admission by the Issuer or the Guarantor in writing of its
inability to pay its debts generally as they become due, or the taking of corporate action by the Issuer or the Guarantor expressly in furtherance of any such action. 

Except as otherwise provided herein, with respect to the Notes, the references in Section 4.01 of the Base Indenture to “clauses
4.01(a), 4.01(b), 4.01(c) or 4.01(f) above” shall be construed as references to clauses (a), (b), (c), (d), (e) or (f) of this definition and references to Sections 4.01(d) and (e) in the Base Indenture shall be construed as
references to clauses (g) and (h) of this definition. 
 Any time period in this Supplemental Indenture, the Base Indenture or the
Notes to cure any actual or alleged default or event of default may be extended or stayed by a court of competent jurisdiction. 
 For the
avoidance of doubt, failure to achieve one or more Sustainability Performance Targets shall not constitute a Default or an Event of Default with respect to the Notes. 

“External Reviewer” means a qualified provider of third-party assurance or attestation services appointed by the Issuer, the
Guarantor or one of the Guarantor’s other subsidiaries to review the Guarantor’s performance in connection with achieving the Sustainability Performance Targets. 

“GAAP” has the meaning given to “generally accepted accounting principles” in the Base Indenture; provided,
however, that any change in GAAP that would cause the Guarantor to record an existing item as a liability upon that entity’s balance sheet, which item was not previously required by GAAP to be so recorded, shall not constitute an
incurrence of Indebtedness for purposes of this Supplemental Indenture. 
 “Global Note” has the meaning specified in
Section 2.2(b). 
 “guarantee” means any obligation, contingent or otherwise, of any Person, directly or indirectly
guaranteeing any Indebtedness of any other Person and any obligation, direct or indirect, contingent or otherwise, of such Person: 
  

	 	(1)	 to purchase or pay (or advance or supply funds for the purchase or payment of) such Indebtedness of such other
Person (whether arising by virtue of partnership arrangements, or by agreement to keep-well, to purchase assets, goods, securities or services, to take-or-pay, or
maintain financial statement conditions or otherwise); or 


  

	 	(2)	 entered into for purposes of assuring in any other manner the obligee of such Indebtedness of the payment
thereof or to protect such obligee against loss in respect thereof (in whole or in part); provided, however, that the term “guarantee” will not include endorsements for collection or deposit in the ordinary course of
business. The term “guarantee” used as a verb has a corresponding meaning. 


 “Guarantees”
means the guarantees of the Guarantor in respect of the Notes in the form provided in Section 2.4. 
 “Guarantor”
means Teva Pharmaceutical Industries Limited, a corporation incorporated under the laws of Israel, until a successor Person shall have become such pursuant to the applicable provisions of the Indenture, and thereafter “Guarantor” shall
mean such successor Person. 
 “Holder,” “Holder of Notes” or other similar terms means the registered
holder of any Note. 

  
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 “Indebtedness” means, with respect to any Person: 

 

	 	(1)	 any liability for borrowed money, or evidenced by an instrument for the payment of money, or incurred in
connection with the acquisition of any property, services or assets (including securities), or relating to a capitalized lease obligation, other than accounts payable or any other indebtedness to trade creditors created or assumed by such Person in
the ordinary course of business in connection with the obtaining of materials or services; 


  

	 	(2)	 obligations under exchange rate contracts or interest rate protection agreements; 



 

	 	(3)	 any obligations to reimburse the Issuer of any letter of credit, surety bond, performance bond or other
guarantee of contractual performance; 


  

	 	(4)	 any liability of another Person of the type referred to in clause (1), (2) or (3) of this definition which
has been assumed or guaranteed by such Person; and 


  

	 	(5)	 any obligations described in clauses (1) through (3) of this definition secured by any mortgage, pledge,
lien or other encumbrance existing on property which is owned or held by such Person, regardless of whether the indebtedness or other obligation secured thereby shall have been assumed by such Person. 



“Independent Investment Banker” means a bank appointed by the Issuer which is a primary European government security dealer,
and any of its successors, or a market maker in pricing corporate bond issues. 
 “Interest Payment Date” means each of May
9 and November 9 of each year, beginning May 9, 2022; provided, however, in each case, that if any such date is not a Business Day, the payment shall be made on the next succeeding Business Day with the same force and effect as if made on such
Interest Payment Date and no interest shall accrue thereon on account of such delay. 
 “Interest Rate” means 3.750% per
annum for the 2027 Notes and 4.375% per annum for the 2030 Notes; provided that, the interest rate on the 2030 Notes shall be subject to adjustment as described in Section 2.1(c)(1). 

“Issuer” means Teva Pharmaceutical Finance Netherlands II B.V., a private company with limited liability (besloten
vennootschap met beperkte aansprakelijkheid), incorporated under Dutch law, until a successor Person shall have become such pursuant to the applicable provisions of the Indenture, and thereafter “Issuer” shall mean such successor
Person. 
 “Issuer Order” means a written order signed in the name of the Issuer by any Officer of the Issuer or a duly
authorized Attorney-in-Fact of the Issuer, and delivered to the Trustee. 

“Lien” means, with respect to any asset, any mortgage, lien, pledge, charge, security interest or encumbrance of any kind in
respect of such asset, whether or not filed, recorded or otherwise perfected under applicable law, including any conditional sale or other title retention agreement, any lease in the nature thereof, any option or other agreement to give a security
interest in and any filing of or agreement to give any financing statement under the Uniform Commercial Code (or equivalent statutes) of any jurisdiction. 

“Maturity” means the date on which the principal of the Notes of a given series becomes due and payable as therein or herein
provided, whether at the Stated Maturity or by acceleration, call for redemption or otherwise. 
 “Note” or
“Notes” has the meaning specified to it in the fifth recital paragraph of this Supplemental Indenture. 

“Officer” has the meaning given to “Officer” in the Base Indenture. 

  
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 “Par Call Date” means (i) with respect to the 2027 Notes February 9,
2027 (the date that is three months prior to the Stated Maturity of such Notes) and (ii) with respect to the 2030 Notes February 9, 2030 (the date that is three months prior to the Stated Maturity of such Notes). 

“Paying Agent” means an office or agency where Notes may be presented for payment, including The Bank of New York Mellon,
London Branch. The term “Paying Agent” includes any additional paying agent. 
 “Permitted Liens” means: 

 

	 	(1)	 Liens existing as of the date when the Issuer first issues such series of Notes pursuant to this Supplemental
Indenture; 


  

	 	(2)	 Liens on property created, incurred or assumed prior to, at the time of or within 120 days after the date of
acquisition, completion of construction or completion of improvement of such property to secure all or part of the cost of acquiring, constructing or improving all or any part of such property; 



 

	 	(3)	 landlord’s, material men’s, carriers’, workmen’s, repairmen’s and other like Liens
arising in the ordinary course of business in respect of obligations which are not overdue or which are being contested in good faith in appropriate proceedings; 



 

	 	(4)	 Liens existing on any property of any Person at the time such Person became or becomes a subsidiary of the
Guarantor (provided that the Lien has not been created or assumed in contemplation of such Person becoming a subsidiary of the Guarantor); 


  

	 	(5)	 Liens securing debt owing by a subsidiary to the Guarantor or to one or more of its subsidiaries;



  

	 	(6)	 Liens in favor of any governmental authority of any jurisdiction securing the obligation of the Guarantor or
any of its subsidiaries pursuant to any contract or payment owed to that entity pursuant to applicable laws, regulations or statutes; or 


  

	 	(7)	 any extension, renewal, substitution or replacement (or successive extensions, renewals, substitutions or
replacements), as a whole or in part, of any Lien referred to in the foregoing clauses (1) to (6), inclusive, or the Indebtedness secured thereby; provided, however, that (i) the principal amount of Indebtedness secured
thereby and not otherwise authorized by said clauses (1) to (6), inclusive, shall not exceed the principal amount of Indebtedness so secured at the time of such extension, renewal, substitution or replacement; and (ii) any such extension,
renewal, substitution or replacement Lien shall be limited to the property covered by the Lien extended, renewed, substituted or replaced. 



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

“Physical Notes” means Notes issued in definitive, fully registered form without interest coupons, substantially in the form
of Exhibits A-1—A-6 hereto (“Exhibit A”) and Exhibits B-1—B-6
hereto (“Exhibit B”), as applicable. 
 “Product Volume Target” means the Guarantor’s target to
increase access program product volume donated or tendered to low- and middle-income countries (LMIC) by 150% in the year ending December 31, 2025 compared to the year ending December 31, 2020. 

“Record Date” means either a Regular Record Date or a Special Record Date, as the case may be. 

“Redemption Date,” when used with respect to any Notes of any series to be redeemed, means the date fixed for such
redemption. 

  
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 “Redemption Price” subject to any adjustments in accordance with
Section 2.1(c)(2), when used (a) with respect to any Notes of any series to be redeemed pursuant to Section 4.1 of this Supplemental Indenture, means an amount that is equal to the greater of (i) 100% of the principal amount of the
Notes of such series to be redeemed or (ii) the sum of the present values of the Remaining Scheduled Payments of the Notes of such series being redeemed discounted, on a semi-annual basis (assuming a
360-day year consisting of twelve 30-day months), at the applicable Reinvestment Rate, plus accrued and unpaid interest thereon, if any, to, but not including, the
Redemption Date, provided that if the Redemption Date is on or after the applicable Par Call Date with respect to any series of Notes, the Redemption Price for such Notes will be equal to 100% of the aggregate principal amount of such Notes being
redeemed, plus accrued and unpaid interest thereon, if any, to, but not including, the Redemption Date; and (b) with respect to any Notes of such series to be redeemed pursuant to Section 4.4 of this Supplemental Indenture, means an amount
that is equal to 100% of the principal amount thereof, plus accrued and unpaid interest thereon, if any, to, but not including, the Redemption Date. 

“Reference Bund” means, with respect to the 2027 Notes, the 0.250% Federal Government Bond of Bundesrepublik Deutschland due
February 15, 2027, with ISIN DE0001102416 and, with respect to the 2030 Notes, the 0.000% Federal Government Bond of Bundesrepublik Deutschland due February 15, 2030, with ISIN DE0001102499. 

“Reference Dealers” means the Independent Investment Banker and each of the three other banks selected by the Issuer which
are primary European government security dealers, and their respective successors, or market makers in pricing corporate bond issues. 

“Registrar” means the office or agency where Notes may be presented for registration of transfer or for exchange. 

“Regulatory Submissions Target” means the Guarantor’s target to increase the cumulative number of new regulatory
submissions made by the Guarantor and its subsidiaries in low- and middle-income countries (LMIC) as designated by the World Bank as of June 2020 and on the World Health Organization’s essential medicines
list (WHO EML) as of September 2021 within the therapeutic areas of cardiovascular diseases, pediatric oncology, respiratory diseases, diabetes, mental health and pain/palliative care by 150% in the four-year period ending December 31, 2025
compared to the four-year period ended December 31, 2020. 
 “Regular Record Date” means the close of business on the
Business Day immediately preceding the related Interest Payment Date. 
 “Reinvestment Rate” means 0.50%, plus the greater
of (i) the average of the four quotations given by the Reference Dealers of the mid-market semi-annual yield to maturity of the applicable Reference Bund at 11:00 a.m. (Central European time
(“CET”)) on the fourth Business Day preceding the applicable Redemption Date and if the applicable Reference Bund is no longer outstanding, a Similar Security will be chosen by the Independent Investment Banker at 11:00 a.m. (CET) on the
third Business Day in London preceding such Redemption Date, quoted in writing by the Independent Investment Banker to the Issuer and (ii) zero. 

“Remaining Scheduled Payments” means, with respect to each Note to be redeemed, the remaining scheduled payments of principal
of and interest on such Note as if redeemed on the applicable Par Call Date, determined at the interest rate to be applicable on such redemption date. If the applicable Redemption Date is not an Interest Payment Date with respect to such Note, the
amount of the next succeeding scheduled interest payment on such Note will be reduced by the amount of interest accrued on such Note to such Redemption Date. 

“Sale-Leaseback Transaction” means the sale or transfer by the Guarantor or any subsidiary of any property to a Person and
the taking back by the Guarantor or any subsidiary, as the case may be, of a lease of such property. 
 “Securities Act”
means the Securities Act of 1933, as amended. 

  
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 “Similar Security” means a reference bond or reference bonds issued by the
German Federal Government having an actual or interpolated maturity comparable with the applicable Par Call Date of the Notes of such series to be redeemed that would be utilized, at the time of selection and in accordance with customary financial
practice, in pricing new issues of corporate debt securities of comparable maturity to the applicable Par Call Date of Notes of such series. 

“Special Record Date” for the payment of any Defaulted Interest means a date fixed by the Trustee pursuant to
Section 2.7. 
 “Stated Maturity” means the date specified in any Note as the fixed date for the payment of principal
on such Note. 
 “subsidiary” means, with respect to any Person, a corporation more than 50% of the outstanding voting
stock of which is owned, directly or indirectly, by such Person or by one or more other subsidiaries, or by such Person and one or more other subsidiaries. For the purposes of this definition only, “voting stock” means stock which
ordinarily has voting power for the election of directors, whether at all times or only so long as no senior class of stock has such voting power by reason of any contingency. 

“Sustainability Performance Targets” means, collectively, the Product Volume Target, the Regulatory Submissions Target and
the Emissions Reduction Target; provided, however, that for purposes of determining if any Sustainability Performance Target has been achieved, the Guarantor and its consolidated subsidiaries may exclude the impact of (i) any
amendment to, or change in, any applicable laws, regulations, rules, guidelines, standards and policies applicable or relating to the business, operations or properties of the Guarantor and its consolidated subsidiaries following the issue date of
the Notes, including with respect to the measurement or calculation of any of the Sustainability Performance Targets or (ii) any force majeure, extraordinary or exceptional events or circumstances, including the occurrence of such events
or circumstances with respect to any governmental, non-governmental or healthcare organization whose participation, involvement or functioning is necessary, appropriate or, as of the date of this offering,
anticipated, for the achievement of the Sustainability Performance Targets (including but not limited to geo-political instability, poor governance practices or the failure of local infrastructure (including
physical or social infrastructure or supranational, national, state, provincial or local governance)). If a Sustainability Performance Target is not achieved as a result of the occurrence of any of the foregoing described in the proviso to the
immediately preceding sentence, as determined by the Guarantor in its reasonable judgment, such Sustainability Performance Target will be deemed to have been achieved for purposes of this Supplemental Indenture and no interest rate adjustment or
premium payment shall result from the failure to achieve such Sustainability Performance Target. 
 “Taxing Jurisdiction”
means, with respect to the Notes, The Netherlands, Israel or any jurisdiction where a successor to the Issuer or the Guarantor is incorporated or organized or considered to be a resident, if other than The Netherlands or Israel, respectively, or any
jurisdiction through which payments will be made. 
 “Testing Date” means December 31, 2025. 

“TIA” means the Trust Indenture Act of 1939, as amended, as in effect on the date of this Supplemental Indenture; provided,
however, that in the event the TIA is amended after such date, “TIA” means, to the extent such amendment is applicable to this Supplemental Indenture and the Base Indenture, the Trust Indenture Act of 1939, as so amended, or any successor
statute. 
 “Trustee” means The Bank of New York Mellon, a New York banking corporation, until a successor Trustee shall
have become such pursuant to the applicable provisions of this Supplemental Indenture, and thereafter “Trustee” shall mean such successor Trustee. 

“Underwriting Agreement” means the Underwriting Agreement, dated November 2, 2021, among the Issuer, Teva Pharmaceutical
Finance Netherlands III B.V., the Guarantor and the underwriters named in Schedule I thereto. 

  
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 Section 1.2 Incorporation by Reference of Trust Indenture Act. 

Whenever the Indenture refers to a provision of the TIA, the provision is incorporated by reference in and made a part of this Supplemental
Indenture. 
 The following TIA terms used in the Indenture have the following meanings: 

“indenture securities” means the Notes of each series and the Guarantees; and 

“obligor” on the Notes of each series means the Issuer and on the Guarantees means the Guarantor and any other obligor on the
indenture securities. 
 All other TIA terms used in this Supplemental Indenture that are defined by the TIA, defined by TIA reference to
another statute or defined by SEC rule have the meanings assigned to them by such definitions. 
 Section 1.3 Rules of
Construction. 
 For all purposes of this Supplemental Indenture, except as otherwise expressly provided or unless the context
otherwise requires: 
 (1) the terms defined in this Article have the meanings assigned to them in this Article and include
the plural as well as the singular; 
 (2) all accounting terms not otherwise defined herein have the meanings assigned to
them under GAAP; and 
 (3) the words “herein,” “hereof” and “hereunder” and other words of
similar import refer to this Supplemental Indenture as a whole and not to any particular Article, Section or other subdivision. 
 ARTICLE
2 
 THE NOTES AND THE GUARANTEES 

Section 2.1 Title and Terms. 

(a) The 2027 Notes and 2030 Notes shall be known and designated as the “3.750% Sustainability-Linked Senior Notes due 2027” and the
“4.375% Sustainability-Linked Senior Notes due 2030” of the Issuer, respectively. The aggregate principal amount that may be authenticated and delivered under this Supplemental Indenture of (i) the 2027 Notes is limited to
€1,100,000,000 and (ii) the 2030 Notes is limited to €1,500,000,000; except, in each case, for Add On Notes of the applicable series issued in accordance with Section 2.9 and Notes of any series authenticated and delivered upon
registration of, transfer of, or in exchange for, or in lieu of, other Notes of the same series pursuant to Section 2.5. The Notes of each series shall be issuable in minimum denominations of €100,000 principal amount and integral
multiples of €1,000 in excess of €100,000. 
 (b) The 2027 Notes shall mature on May 9, 2027 and the 2030 Notes shall mature
on May 9, 2030, in each case unless earlier redeemed by the Issuer. 
 (c) Interest on the Notes shall accrue from November 9, 2021,
applicable to Notes of such series at the Interest Rate until the principal thereof is paid or made available for payment. Interest shall be payable semi-annually in arrears on each Interest Payment Date. 

(1) From and including May 9, 2026 (the “Step-up Date”) the
Interest Rate payable on the 2030 Notes (but not the 2027 Notes) shall increase by: 

  
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	 	(i)	 0.125% per annum unless the Guarantor has achieved the Regulatory Submissions Target as of the Testing Date;



  

	 	(ii)	 0.125% per annum unless the Guarantor has achieved the Product Volume Target as of the Testing Date; and



  

	 	(iii)	 0.125% per annum unless the Guarantor has achieved the Emission Reduction Target as of the Testing Date;



 in each case, as certified by the Issuer or the Guarantor to the Trustee in an Officer’s certificate (which shall
include the Assurance Letter as an exhibit thereto) on or prior to the Certification Date (subject to any clerical or administrative errors (including any delays resulting therefrom)); provided that, for the avoidance of doubt: 

 

	 	(A)	 the Interest Rate on the 2030 Notes shall not increase on the Step-up
Date if the Guarantor has achieved the three Sustainability Performance Targets as of the Testing Date and certified to such on or prior to the Certification Date; 



 

	 	(B)	 the increase in the Interest Rate on the 2030 Notes on the Step-up Date
shall not exceed a total of 0.125% if the Guarantor has achieved two of the three Sustainability Performance Targets as of the Testing Date and certified to such on or prior to the Certification Date; 



 

	 	(C)	 the increase in the Interest Rate on the 2030 Notes on the Step-up Date
shall not exceed a total of 0.250% if the Guarantor has met one of the three Sustainability Performance Targets as of the Testing Date and certified to such on or prior to the Certification Date; and 



 

	 	(D)	 in no event shall the total increase in the Interest Rate on the 2030 Notes on the Step-up Date exceed 0.375% (this being the consequence of the Guarantor failing to achieve any of the three Sustainability Performance Targets on the Testing Date and failing to certify to achievement on or prior to
the Certification Date). 


 (2) At the Stated Maturity or upon earlier redemption of the 2027 Notes (but only if such
redemption is on or after the Step-up Date), the following premium shall be payable on the 2027 Notes (but not the 2030 Notes): 
  

	 	(i)	 0.150% of the principal amount repaid unless the Guarantor has achieved the Regulatory Submissions Target as of
the Testing Date; 


  

	 	(ii)	 0.150% of the principal amount repaid unless the Guarantor has achieved the Product Volume Target as of the
Testing Date; and 


  

	 	(iii)	 0.150% of the principal amount repaid unless the Guarantor has achieved the Emission Reduction Target as of the
Testing Date; 


 in each case, as certified by the Issuer or the Guarantor to the Trustee in an
Officer’s certificate (which shall include the Assurance Letter as an exhibit thereto) on or prior to the Certification Date (subject to any clerical or administrative errors (including any delays resulting therefrom)); provided that,
for the avoidance of doubt: 
  

	 	(A)	 no premium shall be payable on the 2027 Notes if the Guarantor has achieved the three Sustainability
Performance Targets as of the Testing Date and certified to such on or prior to the Certification Date; 


  

	 	(B)	 the premium on the 2027 Notes shall not exceed a total of 0.150% of the principal amount repaid if the
Guarantor has achieved two of the three Sustainability Performance Targets as of the Testing Date and certified to such on or prior to the Certification Date; 



  
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	 	(C)	 the premium on the 2027 Notes shall not exceed a total of 0.300% if the Guarantor has met one of the three
Sustainability Performance Targets as of the Testing Date and certified to such on or prior to the Certification Date; and 


  

	 	(D)	 in no event shall the premium on the 2027 Notes exceed 0.450% of the principal amount repaid (this being the
consequence of the Guarantor failing to achieve any of the three Sustainability Performance Targets as of the Testing Date and failing to certify to achievement on or prior to the Certification Date). 



(d) Interest on the Notes shall be computed on the basis of a 360-day year of twelve 30-day months. 
 (e) A Holder of any Note at the close of business on a Regular Record Date shall be
entitled to receive interest on such Note on the corresponding Interest Payment Date. 
 (f) Payments on the Global Notes will be made
through the Paying Agent. Payments on the Notes will be made in Euros at the specified office or agency of the Paying Agent; provided that all such payments with respect to Notes represented by one or more Global Notes deposited with and
registered in the name of the Common Depositary or its nominee for the accounts of Euroclear and Clearstream, will be by wire transfer of immediately available funds to the account specified in writing by the holder or holders thereof to the Common
Depositary. 
 (g) Payments on Physical Notes shall be payable at the office or agency of the Issuer maintained for such purpose, initially
the specified office or agency of the Paying Agent and, at the option of the Issuer, may be made by wire transfer to the account specified by the Holder or Holders thereof as notified to the Paying Agent in writing at least 15 days prior to the
relevant payment date. 
 (h) The Notes shall be redeemable at the option of the Issuer as provided in Article 4. 

Section 2.2 Forms of Notes. 

(a) Except as otherwise provided pursuant to this Section 2.2, the Notes are issuable in fully registered form without coupons in
substantially the form of Exhibit A and Exhibit B hereto with such applicable legends as are provided for in Section 2.3. The Notes are not issuable in bearer form. The terms and provisions contained in the form of Notes shall constitute, and
are hereby expressly made, a part of this Supplemental Indenture and to the extent applicable, the Issuer, the Guarantor and the Trustee, by their execution and delivery of this Supplemental Indenture, expressly agree to such terms and provisions
and to be bound thereby. Any of the Notes may have such letters, numbers or other marks of identification and such notations, legends and endorsements as the Officers executing the same may approve (execution thereof to be conclusive evidence of
such approval) and as are not inconsistent with the provisions of this Supplemental Indenture and the Base Indenture, or as may be required to comply with any law or with any rule or regulation made pursuant thereto or with any rule or regulation of
any securities exchange or automated quotation system on which the Notes of any series may be listed or designated for issuance, or to conform to usage. 

(b) The Notes and the Guarantees are being (i) initially offered and sold by the Issuer to the underwriters thereof pursuant to the
Underwriting Agreement. The Notes shall be issued initially in the form of one or more permanent global Notes in fully registered form without interest coupons, substantially in the form of Exhibit A and Exhibit B hereto (the “Global
Notes”), each with the applicable 

  
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legends as provided in Section 2.3. Each Global Note shall be duly executed by the Issuer and authenticated and delivered by the Trustee, shall have endorsed thereon the applicable
Guarantees executed by the Guarantor and shall be deposited with and registered in the name of the Common Depositary or its nominee for the accounts of Euroclear and Clearstream. The aggregate principal amount of each Global Note may from time to
time be increased or decreased by adjustments made on the records of the Registrar or the Paying Agent, at the direction of the Trustee, as hereinafter provided. 

(c) At such time as all beneficial interests in a Global Note have either been exchanged for Physical Notes, redeemed, repurchased or
cancelled, such Global Note shall be returned by the Common Depositary to the Trustee for cancellation or retained and cancelled by the Trustee at the written direction of the Issuer. At any time prior to such cancellation, if any beneficial
interest in a Global Note is exchanged for Physical Notes, redeemed, repurchased or cancelled, the principal amount of Notes of the relevant series represented by such Global Note shall be reduced and an adjustment shall be made on the books and
records of the Trustee with respect to such Global Note, by the Trustee, to reflect such reduction. 
 Section 2.3
Legends. 
 (a) Each Global Note shall bear a legend on the face thereof substantially in the following form (each defined
term in the legend being defined as such for purposes of the legend only) (the “Global Notes Legend”): 
 THIS IS A GLOBAL
NOTE WITHIN THE MEANING OF THE INDENTURE REFERRED TO HEREINAFTER. 
 UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF
THE COMMON DEPOSITARY (AS DEFINED IN THE INDENTURE), TO THE ISSUER OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF THE COMMON DEPOSITARY OR IN SUCH OTHER NAME AS IS REQUESTED BY
AN AUTHORIZED REPRESENTATIVE OF THE COMMON DEPOSITARY (AND ANY PAYMENT IS MADE TO THE COMMON DEPOSITARY OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF THE COMMON DEPOSITARY), 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 COMMON DEPOSITARY HAS AN INTEREST HEREIN. 

TRANSFERS OF THIS GLOBAL NOTE SHALL BE LIMITED TO TRANSFERS IN WHOLE, BUT NOT IN PART, TO NOMINEES OF THE COMMON DEPOSITARY OR TO A SUCCESSOR
THEREOF OR SUCH SUCCESSOR’S NOMINEE AND TRANSFERS OF PORTIONS OF THIS GLOBAL NOTE SHALL BE LIMITED TO TRANSFERS MADE IN ACCORDANCE WITH THE RESTRICTIONS SET FORTH IN THE INDENTURE REFERRED TO ON THE REVERSE HEREOF. 

(b) Each Physical Note shall bear a legend on the face thereof substantially in the following form (the “Physical Notes
Legend”): 
 IN CONNECTION WITH ANY TRANSFER, THE HOLDER WILL DELIVER TO THE REGISTRAR AND TRANSFER AGENT SUCH CERTIFICATES AND
OTHER INFORMATION AS SUCH REGISTRAR AND TRANSFER AGENT MAY REASONABLY REQUIRE TO CONFIRM THAT THE TRANSFER COMPLIES WITH THE FOREGOING RESTRICTIONS. 

  
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 Section 2.4 Form of Guarantees. 

A Guarantee substantially in the following form shall be endorsed on the reverse of each Note: 

Teva Pharmaceutical Industries Limited (the “Guarantor”) hereby unconditionally and irrevocably guarantees to the Holder of
this Note (the “Guarantee”) the due and punctual payment of the principal of and interest (including Additional Tax Amounts, if any), on this Note, when and as the same shall become due and payable, whether at Maturity or upon
redemption or upon declaration of acceleration or otherwise, according to the terms of this Note and of the Indenture. The Guarantor agrees that in the case of default by the Issuer in the payment of any such principal or interest (including
Additional Tax Amounts, if any), the Guarantor shall duly and punctually pay the same. The Guarantor hereby agrees that its obligations hereunder shall be absolute and unconditional irrespective of any extension of the time for payment of this Note,
any modification of this Note, any invalidity, irregularity or unenforceability of this Note or the Indenture, any failure to enforce the same or any waiver, modification, consent or indulgence granted to the Issuer with respect thereto by the
Holder of this Note or the Trustee, or any other circumstances which may otherwise constitute a legal or equitable discharge of a surety or guarantor. The Guarantor hereby waives diligence, presentment, demand of payment, filing of claims with a
court in the event of merger or bankruptcy of the Issuer, any right to require a demand or proceeding first against the Issuer, protest or notice with respect to this Note or the indebtedness evidenced hereby and all demands whatsoever, and
covenants that this Guarantee will not be discharged as to this Note except by payment in full of the principal of and interest (including Additional Tax Amounts, if any) on this Note. 

The Guarantor shall be subrogated to all rights of the Holders against the Issuer in respect of any amounts paid by the Guarantor pursuant to
the provisions of the Guarantees or the Indenture; provided, however, that the Guarantor hereby waives any and all rights to which it may be entitled, by operation of law or otherwise, upon making any payment hereunder (i) to be
subrogated to the rights of a Holder against the Issuer with respect to such payment or otherwise to be reimbursed, indemnified or exonerated by the Issuer in respect thereof or (ii) to receive any payment in the nature of contribution or for
any other reason, from any other obligor with respect to such payment, in each case, until the principal of and interest (including Additional Tax Amounts, if any) on this Note shall have been paid in full. 

The Guarantee shall not be valid or become obligatory for any purpose with respect to this Note until the certificate of authentication on
this Note shall have been signed by the Trustee. 
 The Guarantee shall be governed by and construed in accordance with the laws of the
State of New York. 
 IN WITNESS WHEREOF, Teva Pharmaceutical Industries Limited has caused the Guarantee to be signed manually or by
facsimile by its duly authorized Officer. 
  

			
	TEVA PHARMACEUTICAL INDUSTRIES LIMITED


 
			
		
	By	 	 


 Section 2.5 Book-Entry Provisions for the Global Notes. 

(a) The Global Notes initially shall be deposited with and registered in the name of the Common Depositary or its nominee for the accounts of
Euroclear and Clearstream. 
 (b) Members of, or participants in, Euroclear or Clearstream (“Agent Members”) shall have no
rights under this Supplemental Indenture with respect to any Global Note held on their behalf by Euroclear or Clearstream, or the Common Depositary, or under such Global Note, and the Common 

  
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Depositary may be treated by the Issuer, the Guarantor, the Trustee, the Paying Agent and any of their respective agents as the absolute owner of such Global Note for all purposes whatsoever.
Notwithstanding the foregoing, nothing contained herein shall prevent the Issuer, the Guarantor, the Trustee, the Paying Agent or any of their respective agents from giving effect to any written certification, proxy or other authorization furnished
by Euroclear or Clearstream or impair, as between Euroclear or Clearstream and the Agent Members, the operation of customary practices of Euroclear or Clearstream governing the exercise of the rights of a Holder of any Note. With respect to any
Global Note deposited on behalf of the subscribers for the Notes represented thereby with the Common Depositary for credit to their respective accounts (or to such other accounts as they may direct) at Euroclear or Clearstream, the provisions of the
“Operating Procedures of the Euroclear System” and the “Terms and Conditions Governing Use of Euroclear” and the “Management Regulations” and “Instructions to Participants” of Clearstream, respectively, shall
be applicable to the Global Notes. 
 (c) The Holder of a Global Note may grant proxies and otherwise authorize any Person, including
Euroclear or Clearstream or its nominee, Agent Members and Persons that may hold interests through Agent Members, to take any action that a Holder is entitled to take under this Supplemental Indenture, the Base Indenture or the Notes of any series.

 (d) A Global Note may not be transferred, in whole or in part, to any Person other than the Common Depositary (or its nominee by a
nominee of the Common Depositary to the Common Depositary or to another nominee of the Common Depositary, or by the Common Depositary or any such nominee to a successor Common Depositary or a nominee of such successor Common Depositary), and no such
transfer to any such other Person may be registered. Beneficial interests in a Global Note may be transferred in accordance with the rules and procedures of Euroclear or Clearstream. 

(e) Except as provided in Section 2.5(f), owners of beneficial interests in Global Notes shall not be entitled to receive physical
delivery of Physical Notes. 
 (f) If at any time: 

(1) either Euroclear or Clearstream notifies the Issuer in writing that it is no longer willing or able to continue to act as
depositary for the Global Notes of any series and a successor depositary for the Global Notes of such series is not appointed by the Issuer within 120 days of such notice; 

(2) an Event of Default has occurred and is continuing and enforcement action is being taken in respect thereof under their
Indenture and the Registrar has received a request from Euroclear or Clearstream on behalf of their Agent Members for the issuance of Physical Notes in exchange for such Global Note or Global Notes; or 

(3) the Issuer, at its option, notifies the Trustee in writing that it elects to exchange in whole, but not in part, the Global
Note for Physical Notes; such Global Note or Global Notes shall be deemed to be surrendered to the Trustee for cancellation and the Issuer shall execute, and the Trustee, upon receipt of an Officer’s Certificate and Issuer Order for the
authentication and delivery of Notes, shall authenticate and deliver, in exchange for such Global Note or Global Notes, Physical Notes of the applicable series in an aggregate principal amount equal to the aggregate principal amount of such Global
Note or Global Notes. Such Physical Notes shall be registered in such names as Euroclear or Clearstream shall identify in writing as the beneficial owners of the Notes represented by such Global Note or Global Notes (or any nominee thereof). 

(g) Notwithstanding the foregoing, in connection with any transfer of beneficial interests in a Global Note to the beneficial owners thereof
pursuant to Section 2.5(f), the Registrar shall reflect on its books and records the date and a decrease in the principal amount of such Global Note in an amount equal to the principal amount of the beneficial interests in such Global Note to
be transferred. 

  
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 Section 2.6 [Reserved] 

Section 2.7 Defaulted Interest. 

If the Issuer fails to make a payment of interest on any Note when due and payable (“Defaulted Interest”), it shall pay such
Defaulted Interest plus (to the extent lawful) any interest payable on the Defaulted Interest, in any lawful manner. It may elect to pay such Defaulted Interest, plus any such interest payable on it, to the Persons who are Holders of such Notes on
which the interest is due on a subsequent Special Record Date. The Issuer shall notify the Trustee and the Paying Agent in writing of the amount of Defaulted Interest proposed to be paid on each such Note. The Issuer shall fix any such Special
Record Date and payment date for such payment. At least 15 days before any such Special Record Date, the Issuer shall deliver to Holders affected thereby, with a copy to the Trustee and the Paying Agent, a notice that states the Special Record Date,
the Interest Payment Date and amount of such interest to be paid. 
 Section 2.8 Execution of Guarantees. 

The Guarantor hereby agrees to execute the Guarantees in substantially the form above recited to be endorsed on each Note. If the Issuer shall
execute Physical Notes in accordance with Section 2.5, the Guarantor shall execute the Guarantees in substantially the form above recited to be endorsed on each such Note. The Guarantees shall be executed on behalf of the Guarantor by an
Officer of the Guarantor. The signature of any Officer on the Guarantees may be manual or facsimile. 
 In case any Officer of the Guarantor
who shall have signed the Guarantees endorsed on a Note shall cease to be such Officer before the Note so signed shall be authenticated and delivered by the Trustee, such Note nevertheless may be authenticated and delivered or disposed of as though
the person who signed such Guarantees had not ceased to be such Officer of the Guarantor; and any Guarantees endorsed on a Note may be signed on behalf of the Guarantor by such persons as, at the actual date of the execution of such Guarantee, shall
be the proper Officers of the Guarantor, although at the date of the execution and delivery of this Supplemental Indenture any such person was not such an Officer. 

Section 2.9 Add On Notes. 

The Issuer may, from time to time, subject to compliance with any other applicable provisions of this Supplemental Indenture and the Base
Indenture, without the consent of the Holders, create and issue pursuant to this Supplemental Indenture and the Base Indenture Add On Notes having terms identical to those of the Outstanding Notes of any series, except that Add On Notes: 

(a) may have a different issue date from other Outstanding Notes; 

(b) may have a different first Interest Payment Date after issuance than other Outstanding Notes of such series; 

(c) may have a different amount of interest payable on the first Interest Payment Date after issuance than is payable on other Outstanding
Notes of such series; 
 (d) may have a different issue price; 

(e) may have a different CUSIP or ISIN number if such Add On Notes are not fungible with the Notes of such series then outstanding for United
States federal income tax purposes; and 
 (f) may have terms specified in Add On Note Board Resolutions, an Officer’s Certificate or a
supplemental indenture for such Add On Notes making appropriate adjustments to this Article 2, Exhibit A and Exhibit B (and related definitions), as the case may be, applicable to such Add On 

  
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Notes in order to conform to and ensure compliance with the Securities Act (or other applicable securities laws) and any registration rights or similar agreement applicable to such Add On Notes,
which are not adverse in any material respect to the Holder of any Outstanding Notes of such series (other than such Add On Notes) and which shall not affect the rights, benefits, immunities or duties of the Trustee. 

In authenticating any Add On Notes, and accepting the additional responsibilities under the Indenture in relation to such Add On Notes, the
Trustee shall be entitled to receive, and shall be fully protected in relying upon: 
 (a) the Add On Note Board Resolutions, Officer’s
Certificate or supplemental indenture relating thereto, setting forth the form and terms of the Add On Notes; 
 (b) an Officer’s
Certificate complying with Section 7.5; and 
 (c) an Opinion of Counsel complying with Section 7.5 stating, 

(1) that the forms of such Notes have been established by or pursuant to Add On Note Board Resolutions, an Officer’s
Certificate or a supplemental indenture, as permitted by this Section 2.9 and in conformity with the provisions of this Supplemental Indenture and the Base Indenture; 

(2) that the terms of such Notes have been established by or pursuant to Add On Note Board Resolutions, an Officer’s
Certificate or a supplemental indenture, as permitted by this Section 2.9 and in conformity with the provisions of this Supplemental Indenture and the Base Indenture; and 

(3) that such Notes and the related Guarantees, when authenticated and delivered by the Trustee and issued by the Issuer and
the Guarantor in the manner provided for herein and in the Base Indenture and the Guarantees, respectively, subject to any customary conditions specified in such Opinion of Counsel, will constitute valid and legally binding obligations of the Issuer
and the Guarantor, respectively, entitled to the benefits provided in this Supplemental Indenture and the Base Indenture, enforceable in accordance with their respective terms, except to the extent that the enforcement of such obligations may be
subject to bankruptcy laws or insolvency laws or other similar laws, general principles of equity and such other qualifications as such counsel shall conclude are customary or do not materially affect the rights of the Holders of such Notes. 

If such forms or terms have been so established by or pursuant to Add On Note Board Resolutions, an Officer’s Certificate or a
supplemental indenture, the Trustee shall have the right to decline to authenticate and deliver any Notes: 
 (1) if the
Trustee, being advised by counsel, determines that such action may not lawfully be taken; 
 (2) if the Trustee in good faith
determines that such action would expose the Trustee to personal liability to Holders of any Outstanding Notes; or 
 (3) if
the issue of such Add On Notes pursuant to this Supplemental Indenture and the Base Indenture will affect the Trustee’s own rights, duties, benefits and immunities under the Notes, this Supplemental Indenture and the Indenture or otherwise in a
manner which is not reasonably acceptable to the Trustee. 
 Notwithstanding anything in this Section 2.9, the Issuer may not issue Add
On Notes if an Event of Default shall have occurred and be continuing. 

  
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 Section 2.10 ISIN Numbers and Common Codes. 

The Issuer in issuing the Notes may use “ISIN” Numbers (if then generally in use) and common codes, and, if so, the Trustee and the
Paying Agent shall use “ISIN” numbers and common codes in notices of redemption and other notices to the Holders as a convenience to Holders; provided that any such notice may state that no representation is made as to the
correctness of such numbers either as printed on the Notes of a given series or as contained in any notice of a redemption and that reliance may be placed only on the other identification numbers printed on the Notes of a given series, and any such
redemption shall not be affected by any defect in or omission of such numbers. The Issuer will promptly notify the Trustee and the Paying Agent of any change in the “ISIN” numbers or common codes. 

ARTICLE 3 
 ADDITIONAL
COVENANTS 
 In addition to the covenants set forth in Article 3 of the Base Indenture, the Notes shall be subject to the additional
covenants set forth in this Article 3. 
 Section 3.1 Payment of Additional Tax Amounts. 

With respect to the Notes, Section 12.02 of the Base Indenture is not applicable. All payments of interest and principal by the Issuer
under the Notes of any series and by the Guarantor under the Guarantees shall be made without withholding or deduction for, or on account of, any present or future Taxes unless such withholding or deduction is required by law. In the event that the
Issuer or the Guarantor is required to withhold or deduct on account of any such Taxes from any payment made under or with respect to the Notes, the Issuer or the Guarantor, as the case may be, will (a) withhold or deduct such amounts,
(b) pay such additional Tax amounts so that the net amounts received by each Holder or beneficial owner of the relevant Notes, including those additional Tax amounts, will equal the amount such Holder or beneficial owner would have received if
such Taxes had not been required to be withheld or deducted (“Additional Tax Amounts”) and (c) pay the full amount withheld or deducted to the relevant tax or other authority in accordance with applicable law, except that no such
Additional Tax Amounts shall be payable in respect of any Note: 
 (1) to the extent that such Taxes are imposed or levied by
reason of such Holder (or the beneficial owner) having some present or former connection with the Taxing Jurisdiction other than the mere holding (or beneficial ownership) of such Note or receiving principal or interest payments on the Notes
(including but not limited to citizenship, nationality, residence, domicile, or the existence of a business, permanent establishment, a dependent agent, a place of business or a place of management present or deemed present in the Taxing
Jurisdiction); 
 (2) in respect of any Taxes that would not have been so withheld or deducted but for the failure by the
Holder or the beneficial owner of the Notes to make a declaration of non-residence, or any other claim or filing for exemption to which it is entitled or otherwise comply with any reasonable certification,
identification, information, documentation or other reporting requirement concerning nationality, residence, identity or connection with the Taxing Jurisdiction if (a) compliance is required by applicable law, regulation, administrative
practice or treaty as a precondition to exemption from all or part of the Taxes, (b) the Holder (or beneficial owner) is able to comply with these requirements without undue hardship and (c) the Issuer has given the Holders (or beneficial
owners) at least 30 calendar days prior notice that they will be required to comply with such requirement; 
 (3) to the
extent that such Taxes are imposed by reason of any estate, inheritance, gift, sales, transfer or personal property taxes imposed with respect to the Notes, except as otherwise provided in the Indenture; 

  
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 (4) to the extent that any such Taxes would not have been imposed but for
the presentation of the Notes, where presentation is required, for payment on a date more than 30 days after the date on which such payment became due and payable or the date on which payment thereof is duly provided for, whichever is later, except
to the extent that the Holder would have been entitled to Additional Tax Amounts had the Notes been presented for payment on any date during such 30-day period; 

(5) in respect of any Taxes imposed under Sections 1471-1474 of the Internal Revenue Code of 1986, as amended, any applicable
U.S. Treasury Regulations promulgated thereunder, or any judicial or administrative interpretations of any of the foregoing; or 

(6) any combination of items 1 through 5 above. 

For purposes of this Section 3.1, “Taxes” means, with respect to payments on the Notes, all taxes, withholdings, duties,
assessments or governmental charges of whatever nature imposed or levied by or on behalf of any Taxing Jurisdiction or any political subdivision thereof or any authority or agency therein or thereof having power to tax. 

Section 3.2 Stamp Tax. 

The Issuer and the Guarantor will pay any present or future stamp, court or documentary taxes or any other excise or property taxes, charges
or similar levies that arise from the execution, delivery, enforcement or registration of the Notes of any series or any other document or instrument in relation thereto. 

Section 3.3 Corporate Existence. 

Subject to Article 8 of the Base Indenture and subject to the ability of the Issuer or the Guarantor to convert (or similar action) to another
form of legal entity under the laws of the jurisdiction under which the Issuer or the Guarantor then exists, each of the Guarantor and the Issuer will do or cause to be done all things necessary to preserve and keep in full force and effect its
corporate existence, rights (charter and statutory) and franchises; provided, however, that the Issuer and the Guarantor shall not be required to preserve any such existence, right or franchise if the Issuer and the Guarantor determine that the
preservation thereof is no longer desirable in the conduct of the business of the Issuer or the Guarantor and that the loss thereof is not disadvantageous in any material respect to the Holders. 

Section 3.4 Certificates of the Issuer and the Guarantor. 

The Issuer will furnish to the Trustee within 120 days after the end of each fiscal year of the Issuer an Officer’s Certificate of the
Issuer as to the signer’s knowledge of the Issuer’s and the Guarantor’s compliance with all conditions and covenants under this Supplemental Indenture and the Base Indenture (such compliance to be determined without regard to any
period of grace or requirement of notice provided under this Supplemental Indenture or the Base Indenture). In the event the Issuer comes to have actual knowledge of an Event of Default or an event which, with notice or the lapse of time or both,
would constitute an Event of Default, regardless of the date, the Issuer shall deliver an Officer’s Certificate to the Trustee specifying such Default and the nature and status thereof. 

Section 3.5 Guarantor To Be the Sole Equityholder of the Issuer. 

So long as any Notes are outstanding, the Guarantor or its successor will directly or indirectly own all of the outstanding Capital Stock of
the Issuer. 
 Section 3.6 Limitation on Liens. 

The Guarantor shall not, and shall not permit any subsidiary to, directly or indirectly, create, incur, assume or suffer to exist any Lien,
other than a Permitted Lien, upon any of its property (including any shares of Capital Stock or Indebtedness of any subsidiary) to secure any other Indebtedness incurred by the 

  
 18 












 
Guarantor or any subsidiary, without in any such case making effective provision whereby all of the Notes outstanding (together with, if the Guarantor so determines, any other Indebtedness by the
Guarantor or any subsidiary ranking equally with the Notes or the Guarantees) shall be secured equally and ratably with, or prior to, such Indebtedness for so long as such other Indebtedness shall be so secured unless, after giving effect to such
Lien, the aggregate amount of secured Indebtedness then outstanding (excluding Indebtedness secured solely by Permitted Liens) plus the value (as defined in Section 3.7) of all Sale-Leaseback Transactions (other than those described in clause
(a) or clause (b) of Section 3.7) then outstanding would not exceed 10% of the Guarantor’s Consolidated Net Worth. 

Section 3.7 Limitation on Sales and Leasebacks. 

The Guarantor will not, and will not permit any subsidiary to, enter into any Sale-Leaseback Transaction after the date of this Supplemental
Indenture unless: 
 (a) the Sale-Leaseback Transaction: 

(1) involves a lease for a period, including renewals, of not more than five years; 

(2) occurs within 270 days after the date of acquisition, completion of construction or completion of improvement of such
property; or 
 (3) is with the Guarantor or one of its subsidiaries; or 

(b) the Guarantor or any subsidiary, within 270 days after the Sale-Leaseback Transaction shall have occurred, applies or causes to be applied
an amount equal to the value of the property so sold and leased back at the time of entering into such arrangement to the prepayment, repayment, redemption, reduction or retirement of any Indebtedness of the Guarantor or any subsidiary that is not
subordinated to the Notes and that has a Stated Maturity of more than twelve months; or 
 (c) the Guarantor or such subsidiary would be
entitled pursuant to Section 3.6 to create, incur, issue or assume Indebtedness secured by a Lien on the property without equally and ratably securing the Notes. 

As used in this Section 3.7, the term “value” shall mean, with respect to a Sale-Leaseback Transaction, as of any particular
time an amount equal to the greater of (i) the net proceeds of sale of the property leased pursuant to such Sale-Leaseback Transaction, or (ii) the fair value of such property at the time of entering into such Sale-Leaseback Transaction as
determined by the Board of Directors of the Guarantor, in each case multiplied by a fraction of which the numerator is the number of full years of remaining term of the lease (without regard to renewal options) and the denominator is the full years
of the full term of the lease (without regard to renewal options). 
 Section 3.8 Waiver of Stay or Extension Laws. 

The Issuer covenants (to the extent that it may lawfully do so) that it will not at any time insist upon, or plead, or in any manner
whatsoever claim to take the benefit or advantage of, any stay or extension law wherever enacted, now or at any time hereafter in force, which may affect the covenants or the performance of this Supplemental Indenture and the Base Indenture; and the
Issuer (to the extent that it may lawfully do so) hereby expressly waives all benefit or advantage of any such law and covenants that it will not hinder, delay or impede the execution of any power herein granted to the Trustee, but will suffer and
permit the execution of every such power as though no such law had been enacted. 

  
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 ARTICLE 4 

REDEMPTION OF NOTES 

Section 4.1 Optional Redemption. 

Subject to any adjustment in accordance with Section 2.1(c)(2), the Issuer may at its option redeem the Notes of any series, in whole or
in part, at any time or from time to time, on any date prior to the Stated Maturity, upon notice as set forth in Section 4.2, at the Redemption Price. 

Section 4.2 Notice of Redemption. 

Notice of redemption to the Holders of the Notes of any series to be redeemed shall be given by delivering notice of such redemption, on at
least 10 days’, but not more than 60 days’, prior notice delivered by electronic transmission, first-class mail, postage prepaid, at their respective addresses as they appear on the registration books of the Registrar, with a copy of such
notice delivered to the Trustee. The notice of redemption of the Notes of any series to be redeemed at the option of the Issuer shall be given by the Issuer or, at the Issuer’s request, delivered to the Trustee at least five Business Days
before the date such notice is to be given to Holders (unless a shorter period shall be acceptable to the Trustee), by the Trustee in the name and at the expense of the Issuer. For so long as such Notes are listed on Euronext Dublin and the rules of
Euronext Dublin so require, the Issuer shall publish a notice of redemption in a daily newspaper with general circulation in Ireland (which is expected to be the Irish Times). Such notice of redemption may instead be published on the website of the
Euronext Dublin. 
 Notice of any redemption of any series of Notes in connection with a corporate transaction (including an equity
offering, an incurrence of indebtedness or a change of control) may, at the Issuer’s discretion, be given prior to the completion thereof and any such redemption or notice may, at the Issuer’s discretion, be subject to one or more
conditions precedent, including, but not limited to, completion of the related transaction. If such redemption or purchase is so subject to satisfaction of one or more conditions precedent, such notice shall describe each such condition, and such
notice may be rescinded or the Redemption Date delayed in the event that any or all such conditions shall not have been satisfied by the Redemption Date. In addition, the Issuer may provide in such notice that payment of the Redemption Price and
performance of its obligations with respect to such redemption may be performed by another Person. 
 If any Note of any series is to be
redeemed in part only, the notice of redemption that relates to such Note shall state the portion of the principal amount thereof to be redeemed, in which case a portion of the original Note of such series will be issued in the name of the holder
thereof upon cancellation of the original Note of such series. In the case of a Global Note of any series, an appropriate notation will be made on such Note of such series to decrease the principal amount thereof to an amount equal to the unredeemed
portion thereof. Subject to the terms of the redemption notice (including any conditions contained therein), Notes of any series called for redemption become due on the date fixed for redemption. On and after the Redemption Date, interest ceases to
accrue on such Notes or portions of them called for redemption, unless the redemption price is not paid on the Redemption Date. 

Section 4.3 Deposit of Redemption Price. 

On or prior to the Redemption Date, the Issuer shall deposit with the Paying Agent an amount of money sufficient to pay the Redemption Price
in respect of all the Notes to be redeemed on that Redemption Date. If less than all of the Notes (or any series thereof) are to be redeemed, the Notes to be redeemed shall be selected by the Trustee on a pro rata basis, by lot or by such
method as the Trustee shall deem fair and appropriate and subject to the rules of the applicable depositary. 
 Section 4.4 Tax
Redemption. 

  
 20 












 (a) If, as a result of any change in or amendment to the laws (or any regulations or rulings
promulgated thereunder) of any Taxing Jurisdiction or any political subdivision or taxing authority thereof or in any Taxing Jurisdiction affecting taxation or any change in official position regarding the application or interpretation of such laws,
regulations or rulings, which change or amendment becomes effective or, in the case of a change in official position, is announced on or after the date of this Supplemental Indenture, the Issuer or the Guarantor (or any of their respective
successors), as the case may be, is or will be obligated to pay any Additional Tax Amounts with respect to the Notes (or any series thereof), and if the Issuer or the Guarantor (or any of their respective successors), as the case may be, determines
that such obligation cannot be avoided by the Issuer or the Guarantor (or any of their respective successors), as the case may be, after taking reasonable measures available to it, then at the option of the Issuer or the Guarantor (or any of their
respective successors), as the case may be, the Notes (or any series thereof) may be redeemed in whole, but not in part, at any time, upon the giving not less than 10 days’ nor more than 60 days’ notice to the Trustee and the Holders of
such Notes, at the Redemption Price; provided, however, that (1) no notice of such tax redemption may be given earlier than 90 days prior to the earliest date on which the Issuer or the Guarantor (or their respective successors), as the case
may be, would, but for such redemption, be obligated to pay such Additional Tax Amounts were a payment on such Notes then due, and (2) at the time such notice is given, such obligation to pay such Additional Tax Amounts remains in effect. The
notice of tax redemption shall be given by the Issuer or, at the Issuer’s request delivered to the Trustee at least five Business Days before the date such notice is to be given to Holders (unless a shorter period shall be acceptable to the
Trustee), by the Trustee in the name and at the expense of the Issuer. 
 (b) Not less than five Business Days (unless a shorter period
shall be acceptable to the Trustee) before any notice of tax redemption pursuant to Section 4.4(a) is given to the Trustee or the Holders of the Notes (or any series thereof), the Issuer or the Guarantor (or their respective successors), as the
case may be, shall deliver to the Trustee (i) an Officer’s Certificate stating that the Issuer or the Guarantor (or their respective successors), as the case may be, is entitled to effect such redemption and setting forth a statement of
facts showing that the conditions precedent to the right of the Issuer or the Guarantor (or their respective successors), as the case may be, to so redeem have occurred or have been satisfied and (ii) an opinion of independent legal counsel of
recognized standing to that effect based on the statement of facts. Such notice, once given to the Trustee, shall be irrevocable. 

ARTICLE 5 
 SATISFACTION
AND DISCHARGE 
 Section 5.1 Satisfaction and Discharge. 

(a) With respect to the Notes, Section 9.01 of the Base Indenture is not applicable. 

(b) The Issuer and the Guarantor may satisfy and discharge their obligations under this Supplemental Indenture with respect to any series of
Notes while such Notes remain outstanding, if (a) all Outstanding Notes of such series have become due and payable at their scheduled Maturity, or (b) all Outstanding Notes of such series have been called for redemption, and in either
case, the Issuer has deposited with the Trustee an amount sufficient to pay and discharge all Outstanding Notes of such series on the date of their scheduled Maturity or the scheduled Redemption Date, as the case may be. 

ARTICLE 6 
 APPOINTMENT
OF PAYING AGENT 
 Section 6.1 Paying Agent. 

The Issuer hereby appoints The Bank of New York Mellon, London Branch, to act as Paying Agent. In connection with its appointment and acting
hereunder, the Paying Agent is entitled to all the rights, privileges, protections, immunities, benefits and indemnities provided to the Trustee under the Indenture. 

  
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 ARTICLE 7 

MISCELLANEOUS PROVISIONS 

Section 7.1 Scope of Supplemental Indenture. 

(a) The changes, modifications and supplements to the Base Indenture effected by this Supplemental Indenture shall only be applicable with
respect to, and govern the terms of, the Notes and shall not apply to any other Securities that may be issued by the Issuer under the Base Indenture. Other than such, changes, modifications and supplements, the Base Indenture is incorporated by
reference herein and affirmed in all respects. 
 Section 7.2 Provisions of Supplemental Indenture for the Sole Benefit of Parties
and Holders of Notes. 
 Nothing in this Supplemental Indenture, the Base Indenture or in the Notes or the
Guarantees, expressed or implied, shall give or be construed to give to any person, firm or corporation, other than the parties hereto and their successors and the Holders of the Notes, any legal or equitable right, remedy or claim under this
Supplemental Indenture or under any covenant or provision herein contained, all such covenants and provisions being for the sole benefit of the parties hereto and their successors and of the Holders of the Notes. 

Section 7.3 Successors and Assigns of Issuer and Guarantor Bound by Supplemental Indenture. 

All the covenants, stipulations, promises and agreements in this Supplemental Indenture contained by or on behalf of the Issuer shall bind its
successors and assigns, whether so expressed or not. All the covenants, stipulations, promises and agreements in this Supplemental Indenture contained by or on behalf of the Guarantor shall bind its successors and assigns, whether so expressed or
not. 
 Section 7.4 Notices and Demands on Issuer, Trustee, Paying Agent and Holders of Notes 

Any notice or demand which by any provision of this Supplemental Indenture is required or permitted to be given or delivered to or by the
Trustee, the Paying Agent or by the Holders of Notes to the Issuer or the Guarantor shall be in writing in the English language and may be given or served by being deposited postage prepaid, first-class mail (except as otherwise specifically
provided herein) addressed (until another address is filed with the Trustee and the Paying Agent) as follows: 
 If to the Issuer: 

Teva Pharmaceutical Finance Netherlands II B.V. 

Piet Heinkade 107, 1019 GM 

Amsterdam, Netherlands 

Attention: Managing Director 

Fax: +972-39-062501 

with a copy (which shall not constitute notice) to: 

Teva Pharmaceuticals USA, Inc. 

400 Interpace Parkway, Building A, 

Parsippany, NJ 07054 

Attention: David M. Stark 

Fax: +1 (215) 293-6499 

  
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 with a copy (which shall not constitute notice)to: 

Kirkland & Ellis LLP 

601 Lexington Avenue 

New York, NY 10022 

Attention: Joshua N. Korff, P.C. 

                 Ross M. Leff, P.C. 

Fax: +1 (212) 446-4900 

If to the Guarantor: 

Teva Pharmaceutical Industries Limited 

124 Dvora Hanevi’a Street 

Tel Aviv, 6944020, Israel 

Attention: Corporate Treasurer 

Facsimile:
+972-3-914-8678 

with copies (which shall not constitute notice) to: 

Teva Pharmaceuticals USA, Inc. 

400 Interpace Parkway, Building A, 

Parsippany, NJ 07054 

Attention: David M. Stark 

Fax: +1 (215) 293-6499 

Kirkland & Ellis LLP 

601 Lexington Avenue 

New York, NY 10022 

Attention: Joshua N. Korff, P.C. 

                 Ross M. Leff, P.C. 

Fax: +1 (212) 446-4900 

Any notice, direction, request or demand by the Issuer, the Guarantor or any Holder of Notes to or upon the Trustee or the Paying Agent shall
be deemed to have been sufficiently given or made, for all purposes, if delivered in person or mailed by first-class mail as follows: 
 If
to the Trustee: 
 The Bank of New York Mellon 

240 Greenwich Street, Floor 7E 

New York, NY 10286 

Attention: Corporate Trust – Global Finance Unit 

Fax: (212) 815-2830 

If to the Paying Agent: 

The Bank of New York Mellon, London Branch 

One Canada Square 

Canary Wharf 

London E14 5AL 

United Kingdom 

Attn: Manager Corporate Trust Services 

Fax: +44 207 964 2536 

with a copy (which shall not constitute notice) to the Trustee. 

The Trustee also agrees to accept and act upon instructions or directions pursuant to the Indenture sent by unsecured e-mail, facsimile transmission or other similar unsecured electronic methods. 
 The Issuer, the Guarantor
or the Trustee by written notice to each other may designate additional or different addresses for subsequent notices or communications. 

  
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 Any notice or communication to the Issuer or the Guarantor shall be deemed to have been
given or made as of the date so delivered if personally delivered or if delivered electronically, in pdf format or if telecopied; and seven calendar days after mailing if sent by registered or certified mail, postage prepaid (except that a notice of
change of address shall not be deemed to have been given until actually received by the addressee). Any notice or communication to the Trustee or the Paying Agent shall be deemed delivered upon receipt. 

Where this Supplemental Indenture provides for notice to Holders, such notice shall be sufficiently given (unless otherwise herein expressly
provided) if in writing, in the English language, and delivered to each Holder entitled thereto, at his last address as it appears in the register of the Notes of the applicable series. In any case where notice to Holders is given by mail, personal
delivery, telecopy or electronic delivery, neither the failure to mail such notice, nor any defect in any notice so mailed or delivered, to any particular Holder shall affect the sufficiency of such notice with respect to other Holders. Where this
Supplemental Indenture provides for notice in any manner, such notice may be waived in writing by the person entitled to receive such notice, either before or after the event, and such waiver shall be the equivalent of such notice. Waivers of notice
by Holders shall be filed with the Trustee, but such filing shall not be a condition precedent to the validity of any action taken in reliance upon such waiver. 

In case, by reason of the suspension of or irregularities in regular mail service, it shall be impracticable to mail notice to the Issuer, the
Guarantor or Holders of Notes when such notice is required to be given pursuant to any provision of this Supplemental Indenture, then any manner of giving such notice as shall be satisfactory to the Trustee shall be deemed to be a sufficient giving
of such notice. 
 Notwithstanding anything to the contrary contained herein, in the Base Indenture or in the Notes, where this Supplemental
Indenture, the Base Indenture or any Note provides for notice of any event (including any notice of redemption or purchase) to a Holder of a Global Note (whether by mail or otherwise), such notice shall be sufficiently given if given to Euroclear or
Clearstream electronically or by other method in accordance with the procedures thereof. 
 Section 7.5 Officer’s
Certificates and Opinions of Counsel; Statements to be Contained Therein. 
 Upon any application or demand by the
Issuer or the Guarantor to the Trustee to take any action under any of the provisions of this Supplemental Indenture, the Issuer or the Guarantor, as the case may be, shall furnish to the Trustee an Officer’s Certificate or Guarantor’s
Officer’s Certificate, as the case may be, stating that all conditions precedent provided for in this Supplemental Indenture relating to the proposed action have been complied with and an Opinion of Counsel stating that in the opinion of such
counsel all such conditions precedent have been complied with. 
 Each certificate or opinion provided for in this Supplemental Indenture
and delivered to the Trustee with respect to compliance with a condition or covenant provided for in this Supplemental Indenture shall include (a) a statement that the person making such certificate or opinion has read such covenant or
condition, (b) a brief statement as to the nature and scope of the examination or investigation upon which the statements or opinions contained in such certificate or opinion are based, (c) a statement that, in the opinion of such person,
he has made such examination or investigation as is necessary to enable him to express an informed opinion as to whether or not such covenant or condition has been complied with and (d) a statement as to whether or not, in the opinion of such
person, such condition or covenant has been complied with. 
 Any certificate, statement or opinion of an Officer of the Issuer or the
Guarantor may be based, insofar as it relates to legal matters, upon a certificate or opinion of or representations by counsel, unless such Officer knows that the certificate or opinion or representations with respect to the matters upon which his
certificate, statement or opinion may be based as aforesaid are erroneous, or in the exercise of reasonable care should know that the same are erroneous. Any certificate, statement or opinion of counsel may be based, insofar as it relates to factual
matters, information with respect to which is in the possession of the Issuer or the Guarantor, as the case may be, upon the certificate, statement or opinion of or representations by an Officer of Officers of the Issuer or the Guarantor, as the
case may be, unless such counsel knows that the certificate, statement or opinion or representations with respect to the matters upon which his certificate, statement or opinion may be based as aforesaid are erroneous, or in the exercise of
reasonable care should know that the same are erroneous. 

  
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 Any certificate, statement or opinion of an Officer of the Issuer or the Guarantor or of
counsel may be based, insofar as it relates to accounting matters, upon a certificate or opinion of or representations by an accountant or firm of accountants in the employ of the Issuer, unless such Officer or counsel, as the case may be, knows
that the certificate or opinion or representations with respect to the accounting matters upon which his certificate, statement or opinion may be based as aforesaid are erroneous, or in the exercise of reasonable care should know that the same are
erroneous. Any certificate or opinion of any independent firm of public accountants filed with the Trustee shall contain a statement that such firm is independent. 

The Trustee and the Paying Agent shall be entitled to conclusively rely on an Officer’s certificate from the Issuer or the Guarantor,
shall have no duty to inquire as to or investigate the accuracy of any such Officer’s certificate (or related Assurance Letter), verify the attainment of the Sustainability Performance Targets, or make calculations, investigations or
determinations with respect to the attainment of the Sustainability Performance Targets. The Trustee and the Paying Agent shall have no liability to the Issuer, any Holder or any other Person in acting in good faith on any such Officer’s
certificate. 
 Section 7.6 Payments Due on Saturdays, Sundays and Holidays. 

If the date of maturity of interest on or principal of the Notes of any series or the date fixed for redemption or repayment of any such Note
shall not be a Business Day, then payment of interest or principal 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 date of maturity or the date fixed for redemption,
and no interest shall accrue for the period after such date. 
 Section 7.7 Conflict of any Provisions of Supplemental Indenture
with Trust Indenture Act of 1939. 
 If and to the extent that any provision of this Supplemental
Indenture limits, qualifies or conflicts with another provision included in this Supplemental Indenture by operation of Sections 310 to 317, inclusive, of the TIA (an “incorporated provision”), such incorporated provision shall control.

 Section 7.8 New York Law to Govern. 

This Supplemental Indenture, each 2027 Note and each 2030 Note shall be deemed to be a contract under the laws of the State of New York, and
for all purposes shall be construed in accordance with the laws of such State. 
 Section 7.9 Counterparts. 

This Supplemental Indenture may be executed in any number of counterparts, each of which shall be an original; but such counterparts shall
together constitute but one and the same instrument. 
 Section 7.10 Effect of Headings. 

The Article and Section headings herein and the Table of Contents are for convenience only and shall not affect the construction hereof. 

Section 7.11 Submission to Jurisdiction. 

Each of the Issuer, the Guarantor, the Paying Agent and the Trustee agrees that any legal suit, action or proceeding arising out of or based
upon this Supplemental Indenture may be instituted in any federal or state court sitting in the Borough of Manhattan in New York City, and, to the fullest extent permitted by law, waives any objection which it may now or hereafter have to the laying
of venue of any such proceeding, and irrevocably submits to the non-exclusive jurisdiction of such court in any law suit, action or proceeding. Each 

  
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of the Issuer and the Guarantor, as long as any of the Notes remain Outstanding or the parties hereto have any obligation under this Supplemental Indenture, shall have an authorized agent (the
“Authorized Agent”) in the United States upon whom process may be served in any such legal action or proceeding. Service of process upon such agent and written notice of such service mailed or delivered to it shall to the extent
permitted by law be deemed in every respect effective service of process upon it in any such legal action or proceeding. The Issuer and the Guarantor each hereby appoints Teva Pharmaceuticals USA, Inc. (400 Interpace Parkway, Building A, Parsippany,
NJ 07054) as its agent for such purposes, and covenants and agrees that service of process in any legal action or proceeding may be made upon it at such office of such agent. The Issuer will provide written notice to the Trustee of any change in the
Authorized Agent. In the event that any Authorized Agent resigns, is removed or becomes incapable of so acting, the Issuer shall promptly appoint a successor Authorized Agent and shall notify the Trustee in writing of such change in Authorized
Agent. 
 Section 7.12 Not Responsible for Recitals or Issuance of Securities. 

The recitals contained herein and in the Notes, except the Trustee’s certificates of authentication, shall be taken as the statements of
the Issuer and the Guarantor, and the Trustee assumes no responsibility for their correctness. The Trustee makes no representations as to the validity or sufficiency of this Supplemental Indenture or of the Notes. The Trustee shall not be
accountable for the use or application by the Issuer of Notes or the proceeds thereof. 
 ARTICLE 8 

SUPPLEMENTAL INDENTURES 

Section 8.1 Without Consent of Holders. 

(a) Sections 7.01(d), (e), (f), (g), (h), (k), (l), (m), (n), (q) and (r) of the Base Indenture are not applicable with respect to the
Notes. 
 (b) In addition to the provisions set forth in Section 7.01 of the Base Indenture as amended by Section 7.1(a) above,
the Issuer, the Guarantor and the Trustee may amend, modify or supplement the Base Indenture, this Supplemental Indenture or the Notes of any series without the consent of any Holder for one or more of the following purposes: 

(1) to cure any ambiguity, supply any omission or correct or supplement any provision contained herein, in the Base Indenture,
in any supplemental indenture or in the Notes of any series which may be defective or inconsistent with any other provision contained herein or in any supplemental indenture; provided that such amendment, modification or supplement shall not,
in the good faith opinion of the Issuer’s managing and supervisory directors, adversely affect the interests of the Holders of the Notes in any material respect; provided, further, that any amendment made solely to conform the
provisions of this Supplemental Indenture to the description of the Notes contained in the Issuer’s Prospectus Supplement dated November 2, 2021 will not be deemed to adversely affect the interests of the Holders of the Notes; 

(2) to surrender any right or power conferred upon the Issuer or the Guarantor hereunder; 

(3) to comply with the requirements of the Commission in order to effect or maintain the qualification of the Indenture under
the TIA; 
 (4) to authorize the issuance of Add On Notes of either series of Notes pursuant to Section 2.9; and 

  
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 (5) to add or modify any other provision of the Indenture which the Issuer
or the Guarantor, as the case may be, and the Trustee may deem necessary or desirable and which will not adversely affect the interests of the Holders of the Notes of such series. 

Section 8.2 With Consent of Each Affected Holder. 

In addition to the provisions set forth in Section 7.02 of the Base Indenture, the Issuer, the Guarantor and the Trustee may not amend,
modify or supplement the Base Indenture, this Supplemental Indenture or the Notes of any series for one or more of the following purposes without the consent of each Holder so affected: 

(a) to modify the Guarantor’s obligation to own, directly or indirectly, all of the outstanding Capital Stock or membership interests, as
applicable, of the Issuer pursuant to Section 3.5 of this Supplemental Indenture; 
 (b) to modify any provision of Article 4 relating
to redemption of such series of Notes; 
 (c) to modify the Guarantees in a manner that would adversely affect the interests of the Holders
of such series of Notes; and 
 (d) to reduce the percentage in aggregate principal amount of the Notes such series of then Outstanding
necessary (i) to modify, amend or supplement the Base Indenture or this Supplemental Indenture or (ii) to waive any past default or Event of Default pursuant to Section 4.10 of the Base Indenture. 

  
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 IN WITNESS WHEREOF, the parties hereto have caused this Supplemental Indenture to be duly executed as of the
day and year first above written. 
  

			
	 Very truly yours,
  

TEVA PHARMACEUTICAL FINANCE NETHERLANDS III B.V.,
 as
Issuer

		
	By:	 	/s/ David Vrhovec
		 	Name: David Vrhovec
		 	Title: Authorized Representative


  

			
	By:	 	/s/ Stephen David Harper
		 	Name: Stephen David Harper
		 	Title: Authorized Representative


  

			
	 TEVA PHARMACEUTICAL INDUSTRIES LIMITED,

as Guarantor

		
	By:	 	/s/ Kåre Schultz
		 	Name: Kåre Schultz
		 	Title: President and Chief Executive Officer


  

			
	By:	 	/s/ Eli Kalif
		 	Name: Eli Kalif
		 	Title: Executive Vice President and Chief Financial Officer


 (Signature Page Supplemental Indenture (EUR)) 











 
			
	 THE BANK OF NEW YORK MELLON,
 as
Trustee

		
	By:	 	/s/ Shannon Matthews
		 	Name: Shannon Matthews
		 	Title: Agent


  

			
	THE BANK OF NEW YORK MELLON LONDON BRANCH, as Paying Agent
		
	By:	 	/s/ Gregory Dale
		 	Name: Gregory Dale
		 	Title: Authorised Signatory


  
 (Signature Page Supplemental
Indenture (EUR)) 











 EXHIBIT A 

[FORM OF FACE OF 2027 GLOBAL NOTE] 
 [Insert
Global Notes Legend or Physical Notes Legend, as applicable] 
  

			
	No.[●]	  	€1,100,000,000 [as revised by the Schedule of Increases or Decreases in the Global Note attached hereto] 1

  

	1 	 Insert in Global Notes only. 



  
 A-1 












 ISIN No. XS2406607098 

Common Code 240660709 
 GLOBAL NOTE 

TEVA PHARMACEUTICAL FINANCE NETHERLANDS II B.V. 

3.750% Sustainability-Linked Senior Notes due 2027 

Payment of Principal, Interest and Additional Tax Amounts, if any, Unconditionally 

Guaranteed By 
 TEVA
PHARMACEUTICAL INDUSTRIES LIMITED 
 This Global Note is in respect of an issue of 3.750% Sustainability-Linked Senior Notes due 2027
(the “Notes”) of Teva Pharmaceutical Finance Netherlands II B.V., a private company with limited liability (besloten vennootschap met beperkte aansprakelijkheid), incorporated under Dutch law (the “Issuer”,
which term includes any successor corporation under the Senior Indenture hereinafter referred to), and issued pursuant to a base indenture (the “Base Indenture”), dated as of March 14, 2018, by and among the Issuer, Teva
Pharmaceutical Industries Limited, as guarantor (the “Guarantor”), and The Bank of New York Mellon, a New York banking corporation, as trustee (the “Trustee”), as supplemented by a first supplemental senior
indenture, dated as of March 14, 2018, by and among the Issuer, the Guarantor, the Trustee and The Bank of New York Mellon, London Branch, as paying agent (the “Paying Agent”), a second supplemental senior indenture, dated as
of November 25, 2019, by and among the Issuer, the Guarantor, the Trustee and the Paying Agent and as further supplemented by a third supplemental senior indenture (the “Supplemental Indenture” and, together with the Base
Indenture, the “Indenture”), dated as of November 9, 2021, by and among the Issuer, the Guarantor, the Trustee and the Paying Agent. Unless the context otherwise requires, the capitalized terms used herein shall have the meanings
specified in the Supplemental Indenture and the Base Indenture. 
 The Issuer, for value received, hereby promises to pay to The Bank of New
York Depository (Nominees) Limited, or its registered assigns, the principal amount of ONE BILLION ONE HUNDRED MILLION Euros (€1,100,000,000) on May 9, 2027, and to pay interest on such principal amount in Euros at the rate of 3.750% per
annum, computed on a basis of a 360 day year consisting of twelve 30 day months, from the date hereof until payment of such principal amount has been made or duly provided for, such interest to be paid semi-annually in arrears on May 9 and
November 9 of each year, commencing May 9, 2022. The interest so payable on May 9 and November 9 (each an “Interest Payment Date”) will, subject to certain exceptions provided in the Supplemental Indenture, be
paid to the person in whose name this Note is registered at the close of business on the Business Day immediately preceding the related Interest Payment Date. 

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. 
 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. 

  
 A-2 












 IN WITNESS WHEREOF, the Issuer has caused this Note to be duly executed manually or by
facsimile by its duly authorized officers. 
 Dated: 
  

			
	TEVA PHARMACEUTICAL FINANCE NETHERLANDS II B.V.
		
	By:	 	 
		 	 Name:
 Title:

		
	By:	 	 
		 	 Name:
 Title:




  
 A-3 












 Trustee’s Certificate of Authentication 

This is one of the 3.750% Sustainability-Linked Senior Notes due 2027 described in the within-named Indenture. 

 

			
	 THE BANK OF NEW YORK MELLON,
 as
Trustee

		
	By:	 	 
		 	Authorized Signatory
	
	Dated:


  
 A-4 












 Teva Pharmaceutical Industries Limited (the “Guarantor”) hereby unconditionally
and irrevocably guarantees to the Holder of this Note (the “Guarantee”) the due and punctual payment of the principal of and interest (including Additional Tax Amounts, if any), on this Note, when and as the same shall become due and
payable, whether at Maturity or upon redemption or upon declaration of acceleration or otherwise, according to the terms of this Note and of the Indenture. The Guarantor agrees that in the case of default by the Issuer in the payment of any such
principal or interest (including Additional Tax Amounts, if any), the Guarantor shall duly and punctually pay the same. The Guarantor hereby agrees that its obligations hereunder shall be absolute and unconditional irrespective of any extension of
the time for payment of this Note, any modification of this Note, any invalidity, irregularity or unenforceability of this Note or the Indenture, any failure to enforce the same or any waiver, modification, consent or indulgence granted to the
Issuer with respect thereto by the Holder of this Note or the Trustee, or any other circumstances which may otherwise constitute a legal or equitable discharge of a surety or guarantor. The Guarantor hereby waives diligence, presentment, demand of
payment, filing of claims with a court in the event of merger or bankruptcy of the Issuer, any right to require a demand or proceeding first against the Issuer, protest or notice with respect to this Note or the indebtedness evidenced hereby and all
demands whatsoever, and covenants that this Guarantee will not be discharged as to this Note except by payment in full of the principal of and interest (including Additional Tax Amounts, if any) on this Note. 

The Guarantor shall be subrogated to all rights of the Holders against the Issuer in respect of any amounts paid by the Guarantor pursuant to
the provisions of the Guarantees or the Indenture; provided, however, that the Guarantor hereby waives any and all rights to which it may be entitled, by operation of law or otherwise, upon making any payment hereunder (i) to be subrogated to
the rights of a Holder against the Issuer with respect to such payment or otherwise to be reimbursed, indemnified or exonerated by the Issuer in respect thereof or (ii) to receive any payment in the nature of contribution or for any other
reason, from any other obligor with respect to such payment, in each case, until the principal of and interest (including Additional Tax Amounts, if any) on this Note shall have been paid in full. 

The Guarantee shall not be valid or become obligatory for any purpose with respect to this Note until the certificate of authentication on
this Note shall have been signed by the Trustee. 
 The Guarantee shall be governed by and construed in accordance with the laws of the
State of New York. 

  
 A-5 












 IN WITNESS WHEREOF, Teva Pharmaceutical Industries Limited has caused the Guarantee to be
signed manually or by facsimile by its duly authorized officers. 
 Dated: 

 

			
	TEVA PHARMACEUTICAL INDUSTRIES LIMITED
		
	By:	 	 
		 	 Name:
 Title:

		
	By:	 	 
		 	 Name:
 Title:




  
 A-6 












 [FORM OF REVERSE OF NOTE] 

TEVA PHARMACEUTICAL FINANCE NETHERLANDS II B.V. 

3.750% Sustainability-Linked Senior Note due 2027 

Payment of Principal, Interest and Additional Tax Amounts, if any, Unconditionally 

Guaranteed By 
 TEVA
PHARMACEUTICAL INDUSTRIES LIMITED 
 Capitalized terms used herein but not defined shall have the meanings assigned to them in the
Indenture referred to below unless otherwise indicated. 
  

	1.	 Principal and Interest. 



Teva Pharmaceutical Finance Netherlands II B.V., a private company with limited liability (besloten vennootschap met beperkte
aansprakelijkheid), incorporated under Dutch law (the “Issuer”), promises to pay interest on the principal amount of this Note at 3.750% per annum from November 9, 2021 until the principal thereof is paid or made available for
payment. Interest shall be payable semi-annually in arrears on each May 9 and November 9 of each year (each an “Interest Payment Date”), commencing May 9, 2022. If an Interest Payment Date falls on a day that is not a
Business Day, interest will be payable on the next succeeding Business Day with the same force and effect as if made on such Interest Payment Date and no interest shall accrue thereon on account of such delay. 

Interest on the Notes shall be computed on the basis of a 360-day year of twelve 30-day months. 
 A Holder of any Note at the close of business on a Regular Record Date shall be entitled
to receive interest on such Note on the corresponding Interest Payment Date. 
  

	2.	 Premium Payment Upon Failure to Achieve Sustainability Performance Targets 



At the Stated Maturity or upon earlier redemption of the Notes (but only if such redemption is on or after the
Step-up Date), the following premium shall be payable on the Notes: 
  

	 	(i)	 0.150% of the principal amount repaid unless the Guarantor has achieved the Regulatory Submissions Target as of
the Testing Date; 


  

	 	(ii)	 0.150% of the principal amount repaid unless the Guarantor has achieved the Product Volume Target as of the
Testing Date; and 


  

	 	(iii)	 0.150% of the principal amount repaid unless the Guarantor has achieved the Emission Reduction Target as of the
Testing Date; 


 in each case, as certified by the Issuer or the Guarantor to the Trustee in an Officer’s certificate (which shall
include the Assurance Letter as an exhibit thereto) on or prior to the Certification Date (subject to any clerical or administrative errors (including any delays resulting therefrom)); provided that, for the avoidance of doubt: 

 

	 	(A)	 no premium shall be payable on the Notes if the Guarantor has achieved the three Sustainability Performance
Targets as of the Testing Date and certified to such on or prior to the Certification Date; 


  

	 	(B)	 the premium on the Notes shall not exceed a total of 0.150% of the principal amount repaid if the Guarantor has
achieved two of the three Sustainability Performance Targets as of the Testing Date and certified to such on or prior to the Certification Date; 



  
 A-7 













	 	(C)	 the premium on the Notes shall not exceed a total of 0.300% if the Guarantor has met one of the three
Sustainability Performance Targets as of the Testing Date and certified to such on or prior to the Certification Date; and 


  

	 	(D)	 in no event shall the premium on the Notes exceed 0.450% of the principal amount repaid (this being the
consequence of the Guarantor failing to achieve any of the three Sustainability Performance Targets as of the Testing Date and failing to certify to achievement on or prior to the Certification Date). 



 

	3.	 Method of Payment. 



Interest on any Note which is payable, and is punctually paid or duly provided for, on any Interest Payment Date shall be paid to the person in
whose name that Note (or one or more Predecessor Notes) is registered at the close of business on the relevant Regular Record Date for such interest. 

Payments on the Global Notes will be made through the Paying Agent. Payments on the Notes of this series will be made in Euros at the
specified office or agency of the Paying Agent; provided that all such payments with respect to Notes represented by one or more Global Notes deposited with and registered in the name of the Common Depositary or its nominee for the accounts
of Euroclear and Clearstream, will be by wire transfer of immediately available funds to the account specified in writing by the holder or holders thereof to the Common Depositary. 

 

	4.	 Paying Agent and Registrar. 



Initially, The Bank of New York Mellon, the Trustee under the Supplemental Indenture, will act as Paying Agent and Registrar. The Issuer may
change the Paying Agent or Registrar without notice to any Holder. The Issuer has appointed The Bank of New York Mellon, London Branch, at One Canada Square, Canary Wharf, London E14 5AL, United Kingdom as Paying Agent. 

 

	5.	 Supplemental Indentures and Indenture. 



The Issuer issued this Note under a Base Indenture (the “Base Indenture”), dated as of March 14, 2018, by and among the
Issuer, the Guarantor and The Bank of New York Mellon, as trustee (the “Trustee”), as supplemented by a first supplemental senior indenture, dated as of March 14, 2018, by and among the Issuer, the Guarantor, the Trustee and
The Bank of New York Mellon, London Branch, as paying agent (the “Paying Agent”), a second supplemental senior indenture, dated as of November 25, 2019, by and among the Issuer, the Guarantor, the Trustee and the Paying Agent
and as further supplemented by a third supplemental senior indenture (the “Supplemental Indenture” and, together with the Base Indenture, the “Indenture”), dated as of November 9, 2021, by and among the Issuer,
the Guarantor, the Trustee and the Paying Agent. The terms of the Note include those stated in the Indenture, and those made part of the Indenture by reference to the Trust Indenture Act of 1939, as amended (“TIA”). This Note is
subject to all such terms, and Holders are referred to the Indenture and the TIA for a statement of all such terms. To the extent permitted by applicable law, in the event of any inconsistency between the terms of this Note and the terms of the
Indenture, the terms of the Indenture shall control. 
  

	6.	 Optional Redemption. 



Subject to any adjustment in accordance with Section 2.1(c)(2) of the Supplemental Indenture , the Issuer may at its option redeem this
Note, in whole or in part, at any time or from time to time, on any date prior to the Stated Maturity, upon notice as set forth in Section 4.2 of the Supplemental Indenture, at a Redemption Price equal to the greater of (1) 100% of the
principal amount of the Notes to be redeemed or (2) the sum of the present values of the Remaining Scheduled Payments of the Notes being redeemed discounted, on a semi-annual basis (assuming a 360-day
year consisting of twelve 30-day months), at the applicable Reinvestment Rate, plus in each case accrued and unpaid interest thereon, if any, to, but not including, the Redemption Date; provided that if the
Issuer redeems the Notes on or after the applicable Par Call Date, the Redemption Price for such Notes will be equal to 100% of the aggregate principal amount of the Notes being redeemed, plus accrued and unpaid interest thereon, if any, to, but not
including, the Redemption Date. 

  
 A-8 












 On and after the Redemption Date, interest shall cease to accrue on Notes or portions of
Notes called for redemption, unless the Issuer defaults in the payment of the Redemption Price. 
 Notice of redemption will be given by the
Issuer to the Holders as provided in the Supplemental Indenture. 
  

	7.	 Tax Redemption. 



If, as a result of any change in or amendment to the laws (or any regulations or rulings promulgated thereunder) of any Taxing Jurisdiction or
any political subdivision or taxing authority thereof or in any Taxing Jurisdiction affecting taxation or any change in official position regarding the application or interpretation of such laws, regulations or rulings, which change or amendment
becomes effective or, in the case of a change in official position, is announced on or after the issuance of the Notes, the Issuer or the Guarantor (or any of their respective successors), as the case may be, is or will be obligated to pay any
Additional Tax Amount with respect to the Notes (of any series thereof), and if the Issuer or the Guarantor (or any of their respective successors), as the case may be, determines that such obligation cannot be avoided by the Issuer or the Guarantor
(or any of their respective successors), as the case may be, after taking reasonable measures available to it, then at the option of the Issuer or the Guarantor (or any of their respective successors), as the case may be, the Notes (of any series
thereof) may be redeemed in whole, but not in part, at any time, upon the giving not less than 10 days’ nor more than 60 days’ notice to the Trustee and the Holders of such Notes, at the Redemption Price; provided, however, that
(1) no notice of such tax redemption may be given earlier than 90 days prior to the earliest date on which the Issuer or the Guarantor (or their respective successors), as the case may be, would, but for such redemption, be obligated to pay
such Additional Tax Amounts were a payment on such Notes then due, and (2) at the time such notice is given, such obligation to pay such Additional Tax Amounts remains in effect. 

 

	8.	 Denominations; Transfer; Exchange. 



The Notes are issuable in registered form, without coupons, in minimum denominations of €100,000 principal amount and integral multiples
of €1,000 in excess of €100,000. A Holder may register the transfer or exchange of Notes in accordance with the Indenture. The Issuer or the Trustee may require a Holder, among other things, to furnish appropriate endorsements and transfer
documents, and the Issuer may require a Holder to pay any taxes or other governmental charges that may be imposed in connection with any exchange or registration of transfer of Notes. 

The Issuer shall not be required to exchange or register a transfer of (a) any Note for a period of 15 days next preceding the first
delivery of notice of redemption of Notes to be redeemed, (b) any Notes selected, called or being called for redemption except, in the case of any Note where notice has been given that such Note is to be redeemed in part, the portion thereof
not so to be redeemed or (c) any Notes between a record date and the next succeeding payment date. 
 In the event of redemption of the
Notes in part only, in the case of a Global Note, the aggregate principal amount of such Global Notes may be increased or decreased by adjustments made on the records of the Depositary or, if necessary, a new Note or Notes for the unredeemed portion
thereof will be issued in the name of the Holder hereof. 
  

	9.	 Holders to be Treated as Owners. 



The registered Holder of this Note shall be treated as its owner for all purposes. 

  
 A-9 













	10.	 Unclaimed Money. 



Any moneys deposited with or paid to the Trustee or any Paying Agent for the payment of the principal of or interest on any Note and not
applied but remaining unclaimed for two years after the date upon which such principal or interest shall have become due and payable, shall, upon the written request of the Issuer and unless otherwise required by mandatory provisions of applicable
escheat or abandoned or unclaimed property law, be repaid to the Issuer by the Trustee or such Paying Agent, and the Holder of such Note shall, unless otherwise required by mandatory provisions of applicable escheat or abandoned or unclaimed
property laws, thereafter look only to the Issuer for any payment which such Holder may be entitled to collect, and all liability of the Trustee or any Paying Agent with respect to such moneys shall thereupon cease. 

 

	11.	 Satisfaction and Discharge. 



The Issuer and the Guarantor may satisfy and discharge their obligations under the Indenture while the Notes remain outstanding, if
(a) all Outstanding Notes have become due and payable at their scheduled Maturity, or (b) all Outstanding Notes have been called for redemption, and in either case, the Issuer has deposited with the Trustee an amount sufficient to pay and
discharge all Outstanding Notes on the date of their scheduled Maturity or the scheduled Redemption Date, as the case may be. 
  

	12.	 Supplement; Waiver. 



Without notice to or the consent of the Holders of the Notes, the Indenture and the Notes may be amended, supplemented or otherwise modified by
the Issuer, the Guarantor and the Trustee as 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 Issuer and the rights of the
Holders of the Notes under the Indenture at any time by the Issuer and the Trustee with the consent of the Holders of a majority in aggregate principal amount of the Outstanding Notes (or such lesser amount as shall have acted at a meeting pursuant
to the provisions of the Indenture). The Indenture also contains provisions permitting the Holders of specified percentages in principal amount of the Notes at the time Outstanding, on behalf of the 

Holders of all the Notes, to waive compliance by the Issuer with certain provisions of the Indenture and certain past defaults under the
Indenture and their consequences. Any such consent or waiver by the Holder of this Note shall be conclusive and binding upon such Holder and upon all future Holders of this Note and of any Note issued upon registration of transfer hereof or in
exchange herefor or in lieu hereof, whether or not notation of such consent or waiver is made upon this Note or such other 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 Issuer, which is absolute and unconditional, to pay the principal of and interest on this Note at the times, places and
rate, and in the coin or currency, herein prescribed. 
  

	13.	 Defaults and Remedies. 



The Indenture provides that an Event of Default with respect to the Notes occurs when any of the following occurs: 

(a) the Issuer defaults in the payment of the principal and premium, if any, of any of the Notes when it becomes due and payable at Maturity or
upon redemption; 
 (b) the Issuer defaults in the payment of interest (including Additional Tax Amounts, if any) on any of the Notes when
it becomes due and payable and such default continues for a period of 30 days, after the date when due; 
 (c) the Guarantor fails to
perform its obligations under the Guarantees; 
 (d) except as permitted by the Indenture, the Guarantees is held in any final, non-appealable judicial proceeding to be unenforceable or invalid or shall cease for any reason to be in full force and effect or the Guarantor, or any person acting on behalf of the Guarantor, shall deny or
disaffirm its obligations under the Guarantees; 

  
 A-10 












 (e) either the Issuer or the Guarantor fails to perform or observe any other term, covenant
or agreement contained in the Notes or the Indenture and the default continues for a period of 60 days after written notice of such failure, requiring the Issuer or the Guarantor, as the case may be, to remedy the same, shall have been given to the
Issuer or the Guarantor, as the case may be, by the Trustee or to the Issuer or the Guarantor, as the case may be, and the Trustee by the Holders of at least 25% in aggregate principal amount of the Outstanding Notes (provided that such notice may
not be given with respect to any action taken, and reported publicly or to holders of such series of the Notes, more than two years prior to such notice; provided further that the trustee shall have no obligation to determine when or if any holders
have been notified of any such action or to track when such two-year period starts or concludes); 

(f) (i) the Issuer or the Guarantor fails to make by the end of the applicable grace period, if any, any payment of principal or interest due
in respect of any Indebtedness for borrowed money, the aggregate outstanding principal amount of which is an amount in excess of $250,000,000; or (ii) there is an acceleration of any Indebtedness for borrowed money in an amount in excess of
$250,000,000 because of a default with respect to such Indebtedness, without, in the case of either (i) or (ii) above, such Indebtedness having been discharged or such non-payment or acceleration having
been cured, waived, rescinded or annulled for a period of 30 days after written notice to the Issuer by the Trustee or to the Issuer and the Trustee by the Holders of at least 25% in aggregate principal amount of the Outstanding Notes of such
series; or 
 (g) the occurrence of certain events of bankruptcy, insolvency or reorganization of the Issuer or Guarantor as specified in
the Supplemental Indenture. 
 If an Event of Default shall occur and be continuing, the principal of all the Notes may be declared due and
payable in the manner and with the effect provided in the Supplemental Indenture. 
 Any time period in this Supplemental Indenture, the
Base Indenture or the Notes to cure any actual or alleged default or event of default may be extended or stayed by a court of competent jurisdiction. 

For the avoidance of doubt, failure to achieve one or more Sustainability Performance Targets shall not constitute a Default or an Event of
Default with respect to the Notes. 
  

	14.	 Authentication. 



This Note shall not be valid until the Trustee (or authenticating agent) executes the certificate of authentication on the other side of this
Note. 
  

	15.	 ISIN Numbers and Common Codes. 



The Issuer has caused ISIN numbers and Common Codes to be printed on this Note and, therefore, the Trustee shall use ISIN numbers and Common
Codes in notices of redemption as a convenience to Holders. Any such notice may state that no representation is made as to the correctness of such numbers either as printed on the Notes or as contained in any notice of a redemption and that reliance
may be placed only on the other identification numbers printed on the Notes, and any such redemption shall not be affected by any defect in or omission of such numbers. 
  

	16.	 Governing Law. 



The Supplemental Indenture, the Base Indenture and this Note shall be governed by, and construed in accordance with, the laws of the State of
New York. 
  

	17.	 Successor Corporation. 



In the event a successor corporation legal entity assumes all the obligations of the Issuer or the Guarantor under this Note, pursuant to the
terms hereof and of the Indenture, the Issuer or Guarantor, as the case may be, will be released from all such obligations. 

  
 A-11 












 ASSIGNMENT FORM 

To assign this Note, fill in the form below and have your signature guaranteed: (I) or (we) assign and transfer this Note to: 

 

	
	(Insert assignee’s soc. sec. or tax I.D. no.)
	    
	    
	 
	(Print or type assignee’s name, address and zip code)

 and irrevocably appoint to transfer this Note on the books of the Issuer. The agent may substitute another to act for
him. 
  

							
	Dated:                         	 		 	Your Name:	 	 
		 		 	(Print your name exactly as it appears on the face of this Note)
				
		 		 	 Your Signature:
	 	 
		 		 	(Sign exactly as your name appears on the face of this Note)
			
		 		 	Signature Guarantee*:

  

	*	 Participant in a recognized Signature Guarantee Medallion Program (or other signature guarantor acceptable
to the Trustee). 



  
 A-12 












 SCHEDULE OF INCREASES OR DECREASES IN THE GLOBAL NOTE 

The initial outstanding principal amount of this Global Note is €1,100,000,000. The following exchanges of a part of this Global Note for
an interest in another Global Note or for a Physical Note, or exchanges of a part of another Global Note or Physical Note for an interest in this Global Note, have been made: 
  


									
	 Date of Exchange
	  	 Amount of
decrease in
Principal Amount
of this
Global
Note
	  	 Amount of
increase in
Principal Amount
of this
Global
Note
	  	 Principal Amount
of this Global
Note following
such
decrease or
increase
	  	 Signature of
authorized

signatory of
Trustee



  
 A-13 












 [FORM OF FACE OF 2030 GLOBAL NOTE] 

[Insert Global Notes Legend or Physical Notes Legend, as applicable] 
  

			
	No.[•]	  	€1,500,000,000 [as revised by the Schedule of Increases or Decreases in the Global Note attached hereto] 2

  

	2 	 Insert in Global Notes only. 



  
 B-1 












 ISIN No. XS2406607171 

Common Code 240660717 
 GLOBAL NOTE 

TEVA PHARMACEUTICAL FINANCE NETHERLANDS II B.V. 

4.375% Sustainability-Linked Senior Notes due 2030 

Payment of Principal, Interest and Additional Tax Amounts, if any, Unconditionally 

Guaranteed By 
 TEVA
PHARMACEUTICAL INDUSTRIES LIMITED 
 This Global Note is in respect of an issue of 4.375% Sustainability-Linked Senior Notes due 2030
(the “Notes”) of Teva Pharmaceutical Finance Netherlands II B.V., a private company with limited liability (besloten vennootschap met beperkte aansprakelijkheid), incorporated under Dutch law (the “Issuer”,
which term includes any successor corporation under the Senior Indenture hereinafter referred to), and issued pursuant to a base indenture (the “Base Indenture”), dated as of March 14, 2018, by and among the Issuer, Teva
Pharmaceutical Industries Limited, as guarantor (the “Guarantor”), and The Bank of New York Mellon, a New York banking corporation, as trustee (the “Trustee”), as supplemented by a first supplemental senior
indenture, dated as of March 14, 2018, by and among the Issuer, the Guarantor, the Trustee and The Bank of New York Mellon, London Branch, as paying agent (the “Paying Agent”), a second supplemental senior indenture, dated as
of November 25, 2019, by and among the Issuer, the Guarantor, the Trustee and the Paying Agent and as further supplemented by a third supplemental senior indenture (the “Supplemental Indenture” and, together with the Base
Indenture, the “Indenture”), dated as of November 9, 2021, by and among the Issuer, the Guarantor, the Trustee and the Paying Agent. Unless the context otherwise requires, the capitalized terms used herein shall have the meanings
specified in the Supplemental Indenture and the Base Indenture. 
 The Issuer, for value received, hereby promises to pay to The Bank of New
York Depository (Nominees) Limited, or its registered assigns, the principal amount of ONE BILLION FIVE HUNDRED MILLION Euros (€1,500,000,000) on May 9, 2030, and to pay interest on such principal amount in Euros at the rate of 4.375% per
annum, subject to the paragraph immediately below, computed on a basis of a 360 day year consisting of twelve 30 day months, from the date hereof until payment of such principal amount has been made or duly provided for, such interest to be paid
semi-annually in arrears on May 9 and November 9 of each year, commencing May 9, 2022. The interest so payable on May 9 and November 9 (each an “Interest Payment Date”) will, subject to certain exceptions
provided in the Supplemental Indenture, be paid to the person in whose name this Note is registered at the close of business on the Business Day immediately preceding the related Interest Payment Date. 

From and including May 9, 2026 (the “Step-up Date”) the Interest Rate payable on the Notes shall
increase by: 
  

	 	(i)	 0.125% per annum unless the Guarantor has achieved the Regulatory Submissions Target as of the Testing Date;



  

	 	(ii)	 0.125% per annum unless the Guarantor has achieved the Product Volume Target as of the Testing Date; and



  

	 	(iii)	 0.125% per annum unless the Guarantor has achieved the Emission Reduction Target as of the Testing Date;




  
 B-2 












 in each case, as certified by the Issuer or the Guarantor to the Trustee in an Officer’s certificate
(which shall include the Assurance Letter as an exhibit thereto) on or prior to the Certification Date (subject to any clerical or administrative errors (including any delays resulting therefrom)); provided that, for the avoidance of doubt:

 (A) the Interest Rate on the Notes shall not increase on the Step-up Date if the Guarantor has
achieved the three Sustainability Performance Targets as of the Testing Date and certified to such on or prior to the Certification Date; 

(B) the increase in the Interest Rate on the Notes on the Step-up Date shall not exceed a total of
0.125% if the Guarantor has achieved two of the three Sustainability Performance Targets as of the Testing Date and certified to such on or prior to the Certification Date; 

(C) the increase in the Interest Rate on the Notes on the Step-up Date shall not exceed a total of
0.250% if the Guarantor has met one of the three Sustainability Performance Targets as of the Testing Date and certified to such on or prior to the Certification Date; and 

(D) in no event shall the total increase in the Interest Rate on the Notes on the Step-up Date exceed
0.375% (this being the consequence of the Guarantor failing to achieve any of the three Sustainability Performance Targets on the Testing Date and failing to certify to achievement on or prior to the Certification Date). 

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. 
 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. 

  
 B-3 












 IN WITNESS WHEREOF, the Issuer has caused this Note to be duly executed manually or by
facsimile by its duly authorized officers. 
 Dated: 
  

			
	TEVA PHARMACEUTICAL FINANCE NETHERLANDS II B.V.
		
	By:	 	 
		 	Name:
		 	Title:
		
	By:	 	 
		 	Name:
		 	Title:



  
 B-4 












 Trustee’s Certificate of Authentication 

This is one of the 4.375% Sustainability-Linked Senior Notes due 2030 described in the within-named Indenture. 

 

			
	 THE BANK OF NEW YORK MELLON,
 as
Trustee

		
	By:	 	 
		 	Authorized Signatory
	
	Dated:


  
 B-5 












 Teva Pharmaceutical Industries Limited (the “Guarantor”) hereby unconditionally
and irrevocably guarantees to the Holder of this Note (the “Guarantee”) the due and punctual payment of the principal of and interest (including Additional Tax Amounts, if any), on this Note, when and as the same shall become due and
payable, whether at Maturity or upon redemption or upon declaration of acceleration or otherwise, according to the terms of this Note and of the Indenture. The Guarantor agrees that in the case of default by the Issuer in the payment of any such
principal or interest (including Additional Tax Amounts, if any), the Guarantor shall duly and punctually pay the same. The Guarantor hereby agrees that its obligations hereunder shall be absolute and unconditional irrespective of any extension of
the time for payment of this Note, any modification of this Note, any invalidity, irregularity or unenforceability of this Note or the Indenture, any failure to enforce the same or any waiver, modification, consent or indulgence granted to the
Issuer with respect thereto by the Holder of this Note or the Trustee, or any other circumstances which may otherwise constitute a legal or equitable discharge of a surety or guarantor. The Guarantor hereby waives diligence, presentment, demand of
payment, filing of claims with a court in the event of merger or bankruptcy of the Issuer, any right to require a demand or proceeding first against the Issuer, protest or notice with respect to this Note or the indebtedness evidenced hereby and all
demands whatsoever, and covenants that this Guarantee will not be discharged as to this Note except by payment in full of the principal of and interest (including Additional Tax Amounts, if any) on this Note. 

The Guarantor shall be subrogated to all rights of the Holders against the Issuer in respect of any amounts paid by the Guarantor pursuant to
the provisions of the Guarantees or the Indenture; provided, however, that the Guarantor hereby waives any and all rights to which it may be entitled, by operation of law or otherwise, upon making any payment hereunder (i) to be subrogated to
the rights of a Holder against the Issuer with respect to such payment or otherwise to be reimbursed, indemnified or exonerated by the Issuer in respect thereof or (ii) to receive any payment in the nature of contribution or for any other
reason, from any other obligor with respect to such payment, in each case, until the principal of and interest (including Additional Tax Amounts, if any) on this Note shall have been paid in full. 

The Guarantee shall not be valid or become obligatory for any purpose with respect to this Note until the certificate of authentication on
this Note shall have been signed by the Trustee. 
 The Guarantee shall be governed by and construed in accordance with the laws of the
State of New York. 

  
 B-6 












 IN WITNESS WHEREOF, Teva Pharmaceutical Industries Limited has caused the Guarantee to be
signed manually or by facsimile by its duly authorized officers. 
 Dated: 

 

			
	 TEVA PHARMACEUTICAL INDUSTRIES LIMITED

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



  
 B-7 












 [FORM OF REVERSE OF NOTE] 

TEVA PHARMACEUTICAL FINANCE NETHERLANDS II B.V. 

4.375% Sustainability-Linked Senior Note due 2030 

Payment of Principal, Interest and Additional Tax Amounts, if any, Unconditionally 

Guaranteed By 
 TEVA
PHARMACEUTICAL INDUSTRIES LIMITED 
 Capitalized terms used herein but not defined shall have the meanings assigned to them in the
Indenture referred to below unless otherwise indicated. 
  

	1.	 Principal and Interest. 



Teva Pharmaceutical Finance Netherlands II B.V., a private company with limited liability (besloten vennootschap met beperkte
aansprakelijkheid), incorporated under Dutch law (the “Issuer”), promises to pay interest on the principal amount of this Note at 4.375% per annum, subject to adjustment as described in the paragraph below, from November 9, 2021
until the principal thereof is paid or made available for payment. Interest shall be payable semi-annually in arrears on each May 9 and November 9 of each year (each an “Interest Payment Date”), commencing May 9, 2022. If an
Interest Payment Date falls on a day that is not a Business Day, interest will be payable on the next succeeding Business Day with the same force and effect as if made on such Interest Payment Date and no interest shall accrue thereon on account of
such delay. 
 Interest on the Notes shall be computed on the basis of a 360-day year of twelve 30-day months. 
 A Holder of any Note at the close of business on a Regular Record Date shall be entitled
to receive interest on such Note on the corresponding Interest Payment Date. 
  

	2.	 Interest Rate Adjustment Upon Failure to Achieve Sustainability Performance Targets.



 From and including May 9, 2026 (the “Step-up Date”) the Interest
Rate payable on the Notes shall increase by: 
  

	 	(iv)	 0.125% per annum unless the Guarantor has achieved the Regulatory Submissions Target as of the Testing Date;



  

	 	(v)	 0.125% per annum unless the Guarantor has achieved the Product Volume Target as of the Testing Date; and



  

	 	(vi)	 0.125% per annum unless the Guarantor has achieved the Emission Reduction Target as of the Testing Date;



 in each case, as certified by the Issuer or the Guarantor to the Trustee in an Officer’s certificate (which shall include the
Assurance Letter as an exhibit thereto) on or prior to the Certification Date (subject to any clerical or administrative errors (including any delays resulting therefrom)); provided that, for the avoidance of doubt: 

 

	 	(A)	 the Interest Rate on the Notes shall not increase on the Step-up Date
if the Guarantor has achieved the three Sustainability Performance Targets as of the Testing Date and certified to such on or prior to the Certification Date; 



 

	 	(B)	 the increase in the Interest Rate on the Notes on the Step-up Date
shall not exceed a total of 0.125% if the Guarantor has achieved two of the three Sustainability Performance Targets as of the Testing Date and certified to such on or prior to the Certification Date; 



  
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	 	(C)	 the increase in the Interest Rate on the Notes on the Step-up Date
shall not exceed a total of 0.250% if the Guarantor has met one of the three Sustainability Performance Targets as of the Testing Date and certified to such on or prior to the Certification Date; and 



 

	 	(D)	 in no event shall the total increase in the Interest Rate on the Notes on the
Step-up Date exceed 0.375% (this being the consequence of the Guarantor failing to achieve any of the three Sustainability Performance Targets on the Testing Date and failing to certify to achievement on or
prior to the Certification Date). 


  

	3.	 Method of Payment. 



Interest on any Note which is payable, and is punctually paid or duly provided for, on any Interest Payment Date shall be paid to the person in
whose name that Note (or one or more Predecessor Notes) is registered at the close of business on the relevant Regular Record Date for such interest. 

Payments on the Global Notes will be made through the Paying Agent. Payments on the Notes of this series will be made in Euros at the
specified office or agency of the Paying Agent; provided that all such payments with respect to Notes represented by one or more Global Notes deposited with and registered in the name of the Common Depositary or its nominee for the accounts
of Euroclear and Clearstream, will be by wire transfer of immediately available funds to the account specified in writing by the holder or holders thereof to the Common Depositary. 

 

	4.	 Paying Agent and Registrar. 



Initially, The Bank of New York Mellon, the Trustee under the Supplemental Indenture, will act as Paying Agent and Registrar. The Issuer may
change the Paying Agent or Registrar without notice to any Holder. The Issuer has appointed The Bank of New York Mellon, London Branch, at One Canada Square, Canary Wharf, London E14 5AL, United Kingdom as Paying Agent. 

 

	5.	 Supplemental Indentures and Indenture. 



The Issuer issued this Note under a Base Indenture (the “Base Indenture”), dated as of March 14, 2018, by and among the
Issuer, the Guarantor and The Bank of New York Mellon, as trustee (the “Trustee”), as supplemented by a first supplemental senior indenture, dated as of March 14, 2018, by and among the Issuer, the Guarantor, the Trustee and
The Bank of New York Mellon, London Branch, as paying agent (the “Paying Agent”), a second supplemental senior indenture, dated as of November 25, 2019, by and among the Issuer, the Guarantor, the Trustee and the Paying Agent
and as further supplemented by a third supplemental senior indenture (the “Supplemental Indenture” and, together with the Base Indenture, the “Indenture”), dated as of November 9, 2021, by and among the Issuer,
the Guarantor, the Trustee and the Paying Agent. The terms of the Note include those stated in the Indenture, and those made part of the Indenture by reference to the Trust Indenture Act of 1939, as amended (“TIA”). This Note is
subject to all such terms, and Holders are referred to the Indenture and the TIA for a statement of all such terms. To the extent permitted by applicable law, in the event of any inconsistency between the terms of this Note and the terms of the
Indenture, the terms of the Indenture shall control. 
  

	6.	 Optional Redemption. 



The Issuer may at its option redeem this Note, in whole or in part, at any time or from time to time, on any date prior to the Stated Maturity,
upon notice as set forth in Section 4.2 of the Supplemental Indenture, at a Redemption Price equal to the greater of (1) 100% of the principal amount of the Notes to be redeemed or (2) the sum of the present values of the Remaining
Scheduled Payments of the Notes being redeemed discounted, on a semi-annual basis (assuming a 360-day year consisting of twelve 30-day months), at the applicable
Reinvestment Rate, plus in each case accrued and unpaid interest thereon, if any, to, but not including, the Redemption Date; provided that if the Issuer redeems the Notes on or after the applicable Par


  
 B-9 












 
Call Date, the Redemption Price for such Notes will be equal to 100% of the aggregate principal amount of the Notes being redeemed, plus accrued and unpaid interest thereon, if any, to, but not
including, the Redemption Date. On and after the Redemption Date, interest shall cease to accrue on Notes or portions of Notes called for redemption, unless the Issuer defaults in the payment of the Redemption Price. 

Notice of redemption will be given by the Issuer to the Holders as provided in the Supplemental Indenture. 

 

	7.	 Tax Redemption. 



If, as a result of any change in or amendment to the laws (or any regulations or rulings promulgated thereunder) of any Taxing Jurisdiction or
any political subdivision or taxing authority thereof or in any Taxing Jurisdiction affecting taxation or any change in official position regarding the application or interpretation of such laws, regulations or rulings, which change or amendment
becomes effective or, in the case of a change in official position, is announced on or after the issuance of the Notes, the Issuer or the Guarantor (or any of their respective successors), as the case may be, is or will be obligated to pay any
Additional Tax Amount with respect to the Notes (of any series thereof), and if the Issuer or the Guarantor (or any of their respective successors), as the case may be, determines that such obligation cannot be avoided by the Issuer or the Guarantor
(or any of their respective successors), as the case may be, after taking reasonable measures available to it, then at the option of the Issuer or the Guarantor (or any of their respective successors), as the case may be, the Notes (of any series
thereof) may be redeemed in whole, but not in part, at any time, upon the giving not less than 10 days’ nor more than 60 days’ notice to the Trustee and the Holders of such Notes, at the Redemption Price; provided, however, that
(1) no notice of such tax redemption may be given earlier than 90 days prior to the earliest date on which the Issuer or the Guarantor (or their respective successors), as the case may be, would, but for such redemption, be obligated to pay
such Additional Tax Amounts were a payment on such Notes then due, and (2) at the time such notice is given, such obligation to pay such Additional Tax Amounts remains in effect. 

 

	8.	 Denominations; Transfer; Exchange. 



The Notes are issuable in registered form, without coupons, in minimum denominations of €100,000 principal amount and integral multiples
of €1,000 in excess of €100,000. A Holder may register the transfer or exchange of Notes in accordance with the Indenture. The Issuer or the Trustee may require a Holder, among other things, to furnish appropriate endorsements and transfer
documents, and the Issuer may require a Holder to pay any taxes or other governmental charges that may be imposed in connection with any exchange or registration of transfer of Notes. 

The Issuer shall not be required to exchange or register a transfer of (a) any Note for a period of 15 days next preceding the first
delivery of notice of redemption of Notes to be redeemed, (b) any Notes selected, called or being called for redemption except, in the case of any Note where notice has been given that such Note is to be redeemed in part, the portion thereof
not so to be redeemed or (c) any Notes between a record date and the next succeeding payment date. 
 In the event of redemption of the
Notes in part only, in the case of a Global Note, the aggregate principal amount of such Global Notes may be increased or decreased by adjustments made on the records of the Depositary or, if necessary, a new Note or Notes for the unredeemed portion
thereof will be issued in the name of the Holder hereof. 
  

	9.	 Holders to be Treated as Owners. 



The registered Holder of this Note shall be treated as its owner for all purposes. 

  
 B-10 













	10.	 Unclaimed Money. 



Any moneys deposited with or paid to the Trustee or any Paying Agent for the payment of the principal of or interest on any Note and not
applied but remaining unclaimed for two years after the date upon which such principal or interest shall have become due and payable, shall, upon the written request of the Issuer and unless otherwise required by mandatory provisions of applicable
escheat or abandoned or unclaimed property law, be repaid to the Issuer by the Trustee or such Paying Agent, and the Holder of such Note shall, unless otherwise required by mandatory provisions of applicable escheat or abandoned or unclaimed
property laws, thereafter look only to the Issuer for any payment which such Holder may be entitled to collect, and all liability of the Trustee or any Paying Agent with respect to such moneys shall thereupon cease. 

 

	11.	 Satisfaction and Discharge. 



The Issuer and the Guarantor may satisfy and discharge their obligations under the Indenture while the Notes remain outstanding, if
(a) all Outstanding Notes have become due and payable at their scheduled Maturity, or (b) all Outstanding Notes have been called for redemption, and in either case, the Issuer has deposited with the Trustee an amount sufficient to pay and
discharge all Outstanding Notes on the date of their scheduled Maturity or the scheduled Redemption Date, as the case may be. 
  

	12.	 Supplement; Waiver. 



Without notice to or the consent of the Holders of the Notes, the Indenture and the Notes may be amended, supplemented or otherwise modified by
the Issuer, the Guarantor and the Trustee as 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 Issuer and the rights of the
Holders of the Notes under the Indenture at any time by the Issuer and the Trustee with the consent of the Holders of a majority in aggregate principal amount of the Outstanding Notes (or such lesser amount as shall have acted at a meeting pursuant
to the provisions of the Indenture). The Indenture also contains provisions permitting the Holders of specified percentages in principal amount of the Notes at the time Outstanding, on behalf of the 

Holders of all the Notes, to waive compliance by the Issuer with certain provisions of the Indenture and certain past defaults under the
Indenture and their consequences. Any such consent or waiver by the Holder of this Note shall be conclusive and binding upon such Holder and upon all future Holders of this Note and of any Note issued upon registration of transfer hereof or in
exchange herefor or in lieu hereof, whether or not notation of such consent or waiver is made upon this Note or such other 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 Issuer, which is absolute and unconditional, to pay the principal of and interest on this Note at the times, places and
rate, and in the coin or currency, herein prescribed. 
  

	13.	 Defaults and Remedies. 



The Indenture provides that an Event of Default with respect to the Notes occurs when any of the following occurs: 

(a) the Issuer defaults in the payment of the principal and premium, if any, of any of the Notes when it becomes due and payable at Maturity or
upon redemption; 
 (b) the Issuer defaults in the payment of interest (including Additional Tax Amounts, if any) on any of the Notes when
it becomes due and payable and such default continues for a period of 30 days after the date when due; 
 (c) the Guarantor fails to perform
its obligations under the Guarantees; 
 (d) except as permitted by the Indenture, the Guarantees is held in any final, non-appealable judicial proceeding to be unenforceable or invalid or shall cease for any reason to be in full force and effect or the Guarantor, or any person acting on behalf of the Guarantor, shall deny or
disaffirm its obligations under the Guarantees; 

  
 B-11 












 (e) either the Issuer or the Guarantor fails to perform or observe any other term, covenant
or agreement contained in the Notes or the Indenture and the default continues for a period of 60 days after written notice of such failure, requiring the Issuer or the Guarantor, as the case may be, to remedy the same, shall have been given to the
Issuer or the Guarantor, as the case may be, by the Trustee or to the Issuer or the Guarantor, as the case may be, and the Trustee by the Holders of at least 25% in aggregate principal amount of the Outstanding Notes (provided that such notice may
not be given with respect to any action taken, and reported publicly or to holders of such series of the Notes, more than two years prior to such notice; provided further that the trustee shall have no obligation to determine when or if any holders
have been notified of any such action or to track when such two-year period starts or concludes); 

(f) (i) the Issuer or the Guarantor fails to make by the end of the applicable grace period, if any, any payment of principal or interest due
in respect of any Indebtedness for borrowed money, the aggregate outstanding principal amount of which is an amount in excess of $250,000,000; or (ii) there is an acceleration of any Indebtedness for borrowed money in an amount in excess of
$250,000,000 because of a default with respect to such Indebtedness, without, in the case of either (i) or (ii) above, such Indebtedness having been discharged or such non-payment or acceleration having
been cured, waived, rescinded or annulled for a period of 30 days after written notice to the Issuer by the Trustee or to the Issuer and the Trustee by the Holders of at least 25% in aggregate principal amount of the Outstanding Notes of such
series; or 
 (g) the occurrence of certain events of bankruptcy, insolvency or reorganization of the Issuer or Guarantor as specified in
the Supplemental Indenture. 
 If an Event of Default shall occur and be continuing, the principal of all the Notes may be declared due and
payable in the manner and with the effect provided in the Supplemental Indenture. 
 Any time period in this Supplemental Indenture, the
Base Indenture or the Notes to cure any actual or alleged default or event of default may be extended or stayed by a court of competent jurisdiction. 

For the avoidance of doubt, failure to achieve one or more Sustainability Performance Targets shall not constitute a Default or an Event of
Default with respect to the Notes. 
 14. Authentication. 

This Note shall not be valid until the Trustee (or authenticating agent) executes the certificate of authentication on the other side of this
Note. 
  

	15.	 ISIN Numbers and Common Codes. 



The Issuer has caused ISIN numbers and Common Codes to be printed on this Note and, therefore, the Trustee shall use ISIN numbers and Common
Codes in notices of redemption as a convenience to Holders. Any such notice may state that no representation is made as to the correctness of such numbers either as printed on the Notes or as contained in any notice of a redemption and that reliance
may be placed only on the other identification numbers printed on the Notes, and any such redemption shall not be affected by any defect in or omission of such numbers. 
  

	16.	 Governing Law. 



The Supplemental Indenture, the Base Indenture and this Note shall be governed by, and construed in accordance with, the laws of the State of
New York. 
  

	17.	 Successor Corporation. 



In the event a successor corporation legal entity assumes all the obligations of the Issuer or the Guarantor under this Note, pursuant to the
terms hereof and of the Indenture, the Issuer or Guarantor, as the case may be, will be released from all such obligations. 

  
 B-12 












 ASSIGNMENT FORM 

To assign this Note, fill in the form below and have your signature guaranteed: (I) or (we) assign and transfer this Note to: 

 

					
		 	 	 	
		 	(Insert assignee’s soc. sec. or tax I.D. no.)	 	
		 	 	 	
		 	 	 	
		 	 	 	
		 	 	 	
		 	(Print or type assignee’s name, address and zip code)	 	

 and irrevocably appoint              to transfer
this Note on the books of the Issuer. The agent may substitute another to act for him. 
  

									
					
	Dated:	 	 	 		 	Your Name:	 	 


									
		 		 		 	(Print your name exactly as it appears on the face of this Note)


									
					
		 		 		 	Your Signature:	 	 


									
		 		 		 	 (Sign exactly as your name appears on the face of this Note) 

				
		 		 		 	Signature Guarantee*:


	 	 



 

	* 	 Participant in a recognized Signature Guarantee Medallion Program (or other signature guarantor acceptable
to the Trustee). 



  
 B-13 












 SCHEDULE OF INCREASES OR DECREASES IN THE GLOBAL NOTE 

The initial outstanding principal amount of this Global Note is €1,500,000,000. The following exchanges of a part of this Global Note for
an interest in another Global Note or for a Physical Note, or exchanges of a part of another Global Note or Physical Note for an interest in this Global Note, have been made: 
  


									
	 Date of 
	  	 Amount of
decrease in
Principal Amount
of this
Global
Note
	  	 Amount of
increase in
Principal Amount
of this
Global
Note
	  	 Principal Amount
of this Global
Note
following
such decrease or
increase
	  	 Signature of
authorized
signatory
of
Trustee



  
 B-14