# EDGAR Filing Document

**Accession Number:** 0001618921
**File Stem:** 0001193125-25-190603
**Filing Date:** 2025-8
**Character Count:** 125083
**Document Hash:** 48a7169463245317828a360f1a3438e9
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-25-190603.hdr.sgml**: 20250828

**ACCESSION NUMBER**: 0001193125-25-190603

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 20

**CONFORMED PERIOD OF REPORT**: 20250828

**ITEM INFORMATION**: Entry into a Material Definitive Agreement

**ITEM INFORMATION**: Termination of a Material Definitive Agreement

**ITEM INFORMATION**: Completion of Acquisition or Disposition of Assets

**ITEM INFORMATION**: Notice of Delisting or Failure to Satisfy a Continued Listing Rule or Standard; Transfer of Listing

**ITEM INFORMATION**: Material Modifications to Rights of Security Holders

**ITEM INFORMATION**: Changes in Control of Registrant

**ITEM INFORMATION**: Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers: Compensatory Arrangements of Certain Officers

**ITEM INFORMATION**: Amendments to Articles of Incorporation or Bylaws; Change in Fiscal Year

**ITEM INFORMATION**: Other Events

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20250828

**DATE AS OF CHANGE**: 20250828

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Walgreens Boots Alliance, Inc.
- **CENTRAL INDEX KEY:** 0001618921
- **STANDARD INDUSTRIAL CLASSIFICATION:** RETAIL-DRUG STORES AND PROPRIETARY STORES [5912]
- **ORGANIZATION NAME:** 07 Trade & Services
- **EIN:** 471758322
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 0831

**FILING VALUES:**
- **FORM TYPE:** 8-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-36759
- **FILM NUMBER:** 251267991

**BUSINESS ADDRESS:**
- **STREET 1:** 108 WILMOT ROAD
- **CITY:** DEERFIELD
- **STATE:** IL
- **ZIP:** 60015
- **BUSINESS PHONE:** (847) 315-2500

**MAIL ADDRESS:**
- **STREET 1:** 108 WILMOT ROAD
- **CITY:** DEERFIELD
- **STATE:** IL
- **ZIP:** 60015

?xml version='1.0' encoding='ASCII'? 8-K

### UNITED STATES

### SECURITIES AND EXCHANGE COMMISSION

#### Washington, D.C. 20549

### FORM 8-K

#### CURRENT REPORT

#### Pursuant to Section 13 or 15(d)

#### of the Securities Exchange Act of 1934

#### Date of Report (Date of earliest event reported): August 28, 2025

## WALGREENS BOOTS ALLIANCE, INC.

#### (Exact name of registrant as specified in its charter)

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| | | |
|:---|:---|:---|
| **Delaware** | **001-36759** | **47-1758322** |
| **(State or other jurisdiction<br>of incorporation)** | **(Commission<br>File Number)** | **(IRS Employer<br>Identification Number)** |

---

---

| | |
|:---|:---|
| **108 Wilmot Road, Deerfield, Illinois** | **60015** |
| **(Address of principal executive offices)** | **(Zip Code)** |

---

#### Registrant's telephone number, including area code: (847) 315-3700

#### Not Applicable

#### (Former name or former address, if changed since last report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

---

| | | |
|:---|:---|:---|
| **Title of each class** | **Trading<br>Symbol(s)** | **Name of each exchange<br>on which registered** |
| Common Stock, $0.01 par value | WBA | The Nasdaq Stock Market LLC |
| 3.600% Walgreens Boots Alliance, Inc. notes due 2025 | WBA25 | The Nasdaq Stock Market LLC |
| 2.125% Walgreens Boots Alliance, Inc. notes due 2026 | WBA26 | The Nasdaq Stock Market LLC |

---

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (17 CFR §230.405) or Rule 12b-2 of the Securities Exchange Act of 1934 (17 CFR §240.12b-2).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act ☐

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#### Introductory Note
This Current Report on Form 8-K is being filed in connection with the completion of the previously announced Merger (as defined below) pursuant to the Agreement and Plan of Merger, dated as of March 6, 2025 (the "Merger Agreement"), by and among Walgreens Boots Alliance, Inc., a Delaware corporation (the "Company"), Blazing Star Parent, LLC, a Delaware limited liability company ("Parent"), Blazing Star Merger Sub, Inc., a Delaware corporation and a wholly owned subsidiary of Parent ("Merger Sub"), and the other affiliates of Parent party thereto (collectively, together with Parent and Merger Sub, the "Parent Entities").

On August 28, 2025, pursuant to the Merger Agreement, Merger Sub merged with and into the Company (the "Merger"), with the Company surviving the Merger as a wholly owned subsidiary of Parent. Parent and Merger Sub are affiliates of investment funds managed by Sycamore Partners Management, L.P. ("Sycamore Partners").

The descriptions of the Merger Agreement and the transactions contemplated thereby (including, without limitation, the Merger) in this Current Report on Form 8-K are only a summary, does not purport to be complete and is subject to, and qualified in its entirety by reference to, the full text of the Merger Agreement, a copy of which was filed as Exhibit 2.1 to the Company's Current Report on Form 8-K filed with the Securities and Exchange Commission (the "SEC") on March 10, 2025, which is incorporated herein by reference.

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| | |
|:---|:---|
| **<u>Item</u> <u>1.01.</u>** | **<u>Entry into a Material Definitive Agreement.</u>**  |

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*Divested Asset Proceed Rights Agreement* 

Pursuant to the Merger Agreement, on the date of consummation of the Merger, the Company, Parent, certain other Parent Entities, the Sale Committee (as defined in the Divested Asset Proceed Rights Agreement (as defined below)), the Shareholder Representative (as defined in the Divested Asset Proceed Rights Agreement) and Equiniti Trust Company, LLC, as rights agent entered into a divested asset proceed rights agreement (the "Divested Asset Proceed Rights Agreement") governing the terms of the Divested Asset Proceed Rights (as defined below). At the effective time of the Merger (the "Effective Time"), the Company's stockholders (including the Specified Holders (as defined in the Merger Agreement)) are entitled to receive one Divested Asset Proceed Right per share of Company Common Stock (as defined below), in accordance with the terms and conditions of the Merger Agreement. Each Divested Asset Proceed Right entitles its holder to receive its share of 70% of the net proceeds from any monetization of the Company's equity or debt interests in Village Practice Management Company Holdings, LLC and its subsidiaries (the "Divested Assets"), up to $3.00 per Divested Asset Proceed Right, as further set forth in the Divested Asset Proceed Rights Agreement the form of which is attached as Exhibit A to the Merger Agreement included as Exhibit 2.1 to this Current Report on Form 8-K and incorporated herein by reference.

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| | |
|:---|:---|
| **<u>Item</u> <u>1.02.</u>** | **<u>Termination of a Material Definitive Agreement.</u>**  |

---

Effective as of August 28, 2025, all outstanding amounts and obligations under (i) that certain Three-Year Revolving Credit Agreement, dated as of August 9, 2023 (as amended, modified, extended, restated, replaced, or supplemented prior to the date hereof), by and among the Company, as borrower, the institutions from time to time party thereto as lenders and Bank of America, N.A., as administrative agent, (ii) that certain Five-Year Revolving Credit Agreement, dated as of June 17, 2022 (as amended, modified, extended, restated, replaced, or supplemented prior to the date hereof), by and among Walgreens Boots Alliance, Inc., as borrower, the institutions from time to time party thereto as lenders, the L/C Issuers (as defined therein) from time to time party thereto and Wells Fargo Bank, National Association, as administrative agent and (iii) that certain Receivables Financing Agreement, dated as of April 24, 2025 (as amended, modified, extended, restated, replaced, or supplemented prior to the date hereof), by and among Wilmot Retail, LLC, as borrower, Walgreen Co., as servicer, the institutions from time to time party thereto as lenders and PNC Bank, National Association, as sole swingline lender and administrative agent were repaid, all outstanding commitments thereunder were terminated and all related security interests and liens were released.

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| | |
|:---|:---|
| **<u>Item</u> <u>2.01.</u>** | **<u>Completion of Acquisition or Disposition of Assets.</u>**  |

---

The information set forth in the Introductory Note of this Current Report on Form 8-K is incorporated by reference in this Item 2.01.

Pursuant to the Merger Agreement, at the Effective Time:

(i) Each share of the Company's common stock, par value $0.01 per share ("Company Common Stock"), issued and outstanding immediately prior to the Effective Time (other than any shares of Company Common Stock that were held by the Company as treasury stock or owned by Parent, Merger Sub or any other affiliate thereof, or any shares of Company Common Stock as to which appraisal rights have been properly exercised in accordance with Delaware law), was automatically converted into the right to receive (i) $11.45 in cash, without interest thereon and subject to all applicable withholding (the "Per Share Cash Consideration"), and (ii) one divested asset proceed right issued by Parent or one of its affiliates subject to and in accordance with the Divested Asset Proceed Rights Agreement (each, a "Divested Asset Proceed Right" and, collectively with the Per Share Cash Consideration, the "Per Share Consideration").

(ii) Each share of Company Common Stock that was held by the Company as treasury stock or owned by Parent, Merger Sub or any other affiliates thereof, in each case, immediately prior to the Effective Time, was automatically cancelled for no consideration.

(iii) Each then-outstanding Company stock option ("Company Stock Option") for which the exercise price per share was less than the Per Share Cash Consideration was automatically cancelled and converted into the right to receive, without interest and less applicable tax withholding, (a) an amount in cash equal to the product of (x) the number of shares of Company Common Stock subject to such Company Stock Option multiplied by (y) the excess, if any, of (A) the Per Share Cash Consideration over (B) the exercise price per share of such Company Stock Option and (b) one Divested Asset Proceed Right in respect of each share of Company Common Stock subject to such Company Stock Option.

(iv) Each then-outstanding Company Stock Option for which the exercise price per share was equal to or greater than the Per Share Cash Consideration was cancelled without payment of any consideration.

(v) Each then-outstanding Company deferred stock unit ("Company DSU") was automatically cancelled and converted into the right to receive, without interest and less applicable tax withholding, (a) an amount in cash equal to the product of (x) the number of shares of Company Common Stock subject to such Company DSU (including any shares of Company Common Stock underlying dividend equivalent units credited thereon) multiplied by (y) the Per Share Cash Consideration and (b) one Divested Asset Proceed Right in respect of each share of Company Common Stock subject to such Company DSU.

(vi) Each then-outstanding Company restricted stock unit ("Company RSU") that had vested on or before the Merger Closing (as defined in the Merger Agreement) but not yet settled was automatically cancelled and converted into the right to receive, without interest and less applicable tax withholding, (a) an amount in cash equal to the product of (x) the number of shares of Company Common Stock subject to such Company RSU (including any shares of Company Common Stock underlying dividend equivalent units credited thereon) multiplied by (y) the Per Share Cash Consideration and (b) one Divested Asset Proceed Right in respect of each share of Company Common Stock subject to such Company RSU (including any shares of Company Common Stock underlying such dividend equivalent units credited thereon).

(vii) Each then-outstanding Company RSU that was unvested as of the Merger Closing was automatically cancelled and converted into the contingent right to receive, without interest and less applicable tax withholding, (a) an amount in cash equal to the product of (x) the number of shares of Company Common Stock subject to such Company RSU (including any shares of Company Common Stock underlying dividend equivalent units credited thereon) multiplied by (y) the Per Share Cash Consideration and (b) one Divested Asset Proceed Right in respect of each share of Company Common Stock subject to such

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Company RSU (including any shares of Company Common Stock underlying dividend equivalent units credited thereon), with amounts in respect of such Company RSU payable following the original vesting conditions applicable to the underlying Company RSU are satisfied (such date, the "RSU Vesting Date"), subject to the holder of such Company RSU having remained in continuous service to the Company as an employee or consultant until the RSU Vesting Date.

(viii) Each then-outstanding Company performance share award ("Company PSA") that was unvested and held by a former employee of the Company (as of immediately prior to the Merger Closing) was cancelled and converted into the right to receive, without interest and less applicable tax withholding, (a) an amount in cash equal to the product of (x) the target number of shares of Company Common Stock subject to such Company PSA (including any shares of Company Common Stock underlying dividend equivalent units credited thereon), as pro-rated in accordance with the applicable Company PSA agreement (to the extent applicable), multiplied by (y) the Per Share Cash Consideration and (b) one Divested Asset Proceed Right in respect of each share of Company Common Stock subject to such Company PSA (calculated based on the target number of shares of Company Common Stock subject to such Company PSA and including any shares of Company Common Stock underlying dividend equivalent units credited thereon), as pro-rated in accordance with the applicable Company PSA agreement (to the extent applicable).

(ix) Each then-outstanding Company PSA that was unvested and held by a person who was an employee of the Company (as of immediately prior to the Merger Closing) was cancelled and converted into the contingent right to receive, without interest and less applicable tax withholding, (a) an amount in cash equal to the product of (x) the target number of shares of Company Common Stock subject to such Company PSA (including any shares of Company Common Stock underlying dividend equivalent units credited thereon), as pro-rated in accordance with the applicable Company PSA agreement (to the extent applicable), multiplied by (y) the Per Share Cash Consideration and (b) one Divested Asset Proceed Right in respect of each share of Company Common Stock subject to such Company PSA subject to such unvested Company PSA (calculated based on the target numbers of shares of Company Common Stock subject to such Company PSA and including any shares of Company Common Stock underlying dividend equivalent units credited thereon), as pro-rated by the applicable Company PSA agreement (to the extent applicable), with amounts in respect of such unvested Company PSA payable following the original time-based vesting conditions applicable to the underlying Company PSA are satisfied (such date, the "PSA Vesting Date"), subject to the holder of such Company PSA having remained in continuous service to the Company as an employee or consultant until the PSA Vesting Date.

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| | |
|:---|:---|
| **<u>Item</u> <u>3.01.</u>** | **<u>Notice of Delisting or Failure to Satisfy a Continued Listing Rule or Standard; Transfer of Listing.</u>**  |

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The information set forth in the Introductory Note and under Item 2.01 of this Current Report on Form 8-K is incorporated by reference in this Item 3.01.

In connection with the consummation of the Merger, the Company notified The Nasdaq Stock Market LLC ("Nasdaq") on August 28, 2025 that each issued and outstanding share of Company Common Stock as of immediately prior to the Effective Time (except as described in Item 2.01) was cancelled and converted, at the Effective Time, into the right to receive the Per Share Consideration pursuant to the Merger Agreement as described under Item 2.01 and that the Company's 2025 Notes and 2.125% 2026 Notes (each as defined below and together, the "Listed Notes") would be removed from listing on Nasdaq, and Nasdaq filed a Form 25 with the SEC to remove the Company Common Stock and Listed Notes from listing on Nasdaq and deregister the Company Common Stock pursuant to Section 12(b) of the Securities Exchange Act of 1934, as amended (the "Exchange Act").

The Company Common Stock and Listed Notes ceased trading on the Nasdaq effective prior to the opening of trading on August 28, 2025. After effectiveness of the Form 25, the Company intends to file with the SEC a certification and notice of termination on Form 15 to terminate the registration of the Company Common Stock and Notes under the Exchange Act and suspend the Company's reporting obligations under Section 13 and Section 15(d) of the Exchange Act.

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| | |
|:---|:---|
| **<u>Item</u> <u>3.03.</u>** | **<u>Material Modification to Rights of Security Holders.</u>**  |

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The information set forth in the Introductory Note and under Items 2.01, 3.01, 5.01 and 5.03 of this Current Report on Form 8-K is incorporated by reference in this Item 3.03.

In connection with the consummation of the Merger, each issued and outstanding share of Company Common Stock as of immediately prior to the Effective Time (except as described in Item 2.01 of this Current Report on Form 8-K) was cancelled and converted, at the Effective Time, into the right to receive the Per Share Consideration pursuant to the Merger Agreement as described under Item 2.01. Accordingly, at the Effective Time, the holders of such shares of Company Common Stock ceased to have any rights as shareholders of the Company, other than the right to receive the Per Share Consideration.

In connection with the transactions contemplated by the Merger Agreement, on July 22, 2025, Merger Sub launched cash tender offers (collectively, the "Tender Offer") to purchase any and all of the Company's outstanding (1) 3.600% senior notes due 2025 (the "2025 Notes"), (2) 2.125% senior notes due 2026 (the "2.125% 2026 Notes"), (3) 3.450% notes due 2026 (the "3.450% 2026 Notes"), (4) 8.125% notes due 2029 (the "2029 Notes"), (5) 3.200% notes due 2030 (the "2030 Notes"), (6) 4.500% senior notes due 2034 (the "2034 Notes"), (7) 4.800% senior notes due 2044 (the "2044 Notes"), (8) 4.650% notes due 2046 (the "2046 Notes") and (9) 4.100% notes due 2050 (the "2050 Notes"), and any and all of Walgreen Co.'s outstanding 4.400% notes due 2042 (the "2042 Notes" and, together with the 2025 Notes, the 2.125% 2026 Notes, 3.450% 2026 Notes, the 2029 Notes, the 2030 Notes, the 2034 Notes, the 2044 Notes, the 2046 Notes, and the 2050 Notes, the "Notes"). Concurrently with the Tender Offer, Merger Sub solicited consents (collectively, the "Consent Solicitation") (i) from holders of the 2025 Notes, the 2.125% 2026 Notes, the 2034 Notes and the 2044 Notes to certain proposed amendments to the indenture, dated as of November 18, 2014, by and between the Company and Computershare Trust Company, N.A. as successor to Wells Fargo Bank, National Association, as trustee (the "Trustee") (the "2014 Indenture"); (ii) from holders of the 3.450% 2026 Notes, the 2029 Notes, the 2030 Notes, the 2046 Notes and the 2050 Notes to certain proposed amendments to the indenture, dated as of December 17, 2015, by and between the Company and the Trustee (as supplemented by the First Supplemental Indenture dated as of October 13, 2021, the "2015 Indenture"); and (iii) from holders of the 2042 Notes to certain proposed amendments to the indenture, dated as of July 17, 2008, by and between Walgreen Co. and the Trustee (the "2008 Indenture" and, together with the 2014 Indenture and the 2015 Indenture, the "Indentures"). The Supplemental Indentures reflecting the amendments for which consents were solicited in the Consent Solicitation were entered into in connection with such Tender Offer and Consent Solicitation following receipt of the requisite consents from holders of a majority of the aggregate principal amount of each series of the Notes outstanding, as of 5:00 p.m., New York City time, on August 4, 2025. The Supplemental Indentures effected the amendments to the Indentures proposed in connection with the Tender Offer and Consent Solicitation, eliminating certain covenants, events of default and defeasance provisions contained in the Indentures. The amendments to the Indentures did not become operative until the tendered Notes were accepted for purchase by Merger Sub, pursuant to the terms of the Tender Offer and Consent Solicitation on August 28, 2025. After the amendments to the Indentures became operative, Notes that were not tendered or were not purchased in the Tender Offer and Consent Solicitation (i) in the case of the 2030 Notes, 2046 Notes and 2050 Notes, remain outstanding and will be subject to the terms of the 2015 Indenture as modified by the applicable Supplemental Indenture and (ii) in the case of the 2025 Notes, 2.125% 2026 Notes, 3.450% 2026 Notes, 2029 Notes, 2034 Notes, 2044 Notes and 2042 Notes, were called for redemption and satisfied and discharged pursuant to the terms of the applicable Indentures as modified by the applicable Supplemental Indentures.

The foregoing description of the Supplemental Indentures and the amendments contained therein does not purport to be complete and is subject to, and qualified in its entirety by reference to, the Supplemental Indentures, copies of which are attached as Exhibits 4.1, 4.2 and 4.3 to this Current Report on Form 8-K and are incorporated herein by reference.

This Current Report on Form 8-K does not constitute an offer to sell, or a solicitation of an offer to buy, any security. No offer, solicitation, or sale will be made in any jurisdiction in which such an offer, solicitation, or sale would be unlawful.

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| | |
|:---|:---|
| **<u>Item</u> <u>5.01.</u>** | **<u>Changes in Control of Registrant.</u>**  |

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The information set forth in the Introductory Note and under Items 2.01 and 3.01 of this Current Report on Form 8-K is incorporated by reference in this Item 5.01.

As a result of the Merger, a change in control of the Company occurred, and the Company became a wholly owned subsidiary of Parent. The total amount of cash consideration payable to the Company's equityholders at closing in connection with the Merger and pursuant to the Merger Agreement was approximately $8.25 billion. The funds used by Parent to consummate the Merger and complete the related transactions came from equity investments by funds affiliated with Sycamore Partners, an affiliate of Parent and Merger Sub, debt financing from certain financial institutions, and certain reinvestment transactions by Mr. Stefano Pessina and certain entities affiliated with Mr. Pessina, pursuant to the Reinvestment Agreement (as described in the Merger Agreement).

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| | |
|:---|:---|
| **<u>Item</u> <u>5.02.</u>** | **<u>Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.</u>**  |

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The information set forth in the Introductory Note and under Item 2.01 of this Current Report on Form 8-K is incorporated by reference in this Item 5.02.

The following persons, who were directors of the Company immediately prior to the completion of the Merger, voluntarily resigned from the board of directors of the Company (the "Board") and the committees of the Board on which they served, if any, immediately prior to the Effective Time: Stefano Pessina, Timothy C. Wentworth, Ginger L. Graham, Janice M. Babiak, Inderpal S. Bhandari, Bryan C. Hanson, Robert L. Huffines, Valerie B. Jarrett, John A. Lederer, Thomas E. Polen, Nancy M. Schlichting and William H. Shrank, M.D. Effective upon completion of the Merger, the following persons became directors of the Company: Stefano Pessina, Stefan Kaluzny and Kevin Burke.

Effective upon completion of the Merger, the following named executive officers of the Company voluntarily resigned from all of their respective positions with the Company and its subsidiaries: Timothy C. Wentworth and Mary Langowski. Effective upon completion of the Merger, Mike Motz was appointed as Chief Executive Officer of Walgreen Co. ("Walgreens"), which will operate as a private standalone company.

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| | |
|:---|:---|
| **<u>Item</u> <u>5.03.</u>** | **<u>Amendments to Articles of Incorporation or Bylaws; Change in Fiscal Year.</u>**  |

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The information set forth in the Introductory Note and under Item 2.01 of this Current Report on Form 8-K is incorporated by reference in this Item 5.03.

Effective upon consummation of the Merger, the certificate of incorporation of the Company, as in effect immediately prior to the Merger, was amended and restated to be in the form of the certificate of incorporation attached as Exhibit 3.1 hereto, which is incorporated herein by reference.

Effective upon consummation of the Merger, the bylaws of the Company, as in effect immediately prior to the Merger, were amended and restated to be in the form of the bylaws attached as Exhibit 3.2 hereto, which is incorporated herein by reference.

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| | |
|:---|:---|
| **<u>Item</u> <u>8.01.</u>** | **<u>Other Events.</u>**  |

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In addition, on August 28, 2025, the Company and Sycamore Partners issued a joint press release announcing the completion of the Merger and Walgreens issued a press release announcing the appointment of Mike Motz as Chief Executive Officer. Copies of the press releases are attached hereto as Exhibits 99.1 and 99.2, respectively, and are incorporated herein by reference.

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| | |
|:---|:---|
| **<u>Item</u> <u>9.01.</u>** | **<u>Financial Statements and Exhibits.</u>**  |

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(d) <u>Exhibits</u>

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| | |
|:---|:---|
| **Exhibit** | **Description** |
| 2.1 | [Agreement and Plan of Merger, dated as of March 6, 2025, by and among Blazing Star Parent, LLC, Blazing Star Merger Sub, Inc. Walgreens Boots Alliance, Inc. and the other parties thereto (incorporated herein by reference to Exhibit 2.1 to the Company's Current Report on Form 8-K filed on March 10, 2025).](http://www.sec.gov/Archives/edgar/data/1618921/000119312525050096/d935649dex21.htm) |
| 3.1 | [Third Amended and Restated Certificate of Incorporation of Walgreens Boots Alliance, Inc.](d87240dex31.htm) |
| 3.2 | [Second Amended and Restated Bylaws of Walgreens Boots Alliance, Inc.](d87240dex32.htm) |
| 4.1 | [First Supplemental Indenture, dated as of August 4, 2025, by and between Walgreen Co. and Computershare Trust Company, N.A, as trustee.](d87240dex41.htm) |
| 4.2 | [First Supplemental Indenture, dated as of August 4, 2025, by and between Walgreens Boots Alliance, Inc. and Computershare Trust Company, N.A, as trustee.](d87240dex42.htm) |
| 4.3 | [Second Supplemental Indenture, dated as of August 4, 2025, by and between Walgreens Boots Alliance, Inc. and Computershare Trust Company, N.A, as trustee.](d87240dex43.htm) |
| 99.1 | [Press Release, dated as of August 28, 2025.](d87240dex991.htm) |
| 99.2 | [Press Release, dated as of August 28, 2025.](d87240dex992.htm) |
| 104 | Cover Page Interactive Data File (formatted as inline XBRL). |

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#### SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

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| | | | |
|:---|:---|:---|:---|
|  | **WALGREENS BOOTS ALLIANCE, INC.** | **WALGREENS BOOTS ALLIANCE, INC.** | **WALGREENS BOOTS ALLIANCE, INC.** |
| Date: August 28, 2025 | By: | /s/ Lanesha Minnix | /s/ Lanesha Minnix |
|  |  | Name: | Lanesha Minnix |
|  |  | Title: | Executive Vice President, Global Chief Legal Officer and Corporate Secretary |

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## Exhibit 3.1

**Exhibit 3.1** 

**THIRD AMENDED AND RESTATED** 

**CERTIFICATE OF INCORPORATION** 

**OF** 

**WALGREENS BOOTS ALLIANCE, INC.** 

FIRST: The name of the corporation is Walgreens Boots Alliance, Inc. (the "**Corporation**").

SECOND: The address of the Corporation's registered office in the State of Delaware is c/o Corporation Service Company, 251 Little Falls Drive in the City of Wilmington, County of New Castle, Delaware 19808. The name of its registered agent at such address is Corporation Service Company.

THIRD: The purpose of the Corporation is to engage in any lawful act or activity for which corporations may be organized under the General Corporation Law of the State of Delaware as the same exists or may hereafter be amended (the "**DGCL**").

FOURTH: The total number of shares of stock which the Corporation shall have authority to issue is 1,000, and the par value of each such share is $0.01, amounting in the aggregate to $10.00.

FIFTH: The Board of Directors shall have the power to adopt, amend or repeal the bylaws of the Corporation.

SIXTH: Election of directors need not be by written ballot unless the bylaws of the Corporation so provide.

SEVENTH: The Corporation expressly elects not to be governed by Section 203 of the DGCL.

EIGHTH: (1) A director of the Corporation shall not be personally liable either to the Corporation or any stockholder for monetary damages for breach of fiduciary duty as a director to the fullest extent permitted by the DGCL. Neither amendment nor repeal of this paragraph (1) nor the adoption of any provision of the Certificate of Incorporation inconsistent with this paragraph (1) shall eliminate or reduce the effect of this paragraph (1) in respect of any matter occurring, or any cause of action, suit or claim that, but for this paragraph (1) of this Article, would accrue or arise, prior to such amendment, repeal or adoption of an inconsistent provision. If the DGCL is hereafter amended to authorize, with the approval of the Corporation's stockholders, further reductions in the liability of the Corporation's directors for breach of fiduciary duty, then a director of the Corporation shall not be liable for any such breach to the fullest extent permitted by the DGCL as so amended.

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(2)(a) Each person (and the heirs, executors or administrators of such person) who was or is a party or is threatened to be made a party to, testifies in, or is involved in any threatened, pending or completed action, suit or proceeding, whether civil, criminal, administrative or investigative in nature, by reason of the fact that such person is or was a director, officer, employee or agent of the Corporation, or is or was serving at the request of the Corporation as a director, officer, employee or agent of another corporation, partnership, joint venture, employee benefit plan, trust or other enterprise, shall be indemnified and held harmless by the Corporation to the fullest extent permitted by the DGCL. The right to indemnification conferred in this ARTICLE EIGHTH shall also include the right to be paid by the Corporation the expenses (including attorneys' fees), judgments, fines and amounts paid in settlement actually and reasonably incurred by such person in connection with any such action, suit or proceeding, including in advance of its final disposition to the fullest extent authorized by the DGCL. The right to indemnification conferred in this ARTICLE EIGHTH shall be a contract right.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Corporation may, by action of its Board of Directors, provide indemnification to such of the directors, officers, employees and agents of the Corporation to such extent and to such effect as the Board of Directors shall determine to be appropriate and authorized by the DGCL. The Corporation may adopt bylaws or enter into agreements with any such person for the purpose of providing such indemnification.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) The Corporation shall have power to purchase and maintain insurance on behalf of any person who is or was a director, officer, employee or agent of the Corporation, or is or was serving at the request of the Corporation as a director, officer, employee or agent of another corporation, partnership, joint venture, trust or other enterprise against any expense, liability or loss incurred by such person in any such capacity or arising out of such person's status as such, whether or not the Corporation would have the power to indemnify such person against such liability under the DGCL.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) The rights and authority conferred in this ARTICLE EIGHTH shall not be exclusive of any other right which any person may otherwise have or hereafter acquire.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) Neither the amendment nor repeal of this ARTICLE EIGHTH, nor the adoption of any provision of this Certificate of Incorporation or the bylaws of the Corporation, nor, to the fullest extent permitted by the DGCL, any modification of law, shall adversely affect any right or protection of any person granted pursuant hereto existing at, or arising out of or related to any event, act or omission that occurred prior to, the time of such amendment, repeal, adoption or modification (regardless of when any proceeding (or part thereof) relating to such event, act or omission arises or is first threatened, commenced or completed).

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NINTH: The Corporation reserves the right to amend this Certificate of Incorporation in any manner permitted by the DGCL and all rights and powers conferred herein on stockholders, directors and officers, if any, are subject to this reserved power.

## Exhibit 3.2

**Exhibit 3.2** 

**SECOND AMENDED AND RESTATED** 

**BYLAWS** 

**OF** 

**WALGREENS BOOTS ALLIANCE, INC.** 

**<sup>\* \* \* \* \*</sup>** 

***As of August 28, 2025***

ARTICLE 1

OFFICES

Section 1.01 *. Registered Office.* The registered office of the Corporation shall be in the City of Wilmington, County of New Castle, State of Delaware.

Section 1.02 *. Other Offices.* The Corporation may also have offices at such other places both within and without the State of Delaware as the Board of Directors may from time to time determine or the business of the Corporation may require.

Section 1.03 *. Books.* The books of the Corporation may be kept within or without the State of Delaware as the Board of Directors may from time to time determine or the business of the Corporation may require.

ARTICLE 2

MEETINGS OF STOCKHOLDERS

Section 2.01 *. Time and Place of Meetings.* All meetings of stockholders shall be held at such place, either within or without the State of Delaware, on such date and at such time as may be determined from time to time by the Board of Directors (or the Chairman in the absence of a designation by the Board of Directors).

Section 2.02 *. Annual Meetings.* Unless directors are elected by written consent in lieu of an annual meeting as permitted by the General Corporation Law of the State of Delaware as the same exists or may hereafter be amended (the "**DGCL**"), an annual meeting of stockholders shall be held for the election of directors and to transact such other business as may properly be brought before the meeting at such date and time as may be designated by the Board from time to time. Stockholders may, unless the certificate of incorporation otherwise provides, act by written consent to elect directors; *provided*, *however*, that if such consent is less than unanimous, such action by written consent may be in lieu of holding an annual meeting only if all of the directorships to which directors could be elected at an annual meeting held at the effective time of such action are vacant and are filled by such action.

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Section 2.03 *. Special Meetings.* Special meetings of stockholders may be called by the Board of Directors or the Chairman of the Board and shall be called by any officer of the Corporation at the request in writing of holders of record of a majority of the outstanding capital stock of the Corporation entitled to vote. Such request shall state the purpose or purposes of the proposed meeting.

Section 2.04 *. Notice of Meetings and Adjourned Meetings; Waivers of Notice.* (a) Whenever stockholders are required or permitted to take any action at a meeting, a written notice of the meeting shall be given which shall state the place, if any, date and hour of the meeting, the means of remote communications, if any, by which stockholders and proxy holders may be deemed to be present in person and vote at such meeting, and, in the case of a special meeting, the purpose or purposes for which the meeting is called. Unless otherwise provided by the DGCL, such notice shall be given not less than 10 nor more than 60 days before the date of the meeting to each stockholder of record entitled to vote at such meeting. Unless these bylaws otherwise require, when a meeting is adjourned to another time or place (whether or not a quorum is present), notice need not be given of the adjourned meeting if the time, place, if any, and the means of remote communications, if any, by which stockholders and proxy holders may be deemed to be present in person and vote at such meeting, are announced at the meeting at which the adjournment is taken. At the adjourned meeting, the Corporation may transact any business which might have been transacted at the original meeting. If the adjournment is for more than 30 days, or after the adjournment a new record date is fixed for the adjourned meeting, a notice of the adjourned meeting shall be given to each stockholder of record entitled to vote at the meeting.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) A written waiver of any such notice signed by the person entitled thereto, or a waiver by electronic transmission by the person entitled to notice, whether before or after the time stated therein, shall be deemed equivalent to notice. Attendance of a person at a meeting shall constitute a waiver of notice of such meeting, except when the person attends the meeting for the express purpose of objecting, at the beginning of the meeting, to the transaction of any business because the meeting is not lawfully called or convened. Business transacted at any special meeting of stockholders shall be limited to the purposes stated in the notice.

Section 2.05 *. Quorum.* Unless otherwise provided under the certificate of incorporation or these bylaws and subject to the DGCL, the presence, in person or by proxy, of the holders of a majority of the outstanding capital stock of the Corporation entitled to vote at a meeting of stockholders shall constitute a quorum for the transaction of business. If, however, such quorum shall not be present or represented at any meeting of the stockholders, a majority in voting interest of the stockholders present in person or represented by proxy may adjourn the meeting, without notice other than announcement at the meeting, until a quorum shall be present or represented. At such adjourned meeting at which a quorum shall be present or represented any business may be transacted which might have been transacted at the meeting as originally notified.

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Section 2.06 *. Voting.* (a) Unless otherwise provided in the certificate of incorporation and subject to the DGCL, each stockholder shall be entitled to one vote for each outstanding share of capital stock of the Corporation held by such stockholder. Any share of capital stock of the Corporation held by the Corporation shall have no voting rights. Except as otherwise provided by law, the certificate of incorporation or these bylaws, in all matters other than the election of directors, the affirmative vote of the majority of the shares of capital stock of the Corporation present in person or represented by proxy at the meeting and entitled to vote on the subject matter shall be the act of the stockholders.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Each stockholder entitled to vote at a meeting of stockholders or to express consent or dissent to a corporate action in writing without a meeting may authorize another person or persons to act for such stockholder by proxy, appointed by an instrument in writing, subscribed by such stockholder or by his attorney thereunto authorized, or by proxy sent by cable, telegram or by any means of electronic communication permitted by law, which results in a writing from such stockholder or by his attorney, and delivered to the secretary of the meeting. No proxy shall be voted after three (3) years from its date, unless said proxy provides for a longer period.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) In determining the number of votes cast for or against a proposal or nominee, shares abstaining from voting on a matter will not be treated as a vote cast.

Section 2.07 *. Action by Consent.* (a) Unless otherwise provided in the certificate of incorporation and subject to the proviso in Section 2.02, any action required to be taken at any annual or special meeting of stockholders, or any action which may be taken at any annual or special meeting of stockholders, may be taken without a meeting, without prior notice and without a vote, if a consent or consents in writing, setting forth the action so taken, shall be signed by the holders of outstanding capital stock having not less than the minimum number of votes that would be necessary to authorize or take such action at a meeting at which all shares entitled to vote thereon were present and voted and shall be delivered to the Corporation by delivery to its registered office in Delaware, its principal place of business, or an officer or agent of the Corporation having custody of the book in which proceedings of meetings of stockholders are recorded. Delivery made to the Corporation's registered office shall be by hand or by certified or registered mail, return receipt requested. Prompt notice of the taking of the corporate action without a meeting by less than unanimous written consent shall be given to those stockholders who have not consented in writing and who, if the action had been taken at a meeting, would have been entitled to notice of the meeting if the record date for such meeting had been the date that written consents signed by a sufficient number of stockholders to take the action were delivered to the Corporation as provided in Section 2.07(b).

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Every written consent shall bear the date of signature of each stockholder who signs the consent, and no written consent shall be effective to take the corporate action referred to therein unless, within 60 days of the earliest dated consent delivered in the manner required by this section and the DGCL to the Corporation, written consents signed by a sufficient number of holders to take action are delivered to the Corporation by delivery to its registered office in Delaware, its principal place of business or an officer or agent of the Corporation having custody of the book in which proceedings of meetings of stockholders are recorded. Delivery made to the Corporation's registered office shall be by hand or by certified or registered mail, return receipt requested.

Section 2.08 *. Organization.* At each meeting of stockholders, the Chairman of the Board, if one shall have been elected, or in the Chairman's absence or if one shall not have been elected, the director designated by the vote of the majority of the directors present at such meeting, shall act as chairman of the meeting. A Co-President of the Corporation (or in a Co-President's absence or inability to act, the person whom the chairman of the meeting shall appoint secretary of the meeting) shall act as secretary of the meeting and keep the minutes thereof.

Section 2.09 *. Order of Business.* The order of business at all meetings of stockholders shall be as determined by the chairman of the meeting.

ARTICLE 3

DIRECTORS

Section 3.01 *. General Powers.* Except as otherwise provided in the DGCL or the certificate of incorporation, the business and affairs of the Corporation shall be managed by or under the direction of the Board of Directors.

Section 3.02 *. Number, Election and Term of Office.* (a) The number of directors which shall constitute the whole Board shall be fixed from time to time by resolution of the Board of Directors but shall not be less than one. The directors shall be elected at the annual meeting of the stockholders by written ballot, except as provided in Section 2.02 and Section 3.12 herein, and each director so elected shall hold office until such director's successor is elected and qualified or until such director's earlier death, resignation or removal. Directors need not be stockholders.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Subject to the rights of the holders of any series of preferred stock to elect additional directors under specific circumstances, directors shall be elected by a plurality of the votes of the shares of capital stock of the Corporation present in person or represented by proxy at the meeting and entitled to vote on the election of directors.

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Section 3.03 *. Quorum and Manner of Acting.* Unless the certificate of incorporation or these bylaws require a greater number, a majority of the total number of directors shall constitute a quorum for the transaction of business, and the affirmative vote of a majority of the directors present at a meeting at which a quorum is present shall be the act of the Board of Directors. When a meeting is adjourned to another time or place (whether or not a quorum is present), notice need not be given of the adjourned meeting if the time and place thereof are announced at the meeting at which the adjournment is taken. At the adjourned meeting, the Board of Directors may transact any business which might have been transacted at the original meeting. If a quorum shall not be present at any meeting of the Board of Directors the directors present thereat shall adjourn the meeting, from time to time, without notice other than announcement at the meeting, until a quorum shall be present.

Section 3.04 *. Time and Place of Meetings.* The Board of Directors shall hold its meetings at such place, either within or without the State of Delaware, and at such time as may be determined from time to time by the Board of Directors (or the Chairman in the absence of a determination by the Board of Directors).

Section 3.05 *. Annual Meeting.* The Board of Directors shall meet for the purpose of organization, the election of officers and the transaction of other business, as soon as practicable after each annual meeting of stockholders, on the same day and at the same place where such annual meeting shall be held. Notice of such meeting need not be given. In the event such annual meeting is not so held, the annual meeting of the Board of Directors may be held at such place either within or without the State of Delaware, on such date and at such time as shall be specified in a notice thereof given as hereinafter provided in Section 3.07 herein or in a waiver of notice thereof signed by any director who chooses to waive the requirement of notice.

Section 3.06 *. Regular Meetings.* After the place and time of regular meetings of the Board of Directors shall have been determined and notice thereof shall have been once given to each member of the Board of Directors, regular meetings may be held without further notice being given.

Section 3.07 *. Special Meetings.* Special meetings of the Board of Directors may be called by the Chairman of the Board or a Co-President of the Corporation and shall be called by the Chairman of the Board or a Co-President of the Corporation on the written request of any of the directors. Notice of special meetings of the Board of Directors shall be given to each director at least one calendar day before the date of the meeting in such manner as is determined by the Board of Directors.

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Section 3.08 *. Committees.* The Board of Directors may designate one or more committees, each committee to consist of one or more of the directors of the Corporation. The Board may designate one or more directors as alternate members of any committee, who may replace any absent or disqualified member at any meeting of the committee. In the absence or disqualification of a member of a committee, the member or members present at any meeting and not disqualified from voting, whether or not such member or members constitute a quorum, may unanimously appoint another member of the Board of Directors to act at the meeting in the place of any such absent or disqualified member. Any such committee, to the extent provided in the resolution of the Board of Directors, shall have and may exercise all the powers and authority of the Board of Directors in the management of the business and affairs of the Corporation, and may authorize the seal of the Corporation to be affixed to all papers which may require it; but no such committee shall have the power or authority in reference to any of the following matters: (a) approving or adopting, or recommending to the stockholders, any action or matter (other than the election or removal of directors) expressly required by the DGCL to be submitted to the stockholders for approval or (b) adopting, amending or repealing any bylaw of the Corporation. Each committee shall keep regular minutes of its meetings and report the same to the Board of Directors when required.

Section 3.09 *. Action by Consent.* Unless otherwise restricted by the certificate of incorporation or these bylaws, any action required or permitted to be taken at any meeting of the Board of Directors or of any committee thereof may be taken without a meeting, if all members of the Board or committee, as the case may be, consent thereto in writing or by electronic transmission, and the writing or writings or electronic transmission or transmissions, are filed with the minutes of proceedings of the Board or committee. Such filing shall be in paper form if the minutes are maintained in paper form and shall be in electronic form if the minutes are maintained in electronic form.

Section 3.10 *. Telephonic Meetings.* Unless otherwise restricted by the certificate of incorporation or these bylaws, members of the Board of Directors, or any committee designated by the Board of Directors, may participate in a meeting of the Board of Directors, or such committee, as the case may be, by means of conference telephone or other communications equipment by means of which all persons participating in the meeting can hear each other, and such participation in a meeting shall constitute presence in person at the meeting.

Section 3.11 *. Resignation.* Any director may resign at any time by giving notice in writing or by electronic transmission to the Board of Directors or to a Co-President of the Corporation. The resignation of any director shall take effect upon receipt of notice thereof or at such later time as shall be specified in such notice; and unless otherwise specified therein, the acceptance of such resignation shall not be necessary to make it effective.

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Section 3.12 *. Vacancies.* Unless otherwise provided in the certificate of incorporation, vacancies and newly created directorships resulting from any increase in the authorized number of directors elected by all the stockholders having the right to vote as a single class may be filled by a majority of the directors then in office, although less than a quorum, or by a sole remaining director. Whenever the holders of any class or classes of stock or series thereof are entitled to elect one or more directors by the certificate of incorporation, vacancies and newly created directorships of such class or classes or series may be filled by a majority of directors elected by such class or classes or series thereof then in office, or by a sole remaining director so elected. Each director so chosen shall hold office until his or her successor is elected and qualified, or until his or her earlier death, resignation or removal. If there are no directors in office, then an election of directors may be held in accordance with the DGCL. Unless otherwise provided in the certificate of incorporation, when one or more directors shall resign from the Board, effective at a future date, a majority of the directors then in office shall have the power to fill such vacancy or vacancies, the vote thereon to take effect when such resignation or resignations shall become effective, and each director so chosen shall hold office as provided in the filling of other vacancies.

Section 3.13 *. Removal.* Any director or the entire Board of Directors may be removed, with or without cause, at any time by the affirmative vote of the holders of a majority of the outstanding capital stock of the Corporation then entitled to vote at any election of directors and the vacancies thus created may be filled in accordance with Section 3.12 herein.

Section 3.14 *. Compensation.* Unless otherwise restricted by the certificate of incorporation or these bylaws, the Board of Directors shall have authority to fix the compensation of directors, including fees and reimbursement of expenses.

ARTICLE 4

OFFICERS

Section 4.01 *. Principal Officers.* The principal officers of the Corporation shall be a Chief Executive Officer and one or more Co-Presidents who shall have the duty, among other things, to record the proceedings of the meetings of stockholders and directors in a book kept for that purpose. The Corporation may also have such other principal officers, including one or more Controllers, as the Board may in its discretion appoint. One person may hold the offices and perform the duties of any two of said offices.

Section 4.02 *. Election, Term of Office and Remuneration.* The principal officers of the Corporation shall be elected annually by the Board of Directors at the annual meeting thereof. Each such officer shall hold office until his or her successor is elected and qualified, or until his or her earlier death, resignation or removal. The remuneration of all officers of the Corporation shall be fixed by the Board of Directors. Any vacancy in any office shall be filled in such manner as the Board of Directors shall determine.

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Section 4.03 *. Subordinate Officers.* In addition to the principal officers enumerated in Section 4.01 herein, the Corporation may have one or more Assistant Treasurers, Secretaries and Assistant Controllers and such other subordinate officers, agents and employees as the Board of Directors may deem necessary, each of whom shall hold office for such period as the Board of Directors may from time to time determine. The Board of Directors may delegate to any principal officer the power to appoint and to remove any such subordinate officers, agents or employees.

Section 4.04 *. Removal.* Except as otherwise permitted with respect to subordinate officers, any officer may be removed, with or without cause, at any time, by resolution adopted by the Board of Directors.

Section 4.05 *. Resignations.* Any officer may resign at any time by giving written notice to the Board of Directors (or to a principal officer if the Board of Directors has delegated to such principal officer the power to appoint and to remove such officer). The resignation of any officer shall take effect upon receipt of notice thereof or at such later time as shall be specified in such notice; and unless otherwise specified therein, the acceptance of such resignation shall not be necessary to make it effective.

Section 4.06 *. Powers and Duties.* The officers of the Corporation shall have such powers and perform such duties incident to each of their respective offices and such other duties as may from time to time be conferred upon or assigned to them by the Board of Directors.

ARTICLE 5

CAPITAL STOCK

Section 5.01 *. Certificates for Stock; Uncertificated Shares.* The shares of the Corporation shall be uncertificated, provided that the Board of Directors of the Corporation may provide by resolution or resolutions that some or all of any or all classes or series of its stock shall be represented by certificates. Except as otherwise provided by law, the rights and obligations of the holders of uncertificated shares and the rights and obligations of the holders of shares represented by certificates of the same class and series shall be identical. Any holder of stock represented by certificates shall be entitled to have a certificate signed by, or in the name of the Corporation by the Chairman or Vice Chairman of the Board of Directors, or the President or Vice President, and by the Treasurer or an assistant Treasurer, or the Secretary or an assistant Secretary of the Corporation representing the number of shares registered in certificate form. Any or all of the signatures on the certificate may be a facsimile. In case any officer,

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transfer agent or registrar who has signed or whose facsimile signature has been placed upon a certificate shall have ceased to be such officer, transfer agent or registrar before such certificate is issued, it may be issued by the Corporation with the same effect as if such person were such officer, transfer agent or registrar at the date of issue. The Corporation shall not have power to issue a certificate in bearer form.

Section 5.02 *. Transfer of Shares.* Shares of the stock of the Corporation may be transferred on the record of stockholders of the Corporation by the holder thereof or by such holder's duly authorized attorney upon surrender of a certificate therefor properly endorsed or upon receipt of proper transfer instructions from the registered holder of uncertificated shares or by such holder's duly authorized attorney and upon compliance with appropriate procedures for transferring shares in uncertificated form, unless waived by the Corporation.

Section 5.03 *. Authority for Additional Rules Regarding Transfer.* The Board of Directors shall have the power and authority to make all such rules and regulations as they may deem expedient concerning the issue, transfer and registration of certificated or uncertificated shares of the stock of the Corporation, as well as for the issuance of new certificates in lieu of those which may be lost or destroyed, and may require of any stockholder requesting replacement of lost or destroyed certificates, bond in such amount and in such form as they may deem expedient to indemnify the Corporation, and/or the transfer agents, and/or the registrars of its stock against any claims arising in connection therewith.

ARTICLE 6

INDEMNIFICATION

Section 6.01 *. Right to Indemnification.* (a) Each person who is or was a party or is otherwise threatened to be made a party to any threatened, pending or completed action, suit or proceeding, whether civil, criminal, administrative or investigative (hereinafter a "**proceeding**"), by reason of the fact that he or she or a person of whom he or she is the legal representative is or was, at any time during which these bylaws are in effect (whether or not such person continues to serve in such capacity at the time any indemnification or advancement of expenses pursuant hereto is sought or at the time any proceeding relating thereto exists or is brought), a director or officer, trustee, fiduciary, employee or agent of the Corporation or is or was at any such time serving at the request of the Corporation as a director, officer, employee, trustee, fiduciary or agent of another corporation, partnership, joint venture, trust or other enterprise, including service with respect to employee benefit plans maintained or sponsored by the Corporation (hereinafter, a "**Covered Person**"), whether the basis of such proceeding is alleged action in an official capacity as a director, officer, employee, trustee, fiduciary or agent or in any other capacity while serving as a director, officer, trustee, employee or agent, shall be (and shall be deemed to have a contractual right to be) indemnified and held harmless by the Corporation (and any successor

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of the Corporation by merger or otherwise) to the fullest extent authorized by the DGCL, as the same exists or may hereafter be amended or modified from time to time (but, in the case of any such amendment or modification, only to the extent that such amendment or modification permits the Corporation to provide greater indemnification rights than said law permitted the Corporation to provide prior to such amendment or modification), against all expense, liability and loss (including attorneys' fees), judgments, fines, ERISA excise taxes or penalties and amounts paid or to be paid in settlement actually and reasonably incurred or suffered by such person in connection with such proceeding if the person acted in good faith and in a manner reasonably believed to be in or not opposed to the best interests of the Corporation, and, with respect to any criminal action or proceeding, had no reasonable cause to believe his or her conduct was unlawful; <u>provided however</u>, that, to the extent that a director or officer has been successful on the merits or otherwise in defense of any proceeding or in defense of any claim, issue or matter therein, such director or officer shall be indemnified against expenses actually reasonably incurred by such director or officer in connection therewith. The termination of any proceeding by judgment, order, settlement, conviction, or upon a plea of nolo contendere or its equivalent, shall not, of itself, create a presumption that the person did not act in good faith and in a manner which the person reasonably believed to be in or not opposed to the best interests of the Corporation, and, with respect to any criminal action or proceeding, had reasonable cause to believe that the person's conduct was unlawful. Such indemnification shall continue as to a person who has ceased to be a director, officer, employee, trustee, fiduciary or agent and shall inure to the benefit of his or her heirs, executors and administrators; <u>provided</u>, <u>however</u>, that, except as provided in Section 6.2, the Corporation shall indemnify any such person seeking indemnification in connection with a proceeding (or part thereof) initiated by such person only if such proceeding (or part thereof) was authorized by the Board of Directors of the Corporation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) To obtain indemnification under these bylaws, a claimant shall submit to the Corporation a written request, including therein or therewith such documentation and information as is reasonably available to the claimant and is reasonably necessary to determine whether and to what extent the claimant is entitled to indemnification. Upon written request by a claimant for indemnification, a determination, if required by applicable law, with respect to the claimant's entitlement thereto shall be made as follows: (i) by a majority of disinterested directors, even though less than a quorum, or (ii) by a committee of disinterested directors designated by majority vote of the disinterested directors, even though less than a quorum, or (iii) if there are no disinterested directors, or if the disinterested directors so direct, by independent counsel, in a written opinion to the Board of Directors, a copy of which shall be delivered to the claimant, or if a majority of the disinterested directors so directs, by a majority vote of the stockholders of the Corporation. In the event that the determination of entitlement to indemnification is to be made by independent counsel, the independent counsel shall be selected by the disinterested directors unless there shall have occurred within two (2) years prior to the date of the commencement of the proceeding for which indemnification is claimed a "Change of Control" as defined in the Walgreen Co. 2013 Omnibus Incentive Plan, as amended and as assumed by the Corporation, or any successor plan, in which case the independent counsel shall be selected by the claimant unless the claimant shall request that such selection be made by the disinterested directors. If it is so determined that the claimant is entitled to indemnification, payment to the claimant shall be made within ten (10) days after such determination.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) To the fullest extent authorized by the DGCL as the same exists or may hereafter be amended or modified from time to time (but, in the case of any such amendment or modification, only to the extent that such amendment or modification permits the Corporation to provide greater rights to advancement of expenses than said law permitted the Corporation to provide prior to such amendment or modification), each Covered Person shall have (and shall be deemed to have a contractual right to have) the right, without the need for any action by the Board of Directors, to be paid by the Corporation (and any successor of the Corporation by merger or otherwise) the expenses incurred in connection with any proceeding in advance of its final disposition, such advances to be paid by the Corporation within twenty (20) days after the receipt by the Corporation of a statement or statements from the claimant requesting such advance or advances from time to time; provided, that if the DGCL requires, the payment of such expenses incurred by a director or officer in his or her capacity as a director or officer (and not in any other capacity in which service was or is rendered by such person while a director or officer, including, without limitation, service to an employee benefit plan) shall be made only upon delivery to the Corporation of an undertaking (hereinafter, the "**Undertaking**") by or on behalf of such director or officer, to repay all amounts so advanced if it shall ultimately be determined by final judicial decision from which there is no further right of appeal (a "**final disposition**") that such director or officer is not entitled to be indemnified for such expenses under these bylaws or otherwise.

Section 6.02 *Right of Claimant to Bring Suit*. (a) If a claim for indemnification under Section 6.1(b) is not paid in full by the Corporation within thirty (30) days after a written claim has been received by the Corporation or if a request for advancement of expenses under this Article VI is not paid in full by the Corporation within twenty (20) days after a statement pursuant to Section 6.l(c) and the required Undertaking, if any, have been received by the Corporation, the claimant may at any time thereafter bring suit against the Corporation to recover the unpaid amount of the claim for indemnification or request for advancement of expenses and, if successful in whole or in part, the claimant shall be entitled to be paid also the expense of prosecuting such claim. It shall be a defense to any such action that, under the DGCL, the claimant has not met the standard of conduct which makes it permissible for the Corporation to indemnify the claimant for the amount claimed or that the claimant is not entitled to the requested advancement of expenses, but (except where the required Undertaking, if any, has not been tendered to the Corporation) the burden of proving such defense shall be on the Corporation. Neither the failure of the Corporation (including its Board of Directors, independent legal counsel, or its stockholders) to have made a determination prior to the commencement of such

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action that indemnification of the claimant is proper in the circumstances because he or she has met the applicable standard of conduct set forth in the DGCL, nor an actual determination by the Corporation (including its Board of Directors, independent legal counsel, or its stockholders) that indemnification of the claimant has not met such applicable standard of conduct, shall be a defense to the action or create a presumption that the claimant has not met the applicable standard of conduct.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) If a determination shall have been made pursuant to Section 6.1(b) that the claimant is entitled to indemnification, the Corporation shall be bound by such determination in any judicial proceeding commenced pursuant to paragraph (a) of this Section 6.2.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Corporation shall be precluded from asserting in any judicial proceeding commenced pursuant to paragraph (a) of this Section 6.2 that the procedures and presumptions of these bylaws are not valid, binding and enforceable and shall stipulate in such proceeding that the Corporation is bound by all the provisions of these bylaws.

SECTION 6.3. *Non-Exclusivity of Rights*. All of the rights conferred in this Article VI, as to indemnification, advancement of expenses and otherwise, shall not be exclusive of any other rights to which any person seeking indemnification or advancement of expenses may be entitled or hereafter acquire under any statute, provision of the Corporation's certificate of incorporation, bylaws, agreement, vote of stockholders or disinterested directors or otherwise, both as to action in such person's official capacity and as to action in another capacity while holding such office and cannot be terminated or impaired by the Corporation, the Board of Directors or the stockholders of the Corporation with respect to a person's service prior to the date of such termination.

SECTION 6.4. *Insurance; Other Indemnification and Advancement of Expenses*. (a) The Corporation may maintain insurance, at its expense, to protect itself and any current or former director, officer, employee, fiduciary, trustee or agent of the Corporation, or any person who is or was serving at the request of the Corporation as a director, officer, employee, or agent of another corporation, partnership, joint venture, trust or other enterprise (including employee benefit plans) against any expense, liability or loss asserted against such person and incurred by such person in any such capacity, or arising out of his or her status as such, whether or not the Corporation would have the power to indemnify such person against such expense, liability or loss under the DGCL. To the extent that the Corporation maintains any policy or policies providing such insurance, each such current or former director or officer, and each such employee or agent to which rights to indemnification have been granted as provided in this paragraph (a) of this Section 6.4, shall be covered by such policy or policies in accordance with its or their terms to the maximum extent of the coverage thereunder for any such current or former director, officer, employee or agent.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Corporation may, to the extent authorized from time to time by the Board of Directors or the Chief Executive Officer, grant rights to indemnification and rights to advancement of expenses incurred in connection with any proceeding in advance of its final disposition, to any current or former employee or agent of the Corporation to the fullest extent of the provisions of these bylaws with respect to the indemnification and advancement of expenses of current or former directors and officers of the Corporation.

SECTION 6.5. *Contractual Nature*. All of the rights conferred in this Article VI, as to indemnification, advancement of expenses and otherwise, shall be applicable to all proceedings commenced or continuing after its adoption, whether such arise out of events, acts or omissions which occurred prior or subsequent to such adoption, and shall continue as to a person who has ceased to be a director, officer or a person serving at the request of the Corporation as a director, trustee, fiduciary, employee, agent or officer of another corporation, partnership, joint venture, trust or other enterprise and shall inure to the benefit of the heirs, executors, and administrators of such person. This Article VI shall be deemed to be a contract between the Corporation and each person who, at any time that this Article VI is in effect, serves or agrees to serve in any capacity that entitles him or her to indemnification hereunder, which shall vest at the commencement of such person's service to, or at the request of, the Corporation, and any repeal, amendment or other modification of this Article VI or any repeal, amendment or modification of the DGCL or any other applicable law shall not limit any rights of indemnification for proceedings then existing or later arising out of events, acts or omissions occurring prior to such repeal or modification, including, without limitation, the right to indemnification for proceedings commenced after such repeal or modification to enforce this Article VI with regard to proceedings arising out of acts, omissions or events occurring prior to such repeal or modification.

SECTION 6.6. *Severability*. If any portion of this Article VI shall be invalidated or held to be unenforceable on any ground by any court of competent jurisdiction, the decision of which shall not have been reversed on appeal, such invalidity or unenforceability shall not affect the other provisions hereof, and this Article VI shall be construed in all respects as if such invalid or unenforceable provisions had been omitted therefrom.

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SECTION 6.7. *Primacy of Indemnification*. Notwithstanding that a person may have certain rights to indemnification, advancement of expenses and/or insurance provided by other persons (collectively, the "**Other Indemnitors**"), with respect to the rights to indemnification, advancement of expenses and/or insurance set forth herein, the Corporation: (i) shall be the indemnitor of first resort (i.e., its obligations to such person are primary and any obligation of the Other Indemnitors to advance expenses or to provide indemnification for the same expenses or liabilities incurred by such person are secondary); and (ii) shall be required to advance the full amount of expenses incurred by such person and shall be liable for the full amount of all liabilities, without regard to any rights such person may have against any of the Other Indemnitors. No advancement or payment by the Other Indemnitors on behalf of a person with respect to any claim for which such person has sought indemnification from the Corporation shall affect the immediately preceding sentence, and the Other Indemnitors shall have a right of contribution and/or be subrogated to the extent of such advancement or payment to all of the rights of recovery of such person against the Corporation.

ARTICLE 7

GENERAL PROVISIONS

Section 7.01 *. Fixing the Record Date.* (a) In order that the Corporation may determine the stockholders entitled to notice of or to vote at any meeting of stockholders or any adjournment thereof, the Board of Directors may fix a record date, which record date shall not precede the date upon which the resolution fixing the record date is adopted by the Board of Directors, and which record date shall not be more than 60 nor less than 10 days before the date of such meeting. If no record date is fixed by the Board of Directors, the record date for determining stockholders entitled to notice of or to vote at a meeting of stockholders shall be at the close of business on the day next preceding the day on which notice is given, or, if notice is waived, at the close of business on the day next preceding the day on which the meeting is held. A determination of stockholders of record entitled to notice of or to vote at a meeting of stockholders shall apply to any adjournment of the meeting; *provided* that the Board of Directors may fix a new record date for the adjourned meeting.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) In order that the Corporation may determine the stockholders entitled to consent to corporate action in writing without a meeting, the Board of Directors may fix a record date, which record date shall not precede the date upon which the resolution fixing the record date is adopted by the Board of Directors, and which date shall not be more than 10 days after the date upon which the resolution fixing the record date is adopted by the Board of Directors. If no record date has been fixed by the Board of Directors, the record date for determining stockholders entitled to consent to corporate action in writing without a meeting, when no prior action by the Board of Directors is required by the

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DGCL, shall be the first date on which a signed written consent setting forth the action taken or proposed to be taken is delivered to the Corporation by delivery to its registered office in Delaware, its principal place of business, or an officer or agent of the Corporation having custody of the book in which proceedings of meetings of stockholders are recorded. Delivery made to the Corporation's registered office shall be by hand or by certified or registered mail, return receipt requested. If no record date has been fixed by the Board of Directors and prior action by the Board of Directors is required by the DGCL, the record date for determining stockholders entitled to consent to corporate action in writing without a meeting shall be at the close of business on the day on which the Board of Directors adopts the resolution taking such prior action.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) In order that the Corporation may determine the stockholders entitled to receive payment of any dividend or other distribution or allotment of any rights or the stockholders entitled to exercise any rights in respect of any change, conversion or exchange of stock, or for the purpose of any other lawful action, the Board of Directors may fix a record date, which record date shall not precede the date upon which the resolution fixing the record date is adopted, and which record date shall be not more than 60 days prior to such action. If no record date is fixed, the record date for determining stockholders for any such purpose shall be at the close of business on the day on which the Board of Directors adopts the resolution relating thereto.

Section 7.02 *. Dividends.* Subject to limitations contained in the DGCL and the certificate of incorporation, the Board of Directors may declare and pay dividends upon the shares of capital stock of the Corporation, which dividends may be paid either in cash, in property or in shares of the capital stock of the Corporation.

Section 7.03 *. Year.* The fiscal year of the Corporation shall commence on September 1 and end on August 31 of each year.

Section 7.04 *. Corporate Seal.* The corporate seal shall have inscribed thereon the name of the Corporation, the year of its organization and the words "Corporate Seal, Delaware." The seal may be used by causing it or a facsimile thereof to be impressed, affixed or otherwise reproduced.

Section 7.05 *. Voting of Stock Owned by the Corporation.* The Board of Directors may authorize any person, on behalf of the Corporation, to attend, vote at and grant proxies to be used at any meeting of stockholders of any corporation (except this Corporation) in which the Corporation may hold stock.

Section 7.06 *. Amendments.* These bylaws or any of them may be altered, amended or repealed, or new bylaws may be made, by the stockholders entitled to vote thereon at any annual or special meeting thereof or by the Board of Directors.

\* \* \* \* \*

## Exhibit 4.1

**Exhibit 4.1** 

**WALGREEN CO.** 

**FIRST SUPPLEMENTAL INDENTURE** 

FIRST SUPPLEMENTAL INDENTURE, dated as of August 4, 2025 (this "<u>Supplemental Indenture</u>"), by and between WALGREEN CO., an Illinois corporation, as issuer (the "<u>Company</u>") and COMPUTERSHARE TRUST COMPANY, N.A., as successor to Wells Fargo Bank, National Association, as trustee (the "<u>Trustee</u>"), supplements the Indenture, dated as of July 17, 2008 (as thereafter supplemented and amended, the "<u>Indenture</u>"), by and between the Company and the Trustee.

RECITALS OF THE COMPANY

WHEREAS, Section 9.2 of the Indenture provides that, except with respect to the enumerated matters set forth in such section, with the consent of the Holders of not less than a majority in principal amount of the Outstanding Securities of each series affected by such supplemental indenture, the Company and the Trustee may enter into a supplemental indenture for the purpose of adding any provisions to or changing in any manner or eliminating any of the provisions of the Indenture or of modifying in any manner the rights of the Holders of Securities of such series under the Indenture or of the Securities of such series;

WHEREAS, the Company has heretofore issued its 4.400% Note due 2042 (the "<u>Notes</u>") pursuant to the Indenture;

WHEREAS, the Holders of at least a majority in aggregate principal amount of outstanding Notes have duly consented, pursuant to Blazing Star Merger Sub, Inc.'s Offer to Purchase and Consent Solicitation Statement, dated July 22, 2025 (as amended, supplemented or otherwise modified from time to time, the "<u>Offer to Purchase and Consent Solicitation Statement</u>") to the amendments to the Indenture set forth in this Supplemental Indenture;

WHEREAS, the Company has received and delivered to the Trustee a certified report from Global Bondholder Services Corporation evidencing that the Holders of at least a majority in aggregate principal amount of outstanding Notes have duly consented to the amendments to the Indenture set forth in this Supplemental Indenture, and the Company has requested that the Trustee execute and deliver this Supplemental Indenture; and

WHEREAS, all conditions precedent provided for in the Indenture relating to the execution of this Supplemental Indenture have been complied with and the execution of the Supplemental Indenture is authorized and permitted under the Indenture.

NOW, THEREFORE, THIS SUPPLEMENTAL INDENTURE WITNESSETH, for and in consideration of the foregoing and for other good and valuable consideration, the receipt of which is hereby acknowledged, the parties hereto mutually covenant and agree for the equal and proportionate benefit of the Holders as follows:

ARTICLE 1. Terms

Section 1.01. *Definitions*. Capitalized terms used but not defined herein have the meanings ascribed to such terms in the Indenture.

ARTICLE 2. Amendments

Section 2.01. Amendments to the Indenture.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) In clause (4)(a) of Section 4.2 (*Defeasance and Covenant Defeasance*) of the Indenture, the words "a nationally recognized firm of Independent Public Accountants expressed in a written certification thereof" shall be deleted and replaced by the words "the Company expressed in an Officer's Certificate".

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Clauses (4)(b) through (4)(f) of Section 4.2 (*Defeasance and Covenant Defeasance*) of the Indenture and all references thereto in the Indenture and the Notes shall be deleted in their entirety.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Clauses (4) through (8) of the definition of "Event of Default" within Section 5.1 (*Events of Default*) of the Indenture and all references thereto in the Indenture and the Notes shall be deleted in their entirety.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Section 7.3 (*Reports by Trustee*) of the Indenture and all references thereto in the Indenture and the Notes shall be deleted in their entirety.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Section 7.4 (*Reports by Company*) of the Indenture and all references thereto in the Indenture and the Notes shall be deleted in their entirety.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) Article 8 (*Consolidation, Amalgamation, Merger and Sales*) of the Indenture and all references thereto in the Indenture and the Notes shall be deleted in their entirety.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) Section 9.7 (*Notice of Supplemental Indenture*) of the Indenture and all references thereto in the Indenture and the Notes shall be deleted in their entirety.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) Section 10.5 (*Limitation on Liens*) of the Indenture and all references thereto in the Indenture and the Notes shall be deleted in their entirety.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Section 10.6 (*Limitation on Sale and Leaseback*) of the Indenture and all references thereto in the Indenture and the Notes shall be deleted in their entirety.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) Section 10.9 (*Company Statement as to Compliance, Notice of Certain Defaults*) of the Indenture and all references thereto in the Indenture and the Notes shall be deleted in their entirety.

Section 2.02. *Effectiveness of Amendments*. The amendments to the Indenture set forth in Section 2.01 of this Supplemental Indenture shall become operative upon Blazing Star Merger Sub, Inc.'s acceptance for purchase of not less than a majority in aggregate principal amount of the outstanding Notes and payment therefor, pursuant to the Offer to Purchase and Consent Solicitation Statement. If such acceptance and payment do not occur, the amendments to the Indenture set forth in Section 2.01 herein shall be deemed to have been revoked retroactively to the date of this Supplemental Indenture and the Indenture shall not be deemed amended by this Supplemental Indenture.

ARTICLE 3. Acceptance of Supplemental Indenture

Section 3.01. *Trustee's Acceptance*. The Trustee hereby accepts this Supplemental Indenture and agrees to perform the same under the terms and conditions set forth in the Indenture.

ARTICLE 4. Miscellaneous Provisions

Section 4.01. *Governing Law; Waiver of Trial by Jury*. THIS SUPPLEMENTAL INDENTURE AND ANY CLAIM, CONTROVERSY OR DISPUTE ARISING UNDER OR RELATED TO THIS SUPPLEMENTAL INDENTURE SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK. EACH OF THE COMPANY AND THE TRUSTEE HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY AND ALL RIGHT TO TRIAL BY JURY IN ANY LEGAL PROCEEDING ARISING OUT OF OR RELATING TO THIS SUPPLEMENTAL INDENTURE OR THE TRANSACTIONS CONTEMPLATED HEREBY.

Section 4.02. *Benefits of Supplemental Indenture*. Nothing in this Supplemental Indenture, expressed or implied, shall give to any Person, other than the Holders, the parties hereto, any Paying Agent, any Authenticating Agent, any Security Registrar and their successors hereunder, any benefit or any legal or equitable right, remedy or claim under this Supplemental Indenture.

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Section 4.03. *Execution in Counterparts*. This Supplemental Indenture shall be valid, binding, and enforceable against a party only when executed and delivered by an authorized individual on behalf of the party by means of (i) any electronic signature permitted by the federal Electronic Signatures in Global and National Commerce Act, state enactments of the Uniform Electronic Transactions Act, and/or any other relevant electronic signatures law, including relevant provisions of the Uniform Commercial Code ("UCC") (collectively, "Signature Law"); (ii) an original manual signature; or (iii) a faxed, scanned, or photocopied manual signature. Each electronic signature or faxed, scanned, or photocopied manual signature shall for all purposes have the same validity, legal effect, and admissibility in evidence as an original manual signature. Each party hereto shall be entitled to conclusively rely upon, and shall have no liability with respect to, any faxed, scanned, or photocopied manual signature, or other electronic signature, of any party and shall have no duty to investigate, confirm or otherwise verify the validity or authenticity thereof. This Supplemental Indenture may be executed in any number of counterparts, each of which shall be deemed to be an original, but such counterparts shall, together, constitute one and the same instrument. For avoidance of doubt, original manual signatures shall be used for execution or indorsement of writings when required under the UCC or other Signature Law due to the character or intended character of the writings.

Section 4.04. *Ratification of Indenture*. The Indenture, as supplemented by this Supplemental Indenture, is in all respects ratified and confirmed, and this Supplemental Indenture shall be deemed part of the Indenture in the manner and to the extent herein provided.

Section 4.05. *The Trustee*. The Trustee makes no representations as to and shall not be responsible or liable in any manner whatsoever for or in respect of the validity or sufficiency of this Supplemental Indenture. The recitals in this Supplemental Indenture are made by the Company only and not by the Trustee, and all of the indemnities, rights, privileges, protections, limitations of liability, immunities and benefits afforded to the Trustee under the Indenture are deemed to be incorporated herein, and shall be enforceable by the Trustee hereunder, including, but not limited to, in connection with the execution of this Supplemental Indenture by the Trustee and any action or inaction of the Trustee taken in accordance herewith, in each of its capacities hereunder as if set forth herein in full. The Company hereby requests the Trustee to execute this Supplemental Indenture, and the Company acknowledges that, in so acting, the Trustee has acted consistently with its standard of care under the Indenture. The Company agrees that the execution by the Trustee of this Supplemental Indenture is consistent with, and permitted by, the Indenture.

Section 4.06. *Effect on Successors and Assigns*. All agreements of the Company, the Trustee, the Security Registrar and the Paying Agent in this Supplemental Indenture will bind their respective successors.

Section 4.07. *Headings, Etc*. The titles and headings of the articles and sections of this Supplemental Indenture have been inserted for convenience of reference only, are not to be considered a part hereof, and shall in no way modify or restrict any of the terms or provisions hereof.

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[*Signature Pages Follow*]

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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 written above.

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| | | |
|:---|:---|:---|
| WALGREEN CO. | WALGREEN CO. | WALGREEN CO. |
| By: | /s/ Omorlie Harris | /s/ Omorlie Harris |
|  | Name: | Omorlie Harris |
|  | Title: | Senior Vice President and Global Treasurer |
| By: | /s/ John Devlin | /s/ John Devlin |
|  | Name: | John Devlin |
|  | Title: | Vice President - Treasury |
| COMPUTERSHARE TRUST COMPANY, N.A., as Trustee | COMPUTERSHARE TRUST COMPANY, N.A., as Trustee | COMPUTERSHARE TRUST COMPANY, N.A., as Trustee |
| By: | /s/ Scott Little | /s/ Scott Little |
|  | Name: | Scott Little |
|  | Title: | Vice President |

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[Signature Page to Supplemental Indenture]

## Exhibit 4.2

**Exhibit 4.2** 

**WALGREENS BOOTS ALLIANCE, INC.** 

**FIRST SUPPLEMENTAL INDENTURE** 

FIRST SUPPLEMENTAL INDENTURE, dated as of August 4, 2025 (this "<u>Supplemental Indenture</u>"), by and between WALGREENS BOOTS ALLIANCE, INC., a Delaware corporation, as issuer (the "<u>Company</u>") and COMPUTERSHARE TRUST COMPANY, N.A., as successor to Wells Fargo Bank, National Association, as trustee (the "<u>Trustee</u>"), supplements the Indenture, dated as of November 18, 2014 (as thereafter supplemented and amended, the "<u>Indenture</u>"), by and between the Company and the Trustee.

RECITALS OF THE COMPANY

WHEREAS, Section 9.2 of the Indenture provides that, except with respect to the enumerated matters set forth in such section, with the consent of the Holders of not less than a majority in principal amount of the Outstanding Securities of each series affected by such supplemental indenture, the Company and the Trustee may enter into a supplemental indenture for the purpose of adding any provisions to or changing in any manner or eliminating any of the provisions of the Indenture or of modifying in any manner the rights of the Holders of Securities of such series under the Indenture or of the Securities of such series;

WHEREAS, the Company has heretofore issued its (i) 3.600% Notes due 2025 (the "<u>2025 Notes</u>"), (ii) 2.125% Notes due 2026 (the "<u>2026 Notes</u>"), (iii) 4.500% Notes due 2034 (the "<u>2034 Notes</u>") and (iv) 4.800% Notes due 2044 (the "<u>2044 Notes</u>" and, together with the 2025 Notes, the 2026 Notes and the 2034 Notes, the "<u>Notes</u>"), in each case, pursuant to the Indenture;

WHEREAS, the Holders of at least a majority in aggregate principal amount of outstanding 2025 Notes, the Holders of at least a majority in aggregate principal amount of outstanding 2026 Notes, the Holders of at least a majority in aggregate principal amount of outstanding 2034 Notes and the Holders of at least a majority in aggregate principal amount of outstanding 2044 Notes have duly consented, pursuant to Blazing Star Merger Sub, Inc.'s Offer to Purchase and Consent Solicitation Statement, dated July 22, 2025 (as amended, supplemented or otherwise modified from time to time, the "<u>Offer to Purchase and Consent Solicitation Statement</u>") to the amendments to the Indenture set forth in this Supplemental Indenture;

WHEREAS, the Company has received and delivered to the Trustee a certified report from Global Bondholder Services Corporation evidencing that the Holders of at least a majority in aggregate principal amount of outstanding 2025 Notes, 2026 Notes, 2034 Notes and 2044 Notes have duly consented to the amendments to the Indenture set forth in this Supplemental Indenture, and the Company has requested that the Trustee execute and deliver this Supplemental Indenture; and

WHEREAS, all conditions precedent provided for in the Indenture relating to the execution of this Supplemental Indenture have been complied with and the execution of the Supplemental Indenture is authorized and permitted under the Indenture.

NOW, THEREFORE, THIS SUPPLEMENTAL INDENTURE WITNESSETH, for and in consideration of the foregoing and for other good and valuable consideration, the receipt of which is hereby acknowledged, the parties hereto mutually covenant and agree for the equal and proportionate benefit of the Holders as follows:

ARTICLE 1. Terms

Section 1.01. *Definitions*. Capitalized terms used but not defined herein have the meanings ascribed to such terms in the Indenture.

ARTICLE 2. Amendments

Section 2.01. *Amendments to the Indenture*.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) In clause (4)(a) of Section 4.2 (*Defeasance and Covenant Defeasance*) of the Indenture, the words "a nationally recognized firm of Independent Public Accountants expressed in a written certification thereof" shall be deleted and replaced by the words "the Company expressed in an Officer's Certificate".

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Clauses (4)(b) through (4)(e) of Section 4.2 (*Defeasance and Covenant Defeasance*) of the Indenture and all references thereto in the Indenture and the Notes shall be deleted in their entirety.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Clauses (4) through (8) of the definition of "Event of Default" within Section 5.1 (*Events of Default*) of the Indenture and all references thereto in the Indenture and the Notes shall be deleted in their entirety.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Section 7.3 (*Reports by Trustee*) of the Indenture and all references thereto in the Indenture and the Notes shall be deleted in their entirety.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Section 7.4 (*Reports by Company*) of the Indenture and all references thereto in the Indenture and the Notes shall be deleted in their entirety.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) Article 8 (*Consolidation, Amalgamation, Merger and Sales*) of the Indenture and all references thereto in the Indenture and the Notes shall be deleted in their entirety.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) Section 9.7 (*Notice of Supplemental Indenture*) of the Indenture and all references thereto in the Indenture and the Notes shall be deleted in their entirety.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) Section 10.5 (*Limitation on Liens*) of the Indenture and all references thereto in the Indenture and the Notes shall be deleted in their entirety.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Section 10.6 (*Limitation on Sale and Leaseback*) of the Indenture and all references thereto in the Indenture and the Notes shall be deleted in their entirety.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) Section 10.9 (*Company Statement as to Compliance, Notice of Certain Defaults*) of the Indenture and all references thereto in the Indenture and the Notes shall be deleted in their entirety.

Section 2.02. *Effectiveness of Amendments*. The amendments to the Indenture set forth in Section 2.01 of this Supplemental Indenture with respect to a series of Notes shall become operative upon Blazing Star Merger Sub, Inc.'s acceptance for purchase of not less than a majority in aggregate principal amount of the outstanding Notes of such series and payment therefor, pursuant to the Offer to Purchase and Consent Solicitation Statement. If such acceptance and payment do not occur with respect to such series of Notes, the amendments to the Indenture set forth in Section 2.01 herein with respect to such series of Notes shall be deemed to have been revoked retroactively to the date of this Supplemental Indenture and the Indenture shall not be deemed amended by this Supplemental Indenture with respect to such series of Notes.

ARTICLE 3. Acceptance of Supplemental Indenture

Section 3.01. *Trustee's Acceptance*. The Trustee hereby accepts this Supplemental Indenture and agrees to perform the same under the terms and conditions set forth in the Indenture.

ARTICLE 4. Miscellaneous Provisions

Section 4.01. *Governing Law; Waiver of Trial by Jury*. THIS SUPPLEMENTAL INDENTURE AND ANY CLAIM, CONTROVERSY OR DISPUTE ARISING UNDER OR RELATED TO THIS SUPPLEMENTAL INDENTURE SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK. EACH OF THE COMPANY AND THE TRUSTEE HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY AND ALL RIGHT TO TRIAL BY JURY IN ANY LEGAL PROCEEDING ARISING OUT OF OR RELATING TO THIS SUPPLEMENTAL INDENTURE OR THE TRANSACTIONS CONTEMPLATED HEREBY.

Section 4.02. *Benefits of Supplemental Indenture*. Nothing in this Supplemental Indenture, expressed or implied, shall give to any Person, other than the Holders, the parties hereto, any Paying Agent, any Authenticating Agent, any Security Registrar and their successors hereunder, any benefit or any legal or equitable right, remedy or claim under this Supplemental Indenture.

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Section 4.03. *Execution in Counterparts*. This Supplemental Indenture shall be valid, binding, and enforceable against a party only when executed and delivered by an authorized individual on behalf of the party by means of (i) any electronic signature permitted by the federal Electronic Signatures in Global and National Commerce Act, state enactments of the Uniform Electronic Transactions Act, and/or any other relevant electronic signatures law, including relevant provisions of the Uniform Commercial Code ("UCC") (collectively, "Signature Law"); (ii) an original manual signature; or (iii) a faxed, scanned, or photocopied manual signature. Each electronic signature or faxed, scanned, or photocopied manual signature shall for all purposes have the same validity, legal effect, and admissibility in evidence as an original manual signature. Each party hereto shall be entitled to conclusively rely upon, and shall have no liability with respect to, any faxed, scanned, or photocopied manual signature, or other electronic signature, of any party and shall have no duty to investigate, confirm or otherwise verify the validity or authenticity thereof. This Supplemental Indenture may be executed in any number of counterparts, each of which shall be deemed to be an original, but such counterparts shall, together, constitute one and the same instrument. For avoidance of doubt, original manual signatures shall be used for execution or indorsement of writings when required under the UCC or other Signature Law due to the character or intended character of the writings.

Section 4.04. *Ratification of Indenture*. The Indenture, as supplemented by this Supplemental Indenture, is in all respects ratified and confirmed, and this Supplemental Indenture shall be deemed part of the Indenture in the manner and to the extent herein provided.

Section 4.05. *The Trustee*. The Trustee makes no representations as to and shall not be responsible or liable in any manner whatsoever for or in respect of the validity or sufficiency of this Supplemental Indenture. The recitals in this Supplemental Indenture are made by the Company only and not by the Trustee, and all of the indemnities, rights, privileges, protections, limitations of liability, immunities and benefits afforded to the Trustee under the Indenture are deemed to be incorporated herein, and shall be enforceable by the Trustee hereunder, including, but not limited to, in connection with the execution of this Supplemental Indenture by the Trustee and any action or inaction of the Trustee taken in accordance herewith, in each of its capacities hereunder as if set forth herein in full. The Company hereby requests the Trustee to execute this Supplemental Indenture, and the Company acknowledges that, in so acting, the Trustee has acted consistently with its standard of care under the Indenture. The Company agrees that the execution by the Trustee of this Supplemental Indenture is consistent with, and permitted by, the Indenture.

Section 4.06. *Effect on Successors and Assigns*. All agreements of the Company, the Trustee, the Security Registrar and the Paying Agent in this Supplemental Indenture will bind their respective successors.

Section 4.07. *Headings, Etc*. The titles and headings of the articles and sections of this Supplemental Indenture have been inserted for convenience of reference only, are not to be considered a part hereof, and shall in no way modify or restrict any of the terms or provisions hereof.

[*Signature Pages Follow*]

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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 written above.

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| | | |
|:---|:---|:---|
| WALGREENS BOOTS ALLIANCE, INC. | WALGREENS BOOTS ALLIANCE, INC. | WALGREENS BOOTS ALLIANCE, INC. |
| By: | /s/ Manmohan Mahjan | /s/ Manmohan Mahjan |
|  | Name: | Manmohan Mahajan |
|  | Title: | Global Chief Financial Officer |
| By: | /s/ Omorlie Harris | /s/ Omorlie Harris |
|  | Name: | Omorlie Harris |
|  | Title: | Senior Vice President and Global Treasurer |
| COMPUTERSHARE TRUST COMPANY, N.A., as Trustee | COMPUTERSHARE TRUST COMPANY, N.A., as Trustee | COMPUTERSHARE TRUST COMPANY, N.A., as Trustee |
| By: | /s/ Scott Little | /s/ Scott Little |
|  | Name: | Scott Little |
|  | Title: | Vice President |

---

[Signature Page to Supplemental Indenture]

## Exhibit 4.3

**Exhibit 4.3** 

**WALGREENS BOOTS ALLIANCE, INC.** 

**SECOND SUPPLEMENTAL INDENTURE** 

SECOND SUPPLEMENTAL INDENTURE, dated as of August 4, 2025 (this "<u>Supplemental Indenture</u>"), by and between WALGREENS BOOTS ALLIANCE, INC., a Delaware corporation, as issuer (the "<u>Company</u>") and COMPUTERSHARE TRUST COMPANY, N.A., as successor to Wells Fargo Bank, National Association, as trustee (the "<u>Trustee</u>"), supplements the Indenture, dated as of December 17, 2015 (as thereafter supplemented and amended, the "<u>Indenture</u>"), by and between the Company and the Trustee.

RECITALS OF THE COMPANY

WHEREAS, Section 9.2 of the Indenture provides that, except with respect to the enumerated matters set forth in such section, with the consent of the Holders of not less than a majority in principal amount of the Outstanding Securities of each series affected by such supplemental indenture, the Company and the Trustee may enter into a supplemental indenture for the purpose of adding any provisions to or changing in any manner or eliminating any of the provisions of the Indenture or of modifying in any manner the rights of the Holders of Securities of such series under the Indenture or of the Securities of such series;

WHEREAS, the Company has heretofore issued its (i) 3.450% Notes due 2026 (the "<u>2026 Notes</u>"), (ii) 8.125% Notes due 2029 (the "<u>2029 Notes</u>"), (iii) 3.200% Notes due 2030 (the "<u>2030 Notes</u>"), (iv) 4.650% Notes due 2046 (the "<u>2046 Notes</u>") and (v) 4.100% Notes due 2050 (the "<u>2050 Notes</u>" and, together with the 2026 Notes, the 2029 Notes, the 2030 Notes and the 2046 Notes, the "<u>Notes</u>"), in each case, pursuant to the Indenture;

WHEREAS, the Holders of at least a majority in aggregate principal amount of outstanding 2026 Notes, the Holders of at least a majority in aggregate principal amount of outstanding 2029 Notes, the Holders of at least a majority in aggregate principal amount of outstanding 2030 Notes, the Holders of at least a majority in aggregate principal amount of outstanding 2046 Notes have duly consented and the Holders of at least a majority in aggregate principal amount of outstanding 2050 Notes have duly consented, pursuant to Blazing Star Merger Sub, Inc.'s Offer to Purchase and Consent Solicitation Statement, dated July 22, 2025 (as amended, supplemented or otherwise modified from time to time, the "<u>Offer to Purchase and Consent Solicitation Statement</u>") to the amendments to the Indenture set forth in this Supplemental Indenture;

WHEREAS, the Company has received and delivered to the Trustee a certified report from Global Bondholder Services Corporation evidencing that the Holders of at least a majority in aggregate principal amount of outstanding 2026 Notes, 2029 Notes, 2030 Notes, 2046 Notes, and 2050 Notes have duly consented to the amendments to the Indenture set forth in this Supplemental Indenture, and the Company has requested that the Trustee execute and deliver this Supplemental Indenture; and

WHEREAS, all conditions precedent provided for in the Indenture relating to the execution of this Supplemental Indenture have been complied with and the execution of the Supplemental Indenture is authorized and permitted under the Indenture.

NOW, THEREFORE, THIS SUPPLEMENTAL INDENTURE WITNESSETH, for and in consideration of the foregoing and for other good and valuable consideration, the receipt of which is hereby acknowledged, the parties hereto mutually covenant and agree for the equal and proportionate benefit of the Holders as follows:

ARTICLE 1. Terms

Section 1.01. *Definitions*. Capitalized terms used but not defined herein have the meanings ascribed to such terms in the Indenture.

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ARTICLE 2. Amendments

Section 2.01. *Amendments to the Indenture*.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) In clause (4)(a) of Section 4.2 (*Defeasance and Covenant Defeasance*) of the Indenture, the words "a nationally recognized firm of Independent Public Accountants expressed in a written certification thereof" shall be deleted and replaced by the words "the Company expressed in an Officer's Certificate".

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Clauses (4)(b) through (4)(e) of Section 4.2 (*Defeasance and Covenant Defeasance*) of the Indenture and all references thereto in the Indenture and the Notes shall be deleted in their entirety.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Clauses (4) through (8) of the definition of "Event of Default" within Section 5.1 (*Events of Default*) of the Indenture and all references thereto in the Indenture and the Notes shall be deleted in their entirety.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Section 7.3 (*Reports by Trustee*) of the Indenture and all references thereto in the Indenture and the Notes shall be deleted in their entirety.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Section 7.4 (*Reports by Company*) of the Indenture and all references thereto in the Indenture and the Notes shall be deleted in their entirety.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) Article 8 (*Consolidation, Amalgamation, Merger and Sales*) of the Indenture and all references thereto in the Indenture and the Notes shall be deleted in their entirety.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) Section 9.7 (*Notice of Supplemental Indenture*) of the Indenture and all references thereto in the Indenture and the Notes shall be deleted in their entirety.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) Section 10.5 (*Limitation on Liens*) of the Indenture and all references thereto in the Indenture and the Notes shall be deleted in their entirety.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Section 10.6 (*Limitation on Sale and Leaseback*) of the Indenture and all references thereto in the Indenture and the Notes shall be deleted in their entirety.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) Section 10.9 (*Company Statement as to Compliance, Notice of Certain Defaults*) of the Indenture and all references thereto in the Indenture and the Notes shall be deleted in their entirety.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) The provisions of the Notes relating to "Change of Control Offer" (including the paragraph beginning with "If a Change of Control Triggering Event…" and the next three succeeding paragraphs) and all related references and definitions (including "Change of Control," "Change of Control Triggering Event") shall be deleted in their entirety.

Section 2.02. *Effectiveness of Amendments*. The amendments to the Indenture and the Notes set forth in Section 2.01 of this Supplemental Indenture with respect to a series of Notes shall become operative upon Blazing Star Merger Sub, Inc.'s acceptance for purchase of not less than a majority in aggregate principal amount of the outstanding Notes of such series and payment therefor, pursuant to the Offer to Purchase and Consent Solicitation Statement. If such acceptance and payment do not occur with respect to such series of Notes, the amendments to the Indenture and the Notes set forth in Section 2.01 herein with respect to such series of Notes shall be deemed to have been revoked retroactively to the date of this Supplemental Indenture and the Indenture and such series of Notes shall not be deemed amended by this Supplemental Indenture with respect to such series of Notes.

ARTICLE 3. Acceptance of Supplemental Indenture

Section 3.01. *Trustee's Acceptance*. The Trustee hereby accepts this Supplemental Indenture and agrees to perform the same under the terms and conditions set forth in the Indenture.

ARTICLE 4. Miscellaneous Provisions

Section 4.01. *Governing Law; Waiver of Trial by Jury*. THIS SUPPLEMENTAL INDENTURE AND ANY CLAIM, CONTROVERSY OR DISPUTE ARISING UNDER OR RELATED TO THIS SUPPLEMENTAL INDENTURE SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK. EACH OF THE COMPANY AND THE TRUSTEE HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY AND ALL RIGHT TO TRIAL BY JURY IN ANY LEGAL PROCEEDING ARISING OUT OF OR RELATING TO THIS SUPPLEMENTAL INDENTURE OR THE TRANSACTIONS CONTEMPLATED HEREBY.

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Section 4.02. *Benefits of Supplemental Indenture*. Nothing in this Supplemental Indenture, expressed or implied, shall give to any Person, other than the Holders, the parties hereto, any Paying Agent, any Authenticating Agent, any Security Registrar and their successors hereunder, any benefit or any legal or equitable right, remedy or claim under this Supplemental Indenture.

Section 4.03. *Execution in Counterparts*. This Supplemental Indenture shall be valid, binding, and enforceable against a party only when executed and delivered by an authorized individual on behalf of the party by means of (i) any electronic signature permitted by the federal Electronic Signatures in Global and National Commerce Act, state enactments of the Uniform Electronic Transactions Act, and/or any other relevant electronic signatures law, including relevant provisions of the Uniform Commercial Code ("UCC") (collectively, "Signature Law"); (ii) an original manual signature; or (iii) a faxed, scanned, or photocopied manual signature. Each electronic signature or faxed, scanned, or photocopied manual signature shall for all purposes have the same validity, legal effect, and admissibility in evidence as an original manual signature. Each party hereto shall be entitled to conclusively rely upon, and shall have no liability with respect to, any faxed, scanned, or photocopied manual signature, or other electronic signature, of any party and shall have no duty to investigate, confirm or otherwise verify the validity or authenticity thereof. This Supplemental Indenture may be executed in any number of counterparts, each of which shall be deemed to be an original, but such counterparts shall, together, constitute one and the same instrument. For avoidance of doubt, original manual signatures shall be used for execution or indorsement of writings when required under the UCC or other Signature Law due to the character or intended character of the writings.

Section 4.04. *Ratification of Indenture*. The Indenture, as supplemented by this Supplemental Indenture, is in all respects ratified and confirmed, and this Supplemental Indenture shall be deemed part of the Indenture in the manner and to the extent herein provided.

Section 4.05. *The Trustee*. The Trustee makes no representations as to and shall not be responsible or liable in any manner whatsoever for or in respect of the validity or sufficiency of this Supplemental Indenture. The recitals in this Supplemental Indenture are made by the Company only and not by the Trustee, and all of the indemnities, rights, privileges, protections, limitations of liability, immunities and benefits afforded to the Trustee under the Indenture are deemed to be incorporated herein, and shall be enforceable by the Trustee hereunder, including, but not limited to, in connection with the execution of this Supplemental Indenture by the Trustee and any action or inaction of the Trustee taken in accordance herewith, in each of its capacities hereunder as if set forth herein in full. The Company hereby requests the Trustee to execute this Supplemental Indenture, and the Company acknowledges that, in so acting, the Trustee has acted consistently with its standard of care under the Indenture. The Company agrees that the execution by the Trustee of this Supplemental Indenture is consistent with, and permitted by, the Indenture.

Section 4.06. *Effect on Successors and Assigns*. All agreements of the Company, the Trustee, the Security Registrar and the Paying Agent in this Supplemental Indenture will bind their respective successors.

Section 4.07. *Headings, Etc*. The titles and headings of the articles and sections of this Supplemental Indenture have been inserted for convenience of reference only, are not to be considered a part hereof, and shall in no way modify or restrict any of the terms or provisions hereof.

[*Signature Pages Follow*]

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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 written above.

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| | | |
|:---|:---|:---|
| WALGREENS BOOTS ALLIANCE, INC. | WALGREENS BOOTS ALLIANCE, INC. | WALGREENS BOOTS ALLIANCE, INC. |
| By: | /s/ Manmohan Mahajan | /s/ Manmohan Mahajan |
|  | Name: | Manmohan Mahajan |
|  | Title: | Global Chief Financial Officer |
| By: | /s/ Omorlie Harris | /s/ Omorlie Harris |
|  | Name: | Omorlie Harris |
|  | Title: | Senior Vice President and Global Treasurer |
| COMPUTERSHARE TRUST COMPANY, N.A., as Trustee | COMPUTERSHARE TRUST COMPANY, N.A., as Trustee | COMPUTERSHARE TRUST COMPANY, N.A., as Trustee |
| By: | /s/ Scott Little | /s/ Scott Little |
|  | Name: | Scott Little |
|  | Title: | Vice President |

---

[Signature Page to Supplemental Indenture]

## Exhibit 99.1

**Exhibit 99.1** 

**Sycamore Partners Completes Acquisition of Walgreens Boots Alliance** 

New York – Aug. 28, 2025—Sycamore Partners ("Sycamore") announced today that it has completed its acquisition of Walgreens Boots Alliance, Inc. (the "Company" or "WBA").

Sycamore is acquiring the business in partnership with Stefano Pessina and his family, who have reinvested 100% of their interests in WBA, demonstrating their ongoing support and confidence in the Company's future.

Stefan Kaluzny, Managing Director of Sycamore, said, "Walgreens Boots Alliance, Inc., its companies, and its dedicated team members play an essential role in the communities they serve around the world. We look forward to partnering with the management teams at each company, including Walgreens, The Boots Group, Shields Health Solutions, CareCentrix and VillageMD. As standalone companies under private ownership, they will build on their proud legacies to enhance the customer experience and deepen the trusted relationships they have earned with millions of customers around the world."

Stefano Pessina said, "This milestone begins a new chapter for Walgreens, The Boots Group and the other portfolio businesses. Our family has proudly supported these companies for decades, and we are pleased to continue that commitment alongside Sycamore. Together, we are united in our belief in the future of these organizations and the essential role they play in millions of lives each day."

Following the closing of the transaction, Walgreens, The Boots Group, Shields Health Solutions, CareCentrix and VillageMD will operate as separate standalone companies.

With the completion of the acquisition, WBA's common stock has ceased trading and will no longer be listed on the Nasdaq. In addition to their cash consideration of $11.45 per WBA share, WBA shareholders will receive one non-transferable right to receive up to an additional $3.00 in cash per WBA share from the net proceeds of the future monetization of WBA's debt and equity interests in VillageMD, which includes the Village Medical, Summit Health and CityMD businesses.

**Advisors** 

UBS Investment Bank is acting as lead financial advisor, Goldman Sachs and J.P. Morgan are acting as co-lead financial advisors, Citi and Wells Fargo are acting as financial advisors, Davis Polk & Wardwell LLP is acting as legal counsel and Bass Berry & Sims PLC is acting as healthcare regulatory counsel to Sycamore.

Centerview Partners is acting as financial advisor, Kirkland & Ellis LLP is acting as legal advisor and Ropes & Gray LLP is acting as healthcare regulatory counsel to WBA. Morgan Stanley & Co. LLC was also a financial advisor, and provided a fairness opinion to the WBA Board of Directors.

Debevoise & Plimpton LLP is acting as legal advisor to Stefano Pessina.

**WBA Contact** 

Jonathon Hosea

224-507-9379

<u>media@walgreens.com</u> 

------

**Sycamore Contacts** 

Michael Freitag, Zach Genirs, Abigail South

Joele Frank, Wilkinson Brimmer Katcher

212-355-4449

<u>media@sycamorepartners.com</u>

## Exhibit 99.2

**Exhibit 99.2** 

**Walgreen Co. To Operate as Private Standalone Company Following** 

**Acquisition By Sycamore Partners** 

*Appoints Mike Motz as Chief Executive Officer* 

Deerfield, Ill.—Aug. 28, 2025—Walgreen Co. ("Walgreens", or the "Company"), America's leading independent retail pharmacy, announced today that it is now operating as a private standalone company following its acquisition by Sycamore Partners ("Sycamore"), a leading private equity firm based in New York.

Mike Motz has been appointed as Chief Executive Officer of Walgreens effective immediately. Motz was formerly CEO of Staples US Retail, a Sycamore portfolio company. Prior to that, he served as President of Shoppers Drug Mart, the No. 1 pharmacy chain in Canada. A seasoned leader with deep experience, Motz brings a renewed focus on retail, a customer-first mindset and significant operational discipline to guide Walgreens into its next chapter as a private company. Motz replaces Tim Wentworth, who will continue to serve as an ongoing Director. John Lederer, a former director of Walgreens Boots Alliance, Inc. ("WBA") and a Senior Advisor to Sycamore, has been appointed Executive Chairman of Walgreens.

This announcement coincides with Sycamore's acquisition of WBA, which closed today.

"Today represents an exciting new chapter and a turning point for Walgreens," said Motz. "As a private organization, alongside our dedicated team members, we are renewing our focus on our core pharmacy and retail platform, our stores and our customer experience—building on the progress that's been made."

Stefan Kaluzny, Managing Director of Sycamore, said, "We are pleased to have closed this momentous transaction with an outstanding brand that has been a cornerstone of American communities for nearly 125 years. Walgreens benefits millions of Americans, and I am confident that, enhanced by the flexibility of operating as a private standalone organization, it can move with certainty, speed and focus to deliver meaningful value to its customers."

Sycamore is acquiring the business in partnership with Stefano Pessina and his family, who have reinvested 100% of their interests in Walgreens, demonstrating their ongoing support and confidence in the Company's future.

Stefano Pessina said, "Walgreens is an incredible brand, with loyal customers around the country. I believe strongly in the business and its significant impact on the communities it serves. My family and I are pleased to support its continued evolution as we embark on this next chapter. I want to thank the leadership team for stabilizing the business and providing a strong foundation upon which we will build to reach new heights. Walgreens has a very bright future in partnership with Sycamore."

**About Walgreens** 

Founded in 1901, Walgreens (www.walgreens.com) proudly serves nearly 9 million customers and patients each day across its approximately 8,500 stores throughout the U.S. and Puerto Rico. Walgreens has approximately 220,000 team members, including nearly 90,000 healthcare service providers, and is committed to being the first choice for pharmacy, retail and health services, building trusted relationships that create healthier futures for customers, patients, team members and communities.

------

**About Sycamore Partners** 

Sycamore Partners is a private equity firm based in New York. The firm specializes in consumer, distribution and retail-related investments and partners with management teams to improve the operating profitability and strategic value of their business. With approximately $11 billion in aggregate committed capital raised since its inception in 2011, Sycamore Partners' investors include leading endowments, financial institutions, family offices, pension plans and sovereign wealth funds. For more information on Sycamore Partners, visit <u>www.sycamorepartners.com</u>.

**Walgreens Contact** 

Jonathon Hosea

224-507-9379

<u>media@walgreens.com</u> 

**Sycamore Contacts** 

Michael Freitag, Zach Genirs, Abigail South

Joele Frank, Wilkinson Brimmer Katcher

212-355-4449

<u>media@sycamorepartners.com</u>