# EDGAR Filing Document

**Accession Number:** 0001613103
**File Stem:** 0001193125-25-221819
**Filing Date:** 2025-9
**Character Count:** 185691
**Document Hash:** 43837094a84a85b1945e9bf423f7c300
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-25-221819.hdr.sgml**: 20250929

**ACCESSION NUMBER**: 0001193125-25-221819

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 23

**CONFORMED PERIOD OF REPORT**: 20250929

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

**ITEM INFORMATION**: Other Events

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20250929

**DATE AS OF CHANGE**: 20250929

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Medtronic plc
- **CENTRAL INDEX KEY:** 0001613103
- **STANDARD INDUSTRIAL CLASSIFICATION:** ELECTROMEDICAL & ELECTROTHERAPEUTIC APPARATUS [3845]
- **ORGANIZATION NAME:** 08 Industrial Applications and Services
- **EIN:** 000000000
- **FISCAL YEAR END:** 0424

**FILING VALUES:**
- **FORM TYPE:** 8-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-36820
- **FILM NUMBER:** 251352390

**BUSINESS ADDRESS:**
- **ADDRESS IS A NON US LOCATION:** YES
- **STREET 1:** BUILDING TWO PARKMORE BUSINESS PARK WEST
- **CITY:** GALWAY
- **PROVINCE COUNTRY:** L2
- **ZIP:** H91 4K49
- **BUSINESS PHONE:** 01135314381700

**MAIL ADDRESS:**
- **ADDRESS IS A NON US LOCATION:** YES
- **STREET 1:** BUILDING TWO PARKMORE BUSINESS PARK WEST
- **CITY:** GALWAY
- **PROVINCE COUNTRY:** L2
- **ZIP:** H91 4K49

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Medtronic Ltd
- **DATE OF NAME CHANGE:** 20150112

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Medtronic Holdings Ltd
- **DATE OF NAME CHANGE:** 20140711

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Kalani I Ltd
- **DATE OF NAME CHANGE:** 20140709

?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): September 29, 2025

## Medtronic plc

#### (Exact Name of Registrant as Specified in its Charter)

---

| | | |
|:---|:---|:---|
| **Ireland** | **1-36820** | **98-1183488** |
| **(State or other jurisdiction**<br>**of incorporation)** | **(Commission**<br>**File Number)** | **(IRS Employer**<br>**Identification No.)** |

---

#### Building Two

#### Parkmore Business Park West

#### Galway, Ireland

#### (Address of principal executive offices)

#### +353 1 438-1700

#### (Registrant's telephone number, including area code)

#### 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** | **Name of each exchange**<br>**on which registered** |
| Ordinary shares, par value $0.0001 per share | MDT | New York Stock Exchange |
| 0.000% Senior Notes due 2025 | MDT/25A | New York Stock Exchange |
| 2.625% Senior Notes due 2025 | MDT/25B | New York Stock Exchange |
| 1.125% Senior Notes due 2027 | MDT/27 | New York Stock Exchange |
| 0.375% Senior Notes due 2028 | MDT/28 | New York Stock Exchange |
| 3.000% Senior Notes due 2028 | MDT/28A | New York Stock Exchange |
| 3.650% Senior Notes due 2029 | MDT/29 | New York Stock Exchange |
| 1.625% Senior Notes due 2031 | MDT/31 | New York Stock Exchange |
| 1.000% Senior Notes due 2031 | MDT/31A | New York Stock Exchange |
| 3.125% Senior Notes due 2031 | MDT/31B | New York Stock Exchange |
| 0.750% Senior Notes due 2032 | MDT/32 | New York Stock Exchange |
| 3.375% Senior Notes due 2034 | MDT/34 | New York Stock Exchange |
| 3.875% Senior Notes due 2036 | MDT/36 | New York Stock Exchange |
| 2.250% Senior Notes due 2039 | MDT/39A | New York Stock Exchange |
| 1.500% Senior Notes due 2039 | MDT/39B | New York Stock Exchange |
| 1.375% Senior Notes due 2040 | MDT/40A | New York Stock Exchange |
| 4.150% Senior Notes due 2043 | MDT/43A | New York Stock Exchange |
| 1.750% Senior Notes due 2049 | MDT/49 | New York Stock Exchange |
| 1.625% Senior Notes due 2050 | MDT/50 | New York Stock Exchange |
| 4.150% Senior Notes due 2053 | MDT/53 | New York Stock Exchange |

---

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

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. ☐

------

---

| | |
|:---|:---|
| **Item 1.01.** | **Entry into a Material Definitive Agreement.** |

---

*Notes Offering* 

On September 29, 2025, Medtronic, Inc., an indirect wholly owned subsidiary of Medtronic public limited company ("Medtronic plc"), issued €750,000,000 aggregate principal amount of its 2.950% Senior Notes due 2030 (the "2030 Notes") and €750,000,000 aggregate principal amount of its 4.200% Senior Notes due 2045 (the "2045 Notes" and together with the 2030 Notes, the "Notes"), in an underwritten offering (the "Offering") pursuant to a registration statement on Form S-3 (the "Registration Statement") (File No. 333-270272) filed with the Securities and Exchange Commission (the "Commission") on March 3, 2023, and a preliminary prospectus supplement and prospectus supplement filed with the Commission related to the offering of the Notes. The Notes are fully and unconditionally guaranteed by Medtronic Global Holdings S.C.A. ("Medtronic Luxco") and Medtronic plc (the "Guarantees," and together with the Notes, the "Securities").

Medtronic, Inc. expects to receive net proceeds from the Offering of approximately €1.49 billion, after deducting the underwriting discount and estimated offering expenses payable by Medtronic, Inc. Medtronic, Inc. expects to use the net proceeds of the Offering to repay Medtronic Luxco's 0.000% Senior Notes due 2025 and Medtronic Luxco's 2.625% Senior Notes due 2025.

The Notes have been approved for listing on the New York Stock Exchange.

------

*Indenture and Agency Agreement* 

The Notes were issued under an indenture dated as of December 10, 2014 (the "Base Indenture"), between Medtronic, Inc. and Computershare Trust Company, N.A., as successor to Wells Fargo Bank, National Association, as trustee (the "Trustee"), as supplemented by the Second Supplemental Indenture, dated as of January 26, 2015, between Medtronic plc and the Trustee, the Third Supplemental Indenture, dated as of January 26, 2015, between Medtronic Luxco and the Trustee, the Fourth Supplemental Indenture, dated as of February 22, 2023, between Medtronic, Inc. and the Trustee, the Fifth Supplemental Indenture, dated as of June 3, 2024, among Medtronic, Inc., Medtronic plc, Medtronic Luxco, the Trustee and U.S. Bank Europe DAC, UK Branch (formerly known as Elavon Financial Services DAC, UK Branch), as paying agent (the "Paying Agent") and the Sixth Supplemental Indenture, dated as of September 29, 2025, among Medtronic, Inc., Medtronic plc, Medtronic Luxco, the Trustee and the Paying Agent and shall be subject to the Agency Agreement dated as of September 29, 2025 (the "Agency Agreement") among Medtronic, Inc., U.S. Bank Trust Company, National Association, as transfer agent and registrar, and the Paying Agent.

The 2030 Notes will mature on October 15, 2030 and the 2045 Notes will mature on October 15, 2045. The 2030 Notes will bear interest at a rate of 2.950% per annum. The 2045 Notes will bear interest at a rate of 4.200% per annum.

At any time prior to the applicable Par Call Date (as defined below) Medtronic, Inc. will have the right, at its option, to redeem any series of the Notes, in whole or in part, at any time and from time to time, at a redemption price equal to the greater of 100% of the principal amount of the Notes to be redeemed and a specified make-whole redemption price, in either case plus accrued and unpaid interest to, but not including, the date of redemption. "Par Call Date" means September 15, 2030 (one month prior to the maturity date of the 2030 Notes), in the case of the 2030 Notes and April 15, 2045 (six months prior to the maturity date of the 2045 Notes), in the case of the 2045 Notes.

In addition, on and after the applicable Par Call Date, Medtronic, Inc. will have the option to redeem any series of the Notes, in whole at any time or in part from time to time, at a redemption price equal to 100% of the principal amount of the Notes to be redeemed, plus accrued and unpaid interest, if any, to, but excluding, the date of redemption.

The Notes will be general unsecured senior obligations of Medtronic, Inc. and will rank equally in right of payment with all of Medtronic, Inc.'s other existing and future unsecured senior indebtedness and will rank senior to any subordinated indebtedness that Medtronic, Inc. may incur. The Guarantees will rank equally in right of payment with all of Medtronic plc's and Medtronic Luxco's other existing and future unsecured senior indebtedness and will rank senior to any subordinated indebtedness from time to time outstanding that Medtronic plc or Medtronic Luxco may incur, and be structurally subordinated to all existing and any future obligations of each of Medtronic plc's subsidiaries (other than Medtronic Luxco and Medtronic, Inc.).

Upon the occurrence of an event of default with respect to the Notes, which includes payment defaults, defaults in the performance of certain covenants, and bankruptcy and insolvency related defaults, Medtronic, Inc.'s obligations under the Notes may be accelerated, in which case the entire principal amount of the Notes would be immediately due and payable.

Medtronic plc and its affiliates maintain ordinary banking relationships and credit facilities with the Trustee. In addition, the Trustee is the trustee for certain of Medtronic plc's affiliates' other debt securities, and from time to time provides services relating to Medtronic plc's investment management, stock repurchase and foreign currency hedging programs.

The above description of the Base Indenture and the Sixth Supplemental Indenture is qualified in its entirety by reference to the Base Indenture and the Sixth Supplemental Indenture. The executed Base Indenture was previously filed as Exhibit 4.1 to the Current Report on Form 8-K filed by Medtronic, Inc. on December 10, 2014. The executed Sixth Supplemental Indenture is filed as Exhibit 4.1 hereto. Each of the foregoing documents is incorporated herein and into the Registration Statement by reference.

------

---

| | |
|:---|:---|
| **Item 8.01.** | **Other Events.** |

---

On September 29, 2025 (the "Redemption Date"), Medtronic Luxco redeemed all €500,000,000 of its outstanding 2.625% Senior Notes due 2025 (CUSIP Number: 58507L AX7) (the "Redemption Notes"). The Redemption Notes were redeemed at a redemption price equal to 100% of the principal amount, plus accrued and unpaid interest to, but not including, the Redemption Date. Medtronic Luxco's obligation to redeem the Redemption Notes was conditioned upon the completion of the issuance and sale of the Notes on or before the Redemption Date.

The information contained in this Current Report on Form 8-K does not constitute a notice of redemption of the Redemption Notes.

In connection with the Offering, Medtronic plc is filing as Exhibits 5.1, 5.2, 5.3 and 5.4 hereto opinions of counsel addressing the validity of the Notes and the Guarantees and certain related matters. Such opinions are incorporated by reference into the Registration Statement.

---

| | |
|:---|:---|
| **Item 9.01.** | **Exhibits.** |

---

---

| | |
|:---|:---|
| **Exhibit**<br>**Number** | **Description** |
| 4.1 | [Sixth Supplemental Indenture, dated as of September 29, 2025, among Medtronic, Inc., Medtronic plc and Medtronic Global Holdings S.C.A., Computershare Trust Company, N.A., as successor to Wells Fargo Bank, N.A., as trustee, and U.S. Bank Europe DAC, UK Branch, as paying agent (including the forms of the 2030 Notes and the 2045 Notes).](d73148dex41.htm) |
| 5.1 | [Opinion of Wilmer Cutler Pickering Hale and Dorr LLP, U.S. counsel to Medtronic plc, Medtronic Global Holdings S.C.A. and Medtronic, Inc.](d73148dex51.htm) |
| 5.2 | [Opinion of A&L Goodbody, Irish counsel to Medtronic plc.](d73148dex52.htm) |
| 5.3 | [Opinion of CM Law, Luxembourg counsel to Medtronic Global Holdings S.C.A.](d73148dex53.htm) |
| 5.4 | [Opinion of Nicholas G. Benjamin, Assistant Secretary of Medtronic, Inc.](d73148dex54.htm) |
| 23.1 | [Consent of Wilmer Cutler Pickering Hale and Dorr LLP (included in Exhibit 5.1).](d73148dex51.htm) |
| 23.2 | [Consent of A&L Goodbody (included in Exhibit 5.2).](d73148dex52.htm) |
| 23.3 | [Consent of CM Law (included in Exhibit 5.3).](d73148dex53.htm) |
| 23.4 | [Consent of Nicholas G. Benjamin, Assistant Secretary of Medtronic, Inc. (included in Exhibit 5.4).](d73148dex54.htm) |
| 104 | Cover Page Interactive Data File (embedded with the Inline XBRL document). |

---

------

#### SIGNATURES
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.

---

| | | |
|:---|:---|:---|
|  | MEDTRONIC PUBLIC LIMITED COMPANY | MEDTRONIC PUBLIC LIMITED COMPANY |
|  | By | /s/ Thierry Piéton |
| Date: September 29, 2025 |  | Thierry Piéton |
|  |  | Executive Vice President and Chief Financial Officer |

---

## Exhibit 4.1

**Exhibit 4.1** 

**MEDTRONIC, INC.** 

**as Issuer,** 

**MEDTRONIC PUBLIC LIMITED COMPANY** 

**and MEDTRONIC GLOBAL HOLDINGS S.C.A.** 

**as Guarantors,** 

**COMPUTERSHARE TRUST COMPANY, N.A. as successor to** 

**WELLS FARGO BANK, NATIONAL ASSOCIATION,** 

**as Trustee,** 

**and** 

**U.S. BANK EUROPE DAC, UK BRANCH,** 

**as Paying Agent** 

**SIXTH SUPPLEMENTAL INDENTURE** 

***Dated as of September 29, 2025***

**TO THE INDENTURE** 

***Dated as of December 10, 2014***

Relating to

**€750,000,000 2.950% Senior Notes due 2030** 

**€750,000,000 4.200% Senior Notes due 2045** 

------

SIXTH SUPPLEMENTAL INDENTURE, dated as of September 29, 2025 (the "**Sixth Supplemental Indenture**"), to the Indenture dated as of December 10, 2014 (the "**Base Indenture**"), between Medtronic, Inc., a Minnesota corporation (the "**Company**"), and Computershare Trust Company, N.A., as successor to Wells Fargo Bank, National Association, as trustee (the "**Trustee**"), as supplemented by the Second Supplemental Indenture, dated as of January 26, 2015, between Medtronic plc, a public limited company incorporated under the laws of Ireland ("**Parent**"), and the Trustee (the "**Second Supplemental Indenture**"), the Third Supplemental Indenture, dated as of January 26, 2015, between Medtronic Global Holdings S.C.A., a Luxembourg corporate partnership limited by shares (*société en commandite par actions*) ("**Medtronic Luxco**" and together with Parent, the "**Guarantors**"), and the Trustee (the "**Third Supplemental Indenture**"), the Fourth Supplemental Indenture, dated as of February 22, 2023, between the Company and the Trustee (the "**Fourth Supplemental Indenture**"), and the Fifth Supplemental Indenture, dated as of June 3, 2024, among the Company, Parent, Medtronic Luxco, the Trustee and U.S. Bank Europe DAC, UK Branch (formerly known as Elavon Financial Services DAC, UK Branch) ("**U.S. Bank UK DAC**"), as paying agent (the "**Fifth Supplemental Indenture**"), among the Company, Parent, Medtronic Luxco, the Trustee and U.S. Bank UK DAC, as paying agent.

RECITALS:

WHEREAS, the Company and the Guarantors, as applicable, executed and delivered to the Trustee the Base Indenture, the Second Supplemental Indenture, the Third Supplemental Indenture, the Fourth Supplemental Indenture and the Fifth Supplemental Indenture, providing for the issuance from time to time of the Company's debentures, notes or other evidences of indebtedness (herein and therein called the "**Securities**"), to be issued in one or more series as provided in the Base Indenture;

WHEREAS, Section 9.01 of the Base Indenture permits the Company and the Trustee to enter into an indenture supplemental to the Base Indenture to establish the form and terms of any series of Securities;

WHEREAS, Section 2.01 of the Base Indenture permits the form of Securities of any series to be established in an indenture supplemental to the Base Indenture;

WHEREAS, Section 3.01 of the Base Indenture permits certain terms of any series of Securities to be established pursuant to an indenture supplemental to the Base Indenture;

WHEREAS, pursuant to Sections 2.01 and 3.01 of the Base Indenture, the Company desires to provide for the establishment of two new series of its Securities to be known as its 2.950% Senior Notes due 2030 (the "**2030 Notes**") and 4.200% Senior Notes due 2045 (the "**2045 Notes**" and, together with the 2030 Notes, the "**Notes**"), to be fully and unconditionally guaranteed by the Guarantors (the "**Guarantees**"), the form and substance of such Notes and the terms, provisions and conditions thereof to be set forth as provided in the Base Indenture, the Second Supplemental Indenture, the Third Supplemental Indenture, the Fourth Supplemental Indenture, Fifth Supplemental Indenture and this Sixth Supplemental Indenture;

------

WHEREAS, the Company has requested that the Trustee and the Paying Agent execute and deliver this Sixth Supplemental Indenture, and all requirements necessary to make this Sixth Supplemental Indenture a valid instrument in accordance with its terms, to make the Notes, when executed by the Company and authenticated by and delivered to the Trustee, the valid and legally binding obligations of the Company, to make the Guarantees, when executed by the Guarantors, the valid and legally binding obligations of the Guarantors, and all acts and things necessary have been done and performed to make this Sixth Supplemental Indenture enforceable in accordance with its terms, and the execution and delivery of this Sixth Supplemental Indenture have been duly authorized in all respects.

NOW, THEREFORE, THIS SIXTH SUPPLEMENTAL INDENTURE WITNESSETH:

For and in consideration of the premises contained herein, each party agrees for the benefit of each other party and for the equal and ratable benefit of the Holders of the Notes, as follows:

ARTICLE 1

DEFINITIONS AND OTHER PROVISIONS OF GENERAL APPLICATION

Section 1.01 *Relation to Base Indenture*. This Sixth Supplemental Indenture constitutes a part of the Base Indenture in respect of the Notes but shall not modify, amend or otherwise affect the Base Indenture insofar as it relates to any other series of Securities or modify, amend or otherwise affect in any manner the terms and conditions of the Securities of any other series.

Section 1.02 *Definitions*. For all purposes of this Sixth Supplemental Indenture, the capitalized terms used herein (i) which are defined in this Section 1.02 have the respective meanings assigned hereto in this Section 1.02 and (ii) which are defined in the Base Indenture (and which are not defined in this Section 1.02) have the respective meanings assigned thereto in the Base Indenture.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) For all purposes of this Sixth Supplemental Indenture:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Unless the context otherwise requires, any reference to an Article or Section refers to an Article or Section, as the case may be, of this Sixth Supplemental Indenture;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) The words "herein," "hereof" and "hereunder" and words of similar import refer to this Sixth Supplemental Indenture as a whole and not to any particular Article, Section or other subdivision; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) The terms defined in this Section 1.02(a)(iii) have the meanings assigned to them in this Section and include the plural as well as the singular:

"**2030 Notes**" has the meaning provided in the recitals.

"**2045 Notes**" has the meaning provided in the recitals.

"**Additional Amounts**" has the meaning set forth in Section 3.03.

------

"**Base Indenture**" has the meaning provided in the preamble.

"**Business Day**" means any day, other than a Saturday or Sunday, (1) which is not a day on which banking institutions in The City of New York or London are authorized or required by law, regulation or executive order to close and (2) on which the Trans-European Automated Real-Time Gross Settlement Express Transfer system, or any successor or replacement thereto, is open.

"**CBOI**" has the meaning set forth in Section 4.12.

"**Clearstream**" means Clearstream Banking, *société anonyme*.

"**Code**" has the meaning set forth in Section 3.03(a)(iv).

"**Common Depositary**" has the meaning set forth in Section 2.01(b)(iii).

"**Company**" has the meaning provided in the preamble.

"**Euro**" and "**€**" means the single currency introduced at the third stage of the European Economic and Monetary Union pursuant to the Treaty establishing the European Community, as amended.

"**Euroclear**" means Euroclear Bank SA/NV, as operator of the Euroclear System.

"**FCA**" has the meaning set forth in Section 4.12.

"**Fifth Supplemental Indenture**" has the meaning provided in the preamble.

"**Fourth Supplemental Indenture**" has the meaning provided in the preamble.

"**Guarantor**" has the meaning provided in the preamble.

"**Interest Payment Date**" has the meaning set forth in Section 2.01(d).

"**Medtronic Luxco**" has the meaning provided in the preamble.

"**Notes**" has the meaning provided in the recitals.

"**Parent**" has the meaning provided in the preamble.

"**Paying Agent**" has the meaning set forth in Section 2.01(b)(iv).

"**PRA**" has the meaning set forth in Section 4.12.

"**Second Supplemental Indenture**" has the meaning provided in the preamble.

"**Securities**" has the meaning provided in the recitals.

"**Sixth Supplemental Indenture**" has the meaning provided in the preamble.

------

"**Taxes**" has the meaning set forth in Section 3.03.

"**Taxing Jurisdiction**" has the meaning set forth in Section 3.02.

"**Third Supplemental Indenture**" has the meaning provided in the preamble.

"**Trustee**" has the meaning provided in the preamble.

"**U.S. Dollar**" means the lawful currency of the United States of America.

ARTICLE 2

GENERAL TERMS AND CONDITIONS OF THE NOTES

Section 2.01 *Terms of Notes*. Pursuant to Sections 2.01 and 3.01 of the Base Indenture, there is hereby established two series of Securities, the terms of which shall be as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) *Designation and Principal Amount.* The 2030 Notes and the 2045 Notes are hereby authorized, each unlimited in aggregate principal amount. The 2030 Notes and the 2045 Notes issued on the date hereof pursuant to the terms of this Indenture shall be in an aggregate principal amount of €750,000,000 and €750,000,000, respectively, which amounts shall be set forth in the written order of the Company for the authentication and delivery of the Notes pursuant to Section 3.03 of the Base Indenture. In addition, the Company may, from time to time, without notice to or the consent of the Holders of the Notes, create and issue additional Notes of any series ranking equally and ratably with the Notes of such series issued on the date hereof in all respects (or in all respects except for the payment of interest accruing prior to the issue date of such additional Notes or except for the first payment of interest following the issue date of such additional Notes), so that such additional Notes shall be consolidated and form a single series with such series of Notes issued on the date hereof and shall have the same terms as to status, redemption or otherwise as such series of Notes issued on the date hereof; provided, that if any such additional Notes are not fungible with the Notes of such series initially issued hereunder for U.S. federal income tax purposes, such additional Notes shall have a separate CUSIP/ISIN number.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) *Form and Payment*.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) The Notes shall be issued as global notes, only in fully registered book-entry form, without coupons, in minimum denominations of €100,000 and integral multiples of €1,000 in excess thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Payments of principal, premium, if any, and/or interest, if any, on the global notes representing the Notes shall be made to the Paying Agent which in turn shall make payment to Euroclear and Clearstream as the Depositary with respect to the Notes of such series or its nominee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) The global notes representing the Notes shall be deposited with, or on behalf of, U.S. Bank Europe DAC, as the common depositary for Euroclear and Clearstream (the "**Common Depositary**"), and shall be registered, at the request of the Common Depositary, in the name of the nominee of the Common Depositary, for Euroclear and Clearstream.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) The Company initially appoints U.S. Bank Trust Company National Association as Security Registrar with respect to the Notes pursuant to Section 3.05 of the Base Indenture until such time as the Security Registrar has resigned or a successor has been appointed. U.S. Bank UK DAC shall initially act as paying agent (the "**Paying Agent**") for the Notes. The Company may appoint and change the Paying Agent without prior notice to the Holders.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) *Maturity Date*. The principal amount of the 2030 Notes shall be payable on October 15, 2030 and the principal amount of the 2045 Notes shall be payable on October 15, 2045.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) *Interest*. Interest on the Notes shall accrue at the rate of 2.950% per annum for the 2030 Notes and 4.200% per annum for the 2045 Notes. Interest on the Notes shall be payable annually in arrears on October 15, commencing on October 15, 2025 (each such date, an "**Interest Payment Date**"), to the Holders in whose names the respective Notes are registered at the close of business on the Business Day (which shall for purposes of this Section 2.01(d) include only days on which Clearstream and Euroclear are open for business) immediately preceding the applicable Interest Payment Date. Interest on the Notes shall be computed on the basis of the actual number of days in the period for which interest is being calculated and the actual number of days from and including the last date on which interest was paid on the notes (or September 29, 2025, if no interest has been paid on the applicable series of Notes), to, but excluding, the next scheduled Interest Payment Date (ACTUAL/ACTUAL (ICMA). If any Interest Payment Date (other than a maturity date or redemption date) would otherwise be a day that is not a Business Day, such Interest Payment Date will be postponed to the next date that is a Business Day and no interest will accrue on the amounts payable from and after such Interest Payment Date to the next Business Day. If the maturity date or redemption date of any series of Notes would fall on a day that is not a Business Day, then the related payment of principal, premium, if any, and interest, if any, shall be made on the next succeeding Business Day with the same force and effect as if made on the date such payment was due, and no interest shall accrue on the amounts so payable for the period from and after such date to the next Business Day.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) *Issuance in Euro.*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Principal, including any payments made upon any redemption or repurchase of the Notes, premium, if any, and interest payments, if any, in respect of the Notes will be payable in Euros.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Distributions of principal, premium, if any, and interest, if any, with respect to any Global Security will be credited in euros to the extent received by Euroclear or Clearstream from the Paying Agent to the cash accounts of Euroclear or Clearstream customers in accordance with the relevant system's rules and procedures.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) If on or after the date hereof, the Euro is unavailable to the Company or, in the case of the Guarantees, Parent or Medtronic Luxco, due to the imposition of exchange controls or other circumstances beyond the Company's, Parent's or Medtronic Luxco's control or if the Euro is no longer being used by the then member states of the European Economic and Monetary Union that have adopted the Euro as their currency or for the settlement of transactions by public institutions of or within the international banking community, then all payments in respect of the Notes will be made in U.S. Dollars until the Euro is again available to the Company or, in the case of the Guarantees, Parent or Medtronic Luxco, or so used. In such circumstances, the amount payable on any date in Euro will be converted by the Company into U.S. Dollars at the rate mandated by the U.S. Federal Reserve Board as of the close of business on the second Business Day prior to the relevant Interest Payment Date or, in the event the U.S. Federal Reserve Board has not mandated a rate of conversion, on the basis of the most recent U.S. Dollar/Euro exchange rate published in The Wall Street Journal on or prior to the second Business Day prior to the relevant payment date. Any payment in respect of the Notes so made in U.S. Dollars will not constitute an Event of Default. Neither the Trustee nor the Paying Agent shall have any responsibility for any calculation or conversion in connection with this Section 2.01(e).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) *Other Terms*. The Notes shall be unsecured senior indebtedness of the Company and shall rank equally and ratably in right of payment with all of the Company's other unsecured and unsubordinated indebtedness outstanding from time to time. The Notes shall not be convertible into, or exchangeable for, any other securities of the Company, except that the Notes shall be exchangeable for other Notes to the extent provided for in the Base Indenture.

ARTICLE 3

REDEMPTION OF THE NOTES

Section 3.01 *Optional Redemption*. (a) The Company may redeem any series of the 2030 Notes and the 2045 Notes, at any time prior to the applicable Par Call Date, at a Redemption Price equal to the greater of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) 100% of the principal amount of the Notes to be redeemed, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the sum, as determined by a Quotation Agent, of the present values of the Remaining Scheduled Payments of principal and interest on the Notes of such series to be redeemed (excluding any portion of such payments of interest accrued as of the Redemption Date and assuming that such Notes matured on the applicable Par Call Date), discounted to the Redemption Date on an annual basis (ACTUAL/ACTUAL(ICMA)) at the Comparable Bond Rate, plus 15 basis points, in the case of the 2030 Notes and 20 basis points, in the case of the 2045 Notes;

plus, in each case, accrued and unpaid interest, if any, to, but not including, the Redemption Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) At any time on and after the applicable Par Call Date, the Company may redeem each series of the 2030 Notes and the 2045 Notes at the Company's option, in whole or in part, at a Redemption Price equal to 100% of the principal amount of the Notes to be redeemed, plus accrued and unpaid interest, if any, to, but not including, the applicable Redemption Date.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Notwithstanding anything to the contrary in the Base Indenture, the Second Supplemental Indenture, the Third Supplemental Indenture, the Fourth Supplemental Indenture or the Fifth Supplemental Indenture, in the case of any redemption at the election of the Company, the Company shall, at least 10 days prior to the date on which the Company mails the notice of redemption to each holder (unless a shorter notice shall be satisfactory to the Trustee), notify the Trustee and the Paying Agent of the applicable Redemption Date, of the principal amount of Notes of such series to be redeemed and, if applicable, of the tenor of the Notes to be redeemed.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Notwithstanding anything to the contrary in the Base Indenture, the Second Supplemental Indenture, the Third Supplemental Indenture, the Fourth Supplemental Indenture or the Fifth Supplemental Indenture, (i) notice of redemption shall be delivered not less than 10 nor more than 60 days prior to the applicable Redemption Date, to each Holder of Notes to be redeemed, at such Holder's address appearing in the Security Register and (ii) an Officers' Certificate specifying the actual redemption price shall be sent to the Trustee no later than two Business Days prior to the Redemption Date. A notice of redemption may, at the discretion of the Company, be subject to one or more conditions precedent, including, but not limited to, completion of an equity offering, a financing, or other corporate transaction, provided that if such redemption or notice is subject to satisfaction of one or more conditions precedent, such notice shall state that, in the Company's discretion, the redemption date may be postponed until up to 60 days following the notice of redemption, and such notice may be rescinded in the event that any or all such conditions shall not have been satisfied by the redemption date (including as it may be postponed).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Notes may be redeemed in part in the minimum authorized denomination or in any integral multiple of such amount.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) For purposes of this Section 3.01, the following definitions are applicable:

"**Comparable Bond Rate**" means, for any Redemption Date, the rate per annum equal to the annual equivalent yield to maturity or interpolated yield to maturity (on a day count basis), computed as of the third Business Day immediately preceding that Redemption Date, of the Comparable Government Issue, assuming a price for the Comparable Government Issue (expressed as a percentage of its principal amount) equal to the Comparable Price for such Redemption Date.

"**Comparable Government Issue**" means the euro-denominated security issued by the German federal government selected by a Quotation Agent as having an actual or interpolated maturity comparable to the remaining term of the Notes to be redeemed (assuming that such Notes matured on the applicable Par Call Date) that would be utilized, at the time of selection and in accordance with customary financial practice, in pricing new issues of corporate debt securities of comparable maturity to the remaining term of the Notes to be redeemed.

"**Comparable Price**" means, with respect to any Redemption Date, (i) the average of the Reference Dealer Quotations for such Redemption Date, after excluding the highest and lowest of the Reference Dealer Quotations, (ii) if the Company obtains fewer than four Reference Dealer Quotations, the arithmetic average of all those Reference Dealer Quotations or (iii) if the Company obtains only one Reference Dealer Quotation, such Reference Dealer Quotation.

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"**Par Call Date**" means in the case of the 2030 Notes, September 15, 2030; and in the case of the 2045 Notes, April 15, 2045.

"**Quotation Agent**" means the Reference Dealer appointed by the Company.

"**Reference Dealer**" means (i) each of Deutsche Bank AG, London Branch and Goldman Sachs & Co. LLC and their respective successors; provided, however, that if any of the foregoing shall cease to be a broker or dealer of, and/or a market maker in, German government bonds (a "**Primary Bond Dealer**"), the Company shall substitute another Primary Bond Dealer and (ii) any other Primary Bond Dealers selected by the Company.

"**Reference Dealer Quotations**" means, with respect to each Reference Dealer and any Redemption Date, the average, as determined by the Quotation Agent, of the bid and asked prices for the Comparable Government Issue (expressed in each case as a percentage of its principal amount) quoted in writing to the Quotation Agent by such Reference Dealer at 11:00 a.m., London time, on the third Business Day preceding such Redemption Date.

"**Remaining Scheduled Payments**" means, with respect to each of the Notes to be redeemed, the remaining scheduled payments of the principal thereof and interest thereon that would be due after the related redemption date but for such redemption (assuming that the Notes to be redeemed matured on the applicable Par Call Date); provided, however, that if such Redemption Date is not an Interest Payment Date with respect to such Note, the amount of the next succeeding scheduled interest payment thereon will be reduced by the amount of interest accrued thereon to such Redemption Date.

Section 3.02 *Redemption upon Changes in Withholding Taxes*. Unless otherwise provided pursuant to Section 3.01 of the Base Indenture, the Notes may be redeemed, as a whole but not in part, at the option of the Company, upon not less than 30 nor more than 60 days' notice (which notice shall be irrevocable), at a redemption price equal to 100% of the principal amount thereof, together with accrued and unpaid interest, if any, to the redemption date and Additional Amounts, if any, if as a result of any amendment to, or change in, the laws, regulations, rulings or treaties of the United States, Ireland, Luxembourg or other jurisdiction in which the Company or any Guarantor or, in each case, any successor thereof (including a continuing Person formed by a consolidation with the Company or any Guarantor, into which the Company or such Guarantor is merged, or that acquires or leases all or substantially all of the property and assets of the Company or such Guarantor) may be organized, as applicable, or any political subdivision thereof or therein having the power to tax (a "**Taxing Jurisdiction**"), or any change in the application or official interpretation of such laws, regulations, rulings or treaties, including any action taken by, or change in the published administrative practice of, a taxing authority or a holding by a court of competent jurisdiction (regardless of whether such action, change or holding is with respect to the Company or a Guarantor), which amendment or change is announced or becomes effective on or after the date the Notes are issued, the Company or such Guarantor has become, or there is a material probability that it will become, obligated to pay Additional Amounts on the next date on which any amount would be payable with respect to

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such Notes, and such obligation cannot be avoided by the use of commercially reasonable measures available to the Company or such Guarantor, as the case may be, not including substitution of the obligor on the Notes; provided, however, that no such notice of redemption may be given earlier than 60 days prior to the earliest date on which the Company or any Guarantor, as the case may be, would be obligated, or there is a material probability the Company or Guarantor would otherwise be obligated, to pay such Additional Amount. Prior to the publication or, where relevant, mailing (and/or to the extent permitted by applicable procedures or regulations, electronic delivery) of any notice of redemption described in this Section 3.02, the Company shall deliver to the Trustee (i)(A) an Officer's Certificate of the Company stating that the obligation to pay Additional Amounts cannot be avoided by the Company taking commercially reasonable measures available to it or (B) an Officer's Certificate of the applicable Guarantor stating that the obligation to pay Additional Amounts cannot be avoided by such Guarantor taking commercially reasonable measures available to it, as the case may be, as described above, and (ii) a written opinion of independent tax counsel to the Company or the applicable Guarantor, as the case may be, of recognized standing to the effect that the Company or the applicable Guarantor, as the case may be, has or there is a material probability that it will become obligated to pay Additional Amounts as a result of a change, amendment, official interpretation or application described above and that the Company or the applicable Guarantor, as the case may be, cannot avoid the payment of such Additional Amounts by taking commercially reasonable measures available to it as described above.

Section 3.03 *Payment of Additional Amounts*. All payments made by the Company or any Guarantor under or with respect to the Notes and the Guarantees will be made free and clear of and without withholding or deduction for or on account of any present or future taxes, duties, levies, imposts, assessments or governmental charges of whatever nature imposed or levied by or on behalf of any Taxing Jurisdiction ("**Taxes**"), unless the Company or any Guarantor, as the case may be, is required to withhold or deduct Taxes by law or by the interpretation or administration thereof. In the event that the Company or any Guarantor is required to so withhold or deduct any amount for or on account of any Taxes from any payment made under or with respect to the Notes or the Guarantees, as the case may be, the Company or the applicable Guarantor, as the case may be, will pay such additional amounts ("**Additional Amounts**") as may be necessary so that the net amount received by each holder of the Notes (including Additional Amounts) after such withholding or deduction will equal the amount that such Holder would have received if such Taxes had not been required to be withheld or deducted; provided that no Additional Amounts will be payable with respect to a payment to a holder of Securities or a holder of beneficial interests in Global Securities where such holder is subject to taxation on such payment by a relevant Taxing Jurisdiction for any reason other than such holder's mere ownership of the Securities or for or on account of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) any Taxes that are imposed or withheld solely because such holder (or the beneficial owner for whose benefit such holder holds such Securities) or a fiduciary, settlor, beneficiary, member, shareholder or other equity owner of, or possessor of a power over, such holder (or beneficial owner) if such holder (or beneficial owner) is an estate, trust, partnership, limited liability company, corporation or other entity that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) is or was present or engaged in, or is or was treated as present or engaged in, a trade or business in the Taxing Jurisdiction or has or had a permanent establishment in the Taxing Jurisdiction (in each case, other than the mere fact of ownership of such Securities, without another presence or business in such Taxing Jurisdiction);

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) has or had any present or former connection (other than the mere fact of ownership of such Securities) with the Taxing Jurisdiction imposing such Taxes, including being or having been a national citizen or resident thereof, being treated as being or having been a resident thereof or being or having been physically present therein;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) with respect to any withholding Taxes imposed by the United States, is or was with respect to the United States a personal holding company, a passive foreign investment company, a controlled foreign corporation, a foreign private foundation or other foreign tax exempt organization or corporation that has accumulated earnings to avoid United States federal income tax;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) actually or constructively owns or owned 10% or more of the total combined voting power of all classes of stock of the Company or the applicable Guarantor within the meaning of Section 871(h)(3) of the United States Internal Revenue Code of 1986, as amended (the "**Code**"); or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) is or was a bank receiving payments on an extension of credit made pursuant to a loan agreement entered into in the ordinary course of its trade or business within the meaning of Section 881(c)(3) of the Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) any estate, inheritance, gift, sales, transfer, excise, personal property or similar Taxes imposed with respect to the Notes, except as otherwise provided herein;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) any Taxes imposed solely as a result of the presentation of the Notes (where presentation is required) for payment on a date more than 15 days after the date on which such payment became due and payable or the date on which payment thereof is duly provided for, whichever is later, except to the extent that the beneficiary or holder thereof would have been entitled to the payment of Additional Amounts had the Securities been presented for payment on any date during such 15-day period;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) any Taxes imposed or withheld solely as a result of the failure of such holder or any other person to comply with applicable certification, information, documentation or other reporting requirements concerning the nationality, residence, identity or connection with the Taxing Jurisdiction of such holder, if such compliance is required by statute, regulation, ruling or administrative practice of the relevant Taxing Jurisdiction or by any applicable tax treaty to which the relevant Taxing Jurisdiction is a party as a precondition to relief or exemption from such Taxes;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) with respect to withholding Taxes imposed by the United States, any such Taxes imposed by reason of the failure of such holder to fulfill the statement requirements of Sections 871(h) or 881(c) of the Code;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) any Taxes that are payable by any method other than withholding or deduction by the Company or a Guarantor or any paying agent from payments in respect of such Notes;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) any Taxes required to be withheld by any paying agent from any payment in respect of any Notes if such payment can be made without such withholding by at least one other paying agent;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) any withholding or deduction for Taxes which would not have been imposed if the relevant Notes had been presented to another paying agent in a country that is a member of the European Union as of the date of this Sixth Supplemental Indenture;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) any withholding or deduction required pursuant to Sections 1471 through 1474 of the Code, any regulations or agreements thereunder, official interpretations thereof, any intergovernmental agreement, or any law, rule, guidance or administrative practice implementing an intergovernmental agreement entered into in connection with such sections of the Code; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) any combination of Section 3.03(a), (b), (c), (d), (e), (f), (g), (h) or (i).

Additional Amounts also will not be payable to any Holder or the holder of a beneficial interest in a Global Security that is a fiduciary, partnership, limited liability company or other fiscally transparent entity, or to such holder that is not the sole Holder or holder of such beneficial interests of such Security, as the case may be. This exception, however, will apply only to the extent that a beneficiary or settlor with respect to the fiduciary, or a beneficial owner or member of the partnership, limited liability company or other fiscally transparent entity, would not have been entitled to the payment of an Additional Amount had the beneficiary, settlor, beneficial owner or member received directly its beneficial or distributive share of the payment.

The Company or the applicable Guarantor, as the case may be, will also (i) make such withholding or deduction of Taxes and (ii) remit the full amount of Taxes so deducted or withheld to the relevant Taxing Jurisdiction in accordance with all applicable laws. The Company or the applicable Guarantor, as the case may be, will use its commercially reasonable efforts to obtain certified copies of tax receipts evidencing the payment of any Taxes so deducted or withheld from each Taxing Authority imposing such Taxes. The Company or the applicable Guarantor, as the case may be, will, upon request, make available to the holders of the Notes, within 90 days after the date the payment of any Taxes so deducted or withheld is due pursuant to applicable law, certified copies of tax receipts evidencing such payment by the Company or the applicable Guarantor or if, notwithstanding the Company's or the applicable Guarantor's efforts to obtain such receipts, the same are not obtainable, other evidence of such payments by the Company or the applicable Guarantor.

At least 30 days prior to each date on which any payment under or with respect to the Notes or the Guarantees is due and payable, if the Company or a Guarantor will be obligated to pay Additional Amounts with respect to such payment, the Company or the applicable Guarantor will deliver to the Trustee an Officers' Certificate stating the fact that such Additional Amounts will be payable and the amounts so payable and will set forth such other information as is necessary to enable such Trustee to pay such Additional Amounts to holders of Securities on the payment date. The Trustee shall not at any time be under any duty or responsibility to any Holder to determine the Additional Amounts, or with respect to the nature, extent, or calculation of the amount of Additional Amounts owed, or with respect to the method employed in such calculation of the Additional Amounts.

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In addition, the Company will pay any stamp, issue, registration, documentary or other similar taxes and duties, including interest, penalties and Additional Amounts with respect thereto, payable in Luxembourg or the United States or any political subdivision or taxing authority of or in the foregoing in respect of the creation, issue, offering, enforcement, redemption or retirement of the Notes.

The provisions of Sections 3.02 and 3.03 shall survive any termination of the discharge of this Sixth Supplemental Indenture and shall apply mutatis mutandis to any jurisdiction in which the Company or a Guarantor or any successor Person to the Company or a Guarantor, as the case may be, is organized or is engaged in business for tax purposes or any political subdivisions or taxing authority or agency thereof or therein; provided, however, the date on which the Company or the applicable Guarantor changes its jurisdiction in which it is organized or such Person becomes a successor to the Company or the applicable Guarantor, as the case may be, shall be substituted for the date on which the series of Notes was issued.

Whenever in this Sixth Supplemental Indenture, the Notes or the Guarantees there is mentioned, in any context, the payment of principal and premium, if any, redemption price, interest or any other amount payable under or with respect to any Notes, such mention shall be deemed to include mention of the payment of Additional Amounts to the extent that, in such context, Additional Amounts are, were or would be payable in respect thereof.

ARTICLE 4

MISCELLANEOUS

Section 4.01 *Covenant Defeasance*. Article 13 of the Base Indenture shall be applicable to the Notes.

Section 4.02 *Form of Notes*. (a) The Notes and the Trustee's certificates of authentication to be endorsed thereon are to be substantially in the forms of Exhibits A through D attached hereto, which forms are hereby incorporated in and made a part of this Sixth Supplemental Indenture.

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

Section 4.03 *Ratification of Base Indenture*. The Base Indenture, as supplemented by the Second Supplemental Indenture, the Third Supplemental Indenture, the Fourth Supplemental Indenture, the Fifth Supplemental Indenture and this Sixth Supplemental Indenture, is in all respects ratified and confirmed, and this Sixth Supplemental Indenture shall be deemed part of the Base Indenture in the manner and to the extent herein and therein provided.

Section 4.04 *Trust Indenture Act Controls*. If any provision hereof limits, qualifies or conflicts with the duties imposed by Section 310 through Section 317 of the Trust Indenture Act of 1939, the imposed duties shall control.

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Section 4.05 *Listing*. Upon listing of the Notes of a series on the New York Stock Exchange, the Company will use commercially reasonable efforts to maintain such listing and satisfy the requirements for such continued listing as long as the Notes of such series are outstanding.

Section 4.06 *Conflict with Indenture*. To the extent not expressly amended or modified by this Sixth Supplemental Indenture, the Base Indenture, the Second Supplemental Indenture, the Third Supplemental Indenture, the Fourth Supplemental Indenture and the Fifth Supplemental Indenture shall remain in full force and effect. If any provision of this Sixth Supplemental Indenture relating to the Notes is inconsistent with any provision of the Base Indenture, the Second Supplemental Indenture, the Third Supplemental Indenture, the Fourth Supplemental Indenture or the Fifth Supplemental Indenture, the provision of this Sixth Supplemental Indenture shall control.

Section 4.07 *Governing Law*. THIS SIXTH SUPPLEMENTAL INDENTURE AND THE NOTES SHALL BE DEEMED TO BE A CONTRACT UNDER THE LAWS OF THE STATE OF NEW YORK, AND FOR ALL PURPOSES SHALL BE CONSTRUED IN ACCORDANCE WITH THE LAWS OF SUCH STATE, EXCEPT AS MAY OTHERWISE BE REQUIRED BY MANDATORY PROVISIONS OF LAW.

Section 4.08 *Service of Process.* The Company and each Guarantor appoints Corporation Service Company, with offices at 80 State Street, Albany, New York 12207-2543, United States, as its agent to receive service of process or other legal summons for purposes of any suit, action or proceeding based on or arising out of or relating to this Sixth Supplemental Indenture or any Notes or Guarantees.

Section 4.09 *Successors.* All agreements of the Company and the Guarantor in the Base Indenture, this Sixth Supplemental Indenture and the Notes shall bind their respective successors. All agreements of the Trustee in the Base Indenture and this Sixth Supplemental Indenture shall bind its successors.

Section 4.10 *Counterparts*. This instrument may be executed in any number of counterparts, each of which so executed shall be deemed to be an original, but all such counterparts shall together constitute but one and the same instrument. Signatures of the parties hereto transmitted by facsimile or PDF shall be deemed to be their original signatures for all purposes. This Sixth 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. 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.

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Section 4.11 *Trustee Disclaimer*. The Trustee makes no representation as to the validity or sufficiency of this Sixth Supplemental Indenture other than as to the validity of its execution and delivery by the Trustee. The recitals and statements herein are deemed to be those of the Company and the Guarantors and not the Trustee.

Section 4.12 *Contractual Recognition of Bail-In*.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Paying Agent is authorized and regulated by the Central Bank of Ireland ("**CBOI**"). It is additionally authorized by the UK Prudential Regulation Authority ("**PRA**") and its activities in the UK are subject to limited regulation by the UK Financial Conduct Authority ("**FCA**") and the PRA.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) In connection with the worldwide effort against the funding of terrorism and money laundering activities, the Paying Agent may be required under various national laws and regulations to which they are subject to obtain, verify and record information that identifies each person who opens an account with it. For a non-individual person such as a business entity, a charity, a trust or other legal entity, the Paying Agent shall be entitled to ask for documentation to verify such entity's formation and legal existence as well as financial statements, licenses, identification and authorization documents from individuals claiming authority to represent the entity or other relevant documentation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The parties to this Indenture acknowledge and agree that the obligations of the Paying Agent under this Indenture are limited by and subject to compliance by them with EU and U.S. Federal anti-money laundering statutes and regulations. If the Paying Agent or any of their directors know or suspect that a payment is the proceeds of criminal conduct, such person is required to report such information pursuant to the applicable authorities and such report shall not be treated as a breach by such person of any confidentiality covenant or other restriction imposed on such person under this Indenture, by law or otherwise on the disclosure of information. The Paying Agent shall be indemnified and held harmless by the Issuer from and against all losses suffered by them that may arise as a result of the Paying Agent being prevented from fulfilling their obligations hereunder due to the extent doing so would not be consistent with applicable statutory anti-money laundering requirements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Notwithstanding anything to the contrary in this Indenture or in any other agreement, arrangement or understanding among any such parties, each party hereto acknowledges that any liability of the Paying Agent arising under this Indenture or any such other document, to the extent such liability is unsecured or not otherwise exempted, may be subject to the write-down and conversion powers of a Resolution Authority and agrees and consents to, and acknowledges and agrees to be bound by:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the application of any Write-Down and Conversion Powers by a Resolution Authority to any such liabilities arising hereunder which may be payable to it by any party hereto; and

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the effects of any Bail-in Action on any such liability, including, if applicable:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) a reduction in full or in part or cancellation of any such liability;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) a conversion of all, or a portion of, such liability into shares or other instruments of ownership in such party, its parent undertaking, or a bridge institution that may be issued to it or otherwise conferred on it, and that such shares or other instruments of ownership will be accepted by it in lieu of any rights with respect to any such liability under this Indenture or any other agreement; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) the variation of the terms of such liability in connection with the exercise of the write-down and conversion powers of any Resolution Authority.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) For the purposes of this Section 4.12 the following terms shall have the following meanings:

"**Bail-In Action**" means the exercise of any Write-Down and Conversion Powers by the applicable Resolution Authority.

"**Bail-In Legislation**" means, with respect to any EEA Member Country implementing Article 55 of Directive 2014/59/EU of the European Parliament and of the Council of the European Union, the implementing law for such EEA Member Country from time to time which is described in the EU Bail-In Legislation Schedule and in relation to any other state, any analogous law or regulation from time to time which requires contractual recognition of any Write-down and Conversion Powers contained in that law or regulation.

"**EEA Member Country**" means any of the member states of the European Union, Iceland, Liechtenstein, and Norway.

"**EU Bail-In Legislation Schedule**" means the EU Bail-In Legislation Schedule published by the Loan Market Association (or any successor person), as in effect from time to time.

"**Resolution Authority**" means any public administrative authority or any person entrusted with public administrative authority to exercise any Write-down and Conversion Powers.

"**Write-Down and Conversion Powers**" means,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) in relation to any Bail-In Legislation described in the EU Bail-In Legislation Schedule from time to time, the powers described as such in relation to that Bail-In Legislation in the EU Bail-In Legislation Schedule; and

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) any powers under the Bail-In Legislation to cancel, transfer or dilute shares issued by a person that is a bank or investment firm or other financial institution or affiliate of a bank, investment firm or other financial institution, to cancel, reduce, modify or change the form of a liability of such a person or any contract or instrument under which that liability arises, to convert all or part of that liability into shares, securities or obligations of that person or any other person, to provide that any such contract or instrument is to have effect as if a right had been exercised under it or to suspend any obligation in respect of that liability or any of the powers under that Bail-In Legislation that are related to or ancillary to any of those powers; and any similar or analogous powers under that Bail-In Legislation.

[Signature Page Follows]

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

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| | | |
|:---|:---|:---|
| MEDTRONIC, INC. | MEDTRONIC, INC. | MEDTRONIC, INC. |
| By: | /s/ Thierry Piéton | /s/ Thierry Piéton |
|  | Name: | Thierry Piéton |
|  | Title: | Executive Vice President and Chief Financial Officer |

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| | |
|:---|:---|
| Attest: | Attest: |
| By: | /s/ Sheila Quintus |
|  | Name: Sheila Quintus |
|  | Title: Vice President & Treasurer |

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[*Signature Page to Medtronic, Inc. Sixth Supplemental Indenture*]

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| | |
|:---|:---|
| MEDTRONIC PUBLIC LIMITED COMPANY | MEDTRONIC PUBLIC LIMITED COMPANY |
| By: | /s/ Sheila Quintus |
|  | Name: Sheila Quintus |
|  | Title: Vice President & Treasurer |

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[*Signature Page to Medtronic, Inc. Sixth Supplemental Indenture*]

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| |
|:---|
| MEDTRONIC GLOBAL HOLDINGS S.C.A., a Luxembourg corporate partnership limited by shares (*société en commandite par actions*) represented by Medtronic GP S.à r.l., in its capacity as General Partner itself acting by |
| /s/ Salvador Sens |
| Name: Salvador Sens |
| Title: Authorized Signatory |

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[*Signature Page to Medtronic, Inc. Sixth Supplemental Indenture*]

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| | |
|:---|:---|
| COMPUTERSHARE TRUST COMPANY, N.A., Trustee | COMPUTERSHARE TRUST COMPANY, N.A., Trustee |
| By: | /s/ Belinda Coleman |
|  | Name: Belinda Coleman |
|  | Title: Vice President |

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[*Signature Page to Medtronic, Inc. Sixth Supplemental Indenture*]

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| | |
|:---|:---|
| U.S. BANK EUROPE DAC, UK BRANCH, as Paying Agent | U.S. BANK EUROPE DAC, UK BRANCH, as Paying Agent |
| By: | /s/ Michael Leong |
|  | Name: Michael Leong |
|  | Title: Authorised Signatory |

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[*Signature Page to Medtronic, Inc. Sixth Supplemental Indenture*]

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**ANNEX A** 

**FORM OF NOTE** 

THIS SECURITY IS A GLOBAL SECURITY WITHIN THE MEANING OF THE INDENTURE HEREINAFTER REFERRED TO AND IS REGISTERED IN THE NAME OF A DEPOSITARY OR A NOMINEE THEREOF. THIS SECURITY MAY NOT BE EXCHANGED IN WHOLE OR IN PART FOR A SECURITY REGISTERED, AND NO TRANSFER OF THIS SECURITY IN WHOLE OR IN PART MAY BE REGISTERED, IN THE NAME OF ANY PERSON OTHER THAN SUCH DEPOSITARY OR A NOMINEE THEREOF, EXCEPT IN THE LIMITED CIRCUMSTANCES DESCRIBED IN THE INDENTURE.

UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF EUROCLEAR BANK SA/NV ("EUROCLEAR") AND CLEARSTREAM BANKING, S.A. ("CLEARSTREAM" AND, TOGETHER WITH EUROCLEAR, "EUROCLEAR/CLEARSTREAM"), TO THE COMPANY OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF USB NOMINEES (UK) LIMITED OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF EUROCLEAR/CLEARSTREAM (AND ANY PAYMENT IS MADE TO USB NOMINEES (UK) LIMITED OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF EUROCLEAR/CLEARSTREAM), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, U.S. BANK EUROPE DAC, HAS AN INTEREST HEREIN. TRANSFERS OF THIS GLOBAL SECURITY SHALL BE LIMITED TO TRANSFERS IN WHOLE, BUT NOT IN PART, TO NOMINEES OF USB NOMINEES (UK) LIMITED OR TO A SUCCESSOR THEREOF OR SUCH SUCCESSOR'S NOMINEE.

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**MEDTRONIC, INC.** 

**2.950% Senior Notes due 2030** 

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| | |
|:---|:---|
| No. A-1 | CUSIP NO. 585055 BZ8 |
|  | ISIN NO. XS3185369371 |
|  | COMMON CODE: 318536937 |
|  | €750,000,000 |

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Medtronic, Inc., a corporation duly incorporated and subsisting under the laws of the State of Minnesota (herein called the "**Company**," which term includes any successor corporation under the Indenture hereinafter referred to), for value received, hereby promises to pay to USB Nominees (UK) Limited, or registered assigns, the principal sum of SEVEN HUNDRED FIFTY MILLION Euros on October 15, 2030 and to pay interest thereon from September 29, 2025 or from the most recent Interest Payment Date to which interest has been paid or duly provided for, annually in arrears on October 15 in each year, commencing October 15, 2025, at the rate of 2.950% per annum, until the principal hereof is paid or made available for payment. The Company shall pay interest on overdue principal, and on overdue installments of interest (without regard to any applicable grace periods) to the extent lawful, from time to time on demand at the rate borne by this Security.

The interest so payable, and punctually paid or duly provided for, on any Interest Payment Date will, as provided in such Indenture, be paid to the Person in whose name this Security is registered at the close of business on the Regular Record Date for such interest, which shall be the Business Day immediately preceding such Interest Payment Date. Any such interest not so punctually paid or duly provided for will forthwith cease to be payable to the Holder on such Regular Record Date and may either be paid to the Person in whose name this Security is registered at the close of business on a Special Record Date for the payment of such Defaulted Interest to be fixed by the Trustee, notice whereof shall be given to Holders of Securities of this series not less than 10 days prior to such Special Record Date, or be paid at any time in any other lawful manner not inconsistent with the requirements of any securities exchange on which the Securities of this series may be listed, and upon such notice as may be required by such exchange, all as more fully provided in said Indenture.

Payment of the principal of (and premium, if any) and any such interest on this Security will be made at the office or agency of the Paying Agent maintained for that purpose in London, Dublin or any financial center in a European Economic Area jurisdiction in Euro; provided, however, that at the option of the Company payment of interest may be made by check mailed to the address of the Person entitled thereto as such address shall appear in the Security Register. If the Euro is unavailable to the Company due to the imposition of exchange controls or other circumstances beyond its control or the Euro is no longer used by the then member states of the European Monetary Union that have adopted the Euro as their currency or for the settlement of transactions by public institutions of or within the international banking community, then all payments in respect of the 2030 Notes will be made in U.S. Dollars until the Euro is again available to the Company or so used. In such circumstances, the amount payable on

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any date in Euro will be converted by the Company into U.S. Dollars at the rate mandated by the U.S. Federal Reserve Board as of the close of business on the second Business Day prior to the relevant payment date or, in the event the U.S. Federal Reserve Board has not mandated a rate of conversion, on the basis of the most recent U.S. Dollar/Euro exchange rate published in The Wall Street Journal on or prior to the second Business Day prior to the relevant payment date or, in the event The Wall Street Journal has not published such exchange rate, the rate will be determined in the Company's sole discretion on the basis of the most recently available market exchange rate for the Euro. For the avoidance of doubt, any such payment in respect of the 2030 Notes so made in U.S. Dollars will not constitute an Event of Default. Neither the Trustee nor the Paying Agent shall have any responsibility for any calculation or conversion in connection with the foregoing.

Reference is hereby made to the further provisions of this Security set forth on the reverse hereof, which further provisions shall for all purposes have the same effect as if set forth at this place.

Unless the certificate of authentication hereon has been executed by the Trustee referred to on the reverse hereof by manual signature, this Security shall not be entitled to any benefit under the Indenture or be valid or obligatory for any purpose.

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IN WITNESS WHEREOF, the Company has caused this instrument to be duly executed under its corporate seal.

Dated: , 20

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| |
|:---|
| Medtronic, Inc. |
| By: |

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 Attest:<br>

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**NOTATION OF GUARANTEE** 

For value received, the undersigned (the "**Guarantor**"), to the extent set forth in and subject to the terms of the Indenture dated as of December 10, 2014 (the "**Base Indenture**"), between Medtronic, Inc., a Minnesota corporation (the "**Company**"), and Computershare Trust Company, N.A., as successor to Wells Fargo Bank, National Association, as trustee (the "**Trustee**," which term includes any successor trustee under the Indenture (as defined below)), as supplemented by the Second Supplemental Indenture, dated as of January 26, 2015, between Medtronic plc, a public limited company incorporated under the laws of Ireland (the "**Medtronic plc**"), and the Trustee (the "**Second Supplemental Indenture**"), the Third Supplemental Indenture, dated as of January 26, 2015, between Medtronic Global Holdings S.C.A., a Luxembourg corporate partnership limited by shares (*société en commandite par actions*) ("**Medtronic Luxco**" and together with Parent, the "**Guarantors**"), and the Trustee (the "**Third Supplemental Indenture**"), the Fourth Supplemental Indenture, dated as of February 22, 2023, between the Company and the Trustee (the "**Fourth Supplemental Indenture**"), the Fifth Supplemental Indenture, dated as of June 3, 2024, among the Company, Medtronic plc, Medtronic Luxco, the Trustee and U.S. Bank Europe DAC, UK Branch (formerly known as Elavon Financial Services DAC, UK Branch) ("**U.S. Bank UK DAC**"), as paying agent (the "**Fifth Supplemental Indenture**"), and the Sixth Supplemental Indenture, dated as of September 29, 2025, among the Company, Medtronic plc, Medtronic Luxco, the Trustee and U.S. Bank UK DAC, as paying agent (the "**Sixth Supplemental Indenture**" and, together with the Base Indenture, the Second Supplemental Indenture, the Third Supplemental Indenture, the Fourth Supplemental Indenture and the Fifth Supplemental Indenture, the "**Indenture**"), hereby fully and unconditionally guarantees, on a joint and several basis, to each Holder and to the Trustee and its successors and assigns, that the principal of and premium, if any, and interest on the 2030 Notes shall be promptly paid in full when due, whether at Stated Maturity, by acceleration, redemption or otherwise, and interest on the overdue principal of and interest on the 2030 Notes, if any, if lawful, and all other obligations of the Company to the Holders or the Trustee hereunder or thereunder shall be promptly paid in full or performed.

The obligations of each Guarantor to the Holders and to the Trustee pursuant to this Notation of Guarantee and the Indenture are expressly set forth in Article 14 of the Indenture, and reference is hereby made to the Indenture for the precise terms and limitations of this Notation of Guarantee. Each Holder of the 2030 Notes to which this Notation of Guarantee is endorsed, by accepting such 2030 Notes, agrees to and shall be bound by such provisions.

All terms used in this Notation of Guarantee which are defined in the Indenture shall have the meanings assigned to them in the Indenture.

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IN WITNESS WHEREOF, each Guarantor has caused this Notation of Guarantee to be signed by a duly authorized officer.

Dated: , 20

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| |
|:---|
| MEDTRONIC PUBLIC LIMITED COMPANY |
| By |

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| |
|:---|
| MEDTRONIC GLOBAL HOLDINGS S.C.A., a Luxembourg corporate partnership limited by shares (*société en commandite par actions*) represented by Medtronic GP S.à r.l. its General Partner, in turn acting by |
| By |

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This is one of the Securities of the series designated therein referred to in the within-mentioned Indenture.

Dated: , 20

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| | |
|:---|:---|
| COMPUTERSHARE TRUST COMPANY, N.A., as Trustee | COMPUTERSHARE TRUST COMPANY, N.A., as Trustee |
| By: |  |
|  | Authorized Signature |

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[Reverse of Note]

**MEDTRONIC, INC.** 

**2.950% Senior Notes Due 2030** 

This Security is one of a duly authorized issue of securities of the Company (herein called the "**Securities**"), issued and to be issued in one or more series under an Indenture dated as of December 10, 2014 (the "**Base Indenture**"), between Medtronic, Inc., a Minnesota corporation (the "**Company**"), and Computershare Trust Company, N.A., as successor to Wells Fargo Bank, National Association, as trustee (the "**Trustee**," which term includes any successor trustee under the Indenture (as defined below)), as supplemented by the Second Supplemental Indenture, dated as of January 26, 2015, between Medtronic plc, a public limited company incorporated under the laws of Ireland (the "**Medtronic plc**"), and the Trustee (the "**Second Supplemental Indenture**"), the Third Supplemental Indenture, dated as of January 26, 2015, between Medtronic Global Holdings S.C.A., a Luxembourg corporate partnership limited by shares (*société en commandite par actions*) ("**Medtronic Luxco**" and together with Parent, the "**Guarantors**"), and the Trustee (the "**Third Supplemental Indenture**"), the Fourth Supplemental Indenture, dated as of February 22, 2023, between the Company and the Trustee (the "**Fourth Supplemental Indenture**"), the Fifth Supplemental Indenture, dated as of June 3, 2024, among the Company, Medtronic plc, Medtronic Luxco, the Trustee and U.S. Bank Europe DAC, UK Branch (formerly known as Elavon Financial Services DAC, UK Branch) ("**U.S. Bank UK DAC**"), as paying agent (the "**Fifth Supplemental Indenture**"), and the Sixth Supplemental Indenture, dated as of September 29, 2025, among the Company, Medtronic plc, Medtronic Luxco, the Trustee and U.S. Bank UK DAC, as paying agent (the "**Sixth Supplemental Indenture**" and, together with the Base Indenture, the Second Supplemental Indenture, the Third Supplemental Indenture, the Fourth Supplemental Indenture and the Fifth Supplemental Indenture, the "**Indenture**"), and reference is hereby made to the Indenture for a statement of the respective rights, limitations of rights, duties and immunities thereunder of the Company, the Trustee and the Holders of the Securities and of the terms upon which the Securities are, and are to be, authenticated and delivered. This Security is one of the series designated on the face hereof, initially limited in aggregate principal amount to €750,000,000. The Company may at any time issue additional Securities under the Indenture in unlimited amounts having the same terms as the Securities; provided that no additional Securities may be issued if an Event of Default has occurred and is continuing with respect to the Securities.

The Securities of this series may be redeemed at any time prior to the applicable Par Call Date, as a whole or in part, at the option of the Company, upon mailing notice of such redemption not less than 10 and not more than 60 days prior to the applicable Redemption Date to the Holders of such Securities, at a Redemption Price equal to the greater of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) 100% of the principal amount of the Securities being redeemed; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the sum, as determined by a Quotation Agent, of the present values of the Remaining Scheduled Payments of principal and interest on the Securities to be redeemed (excluding any portion of such payments of interest accrued as of the Redemption Date and assuming that such Securities matured on the applicable Par Call Date), discounted to the Redemption Date on an annual basis (ACTUAL/ACTUAL(ICMA)) at the Comparable Bond Rate, plus 15 basis points;

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plus, in each case, accrued and unpaid interest to, but not including, the Redemption Date.

In addition, at any time on and after the applicable Par Call Date, the Securities are redeemable at the Company's option, in whole or in part, at a Redemption Price equal to 100% of the principal amount of the Securities to be redeemed, plus accrued and unpaid interest, if any, to, but not including, the Redemption Date.

In the event of redemption of this Security in part only, a new Security or Securities of this series and of like tenor for the unredeemed portion hereof will be issued in the name of the Holder hereof upon the cancellation hereof.

If an Event of Default with respect to Securities of this series shall occur and be continuing, the principal of the Securities of this series may be declared due and payable in the manner and with the effect provided in the Indenture.

The Indenture permits, with certain exceptions as therein provided, the amendment thereof and the modification of the rights and obligations of the Company and the rights of the Holders of the Securities of each series to be affected under the Indenture at any time by the Company and the Trustee with the consent of the Holders of a majority in principal amount of the Securities at the time Outstanding of each series to be affected. The Indenture also contains provisions permitting the Holders of specified percentages in principal amount of the Securities of each series at the time Outstanding, on behalf of the Holders of all Securities of such series, to waive compliance by the Company with certain provisions of the Indenture and certain past defaults under the Indenture and their consequences. Any such consent or waiver by the Holder of this Security shall be conclusive and binding upon such Holder and upon all future Holders of this Security and of any Security issued upon the registration of transfer hereof or in exchange herefor or in lieu hereof, whether or not notation of such consent or waiver is made upon this Security.

As provided in and subject to the provisions of the Indenture, the Holder of this Security shall not have the right to institute any proceeding with respect to the Indenture or for the appointment of a receiver or trustee or for any other remedy thereunder, unless such Holder shall have previously given the Trustee written notice of a continuing Event of Default with respect to the Securities of this series, the Holders of not less than 25% in principal amount of the Securities of this series at the time Outstanding shall have made written request to the Trustee to institute proceedings in respect of such Event of Default as Trustee and offered the Trustee indemnity against the costs, expenses and liabilities to be incurred in compliance with such request, and the Trustee shall not have received from the Holders of a majority in principal amount of Securities of this series at the time Outstanding a direction inconsistent with such request, and shall have failed to institute any such proceeding, for 60 days after receipt of such notice, request and offer of indemnity. The foregoing shall not apply to any suit instituted by the Holder of this Security for the enforcement of any payment of principal hereof or any premium or interest hereon on or after the respective due dates expressed herein.

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As provided in the Indenture and subject to certain limitations therein set forth, the transfer of this Security is registrable in the Security Register, upon surrender of this Security for registration of transfer at the office or agency of the Company in any place where the principal of and any premium and interest on this Security are payable, duly endorsed by, or accompanied by a written instrument of transfer in form satisfactory to the Company and the Security Registrar duly executed by, the Holder hereof or the Holder's attorney duly authorized in writing, and thereupon one or more new Securities of this series and of like tenor, of authorized denominations and for the same aggregate principal amount, will be issued to the designated transferee or transferees.

The Securities of this series are issuable only in registered form without coupons in denominations of €100,000 or an integral multiple of €1,000 in excess thereof. As provided in the Indenture and subject to certain limitations therein set forth, Securities of this series are exchangeable for a like aggregate principal amount of Securities of this series and of like tenor of a different authorized denomination, as requested by the Holder surrendering the same.

No service charge shall be made to a Holder for any such registration of transfer or exchange, but the Company may require payment of a sum sufficient to cover any tax or other governmental charge payable in connection therewith.

Prior to due presentment of this Security for registration of transfer, the Company, the Trustee and any agent of the Company or the Trustee may treat the Person in whose name this Security is registered as the owner hereof for all purposes, whether or not this Security be overdue, and neither the Company, the Trustee nor any such agent shall be affected by notice to the contrary.

Reference is made to the Indenture. Such further provisions shall for all purposes have the same effect as though fully set forth herein.

All terms used in this Security which are defined in the Indenture shall have the meanings assigned to them in the Indenture.

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ASSIGNMENT FORM

To assign this Note, fill in the form below:

(I) or (we) assign and transfer this Note to:     <br> (Insert assignee's legal name)

(Insert assignee's soc. sec. or tax I.D. no.)

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

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

Date:<u> </u>

Your Signature:     <br> (Sign exactly as your name appears on the face of this Note)

Signature Guarantee\*:    

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

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**ANNEX B** 

**FORM OF NOTE** 

THIS SECURITY IS A GLOBAL SECURITY WITHIN THE MEANING OF THE INDENTURE HEREINAFTER REFERRED TO AND IS REGISTERED IN THE NAME OF A DEPOSITARY OR A NOMINEE THEREOF. THIS SECURITY MAY NOT BE EXCHANGED IN WHOLE OR IN PART FOR A SECURITY REGISTERED, AND NO TRANSFER OF THIS SECURITY IN WHOLE OR IN PART MAY BE REGISTERED, IN THE NAME OF ANY PERSON OTHER THAN SUCH DEPOSITARY OR A NOMINEE THEREOF, EXCEPT IN THE LIMITED CIRCUMSTANCES DESCRIBED IN THE INDENTURE.

UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF EUROCLEAR BANK SA/NV ("EUROCLEAR") AND CLEARSTREAM BANKING, S.A. ("CLEARSTREAM" AND, TOGETHER WITH EUROCLEAR, "EUROCLEAR/CLEARSTREAM"), TO THE COMPANY OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF USB NOMINEES (UK) LIMITED OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF EUROCLEAR/CLEARSTREAM (AND ANY PAYMENT IS MADE TO USB NOMINEES (UK) LIMITED OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF EUROCLEAR/CLEARSTREAM), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, U.S. BANK EUROPE DAC, HAS AN INTEREST HEREIN. TRANSFERS OF THIS GLOBAL SECURITY SHALL BE LIMITED TO TRANSFERS IN WHOLE, BUT NOT IN PART, TO NOMINEES OF USB NOMINEES (UK) LIMITED OR TO A SUCCESSOR THEREOF OR SUCH SUCCESSOR'S NOMINEE.

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**MEDTRONIC, INC.** 

**4.200% Senior Notes due 2045** 

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| | |
|:---|:---|
| No. A-2 | CUSIP NO. 585055 CA2 |
|  | ISIN NO. XS3185369454 |
|  | COMMON CODE: 318536945 |
|  | €750,000,000 |

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Medtronic, Inc., a corporation duly incorporated and subsisting under the laws of the State of Minnesota (herein called the "**Company**," which term includes any successor corporation under the Indenture hereinafter referred to), for value received, hereby promises to pay to USB Nominees (UK) Limited, or registered assigns, the principal sum of SEVEN HUNDRED FIFTY MILLION Euros on October 15, 2045 and to pay interest thereon from September 29, 2025 or from the most recent Interest Payment Date to which interest has been paid or duly provided for, annually in arrears on October 15 in each year, commencing October 15, 2025, at the rate of 4.200% per annum, until the principal hereof is paid or made available for payment. The Company shall pay interest on overdue principal, and on overdue installments of interest (without regard to any applicable grace periods) to the extent lawful, from time to time on demand at the rate borne by this Security.

The interest so payable, and punctually paid or duly provided for, on any Interest Payment Date will, as provided in such Indenture, be paid to the Person in whose name this Security is registered at the close of business on the Regular Record Date for such interest, which shall be the Business Day immediately preceding such Interest Payment Date. Any such interest not so punctually paid or duly provided for will forthwith cease to be payable to the Holder on such Regular Record Date and may either be paid to the Person in whose name this Security is registered at the close of business on a Special Record Date for the payment of such Defaulted Interest to be fixed by the Trustee, notice whereof shall be given to Holders of Securities of this series not less than 10 days prior to such Special Record Date, or be paid at any time in any other lawful manner not inconsistent with the requirements of any securities exchange on which the Securities of this series may be listed, and upon such notice as may be required by such exchange, all as more fully provided in said Indenture.

Payment of the principal of (and premium, if any) and any such interest on this Security will be made at the office or agency of the Paying Agent maintained for that purpose in London, Dublin or any financial center in a European Economic Area jurisdiction in Euro; provided, however, that at the option of the Company payment of interest may be made by check mailed to the address of the Person entitled thereto as such address shall appear in the Security Register. If the Euro is unavailable to the Company due to the imposition of exchange controls or other circumstances beyond its control or the Euro is no longer used by the then member states of the European Monetary Union that have adopted the Euro as their currency or for the settlement of transactions by public institutions of or within the international banking community, then all payments in respect of the 2045 Notes will be made in U.S. Dollars until the Euro is again available to the Company or so used. In such circumstances, the amount payable on

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any date in Euro will be converted by the Company into U.S. Dollars at the rate mandated by the U.S. Federal Reserve Board as of the close of business on the second Business Day prior to the relevant payment date or, in the event the U.S. Federal Reserve Board has not mandated a rate of conversion, on the basis of the most recent U.S. Dollar/Euro exchange rate published in The Wall Street Journal on or prior to the second Business Day prior to the relevant payment date or, in the event The Wall Street Journal has not published such exchange rate, the rate will be determined in the Company's sole discretion on the basis of the most recently available market exchange rate for the Euro. For the avoidance of doubt, any such payment in respect of the 2045 Notes so made in U.S. Dollars will not constitute an Event of Default. Neither the Trustee nor the Paying Agent shall have any responsibility for any calculation or conversion in connection with the foregoing.

Reference is hereby made to the further provisions of this Security set forth on the reverse hereof, which further provisions shall for all purposes have the same effect as if set forth at this place.

Unless the certificate of authentication hereon has been executed by the Trustee referred to on the reverse hereof by manual signature, this Security shall not be entitled to any benefit under the Indenture or be valid or obligatory for any purpose.

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IN WITNESS WHEREOF, the Company has caused this instrument to be duly executed under its corporate seal.

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| | |
|:---|:---|
| Dated: , 20 | Medtronic, Inc. |
|  | By: |
|  Attest: |  |

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**NOTATION OF GUARANTEE** 

For value received, the undersigned (the "**Guarantor**"), to the extent set forth in and subject to the terms of the Indenture dated as of December 10, 2014 (the "**Base Indenture**"), between Medtronic, Inc., a Minnesota corporation (the "**Company**"), and Computershare Trust Company, N.A., as successor to Wells Fargo Bank, National Association, as trustee (the "**Trustee**," which term includes any successor trustee under the Indenture (as defined below)), as supplemented by the Second Supplemental Indenture, dated as of January 26, 2015, between Medtronic plc, a public limited company incorporated under the laws of Ireland (the "**Medtronic plc**"), and the Trustee (the "**Second Supplemental Indenture**"), the Third Supplemental Indenture, dated as of January 26, 2015, between Medtronic Global Holdings S.C.A., a Luxembourg corporate partnership limited by shares (*société en commandite par actions*) ("**Medtronic Luxco**" and together with Parent, the "**Guarantors**"), and the Trustee (the "**Third Supplemental Indenture**"), the Fourth Supplemental Indenture, dated as of February 22, 2023, between the Company and the Trustee (the "**Fourth Supplemental Indenture**"), the Fifth Supplemental Indenture, dated as of June 3, 2024, among the Company, Medtronic plc, Medtronic Luxco, the Trustee and U.S. Bank Europe DAC, UK Branch (formerly known as Elavon Financial Services DAC, UK Branch) ("**U.S. Bank UK DAC**"), as paying agent (the "**Fifth Supplemental Indenture**"), and the Sixth Supplemental Indenture, dated as of September 29, 2025, among the Company, Medtronic plc, Medtronic Luxco, the Trustee and U.S. Bank UK DAC, as paying agent (the "**Sixth Supplemental Indenture**" and, together with the Base Indenture, the Second Supplemental Indenture, the Third Supplemental Indenture, the Fourth Supplemental Indenture and the Fifth Supplemental Indenture, the "**Indenture**"), hereby fully and unconditionally guarantees, on a joint and several basis, to each Holder and to the Trustee and its successors and assigns, that the principal of and premium, if any, and interest on the 2045 Notes shall be promptly paid in full when due, whether at Stated Maturity, by acceleration, redemption or otherwise, and interest on the overdue principal of and interest on the 2045 Notes, if any, if lawful, and all other obligations of the Company to the Holders or the Trustee hereunder or thereunder shall be promptly paid in full or performed.

The obligations of each Guarantor to the Holders and to the Trustee pursuant to this Notation of Guarantee and the Indenture are expressly set forth in Article 14 of the Indenture, and reference is hereby made to the Indenture for the precise terms and limitations of this Notation of Guarantee. Each Holder of the 2045 Notes to which this Notation of Guarantee is endorsed, by accepting such 2045 Notes, agrees to and shall be bound by such provisions.

All terms used in this Notation of Guarantee which are defined in the Indenture shall have the meanings assigned to them in the Indenture.

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IN WITNESS WHEREOF, each Guarantor has caused this Notation of Guarantee to be signed by a duly authorized officer.

Dated: , 20

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| |
|:---|
| MEDTRONIC PUBLIC LIMITED COMPANY |
| By |
| MEDTRONIC GLOBAL HOLDINGS<br> S.C.A., a Luxembourg corporate partnership<br> limited by shares (*société en commandite par*<br> *actions*) represented by Medtronic GP S.à r.l. its<br> General Partner, in turn acting by |
| By |

---

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This is one of the Securities of the series designated therein referred to in the within-mentioned Indenture.

Dated: , 20

---

| | |
|:---|:---|
| COMPUTERSHARE TRUST COMPANY, N.A., as Trustee | COMPUTERSHARE TRUST COMPANY, N.A., as Trustee |
| By: |  |
|  | Authorized Signature |

---

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[Reverse of Note]

**MEDTRONIC, INC.** 

**4.200% Senior Notes Due 2045** 

This Security is one of a duly authorized issue of securities of the Company (herein called the "**Securities**"), issued and to be issued in one or more series under an Indenture dated as of December 10, 2014 (the "**Base Indenture**"), between Medtronic, Inc., a Minnesota corporation (the "**Company**"), and Computershare Trust Company, N.A., as successor to Wells Fargo Bank, National Association, as trustee (the "**Trustee**," which term includes any successor trustee under the Indenture (as defined below)), as supplemented by the Second Supplemental Indenture, dated as of January 26, 2015, between Medtronic plc, a public limited company incorporated under the laws of Ireland (the "**Medtronic plc**"), and the Trustee (the "**Second Supplemental Indenture**"), the Third Supplemental Indenture, dated as of January 26, 2015, between Medtronic Global Holdings S.C.A., a Luxembourg corporate partnership limited by shares (*société en commandite par actions*) ("**Medtronic Luxco**" and together with Parent, the "**Guarantors**"), and the Trustee (the "**Third Supplemental Indenture**"), the Fourth Supplemental Indenture, dated as of February 22, 2023, between the Company and the Trustee (the "**Fourth Supplemental Indenture**"), the Fifth Supplemental Indenture, dated as of June 3, 2024, among the Company, Medtronic plc, Medtronic Luxco, the Trustee and U.S. Bank Europe DAC, UK Branch (formerly known as Elavon Financial Services DAC, UK Branch) ("**U.S. Bank UK DAC**"), as paying agent (the "**Fifth Supplemental Indenture**"), and the Sixth Supplemental Indenture, dated as of September 29, 2025, among the Company, Medtronic plc, Medtronic Luxco, the Trustee and U.S. Bank UK DAC, as paying agent (the "**Sixth Supplemental Indenture**" and, together with the Base Indenture, the Second Supplemental Indenture, the Third Supplemental Indenture, the Fourth Supplemental Indenture and the Fifth Supplemental Indenture, the "**Indenture**"), and reference is hereby made to the Indenture for a statement of the respective rights, limitations of rights, duties and immunities thereunder of the Company, the Trustee and the Holders of the Securities and of the terms upon which the Securities are, and are to be, authenticated and delivered. This Security is one of the series designated on the face hereof, initially limited in aggregate principal amount to €750,000,000. The Company may at any time issue additional Securities under the Indenture in unlimited amounts having the same terms as the Securities; provided that no additional Securities may be issued if an Event of Default has occurred and is continuing with respect to the Securities.

The Securities of this series may be redeemed at any time prior to the applicable Par Call Date, as a whole or in part, at the option of the Company, upon mailing notice of such redemption not less than 10 and not more than 60 days prior to the applicable Redemption Date to the Holders of such Securities, at a Redemption Price equal to the greater of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) 100% of the principal amount of the Securities being redeemed; and

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the sum, as determined by a Quotation Agent, of the present values of the Remaining Scheduled Payments of principal and interest on the Securities to be redeemed (excluding any portion of such payments of interest accrued as of the Redemption Date and assuming that such Securities matured on the applicable Par Call Date), discounted to the Redemption Date on an annual basis (ACTUAL/ACTUAL(ICMA)) at the Comparable Bond Rate, plus 20 basis points;

plus, in each case, accrued and unpaid interest to, but not including, the Redemption Date.

In addition, at any time on and after the applicable Par Call Date, the Securities are redeemable at the Company's option, in whole or in part, at a Redemption Price equal to 100% of the principal amount of the Securities to be redeemed, plus accrued and unpaid interest, if any, to, but not including, the Redemption Date.

In the event of redemption of this Security in part only, a new Security or Securities of this series and of like tenor for the unredeemed portion hereof will be issued in the name of the Holder hereof upon the cancellation hereof.

If an Event of Default with respect to Securities of this series shall occur and be continuing, the principal of the Securities of this series may be declared due and payable in the manner and with the effect provided in the Indenture.

The Indenture permits, with certain exceptions as therein provided, the amendment thereof and the modification of the rights and obligations of the Company and the rights of the Holders of the Securities of each series to be affected under the Indenture at any time by the Company and the Trustee with the consent of the Holders of a majority in principal amount of the Securities at the time Outstanding of each series to be affected. The Indenture also contains provisions permitting the Holders of specified percentages in principal amount of the Securities of each series at the time Outstanding, on behalf of the Holders of all Securities of such series, to waive compliance by the Company with certain provisions of the Indenture and certain past defaults under the Indenture and their consequences. Any such consent or waiver by the Holder of this Security shall be conclusive and binding upon such Holder and upon all future Holders of this Security and of any Security issued upon the registration of transfer hereof or in exchange herefor or in lieu hereof, whether or not notation of such consent or waiver is made upon this Security.

As provided in and subject to the provisions of the Indenture, the Holder of this Security shall not have the right to institute any proceeding with respect to the Indenture or for the appointment of a receiver or trustee or for any other remedy thereunder, unless such Holder shall have previously given the Trustee written notice of a continuing Event of Default with respect to the Securities of this series, the Holders of not less than 25% in principal amount of the Securities of this series at the time Outstanding shall have made written request to the Trustee to institute proceedings in respect of such Event of Default as Trustee and offered the Trustee indemnity against the costs, expenses and liabilities to be incurred in compliance with such request, and the Trustee shall not have received from the Holders of a majority in principal amount of Securities of this series at the time

------

Outstanding a direction inconsistent with such request, and shall have failed to institute any such proceeding, for 60 days after receipt of such notice, request and offer of indemnity. The foregoing shall not apply to any suit instituted by the Holder of this Security for the enforcement of any payment of principal hereof or any premium or interest hereon on or after the respective due dates expressed herein.

As provided in the Indenture and subject to certain limitations therein set forth, the transfer of this Security is registrable in the Security Register, upon surrender of this Security for registration of transfer at the office or agency of the Company in any place where the principal of and any premium and interest on this Security are payable, duly endorsed by, or accompanied by a written instrument of transfer in form satisfactory to the Company and the Security Registrar duly executed by, the Holder hereof or the Holder's attorney duly authorized in writing, and thereupon one or more new Securities of this series and of like tenor, of authorized denominations and for the same aggregate principal amount, will be issued to the designated transferee or transferees.

The Securities of this series are issuable only in registered form without coupons in denominations of €100,000 or an integral multiple of €1,000 in excess thereof. As provided in the Indenture and subject to certain limitations therein set forth, Securities of this series are exchangeable for a like aggregate principal amount of Securities of this series and of like tenor of a different authorized denomination, as requested by the Holder surrendering the same.

No service charge shall be made to a Holder for any such registration of transfer or exchange, but the Company may require payment of a sum sufficient to cover any tax or other governmental charge payable in connection therewith.

Prior to due presentment of this Security for registration of transfer, the Company, the Trustee and any agent of the Company or the Trustee may treat the Person in whose name this Security is registered as the owner hereof for all purposes, whether or not this Security be overdue, and neither the Company, the Trustee nor any such agent shall be affected by notice to the contrary.

Reference is made to the Indenture. Such further provisions shall for all purposes have the same effect as though fully set forth herein.

All terms used in this Security which are defined in the Indenture shall have the meanings assigned to them in the Indenture.

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ASSIGNMENT FORM

To assign this Note, fill in the form below:

(I) or (we) assign and transfer this Note to:     <br> (Insert assignee's legal name)

(Insert assignee's soc. sec. or tax I.D. no.)

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

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

Date:<u> </u>

Your Signature:     <br> (Sign exactly as your name appears on the face of this Note)

Signature Guarantee\*:    

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

## Exhibit 5.1

**Exhibit 5.1**![LOGO](g73148g0923123128126.jpg)

September 29, 2025 +1 212 230 8800 (t) +1 212 230 8888 (f)

Medtronic, Inc.

710 Medtronic Parkway

Minneapolis, MN 55432

<u>Medtronic, Inc. Senior Notes</u> 

Ladies and Gentlemen:

We have acted as special U.S. counsel for Medtronic, Inc., a Minnesota corporation (the "Company"), and the Guarantors (as defined below) in connection with the offer and sale by the Company of €750,000,000 in aggregate principal amount of its 2.950% Senior Notes due 2030 (the "2030 Notes"), and €750,000,000 in aggregate principal amount of its 4.200% Senior Notes due 2045 (the "2045 Notes" and together with the 2030 Notes, the "Notes"), pursuant to an underwriting agreement dated September 15, 2025, among the Company, the Guarantors (as defined below) and Deutsche Bank AG, London Branch and Goldman Sachs & Co. LLC, as representatives of the several underwriters (the "Underwriting Agreement"). The Notes will be fully and unconditionally guaranteed on an unsecured unsubordinated basis (the "Guarantees") by Medtronic Global Securities S.C.A., an entity organized under the laws of Luxembourg ("Medtronic Luxco"), and Medtronic Public Limited Company, a company organized under the laws of Ireland ("Medtronic plc," and together with Medtronic Luxco, the "Guarantors"). The Notes will be issued pursuant to an Indenture dated as of December 10, 2014 (the "Base Indenture"), between the Company and Computershare Trust Company, N.A., as successor to Wells Fargo Bank, National Association, as trustee (the "Trustee"), as supplemented by the Second Supplemental Indenture, dated as of January 26, 2015, between Medtronic plc and the Trustee (the "Second Supplemental Indenture"), the Third Supplemental Indenture, dated as of January 26, 2015, between Medtronic Luxco and the Trustee (the "Third Supplemental Indenture"), the Fourth Supplemental Indenture, dated as of February 22, 2023, between the Company and the Trustee (the "Fourth Supplemental Indenture"), the Fifth Supplemental Indenture dated as of June 3, 2024, among the Company, Medtronic plc, Medtronic Luxco, the Trustee and U.S. Bank Europe DAC, UK Branch (formerly known as Elavon Financial Services DAC, UK Branch) ("U.S. Bank UK DAC"), as the paying agent (the "Fifth Supplemental Indenture"), and the Sixth Supplemental Indenture dated as of September 29, 2025, among the Company, Medtronic plc, Medtronic Luxco, the Trustee and U.S. Bank UK DAC, as the paying agent (together with the Base Indenture, the Second Supplemental Indenture, the Third Supplemental Indenture, the Fourth Supplemental Indenture and the Fifth Supplemental Indenture, the "Indenture").

The Company and the Guarantors filed with the Securities and Exchange Commission (the "Commission") a registration statement on Form S-3 (File No. 333-270272) under the Securities Act of 1933, as amended (the "Securities Act"), on March 3, 2023 (the "Registration Statement"), including the prospectus dated March 3, 2023 (the "Base Prospectus"), as supplemented by a preliminary prospectus supplement dated September 15, 2025 (the "Preliminary Prospectus Supplement") relating to the Notes, and a final prospectus supplement dated September 15, 2025 (the "Prospectus Supplement") relating to the Notes.

We have examined and relied upon signed copies of the Registration Statement, the Base Prospectus, the Preliminary Prospectus Supplement, the Prospectus Supplement, the Underwriting Agreement, the Indenture, the Notes and the Guarantees (the "Transaction Documents"). For purposes of this opinion, we have also examined and relied without investigation upon the accuracy of (i) the opinion letter of A&L Goodbody, Irish counsel for Medtronic plc, dated the date hereof and filed as Exhibit 5.2 to Medtronic plc's Current Report on Form 8-K to be filed on the date hereof (the "Form 8-K"); (ii) the opinion letter of CM Law, special Luxembourg counsel for the Company dated the date hereof and filed as Exhibit 5.3 to the Form 8-K; and (iii) the opinion letter of Nicholas G. Benjamin, Assistant Secretary of Medtronic, Inc., dated the date hereof and filed as Exhibit 5.4 to the Form 8-K. We have relied as to certain matters on information obtained from public officials and officers of the Company, Medtronic plc and Medtronic Luxco.

![LOGO](g73148g0923130613352.jpg)

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![LOGO](g73148g0923123128126.jpg)

Medtronic, Inc.

September 29, 2025

In our examination of the documents referred to above, we have assumed the genuineness of all signatures, the legal capacity of all individual signatories, the authenticity of all documents submitted to us as originals, the conformity to original documents of all documents submitted to us as copies, and the authenticity of such original documents. Insofar as the opinions relate to factual matters, we have assumed, without independent investigation, that representations of officers and directors of the Company and the Guarantors and documents furnished to us by the Company and Guarantors are true and correct.

In rendering the opinions set forth below, we have assumed that (i) the Trustee has the power, corporate or other, to enter into and perform its obligations under the Indenture; (ii) the Indenture, the Notes and the Guarantees have been duly authorized, executed and delivered by all parties thereto (including, without limitation, the Company and the Guarantors); and (iii) the Indenture is a valid and binding obligation of the Trustee. We have also assumed that the Board of Directors (or comparable body) of the Company and the Board of Directors (or comparable body) of each Guarantor (or any person acting pursuant to authority properly delegated to such person by the Board of Directors (or comparable body) of the Company or the Board of Directors (or comparable body) of each Guarantor) have not taken any action to rescind or otherwise reduce their prior authorization of the issuance of the Notes.

Our opinions below are qualified to the extent that they may be subject to or affected by (i) applicable bankruptcy, insolvency, reorganization, moratorium, usury, fraudulent conveyance or similar laws relating to or affecting the rights or remedies of creditors generally; (ii) statutory or decisional law concerning recourse by creditors to security in the absence of notice or hearing, (iii) duties and standards imposed on creditors and parties to contracts, including, without limitation, requirements of materiality, good faith, reasonableness and fair dealing; and (iv) general equitable principles. Furthermore, we express no opinion as to the availability of any equitable or specific remedy upon any breach of the Indenture, the Notes, or the Guarantees, or to the successful assertion of any equitable defenses, inasmuch as the availability of such remedies or the success of any equitable defenses may be subject to the discretion of a court. We express no opinion herein as to the laws of any jurisdiction other than the state laws of the State of New York. We have not acted as counsel for the Company with respect to matters of Minnesota law, Irish law, Luxembourg law or other applicable law.

For purposes of our opinions rendered below, and without limiting any other comments and qualifications set forth herein, insofar as they relate to the enforceability against any Guarantor, we have assumed that such Guarantor has received reasonably equivalent value and fair consideration in exchange for its obligations or undertakings in connection with the transactions contemplated by the Transaction Documents, and that prior to and after consummation of the transactions contemplated by the Transaction Documents, such Guarantor is not insolvent, rendered insolvent, left with unreasonably small capital or intends to or believes it will incur debts beyond its ability to pay as they mature within the meaning of 11 U.S.C. § 548 and the New York Debtor and Creditor Law statute §§ 270 et seq.

On the basis of, and subject to, the foregoing, we are of the opinion that (i) when the Notes have been duly executed by the Company and duly authenticated by the Trustee in accordance with the terms of the Indenture, and delivered to the purchasers thereof against payment of the consideration therefor in accordance with the terms of the Underwriting Agreement, the Notes will constitute valid and binding obligations of the Company, enforceable against the Company in accordance with their terms; and (ii) when the Guarantees have been duly executed by each Guarantor in accordance with the terms of the Indenture and the Notes, the Guarantees will constitute valid and binding obligations of each Guarantor, enforceable against each Guarantor in accordance with their terms.

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![LOGO](g73148g0923123128126.jpg)

Medtronic, Inc.

September 29, 2025

Please note that we are opining only as to the matters expressly set forth herein, and no opinion should be inferred as to any other matters. This opinion is based upon currently existing statutes, rules, regulations and judicial decisions and is rendered as of the date hereof, and we disclaim any obligation to advise you of any change in any of the foregoing sources of law or subsequent developments in law or changes in facts or circumstances that might affect any matters or opinions set forth herein.

We hereby consent to the filing of this opinion with the Commission as an exhibit to the Current Report on Form 8-K to be filed by Medtronic plc in connection with the issuance and sale of the Notes in accordance with the requirements of Item 601(b)(5) of Regulation S-K under the Securities Act and to the use of our name therein and in the Prospectus Supplement under the caption "Legal Matters." In giving such consent, we do not hereby admit that we are in the category of persons whose consent is required under Section 7 of the Securities Act or the rules and regulations of the Commission.

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| |
|:---|
| Very truly yours, |
| /s/ WILMER CUTLER PICKERING HALE AND DORR LLP |
| WILMER CUTLER PICKERING |
| HALE AND DORR LLP |

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## Exhibit 5.2

**Exhibit 5.2** 

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| | | |
|:---|:---|:---|
| ![LOGO](g73148g0923123209111.jpg) | **A&L Goodbody LLP**<br> 25 North Wall Quay<br> North Wall Quay, Dublin 1<br> D01 H104<br> T: +353 1 649 2000<br> DX: 29 Dublin \| www.algoodbody.com | Dublin<br> Belfast<br> London<br> New York<br> San Francisco |

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Date 29 September 2025

Our ref 01450107

Your ref

**Medtronic plc** 

**Building Two** 

**Parkmore Business Park West** 

**Galway** 

**Ireland** 

Dear Addressee

We have acted as Irish solicitors to Medtronic plc (formerly known as Medtronic Limited) (CRO number 545333) (the **Company**) in connection with the offer and sale by Medtronic, Inc. (the **Issuer**) of €750,000,000 aggregate principal amount of 2.950% Senior Notes due 2030 (the **2030 Notes**) and of €750,000,000 aggregate principal amount of 4.200% Senior Notes due 2045 (the **2045 Notes**) (the 2030 Notes together with the 2045 Notes are the **Notes**) pursuant to an underwriting agreement dated as of 15 September 2025 (the **Underwriting Agreement**) among the Issuer, the Company, Medtronic Global Holdings S.C.A., a corporate partnership limited by shares (société en commandite par actions), incorporated and existing under the laws of the Grand Duchy of Luxembourg (**Medtronic Global**), Deutsche Bank AG, London Branch and Goldman Sachs & Co. LLC as representatives of the several underwriters named in the Underwriting Agreement. The Notes will be issued pursuant to the indenture dated as of 10 December 2014 (the **Base Indenture**), between the Issuer and Computershare Trust Company, N.A. (as successor to Wells Fargo Bank, National Association), as trustee (the **Trustee**), as supplemented by the second supplemental indenture, dated as of 26 January 2015, between the Company and the Trustee (the **Second Supplemental Indenture**), as supplemented by the third supplemental indenture, dated as of 26 January 2015, between Medtronic Global and the Trustee (the **Third Supplemental Indenture**), as supplemented by the fourth supplemental indenture, dated as of 22 February 2023, between the Issuer and the Trustee (the **Fourth Supplemental Indenture**), as supplemented by the fifth supplemental indenture, dated as of 3 June 2024, among the Issuer, the Company, Medtronic Global, the Trustee and U.S. Bank Europe DAC, UK Branch (formerly known as Elavon Financial Services DAC, UK Branch), as the paying agent (the **Paying Agent**) (the **Fifth Supplemental Indenture**) and as supplemented by the sixth supplemental indenture, dated as of 29 September 2025, among the Issuer, the Company, Medtronic Global, the Trustee and the Paying Agent (the **Sixth Supplemental Indenture** and, together with the Base Indenture, the Second Supplemental Indenture, the Third Supplemental Indenture, the Fourth Supplemental Indenture and the Fifth Supplemental Indenture, the **Indentures**). The Company will fully and unconditionally guarantee the Notes pursuant to the terms of the Indentures (the **Guarantee**) and separately, Medtronic Global will also fully and unconditionally guarantee the Notes.

The offer and sale of the Notes is being made pursuant to the registration statement on Form S-3 (the **Registration Statement**), filed with the Securities and Exchange Commission (the **SEC**) on 3 March 2023 (File No. 333-270272- 01) by the Company, the Issuer and Medtronic Global, which Registration Statement includes a prospectus dated 3 March 2023 (the **Base Prospectus**), as supplemented by the preliminary prospectus dated as of 15 September 2025 (the **Preliminary Prospectus Supplement**) and the prospectus supplement dated as of 15 September 2025 relating to the issuance by the Issuer of the Notes (the **Prospectus Supplement**).

1 We have examined PDF executed copies of:

1.1 each of the Transaction Documents set out in Schedule 1 hereto; and

CE Gill • JG Grennan • PD White • VJ Power • SM Doggett • M Sherlock • C Rogers • G O'Toole • JN Kelly • N O'Sullivan • MJ Ward • D Widger • C Christle • S Ó Cróinin • DR Baxter A McCarthy • JF Whelan • JB Somerville • MF Barr • AM Curran • A Roberts • RM Moore • D Main • J Cahir • M Traynor • PM Murray • P Walker • K Furlong • PT Fahy D Inverarity • M Coghlan • DR Francis • A Casey • B Hosty • M O'Brien • L Mulleady • K Ryan • E Hurley • D Dagostino • R Grey • R Lyons • J Sheehy • C Carroll • SE Carson • P Diggin J Williams • A O'Beirne • J Dallas • SM Lynch • M McElhinney • C Owens • AD Ion • K O'Connor • JH Milne • T Casey • M Doyle • CJ Comerford • R Marron • K O'Shaughnessy • S O'Connor SE Murphy • D Nangle • C Ó Conluain • N McMahon • HP Brandt • A Sheridan • N Cole • M Devane • D Fitzgerald • G McDonald • N Meehan • R O'Driscoll • B O'Malley • C Bollard M Daly • D Geraghty • LC Kennedy • E Mulhern • MJ Ellis • D Griffin • D McElroy • C Culleton • B Nic Suibhne • S Quinlivan • J Rattigan • K Mulhern • A Muldowney • L Dunne A Burke • C Bergin • P Fogarty • CM Carroll • E Keane • D Daly Byrne • S Kearney • SE King • J Greene • C Cashin

Consultants: Professor JCW Wylie • MA Greene • AV Fanagan • PM Law • SW Haughey • PV Maher

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![LOGO](g73148g0923123209111.jpg)

1.2 corporate certificate (the **Corporate Certificate**) of the Company dated the date hereof attaching:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.2.1 true, complete and up to date copies of the certificate of incorporation, the certificate on change of name and
memorandum and articles of association of the Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.2.2 a copy of the extract of minutes of a meeting of the board of directors of the Company dated 14 August
2025;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.2.3 a copy of the extract of minutes of a meeting of the board of directors of the Company dated 8 December
2022;

and such other documents as we have considered necessary or desirable to examine in order that we may give this opinion.

Terms defined in the Transaction Documents have the same meaning in this opinion letter.

2 For the purpose of giving this opinion we have assumed:

2.1 the authenticity of all documents submitted to us as originals and the completeness and conformity to the
originals of all copies of documents of any kind furnished to us;

2.2 that the copies produced to us of minutes of meetings and/or of resolutions are true copies and correctly
record the proceedings of such meetings and/or the subject-matter which they purport to record and that any meetings referred to in such copies were duly convened and held and that all resolutions set out in such minutes were duly passed and are in
full force and effect and have not been revoked, rescinded or varied;

2.3 the genuineness of all the signatures (electronic or otherwise), stamps and seals on all original and copy
documents which we have examined, and that any signatures (electronic or otherwise) are the signatures of the persons who they purport to be, that each witness to a signature (electronic or otherwise) actually physically witnessed that signature,
and that each original was executed in the manner appearing on the copy;

2.4 that the memorandum and articles of association of the Company attached to the Corporate Certificate are
correct and up to date and they have not been amended or varied since the date of the Base Indenture;

2.5 the accuracy and completeness as to factual matters of the representations and warranties of the Company
contained in the Transaction Documents and the accuracy of all certificates, including the Corporate Certificate, provided to us by the Company;

2.6 that there are no agreements or arrangements in existence which in any way amend or vary the terms of the
Guarantee and Transaction as disclosed by the Transaction Documents;

2.7 without having made any investigation, that the terms of the Transaction Documents are lawful and fully
enforceable under the laws of the State of New York and any other applicable laws other than the laws of Ireland;

2.8 the accuracy and completeness of all information appearing on public records, including information available
on the Companies Registrations Office (**CRO**) website;

2.9 that the Company has entered into the Transaction and Transaction Documents in good faith, for its legitimate
business purposes, for good consideration, and that it derives commercial benefit from the Transaction and Transaction Documents commensurate with the risks undertaken by it in the Transaction and Transaction Documents;

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![LOGO](g73148g0923123209111.jpg)

2.10 that the Notes issued in connection with the Guarantee and Transaction will not be sold or offered for sale to
any persons resident in Ireland;

2.11 that the Company will not, by the entry into the Transaction Documents and the performance of the transactions
contemplated thereby, be giving financial assistance for the purposes of Section 82 of the Companies Act 2014 of Ireland;

2.12 the Base Indenture, the Second Supplemental Indenture, the Third Supplemental Indenture, the Fourth
Supplemental Indenture and the Fifth Supplemental Indenture remain in full force and effect and have not been revoked, rescinded or terminated or amended or varied save as pursuant to the Transaction Documents.

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| | |
|:---|:---|
| 3 | We express no opinion as to any matters falling to be determined other than under the laws of Ireland and, without reference to provisions of other laws imported by Irish private international law, in Ireland as of the date of this letter. Subject to that qualification and to the other qualifications set out herein, we are of the opinion that:  |

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3.1 the Company is a company duly incorporated as a public limited liability company under the laws of Ireland and
is a separate legal entity, subject to suit in its own name. Based only on searches carried out in the CRO and the Central Office of the High Court on 26 September 2025, the Company is validly existing under the laws of Ireland and no steps
have been taken or are being taken to appoint a receiver, examiner or liquidator over it or its assets or to wind it up;

3.2 the Company has the necessary power and authority, and all necessary corporate and other action required by it
have been taken, to enable it to execute, deliver and perform the obligations undertaken by it under the Guarantee and the other Transaction Documents to which it is party, and the implementation by it of the foregoing will not cause:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.2.1 any limit on it or on its directors (whether imposed by the documents constituting it or by statute or
regulation) to be exceeded;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.2.2 any violation of the memorandum and articles of association of the Company; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.2.3 any law or order to be contravened;

3.3 the Guarantee and the other Transaction Documents to which the Company is a party have been duly executed on
its behalf;

3.4 no authorisations, approvals, licences, exemptions or consents of governmental or regulatory authorities with
respect to the Guarantee and the other Transaction Documents are required to be obtained in Ireland;

3.5 it is not necessary or advisable under the laws of Ireland in order to ensure the validity, enforceability or
priority of the obligations or rights of any party to the Transaction Documents that any of the Transaction Documents be filed, registered, recorded, or notarised in any public office or elsewhere or that any other instrument relating thereto be
signed, delivered, filed, registered or recorded;

3.6 the Company is not entitled to claim any immunity from suit, execution, attachment or other legal process in
Ireland;

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![LOGO](g73148g0923123209111.jpg)

3.7 in any proceedings taken in Ireland for the enforcement of the Transaction Documents, the choice of the laws of
the State of New York as the governing law of the Transaction Documents would be upheld by the Irish courts in accordance with the provisions of the Rome I Regulation EC No. 593/2008 on the Law Applicable to Contractual Obligations;

3.8 the submission on the part of the Company under the Transaction Documents to the jurisdiction of the courts of
the State of New York is valid and binding on the Company and will be upheld by the Irish courts;

3.9 in any proceedings taken in Ireland for the enforcement of a judgment obtained against the Company in the
courts of the State of New York (a **Foreign Judgment**) the Foreign Judgment should be recognised and enforced by the courts of Ireland save that to enforce such a Foreign Judgment in Ireland it would be necessary to obtain an order of the Irish
courts. Such order should be granted on proper proof of the Foreign Judgment without any re-trial or examination of the merits of the case subject to the following qualifications:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.9.1 that the foreign court had jurisdiction, according to the laws of Ireland;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.9.2 that the Foreign Judgment was not obtained by fraud;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.9.3 that the Foreign Judgment is not contrary to public policy or natural justice as understood in Irish law;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.9.4 that the Foreign Judgment is final and conclusive;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.9.5 that the Foreign Judgment is for a definite sum of money;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.9.6 that the procedural rules of the court giving the Foreign Judgment have been observed; and

any such order of the Irish courts may be expressed in a currency other than euro in respect of the amount due and payable by the Company but such order may be issued out of the Central Office of the Irish High Court expressed in euro by reference to the official rate of exchange prevailing on the date of issue of such order. However, in the event of a winding up of the Company, amounts claimed by or against the Company in a currency other than the euro (the **Foreign Currency**) would, to the extent properly payable in the winding up, be paid if not in the Foreign Currency in the euro equivalent of the amount due in the Foreign Currency converted at the rate of exchange pertaining on the date of the commencement of such winding up;

4 The opinions set forth in this opinion letter are given subject to the following qualifications:

4.1 an order of specific performance or any other equitable remedy is a discretionary remedy and is not available
when damages are considered to be an adequate remedy;

4.2 this opinion is given subject to general provisions of Irish law relating to insolvency, bankruptcy,
liquidation, reorganisation, receivership, moratoria, court scheme of arrangement, administration and examination, and the unfair preference of creditors and other Irish law generally affecting the rights of creditors;

4.3 this opinion is subject to the general laws relating to the limitation of actions in Ireland;

4.4 a determination, description, calculation, opinion or certificate of any person as to any matter provided for
in the Transaction Documents might be held by the Irish courts not to be final, conclusive or binding if it could be shown to have an unreasonable, incorrect, or arbitrary basis or not to have been made in good faith;

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![LOGO](g73148g0923123209111.jpg)

4.5 additional interest imposed by any clause of any Transaction Documents might be held to constitute a penalty
and the provisions of that clause imposing additional interest would thus be held to be void. The fact that such provisions are held to be void would not in itself prejudice the legality and enforceability of any other provisions of the relevant
Transaction Documents but could restrict the amount recoverable by way of interest under such Transaction Documents;

4.6 claims may be or become subject to defences of set-off or
counter-claim;

4.7 an Irish court has power to stay an action where it is shown that there is some other forum having competent
jurisdiction which is more appropriate for the trial of the action, in which the case can be tried more suitably for the interests of all the parties and the ends of justice, and where staying the action is not inconsistent with the provisions of
Regulation (EU) No. 1215/2012 (recast) on jurisdiction and the recognition and the enforcement of judgments in civil and commercial matters;

4.8 the enforceability of severance clauses is at the discretion of the court and may not be enforceable in all
circumstances;

4.9 a waiver of all defences to any proceedings may not be enforceable;

4.10 provisions in any of the Transaction Documents providing for indemnification resulting from loss suffered on
conversion of the amount of a claim made in a foreign currency into euro in a liquidation may not be enforceable;

4.11 an Irish court may refuse to give effect to undertakings contained in any of the Transaction Documents that the
Company will pay legal expenses and costs in respect of any action before the Irish courts;

4.12 this opinion is subject to the effects of any United Nations, European Union or Irish financial restrictions,
sanctions or other similar measures implemented or effective in Ireland;

4.13 we express no opinion on any taxation matters or on the contractual terms of the relevant documents other than
by reference to the legal character thereof.

This opinion letter is given on the basis that it will be construed in accordance with, and governed in all respects by, the laws of Ireland which shall apply between us and all persons interested. We hereby consent to the filing of this opinion with the SEC as an exhibit to the Issuer's Current Report on Form 8-K to be filed on the date hereof, which Form 8-K will be incorporated by reference into the Registration Statement and to the reference to our firm contained under the heading "Legal Matters" in the Base Prospectus, Preliminary Prospectus Supplement and Prospectus Supplement included therein. In giving such consent, we do not hereby admit that we are in the category of persons whose consent is required under Section 7 of the Securities Act of 1933 as amended, or the rules and regulations of the SEC.

This opinion letter speaks only as of the date hereof and we disclaim any obligation to advise you or any other person of changes of law or fact that occur after the date hereof.

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| |
|:---|
|  Yours faithfully |
|  /s/ A&L Goodbody LLP |
|  A&L Goodbody LLP |

---

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![LOGO](g73148g0923123209111.jpg)

**SCHEDULE 1** 

**The Transaction Documents** 

1 The Underwriting Agreement;

2 The notations of guarantee dated as of 29 September 2025 by the Company attached to the Notes; and

3 The Indentures.

## Exhibit 5.3

**Exhibit 5.3**![LOGO](g73148g92x12.jpg)

**To:**<br>**Medtronic Global Holdings S.C.A.**<br> **40, avenue Monterey, L-2163 Luxembourg**<br>(the "**Addressee**")<br>By e-mail<br>Luxembourg, 29 September 2025<br>

**Re.: Medtronic Global Holdings S.C.A. acting through its managing general partner Medtronic GP S.à r.l.** 

Dear Sirs,

**I.** **Introduction** 

We have been appointed as legal counsel in the Grand Duchy of Luxembourg ("**Luxembourg**") in order to provide you with this legal opinion with respect to the execution of the Transaction Documents (as defined in Schedule 1) under the laws of Luxembourg by **Medtronic Global Holdings S.C.A.**, a corporate partnership limited by shares ("*société en commandite par actions*"), having its registered office located at 40, avenue Monterey, L-2163 Luxembourg and registered with the Luxembourg Trade and Companies' Register ("*Registre de Commerce et des Sociétés, Luxembourg*") under number R.C.S. Luxembourg B 191.129 (the "**Company**"), acting through its managing general partner Medtronic GP S.à r.l., a private limited liability company ("*société à responsabilité limitée*"), having its registered office located at 40, avenue Monterey, L-2163 Luxembourg and registered with the Luxembourg Trade and Companies' Register ("*Registre de Commerce et des Sociétés, Luxembourg*") under number R.C.S. Luxembourg B 294.668 (the "**General Partner**"), in connection with the Underwriting Agreement.

This legal opinion is issued by CM Law, a private limited liability company ("*société à responsabilité limitée*") incorporated and existing under the laws of Luxembourg, registered with the Luxembourg Bar as lawyers, having its registered office located at 68, rue Marie-Adélaïde, L-2128 Luxembourg, registered with the Luxembourg Trade and Companies' Register ("*Registre de Commerce et des Sociétés, Luxembourg*") under number R.C.S. Luxembourg B 198.369, whose purpose is the exercise of the profession of lawyer in Luxembourg. Individuals that are involved in the services provided by or on behalf of CM Law cannot be held liable in any manner whatsoever.

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This legal opinion addresses certain matters relating to the Transaction Documents and has been addressed to the Addressee only in connection with these matters. In this regard, we note that we have not advised the Addressee on the contents of the Transaction Documents and we have not assisted the Addressee in any way in relation to the negotiation of the Transaction Documents or the transactions contemplated thereby. We exceptionally accept addressing this legal opinion to the Addressee solely in relation to the matters expressly opined on herein, but, other than in relation to the matters expressly opined on herein, the giving of this legal opinion is not to be taken as implying that we owe the Addressee any duty of care in relation to the Transaction Documents, the transactions contemplated by the Transaction Documents or their commercial or financial implications.

Unless otherwise specified in this legal opinion, capitalized terms used but not defined shall have the meaning given in Schedule 1 hereto, which shall form an integral part of this legal opinion.

**II.** **Scope of the legal opinion** 

1. This legal opinion is strictly confined to the specific matters of Luxembourg law and has been prepared without
considering the implications of any laws of any jurisdictions other than Luxembourg and, accordingly, we express no opinion with regard to any systems of law other than the laws of Luxembourg. In particular, as Luxembourg qualified lawyers, we are
not qualified nor in a position to assess the meaning and consequences of the terms of the Transaction Documents under the laws of the State of New York, United States of America and/or any other foreign applicable law and we have made no
investigation into such laws as a basis of the opinions expressed hereafter and do not express or imply any opinion thereon, including but not limited to in relation to any implied terms, statutory provisions referred to therein or any other
consequences arising from the entry into or performance under these Transaction Documents under such laws. Accordingly, our review of the Transaction Documents has been limited to the terms of such documents as they appear on the face thereof
without reference to the laws of the State of New York, United States of America and/or any other foreign applicable law (other than Luxembourg law).

2. This legal opinion is strictly limited to the matters stated herein and shall not be read as extending by
implication to any matters not specifically referred to. Where an assumption is stated to be made in this legal opinion, we have not made any investigation with respect to the matters that are the subject of such assumption.

3. We have, for the purpose of this legal opinion, solely examined the documents (drafts, originals, copies,
translations or facsimile or electronic copies) that are listed in Schedule 1 hereto and referred to as the Examined Documents.

4. We have not examined and express no opinion herein with respect to any matter which may result from any
contractual obligations binding the Company and which may result from any contract, agreement, deed, undertaking or document or any matter in connection therewith of a contractual or legal nature, which is simply referred to in or annexed to the
Examined Documents.

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5. We have not referred to or relied upon any documentation other than the Examined Documents and, other than
having examined the Examined Documents, we have not made any inquiries or investigations other than those stated in this legal opinion and such other inquiries and investigations as we have deemed necessary to provide the opinions set forth herein.

6. The declarations made in this legal opinion are stated and are only valid as at the date hereof.

7. Other than inquiries and investigations stated in this legal opinion as we have deemed relevant and necessary
to provide the opinions set forth herein, we are not responsible for (i) investigating and verifying the accuracy of the statements of fact, intention and representations and warranties contained in the Examined Documents, (ii) verifying
that no material facts or contractual provisions have been omitted and (iii) verifying whether the parties thereto (which for the avoidance of doubt, includes the Company) or any of them have complied, or will comply with them and with the
terms and conditions of any obligations binding upon them.

8. We shall have no duty to inform the Addressee of any changes in Luxembourg law, in the legal status of the
Company and/or the General Partner, or any other circumstance, occurring after the date of this legal opinion and which may affect the matters addressed herein.

9. We express no opinion on any applicable licensing or similar requirements of the Company.

10. We express no opinion in particular on public international law or on the rules of, or promulgated under, any
treaty or by any treaty organisation or European law (save for rules implemented into Luxembourg law or directly applicable in Luxembourg), on tax (except to the extent expressly opined in this legal opinion), transfer pricing, regulatory,
competition, accounting or administrative law, or as to the consequences thereof.

11. In this legal opinion, unless otherwise specified, the terms "law", "laws",
"legislation" and "regulation", "Luxembourg law" and all other similar terms refer to all laws and regulations that are applicable as at the date hereof in Luxembourg, and deriving from laws enacted by the
Luxembourg legislator and/or judgements and orders of Luxembourg courts as long as published.

12. We do not give any opinion in particular (i) with respect to the compliance of the Company with Luxembourg
accounting and tax laws (except to the extent expressly opined in this legal opinion) and (ii) with respect to the validity and enforceability of the Transaction Documents.

**III.** **Statements of legal opinion** 

On the basis of the Examined Documents and subject to the assumptions and qualifications set out below and to any matters not disclosed to us, we are of the opinion that:

1. The Company is a corporate partnership limited by shares ()"*société en commandite par actions*") incorporated and existing under the laws of Luxembourg, for an unlimited duration.

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2. The General Partner is a private limited liability company ()"*société à responsabilité limitée"*) incorporated and existing under the laws of Luxembourg, for an unlimited duration.

3. Based solely on the Certificates of Non Inscription of a Judicial Decision and the Extracts, the Company and
the General Partner have not been declared bankrupt or wound-up (in the meaning of voluntary or judicial or administrative dissolution and/or liquidation) or applied for the benefit of a judicial
reorganization proceeding ()"*procédure de réorganisation judiciaire*") and debt write-off ()"*effacement de dettes*") or moratorium of payments ()"*sursis de paiement*") and no registration of any judicial decision in relation to the appointment of an interim receiver ()"*administrateur provisoire*") or receiver ()"*séquestre*") of the Company or the
General Partner, or in relation to any bankruptcy proceedings, arrangement with creditors, or other similar proceedings from jurisdictions other than Luxembourg under the Regulation (EU) 2015/848 of the European Parliament and of the Council of
20 May 2015 on insolvency proceedings has been made with the Luxembourg Trade and Companies' Register ()"*Registre de Commerce et des Sociétés, Luxembourg* ").

4. The Company has the corporate capacity (i) to execute the Transaction Documents and (ii) to perform
its relevant obligations under the Transaction Documents.

5. The Company has taken all necessary corporate actions to authorize (i) the execution of the Transaction
Documents and (ii) the performance of its obligations under the Transaction Documents.

6. The Transaction Documents have been duly executed by the Company.

7. Under Luxembourg law, no consent, approval or authorization by, no notice to or filing with, any public
authority in Luxembourg is necessary for (i) the execution or performance by the Company of the Transaction Documents or (ii) to ensure that the Transaction Documents are admissible in evidence.

8. (i) The execution and (ii) the performance of the Transaction Documents by the Company do not violate
(a) its Articles of Association, (b) the Luxembourg law dated 10 August 1915 concerning commercial companies, as amended on the date hereof, (c) the international mandatory Luxembourg law ()"*ordre public international / lois de police*") and (d) any other Luxembourg laws applicable to the Transaction Documents.

Transaction Documents and submission to jurisdiction provisions contained in the Transaction Documents are valid and will be upheld and recognized by the Courts of Luxembourg.

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10. A final and conclusive judgment obtained against the Company in any federal or state court in the United States
with respect to the Transaction Documents, will be enforced by a Luxembourg Court subject to the provisions of Articles 678 *et seq.* of the Luxembourg new code of civil procedure ()"*nouveau code de procédure civile* ")
and provided that an action for exequatur is brought before the Luxembourg District Court ()"*Tribunal d'Arrondissement de et à Luxembourg* ").

11. The Company is not entitled to claim for itself or any of its assets, revenues or properties any right of
immunity from the jurisdiction of any court in Luxembourg or from any legal proceedings taken in Luxembourg under or in respect of the Transaction Documents (whether through service of notice, attachment prior to judgment, attachment in aid of
execution, execution or otherwise).

12. The statements in the sections of the Preliminary Prospectus Supplement and the Final Prospectus Supplement
headed "*Certain Tax Considerations - Luxembourg Tax Considerations*" and "*Risk Factors - Risks Related to the Notes - The terms and enforcement of the guarantee by Medtronic Luxco may be subject to limitations under Luxembourg law*" along with the section of the Registration Statement headed "*Service of Process and Enforcement of Liabilities - Luxembourg* ", to the extent that they constitute a general summary of certain matters of
Luxembourg law, fairly summarise the matters described therein in all material aspects.

13. No proceeding in Luxembourg is pending or threatened against the Company and the General Partner that seeks to
restrain, enjoin, prevent the consummation of or otherwise challenge the execution, delivery or performance of any of the Transaction Documents or the consummation of any of the transactions contemplated hereby.

**IV.** **Assumptions** 

In rendering this legal opinion, we have, without verification or other enquiry, assumed:

1. The genuineness of all signatures, the authenticity, completeness and accuracy of all the Examined Documents as
originals, and the conformity with original documents of all Examined Documents submitted to us as copies, electronic or facsimile copies hereof.

2. That the persons who were purported to sign the Examined Documents have effectively signed them.

3. The legal capacity of the individuals, and the authority of the individuals (other than those acting on behalf
of the General Partner acting as managing general partner of the Company) who have executed any of the Examined Documents (either on their behalf or as representative of another person or entity).

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4. That the obligations created under or pursuant to the Transaction Documents constitute legal, valid, binding
obligations of each of the parties enforceable against the respective parties thereto in accordance with their terms, under all applicable laws (except to the extent expressly opined therein under Luxembourg law).

5. That all the necessary corporate and other actions have been taken in order to allow each of the parties to the
Transaction Document (other than the Company regarding necessary corporate actions) to validly execute the Transaction Documents and to perform its respective obligations thereunder.

6. That there is no contractual or other prohibition prohibiting the Company from entering into and performing its
obligations under the Transaction Documents; and that each of the parties to the Transaction Documents is not or will not be, by reason of the performance of the Transaction Documents, in breach of any of its obligations under any previous
contractual arrangements.

7. That each of the parties to the Transaction Documents (other than the Company) is a validly existing entity
with the capacity and power and authority to enter into, execute, deliver and perform the Transaction Documents and all obligations thereunder, in compliance with all requisite corporate action and documents governing such entity.

8. That the manner of execution of the Transaction Documents is valid and effective under any law which may be
applicable according to the place of execution (other than Luxembourg law).

9. That all contractual obligations created under or pursuant to the Transaction Documents are executed and will
be performed in good faith by the parties thereto (which, for the avoidance of doubt, includes the Company) and without committing any fraud or cheating.

10. That the choices of law to govern the Transaction Documents and the submission by the parties to the
Transaction Documents to the Courts referred to therein with regard to any disputes thereunder, is valid and binding under the laws of any applicable jurisdiction (other than Luxembourg) and that such choices of law and submissions to jurisdiction
would be recognised and given effect by the Courts of any applicable jurisdiction (other than Luxembourg).

11. That none of the Examined Documents has been amended, supplemented, replaced (including appointment of any
other agent for the same mission), renounced, terminated or varied, nor has been revoked as at the date hereof.

12. That any consents, approvals, registrations, licenses or other actions by or with any governmental authority
required to be obtained or made by the parties in any such jurisdiction other than by the Company in Luxembourg in order to execute, deliver or perform such Examined Documents have been or will be obtained or made at the appropriate times.

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13. That since 25 September 2025, no petition has been filed with a Court for the opening of winding-up (in the meaning of dissolution and/or liquidation), bankruptcy, suspension of payments or similar proceedings against the Company and the General Partner; and that the Company and the General Partner have
not been granted a suspension of payments or declared bankrupt or been subject to any similar procedure (which includes, without however limitation, judicial reorganization proceeding ()"*procédure de réorganisation judiciaire* "), debt write-off ()"*effacement de dettes*") or moratorium of payments ()"*sursis de paiement* ")), that no interim administrator ()"*administrateur provisoire*") or receiver ()"*séquestre*") has been appointed with respect to the Company and the General Partner; and that no decision in relation to any bankruptcy proceedings, arrangement with creditors, or other
similar proceedings from jurisdictions other than Luxembourg under the Regulation (EU) 2015/848 of the European Parliament and of the Council of 20 May 2015 on insolvency proceedings has been made and/or filed with the Luxembourg Trade and
Companies' Register ()"*Registre de Commerce et des Sociétés, Luxembourg*") with respect to the Company and the General Partner.

14. That the information contained in Examined Documents is complete, correct and accurate at the date hereof.

15. That no proceedings have been instituted or injunction granted against the Company, which might restrain it
from (i) entering into and executing the Transaction Documents and (ii) performing any of its obligations under the Transaction Documents.

16. That the Company and the General Partner have their effective place of management and control in Luxembourg.

17. That the centre of main interests of the Company and the General Partner within the meaning of Regulation (EU)
2015/848 of the European Parliament and of the Council of 20 May 2015 on insolvency proceedings is located at the place of their registered office in Luxembourg and the Company and the General Partner have no establishment outside Luxembourg.

18. That the transactions envisaged and provided for in the Transaction Documents are in the best corporate
interest of the Company, conducive to the attainment of the corporate objects of the Company and not disproportionate to its financial means and the benefits derived therefrom.

19. That each of the transactions entered into pursuant to, or in connection with, the Transaction Documents and
all payments and transfers made by, on behalf of, or in favour of, the Company are made at arm's length.

20. That the Company will remain, at any time, a Luxembourg tax resident for Luxembourg tax purposes and should not
be viewed as being a resident or as having a permanent establishment, to which the payments under the Transaction Documents are attributable or can be attributed, in any other jurisdiction.

21. That there will be no offer or resale of securities to the public within the territory of the Grand Duchy of
Luxembourg in connection with the Transaction Documents.

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**V.** **Qualifications** 

This legal opinion is subject to the following qualifications:

1. In this legal opinion, some Luxembourg legal concepts are expressed in English terms and not in their original
French terms. Terms and expressions of law and of legal concepts as used in this legal opinion have the meaning attributed to them under the laws of Luxembourg and this legal opinion should be read and understood accordingly. The concepts concerned
may not be identical to the concepts described by the same English terms as they exist under the laws of other jurisdictions. This legal opinion may, therefore, only be relied upon under the express condition that any issue of interpretation or
liability arising hereunder will be governed by Luxembourg law and be brought before a Luxembourg Court.

2. Translation into French or German language from all or from part of the Examined Documents may be required by a
Luxembourg Court in any proceedings where the Examined Documents might be produced.

3. Any enforcement of an obligation arising from the Transaction Documents against the Company or the General
Partner, would be subject to any applicable bankruptcy, insolvency and any other similar Luxembourg procedures relating to or affecting the enforcement or protection of creditors rights and remedies.

4. Payments made, as well as other transactions (listed in the pertinent Section of the Luxembourg Code of
Commerce) concluded or performed, during the so-called suspect period ()"*période suspecte*") which is fixed by the Luxembourg Court and dates back (not more than) 6 months as from the
date on which the Luxembourg Court formally adjudicates a person bankrupt, and, as for specific payments and transactions, during an additional period of ten days before the commencement of such period, are subject to cancellation by the Luxembourg
Court.

In particular but not exhaustively,

a. Article 445 of the Luxembourg Code of Commerce sets out that, during the suspect period and an additional
period of ten days preceding the suspect period fixed by the Court, specified transactions (e.g., the granting of a security interest for past debts; the payment of debts which have not fallen due, whether payment is made in cash or by way of
assignment, sale, set-off or by any other means; the payment of debts which have fallen due by any other means than in cash or by bill of exchange; the sale of assets without consideration or for materially
inadequate consideration) must be set aside or declared null and void, as the case may be, if so requested by the insolvency receiver;

b. Article 446 of the Luxembourg Code of Commerce states that payments made for matured debts as well as other
transactions concluded for consideration during the suspect period are subject to cancellation by the Court upon proceedings instituted by the insolvency receiver if they were concluded with the knowledge by such parties having received such
payments or having concluded transactions with the bankrupt, of the bankrupt's cessation of payments; and

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c. Regardless of the suspect period, Article 448 of the Luxembourg Code of Commerce and article 1167 of the civil
code ()"*actio pauliana*") give the creditor the right to challenge any fraudulent payments and transactions made prior to the bankruptcy, without limitation of time.

5. In accordance with Article 451 of the Luxembourg Code of Commerce interests accrued after the opening of
insolvency proceedings would not be recovered by unsecured creditors, whereas the beneficiary of a guarantee is considered as an unsecured creditor.

6. Certain privileges, such as the privileges of the Luxembourg tax authorities or social security institutions
over certain specific assets, may take precedence over any security or privileges of other creditors of the Company.

7. We express no opinion as to the availability under Luxembourg law or before a Luxembourg Court of remedies
other than those culminating in an award of monetary compensation. It means that obligations will not necessarily be enforced in all circumstances in accordance with their terms and that they will give rise in any case to specific performance.

In particular:

a. certain types of remedies (such as specific performance or injunctive relief) may not be available to persons
seeking to enforce provisions of an agreement; and

b. enforcement of an obligation may be invalidated on the grounds of fraud, lack of consent (mistake, duress,
misrepresentation), illegal consideration, uncertainty of the object, incapacity and "*force majeure* ".

8. With respect to the opinion expressed in statement 9. of Section III above the Luxembourg Courts would not
apply a chosen foreign law if that choice was not made "*bona fide*" and if:

(i) the foreign law were not pleaded and proved; or

(ii) if pleaded and proved, such foreign law would be contrary to the mandatory provisions of Luxembourg law or
manifestly incompatible with Luxembourg international public policy.

9. A contractual provision allowing the service of process against the Company to any other party appointed to
such effect could be overridden by Luxembourg statutory provisions allowing the valid service of process against the Company in accordance with applicable laws at its registered office.

10. The enforcement of a final judgement rendered by any federal or state court in the United States by a
Luxembourg Court shall require that recognition and enforcement proceedings be conducted before the Luxembourg Courts pursuant to the relevant applicable provisions of Luxembourg procedural law, in particular where any enforcement measure against
assets located in the territory of Luxembourg is sought.

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As there is no system of reciprocal enforcement in Luxembourg in relation to judgments made in any federal or state court in the United States a final judgment of any federal or state court in the United States, which would be referring to any action or proceedings relating to the Transaction Documents, will be enforced in Luxembourg pursuant to the provisions of Articles 678 *et seq*. of the Luxembourg new code of civil procedure ("*nouveau code de procédure civile*"), provided that an action for exequatur is brought before the Luxembourg District Court ("*Tribunal d'Arrondissement de et à Luxembourg*") and provided that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• such judgment is enforceable in such federal or state court in the United States where the judgment was rendered;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• any federal or state court in the United States that rendered the judgment had jurisdiction according to
Luxembourg principles of conflict of jurisdiction and, in particular, that Luxembourg Courts had not exclusive jurisdiction over the case at hand;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• any federal or state court in the United States that rendered the judgment has complied with its national
jurisdiction rules;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the judgment rendered by any federal or state court in the United States is not inconsistent, in respect of the
determination of the competent Court and of the applicable law, with the solution that a Luxembourg Court would have found in application of the laws determined pursuant to the Luxembourg principles of conflict of laws (although some first instance
decisions rendered in Luxembourg – which have not been confirmed by the Court of Appeal – tend to disapply this condition);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• any such federal or state court in the United States complied with its national order of procedure and, in
particular, with the rights of the defendant; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the enforcement of such judgment does not contravene the mandatory provisions of Luxembourg law and Luxembourg
international public policy.

11. The mandatory provisions of Luxembourg law and the Luxembourg international public policy order is not legally
confined but rather fluctuates with related Luxembourg case law and we do not provide any opinion in relation thereto.

12. Any judgment awarded in the Courts of Luxembourg may be expressed in a currency other than the euro or the euro
equivalent at the time of judgment or payment. However, any obligation to pay a sum or money in any currency other than the euro will be enforceable in Luxembourg in terms of the euro only.

13. Interest may not accrue on interest that is due on capital, unless such interest has been due for at least one
year and subject to the conditions set forth in Article 1154 of the Luxembourg Civil Code. A Luxembourg Court might consider the rule under Article 1154 of the Luxembourg Civil code to be a point of international public policy that would set aside
the relevant foreign governing law.

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14. No opinion is expressed as to the validity and enforceability of provisions whereby interest on overdue amounts
or other payment obligations shall continue to accrue or subsist after judgement.

15. Any provisions granting to a party the right to recover its enforcement and other legal costs and expenses may
not necessarily be given effect by a Luxembourg Court.

16. Any provisions of the jurisdiction clauses whereby the taking of proceedings in one or more jurisdictions shall
not preclude the taking of proceedings in any other jurisdiction, whether concurrently or not, might not be entirely enforceable in a Luxembourg Court. If proceedings were previously commenced between the same parties and on the same grounds as the
proceedings in Luxembourg, a plea of pendency might be opposed in the Luxembourg Court and proceedings either stayed pending the termination of the proceedings abroad or dismissed, as the case may be.

17. Notwithstanding the foreign jurisdiction clause, Luxembourg Courts would have in principle jurisdiction for any
conservatory or provisional action in connection with assets located in Luxembourg and such action would most likely be governed by Luxembourg law.

18. A power of attorney or mandate ()"*mandate* "), as well as any other agency provisions
(including but not limited to, powers of attorney and mandates expressed to be irrevocable) granted and all appointments of agents by the Company, explicitly or by implication, will terminate by law and without notice upon the occurrence of
insolvency events affecting the relevant Luxembourg principal and, under Luxembourg law, may be capable of being revoked by the Company despite they being expressed to be irrevocable.

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19. The Certificates of Non Inscription of a Judicial Decision only reflect whether a judicial decision according
to which the Company and the General Partner are subject to judicial proceedings or administrative decision according to which the Company and the General Partner are subject to administrative dissolution without liquidation has been registered with
the Luxembourg Trade and Companies' Register ()"*Registre de Commerce et des Sociétés, Luxembourg*") on 25 September 2025. It cannot be excluded that a judicial or administrative decision (for example a
decision opening an insolvency proceedings) against the Company and the General Partner has been taken but does not appear in the Certificates of Non Inscription of a Judicial Decision. The registration of a matter required to be registered under
the law dated 19 December 2002 on the Luxembourg Trade and Companies' Register and accounting of undertakings, as amended, must be requested by the relevant person at the latest one month after the occurrence of the event subject to
registration; as a consequence (i) a delay may exist between the moment a judicial or administrative decision has been rendered and is effective and the registration thereof in the Luxembourg Trade and Companies' Register
(" *Registre de Commerce et des Sociétés, Luxembourg* "), and (ii) it cannot be excluded that no registration has occurred in the Luxembourg Trade and Companies' Register ()"*Registre de Commerce et des Sociétés, Luxembourg*") within the period of one month if the request for registration has not been and is not made by the relevant person(s); as a consequence the Certificates of Non Inscription of a Judicial Decision are not
conclusive as to the opening and existence or not of judicial or administrative decisions or judicial or administrative proceedings and, as to whether or not a petition or request for any of the judicial or administrative proceedings has been
presented or made. The same shall apply *mutatis mutandi* for the Extract.

20. This opinion is subject to all limitations resulting from the application of Luxembourg public policy rules,
overriding statutes and mandatory laws.

21. The registration of the Transaction Documents (and any documents in connection therewith) with the *Administration de l'Enregistrement, des Domaines et de la TVA* in Luxembourg may be required should the Transaction Documents (and any documents in connection therewith) be produced before an official Luxembourg authority
(*autorité constituée*), attached as an annex to a deed (*annexés à un acte*) that itself is subject to mandatory registration, or deposited in the minutes of a notary (*déposés au rang des minutes d'un notaire*). In such cases, a nominal registration duty or an ad valorem duty may be payable, depending on the nature of the document to be registered or produced, or in the case of voluntary registration.

**VI.** **Benefit of opinion** 

This legal opinion is delivered to the Addressee in such capacity attributed to them under the Transaction Documents and its successors and assigns and is only for its use. It may not, without our prior written consent, be relied upon for any other purpose or be disclosed to or relied upon by any other person save that it may be disclosed without such consent to:

a) any person to whom disclosure is required to be made by applicable law or Court order or pursuant to the rules
or regulations of any supervisory or regulatory body or in connection with any judicial proceedings;

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b) those persons (such as the officers, employees, auditors and professional advisers) of the Addressee who, in
the ordinary course of business of the business of the Addressee, have access to their papers and records or are entitled by law to see them;

c) any affiliate of the Addressee and the officers, employees, auditors and professional advisers of such
affiliate;

d) as otherwise required by law,

on the basis that (i) such disclosure is made solely to enable any such person to be informed that an opinion has been given and to be made aware of its terms but not for the purposes of reliance and (ii) we do not assume any duty or liability to any person to whom such disclosure is made.

We consent to the filing of this legal opinion with the United States Securities and Exchange Commission as an exhibit to be incorporated by reference into the Registration Statement (as defined below).

The Company may refer to CM Law giving this legal opinion under the heading "Legal Matters" in the related preliminary prospectus supplement and the final prospectus supplement included in the Registration Statement.

**VII.** **Applicable law and jurisdiction** 

As stated in paragraph II. 1, this legal opinion herein is exclusively based upon, governed by and shall be construed in accordance with the laws of Luxembourg effective on the date hereof.

Luxembourg Courts shall have exclusive jurisdiction to settle any dispute, proceeding, suit or action that may arise out of or be in connection with this legal opinion.

*[Remainder of page intentionally left blank – Signature page follows]* 

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| |
|:---|
| Yours faithfully, |
| **For CM Law** |
| **/s/ Raphaël Collin** |
| **Raphaël Collin** |
| **Avocat à la Cour** |

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**SCHEDULE 1:** 

**List of Examined Documents** 

1. A .pdf copy of the updated articles of association of the Company as at 23 April 2025 (the
" **Articles of Association** ");

2. A .pdf copy of the incorporation deed of the General Partner dated 7 March 2025 including the articles of
association of the General Partner;

3. An extract issued by the Luxembourg Trade and Companies' Register ()"*Registre de Commerce et des Sociétés, Luxembourg*") pertaining to the Company dated 26 September 2025 (the "**Extract 1** ");

4. An extract issued by the Luxembourg Trade and Companies' Register ()"*Registre de Commerce et des Sociétés, Luxembourg*") pertaining to the General Partner dated 26 September 2025 (the "**Extract 2**" and together with the Extract 1 the "**Extracts** ");

5. A certificate of non-inscription of a judicial decision or of
administrative dissolution without liquidation issued by the Luxembourg Trade and Companies' Register ()"*Registre de Commerce et des Sociétés, Luxembourg*") pertaining to the Company dated 26 September 2025
(the "**Certificate of Non Inscription of a Judicial Decision 1** ");

6. A certificate of non-inscription of a judicial decision or of
administrative dissolution without liquidation issued by the Luxembourg Trade and Companies' Register ()"*Registre de Commerce et des Sociétés, Luxembourg*") pertaining to the General Partner dated
26 September 2025 (the "**Certificate of Non Inscription of a Judicial Decision 2**" and together with the Certificate of Non Inscription of a Judicial Decision 1 the "**Certificates of Non Inscription of a Judicial Decision** ");

7. A pdf. copy of the executed minutes of the meeting of the board of managers of the General Partner acting as
managing general partner of the Company held on 12 September 2025;

8. A pdf. copy of the written action of authorized officer of the Company dated 15 September 2025;

9. A pdf. fully executed copy of the base prospectus dated 3 March 2023, as supplemented by a preliminary
prospectus supplement to prospectus dated 3 March 2023 and as supplemented by a final prospectus supplement to prospectus dated 3 March 2023;

10. A pdf. fully executed copy of the formalities certificate issued by the Company dated 29 September 2025;

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11. A pdf. fully executed copy of the New York law governed base indenture dated 10 December 2014, between
Medtronic, Inc. and Computershare Trust Company, N.A., as successor to Wells Fargo Bank, National Association (the "**Indenture Trustee** "), as supplemented by the New York law governed second supplemental indenture dated
26 January 2015, between Medtronic plc and the Indenture Trustee, the New York law governed third supplemental indenture dated 26 January 2015, between the Company and the Indenture Trustee, the New York law governed fourth supplemental
indenture dated 22 February 2023, between Medtronic, Inc. and the Indenture Trustee and the New York law governed fifth supplemental indenture dated 3 June 2024, among Medtronic, Inc., Medtronic plc, the Company, the Indenture Trustee and
U.S. Bank Europe DAC, UK Branch (formerly known as Elavon Financial Services DAC, UK Branch) (the "**Indenture** ");

12. A pdf. fully executed copy of the New York law governed sixth supplemental indenture to the Indenture dated
29 September 2025;

13. A pdf. fully executed copy of the New York law governed underwriting agreement between Medtronic, Inc., as
issuer, Medtronic plc and the Company, as guarantors, and Deutsche Bank AG, London Branch and Goldman Sachs & Co. LLC, as representatives of the several underwriters listed in such agreement, dated 15 September 2025 (the
" **Underwriting Agreement** "); and

14. A pdf. copy of the registration statement on Form S-3 (File No. 333-270272) as filed with the Securities and Exchange Commission on 3 March 2023 (the "**Registration Statement** ").

The documents listed in items 11. to 14. (both inclusive) shall be referred to as the "**Transaction Documents**".

The documents listed in items 1. to 14. (both inclusive) shall be referred to as the "**Examined Documents**".

## Exhibit 5.4

**Exhibit 5.4**![LOGO](g73148g0923123246798.jpg)

**Medtronic, Inc.** 

710 Medtronic Parkway

Minneapolis, MN 55432

www.medtronic.com

September 29, 2025

Medtronic, Inc.

710 Medtronic Parkway

Minneapolis, MN 55432

Re: <u>Medtronic, Inc Senior Notes</u>

Ladies and Gentlemen:

This opinion is furnished to you in connection with the offer and sale by Medtronic, Inc., a Minnesota corporation (the "Company") of €750,000,000 aggregate principal amount of its 2.950% Senior Notes due 2030 (the "2030 Notes"), and €750,000,000 aggregate principal amount of its 4.200% Senior Notes due 2045 (the "2045 Notes" and together with the 2030 Notes, the "Notes"), pursuant to the Underwriting Agreement dated September 15, 2025 (the "Underwriting Agreement"), among the Company, the Guarantors (as defined below), Deutsche Bank AG, London Branch and Goldman Sachs & Co. LLC, as representatives of the Underwriters named in the Underwriting Agreement. The Notes will be fully and unconditionally guaranteed on an unsecured unsubordinated basis (the "Guarantees") by Medtronic Public Limited Company, an entity incorporated under the laws of Ireland ("Medtronic plc") and Medtronic Global Holdings S.C.A., an entity organized under the laws of Luxembourg ("Medtronic Luxco," and together with Medtronic plc, the "Guarantors").

The Notes will be issued pursuant to the Indenture dated as of December 10, 2014 (the "Base Indenture"), between the Company and Computershare Trust Company, N.A., as successor to Wells Fargo Bank, National Association, as trustee (the "Trustee"), as supplemented by the Second Supplemental Indenture, dated as of January 26, 2015, between Medtronic plc and the Trustee (the "Second Supplemental Indenture"), the Third Supplemental Indenture, dated as of January 26, 2015, between Medtronic Luxco and the Trustee (the "Third Supplemental Indenture"), the Fourth Supplemental Indenture, dated as of February 22, 2023, between the Company and the Trustee (the "Fourth Supplemental Indenture"), the Fifth Supplemental Indenture, dated as of June 3, 2024 (the "Fifth Supplemental Indenture"), among the Company, Medtronic plc, Medtronic Luxco, the Trustee and U.S. Bank Europe DAC, UK Branch (formerly known as Elavon Financial Services DAC, UK Branch), as the paying agent (the "Paying Agent") and the Sixth Supplemental Indenture, dated as of September 29, 2025 (together with the Base Indenture, the Second Supplemental Indenture, the Third Supplemental Indenture, the Fourth Supplemental Indenture and the Fifth Supplemental Indenture, the "Indenture"), among the Company, Medtronic plc, Medtronic Luxco, the Trustee and the Paying Agent.

The Company, Medtronic plc and Medtronic Luxco have filed with the Securities and Exchange Commission (the "Commission") a Registration Statement on Form S-3 (File No. 333-270272) under the Securities Act of 1933, as amended (the "Act"), on March 3, 2023 (the "Registration Statement") including the prospectus dated as of March 3, 2023 (the "Base Prospectus"), as supplemented by a preliminary prospectus supplement dated as of September 15, 2025 (the "Preliminary Prospectus Supplement") relating to the Notes, and a prospectus supplement dated as of September 15, 2025 (the "Prospectus Supplement") relating to the Notes.

I am the Assistant Secretary of the Company. As to various matters of fact material to this opinion, I have relied upon certificates of public officials and upon the representations of the Company or its officers or directors, including those made in the Indenture and in documents or certificates executed in connection therewith. I have also examined the Amended and Restated Articles of Incorporation and Amended and Restated By-laws of the Company, each as amended to date, and originals or copies of such other corporate documents and records and other certificates and instruments and have made such other investigation as I have deemed necessary in connection with the opinion hereafter set forth.

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September 29, 2025

My opinion is limited solely to the present substantive law of the State of Minnesota (excluding its conflict of laws principles). I express no opinion as to the laws of any other state or jurisdiction. I express no opinion on any matter of county, municipal, or special political subdivision law.

For purposes of this opinion, I have assumed, among other things, the genuineness of all signatures, the authenticity of all documents submitted as originals, the conformity to original documents of all documents submitted as copies, and that the information in the certificates, representations, and statements referred to above remains true and complete as of the date hereof. In examining documents, I have assumed that all parties executing the same, other than the Company, have all necessary power to enter into and perform all of their obligations thereunder and that such parties have duly executed and delivered such documents. I have also assumed, as to each such party other than the Company, the due authorization by all requisite action of the execution, delivery and performance of such documents by such parties, in each case at the requisite time in order for such action to be effective, and that such documents are legal, valid, binding on and enforceable against such parties in accordance with their respective terms. I have also assumed that each natural person executing any of the documents and agreements involved in the matters covered by this opinion has the capacity and is legally competent to do so. I have assumed that each of the documents and agreements involved in any matter covered by this opinion letter accurately describes the mutual understanding of the parties as to all matters contained therein and that no other agreements or understandings exist between the parties relating to the transactions contemplated by such document or agreement.

Based upon and subject to the foregoing, and subject to the qualifications hereinafter set forth, it is my opinion as of this date that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Based exclusively upon a good standing certificate received from the Office of the Secretary of State of Minnesota, the Company is validly existing as a corporation in good standing under the laws of Minnesota.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The Company has the corporate power and authority under Minnesota law to enter into the Underwriting Agreement, the Indenture and the Notes and to perform its obligations thereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Each of the Underwriting Agreement, the Indenture and the Notes has been duly authorized, executed and delivered by the Company.

I hereby consent to the filing of this opinion with the Commission as an exhibit to Medtronic plc's Current Report on Form 8-K to be filed on the date hereof, which Form 8-K will be incorporated by reference into the Registration Statement in accordance with the requirements of Item 601(b)(5) of Regulation S-K under the Securities Act and to the use of my name therein and in the related Prospectus and any prospectus supplement under the caption "Legal Matters." In giving this consent, I do not thereby admit that I am within the category of persons whose consent is required under Section 7 of the Securities Act or the rules and regulations of the Commission thereunder.

[*Signature Page Follows*]

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| |
|:---|
| Very truly yours, |
| /s/ Nicholas G. Benjamin |
| Nicholas G. Benjamin |
| Assistant Secretary of Medtronic, Inc. |

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[*Signature Page to Medtronic, Inc. Opinion*]