Document:

<PAGE>

                                                                     Exhibit 4.2

                    RESOLUTIONS OF THE PRICING COMMITTEE OF

                           THE BOARD OF DIRECTORS OF

                        UNIVERSAL HEALTH SERVICES, INC.

                                 *  *  *  *  *

               RESOLVED, that the form, terms and provisions of the Purchase
          Agreement between the Company and Merrill Lynch, Pierce, Fenner &
          Smith Incorporated, J.P. Morgan Securities Inc., UBS Warburg LLC and
          Banc of America Securities LLC (the "Initial Purchasers") providing
          for the purchase of $525,000,000 aggregate principal amount at
          maturity of the Company's convertible debentures due 2020 (the
          "Debentures") by the Initial Purchasers from the Company and granting
          such Initial Purchasers an over-allotment option for the purchase from
          the Company of up to an additional $61,992,000 principal amount at
          maturity of such Debentures (including the form, terms and provisions
          of the Registration Rights Agreement between the Company and the
          Initial Purchasers attached thereto as Exhibit A), a copy of which is
          attached hereto as Exhibit A, be, and hereby is, in all respects
                             ---------
          approved; and it is further

               RESOLVED, that (a) the maturity date of the Debentures shall be
          June 23, 2020, (b) the Debentures shall be unsecured and
          unsubordinated obligations and will rank equally in right of payment
          with all of the Company's existing and future unsecured and
          unsubordinated indebtedness, (c) the Debentures shall accrue original
          issue discount while they remain outstanding which will begin to
          accrue on the issue date of the Debentures, (d) interest on the
          Debentures at the rate of .426% per year on the principal amount at
          maturity will be payable semiannually in arrears on June 23 and
          December 23 of each year, beginning December 23, 2000, in accordance
          with the Indenture, (e) the yield to maturity of the Debentures will
          be 5.00% per year, computed on a semiannual bond equivalent basis,
          calculated from June 23, 2000, (e) the Debentures shall be subject to
          optional redemption (as defined in the Indenture) by the Company on or
          after June 23, 2006, at redemption prices equal to the issue price of
          the debentures ($425.90) plus accrued original issue discount and
          accrued cash interest to the date of redemption, (f) the Debentures
          shall be subject to optional conversion (as defined in the Indenture)
          by the holder into 5.6024 shares of class B common stock per
          Debenture, or, at our option, cash in an amount equal to the value of
          such shares (such conversion rate being subject to adjustment in
          accordance with the terms of the Indenture), at any time before the<PAGE>

                                                                     Exhibit 4.3
                               FACE OF SECURITY

FOR PURPOSES OF SECTIONS 1273 AND 1275 OF THE INTERNAL REVENUE CODE, THE AMOUNT
OF ORIGINAL ISSUE DISCOUNT WITH RESPECT TO EACH $1,000 OF PRINCIPAL AMOUNT AT
MATURITY OF THIS SECURITY IS $574.10, THE ISSUE DATE IS JUNE 23, 2000, THE YIELD
TO MATURITY IS 5.00%.

     UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE
DEPOSITORY TRUST COMPANY TO THE ISSUER OR ITS AGENT FOR REGISTRATION OF
TRANSFER, EXCHANGE OR  PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE
NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED
REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY (AND ANY PAYMENT HEREON IS MADE
TO CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED
REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY), ANY TRANSFER, PLEDGE OR OTHER
USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL SINCE THE
REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.

     TRANSFERS OF THIS GLOBAL SECURITY SHALL BE LIMITED TO  TRANSFERS IN WHOLE,
BUT NOT IN PART, TO NOMINEES OF THE DEPOSITORY TRUST COMPANY, OR TO A SUCCESSOR
THEREOF OR SUCH SUCCESSOR'S NOMINEE AND TRANSFERS OF PORTIONS OF THIS GLOBAL
SECURITY SHALL BE LIMITED TO TRANSFERS MADE IN ACCORDANCE  WITH THE RESTRICTIONS
SET FORTH IN ARTICLE TWO OF THE INDENTURE REFERRED TO ON THE REVERSE HEREOF.

     THIS SECURITY AND THE SHARES OF CLASS B COMMON STOCK ISSUABLE UPON
CONVERSION OF THIS SECURITY HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF
1933, AS AMENDED (THE "SECURITIES ACT"), OR ANY STATE SECURITIES LAWS. NEITHER
THIS SECURITY, THE SHARES OF CLASS B COMMON STOCK ISSUABLE UPON CONVERSION OF
THIS SECURITY NOR ANY INTEREST OR PARTICIPATION HEREIN OR THEREIN MAY BE
REOFFERED, SOLD, ASSIGNED, TRANSFERRED, PLEDGED, ENCUMBERED OR OTHERWISE
DISPOSED OF IN THE ABSENCE OF SUCH REGISTRATION OR UNLESS SUCH TRANSACTION IS
EXEMPT FROM, OR NOT SUBJECT TO, REGISTRATION.

     THE HOLDER OF THIS SECURITY, BY ITS ACCEPTANCE HEREOF, AGREES TO OFFER,
SELL, OR OTHERWISE TRANSFER SUCH SECURITY, PRIOR TO THE DATE (THE "RESALE
RESTRICTION TERMINATION DATE"), WHICH IS TWO YEARS AFTER THE LATER OF THE
ORIGINAL ISSUE DATE HEREOF AND THE LAST DATE ON WHICH UNIVERSAL HEALTH SERVICES,
INC. (THE "COMPANY") OR ANY AFFILIATE OF THE COMPANY WAS THE OWNER OF THIS
SECURITY (OR ANY PREDECESSOR OF SUCH SECURITY) ONLY (A) TO THE COMPANY OR ANY
SUBSIDIARY THEREOF, (B) FOR SO LONG AS THIS SECURITY AND THE SHARES OF CLASS B
COMMON STOCK ISSUABLE UPON CONVERSION OF THIS SECURITY ARE ELIGIBLE FOR RESALE
PURSUANT TO RULE 144A, TO A PERSON IT REASONABLY
<PAGE>

BELIEVES IS A "QUALIFIED INSTITUTIONAL BUYER" AS DEFINED IN RULE 144A UNDER THE
SECURITIES ACT THAT PURCHASES FOR ITS OWN ACCOUNT OR FOR THE ACCOUNT OF A
QUALIFIED INSTITUTIONAL BUYER TO WHICH NOTICE IS GIVEN THAT THE TRANSFER IS
BEING MADE IN RELIANCE ON RULE 144A, (C) TO AN INSTITUTIONAL "ACCREDITED
INVESTOR" WITHIN THE MEANING OF SUBPARAGRAPH (A)(1), (2),(3) OR (7) OF RULE 501
UNDER THE SECURITIES ACT THAT IS ACQUIRING THE SECURITY FOR ITS OWN ACCOUNT, OR
FOR THE ACCOUNT OF SUCH AN INSTITUTIONAL "ACCREDITED INVESTOR," FOR INVESTMENT
PURPOSES AND NOT WITH A VIEW TO, OR FOR OFFER OR SALE IN CONNECTION WITH, ANY
DISTRIBUTION IN VIOLATION OF THE SECURITIES ACT, (D) PURSUANT TO A REGISTRATION
STATEMENT WHICH HAS BEEN DECLARED EFFECTIVE UNDER THE SECURITIES ACT, (E) IN AN
OFFSHORE TRANSACTION IN ACCORDANCE WITH RULE 904 OF REGULATION S UNDER THE
SECURITIES ACT OR (F) PURSUANT TO ANOTHER AVAILABLE EXEMPTION FROM THE
REGISTRATION REQUIREMENTS OF THE SECURITIES ACT, SUBJECT TO THE COMPANY'S AND
THE TRUSTEE'S RIGHTS PRIOR TO ANY SUCH OFFER, SALE OR TRANSFER PURSUANT TO
CLAUSE (C), (E) OR (F) TO REQUIRE THE DELIVERY OF AN OPINION OF COUNSEL,
CERTIFICATION AND/OR OTHER INFORMATION SATISFACTORY TO EACH OF THEM, AND IN EACH
OF THE FOREGOING CASES, A CERTIFICATE OF TRANSFER IN THE FORM APPEARING ON THE
OTHER SIDE OF THIS SECURITY IS COMPLETED AND DELIVERED BY THE TRANSFEROR TO THE
TRUSTEE. THIS LEGEND WILL BE REMOVED UPON THE REQUEST OF THE HOLDER AFTER THE
RESALE RESTRICTION TERMINATION DATE.

     [THE FOREGOING LEGEND MAY BE REMOVED FROM THIS SECURITY ON SATISFACTION OF
THE CONDITIONS SPECIFIED IN THE INDENTURE.]
<PAGE>

                        UNIVERSAL HEALTH SERVICES, INC.
                        Convertible Debentures due 2020

No. R-1                                        CUSIP: 913903AJ9
Issue Date: June 23, 2000                      Original Issue Discount: $574.10
Issue Price:  $425.90                          (for each $1,000 Principal
(for each $1,000 Principal                     Amount at Maturity)
Amount at Maturity)

     UNIVERSAL HEALTH SERVICES, INC., a Delaware corporation, promises to pay to
Cede & Co. or registered assigns, the Principal Amount at Maturity of  FOUR
HUNDRED MILLION DOLLARS ($400,000,000) on June 23, 2020.

     This Security shall bear interest as specified on the other side of this
Security. Original Issue Discount will accrue as specified on the other side of
this Security. This Security is convertible as specified on the other side of
this Security.

     Additional provisions of this Security are set forth on the other side of
this Security.

Dated:  _____________                          UNIVERSAL HEALTH SERVICES, INC.

                                               By
                                                  ------------------------------
                                                  Title:

TRUSTEE'S CERTIFICATE OF
 AUTHENTICATION

BANK ONE TRUST COMPANY, N.A.,
as Trustee, certifies that this
is one of the Securities referred
to in the within-mentioned Indenture (as
defined on the other side of this Security).

By
   -------------------------
     Authorized Signatory

Dated:  ____________________
<PAGE>

                        UNIVERSAL HEALTH SERVICES, INC.
                        Convertible Debentures due 2020

No. R-2                                        CUSIP: 913903AJ9
Issue Date: June 23, 2000                      Original Issue Discount: $574.10
Issue Price:  $425.90                          (for each $1,000 Principal
(for each $1,000 Principal                     Amount at Maturity)
Amount at Maturity)

     UNIVERSAL HEALTH SERVICES, INC., a Delaware corporation, promises to pay to
Cede & Co. or registered assigns, the Principal Amount at Maturity of ONE
HUNDRED EIGHTY SIX MILLION AND NINE HUNDRED NINETY TWO THOUSAND DOLLARS
($186,992,000) on June 23, 2020.

     This Security shall bear interest as specified on the other side of this
Security. Original Issue Discount will accrue as specified on the other side of
this Security. This Security is convertible as specified on the other side of
this Security.

     Additional provisions of this Security are set forth on the other side of
this Security.

Dated:  _____________                          UNIVERSAL HEALTH SERVICES, INC.

                                               By
                                                  ------------------------------
                                                  Title:

TRUSTEE'S CERTIFICATE OF
 AUTHENTICATION

BANK ONE TRUST COMPANY, N.A.,
as Trustee, certifies that this
is one of the Securities referred
to in the within-mentioned Indenture (as
defined on the other side of this Security).

By
   -------------------------
     Authorized Signatory

Dated:  ____________________
<PAGE>

                            REVERSE SIDE OF SECURITY

                         Convertible Debentures Due 2020

1.   Cash Interest; Original Issue Discount.

     The Company promises to pay interest in cash on the Principal Amount at
Maturity of this Security at the rate per annum of 0.426%.  The Company will pay
cash interest semiannually in arrears on June 23 and December 23 of each year
(each an "Interest Payment Date") to Holders of record at the close of business
on each June 8 or December 8 (whether or not a business day) (each a "Regular
Record Date") immediately preceding such Interest Payment Date.  Cash interest
on the Securities will accrue from the most recent date to which interest has
been paid or duly provided or, if no interest has been paid, from the Issue
Date.  Cash interest will be computed on the basis of a 360-day year of twelve
30-day months.  The Company shall pay cash interest on overdue principal, or if
shares of Class B Common Stock (or cash in lieu of fractional shares) in respect
of a conversion of this Security in accordance with the terms of Article 11 of
the Indenture are not delivered when due, at the rate borne by the Securities
plus 1% per annum, and it shall pay interest in cash on overdue installments of
cash interest at the same rate to the extent lawful.  All such overdue cash
interest shall be payable on demand.

     Original Issue Discount (the difference between the Issue Price and the
Principal Amount at Maturity of the Security), in the period during which a
Security remains outstanding, together with regular cash interest, shall accrue
at 5.00% per annum, on a semiannual bond equivalent basis using a 360-day year
composed of twelve 30-day months, from the Issue Date of this Security.

2.   Method of Payment.

     Subject to the terms and conditions of the Indenture, the Company will make
payments in respect of the principal of, premium, if any, and cash interest on
this Security and in respect of Redemption Prices, Purchase Prices and Change in
Control Purchase Prices to Holders who surrender Securities to a Paying Agent to
collect such payments in respect of the Securities. The Company will pay cash
amounts in money of the United States that at the time of payment is legal
tender for payment of public and private debts. However, the Company may make
such cash payments by check payable in such money.  Any payment required to be
made on any day that is not a Business Day will be made on the next succeeding
Business Day.

3.   Paying Agent, Conversion Agent and Registrar.

     Initially, Bank One Trust Company, N.A., a national banking association
(the "Trustee"), will act as Paying Agent, Conversion Agent and Registrar. The
Company may appoint and change any Paying Agent, Conversion Agent, Registrar or
co-registrar without notice, other than notice to the Trustee except that the
Company will maintain at least one Paying Agent in the State of New York, City
of New York, Borough of Manhattan, which shall initially be an office or agency
of the Trustee. The Company or any of its Subsidiaries or any of their
Affiliates may act as Paying Agent, Conversion Agent, Registrar or co-registrar.
<PAGE>

4.   Indenture.

     The Company issued the Securities under an Indenture dated as of June 23,
2000 (the "Indenture"), between the Company and the Trustee. The terms of the
Securities include those stated in the Indenture and those made part of the
Indenture by reference to the Trust Indenture Act of 1939, as in effect from
time to time (the "TIA"). Capitalized terms used herein and not defined herein
have the meanings ascribed thereto in the Indenture. The Securities are subject
to all such terms, and Securityholders are referred to the Indenture and the TIA
for a statement of those terms.

     The Securities are general unsecured obligations of the Company limited to
$586,992,000 aggregate Principal Amount at Maturity (subject to Section 2.07 of
the Indenture). The Indenture does not limit other indebtedness of the Company,
secured or unsecured.

5.   Redemption at the Option of the Company.

     No sinking fund is provided for the Securities. The Securities are
redeemable as a whole, or from time to time in part, at any time at the option
of the Company at the Redemption Prices set forth below, provided that the
Securities are not redeemable prior to June 23, 2006.

     The table below shows Redemption Prices of a Security per $1,000 Principal
Amount at Maturity on the dates shown below and at Stated Maturity, which prices
reflect accrued Original Issue Discount calculated to each such date. The
Redemption Price of a Security redeemed between such dates shall include an
additional amount reflecting the additional Original Issue Discount accrued
since the next preceding date in the table.

<TABLE>
<CAPTION>

                                                     (1)                (2)                    (3)
                                                                      Accrued               Redemption
                                                                   Original Issue              Price
            Redemption Date                       Issue Price         Discount               (1) + (2)
            ---------------                       -----------      --------------           ----------
<S>                                               <C>              <C>                      <C>

June 23, 2006........................               $425.90           $117.51                $  543.41
June 23, 2007........................               $425.90           $140.70                $  566.60
June 23, 2008........................               $425.90           $165.07                $  590.97
June 23, 2009........................               $425.90           $190.68                $  616.58
June 23, 2010........................               $425.90           $217.58                $  643.48
June 23, 2011........................               $425.90           $245.84                $  671.74
June 23, 2012........................               $425.90           $275.53                $  701.43
June 23, 2013........................               $425.90           $306.73                $  732.63
June 23, 2014........................               $425.90           $339.51                $  765.41
June 23, 2015........................               $425.90           $373.94                $  799.84
June 23, 2016........................               $425.90           $410.12                $  836.02
June 23, 2017........................               $425.90           $448.13                $  874.03
June 23, 2018........................               $425.90           $488.06                $  913.96
June 23, 2019........................               $425.90           $530.02                $  955.92
At Stated Maturity...................               $425.90           $574.10                $1,000.00
</TABLE>
<PAGE>

     If converted to a semiannual coupon debenture following the occurrence of a
Tax Event, this Security will be redeemable at the Restated Principal Amount
plus accrued and unpaid interest from the date of such conversion through the
Redemption Date; but in no event will this Security be redeemable before June
23, 2006.

6.   Purchase By the Company at the Option of the Holder.

     Subject to the terms and conditions of the Indenture, the Company shall
become obligated to purchase, at the option of the Holder, the Securities held
by such Holder on the following Purchase Dates and at the following Purchase
Prices per $1,000 Principal Amount at Maturity, upon delivery of a Purchase
Notice containing the information set forth in the Indenture, at any time from
the opening of business on the date that is 20 Business Days prior to such
Purchase Date until the close of business on such Purchase Date and upon
delivery of the Securities to the Paying Agent by the Holder as set forth in the
Indenture.

<TABLE>
<CAPTION>
     Purchase Date               Purchase Price
     -------------               --------------
<S>                              <C>
     June 23, 2006                  $543.41
     June 23, 2010                  $643.48
     June 23, 2015                  $799.84
</TABLE>

     The Purchase Price (equal to the Issue Price plus accrued Original Issue
Discount and accrued and unpaid cash interest to the Purchase Date) may be paid,
at the option of the Company, in cash or shares of Class B Common Stock or any
combination thereof.

     If prior to a Purchase Date this Security has been converted to a
semiannual coupon debenture following the occurrence of a Tax Event, the
Purchase Price will be equal to the Restated Principal Amount plus accrued and
unpaid interest from the date of conversion to, but excluding, the Purchase
Date.

     At the option of the Holder and subject to the terms and conditions of the
Indenture, the Company shall become obligated to purchase all or a portion of
the Securities held by such Holder 35 Business Days after the occurrence of a
Change in Control of the Company occurring on or prior to June 23, 2006 for a
Change in Control Purchase Price equal to the Issue Price plus accrued Original
Issue Discount and accrued and unpaid cash interest to the Change in Control
Purchase Date, which Change in Control Purchase Price shall be paid in cash. If
prior to a Change in Control Purchase Date this Security has been converted to a
semiannual coupon debenture following the occurrence of a Tax Event, the Change
in Control Purchase Price shall be equal to the Restated Principal Amount plus
accrued and unpaid interest from the date of conversion to the Change in Control
Purchase Date.

     Holders have the right to withdraw any Purchase Notice or Change in Control
Purchase Notice, as the case may be, by delivering to the Paying Agent a written
notice of withdrawal in accordance with the provisions of the Indenture.
<PAGE>

     If cash (and/or securities if permitted under the Indenture) sufficient to
pay the Purchase Price or Change in Control Purchase Price, as the case may be,
of all Securities or portions thereof to be purchased as of the Purchase Date or
the Change in Control Purchase Date, as the case may be, is deposited with the
Paying Agent on the Business Day following the Purchase Date or the Change in
Control Purchase Date, as the case may be, such Securities will cease to  be
outstanding and Original Issue Discount and cash interest shall cease to accrue
on such Securities (or portions thereof) and will be deemed paid immediately
after such Purchase Date or Change in Control Purchase Date, as the case may be,
whether or not such Securities have been delivered to the Paying Agent, and the
Holder thereof shall have no other rights as such (other than the right to
receive the Purchase Price or Change in Control Purchase Price, as the case may
be, upon surrender of such Security).

7.   Notice of Redemption.

     Notice of redemption will be mailed at least 30 days but not more than 60
days before the Redemption Date to each Holder of Securities to be redeemed at
the Holder's registered address. If money sufficient to pay the Redemption Price
of all Securities (or portions thereof) to be redeemed on the Redemption Date is
deposited with the Paying Agent prior to or on the Redemption Date, immediately
after such Redemption Date Original Issue Discount ceases to accrue on such
Securities or portions thereof. Securities in denominations larger than $1,000
of Principal Amount at Maturity may be redeemed in part but only in integral
multiples of $1,000 of Principal Amount at Maturity.

8.   Conversion.

     Subject to the next two succeeding sentences, a Holder of a Security may
convert it into Class B Common Stock of the Company at any time before the close
of business on June 23, 2020.  If the Security is called for redemption, the
Holder may convert it at any time before the close of business on the Redemption
Date. A Security in respect of which a Holder has delivered a Purchase Notice or
Change in Control Purchase Notice exercising the option of such Holder to
require the Company to purchase such Security may be converted only if such
notice of exercise is withdrawn in accordance with the terms of the Indenture.

     The initial Conversion Rate is 5.6024 shares of Class B Common Stock per
$1,000 Principal Amount at Maturity, subject to adjustment in certain events
described in the Indenture. The Company will deliver cash or a check in lieu of
any fractional share of Class B Common Stock.

     In the event the Company exercises its option pursuant to Section 10.01 of
the Indenture to have interest in lieu of Original Issue Discount accrue on the
Security following a Tax Event, the Holder will be entitled on conversion to
receive the same number of shares of Class B Common Stock such Holder would have
received if the Company had not exercised such option. If the Company exercises
such option, Securities surrendered for conversion during the period from the
close of business on any Regular Record Date next preceding any Interest Payment
Date to the opening of business of such Interest Payment Date (except Securities
to be redeemed on a date within such period or on the next Interest Payment
Date) must be accompanied by payment of an amount equal to the interest thereon
that the registered Holder is to receive.
<PAGE>

Except where  Securities  surrendered  for  conversion  must be  accompanied  by
payment as described above, no interest on converted  Securities will be payable
by the  Company  on  any  Interest  Payment  Date  subsequent  to  the  date  of
conversion.

     To convert a Security, a Holder must (1) complete and manually sign the
conversion notice below (or complete and manually sign a facsimile of such
notice) and deliver such notice to the Conversion Agent, (2) surrender the
Security to the Conversion Agent, (3) furnish appropriate endorsements and
transfer documents if required by the Conversion Agent, the Company or the
Trustee and (4) pay any transfer or similar tax, if required.

     A Holder may convert a portion of a Security if the Principal Amount at
Maturity of such portion is $1,000 or an integral multiple of $1,000. No payment
or adjustment will be made for dividends on the Class B Common Stock except as
provided in the Indenture. On conversion of a Security, that portion of accrued
Original Issue Discount (or interest if the Company has exercised its option
provided for in paragraph 10 hereof) and (except as provided below) accrued cash
interest attributable to the period from the Issue Date (or, if the Company has
exercised the option referred to in paragraph 10 hereof, the later of (x) the
date of such exercise and (y) the date on which interest was last paid) or the
date on which interest was last paid through the Conversion Date with respect to
the converted Security shall not be cancelled, extinguished or forfeited, but
rather shall be deemed to be paid in full to the Holder thereof through the
delivery of the Class B Common Stock (together with the cash payment, if any, in
lieu of fractional shares) in exchange for the Security being converted pursuant
to the terms hereof; and the fair market value of such shares of Class B Common
Stock (together with any such cash payment in lieu of fractional shares) shall
be treated as issued, to the extent thereof, first in exchange for Original
Issue Discount (or interest, if the Company has exercised its option provided
for in paragraph 10 hereof) and cash interest accrued through the Conversion
Date, and the balance, if any, of such fair market value of such Common Stock
(and any such cash payment) shall be treated as issued in exchange for the Issue
Price of the Security being converted pursuant to the provisions hereof.
Notwithstanding the foregoing, accrued but unpaid interest will be payable upon
conversion of Securities made concurrently with or after acceleration of
Securities following an Event of Default.

     The Conversion Rate will be adjusted for dividends or distributions on
Class B Common Stock payable in Class B Common Stock or other Capital Stock;
subdivisions, combinations or certain reclassifications of Class B Common Stock;
distributions to all holders of Class B Common Stock of certain rights to
purchase Class B Common Stock for a period expiring within 45 days at less than
the Market Price at the Time of Determination; and distributions to such holders
of assets or debt securities of the Company or certain rights to purchase
securities of the Company (excluding certain cash dividends or distributions).
However, no adjustment need be made if Securityholders may participate in the
transaction or in certain other cases.  The Company from time to time may
voluntarily increase the Conversion Rate.

     If the Company is a party to a consolidation, merger or binding share
exchange or a transfer of all or substantially all of its assets, or upon
certain distributions described in the Indenture, the right to convert a
Security into Class B Common Stock may be changed into a right to convert it
into securities, cash or other assets of the Company or another person.
<PAGE>

9.   Conversion Arrangement on Call for Redemption.

     Any Securities called for redemption, unless surrendered for conversion
before the close of business on the Redemption Date, may be deemed to be
purchased from the Holders of such Securities at an amount not less than the
Redemption Price, by one or more investment bankers or other purchasers who may
agree with the Company to purchase such Securities from the Holders, to convert
them into Class B Common Stock of the Company and to make payment for such
Securities to the Trustee in trust for such Holders.

10.  Tax Event

     (a) From and after (i) the date (the "Tax Event Date") of the occurrence of
a Tax Event and (ii) the date the Company exercises such option, whichever is
later (the "Option Exercise Date"), at the option of the Company, interest in
lieu of future Original Issue Discount and regular cash interest shall accrue at
the rate of 5.00% per annum on a principal amount per Security (the "Restated
Principal Amount") equal to the Issue Price plus Original Issue Discount accrued
through the Option Exercise Date and shall be payable semiannually on June 23
and December 23 of each year (each an "Interest Payment Date") to Holders of
record at the close of business on June 8 or December 8 (each a "Regular Record
Date") immediately preceding such Interest Payment Date. Interest will be
computed on the basis of a 360-day year comprised of twelve 30-day months and
will accrue from the most recent date to which interest has been paid or, if no
interest has been paid, from the Option Exercise Date.

     (b) Cash interest on any Security that is payable, and is punctually paid
or duly provided for, on any Interest Payment Date shall be paid to the person
in whose name that Security is registered at the close of business on the
Regular Record Date for such cash interest at the office or agency of the
Company maintained for such purpose. Each installment of cash interest on any
Security shall be paid in same-day funds by transfer to an account maintained by
the payee located inside the United States.

     (c) Except as otherwise specified with respect to the Securities, any
Defaulted Interest on any Security shall forthwith cease to be payable to the
registered Holder thereof on the relevant Regular Record Date by virtue of
having been such Holder, and such Defaulted Interest may be paid by the Company
as provided for in Section 10.02(b) of the Indenture.

11.  Denominations; Transfer; Exchange.

     The Securities are in fully registered form, without coupons, in
denominations of $1,000 of Principal Amount at Maturity and integral multiples
of $1,000. A Holder may transfer or exchange Securities in accordance with the
Indenture. The Registrar may require a Holder, among other things, to furnish
appropriate endorsements and transfer documents and to pay any taxes and fees
required by law or permitted by the Indenture. The Registrar need not transfer
or exchange any Securities selected for redemption (except, in the case of a
Security to be redeemed in part, the portion of the Security not to be redeemed)
or any Securities in respect of which a Purchase Notice or Change in Control
Purchase Notice has been given and not withdrawn (except, in the case of a
Security to be purchased in part, the portion of the Security not to be
<PAGE>

purchased) or any Securities for a period of 15 days before the mailing of a
notice of redemption of Securities to be redeemed.

12.  Persons Deemed Owners.

     The registered Holder of this Security may be treated as the owner of this
Security for all purposes.

13.  Unclaimed Money or Securities.

     The Trustee and the Paying Agent shall return to the Company upon written
request any money or securities held by them for the payment of any amount with
respect to the Securities that remains unclaimed for two years, subject to
applicable unclaimed property law. After return to the Company, Holders entitled
to the money or securities must look to the Company for payment as general
creditors unless an applicable abandoned property law designates another person.

14.  Amendment; Waiver.

     Subject to certain exceptions set forth in the Indenture, (i) the Indenture
or the Securities may be amended with the written consent of the Holders of at
least a majority in aggregate Principal Amount at Maturity of the Securities at
the time outstanding and (ii) certain Defaults may be waived with the written
consent of the Holders of a majority in aggregate Principal Amount at Maturity
of the Securities at the time outstanding. Subject to certain exceptions set
forth in the Indenture, without the consent of any Securityholder, the Company
and the Trustee may amend the Indenture or the Securities to cure any ambiguity,
omission, defect or inconsistency, or to comply with Article 5 or Section 11.14
of the Indenture, to provide for uncertificated Securities in addition to or in
place of certificated Securities or to make any change that does not adversely
affect the rights of any Securityholder, or to comply with any requirement of
the SEC in connection with the qualification of the Indenture under the TIA.

15.  Defaults and Remedies.

     Under the Indenture, Events of Default include (i) default in the payment
of any cash interest upon any Security when such interest becomes due and
payable, and such default in payment of interest shall continue for 30 days;
(ii) default in the payment of the Principal Amount at Maturity (or, if the
Securities have been converted to semiannual coupon debentures following a Tax
Event pursuant to Article 10, the Restated Principal Amount), Issue Price plus
accrued Original Issue Discount, Redemption Price, Purchase Price or Change in
Control Purchase Price on any Security when the same becomes due and payable at
its Stated Maturity, upon redemption, upon declaration, when due for purchase by
the Company or otherwise; (iii) failure by the Company to deliver shares of
Class B Common Stock (together with cash in lieu of fractional shares) when such
Class B Common Stock (or cash in lieu of fractional shares) is required to be
delivered upon conversion of a Security and such failure continues for 10 days;
(iv) failure by the Company to comply with any of its agreements in the
Securities or the Indenture (other than those referred to in clauses (i), (ii)
and (iii) above) and such failure continues for 30 days after receipt by the
Company of a Notice of Default; (v) there shall be (a) a default under any bond,
debenture, note or other evidence of indebtedness for money borrowed
<PAGE>

or under any mortgage, indenture or other instrument under which there may be
issued or by which there may be secured or evidenced any Indebtedness by the
Company or any Significant Subsidiary or by any Subsidiaries of the Company
which in the aggregate would constitute a Significant Subsidiary or under any
guarantee of payment of Indebtedness by the Company or any Significant
Subsidiary or by any Subsidiaries of the Company which in the aggregate would
constitute a Significant Subsidiary, whether such Indebtedness or guarantee now
exists or shall hereafter be created, and the effect of such default is to cause
such Indebtedness (or Indebtedness so guaranteed) to become due prior to its
stated maturity or (b) a failure to pay at the stated maturity of any such
Indebtedness (or Indebtedness so guaranteed) any amounts then due and owing
thereunder; provided, however, that no Default under this clause (v) shall exist
if all such defaults and failures to pay relate to Indebtedness (including
Indebtedness so guaranteed) with an aggregate principal amount of not more than
$5,000,000 at the time outstanding; (vi) final judgments for the payment of
money which in the aggregate exceed $5,000,000 at the time outstanding shall be
rendered against the Company or any Significant Subsidiary or any Subsidiaries
of the Company which in the aggregate would constitute a Significant Subsidiary
by a court of competent jurisdiction and shall remain undischarged for a period
(during which execution shall not be effectively stayed) of 60 days after such
judgment becomes final and nonappealable; or (vii) certain events of bankruptcy,
insolvency or reorganization with respect to the Company or any Significant
Subsidiary or any Subsidiaries of the Company which in the aggregate would
constitute a Significant Subsidiary. If an Event of Default occurs and is
continuing, the Trustee, or the Holders of at least 25% in aggregate Principal
Amount at Maturity of the Securities at the time outstanding, may declare all
the Securities to be due and payable immediately. Certain events of bankruptcy
or insolvency are Events of Default which will result in the Securities becoming
due and payable immediately upon the occurrence of such Events of Default.

     Securityholders may not enforce the Indenture or the Securities except as
provided in the Indenture. The Trustee may refuse to enforce the Indenture or
the Securities unless it receives reasonable indemnity or security. Subject to
certain limitations, Holders of a majority in aggregate Principal Amount at
Maturity of the Securities at the time outstanding may direct the Trustee in its
exercise of any trust or power. The Trustee may withhold from Securityholders
notice of any continuing Default (except a Default in payment of amounts
specified in clause (i) or (ii) above) if it determines that withholding notice
is in their interests.

16.  Trustee Dealings with the Company.

     Subject to certain limitations imposed by the TIA, the Trustee under the
Indenture, in its individual or any other capacity, may become the owner or
pledgee of Securities and may otherwise deal with and collect obligations owed
to it by the Company or its Affiliates and may otherwise deal with the Company
or its Affiliates with the same rights it would have if it were not Trustee.

17.  No Recourse Against Others.

     A director, officer, employee or stockholder, as such, of the Company shall
not have any liability for any obligations of the Company under the Securities
or the Indenture or for any claim based on, in respect of or by reason of such
obligations or their creation. By accepting a
<PAGE>

Security, each Securityholder waives and releases all such liability. The waiver
and release are part of the consideration for the issue of the Securities.

18.  Authentication.

     This Security shall not be valid until an authorized signatory of the
Trustee manually signs the Trustee's Certificate of Authentication on the other
side of this Security.

19.  Abbreviations.

     Customary abbreviations may be used in the name of a Securityholder or an
assignee, such as TEN COM (=tenants in common), TEN ENT (=tenants by the
entireties), JT TEN (=joint tenants with right of survivorship and not as
tenants in common), CUST (=custodian), and U/G/M/A (=Uniform Gift to Minors
Act).

20.  GOVERNING LAW.

     THE INDENTURE AND THIS SECURITY WILL BE GOVERNED BY, AND CONSTRUED IN
ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK.

                             ----------------------

     The Company will furnish to any Securityholder upon written request and
without charge a copy of the Indenture which has in it the text of this Security
in larger type. Requests may be made to:

          Universal Health Services, Inc.
          Universal Corporate Center
          P.O. Box 61558
          367 South Gulph Road
          King of Prussia, Pennsylvania 19406-0958
<PAGE>

<TABLE>
<S>                                     <C>
ASSIGNMENT FORM                         CONVERSION NOTICE
To assign this Security, fill in the    To convert this Security into Class B
 form below:                            Common Stock of the Company, check
I or we assign and transfer this        the box:
 Security to
_____________________________________
(Insert assignee's soc. sec. or tax     To convert only part of this
 ID no.)                                Security, state the Principal Amount
____________________________________    at Maturity to be converted (which
____________________________________    must be $1,000 or an integral
____________________________________    multiple of $1,000):
(Print or type assignee's name,         $__________________________
 address and zip code)                  If you want the stock certificate
and irrevocably appoint                 made out in another person's name,
_____________________ agent to          fill in the form below:
 transfer this Security on the books    _____________________________________
 of the Company.  The agent may         (Insert other person's soc. sec. or
 substitute another to act for him.     tax ID no.)
                                        ____________________________________
                                        ____________________________________
                                        ____________________________________
                                        ____________________________________
                                        (Print or type other person's name,
                                        address and zip code)
______________________________________________________________________________
Date:  _____________________  Your Signature:_________________________________

______________________________________________________________________________
     (Sign exactly as your name appears on the other side of this Security)

</TABLE>

<PAGE>

                              Transfer Certificate

     In connection with any transfer of any of the Securities within the period
prior to the expiration of the holding period applicable to the sales thereof
under Rule 144(k) under the Securities Act of 1933, as amended (the "Securities
Act") (or any successor provision), the undersigned registered owner of this
Security hereby certifies with respect to $____________ Principal Amount at
Maturity of the above-captioned securities presented or surrendered on the date
hereof (the "Surrendered Securities") for registration of transfer, or for
exchange or conversion where the securities issuable upon such exchange or
conversion are to be registered in a name other than that of the undersigned
registered owner (each such transaction being a "transfer"), that such transfer
complies with the restrictive legend set forth on the face of the Surrendered
Securities for the reason checked below:

      [_] A transfer of the Surrendered Securities is made to the Company or any
          subsidiaries; or

      [_] The transfer of the Surrendered Securities complies with Rule 144A
          under the U.S. Securities Act of 1933, as amended (the "Securities
          Act"); or

      [_] The transfer of the Surrendered Securities is to an institutional
          accredited investor, as described in Rule 501(a)(1), (2), (3) or (7)
          of Regulation D under the Securities Act; or

      [_] The transfer of the Surrendered Securities is pursuant to an effective
          registration statement under the Securities Act, or

      [_] The transfer of the Surrendered Securities is pursuant to an offshore
          transaction in accordance with Rule 904 of Regulation S under the
          Securities Act; or

      [_] The transfer of the Surrendered Securities is pursuant to another
          available exemption from the registration requirement of the
          Securities Act .

and unless the box below is checked, the undersigned confirms that, to the
undersigned's knowledge, such Securities are not being transferred to an
"affiliate" of the Company as defined in Rule 144 under the Securities Act (an
"Affiliate").

      [_] The transferee is an Affiliate of the Company.

DATE:
      ----------------------             ----------------------
                                              Signature(s)

           (If the registered owner is a corporation, partnership or
            fiduciary, the title of the Person signing on behalf of
                     such registered owner must be stated.)

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