Document:

EX-4.2

 Exhibit 4.2 

Execution Version 

PFIZER INC. 
 and 

THE BANK OF NEW YORK MELLON, 

Trustee 
 SECOND SUPPLEMENTAL
INDENTURE 
 Dated as of March 11, 2019 

to 
 INDENTURE 

Dated as of September 7, 2018 

2.800% Notes due 2022 
 2.950%
Notes due 2024 
 3.450% Notes due 2029 

3.900% Notes due 2039 
 4.000% Notes
due 2049 

					
	TABLE OF CONTENTS	  			
		
	 	  	Page	 
	ARTICLE ONE	  			
		
	DEFINITIONS	  			
		
	 Section 101. Definition of Terms
	  	 	2	 
		
	ARTICLE TWO	  			
		
	GENERAL TERMS AND CONDITIONS OF THE 2022 NOTES	  			
		
	 Section 201. Designation and Principal Amount
	  	 	2	 
	 Section 202. Maturity
	  	 	2	 
	 Section 203. Further Issues
	  	 	2	 
	 Section 204. Global Notes
	  	 	2	 
	 Section 205. Interest
	  	 	3	 
	 Section 206. Authorized Denominations
	  	 	3	 
	 Section 207. Redemption
	  	 	3	 
	 Section 208. Appointment of Agents
	  	 	3	 
		
	ARTICLE THREE	  			
	GENERAL TERMS AND CONDITIONS OF THE 2024 NOTES	  			
		
	 Section 301. Designation and Principal Amount
	  	 	3	 
	 Section 302. Maturity
	  	 	3	 
	 Section 303. Further Issues
	  	 	3	 
	 Section 304. Global Notes
	  	 	4	 
	 Section 305. Interest
	  	 	4	 
	 Section 306. Authorized Denominations
	  	 	4	 
	 Section 307. Redemption
	  	 	4	 
	 Section 308. Appointment of Agents
	  	 	4	 
		
	ARTICLE FOUR	  			
		
	GENERAL TERMS AND CONDITIONS OF THE 2029 NOTES	  			
		
	 Section 401. Designation and Principal Amount
	  	 	4	 
	 Section 402. Maturity
	  	 	4	 
	 Section 403. Further Issues
	  	 	5	 
	 Section 404. Global Notes
	  	 	5	 
	 Section 405. Interest
	  	 	5	 
	 Section 406. Authorized Denominations
	  	 	5	 
	 Section 407. Redemption
	  	 	5	 
	 Section 408. Appointment of Agents
	  	 	5	 

  
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	ARTICLE FIVE	  			
		
	GENERAL TERMS AND CONDITIONS OF THE 2039 NOTES	  			
		
	 Section 501. Designation and Principal Amount
	  	 	5	 
	 Section 502. Maturity
	  	 	6	 
	 Section 503. Further Issues
	  	 	6	 
	 Section 504. Global Notes
	  	 	6	 
	 Section 505. Interest
	  	 	6	 
	 Section 506. Authorized Denominations
	  	 	6	 
	 Section 507. Redemption
	  	 	6	 
	 Section 508. Appointment of Agents
	  	 	6	 
		
	ARTICLE SIX	  			
		
	GENERAL TERMS AND CONDITIONS OF THE 2049 NOTES	  			
		
	 Section 601. Designation and Principal Amount
	  	 	7	 
	 Section 602. Maturity
	  	 	7	 
	 Section 603. Further Issues
	  	 	7	 
	 Section 604. Global Notes
	  	 	7	 
	 Section 605. Interest
	  	 	7	 
	 Section 606. Authorized Denominations
	  	 	7	 
	 Section 607. Redemption
	  	 	8	 
	 Section 608. Appointment of Agents
	  	 	8	 
		
	ARTICLE SEVEN	  			
		
	OPTIONAL REDEMPTION; NO SINKING FUND	  			
		
	 Section 701. Optional Redemption by Company
	  	 	8	 
	 Section 702. Par Calls
	  	 	11	 
	 Section 703. No Sinking Fund
	  	 	11	 
		
	ARTICLE EIGHT	  			
		
	FORMS OF NOTES	  			
		
	 Section 801. Form of 2022 Note
	  	 	11	 
	 Section 802. Form of 2024 Note
	  	 	12	 
	 Section 803. Form of 2029 Note
	  	 	12	 
	 Section 804. Form of 2039 Note
	  	 	12	 
	 Section 805. Form of 2049 Note
	  	 	12	 

  
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	ARTICLE NINE	  			
		
	ORIGINAL ISSUE AMOUNT OF NOTES	  			
		
	 Section 901. Original Issue Amount of the 2022 Notes
	  	 	12	 
	 Section 902. Original Issue Amount of the 2024 Notes
	  	 	12	 
	 Section 903. Original Issue Amount of the 2029 Notes
	  	 	12	 
	 Section 904. Original Issue Amount of the 2039 Notes
	  	 	12	 
	 Section 905. Original Issue Amount of the 2049 Notes
	  	 	12	 
		
	ARTICLE TEN	  			
		
	MISCELLANEOUS	  			
		
	 Section 1001. Ratification of Indenture
	  	 	13	 
	 Section 1002. Trustee Not Responsible for Recitals
	  	 	13	 
	 Section 1003. Governing Law
	  	 	13	 
	 Section 1004. Separability
	  	 	13	 
	 Section 1005. Counterparts
	  	 	13	 
	 Section 1006. Trust Indenture Act
	  	 	13	 

 Exhibits 

			
		
	Exhibit A	  	Form of 2022 Note
	Exhibit B	  	Form of 2024 Note
	Exhibit C	  	Form of 2029 Note
	Exhibit D	  	Form of 2039 Note
	Exhibit E	  	Form of 2049 Note

  
 iii 

 SECOND SUPPLEMENTAL INDENTURE, dated as of March 11, 2019 (the “Second
Supplemental Indenture”), between Pfizer Inc., a Delaware corporation (the “Company”), and The Bank of New York Mellon, a New York banking corporation, as trustee (the “Trustee”). 

WHEREAS, the Company executed and delivered the indenture, dated as of September 7, 2018, to the Trustee (the “Indenture”), to
provide for the issuance of the Company’s unsecured debentures, notes, bonds or other evidences of indebtedness (the “Securities”) in an unlimited aggregate principal amount to be issued from time to time in one or more series as
provided therein; 
 WHEREAS, pursuant to Section 14.01 of the Indenture, the Company desires to provide for the issuance of (i) a
new series of its Securities to be known as its 2.800% Notes due 2022 (the “2022 Notes”), (ii) a new series of its Securities to be known as its 2.950% Notes due 2024 (the “2024 Notes”), (iii) a new series of its Securities to be
known as its 3.450% Notes due 2029 (the “2029 Notes”), (iv) a new series of its Securities to be known as its 3.900% Notes due 2039 (the “2039 Notes”) and (v) a new series of its Securities to be known as its 4.000% Notes
due 2049 (the “2049 Notes” and, together with the 2022 Notes, the 2024 Notes, the 2029 Notes and the 2039 Notes, the “Notes”), and to establish the forms and to set forth the terms of the Notes thereof, as provided in
Section 3.01 of the Indenture; 
 WHEREAS, the Board of Directors of the Company, pursuant to resolutions duly adopted, has duly
authorized the issuance of the Company’s debt securities and the Securities Issuance Committee of the Company, pursuant to a resolution duly adopted on March 4, 2019, has duly authorized the issuance of $500,000,000 aggregate principal
amount of 2022 Notes, $750,000,000 aggregate principal amount of 2024 Notes, $1,750,000,000 aggregate principal amount of 2029 Notes, $750,000,000 aggregate principal amount of 2039 Notes and $1,250,000,000 aggregate principal amount of 2049 Notes,
and has authorized the proper officers of the Company to execute any and all appropriate documents necessary or appropriate to effect such issuance; 

WHEREAS, the Company has requested that the Trustee execute and deliver this Second Supplemental Indenture; and 

WHEREAS, all things necessary to make this Second Supplemental Indenture a valid agreement of the Company, in accordance with its terms, and
to make the Notes, when executed by the Company and authenticated and delivered by the Trustee, the valid obligations of the Company, have been done; 

NOW THEREFORE, in consideration of the premises and the purchase and acceptance of the Notes by the Holders thereof, and for the purpose of
setting forth, as provided in the Indenture, the forms and terms of the Notes, it is mutually covenanted and agreed, for the equal and proportionate benefit of all Holders of the Notes, as follows: 

 

 ARTICLE ONE 

DEFINITIONS 

Section 101. Definition of Terms. Unless the context otherwise requires: 

(a) each term defined in the Indenture has the same meaning when used in this Second Supplemental Indenture; 

(b) each term defined anywhere in this Second Supplemental Indenture has the same meaning throughout; 

(c) the singular includes the plural and vice versa; and 

(d) headings are for convenience of reference only and do not affect interpretation. 

ARTICLE TWO 
 GENERAL
TERMS AND CONDITIONS OF THE 2022 NOTES 
 Section 201. Designation and Principal Amount. There is hereby authorized and
established a series of Securities under the Indenture, designated as the “2.800% Notes due 2022”, which is not limited in aggregate principal amount. The aggregate principal amount of the 2022 Notes to be issued on the date hereof is set
forth in Article Nine herein. 
 Section 202. Maturity. The Stated Maturity of principal of the 2022 Notes is March 11,
2022. 
 Section 203. Further Issues. The Company may from time to time, without the consent of the Holders of the 2022 Notes,
issue additional 2022 Notes. Any such additional 2022 Notes will have the same ranking, interest rate, maturity date and other terms as the 2022 Notes herein provided for. Any such additional 2022 Notes, together with the 2022 Notes herein provided
for, will constitute a single series of Securities under the Indenture. No additional 2022 Notes may be issued if an Event of Default has occurred and is continuing with respect to the 2022 Notes. The Company will not issue any additional 2022 Notes
intended to form a single series with the 2022 Notes herein provided for unless such additional 2022 Notes will be fungible with the 2022 Notes herein provided for U.S. federal income tax purposes. 

Section 204. Global Notes. Upon their original issuance, the 2022 Notes will be represented by one or more Global Securities
registered in the name of Cede & Co., the nominee of The Depository Trust Company (“DTC”). The Company will deposit the Global Securities with DTC or its custodian and register the Global Securities in the name of Cede &
Co. 

  
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 Section 205. Interest. The 2022 Notes will bear interest (computed on the basis
of a 360-day year consisting of twelve 30-day months) from March 11, 2019 at the rate of 2.800% per annum, payable semiannually in arrears; interest payable on each
Interest Payment Date (as defined in the Indenture) will include interest accrued from March 11, 2019, or from the most recent Interest Payment Date to which interest has been paid or duly provided for; the Interest Payment Dates on which such
interest shall be payable are March 11 and September 11, beginning on September 11, 2019; and the Record Date for the interest payable on any Interest Payment Date is the close of business on the date that is 15 calendar days (whether
or not a Business Day) prior to the relevant Interest Payment Date. If any Interest Payment Date falls on a day that is not a Business Day, the required payment on that day will be due on the next succeeding Business Day as if made on the date the
payment was due, and no interest will accrue on that payment for the period from and after that Interest Payment Date to the date of payment on the next succeeding Business Day. 

Section 206. Authorized Denominations. The 2022 Notes shall be issuable in denominations of $2,000 and integral multiples of
$1,000 in excess thereof. 
 Section 207. Redemption. The 2022 Notes are subject to redemption at the option of the Company as
described in Article Seven hereof. 
 Section 208. Appointment of Agents. The Trustee will initially be the Registrar and Paying
Agent for the 2022 Notes and will act as such only at its corporate trust offices in the Borough of Manhattan, City of New York. 

ARTICLE THREE 
 GENERAL
TERMS AND CONDITIONS OF THE 2024 NOTES 
 Section 301. Designation and Principal Amount. There is hereby authorized and
established a series of Securities under the Indenture, designated as the “2.950% Notes due 2024”, which is not limited in aggregate principal amount. The aggregate principal amount of the 2024 Notes to be issued on the date hereof is set
forth in Article Nine herein. 
 Section 302. Maturity. The Stated Maturity of principal of the 2024 Notes is March 15,
2024. 
 Section 303. Further Issues. The Company may from time to time, without the consent of the Holders of the 2024 Notes,
issue additional 2024 Notes. Any such additional 2024 Notes will have the same ranking, interest rate, maturity date and other terms as the 2024 Notes herein provided for. Any such additional 2024 Notes, together with the 2024 Notes herein provided
for, will constitute a single series of Securities under the Indenture. No additional 2024 Notes may be issued if an Event of Default has occurred and is continuing with respect to the 2024 Notes. The Company will not issue any additional 2024 Notes
intended to form a single series with the 2024 Notes herein provided for unless such additional 2024 Notes will be fungible with the 2024 Notes herein provided for U.S. federal income tax purposes. 

  
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 Section 304. Global Notes. Upon their original issuance, the 2024 Notes will be
represented by one or more Global Securities registered in the name of Cede & Co., the nominee of DTC. The Company will deposit the Global Securities with DTC or its custodian and register the Global Securities in the name of
Cede & Co. 
 Section 305. Interest. The 2024 Notes will bear interest (computed on the basis of a 360-day year consisting of twelve 30-day months) from March 11, 2019 at the rate of 2.950% per annum, payable semiannually in arrears; interest payable on each Interest
Payment Date (as defined in the Indenture) will include interest accrued from March 11, 2019, or from the most recent Interest Payment Date to which interest has been paid or duly provided for; the Interest Payment Dates on which such interest
shall be payable are March 15 and September 15, beginning on September 15, 2019; and the Record Date for the interest payable on any Interest Payment Date is the close of business on the date that is 15 calendar days (whether or not a
Business Day) prior to the relevant Interest Payment Date. If any Interest Payment Date falls on a day that is not a Business Day, the required payment on that day will be due on the next succeeding Business Day as if made on the date the payment
was due, and no interest will accrue on that payment for the period from and after that Interest Payment Date to the date of payment on the next succeeding Business Day. 

Section 306. Authorized Denominations. The 2024 Notes shall be issuable in denominations of $2,000 and integral multiples of
$1,000 in excess thereof. 
 Section 307. Redemption. The 2024 Notes are subject to redemption at the option of the Company as
described in Article Seven hereof. 
 Section 308. Appointment of Agents. The Trustee will initially be the Registrar and Paying
Agent for the 2024 Notes and will act as such only at its corporate trust offices in the Borough of Manhattan, City of New York. 

ARTICLE FOUR 
 GENERAL
TERMS AND CONDITIONS OF THE 2029 NOTES 
 Section 401. Designation and Principal Amount. There is hereby authorized and
established a series of Securities under the Indenture, designated as the “3.450% Notes due 2029”, which is not limited in aggregate principal amount. The aggregate principal amount of the 2029 Notes to be issued on the date hereof is set
forth in Article Nine herein. 
 Section 402. Maturity. The Stated Maturity of principal of the 2029 Notes is March 15,
2029. 

  
 -4- 

 Section 403. Further Issues. The Company may from time to time, without the
consent of the Holders of the 2029 Notes, issue additional 2029 Notes. Any such additional 2029 Notes will have the same ranking, interest rate, maturity date and other terms as the 2029 Notes herein provided for. Any such additional 2029 Notes,
together with the 2029 Notes herein provided for, will constitute a single series of Securities under the Indenture. No additional 2029 Notes may be issued if an Event of Default has occurred and is continuing with respect to the 2029 Notes. The
Company will not issue any additional 2029 Notes intended to form a single series with the 2029 Notes herein provided for unless such additional 2029 Notes will be fungible with the 2029 Notes herein provided for U.S. federal income tax purposes.

 Section 404. Global Notes. Upon their original issuance, the 2029 Notes will be represented by one or more Global Securities
registered in the name of Cede & Co., the nominee of DTC. The Company will deposit the Global Securities with DTC or its custodian and register the Global Securities in the name of Cede & Co. 

Section 405. Interest. The 2029 Notes will bear interest (computed on the basis of a
360-day year consisting of twelve 30-day months) from March 11, 2019 at the rate of 3.450% per annum, payable semiannually in arrears; interest payable on each
Interest Payment Date (as defined in the Indenture) will include interest accrued from March 11, 2019, or from the most recent Interest Payment Date to which interest has been paid or duly provided for; the Interest Payment Dates on which such
interest shall be payable are March 15 and September 15, beginning on September 15, 2019; and the Record Date for the interest payable on any Interest Payment Date is the close of business on the date that is 15 calendar days (whether
or not a Business Day) prior to the relevant Interest Payment Date. If any Interest Payment Date falls on a day that is not a Business Day, the required payment on that day will be due on the next succeeding Business Day as if made on the date the
payment was due, and no interest will accrue on that payment for the period from and after that Interest Payment Date to the date of payment on the next succeeding Business Day. 

Section 406. Authorized Denominations. The 2029 Notes shall be issuable in denominations of $2,000 and integral multiples of
$1,000 in excess thereof. 
 Section 407. Redemption. The 2029 Notes are subject to redemption at the option of the Company as
described in Article Seven hereof. 
 Section 408. Appointment of Agents. The Trustee will initially be the Registrar and Paying
Agent for the 2029 Notes and will act as such only at its corporate trust offices in the Borough of Manhattan, City of New York. 

ARTICLE FIVE 
 GENERAL
TERMS AND CONDITIONS OF THE 2039 NOTES 
 Section 501. Designation and Principal Amount. There is hereby authorized and
established a series of Securities under the Indenture, designated as the “3.900% Notes due 2039”, which is not limited in aggregate principal amount. The aggregate principal amount of the 2039 Notes to be issued on the date hereof is set
forth in Article Nine herein. 

  
 -5- 

 Section 502. Maturity. The Stated Maturity of principal of the 2039 Notes is
March 15, 2039. 
 Section 503. Further Issues. The Company may from time to time, without the consent of the Holders of
the 2039 Notes, issue additional 2039 Notes. Any such additional 2039 Notes will have the same ranking, interest rate, maturity date and other terms as the 2039 Notes herein provided for. Any such additional 2039 Notes, together with the 2039 Notes
herein provided for, will constitute a single series of Securities under the Indenture. No additional 2039 Notes may be issued if an Event of Default has occurred and is continuing with respect to the 2039 Notes. The Company will not issue any
additional 2039 Notes intended to form a single series with the 2039 Notes herein provided for unless such additional 2039 Notes will be fungible with the 2039 Notes herein provided for U.S. federal income tax purposes. 

Section 504. Global Notes. Upon their original issuance, the 2039 Notes will be represented by one or more Global Securities
registered in the name of Cede & Co., the nominee of DTC. The Company will deposit the Global Securities with DTC or its custodian and register the Global Securities in the name of Cede & Co. 

Section 505. Interest. The 2039 Notes will bear interest (computed on the basis of a
360-day year consisting of twelve 30-day months) from March 11, 2019 at the rate of 3.900% per annum, payable semiannually in arrears; interest payable on each
Interest Payment Date (as defined in the Indenture) will include interest accrued from March 11, 2019, or from the most recent Interest Payment Date to which interest has been paid or duly provided for; the Interest Payment Dates on which such
interest shall be payable are March 15 and September 15, beginning on September 15, 2019; and the Record Date for the interest payable on any Interest Payment Date is the close of business on the date that is 15 calendar days (whether
or not a Business Day) prior to the relevant Interest Payment Date. If any Interest Payment Date falls on a day that is not a Business Day, the required payment on that day will be due on the next succeeding Business Day as if made on the date the
payment was due, and no interest will accrue on that payment for the period from and after that Interest Payment Date to the date of payment on the next succeeding Business Day. 

Section 506. Authorized Denominations. The 2039 Notes shall be issuable in denominations of $2,000 and integral multiples of
$1,000 in excess thereof. 
 Section 507. Redemption. The 2039 Notes are subject to redemption at the option of the Company as
described in Article Seven hereof. 
 Section 508. Appointment of Agents. The Trustee will initially be the Registrar and Paying
Agent for the 2039 Notes and will act as such only at its corporate trust offices in the Borough of Manhattan, City of New York. 

  
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 ARTICLE SIX 

GENERAL TERMS AND CONDITIONS OF THE 2049 NOTES 

Section 601. Designation and Principal Amount. There is hereby authorized and established a series of Securities under the
Indenture, designated as the “4.000% Notes due 2049”, which is not limited in aggregate principal amount. The aggregate principal amount of the 2049 Notes to be issued on the date hereof is set forth in Article Nine herein. 

Section 602. Maturity. The Stated Maturity of principal of the 2049 Notes is March 15, 2049. 

Section 603. Further Issues. The Company may from time to time, without the consent of the Holders of the 2049 Notes, issue
additional 2049 Notes. Any such additional 2049 Notes will have the same ranking, interest rate, maturity date and other terms as the 2049 Notes herein provided for. Any such additional 2049 Notes, together with the 2049 Notes herein provided for,
will constitute a single series of Securities under the Indenture. No additional 2049 Notes may be issued if an Event of Default has occurred and is continuing with respect to the 2049 Notes. The Company will not issue any additional 2049 Notes
intended to form a single series with the 2049 Notes herein provided for unless such additional 2049 Notes will be fungible with the 2049 Notes herein provided for U.S. federal income tax purposes. 

Section 604. Global Notes. Upon their original issuance, the 2049 Notes will be represented by one or more Global Securities
registered in the name of Cede & Co., the nominee of DTC. The Company will deposit the Global Securities with DTC or its custodian and register the Global Securities in the name of Cede & Co. 

Section 605. Interest. The 2049 Notes will bear interest (computed on the basis of a
360-day year consisting of twelve 30-day months) from March 11, 2019 at the rate of 4.000% per annum, payable semiannually in arrears; interest payable on each
Interest Payment Date (as defined in the Indenture) will include interest accrued from March 11, 2019, or from the most recent Interest Payment Date to which interest has been paid or duly provided for; the Interest Payment Dates on which such
interest shall be payable are March 15 and September 15, beginning on September 15, 2019; and the Record Date for the interest payable on any Interest Payment Date is the close of business on the date that is 15 calendar days (whether
or not a Business Day) prior to the relevant Interest Payment Date. If any Interest Payment Date falls on a day that is not a Business Day, the required payment on that day will be due on the next succeeding Business Day as if made on the date the
payment was due, and no interest will accrue on that payment for the period from and after that Interest Payment Date to the date of payment on the next succeeding Business Day. 

Section 606. Authorized Denominations. The 2049 Notes shall be issuable in denominations of $2,000 and integral multiples of
$1,000 in excess thereof. 

  
 -7- 

 Section 607. Redemption. The 2049 Notes are subject to redemption at the option
of the Company as described in Article Seven hereof. 
 Section 608. Appointment of Agents. The Trustee will initially be the
Registrar and Paying Agent for the 2049 Notes and will act as such only at its corporate trust offices in the Borough of Manhattan, City of New York. 

ARTICLE SEVEN 
 OPTIONAL
REDEMPTION; NO SINKING FUND 
 Section 701. Optional Redemption by Company. 

(a) At the Company’s option, the 2022 Notes may be redeemed, in whole, at any time, or in part, from time to time (each a “2022
Redemption Date”), at a redemption price to be calculated on the basis of a 360-day year consisting of twelve 30-day months (the “2022 Redemption Price”)
equal to the greater of the following amounts: 
 (i) 100% of the principal amount of the 2022 Notes being redeemed on the
relevant 2022 Redemption Date, and 
 (ii) the sum of the present values of the remaining scheduled payments of principal and
interest on the 2022 Notes being redeemed on the applicable 2022 Redemption Date (not including the amount, if any, of accrued and unpaid interest to, but excluding, such 2022 Redemption Date) discounted to such 2022 Redemption Date on a semi-annual
basis at the Treasury Rate, as determined by the Independent Investment Banker, plus 5 basis points; 
 plus, in each of the cases of (a)(i) and
(a)(ii) above, accrued and unpaid interest on the 2022 Notes being redeemed to, but excluding, such 2022 Redemption Date. 
 (b) At the
Company’s option, the 2024 Notes may be redeemed, in whole, at any time, or in part, from time to time, prior to February 15, 2024 (one month prior to the Stated Maturity of the 2024 Notes (the “2024 Par Call Date,” and the date
of any such redemption a “2024 Redemption Date”)) at a redemption price to be calculated on the basis of a 360-day year consisting of twelve 30-day months (the
“2024 Redemption Price”) equal to the greater of the following amounts: 
 (i) 100% of the principal amount of the
2024 Notes being redeemed on the relevant 2024 Redemption Date, and 
 (ii) the sum of the present values of the remaining
scheduled payments of principal and interest on the 2024 Notes being redeemed on the applicable 2024 Redemption Date (not including the amount, if any, of accrued and unpaid interest to, but excluding, such 2024 Redemption Date) discounted to such
2024 Redemption Date on a semi-annual basis at the Treasury Rate, as determined by the Independent Investment Banker, plus 8 basis points; 

  
 -8- 

 plus, in each of the cases of (b)(i) and (b)(ii) above, accrued and unpaid interest on the 2024 Notes
being redeemed to, but excluding, such 2024 Redemption Date. 
 (c) At the Company’s option, the 2029 Notes may be redeemed, in whole,
at any time, or in part, from time to time, prior to December 15, 2028 (three months prior to the Stated Maturity of the 2029 Notes (the “2029 Par Call Date,” and the date of any such redemption a “2029 Redemption Date”)) at
a redemption price to be calculated on the basis of a 360-day year consisting of twelve 30-day months (the “2029 Redemption Price”) equal to the greater of the
following amounts: 
 (i) 100% of the principal amount of the 2029 Notes being redeemed on the relevant 2029 Redemption Date,
and 
 (ii) the sum of the present values of the remaining scheduled payments of principal and interest on the 2029 Notes
being redeemed on the applicable 2029 Redemption Date (not including the amount, if any, of accrued and unpaid interest to, but excluding, such 2029 Redemption Date) discounted to such 2029 Redemption Date on a semi-annual basis at the Treasury
Rate, as determined by the Independent Investment Banker, plus 10 basis points; 
 plus, in each of the cases of (c)(i) and (c)(ii) above, accrued
and unpaid interest on the 2029 Notes being redeemed to, but excluding, such 2029 Redemption Date. 
 (d) At the Company’s option, the
2039 Notes may be redeemed, in whole, at any time, or in part, from time to time, prior to September 15, 2038 (six months prior to the Stated Maturity of the 2039 Notes (the “2039 Par Call Date,” and the date of any such redemption a
“2039 Redemption Date”)) at a redemption price to be calculated on the basis of a 360-day year consisting of twelve 30-day months (the “2039 Redemption
Price”) equal to the greater of the following amounts: 
 (i) 100% of the principal amount of the 2039 Notes being
redeemed on the relevant 2039 Redemption Date, and 
 (ii) the sum of the present values of the remaining scheduled payments
of principal and interest on the 2039 Notes being redeemed on the applicable 2039 Redemption Date (not including the amount, if any, of accrued and unpaid interest to, but excluding, such 2039 Redemption Date) discounted to such 2039 Redemption Date
on a semi-annual basis at the Treasury Rate, as determined by the Independent Investment Banker, plus 15 basis points; 
 plus, in each of the cases
of (d)(i) and (d)(ii) above, accrued and unpaid interest on the 2039 Notes being redeemed to, but excluding, such 2039 Redemption Date. 

(e) At the Company’s option, the 2049 Notes may be redeemed, in whole, at any time, or in part, from time to time, prior to
September 15, 2048 (six months prior to the Stated Maturity of the 2049 Notes (the “2049 Par Call Date,” and the date of any such redemption a “2049 Redemption Date”)) at a redemption price to be calculated on the basis of a
360-day year consisting of twelve 30-day months (the “2049 Redemption Price”) equal to the greater of the following amounts: 

  
 -9- 

 (i) 100% of the principal amount of the 2049 Notes being redeemed on the
relevant 2049 Redemption Date, and 
 (ii) the sum of the present values of the remaining scheduled payments of principal and
interest on the 2049 Notes being redeemed on the applicable 2049 Redemption Date (not including the amount, if any, of accrued and unpaid interest to, but excluding, such 2049 Redemption Date) discounted to such 2049 Redemption Date on a semi-annual
basis at the Treasury Rate, as determined by the Independent Investment Banker, plus 15 basis points; 
 plus, in each of the cases of (e)(i) and
(e)(ii) above, accrued and unpaid interest on the 2049 Notes being redeemed to, but excluding, such 2049 Redemption Date. 
 (f) Notice of
any redemption of the Notes of any series shall be given in the manner and otherwise in accordance with the provisions of Section 4.03 of the Indenture. If the Company has given notice of redemption as provided in the Indenture and funds for
the redemption of the Notes called for redemption have been made available on the Redemption Date referred to in that notice, such Notes will cease to bear interest on such Redemption Date (unless the Company defaults in the payment of the
applicable Redemption Price and accrued and unpaid interest). Any interest accrued to such Redemption Date will be paid as specified in such notice. 

(g) The following defined terms used in this Article Seven shall, unless the context otherwise requires, have the meanings specified below.

 “Comparable Treasury Issue” means the United States Treasury security selected by the Independent Investment Banker as having a
maturity comparable to the remaining term of the applicable Notes to be redeemed that would be utilized, at the time of selection and in accordance with customary financial practice, in pricing new issues of corporate debt securities of comparable
maturity to the remaining term of such Notes. 
 “Comparable Treasury Price” means (A) the average of the Reference Treasury
Dealer Quotations for the applicable Redemption Date and the applicable Notes to be redeemed, after excluding the highest and lowest of such Reference Treasury Dealer Quotations, or (B) if the Independent Investment Banker obtains fewer than
four such Reference Treasury Dealer Quotations, the average of such Reference Treasury Dealer Quotations, or (C) if only one Reference Treasury Dealer Quotation is received, such Reference Treasury Dealer Quotation. 

“Independent Investment Banker” means one of the Reference Treasury Dealers appointed by the Company to act as the “Independent
Investment Banker.” 

  
 -10- 

 “Reference Treasury Dealer” means each of Barclays Capital Inc., Deutsche Bank
Securities Inc., Goldman Sachs & Co. LLC and J.P. Morgan Securities LLC (or their respective affiliates that are Primary Treasury Dealers), and their respective successors; provided, however, that if any of the foregoing shall
cease to be a primary U.S. Government securities dealer in the United States (a “Primary Treasury Dealer”), the Company will substitute therefor another Primary Treasury Dealer. 

“Reference Treasury Dealer Quotation” means, with respect to each Reference Treasury Dealer and any Redemption Date and Notes to be
redeemed, the average, as determined by the Independent Investment Banker, of the bid and asked prices for the Comparable Treasury Issue for such Notes (expressed in each case as a percentage of its principal amount) quoted in writing to the
Independent Investment Banker by such Reference Treasury Dealer at 5:00 p.m. (New York City time) on the third Business Day preceding such Redemption Date. 

“Treasury Rate” means the rate per annum equal to the semi-annual equivalent yield to maturity of the applicable Comparable Treasury
Issue, assuming a price for such Comparable Treasury Issue (expressed as a percentage of its principal amount) equal to the applicable Comparable Treasury Price for the applicable Redemption Date. 

(h) In connection with any such redemption, each Reference Treasury Dealer shall deliver the Comparable Treasury Price to the Company and the
Independent Investment Banker in writing two Business Days prior to the Redemption Date. At or prior to the time of giving of any notice of redemption to the Holders of any Notes to be redeemed, the Company shall deliver an Officers’
Certificate to the Trustee setting forth the calculation of the Redemption Price or the manner in which the Redemption Price shall be calculated, as relevant, applicable to such redemption. The Trustee shall be under no duty to inquire into, may
conclusively presume the correctness of, and shall be fully protected in relying upon, the applicable Redemption Price as so calculated, or the manner in which such Redemption Price shall be calculated, as relevant, and set forth in such
Officers’ Certificate. 
 Section 702. Par Calls. Any time on or after the 2024 Par Call Date with respect to the 2024
Notes, the 2029 Par Call Date with respect to the 2029 Notes, the 2039 Par Call Date with respect to the 2039 Notes or the 2049 Par Call Date with respect to the 2049 Notes, the Company may redeem the applicable series of Notes, in whole or in part,
at a redemption price equal to 100% of the principal amount of the Notes to be redeemed, plus in each case, accrued and unpaid interest on the Notes being redeemed to, but excluding, such Redemption Date. 

Section 703. No Sinking Fund. None of the Notes are entitled to the benefit of any sinking fund. 

ARTICLE EIGHT 
 FORMS OF
NOTES 
 Section 801. Form of 2022 Note. The 2022 Notes and the Trustee’s Certificate of Authentication
to be endorsed thereon are to be substantially in the forms set forth in Exhibit A hereto. 

  
 -11- 

 Section 802. Form of 2024 Note. The 2024 Notes and the
Trustee’s Certificate of Authentication to be endorsed thereon are to be substantially in the forms set forth in Exhibit B hereto. 

Section 803. Form of 2029 Note. The 2029 Notes and the Trustee’s Certificate of Authentication to be endorsed
thereon are to be substantially in the forms set forth in Exhibit C hereto. 
 Section 804. Form of 2039 Note. The 2039 Notes
and the Trustee’s Certificate of Authentication to be endorsed thereon are to be substantially in the forms set forth in Exhibit D hereto. 

Section 805. Form of 2049 Note. The 2049 Notes and the Trustee’s Certificate of Authentication to be endorsed thereon are to
be substantially in the forms set forth in Exhibit E hereto. 
 ARTICLE NINE 

ORIGINAL ISSUE AMOUNT OF NOTES 

Section 901. Original Issue Amount of the 2022 Notes. 2022 Notes in the aggregate principal amount of $500,000,000
may, upon execution of this Second Supplemental Indenture, be executed by the Company and delivered to the Trustee for authentication, and the Trustee shall, upon receipt of a Company Order, authenticate and deliver said 2022 Notes as provided in
said Company Order. 
 Section 902. Original Issue Amount of the 2024 Notes. 2024 Notes in the aggregate principal
amount of $750,000,000 may, upon execution of this Second Supplemental Indenture, be executed by the Company and delivered to the Trustee for authentication, and the Trustee shall, upon receipt of a Company Order, authenticate and deliver said 2024
Notes as provided in said Company Order. 
 Section 903. Original Issue Amount of the 2029 Notes. 2029 Notes in
the aggregate principal amount of $1,750,000,000 may, upon execution of this Second Supplemental Indenture, be executed by the Company and delivered to the Trustee for authentication, and the Trustee shall, upon receipt of a Company Order,
authenticate and deliver said 2029 Notes as provided in said Company Order. 
 Section 904. Original Issue Amount of the 2039
Notes. 2039 Notes in the aggregate principal amount of $750,000,000 may, upon execution of this Second Supplemental Indenture, be executed by the Company and delivered to the Trustee for authentication, and the Trustee shall, upon receipt of a
Company Order, authenticate and deliver said 2039 Notes as provided in said Company Order. 
 Section 905. Original Issue Amount of
the 2049 Notes. 2049 Notes in the aggregate principal amount of $1,250,000,000 may, upon execution of this Second Supplemental Indenture, be executed by the Company and delivered to the Trustee for authentication, and the Trustee shall,
upon receipt of a Company Order, authenticate and deliver said 2049 Notes as provided in said Company Order. 

  
 -12- 

 ARTICLE TEN 

MISCELLANEOUS 

Section 1001. Ratification of Indenture. The Indenture, as supplemented by this Second Supplemental Indenture, is in all respects
ratified and confirmed, and this Second Supplemental Indenture shall be deemed part of the Indenture in the manner and to the extent herein and therein provided. 

Section 1002. Trustee Not Responsible for Recitals. The recitals and statements herein contained are made by the Company and not
by the Trustee, and the Trustee assumes no responsibility for the correctness thereof. The Trustee makes no representation as to the validity or sufficiency of this Second Supplemental Indenture. 

Section 1003. Governing Law. This Second Supplemental Indenture and each Note shall be governed by and construed in accordance
with the laws of the State of New York. 
 Section 1004. Separability. In case any one or more of the provisions contained in
this Second Supplemental Indenture or in the Notes shall for any reason be held to be invalid, illegal or unenforceable in any respect, such invalidity, illegality or unenforceability shall not affect any other provisions of this Second Supplemental
Indenture or of the Notes, but this Second Supplemental Indenture and the Notes shall be construed as if such invalid or illegal or unenforceable provision had never been contained herein or therein. 

Section 1005. Counterparts. This Second Supplemental Indenture may be executed in any number of counterparts each of which shall
be an original; but such counterparts shall together constitute but one and the same instrument. The exchange of copies of this Second Supplemental Indenture and of signature pages by facsimile or electronic format (i.e., “pdf”
or “tif”) transmission shall constitute effective execution and delivery of this Second Supplemental Indenture as to the parties hereto and may be used in lieu of the original Second Supplemental Indenture for all purposes. Signatures of
the parties hereto transmitted by facsimile or electronic format (i.e., “pdf” or “tif”) shall be deemed to be their original signatures for all purposes. 

Section 1006. Trust Indenture Act. This Second Supplemental Indenture is subject to the provisions of the Trust Indenture Act that
are required to be part of the Indenture and shall, to the extent applicable, be governed by such provisions. If any provision in this Second Supplemental Indenture limits, qualifies or conflicts with another provision of hereof which is required to
be included herein by any provisions of the Trust Indenture Act, such required provision shall control. 
  

  
 -13- 

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

			
	PFIZER INC.
		
	By:	 	 /s/ Brian Byala

		 	Name: Brian Byala
		 	Title:   Senior Vice President and Treasurer
	
	THE BANK OF NEW YORK MELLON, as Trustee
		
	By:	 	 /s/ Laurence J. O’Brien

		 	Name: Laurence J. O’Brien
		 	Title:   Vice President

 [Signature Page to Second Supplemental Indenture] 

 EXHIBIT A 

FORM OF 2022 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. 

CUSIP No. 717081 ER0 

Pfizer Inc. 
 2.800%
NOTES DUE 2022 
  

			
	No.         	  	$            
		  	 As revised by the
Schedule of Increases

or Decreases in
 Global Security

attached hereto

 Interest. Pfizer Inc., a Delaware corporation (herein called the “Company”, which term includes any successor
Person under the Indenture hereinafter referred to), for value received, hereby promises to pay to Cede & Co. or registered assigns, the principal sum of [•] DOLLARS ($[•]), as revised by the Schedule of Increases or Decreases in
Global Security attached hereto, on March 11, 2022 and to pay interest thereon from March 11, 2019 or from the most recent Interest Payment Date to which interest has been paid or duly provided for, semi-annually in arrears on
March 11 and September 11 in each year, commencing September 11, 2019 at the rate of 2.800% per annum, until the principal hereof is paid or made available for payment. 

Method of Payment. 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 (or one or more Predecessor Securities) is registered at the close of business on the Record Date for such interest, which shall be the date that is 15 calendar days prior to 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 Record Date and may either be paid to the Person in whose name this Security (or one or more Predecessor Securities) 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 thereof having been 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. 
 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. 
 Authentication. Unless the certificate of authentication
hereon has been executed by the Trustee referred to on the reverse hereof by manual signature of one of its authorized signatories, this Security shall not be entitled to any benefit under the Indenture or be valid or obligatory for any purpose.

  
 A-1 

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

 Dated:                 ,
20     
  

					
	PFIZER INC.
		
	By:	 	  

		 	Name:	 	  

		 	Title:	 	  

 TRUSTEE’S CERTIFICATE OF AUTHENTICATION 

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

 

							
	Date of authentication:                     	 		 	THE BANK OF NEW YORK MELLON,
		 		 	as Trustee
				
		 		 	By:	 	  

		 		 		 	Authorized Signatory

  
 A-2 

 [Reverse of Security] 

Indenture. 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 September 7, 2018, as supplemented by a Second Supplemental Indenture, dated as of March 11, 2019 (as so supplemented, herein called the “Indenture”),
between the Company and The Bank of New York Mellon (herein called the “Trustee”, which term includes any successor trustee under the Indenture), to which Indenture and all indentures supplemental thereto reference is hereby made 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 $500,000,000. 

Optional Redemption. At the Company’s option, the Securities of this series may be redeemed in whole, at any time, or in part,
from time to time (each, a “Redemption Date”). The redemption price (the “Redemption Price”) of the Securities will be equal to the greater of the following amounts: 

(a) 100% of the principal amount of the Securities being redeemed on the applicable Redemption Date, and 

(b) the sum of the present value of the remaining scheduled payments of principal and interest on the Securities being redeemed on such
Redemption Date (not including the amount, if any, of accrued and unpaid interest to, but excluding, such Redemption Date) discounted to such Redemption Date on a semi-annual basis at the Treasury Rate (as defined below), as determined by the
Independent Investment Banker (as defined below), plus 5 basis points; 
 plus, in each case, accrued and unpaid interest on
the Securities being redeemed to, but excluding, such Redemption Date. 
 The Redemption Price will be calculated on the basis of a 360-day year consisting of twelve 30-day months. Once notice of redemption is mailed by the Company, the Securities called for redemption will become due and payable on the
applicable Redemption Date at the applicable Redemption Price. 
 For purposes of determining the Redemption Price, the following
definitions are applicable: 
 “Comparable Treasury Issue” means the United States Treasury security selected by the Independent
Investment Banker as having a maturity comparable to the remaining term of the applicable Securities to be redeemed that would be utilized, at the time of selection and in accordance with customary financial practice, in pricing new issues of
corporate debt securities of comparable maturity to the remaining term of such Securities. 
 “Comparable Treasury Price” means
(A) the average of the Reference Treasury Dealer Quotations for the applicable Redemption Date and applicable Securities to be redeemed, after excluding the highest and lowest of such Reference Treasury Dealer Quotations, or (B) if the
Independent Investment Banker obtains fewer than four such Reference Treasury Dealer Quotations, the average of such Reference Treasury Dealer Quotations, or (C) if only one Reference Treasury Dealer Quotation is received, such Reference
Treasury Dealer Quotation. 
 “Independent Investment Banker” means one of the Reference Treasury Dealers appointed by the Company
to act as the “Independent Investment Banker.” 
 “Reference Treasury Dealer” means each of Barclays Capital Inc.,
Deutsche Bank Securities Inc., Goldman Sachs & Co. LLC and J.P. Morgan Securities LLC (or their respective affiliates that are Primary Treasury Dealers), and their respective successors; provided, however, that if any of the foregoing shall
cease to be a primary U.S. Government securities dealer in the United States (a “Primary Treasury Dealer”), the Company will substitute therefor another Primary Treasury Dealer. 

  
 A-3 

 “Reference Treasury Dealer Quotation” means, with respect to each Reference
Treasury Dealer and any Redemption Date and Securities to be redeemed, the average, as determined by the Independent Investment Banker, of the bid and asked prices for the Comparable Treasury Issue for such Securities (expressed in each case as a
percentage of its principal amount) quoted in writing to the Independent Investment Banker by such Reference Treasury Dealer at 5:00 p.m. (New York City time) on the third Business Day preceding such Redemption Date. 

“Treasury Rate” means the rate per annum equal to the semi-annual equivalent yield to maturity of the applicable Comparable Treasury
Issue, assuming a price for such Comparable Treasury Issue (expressed as a percentage of its principal amount) equal to the applicable Comparable Treasury Price for the applicable Redemption Date. 

Notice of any redemption will be mailed at least 10 days but not more than 60 days before the Redemption Date to each registered Holder of the
Securities to be redeemed. Unless the Company defaults in payment of the Redemption Price, on and after the Redemption Date, interest will cease to accrue on the Securities or portions of the Securities called for redemption. If fewer than all of
the Securities are to be redeemed, the Trustee will select pro rata, by lot or by such other method as the Trustee shall deem fair and appropriate, the particular Securities or portions thereof for redemption from the outstanding Securities not
previously called. 
 Except as set forth above, the Securities will not be redeemable by the Company prior to maturity and will not be
entitled to the benefit of any sinking fund 
 Defaults and Remedies. 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. 

Amendment, Modification and Waiver. 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 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 all series at the time Outstanding affected thereby (voting as one class). The Indenture contains provisions permitting the Holders of not less than a majority in principal amount of the Outstanding Securities of all series, with
respect to which any default under the Indenture shall have occurred and be continuing (voting as one class), on behalf of the Holders of all the Outstanding Securities of such series, to waive, with certain exceptions, such past default with
respect to such series and its consequences. The Indenture also permits the Holders of not less than a majority in principal amount of the Outstanding Securities of any series, on behalf of the Holders of all Outstanding Securities of such series,
to waive compliance by the Company with certain provisions of the Indenture. 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 therefor or in lieu hereof, whether or not notation of such consent or waiver is made upon this Security. 

Restrictive Covenants. The Indenture does not limit unsecured debt of the Company or any of its Subsidiaries. 

Denominations, Transfer and Exchange. The Securities of this series are issuable only in registered form without coupons in
denominations of $2,000 and in integral multiples 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 like tenor of a different authorized denomination, as requested by the Holder surrendering the same. 
 As provided in the
Indenture and subject to certain limitations therein set forth, the transfer of this Security is registerable in the Security Register, upon surrender of this Security for registration of transfer at the Registrar accompanied by a written request
for transfer in form satisfactory to the Company and the Registrar duly executed by, the Holder hereof or his 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. 

  
 A-4 

 No service charge shall be made 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. 
 Persons
Deemed Owners. 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. 

Miscellaneous. The Indenture and this Security shall be governed by and construed in accordance with the law of the State of New York.

 All terms used in this Security and not defined herein shall have the meanings assigned to them in the Indenture. 

  
 A-5 

 SCHEDULE OF INCREASES OR DECREASES IN GLOBAL SECURITY 

The following increases or decreases in this Global Security have been made: 
  

									
	 Date of Exchange
	 	 Amount of increase in

Principal Amount of
 this
Global Security
	 	 Amount of decrease

in Principal Amount
 of this
Global
 Security
	  	 Principal Amount of
this
Global Security
following each
decrease or increase
	  	 Signature of
authorized signatory

of Trustee

  
 A-6 

 EXHIBIT B 

FORM OF 2024 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. 

CUSIP No. 717081 ES8 

Pfizer Inc. 
 2.950%
NOTES DUE 2024 
  

			
	No.         	  	$            
		  	 As revised by the
Schedule of Increases

or Decreases in
 Global Security

attached hereto

 Interest. Pfizer Inc., a Delaware corporation (herein called the “Company”, which term includes any successor
Person under the Indenture hereinafter referred to), for value received, hereby promises to pay to Cede & Co. or registered assigns, the principal sum of [•] DOLLARS ($[•]), as revised by the Schedule of Increases or Decreases in
Global Security attached hereto, on March 15, 2024 and to pay interest thereon from March 11, 2019 or from the most recent Interest Payment Date to which interest has been paid or duly provided for, semi-annually in arrears on
March 15 and September 15 in each year, commencing September 15, 2019 at the rate of 2.950% per annum, until the principal hereof is paid or made available for payment. 

Method of Payment. 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 (or one or more Predecessor Securities) is registered at the close of business on the Record Date for such interest, which shall be the date that is 15 calendar days prior to 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 Record Date and may either be paid to the Person in whose name this Security (or one or more Predecessor Securities) 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 thereof having been 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. 
 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. 
 Authentication. Unless the certificate of authentication
hereon has been executed by the Trustee referred to on the reverse hereof by manual signature of one of its authorized signatories, this Security shall not be entitled to any benefit under the Indenture or be valid or obligatory for any purpose.

  
 B-1 

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

 Dated:                 ,
20     
  

					
	PFIZER INC.
		
	By:	 	  

		 	Name:	 	  

		 	Title:	 	  

 TRUSTEE’S CERTIFICATE OF AUTHENTICATION 

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

 

							
	Date of authentication:                     	 		 	THE BANK OF NEW YORK MELLON,
		 		 	as Trustee
				
		 		 	By:	 	  

		 		 		 	Authorized Signatory

  
 B-2 

 [Reverse of Security] 

Indenture. 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 September 7, 2018, as supplemented by a Second Supplemental Indenture, dated as of March 11, 2019 (as so supplemented, herein called the “Indenture”),
between the Company and The Bank of New York Mellon (herein called the “Trustee”, which term includes any successor trustee under the Indenture), to which Indenture and all indentures supplemental thereto reference is hereby made 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. 

Optional Redemption. At the Company’s option, the Securities of this series may be redeemed in whole, at any time or in part, from
time to time prior to February 15, 2024 (one month prior to the Stated Maturity of the Securities (the date of any such redemption a “Redemption Date”)). The redemption price (the “Redemption Price”) of the Securities will
be equal to the greater of the following amounts: 
 (a) 100% of the principal amount of the Securities being redeemed on the applicable
Redemption Date, and 
 (b) the sum of the present value of the remaining scheduled payments of principal and interest on the Securities
being redeemed on such Redemption Date (not including the amount, if any, of accrued and unpaid interest to, but excluding, such Redemption Date) discounted to such Redemption Date on a semi-annual basis at the Treasury Rate (as defined below), as
determined by the Independent Investment Banker (as defined below), plus 8 basis points; 
 plus, in each case, accrued and
unpaid interest on the Securities being redeemed to, but excluding, such Redemption Date. 
 Any time on or after February 15, 2024,
the Company may redeem the Securities, 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 on the Securities being redeemed to, but excluding, the
Redemption Date. 
 The Redemption Price will be calculated on the basis of a 360-day year
consisting of twelve 30-day months. Once notice of redemption is mailed by the Company, the Securities called for redemption will become due and payable on the applicable Redemption Date at the applicable
Redemption Price. 
 For purposes of determining the Redemption Price, the following definitions are applicable: 

“Comparable Treasury Issue” means the United States Treasury security selected by the Independent Investment Banker as having a
maturity comparable to the remaining term of the applicable Securities to be redeemed that would be utilized, at the time of selection and in accordance with customary financial practice, in pricing new issues of corporate debt securities of
comparable maturity to the remaining term of such Securities. 
 “Comparable Treasury Price” means (A) the average of the
Reference Treasury Dealer Quotations for the applicable Redemption Date and applicable Securities to be redeemed, after excluding the highest and lowest of such Reference Treasury Dealer Quotations, or (B) if the Independent Investment Banker
obtains fewer than four such Reference Treasury Dealer Quotations, the average of such Reference Treasury Dealer Quotations, or (C) if only one Reference Treasury Dealer Quotation is received, such Reference Treasury Dealer Quotation. 

“Independent Investment Banker” means one of the Reference Treasury Dealers appointed by the Company to act as the “Independent
Investment Banker.” 

  
 B-3 

 “Reference Treasury Dealer” means each of Barclays Capital Inc., Deutsche Bank
Securities Inc., Goldman Sachs & Co. LLC and J.P. Morgan Securities LLC (or their respective affiliates that are Primary Treasury Dealers), and their respective successors; provided, however, that if any of the foregoing shall cease to be a
primary U.S. Government securities dealer in the United States (a “Primary Treasury Dealer”), the Company will substitute therefor another Primary Treasury Dealer. 

“Reference Treasury Dealer Quotation” means, with respect to each Reference Treasury Dealer and any Redemption Date and Securities
to be redeemed, the average, as determined by the Independent Investment Banker, of the bid and asked prices for the Comparable Treasury Issue for such Securities (expressed in each case as a percentage of its principal amount) quoted in writing to
the Independent Investment Banker by such Reference Treasury Dealer at 5:00 p.m. (New York City time) on the third Business Day preceding such Redemption Date. 

“Treasury Rate” means the rate per annum equal to the semi-annual equivalent yield to maturity of the applicable Comparable Treasury
Issue, assuming a price for such Comparable Treasury Issue (expressed as a percentage of its principal amount) equal to the applicable Comparable Treasury Price for the applicable Redemption Date. 

Notice of any redemption will be mailed at least 10 days but not more than 60 days before the Redemption Date to each registered Holder of the
Securities to be redeemed. Unless the Company defaults in payment of the Redemption Price, on and after the Redemption Date, interest will cease to accrue on the Securities or portions of the Securities called for redemption. If fewer than all of
the Securities are to be redeemed, the Trustee will select pro rata, by lot or by such other method as the Trustee shall deem fair and appropriate, the particular Securities or portions thereof for redemption from the outstanding Securities not
previously called. 
 Except as set forth above, the Securities will not be redeemable by the Company prior to maturity and will not be
entitled to the benefit of any sinking fund. 
 Defaults and Remedies. 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. 

Amendment, Modification and Waiver. 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 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 all series at the time Outstanding affected thereby (voting as one class). The Indenture contains provisions permitting the Holders of not less than a majority in principal amount of the Outstanding Securities of all series, with
respect to which any default under the Indenture shall have occurred and be continuing (voting as one class), on behalf of the Holders of all the Outstanding Securities of such series, to waive, with certain exceptions, such past default with
respect to such series and its consequences. The Indenture also permits the Holders of not less than a majority in principal amount of the Outstanding Securities of any series, on behalf of the Holders of all Outstanding Securities of such series,
to waive compliance by the Company with certain provisions of the Indenture. 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 therefor or in lieu hereof, whether or not notation of such consent or waiver is made upon this Security. 

Restrictive Covenants. The Indenture does not limit unsecured debt of the Company or any of its Subsidiaries. 

Denominations, Transfer and Exchange. The Securities of this series are issuable only in registered form without coupons in
denominations of $2,000 and in integral multiples 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 like tenor of a different authorized denomination, as requested by the Holder surrendering the same. 

  
 B-4 

 As provided in the Indenture and subject to certain limitations therein set forth, the
transfer of this Security is registerable in the Security Register, upon surrender of this Security for registration of transfer at the Registrar accompanied by a written request for transfer in form satisfactory to the Company and the Registrar
duly executed by, the Holder hereof or his 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. 
 No service charge shall be made 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. 
 Persons Deemed
Owners. 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. 

Miscellaneous. The Indenture and this Security shall be governed by and construed in accordance with the law of the State of New York.

 All terms used in this Security and not defined herein shall have the meanings assigned to them in the Indenture. 

  
 B-5 

 SCHEDULE OF INCREASES OR DECREASES IN GLOBAL SECURITY 

The following increases or decreases in this Global Security have been made: 
  

									
	 Date of Exchange
	 	 Amount of increase in

Principal Amount of
 this
Global Security
	 	 Amount of decrease

in Principal Amount
 of this
Global
 Security
	  	 Principal Amount of this
Global Security
following
each decrease or increase
	  	 Signature of
authorized signatory

of Trustee

  
 B-6 

 EXHIBIT C 

FORM OF 2029 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. 

CUSIP No. 717081 ET6 

Pfizer Inc. 
 3.450%
NOTES DUE 2029 
  

			
	No.             	  	$                    
		  	 As revised by the Schedule of Increases
 or
Decreases in
 Global Security
 attached hereto

 Interest. Pfizer Inc., a Delaware corporation (herein called the “Company”, which term includes any successor
Person under the Indenture hereinafter referred to), for value received, hereby promises to pay to Cede & Co. or registered assigns, the principal sum of [•] DOLLARS ($[•]), as revised by the Schedule of Increases or Decreases in
Global Security attached hereto, on March 15, 2029 and to pay interest thereon from March 11, 2019 or from the most recent Interest Payment Date to which interest has been paid or duly provided for, semi-annually in arrears on
March 15 and September 15 in each year, commencing September 15, 2019 at the rate of 3.450% per annum, until the principal hereof is paid or made available for payment. 

Method of Payment. 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 (or one or more Predecessor Securities) is registered at the close of business on the Record Date for such interest, which shall be the date that is 15 calendar days prior to 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 Record Date and may either be paid to the Person in whose name this Security (or one or more Predecessor Securities) 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 thereof having been 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. 
 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. 
 Authentication. Unless the certificate of authentication
hereon has been executed by the Trustee referred to on the reverse hereof by manual signature of one of its authorized signatories, this Security shall not be entitled to any benefit under the Indenture or be valid or obligatory for any purpose.

  
 C-1 

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

 Dated:                 ,
20     
  

					
	PFIZER INC.
		
	By:	 	  

		 	Name:	 	  

		 	Title:	 	  

 TRUSTEE’S CERTIFICATE OF AUTHENTICATION 

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

 

							
	Date of authentication:                     	 		 	 THE BANK OF NEW YORK MELLON,
 as
Trustee

				
		 		 	By:	 	  

		 		 		 	Authorized Signatory

  
 C-2 

 [Reverse of Security] 

Indenture. 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 September 7, 2018, as supplemented by a Second Supplemental Indenture, dated as of March 11, 2019 (as so supplemented, herein called the “Indenture”),
between the Company and The Bank of New York Mellon (herein called the “Trustee”, which term includes any successor trustee under the Indenture), to which Indenture and all indentures supplemental thereto reference is hereby made 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 $1,750,000,000. 

Optional Redemption. At the Company’s option, the Securities of this series may be redeemed in whole, at any time or in part, from
time to time prior to December 15, 2028 (three months prior to the Stated Maturity of the Securities (the date of any such redemption a “Redemption Date”)). The redemption price (the “Redemption Price”) of the Securities
will be equal to the greater of the following amounts: 
 (a) 100% of the principal amount of the Securities being redeemed on the applicable
Redemption Date, and 
 (b) the sum of the present value of the remaining scheduled payments of principal and interest on the Securities
being redeemed on such Redemption Date (not including the amount, if any, of accrued and unpaid interest to, but excluding, such Redemption Date) discounted to such Redemption Date on a semi-annual basis at the Treasury Rate (as defined below), as
determined by the Independent Investment Banker (as defined below), plus 10 basis points; 
 plus, in each case, accrued and
unpaid interest on the Securities being redeemed to, but excluding, such Redemption Date. 
 Any time on or after December 15, 2028,
the Company may redeem the Securities, 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 on the Securities being redeemed to, but excluding, the
Redemption Date. 
 The Redemption Price will be calculated on the basis of a 360-day year
consisting of twelve 30-day months. Once notice of redemption is mailed by the Company, the Securities called for redemption will become due and payable on the applicable Redemption Date at the applicable
Redemption Price. 
 For purposes of determining the Redemption Price, the following definitions are applicable: 

“Comparable Treasury Issue” means the United States Treasury security selected by the Independent Investment Banker as having a
maturity comparable to the remaining term of the applicable Securities to be redeemed that would be utilized, at the time of selection and in accordance with customary financial practice, in pricing new issues of corporate debt securities of
comparable maturity to the remaining term of such Securities. 
 “Comparable Treasury Price” means (A) the average of the
Reference Treasury Dealer Quotations for the applicable Redemption Date and applicable Securities to be redeemed, after excluding the highest and lowest of such Reference Treasury Dealer Quotations, or (B) if the Independent Investment Banker
obtains fewer than four such Reference Treasury Dealer Quotations, the average of such Reference Treasury Dealer Quotations, or (C) if only one Reference Treasury Dealer Quotation is received, such Reference Treasury Dealer Quotation. 

“Independent Investment Banker” means one of the Reference Treasury Dealers appointed by the Company to act as the “Independent
Investment Banker.” 

  
 C-3 

 “Reference Treasury Dealer” means each of Barclays Capital Inc., Deutsche Bank
Securities Inc., Goldman Sachs & Co. LLC and J.P. Morgan Securities LLC (or their respective affiliates that are Primary Treasury Dealers), and their respective successors; provided, however, that if any of the foregoing shall cease to be a
primary U.S. Government securities dealer in the United States (a “Primary Treasury Dealer”), the Company will substitute therefor another Primary Treasury Dealer. 

“Reference Treasury Dealer Quotation” means, with respect to each Reference Treasury Dealer and any Redemption Date and Securities
to be redeemed, the average, as determined by the Independent Investment Banker, of the bid and asked prices for the Comparable Treasury Issue for such Securities (expressed in each case as a percentage of its principal amount) quoted in writing to
the Independent Investment Banker by such Reference Treasury Dealer at 5:00 p.m. (New York City time) on the third Business Day preceding such Redemption Date. 

“Treasury Rate” means the rate per annum equal to the semi-annual equivalent yield to maturity of the applicable Comparable Treasury
Issue, assuming a price for such Comparable Treasury Issue (expressed as a percentage of its principal amount) equal to the applicable Comparable Treasury Price for the applicable Redemption Date. 

Notice of any redemption will be mailed at least 10 days but not more than 60 days before the Redemption Date to each registered Holder of the
Securities to be redeemed. Unless the Company defaults in payment of the Redemption Price, on and after the Redemption Date, interest will cease to accrue on the Securities or portions of the Securities called for redemption. If fewer than all of
the Securities are to be redeemed, the Trustee will select pro rata, by lot or by such other method as the Trustee shall deem fair and appropriate, the particular Securities or portions thereof for redemption from the outstanding Securities not
previously called. 
 Except as set forth above, the Securities will not be redeemable by the Company prior to maturity and will not be
entitled to the benefit of any sinking fund. 
 Defaults and Remedies. 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. 

Amendment, Modification and Waiver. 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 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 all series at the time Outstanding affected thereby (voting as one class). The Indenture contains provisions permitting the Holders of not less than a majority in principal amount of the Outstanding Securities of all series, with
respect to which any default under the Indenture shall have occurred and be continuing (voting as one class), on behalf of the Holders of all the Outstanding Securities of such series, to waive, with certain exceptions, such past default with
respect to such series and its consequences. The Indenture also permits the Holders of not less than a majority in principal amount of the Outstanding Securities of any series, on behalf of the Holders of all Outstanding Securities of such series,
to waive compliance by the Company with certain provisions of the Indenture. 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 therefor or in lieu hereof, whether or not notation of such consent or waiver is made upon this Security. 

Restrictive Covenants. The Indenture does not limit unsecured debt of the Company or any of its Subsidiaries. 

Denominations, Transfer and Exchange. The Securities of this series are issuable only in registered form without coupons in
denominations of $2,000 and in integral multiples 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 like tenor of a different authorized denomination, as requested by the Holder surrendering the same. 

  
 C-4 

 As provided in the Indenture and subject to certain limitations therein set forth, the
transfer of this Security is registerable in the Security Register, upon surrender of this Security for registration of transfer at the Registrar accompanied by a written request for transfer in form satisfactory to the Company and the Registrar
duly executed by, the Holder hereof or his 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. 
 No service charge shall be made 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. 
 Persons Deemed
Owners. 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. 

Miscellaneous. The Indenture and this Security shall be governed by and construed in accordance with the law of the State of New York.

 All terms used in this Security and not defined herein shall have the meanings assigned to them in the Indenture. 

  
 C-5 

 SCHEDULE OF INCREASES OR DECREASES IN GLOBAL SECURITY 

The following increases or decreases in this Global Security have been made: 
  

									
	 Date of Exchange
	 	 Amount of increase in

Principal Amount of
 this
Global Security
	 	 Amount of decrease

in Principal Amount
 of this
Global
 Security
	  	 Principal Amount of
this
Global Security
following each
decrease or increase
	  	 Signature of
authorized signatory

of Trustee

  
 C-6 

 EXHIBIT D 

FORM OF 2039 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. 

CUSIP No. 717081 EU3 

Pfizer Inc. 
 3.900%
NOTES DUE 2039 
  

			
	No.         	  	$                        
		  	 As revised by the
Schedule of Increases

or Decreases in
 Global Security

attached hereto

 Interest. Pfizer Inc., a Delaware corporation (herein called the “Company”, which term includes any successor
Person under the Indenture hereinafter referred to), for value received, hereby promises to pay to Cede & Co. or registered assigns, the principal sum of [•] DOLLARS ($[•]), as revised by the Schedule of Increases or Decreases in
Global Security attached hereto, on March 15, 2039 and to pay interest thereon from March 11, 2019 or from the most recent Interest Payment Date to which interest has been paid or duly provided for, semi-annually in arrears on
March 15 and September 15 in each year, commencing September 15, 2019 at the rate of 3.900% per annum, until the principal hereof is paid or made available for payment. 

Method of Payment. 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 (or one or more Predecessor Securities) is registered at the close of business on the Record Date for such interest, which shall be the date that is 15 calendar days prior to 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 Record Date and may either be paid to the Person in whose name this Security (or one or more Predecessor Securities) 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 thereof having been 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. 
 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. 
 Authentication. Unless the certificate of authentication
hereon has been executed by the Trustee referred to on the reverse hereof by manual signature of one of its authorized signatories, this Security shall not be entitled to any benefit under the Indenture or be valid or obligatory for any purpose.

  
 D-1 

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

 Dated:                 ,
20     
  

					
	PFIZER INC.
		
	By:	 	  

		 	Name:	 	  

		 	Title:	 	  

 TRUSTEE’S CERTIFICATE OF AUTHENTICATION 

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

 

							
	Date of authentication:                                 	 		  	THE BANK OF NEW YORK MELLON,
		 	        	  	as Trustee
				
		 	        	  	By:	  	  

		 	        	  		  	Authorized Signatory

  
 D-2 

 [Reverse of Security] 

Indenture. 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 September 7, 2018, as supplemented by a Second Supplemental Indenture, dated as of March 11, 2019 (as so supplemented, herein called the “Indenture”),
between the Company and The Bank of New York Mellon (herein called the “Trustee”, which term includes any successor trustee under the Indenture), to which Indenture and all indentures supplemental thereto reference is hereby made 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. 

Optional Redemption. At the Company’s option, the Securities of this series may be redeemed in whole, at any time or in part, from
time to time prior to September 15, 2038 (six months prior to the Stated Maturity of the Securities (the date of any such redemption a “Redemption Date”)). The redemption price (the “Redemption Price”) of the Securities will
be equal to the greater of the following amounts: 
 (a) 100% of the principal amount of the Securities being redeemed on the applicable
Redemption Date, and 
 (b) the sum of the present value of the remaining scheduled payments of principal and interest on the Securities
being redeemed on such Redemption Date (not including the amount, if any, of accrued and unpaid interest to, but excluding, such Redemption Date) discounted to such Redemption Date on a semi-annual basis at the Treasury Rate (as defined below), as
determined by the Independent Investment Banker (as defined below), plus 15 basis points; 
 plus, in each case, accrued and
unpaid interest on the Securities being redeemed to, but excluding, such Redemption Date. 
 Any time on or after September 15, 2038,
the Company may redeem the Securities, 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 on the Securities being redeemed to, but excluding, the
Redemption Date. 
 The Redemption Price will be calculated on the basis of a 360-day year
consisting of twelve 30-day months. Once notice of redemption is mailed by the Company, the Securities called for redemption will become due and payable on the applicable Redemption Date at the applicable
Redemption Price. 
 For purposes of determining the Redemption Price, the following definitions are applicable: 

“Comparable Treasury Issue” means the United States Treasury security selected by the Independent Investment Banker as having a
maturity comparable to the remaining term of the applicable Securities to be redeemed that would be utilized, at the time of selection and in accordance with customary financial practice, in pricing new issues of corporate debt securities of
comparable maturity to the remaining term of such Securities. 
 “Comparable Treasury Price” means (A) the average of the
Reference Treasury Dealer Quotations for the applicable Redemption Date and applicable Securities to be redeemed, after excluding the highest and lowest of such Reference Treasury Dealer Quotations, or (B) if the Independent Investment Banker
obtains fewer than four such Reference Treasury Dealer Quotations, the average of such Reference Treasury Dealer Quotations, or (C) if only one Reference Treasury Dealer Quotation is received, such Reference Treasury Dealer Quotation. 

“Independent Investment Banker” means one of the Reference Treasury Dealers appointed by the Company to act as the “Independent
Investment Banker.” 

  
 D-3 

 “Reference Treasury Dealer” means each of Barclays Capital Inc., Deutsche Bank
Securities Inc., Goldman Sachs & Co. LLC and J.P. Morgan Securities LLC (or their respective affiliates that are Primary Treasury Dealers), and their respective successors; provided, however, that if any of the foregoing shall cease to be a
primary U.S. Government securities dealer in the United States (a “Primary Treasury Dealer”), the Company will substitute therefor another Primary Treasury Dealer. 

“Reference Treasury Dealer Quotation” means, with respect to each Reference Treasury Dealer and any Redemption Date and Securities
to be redeemed, the average, as determined by the Independent Investment Banker, of the bid and asked prices for the Comparable Treasury Issue for such Securities (expressed in each case as a percentage of its principal amount) quoted in writing to
the Independent Investment Banker by such Reference Treasury Dealer at 5:00 p.m. (New York City time) on the third Business Day preceding such Redemption Date. 

“Treasury Rate” means the rate per annum equal to the semi-annual equivalent yield to maturity of the applicable Comparable Treasury
Issue, assuming a price for such Comparable Treasury Issue (expressed as a percentage of its principal amount) equal to the applicable Comparable Treasury Price for the applicable Redemption Date. 

Notice of any redemption will be mailed at least 10 days but not more than 60 days before the Redemption Date to each registered Holder of the
Securities to be redeemed. Unless the Company defaults in payment of the Redemption Price, on and after the Redemption Date, interest will cease to accrue on the Securities or portions of the Securities called for redemption. If fewer than all of
the Securities are to be redeemed, the Trustee will select pro rata, by lot or by such other method as the Trustee shall deem fair and appropriate, the particular Securities or portions thereof for redemption from the outstanding Securities not
previously called. 
 Except as set forth above, the Securities will not be redeemable by the Company prior to maturity and will not be
entitled to the benefit of any sinking fund. 
 Defaults and Remedies. 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. 

Amendment, Modification and Waiver. 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 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 all series at the time Outstanding affected thereby (voting as one class). The Indenture contains provisions permitting the Holders of not less than a majority in principal amount of the Outstanding Securities of all series, with
respect to which any default under the Indenture shall have occurred and be continuing (voting as one class), on behalf of the Holders of all the Outstanding Securities of such series, to waive, with certain exceptions, such past default with
respect to such series and its consequences. The Indenture also permits the Holders of not less than a majority in principal amount of the Outstanding Securities of any series, on behalf of the Holders of all Outstanding Securities of such series,
to waive compliance by the Company with certain provisions of the Indenture. 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 therefor or in lieu hereof, whether or not notation of such consent or waiver is made upon this Security. 

Restrictive Covenants. The Indenture does not limit unsecured debt of the Company or any of its Subsidiaries. 

Denominations, Transfer and Exchange. The Securities of this series are issuable only in registered form without coupons in
denominations of $2,000 and in integral multiples 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 like tenor of a different authorized denomination, as requested by the Holder surrendering the same. 

  
 D-4 

 As provided in the Indenture and subject to certain limitations therein set forth, the
transfer of this Security is registerable in the Security Register, upon surrender of this Security for registration of transfer at the Registrar accompanied by a written request for transfer in form satisfactory to the Company and the Registrar
duly executed by, the Holder hereof or his 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. 
 No service charge shall be made 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. 
 Persons Deemed
Owners. 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. 

Miscellaneous. The Indenture and this Security shall be governed by and construed in accordance with the law of the State of New York.

 All terms used in this Security and not defined herein shall have the meanings assigned to them in the Indenture. 

  
 D-5 

 SCHEDULE OF INCREASES OR DECREASES IN GLOBAL SECURITY 

The following increases or decreases in this Global Security have been made: 
  

									
	 Date of Exchange
	 	 Amount of increase in

Principal Amount of
 this
Global Security
	 	 Amount of decrease

in Principal Amount
 of this
Global
 Security
	  	 Principal Amount of
this
Global Security
following each
decrease or increase
	  	 Signature of
authorized signatory

of Trustee

  
 D-6 

 EXHIBIT E 

FORM OF 2049 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. 

CUSIP No. 717081 EV1 

Pfizer Inc. 
 4.000%
NOTES DUE 2049 
  

			
	No.             	  	$                            
		  	 As revised by the
Schedule of Increases

or Decreases in
 Global Security

attached hereto

 Interest. Pfizer Inc., a Delaware corporation (herein called the “Company”, which term includes any successor
Person under the Indenture hereinafter referred to), for value received, hereby promises to pay to Cede & Co. or registered assigns, the principal sum of [•] DOLLARS ($[•]), as revised by the Schedule of Increases or Decreases in
Global Security attached hereto, on March 15, 2049 and to pay interest thereon from March 11, 2019 or from the most recent Interest Payment Date to which interest has been paid or duly provided for, semi-annually in arrears on
March 15 and September 15 in each year, commencing September 15, 2019 at the rate of 4.000% per annum, until the principal hereof is paid or made available for payment. 

Method of Payment. 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 (or one or more Predecessor Securities) is registered at the close of business on the Record Date for such interest, which shall be the date that is 15 calendar days prior to 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 Record Date and may either be paid to the Person in whose name this Security (or one or more Predecessor Securities) 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 thereof having been 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. 
 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. 
 Authentication. Unless the certificate of authentication
hereon has been executed by the Trustee referred to on the reverse hereof by manual signature of one of its authorized signatories, this Security shall not be entitled to any benefit under the Indenture or be valid or obligatory for any purpose.

  
 E-1 

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

 Dated:                 ,
20     
  

					
	PFIZER INC.
		
	By:	 	  

		 	Name:	 	  

		 	Title:	 	  

 TRUSTEE’S CERTIFICATE OF AUTHENTICATION 

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

 

							
	Date of authentication:                     	 	        	 	THE BANK OF NEW YORK MELLON,
		 	        	 	as Trustee
				
		 	        	 	By:	 	  

		 	        	 		 	Authorized Signatory

  
 E-2 

 [Reverse of Security] 

Indenture. 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 September 7, 2018, as supplemented by a Second Supplemental Indenture, dated as of March 11, 2019 (as so supplemented, herein called the “Indenture”),
between the Company and The Bank of New York Mellon (herein called the “Trustee”, which term includes any successor trustee under the Indenture), to which Indenture and all indentures supplemental thereto reference is hereby made 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 $1,250,000,000. 

Optional Redemption. At the Company’s option, the Securities of this series may be redeemed in whole, at any time or in part, from
time to time prior to September 15, 2048 (six months prior to the Stated Maturity of the Securities (the date of any such redemption a “Redemption Date”)). The redemption price (the “Redemption Price”) of the Securities will
be equal to the greater of the following amounts: 
 (a) 100% of the principal amount of the Securities being redeemed on the applicable
Redemption Date, and 
 (b) the sum of the present value of the remaining scheduled payments of principal and interest on the Securities
being redeemed on such Redemption Date (not including the amount, if any, of accrued and unpaid interest to, but excluding, such Redemption Date) discounted to such Redemption Date on a semi-annual basis at the Treasury Rate (as defined below), as
determined by the Independent Investment Banker (as defined below), plus 15 basis points; 
 plus, in each case, accrued and
unpaid interest on the Securities being redeemed to, but excluding, such Redemption Date. 
 Any time on or after September 15, 2048,
the Company may redeem the Securities, 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 on the Securities being redeemed to, but excluding, the
Redemption Date. 
 The Redemption Price will be calculated on the basis of a 360-day year
consisting of twelve 30-day months. Once notice of redemption is mailed by the Company, the Securities called for redemption will become due and payable on the applicable Redemption Date at the applicable
Redemption Price. 
 For purposes of determining the Redemption Price, the following definitions are applicable: 

“Comparable Treasury Issue” means the United States Treasury security selected by the Independent Investment Banker as having a
maturity comparable to the remaining term of the applicable Securities to be redeemed that would be utilized, at the time of selection and in accordance with customary financial practice, in pricing new issues of corporate debt securities of
comparable maturity to the remaining term of such Securities. 
 “Comparable Treasury Price” means (A) the average of the
Reference Treasury Dealer Quotations for the applicable Redemption Date and applicable Securities to be redeemed, after excluding the highest and lowest of such Reference Treasury Dealer Quotations, or (B) if the Independent Investment Banker
obtains fewer than four such Reference Treasury Dealer Quotations, the average of such Reference Treasury Dealer Quotations, or (C) if only one Reference Treasury Dealer Quotation is received, such Reference Treasury Dealer Quotation. 

“Independent Investment Banker” means one of the Reference Treasury Dealers appointed by the Company to act as the “Independent
Investment Banker.” 

  
 E-3 

 “Reference Treasury Dealer” means each of Barclays Capital Inc., Deutsche Bank
Securities Inc., Goldman Sachs & Co. LLC and J.P. Morgan Securities LLC (or their respective affiliates that are Primary Treasury Dealers), and their respective successors; provided, however, that if any of the foregoing shall cease to be a
primary U.S. Government securities dealer in the United States (a “Primary Treasury Dealer”), the Company will substitute therefor another Primary Treasury Dealer. 

“Reference Treasury Dealer Quotation” means, with respect to each Reference Treasury Dealer and any Redemption Date and Securities
to be redeemed, the average, as determined by the Independent Investment Banker, of the bid and asked prices for the Comparable Treasury Issue for such Securities (expressed in each case as a percentage of its principal amount) quoted in writing to
the Independent Investment Banker by such Reference Treasury Dealer at 5:00 p.m. (New York City time) on the third Business Day preceding such Redemption Date. 

“Treasury Rate” means the rate per annum equal to the semi-annual equivalent yield to maturity of the applicable Comparable Treasury
Issue, assuming a price for such Comparable Treasury Issue (expressed as a percentage of its principal amount) equal to the applicable Comparable Treasury Price for the applicable Redemption Date. 

Notice of any redemption will be mailed at least 10 days but not more than 60 days before the Redemption Date to each registered Holder of the
Securities to be redeemed. Unless the Company defaults in payment of the Redemption Price, on and after the Redemption Date, interest will cease to accrue on the Securities or portions of the Securities called for redemption. If fewer than all of
the Securities are to be redeemed, the Trustee will select pro rata, by lot or by such other method as the Trustee shall deem fair and appropriate, the particular Securities or portions thereof for redemption from the outstanding Securities not
previously called. 
 Except as set forth above, the Securities will not be redeemable by the Company prior to maturity and will not be
entitled to the benefit of any sinking fund. 
 Defaults and Remedies. 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. 

Amendment, Modification and Waiver. 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 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 all series at the time Outstanding affected thereby (voting as one class). The Indenture contains provisions permitting the Holders of not less than a majority in principal amount of the Outstanding Securities of all series, with
respect to which any default under the Indenture shall have occurred and be continuing (voting as one class), on behalf of the Holders of all the Outstanding Securities of such series, to waive, with certain exceptions, such past default with
respect to such series and its consequences. The Indenture also permits the Holders of not less than a majority in principal amount of the Outstanding Securities of any series, on behalf of the Holders of all Outstanding Securities of such series,
to waive compliance by the Company with certain provisions of the Indenture. 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 therefor or in lieu hereof, whether or not notation of such consent or waiver is made upon this Security. 

Restrictive Covenants. The Indenture does not limit unsecured debt of the Company or any of its Subsidiaries. 

Denominations, Transfer and Exchange. The Securities of this series are issuable only in registered form without coupons in
denominations of $2,000 and in integral multiples 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 like tenor of a different authorized denomination, as requested by the Holder surrendering the same. 

  
 E-4 

 As provided in the Indenture and subject to certain limitations therein set forth, the
transfer of this Security is registerable in the Security Register, upon surrender of this Security for registration of transfer at the Registrar accompanied by a written request for transfer in form satisfactory to the Company and the Registrar
duly executed by, the Holder hereof or his 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. 
 No service charge shall be made 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. 
 Persons Deemed
Owners. 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. 

Miscellaneous. The Indenture and this Security shall be governed by and construed in accordance with the law of the State of New York.

 All terms used in this Security and not defined herein shall have the meanings assigned to them in the Indenture. 

  
 E-5 

 SCHEDULE OF INCREASES OR DECREASES IN GLOBAL SECURITY 

The following increases or decreases in this Global Security have been made: 
  

									
	 Date of Exchange
	 	 Amount of increase in

Principal Amount of
 this
Global Security
	 	 Amount of decrease

in Principal Amount
 of this
Global
 Security
	  	 Principal Amount of
this
Global Security
following each
decrease or increase
	  	 Signature of
authorized signatory

of Trustee

  
 E-6EX-10.1

 Exhibit 10.1 

AGREEMENT 
 This Agreement
(this “Agreement”) is made and entered into as of March 11, 2019, by and among GCP Applied Technologies Inc. (the “Company”) and the entities and natural persons set forth in the signature pages hereto
(collectively, “Starboard”) (each of the Company and Starboard, a “Party” to this Agreement, and collectively, the “Parties”). 

RECITALS 
 WHEREAS, the
Company and Starboard have engaged in discussions and communications concerning the Company’s business, financial performance and strategic plans; 

WHEREAS, as of the date hereof, Starboard has a beneficial ownership (as determined under
Rule 13d-3 promulgated under the Securities Exchange Act of 1934, as amended, or the rules or regulations promulgated thereunder (the “Exchange Act”)) interest in shares of
Company’s common stock, par value $0.01 per share (the “Common Shares”), totaling, in the aggregate, 3,180,000 Common Shares, or approximately 4.4% of the Common Shares issued and outstanding on the date hereof; 

WHEREAS, Starboard submitted a nomination notice to the Company on February 1, 2019 (the “Nomination Notice”) stating
its intention to nominate director candidates to be elected to the Company’s board of directors (the “Board”) at the 2019 annual meeting of stockholders of the Company (the “2019 Annual Meeting”); and 

WHEREAS, as of the date hereof, the Company and Starboard have determined to come to an agreement with respect to the composition of the Board
and certain other matters, as provided in this Agreement. 
 NOW, THEREFORE, in consideration of the foregoing premises and the mutual
covenants and agreements contained herein, and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the Parties hereto, intending to be legally bound hereby, agree as follows: 

 

	1.	 Board Appointments and Related Agreements. 

(a) Board Appointments. 

(i)    The Company agrees that as promptly as practicable after the date hereof, the Board shall take all necessary
actions to (A) increase the size of the Board from nine (9) to eleven (11) members (provided that the size of the Board shall automatically decrease to ten (10) members at the conclusion of the 2019 Annual Meeting) and
(B) appoint to the Board Clay H. Kiefaber and Marran H. Ogilvie (each, a “Starboard Designee” and collectively, the “Starboard Designees”) as a class II director and a class III director, respectively, each
with terms expiring at the 2019 Annual Meeting. The Company agrees that, provided that such Starboard Designee is able and willing to continue to serve on the Board, the Company will include the Starboard Designees in the Company’s slate of
recommended nominees standing for election at the 2019 Annual Meeting and will recommend, support and solicit proxies for the election of the Starboard Designees at the 2019 Annual Meeting in the same manner as for the Company’s other nominees
at the 2019 Annual Meeting. 

 (ii)    If any Starboard Designee (or any Starboard Replacement Director
(as defined below)) is unable or unwilling to serve as a director, resigns as a director or is removed as a director prior to the expiration of the Standstill Period, and at all times since the date of this Agreement and at such time Starboard
beneficially owns (as determined under Rule 13d-3 promulgated under the Exchange Act) at least the lesser of 3.0% of the Company’s then outstanding Common Shares and 2,170,000 Common Shares (subject to
adjustment for stock splits, reclassifications, combinations and similar adjustments) (such lesser amount, the “Minimum Ownership Threshold”), Starboard shall have the ability to recommend a substitute person(s) for appointment to
the Board in accordance with this Section 1(a)(ii) (any such replacement nominee shall be referred to as a “Starboard Replacement Director”, and if and when such person becomes a director of the Board in accordance with this
Section 1(a)(ii), such person shall be deemed a Starboard Designee for purposes of this Agreement). Any Starboard Replacement Director must (A) be reasonably acceptable to the Nominating and Governance Committee (such acceptance not
to be unreasonably withheld), (B) be independent of Starboard (for the avoidance of doubt, the nomination by Starboard of any person to serve on the board of another company shall not (in and of itself) cause such person not to be deemed independent
of Starboard), (C) qualify as “independent” pursuant to NYSE listing standards, (D) have the relevant financial and business experience to be a director of the Company, and (E) satisfy the publicly disclosed guidelines and
policies with respect to service on the Board (in the case of each of (B) through (E), as reasonably determined by the Nominating and Governance Committee). The Nominating and Governance Committee shall make its determination and recommendation
(which it shall undertake reasonably and in good faith) regarding whether such person meets the foregoing criteria within ten (10) business days after (1) such nominee as a Starboard Replacement Director has submitted to the Company the
documentation required by Section 1(b)(iv) and (2) representatives of the Board have, if requested by the Company, conducted customary interview(s) of such nominee. The Company shall use its reasonable best efforts to conduct any
interview(s) contemplated by this Section 1(a)(ii) as promptly as practicable, but in any case, assuming reasonable availability of the nominee, within ten (10) business days after Starboard’s recommendation of such nominee. In
the event the Nominating and Governance Committee does not accept a person recommended by Starboard as the Starboard Replacement Director, Starboard shall have the right to recommend additional substitute person(s) whose appointment shall be subject
to the Nominating and Governance Committee recommending such person in accordance with the procedures described above. The Board shall vote on the appointment of such Starboard Replacement Director to the Board no later than five
(5) business days after the Nominating and Governance Committee recommendation of such Starboard Replacement Director; provided, however, that if the Board does not appoint such Starboard Replacement Director to the Board pursuant
to this Section 1(a)(ii), the Parties shall continue to follow the procedures of this Section 1(a)(ii) until a Starboard Replacement Director is appointed to the Board. Upon a Starboard Replacement Director’s appointment to the
Board, the Board and all applicable committees of the Board shall take all necessary actions to appoint such Starboard Replacement Director to any applicable committee of the Board of which the replaced director was a member immediately prior to
such director’s resignation or removal or, if the Board or the applicable committee of the Board determines that the Starboard Replacement Director does not satisfy the requirements of the NYSE and applicable law with respect to service on the
applicable committee (which determination shall be made reasonably and in good faith), to an alternative committee of the Board. Until such time as any Starboard Replacement Director is appointed to any applicable committee, the other Starboard
Designee will be permitted to serve as an interim member of such applicable committee, unless such Starboard Designee is already serving as a member of such committee or the Board or the applicable committee of the Board determines that such
Starboard Designee does not satisfy the requirements of the NYSE and applicable law with respect to service on the applicable committee (which determination shall be made reasonably and in good faith). 

  
 2 

 (iii)    Committees. The Company agrees that each Starboard
Designee shall be given the same due consideration for membership to each committee of the Board as any other independent director. 

(iv)    Subject to NYSE rules and applicable laws, during the Standstill Period, the Board and all applicable
committees of the Board shall take all action necessary to ensure that each committee of the Board, including any committee of the Board formed after the date of this Agreement, includes at least one Starboard Designee. 

(v)    During the period commencing upon the conclusion of the 2019 Annual Meeting and continuing until the expiration of
the Standstill Period, the Board shall take all necessary actions to set the size of the Board at no more than ten (10) directors, unless Starboard consents in writing to any proposal to increase the size of the Board. 

(b) Additional Agreements. 

(i)    Starboard shall comply, and shall cause each of its controlled Affiliates and Associates (collectively,
“Covered Persons”) to comply, with the terms of this Agreement and shall be responsible for any breach of this Agreement by any such Covered Person. As used in this Agreement, the terms “Affiliate” and
“Associate” shall have the respective meanings set forth in Rule 12b-2 promulgated by the Exchange Act and shall include all persons or entities that at any time during the term of this Agreement
become Affiliates or Associates of any person or entity referred to in this Agreement. 
 (ii)    Upon execution of this
Agreement, Starboard shall not, and shall cause each of its Covered Persons not to, directly or indirectly, (A) nominate or recommend for nomination any person for election at the 2019 Annual Meeting, (B) submit any proposal for
consideration at, or bring any other business before, the 2019 Annual Meeting or (C) initiate, encourage or participate in any “vote no,” “withhold” or similar campaign with respect to the 2019 Annual Meeting. Starboard
shall not publicly or privately encourage or support any other stockholder, person or entity to take any of the actions described in this Section 1(b)(ii). 

(iii)    Starboard shall appear in person or by proxy at the 2019 Annual Meeting and vote all Common Shares beneficially
owned by Starboard at the 2019 Annual Meeting (A) in favor of all of the Company’s nominees, (B) in favor of the ratification of the appointment of PricewaterhouseCoopers LLP as the Company’s independent registered public
accounting firm for the fiscal year ending December 31, 2019, (C) in accordance with the Board’s recommendation with respect to the Company’s
“say-on-pay” proposal and (D) in accordance with the Board’s recommendation with respect to any other Company proposal or stockholder proposal
presented at the 2019 Annual Meeting; provided, however, that in the event Institutional Shareholder Services Inc. (“ISS”) or Glass Lewis & Co., LLC (“Glass Lewis”) recommends otherwise with
respect to the Company’s “say-on-pay” proposal or any other Company proposal or shareholder proposal presented at the 2019 Annual Meeting (other than
proposals relating to the election or removal of directors), Starboard shall be permitted to vote in accordance with the ISS or Glass Lewis recommendation. Starboard further agrees that it will appear in person or by proxy at any special meeting of
the Company’s stockholders during the Standstill Period and vote all Common Shares beneficially owned by Starboard at such meeting in accordance with the Board’s recommendation on any proposal relating to the appointment, election or
removal of director(s). 
 (iv)    Starboard acknowledges that, on or prior to the date of this Agreement, the Starboard
Designee has submitted to the Company (x) a fully completed copy of the Company’s 

  
 3 

 
standard director and officer questionnaire and other reasonable and customary director onboarding documentation (including an authorization form to conduct a background check, a representation
agreement, consent to be named as a director in the Company’s proxy statement and certain other agreements) required by the Company in connection with the appointment or election of new Board members, and (y) a written representation that
such person, if elected as a director of the Company, would be in compliance, and will comply with, all applicable publicly disclosed confidentiality, corporate governance, conflict of interest, Regulation FD, code of conduct and ethics, and stock
ownership and trading policies and guidelines of the Company that have been provided to such person prior to such date (collectively, the “Onboarding Documentation”). As a condition for eligibility for appointment to the Board, each
candidate for any Starboard Replacement Director shall promptly (but in any event prior to being appointed to the Board in accordance with this Agreement) submit to the Company the Onboarding Documentation. 

(v)    Starboard acknowledges that all directors (including the Starboard Designees and any Starboard Replacement
Directors) are (A) governed by, and required to comply with, all policies, procedures, codes, rules, standards and guidelines applicable to all members of the Board and (B) required to keep confidential all Company confidential information
and not disclose to any third parties (including Starboard) any discussions, matters or materials considered in meetings of the Board or Board committees. 

(vi)    Starboard, on behalf of itself and its Affiliates, hereby (A) irrevocably withdraws the Nomination Notice and
(B) irrevocably withdraws any related materials or notices submitted to the Company in connection therewith. 

(vii)    The Company agrees that the Board and all applicable committees of the Board shall, to the extent that the Board
and such committees have such authority and are entitled to so determine, take all necessary actions (other than amending or modifying any Existing Plans and Agreements (as defined below)), effective no later than immediately following the execution
of this Agreement, to determine, in connection with their initial appointment as a director and nomination by the Company at the 2019 Annual Meeting, that each of the Starboard Designees is deemed to be (A) a member of the “Incumbent
Board” or “Continuing Director” (as such term may be defined in the definition of “Change in Control,” “Change of Control” (or any similar term) under the Company’s incentive plans, options plans, deferred
compensation plans, employment agreements, severance plans, retention plans, loan agreements, indentures or any other related plans or agreements (the “Existing Plans and Agreements”) that refer to any such plan or agreement’s
definition of “Change in Control” or any similar term) and (B) a member of the Board as of the beginning of any applicable measurement period for the purposes of the definition of “Change in Control” or any similar term
under such Existing Plans and Agreements. For the avoidance of doubt, nothing in this Section 1(b)(vii) shall require, or be deemed to be, an amendment or modification to any Existing Plans and Agreements, including the outstanding awards
thereunder. 
 (viii)    Starboard shall promptly (and in any event within five (5) business days) inform the
Company in writing if Starboard fails to satisfy the Minimum Ownership Threshold at any time. 
  

	2.	 Standstill Provisions. 

(a)    Starboard agrees that, from the date of this Agreement until the earlier of (x) the date that is fifteen
(15) business days prior to the deadline for the submission of stockholder nominations for the 2020 annual meeting of the Company’s stockholders (the “2020 Annual Meeting”) pursuant to the Company’s Amended and
Restated By-laws or (y) the date that is one hundred (100) days prior to 

  
 4 

 
the first anniversary of the 2019 Annual Meeting (the “Standstill Period”), Starboard shall not, and shall cause each Covered Person not to, in each case directly or indirectly,
in any manner: 
 (i)    engage in any solicitation of proxies or consents or become a “participant” in a
“solicitation” (as such terms are defined in Regulation 14A under the Exchange Act) of proxies or consents, in each case, with respect to any securities of the Company; 

(ii)    form, join or in any way participate in any “group” (within the meaning of Section 13(d)(3) of the
Exchange Act) with respect to any securities of the Company (other than a “group” that includes all or some of the members of Starboard, but does not include any other entities or persons that are not members of Starboard as of the date
hereof); provided, however, that nothing herein shall limit the ability of an Affiliate of Starboard to join the “group” following the execution of this Agreement, so long as any such Affiliate agrees to be bound in writing
by the terms and conditions of this Agreement; 
 (iii)    deposit any Common Shares in any voting trust or subject any
Common Shares to any arrangement or agreement with respect to the voting of any Common Shares, other than any such voting trust, arrangement or agreement solely among the members of Starboard and otherwise in accordance with this Agreement; 

(iv)    seek or submit, or encourage any person or entity to seek or submit, nomination(s) in furtherance of a
“contested solicitation” for the appointment, election or removal of directors with respect to the Company or seek, encourage or take any other action with respect to the appointment, election or removal of any directors; provided,
however, that nothing in this Agreement shall prevent Starboard or its Affiliates or Associates from taking actions in furtherance of identifying director candidates in connection with the 2020 Annual Meeting so long as such actions do not
create a public disclosure obligation for Starboard or the Company, are not publicly disclosed by Starboard or its representatives, Affiliates or Associates and are undertaken on a basis reasonably designed to be confidential and in accordance in
all material respects with Starboard’s normal practices in the circumstances; 
 (v)    (A) make any proposal for
consideration by stockholders at any annual or special meeting of stockholders of the Company or through any referendum of stockholders, (B) make any offer or proposal (with or without conditions) with respect to any merger, takeover offer,
acquisition, recapitalization, restructuring, disposition or other business combination involving the Company, (C) solicit a third party to make an offer or proposal (with or without conditions) with respect to any merger, takeover offer,
acquisition, recapitalization, restructuring, disposition or other business combination involving the Company, or publicly encourage, initiate or support any third party in making such an offer or proposal, (D) publicly comment on any third
party proposal regarding any merger, takeover offer, acquisition, recapitalization, restructuring, disposition, or other business combination with respect to the Company by such third party (provided that this clause (D) shall not
prevent such public comment after such proposal has become generally known to the public other than as a result of a disclosure by Starboard), or (E) call or seek to call a special meeting of stockholders; 

(vi)    seek, alone or in concert with others, representation on the Board, except as specifically permitted in
Section 1; 
 (vii)    advise, encourage, support or influence any person or entity with
respect to the voting or disposition of any securities of the Company at any annual or special meeting of stockholders, except in accordance with Section 1; or 

  
 5 

 (viii)    make any request or submit any proposal to amend the terms of
this Agreement other than through non-public communications with the Company that would not be reasonably determined to trigger public disclosure obligations for any Party. 

(b)    Except as expressly provided in Section 1 or Section 2(a), Starboard shall be entitled to (i) vote
the Common Shares that it beneficially owns as it determines in its sole discretion and (ii) disclose, publicly or otherwise, how it intends to vote or act with respect to any securities of the Company on any shareholder proposal or other
matter to be voted on by the shareholders of the Company and the reasons therefor. 
 (c)    Nothing in
Section 2(a) shall be deemed to limit the exercise in good faith by the Starboard Designee (or the Starboard Replacement Director, as applicable) of such person’s fiduciary duties solely in such person’s capacity
as a director of the Company and in a manner consistent with such person’s and Starboard’s obligations under this Agreement. 
  

	3.	 Representations and Warranties of the Company. 

The Company represents and warrants to Starboard that (A) the Company has the corporate power and authority to execute this Agreement and
to bind it thereto, (B) this Agreement has been duly and validly authorized, executed and delivered by the Company, constitutes a valid and binding obligation and agreement of the Company, and is enforceable against the Company in accordance
with its terms, except as enforcement thereof may be limited by applicable bankruptcy, insolvency, reorganization, moratorium, fraudulent conveyance or similar laws generally affecting the rights of creditors and subject to general equity principles
and (C) the execution, delivery and performance of this Agreement by the Company does not and will not (1) violate or conflict with any law, rule, regulation, order, judgment or decree applicable to the Company or (2) result in any
breach or violation of or constitute a default (or an event which with notice or lapse of time or both would constitute such a breach, violation or default) under or pursuant to, or result in the loss of a material benefit under, or give any right
of termination, amendment, acceleration or cancellation of, any organizational document or agreement to which the Company is a party or by which it is bound. 
  

	4.	 Representations and Warranties of Starboard. 

Starboard represents and warrants to the Company that (A) the authorized signatory of Starboard set forth on the signature page hereto
has the power and authority to execute this Agreement and any other documents or agreements to be entered into in connection with this Agreement and to bind Starboard thereto, (B) this Agreement has been duly authorized, executed and delivered
by Starboard, and is a valid and binding obligation of Starboard, enforceable against Starboard in accordance with its terms except as enforcement thereof may be limited by applicable bankruptcy, insolvency, reorganization, moratorium, fraudulent
conveyance or similar laws generally affecting the rights of creditors and subject to general equity principles, (C) the execution of this Agreement, the consummation of any of the transactions contemplated hereby, and the fulfillment of the
terms hereof, in each case in accordance with the terms hereof, will not conflict with, or result in a breach or violation of the organizational documents of Starboard as currently in effect, (D) the execution, delivery and performance of this
Agreement by Starboard does not and will not (1) violate or conflict with any law, rule, regulation, order, judgment or decree applicable to Starboard or (2) result in any breach or violation of or constitute a default (or an event which
with notice or lapse of time or both would constitute such a breach, violation or default) under or pursuant to, or result in the loss of a material benefit under, or give any right of termination, amendment, acceleration or cancellation of, any
organizational document, agreement, contract, commitment, understanding or arrangement to which such member is a party or by which it is bound, (E) as of the date of this Agreement, Starboard 

  
 6 

 
beneficially owns (as determined under Rule 13d-3 promulgated under the Exchange Act) 3,180,000 Common Shares, (F) as of the date hereof, and except
as set forth in clause (E) above, Starboard does not currently have, and does not currently have any right to acquire, any interest in any securities of the Company (or any rights, options or other securities convertible into or exercisable or
exchangeable (whether or not convertible, exercisable or exchangeable immediately or only after the passage of time or the occurrence of a specified event) for such securities or any obligations measured by the price or value of any securities of
the Company or any of its controlled Affiliates, including any swaps or other derivative arrangements designed to produce economic benefits and risks that correspond to the ownership of Common Shares, whether or not any of the foregoing would give
rise to beneficial ownership (as determined under Rule 13d-3 promulgated under the Exchange Act), and whether or not to be settled by delivery of Common Shares, payment of cash or by other consideration, and
without regard to any short position under any such contract or arrangement) and (G) Starboard will not, directly or indirectly, compensate or agree to compensate any director or director nominee of the Company for his or her respective service
as a director of the Company, including any Starboard Designee, with any cash, securities (including any rights or options convertible into or exercisable for or exchangeable into securities or any profit sharing agreement or arrangement), or other
form of compensation directly or indirectly related to the Company or its securities. For the avoidance of doubt, nothing herein shall prohibit Starboard for compensating or agreeing to compensate any person for his or her respective service as a
nominee or director of any other company. 
  

	5.	 Press Release. 

Promptly following the execution of this Agreement, the Company and Starboard shall jointly issue a mutually agreeable press release (the
“Press Release”) announcing certain terms of this Agreement in the form attached hereto as Exhibit A. Prior to the issuance of the Press Release and subject to the terms of this Agreement, neither the Company (including the
Board and any committee thereof) nor Starboard shall issue any press release or make any public announcement regarding this Agreement or the matters contemplated hereby without the prior written consent of the other Party. During the Standstill
Period, neither the Company nor Starboard shall make any public announcement or statement that is inconsistent with or contrary to the terms of this Agreement. 
  

	6.	 Specific Performance. 

Each of Starboard, on the one hand, and the Company, on the other hand, acknowledges and agrees that irreparable injury to the other Party
hereto would occur in the event any of the provisions of this Agreement were not performed in accordance with their specific terms or were otherwise breached and that such injury would not be adequately compensable by the remedies available at law
(including the payment of money damages). It is accordingly agreed that Starboard, on the one hand, and the Company, on the other hand (the “Moving Party”), shall each be entitled to specific enforcement of, and injunctive relief to
prevent any violation of, the terms hereof, and the other Party hereto will not take action, directly or indirectly, in opposition to the Moving Party seeking such relief on the grounds that any other remedy or relief is available at law or in
equity. This Section 6 is not the exclusive remedy for any violation of this Agreement. 
  

	7.	 Expenses. 

The Company shall reimburse Starboard for its reasonable, documented
out-of-pocket fees and expenses (including legal expenses) incurred in connection with Starboard’s involvement at the Company prior to the execution of this
Agreement, including, but not limited to the negotiation and execution of this Agreement, provided that such reimbursement shall not exceed $200,000 in the aggregate. 

  
 7 

	8.	 Severability. 

If any term, provision, covenant or restriction of this Agreement is held by a court of competent jurisdiction to be invalid, void or
unenforceable, the remainder of the terms, provisions, covenants and restrictions of this Agreement shall remain in full force and effect and shall in no way be affected, impaired or invalidated. It is hereby stipulated and declared to be the
intention of the Parties that the Parties would have executed the remaining terms, provisions, covenants and restrictions without including any of such which may be hereafter declared invalid, void or unenforceable. In addition, the Parties agree to
use their best efforts to agree upon and substitute a valid and enforceable term, provision, covenant or restriction for any of such that is held invalid, void or enforceable by a court of competent jurisdiction. 

 

	9.	 Notices. 

Any notices, consents, determinations, waivers or other communications required or permitted to be given under the terms of this Agreement
must be in writing and will be deemed to have been delivered: (A) upon receipt, when delivered personally; (B) upon confirmation of receipt, when sent by email (provided such confirmation is not automatically generated); or (C) one
(1) business day after deposit with a nationally recognized overnight delivery service, in each case properly addressed to the Party to receive the same. The addresses for such communications shall be: 

If to the Company, to: 
 GCP Applied Technologies
Inc. 
 62 Whittemore Avenue 

Cambridge, Massachusetts 02140 

	 	Attention:	 Naren B. Srinivasan 

	 	Email:	 naren.srinivasan@GCP.com 

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

Wachtell, Lipton, Rosen & Katz 

51 West 52nd Street 
 New York,
New York 10019 

	 	Attention:	 Adam O. Emmerich, Esq. 

	 	    	 Gregory E. Ostling, Esq. 

	 	    	 Viktor Sapezhnikov, Esq. 

	 	Email:	 aoemmerich@wlrk.com 

	 	    	 geostling@wlrk.com 

	 	    	 vsapezhnikov@wlrk.com 

If to Starboard or any member thereof, to: 

Starboard Value LP 
 777 Third
Avenue, 18th Floor 
 New York, New York 10017 

	 	Attention:	 Jeffrey C. Smith 

	 	Email:	 jsmith@Starboardvalue.com 

  
 8 

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

Olshan Frome Wolosky LLP 
 1325
Avenue of the Americas 
 New York, New York 10019 

	 	Attention:	 Steve Wolosky, Esq. 

	 	    	 Andrew Freedman, Esq. 

	 	Email:	 swolosky@olshanlaw.com 

	 	    	 afreedman@olshanlaw.com 

 

	10.	 Applicable Law. 

This Agreement shall be governed by and construed and enforced in accordance with the laws of the State of Delaware without reference to the
conflict of laws principles thereof that would result in the application of the law of another jurisdiction. Each of the Parties hereto irrevocably agrees that any legal action or proceeding with respect to this Agreement and the rights and
obligations arising hereunder, or for recognition and enforcement of any judgment in respect of this Agreement and the rights and obligations arising hereunder brought by the other Party hereto or its successors or assigns, shall be brought and
determined exclusively in the Delaware Court of Chancery and any state appellate court therefrom within the State of Delaware (or, if the Delaware Court of Chancery declines to accept jurisdiction over a particular matter, any federal court within
the State of Delaware). Each of the Parties hereto hereby irrevocably submits with regard to any such action or proceeding for itself and in respect of its property, generally and unconditionally, to the personal jurisdiction of the aforesaid courts
and agrees that it will not bring any action relating to this Agreement in any court other than the aforesaid courts. Each of the Parties hereto hereby irrevocably waives, and agrees not to assert in any action or proceeding with respect to this
Agreement, (A) any claim that it is not personally subject to the jurisdiction of the above-named courts for any reason, (B) any claim that it or its property is exempt or immune from jurisdiction of any such court or from any legal
process commenced in such courts (whether through service of notice, attachment prior to judgment, attachment in aid of execution of judgment, execution of judgment or otherwise) and (C) to the fullest extent permitted by applicable legal
requirements, any claim that (1) the suit, action or proceeding in such court is brought in an inconvenient forum, (2) the venue of such suit, action or proceeding is improper or (3) this Agreement, or the subject matter hereof, may
not be enforced in or by such courts. 
  

	11.	 Counterparts. 

This Agreement may be executed in two or more counterparts, each of which shall be considered one and the same agreement and shall become
effective when counterparts have been signed by each of the Parties and delivered to the other Party (including by means of electronic delivery or facsimile). 
  

	12.	 Mutual Non-Disparagement. 

Subject to applicable law, each of the Parties covenants and agrees that, during the Standstill Period, or if earlier, until such time as the
other Party or any of its agents, subsidiaries, controlled affiliates, successors, assigns, partners, members, officers, key employees or directors shall have breached this Section 12, neither it nor any of its respective
agents, subsidiaries, controlled affiliates, successors, assigns, partners, members, officers, key employees or directors, shall in any way publicly criticize, disparage, call into disrepute, or otherwise defame or slander the other Party or such
other Party’s subsidiaries, affiliates, successors, assigns, partners, members, officers (including any current officer of a Party or a Party’s subsidiaries who no longer serves in such capacity following the

  
 9 

 
execution of this Agreement), directors (including any current director of a Party or a Party’s subsidiaries who no longer serves in such capacity following the execution of this Agreement),
employees, stockholders, agents, attorneys or representatives, or any of their businesses, products or services, in any manner that would reasonably be expected to damage the business or reputation of such other Party, their businesses, products or
services or their subsidiaries, affiliates, successors, assigns, officers (or former officers), directors (or former directors), employees, stockholders, agents, attorneys or representatives. 

 

	13.	 Securities Laws. 

Starboard acknowledges that it is aware, and will advise each of its representatives who are informed as to the matters that are the subject
of this Agreement, that the United States securities laws may prohibit any person who directly or indirectly has received from an issuer material, non-public information from purchasing or selling securities
of such issuer or from communicating such information to any other person under circumstances in which it is reasonably foreseeable that such person is likely to purchase or sell such securities. 

 

	14.	 Entire Agreement; Amendment and Waiver; Successors and Assigns; Third Party Beneficiaries; Term.

 This Agreement contains the entire understanding of the Parties with respect to its subject matter. There are no
restrictions, agreements, promises, representations, warranties, covenants or undertakings between the Parties other than those expressly set forth herein. No modifications of this Agreement can be made except in writing signed by an authorized
representative of each the Company and Starboard. No failure on the part of any Party to exercise, and no delay in exercising, any right, power or remedy hereunder shall operate as a waiver thereof, nor shall any single or partial exercise of such
right, power or remedy by such Party preclude any other or further exercise thereof or the exercise of any other right, power or remedy. All remedies hereunder are cumulative and are not exclusive of any other remedies provided by law. The terms and
conditions of this Agreement shall be binding upon, inure to the benefit of, and be enforceable by the Parties hereto and their respective successors, heirs, executors, legal representatives, and permitted assigns. No Party shall assign this
Agreement or any rights or obligations hereunder without, with respect to Starboard, the prior written consent of the Company, and with respect to the Company, the prior written consent of Starboard. This Agreement is solely for the benefit of the
Parties and is not enforceable by any other persons or entities. This Agreement shall terminate at the end of the Standstill Period, except the provisions of Sections 6, 9, 10, 13 and 14, which shall survive such
termination; provided, however, that any Party may bring an action following such termination alleging a breach of this Agreement occurring prior to the end of the Standstill Period. 

[The remainder of this page intentionally left blank] 

  
 10 

 IN WITNESS WHEREOF, this Agreement has been duly executed and delivered by the duly
authorized signatories of the Parties as of the date first set forth above. 
  

			
	 THE COMPANY:
  

GCP APPLIED TECHNOLOGIES INC.

		
	By:	 	/s/ Gregory E. Poling
		 	 Name: Gregory E. Poling
 Title: Chief
Executive Officer

  
  

[Signature Page to Agreement by and among GCP and Starboard] 

 STARBOARD: 

 

 STARBOARD VALUE AND 

OPPORTUNITY MASTER FUND LTD 
 By: Starboard Value LP, 

its investment manager 
 STARBOARD VALUE AND 

OPPORTUNITY S LLC 
 By: Starboard Value LP, 

its manager 
 STARBOARD VALUE AND 

OPPORTUNITY C LP 
 By: Starboard Value R LP, 

its general partner 
 STARBOARD VALUE R LP 

By: Starboard Value R GP LLC, 
 its general partner 

STARBOARD VALUE AND 
 OPPORTUNITY MASTER FUND L LP 

By: Starboard Value L LP, 
 its general partner

 STARBOARD VALUE L LP 

By: Starboard Value R GP LLC, 
 its general partner 

STARBOARD VALUE LP 
 By: Starboard Value GP LLC, 

its general partner 
 STARBOARD VALUE GP LLC 

By: Starboard Principal Co LP, 
 its member 

STARBOARD PRINCIPAL CO LP 
 By: Starboard Principal Co GP LLC,

 its general partner 
 STARBOARD PRINCIPAL CO GP LLC 

STARBOARD VALUE R GP LLC 

 

  

			
		
	By:	 	/s/ Jeffrey C. Smith
	 Name:
 Title:
	 	 Jeffery C. Smith
 Authorized
Signatory

  

	
	
	/s/ Jeffrey C. Smith
	JEFFREY C. SMITH

  

	
	
	/s/ Peter A. Feld
	PETER A. FELD

 [Signature Page to Agreement by and among GCP and Starboard] 

 EXHIBIT A 

PRESS RELEASE

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