Document:

Exhibit

Exhibit 10.32

***Text Omitted and Filed Separately
with the Securities and Exchange Commission.
Confidential Treatment Requested
Under 17 C.F.R. Sections 200.80(b)(4) 
and 240.24b-2.

LICENSING AGREEMENT
between
ETH Zurich
Raemistrasse 101, 8092 Zurich, Switzerland
(hereinafter referred to as “Licensor” or “ETH”)
and
Regulus Therapeutics Inc.
Rutherford Road, Carlsbad, CA 92008-7208, U.S.A.
(hereinafter referred to as “Licensee”)
Collectively called the “Parties” or individually the “Party”

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PREAMBLE
Licensor has developed certain Technology and owns certain Patents relating to oligonucleotides targeting miRNAs for the treatment of insulin resistance and type 2 diabetes. Licensor is desirous that such Technology and Patents be developed and exploited to the fullest possible extent so that their benefits can be enjoyed by the general public.
The Licensee wishes to acquire rights in the Technology for the development and commercialization in the Field of Use and in the Territory, all in accordance with the terms of this licensing agreement (Agreement).
		
	1.
	DEFINITIONS

		
	Affiliate
	Shall mean any corporation or other business entity which controls, is controlled by or is under common control of Licensee. For purposes of this definition, an entity shall be regarded as in “control” of another entity if it owns or controls, directly or indirectly, at least fifty percent (50%) of the outstanding stock or other voting rights entitled to elect directors (or, in the case of an entity that is not a corporation, the corresponding managing authority).

		
	Blocking Inventions 
	Any patent or patent application controlled by Licensor necessary to practice the Technology.

		
	Effective Date 
	Shall be defined as the date of the last signature of the Parties on this Agreement.

		
	Field of Use
	All fields of use covered by the Patents

		
	License
	Shall be defined as the rights granted by the Licensor under the terms of this Agreement.

		
	License Fees
	Shall mean the fees payable by the Licensee to the Licensor for the rights granted to Licensee under this Agreement.

		
	Licensed Products
	Shall mean any products whose making, using, selling or other commercialization would infringe a Valid Claim of the Patents.

		
	Net Sales
	Shall mean the total of the gross amounts received for sales of Licensed Products by or on behalf of Licensee, Affiliates 

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or Sub-licensees, less the sum of the following actual and customary deductions where applicable: cash, trade, or quantity discounts; value added, sales or use taxes, and custom duties; transportation charges; and credits to customers because of rejections, returns or rebates.
		
	Patent(s)
	Shall mean (1) patent (application): [...***...], any members of the patent family claiming priority of these original patent applications, including any patent application or granted patent, whether domestic or foreign, including all provisionals, and all divisionals, continuations, continuations-in-part, reissues, reexaminations, renewals, extensions, and supplementary protection certificates of any such patents and patent applications, and (ii) any patent issuing therefrom.

		
	Sub-license
	Shall mean a sublicense granted by Licensee to a non-Affiliate third party, giving rights derived from the license granted to Licensee under Section 3 of this Agreement.

		
	Sub-licensee
	Shall mean a non-Affiliate third party to whom Licensee grants a Sub-license.

		
	Technology
	Shall be defined as the inventions claimed in the Patents.

		
	Territory
	Shall be defined as the countries where (provisional) patent protection for the Patents is sought or granted.

		
	Valid Claim
	Shall be defined as any (i) issued claim of a Patent not rejected by a final decision of a patent office or of a court of competent jurisdiction until the date of such final decision; or (ii) a claim of a pending patent application of the Patents that has not been abandoned, finally rejected or expired without the possibility of appeal or refiling, provided however, that (a) Valid Claim will exclude any such pending claim that does not have a reasonable bona fide basis for patentability (such reasonable bona fide basis to be determined by outside counsel selected by the parties the event that the parties disagree as to whether there is a reasonable bona fide basis for patentability for such a claim).

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	2.
	OBJECT OF LICENSE

Licensor grants Licensee a License under the terms of this Agreement.
		
	3.
	SCOPE OF LICENSE

Licensor grants Licensee an exclusive License in the Territory, under the Patents to research, develop, make, have made, use, sell, offer for sale, have sold, export and import Licensed Products in the Field of Use.
Licensor retains the right to use the Patents and consent to the use of the Patents by academic and research institutions for non-commercial purposes, free of charge. Licensor is further allowed to use the Patents for non-commercial collaborations with commercially oriented third parties. In case of any commercialization by said third party, this party has to negotiate an agreement with Licensor/Licensee or the Licensee directly, as the case may be. For purpose of clarification, non-commercial purposes does not include human clinical trials.
Licensee gets a free, non-exclusive license on Blocking Inventions held by Licensor if this is required to commercialize the Patents and only to the extent that no third party rights existing as of the Effective Date are in conflict with such a non-exclusive license.
		
	4.
	RIGHT TO GRANT SUB-LICENSES

Licensee has the right to grant Sub-licenses within the scope of this Agreement under the following conditions.
Licensee shall:
		
	(i)
	to the extent possible, ensure that the terms of any Sub-license agreement include obligations equivalent to those contained in this Agreement;

		
	(ii)
	provide Licensor with a copy of each Sub-license contract issued within 30 days of execution (which copy may be redacted to remove confidential information so long as such redactions will not prevent Licensor’s reasonable determination as to whether such Sub-license was entered into in accordance with this Agreement);

		
	(iii)
	collect and guarantee payment from Sub-licensees according to Article 5.

Any Sub-license entered into in accordance with the terms of this Agreement prior to the date of any termination of this Agreement that is not in breach of this Agreement as of the date of such termination shall survive any such termination of this Agreement if (i) the relevant Sub-licensee is not in breach of this Agreement; and (ii) the relevant Sub-licensee agrees in writing to make any 

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payments required under this Agreement directly to Licensor and to comply with the terms of this Agreement (including for the avoidance of doubt the direct obligation vis-a-vis Licensor to provide reports in accordance with Section 7). Licensor shall however not be bound to take over any duties of Licensee towards the Sub-licensee, if he is not able to do so in his capacity as a public research institution.
		
	5.
	LICENSE FEES

Licensee shall pay the following types of License Fees:
		
	(1)
	Upfront payment: CHF 20,000

		
	(2)
	Milestone payments: With respect to the 1st Licensed Product covered by a Valid Claim to achieve a milestone event set forth below, Licensee will pay the following amounts:

		
	Ù
	Upon entrance into clinical trial phase I: [...***...] CHF

		
	Ù
	Upon entrance into clinical trial phase II: [...***...] CHF

		
	Ù
	Upon entrance into clinical trial phase III: [...***...] CHF

		
	Ù
	Upon market approval: [...***...] CHF

Milestone Payments will be due only once upon the 1st achievement of a milestone event by Licensee or any of its Affiliates or Sublicensees (e.g. if a second phase I trial is initiated for the 1st Licensed Product, no additional payment will be due).
		
	(3)
	Annual minimum payments: CHF 10,000

Such annual minimum payments are creditable against any other royalties due according to this Paragraph in the same calendar year.
Out-of-pocket patent costs paid by Licensee are creditable against the Annual minimum payments of the same calendar year.
		
	(4)
	Royalties: [...***...]% on Net Sales of Licensed Products covered by a Valid Claim of the Patent, and sold by either the Licensee, an Affiliate or a Sub-licensee.

In the event that the Licensee is required to make payments to a 3rd party in respect of licenses to intellectual property necessary or useful to make, use, 

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and/or sell Licensed Products, Royalties due to ETH hereunder will be subject to reduction by an amount equal to [...***...]% of the amounts paid to any such 3rd party, provided that in no event will such Royalties be reduced to less than a minimum Royalty of [...***...]%.
Royalties are owed on a country by country base where a Valid Claim of a License Patent, but for the license granted under this Agreement, would be infringed by the making, using or selling of a Licensed Product in such country.
In the event of substantial changes of Patent claims or invalidation of the whole Patent by a final decision of a patent office or of a court of competent jurisdiction, Parties agree to renegotiate the License Fees in good faith, taking into consideration the effect of the changes in view of the remaining possibility of Licensee to generate income from the Patents. Licensee shall not, however, be relieved from paying License Fees that are due until the date of such final decision.
		
	6.
	CONDITIONS OF PAYMENT

Upfront payments are due within 30 days after the Effective Date.
License Fees will be reported by Licensee to Licensor according to Article 7 no later than the end of January for the preceding calendar year, the first time no later than end of March 2010. Payments will be made in Swiss Francs (CHF) within 30 days after invoicing by Licensor to the following account with the remark “Licensing Agreement” and referring to the invoice number and the ETH-internal Fonds number [...***...]:
[...***...] 

Late payments will bear 5% interest without further reminder.
All payments named in this Agreement are without VAT; VAT shall be added by Licensor to any invoice, if applicable.
Licensee shall bear any withholding taxes on such payments as required by law and provide to Licensor appropriate documentation of such tax payment. The Parties shall use reasonable efforts to: (i) avoid or minimize any such withholding; and (ii) take advantage of any double taxation treaty as may be available.
		
	7.
	REPORTING AND BOOK INSPECTION

7.1    Licensee shall submit to Licensor annual progress reports covering Licensee’s and each Affiliate’s and Sub-licensee’s activities to develop and commercialize the Technology. Such 

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reports shall be due on or before January 31 (starting with January 31, 2011) of each calendar year and shall include a summary of work completed; summary of work in progress; current schedule of anticipated events or Milestones; plans for marketing approval of Licensed Products; governmental approvals necessary for marketing; and summary of resources spent in the reporting period.
Royalty report: Licensee shall submit to Licensor yearly royalty and other License Fees reports on or before January 31 of each calendar year. Each royalty report shall cover Licensee’s and each Affiliate’s most recently completed calendar year and shall include the basis for calculation.
Report on Sub-licenses: Licensee shall submit to Licensor a list of all Sub-licensees including the Net Sales of each Sub-licensee separately on a yearly basis together with the royalty report of the previous paragraph.
If no sales of Licensed Products have been made during any reporting period, Licensee shall so report.
7.2    Licensee will grant Licensor access to all necessary books, which must be kept to allow for checking of the correctness of the report in accordance with the terms of this Agreement. Licensor is entitled itself or by a reputable auditing firm to audit the report.
Licensor carries the cost of such audit. The cost will be borne by Licensee if the audit shows an underpayment of Licensee by 5% or more.
		
	8.
	DUTIES OF LICENSEE

8.1    Licensee is obliged to use diligent and reasonable efforts to develop and commercially exploit the Patents in connection with at least one Licensed Product to the maximum extent worldwide and throughout the Territory.
8.2    If Licensor determines that Licensee has not fulfilled its obligations under Section 8.1, Licensor shall furnish Licensee with written notice of the determination. Within sixty (60) days after receipt of the notice, Licensee shall either (a) fulfill the relevant obligation or (b) negotiate with Licensor a mutually acceptable development and commercialization plan, including a schedule of diligence events for the Licensed Product to cure such breach. In the event Licensor and Licensee are unable to reach a mutually acceptable resolution, the dispute shall be referred to senior executives of each Party, who shall meet at a mutually acceptable time and location within thirty (30) days after expiration of the specified sixty (60) day period and attempt to negotiate a settlement which may include development and commercialization plan, including a schedule of diligence events. In the event the designated senior executives are not able to resolve such dispute during such thirty (30) day period, then the affected party, upon written notice to the other party, may initiate arbitration pursuant to Section 14, wherein the arbitrator shall be permitted to consider a new development 

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and commercialization plan, including a schedule of diligence events for the Licensed Product, and termination of the Agreement in resolving the dispute. The award of the arbitrator shall be the sole and exclusive remedy between the affected Parties regarding any such dispute and shall be final and binding upon the Parties.
		
	9.
	CONFIDENTIALITY

The Licensee shall hold confidential any and all communicated data, documents and information transferred, even if they have not been explicitly defined as being secret or confidential. This confidentiality obligation also continues to be valid subsequent to an ordinary or extraordinary termination of this Agreement. The Licensee shall oblige its employees, its possible Sub-licensees and their employees, as well as persons and companies co-operating with the Licensee to comply with the same confidentiality obligation.
The above confidentiality obligation of the Licensee shall not apply to information which:
		
	(i)
	has been known to the general public prior to disclosure by the Licensor or becomes public domain thereafter;

		
	(ii)
	came to the knowledge of the Licensee through a third party which obtained such information without breach of any agreement or contract and which was or is authorized to have such information or which obtained such information by an authorized party;

		
	(iii)
	has been known by the Licensee prior to communication or disclosure by the Licensor.

		
	10.
	WARRANTY AND LIABILITY

10.1    The Licensor represents and warrants that it is the owner and can dispose of the Patents and that it has not granted any rights to third parties which are in contradiction to the rights granted in this Agreement. In addition thereto, Licensor does not give any representations or warranties in respect to the legal existence or the extent of the protection of the Patents.
Licensor has not performed any searches or investigations into the existence of any third party rights that may affect commercial use of the Patents. Licensor does not give any warranty that the exercise of any of the rights granted under this Agreement will not infringe any other intellectual property or other rights of any third party.
Each Party acknowledges that the Technology is at an early stage of development. Accordingly, efficacy and usefulness cannot be guaranteed and any results, materials, information or other items provided under this Agreement are provided “as is” and without any express or implied warranties, representations or undertakings. As examples, but without limiting the foregoing, no Party is giving any warranty to the other Party that any product derived from the 

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Patents is of merchantable or satisfactory quality, is fit for any particular purpose, complies with any sample or description, or is viable, uncontaminated, safe or non-toxic.
10.2    The Licensor shall not be liable for indirect damages, including but not limited to damages resulting from the manufacturing, the sale and the distribution of Licensed Products by the Licensee or the Sub-licensees for which the Licensee or the Sub-licensees are held responsible by third parties. In the event of a statutory liability of the Licensor for third party damages, Licensee shall indemnify and hold the Licensor harmless against any and all claims of third parties resulting from damages caused by Licensed Products which are manufactured, sold and distributed by the Licensee, Affiliates or Sub-licensees.
For direct damages incurred by the Licensee in connection with the present licensing, the Licensor is liable only if they are caused by unlawful intent or gross negligence. Any further liability shall be excluded to the extent legally admissible. in addition Licensee’s agreement to indemnify and hold Licensor harmless is conditioned upon Licensor (i) providing written notice to Licensee of any claim, demand or action arising out of the indemnified activities within thirty (30) days after Licensor has knowledge of such claim, demand or action, (ii) permitting Licensee to assume full responsibility to investigate, prepare for and defend against any such claim or demand, (iii) assisting Licensee, at Licensee’s reasonable expense, in the investigation of, preparation of and defense of any such claim or demand; (iv) undertaking reasonable steps to mitigate any loss, damage or expense with respect to the applicable claim; and (v) not compromising or settling such claim or demand without Licensee’s prior written consent.
		
	11.
	ADMINISTRATION, COSTS AND MAINTENANCE OF PATENTS

11.1    Licensee is responsible for filing and administration of the Patents on behalf of Licensor and will directly communicate with the patent attorney and/or patent offices. The Patents will be filed in the name of ETH. The Licensee shall take any and all actions necessary in order to prosecute and maintain the Patents. Licensee will carry all costs for the Patent prosecution, maintenance and renewal. All out-of-pocket patent costs paid by Licensee are creditable against the Annual minimum payments of the same calendar year.
11.2    The Licensee will use good faith commercially reasonable efforts to file, prosecute and maintain the Patents in at feast the following countries:
EP (including DE, FR, GB, CH, IT, ES); US; JP
11.3    Licensee shall send a copy of any significant Patent document to the Licensor. Any important decisions and actions that have to be taken must be discussed between the Parties in good faith and well in advance; provided, subject to Section 11.2 Licensee will have final discretion regarding the filing, prosecution and maintenance of the Patents. This is especially true for changes 

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in the country list, substantial changes in Patent claims and other irreversible actions. Notwithstanding the foregoing, in the event that Licensee elects not to pursue or continue the filing, prosecution (including any material reduction in claim scope) or maintenance of any Patent in any country, Licensee shall provide Licensor with an opportunity to assume responsibility for such filing, prosecution or maintenance of such Patent; and Licensee will cooperate with Licensor as reasonably requested by Licensor to facilitate control of such filing, prosecution and maintenance by Licensor.
		
	12.
	DEFENCE OF PATENTS

The Parties will inform each other of any violation of the Patents by third parties or of any third party’s attack against one of the Parties for the use of a Patent or against the validity of the Patents. The Parties shall jointly decide on first actions to be taken in connection with such violation.
12.1    Patent defence: ETH shall have the first right to defend the Patents at its expense. It has, however, no obligation. In case ETH does not make use of its first right, Licensee shall have the right to defend the Patents at its own expense.
12.2    Patent enforcement: Licensee shall have the first right to enforce the Patents.
The Parties will coordinate all efforts to defend and enforce the Patents and will reasonably support each other at their own expense.
Any recovery made by Licensee, through court judgment or settlement, first will be applied to reimburse each Party for its litigation expense and any remaining recoveries will be retained by Licensee; provided Licensee will pay royalties to Licensor on such retained amounts as Net Sales of Licensed Products in accordance with subsection (4) of Section 5. Any recovery made by Licensor in enforcing a Patent in accordance with Section 12.2, through court judgment or settlement, first will be applied to reimburse each Party for its litigation expense and any remaining recoveries will be retained by Licensor.
		
	13.
	TERM OF THE AGREEMENT

13.1    This Agreement enters into force with the last signature of the Parties. 
13.2    This Agreement terminates regularly when the last Patent claim expires.
13.3    This Agreement may be terminated by Licensee with 60 days written notice. 
13.4    This Agreement can be terminated with immediate effect if:
(a)    Licensee itself or a third party files for insolvency, bankruptcy or liquidation of Licensee. Licensee has the duty to inform Licensor on any imminent insolvency.

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(b)    By Licensee for any or no reason upon at least 60 days written notice to Licensor.
(c)    Either Party breaches material terms of this Agreement and does not remedy such breach within 30 days after written notice by the other Party. Material breaches for Licensee are limited to the following events:
(i)    does not make undisputed payments when due and payable under this Agreement within the time agreed upon;
(ii)    does not develop or commercialize a Licensed Product and under Article 8, the arbitrator rules Licensor may terminate this Agreement;
(iii)    challenges the validity of the Patents.
Upon termination of this Agreement, Licensee shall immediately refrain from any use or exploitation of the Patents licensed under this Agreement. Furthermore, immediately upon termination of this Agreement, Licensee is obliged to return to the Licensor or cease using any documents and/or materials made available in connection with this Agreement. The same shall apply for copies made thereof.
If, upon termination of this Agreement, a stock of products remains, which were manufactured on the basis of the Patents, the Licensee may sell and distribute such products during six months subsequent to the termination of this Agreement. For such sales, the royalties and payment conditions as agreed under Article 5 and 6 shall apply.
		
	14.
	APPLICABLE LAW AND PLACE OF JURISDICTION

Any dispute, controversy, or claim arising out of or in relation to this Agreement, including the validity, invalidity, breach or termination thereof, shall be settled by arbitration in accordance with the Swiss Rules of International Arbitration of the Swiss Chambers of Commerce in force on the date when the Notice of Arbitration is submitted in accordance with these Rules.
The number of arbitrators shall be one or three; the seat of the arbitration shall be determined by the arbitrator(s); the arbitral proceedings shall be conducted in English.
The applicable law shall be Swiss law.
		
	15.
	FINAL PROVISIONS

15.1    Advertising: Nothing contained in this Agreement confers any right to use in advertising, publicity, or other promotional activities any name, trade name, trademark, or other designation of either party hereto unless mutually agreed in writing.

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15.2    Confidentiality of this Agreement: The Parties may acknowledge and communicate the existence of this Agreement and the extent of the license grant in Article 3 to third parties, but shall not disclose the financial terms of this Agreement to third parties without the prior written consent of the other Party, except where one Party is required by law to do so. In addition, Licensee may disclose this Agreement and its terms to advisors (including financial advisors, attorneys and accountants); actual or potential acquisition partners, private investors or Sub-licensees; and others on a need to know basis, in each case under the confidentiality provisions. Licensor may disclose this Agreement and its terms to its superior entities as required by ETH regulations.
15.3    Duty of assistance: The Parties will provide each other promptly, to the extent possible and reasonable, with any mutual assistance required to enable the Parties to exercise the rights which are conferred on them by this Agreement. In particular, they will provide the signatures required to obtain Patents.
15.4    Assignment: Licensee may not assign this Agreement and/or rights arising from this Agreement without the prior written consent of Licensor; except that either party may assign this agreement in connection with the sale (whether by merger, stock sale or asset sale) of all or substantially all of its business to which this Agreement relates.
15.5    Severability clause: Should any provision of this Agreement be invalid or unenforceable or should the Agreement contain an omission, the remaining provisions shall remain valid. In the place of an invalid provision, a valid provision is presumed to be agreed upon by the Parties which comes closest to the one actually agreed upon; the same shall apply in case of an omission.
15.6    Entire Agreement and amendments: This Agreement embodies the entire understanding of the Parties and supersedes all previous communications, representations or understandings, either oral or written, between the Parties relating to the subject matter hereof. No amendment or modification of this Agreement shall be valid or binding on the Parties unless made in writing and signed on behalf of each Party.
The Parties shall not infer from this Agreement any other rights than those that are explicitly stated herein.
Addresses for correspondence:
ETH Zurich, ETH transfer, HG E 43-49, Raemistrasse 101, CH-8092 Zurich
Regulus Therapeutics Inc., 1896 Rutherford Road, Carlsbad, CA 92008-7208, U.S.A.
Signed by the duly authorized representatives of the Parties:

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ETH Zurich    Zurich, May 7, 2010    
/s/ M. Stoffel        /s/ R. Siegwart    
		
	Prof. Markus Stoffel
	 

	
			
	/s/ M. Stoffel
	 
	/s/ R. Siegwart

	Prof. Markus Stoffel
	 
	Roland Siegwart Vice President Research and

	 
	 
	Corporate Relations

Regulus Therapeutics Inc.    Carlsbad, California, April 30, 2010    
	
			
	/s/ Kleanthis G. Xanthopoulos
	 
	 

	Kleanthis G. Xanthopoulos, Ph.D.
	 
	 

	President and Chief Executive Officer

	 
	 

12.
126849730 v1EX-4.1

 Exhibit 4.1 

[FORM OF OFFICERS’ CERTIFICATE] 

COMCAST CORPORATION 

Officers’ Certificate 

February 23, 2016 

Pursuant to Section 2.03 of the Indenture dated as of September 18, 2013, by and among Comcast Corporation (the
“Company”), the guarantors named therein and The Bank of New York Mellon, as trustee (the “Trustee”), as supplemented by the First Supplemental Indenture dated as of November 17, 2015 (as amended, the
“Indenture”), by and among the Company, the guarantors named therein and the Trustee, and guaranteed on an unsecured and unsubordinated basis by Comcast Cable Communications, LLC and NBCUniversal Media, LLC, the undersigned officers
of the Company do hereby certify, in connection with the issuance of the Company’s $750,000,000 aggregate principal amount of 2.75% Notes Due 2023 (the “2023 Notes”) and $1,500,000,000 aggregate principal amount of 3.15% Notes
Due 2026 (the “2026 Notes” and, together with the 2023 Notes, the “Notes”), that the terms of the Notes are as follows: 
  

			
	2.75% Notes Due 2023
		
	Title:	  	2.75% Notes Due 2023
		
	Aggregate Principal Amount at Maturity:	  	$750,000,000
		
	Principal Payment Date:	  	March 1, 2023
		
	Interest:	  	2.75%
		
	Redemption:	  	The Company may at its option redeem the 2023 Notes in
whole or in part, at any time or from time to time prior to their
maturity, on at least 30 days, but not more than 60 days, prior
notice mailed to the
registered address of each holder of the
2023 Notes, at the “Redemption Price.” Prior to February 1,
2023 (one month prior to the maturity of the 2023 Notes), the
Redemption Price is the greater of (i) 100% of the
principal
amount of the 2023 Notes, and (ii)

			
	 	  	the sum of the present values of the principal amount of such
notes and the scheduled payments of interest thereon (exclusive
of interest accrued to the date of redemption) from the
redemption date to
February 1, 2023, in each case discounted to
the redemption date on a semiannual basis (assuming a 360-day
year consisting of twelve 30-day months) at the Treasury Rate
(as defined in the 2023 Notes) plus 20 basis points. On and
after
February 1, 2023 (one month prior to the maturity of the 2023
Notes), the Redemption Price will equal 100% of the principal
amount of such notes. In each case described in this paragraph,
the Redemption Price will include
accrued and unpaid interest
thereon to the date of redemption, and in each case described in
this paragraph, subject to the further description in the
Prospectus Supplement dated February 16, 2016.
		
	Additional Issuances:	  	The 2023 Notes need not be issued at the same time and the series may be reopened for issuance of an unlimited principal amount of additional 2023 Notes under this series. Additional 2023 Notes of this series may be consolidated
with, and form a single series with, 2023 Notes then outstanding, including for purposes of determining whether the required percentage of the holders of record has given approval or consent to an amendment or waiver or joined in directing the
Trustee to take certain actions on behalf of all holders.
		
	Conversion:	  	None
		
	Sinking Fund:	  	None
		
	Miscellaneous:	  	The terms of the 2023 Notes shall include such other terms as are set forth in the Form of Note Due 2023 attached hereto as Exhibit A.

			
	3.15% Notes Due 2026
		
	Title:	  	3.15% Notes Due 2026
		
	Aggregate Principal Amount at Maturity:	  	$1,500,000,000
		
	Principal Payment Date:	  	March 1, 2026
		
	Interest:	  	3.15%
		
	Redemption:	  	The Company may at its option redeem the 2026 Notes in whole or in part, at any time or from time to time prior to their maturity, on at least 30 days, but not more than 60 days, prior notice mailed to the registered address of
each holder of the 2026 Notes, at the “Redemption Price.” Prior to December 1, 2025 (three months prior to the maturity of the 2026 Notes), the Redemption Price is the greater of (i) 100% of the principal amount of the 2026 Notes, and (ii)
the sum of the present values of the principal amount of such notes and the scheduled payments of interest thereon (exclusive of interest accrued to the date of redemption) from the redemption date to December 1, 2025, in each case discounted to the
redemption date on a semiannual basis (assuming a 360-day year consisting of twelve 30-day months) at the Treasury Rate (as defined in the 2026 Notes) plus 25 basis points. On and after December 1, 2025 (three months prior to the maturity of the
2026 Notes), the Redemption Price will equal 100% of the principal amount of such notes. In each case described in this paragraph, the Redemption Price will include accrued and unpaid interest thereon to the date of redemption, and in each case
described in this paragraph, subject to the further description in the Prospectus Supplement dated February 16, 2016.
		
	Additional Issuances:	  	The 2026 Notes need not be issued at the same time and the series may be reopened for issuance of an unlimited principal amount of additional 2026 Notes under this series. Additional 2026 Notes of this series may be

			
	 	  	consolidated with, and form a single series with, 2026 Notes
then outstanding, including for purposes of determining
whether the required percentage of the holders of record has
given approval or consent to an
amendment or waiver or joined
in directing the Trustee to take certain actions on behalf of all
holders.
		
	Conversion:	  	None
		
	Sinking Fund:	  	None
		
	Miscellaneous:	  	The terms of the 2026 Notes shall include such other terms as are set forth in the Form of Note Due 2026 attached hereto as Exhibit B.

 Each such officer has read and understands the provisions of the Indenture and the definitions relating thereto. The
statements made in this Officers’ Certificate are based upon the examination of the provisions of the Indenture and upon the relevant books and records of the Company. In such officer’s opinion, he has made such examination or
investigation as is necessary to enable such officer to express an informed opinion as to whether or not the covenants and conditions of such Indenture relating to the issuance and authentication of the Notes have been complied with. In such
officer’s opinion, such covenants and conditions have been complied with. 

 IN WITNESS WHEREOF, the undersigned officers of the Company have duly executed this certificate
as of the date first set forth above. 
  

			
	By:	 	  

		 	Name:     William E. Dordelman
		 	Title:       Senior Vice President and Treasurer

  

			
	By:	 	  

		 	Name:     Arthur R. Block
		 	 Title:       Executive Vice President,

                General Counsel and Secretary

 [Signature Page to Officers’ Certificate Pursuant to the Indenture] 

 EXHIBIT A 

[FORM OF NOTE DUE 2023] 
 UNLESS AND UNTIL IT IS
EXCHANGED IN WHOLE OR IN PART FOR SECURITIES IN DEFINITIVE REGISTERED FORM, THIS SECURITY MAY NOT BE TRANSFERRED EXCEPT AS A WHOLE BY THE DEPOSITARY TO A NOMINEE OF THE DEPOSITARY OR BY A NOMINEE OF THE DEPOSITARY TO THE DEPOSITARY OR ANOTHER
NOMINEE OF THE DEPOSITARY OR BY THE DEPOSITARY OR ANY SUCH NOMINEE TO A SUCCESSOR DEPOSITARY OR A NOMINEE OF SUCH SUCCESSOR DEPOSITARY. UNLESS THIS SECURITY IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK
CORPORATION (“DTC”), TO THE ISSUER OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY SECURITY ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED
REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL
INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN. 
 COMCAST CORPORATION 

2.75% Note Due 2023 
  

			
	No. [            ]	  	CUSIP No.: 20030N BR1
		  	ISIN No.: US20030NBR17
		  	$[            ]

 COMCAST CORPORATION, a Pennsylvania corporation (the “Issuer”, which term includes any
successor corporation), for value received promises to pay to CEDE & CO. or registered assigns, the principal sum of $[            ]
([            ] Million Dollars) on March 1, 2023. 
 Interest Payment
Dates: March 1 and September 1(each, an “Interest Payment Date”), commencing on September 1, 2016. 

Interest Record Dates: February 15 and August 15 (each, an “Interest Record Date”). 

Reference is made to the further provisions of this Security contained herein, which will for all purposes have the same effect as if set
forth at this place. 

 IN WITNESS WHEREOF, the Issuer has caused this Security to be signed manually or by facsimile by
its duly authorized officer under its corporate seal. 
  

					
	COMCAST CORPORATION
		
	 By:
	 	  

		 	 Name: William E. Dordelman

		 	Title:    Senior Vice President and Treasurer

 [Seal of Comcast Corporation] 

Attest: 
  

			
	 By:
	 	  

		 	Name:   Arthur R. Block
		 	 Title:     Executive Vice President,

              General Counsel and

              Secretary

  
 2 

 This is one of the series designated herein and referred to in the within-mentioned Indenture.

 Dated:    February 23, 2016 
  

			
	 THE BANK OF NEW YORK MELLON,

    as Trustee

		
	By:	 	  

		 	 Authorized Signatory

  
 3 

 (REVERSE OF SECURITY) 

COMCAST CORPORATION 
 2.75% Note
Due 2023 
  

	 	1.	Interest. 

 COMCAST CORPORATION, a Pennsylvania corporation (the “Issuer”),
promises to pay interest on the principal amount of this Security at the rate per annum shown above. Cash interest on the Securities will accrue from the most recent date to which interest has been paid or, if no interest has been paid, from
February 23, 2016. The Issuer will pay interest semi-annually in arrears on each Interest Payment Date, commencing September 1, 2016. Interest will be computed on the basis of a 360-day year of twelve 30-day months. 

The Issuer shall pay interest on overdue principal from time to time on demand at the rate borne by the Securities and on overdue installments
of interest (without regard to any applicable grace periods) to the extent lawful. 
  

	 	2.	Method of Payment. 

 The Issuer shall pay interest on the Securities (except defaulted interest)
to the persons who are the registered Holders at the close of business on the Interest Record Date immediately preceding the Interest Payment Date notwithstanding any transfer or exchange of such Security subsequent to such Interest Record Date and
prior to such Interest Payment Date. Holders must surrender Securities to The Bank of New York Mellon (the “Trustee”) to collect principal payments. The Issuer shall pay principal and interest in money of the United States that at
the time of payment is legal tender for payment of public and private debts (“U.S. Legal Tender”). However, the payments of interest, and any portion of the principal (other than interest payable at maturity or on any redemption or
repayment date or the final payment of principal) shall be made by the Paying Agent, upon receipt from the Issuer of immediately available funds by 11:00 a.m., New York City time (or such other time as may be agreed to between the Issuer and the
Paying Agent or the Issuer), directly to a Holder (by Federal funds wire transfer or otherwise) if the Holder has delivered written instructions to the Trustee 15 days prior to such payment date requesting that such payment will be so made and
designating the bank account to which such payments shall be so made and in the case of payments of principal surrenders the same to the Trustee in exchange for a Security or Securities aggregating the same principal amount as the unredeemed
principal amount of the Securities surrendered. 
  

	 	3.	Paying Agent. 

 Initially, the Trustee will act as Paying Agent. The Issuer may change any
Paying Agent without notice to the Holders. 

	 	4.	Indenture. 

 The Issuer issued the Securities under an Indenture dated as of September 18,
2013, by and among the Issuer, the guarantors named therein and the Trustee, as amended by the First Supplemental Indenture dated as of November 17, 2015, by and among the Issuer, the guarantors named therein (the “Guarantors”)
and the Trustee (as amended, the “Indenture”). Capitalized terms herein are used as defined in the Indenture unless otherwise defined herein. The terms of the Securities include those stated in the Indenture and those made part of
the Indenture by reference to the Trust Indenture Act of 1939 (15 U.S.C. Sections 77aaa-77bbbb) (the “TIA”), as in effect on the date of the Indenture until such time as the Indenture is qualified under the TIA, and thereafter as in
effect on the date on which the Indenture is qualified under the TIA. Notwithstanding anything to the contrary herein, the Securities are subject to all such terms, and Holders of Securities are referred to the Indenture and the TIA for a statement
of them. To the extent the terms of the Indenture and this Security are inconsistent, the terms of the Indenture shall govern. This note is a “Security” and the notes are “Securities” under the Indenture. 

 

	 	5.	Guarantees. 

 Each Guarantor has irrevocably, fully and unconditionally guaranteed, jointly and
severally, on an unsecured basis, the full and punctual payment (whether at maturity, upon redemption or otherwise) of the principal of and interest on, and all other amounts payable under, the Securities, and the full and punctual payment of all
other amounts payable by the Issuer under the Indenture, subject to certain terms and conditions set forth in the Indenture. 
  

	 	6.	Denominations; Transfer; Exchange. 

 The Securities are in registered form, without coupons, in
denominations of $2,000 and multiples of $1,000 in excess thereof. A Holder shall register the transfer of or exchange Securities in accordance with the Indenture. The Issuer may require a Holder, among other things, to furnish appropriate
endorsements and transfer documents and to pay certain transfer taxes or similar governmental charges payable in connection therewith as permitted by the Indenture. The Issuer need not issue, authenticate, register the transfer of or exchange any
Securities or portions thereof for a period of fifteen (15) days before the mailing of a notice of redemption, nor need the Issuer register the transfer or exchange any security selected for redemption in whole or in part. 

 

	 	7.	Persons Deemed Owners. 

 The registered Holder of a Security shall be treated as the owner of it
for all purposes. 
  

	 	8.	Unclaimed Funds. 

 If funds for the payment of principal or interest remain unclaimed for two
years, the Trustee and the Paying Agent will repay the funds to the Issuer at its written request. 

  
 2 

 After that, all liability of the Trustee and such Paying Agent with respect to such funds shall cease. 

 

	 	9.	Legal Defeasance and Covenant Defeasance. 

 The Issuer and the Guarantors may be discharged from
their respective obligations under the Securities and under the Indenture with respect to the Securities except for certain provisions thereof, and may be discharged from obligations to comply with certain covenants contained in the Securities and
in the Indenture with respect to the Securities, in each case upon satisfaction of certain conditions specified in the Indenture. 
  

	 	10.	Amendment; Supplement; Waiver. 

 Subject to certain exceptions, the Securities and the
provisions of the Indenture relating to the Securities may be amended or supplemented with the written consent of the Holders of at least a majority in aggregate principal amount of the Securities then outstanding, and any existing Default or Event
of Default or compliance with certain provisions may be waived with the consent of the Holders of a majority in aggregate principal amount of the Securities then outstanding. Without notice to or consent of any Holder, the parties thereto may amend
or supplement the Indenture and the Securities to, among other things, cure any ambiguity, defect or inconsistency, provide for uncertificated Securities in addition to or in place of certificated Securities or comply with any requirements of the
Commission in connection with the qualification of the Indenture under the TIA, or make any other change that does not adversely affect the rights of any Holder of a Security. 

 

	 	11.	Restrictive Covenants. 

 The Indenture contains certain covenants that, among other things,
limit the ability of the Issuer and the Guarantors to incur liens securing indebtedness, or to enter into sale and leaseback transactions, and of the Issuer to merge or sell all or substantially all of its assets. The limitations are subject to a
number of important qualifications and exceptions. The Issuer must annually report to the Trustee on compliance with such limitations. 
  

	 	12.	Redemption. 

 The Issuer will have the right at its option to redeem any of the Securities in
whole or in part, at any time or from time to time prior to their maturity, on at least 30 days, but not more than 60 days, prior notice mailed to the registered address of each Holder of the Securities, at the applicable Redemption Price. 

“Redemption Price” means (a) at any time prior to February 1, 2023 (one month prior to the maturity of the
Securities), the greater of (i) 100% of the principal amount of such Securities and (ii) the sum of the present values of the principal amount of such Securities and the scheduled payments of interest thereon (exclusive of interest accrued
to the date of redemption) from the redemption date to February 1, 2023, in each case discounted to the redemption date on a semiannual basis (assuming a 360-day year 

  
 3 

 
consisting of twelve 30-day months) at the Treasury Rate plus 20 basis points and (b) if the Securities are redeemed on or after February 1, 2023 (one month prior to the maturity of the
Securities) 100% of the principal amount of such Securities; plus, in each case, accrued and unpaid interest thereon to the date of redemption. 

“Treasury Rate” means, with respect to any redemption date, the rate per annum equal to the semiannual equivalent yield to
maturity or interpolated (on a day count basis) of the Comparable Treasury Issue, assuming a price for the Comparable Treasury Issue (expressed as a percentage of its principal amount) equal to the Comparable Treasury Price for such redemption date.

 “Comparable Treasury Issue” means the United States Treasury security or securities selected by an Independent
Investment Banker as having an actual or interpolated maturity comparable to the remaining term of the 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 a comparable maturity to the remaining term of such Securities. 
 “Independent Investment
Banker” means one of the Reference Treasury Dealers appointed by the Issuer. 
 “Comparable Treasury Price” means,
with respect to any redemption date, (i) the average of the Reference Treasury Dealer Quotations for such redemption date, after excluding the highest and lowest such Reference Treasury Dealer Quotation or (ii) if the Independent
Investment Banker obtains fewer than four such Reference Treasury Dealer Quotations, the average of all such quotations. 

“Reference Treasury Dealer” means each of Merrill Lynch, Pierce, Fenner & Smith Incorporated, RBC Capital Markets,
LLC and Wells Fargo Securities, LLC, or their affiliates which are primary United States Government Securities dealers, and their respective successors; provided, however, that if any of the foregoing shall cease to be a primary United
States government securities dealer in the United States (a “Primary Treasury Dealer”), the Issuer will substitute therefor another Primary Treasury Dealer. 

“Reference Treasury Dealer Quotation” means, with respect to each Reference Treasury Dealer and any redemption date, the
average, as determined by the Independent Investment Banker, of the bid and asked prices for the Comparable Treasury Issue (expressed in case as a percentage of its principal amount) quoted in writing to the Independent Investment Banker by such
Reference Treasury Dealer at 3:30 pm New York time on the third business day preceding such redemption date. 
 On and after the redemption
date, interest will cease to accrue on the Securities or any portion of the Securities called for redemption (unless the Issuer defaults in the payment of the redemption price and accrued interest). On or before the redemption date, the Issuer will
deposit with the Trustee money sufficient to pay the redemption price of and (unless the redemption date shall be an Interest Payment Date) accrued interest to the redemption date on the Securities to be redeemed on such date. If less than all of
the Securities are to be redeemed, the Securities to be redeemed shall be selected by the 

  
 4 

 
Trustee by such method as the Trustee shall deem fair and appropriate (provided that Securities represented by a Global Security will be selected for redemption by the Depositary in accordance
with its standard procedures therefor). 
  

	 	13.	Defaults and Remedies. 

 If an Event of Default (other than certain bankruptcy Events of Default
with respect to the Issuer or any of the Guarantors) occurs and is continuing, the Trustee or the Holders of at least 25% in aggregate principal amount of Securities then outstanding may declare all of the Securities to be due and payable
immediately in the manner and with the effect provided in the Indenture. If a bankruptcy Event of Default with respect to the Issuer or any of the Guarantors occurs and is continuing, all the Securities shall be immediately due and payable
immediately in the manner and with the effect provided in the Indenture without any notice or other action on the part of the Trustee or any Holder. Holders of Securities may not enforce the Indenture, the Securities or the Guarantees except as
provided in the Indenture. The Trustee is not obligated to enforce the Indenture, the Securities or the Guarantees unless it has received indemnity satisfactory to it. The Indenture permits, subject to certain limitations therein provided, Holders
of a majority in aggregate principal amount of the Securities then outstanding to direct the Trustee in its exercise of any trust or power. The Trustee may withhold from Holders of Securities notice of certain continuing Defaults or Events of
Default if it determines that withholding notice is in their interest. 
  

	 	14.	Trustee Dealings with Issuer. 

 The Trustee under the Indenture, in its individual or any other
capacity, may become the owner or pledgee of Securities and may otherwise deal with the Issuer as if it were not the Trustee. 
  

	 	15.	No Recourse Against Others. 

 No stockholder, director, officer, employee or incorporator, as
such, of the Issuer, any Guarantor or any successor Person thereof shall have any liability for any obligation under the Securities, the Guarantees or the Indenture or for any claim based on, in respect of or by reason of, such obligations or their
creation. Each Holder of a Security by accepting a Security waives and releases all such liability. The waiver and release are part of the consideration for the issuance of the Securities. 

 

	 	16.	Authentication. 

 This Security shall not be valid until the Trustee manually signs the
certificate of authentication on this Security. 
  

	 	17.	Abbreviations and Defined Terms. 

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

  
 5 

	 	18.	CUSIP Numbers. 

 Pursuant to a recommendation promulgated by the Committee on Uniform Security
Identification Procedures, the Issuer has caused CUSIP numbers to be printed on the Securities as a convenience to the Holders of the Securities. No representation is made as to the accuracy of such numbers as printed on the Securities and reliance
may be placed only on the other identification numbers printed hereon. 
  

	 	19.	Governing Law. 

 The laws of the State of New York shall govern the Indenture and this Security
thereof. 

  
 6 

 ASSIGNMENT FORM 

I or we assign and transfer this Security to 
  

 
 (Print or type name, address and zip
code of assignee or transferee) 
  
  

(Insert Social Security or other identifying number of assignee or transferee) 

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

					
	Dated:
                                         
   	  	Signed:	  	  

		  		  	(Signed exactly as name appearson the other side of this Security)
		
	Signature Guarantee:	  	  

		  	Participant in a recognized Signature Guarantee Medallion Program (or other signature guarantorprogram reasonably acceptable to the Trustee)

  
 7 

 EXHIBIT B 

[FORM OF NOTE DUE 2026] 
 UNLESS AND UNTIL IT IS
EXCHANGED IN WHOLE OR IN PART FOR SECURITIES IN DEFINITIVE REGISTERED FORM, THIS SECURITY MAY NOT BE TRANSFERRED EXCEPT AS A WHOLE BY THE DEPOSITARY TO A NOMINEE OF THE DEPOSITARY OR BY A NOMINEE OF THE DEPOSITARY TO THE DEPOSITARY OR ANOTHER
NOMINEE OF THE DEPOSITARY OR BY THE DEPOSITARY OR ANY SUCH NOMINEE TO A SUCCESSOR DEPOSITARY OR A NOMINEE OF SUCH SUCCESSOR DEPOSITARY. UNLESS THIS SECURITY IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK
CORPORATION (“DTC”), TO THE ISSUER OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY SECURITY ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED
REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL
INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN. 
 COMCAST CORPORATION 

3.15% Note Due 2026 
  

					
	No. [    ]	 		 	CUSIP No.: 20030N BS9
		 		 	ISIN No.: US20030NBS99
		 		 	$[            ]

 COMCAST CORPORATION, a Pennsylvania corporation (the “Issuer”, which term includes any
successor corporation), for value received promises to pay to CEDE & CO. or registered assigns, the principal sum of $[            ]
([            ] Million Dollars) on March 1, 2026. 
 Interest Payment
Dates: March 1 and September 1(each, an “Interest Payment Date”), commencing on September 1, 2016. 

Interest Record Dates: February 15 and August 15 (each, an “Interest Record Date”). 

Reference is made to the further provisions of this Security contained herein, which will for all purposes have the same effect as if set
forth at this place. 

  
 8 

 IN WITNESS WHEREOF, the Issuer has caused this Security to be signed manually or by facsimile by
its duly authorized officer under its corporate seal. 
  

					
	COMCAST CORPORATION
		
	By:	 	  

		 	Name:	 	William E. Dordelman
		 	Title:	 	Senior Vice President and Treasurer

 [Seal of Comcast Corporation] 

Attest: 
  

					
	By:	 	  

		 	Name:	 	Arthur R. Block
		 	Title:	 	Executive Vice President, General Counsel and Secretary

  
 9 

 This is one of the series designated herein and referred to in the within-mentioned Indenture.

 Dated: February 23, 2016 
  

			
	THE BANK OF NEW YORK MELLON,
	    as Trustee
		
	By:	 	  

		 	Authorized Signatory

  
 10 

 (REVERSE OF SECURITY) 

COMCAST CORPORATION 
 3.15% Note
Due 2026 
  

	 	1.	Interest. 

 COMCAST CORPORATION, a Pennsylvania corporation (the “Issuer”),
promises to pay interest on the principal amount of this Security at the rate per annum shown above. Cash interest on the Securities will accrue from the most recent date to which interest has been paid or, if no interest has been paid, from
February 23, 2016. The Issuer will pay interest semi-annually in arrears on each Interest Payment Date, commencing September 1, 2016. Interest will be computed on the basis of a 360-day year of twelve 30-day months. 

The Issuer shall pay interest on overdue principal from time to time on demand at the rate borne by the Securities and on overdue installments
of interest (without regard to any applicable grace periods) to the extent lawful. 
  

	 	2.	Method of Payment. 

 The Issuer shall pay interest on the Securities (except defaulted interest)
to the persons who are the registered Holders at the close of business on the Interest Record Date immediately preceding the Interest Payment Date notwithstanding any transfer or exchange of such Security subsequent to such Interest Record Date and
prior to such Interest Payment Date. Holders must surrender Securities to The Bank of New York Mellon (the “Trustee”) to collect principal payments. The Issuer shall pay principal and interest in money of the United States that at
the time of payment is legal tender for payment of public and private debts (“U.S. Legal Tender”). However, the payments of interest, and any portion of the principal (other than interest payable at maturity or on any redemption or
repayment date or the final payment of principal) shall be made by the Paying Agent, upon receipt from the Issuer of immediately available funds by 11:00 a.m., New York City time (or such other time as may be agreed to between the Issuer and the
Paying Agent or the Issuer), directly to a Holder (by Federal funds wire transfer or otherwise) if the Holder has delivered written instructions to the Trustee 15 days prior to such payment date requesting that such payment will be so made and
designating the bank account to which such payments shall be so made and in the case of payments of principal surrenders the same to the Trustee in exchange for a Security or Securities aggregating the same principal amount as the unredeemed
principal amount of the Securities surrendered. 
  

	 	3.	Paying Agent. 

 Initially, the Trustee will act as Paying Agent. The Issuer may change any
Paying Agent without notice to the Holders. 

	 	4.	Indenture. 

 The Issuer issued the Securities under an Indenture dated as of
September 18, 2013, by and among the Issuer, the guarantors named therein and the Trustee, as amended by the First Supplemental Indenture dated as of November 17, 2015, by and among the Issuer, the guarantors named therein (the
“Guarantors”) and the Trustee (as amended, the “Indenture”). Capitalized terms herein are used as defined in the Indenture unless otherwise defined herein. The terms of the Securities include those stated in the
Indenture and those made part of the Indenture by reference to the Trust Indenture Act of 1939 (15 U.S.C. Sections 77aaa-77bbbb) (the “TIA”), as in effect on the date of the Indenture until such time as the Indenture is qualified
under the TIA, and thereafter as in effect on the date on which the Indenture is qualified under the TIA. Notwithstanding anything to the contrary herein, the Securities are subject to all such terms, and Holders of Securities are referred to the
Indenture and the TIA for a statement of them. To the extent the terms of the Indenture and this Security are inconsistent, the terms of the Indenture shall govern. This note is a “Security” and the notes are
“Securities” under the Indenture.  
  

	 	5.	Guarantees. 

 Each Guarantor has irrevocably, fully and unconditionally guaranteed, jointly and
severally, on an unsecured basis, the full and punctual payment (whether at maturity, upon redemption or otherwise) of the principal of and interest on, and all other amounts payable under, the Securities, and the full and punctual payment of all
other amounts payable by the Issuer under the Indenture, subject to certain terms and conditions set forth in the Indenture. 
  

	 	6.	Denominations; Transfer; Exchange. 

 The Securities are in registered form, without coupons, in
denominations of $2,000 and multiples of $1,000 in excess thereof. A Holder shall register the transfer of or exchange Securities in accordance with the Indenture. The Issuer may require a Holder, among other things, to furnish appropriate
endorsements and transfer documents and to pay certain transfer taxes or similar governmental charges payable in connection therewith as permitted by the Indenture. The Issuer need not issue, authenticate, register the transfer of or exchange any
Securities or portions thereof for a period of fifteen (15) days before the mailing of a notice of redemption, nor need the Issuer register the transfer or exchange any security selected for redemption in whole or in part. 

 

	 	7.	Persons Deemed Owners. 

 The registered Holder of a Security shall be treated as the owner of it
for all purposes. 

  
 2 

	 	8.	Unclaimed Funds. 

 If funds for the payment of principal or interest remain unclaimed for two
years, the Trustee and the Paying Agent will repay the funds to the Issuer at its written request. After that, all liability of the Trustee and such Paying Agent with respect to such funds shall cease. 

 

	 	9.	Legal Defeasance and Covenant Defeasance. 

 The Issuer and the Guarantors may be discharged from
their respective obligations under the Securities and under the Indenture with respect to the Securities except for certain provisions thereof, and may be discharged from obligations to comply with certain covenants contained in the Securities and
in the Indenture with respect to the Securities, in each case upon satisfaction of certain conditions specified in the Indenture. 
  

	 	10.	Amendment; Supplement; Waiver. 

 Subject to certain exceptions, the Securities and the
provisions of the Indenture relating to the Securities may be amended or supplemented with the written consent of the Holders of at least a majority in aggregate principal amount of the Securities then outstanding, and any existing Default or Event
of Default or compliance with certain provisions may be waived with the consent of the Holders of a majority in aggregate principal amount of the Securities then outstanding. Without notice to or consent of any Holder, the parties thereto may amend
or supplement the Indenture and the Securities to, among other things, cure any ambiguity, defect or inconsistency, provide for uncertificated Securities in addition to or in place of certificated Securities or comply with any requirements of the
Commission in connection with the qualification of the Indenture under the TIA, or make any other change that does not adversely affect the rights of any Holder of a Security. 

 

	 	11.	Restrictive Covenants. 

 The Indenture contains certain covenants that, among other things,
limit the ability of the Issuer and the Guarantors to incur liens securing indebtedness, or to enter into sale and leaseback transactions, and of the Issuer to merge or sell all or substantially all of its assets. The limitations are subject to a
number of important qualifications and exceptions. The Issuer must annually report to the Trustee on compliance with such limitations. 
  

	 	12.	Redemption. 

 The Issuer will have the right at its option to redeem any of the Securities in
whole or in part, at any time or from time to time prior to their maturity, on at least 30 days, but not more than 60 days, prior notice mailed to the registered address of each Holder of the Securities, at the applicable Redemption Price. 

  
 3 

 “Redemption Price” means (a) at any time prior to December 1, 2025
(three months prior to the maturity of the Securities), the greater of (i) 100% of the principal amount of such Securities and (ii) the sum of the present values of the principal amount of such Securities and the scheduled payments of
interest thereon (exclusive of interest accrued to the date of redemption) from the redemption date to December 1, 2025, in each case discounted to the redemption date on a semiannual basis (assuming a 360-day year consisting of twelve 30-day
months) at the Treasury Rate plus 25 basis points and (b) if the Securities are redeemed on or after December 1, 2025 (three months prior to the maturity of the Securities) 100% of the principal amount of such Securities; plus, in each
case, accrued and unpaid interest thereon to the date of redemption. 
 “Treasury Rate” means, with respect to any
redemption date, the rate per annum equal to the semiannual equivalent yield to maturity or interpolated (on a day count basis) of the Comparable Treasury Issue, assuming a price for the Comparable Treasury Issue (expressed as a percentage of its
principal amount) equal to the Comparable Treasury Price for such redemption date. 
 “Comparable Treasury Issue” means the
United States Treasury security or securities selected by an Independent Investment Banker as having an actual or interpolated maturity comparable to the remaining term of the 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 a comparable maturity to the remaining term of such Securities. 

“Independent Investment Banker” means one of the Reference Treasury Dealers appointed by the Issuer. 

“Comparable Treasury Price” means, with respect to any redemption date, (i) the average of the Reference Treasury Dealer
Quotations for such redemption date, after excluding the highest and lowest such Reference Treasury Dealer Quotation or (ii) if the Independent Investment Banker obtains fewer than four such Reference Treasury Dealer Quotations, the average of
all such quotations. 
 “Reference Treasury Dealer” means each of Merrill Lynch, Pierce, Fenner & Smith
Incorporated, RBC Capital Markets, LLC and Wells Fargo Securities, LLC, or their affiliates which are primary United States Government Securities dealers, and their respective successors; provided, however, that if any of the foregoing
shall cease to be a primary United States government securities dealer in the United States (a “Primary Treasury Dealer”), the Issuer will substitute therefor another Primary Treasury Dealer. 

“Reference Treasury Dealer Quotation” means, with respect to each Reference Treasury Dealer and any redemption date, the
average, as determined by the Independent Investment Banker, of the bid and asked prices for the Comparable Treasury Issue (expressed in case as a percentage of its principal amount) quoted in writing to the Independent Investment Banker by such
Reference Treasury Dealer at 3:30 pm New York time on the third business day preceding such redemption date. 

  
 4 

 On and after the redemption date, interest will cease to accrue on the Securities or any portion
of the Securities called for redemption (unless the Issuer defaults in the payment of the redemption price and accrued interest). On or before the redemption date, the Issuer will deposit with the Trustee money sufficient to pay the redemption price
of and (unless the redemption date shall be an Interest Payment Date) accrued interest to the redemption date on the Securities to be redeemed on such date. If less than all of the Securities are to be redeemed, the Securities to be redeemed shall
be selected by the Trustee by such method as the Trustee shall deem fair and appropriate (provided that Securities represented by a Global Security will be selected for redemption by the Depositary in accordance with its standard procedures
therefor). 
  

	 	13.	Defaults and Remedies. 

 If an Event of Default (other than certain bankruptcy Events of Default
with respect to the Issuer or any of the Guarantors) occurs and is continuing, the Trustee or the Holders of at least 25% in aggregate principal amount of Securities then outstanding may declare all of the Securities to be due and payable
immediately in the manner and with the effect provided in the Indenture. If a bankruptcy Event of Default with respect to the Issuer or any of the Guarantors occurs and is continuing, all the Securities shall be immediately due and payable
immediately in the manner and with the effect provided in the Indenture without any notice or other action on the part of the Trustee or any Holder. Holders of Securities may not enforce the Indenture, the Securities or the Guarantees except as
provided in the Indenture. The Trustee is not obligated to enforce the Indenture, the Securities or the Guarantees unless it has received indemnity satisfactory to it. The Indenture permits, subject to certain limitations therein provided, Holders
of a majority in aggregate principal amount of the Securities then outstanding to direct the Trustee in its exercise of any trust or power. The Trustee may withhold from Holders of Securities notice of certain continuing Defaults or Events of
Default if it determines that withholding notice is in their interest. 
  

	 	14.	Trustee Dealings with Issuer. 

 The Trustee under the Indenture, in its individual or any other
capacity, may become the owner or pledgee of Securities and may otherwise deal with the Issuer as if it were not the Trustee. 
  

	 	15.	No Recourse Against Others. 

 No stockholder, director, officer, employee or incorporator, as
such, of the Issuer, any Guarantor or any successor Person thereof shall have any liability for any obligation under the Securities, the Guarantees or the Indenture or for any claim based on, in respect of or by reason of, such obligations or their
creation. Each Holder of a Security by accepting a Security waives and releases all such liability. The waiver and release are part of the consideration for the issuance of the Securities. 

  
 5 

	 	16.	Authentication. 

 This Security shall not be valid until the Trustee manually signs the
certificate of authentication on this Security. 
  

	 	17.	Abbreviations and Defined Terms. 

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

	 	18.	CUSIP Numbers. 

 Pursuant to a recommendation promulgated by the Committee on Uniform Security
Identification Procedures, the Issuer has caused CUSIP numbers to be printed on the Securities as a convenience to the Holders of the Securities. No representation is made as to the accuracy of such numbers as printed on the Securities and reliance
may be placed only on the other identification numbers printed hereon. 
  

	 	19.	Governing Law. 

 The laws of the State of New York shall govern the Indenture and this Security
thereof. 

  
 6 

 ASSIGNMENT FORM 

I or we assign and transfer this Security to 
  

 
 (Print or type name, address and zip
code of assignee or transferee) 
  
  

(Insert Social Security or other identifying number of assignee or transferee) 

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

					
	Dated:                             	  	Signed:	  	  

		  		  	(Signed exactly as name appearson the other side of this Security)
		
	Signature Guarantee:	  	  

		  	Participant in a recognized Signature Guarantee Medallion Program (or other signature guarantorprogram reasonably acceptable to the Trustee)

  
 7

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