Document:

Exhibit 10.1

 

GI
DYNAMICS, INC.

 

SECOND
AMENDMENT TO SERIES A PREFERRED STOCK PURCHASE AGREEMENT

 

THIS
SECOND AMENDMENT (this “Amendment”), dated effective as of November 30, 2020, is made to that certain SERIES
A PREFERRED STOCK PURCHASE AGREEMENT, dated August 10, 2020, as amended on October 31, 2020 (as so amended, the “Agreement”),
by and between GI DYNAMICS, INC., a Delaware corporation (the “Company”), and the investors
listed on Exhibit A attached to the Agreement (the “Purchasers”). Capitalized terms used herein and
not otherwise defined shall have the meanings given to them in the Agreement.

 

WHEREAS,
pursuant to Section 6.11 of the Agreement, any term of the Agreement may be amended, waived or modified only with the written
consent of the Company and the holders of at least a majority of the then-outstanding Shares; and

 

WHEREAS,
the Company and the only Purchaser, as of the date hereof, desire to further amend the Agreement to extend the Final Closing Date
from November 30, 2020 to December 22, 2020.

 

NOW,
THEREFORE, the undersigned Purchaser and the Company, in consideration of the mutual premises and covenants made herein and of
the mutual benefits to be derived herefrom, hereby amend the Agreement as follows:

 

	 	1.	Amendment
        to the Agreement. All references to the term “Final Closing Date” in the Agreement shall be deemed and
        each such reference is hereby replaced with the following:

         

        “Final
        Closing Date” shall mean December 22, 2020.

 

	 	2.	Except
    as expressly modified by this Amendment, the Agreement shall remain unmodified and in full force and effect.

 

	 	3.	This
    Amendment may be executed in two or more counterparts, each of which shall be deemed an original, but all of which together
    shall constitute the same instrument. Facsimile or PDF transmission of execution copies or signature pages for this Amendment
    shall be legal, valid and binding execution and delivery for all purposes.

 

	 	4.	This
Amendment shall be governed by, and construed and enforced in accordance with, the substantive laws of the State of Delaware,
without regard to its principles of conflicts of laws.

 

(Signatures
        Pages Immediately Follow)

 

     

     

    

 

IN
WITNESS WHEREOF, the undersigned party has executed this Amendment as of the date first above written.

 

COMPANY:

 

	GI
    DYNAMICS, INC.	 
	 	 	 
	By:	/s/
    Charles R. Carter	 
	Name: 	Charles
    R. Carter	 
	Title:	CFO,
    Secretary, Treasurer	 

 

 

IN
WITNESS WHEREOF, the undersigned party has executed this amendment as of the date first written above.

 

PURCHASER:

 

CRYSTAL
AMBER FUND LIMITED

 

By:
Crystal Amber Asset Management (Guernsey) Limited, as

Investment Manager

 

	By:	/s/
    Laurence McNairn	 
	Name: 	Laurence
    McNairn	 
	Title:	DirectorEX-4.1

 Exhibit 4.1 

OFFICER’S CERTIFICATE 

The undersigned, McKesson Corporation, a Delaware corporation (the “Company”), hereby certifies through Akinjide Falaki, its Senior
Vice President and Treasurer, pursuant to Sections 2.1, 2.3 and 11.5 of the Indenture, dated as of December 4, 2012 (the “Indenture”), by and between the Company, as Issuer, and Wells Fargo Bank, National Association, as Trustee, as
follows: 
  

	1.	 The form and terms of the 0.900% Notes due 2025 (the “2025 Notes”), as set forth on Annex A
attached hereto have been established pursuant to Sections 2.1 and 2.3 of the Indenture and comply with the Indenture. 

  

	2.	 The undersigned has read the Indenture. 

 

	3.	 The statements made in this Officer’s Certificate are based upon an examination of the 2025 Notes under
the Indenture, upon an examination of and familiarity with the Indenture, upon the general knowledge of and familiarity with the operations of the Company of the undersigned and upon the performance of his duties as an Officer of the Company.

  

	4.	 In the opinion of the undersigned, he has made such examination or investigation as is necessary to enable him
to express an informed opinion as to whether or not the covenants and conditions provided for in the Indenture relating to the issuance and authentication of the 2025 Notes have been complied with. 

 

	5.	 In the opinion of the undersigned, with respect to the foregoing, the covenants and conditions provided for in
the Indenture relating to the issuance and authentication of the 2025 Notes have been complied with. 

 Capitalized terms
used herein without definition have the meanings assigned to them in the Indenture. 
 Signatures transmitted by facsimile or other
electronic transmission (including any electronic signature permitted and complying with the federal Electronic Signatures in Global and National Commerce Act, statement enactments of the Uniform Electronic Transactions Act, the U.S. federal ESIGN
Act of 2000, e.g., www.docusign.com) and/or any other relevant electronic signatures law, including any relevant provision of the Uniform Commercial Code/UCC (collectively, “Signature Law”)), in each case to the extent applicable, shall be
deemed to be an original signature for all purposes, and have the same validity, legal effect, and admissibility in evidence as an original manual signature. The Trustee shall be entitled to conclusively rely upon, and shall have no liability with
respect to, any faxed, scanned, or photocopied manual signature, or other electronic signature, of any other party and shall have no duty to investigate, confirm or otherwise verify the validity or authenticity thereof. 

 IN WITNESS WHEREOF, the undersigned has caused this Officer’s Certificate to be executed by its duly
authorized officer as of this 3rd day of December, 2020. 
  

			
	McKESSON CORPORATION
		
	By:	 	 /s/ Akinjide Falaki

		 	Name: Akinjide Falaki
		 	Title: Senior Vice President and Treasurer

 [Signature Page to Officer’s Certificate under the Indenture] 

 ANNEX A 

Pursuant to Section 2.3 of the Indenture, dated as of December 4, 2012 (the “Indenture”), between McKesson Corporation, a
Delaware corporation (the “Issuer”), and Wells Fargo Bank, National Association, as trustee (the “Trustee”), the terms of a series of securities to be issued pursuant to the Indenture are as follows: 

 

	 	A.	 Designation. The designation of the securities is “0.900% Notes due 2025” (the “2025
Notes”). 

  

	 	B.	 Initial Aggregate Principal Amount. The 2025 Notes shall be limited in initial aggregate principal
amount to $500,000,000 (except for 2025 Notes authenticated and delivered upon registration of transfer of, or in exchange for, or in lieu of, other Notes pursuant to Section 2.8, 2.9, 2.11, 8.5 or 12.3 of the Indenture). 

 

	 	C.	 Currency Denomination. The 2025 Notes shall be denominated in Dollars. 

 

	 	D.	 Maturity. The date on which the principal of the 2025 Notes is payable is December 3, 2025.

  

	 	E.	 Rate of Interest; Interest Payment Date; Regular Record Dates. The 2025 Notes shall bear interest from
December 3, 2020 at 0.900% per annum until the principal thereof is paid. Such interest shall be payable semi-annually in arrears on June 3 and December 3 of each year, commencing on June 3, 2021, to the persons in whose names
the 2025 Notes are registered at the close of business on the immediately preceding May 19 and November 18, respectively, whether or not a Business Day. Interest on the 2025 Notes shall accrue from the most recent date to which interest
has been paid for, or if no interest has been paid, from December 3, 2020. Interest on the 2025 Notes will be computed on the basis of a 360-day year composed of twelve
30-day months. If any interest payment date would otherwise be a day that is not a Business Day, such interest payment date will be postponed to the next date that is a Business Day and no additional interest
shall accrue. If the maturity date of the 2025 Notes falls on a day that is not a Business Day, the related payment of principal, premium, if any, and interest will be made on the next Business Day as if it were made on the date such payment was
due, and no interest will accrue on the amounts so payable for the period from and after such date to the next Business Day. For the purposes of the 2025 Notes, “Business Day” is any day that is not a Saturday, Sunday or other day on which
banking institutions in New York City or the place of payment on the 2025 Notes are authorized or required by law to close. 

  
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	 	F.	 Place of Payment. Principal of, premium, if any, and interest on the 2025 Notes shall be payable, and the
transfer of the 2025 Notes shall be registrable, at the office or agency of the Issuer to be maintained for such purpose in Minneapolis, Minnesota, except that, at the option of the Issuer, interest may be paid by mailing a check to the address of
the person entitled thereto as it appears on the 2025 Notes register; provided, however, that while any 2025 Notes are represented by a Registered Global Security, payment of principal of, premium, if any, or interest on the 2025 Notes may be made
by wire transfer to the account of the Depositary or its nominee. 

  

	 	G.	 Optional Redemption. Prior to November 3, 2025, the 2025 Notes may be redeemed in whole, at any
time, or in part, from time to time, at the option of the Issuer, for cash, at a redemption price equal to the greater of: (i) 100% of the principal amount of the 2025 Notes; or (ii) an amount, as determined by the Quotation Agent equal to the
sum of the present values of the remaining scheduled payments of principal, premium, if any, and interest thereon (not including any portion of such payments of interest accrued to the date of redemption) to November 3, 2025, discounted to the
date of redemption on a semi-annual basis, assuming a 360-day year consisting of twelve 30-day months, at the Treasury Rate, plus 10 basis points; plus, in each case, accrued and unpaid interest thereon to,
but not including the date of redemption. On or after November 3, 2025, the 2025 Notes may be redeemed in whole, at any time, or in part, from time to time, at the option of the Issuer, for cash, at a redemption price equal to 100% of the
principal amount of the 2025 Notes, plus, in each case, accrued and unpaid interest thereon to, but not including the date of redemption. The principal amount of any Note remaining outstanding after a redemption in part shall be $2,000 or a higher
integral multiple of $1,000. Notwithstanding the foregoing, installments of interest on 2025 Notes that are due and payable on interest payment dates falling on or prior to a redemption date will be payable on the interest payment date to the
registered Holders as of the close of business on the relevant record date. 

 “Comparable Treasury
Issue” means the United States Treasury security selected by the Quotation Agent as having a maturity comparable to the remaining term of the 2025 Notes 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 2025 Notes. 

“Comparable Treasury Price” means, with respect to any redemption date, (i) the average of four Reference Treasury
Dealer Quotations for such redemption date, after excluding the highest and lowest of such Reference Treasury Dealer Quotations, or (2) if the Issuer is provided fewer than four such Reference Treasury Dealer Quotations, the average of all such
quotations. 
 “Quotation Agent” means the Reference Treasury Dealer appointed by the Issuer. 

  
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 “Reference Treasury Dealer” means (1) BofA Securities, Inc. and HSBC
Securities (USA) Inc. and their respective affiliates or successors, each of which is a primary U.S. Government securities dealer in the United States (a “Primary Treasury Dealer”); provided, however, that if any of the foregoing shall
cease to be a Primary Treasury Dealer, we will substitute therefor another Primary Treasury Dealer, and (2) any other Primary Treasury Dealers selected by us. 

“Reference Treasury Dealer Quotations” means with respect to each Reference Treasury Dealer and any redemption date, the
average, as determined by the Issuer, of the bid and asked prices for the Comparable Treasury Issue (expressed in each case as a percentage of its principal amount) quoted in writing to the Trustee 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, with respect to any
redemption date, the rate per annum equal to the semi-annual equivalent yield to maturity 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 on such redemption date. 
 Holders of the 2025 Notes to be redeemed will receive notice thereof mailed (or, in
the case of 2025 Notes held in book-entry form, transmitted electronically) at least 15 days and not more than 45 days prior to the date fixed for redemption. Unless the Issuer defaults in payment of the redemption price, on and after the redemption
date, interest will cease to accrue on the 2025 Notes or portions thereof called for redemption. If less than all of the 2025 Notes are to be redeemed, the 2025 Notes to be redeemed will be selected by the Trustee by lot or another method the
Trustee deems to be fair and appropriate, in each case in accordance with the procedures of The Depository Trust Company to the extent applicable. 
  

	 	H.	 Change of Control. If a Change of Control Triggering Event (as defined below) occurs, unless the Issuer
has previously exercised its right to redeem the 2025 Notes in whole as described above, Holders of the 2025 Notes will have the right to require the Issuer to repurchase all or any part (in integral multiples of $1,000 original principal amount) of
their 2025 Notes pursuant to the offer described below (the “Change of Control Offer”); provided that the principal amount of any Note remaining outstanding after a repurchase in part shall be $2,000 or a higher integral multiple of
$1,000. In the Change of Control Offer, the Issuer will be required to offer payment in cash equal to 101% of the then outstanding aggregate principal amount of 2025 Notes repurchased plus accrued and unpaid interest, if any, on the 2025 Notes
repurchased, to, but not including, the date of repurchase (the “Change of Control Payment”). Within 30 days following any Change of Control Triggering Event, the Issuer will be required to mail a notice to Holders of

  
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the 2025 Notes describing the transaction or transactions that constitute the Change of Control Triggering Event and offering to repurchase the 2025 Notes on the date specified in the notice,
which date will be no earlier than 30 days and no later than 60 days from the date such notice is mailed (the “Change of Control Payment Date”), pursuant to the procedures described herein and in such notice. The Issuer must comply with
the requirements of Rule 14e-1 under the Exchange Act and any other securities laws and regulations thereunder to the extent those laws and regulations are applicable in connection with the repurchase of the
2025 Notes as a result of a Change of Control Triggering Event. To the extent that the provisions of any securities laws or regulations conflict with the Change of Control provisions herein, the Issuer will be required to comply with the applicable
securities laws and regulations and will not be deemed to have breached its obligations under the Change of Control provisions herein by virtue of such conflicts. 

The Paying Agent will promptly mail (or, in the case of 2025 Notes held in book-entry form, transmit electronically) to each Holder of the
2025 Notes properly tendered the repurchase price for such Notes, and the Trustee will promptly authenticate and mail (or cause to be transferred by book-entry) to each Holder a new Note equal in principal amount to any unrepurchased portion of any
2025 Notes surrendered; provided, that each new Note will be in a principal amount of $2,000 or an integral multiple of $1,000 thereafter. 

Notwithstanding the foregoing, the Issuer will not be required to make a Change of Control Offer upon the occurrence of a Change of Control
Triggering Event if a third party makes such an offer in the manner, at the times and otherwise in compliance with the requirements for a Change of Control Offer made by the Issuer and the third party repurchases all Notes properly tendered and not
withdrawn under its offer. In addition, the Issuer will not repurchase any 2025 Notes if there has occurred and is continuing on the Change of Control Payment Date an Event of Default, other than a default in the payment of the Change of Control
Payment upon a Change of Control Triggering Event. On the Change of Control Payment Date, the Issuer will be required, to the extent lawful, to: (i) accept for payment all Notes or portions thereof properly tendered pursuant to the Change of
Control Offer; (ii) deposit with the Paying Agent, no later than 10:00 a.m., New York City time, an amount equal to the Change of Control Payment in respect of all 2025 Notes or portions thereof properly tendered; and (iii) deliver or
cause to be delivered to the Trustee the 2025 Notes properly accepted together with an Officer’s Certificate stating the aggregate principal amount of 2025 Notes or portions of 2025 Notes being repurchased. 

  
 A-4 

 “Below Investment Grade Rating Event” means the 2025 Notes are rated below
an Investment Grade Rating by each of the Rating Agencies (as defined below) on any date from the date of the public notice of an arrangement that could result in a Change of Control until the end of the
60-day period following public notice of the occurrence of the Change of Control (which 60-day period shall be extended so long as the rating of the 2025 Notes is under
publicly announced consideration for possible downgrade by any of the Rating Agencies). 
 “Change of Control” means the
occurrence of any of the following: (1) the direct or indirect sale, transfer, conveyance or other disposition (other than by way of merger or consolidation), in one or a series of related transactions, of all or substantially all of the
properties or assets of the Issuer and its Subsidiaries taken as a whole to any Person other than the Issuer or one of its Subsidiaries; (2) the consummation of any transaction (including, without limitation, any merger or consolidation) the
result of which is that any Person becomes the beneficial owner, directly or indirectly, of more than 50% of the then outstanding number of shares of the Issuer’s voting stock; or (3) the first day on which a majority of the members of the
Issuer’s Board of Directors are not Continuing Directors. Notwithstanding the foregoing, a transaction will not be deemed to result in a Change of Control if (i) the Issuer becomes a wholly owned subsidiary of a holding company and
(ii) the holders of the voting stock of such holding company immediately following that transaction are substantially the same as the holders of the Issuer’s voting stock immediately prior to that transaction. 

“Change of Control Triggering Event” means the occurrence of both a Change of Control and a Below Investment Grade Rating
Event. 
 “Continuing Directors” means, as of any date of determination, any member of the Board of Directors of the Issuer
who (1) was a member of such Board of Directors on the date of original issue of the 2025 Notes; or (2) was nominated for election or elected to such Board of Directors with the approval of a majority of the Continuing Directors who were
members of such Board of Directors at the time of such nomination or election (either by a specific vote or by approval of the Issuer’s proxy statement in which such member was named as a nominee for election as a director, without objection to
such nomination). 
 “Fitch” means Fitch Ratings Inc., a subsidiary of Hearst Corporation and Fimalac, S.A., or its
successor. 
 “Investment Grade Rating” means a rating equal to or higher than BBB-
(or the equivalent) by Fitch, Baa3 (or the equivalent) by Moody’s and BBB- (or the equivalent) by S&P. 

“Moody’s” means Moody’s Investors Service, Inc., or its successor. 

  
 A-5 

 “Rating Agencies” means (1) each of Fitch, Moody’s and S&P;
and (2) if any one or more of Fitch, Moody’s or S&P ceases to rate the 2025 Notes or fails to make a rating of the 2025 Notes publicly available for reasons outside of the Issuer’s reasonable control, then, at the Issuer’s
election, either (x) each of the remaining agencies, as the case may be, or (y) each of the remaining agencies, as the case may be, and any “nationally recognized statistical rating organization” within the meaning of
Section 3(a)(62) under the Exchange Act, selected by the Issuer (as certified by a Board Resolution) as a replacement agency for Fitch, Moody’s or S&P, or all of them, as the case may be. 

“S&P” means S&P Global Ratings, a division of S&P Global, Inc., or its successor. 

 

	 	I.	 Mandatory Redemption. The 2025 Notes are not mandatorily redeemable and are not entitled to the benefit
of a sinking fund or any analogous provisions. 

  

	 	J.	 Denominations. The 2025 Notes shall be issued initially in minimum denominations of $2,000 and shall be
issued in integral multiples of $1,000 in excess thereof. 

  

	 	K.	 Amount Payable Upon Acceleration. The principal of the 2025 Notes shall be payable upon declaration of
acceleration pursuant to Section 5.1 of the Indenture. 

  

	 	L.	 Payment Currency. Principal and interest on the 2025 Notes shall be payable in Dollars.

  

	 	M.	 Payment Currency—Election. The principal of and interest on the 2025 Notes shall not be payable in
a currency other than Dollars. 

  

	 	N.	 Payment Currency—Index. The principal of and interest on the 2025 Notes shall not be determined
with reference to an index based on a coin or currency. 

  

	 	O.	 Registered Securities. The 2025 Notes shall be issued only as Registered Securities. The 2025 Notes
shall be issuable as Registered Global Securities. 

  

	 	P.	 Additional Amounts. The Issuer shall not pay additional amounts on the 2025 Notes held by a Person that
is not a U.S. Person in respect of taxes or similar charges withheld or deducted. 

  

	 	Q.	 Registrar; Paying Agent; Depositary. The Trustee shall initially serve as the Registrar and Paying
Agent. The Depository Trust Company shall initially serve as the Depositary for the Registered Global Security representing the 2025 Notes. 

  
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	 	R.	 Events of Default; Covenants. There shall be no deletions from or modifications or additions to the
Events of Default set forth in Section 5.1 of the Indenture with respect to the 2025 Notes. There shall be the following additions to the covenants of the Issuer set forth in Article III of the Indenture with respect to the 2025 Notes:

 Limitation on Liens. The Issuer covenants that, so long as any of the 2025 Notes remain outstanding, it shall
not, nor shall it permit any Consolidated Subsidiary to, create or assume any Indebtedness for money borrowed which is secured by a mortgage, pledge, security interest or lien (“liens”) of or upon any assets, whether now owned or hereafter
acquired, of the Issuer or any such Consolidated Subsidiary without equally and ratably securing the 2025 Notes by a lien ranking equally to and ratably with (or at the option of the Issuer, senior to) such secured Indebtedness, except that the
foregoing restriction shall not apply to (a) liens on any assets of any corporation existing at the time such corporation becomes a Consolidated Subsidiary; (b) liens on any assets existing at the time of acquisition of such assets by the
Issuer or a Consolidated Subsidiary, or liens to secure the payment of all or any part of the purchase price of such assets upon the acquisition of such assets by the Issuer or a Consolidated Subsidiary or to secure any indebtedness incurred or
guaranteed by the Issuer or a Consolidated Subsidiary prior to, at the time of, or within 360 days after such acquisition (or in the case of real property, the completion of construction (including any improvements on an existing asset) or
commencement of full operation of such asset, whichever is later), which indebtedness is incurred or guaranteed for the purpose of financing all or any part of the purchase price thereof or, in the case of real property, construction or improvements
thereon; (c) liens on any assets securing indebtedness owed by any Consolidated Subsidiary to the Issuer or another wholly owned Subsidiary; (d) liens on any assets of a corporation existing at the time such corporation is merged into or
consolidated with the Issuer or a Subsidiary or at the time of a purchase, lease or other acquisition of the assets of a corporation or firm as an entirety or substantially as an entirety by the Issuer or a Subsidiary; (e) liens on any assets
of the Issuer or a Consolidated Subsidiary in favor of the United States of America or any state thereof, or any department, agency or instrumentality or political subdivision of the United States of America or any State thereof, or in favor of any
other country, or any political subdivision thereof, to secure partial, progress, advance or other payments pursuant to any contract or statute or to secure any indebtedness incurred or guaranteed for the purpose of financing all or any part of the
purchase price (or, in the case of real property, the cost of construction) of the assets subject to such liens (including, but not limited to, liens incurred in connection with pollution control, industrial revenue or similar financing); (f) any
extension, renewal or replacement (or successive extensions, renewals or replacements), in whole or in part, of any lien referred to in the foregoing clauses (a) to (e), inclusive; (g) liens imposed by law, such as mechanics’,
workmen’s, repairmen’s, materialmen’s, carriers’, warehousemen’s, 

  
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vendors’ or other similar liens arising in the ordinary course of business, or governmental (federal, state or municipal) liens arising out of contracts for the sale of products or services
by the Issuer or any Consolidated Subsidiary, or deposits or pledges to obtain the release of any of the foregoing liens; (h) pledges, liens or deposits under workers’ compensation laws or similar legislation and liens or judgments
thereunder which are not currently dischargeable, or in connection with bids, tenders, contracts (other than for the payment of money) or leases to which the Issuer or any Consolidated Subsidiary is a party, or to secure public or statutory
obligations of the Issuer or any Consolidated Subsidiary, or in connection with obtaining or maintaining self-insurance or to obtain the benefits of any law, regulation or arrangement pertaining to unemployment insurance, old age pensions, social
security or similar matters, or to secure surety, appeal or customs bonds to which the Issuer or any Consolidated Subsidiary is a party, or in litigation or other proceedings such as, but not limited to, interpleader proceedings, and other similar
pledges, liens or deposits made or incurred in the ordinary course of business; (i) liens created by or resulting from any litigation or other proceeding which is being contested in good faith by appropriate proceedings, including liens arising
out of judgments or awards against the Issuer or any Consolidated Subsidiary with respect to which the Issuer or such Consolidated Subsidiary is in good faith prosecuting an appeal or proceedings for review or for which the time to make an appeal
has not yet expired; or final unappealable judgment liens which are satisfied within 15 days of the date of judgment; or liens incurred by the Issuer or any Consolidated Subsidiary for the purpose of obtaining a stay or discharge in the course of
any litigation or other proceeding to which the Issuer or such Consolidated Subsidiary is a party; (j) liens for taxes or assessments or governmental charges or levies not yet due or delinquent, or which can thereafter be paid without penalty,
or which are being contested in good faith by appropriate proceedings; landlords’ liens on property held under lease; and any other liens or charges incidental to the conduct of the business of the Issuer or any Consolidated Subsidiary or the
ownership of the assets of any of them which were not incurred in connection with the borrowing of money or the obtaining of advances or credit and which do not, in the opinion of the Issuer, materially impair the use of such assets in the operation
of the business of the Issuer or such Consolidated Subsidiary or the value of such assets for the purposes thereof; (k) liens relating to accounts receivable of the Issuer or any of its Subsidiaries which have been sold, assigned or otherwise
transferred to another Person in a transaction classified as a sale of accounts receivable in accordance with accounting principles generally accepted in the United States of America (to the extent the sale by the Issuer or the applicable Subsidiary
is deemed to give rise to a lien in favor of the purchaser thereof in such accounts receivable or the proceeds thereof); or (l) liens on any assets of the Issuer or any of its Subsidiaries (including Receivables Subsidiaries) incurred in
connection with a Qualified Receivables Transaction. Notwithstanding the above, the 

  
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Issuer or any Consolidated Subsidiary may, without securing the 2025 Notes, create or assume any Indebtedness which is secured by a lien which would otherwise be subject to the foregoing
restrictions, provided that at the time of such creation or assumption, after giving effect thereto, Exempted Debt does not exceed 10% of the total assets of the Issuer and its Subsidiaries on a consolidated basis, determined in accordance
with accounting principles generally accepted in the United States of America. 

 Limitation on Sale and Lease-Back
Transactions. The Issuer covenants that, so long as any of the 2025 Notes remain outstanding, the Issuer will not, nor shall the Issuer permit any Consolidated Subsidiary to, enter into any sale and lease-back transaction with respect to any
assets, other than any sale and lease-back transaction involving a lease for a term of not more than three years, unless either (a) the Issuer or such Consolidated Subsidiary would be entitled to incur Indebtedness secured by a lien on the
assets to be leased in an amount at least equal to the Attributable Debt in respect of such transaction without equally and ratably securing the 2025 Notes pursuant to clauses (a) through (k) inclusive of the covenant with respect to
“Limitation on Liens” above, or (b) the proceeds of the sale of the assets to be leased are at least equal to their fair market value (as determined by the Board of Directors of the Issuer) and the proceeds are applied to the purchase
or acquisition (or, in the case of real property, the construction) of assets or to the retirement (other than at maturity or pursuant to a mandatory sinking fund or mandatory redemption provision) of indebtedness. The foregoing limitation shall not
apply, if at the time the Issuer or any Consolidated Subsidiary enters into such sale and lease-back transaction, and after giving effect thereto, Exempted Debt does not exceed 10% of the total assets of the Issuer and its Subsidiaries on a
consolidated basis, determined in accordance with accounting principles generally accepted in the United States of America. 
 The term
“Attributable Debt” in connection with a sale and lease-back transaction shall mean, as of the date of determination, the lesser of (a) the fair value of the assets subject to such transaction, as determined by the Board of Directors
of the Issuer, or (b) the present value (discounted at the rate of interest set forth in or implicit in the terms of such lease or, if it is not practicable to determine such rate, the weighted average interest rate per annum borne by all
series of Securities then Outstanding and subject to the “Limitation on Sale and Lease-Back Transactions” covenant above compounded semi-annually, in either case as determined by the principal accounting or financial officer of the Issuer)
of the remaining obligations of the Issuer or any Consolidated Subsidiary for net rental payments during the remaining term of all leases (including any period for which such lease has been extended or may, at the option of the lessor, be extended).

  
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 The term “Consolidated Subsidiary” shall mean any Subsidiary substantially all
the property of which is located, and substantially all the operations of which are conducted, in the United States of America whose financial statements are consolidated with those of the Issuer in accordance with accounting principles generally
accepted in the United States of America. 
 The term “Exempted Debt” shall mean the sum of the following as of the date of
determination: (i) Indebtedness of the Issuer and its Consolidated Subsidiaries incurred after the date of issuance of the 2025 Notes and secured by liens not permitted to be created or assumed pursuant to the covenant with respect to
“Limitation on Liens” above, and (ii) Attributable Debt of the Issuer and its Consolidated Subsidiaries in respect of every sale and lease-back transaction entered into after the date of issuance of the 2025 Notes, other than leases
expressly permitted by the covenant with respect to “Limitation on Sale and Lease-Back Transactions” above. 
 The term
“Indebtedness” shall mean all items classified as indebtedness on the most recently available consolidated balance sheet of the Issuer and its Consolidated Subsidiaries, in accordance with accounting principles generally accepted in the
United States of America. 
 The term “net rental payments” under any lease of any period shall mean the sum of the rental and
other payments required to be paid in such period by the lessee thereunder, not including, however, any amounts required to be paid by such lessee (whether or not designated as rental or additional rental) on account of maintenance and repairs,
reconstruction, insurance, taxes, assessments, water rates or similar charges required to be paid by such lessee thereunder or any amounts required to be paid by such lessee thereunder contingent upon the amount of sales, maintenance and repairs,
reconstruction, insurance, taxes, assessments, water rates or similar charges. 
 The term “Qualified Receivables Transaction”
shall mean any transaction or series of transactions entered into by the Issuer or any of its Subsidiaries pursuant to which the Issuer or any of its Subsidiaries sells, conveys or otherwise transfers to (i) a Receivables Subsidiary (in the
case of a transfer by the Issuer or any of its Subsidiaries) and (ii) any other Person (in the case of a transfer by a Receivables Subsidiary), or grants a security interest in, any accounts receivable (whether now existing or arising in the
future) or inventory of the Issuer or any of its Subsidiaries, and any assets related thereto including, without limitation, all collateral securing such accounts receivable, all contracts and all guarantees or other obligations in respect of such
accounts receivable or inventory, proceeds of such accounts receivable and other assets which are customarily transferred or in respect of which security interests are customarily granted in connection with asset securitization transactions
involving accounts receivable or inventory. 

  
 A-10 

 The term “Receivables Subsidiary” shall mean a Subsidiary of the Issuer which
engages in no activities other than in connection with the financing of accounts receivable or inventory (a) no portion of the Indebtedness or any other obligations (contingent or otherwise) of which (i) is guaranteed by the Issuer or any
Subsidiary of the Issuer (excluding guarantees of obligations (other than the principal of, and interest on, Indebtedness) pursuant to representations, warranties, covenants and indemnities entered into in the ordinary course of business in
connection with a Qualified Receivables Transaction), (ii) is recourse or obligates the Issuer or any Subsidiary of the Issuer in any way other than pursuant to representations, warranties, covenants and indemnities entered into in the ordinary
course of business in connection with a Qualified Receivables Transaction or (iii) subjects any property or asset of the Issuer or any Subsidiary of the Issuer (other than accounts receivable or inventory and related assets as provided in the
definition of “Qualified Receivables Transaction”), directly or indirectly, contingently or otherwise, to the satisfaction thereof, other than pursuant to representations, warranties, covenants and indemnities entered into in the ordinary
course of business in connection with a Qualified Receivables Transaction, (b) with which neither the Issuer nor any Subsidiary of Issuer has any material contract, agreement, arrangement or understanding other than on terms customary for
securitization of receivables or inventory and (c) with which neither the Issuer nor any Subsidiary of the Issuer has any obligations to maintain or preserve such Subsidiary’s financial condition or cause such Subsidiary to achieve certain
levels of operating results. 
  

	 	S.	 Conversion and Exchange. The 2025 Notes shall not be convertible into or exchangeable for any other
security. 

  

	 	T.	 Additional Issues. The Issuer may, without notice to or the consent of the Holders of the 2025 Notes,
create and issue additional notes with the same terms as the 2025 Notes in all respects, except for the issue date, the public offering price and, under certain circumstances, the first interest payment date. Such additional notes shall be
consolidated and form a single series with the 2025 Notes. 

  

	 	U.	 Other Terms. The 2025 Notes shall have the other terms and shall be substantially in the form set forth
in the form of the 2025 Notes attached hereto as Annex A-1. In case of any conflict between this Annex A and the 2025 Notes, the form of the 2025 Notes shall control. 

 

	 	V.	 Access to Information. The Issuer and the Holders shall cooperate with the Trustee and shall provide the
Trustee with reasonable access to, and copies of, documents or information necessary for the Trustee to comply with any cost basis reporting obligations imposed on it by a governmental authority in connection with certain transfers or exchanges of
2025 Notes. 

 Capitalized terms used but not otherwise defined in this Annex A shall have the respective meanings ascribed to such terms
in the Indenture. 

  
 A-11 

 ANNEX A-1 

[FORM OF 2025 NOTE] 
  

					
	REGISTERED	  		  	REGISTERED

 THIS NOTE IS A REGISTERED GLOBAL SECURITY WITHIN THE MEANING OF THE INDENTURE HEREINAFTER REFERRED TO AND IS REGISTERED IN THE
NAME OF A DEPOSITARY OR A NOMINEE OF A DEPOSITARY. UNLESS THIS NOTE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY (55 WATER STREET, NEW YORK, NEW YORK) TO THE ISSUER OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE
OR PAYMENT, AND ANY NOTE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR SUCH OTHER NAME AS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY AND ANY PAYMENT HEREON IS MADE TO CEDE & CO., ANY TRANSFER,
PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY A PERSON IS WRONGFUL SINCE THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN. TRANSFERS OF THIS REGISTERED GLOBAL SECURITY SHALL BE LIMITED TO TRANSFERS IN WHOLE, BUT NOT IN
PART, TO NOMINEES OF THE DEPOSITORY TRUST COMPANY OR TO A SUCCESSOR THEREOF OR SUCH SUCCESSOR’S NOMINEE. 
  

			
	No. R –[ ]	  	ISIN NO. US581557BQ70
		  	CUSIP NO. 581557 BQ7

 McKESSON CORPORATION 

0.900% NOTES DUE DECEMBER 3, 2025 

McKesson Corporation, a Delaware corporation (the “Issuer,” which term includes any successor corporation under the Indenture
hereinafter referred to), for value received, hereby promises to pay to Cede & Co., or registered assigns, the principal sum of [                ] Dollars 

($[                ]) and to pay interest on said principal sum from
December 3, 2020, or from the most recent interest payment date to which interest has been paid or duly provided for, semi-annually in arrears on June 3 and December 3 (the “Interest Payment Dates”) of each year commencing
on June 3, 2021, at the rate of 0.900% per annum until the principal hereof shall have become due and payable. 
 In the event that any
Interest Payment Date is not a Business Day, such Interest Payment Date will be postponed to the next date that is a Business Day and no additional interest shall accrue. If the Maturity Date of the Notes falls on a day that is not a Business Day,
the related payment of principal, premium, if any, and interest will be made on the next Business Day as if it were made on the date such payment was due, and no interest will accrue on the amounts so payable for the period from and after such date
to the next Business Day. 

  
 A-1-1 

 The amount of interest payable shall be computed on the basis of a 360-day year composed of twelve 30-day months. The interest installment so payable, and punctually paid or duly provided for, on any Interest Payment Date will, as provided in
the Indenture (referred to on the reverse hereof) be paid to the person in whose name this Note is registered at the close of business on the record date for such interest installment, which shall be the close of business on the immediately
preceding May 19 and November 18 prior to such Interest Payment Date, as applicable. Any such interest installment not punctually paid or duly provided for shall forthwith cease to be payable to the registered Holders on such record date
and may be paid to the person in whose name this Note is registered at the close of business on a subsequent record date (which shall be not less than five Business Days prior to the date of payment of such defaulted interest), notice whereof shall
be given by mail by or on behalf of the Issuer to the registered Holders of Notes not less than 15 days preceding such subsequent record date, all as more fully provided in the Indenture. The principal of and the interest on this Note shall be
payable at the office or agency of the Issuer maintained for that purpose in any coin or currency of the United States of America that at the time of payment is legal tender for payment of public and private debts; provided, however, that
payment of interest may be made at the option of the Issuer by check mailed to the person entitled thereto at such address as shall appear in the registry books of the Issuer; provided, further, that for so long as this Note is represented by a
Registered Global Security, payment of principal, premium, if any, or interest on this Note may be made by wire transfer to the account of the Depositary or its nominee. Unless the certificate of authentication hereon has been executed by or on
behalf of the Trustee (as defined below) under the Indenture (as defined below), by the manual signature of one of its authorized signatories, this Note shall not be entitled to any benefit under the Indenture or be valid or obligatory for any
purpose. 
 Capitalized terms used in this Note which are defined in the Indenture shall have the respective meanings assigned to them in
the Indenture. 
 The provisions of this Note are continued on the reverse side hereof and such continued provisions shall for all purposes
have the same effect as though fully set forth at this place. 

  
 A-1-2 

 IN WITNESS WHEREOF, the Issuer has caused this instrument to be duly executed, manually or
in facsimile. 
  

			
	McKESSON CORPORATION
		
	By:	 	
                     
                    

		 	Name: Akinjide Falaki
		 	Title: Senior Vice President and Treasurer

  

			
	CERTIFICATE OF AUTHENTICATION
	This is one of the Securities referred to in the within-mentioned Indenture.
	
	WELLS FARGO BANK, NATIONAL ASSOCIATION
              as Trustee
		
	By:	 	
                     
                                

		 	Authorized Signatory
		
	Dated:	 	      

  
 A-1-3 

 [FORM OF REVERSE SIDE OF 2020 NOTE] 

This Note is one of a duly authorized series of securities (the “Securities”) of the Issuer designated as its 0.900% Notes due
December 3, 2025 (the “Notes”). The Securities are all issued or to be issued under and pursuant to an Indenture, dated as of December 4, 2012 (the “Indenture”), duly executed and delivered between the Issuer and Wells
Fargo Bank, National Association as trustee with respect to the Notes (the “Trustee”), to which the Indenture and all indentures supplemental thereto reference is hereby made for a statement of the respective rights thereunder of the
Issuer, the Trustee and the Holders of the Securities and the terms upon which the Notes are to be authenticated and delivered. The terms of individual series of Securities may vary with respect to interest rate or interest rate formulas, issue
dates, maturity, redemption, repayment, currency of payment and otherwise. 
 The Notes are issuable only as Registered Securities in
minimum denominations of $2,000 and integral multiples of $1,000 in excess thereof. As provided in the Indenture and subject to certain limitations therein set forth, the Notes are exchangeable for a like aggregate principal amount of Notes as
requested by the Holder surrendering the same. 
 Except as set forth below, this Note is not redeemable and is not entitled to the benefit
of a sinking fund or any analogous provision. 
 Prior to November 3, 2025, the Notes may be redeemed in whole, at any time, or in
part, from time to time, at the option of the Issuer, for cash, at a redemption price equal to the greater of: (i) 100% of their principal amount; or (ii) an amount, as determined by the Quotation Agent equal to the sum of the present values of
the remaining scheduled payments of principal, premium, if any, and interest thereon (not including any portion of such payments of interest accrued to the date of redemption), to November 3, 2020, discounted to the date of redemption on a
semi-annual basis, assuming a 360-day year consisting of twelve 30-day months, at the Treasury Rate, plus 10 basis points, plus in each case accrued and unpaid interest
thereon to, but not including the date of redemption. On or after November 3, 2025, the Notes may be redeemed in whole, at any time, or in part, from time to time, at the option of the Issuer, for cash, at a redemption price equal to 100% of
the principal amount of the 2025 Notes, plus, in each case, accrued and unpaid interest thereon to, but not including the date of redemption. Notwithstanding the foregoing, installments of interest on Notes that are due and payable on interest
payment dates falling on or prior to a redemption date will be payable on the interest payment date to the registered Holders as of the close of business on the relevant record date. 

“Comparable Treasury Issue” means the United States Treasury security selected by the Quotation Agent as having a maturity
comparable to the remaining term of the Notes that would be utilized, at the time of selection and in accordance with customary financial practice, in pricing new issues of corporate debt securities of comparable maturity to the remaining term of
the Notes. 
 “Comparable Treasury Price” means, with respect to any redemption date, (i) the average of four
Reference Treasury Dealer Quotations for such redemption date, after excluding the highest and lowest of such Reference Treasury Dealer Quotations, or (ii) if the Issuer is provided fewer than four such Reference Treasury Dealer Quotations, the
average of all such quotations. 

  
 A-1-4 

 “Quotation Agent” means the Reference Treasury Dealer appointed by the
Issuer. 
 “Reference Treasury Dealer” means (1) BofA Securities, Inc. and HSBC Securities (USA) Inc. and their
respective affiliates or successors, each of which is a primary U.S. Government securities dealer in the United States (a “Primary Treasury Dealer”); provided, however, that if any of the foregoing shall cease to be a Primary Treasury
Dealer, we will substitute therefor another Primary Treasury Dealer, and (2) any other Primary Treasury Dealers selected by us. 

“Reference Treasury Dealer Quotations” means with respect to each Reference Treasury Dealer and any redemption date, the
average, as determined by the Issuer, of the bid and asked prices for the Comparable Treasury Issue (expressed in each case as a percentage of its principal amount) quoted in writing to the Trustee 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, with respect to any
redemption date, the rate per annum equal to the semi-annual equivalent yield to maturity 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 on such redemption date. 
 Holders of the Notes to be redeemed will receive notice thereof mailed (or, in the
case of Notes held in book-entry form, transmitted electronically) at least 15 days and not more than 45 days prior to the date fixed for redemption. Unless the Issuer defaults in payment of the redemption price, on and after the redemption date,
interest will cease to accrue on the Notes or portions thereof called for redemption. If less than all of the Notes are to be redeemed, the Notes to be redeemed will be selected by the Trustee by lot or another method the Trustee deems to be fair
and appropriate, in each case in accordance with the procedures of Depository Trust Company to the extent applicable. 
 If a Change of
Control Triggering Event (as defined below) occurs, unless the Issuer has previously exercised its right to redeem the Notes in whole as described above, Holders of the Notes will have the right to require the Issuer to repurchase all or any part
(in integral multiples of $1,000 original principal amount) of their Notes pursuant to the offer described below (the “Change of Control Offer”); provided that the principal amount of any Note remaining outstanding after a repurchase in
part shall be $2,000 or a higher integral multiple of $1,000. In the Change of Control Offer, the Issuer will be required to offer payment in cash equal to 101% of the then outstanding aggregate principal amount of Notes repurchased plus accrued and
unpaid interest, if any, on the Notes repurchased, to, but not including, the date of repurchase (the “Change of Control Payment”). Within 30 days following any Change of Control Triggering Event, the Issuer will be required to mail a
notice to Holders (with a copy to the Trustee and the paying agent (if other than the Trustee)) of the Notes describing the transaction or transactions that constitute the Change of Control Triggering Event and offering to repurchase the Notes on
the date specified in the notice, which date will be no earlier than 30 days and no later than 60 days from the date such notice is mailed (the “Change of Control Payment Date”), pursuant to the procedures

  
 A-1-5 

 
described herein and in such notice. The Issuer must comply with the requirements of Rule 14e-1 under the Exchange Act and any other securities laws and
regulations thereunder to the extent those laws and regulations are applicable in connection with the repurchase of the Notes as a result of a Change of Control Triggering Event. To the extent that the provisions of any securities laws or
regulations conflict with the Change of Control provisions herein, the Issuer will be required to comply with the applicable securities laws and regulations and will not be deemed to have breached its obligations under the Change of Control
provisions herein by virtue of such conflicts. 
 The paying agent will promptly mail (or, in the case of Notes held in book-entry form,
transmit electronically) to each Holder of the Notes properly tendered the repurchase price for such Notes, and the Trustee will promptly authenticate and mail (or cause to be transferred by book-entry) to each Holder a new Note equal in principal
amount to any unrepurchased portion of any Notes surrendered; provided, that each new Note will be in a principal amount of $2,000 or an integral multiple of $1,000 thereafter. 

Notwithstanding the foregoing, the Issuer will not be required to make a Change of Control Offer upon the occurrence of a Change of Control
Triggering Event if a third party makes such an offer in the manner, at the times and otherwise in compliance with the requirements for a Change of Control Offer made by the Issuer and the third party repurchases all Notes properly tendered and not
withdrawn under its offer. In addition, the Issuer will not repurchase any Notes if there has occurred and is continuing on the Change of Control Payment Date an event of default under the Indenture, other than a default in the payment of the Change
of Control Payment upon a Change of Control Triggering Event. 
 On the Change of Control Payment Date, the Issuer will be required, to the
extent lawful, to (i) accept for payment all Notes or portions of Notes properly tendered pursuant to the Change of Control Offer; (ii) deposit with the paying agent, no later than 10:00 a.m., New York City time, an amount equal to the
Change of Control Payment in respect of all Notes or portions of Notes properly tendered; and (iii) deliver or cause to be delivered to the Trustee the Notes properly accepted together with an Officer’s Certificate stating the aggregate
principal amount of Notes or portions of Notes being repurchased. 
 “Below Investment Grade Rating Event” means the Notes
are rated below an Investment Grade Rating by each of the Rating Agencies (as defined below) on any date from the date of the public notice of an arrangement that could result in a Change of Control until the end of the 60-day period following public notice of the occurrence of the Change of Control (which 60-day period shall be extended so long as the rating of the Notes is under publicly
announced consideration for possible downgrade by any of the Rating Agencies). 
 “Change of Control” means the occurrence
of any of the following: (1) the direct or indirect sale, transfer, conveyance or other disposition (other than by way of merger or consolidation), in one or a series of related transactions, of all or substantially all of the properties or
assets of the Issuer and its Subsidiaries taken as a whole to any Person other than the Issuer or one of its Subsidiaries; (2) the consummation of any transaction (including, without limitation, any merger or consolidation) the result of which
is that any Person becomes the beneficial owner, directly or indirectly, of more than 50% of the then outstanding number of shares of the Issuer’s voting stock; or (3) the first day on which a majority of the members of the Issuer’s
Board of 

  
 A-1-6 

 
Directors are not Continuing Directors. Notwithstanding the foregoing, a transaction will not be deemed to result in a Change of Control if (i) the Issuer becomes a wholly owned subsidiary
of a holding company and (ii) the holders of the voting stock of such holding company immediately following that transaction are substantially the same as the holders of the Issuer’s voting stock immediately prior to that transaction. 

“Change of Control Triggering Event” means the occurrence of both a Change of Control and a Below Investment Grade Rating
Event. 
 “Continuing Directors” means, as of any date of determination, any member of the Board of Directors of the Issuer
who (1) was a member of such Board of Directors on the date of original issue of this Security; or (2) was nominated for election or elected to such Board of Directors with the approval of a majority of the Continuing Directors who were
members of such Board of Directors at the time of such nomination or election (either by a specific vote or by approval of the Issuer’s proxy statement in which such member was named as a nominee for election as a director, without objection to
such nomination). 
 “Fitch” means Fitch Ratings Inc., a subsidiary of Hearst Corporation and Fimalac, S.A., or its
successor. 
 “Investment Grade Rating” means a rating equal to or higher than BBB-
(or the equivalent) by Fitch, Baa3 (or the equivalent) by Moody’s and BBB- (or the equivalent) by S&P. 

“Moody’s” means Moody’s Investors Service, Inc., or its successor. 

“Person” has the meaning set forth in the Indenture and includes a “person” as used in Section 13(d)(3) of the
Exchange Act. 
 “Rating Agencies” means (1) each of Fitch, Moody’s and S&P; and (2) if any one or more
of Fitch, Moody’s or S&P ceases to rate the Notes or fails to make a rating of the Notes publicly available for reasons outside of the Issuer’s reasonable control, then, at the Issuer’s election, either (x) each of the
remaining agencies, as the case may be or (y) each of the remaining agencies, as the case may be, and any “nationally recognized statistical rating organization” within the meaning of Section 3(a)(62) under the Exchange Act,
selected by the Issuer (as certified by a Board Resolution) as a replacement agency for Fitch, Moody’s or S&P, or all of them, as the case may be. 

“S&P” means S&P Global Ratings, a division of S&P Global, Inc., or its successor 

If an Event of Default with respect to the Notes shall occur and be continuing, the principal of all the Notes may be declared due and payable
in the manner and with the effect provided in the Indenture. 
 The Indenture contains provisions permitting the Issuer and the Trustee,
with the consent of the holders of not less than a majority in aggregate principal amount of the Senior Securities or Subordinated Securities, as the case may be, of all series issued under such Indenture then outstanding and affected (each voting
as one class), to add any provisions to, or change in any 

  
 A-1-7 

 
manner, eliminate or waive any of the provisions of, such Indenture or modify in any manner the rights of the holders of the Securities or Coupons so affected; provided that the Issuer and
the Trustee, may not, without the consent of the holder of each Outstanding Security affected thereby, (i) extend the final maturity of the principal of any Security or reduce the principal amount thereof or premium thereon, if any, or reduce
the rate or extend the time of payment of interest thereon, or reduce any amount payable on redemption thereof or change the currency in which the principal thereof (other than as otherwise may be provided with respect to such series), premium, if
any, or interest thereon is payable or reduce the amount of the principal of any Original Issue Discount Security that is payable upon acceleration or provable in bankruptcy, or in the case of Subordinated Securities of any series, modify any of the
subordination provisions or the definition of “Senior Indebtedness” relating to such series in a manner adverse to the holders of such Subordinated Securities, or alter certain provisions of the Indenture relating to Securities not
denominated in Dollars or the Judgment Currency of such Securities or impair or affect the right of any Securityholder to institute suit for the enforcement of any payment thereof when due or, if the Securities provide therefor, any right of
repayment at the option of the Securityholder or (ii) reduce the aforesaid percentage in principal amount of Securities of any series issued under the Indenture, the consent of the holders of which is required for any such modification. It is
also provided in the Indenture that, with respect to certain defaults or Events of Default regarding the Securities of any series, the holders of a majority in aggregate principal amount Outstanding of the Securities of each such series, each such
series voting as a separate class (or, of all Securities, as the case may be voting as a single class) may under certain circumstances waive all defaults with respect to each such series (or with respect to all the Securities, as the case may be)
and rescind and annul a declaration of default and its consequences, but no such waiver or rescission and annulment shall extend to or affect any subsequent default or shall impair any right consequent thereto. The preceding sentence shall not,
however, apply to a default in the payment of the principal of or interest on any of the Securities. 
 No reference herein to the Indenture
and no provision of this Note or of the Indenture shall alter or impair the obligation of the Issuer, which is absolute and unconditional, to pay the principal of and interest on this Note at the time, place and rate, and in the coin or currency,
herein prescribed. 
 As provided in the Indenture and subject to certain limitations therein set forth, the transfer of this Note may be
registered on the registry books of the Issuer, upon surrender of this Note for registration of transfer at the office or agency of the Issuer maintained by the Issuer for such purpose in Minneapolis, Minnesota, duly endorsed by, or accompanied by a
written instrument of transfer in form satisfactory to the Issuer and the Trustee duly executed by, the holder hereof or by its attorney duly authorized in writing, and thereupon one or more new Notes 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 Issuer may require payment of a sum sufficient to cover any tax or other governmental charge that may be imposed in connection therewith. 

  
 A-1-8 

 Prior to due presentment of this Note for registration of transfer, the Issuer, the Trustee
and any agent of the Issuer or the Trustee may treat the person in whose name this Note is registered as the owner hereof for all purposes, whether or not this Note be overdue, and neither the Issuer, the Trustee nor any such agent shall be affected
by notice to the contrary. 
 THIS NOTE SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK, INCLUDING,
WITHOUT LIMITATION, SECTION 5-1401 OF THE NEW YORK GENERAL OBLIGATIONS LAW. 

  
 A-1-9 

 [FORM OF SCHEDULE FOR ENDORSEMENTS ON REGISTERED 

GLOBAL SECURITIES TO REFLECT CHANGES IN PRINCIPAL AMOUNT] 

Schedule A 
 Changes to Principal
Amount of Registered Global Securities 
  

													
	 Date
	  	Principal Amount
of Notes
by which this Registered Global
Security is to be
Reduced or Increased,
and Reason
for
Reduction or Increase	 	  	Remaining Principal
Amount of this
Registered
Global Security	 	  	Notation Made By	 
		  				  				  			

  
 A-1-10

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