Document:

Exhibit 4.8

 

 

	Commercial Lease Agreement	
        Principal lease: office space

        

        Reference number: 6007.01.0401.07

        

        Commencement of lease: 01 October 2016

        

        Subject to VAT 

        

	 	 
	 	 

	1	Lessor	 	 
	 	 	 	 
	PSP Real Estate AG	 	VAT No. CHE-
	Seestrasse 353	 	116.310.369
	8038 Zurich	 	VAT
	 	 	 
	 	 	 

	2	Represented by	 	 
	 	 	 	 
	PSP Management AG	 	 
	Baslerstrasse 44	 	 
	4600 Olten	 	 
	 	 	 
	 	 	 
	3	Lessee	 	 
	 	 	 	 
	Lessee 1	VAT No. CHE-	VAT No.
	Auris Medical AG	455.709.593	 
	Falknerstrasse 4	VAT	 
	4001 Basel	 	 
	 	 	 
	 	 	 
	4	Property	 	 

Dornacherstr. 210, 4053 Basel

 

 

 

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	5	Table of contents	 
	 	 	 
	1	Lessor	1
	2	Represented by	1
	3	Lessee	1
	4	Property	1
	5	Table of contents	2
	6	Leased properties; rent; ancillary space; purpose
of use; ancillary costs	4
	6.1	Leased properties and rents	4
	6.2	Supplementary space	4
	6.3	Ancillary space for shared use	4
	6.4	Intended use	4
	6.5	Payment of rent; default	4
	6.6	Basis of rent	4
	6.7	Rent adjustments	5
	6.8	Value-added tax	5
	6.9	Ancillary costs	5
	6.10	Duties and fees	6
	7	Commencement of lease; term of lease	6
	8	One-time right of termination on the Lessee’s
part	7
	9	Premature return of the leased property	7
	10	Renewal option	7
	11	Provision of security	8
	12	Plans; calculation of space	8
	13	Lessor’s finishing work (bare construction);
Lessee’s finishing work; contractors’ liens	8
	13.1	Lessor’s finishing work (bare construction
2)	8
	13.2	Lessee’s finishing work (finishing work assumed by the Lessee; structural changes; contractors’ liens)	9
	 	13.2.1   Installation and finishing
work assumed by the Lessee	9
	 	13.2.2   Structural changes made
by the Lessee	9
	 	13.2.3   Contractors’ liens	10
	14	Lessor’s maintenance obligations	10
	15	Lessee’s maintenance obligations	10
	16	Risk of damage or loss; insurance	11
	17	Cleaning	11
	18	Delivery	12
	19	List of keys	12
	20	Approvals from the authorities responsible for trades; statutory provisions for industrial operations and of the fire and health code and inspection authorities	12
	21	Use of the leased premises	12
	21.1	Duty of care and consideration	12
	22	Use of the courtyard, forecourt, premises and
facilities outside the leased premises	13
	22.1	Fundamental provisions	13
	22.2	Incoming and outgoing deliveries	13
	22.3	Waste	13
	23	Fire escape	13
	24	Signage; advertising	13
	25	Deposit process; setoff	14
	26	Subleasing	14
	27	Transferring the lease	14
	28	Right of inspection	15
	29	Restoration and return of the leased premises	15
	29.1	Restoration	15
	29.2	Return	15
	30	Share of costs of finishing work	15
	31	Applicable law; place of jurisdiction	16
	32	Supplementary provisions	16

 

 

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	33	Amendments; addenda; prior agreements and understandings	16
	34	Annexes	16
	35	Signatures	16

 

 

 

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		6	Leased properties; rent;
ancillary space; purpose of use; ancillary costs

 

		6.1	Leased properties and
rents

 

	Property type	Floor	Prop.	Reference No.	Area,	Price,	Francs per	Francs per
	 	 	No.	 	approx. m2	m2/year	year	month
	 	 	 	 	 	 	 	 
	Office space	4th	 	6007.01.0401.07	568.00	230.00	130,639.80	10,886.65
	 	 	 	 	 	 	 	 
	Total net rent	 	 	 	 	 	130,639.80	10,886.65
	 	 	 	 	 
	Advance payment for heating/operating costs	 	 	11,400.00	950.00
	 	 	 	 	 	 	 	 
	VAT, 8%	 	 	 	 	 	11,363.40	946.95
	Total gross rent, incl. VAT	 	 	 	 	153,403.20	12,783.60

 

The agreed base net rent refers to the leased property
in bare construction condition.

 

		6.2	Supplementary space

 

The total leased space stated includes the following
supplementary space:

 

Reference
No. 6007.01.0401.07 approx. 36 m2 share of
approx. 72 m2 general corridor and restroom
facilities

 

		6.3	Ancillary space for
shared use

 

The following space and facilities are available for
shared use without separate rent being charged therefor:

 

Stairway and three passenger elevators

 

Any operating costs with regard to the shared-use
space and facilities will be borne proportionally by the users or the Lessee, as the case may be.

 

		6.4	Intended use

 

The leased premises must only be used as office space.
The only specification stipulated on a binding basis with the intended use is the Lessee’s right of use, regardless of the
contractually defined finish condition of the leased property.

 

		6.5	Payment of rent; default

 

The rent is due on the first day of each month (due
date). The Lessee is considered to have paid the rent on time if the Lessor can dispose of the money on the due date. The Lessor
is entitled to charge the Lessee default interest of 5% (from the due date onward) if payment is received after the due date.

 

All rent payments will always be applied to the item
that has been open the longest, irrespective of the designated purpose of the payment.

 

		6.6	Basis of rent

 

Swiss Consumer Price Index:Base
year2015Status
31 May 2016Point 100.6

 

 

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		6.7	Rent adjustments

 

The net rent is indexed at a rate of 100.00%.

 

The net rent can be adjusted in accordance with the changes
in the Swiss Consumer Price Index once annually, upon one month’s notice, with the first effective date being 01 January
2018. Rent adjustments are calculated according to the following formula:

 

Current index - index from last adjustment

--------------------------------------------------------------
x 100.00 = rent adjustment as a percentage

Index from last adjustment

 

It is not possible for the rent to be adjusted to below
the base net rent stipulated upon the commencement of the Agreement as part of the indexing of the rent.

 

Rent increases based on additional services provided
by the Lessor or due to the introduction of new duties or contributions under public law can also be asserted during the fixed
term of the Agreement.

 

“Additional services” means all facilities,
installations, or construction-related adjustments that are applied or created as additions to the previous condition, irrespective
of whether the Lessor occasions this on its own initiative or in fulfillment of any changes in statutory provisions that may apply.
Such rent increases will take place upon one month’s prior notice, effective as of the first day of the next month, and will
be announced to the Lessee in the form stipulated therefor.

 

If necessary, advance contributions to heating and operating
costs and flat fees for ancillary costs can also be adjusted during the fixed term of the Agreement upon one month’s prior
notice, in the form stipulated therefor, effective as of the first day of the next month, with this being based on the actual costs
in the case of advance payments for heating and operating costs and according to the average value for the previous three years
in the case of flat fees for ancillary costs.

 

		6.8	Value-added tax

 

The Lessee owes the Lessor value-added tax at the then-applicable
rate (currently 8%) on the compensation that is relevant for VAT purposes pursuant to Art. 24 of the Swiss Value-Added Tax Act
[Mehrwertsteuergesetz (MWSTG)], i.e. the agreed net rent and the ancillary costs. In the event of changes in the VAT rate,
the Lessor shall implement the new rate as of the time of the change in the law and shall notify the Lessee thereof at least one
month in advance.

 

The Lessee confirms that it will use the leased property,
by way of application of Art. 22 (2) (b) MWSTG, for business purposes and not exclusively for private purposes during the entire
term of the Lease Agreement. If the option in favor of application of VAT ceases to apply for a reason caused by the Lessee, the
Lessee shall be liable to the Lessor for the full amount of damage arising therefrom.

 

		6.9	Ancillary costs

 

The term “ancillary costs” means heating, hot water,
and operating costs.

 

To the extent that advance contributions are agreed
above for the heating, hot water, and operating costs, the Lessor shall settle accounts for these costs once annually. The reference
date for the settlement of accounts for heating, hot water, and operating costs is 31 December.

 

The costs of heating and hot water include all cost types
pursuant to Art. 5 of the Swiss Ordinance on Rental and Lease of Residential and Business Space [Verordnung über die Miete
und Pacht von Wohn- und Geschäftsräumen (VMWG)] plus decalcification of any individual boilers present in the leased
property (every three years) and a billing fee for heating and hot water costs for the management in the amount of 3% plus VAT.

 

 

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The operating costs include the following cost types:

 

		-	Building caretaker services, including VAT, rent for the caretaker’s space, incidentals;

		-	Cleaning the generally accessible rooms and spaces, including cleaning supplies
and replacement lamps;

		-	Periodic container cleaning;

		-	Cleaning of glass and metal façades or façade parts;

		-	General electricity/water consumption/wastewater/sewage/refuse, including
corresponding base fees;

		-	Garden maintenance, removal of garden waste, and garden cleaning;

		-	Removal of snow and ice, including salt;

		-	Service subscription fees for elevator facilities, including operation of the elevator phone, ventilation
facilities, including periodic cleaning of distribution pipes and consumable supplies, sliding doors, fire extinguishers, pumps,
emergency lighting systems and equipment;

		-	Filters and service for water treatment units;

		-	Preventive flushing of the sewage system and feed/discharge lines;

		-	Cleaning and consumable supplies for general restroom facilities;

		-	Costs of security service;

		-	Billing fee for management, 3.5% + VAT.

 

The statement of accounts for heating, hot water, and
operating costs is considered to be approved with regard to all services and costs covered therein to the extent that the Lessee
does not object thereto in writing to the Lessor or the Lessor’s representative within 30 days after receipt thereof. The
Lessee has the right to inspect, or to have an authorized representative inspect, the detailed statement of accounts and the corresponding
documentation in the original on the premises of the Lessor or its representative.

 

Additional charges must be paid within 30 days after
receipt of the statement. Refunds will be made within 45 days, subject to setoff.

 

During the heating period, the heating must not be
turned off entirely in any room. No reductions in heating costs can be made for heaters turned down by the Lessee.

 

		6.10	Duties and fees

 

Duties and fees caused exclusively by the operation of the Lessee’s
business must be paid by the Lessee, even if they are charged to the Lessor.

 

If the operation of the Lessee’s
business entails disproportionate use of water, the Lessor is permitted to order that a separate water meter be installed at the
Lessee’s expense, even during the term of the lease. Accounts will be settled with regard to water use together with the
operating costs.

 

Costs that are billed directly to the Lessee by a provider
or government agency (including cable networks) and are not listed in the Agreement must be paid directly by the Lessee.

 

		7	Commencement of lease;
term of lease

 

	Commencement of lease:	01 October 2016

The rent is owed from this point onward. Should the delivery
take place before then, especially for the performance of the Lessee’s finishing work, the risk shall pass to the Lessee
upon delivery.

 

	End of lease:	30 September 2021

The lease is subject to a fixed term to terminate without prior
notice on 30 September 2021.

 

 

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		8	One-time right of termination
on the Lessee’s part

 

The Lessee is granted the right to terminate the present Lease
Agreement one time as follows:

 

	Notice period for termination:	12 months
	One time, effective as of:	30 September 2019

 

If the Lessee intends to make use of this right, the
Lessee’s notice of termination must be rendered by certified/registered mail. It is considered valid if it is received by
the Lessor or is ready for pick-up at the post office no later than on the last day before the notice period for termination begins.
If the Lease Agreement has been entered into with multiple Lessees, the notice of termination must be signed by all Lessees.

 

If the Lessee makes use of this right of termination,
the Lessor has the right to demand a penalty payment of CHF 50,000.00 (share of Lessee’s finishing work without the amount
of CHF 5,000.00 for the installation of the partition walls for the new entrance corridor).

 

		9	Premature return of
the leased property

 

If the Lessee wishes to dissolve the lease without complying
with the agreed time limits and deadlines and to return the leased property prematurely, the Lessee is liable for the rent, ancillary
costs, and the other obligations of the Lessee up until such time as the property is leased to a different tenant, but not beyond
the expiration of the Agreement or – if agreed – the next date of termination possible under the Agreement, unless
the Lessee proposes a substitute tenant that is acceptable to the Lessor, solvent and willing to take on the Lease Agreement on
the same terms and conditions (Art. 264 of the Swiss Code of Obligations [Obligationenrecht (OR)]. The costs of placing
advertisements, advertising and additional activities that are associated with the unscheduled leasing of the property to a new
tenant shall be borne by the Lessee that is moving out.

 

The Lessor has 30 days to review the substitute tenant and engage
in the associated clarifications.

 

		10	Renewal option

 

The Lessee is granted the option to renew by an additional
five years, meaning from 01 October 2021 until 30 September 2026. The Lessee can exercise this option no later than 30 September
2020, and not before six (6) months before this date, by way of registered/certified mail; otherwise, the renewal option shall
cease to apply. If the option is not exercised or ceases to apply, the lease shall terminate without prior notice on 30 September
2021.

 

If the Lessee validly exercises
the renewal option, the Lessor is entitled to adjust the rent to the market conditions then in effect as of the commencement of
the new term of the Agreement. It is not possible for the rent to fall below the rent applicable at the relevant point in time.

 

The new rent will be sent to the Lessee no later than
30 days after the renewal option is validly exercised, along with a new Lease Agreement for the Lessee to countersign. If the Lessee
does not return the countersigned new Lease Agreement within 30 days from delivery thereof, the renewal option shall cease to apply
and the lease shall terminate on the contractually agreed terms without prior notice of termination being required.

 

If the renewal option is exercised and a new Lease Agreement
comes into existence, the lease shall terminate upon the expiration of the new term thereof without prior notice of termination
being required.

 

The option right is only available to the Lessee personally.
If the Lessee transfers the lease to a third party within the meaning of Art. 263 OR, or if more than 50% of the leased space is
sub-leased, the renewal option shall cease to apply.

 

 

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		11	Provision of security

 

To safeguard all of the Lessor’s claims arising from the
lease pursuant to the present Lease Agreement and the relevant annexes hereto, the Lessee shall provide an irrevocable, abstract
bank guarantee payable upon first demand within the meaning of Art. 111 OR from a bank accepted in writing by the Lessor beforehand
and recognized in Switzerland in the amount of CHF 76,700.00 or, in the same scope, security within the meaning of an interest-bearing
savings account pursuant to Art. 257 e OR for the duration of the lease plus 12 months.

 

In the event that the lease is transferred (Art. 263
OR), the Lessor is permitted to demand that the security be increased to cover the Lessor’s claims.

 

The security is due before the keys are delivered. If
security is not provided, the Lessor is entitled to refuse to deliver the leased property and to proceed according to Art. 107
et seqq. OR.

 

		12	Plans; calculation of space

 

The attached plan dated 14 June 2016 constitutes an
integral element of the present Lease Agreement and shall be signed by both Parties.

 

Deviations in space, if any, do not justify an adjustment of
the rent.

 

The leased space is calculated as follows:

SIA Documentation d 0165

 

		13	Lessor’s finishing work (bare construction);
Lessee’s finishing work; contractors’ liens

 

		13.1	Lessor’s finishing
work (bare construction 2)

 

The leased property is leased out as bare construction 2, consisting
of the following components:

 

	-	Floor:	Raw concrete floor 
	-	Walls:	Enclosing walls, base plaster, raw 
	-	Ceiling:	Raw concrete ceiling 
	-	Electrical:	Lessee’s responsibility from floor-level distributor / empty wall duct 
	-	Heating:	Radiators
	-	Windows:	Aluminum/wood windows

 

All finishing work on the leased property in excess of the bare
construction defined above is part of the Lessee’s finishing work and lies within the Lessee’s exclusive sphere of
responsibilities.

 

According to the will of both Parties, the bare construction
condition defined above corresponds to the condition of the lease property that is suitable for the presupposed use.

 

The Lessee is obligated to tolerate the placement of
ducts, pipes, cables, etc., in the ceiling cavity and floor without compensation.

 

 

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		13.2	Lessee’s finishing work (finishing work assumed by the Lessee; structural
changes; contractors’ liens) 

 

		13.2.1	Installation and finishing
work assumed by the Lessee

 

All installation and finishing work beyond the above-described
Lessor’s finishing work (bare construction) that already exists at the time of commencement of the lease and installations
that have been performed by the Lessor or a previous tenant shall be delivered to the Lessee free of charge in their current condition
in accordance with the delivery record that is to be drawn up. These items are part of the “Lessee’s finishing work,”
and have not been taken into account in setting the base net rent. The Lessor assumes no liability for the Lessee’s finishing
work.

 

		13.2.2	Structural changes made
by the Lessee

 

The Lessee is entitled to finish and/or convert the
leased property according to its needs at its own expense, with the Lessor’s prior written approval being required for the
respective conversion and finishing projects. Corresponding plans at a scale of 1:50, cost estimates, and detailed construction
specifications must be presented to the Lessor for this.

 

To the extent that changes to the leased property by
the Lessee require construction-related or other official permits or authorizations, all costs associated therewith shall be borne
by the Lessee. If approval or authorization for finishing work to be performed by the Lessee is rendered dependent on the fulfillment
of conditions imposed by government agencies or by law and these conditions necessitate additional construction-related or other
measures, e.g. for reasons associated with fire regulations, or for safety, ecological, historical preservation or other reasons
(additional emergency exit doors, disabled-accessible construction, sprinkler systems, fire alarm systems, use of equipment and
materials specified for ecological reasons, removal of equipment and materials that are hazardous to health, such as asbestos,
etc.), all costs associated therewith shall be borne exclusively by the Lessee. No compensation is owed by the Lessor upon the
end of the Agreement, even if the corresponding measures are not reversed.

 

The Lessee is obligated, at its own expense, to comply
with all statutory provisions concerning the finishing and/or conversion work, such as the municipal and cantonal building codes,
SIA standards and guidelines of relevant specialized associations, SUVA rules and regulations, fire codes and regulations, etc.,
and to obtain all necessary official permits and authorizations. Particular attention must be paid to the structural engineering
of the building (floor load, load-bearing elements, etc.). Where approved interventions in the general parts of the building take
place, especially in the areas of structural engineering, installations and the building envelope, the Lessor has the right to
specify the planners, entrepreneurs, products, and systems used.

 

Other tenants must be given the utmost consideration
when performing the finishing or conversion work. The Lessee is obligated to notify the other tenants in the building with sufficient
lead time and in detail with regard to the upcoming construction emissions. Noise-intensive work and any interruptions in pipes
or other lines (electricity, water, fiber optic, etc.) must be coordinated with the other tenants in the building. In commercial
buildings with a residential portion, performance of the Lessee’s work is permitted only Monday through Friday and only during
normal working hours.

 

The Lessee shall bear all costs arising directly or indirectly
from its construction activities; this also includes connection fees for water, electrical, sewage, etc. The Lessee is moreover
liable, including in the case of careful and considerate performance of the relevant work, for any claims that may be asserted
by other tenants or third parties (e.g. neighbors) (reduction of rent and/or damages, neighbors’ rights) to the extent that
such claims are rightly asserted with citation of the relevant legal provisions. The Lessee moreover undertakes to participate
in any legal dispute that may be initiated vis-à-vis the Lessor in this regard upon provision of third-party notice and
to assume the legal dispute at its own risk and expense if the Lessor so requests.

 

The Lessee is liable for all property damage, personal
injury, and financial losses that may arise in connection with construction measures on the Lessee’s part. The Lessee is
therefore obligated to take out construction principal’s liability insurance and insurance for the term of the construction
at its own expense for every construction project.

 

 

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For the purpose of reporting the Lessee’s finishing
work to the cantonal building insurance authority, the Lessee is obligated to provide to the Lessor, no later than three months
after the completion of the construction, a statement of accounts for construction organized according to the construction cost
plan published by the Swiss Zentralstelle für Baurationalisierung and an adjusted set of finishing specifications.

 

In the event of any electrical installations by the Lessee,
the Lessee is responsible for ensuring that all statutory provisions in this regard are complied with. To this end, the Lessee
is obligated to have a safety certification prepared, and to send it to the Lessor, at the Lessee’s own expense no later
than three months after the completion of these installations.

 

If a change in the leased property by the
Lessee leads to reassessment of the building (additional premiums for building insurance) or to an increase in public fees or
contributions as a result of an increase in value due to the Lessee’s finishing work, these additional costs shall be borne
by the Lessee.

 

		13.2.3	Contractors’ liens

 

The Lessee shall ensure that the contractors, entrepreneurs
and suppliers involved do not register any contractors’ liens. If this occurs nonetheless, the Lessee is required to ensure
that these liens are deleted immediately and at the Lessee’s own expense already at the time of provisional entry in the
Land Register. If it fails to do so, the Lessee is liable to the Lessor for the damage and/or losses arising therefrom.

 

In the case of larger investments, the Lessor is entitled
to demand that the Lessee provide, before construction begins, a confirmation from a bank accepted by the Lessor in writing in
advance and recognized in Switzerland that documents that the estimated construction amount has been secured and according to which
this bank is obligated to pay the invoices of contractors and suppliers directly.

 

		14	Lessor’s maintenance obligations

 

The Lessor’s maintenance obligations are limited
to the Lessor’s finishing work as defined above, meaning the bare construction. In this regard, the Lessor is obligated to
maintain the leased property (not including finishing work by the Lessee) in usable condition. The Lessee must report any defects
to the Lessor.

 

In the event of suddenly emerging defects that represent
an emergency that cannot be postponed, the Lessee is obligated to immediately notify the caretaker and the management or, in their
absence, to take itself or cause to be taken the precautions that are absolutely necessary to avert consequential damage and/or
losses, to the extent possible and reasonable. If it fails to do so, the Lessee is liable for consequential damage and/or losses.

 

The Lessor is entitled to perform necessary repairs,
adjustments and renovations in the leased property and with regard to the associated facilities and installations and in and on
the general parts of the building unimpeded, provided it has given advance notice that is appropriate to the scope thereof.

 

The Lessee is required to tolerate at all times any work
that is necessary to maintain the physical condition of the property and cannot be postponed. If the Lessee refuses to allow contractors
to access the leased property, the Lessee may be held liable for any additional costs and consequential damage and/or losses.

 

		15	Lessee’s maintenance obligations

 

The costs of maintenance and replacements with regard
to the Lessee’s finishing work, meaning any and all installations and finishing work performed by the Lessee as well as its
installations, facilities and equipment, shall be borne expressly and exclusively by the Lessee. The Lessee is obligated to maintain
the Lessee’s finishing work during the entire term of the lease in such a way that the appearance of the leased property
is always in qualitatively and aesthetically perfect condition. The Lessor is permitted to demand that the Lessee perform the necessary
work if the condition of such facilities and equipment threatens to damage the leased premises or other parts of the property.
If it fails to do so, the Lessor is permitted to order the work on its own and charge the costs to the Lessee.

 

 

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Furthermore, the Lessee is responsible for minor cleaning,
repairs and improvements (termed “minor maintenance”) on the bare construction as necessary for the customary use of
the leased premises. Such maintenance work must be performed in a workmanlike manner, including if others are commissioned to perform
it. Minor maintenance includes the following in particular:

 

		a)	Periodic cleaning of the windows and display windows (inside and outside), shutters, blinds, balconies
and decks as well as drains, restroom facilities, doors and mailboxes as well as signage and advertising equipment, clearing blockages
in wastewater lines to the main line, decalcification of individual boilers.

 

		b)	All further minor repairs that do not exceed 1% of the annual net rent (on
an indexed basis) in the individual case.

 

		16	Risk of damage and/or losses; insurance 

 

The Lessor shall insure the leased property without furniture,
fixtures and equipment with the cantonal building insurance authority – or, in cantons where there is no such established
authority, with a private insurance company – against fire and elemental damage.

 

Additional building insurance premiums due to the Lessee’s
finishing work will be passed through to the Lessee annually. The building insurance premium is calculated based on the construction
account statement to be prepared by the Lessee and/or the building insurance estimate for the Lessee’s finishing work and
in accordance with the then-applicable rates applied for the relevant insurance. If the Lessee fails to send the construction account
statement to the Lessor as agreed, the Lessee shall bear the risk of all damage and/or losses suffered by the Lessee’s finishing
work, and the Lessor rejects all liability in this regard.

 

The Lessee shall bear the risk for all damage and/or
losses due to fire, water, explosion, moisture, break-in, theft, etc. suffered by the Lessee’s finishing work, the Lessee’s
fixtures, equipment and installations, and/or the goods belonging to the Lessee that the Lessee has brought onto the premises.
The Lessee shall take out corresponding insurance policies at its own expense.

 

The Lessee shall moreover bear, as a basic principle,
the risk for all panes of glass in its leased premises. Shattered or broken panes of glass must be replaced with glass of the same
characteristic features and quality. The Lessee is not released from the obligation to replace such panes accordingly unless it
proves that the damage was caused by improper installation or by tension in the frame.

 

The Lessor will take out and maintain insurance coverage
for liability claims vis-à-vis third parties only to the extent to which the Lessor can be held liable. The rest is the
Lessee’s responsibility.

 

		17	Cleaning

 

The periodic complete cleaning of the leased property and the
windows and rolling shutters pertaining to the leased property (inside and outside) as well as signs, lighted signs and mailboxes
is the Lessee’s responsibility and must be performed by the Lessee at its own expense.

 

If general parts of the building
are dirty or infested with pests because the Lessee does not fulfill this cleaning obligation or does not do so adequately, the
Lessee is liable for all direct and consequential damage and/or losses.

 

If common areas are available to multiple tenants, they
must arrange for cleaning and replacement of consumable supplies among themselves; the Lessor reserves the right to arrange this
work and is entitled to charge the tenants proportionally for the costs arising in this respect as part of the ancillary costs.

 

 

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		18	Delivery

 

The Lessor shall deliver the leased premises to the
Lessee in the contractually owed condition and clean. The Lessee shall have no claim to receive the leased premises in like-new
condition.

 

The blinds and windows will be cleaned by the Lessor before the
property is delivered.

 

A record of delivery will be prepared. The Lessee must
report any defects in the leased premises that are not listed in the record to the Lessor via registered/certified mail within
ten days after the start of the lease. This does not apply to hidden defects, which must be reported in writing without delay after
they are discovered. If no such reports are made, the leased property is considered to have been delivered in the condition stated
in the record.

 

		19	List of keys

 

The record of delivery will list the keys/badges delivered.
The Lessee must replace any keys/badges that are lost during the term of the lease at its own expense no later than as of the end
of the term thereof. In such a case, the Lessor is entitled to change or replace the locking system and the keys/badges at the
Lessee’s expense. Any additional keys/badges made must be turned over to the

 

Lessor when the Lessee moves out, without any compensation being
paid therefor.

 

		20	Approvals from the authorities responsible for trades; statutory provisions
for industrial operations and of the fire and health code and inspection authorities 

 

The Lessee is obligated to obtain, directly and at its
own expense, all permits and approvals required for the use of the leased premises and for its operations and to comply therewith.

 

		21	Use of the leased premises

 

		21.1	Duty of care and consideration

 

The Lessee must use the leased premises with the utmost
care and must keep them in good and clean condition. The Lessee is only permitted to use the leased premises for the contractually
agreed purpose. The Lessee is liable for any damage and/or losses arising through improper use thereof or use thereof in breach
of contract.

 

The Lessee must demonstrate consideration for fellow tenants
and neighbors in its use of the leased premises. The Lessee is prohibited from using machines, apparatus and equipment or engaging
in any trade or commercial business that causes noise, vibrations or shocks, bothersome fumes or foul odors. The Lessee agrees
to comply with any house rules that may be established by the Lessor.

 

Before heavy goods and items such as safes, machines,
etc. are brought into the leased property, the Lessee must clarify the load limits for the floors with the Lessor; the Lessee shall
bear the costs of any expert report from the construction engineer that may be needed. Appropriate underlays or insulation must
be placed under heavy furnishings to protect the floors and, where applicable, to prevent noise, vibrations and shocks.

 

 

	Initials	[initials]	12 /
    16

    	 

    	 

    

		22	Use of the courtyard, forecourt, premises and facilities
outside the leased premises

 

		22.1	Fundamental provisions

 

Unless otherwise agreed in writing, the Lessee is not
permitted to place or store objects outside the leased premises. In particular, access to the building and courtyard, vehicle passage,
building and basement or other open areas and spaces must not be blocked with objects of any kind. If the Lessor grants its permission
therefor as an exception, the Lessee shall be liable for any and all damage and/or losses arising from the storage.

 

Vehicles of any kind belonging to the Lessee, its employees
and its customers must only be parked in the parking spaces designated by the Lessor.

 

		22.2	Incoming and outgoing
deliveries

 

Incoming and outgoing deliveries of goods must be performed
carefully and must only be performed in the locations designated by the Lessor. The Lessee must eliminate any soiling due to incoming
and outgoing deliveries of goods immediately and without any particular request to that effect being issued. Any damage and/or
losses that are sustained must be reported without delay to the Lessor, which will cause them to be remedied at the Lessee’s
expense.

 

The use of the passenger and freight elevators is subject
to the rules posted there. In particular, users must comply with the load rules.

 

		22.3	Waste

 

Waste of all kinds must only be placed in the locations designated
by the Lessor and must be placed there in an appropriate manner. If necessary, the Lessee is obligated to procure appropriate containers
and to provide them regularly for emptying.

 

		23	Fire escape

 

Any fire escape that may be present must only be used
in the event of a fire or other emergency in which the main stairs are not accessible. The door to the fire escape must be kept
clear at all times. Storage of any kind along emergency escape routes is prohibited.

 

		24	Signage; advertising

 

The Lessee shall assume the costs of producing standardized
name signs for the doorbell, mailbox, elevator, etc.

 

The façade, roof, roof overhangs, wall projections, technical
space, and stairway walls are not included in the lease, and the Lessee is not permitted to use them.

 

Company and advertising signs, posters, display windows, placards
and the like must not be installed except with the Lessor’s prior written approval and in the locations designated by the
Lessor. The costs of installation, operation, maintenance and replacement associated therewith shall be borne by the Lessee. The
Lessor’s approval encompasses the nature, size, color, form and material, and moreover the orientation and sequence of signs.
In the case of façade repairs or modifications, the Lessee must remove and reinstall the signs and lettering at its own
expense. It is the Lessee’s responsibility to obtain any official permits or authorizations that may be required and to
bear the costs arising therefrom. Upon the end of the lease, the Lessee must remove the signs and lettering in a workmanlike manner
at its own expense and restore the original condition; in particular, it must cleanly patch all holes and clean the surface below
the signs.

 

 

	Initials	[initials]	13 /
    16

    	 

    	 

    

In the case of façade advertising, the Lessor
is entitled to demand that the Lessee pay rent accordingly.

 

The Lessee shall bear the electricity costs associated
with any lighted signs. The Lessee shall ensure that electricity is supplied via a separate meter and charged directly to the Lessee
by the supplier. In the event of fire involving lighted signs, the Lessee shall bear any and all consequential damage and/or losses
arising therefrom.

 

		25	Deposit process; setoff

 

The Lessee is not permitted to unilaterally reduce the rent.

 

If the Lessor fails to comply with its maintenance obligations
pursuant to the section titled “Lessor’s maintenance obligations,” the Lessee must set an appropriate time limit
for the Lessor to do so in writing, accompanied by a threat that if the time limit expires without producing the desired result,
the Lessee will deposit future rent payments or portions thereof with the body designated by the canton.

 

The Lessor must also be notified in writing when the deposit
has been made.

 

Rent payments that have been deposited
shall devolve on the Lessor if the Lessee does not assert its claims vis-à-vis the Lessor with the conciliation authority
within 30 days from the time at which the first rent payment deposited fell due.

 

The Lessor is permitted to demand that the conciliation authority
release rent payments that have been wrongly deposited as soon as the Lessee notifies the Lessor of the deposit.

 

		26	Subleasing

 

Subleasing the leased premises in whole or in part (Art. 262 OR)
is permitted only within the scope of the contractually agreed intended use thereof and only with the Lessor’s prior written
consent. The Lessee shall provide the Lessor, with adequate lead time before entering into any planned agreement, with a corresponding
written request stating the personal details of the sub-lessee and the terms of the agreement. After the sublease agreement comes
into existence, the Lessee shall provide the Lessor with a copy of the agreement without being requested to do so.

 

The Lessee is liable to the Lessor for ensuring that the sub-lessee
does not use the leased premises in any manner other than the manner in which the Lessee itself is permitted to use them. The Lessor
is permitted to urge the sub-lessee to do this directly.

 

		27	Transferring the lease

 

Transferring the lease is permitted only within the scope
of the contractually agreed intended use and requires the Lessor’s written consent (Art. 263 OR). Before entering into an
agreement to transfer the lease to a third party, the Lessee shall notify the Lessor of the third party’s personal details
and sphere of activity. Furthermore, the Lessee shall provide the Lessor with a detailed listing of the Lessee’s finishing
work, installations and apparatus that are to be assumed by the third party, along with the compensation to be paid therefor. The
written request must be supplemented by an extract from the commercial register or debt collection register and must be submitted
approximately 30 days in advance so that the Lessor has sufficient time to review any objections.

 

The Lessor is permitted to deny its consent to the transfer
if the Lessee accepts a promise of remuneration from the proposed subsequent tenant that does not have equivalent consideration
as its subject (especially “key money”).

 

If the Lessor consents, the third party shall assume
the lease in the Lessee’s stead. After that, the Lessee will be released from its obligations vis-à-vis the Lessor.
However, the Lessee will be jointly and severally liable with the third party up until the time at which the lease expires or can
be terminated, whether according to the contract or by law, up to a maximum of two years.

 

 

	Initials	[initials]	14 /
    16

    	 

    	 

    

		28	Right of inspection

 

In the case of negotiations regarding sale and leasing
the property to a new tenant and to safeguard ownership rights, the Lessor or its representative is entitled to enter the premises
during customary business hours upon 48 hours’ prior notice. If the Lessee is absent, the keys must be kept available.

 

		29	Restoration and return of the leased premises

 

		29.1	Restoration

 

There is no obligation to reverse the finishing work
that already exists upon commencement of the lease (and is assumed from the previous tenant). The Lessee agrees only to reverse
the finishing work that it has undertaken during the term of the lease, which it will do in a workmanlike and timely manner prior
to the time of return. The Lessee must cause floor coverings that pertain to the leased premises to be cleaned in a workmanlike
manner.

 

The Lessor may waive its right to demand that the bare
construction be restored in whole or in part in writing (but not orally). In this case, the Lessee is obligated to leave the Lessee’s
finishing work whose reversal is being waived in the leased property in full. The Lessee’s finishing work shall become the
Lessor’s property without any compensation being paid therefor upon the end of the contract in this case.

 

If the Lessee violates its obligation to put the leased
property in the contractually agreed condition in due time, the Lessor is not obligated to set a cure period for the Lessee to
meet the return obligation. Instead, the Lessor is permitted to cause the work and measures necessary to establish the aforementioned
condition in due time to be performed itself at the Lessee’s expense. In this case, claims for damages are reserved, especially
an obligation of payment corresponding to the rent until such time as the contractually agreed condition is established or until
the premises are leased to another tenant, if the late return of the leased property has made it impossible to deliver the leased
property to the subsequent tenant on time and the latter thereafter rescinds the contract; furthermore, the Lessee must compensate
the Lessor for the damage and/or losses suffered by any subsequent tenant in connection therewith.

 

		19.2	Return

 

The leased property must be returned, entirely cleared,
vacated, and cleaned and in the contractually owed condition, together with all keys/badges by 12:00 p.m. on the last day of the
lease at the latest. If the date of return falls on a Saturday, Sunday or governmentally acknowledged day off or holiday, the return
must take place by 12:00 p.m. on the next local working day at the latest.

 

After the expiration of the lease, the Lessee shall
have neither a right to be present on the premises nor a right to dispose thereof.

 

Upon the return of the premises, the Lessor shall draft
a record of assumption of possession. Defects for which the Lessee is to be held responsible will be listed in this record. The
Lessor is permitted to assert claims on the Lessee for hidden defects that the Lessor does not discover, despite a careful acceptance
procedure, until after taking possession of the premises, even after the fact, provided that these defects are reported to the
Lessee immediately after discovery thereof.

 

The Lessor is permitted to demand that the Lessee participate
in preparing a joint record of return upon assuming possession of the leased premises. If the Lessee refuses to participate therein,
the Lessor is permitted to have the findings of a government agency recorded at the Lessee’s expense.

 

		30	Share of costs of finishing work

 

The Lessor shall bear a share of the costs of the Lessee’s
planned finishing work in the lump sum of CHF 55,000.00, including VAT. This amount also includes the installation of the new partition
walls for the new entrance corridor (at CHF 5,000.00) so that the length of the emergency escape route is complied with. Disbursement
shall take place after construction is complete and after the Lessee issues an invoice that is compliant with the provisions on
VAT and on the condition that the Lessee has paid the contractors and entrepreneurs (including architects, planners and the like)
involved in the finishing work. Upon request, the Lessee must provide corresponding proof of payment. The Lessor is entitled to
withhold payment until such proof is provided.

 

 

	Initials	[initials]	15 /
    16

    	 

    	 

    

In addition, the costs of a new entrance door to the
leased property and the installation of a meter for the leased property will be at the Lessor’s expense.

 

		31	Applicable law; place of jurisdiction

 

Unless otherwise agreed herein, the provisions of the
Swiss Code of Obligations (Art. 253 et seqq. OR) apply. The place of jurisdiction for all disputes arising out of this Agreement
is the location of the leased property.

 

		32	Supplementary provisions

 

The Lessee is permitted to install a handrail in one
of the ladies’ restrooms. Construction modifications must be removed at the Lessor’s request, and the Lessee must restore
the original condition, by the end of the term of the lease.

 

		33	Amendments; addenda; prior agreements and understandings

 

Amendments and addenda to this Lease Agreement (including
any cancellation of this written form reservation) are not valid unless made in written form.

 

The present Lease Agreement supersedes any and all
prior agreements, understandings and confirmations by the Parties, whether oral or in writing.

 

		34	Annexes

 

The following annex, which was issued to the Lessee
and is expressly acknowledged by the Parties, constitutes an integral element of this Lease Agreement:

 

1.
Contractual annex plan of the 4th floor dated
14 June 2016 

 

		35	Signatures 

 

By signing below, the Lessee confirms that it has read
and understood the entire contractual document, including annexes.

 

	Olten, 14 June 2016/CHQ0744	 	 
	 	 	 
	The Lessor, represented by	[signature]	[signature]
	PSP Management AG	Lessee 1	 
	 	Auris Medical AG	[stamp:] Anne Sabine Zoller
	 	[stamp:] Thomas Meyer	             General Counsel
	[signature]	Chairman and CEO	 

 

 

This Agreement is not legally valid unless and until it is
signed by all Parties.

 

	Initials [initials]	16 / 16EX-4.1

 Exhibit 4.1 

Execution Version 
  

 
  

DELTA AIR LINES, INC. 
 AND

 U.S. BANK NATIONAL ASSOCIATION, 

Trustee 
  

 
 FIRST
SUPPLEMENTAL INDENTURE 
 Dated as of March 14, 2017 

to 
 INDENTURE 

Dated as of March 6, 2017 
  

 
 2.875% Notes
due 2020 
 3.625% Notes due 2022 
  

 
  

 

 TABLE OF CONTENTS 

 

					
	 	  	Page	 
	 ARTICLE ONE DEFINITIONS
	  	 	2	 
	 SECTION 1.01. Certain Terms Defined
	  	 	2	 
		
	 ARTICLE TWO GENERAL TERMS AND CONDITIONS OF THE 2020 NOTES 
	  	 	7	 
	 SECTION 2.01. Description and Principal Amount
	  	 	7	 
	 SECTION 2.02. Maturity
	  	 	7	 
	 SECTION 2.03. Additional Issues
	  	 	7	 
	 SECTION 2.04. Payment
	  	 	7	 
	 SECTION 2.05. Global Notes
	  	 	7	 
	 SECTION 2.06. Interest
	  	 	7	 
	 SECTION 2.07. Authorized Denominations
	  	 	8	 
	 SECTION 2.08. Redemption
	  	 	8	 
	 SECTION 2.09. Appointment of Agents
	  	 	8	 
		
	 ARTICLE THREE GENERAL TERMS AND CONDITIONS OF THE 2022 NOTES 
	  	 	8	 
	 SECTION 3.01. Description and Principal Amount
	  	 	8	 
	 SECTION 3.02. Maturity
	  	 	8	 
	 SECTION 3.03. Additional Issues
	  	 	8	 
	 SECTION 3.04. Payment
	  	 	8	 
	 SECTION 3.05. Global Notes
	  	 	8	 
	 SECTION 3.06. Interest
	  	 	8	 
	 SECTION 3.07. Authorized Denominations
	  	 	9	 
	 SECTION 3.08. Redemption
	  	 	9	 
	 SECTION 3.09. Appointment of Agents
	  	 	9	 
		
	 ARTICLE FOUR COVENANTS OF THE COMPANY 
	  	 	9	 
	 SECTION 4.01. Limitations on Liens
	  	 	9	 
		
	 ARTICLE FIVE EVENTS OF DEFAULT
	  	 	10	 
	 SECTION 5.01. Events of Default
	  	 	10	 
		
	 ARTICLE SIX REDEMPTION AND REPURCHASE OF THE NOTES
	  	 	11	 
	 SECTION 6.01. Optional Redemption by Company
	  	 	11	 
	 SECTION 6.02. No Sinking Fund
	  	 	12	 
	 SECTION 6.03. Offer to Repurchase Upon a Change of Control Triggering Event
	  	 	12	 
	 SECTION 6.04. Payment If Date Fixed for Redemption or Repurchase Is Not a Business
Day
	  	 	13	 
		
	 ARTICLE SEVEN FORMS OF NOTES
	  	 	14	 
	 SECTION 7.01. Form of 2020 Notes
	  	 	14	 
	 SECTION 7.02. Form of 2022 Notes
	  	 	14	 

  
 i 

					
	 ARTICLE EIGHT AMENDMENTS, SUPPLEMENTS AND WAIVERS
	  	 	14	 
	 SECTION 8.01. Amendments, Supplements and Waivers
	  	 	14	 
		
	 ARTICLE NINE MISCELLANEOUS
	  	 	14	 
	 SECTION 9.01. Ratification of Indenture
	  	 	14	 
	 SECTION 9.02. Conflict with Base Indenture
	  	 	14	 
	 SECTION 9.03. Trustee Not Responsible for Recitals
	  	 	14	 
	 SECTION 9.04. Governing Law
	  	 	14	 
	 SECTION 9.05. Separability
	  	 	15	 
	 SECTION 9.06. Counterparts
	  	 	15	 

  

			
	Exhibit A	  	 Form of 2020 Note

		
	Exhibit B	  	Form of 2022 Note

  

  
 ii 

 THIS FIRST SUPPLEMENTAL INDENTURE, dated as of March 14, 2017 (the “First
Supplemental Indenture”), between DELTA AIR LINES, INC., a corporation duly organized and existing under the laws of the State of Delaware (hereinafter sometimes referred to as the “Company”), and U.S. BANK
NATIONAL ASSOCIATION, a national banking association (hereinafter sometimes referred to as the “Trustee”). 

RECITALS OF THE COMPANY: 

WHEREAS, the Company executed and delivered the indenture, dated as of March 6, 2017 (the “Base Indenture” and as
supplemented by this First Supplemental Indenture, the “Indenture”), to the Trustee to provide for the issuance of the Company’s unsecured debentures, notes or other evidences of indebtedness (the
“Securities”), to be issued in one or more fully registered series; 
 WHEREAS, pursuant to Section 9.01 of the
Base Indenture, the Company desires to provide for the issuance of (i) a new series of its Securities to be known as its 2.875% Notes due 2020 (the “2020 Notes”) and (ii) a new series of its Securities to be known as its
3.625% Notes due 2022 (the “2022 Notes” and, together with the 2020 Notes, the “Notes”), and to establish the forms of the 2020 Notes and the 2022 Notes thereof, as in Section 2.01 of the Base Indenture
provided, and to set forth the terms thereof, as in Section 2.03 of the Base Indenture provided; 
 WHEREAS, the Board of
Directors of the Company, pursuant to a resolution duly adopted on February 10, 2017, has duly authorized the issuance of up to $2,500,000,000 of the Company’s securities and the Finance Committee of the Board of Directors, pursuant to a
resolution duly adopted on March 3, 2017, has duly authorized the issuance of $1,000,000,000 aggregate principal amount of the 2020 Notes and $1,000,000,000 aggregate principal amount of the 2022 Notes, and has authorized the proper officers of
the Company to execute any and all documents necessary or appropriate to effect such issuance; 
 WHEREAS, the Company has requested
that the Trustee execute and deliver this First Supplemental Indenture; and 
 WHEREAS, all things necessary to make this First
Supplemental Indenture a valid agreement of the Company, in accordance with its terms, and to make the Notes, when executed by the Company and authenticated and delivered by the Trustee, the valid obligations of the Company, have been done or
performed; 
 NOW, THEREFORE, THIS FIRST SUPPLEMENTAL INDENTURE WITNESSETH: 

In consideration of the premises and the purchases of the Notes by the holders thereof, the Company and the Trustee mutually covenant and agree
for the equal and proportionate benefit of the holders of the Notes, as follows: 

 ARTICLE ONE 

DEFINITIONS 

SECTION 1.01. Certain Terms Defined. Unless the context otherwise requires: 

(a) each term defined in the Base Indenture and not otherwise defined herein has the meaning given in the Base Indenture when used in this
First Supplemental Indenture; 
 (b) the singular includes the plural and vice versa; 

(c) headings are for convenience of reference only and do not affect interpretation; 

(d) a reference to a Section or Article is to a Section or Article of this First Supplemental Indenture unless otherwise indicated; and 

(e) the following terms have the meanings given to them in this Section 1.01(e) and shall have the meaning set forth below for purposes of the
Indenture with respect to the Notes herein provided for: 
 “2020 Redemption Date” has the meaning given in
Section 6.01. 
 “2022 Redemption Date” has the meaning given in Section 6.01. 

“Aircraft Assets” means aircraft, airframes, engines (including spare engines), propellers, parts and other operating assets
and pre-delivery payments relating to any of the foregoing. 
 “Below Investment Grade
Rating Event” means the rating on the applicable series of Notes is lowered by two of the Rating Agencies and such Notes are rated below Investment Grade by such Rating Agencies on any day within the
60-day period (which 60-day period will be extended so long as the rating of the Notes is under publicly announced consideration for a possible downgrade by any of the
Rating Agencies) after the earlier of (1) the occurrence of a Change of Control or (2) public notice of the occurrence of a Change of Control or the Company’s intention to effect a Change of Control; provided that a Below
Investment Grade Rating Event otherwise arising by virtue of a particular reduction in rating shall not be deemed to have occurred in respect of a particular Change of Control (and thus shall not be deemed a Below Investment Grade Rating Event for
purposes of the definition of Change of Control Triggering Event) if the Rating Agencies making the reduction in rating to which this definition would otherwise apply do not announce or publicly confirm or inform the Company and the Trustee in
writing at its request that the reduction was the result, in whole or in part, of any event or circumstance comprised of or arising as a result of, or in respect of, the applicable Change of Control (whether or not the applicable Change of Control
shall have occurred at the time of the Below Investment Grade Rating Event). 
 “Business Day” means a day other than a
Saturday, a Sunday, or a day on which banking institutions in New York, New York are authorized or obligated to close. 

  
 2 

 “Capital Lease” means, at any time, a lease with respect to which the lessee is
required concurrently to recognize the acquisition of an asset and the incurrence of a liability in accordance with GAAP. 
 “Change
of Control” means the occurrence of any of the following: 
 (1) the direct or indirect sale, lease, 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 Company and its Subsidiaries taken as a whole to any “person” (as that
term is used in Section 13(d)(3) of the Exchange Act), other than any such transaction where the holders of the Company’s Voting Stock immediately before that transaction own, directly or indirectly, not less than a majority of the Voting
Stock of the transferee, or the parent thereof, immediately after such transaction and constituting Voting Stock and in substantially the same proportion as their ownership in the Company before the transaction; 

(2) the adoption of a plan relating to the liquidation or dissolution of the Company; and 

(3) consummation of any transaction (including without limitation, any merger or consolidation) the result of which is that any
“person” (as that term is used in Section 13(d)(3) of the Exchange Act), other than the Company or its Subsidiaries, becomes the beneficial owner (as defined in Rules 13d-3 and 13d-5 under the Exchange Act), directly or indirectly, of more than 50% of the combined voting power of the Company’s Voting Stock or other Voting Stock into which the Company’s Voting Stock is
reclassified, consolidated, exchanged, or changed measured by voting power rather than number of shares, other than any such transaction where: 

(a) the Company’s outstanding Voting Stock is reclassified, consolidated, exchanged, or changed for other Voting Stock of the Company or
for Voting Stock of the surviving corporation; and 
 (b) the holders of the Company’s Voting Stock immediately before that transaction
own, directly or indirectly, not less than a majority of the Company’s Voting Stock or the Voting Stock of the surviving parent corporation immediately after such transaction and in substantially the same proportion as their ownership in the
Company before the transaction. 
 “Change of Control Offer” has the meaning given in Section 6.03. 

“Change of Control Payment Date” has the meaning given in Section 6.03. 

“Change of Control Triggering Event” means the occurrence of both a Change of Control and a Below Investment Grade Rating
Event. 
 “Comparable Treasury Issue” means the U.S. Treasury security selected by the Quotation Agent as having an actual
or interpolated maturity comparable to the remaining term of the Notes to be redeemed, calculated as if the maturity date of such Notes were the Par Call Date (the “Remaining Life”), 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 Life. 

  
 3 

 “Comparable Treasury Price” means, with respect to any redemption date, the
average of the Reference Treasury Dealer Quotations for such redemption date. 
 “Consolidated Tangible Assets” means, at
any date of determination, the total assets of the Company and its Subsidiaries as of the end of a fiscal quarter reported on the most recently prepared consolidated balance sheet of the Company filed with the Commission, less all assets shown on
such consolidated balance sheet that are classified and accounted for as intangible assets of the Company or any of its Subsidiaries or that otherwise would be considered intangible assets under GAAP, including, without limitation, franchises,
patents and patent applications, trademarks, brand names, unamortized debt discount and goodwill. 
 “Covered Property”
means any property, tangible or intangible, real or personal, or asset of the Company or any Subsidiary, other than any Aircraft Assets, Slots, Routes or Gate Interests. 

“DTC” means The Depository Trust Company. 

“Event of Default” has the meaning given in Section 5.01. 

“FAA” means the Federal Aviation Administration. 

“FAA Slots” means all “slots” as defined in 14 CFR § 93.213(a)(2), as that section may be amended or re-codified from time to time, or, in the case of slots at New York LaGuardia Airport, as defined in the Final Order, Operating Limitations at New York LaGuardia Airport, 71 Fed. Reg. 77,854 (December 27,
2006), as such order may be amended or re-codified from time to time, and in any subsequent order issued by the FAA related to New York LaGuardia Airport, as such order may be amended or re-codified from time to time, or, in the case of slots at John F. Kennedy International Airport, as defined in the Operating Limitations at John F. Kennedy International Airport, Order Limiting Scheduled Operations
at John F. Kennedy International Airport, 73 Fed. Reg. 3510 (January 18, 2008), as such order may be amended or re-codified from time to time, and in any subsequent order issued by the FAA related to John F.
Kennedy International Airport, as such order may be amended or re-codified from time to time, in each case of the Company and, if applicable, any Subsidiary, now held or hereafter acquired (other than
“slots” which have been permanently allocated to another air carrier and in which the Company and, if applicable, any Subsidiary holds temporary use rights). 

“Fitch” means Fitch, Inc., also known as Fitch Ratings, and its successors. 

“Foreign Slot” means all of the rights and operational authority, now held or hereafter acquired, of the Company and, if
applicable, a Subsidiary to conduct one landing or takeoff operation during a specific hour or other period on a specific day of the week at each non-U.S. airport served in conjunction with the Company’s
or such Subsidiary’s operations over a Route, other than “slots” which have been permanently allocated to another air carrier and in which the Company or, if applicable, such Subsidiary holds temporary use rights. 

  
 4 

 “GAAP” means generally accepted accounting principles set forth in the opinions
and pronouncements of the Accounting Principles Board of the American Institute of Certified Public Accountants and statements and pronouncements of the Financial Accounting Standards Board or in such other statements by such other entity as have
been approved by a significant segment of the accounting profession, which are in effect from time to time. 
 “Gate
Interests” means all of the right, title, privilege, interest, and authority now or hereafter acquired or held by the Company or, if applicable, a Subsidiary in connection with the right to use or occupy holdroom and passenger boarding and
deplaning space in any airport terminal at which the Company or any Subsidiary conducts scheduled operations. 

“Indebtedness” means any person’s obligation for borrowed money, including without limitation all obligations evidenced
by bonds, debentures, notes or similar instruments. 
 “Investment Grade” means a rating of
BBB- or better by Fitch (or its equivalent under any successor rating category of Fitch); a rating of Baa3 or better by Moody’s (or its equivalent under any successor rating category of Moody’s); and
a rating of BBB- or better by S&P (or its equivalent under any successor rating category of S&P). 

“Issue Date” means the date on which any Notes are first issued under the Base Indenture. 

“Lien” means any lien (statutory or otherwise), security interest, mortgage, pledge, hypothecation, charge or similar
encumbrance; provided, however, that in no event shall an operating lease, operating sublease or license be deemed to constitute a Lien. 

“Moody’s” means Moody’s Investors Service, Inc., a subsidiary of Moody’s Corporation, and its successors. 

“Par Call Date” means, in the case of the 2022 Notes, February 15, 2022 (one month prior to the maturity date). 

“Payment Default” has the meaning given in Section 5.01. 

“Quotation Agent” means one of the Reference Treasury Dealers appointed by the Company. 

“Rating Agency” means (1) each of Fitch, Moody’s, and S&P, and (2) if any 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 Company’s control, a “nationally recognized statistical rating organization” as defined in Section 3(a)(62) of
the Exchange Act, selected by the Company (as certified by a resolution of its Board of Directors) as a replacement agency for Fitch, Moody’s, or S&P, or all of them, as the case may be. 

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

  
 5 

 “Reference Treasury Dealer Quotations” means, with respect to each Reference
Treasury Dealer and any redemption date, the average, as determined by the Company, 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 Company and
the Trustee by such Reference Treasury Dealer at 3:30 p.m., New York City time, on the third Business Day preceding such redemption date. 

“Routes” means the routes for which the Company or, if applicable, a Subsidiary holds or hereafter acquires the requisite
authority to operate foreign air transportation pursuant to Title 49 including, without limitation, applicable frequencies, exemption and certificate authorities, Fifth-Freedom Rights and “behind/beyond rights”, whether or not utilized by
the Company or such Subsidiary. 
 “S&P” means S&P Global Ratings and its successors. 

“Significant Subsidiary” means, at any date of determination, any of the Company’s Subsidiaries that, together with its
Subsidiaries, (i) for the Company’s most recently completed four full fiscal quarters for which consolidated financial statements have been filed with the Commission, accounted for more than 10.0% of the consolidated revenues of the
Company and its Subsidiaries or (ii) as of the end of the Company’s most recent fiscal quarter for which consolidated financial statements have been filed with the Commission, was the owner of more than 10.0% of the consolidated assets of
the Company and its Subsidiaries. 
 “Slot” means each FAA Slot and each Foreign Slot. 

“Title 49” means Title 49 of the United States Code, which, among other things,
re-codified and replaced the U.S. Federal Aviation Act of 1958, and the rules and regulations promulgated pursuant thereto or any subsequent legislation that amends, supplements or supersedes such provisions.

 “Treasury Rate” means, with respect to any redemption date, the rate per year equal to the semi-annual equivalent yield
to maturity or interpolated yield (on a day count basis) of the Comparable Treasury Issue, calculated using 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. The Treasury Rate will be calculated by the Quotation Agent on the third Business Day preceding the redemption date. 

“Voting Stock” of any specified person as of any date means the capital stock of such person that is at the time entitled to
vote generally in the election of the Board of Directors of such person. 

  
 6 

 ARTICLE TWO 

GENERAL TERMS AND CONDITIONS OF THE 2020 NOTES 

SECTION 2.01. Description and Principal Amount. There is hereby authorized and established a series of Securities under the
Indenture, designated as the “2.875% Notes due 2020,” which is not limited in aggregate principal amount. The aggregate principal amount of 2020 Notes to be issued shall be as set forth in any Company Order for the authentication and
delivery of the 2020 Notes, pursuant to Section 2.04 of the Base Indenture. 
 SECTION 2.02. Maturity. The maturity date of
principal of the 2020 Notes is March 13, 2020. If the maturity date is not a Business Day, the Company will make the required payment on the following Business Day with the same force and effect as if made on such maturity date and, unless the
Company defaults on the payment, no interest will accrue for the period after such maturity date. 
 SECTION 2.03. Additional
Issues. The Company may from time to time, without notice to or the consent of the holders of the 2020 Notes, create and issue additional 2020 Notes. Any such additional 2020 Notes will rank equally in right of payment with the 2020 Notes and
will have the same interest rate, maturity date and other terms as the 2020 Notes herein provided for, except for the issue date, the public offering price, the payment of interest accruing prior to the issue date or except for the first payment of
interest following the issue date of such additional 2020 Notes. Any such additional 2020 Notes, together with the 2020 Notes herein provided for, will constitute a single series of Securities under the Indenture. Any additional 2020 Notes may be
issued by or pursuant to a supplement to the Indenture. 
 SECTION 2.04. Payment. Principal of, premium, if any, and interest on
the 2020 Notes shall be payable in U.S. dollars. 
 SECTION 2.05. Global Notes. Upon their original issuance, the 2020 Notes
will be represented by one or more Global Securities registered in the name of Cede & Co., the nominee of DTC. The Company will issue the 2020 Notes in denominations of $2,000 and integral multiples of $1,000 in excess thereof and will
deposit the Global Securities with DTC or its custodian and register the Global Securities in the name of Cede & Co. 

SECTION 2.06. Interest. The 2020 Notes will bear interest (computed on the basis of a
360-day year consisting of twelve 30-day months) from their date of issuance at the rate of 2.875% per annum, payable semi-annually; interest payable on each interest
payment date will include interest accrued from March 14, 2017, or from the most recent interest payment date to which interest has been paid or duly provided for; the interest payment dates on which such interest shall be payable are
March 13 and September 13 of each year, commencing on September 13, 2017; and the record date for the interest payable on any interest payment date is the close of business on March 1 or September 1, as the case may be, next
preceding the relevant interest payment date. If any interest payment date falls on a day that is not a Business Day, the Company will make the required payment on the following Business Day with the same force and effect as if made on such interest
payment date and, unless the Company defaults on the payment, no interest will accrue for the period after such interest payment date. 

  
 7 

 SECTION 2.07. Authorized Denominations. The 2020 Notes shall be issuable in
denominations of $2,000 and integral multiples of $1,000 in excess thereof. 
 SECTION 2.08. Redemption. The 2020 Notes are
subject to redemption at the option of the Company as described in Article Six hereof. 
 SECTION 2.09. Appointment of Agents.
The Trustee will initially be the Security registrar and Paying Agent for the Notes. 
 ARTICLE THRE 

EGENERAL TERMS AND CONDITIONS OF THE 2022 NOTES 

SECTION 3.01. Description and Principal Amount. There is hereby authorized and established a series of Securities under the
Indenture, designated as the “3.625% Notes due 2022,” which is not limited in aggregate principal amount. The aggregate principal amount of 2022 Notes to be issued shall be as set forth in any Company Order for the authentication and
delivery of the 2022 Notes, pursuant to Section 2.04 of the Base Indenture. 
 SECTION 3.02. Maturity. The maturity date of
principal of the 2022 Notes is March 15, 2022. If the maturity date is not a Business Day, the Company will make the required payment on the following Business Day with the same force and effect as if made on such maturity date and, unless the
Company defaults on the payment, no interest will accrue for the period after such maturity date. 
 SECTION 3.03. Additional
Issues. The Company may from time to time, without notice to or the consent of the holders of the 2022 Notes, create and issue additional 2022 Notes. Any such additional 2022 Notes will rank equally in right of payment with the 2022 Notes and
will have the same interest rate, maturity date and other terms as the 2022 Notes herein provided for, except for the issue date, the public offering price, the payment of interest accruing prior to the issue date or except for the first payment of
interest following the issue date of such additional 2022 Notes. Any such additional 2022 Notes, together with the 2022 Notes herein provided for, will constitute a single series of Securities under the Indenture. Any additional 2022 Notes may be
issued by or pursuant to a supplement to the Indenture. 
 SECTION 3.04. Payment. Principal of, premium, if any, and interest on
the 2022 Notes shall be payable in U.S. dollars. 
 SECTION 3.05. Global Notes. Upon their original issuance, the 2022 Notes
will be represented by one or more Global Securities registered in the name of Cede & Co., the nominee of DTC. The Company will issue the 2022 Notes in denominations of $2,000 and integral multiples of $1,000 in excess thereof and will
deposit the Global Securities with DTC or its custodian and register the Global Securities in the name of Cede & Co. 

SECTION 3.06. Interest. The 2022 Notes will bear interest (computed on the basis of a
360-day year consisting of twelve 30-day months) from their date of issuance at the rate of 3.625% per annum, payable semi-annually; interest payable on each interest
payment date will include interest accrued from March 14, 2017, or from the most recent interest payment date to 

  
 8 

 
which interest has been paid or duly provided for; the interest payment dates on which such interest shall be payable are March 15 and September 15 of each year, commencing on
September 15, 2017; and the record date for the interest payable on any interest payment date is the close of business on March 1 or September 1, as the case may be, next preceding the relevant interest payment date. If any interest
payment date falls on a day that is not a Business Day, the Company will make the required payment on the following Business Day with the same force and effect as if made on such interest payment date and, unless the Company defaults on the payment,
no interest will accrue for the period after such interest payment date. 
 SECTION 3.07. Authorized Denominations. The 2022
Notes shall be issuable in denominations of $2,000 and integral multiples of $1,000 in excess thereof. 
 SECTION 3.08.
Redemption. The 2022 Notes are subject to redemption at the option of the Company as described in Article Six hereof. 

SECTION 3.09. Appointment of Agents. The Trustee will initially be the Security registrar and Paying Agent for the Notes. 

ARTICLE FOUR 
 COVENANTS
OF THE COMPANY 
 SECTION 4.01. Limitations on Liens. 

(a) The Company will not, and will not permit any Significant Subsidiary to, at any time subject to any Lien any Covered Property to secure any
Indebtedness or Capital Lease, unless the Notes are expressly secured equally and ratably with any such Indebtedness or Capital Lease so secured, including any guarantee thereof, so long as any such Indebtedness or Capital Lease shall be so secured,
and the Company covenants that if and when any such Lien is created, the Notes will be so secured thereby; provided, that, the foregoing shall not apply to: 

(1) (A) Liens on Covered Property outstanding on the Issue Date securing Indebtedness or Capital Leases outstanding on the Issue Date (and as
in effect on the Issue Date) and (B) Liens on Covered Property incurred after the Issue Date pursuant to the terms of any Indebtedness or Capital Leases outstanding on the Issue Date (and as in effect on the Issue Date); 

(2) any Lien on any Covered Property (A) existing at the time of acquisition of such Covered Property or the entity owning such Covered
Property (including acquisition through merger or consolidation), or (B) given to secure the payment of all or any part of the purchase, lease or acquisition thereof or the cost of construction, repair, refurbishment, modification or
improvement of Covered Property or any real or personal property leased to the Company or any of its Subsidiaries or any Indebtedness or Capital Lease incurred prior thereto, at the time of, or within 180 days after, the completion of the
acquisition, construction, repair, refurbishment, modification or improvement of the relevant Covered Property or any real or personal property leased to the Company or any of its Subsidiaries for the purpose of financing all or part of the
purchase, lease or acquisition thereof or the cost of construction, repair, refurbishment, modification or improvement; 

  
 9 

 (3) Liens by a Subsidiary as security for Indebtedness or Capital Lease owed to the Company or
any Subsidiary; 
 (4) a banker’s lien or right of offset of the holder of such Indebtedness in favor of any lender of moneys or holder
of commercial paper of the Company or any Subsidiary in the ordinary course of business on moneys of the Company or such Subsidiary deposited with such lender or holder in the ordinary course of business; 

(5) Liens in favor of credit card processors securing obligations in connection with credit card processing services incurred in the ordinary
course of business and consistent with past practices; 
 (6) 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 (1) through (5) in connection with the refinancing, amendment, restructuring or other modification of Indebtedness or Capital Lease of the Company and its
Subsidiaries secured by such Lien; and 
 (7) other Liens not permitted by any of the foregoing clauses (1) through (6) on any Covered
Property, now owned or hereafter acquired; provided, that, no such Liens shall be incurred pursuant to this subsection (7) if the aggregate principal amount of outstanding Indebtedness (without duplication for any guarantee of such
Indebtedness) and Capital Leases secured by Liens incurred pursuant to this subsection (7) subsequent to the Issue Date, including the Lien proposed to be incurred, shall exceed 10% of Consolidated Tangible Assets after giving effect to such
incurrence and the use of proceeds of such Indebtedness or Capital Leases. 
 (b) Any Lien that is granted to secure the Notes in accordance
with this Section 4.01 shall be automatically released and discharged at the same time as the release (other than through the exercise of remedies with respect thereto) of each Lien that gave rise to such obligation to secure the Notes. 

ARTICLE FIVE 
 EVENTS OF
DEFAULT 
 SECTION 5.01. Events of Default. The term “Event of Default” as used in the Indenture with
respect to the Notes shall include the following described event in addition to those set forth in Section 5.01 of the Base Indenture: default under any mortgage, indenture or instrument under which there may be issued or by which there may be
secured or evidenced any Indebtedness of the Company or a Subsidiary (or the payment of which is guaranteed by the Company or a Subsidiary), whether such Indebtedness or guarantee now exists, or is created after the Issue Date of the Notes, if that
default: 
 (a) is caused by a failure to pay principal of such Indebtedness at its stated final maturity (a “Payment
Default”); or 
 (b) results in the acceleration of such Indebtedness prior to its express maturity, and, in each case, the
principal amount of any such Indebtedness, together with the principal amount of any other such Indebtedness under which there has been a Payment Default or the maturity of which has been so accelerated, aggregates $200,000,000 or more. 

  
 10 

 ARTICLE SIX 

REDEMPTION AND REPURCHASE OF THE NOTES 

SECTION 6.01. Optional Redemption by Company. 

(a) The 2020 Notes may be redeemed, in whole or in part, at any time (the date of such redemption, a “2020 Redemption Date”)
at the Company’s option. If the 2020 Notes are redeemed at any time prior to the maturity date of the 2020 Notes, such notes will be redeemed at a redemption price equal to the greater of: 

(1) 100% of the principal amount of the 2020 Notes to be redeemed, and 

(2) the sum of the present values of the remaining scheduled payments of principal and interest on the 2020 Notes to be redeemed (exclusive of
interest accrued to the redemption date) discounted to the redemption date on a semi-annual basis (assuming a 360-day year consisting of twelve 30-day months) at the
Treasury Rate plus 20 basis points, 
 plus, in each of the cases (1) and (2) above, accrued and unpaid interest on the 2020 Notes being redeemed
to, but not including, the applicable 2020 Redemption Date. 
 Any redemption pursuant to this Section 6.01(a) is subject to the right of
holders of record on the relevant record date to receive interest due on an interest payment date that is on or before the applicable 2020 Redemption Date. 

(b) The 2022 Notes may be redeemed, in whole or in part, at any time (the date of such redemption, a “2022 Redemption Date”)
at the Company’s option. If the 2022 Notes are redeemed at any time prior to the Par Call Date, the 2022 Notes will be redeemed at a redemption price equal to the greater of: 

(1) 100% of the principal amount of the 2022 Notes to be redeemed, and 

(2) the sum of the present values of the remaining scheduled payments of principal and interest on the 2022 Notes to be redeemed that would
have been made if the 2022 Notes matured on the Par Call Date (exclusive of interest accrued to the redemption date) discounted to the redemption date on a semi-annual basis (assuming a 360-day year consisting
of twelve 30-day months) at the Treasury Rate plus 25 basis points, 
 plus, in each of the cases (1) and
(2) above, accrued and unpaid interest on the 2022 Notes to be redeemed to, but not including, the applicable 2022 Redemption Date. 

If the 2022 Notes are redeemed at any time on or after the Par Call Date, the 2022 Notes will be redeemed at a redemption price equal to 100%
of the principal amount of the 2022 Notes to be redeemed, plus accrued and unpaid interest on the 2022 Notes being redeemed to, but not including, the applicable 2022 Redemption Date. 

  
 11 

 Any redemption pursuant to this Section 6.01(b) is subject to the right of holders of record on
the relevant record date to receive interest due on an interest payment date that is on or before the applicable 2022 Redemption Date. 
 (c)
Notice of any redemption of the Notes of each series shall be given in the manner and otherwise in accordance with the provisions of Section 14.02 of the Base Indenture. If the Company has given notice of redemption as provided in the Base
Indenture and funds for the redemption of any Notes of a series called for redemption have been made available on the redemption date referred to in that notice, such Notes will cease to bear interest on such redemption date. Any interest accrued to
such redemption date will be paid as specified in such notice. 
 (d) Any redemption pursuant to this Article Six may, at the Company’s
discretion, be conditioned upon (1) the occurrence of a Change of Control or (2) the closing of another transaction, including a sale of securities or other financing, in each case as specified in the notice in reasonable detail. A notice
of conditional redemption will be of no effect unless all conditions to the redemption have occurred on or before the applicable redemption date or have been waived by the Company on or before the applicable redemption date. The Company will provide
notice to the holders of the Notes subject to the notice of conditional redemption of the satisfaction of all conditions as soon as practicable following occurrence of the conditions. The Company will provide notice to the holders of the Notes
subject to the notice of conditional redemption of any waiver of a condition or failure to meet such conditions no later than the applicable redemption date. 

(e) If fewer than all of the Notes of a series are to be redeemed at any time, selection of Notes of such series for redemption will be made by
the Trustee in compliance with the requirements of the principal national securities exchange, if any, on which such Notes are listed or, if such Notes are not listed on a national securities exchange, on a pro rata basis, by lot, or such
other method as the Trustee deems appropriate and fair (or such other method as DTC may require); provided, however, that the Notes of a series will be redeemed only in the minimum denominations of $2,000 and integral multiples of
$1,000 in excess thereof. 
 SECTION 6.02. No Sinking Fund. Neither the 2020 Notes nor the 2022 Notes are entitled to the
benefit of any sinking fund. 
 SECTION 6.03. Offer to Repurchase Upon a Change of Control Triggering Event. 

(a) Upon the occurrence of a Change of Control Triggering Event, unless the Company has otherwise exercised its right to redeem the Notes, each
holder of Notes will have the right to require the Company to purchase all or a portion of such holder’s Notes pursuant to the offer described below (the “Change of Control Offer”), at a purchase price equal to 101% of the
principal amount thereof, plus accrued and unpaid interest thereon, if any, to the date of purchase, subject to the rights of holders of Notes on the relevant record date to receive interest due on the relevant interest payment date. 

  
 12 

 (b) Within 30 days following the date upon which the Change of Control Triggering Event occurred,
unless the Company has otherwise exercised its right to redeem the Notes of a series, the Company will be required to deliver a notice to each holder of such Notes, with a copy to the Trustee, which notice will govern the terms of the Change of
Control Offer; provided that, at the Company’s option, the Company may deliver such notice prior to any Change of Control but after the public announcement of the Change of Control. Such notice will state, among other things, the
purchase date, which must be no earlier than 30 days nor later than 60 days from the date such notice is sent, other than as may be required by law (the “Change of Control Payment Date”). The notice, if sent prior to the date of
consummation of the Change of Control, will state that the Change of Control Offer is conditioned on the Change of Control Triggering Event occurring on or prior to the Change of Control Payment Date. Holders of Notes electing to have Notes
purchased pursuant to a Change of Control Offer must surrender their Notes, with the form entitled “Option of Holder to Elect Purchase” on the reverse of the Note completed, to the Paying Agent at the address specified in the notice, or
transfer their Notes to the Paying Agent by book-entry transfer pursuant to the applicable procedures of DTC, before the close of business on the third Business Day prior to the Change of Control Payment Date. 

(c) The Company will not be required to make a Change of Control Offer if a third party makes such an offer in the manner, at the times and
otherwise in compliance with the requirements for such an offer made by the Company and such third party purchases all Notes properly tendered and not withdrawn under its offer. 

(d) If holders of not less than 90% in aggregate principal amount of the outstanding Notes of a series validly tender and do not withdraw the
Notes of such series in a Change of Control Offer and the Company, or any third party making a Change of Control Offer in lieu of the Company, purchases all of such Notes of such series validly tendered and not withdrawn by such holders, the Company
will have the right, upon not less than 20 nor more than 60 days’ prior notice, given not more than 30 days following such purchase pursuant to the Change of Control Offer described above, to redeem all Notes of such series that remain
outstanding following such purchase at a redemption price in cash equal to 101% of the principal amount thereof, plus accrued and unpaid interest thereon, if any, to the date of redemption (subject to the right of holders of record on the relevant
record date to receive interest on the relevant interest payment date). The provisions of Article Fourteen of the Base Indenture shall apply to any redemption pursuant to this clause (d). 

(e) The Company will 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 such
securities laws or regulations conflict with the Change of Control Offer provisions of the Notes, the Company will comply with those securities laws and regulations and will not be deemed to have breached the Company’s obligations under the
change of control offer provisions of the Notes by virtue of any such conflict. 
 SECTION 6.04. Payment If Date Fixed for
Redemption or Repurchase Is Not a Business Day. If any date fixed for redemption or repayment of any Notes pursuant to this Article Six is not a Business Day, the Company will make the required payment on the following Business Day with the same
force and effect as if made on the date fixed for redemption or repayment and, unless the Company defaults on the payment, no interest shall accrue for the period after such date. 

  
 13 

 ARTICLE SEVEN 

FORMS OF NOTES 

SECTION 7.01. Form of 2020 Notes. The 2020 Notes and the Trustee’s Certificate of Authentication to be endorsed thereon are
to be substantially in the forms set forth in Exhibit A hereto. 
 SECTION 7.02. Form of 2022 Notes.
The 2022 Notes and the Trustee’s Certificate of Authentication to be endorsed thereon are to be substantially in the forms set forth in Exhibit B hereto. 

ARTICLE EIGHT 

AMENDMENTS, SUPPLEMENTS AND WAIVERS 

SECTION 8.01. Amendments, Supplements and Waivers. The Company and the Trustee may amend, supplement or waive any covenant or
provision set forth in this First Supplemental Indenture, the 2020 Notes or the 2022 Notes as provided in Article Nine of the Base Indenture. 

ARTICLE NINE 

MISCELLANEOUS 

SECTION 9.01. Ratification of Indenture. The Indenture, as supplemented by this First Supplemental Indenture, is in all respects
ratified and confirmed, and this First Supplemental Indenture shall be deemed part of the Indenture in the manner and to the extent herein and therein provided. 

SECTION 9.02. Conflict with Base Indenture. If any provision of this First Supplemental Indenture limits, qualifies or conflicts
with a provision of the Base Indenture, the provision hereof shall control. If any provision of this First Supplemental Indenture modifies or excludes any provision of the Base Indenture that may be so modified or excluded, the provision hereof
shall be deemed to apply to this Indenture as so modified or to be excluded, as the case may be. 
 SECTION 9.03. Trustee Not
Responsible for Recitals. The recitals herein contained are made by the Company and not by the Trustee, and the Trustee assumes no responsibility for the correctness thereof. The Trustee makes no representation as to the validity or sufficiency
of this First Supplemental Indenture. 
 SECTION 9.04. Governing Law. This First Supplemental Indenture and each Note shall be
governed by and construed in accordance with the laws of the State of New York. 

  
 14 

 SECTION 9.05. Separability. In case any one or more of the provisions contained in
this First Supplemental Indenture or in the Notes shall for any reason be held to be invalid, illegal or unenforceable in any respect, such invalidity, illegality or unenforceability shall not affect any other provisions of this First Supplemental
Indenture or of the Notes, but this First Supplemental Indenture and the Notes shall be construed as if such invalid or illegal or unenforceable provision had never been contained herein or therein. 

SECTION 9.06. Counterparts. This First Supplemental Indenture may be executed in any number of counterparts each of which shall be
an original; but such counterparts shall together constitute but one and the same instrument. The exchange of copies of this First Supplemental Indenture and of signature pages by facsimile or electronic format (i.e., “pdf” or
“tif”) transmission shall constitute effective execution and delivery of this First Supplemental Indenture as to the parties hereto and may be used in lieu of the original First Supplemental Indenture for all purposes. Signatures of the
parties hereto transmitted by facsimile or electronic format (i.e., “pdf” or “tif”) shall be deemed to be their original signatures for all purposes. 

[Signature Page Follows] 

  
 15 

 IN WITNESS WHEREOF, the parties hereto have caused this First Supplemental Indenture to be duly
executed as of the date first written above. 
  

			
	DELTA AIR LINES, INC.
		
	By:	 	 /s/ Kenneth W. Morge

		 	Kenneth W. Morge
		 	Vice President and Treasurer
	
	U.S. BANK NATIONAL ASSOCIATION,
	as Trustee
		
	By:	 	 /s/ Jack Ellerin

		 	Jack Ellerin
		 	Vice President

 [Signature Page to Delta Air Lines, Inc. First Supplemental Indenture dated as of
March 14, 2017] 

 Exhibit A 

 Exhibit A 

(FACE OF NOTE) 
 THIS GLOBAL NOTE IS HELD
BY THE DEPOSITARY (AS DEFINED IN THE INDENTURE GOVERNING THIS NOTE) OR ITS NOMINEE IN CUSTODY FOR THE BENEFIT OF THE BENEFICIAL OWNERS HEREOF, AND IS NOT TRANSFERABLE TO ANY PERSON UNDER ANY CIRCUMSTANCES EXCEPT THAT (1) THE TRUSTEE MAY MAKE
SUCH NOTATIONS HEREON AS MAY BE REQUIRED PURSUANT TO SECTION 2.10 OF THE INDENTURE, (2) THIS GLOBAL NOTE MAY BE EXCHANGED IN WHOLE BUT NOT IN PART PURSUANT TO SECTION 2.06 OF THE INDENTURE, (3) THIS GLOBAL NOTE MAY BE DELIVERED TO THE
TRUSTEE FOR CANCELLATION PURSUANT TO SECTION 2.09 OF THE INDENTURE AND (4) THIS GLOBAL NOTE MAY BE TRANSFERRED TO A SUCCESSOR DEPOSITARY WITH THE PRIOR WRITTEN CONSENT OF THE COMPANY. 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 THE 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 CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY (55 WATER STREET, NEW YORK, NEW YORK)
(“DTC”), TO THE COMPANY OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR SUCH OTHER NAME AS MAY BE REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF
DTC (AND ANY PAYMENT IS MADE TO CEDE & CO. OR SUCH OTHER ENTITY AS MAY BE 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. 

  
 A-1 

 DELTA AIR LINES, INC. 

2.875% Notes due 2020 

CUSIP NO. 247361 ZK7 
 ISIN
NO. US247361ZK72 
  

			
	No. R-[    ]	  	$[        ]

 DELTA AIR LINES, INC., a corporation duly organized and existing under the laws of the State of Delaware
(herein called the “Company”, which term includes any successor under the Indenture hereinafter referred to), for value received, hereby promises to pay to Cede & Co., or registered assigns, the principal sum of
[[        ] ($        )] on March 13, 2020 at the office or agency of the Company in the continental United States designated for such purpose by the Company (on
the date hereof, the principal Corporate Trust Office of the Trustee mentioned below, located at 100 Wall Street, Suite 1600, New York, New York 10005), in such coin or currency of the United States of America as at the time of payment shall be
legal tender for the payment of public and private debts, and to pay interest on said principal sum semi-annually on March 13 and September 13 of each year, commencing September 13, 2017, at said office or agency (except as provided
below), in like coin or currency, at the rate per annum specified in the title hereof, such interest to accrue from the date of this Note until payment of said principal sum has been made or duly provided for. The interest so payable, and punctually
paid or duly provided for, on any March 13 or September 13 will, except as provided in the Indenture, dated as of March 6, 2017 (the “Base Indenture”), as supplemented by the First Supplemental Indenture, dated as of
March 14, 2017 (the “First Supplemental Indenture,” and as so supplemented, the “Indenture”; capitalized terms used and not defined herein shall have the meanings ascribed to such terms in the Indenture), duly executed and
delivered by the Company to U.S. Bank National Association, a national banking association, as trustee (herein called the “Trustee”), be paid to the person in whose name this Note is registered at the close of business on the next
preceding March 1 or September 1, respectively, whether or not a Business Day, and may, at the option of the Company, be paid by check mailed to the registered address of such person. Any such interest which is payable, but is not so
punctually paid or duly provided for, shall forthwith cease to be payable to the registered holder on such record date and shall 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) established by notice sent by or on behalf of the Company to the holders of the Notes not less than 15 days preceding such subsequent record date.

 This Note is one of the series of Securities of the Company issued pursuant to the Indenture designated as the 2.875% Notes due 2020
(herein called the “Notes”), unlimited in aggregate principal amount. 
 Upon due presentment for exchange or registration of
transfer of this Note at the office or agency of the Company in the continental United States, designated for such purpose by the Company (on the date hereof, the principal Corporate Trust Office of the Trustee, located at 100 Wall Street, Suite
1600, New York, New York 10005), duly endorsed or accompanied by a written instrument of transfer in form satisfactory to the Company and the Trustee, duly executed by the holder thereof or his attorney duly authorized in writing, a new Note or
Notes of authorized denominations for a like aggregate principal amount and stated maturity will be issued to the transferee in exchange therefor, subject to the limitations provided in the Indenture. 

No service charge shall be made for any such exchange or registration of transfer, but the Company or the Securities registrar may require
payment of a sum sufficient to cover any tax or other governmental charge that may be imposed in relation thereto. 
 Reference is hereby
made to the further provisions of this Note set forth on the reverse hereof, which further provisions shall for all purposes have the same effect as if set forth at this place. 

Unless the certificate of authentication hereon has been manually executed by or on behalf of the Trustee under the Indenture, this Note shall
not be entitled to any benefits under the Indenture, or be valid or obligatory for any purpose. 

  
 A-2 

 IN WITNESS WHEREOF, DELTA AIR LINES, INC. has caused this Note to be duly executed. 

 

							
	Dated:	 		 	DELTA AIR LINES, INC.
				
		 		 	By:	 	  

		 		 		 	Name:
		 		 		 	Title:

 [Signature Page to Delta Air Lines, Inc. 2020 Global Note] 

  
 A-3 

 TRUSTEE’S CERTIFICATE OF AUTHENTICATION 

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

 

			
	 U.S. BANK NATIONAL ASSOCIATION,
 as
Trustee

		
	By:	 	  

		 	Authorized Officer

 [Signature Page to Delta Air Lines, Inc. 2020 Global Note] 

  
 A-4 

 REVERSE OF NOTE 

This Note is one of the duly authorized issue of debt securities (hereinafter called the “Securities”) of the Company, of the series
specified on the face hereof, all issued or to be issued under and pursuant to the Indenture, to which Indenture and all indentures supplemental thereto reference is hereby made for a statement of the rights and limitations of rights, obligations,
duties and immunities thereunder of the Trustee, and any agent of the Trustee, any Paying Agent, the Company and the holders of the Securities and the terms upon which the Securities are issued and are to be authenticated and delivered. To the
extent any provision of this Note conflicts with the express provisions of the Indenture, the provisions of the Indenture shall govern and be controlling. 

The Indenture permits, with certain exceptions as therein provided, the Company and the Trustee to enter into supplemental indentures to the
Indenture for the purpose of adding any provisions to or changing in any manner or eliminating any of the provisions of the Indenture or of modifying in any manner the rights of the holders of the Securities of each series under the Indenture with
the consent of the holders of not less than a majority in principal amount of the Securities at the time outstanding of each series to be affected thereby on behalf of the holders of all Securities of such series. The Indenture also permits the
holders of a majority in principal amount of the Securities at the time outstanding of each series on behalf of the holders of all Securities of such series, to waive compliance by the Company with certain provisions of the Indenture and certain
past defaults and their consequences with respect to such series under the Indenture. Any such consent or waiver by the holder of this Note shall be conclusive and binding upon such holder and upon all future holders of this Note and of any Note
issued upon the registration of transfer hereof or in exchange hereof or in lieu hereof, whether or not notation of such consent or waiver is made upon this Note or such other Note. 

Registrar and Paying Agent 
 The Company
shall maintain in the continental United States, an office or agency where Notes may be surrendered for registration of transfer or exchange and an office or agency where Notes may be presented for payment or for exchange. The Company has initially
appointed the Trustee, U.S. Bank National Association, as its Security registrar and Paying Agent. The Company reserves the right at any time to vary or terminate the appointment of any Paying Agent or Security registrar, to appoint additional or
other Paying Agents or other Security registrars and to approve any change in the office through which any Paying Agent or Security registrar acts. 

Optional Redemption of the Notes 
 The
Notes may be redeemed, in whole or in part, at any time (the “Redemption Date”) at the Company’s option, at a redemption price (the “Redemption Price”) equal to the greater of: 

(a) 100% of the principal amount of the Notes to be redeemed, and 

(b) the sum of the present values of the remaining scheduled payments for principal and interest on the Notes to be redeemed (exclusive of
interest accrued to the applicable Redemption Date) discounted to the applicable Redemption Date on a semi-annual basis (assuming a 360-day year consisting of twelve
30-day months) at the Treasury Rate plus 20 basis points; 
 plus, in each of the cases (a) and (b) above,
accrued and unpaid interest on the Notes being redeemed to, but not including, the applicable Redemption Date. 
 Notice of any redemption
of the Notes shall be given in the manner and otherwise in accordance with the provisions of Section 14.02 of the Base Indenture. If the Company has given notice of redemption as provided in the Indenture and funds for the redemption of any
Notes called for redemption have been made available on the Redemption Date referred to in that notice, such Notes will cease to bear interest on such Redemption Date. Any interest accrued to the Redemption Date will be paid as specified in such
notice. 

  
 A-5 

 Change of Control Triggering Event 

Upon the occurrence of a Change of Control Triggering Event, the Company will be obligated to offer to repurchase this Note in the manner and
subject to the conditions provided in the Indenture. 
 Additional Issues 

The Company may from time to time, without notice to or the consent of the holders of the Notes, create and issue additional Notes. Any such
additional Notes will rank equally in right of payment with the Notes and will have the same interest rate, maturity date and other terms as the Notes herein provided for, except for the issue date, the public offering price, the payment of interest
accruing prior to the issue date or except for the first payment of interest following the issue date of such additional Notes. Any such additional Notes, together with the Notes herein provided for, will constitute a single series of
Securities under the Indenture. Any additional Notes may be issued by or pursuant to a supplement to the Indenture. 
 Transfer and Exchange 

The transfer of the Notes may be registered and Notes may be exchanged as provided in the Indenture. 

Sinking Fund 
 The Notes will not be
subject to any sinking fund. 
 Default 

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, with the effect and subject to the conditions provided in the Indenture. 
 Miscellaneous 

The registered holder of a Note may be treated as its owner for all purposes. 

Unless otherwise required by mandatory provisions of escheat or abandoned or unclaimed property laws, any moneys deposited with the Trustee or
any Paying Agent, or then held by the Company, for the payment of principal of, premium, if any, or interest on this Note that remains unclaimed for two years after the date upon which such payment shall have become due, shall be repaid to the
Company by the Trustee or by such Paying Agent on demand; or, if then held by the Company, shall be discharged from such trust. After that time, the holder of this Note shall, unless otherwise required by mandatory provisions of applicable escheat
or abandoned or unclaimed property laws, thereafter look only to the Company for any payment to which such holder may be entitled to collect. 

No reference herein to the Indenture and no provision of this Note or of the Indenture shall alter or impair the obligation of the Company,
which is absolute and unconditional, to pay the principal of, and any premium and any interest on, this Note at the place, rate and respective times and in the coin or currency herein and in the Indenture prescribed. 

As provided in the Indenture and subject to the satisfaction of certain conditions therein set forth, including the deposit of certain trust
funds in trust, at the Company’s option, either the Company shall be deemed to have paid and discharged the entire indebtedness represented by, and the obligations under, the Notes and to have satisfied all the obligations (with certain
exceptions) under the Indenture relating to the Notes or the Company shall cease to be under any obligation to comply with any term, provision or condition of certain restrictive covenants or provisions with respect to the Notes. 

The Notes are issuable in registered form without coupons in denominations of $2,000 and any integral multiple of $1,000 in excess thereof.
Notes may be exchanged for a like aggregate principal amount and stated maturity of Notes of other authorized denominations at the office or agency of the Company in the continental United States, designated for such purpose by the Company (on the
date hereof, the principal Corporate Trust Office of the Trustee, located at 100 Wall Street, Suite 1600, New York, New York 10005), and in the manner and subject to the limitations provided in the Indenture. 

  
 A-6 

 Prior to due presentment for registration of transfer of this Note, the Company, the Trustee, any
Paying Agent and any Security registrar shall deem and treat the person in whose name this Note is registered upon the books of the Company on the applicable record date as the absolute owner hereof (whether or not this Note is overdue and
notwithstanding any notation of ownership or other writing hereon) for the purpose of receiving payment of or on account of the principal of, premium, if any, and interest on such Security and for all other purposes; and neither the Company nor the
Trustee nor any Paying Agent nor any Security registrar shall be affected by any notice to the contrary. 
 This Note shall be construed in
accordance with and governed by the internal law of the State of New York without giving effect to applicable principles of conflicts of law to the extent that the application of the laws of another jurisdiction would be required thereby. 

  
 A-7 

 OPTION OF HOLDER TO
ELECT PURCHASE 
 If you want to elect to have this Note purchased by the Company pursuant to
Section 6.03 of the First Supplemental Indenture, check the box below: 
 ☐ Section 6.03 

If you want to elect to have only part of the Note purchased by the Company pursuant to Section 6.03 of the First Supplemental Indenture,
state the amount you elect to have purchased: 

$                         
                            

Date:
                                         
            
  

			
	Your Signature:	 	  

		 	(Sign exactly as your name appears
on the face of this Note)

 
			
		
	Tax Identification No.:	 	  

 Signature Guarantee*:
                                         
            
  

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

  
 A-8 

 Exhibit B 

 Exhibit B 

(FACE OF NOTE) 
 THIS GLOBAL NOTE IS HELD
BY THE DEPOSITARY (AS DEFINED IN THE INDENTURE GOVERNING THIS NOTE) OR ITS NOMINEE IN CUSTODY FOR THE BENEFIT OF THE BENEFICIAL OWNERS HEREOF, AND IS NOT TRANSFERABLE TO ANY PERSON UNDER ANY CIRCUMSTANCES EXCEPT THAT (1) THE TRUSTEE MAY MAKE
SUCH NOTATIONS HEREON AS MAY BE REQUIRED PURSUANT TO SECTION 2.10 OF THE INDENTURE, (2) THIS GLOBAL NOTE MAY BE EXCHANGED IN WHOLE BUT NOT IN PART PURSUANT TO SECTION 2.06 OF THE INDENTURE, (3) THIS GLOBAL NOTE MAY BE DELIVERED TO THE
TRUSTEE FOR CANCELLATION PURSUANT TO SECTION 2.09 OF THE INDENTURE AND (4) THIS GLOBAL NOTE MAY BE TRANSFERRED TO A SUCCESSOR DEPOSITARY WITH THE PRIOR WRITTEN CONSENT OF THE COMPANY. 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 THE 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 CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY (55 WATER STREET, NEW YORK, NEW YORK)
(“DTC”), TO THE COMPANY OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR SUCH OTHER NAME AS MAY BE REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF
DTC (AND ANY PAYMENT IS MADE TO CEDE & CO. OR SUCH OTHER ENTITY AS MAY BE 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. 

  
 B-1 

 DELTA AIR LINES, INC. 

3.625% Notes due 2022 

CUSIP NO. 247361 ZJ0 
 ISIN
NO. US247361ZJ00 
  

			
	No. R-    [    ]	  	$[     ]

 DELTA AIR LINES, INC., a corporation duly organized and existing under the laws of the State of Delaware
(herein called the “Company”, which term includes any successor under the Indenture hereinafter referred to), for value received, hereby promises to pay to Cede & Co., or registered assigns, the principal sum of
[[             ] ($             )] on March 15, 2022 at the office or agency of the Company in the continental
United States designated for such purpose by the Company (on the date hereof, the principal Corporate Trust Office of the Trustee mentioned below, located at 100 Wall Street, Suite 1600, New York, New York 10005), in such coin or currency of the
United States of America as at the time of payment shall be legal tender for the payment of public and private debts, and to pay interest on said principal sum semi-annually on March 15 and September 15 of each year, commencing
September 15, 2017, at said office or agency (except as provided below), in like coin or currency, at the rate per annum specified in the title hereof, such interest to accrue from the date of this Note until payment of said principal sum has
been made or duly provided for. The interest so payable, and punctually paid or duly provided for, on any March 15 or September 15 will, except as provided in the Indenture, dated as of March 6, 2017 (the “Base
Indenture”), as supplemented by the First Supplemental Indenture, dated as of March 14, 2017 (the “First Supplemental Indenture,” and as so supplemented, the “Indenture”; capitalized terms used and not defined herein
shall have the meanings ascribed to such terms in the Indenture), duly executed and delivered by the Company to U.S. Bank National Association, a national banking association, as trustee (herein called the “Trustee”), be paid to the person
in whose name this Note is registered at the close of business on the next preceding March 1 or September 1, respectively, whether or not a Business Day, and may, at the option of the Company, be paid by check mailed to the registered
address of such person. Any such interest which is payable, but is not so punctually paid or duly provided for, shall forthwith cease to be payable to the registered holder on such record date and shall 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) established by notice sent by or on behalf of the Company to the
holders of the Notes not less than 15 days preceding such subsequent record date. 
 This Note is one of the series of Securities of the
Company issued pursuant to the Indenture designated as the 3.625% Notes due 2022 (herein called the “Notes”), unlimited in aggregate principal amount. 

Upon due presentment for exchange or registration of transfer of this Note at the office or agency of the Company in the continental United
States, designated for such purpose by the Company (on the date hereof, the principal Corporate Trust Office of the Trustee, located at 100 Wall Street, Suite 1600, New York, New York 10005), duly endorsed or accompanied by a written instrument of
transfer in form satisfactory to the Company and the Trustee, duly executed by the holder thereof or his attorney duly authorized in writing, a new Note or Notes of authorized denominations for a like aggregate principal amount and stated maturity
will be issued to the transferee in exchange therefor, subject to the limitations provided in the Indenture. 
 No service charge shall be
made for any such exchange or registration of transfer, but the Company or the Securities registrar may require payment of a sum sufficient to cover any tax or other governmental charge that may be imposed in relation thereto. 

Reference is hereby made to the further provisions of this Note set forth on the reverse hereof, which further provisions shall for all
purposes have the same effect as if set forth at this place. 
 Unless the certificate of authentication hereon has been manually executed
by or on behalf of the Trustee under the Indenture, this Note shall not be entitled to any benefits under the Indenture, or be valid or obligatory for any purpose. 

  
 B-2 

 IN WITNESS WHEREOF, DELTA AIR LINES, INC. has caused this Note to be duly executed. 

 

							
	Dated:	 		 	DELTA AIR LINES, INC.
				
		 		 	By:	 	  

		 		 		 	Name:
		 		 		 	Title:

 [Signature Page to Delta Air Lines, Inc. 2022 Global Note] 

  
 B-3 

 TRUSTEE’S CERTIFICATE OF AUTHENTICATION 

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

 

			
	 U.S. BANK NATIONAL ASSOCIATION,

as Trustee

		
	 By:
	 	  

	 Authorized Officer

 [Signature Page to Delta Air Lines, Inc. 2022 Global Note] 

  
 B-4 

 REVERSE OF NOTE 

This Note is one of the duly authorized issue of debt securities (hereinafter called the “Securities”) of the Company, of the series
specified on the face hereof, all issued or to be issued under and pursuant to the Indenture, to which Indenture and all indentures supplemental thereto reference is hereby made for a statement of the rights and limitations of rights, obligations,
duties and immunities thereunder of the Trustee, and any agent of the Trustee, any Paying Agent, the Company and the holders of the Securities and the terms upon which the Securities are issued and are to be authenticated and delivered. To the
extent any provision of this Note conflicts with the express provisions of the Indenture, the provisions of the Indenture shall govern and be controlling. 

The Indenture permits, with certain exceptions as therein provided, the Company and the Trustee to enter into supplemental indentures to the
Indenture for the purpose of adding any provisions to or changing in any manner or eliminating any of the provisions of the Indenture or of modifying in any manner the rights of the holders of the Securities of each series under the Indenture with
the consent of the holders of not less than a majority in principal amount of the Securities at the time outstanding of each series to be affected thereby on behalf of the holders of all Securities of such series. The Indenture also permits the
holders of a majority in principal amount of the Securities at the time outstanding of each series on behalf of the holders of all Securities of such series, to waive compliance by the Company with certain provisions of the Indenture and certain
past defaults and their consequences with respect to such series under the Indenture. Any such consent or waiver by the holder of this Note shall be conclusive and binding upon such holder and upon all future holders of this Note and of any Note
issued upon the registration of transfer hereof or in exchange hereof or in lieu hereof, whether or not notation of such consent or waiver is made upon this Note or such other Note. 

Registrar and Paying Agent 
 The Company
shall maintain in the continental United States, an office or agency where Notes may be surrendered for registration of transfer or exchange and an office or agency where Notes may be presented for payment or for exchange. The Company has initially
appointed the Trustee, U.S. Bank National Association, as its Security registrar and Paying Agent. The Company reserves the right at any time to vary or terminate the appointment of any Paying Agent or Security registrar, to appoint additional or
other Paying Agents or other Security registrars and to approve any change in the office through which any Paying Agent or Security registrar acts. 

Optional Redemption of the Notes 
 The
Notes may be redeemed, in whole or in part, at any time (the “Redemption Date”) at the Company’s option. If the Notes are redeemed at any time prior to the Par Call Date, the Notes will be redeemed at a redemption price (the
“Redemption Price”) equal to the greater of: 
 (a) 100% of the principal amount of the Notes to be redeemed, and 

(b) the sum of the present values of the remaining scheduled payments for principal and interest on the Notes to be redeemed that would have
been made if the Notes matured on the Par Call Date (exclusive of interest accrued to the applicable Redemption Date) discounted to the applicable Redemption Date on a semi-annual basis (assuming a 360-day
year consisting of twelve 30-day months) at the Treasury Rate plus 25 basis points; 
 plus, in each of the cases
(a) and (b) above, accrued and unpaid interest on the Notes being redeemed to, but not including, the applicable Redemption Date. 
 If
the Notes are redeemed at any time on or after the Par Call Date, the Notes will be redeemed at a Redemption Price equal to 100% of the principal amount of the Notes to be redeemed, plus accrued and unpaid interest on the Notes being redeemed to,
but not including, the applicable Redemption Date. 
 Notice of any redemption of the Notes shall be given in the manner and otherwise in
accordance with the provisions of Section 14.02 of the Base Indenture. If the Company has given notice of redemption as provided in the Indenture and funds for the redemption of any Notes called for redemption have been made available on the
Redemption Date referred to in that notice, such Notes will cease to bear interest on such Redemption Date. Any interest accrued to the Redemption Date will be paid as specified in such notice. 

  
 B-5 

 Change of Control Triggering Event 

Upon the occurrence of a Change of Control Triggering Event, the Company will be obligated to offer to repurchase this Note in the manner and
subject to the conditions provided in the Indenture. 
 Additional Issues 

The Company may from time to time, without notice to or the consent of the holders of the Notes, create and issue additional Notes. Any such
additional Notes will rank equally in right of payment with the Notes and will have the same interest rate, maturity date and other terms as the Notes herein provided for, except for the issue date, the public offering price, the payment of interest
accruing prior to the issue date or except for the first payment of interest following the issue date of such additional Notes. Any such additional Notes, together with the Notes herein provided for, will constitute a single series of
Securities under the Indenture. Any additional Notes may be issued by or pursuant to a supplement to the Indenture. 
 Transfer and Exchange 

The transfer of the Notes may be registered and Notes may be exchanged as provided in the Indenture. 

Sinking Fund 
 The Notes will not be
subject to any sinking fund. 
 Default 

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, with the effect and subject to the conditions provided in the Indenture. 
 Miscellaneous 

The registered holder of a Note may be treated as its owner for all purposes. 

Unless otherwise required by mandatory provisions of escheat or abandoned or unclaimed property laws, any moneys deposited with the Trustee or
any Paying Agent, or then held by the Company, for the payment of principal of, premium, if any, or interest on this Note that remains unclaimed for two years after the date upon which such payment shall have become due, shall be repaid to the
Company by the Trustee or by such Paying Agent on demand; or, if then held by the Company, shall be discharged from such trust. After that time, the holder of this Note shall, unless otherwise required by mandatory provisions of applicable escheat
or abandoned or unclaimed property laws, thereafter look only to the Company for any payment to which such holder may be entitled to collect. 

No reference herein to the Indenture and no provision of this Note or of the Indenture shall alter or impair the obligation of the Company,
which is absolute and unconditional, to pay the principal of, and any premium and any interest on, this Note at the place, rate and respective times and in the coin or currency herein and in the Indenture prescribed. 

As provided in the Indenture and subject to the satisfaction of certain conditions therein set forth, including the deposit of certain trust
funds in trust, at the Company’s option, either the Company shall be deemed to have paid and discharged the entire indebtedness represented by, and the obligations under, the Notes and to have satisfied all the obligations (with certain
exceptions) under the Indenture relating to the Notes or the Company shall cease to be under any obligation to comply with any term, provision or condition of certain restrictive covenants or provisions with respect to the Notes. 

The Notes are issuable in registered form without coupons in denominations of $2,000 and any integral multiple of $1,000 in excess thereof.
Notes may be exchanged for a like aggregate principal amount and stated maturity of Notes of other authorized denominations at the office or agency of the Company in the continental United States, designated for such purpose by the Company (on the
date hereof, the principal Corporate Trust Office of the Trustee, located at 100 Wall Street, Suite 1600, New York, New York 10005), and in the manner and subject to the limitations provided in the Indenture. 

  
 B-6 

 Prior to due presentment for registration of transfer of this Note, the Company, the Trustee, any
Paying Agent and any Security registrar shall deem and treat the person in whose name this Note is registered upon the books of the Company on the applicable record date as the absolute owner hereof (whether or not this Note is overdue and
notwithstanding any notation of ownership or other writing hereon) for the purpose of receiving payment of or on account of the principal of, premium, if any, and interest on such Security and for all other purposes; and neither the Company nor the
Trustee nor any Paying Agent nor any Security registrar shall be affected by any notice to the contrary. 
 This Note shall be construed in
accordance with and governed by the internal law of the State of New York without giving effect to applicable principles of conflicts of law to the extent that the application of the laws of another jurisdiction would be required thereby. 

  
 B-7 

 OPTION OF HOLDER TO
ELECT PURCHASE 
 If you want to elect to have this Note purchased by the Company pursuant to
Section 6.03 of the First Supplemental Indenture, check the box below: 
 ☐ Section 6.03 

If you want to elect to have only part of the Note purchased by the Company pursuant to Section 6.03 of the First Supplemental Indenture,
state the amount you elect to have purchased: 

$                         
                            

Date:
                                         
            
  

			
	Your Signature:	 	  

		 	(Sign exactly as your name appears on the face of this Note)

  

			
	Tax Identification No.:	 	  

 Signature Guarantee*:
                                         
            
  

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

  
 B-8

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