Document:

EX-4.1

Table of Contents

 Exhibit 4.1 

AMERICAN TOWER CORPORATION 
 and

 U.S. BANK NATIONAL ASSOCIATION 

as Trustee 
 and 

Elavon Financial Services DAC, UK Branch 

As Paying Agent 
  

 
 SUPPLEMENTAL
INDENTURE NO. 10 
 Dated as of May 22, 2018 

to 
 BASE INDENTURE 

Dated as of May 23, 2013 

€500,000,000 Principal Amount 

1.950% SENIOR NOTES DUE 2026 

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 TABLE OF CONTENTS 

 

							
	 	 	 	  	Page	 
	Article I DEFINITIONS AND INCORPORATION BY REFERENCE	  	 	1	 
	 Section 1.01.
	 	 Definitions
	  	 	1	 
	 Section 1.02.
	 	 Incorporation by Reference of Trust Indenture Act
	  	 	9	 
	 Section 1.03.
	 	 Rules of Construction
	  	 	9	 
		
	Article II THE SECURITIES	  	 	10	 
	 Section 2.01.
	 	 Form and Dating
	  	 	10	 
	 Section 2.02.
	 	 Execution and Authentication of Securities
	  	 	10	 
	 Section 2.03.
	 	 Registrar and Paying Agent
	  	 	10	 
	 Section 2.04.
	 	 Paying Agent to Hold Money in Trust
	  	 	11	 
	 Section 2.05.
	 	 Transfer and Exchange
	  	 	11	 
	 Section 2.06.
	 	 Outstanding Securities
	  	 	11	 
	 Section 2.07.
	 	 Interest Payment and Record Dates
	  	 	11	 
	 Section 2.08.
	 	 No Sinking Fund
	  	 	11	 
	 Section 2.09.
	 	 Defaulted Interest
	  	 	12	 
	 Section 2.10.
	 	 CUSIP and ISIN Numbers and Common Codes
	  	 	12	 
	 Section 2.11.
	 	 Global Securities
	  	 	12	 
	 Section 2.12.
	 	 Ranking
	  	 	12	 
	 Section 2.13.
	 	 Additional Securities
	  	 	12	 
	 Section 2.14.
	 	 Payment of Additional Amounts
	  	 	13	 
	 Section 2.15.
	 	 Unavailability of Euros
	  	 	14	 
	 Section 2.16.
	 	 Listing
	  	 	15	 
		
	Article III OPTIONAL REDEMPTION; MANDATORY REDEMPTION	  	 	15	 
	 Section 3.01.
	 	 Notice to Trustee and Paying Agent
	  	 	15	 
	 Section 3.02.
	 	 Optional Redemption
	  	 	15	 
	 Section 3.03.
	 	 Mandatory Redemption
	  	 	16	 
	 Section 3.04.
	 	 Redemption for Tax Reasons
	  	 	16	 
		
	Article IV COVENANTS	  	 	16	 
	 Section 4.01.
	 	 Additional Covenants
	  	 	16	 
		
	Article V MISCELLANEOUS	  	 	17	 
	 Section 5.01.
	 	 Conflict of Any Provision of Indenture with Trust Indenture
Act
	  	 	17	 
	 Section 5.02.
	 	 Duplicate Originals
	  	 	17	 
	 Section 5.03.
	 	 New York Law to Govern
	  	 	18	 
	 Section 5.04.
	 	 No Adverse Interpretation of Other Agreements
	  	 	18	 
	 Section 5.05.
	 	 Successors and Assigns of Company, Trustee and Paying Agent Bound by Supplemental
 Indenture
	  	 	18	 

  
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 TABLE OF CONTENTS 

(continued) 
  

							
	 	 	 	  	Page	 
	 Section 5.06.
	 	 Severability
	  	 	18	 
	 Section 5.07.
	 	 Effect of Headings
	  	 	18	 

 Exhibit A — Form of Global Security 

Exhibit B — Form of Legend for Global Security 

  
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 SUPPLEMENTAL INDENTURE NO. 10 (the “Supplemental Indenture”), dated as of
May 22, 2018, between American Tower Corporation, a Delaware corporation (the “Company”), U.S. Bank National Association, a national banking association, as trustee (the “Trustee”), and Elavon Financial
Services DAC, UK Branch, as paying agent (the “Paying Agent”). 
 WITNESSETH THAT: 

WHEREAS, the Company and the Trustee have executed and delivered a base indenture, dated as of May 23, 2013 (the “Base
Indenture,” and, together with this Supplemental Indenture, as amended, supplemented or otherwise modified from time to time, the “Indenture”) to provide for the future issuance of the Company’s senior debt securities
to be issued from time to time in one or more series; 
 WHEREAS, the Company has duly determined to appoint the Paying Agent as the paying
agent under the Agency Agreement, dated as of the date hereof (the “Agency Agreement”), and the Paying Agent is willing to accept such appointment with respect to the Securities; 

WHEREAS, pursuant to the terms of the Base Indenture, the Company desires to provide for the establishment of a series of its Securities, to
be titled as its “1.950% Senior Notes due 2026,” the form and substance of such Securities and the terms, provisions and conditions thereof to be set forth as provided in the Indenture; and 

WHEREAS, all acts and requirements necessary to make this Supplemental Indenture, when executed and delivered by the parties hereto, the
legal, valid and binding obligation of the Company, in accordance with its terms, have been done. 
 NOW, THEREFORE: 

Each party agrees as follows for the benefit of the other party and for the equal and ratable benefit of the Holders of the Securities. 

ARTICLE I DEFINITIONS AND INCORPORATION BY REFERENCE 

Section 1.01.    DEFINITIONS. 

Capitalized terms used herein without definition shall have the respective meanings ascribed to them in the Base Indenture. The following
definitions supplement, and, to the extent inconsistent with, replace the definitions in Article I of the Base Indenture: 

“Additional Security Board Resolution” means resolutions duly adopted by the Board of Directors of the Company and delivered
to the Trustee in an Officers’ Certificate providing for issuance of Additional Securities. 
 “Additional Security
Supplemental Indenture” means a supplement to this Indenture duly executed and delivered by the Company and the Trustee pursuant to Article 7 of the Base Indenture. 

“Additional Securities” means the Company’s Securities originally issued hereunder after the Issue Date pursuant to
Section 2.13 hereof, except for Securities authenticated and delivered upon registration of, transfer of, or in exchange for, or in lieu of other Securities pursuant to Section 3.07, 3.09, 7.05 or 9.06 of the Base Indenture, or 4.01(b)
hereof, as specified in the relevant Additional Security Board Resolutions or Additional Security Supplemental Indenture issued therefor in accordance with this Indenture. 

“Adjusted EBITDA” means, for the 12-month period preceding the calculation date, for
the Company and its Subsidiaries on a consolidated basis in accordance with GAAP, the sum of (a) Net Income, plus (b) to the extent deducted in determining Net Income, the sum of (i) Interest Expense, (ii) income tax expense,
including, without limitation, taxes paid or accrued based on income, profits or capital, including state, franchise and similar taxes and foreign withholding taxes, (iii) depreciation and amortization (including, without limitation,
amortization of goodwill and other intangible assets), (iv) extraordinary losses and non-recurring non-cash charges and expenses, (v)

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all other non-cash charges, expenses and interest (including, without limitation, any non-cash losses in respect of
Commodity Agreements, Currency Agreements or Interest Rate Agreements, non-cash impairment charges, non-cash valuation charges for stock option grants or vesting of
restricted stock awards or any other non-cash compensation charges, and losses from the early extinguishment of Indebtedness) and (vi) non-recurring charges and
expenses, restructuring charges, transaction expenses (including, without limitation, transaction expenses incurred in connection with any merger or acquisition) and underwriters’ fees or discounts, and severance and retention payments in
connection with any merger or acquisition, in each case for such period, less extraordinary gains and cash payments (not otherwise deducted in determining net income) made during such period with respect to
non-cash charges that were added back in a prior period; provided, however, (I) with respect to any Person that became a Subsidiary, or was merged with or consolidated into the Company or
any Subsidiary, during such period, or any acquisition by the Company or any Subsidiary of the assets of any Person during such period, “Adjusted EBITDA” shall, at the option of the Company in respect of any or all of the foregoing, also
include the Adjusted EBITDA of such Person or attributable to such assets, as applicable, during such period as if such acquisition, merger or consolidation had occurred on the first day of such period and (II) with respect to any Person that
has ceased to be a Subsidiary during such period, or any material assets of the Company or any Subsidiary sold or otherwise disposed of by the Company or any Subsidiary during such period, “Adjusted EBITDA” shall exclude the Adjusted
EBITDA of such Person or attributable to such assets, as applicable, during such period as if such sale or disposition of such Subsidiary or such assets had occurred on the first day of such period. 

“Beneficial Owner” has the meaning assigned to such term in Rule 13d-3 and Rule 13d-5 under the Exchange Act, except that in calculating the beneficial ownership of any particular “person” (as that term is used in Section 13(d)(3) of the Exchange Act), such “person”
will be deemed to have beneficial ownership of all securities that such “person” has the right to acquire by conversion or exercise of other securities, whether such right is currently exercisable or is exercisable only upon the occurrence
of a subsequent condition. The terms “Beneficially Owns” and “Beneficially Owned” have a corresponding meaning. 

“Business Day” means any day, other than a Saturday or Sunday, (1) which is not a day on which banking institutions in
The City of New York or The City of London are authorized or required by law, regulation or executive order to close and (2) on which the Trans-European Automated Real-time Gross Settlement Express Transfer system (the TARGET2 system), or any
successor thereto, operates. 
 “Capital Lease Obligation” means, at the time any determination is to be made, the amount
of the liability in respect of a capital lease that would at that time be required to be capitalized on a balance sheet in accordance with GAAP. 

“Capital Stock” means: 

(1) in the case of a corporation, corporate stock; 

(2) in the case of an association or business entity, any and all shares, interests, participations, rights or other equivalents (however
designated) of corporate stock; 
 (3) in the case of a partnership or limited liability company, partnership or membership interests
(whether general or limited); and 
 (4) any other interest or participation that confers on a Person the right to receive a share of the
profits and losses of, or distributions of assets of, the issuing Person. 
 “Change of Control” means the occurrence of
any of the following: 
 (1) the adoption of a plan relating to the liquidation or dissolution of the Company; 

(2) any “person,” as such term is used in Section 13(d)(3) of the Exchange Act, becomes the Beneficial Owner, directly or
indirectly, of more than 50% of the voting power of the Voting Stock of the Company; provided that a transaction in which the Company becomes a Subsidiary of another Person shall not constitute a Change of

  
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Control if (a) the stockholders of the Company immediately prior to such transaction Beneficially Own, directly or indirectly through one or more intermediaries, 50% or more of the voting
power of the outstanding Voting Stock of such other Person of whom the Company is a Subsidiary immediately following such transaction and (b) immediately following such transaction no person (as defined above) other than such other Person,
Beneficially Owns, directly or indirectly, more than 50% of the voting power of the Voting Stock of the Company; or 
 (3) the first day on
which a majority of the members of the Board of Directors of the Company are not Continuing Directors. 
 “Change of Control
Offer” has the meaning set forth in Section 4.01(b). 
 “Change of Control Payment” has the meaning set forth
in Section 4.01(b). 
 “Change of Control Payment Date” has the meaning set forth in Section 4.01(b). 

“Change of Control Triggering Event” means the occurrence of both a Change of Control and a Ratings Decline (as defined
below). 
 “Clearstream” means Clearstream Banking, société anonyme. 

“Commodity Agreement” of any Person means any commodity forward contract, commodity swap agreement, commodity option
agreement or other similar agreement or arrangement to which such Person is a party. 
 “Common Depositary” means any
Person acting as the common depositary for the Euroclear Operator and Clearstream, which initially shall be Elavon Financial Services DAC. 

“Comparable Government Bond” means, in relation to any Comparable Government Bond Rate calculation, a German government bond
(Bundesanleihe) whose maturity is closest to the maturity of the Securities, or if an Independent Investment Banker selected by the Company in its discretion determines that such similar bond is not in issue, another German government bond as
the Independent Investment Banker may, with the advice of three brokers of, and/or market makers in, German government bonds selected by such Independent Investment Banker, determine to be appropriate for determining the Comparable Government Bond
Rate. 
 “Comparable Government Bond Rate” means, with respect to any redemption date, the price, expressed as a percentage
(rounded to three decimal places, with 0.0005 being rounded upwards), at which the gross redemption yield on the applicable Securities, if they were to be purchased at such price on the third Business Day prior to the date fixed for redemption,
would be equal to the gross redemption yield on such Business Day of the Comparable Government Bond on the basis of the middle market price of the Comparable Government Bond prevailing at 11:00 a.m. (London time) on such Business Day as determined
by an Independent Investment Banker selected by the Company. 
 “Continuing Directors” means a director who either was a
member of the Company’s Board of Directors on the Issue Date or who becomes a member of the Company’s Board of Directors subsequent to the Issue Date and whose appointment, election or nomination for election by the Company’s
stockholders is duly approved by a majority of the Continuing Directors on the Company’s Board of Directors at the time of such approval, either by specific vote or by approval of the proxy statement issued by the Company on behalf of the
Company’s Board of Directors in which such individual is named as nominee for director. Solely for purposes of this definition, the term “Board of Directors” shall be defined without regard to the words “or any authorized
committee of the Board of Directors of such Person or any officer of such Person duly authorized by the Board of Directors of such Person to take a specific action” in such definition. 

“Currency Agreement” of any Person means any foreign exchange contract, currency swap agreement or other similar agreement or
arrangement as to which such Person is a party. 

  
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 “Default” means any event which is, or after notice or passage of time or both
would be, an Event of Default. 
 “Disqualified Stock” means any Capital Stock that, by its terms (or by the terms of any
security into which it is convertible, or for which it is exchangeable, in each case at the option of the holder of the Capital Stock), or upon the happening of any event, matures or is mandatorily redeemable, pursuant to a sinking fund obligation
or otherwise, or redeemable at the option of the holder of the Capital Stock, in whole or in part, on or prior to the Stated Maturity of the Securities. 

“euro” or “€” means the currency of the member states of the European Monetary Union that have adopted
or that adopt the single currency in accordance with the treaty establishing the European Community, as amended by the Treaty on European Union. 

“Exchange Act” means the Securities Exchange Act of 1934, as amended, and the rules and regulations of the SEC promulgated
thereunder. 
 “Euroclear Operator” means Euroclear Bank S.A./N.V., as operator of the Euroclear System. 

“Fair Market Value” means, with respect to any asset, the price that (after taking into account any liabilities relating to
such asset) would be paid in an arm’s-length transaction between an informed and willing seller under no compulsion to sell and an informed and willing buyer under no compulsion to buy, as determined in
good faith by the Board of Directors, whose determination shall be conclusive if evidenced by a Board Resolution. 
 “First Par Call
Date” means February 22, 2026. 
 “Fitch” means Fitch, Inc. or any successor to the rating agency business
thereof. 
 “Foreign Subsidiary” means, with respect to any Person, (a) any Subsidiary of such Person that is not
organized or existing under the laws of, and whose principal business is conducted outside of, the United States, any state thereof, the District of Columbia, or any territory thereof (for purposes of this definition only, the “United
States”), or (b) any Subsidiary of such Person that is organized or existing under the laws of the United States whose only material assets are the Capital Stock of Foreign Subsidiaries meeting clause (a) of this definition. 

“GAAP” means generally accepted accounting principles set forth in the standards, statements and pronouncements of the
Financial Accounting Standards Board, or in such other statements by such other entity as may be approved by a significant segment of the accounting profession of the United States, which are in effect on the Issue Date. 

“Guarantee” means a guarantee (other than by endorsement of negotiable instruments for collection in the ordinary course of
business), direct or indirect, in any manner (including, without limitation, by way of a pledge of assets or through letters of credit or reimbursement agreements in respect thereof), of all or any part of any Indebtedness. The term
“Guarantee” used as a verb has a corresponding meaning. 
 “Indebtedness” means, with respect to any specified
Person, any indebtedness of such Person, whether or not contingent: 
 (1) in respect of borrowed money; 

(2) evidenced by bonds, notes, debentures or similar instruments or letters of credit (or reimbursement agreements in respect thereof); 

(3) in respect of banker’s acceptances; 

(4) representing Capital Lease Obligations; 

  
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 (5) representing the balance deferred and unpaid of the purchase price of any property, except
any such balance that constitutes an accrued expense or trade payable; 
 (6) representing obligations under any Interest Rate Agreements,
Commodity Agreements and Currency Agreements except for those entered into for the purpose of fixing, hedging or swapping interest rate, commodity price or foreign currency exchange risk; or 

(7) in respect of all Disqualified Stock issued by such Person with the amount of Indebtedness represented by such Disqualified Stock being
equal to the greater of its voluntary or involuntary liquidation preference and its maximum fixed repurchase price, but excluding accrued dividends, if any; provided that (a) if the Disqualified Stock does not have a fixed repurchase
price, such maximum fixed repurchase price shall be calculated in accordance with the terms of the Disqualified Stock as if the Disqualified Stock were purchased on any date on which Indebtedness shall be required to be determined pursuant to the
applicable indenture, and (b) if the maximum fixed repurchase price is based upon, or measured by, the fair market value of the Disqualified Stock, the fair market value shall be the Fair Market Value thereof; 

if and to the extent any of the preceding items (other than letters of credit and obligations under Interest Rate Agreements, Commodity
Agreements and Currency Agreements) would appear as a liability upon a balance sheet of such Person prepared in accordance with GAAP. In addition, the term “Indebtedness” includes all Indebtedness of others secured by a Lien on any asset
of such Person whether or not such Indebtedness is assumed by such Person (the amount of such Indebtedness as of any date being deemed to be the lesser of the Fair Market Value of such property or assets as of such date or the principal amount of
such Indebtedness of such other Person so secured) and, to the extent not otherwise included, the Guarantee by such Person of any Indebtedness of any other Person. 

The amount of any Indebtedness outstanding as of any date shall be: 

(1) the accreted value of the Indebtedness, in the case of any Indebtedness issued with original issue discount; and 

(2) the principal amount of the Indebtedness, together with any interest on the Indebtedness that is more than 30 days past due, in the case of
any other Indebtedness. 
 “Independent Investment Banker” means one of the Reference Government Bond Dealers appointed by
the Company. 
 “Interest Expense” means, for any period, all cash interest expense (including imputed interest with
respect to Capital Lease Obligations and commitment fees) with respect to any Indebtedness of the Company and of its Subsidiaries’ Indebtedness on a consolidated basis during such period pursuant to the terms of such Indebtedness. 

“Interest Rate Agreement” of any Person means any interest rate protection agreement, interest rate future agreement,
interest rate option agreement, interest rate swap agreement, interest rate cap agreement, interest rate collar agreement, interest rate hedge agreement, option or future contract or other similar agreement or arrangement as to which such Person is
a party. 
 “Investment Grade Rating” means a rating equal to or greater than BBB-
by S&P and Fitch and Baa3 by Moody’s or the equivalent thereof under any new ratings system if the ratings system of any such agency shall be modified after the date hereof, or the equivalent rating or any other Ratings Agency selected by
the Company as provided in the definition of Ratings Agency. 
 “Issue Date” means May 22, 2018. 

“Licenses” means, collectively, any telephone, microwave, radio transmissions, personal communications or other license,
authorization, certificate of compliance, franchise, approval or permit, whether for the construction, ownership or operation of any communications tower facilities, granted or issued by the Federal Communications

  
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Commission (or other similar or successor agency of the federal government administering the Communications Act of 1934 or any similar or successor federal statute) and held by the Company or any
of its Subsidiaries. 
 “Lien” means, with respect to any property or assets, including Capital Stock, any mortgage, lien,
pledge, charge, security interest or encumbrance of any kind in respect of such asset, whether or not filed, recorded or otherwise perfected under applicable law (including any conditional sale or other title retention agreement, any lease in the
nature thereof, any option or other agreement to sell or give a security interest in and any filing of or agreement to give any financing statement under the Uniform Commercial Code (or equivalent statutes) of any jurisdiction). 

“Moody’s” means Moody’s Investors Services, Inc. or any successor to the rating agency business thereof. 

“Net Income” means, for any period of determination, net income (loss) of the Company and its Subsidiaries, on a
consolidated basis, determined in accordance with GAAP. 
 “Newly Created Subsidiary” means a newly created direct or
indirect Subsidiary of the Company that is formed or organized after the Issue Date; provided that neither the Company nor any Subsidiary of the Company shall have transferred, or may in the future transfer, any assets (other than cash or
cash equivalents) to such Newly Created Subsidiary for so long as such Newly Created Subsidiary remains designated as an Unrestricted Subsidiary. 

“Original Securities” has the meaning set forth in Section 2.02. 

“Paying Agent” has the meaning set forth in Section 2.03. 

“Permitted Amount” means, on any date, an amount equal to 3.5 times Adjusted EBITDA as of the most recent fiscal quarter for
which financial statements of the Company are internally available immediately preceding such date. 
 “Permitted Liens”
means: 
 (1) Liens in favor of the Company or its Subsidiaries; 

(2) Liens existing on the Issue Date (other than those securing the SpectraSite ABS Facility) and renewals and replacements thereof; 

(3) Liens for taxes, assessments or governmental charges or claims that are not yet delinquent or that are being contested in good faith by
appropriate proceedings promptly instituted and diligently conducted; provided that any reserve or other appropriate provision as shall be required in conformity with GAAP shall have been made therefor; 

(4) Liens of carriers, warehousemen, mechanics, vendors (solely to the extent arising by operation of law), laborers and materialmen incurred
in the ordinary course of business for sums not yet due or being diligently contested in good faith, if reserves or appropriate provisions shall have been made therefor; 

(5) Liens incurred in the ordinary course of business in connection with worker’s compensation and unemployment insurance, social security
obligations, assessments or government charges which are not overdue for more than 60 days; 
 (6) restrictions on the transfer of Licenses
or assets of the Company or any of its Subsidiaries imposed by any of the Licenses as in effect on the Issue Date or imposed by the Communications Act of 1934, any similar or successor federal statute or the rules and regulations of the Federal
Communications Commission (or other similar or successor agency of the federal government administering such Act or successor statute) thereunder, all as the same may be in effect from time to time; 

  
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 (7) Liens arising by operation of law in favor of purchasers in connection with the sale of an
asset; provided, however, that such Lien only encumbers the property being sold; 
 (8) Liens to secure performance of
statutory obligations, surety or appeal bonds, performance bonds, bids or tenders; 
 (9) judgment Liens; 

(10) Liens in connection with escrow or security deposits made in connection with any acquisition of assets; 

(11) Liens securing Indebtedness since the Issue Date represented by Capital Lease Obligations, mortgage financings or purchase money
obligations, in each case incurred for the purpose of financing all or any part of the purchase price or cost of construction or improvement of property, plant or equipment used in any business of the Company or any Subsidiary of the Company in an
aggregate principal amount, including all Indebtedness incurred to refund, refinance or replace any other Indebtedness incurred pursuant to this clause (11), not to exceed $500.0 million at any time outstanding for the Company and any
Subsidiaries of the Company; 
 (12) Liens securing obligations under Interest Rate Agreements, Commodity Agreements and Currency Agreements
not for speculative purposes; 
 (13) easements,
rights-of-way, zoning restrictions, licenses or restrictions on use and other similar encumbrances on the use of real property that: 

(a) are not incurred in connection with the borrowing of money or the obtaining of advances or credit (other than trade credit in the ordinary
course of business); and 
 (b) do not in the aggregate materially detract from the value of the property or materially impair the use
thereof in the operation of business by the Company and its Subsidiaries; 
 (14) Liens on property of the Company or a Subsidiary of the
Company at the time the Company or such Subsidiary acquired the property, including acquisition by means of a merger or consolidation with or into the Company or any Subsidiary, or an acquisition of assets, and any replacement thereof,
provided, however, that such Liens are not created, incurred or assumed in connection with or in contemplation of such acquisition, and provided further that such Liens may not extend to any other property owned by the Company
or any Subsidiary of the Company; 
 (15) leases and subleases of real property in the ordinary course of business (for the avoidance of
doubt, excluding sale and lease-back transactions) which do not materially interfere with the ordinary conduct of the business; and 
 (16)
banker’s Liens, rights of set-off or similar rights and remedies as to deposit accounts or other funds maintained with a depositary institution; provided that: 

(a) such deposit account is not a dedicated cash collateral account and is not subject to restrictions against access in excess of those set
forth by regulations promulgated by the Federal Reserve Board or other applicable law; and 
 (b) such deposit account is not intended to
provide collateral to the depositary institution. 
 “Person” or “person” means any individual,
corporation, partnership, limited liability company, joint venture, association, joint-stock company, trust, estate, unincorporated organization or government or other agency or political subdivision thereof or any other entity. 

“Ratings Agencies” means (1) S&P, Moody’s and Fitch; and (2) if any of S&P, Moody’s and Fitch
ceases to rate the Securities or ceases to make a rating on the Securities publicly available, an entity registered as a 

  
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“nationally recognized statistical rating organization” (registered as such pursuant to Rule 17g-1 of the Exchange Act) then making a rating on
the Securities publicly available selected by the Company (as certified by an Officers’ Certificate), which shall be substituted for S&P, Moody’s or Fitch, as the case may be. 

“Ratings Decline” means the occurrence of the following on, or within 90 days after, the date of the public notice of the
occurrence of a Change of Control or of the intention by the Company or any third-party to effect a Change of Control (which period shall be extended for so long as the rating of the securities is under publicly announced consideration for possible
downgrade by any of the Ratings Agencies if such period exceeds 90 days): (1) in the event that the Securities have an Investment Grade Rating by all three Ratings Agencies, the Securities cease to have an Investment Grade Rating by two of the three
Rating Agencies, (2) in the event that the Securities have an Investment Grade Rating by only two Ratings Agencies, the Securities cease to have an Investment Grade Rating by both such Rating Agencies, or (3) in the event that the
Securities do not have an Investment Grade Rating, the rating of the Securities by two of the three Ratings Agencies (or if there are less than three Rating Agencies rating the securities, the rating of each Rating Agency) decreases by one or more
gradations (including gradations within ratings categories as well as between rating categories) or is withdrawn. 
 “Reference
Government Bond Dealer” means any of the primary European government securities dealers. 
 “Registrar” has the
meaning set forth in Section 2.03. 
 “S&P” means S&P Global Ratings, a division of S&P Global Inc., or
any successor to the rating agency business thereof. 
 “SEC” means the Securities and Exchange Commission. 

“Securities” means the 1.950% Senior Notes due 2026 established by this Supplemental Indenture and issued by the Company
pursuant to the Indenture. 
 “Securities Act” means the Securities Act of 1933, as amended, and the rules and regulations
of the SEC promulgated thereunder. 
 “Securities Agent” means any Registrar, Paying Agent, or co-Registrar or co-agent. 
 “SpectraSite ABS
Facility” means that certain mortgage loan more fully described in the Offering Memorandum dated March 27, 2018 regarding the $1,800,000,000 Secured Tower Revenue Securities, Series 2018-1A and 2013-2A. 
 “Stated Maturity” means, with respect to the payment of principal on the
Securities, May 22, 2026. 
 “Subsidiary” means, with respect to any Person, (1) any corporation, limited
liability company, association or other business entity of which more than 50% of the voting power of the outstanding Voting Stock is owned, directly or indirectly, by such Person and one or more other Subsidiaries of such Person or (2) any
partnership (A) the sole general partner or the managing general partner of which is such Person or a Subsidiary of such Person or (B) the only general partners of which are such Person or one or more Subsidiaries of such Person (or any
combination thereof). The term “Subsidiary” with respect to the Company shall not include any Unrestricted Subsidiary. 

“TIA” means the Trust Indenture Act of 1939 (15 U.S. Code §§ 77aaa-77bbbb) as amended and in effect from time to
time. 
 “Unrestricted Subsidiary” means (a) any Foreign Subsidiary or Newly Created Subsidiary of the Company that is
designated by the Board of Directors as an Unrestricted Subsidiary until such time as the Board of Directors may designate it to be a Subsidiary, provided that no Default or Event of Default would occur or be existing following such designation, and
(b) any subsidiary of an Unrestricted Subsidiary. Any such designation by 

  
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the Board of Directors shall be evidenced to the Trustee by filing a Board Resolution with the Trustee giving effect to such designation. At the time of designation of an Unrestricted Subsidiary
as a Subsidiary, such Subsidiary shall be deemed to incur outstanding Indebtedness and grant any existing Liens. 
 “Voting
Stock” of any Person as of any date means the Capital Stock of such Person that is normally entitled to vote in the election of the board of directors, managers or trustees of such Person. 

Section 1.02.    INCORPORATION BY REFERENCE
OF TRUST INDENTURE ACT. 
 Whenever this Indenture refers to a provision of
the TIA, the provision is incorporated by reference in and made a part of this Indenture. 
 The following TIA terms used in this Indenture
have the following meanings: 
 “Commission” means the SEC; 

“indenture securities” means the Securities; 

“indenture security holder” means a Securityholder or a Holder; 

“indenture to be qualified” means this Indenture; and 

“obligor” on the indenture securities means the Company or any successor. 

All other terms used in this Indenture that are defined by the TIA, defined by the TIA by reference to another statute or defined by SEC rule
under the TIA and not otherwise defined herein have the meanings so assigned to them. 

Section 1.03.    RULES OF CONSTRUCTION. 

Unless the context otherwise requires: 

(i)    a term has the meaning assigned to it; 

(ii)    an accounting term not otherwise defined has the meaning assigned to it in accordance with
generally accepted accounting principles in effect from time to time; 
 (iii)    “or” is not
exclusive; 
 (iv)    “including” means “including without limitation”; 

(v)    words in the singular include the plural and in the plural include the singular; 

(vi)    provisions apply to successive events and transactions; 

(vii)    “herein,” “hereof” and other words of similar import refer to this Indenture
as a whole and not to any particular Article, Section or other subdivision of this Indenture; and 

(viii)    references to currency shall mean the lawful currency of the United States of America, unless the
context requires otherwise. 
 In addition, to the extent that the terms of this Supplemental Indenture are inconsistent or conflict with
the terms of the Base Indenture, then, for purposes of the Securities, the terms of this Supplemental Indenture shall apply to the extent of such inconsistency or conflict. 

  
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 The terms of this Supplemental Indenture are subject to the terms of the Agency Agreement which
shall be deemed incorporated herein. In the event of an inconsistency between the terms of the Base Indenture, this Supplemental Indenture and the Agency Agreement, the terms of the Agency Agreement shall prevail, except that the rights, benefits,
protections, indemnities and immunities of the Trustee shall be governed by the Base Indenture and this Supplemental Indenture. 
 
ARTICLE II THE SECURITIES 
 Section 2.01.    FORM AND
DATING. 
 The Securities and the Trustee’s certificate of authentication shall be substantially in the form set
forth in Exhibit A, which is incorporated in and forms a part of this Indenture. The Securities may have notations, legends or endorsements required by law, stock exchange rule or usage. Each Security shall be dated the date of its
authentication. 
 The Securities shall be issued initially in the form of one or more Global Securities, substantially in the form set
forth in Exhibit A, deposited with the Common Depositary and registered in the name of USB Nominees (UK) Limited, as nominee of the Common Depositary, for, and in respect of interests held through, Clearstream and the Euroclear Operator, duly
executed by the Company and authenticated by the Trustee and bearing the legend set forth in Exhibit B. The aggregate principal amount of the Global Security may from time to time be increased or decreased by adjustments made on the records of
the Registrar or the Paying Agent, at the direction of the Trustee, as hereinafter provided; provided, that, except as permitted by Section 2.13, in no event shall the aggregate principal amount of the Global Security or Global
Securities exceed €500,000,000. 
 Securities in the form of Physical Securities issued in exchange for Securities represented by
interests in a Global Security pursuant to Section 3.08 of the Base Indenture may be issued in the form of permanent certificated Securities in registered form in substantially the form set forth in Exhibit A and, if applicable, bearing
any legends required hereby. 
 The Securities shall be denominated in euros, and all cash payments due thereon shall be made in euros. The
Securities shall be issuable only in registered form without interest coupons and only in denominations of €100,000 principal amount and integral multiples of €1,000 in excess thereof. 

Section 2.02.    EXECUTION AND AUTHENTICATION
OF SECURITIES. 
 Upon a Company Order, the Trustee shall authenticate the Securities for original issue in
the aggregate principal amount of €500,000,000 (the “Original Securities”). 

Section 2.03.    REGISTRAR AND PAYING
AGENT. 
 The Company shall maintain an office or agency where Securities may be presented for registration of transfer or
for exchange (“Registrar”) and an office or agency where Securities may be presented for payment (“Paying Agent”). The Corporate Trust Office of the Trustee and the office of the Paying Agent, respectively, shall
initially serve as the offices or agencies for the aforementioned purposes. The Registrar shall keep a register of the Securities and of their transfer and exchange. The Company may appoint or change one or more
co-Registrars, one or more additional paying agents upon reasonable prior written notice to the Trustee or the Paying Agent, respectively, and may act in any such capacity on its own behalf. The term
“Registrar” includes any co-Registrar and the term “Paying Agent” includes any additional paying agent. 

The Company shall enter into an appropriate agency agreement with any Securities Agent not a party to this Indenture. The agreement shall
implement the provisions of this Indenture that relate to such Securities Agent. The Company shall notify the Trustee in writing of the name and address of any Securities Agent not a party to this Indenture. If the Company fails to maintain a
Registrar or Paying Agent, the Trustee shall act as such. 
 The Company initially appoints the Trustee as Registrar and the Paying Agent as
Paying Agent. 

  
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 For purposes of the Securities, the payment office shall be the office of the Paying Agent
located at 125 Old Broad Street, Fifth Floor, London EC2N 1AR, United Kingdom. 

Section 2.04.    PAYING AGENT TO HOLD
MONEY IN TRUST. 
 Each Paying Agent shall hold in trust for the benefit of the
Securityholders or the Trustee all moneys held by the Paying Agent for the payment of the Securities, and shall notify the Trustee in writing of any Default by the Company in making any such payment. While any such Default continues, the Trustee may
require a Paying Agent to pay all money held by it to the Trustee. The Company at any time may require a Paying Agent to pay all money held by it to the Trustee. Upon payment over to the Trustee, the Paying Agent shall have no further liability for
such money. If the Company acts as Paying Agent, it shall segregate and hold as a separate trust fund all money held by it as Paying Agent. 
 
Section 2.05.    TRANSFER AND EXCHANGE. 
 The Company or the
Trustee, as the case may be, shall not be required to register the transfer of or exchange any Security selected for redemption in whole or in part, in accordance with this Indenture, except the unredeemed portion of Securities being redeemed in
part. 
 No service charge shall be made for any transfer or exchange of Securities, but the Company may require payment of a sum sufficient
to cover any transfer tax or similar governmental charge that may be imposed in connection with any transfer or exchange of Securities, other than exchanges pursuant to Section 3.11 or Section 7.05 of the Base Indenture or
Section 4.01(b) or Article III, not involving any transfer. 

Section 2.06.    OUTSTANDING SECURITIES. 

The Securities outstanding at any time are all the Securities authenticated by the Trustee except for those canceled by it, those delivered to
it for cancellation, those reductions in the interest in a Global Security effected by the Trustee in accordance with the provisions hereof, and those described in this Section and the Base Indenture as not outstanding. Except as set forth in
Section 3.13 of the Base Indenture, a Security does not cease to be outstanding because the Company or an affiliate of the Company holds the Security. 

If a Security is replaced pursuant to Section 3.09 of the Base Indenture, it ceases to be outstanding unless the Trustee receives proof
satisfactory to it that the replaced Security is held by a bona fide purchaser. 
 If the principal amount of any Security is
considered paid under Section 4.01 of the Base Indenture, it ceases to be outstanding and interest on it ceases to accrue. 
 If the
Paying Agent (other than the Company, a Subsidiary or an affiliate of any thereof) holds, on a redemption date or maturity date, money sufficient to pay Securities payable on that date, then on and after that date such Securities shall be deemed to
be no longer outstanding and shall cease to accrue interest. 

Section 2.07.    INTEREST PAYMENT AND
RECORD DATES. 
 The Interest Payment Date for the Securities shall be May 22 of each calendar year,
beginning with, and including, May 22, 2019. The Regular Record Date for an Interest Payment Date that falls on May 22 shall be the immediately preceding May 1. 

Section 2.08.    NO SINKING FUND. 

There shall be no sinking fund with respect to the Securities. 

  
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 Section 2.09.    DEFAULTED
INTEREST. 
 If and to the extent the Company defaults in a payment of interest on the Securities, the Company shall pay
in cash the defaulted interest in any lawful manner plus, to the extent not prohibited by applicable statute or case law, interest on such defaulted interest at the rate provided in the Securities and in this Section 2.09. The Company may pay
the defaulted interest (plus interest on such defaulted interest) to the persons who are Securityholders on a subsequent record date as provided in Section 3.05(c) of the Base Indenture. 

The Company shall pay interest (including post-petition interest in any proceeding under any Bankruptcy Law) on overdue principal on the
Securities at the rate equal to 1% per annum in excess of the then applicable interest rate on the Securities of that series to the extent lawful; it shall pay interest (including post-petition interest in any proceeding under any Bankruptcy Law) on
overdue installments of interest (without regard to any applicable grace period) on the Securities of any series at the same rate to the extent lawful. 

Section 2.10.    CUSIP AND ISIN NUMBERS AND
COMMON CODES. 
 The Company in issuing the Securities may use one or more CUSIP and ISIN numbers and
common codes, and, if so, the Trustee shall use the CUSIP and ISIN numbers and common codes in notices of repurchase or exchange as a convenience to Holders; provided, however, that no representation is hereby deemed to be made by the
Trustee as to the correctness or accuracy of the CUSIP and ISIN numbers and common codes printed on the notice or on the Securities; provided further, that reliance may be placed only on the other identification numbers printed on the
Securities, and the effectiveness of any such notice shall not be affected by any defect in, or omission of, such CUSIP and ISIN numbers and common codes. The Company shall promptly notify the Trustee of any change in the CUSIP and ISIN numbers and
common codes. 
 Section 2.11.    GLOBAL SECURITIES. 

The Securities shall initially be issued in the form of one of more Global Securities, and the provisions of the Base Indenture (including, but
not limited to, Section 3.06 and Section 3.08) relating to Global Securities shall apply to the Securities. 

Section 2.12.    RANKING. 

The indebtedness of the Company arising under or in connection with this Indenture and every outstanding Security issued under this Indenture
from time to time constitutes and will constitute a senior unsecured obligation of the Company, ranking pari passu in right of payment with each other and with all other existing and future senior unsecured obligations of the Company. Unless
the context otherwise requires, the Securities shall be considered collectively to be a single class for all purposes of this Indenture, including without limitation waivers, amendments, redemptions and Change of Control Offers. 

Section 2.13.    ADDITIONAL SECURITIES. 

The Company may, from time to time, subject to compliance with any other applicable provisions of this Indenture, without the consent of the
Holders, create and issue pursuant to this Indenture additional securities (“Additional Securities”) having terms and conditions identical to those of the Securities, except that Additional Securities: 

(i)    may have a different issue date from the Securities; 

(ii)    may have a different amount of interest payable on the first Interest Payment Date after issuance than is payable
on other Securities; and 
 (iii)    may have terms specified in the Additional Securities Board Resolution or Additional
Securities Supplemental Indenture for such Additional Securities making appropriate adjustments to Article II and Exhibit A (and related definitions) applicable to such Additional Securities in order to conform to and ensure compliance with

  
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the Securities Act (or other applicable securities laws) and any other agreement applicable to such Additional Securities, which are not adverse in any material respect to the Holder of any
Securities (other than such Additional Securities); 
 provided, that no adjustment pursuant to this Section 2.13 shall cause
such Additional Securities to constitute, as determined pursuant to an Opinion of Counsel, a different class of securities than the Original Securities for U.S. federal income tax purposes. The Original Securities and any Additional Securities would
rank equally and ratably and would be treated as a single series of debt securities for all purposes under the Indenture. 

Section 2.14.    PAYMENT OF ADDITIONAL
AMOUNTS. 
 (a)    All payments of principal and interest in respect of the Securities will be made
free and clear of, and without deduction or withholding for or on account of, any present or future taxes, duties, assessments or other governmental charges of whatsoever nature required to be deducted or withheld by the United States or any
political subdivision or taxing authority of or in the United States, unless such withholding or deduction is required by law or the official interpretation or administration thereof. 

(b)    In the event any withholding or deduction on payments in respect of the Securities for or on account of any present
or future tax, assessment or other governmental charge is required to be deducted or withheld by the United States or any political subdivision or taxing authority thereof or therein, the Company will pay such additional amounts on the Securities as
will result in receipt by each Holder of a Security that is not a U.S. Person (as defined below) of such amounts (after all such withholding or deduction, including on any additional amounts) as would have been received by such Holder had no such
withholding or deduction been required. The Company will not be required, however, to make any payment of additional amounts for or on account of: 

(i) any tax, assessment or other governmental charge that would not have been imposed but for (1) the existence of any
present or former connection (other than a connection arising solely from the ownership of those Securities or the receipt of payments in respect of those Securities) between a Holder of a Security (or the beneficial owner for whose benefit such
Holder holds such Security), or between a fiduciary, settlor, beneficiary of, member or shareholder of, or possessor of a power over, that Holder or beneficial owner (if that Holder or beneficial owner is an estate, trust, partnership or
corporation) and the United States, including that Holder or beneficial owner, or that fiduciary, settlor, beneficiary, member, shareholder or possessor, being or having been a citizen or resident or treated as a resident of the United States or
being or having been engaged in a trade or business or present in the United States or having had a permanent establishment in the United States or (2) the presentation of a Security for payment on a date more than 30 days after the later of
the date on which that payment becomes due and payable and the date on which payment is duly provided for; 
 (ii) any
estate, inheritance, gift, sales, transfer, capital gains, excise, personal property, wealth or similar tax, assessment or other governmental charge; 

(iii) any tax, assessment, or other governmental charge imposed by reason of the Holder’s or beneficial owner’s past
or present status as a passive foreign investment company, a controlled foreign corporation, a foreign tax exempt organization or a personal holding company with respect to the United States or as a corporation that accumulates earnings to avoid
U.S. federal income tax; 
 (iv) any tax, assessment or other governmental charge which is payable otherwise than by
withholding or deducting from payment of principal of or premium, if any, or interest on such Securities; 
 (v) any tax,
assessment or other governmental charge required to be withheld by any paying agent from any payment of principal of and premium, if any, or interest on any Security if that payment can be made without withholding by at least one other paying agent;

 (vi) any tax, assessment or other governmental charge which would not have been imposed but for the failure of a
beneficial owner or any Holder of Securities to comply with a request to satisfy certification, 

  
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information, documentation or other reporting requirements concerning the nationality, residence, identity or connections with the United States of the beneficial owner or any Holder of the
Securities (including, but not limited to, the requirement to provide Internal Revenue Service Forms W-8BEN, W-8BEN-E, W-8ECI, or any subsequent versions thereof or successor thereto, and including, without limitation, any documentation requirement under an applicable income tax treaty), provided such beneficial owner or Holder is
legally able to so comply and compliance is a precondition to exemption from such tax, assessment or other governmental charge; 

(vii) any tax, assessment or other governmental charge imposed on interest received by or on behalf of (1) a 10-percent shareholder (as defined in Section 871(h)(3)(B) of the U.S. Internal Revenue Code of 1986, as amended (the “Code”), and the regulations that may be promulgated thereunder) of the
Company, (2) a controlled foreign corporation that is related to the Company within the meaning of Section 864(d)(4) of the Code, or (3) a bank receiving interest described in Section 881(c)(3)(A) of the Code, to the extent such
tax, assessment or other governmental charge would not have been imposed but for the Holder’s or beneficial owner’s status as described in clauses (1) through (3) of this paragraph (vii); 

(viii) any tax, assessment or other governmental charge required to be withheld or deducted under Sections 1471 through 1474 of
the Code (or any amended or successor version of such Sections that is substantively comparable) (“FATCA”), any regulations or other guidance thereunder, or any agreement (including any intergovernmental agreement) entered into in
connection therewith; or any law, regulation or other official guidance enacted in any jurisdiction implementing FATCA or an intergovernmental agreement in respect of FATCA; or 

(ix) any combination of items (i) through (viii) of this Section 2.14(b); 

nor will the Company pay any additional amounts any Holder that is not the sole beneficial owner of such Securities, or a portion of such Securities, or that
is a fiduciary or partnership or a limited liability company, to the extent that a beneficiary or settlor with respect to that fiduciary or a member of that partnership or limited liability company or a beneficial owner thereof would not have been
entitled to the payment of those additional amounts had that beneficiary, settlor, member or beneficial owner been the Holder of those Securities. 

(c)    The Securities are subject in all cases to any tax, fiscal or other law or regulation or administrative or judicial
interpretation applicable to the Securities. Except as specifically provided under this Section 2.14, the Company will not be required to make any payment for any tax, assessment or other governmental charge imposed by any government or a
political subdivision or taxing authority of or in any government or political subdivision. 
 (d)    As used under this
Section 2.14 and under Section 3.04, the term “United States” means the United States of America, the states of the United States, and the District of Columbia, and the term “U.S. Person” means any individual who is a
citizen or resident of the United States for U.S. federal income tax purposes, a corporation, partnership or other entity created or organized in or under the laws of the United States, any state of the United States or the District of Columbia
(other than a partnership that is not treated as a United States person under any applicable U.S. Treasury regulations), or any estate or trust the income of which is subject to United States federal income taxation regardless of its source. 

(e)    Any reference in the terms of the Securities to any amounts in respect of the Securities shall be deemed also to
refer to any additional amounts which may be payable under this provision. 

Section 2.15.    UNAVAILABILITY OF EUROS. 

If the euro is unavailable to the Company due to the imposition of exchange controls or other circumstances beyond the Company’s control
or if the euro is no longer being used by the then member states of the European Monetary Union that have adopted the euro as their currency or for the settlement of transactions by public institutions of or within the international banking
community, then all payments in respect of the Securities will be made in U.S. dollars until the euro is again available to the Company or so used. The amount payable on any date in euros will be converted into U.S. dollars at the rate reported by
Bloomberg as of the close of business on the second 

  
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Business Day prior to the relevant payment date or, in the event that event that Bloomberg has not reported a rate of conversion, on the basis of the most recent U.S. dollar/euro exchange rate
mandated by the U.S. Federal Reserve Board on or prior to the second Business Day prior to the relevant payment date, or in the event the U.S. Federal Reserve Board has not mandated that exchange rate, the rate as determined in the Company’s
sole discretion on the basis of the most recently available market exchange rate for the euro. Any payment in respect of the notes so made in U.S. dollars will not constitute an event of default under the Securities or the Indenture. Neither the
Trustee nor the Paying Agent will have any responsibility for obtaining exchange rates, effecting conversions or otherwise handling redenominations in connection with the foregoing. 

Section 2.16.    LISTING. 

The Company intends to apply to list each series of the Securities on the New York Stock Exchange (the “NYSE”). The listing
application will be subject to approval by the NYSE. If such a listing is obtained, the Company has no obligation to maintain such listing, and the Company may delist the Securities at any time. The Company currently expects trading in the
Securities on the NYSE to begin within 30 days after the initial issuance of the Securities. There is currently no public market for the Securities. 

ARTICLE III OPTIONAL REDEMPTION; MANDATORY REDEMPTION 

Section 3.01.    NOTICE TO TRUSTEE AND
PAYING AGENT. 
 If the Company elects to redeem Securities pursuant to the optional redemption provisions
of Section 3.02 hereof, it shall furnish to the Trustee and the Paying Agent, at least 30 days but not more than 60 days before a redemption date, an Officers’ Certificate setting forth (1) the redemption date, (2) the principal
amount of the Securities to be redeemed and (3) 
the redemption price (expressed as a percentage of the principal amount). 
 Section 3.02.    
OPTIONAL REDEMPTION. 
 (a) The Securities are redeemable at the Company’s election, in whole or in
part, at any time and from time to time. If the Company redeems the Securities prior to February 22, 2026 (three months prior to their maturity date), it will pay a redemption price equal to the greater of: 

(1) 100% of the principal amount of the Securities to be redeemed then outstanding; and 

(2) as determined by an Independent Investment Banker, the sum of the present values of the remaining scheduled payments of
principal and interest on the Securities to be redeemed that would be due if such Securities matured on the First Par Call Date (not including any portion of such payments of interest accrued to the date of redemption) discounted to the redemption
date on an annual basis (ACTUAL/ACTUAL (ICMA)) at the applicable Comparable Government Bond Rate for such Securities, plus 25 basis points; 
 plus, in
either of the above cases, accrued and unpaid interest to the date of redemption on the Securities to be redeemed. 
 (b) If the Company
redeems the Securities on or after February 22, 2026 (three months prior to their maturity date), it will pay a redemption price equal to 100% of the principal amount of the Securities to be redeemed plus accrued interest to the redemption
date. 
 (c) If the optional redemption date is on or after a Regular Record Date and on or before the related Interest Payment Date, the
accrued and unpaid interest, if any, will be paid to the person in whose name the security is registered at the close of business on such Regular Record Date. 

(e) Any redemption pursuant to this Section 3.02 shall be made pursuant to Section 3.01 hereof and the provisions of Article 9 of
the Base Indenture. 

  
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 Section 3.03.    MANDATORY
REDEMPTION. 
 The Company shall not be required to make mandatory redemption or sinking fund payments with respect to the
Securities. 
 Section 3.04.    REDEMPTION FOR TAX
REASONS 
 If, as a result of any change in, or amendment to, the laws (or any regulations or rulings promulgated under
the laws) of the United States (or any political subdivision of or taxing authority in the United States), or any change in, or amendment to, an official position regarding the application or interpretation of such laws, regulations or rulings,
which change or amendment is announced or becomes effective on or after the date of this Supplemental Indenture, the Company becomes or, based upon a written opinion of independent counsel selected by the Company, there is a substantial probability
that the Company will become, obligated to pay additional amounts as described under Section 2.14 with respect to any series of the Securities, then the Company may at any time at its option redeem, in whole, but not in part, the applicable
series of Securities on not less than 30 nor more than 60 days’ prior notice, at a redemption price equal to 100% of their principal amount, together with accrued and unpaid interest on the Securities to, but not including, the date fixed for
redemption. 
 ARTICLE IV COVENANTS 

Section 4.01.    ADDITIONAL COVENANTS. 

In addition to those Covenants set forth in Article 4 of the Base Indenture, the Company shall comply with the following covenants: 

(a) Limitation on Liens. 

The Company shall not, and shall not permit any of its Subsidiaries to, allow any Lien on any of the Company’s or its Subsidiaries’
property or assets (which includes Capital Stock) securing Indebtedness, unless the Lien secures the Securities equally and ratably with, or prior to, any other Indebtedness secured by such Lien, so long as such other Indebtedness is so secured,
other than Permitted Liens. 
 Notwithstanding the foregoing, the Company may, and may permit any of its Subsidiaries to, incur Liens
securing Indebtedness without equally and ratably securing the Securities if, after giving effect to the incurrence of such Liens, the aggregate amount (without duplication) of the Indebtedness secured by Liens (other than Permitted Liens) on the
property or assets (which includes Capital Stock) of the Company and its Subsidiaries shall not exceed the Permitted Amount at the time of the incurrence of such Liens (it being understood that Liens securing SpectraSite ABS Facility shall be deemed
to be incurred pursuant to this paragraph). For the avoidance of doubt, “incur” means to create, incur, issue, assume, guarantee or otherwise become directly liable, contingently or otherwise. 

(b) Repurchase of the Securities Upon a Change of Control Triggering Event. 

Upon the occurrence of a Change of Control Triggering Event, each Holder of Securities shall have the right to require the Company to
repurchase all or any part, equal to €100,000 or an integral multiple of €1,000 thereafter, of that Holder’s Securities, provided that any unpurchased portion of the Securities shall equal €100,000 or an integral multiple
of €1,000 thereafter, pursuant to an offer (the “Change of Control Offer”) on the terms set forth in this Indenture at an offer price in cash equal to 101% of the aggregate principal amount of Securities repurchased plus
accrued and unpaid interest on the Securities up to but excluding the applicable date of repurchase (the “Change of Control Payment”). Within 30 days following any Change of Control Triggering Event, if the Company had not, prior to
the Change of Control Triggering Event, sent a redemption notice for all the Securities in connection with an optional redemption permitted by Section 3.02 hereof, the Company shall mail or caused to be mailed a notice to each registered Holder
briefly describing the transaction or transactions that constitute a Change of Control Triggering Event and offering to repurchase Securities on the date specified in such notice (the “Change 

  
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of Control Payment Date”), which date shall be no earlier than 30 days and no later than 60 days from the date the notice is mailed, pursuant to the procedures required by this
Indenture and described in such notice. 
 The Company shall comply with the requirements of Rule
14e-1 under the Exchange Act and any other securities laws and regulations thereunder to the extent such laws and regulations are applicable to any Change of Control Offer. To the extent that the provisions of
any securities laws or regulations conflict with the provisions of this Section 4.01(b), the Company shall comply with the applicable securities laws and regulations and will not be deemed to have breached its obligations under the provisions
of this Section 4.01(b) by virtue of such conflict. 
 On the Change of Control Payment Date, the Company shall, to the extent lawful:

 (1) accept for payment all Securities or portions thereof properly tendered pursuant to the Change of Control Offer; 

(2) deposit with the Paying Agent an amount equal to the Change of Control Payment in respect of all Securities or portions
thereof properly tendered; and 
 (3) deliver or cause to be delivered to the Trustee the Securities so accepted together
with an Officers’ Certificate stating the aggregate principal amount of Securities or portions thereof being purchased by the Company. 

The Paying Agent will promptly mail to each registered Holder of Securities so tendered the Change of Control Payment for such Securities, and
the Trustee will promptly authenticate and mail (at the Company’s expense), or cause to be transferred by book entry, to each Holder a new Security equal in principal amount to any unpurchased portion of the Securities surrendered, if any;
provided that each such new Security shall be in a principal amount of €100,000 or an integral multiple of €1,000 thereafter. Any Security so accepted for payment shall cease to accrue interest on and after the Change of Control
Payment Date. 
 This Section 4.01(b) shall be applicable, except as described in this Section 4.01(b), regardless of whether or
not any other provisions of this Indenture are applicable. 
 Notwithstanding the foregoing, the Company shall not be required to make a
Change of Control Offer upon a Change of Control Triggering Event if a third party makes the Change of Control Offer in the manner, at the times and otherwise in compliance with the requirements set forth in this Section 4.01(b) applicable to a
Change of Control Offer made by the Company and purchases all Securities properly tendered and not withdrawn under the Change of Control Offer. 

The Company may make a Change of Control Offer in advance of a Change of Control Triggering Event, and conditional upon the occurrence of such
Change of Control Triggering Event, if a definitive agreement is in place for the Change of Control Triggering Event at the time of making the Change of Control Offer. 

ARTICLE V MISCELLANEOUS 

Section 5.01.    CONFLICT OF ANY
PROVISION OF INDENTURE WITH TRUST INDENTURE ACT. 

If and to the extent that any provision of this Supplemental Indenture limits, qualifies or conflicts with another provision included in this
Supplemental Indenture by operation of Sections 310 to 317, inclusive, of the Trust Indenture Act (an “incorporated provision”), such incorporated provision shall control. 

Section 5.02.    DUPLICATE ORIGINALS. 

The parties may sign any number of copies of this Supplemental Indenture. Each signed copy shall be an original, but all of them together
represent the same agreement. Delivery of an executed counterpart by facsimile shall be effective as delivery of a manually executed counterpart thereof. 

  
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 Section 5.03.    NEW
YORK LAW TO GOVERN. 
 THE INTERNAL LAW OF THE STATE OF NEW YORK SHALL GOVERN
AND BE USED TO CONSTRUE THIS SUPPLEMENTAL INDENTURE AND THE SECURITIES. 

Section 5.04.    NO ADVERSE INTERPRETATION
OF OTHER AGREEMENTS. 
 This Supplemental Indenture and the Base Indenture may not be used
to interpret another indenture, loan or debt agreement of the Company or its Subsidiaries or of any other Person. Any such indenture, loan or debt agreement may not be used to interpret this Supplemental Indenture or the Base Indenture. 

Section 5.05.    SUCCESSORS AND ASSIGNS
OF COMPANY, TRUSTEE AND PAYING AGENT BOUND BY SUPPLEMENTAL INDENTURE. 

All the covenants, stipulations, promises and agreements contained in this Supplemental Indenture by or on behalf of the Company shall bind its
successors and assigns, whether so expressed or not. All the covenants, stipulations, promises and agreements contained in this Supplemental Indenture by or on behalf of the Trustee shall bind its successors and assigns, whether so expressed or not.
All the covenants, stipulations, promises and agreements contained in this Supplemental Indenture by or on behalf of the Paying Agent shall bind its successors and assigns, whether so expressed or not. 

Section 5.06.    SEVERABILITY. 

If any provision of this Supplemental shall be held to be invalid, illegal or unenforceable under applicable law, then the remaining provisions
hereof shall be construed as though such invalid, illegal or unenforceable provision were not contained herein. 

Section 5.07.    EFFECT OF HEADINGS. 

The Article and Section headings in this Supplemental Indenture and the Table of Contents are for convenience only and shall not affect the
construction hereof. 
 [The Remainder of This Page Intentionally Left Blank; Signature Page Follows] 

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

					
	AMERICAN TOWER CORPORATION
		
	By:	 	/s/ Edmund DiSanto
		 	Name:	 	Edmund DiSanto
		 	Title:	 	 Executive Vice President,
 Chief Administrative
Officer,
 General Counsel and Secretary

	
	U.S. BANK NATIONAL ASSOCIATION, AS TRUSTEE
		
	By:	 	/s/ David W. Doucette
		 	Name:	 	David W. Doucette
		 	Title:	 	Vice President
	
	ELAVON FINANCIAL SERVICES DAC, UK BRANCH, AS PAYING AGENT
		
	By:	 	/s/ Laurence Griffiths
		 	Name:	 	Laurence Griffiths
		 	Title:	 	Authorised Signatory
		
	By:	 	/s/ Chris Hobbs
		 	Name:	 	Chris Hobbs
		 	Title:	 	Authorised Signatory

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 EXHIBIT A 

[Face of Security] 

AMERICAN TOWER CORPORATION 

Certificate No.                     

[INSERT GLOBAL SECURITY LEGEND AS REQUIRED] 

1.950% Senior Notes due 2026 

CUSIP No. 03027X AS9 
 ISIN No.
XS1823300949 
 COMMON CODE: 182330094 

American Tower Corporation, a Delaware corporation (the “Company”), for value received, hereby promises to pay to USB
Nominees (UK) Limited, as nominee of Elavon Financial Services DAC, as common depositary, or its registered assigns, the principal sum of
                    euros
(€                  ) on May 22, 2026 and to pay interest thereon, as provided on the reverse hereof, until the principal and
any unpaid and accrued interest are paid or duly provided for. 
 Interest Payment Date: May 22, with the first payment to be made on
May 22, 2019. 
 Regular Record Date: May 1. 

The provisions on the back of this certificate are incorporated as if set forth on the face hereof. 

  
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 IN WITNESS WHEREOF, American Tower Corporation has caused this instrument to be duly
signed. 
  

					
	AMERICAN TOWER CORPORATION
		
	By:	 	 
		 	Name:	 	
		 	Title:	 	
		
	By:	 	 
		 	Name:	 	
		 	Title:	 	

Dated                         
              

  
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 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 Signatory

			
		
	Dated:	 	 

  
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 [REVERSE OF SECURITY] 

AMERICAN TOWER CORPORATION 

1.950% Senior Notes due 2026 

(the “Securities”) 

1. Interest. American Tower Corporation, a Delaware corporation (the “Company”), promises to pay interest on the
principal amount of this Security at the rate per annum shown above. The Company will pay interest, payable annually in arrears, on May 22 of each year, with the first payment to be made on May 22, 2019. Interest on the Securities
will accrue on the principal amount from, and including, the most recent date to which interest has been paid or provided for or, if no interest has been paid, from, and including, May 22, 2018, in each case to, but excluding, the next Interest
Payment Date or the Stated Maturity for the payment of principal on the Securities, as the case may be; provided that if there is no existing Default in the payment of interest, the Company shall pay interest (including post-petition interest
in any proceeding under any Bankruptcy Law) on overdue principal and premium, if any, from time to time on demand at a rate that is 1% per annum in excess of the rate then in effect; it shall pay interest (including post-petition interest in any
proceeding under any Bankruptcy Law) on overdue installments of interest (without regard to any applicable grace periods) from time to time on demand at the same rate to the extent lawful. Interest shall be computed on the basis of the actual number
of days in the period for which interest is being calculated and the actual number of days from and including the last date on which interest was paid on the Securities (or May 22, 2018 if no interest has been paid on the Securities), to but
excluding the next scheduled Interest Payment Date. This payment convention is referred to as ACTUAL/ACTUAL (ICMA) as defined in the rulebook of the International Capital Market Association. 

2. Maturity. The Securities will mature on May 22, 2026. 

3. Method of Payment. Except as provided in the Indenture (as defined below), the Company shall pay interest on the Securities to
the persons who are Holders of record of Securities at the close of business on the Regular Record Date set forth on the face of this Security next preceding the applicable Interest Payment Date. Holders must surrender Securities to a Paying Agent
to collect the principal amount. The Company shall pay, in euros, all amounts due in cash with respect to the Securities, which amounts shall be paid (A) in the case this Security is a Global Security, by wire transfer of immediately available
funds to the account designated by the Common Depositary for the Securities or its nominee; and (B) in the case this Security is a Physical Security, by mailing a check to the address of the relevant Holder set forth in the Security Register
for the Securities. The Company shall pay, in cash, interest on any overdue amount (including, to the extent permitted by applicable law, overdue interest) at the rate borne by the Securities. 

4. Paying Agent and Registrar. Initially, Elavon Financial Services DAC, UK Branch (the “Paying Agent”) shall act
as Paying Agent, and U.S. Bank National Association (the “Trustee”) shall act as Registrar. The Company may change any Paying Agent or Registrar upon prior written notice to the Paying Agent or the Trustee, respectively. The Company
or any of its Subsidiaries may act in any such capacity. 
 5. Indenture. The Company issued the Securities under an indenture
dated as of May 23, 2013 (as amended, supplemented or otherwise modified from time to time prior to the date hereof, the “Base Indenture”) between the Company and the Trustee, as amended, supplemented or otherwise
modified by the Supplemental Indenture No. 10 dated as of May 22, 2018 (the “Supplemental Indenture”), between the Company, the Trustee and the Paying Agent (the Base Indenture, as amended, supplemented or otherwise
modified by the Supplemental Indenture, the “Indenture”). The terms of the Securities include those stated in the Indenture and those made part of the Indenture by reference to the Trust Indenture Act of 1939 (15 U.S. Code
§§ 77aaa-77bbbb) (the “TIA”) as amended and in effect from time to time. The Securities are subject to all such terms, and Holders are referred to the Indenture and the TIA for a statement of such terms. To the extent any
provision of this Security conflicts with the express provisions of the Indenture, the provisions of the Indenture shall govern and be controlling. The Securities are general unsecured senior obligations of the Company. The Original Securities are
limited to €500,000,000 aggregate principal amount, except as otherwise provided in the Indenture (except for Securities issued in 

  
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substitution for destroyed, mutilated, lost or stolen Securities). Subject to the conditions set forth in the Indenture and without the consent of the Holders, the Company may issue Additional
Securities. All Securities, including any Additional Securities, shall be treated as a single class of securities under the Indenture. Terms used herein without definition and that are defined in the Indenture have the meanings assigned to them in
the Indenture. 
 6. Optional Redemption. The Securities are redeemable at the Company’s election, in whole or in part, at
any time and from time to time. If the Company redeems the Securities prior to the First Par Call Date, the Company will pay a redemption price equal to the greater of: 

(1) 100% of the principal amount of the Securities to be redeemed then outstanding; and 

(2) as determined by an Independent Investment Banker, the sum of the present values of the remaining scheduled payments of
principal and interest on the Securities to be redeemed that would be due if such Securities matured on the First Par Call Date (not including any portion of such payments of interest accrued to the date of redemption) discounted to the redemption
date on an annual basis (ACTUAL/ACTUAL (ICMA)) at the applicable Comparable Government Bond Rate, plus 25 basis points; 
 plus, in either of the above
cases, accrued and unpaid interest to the date of redemption on the Securities to be redeemed. 
 If the Company redeems the Securities on
or after the First Par Call Date, the Company will pay a redemption price equal to 100% of the principal amount of the Securities to be redeemed plus accrued interest to the redemption date. 

If the Company selects a redemption date that is on or after a Regular Record Date and on or before the related Interest Payment Date, the
accrued and unpaid interest, if any, shall be paid to the person in whose name the Security is registered at the close of business on such Regular Record Date. 

The Company shall mail or cause to be mailed a notice of redemption at least 30 days, but not more than 60 days, before the redemption date to
each Holder of the Securities to be redeemed at its registered address, except that redemption notices may be mailed more than 60 days prior to a redemption date if the notice is issued in connection with a defeasance of the Securities or a
satisfaction and discharge of the Indenture. Notices of redemption may not be conditional. 
 Unless the Company defaults in payment of the
redemption price, on and after the redemption date, interest shall cease to accrue on the Securities or portions thereof called for redemption. Securities called for redemption become due on the date fixed for redemption. 

For purposes of the foregoing, the following terms have the following meanings: 

“Comparable Government Bond” means, in relation to any Comparable Government Bond Rate calculation a German government bond
(Bundesanleihe) whose maturity is closest to the maturity of the applicable Securities, or if an Independent Investment Banker selected by the Company in its discretion determines that such similar bond is not in issue, such other German
government bond as such Independent Investment Banker may, with the advice of three brokers of, and/or market makers in, German government bonds selected by such Independent Investment Banker, determine to be appropriate for determining the
Comparable Government Bond Rate. 
 “Comparable Government Bond Rate” means, with respect to any redemption date, the
price, expressed as a percentage (rounded to three decimal places, with 0.0005 being rounded upwards), at which the gross redemption yield on the applicable Securities, if they were to be purchased at such price on the third Business Day prior to
the date fixed for redemption, would be equal to the gross redemption yield on such Business Day of the Comparable Government Bond on the basis of the middle market price of the Comparable Government Bond prevailing at 11:00 a.m. (London time) on
such Business Day as determined by an Independent Investment Banker selected by the Company. 

  
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 “First Par Call Date” means February 22, 2026. 

“Independent Investment Banker” means one of the Reference Government Bond Dealers appointed by the Company. 

“Reference Government Bond Dealer” means any of the primary European government securities dealers. 

7. No Mandatory Redemption. The Company shall not be required to make mandatory redemption payments with respect to the
Securities. 
 8. Repurchase at Option of Holder. Upon the occurrence of a Change of Control Triggering Event, and subject to
certain conditions set forth in the Indenture, the Company shall be required to offer to purchase all of the outstanding Securities at a purchase price equal to 101% of the principal amount thereof, plus accrued and unpaid interest, if any, thereon
to the date of repurchase. 
 9. Notice of Redemption. Notice of redemption shall be mailed at least 30 days but not more than
60 days before the redemption date to each Holder whose Securities are to be redeemed at its registered address, except that redemption notices may be mailed more than 60 days prior to a redemption date if the notice is issued in connection with
Article 10 or Article 11 of the Base Indenture. Securities in denominations larger than €100,000 may be redeemed in part but only in whole multiples of €1,000, unless all of the Securities held by a Holder are to be redeemed. Unless the
Company defaults in payment of the redemption price, on and after the redemption date interest shall cease to accrue on Securities or portions thereof called for redemption. 

10. Denominations, Transfer, Exchange. The Securities are in registered form, without coupons, in denominations of €100,000
principal amount and integral multiples of €1,000 principal amount. The transfer of Securities may be registered and Securities may be exchanged as provided in the Indenture. The Registrar may require a Holder, among other things, to furnish
appropriate endorsements and transfer documents. No service charge shall be made for any such registration of transfer or exchange, but the Company may require payment of a sum sufficient to cover any tax or similar governmental charge that may be
imposed in connection with certain transfers or exchanges. The Company shall not be required to register the transfer of or exchange any Security selected for redemption, except for the unredeemed portion of any Security being redeemed in part.
Also, the Company need not exchange or register the transfer of any Securities for a period of 15 days next preceding the first mailing of notice of redemption of Securities to be redeemed. 

11. Persons Deemed Owners. The registered Holder of a Security shall be treated as the owner of such Security for all purposes.

 12. Merger or Consolidation. The Company shall not consolidate with or merge with or into, or sell, transfer, lease, convey
or otherwise dispose of all or substantially all of its property or assets to, another Person (including pursuant to a statutory arrangement), whether in a single transaction or series of related transactions, unless it complies with Article 8
of the Base Indenture. 
 13. Amendments, Supplements and Waivers. The Indenture or the Securities may be amended or
supplemented as provided in the Indenture. 
 14. Defaults and Remedies. The Events of Default relating to the Securities are
defined in Section 5.01 of the Base Indenture. If any Event of Default occurs and is continuing, the Trustee or the Holders of at least 25% in principal amount of the then outstanding Securities may declare the principal, premium, if any,
interest and any other monetary obligations on all the then outstanding Securities to be due and payable immediately. Notwithstanding the foregoing, in the case of an Event of Default arising from certain events of bankruptcy or insolvency, all
outstanding Securities shall become due and payable immediately without further action or notice. 
 Holders may not enforce the Indenture
or the Securities except as provided in the Indenture. Subject to certain limitations, Holders of a majority in aggregate principal amount of the then outstanding Securities may direct 

  
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the Trustee in its exercise of any trust or power. The Trustee may withhold from Holders of the Securities notice of any continuing Default (except a Default relating to the payment of principal,
premium, if any, or interest) if it determines that withholding notice is in their interest. The Holders of a majority in aggregate principal amount of the Securities then outstanding by notice to the Trustee may on behalf of the Holders of all of
the Securities waive any existing Default and its consequences under the Indenture except a continuing Default in payment of the principal of, premium, if any, or interest, if any, on, any of the Securities held by a
non-consenting Holder. The Company is required to deliver to the Trustee annually a statement regarding compliance with the Indenture, and the Company is required upon becoming aware of any Default or Event of
Default, to deliver to the Trustee a statement specifying such Default or Event of Default. 
 15. Trustee Dealings with the
Company. The Trustee, in its individual or any other capacity, may make loans to, accept deposits from, and perform services for the Company or its affiliates, and may otherwise deal with the Company or its affiliates, as if it were not the
Trustee. 
 16. No Recourse Against Others. A director, officer, employee, incorporator or stockholder, of the Company,
as such, shall not have any liability for any obligations of the Company under the Securities or the Indenture or for any claim based on, in respect of, or by reason of, such obligations or their creation. Each Holder by accepting a Security waives
and releases all such liability. The waiver and release are part of the consideration for the issuance of the Securities. 

17. Authentication. This Security shall not be valid until authenticated by the manual signature of the Trustee or an
authenticating agent in accordance with the Indenture. 
 18. Abbreviations. Customary abbreviations may be used in the name of
a Holder or an assignee, such as: TEN COM (= tenants in common), TEN ENT (= tenants by the entireties), JT TEN (= joint tenants with right of survivorship and not as tenants in common), CUST (= Custodian), and U/G/M/A (= Uniform Gifts to Minors
Act). 
 19. CUSIP and ISIN Numbers and Common Codes. Pursuant to a recommendation promulgated by the Committee on Uniform Security
Identification Procedures, the Company has caused CUSIP and ISIN numbers and common codes to be printed on the Securities and the Trustee may use CUSIP and ISIN numbers and common codes in notices of redemption as a convenience to Holders. No
representation is made as to the accuracy of such numbers either as printed on the Securities or as contained in any notice of redemption and reliance may be placed only on the other identification numbers placed thereon. 

THE COMPANY SHALL FURNISH TO ANY HOLDER UPON WRITTEN REQUEST AND WITHOUT CHARGE A COPY OF THE BASE INDENTURE OR THE SUPPLEMENTAL INDENTURE.
REQUESTS MAY BE MADE TO: 
 American Tower Corporation 

116 Huntington Avenue 
 Boston, MA
02116 
 Telecopier No.: (617) 375-7575 

Attention: Investor Relations 

  
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 [FORM OF ASSIGNMENT] 
  

			
	I or we assign to
	
	PLEASE INSERT SOCIAL SECURITY OR
	OTHER IDENTIFYING NUMBER
	
	 
	
	(please print or type name and address)
	
	 
	
	 

 the within Security
and all rights thereunder, and hereby irrevocably constitute and appoint 
  

			
	
	 

 Attorney to transfer
the Security on the books of the Company with full power of substitution in the premises. 
  

			
		
	Dated:	 	 

 NOTICE: The signature on this assignment must correspond with the name as it appears upon the face of the
within Security in every particular without alteration or enlargement or any change whatsoever and be guaranteed by a guarantor institution participating in the Securities Transfer Agents Medallion Program or in such other guarantee program
acceptable to the Trustee. 
  

			
		
	Signature Guarantee:	 	 

  
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 Option of Holder to Elect Purchase 

If you want to elect to have only part of the Security purchased by the Company pursuant to Section 4.01(b) of the Supplemental Indenture, state the
amount you elect to have purchased: 
  

€                      
       

Date:                         
    

Signature:                     
                                         
   
 (Sign exactly as your name appears on 

the face of this Security) 

Tax Identification
No.:                                 

Signature
Guarantee*:                                 

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

  
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 SCHEDULE A 

SCHEDULE OF EXCHANGES OF INTERESTS IN THE GLOBAL SECURITY* 

The initial principal amount of this Global Security is €            . The
following exchanges of a part of this Global Security for an interest in another Global Security or for Securities in certificated form, have been made: 
  

									
	 Date of
Exchange
	 	 Amount of decrease in

Principal Amount of

this Global Security
	 	 Amount of increase in

Principal Amount of

this Global Security
	  	 Principal Amount of

this Global Security

following such decrease

(or increase)
	  	 Signature of

authorized officer of

Registrar or

Paying Agent

* This schedule should be included only if the Security is issued in global form. 

  
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 EXHIBIT B 

FORM OF LEGEND FOR GLOBAL SECURITY 

Any Global Security authenticated and delivered hereunder shall bear a legend in substantially the following form: 

THIS SECURITY IS A GLOBAL SECURITY WITHIN THE MEANING OF THE INDENTURE HEREINAFTER REFERRED TO AND IS REGISTERED IN THE NAME
OF THE COMMON DEPOSITARY OR A NOMINEE OF THE COMMON DEPOSITARY, WHICH SHALL BE TREATED BY THE COMPANY, THE TRUSTEE, THE PAYING AGENT AND ANY AGENT THEREOF AS OWNER AND HOLDER OF THIS SECURITY FOR ALL PURPOSES. 

UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF EUROCLEAR BANK, S.A./N.V., AS OPERATOR OF THE
EUROCLEAR SYSTEM (“EUROCLEAR”) OR CLEARSTREAM BANKING, SOCIÉTÉ ANONYME (“CLEARSTREAM” AND, TOGETHER WITH EUROCLEAR, “EUROCLEAR/CLEARSTREAM”), TO THE COMPANY OR ITS AGENT FOR REGISTRATION OF TRANSFER,
EXCHANGE OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF THE COMMON DEPOSITARY OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF EUROCLEAR/CLEARSTREAM (AND ANY PAYMENT HEREON IS MADE TO THE COMMON
DEPOSITARY OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF EUROCLEAR/CLEARSTREAM), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL SINCE THE REGISTERED OWNER HEREOF, THE
COMMON DEPOSITARY, HAS AN INTEREST HEREIN. 
 TRANSFERS OF THIS GLOBAL SECURITY SHALL BE LIMITED TO TRANSFERS IN WHOLE, BUT
NOT IN PART, TO NOMINEES OF EUROCLEAR/CLEARSTREAM OR TO A SUCCESSOR THEREOF OR SUCH SUCCESSOR’S NOMINEE. 

  
 B-1EX-4.1

 Exhibit 4.1 

COMMON STOCK PURCHASE WARRANT 

CYTODYN INC. 
  

			
	Warrant Shares: [_____]	  	Initial Exercise Date: [______]

 THIS COMMON STOCK PURCHASE WARRANT (the “Warrant”) certifies that, for value received,
[_____] or its assigns (the “Holder”) is entitled, upon the terms and subject to the limitations on exercise and the conditions hereinafter set forth, at any time on or after [_____] (the “Initial Exercise Date”)
and on or prior to the close of business on the five year anniversary of the Initial Exercise Date (the “Termination Date”) but not thereafter, to subscribe for and purchase from CytoDyn Inc., a Delaware corporation (the
“Company”), up to [_____] shares (as subject to adjustment hereunder, the “Warrant Shares”) of common stock, par value $0.001 per share (the “Common Stock”) of the Company. The purchase price of one
share of Common Stock under this Warrant shall be equal to the Exercise Price, as defined in Section 2(b). 

Section 1. Definitions. Capitalized terms used and not otherwise defined herein shall have the meanings set
forth in that certain Subscription Agreement (the “Subscription Agreement”), dated [_____], among the Company and the purchasers signatory thereto. 

Section 2. Exercise. 

a) Exercise of the purchase rights represented by this Warrant may be made, in whole or in part, at any time or times on or
after the Initial Exercise Date and on or before the Termination Date by delivery to the Company (or such other office or agency of the Company as it may designate by notice in writing to the registered Holder at the address of the Holder appearing
on the books of the Company) of a duly executed facsimile copy (or e-mail attachment) of the Notice of Exercise in the form annexed hereto (the “Notice of Exercise”). Within the earlier of
(i) two (2) Trading Days (as defined below) and (ii) the number of Trading Days comprising the Standard Settlement Period (as defined in Section 2(d)(i) herein), in each case following the date of exercise as aforesaid, the Holder
shall deliver the aggregate Exercise Price for the shares specified in the applicable Notice of Exercise by wire transfer or cashier’s check drawn on a United States bank unless the cashless exercise procedure specified in Section 2(c)
below is specified in the applicable Notice of Exercise. No ink-original Notice of Exercise shall be required, nor shall any medallion guarantee (or other type of guarantee or notarization) of any
Notice of Exercise form be required. Notwithstanding anything herein to the contrary, the Holder shall not be required to physically surrender this Warrant to the Company until the Holder has purchased all of the Warrant Shares available hereunder
and the Warrant has been exercised in full, in which case, the Holder shall surrender this Warrant to the Company for cancellation within the earlier of (i) three (3) Trading Days and (ii) the number of Trading Days comprising the Standard
Settlement Period following the date the final Notice of Exercise is delivered to the Company (for clarity and avoidance of doubt, surrender of this Warrant shall not be a condition to honoring the final Notice of Exercise in accordance with terms
hereof). Partial exercises of this Warrant resulting in purchases 

 
of a portion of the total number of Warrant Shares available hereunder shall have the effect of lowering the outstanding number of Warrant Shares purchasable hereunder in an amount equal to the
applicable number of Warrant Shares purchased. The Holder and the Company shall maintain records showing the number of Warrant Shares purchased and the date of such purchases. The Company shall deliver any objection to any Notice of Exercise within
one (1) Business Day (as defined below) of receipt of such notice. The Holder and any assignee, by acceptance of this Warrant, acknowledge and agree that, by reason of the provisions of this paragraph, following the purchase of a portion of
the Warrant Shares hereunder, the number of Warrant Shares available for purchase hereunder at any given time may be less than the amount stated on the face hereof. 

As used herein, “Trading Day” means a day on which the principal Trading Market (as defined in
Section 2(c) herein) for the Common Stock is open for trading. 
 b) Exercise Price. The exercise price per share
of the Common Stock under this Warrant shall be $0.75, subject to adjustment hereunder (the “Exercise Price”). 

c) Cashless Exercise. If at the time of exercise hereof there is no effective registration statement registering, or the
prospectus contained therein is not available for the issuance of the Warrant Shares to the Holder, then this Warrant may also be exercised, in whole or in part, at such time by means of a “cashless exercise” in which the Holder shall be
entitled to receive a number of Warrant Shares equal to the quotient obtained by dividing [(A-B) (X)] by (A), where: 
  

	 	(A)	= the last VWAP immediately preceding the time of delivery of the Notice of Exercise giving rise to the applicable “cashless exercise”, as set forth in the applicable Notice of Exercise (to clarify, the
“last VWAP” will be the last VWAP as calculated over an entire Trading Day such that, in the event that this Warrant is exercised at a time that the Trading Market is open, the prior Trading Day’s VWAP shall be used in this
calculation); 

  

	 	(B)	= the Exercise Price of this Warrant, as adjusted hereunder; and 

  

	 	(X)	= the number of Warrant Shares that would be issuable upon exercise of this Warrant in accordance with the terms of this Warrant if such exercise were by means of a cash exercise rather than a cashless exercise.

 If Warrant Shares are issued in such a cashless exercise, the parties acknowledge and agree that in
accordance with Section 3(a)(9) of the Securities Act of 1933, as amended (the “Securities Act”), the Warrant Shares shall take on the registered characteristics of the Warrants being exercised. The Company agrees not to
take any position contrary to this Section 2(c). 
 “VWAP” means, for any date, the price determined by
the first of the following clauses that applies: (a) if the Common Stock is then listed or quoted on the NYSE MKT, the Nasdaq Capital Market, the Nasdaq Global Market, the Nasdaq Global Select Market, the New York Stock Exchange, the OTCQB or
OTCQX (or any successors to any of the 

  
 -2- 

 
foregoing) (a “Trading Market”), the daily volume weighted average price of the Common Stock for such date (or the nearest preceding date) on the Trading Market on which the
Common Stock is then listed or quoted as reported by Bloomberg L.P. (based on a Trading Day from 9:30 a.m. (New York City time) to 4:02 p.m. (New York City time)), (b) if the Common Stock is not then listed or quoted for trading on a Trading Market
and if prices for the Common Stock are then reported in the “Pink Sheets” published by OTC Markets Group, Inc. (or a similar organization or agency succeeding to its functions of reporting prices), the most recent bid price per share of
the Common Stock so reported, or (c) in all other cases, the fair market value of a share of Common Stock as determined by an independent appraiser selected in good faith by the Purchasers of a majority in interest of the Securities then
outstanding and reasonably acceptable to the Company, the fees and expenses of which shall be paid by the Company. 
 d)
Mechanics of Exercise. 
 i. Delivery of Warrant Shares Upon Exercise. The Company shall cause the Warrant
Shares purchased hereunder to be transmitted by its transfer agent to the Holder by crediting the account of the Holder’s or its designee’s balance account with The Depository Trust Company through its Deposit or Withdrawal at Custodian
system (“DWAC”) if the Company is then a participant in such system and either (A) there is an effective registration statement permitting the issuance of the Warrant Shares to or resale of the Warrant Shares by Holder or
(B) this Warrant is being exercised via cashless exercise, and otherwise by physical delivery of a certificate, registered in the Company’s share register in the name of the Holder or its designee, for the number of Warrant Shares to which
the Holder is entitled pursuant to such exercise to the address specified by the Holder in the Notice of Exercise by the date that is the earlier of (i) three (3) Trading Days and (ii) the number of Trading Days comprising the Standard
Settlement Period, in each case after the delivery to the Company of the Notice of Exercise (such earlier date, the “Warrant Share Delivery Date”). Upon delivery of the Notice of Exercise the Holder shall be deemed for all corporate
purposes to have become the holder of record of the Warrant Shares with respect to which this Warrant has been exercised, irrespective of the date of delivery of the Warrant Shares, provided that payment of the aggregate Exercise Price (other than
in the case of a cashless exercise) is received on or prior to the Warrant Share Delivery Date. If the Company fails for any reason to deliver to the Holder the Warrant Shares subject to a Notice of Exercise by the Warrant Share Delivery Date, the
Company shall pay to the Holder, in cash, as liquidated damages and not as a penalty, for each $1,000 of Warrant Shares subject to such exercise (based on the VWAP of the Common Stock on the date of the applicable Notice of Exercise), $10 per
Trading Day (increasing to $20 per Trading Day on the fifth Trading Day after such liquidated damages begin to accrue) for each Trading Day after such Warrant Share Delivery Date until such Warrant Shares are delivered or Holder rescinds such
exercise. The Company agrees to maintain a transfer agent that is a participant in the FAST program so 

  
 -3- 

 
long as this Warrant remains outstanding and exercisable. As used herein, “Standard Settlement Period” means the standard settlement period, expressed in a number of Trading
Days, on the Company’s primary Trading Market with respect to the Common Stock as in effect on the date of delivery of the Notice of Exercise. 

ii. Delivery of New Warrants Upon Exercise. If this Warrant shall have been exercised in part, the Company shall, at the
request of a Holder and upon surrender of this Warrant certificate, at the time of delivery of the Warrant Shares, deliver to the Holder a new Warrant evidencing the rights of the Holder to purchase the unpurchased Warrant Shares called for by this
Warrant, which new Warrant shall in all other respects be identical with this Warrant. 
 iii. Rescission Rights. If
the Company fails to cause its transfer agent to transmit to the Holder the Warrant Shares pursuant to Section 2(d)(i) by the Warrant Share Delivery Date, then the Holder will have the right to rescind such exercise. 

iv. Compensation for Buy-In on Failure to Timely Deliver Warrant Shares Upon
Exercise. In addition to any other rights available to the Holder, if the Company fails to cause its transfer agent to transmit to the Holder the Warrant Shares in accordance with the provisions of Section 2(d)(i) above pursuant to an
exercise on or before the Warrant Share Delivery Date, and if after such date the Holder is required by its broker to purchase (in an open market transaction or otherwise) or the Holder’s brokerage firm otherwise purchases, shares of Common
Stock to deliver in satisfaction of a sale by the Holder of the Warrant Shares which the Holder anticipated receiving upon such exercise (a “Buy-In”), then the Company shall (A) pay in
cash to the Holder the amount, if any, by which (x) the Holder’s total purchase price (including brokerage commissions, if any) for the shares of Common Stock so purchased exceeds (y) the amount obtained by multiplying (1) the
number of Warrant Shares that the Company was required to deliver to the Holder in connection with the exercise at issue times (2) the price at which the sell order giving rise to such purchase obligation was executed, and (B) at the
option of the Holder, either reinstate the portion of the Warrant and equivalent number of Warrant Shares for which such exercise was not honored (in which case such exercise shall be deemed rescinded) or deliver to the Holder the number of shares
of Common Stock that would have been issued had the Company timely complied with its exercise and delivery obligations hereunder. For example, if the Holder purchases Common Stock having a total purchase price of $11,000 to cover a Buy-In with respect to an attempted exercise of shares of Common Stock with an aggregate sale price giving rise to such purchase obligation of $10,000, under clause (A) of the immediately preceding sentence the
Company shall be required to pay the Holder $1,000. The Holder shall provide the Company written notice indicating the 

  
 -4- 

 
amounts payable to the Holder in respect of the Buy-In and, upon request of the Company, evidence of the amount of such loss. Nothing herein shall limit a
Holder’s right to pursue any other remedies available to it hereunder, at law or in equity including, without limitation, a decree of specific performance and/or injunctive relief with respect to the Company’s failure to timely deliver
shares of Common Stock upon exercise of the Warrant as required pursuant to the terms hereof. 
 v. No Fractional Shares
or Scrip. No fractional shares or scrip representing fractional shares shall be issued upon the exercise of this Warrant. As to any fraction of a share which the Holder would otherwise be entitled to purchase upon such exercise, the Company
shall, at its election, either pay a cash adjustment in respect of such final fraction in an amount equal to such fraction multiplied by the Exercise Price or round up to the next whole share. 

vi. Charges, Taxes and Expenses. Issuance of Warrant Shares shall be made without charge to the Holder for any issue or
transfer tax or other incidental expense in respect of the issuance of such Warrant Shares, all of which taxes and expenses shall be paid by the Company, and such Warrant Shares shall be issued in the name of the Holder or in such name or names as
may be directed by the Holder; provided, however, that in the event that Warrant Shares are to be issued in a name other than the name of the Holder, this Warrant when surrendered for exercise shall be accompanied by the Assignment
Form attached hereto duly executed by the Holder and the Company may require, as a condition thereto, the payment of a sum sufficient to reimburse it for any transfer tax incidental thereto. The Company shall pay all transfer agent fees required for
same-day processing of any Notice of Exercise and all fees to the Depository Trust Company (or another established clearing corporation performing similar functions) required for
same-day electronic delivery of the Warrant Shares. 
 vii. Closing of Books.
The Company will not close its stockholder books or records in any manner which prevents the timely exercise of this Warrant, pursuant to the terms hereof. 

e) Holder’s Exercise Limitations. The Company shall not effect any exercise of this Warrant, and a Holder shall not
have the right to exercise any portion of this Warrant, pursuant to Section 2 or otherwise, to the extent that after giving effect to such issuance after exercise as set forth on the applicable Notice of Exercise, the Holder (together with any
person that, directly or indirectly through one or more intermediaries, controls or is controlled by or is under common control with a person as such terms are used in and construed under Rule 405 under the Securities Act (such persons,
“Affiliates”), and any other person acting as a group together with the Holder or any of the Holder’s Affiliates (such persons, “Attribution Parties”)), would beneficially own in excess of the Beneficial
Ownership Limitation (as defined below). For purposes of the foregoing sentence, the number of shares of Common Stock beneficially owned by the Holder and its 

  
 -5- 

 
Affiliates and Attribution Parties shall include the number of shares of Common Stock issuable upon exercise of this Warrant with respect to which such determination is being made, but shall
exclude the number of shares of Common Stock which would be issuable upon (i) exercise of the remaining, nonexercised portion of this Warrant beneficially owned by the Holder or any of its Affiliates or Attribution Parties and
(ii) exercise or conversion of the unexercised or nonconverted portion of any other securities of the Company (including, without limitation, any other securities of the Company or its subsidiaries which would entitle the holder thereof to
acquire at any time Common Stock, including, without limitation, any debt, preferred stock, right, option, warrant or other instrument that is at any time convertible into or exercisable or exchangeable for, or otherwise entitles the holder thereof
to receive, Common Stock (such securities, “Common Stock Equivalents”)) subject to a limitation on conversion or exercise analogous to the limitation contained herein beneficially owned by the Holder or any of its Affiliates or
Attribution Parties. Except as set forth in the preceding sentence, for purposes of this Section 2(e), beneficial ownership shall be calculated in accordance with Section 13(d) of the Exchange Act of 1934, as amended (the
“Exchange Act”) and the rules and regulations promulgated thereunder, it being acknowledged by the Holder that the Company is not representing to the Holder that such calculation is in compliance with Section 13(d) of the
Exchange Act and the Holder is solely responsible for any schedules required to be filed in accordance therewith. To the extent that the limitation contained in this Section 2(e) applies, the determination of whether this Warrant is exercisable
(in relation to other securities owned by the Holder together with any Affiliates and Attribution Parties) and of which portion of this Warrant is exercisable shall be in the sole discretion of the Holder, and the submission of a Notice of Exercise
shall be deemed to be the Holder’s determination of whether this Warrant is exercisable (in relation to other securities owned by the Holder together with any Affiliates and Attribution Parties) and of which portion of this Warrant is
exercisable, in each case subject to the Beneficial Ownership Limitation, and the Company shall have no obligation to verify or confirm the accuracy of such determination. In addition, a determination as to any group status as contemplated above
shall be determined in accordance with Section 13(d) of the Exchange Act and the rules and regulations promulgated thereunder. For purposes of this Section 2(e), in determining the number of outstanding shares of Common Stock, a Holder may
rely on the number of outstanding shares of Common Stock as reflected in (A) the Company’s most recent periodic or annual report filed with the Commission, as the case may be, (B) a more recent public announcement by the Company or
(C) a more recent written notice by the Company or its transfer agent setting forth the number of shares of Common Stock outstanding. Upon the written or oral request of a Holder, the Company shall within two Trading Days confirm orally
and in writing to the Holder the number of shares of Common Stock then outstanding. In any case, the number of outstanding shares of Common Stock shall be determined after giving effect to the conversion or exercise of securities of the
Company, including this Warrant, by the Holder or its Affiliates or Attribution Parties since the date as of which such number of outstanding shares of Common Stock was reported. The “Beneficial Ownership Limitation” shall be 4.99%
of the number of shares of the Common Stock outstanding immediately after giving effect to the issuance of shares of Common Stock issuable upon exercise of this Warrant. The Holder, upon notice to the Company, may increase or decrease the Beneficial
Ownership Limitation provisions of this Section 2(e), provided that the Beneficial 

  
 -6- 

 
Ownership Limitation in no event exceeds 9.99% of the number of shares of the Common Stock outstanding immediately after giving effect to the issuance of shares of Common Stock upon exercise of
this Warrant held by the Holder and the provisions of this Section 2(e) shall continue to apply. Any increase in the Beneficial Ownership Limitation will not be effective until the 61st day after such notice is delivered to the Company. The
provisions of this paragraph shall be construed and implemented in a manner otherwise than in strict conformity with the terms of this Section 2(e) to correct this paragraph (or any portion hereof) which may be defective or inconsistent with
the intended Beneficial Ownership Limitation herein contained or to make changes or supplements necessary or desirable to properly give effect to such limitation. The limitations contained in this paragraph shall apply to a successor holder of this
Warrant. 
 Section 3. Certain Adjustments. 

a) Stock Dividends and Splits. If the Company, at any time while this Warrant is outstanding: (i) pays a stock
dividend or otherwise makes a distribution or distributions on shares of its Common Stock or any other equity or equity equivalent securities payable in shares of Common Stock (which, for avoidance of doubt, shall not include any shares of Common
Stock issued by the Company upon exercise of this Warrant), (ii) subdivides outstanding shares of Common Stock into a larger number of shares, (iii) combines (including by way of reverse stock split) outstanding shares of Common Stock into a
smaller number of shares, or (iv) issues by reclassification of shares of the Common Stock any shares of capital stock of the Company, then in each case the Exercise Price shall be multiplied by a fraction of which the numerator shall be the
number of shares of Common Stock (excluding treasury shares, if any) outstanding immediately before such event and of which the denominator shall be the number of shares of Common Stock outstanding immediately after such event, and the number of
shares issuable upon exercise of this Warrant shall be proportionately adjusted such that the aggregate Exercise Price of this Warrant shall remain unchanged. Any adjustment made pursuant to this Section 3(a) shall become effective immediately
after the record date for the determination of stockholders entitled to receive such dividend or distribution and shall become effective immediately after the effective date in the case of a subdivision, combination or reclassification. 

b) Subsequent Rights Offerings. In addition to any adjustments pursuant to Section 3(a) above, if at any time the
Company grants, issues or sells any Common Stock Equivalents or rights to purchase stock, warrants, securities or other property pro rata to the record holders of any class of shares of Common Stock (the “Purchase Rights”), then the
Holder will be entitled to acquire, upon the terms applicable to such Purchase Rights, the aggregate Purchase Rights which the Holder could have acquired if the Holder had held the number of shares of Common Stock acquirable upon complete exercise
of this Warrant (without regard to any limitations on exercise hereof, including without limitation, the Beneficial Ownership Limitation) immediately before the date on which a record is taken for the grant, issuance or sale of such Purchase Rights,
or, if no such record is taken, the date as of which the record holders of shares of Common Stock are to be determined for the grant, issue or sale of such Purchase Rights (provided, however, to the extent that the Holder’s right to participate
in any such Purchase Right would result in the Holder exceeding the Beneficial Ownership Limitation, then the Holder shall not be entitled to 

  
 -7- 

 
participate in such Purchase Right to such extent (or beneficial ownership of such shares of Common Stock as a result of such Purchase Right to such extent) and such Purchase Right to such extent
shall be held in abeyance for the Holder until such time, if ever, as its right thereto would not result in the Holder exceeding the Beneficial Ownership Limitation). 

c) Pro Rata Distributions. During such time as this Warrant is outstanding, if the Company shall declare or make any
dividend or other distribution of its assets (or rights to acquire its assets) to holders of shares of Common Stock, by way of return of capital or otherwise (including, without limitation, any distribution of cash, stock or other securities,
property or options by way of a dividend, spin off, reclassification, corporate rearrangement, scheme of arrangement or other similar transaction) (a “Distribution”), at any time after the issuance of this Warrant, then, in each
such case, the Holder shall be entitled to participate in such Distribution to the same extent that the Holder would have participated therein if the Holder had held the number of shares of Common Stock acquirable upon complete exercise of this
Warrant (without regard to any limitations on exercise hereof, including without limitation, the Beneficial Ownership Limitation) immediately before the date of which a record is taken for such Distribution, or, if no such record is taken, the date
as of which the record holders of shares of Common Stock are to be determined for the participation in such Distribution (provided, however, to the extent that the Holder’s right to participate in any such Distribution would
result in the Holder exceeding the Beneficial Ownership Limitation, then the Holder shall not be entitled to participate in such Distribution to such extent (or in the beneficial ownership of any shares of Common Stock as a result of such
Distribution to such extent) and the portion of such Distribution shall be held in abeyance for the benefit of the Holder until such time, if ever, as its right thereto would not result in the Holder exceeding the Beneficial Ownership Limitation).

 d) Calculations. All calculations under this Section 3 shall be made to the nearest cent or the nearest
1/100th of a share, as the case may be. For purposes of this Section 3, the number of shares of Common Stock deemed to be issued and outstanding as of a given date shall be the sum of the number of shares of Common Stock (excluding treasury
shares, if any) issued and outstanding. 
 e) Notice to Holder. 

i. Adjustment to Exercise Price. Whenever the Exercise Price is adjusted pursuant to any provision of this
Section 3, the Company shall promptly deliver to the Holder by facsimile or email a notice setting forth the Exercise Price after such adjustment and any resulting adjustment to the number of Warrant Shares and setting forth a brief statement
of the facts requiring such adjustment. 
 ii. Notice to Allow Exercise by Holder. If (A) the Company shall
declare a dividend (or any other distribution in whatever form) on the Common Stock, (B) the Company shall declare a special nonrecurring cash dividend on or a redemption of the Common Stock, (C) the Company shall

  
 -8- 

 
authorize the granting to all holders of the Common Stock rights or warrants to subscribe for or purchase any shares of capital stock of any class or of any rights, (D) the approval of any
stockholders of the Company shall be required in connection with any reclassification of the Common Stock, any consolidation or merger to which the Company is a party, any sale or transfer of all or substantially all of the assets of the Company, or
any compulsory share exchange whereby the Common Stock is converted into other securities, cash or property, or (E) the Company shall authorize the voluntary or involuntary dissolution, liquidation or winding up of the affairs of the Company,
then, in each case, the Company shall cause to be delivered by facsimile or email to the Holder at its last facsimile number or email address as it shall appear upon the Warrant Register (as defined below) of the Company, at least 20 calendar days
prior to the applicable record or effective date hereinafter specified, a notice stating (x) the date on which a record is to be taken for the purpose of such dividend, distribution, redemption, rights or warrants, or if a record is not to be
taken, the date as of which the holders of the Common Stock of record to be entitled to such dividend, distributions, redemption, rights or warrants are to be determined or (y) the date on which such reclassification, consolidation, merger,
sale, transfer or share exchange is expected to become effective or close, and the date as of which it is expected that holders of the Common Stock of record shall be entitled to exchange their shares of the Common Stock for securities, cash or
other property deliverable upon such reclassification, consolidation, merger, sale, transfer or share exchange; provided that the failure to deliver such notice or any defect therein or in the delivery thereof shall not affect the validity of the
corporate action required to be specified in such notice. To the extent that any notice provided in this Warrant constitutes, or contains, material, non-public information regarding the Company or any of the
Subsidiaries, the Company shall simultaneously file such notice with the Commission pursuant to a Current Report on Form 8-K. The Holder shall remain entitled to exercise this Warrant during the period
commencing on the date of such notice to the effective date of the event triggering such notice except as may otherwise be expressly set forth herein. 

Section 4. Transfer of Warrant. 

a) Transferability. Subject to compliance with any applicable securities laws, this Warrant and all rights hereunder
(including, without limitation, any registration rights) are transferable, in whole or in part, upon surrender of this Warrant at the principal office of the Company or its designated agent, together with a written assignment of this Warrant
substantially in the form attached hereto duly executed by the Holder or its agent or attorney and funds sufficient to pay any transfer taxes payable upon the making of such transfer. Upon such surrender and, if required, such payment, the Company
shall execute and deliver a new Warrant or Warrants in the name of the assignee or assignees, as applicable, and in the denomination or denominations specified in such instrument of assignment, and shall issue to the assignor a new Warrant
evidencing the portion of this 

  
 -9- 

 
Warrant not so assigned, and this Warrant shall promptly be cancelled. Notwithstanding anything herein to the contrary, the Holder shall not be required to physically surrender this Warrant to
the Company unless the Holder has assigned this Warrant in full, in which case, the Holder shall surrender this Warrant to the Company within three (3) Trading Days of the date the Holder delivers an assignment form to the Company assigning
this Warrant full. The Warrant, if properly assigned in accordance herewith, may be exercised by a new holder for the purchase of Warrant Shares without having a new Warrant issued. 

b) New Warrants. This Warrant may be divided or combined with other Warrants upon presentation hereof at the aforesaid
office of the Company, together with a written notice specifying the names and denominations in which new Warrants are to be issued, signed by the Holder or its agent or attorney. Subject to compliance with Section 4(a), as to any transfer
which may be involved in such division or combination, the Company shall execute and deliver a new Warrant or Warrants in exchange for the Warrant or Warrants to be divided or combined in accordance with such notice. All Warrants issued on transfers
or exchanges shall be dated the initial issuance date of this Warrant and shall be identical with this Warrant except as to the number of Warrant Shares issuable pursuant thereto. 

c) Warrant Register. The Company shall register this Warrant, upon records to be maintained by the Company for that
purpose (the “Warrant Register”), in the name of the record Holder hereof from time to time. The Company may deem and treat the registered Holder of this Warrant as the absolute owner hereof for the purpose of any exercise hereof or
any distribution to the Holder, and for all other purposes, absent actual notice to the contrary. 
 Section 5.
Miscellaneous. 
 a) No Rights as Stockholder Until Exercise. This Warrant does not entitle the Holder to any
voting rights, dividends or other rights as a stockholder of the Company prior to the exercise hereof as set forth in Section 2(d)(i), except as expressly set forth in Section 3. 

b) Loss, Theft, Destruction or Mutilation of Warrant. The Company covenants that upon receipt by the Company of evidence
reasonably satisfactory to it of the loss, theft, destruction or mutilation of this Warrant or any stock certificate relating to the Warrant Shares, and in case of loss, theft or destruction, of indemnity or security reasonably satisfactory to it
(which, in the case of the Warrant, shall not include the posting of any bond), and upon surrender and cancellation of such Warrant or stock certificate, if mutilated, the Company will make and deliver a new Warrant or stock certificate of like
tenor and dated as of such cancellation, in lieu of such Warrant or stock certificate. 
 c) Saturdays, Sundays, Holidays,
etc. If the last or appointed day for the taking of any action or the expiration of any right required or granted herein shall not be any day except any Saturday, any Sunday, any day which is a federal legal holiday in the United States or any
day on which banking institutions in the State of New York are authorized or required by law or other governmental action to close (each such day, a “Business Day”), then, such action may be taken or such right may be exercised on
the next succeeding Business Day. 

  
 -10- 

 d) Authorized Shares. 

The Company covenants that, during the period the Warrant is outstanding, it will reserve from its authorized and unissued
Common Stock a sufficient number of shares to provide for the issuance of the Warrant Shares upon the exercise of any purchase rights under this Warrant. The Company further covenants that its issuance of this Warrant shall constitute full authority
to its officers who are charged with the duty of issuing the necessary Warrant Shares upon the exercise of the purchase rights under this Warrant. The Company will take all such reasonable action as may be necessary to assure that such Warrant
Shares may be issued as provided herein without violation of any applicable law or regulation, or of any requirements of the Trading Market upon which the Common Stock may be listed. The Company covenants that all Warrant Shares which may be issued
upon the exercise of the purchase rights represented by this Warrant will, upon exercise of the purchase rights represented by this Warrant and payment for such Warrant Shares in accordance herewith, be duly authorized, validly issued, fully paid
and nonassessable and free from all taxes, liens and charges created by the Company in respect of the issue thereof (other than taxes in respect of any transfer occurring contemporaneously with such issue). 

Except and to the extent as waived or consented to by the Holder, the Company shall not by any action, including, without
limitation, amending its certificate of incorporation or through any reorganization, transfer of assets, consolidation, merger, dissolution, issue or sale of securities or any other voluntary action, avoid or seek to avoid the observance or
performance of any of the terms of this Warrant, but will at all times in good faith assist in the carrying out of all such terms and in the taking of all such actions as may be necessary or appropriate to protect the rights of Holder as set forth
in this Warrant against impairment. Without limiting the generality of the foregoing, the Company will (i) not increase the par value of any Warrant Shares above the amount payable therefor upon such exercise immediately prior to such increase
in par value, (ii) take all such action as may be necessary or appropriate in order that the Company may validly and legally issue fully paid and nonassessable Warrant Shares upon the exercise of this Warrant and (iii) use commercially
reasonable efforts to obtain all such authorizations, exemptions or consents from any public regulatory body having jurisdiction thereof, as may be, necessary to enable the Company to perform its obligations under this Warrant. 

Before taking any action which would result in an adjustment in the number of Warrant Shares for which this Warrant is
exercisable or in the Exercise Price, the Company shall obtain all such authorizations or exemptions thereof, or consents thereto, as may be necessary from any public regulatory body or bodies having jurisdiction thereof. 

e) Jurisdiction. All questions concerning the construction, validity, enforcement and interpretation of this Warrant
shall be determined in accordance with the provisions of the Terms and Conditions appended as Annex I to the Subscription Agreement. 

  
 -11- 

 f) Restrictions. The Holder acknowledges that the Warrant Shares acquired
upon the exercise of this Warrant, if not registered, and the Holder does not utilize cashless exercise, will have restrictions upon resale imposed by state and federal securities laws. 

g) Nonwaiver and Expenses. No course of dealing or any delay or failure to exercise any right hereunder on the part of
Holder shall operate as a waiver of such right or otherwise prejudice the Holder’s rights, powers or remedies. Without limiting any other provision of this Warrant or the Subscription Agreement, if the Company willfully and knowingly fails to
comply with any provision of this Warrant, which results in any material damages to the Holder, the Company shall pay to the Holder such amounts as shall be sufficient to cover any costs and expenses including, but not limited to, reasonable
attorneys’ fees, including those of appellate proceedings, incurred by the Holder in collecting any amounts due pursuant hereto or in otherwise enforcing any of its rights, powers or remedies hereunder. 

h) Notices. Any notice, request or other document required or permitted to be given or delivered to the Holder by the
Company shall be delivered in accordance with the notice provisions of the Subscription Agreement. 
 i) Limitation of
Liability. No provision hereof, in the absence of any affirmative action by the Holder to exercise this Warrant to purchase Warrant Shares, and no enumeration herein of the rights or privileges of the Holder, shall give rise to any liability of
the Holder for the purchase price of any Common Stock or as a stockholder of the Company, whether such liability is asserted by the Company or by creditors of the Company. 

j) Remedies. The Holder, in addition to being entitled to exercise all rights granted by law, including recovery of
damages, will be entitled to specific performance of its rights under this Warrant. The Company agrees that monetary damages would not be adequate compensation for any loss incurred by reason of a breach by it of the provisions of this Warrant and
hereby agrees to waive and not to assert the defense in any action for specific performance that a remedy at law would be adequate. 

k) Successors and Assigns. Subject to applicable securities laws, this Warrant and the rights and obligations evidenced
hereby shall inure to the benefit of and be binding upon the successors and permitted assigns of the Company and the successors and permitted assigns of Holder. The provisions of this Warrant are intended to be for the benefit of any Holder from
time to time of this Warrant and shall be enforceable by the Holder or holder of Warrant Shares. 
 l) Amendment. This
Warrant may be modified or amended or the provisions hereof waived with the written consent of the Company and the Holder. 

m) Severability. Wherever possible, each provision of this Warrant shall be interpreted in such manner as to be
effective and valid under applicable law, but if any provision of this Warrant shall be prohibited by or invalid under applicable law, such provision shall be ineffective to the extent of such prohibition or invalidity, without invalidating the
remainder of such provisions or the remaining provisions of this Warrant. 

  
 -12- 

 n) Headings. The headings used in this Warrant are for the convenience of
reference only and shall not, for any purpose, be deemed a part of this Warrant. 
 ******************** 

(Signature Page Follows) 

  
 -13- 

 IN WITNESS WHEREOF, the Company has caused this Warrant to be executed by its officer thereunto
duly authorized as of the date first above indicated. 
  

					
	CYTODYN INC.
		
	By:	 	 
		 	Name:	 	Michael D. Mulholland
		 	Title:	 	Chief Financial Officer

 Signature Page to Common Stock Purchase Warrant 

 EXHIBIT A 

NOTICE OF EXERCISE 
 TO: CYTODYN INC. 

(1) The undersigned hereby elects to purchase
                 Warrant Shares of the Company pursuant to the terms of the attached Warrant (only if exercised in full), and tenders herewith payment of the
exercise price in full, together with all applicable transfer taxes, if any. 
 (2) Payment shall take the form of (check applicable box):

 [    ] in lawful money of the United States; or 

[    ] [if permitted the cancellation of such number of Warrant Shares as is necessary, in accordance with the formula set
forth in subsection 2(c), to exercise this Warrant with respect to the maximum number of Warrant Shares purchasable pursuant to the cashless exercise procedure set forth in subsection 2(c). 

(3) Please issue said Warrant Shares in the name of the undersigned or in such other name as is specified below: 

 

					
		 	  
	  	

 The Warrant Shares shall be delivered to the following DWAC Account Number: 

 

					
			
		 	  
	  	
			
		 	  
	  	
			
		 	  
	  	

 [SIGNATURE OF HOLDER] 
  

			
	Name of Investing Entity: 	 	 

  

			
	Signature of Authorized Signatory of Investing Entity: 	 	 

  

			
	Name of Authorized Signatory: 	 	 

  

			
	Title of Authorized Signatory: 	 	 

  

			
	Date: 	 	 

 EXHIBIT B 

ASSIGNMENT FORM 
 (To assign
the foregoing Warrant, execute this form and supply required information. Do not use this form to purchase shares.) 
 FOR VALUE
RECEIVED, the foregoing Warrant and all rights evidenced thereby are hereby assigned to 
  

							
		 		 	
				
	Name:	 		 		 	  

		 		 		 	(Please Print)
				
	 Address:
	 		 		 	  

		 		 		 	(Please Print)
				
	 Phone Number:
	 		 		 	  

				
	 Email Address:
	 		 		 	  

 Dated:
                          ,      

 

					
	Holder’s Signature: 	 	 	 	

  

					
	Holder’s Address:

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