Document:

EX-4.1

 Aflac Incorporated Form 8-K 

Exhibit 4.1 
 Execution Copy 
 AFLAC INCORPORATED, 

AS ISSUER 
 AND

 THE BANK OF NEW YORK MELLON 
 TRUST COMPANY, N.A., 
 AS TRUSTEE 

FIFTH SUPPLEMENTAL INDENTURE 

Dated as of February 10, 2012 
  

 
 $400,000,000

 2.65% Senior Notes due 2017 

 TABLE OF CONTENTS 

 

							
	 	  	Page	 
	ARTICLE I	  
	
	2.65% SENIOR NOTES DUE 2017	  
			
	 Section 1.01
	 	 Establishment
	  	 	2	  
	 Section 1.02
	 	 Definitions
	  	 	2	  
	 Section 1.03
	 	 Payment of Principal and Interest
	  	 	3	  
	 Section 1.04
	 	 Denominations
	  	 	4	  
	 Section 1.05
	 	 Global Securities
	  	 	4	  
	 Section 1.06
	 	 Transfer
	  	 	4	  
	 Section 1.07
	 	 Defeasance
	  	 	4	  
	 Section 1.08
	 	 Redemption at the Option of the Company
	  	 	4	  
	 Section 1.09
	 	 Notice to Trustee
	  	 	6	  
	 Section 1.10
	 	 Selection of Senior Notes to be Redeemed; Notice of Redemption
	  	 	6	  
	
	ARTICLE II	  
	
	MISCELLANEOUS PROVISIONS	  
			
	 Section 2.01
	 	 Recitals by the Company
	  	 	6	  
	 Section 2.02
	 	 Ratification and Incorporation of Original Indenture
	  	 	7	  
	 Section 2.03
	 	 Executed in Counterparts
	  	 	7	  
	 Section 2.04
	 	 New York Law to Govern
	  	 	7	  
			
	 EXHIBIT A
	 	 Form of Global Note
	  	 	A-1	  
	 EXHIBIT B
	 	 Form of Certificate of Authentication
	  	 	B-1	  

 THIS FIFTH SUPPLEMENTAL INDENTURE (this “Fifth Supplemental Indenture”) is
made as of the 10th day of February, 2012, by and between AFLAC INCORPORATED, a Georgia corporation, as issuer (the “Company”), and THE BANK OF NEW YORK MELLON TRUST COMPANY, N.A., a national banking association, as trustee (the
“Trustee”): 
 WHEREAS, the Company has heretofore entered into a Senior Indenture, dated as of May 21,
2009 (the “Original Indenture”), with the Trustee; 
 WHEREAS, the Original Indenture is incorporated herein by
reference, and the Original Indenture, as supplemented by this Fifth Supplemental Indenture, is herein called the “Indenture”; 
 WHEREAS, under the Original Indenture, a new series of senior notes may at any time be established by the Board of Directors of the Company in accordance with the provisions of the Original Indenture and the terms
of such series may be described by a supplemental indenture executed by the Company and the Trustee; 
 WHEREAS, the
Company proposes to create under the Indenture a new series of senior notes; 
 WHEREAS, additional senior notes of other
series hereafter established, except as may be limited in the Original Indenture as at the time supplemented and modified, may be issued from time to time pursuant to the Indenture as at the time supplemented and modified, and all senior notes
issued by the Company of any one series need not be issued at the same time and, unless otherwise so provided, may be reopened for issuances of additional senior notes of such series; and 

WHEREAS, all things necessary to authorize the execution and delivery of this Fifth Supplemental Indenture and make it a valid and
binding agreement of the Company, in accordance with its terms, have been done. 
 NOW THEREFORE, in consideration of the
agreements and obligations set forth herein and for other good and valuable consideration, the sufficiency of which is hereby acknowledged, the parties hereto hereby agree as follows: 

 ARTICLE I 
 2.65% SENIOR NOTES DUE 2017 
 Section 1.01 Establishment. There is hereby established a new series of
senior notes to be issued under the Indenture, to be designated as the Company’s 2.65% Senior Notes due 2017 (the “Senior Notes”). 
 There are to be authenticated and delivered Senior Notes, initially limited in aggregate principal amount to $400,000,000 and no further Senior Notes shall be authenticated and delivered except as provided by
Section 2.8, 2.9, 2.11, 8.5 or 12.3 of the Original Indenture and the terms of this Fifth Supplemental Indenture; provided, however, that the Company may re-open this series of Senior Notes and the aggregate principal amount of the Senior Notes
may be increased in the future, without the consent of the holders of the Senior Notes, with the same ranking, interest rate, maturity date and other terms and with the same CUSIP and ISIN numbers as the Senior Notes other than with respect to:
(i) the date of issuance, (ii) the issue price and (iii) the date from which interest shall accrue and the amount of interest payable on the first Interest Payment Date following the issuance of any such additional Senior Notes (which
terms shall be set forth in a Board Resolution accompanying the Order pursuant to which any such additional Senior Notes are authenticated). Any such additional Senior Notes and the Senior Notes established pursuant hereto shall be considered
collectively as a single class for all purposes of the Indenture. The Senior Notes shall be issued in fully registered form. 
 The Senior Notes shall be issued in the form of one or more Global Securities (as defined below) in substantially the form set out in Exhibit A hereto. 

The form of the Trustee’s Certificate of Authentication for the Senior Notes shall be substantially in the form set forth in
Exhibit B hereto. 
 Each Senior Note shall be dated the date of authentication thereof and shall bear interest from the
date of original issuance thereof or from the most recent Interest Payment Date to which interest has been paid or duly provided for. 
 Section 1.02
Definitions. The following defined terms used herein shall, unless the context otherwise requires, have the meanings specified below. Capitalized terms used herein for which no definition is provided herein shall have the meanings set forth
in the Original Indenture. 
 “Global Security” means, with respect to any series of securities, a security
authenticated and delivered under the Original Indenture executed by the Company and delivered by the Trustee to the Depositary or pursuant to the Depositary’s instruction, all in accordance with the Original Indenture, which shall be
registered in the name of the Depositary or its nominee. 

  
 2 

 “Interest Payment Date” means February 15 and August 15 of each
year, commencing on August 15, 2012. 
 “Regular Record Date” means, with respect to each Interest Payment
Date, the close of business on February 1 or August 1 immediately preceding such Interest Payment Date. 

“Stated Maturity” means February 15, 2017. 
 Section 1.03 Payment of Principal and Interest. The principal of the Senior Notes shall be due at Stated Maturity. The unpaid and outstanding principal amount of the Senior Notes, and any overdue installment
of interest thereon to the extent permitted by law, shall bear interest at the rate of 2.65% per year until paid or made available for payment, such interest to accrue from the most recent Interest Payment Date on which interest has been paid
or duly provided for or, if no interest has been paid, from February 10, 2012. Interest shall be paid semi-annually in arrears on each Interest Payment Date, commencing on August 15, 2012, to the Person in whose name the Senior Notes are
registered on the Regular Record Date for such Interest Payment Date, provided that interest payable at the Stated Maturity or on a Redemption Date (as defined below) as provided herein, will be paid to the Person to whom principal is payable. Any
such interest that is not so punctually paid or duly provided for will forthwith cease to be payable to the holders on such Regular Record Date and may be paid as provided in Section 2.7 of the Original Indenture. 

Payments of interest on the Senior Notes will include interest accrued to but excluding the respective Interest Payment Dates.
Interest payments for the Senior Notes shall be computed and paid on the basis of a 360-day year consisting of twelve 30-day months. In the event that any date on which interest is payable on the Senior Notes is not a Business Day, then payment of
the interest payable on such date will be made on the next succeeding day that is a Business Day (and without any interest or other payment in respect of any such delay), except that, if such next succeeding Business Day is in the next succeeding
calendar year, such payment shall be made on the immediately preceding Business Day, in each case with the same force and effect as if made on the date the payment was originally payable. 

Payment of the principal, premium, if any, and interest due at the Stated Maturity of, or on a Redemption Date for, the Senior
Notes shall be made upon surrender of the Senior Notes at the Corporate Trust Office of the Trustee. The principal of and interest on the Senior Notes shall be paid in such coin or currency of the United States of

  
 3 

 
America as at the time of payment is legal tender for payment of public and private debts. Payments of interest (including interest on any Interest Payment Date) will be made, subject to such
surrender where applicable, at the option of the Company, (i) by check mailed to the address of the Person entitled thereto as such address shall appear in the Security register or (ii) by wire transfer at such place and to such account at
a banking institution in the United States as may be designated in writing to the Trustee at least 15 days prior to the date for payment by the Person entitled thereto. 
 Section 1.04 Denominations. The Senior Notes will be issued only in denominations of $2,000 and integral multiples of $1,000 in excess thereof. 

Section 1.05 Global Securities. The Senior Notes will initially be issued in the form of one or more Global Securities registered in the
name of the Depositary (which initially shall be The Depository Trust Company) or its nominee. Except under the limited circumstances described below, Senior Notes represented by Global Securities will not be exchangeable for, and will not otherwise
be issuable as, Senior Notes in definitive form. The Global Securities described above may not be transferred except by the Depositary to a nominee of the Depositary or by a nominee of the Depositary to the Depositary or another nominee of the
Depositary or to a successor Depositary or its nominee. 
 Owners of beneficial interests in such Global Securities will
not be considered the holders thereof for any purpose under the Indenture, and no Global Security representing a Senior Note shall be exchangeable, except for another Global Security of like denomination and tenor to be registered in the name of the
Depositary or its nominee or to a successor Depositary or its nominee. The rights of holders of such Global Securities shall be exercised only through the Depositary. 

A Global Security shall be exchangeable for Senior Notes registered in the names of Persons other than the Depositary or its
nominee only as provided by Section 2.8(5) of the Original Indenture. Any Global Security that is exchangeable pursuant to the preceding sentence shall be exchangeable for Senior Notes registered in such names as the Depositary shall direct.

 Section 1.06 Transfer. No service charge will be made for any registration of transfer or exchange of Senior Notes, but payment
will be required of a sum sufficient to cover any tax or other governmental charge that may be imposed in connection therewith. 
 Section
1.07 Defeasance. The provisions of Sections 10.4 and 10.5 of the Original Indenture will apply to the Senior Notes. 
 Section 1.08
Redemption at the Option of the Company. The Senior Notes will be redeemable, at the sole option of the Company, in whole at any time or in part from time to time (a “Redemption Date”), at a redemption price (the “Redemption
Price”) equal to the greater of (i) 100% of the aggregate principal amount of the Senior Notes to be redeemed and (ii) an amount equal to the sum of the present values of the remaining scheduled payments for principal of and interest
on the Senior Notes to be redeemed, not 

  
 4 

 
including any portion of the payments of interest accrued as of such Redemption Date, discounted to such Redemption Date on a semi-annual basis (assuming a 360-day year consisting of twelve
30-day months) at the Treasury Rate, plus 30 basis points, plus, in the case of each of (i) and (ii), accrued and unpaid interest on the principal amount of the Senior Notes to be redeemed to, but excluding, such Redemption Date. 

“Treasury Rate” means (1) the yield, under the heading which represents the average for the immediately preceding
week, appearing in the most recently published statistical release designated “H.15(519)” or any successor publication which is published weekly by the Board of Governors of the Federal Reserve System and which establishes yields on
actively traded United States Treasury securities adjusted to constant maturity under the caption “Treasury Constant Maturities,” for the maturity corresponding to the Comparable Treasury Issue (if no maturity is within three months before
or after the remaining life, yields for the two published maturities most closely corresponding to the Comparable Treasury Issue will be determined and the Treasury Rate will be interpolated or extrapolated from such yields on a straight line basis,
rounding to the nearest month), or (2) if such release (or any successor release) is not published during the week preceding the calculation date or does not contain such yields, the rate per year equal to the semi-annual equivalent yield to
maturity of the Comparable Treasury Issue, calculated using a price for the Comparable Treasury Issue (expressed as a percentage of its principal amount) equal to the Comparable Treasury Price for such Redemption Date. The Treasury Rate shall be
calculated on the third Business Day preceding the Redemption Date. 
 “Comparable Treasury Issue” means the
United States Treasury security selected by the Independent Investment Banker as having a maturity comparable to the remaining term of the Senior Notes to be redeemed that would be utilized, at the time of selection and in accordance with customary
financial practice, in pricing new issues of corporate debt securities of comparable maturity to the remaining term of the Senior Notes. 
 “Independent Investment Banker” means one of J.P. Morgan Securities LLC and Goldman, Sachs & Co., and their successors, appointed by the Trustee after consultation with the Company or, if such
firm is unwilling or unable to select the Comparable Treasury Issue, an independent investment banking institution of national standing appointed by the Trustee after consultation with the Company. 

“Comparable Treasury Price” means with respect to any Redemption Date for the Senior Notes (1) the average of five
Reference Treasury Dealer Quotations for such Redemption Date, after excluding the highest and lowest of such Reference Treasury Dealer Quotations, or (2) if the Trustee obtains fewer than five such Reference Treasury Dealer Quotations, the
average of all such quotations. 

  
 5 

 “Reference Treasury Dealer” means each of J.P. Morgan Securities LLC or
Goldman, Sachs & Co. or their respective successors and three other primary U.S. government securities dealers (each a “Primary Treasury Dealer”), as specified by the Company; provided that (1) if any of J.P. Morgan
Securities LLC or Goldman, Sachs & Co. or their respective successors or any Primary Treasury Dealer as specified by the Company shall cease to be a Primary Treasury Dealer, the Company will substitute therefor another Primary Treasury
Dealer and (2) if the Company fails to select a substitute within a reasonable period of time, then the substitute will be a Primary Treasury Dealer selected by the Trustee after consultation with the Company. 

“Reference Treasury Dealer Quotations” means, with respect to the Reference Treasury Dealer and any Redemption Date, the
average, as determined by the Independent Investment Banker, of the bid and asked prices for the Comparable Treasury Issue (expressed, in each case, as a percentage of its principal amount) quoted in writing to the Independent Investment Banker by
such Reference Treasury Dealer at 5:00 p.m., New York City time, on the third Business Day preceding such Redemption Date. 
 Notwithstanding Section 12.2 of the Original Indenture, the notice of redemption with respect to the foregoing redemption need not set forth the Redemption Price but only the manner of calculation thereof.

 Section 1.09 Notice to Trustee. The Company shall notify the Trustee of the Redemption Price with respect to the foregoing
redemption promptly after the calculation thereof. The Trustee shall not be responsible for calculating said Redemption Price. 
 Section
1.10 Selection of Senior Notes to be Redeemed; Notice of Redemption. If less than all of the Senior Notes are to be redeemed, the Trustee shall select, in such manner as it shall deem appropriate, the principal amount of such Senior Notes
held by each beneficial owner of such Senior Notes to be redeemed. The Trustee may select Senior Notes and portions of Senior Notes in amounts of $2,000 and whole multiples of $1,000 in excess of $2,000. The Trustee shall promptly notify the Company
in writing of the Senior Notes selected for redemption and, in the case of any Senior Notes selected for partial redemption, the principal amount thereof to be redeemed. 
 ARTICLE II 
 MISCELLANEOUS PROVISIONS 

Section 2.01 Recitals by the Company. The recitals in this Fifth Supplemental Indenture are made by the Company only and not by the Trustee,
and the Trustee assumes no responsibility for their correctness. The Trustee makes no representations as to the validity or sufficiency of this Fifth Supplemental Indenture or of the Senior Notes. The Trustee shall not be accountable for the use or
application by the Company of the Senior Notes or the proceeds thereof. All of the provisions contained in the Original Indenture in respect of the rights, privileges, immunities, powers and duties of the Trustee shall be applicable in respect of
the Senior Notes and of this Fifth Supplemental Indenture as fully and with like effect as if set forth herein in full. 

  
 6 

 Section 2.02 Ratification and Incorporation of Original Indenture. As supplemented hereby, the
Original Indenture is in all respects ratified and confirmed, and the Original Indenture and this Fifth Supplemental Indenture shall be read, taken and construed as one and the same instrument. 

Section 2.03 Executed in Counterparts. This Fifth Supplemental Indenture may be simultaneously executed in several counterparts, each of
which shall be deemed to be an original, and such counterparts shall together constitute but one and the same instrument. 
 Section 2.04
New York Law to Govern. This Fifth Supplemental Indenture and each Senior Note shall be deemed to be a contract under the laws of the state of New York, and for all purposes shall be construed in accordance with the laws of such state, except
as may be required by mandatory provisions of law. 

  
 7 

 IN WITNESS WHEREOF, each party hereto has caused this instrument to be signed in its
name and behalf by its duly authorized officers, all as of the day and year first above written. 
  

			
	 AFLAC INCORPORATED,
 as Issuer

		
	 By:
	 	 /s/ Kriss Kloninger
III

 
			
	 Name:
	 	 Kriss Kloninger III

	 Title:
	 	 President & CFO

  

			
	 THE BANK OF NEW YORK MELLON TRUST COMPANY, N.A.,

as Trustee

		
	 By:
	 	 /s/ Van K. Brown

			
	 Name:
	 	 Van K. Brown

	 Title:
	 	 Vice President

 [Signature Page to Fifth Supplemental Indenture] 

 EXHIBIT A 
 2.65% Senior Note due 2017 
 THIS NOTE IS A GLOBAL SECURITY WITHIN THE MEANING
OF THE FIFTH SUPPLEMENTAL INDENTURE TO THE ORIGINAL INDENTURE HEREINAFTER REFERRED TO. UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY (“DTC”), A NEW YORK CORPORATION, TO AFLAC
INCORPORATED OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS
MADE TO CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF,
CEDE & CO., HAS AN INTEREST HEREIN. 
 UNLESS AND UNTIL IT IS EXCHANGED IN WHOLE OR IN PART FOR SECURITIES IN
DEFINITIVE FORM, THIS SECURITY MAY NOT BE TRANSFERRED EXCEPT AS A WHOLE BY THE DEPOSITARY TO THE NOMINEE OF THE DEPOSITARY OR BY A NOMINEE OF THE DEPOSITARY TO THE DEPOSITARY OR ANOTHER NOMINEE OF THE DEPOSITARY OR BY THE DEPOSITARY OR ANY SUCH
NOMINEE TO A SUCCESSOR DEPOSITARY OR A NOMINEE OF SUCH SUCCESSOR DEPOSITARY. 

  
 A-1 

					
	No. 1	  		  	 CUSIP No. 001055AH5
 ISIN No. US001055AH52

 AFLAC INCORPORATED 
 2.65% Senior Notes due 2017 
  

			
	 Principal Amount:
	  	 $400,000,000

		
	 Regular Record Date:
	  	 with respect to each Interest Payment Date, the close of business on February 1 or August 1 immediately preceding such Interest Payment Date

		
	 Original Issue Date:
	  	 February 10, 2012

		
	 Stated Maturity:
	  	 February 15, 2017

		
	 Interest Payment Dates:
	  	 February 15 and August 15, commencing on August 15, 2012

		
	 Interest Rate:
	  	 2.65% per year

		
	 Authorized Denomination:
	  	 $2,000 and integral multiples of $1,000 in excess thereof

 Aflac Incorporated, a Georgia corporation (the “Company,” which term includes any
successor corporation under the Indenture referred to on the reverse hereof), for value received, hereby promises to pay to Cede & Co., or registered assigns, the principal sum of FOUR HUNDRED MILLION DOLLARS ($400,000,000) on the Stated
Maturity shown above, and to pay interest thereon, and on any overdue installment of interest thereon to the extent permitted by law, from the most recent Interest Payment Date to which interest has been paid or duly provided for or, if no interest
has been paid, from the Original Issue Date shown above, semi-annually in arrears on each Interest Payment Date as specified above, commencing on August 15, 2012, and on the Stated Maturity at the rate per year shown above until the principal
hereof or such overdue installment is paid or made available for payment. The interest so payable, and punctually paid or duly provided for, on any Interest Payment Date (other than an Interest Payment Date that is the Stated Maturity) will, as
provided in the Indenture, be paid to the Person in whose name this Note (as defined on the reverse hereof) is registered at the close of business on the Regular Record Date as specified above next preceding such Interest Payment Date, provided that
any interest payable at Stated Maturity or a Redemption Date (as defined on the reverse hereof) will be paid to the Person to whom principal is payable. Except as otherwise provided in the 

  
 A-2 

 
Indenture, any such interest that is not so punctually paid or duly provided for will forthwith cease to be payable to the holders on such Regular Record Date and may be paid as provided in
Section 2.7 of the Original Indenture. 
 Payments of interest on this Note (as defined on the reverse hereof) will
include interest accrued to but excluding the respective Interest Payment Dates. Interest payments for this Note shall be computed and paid on the basis of a 360-day year consisting of twelve 30-day months. In the event that any date on which
interest is payable on this Note is not a Business Day, then payment of the interest payable on such date will be made on the next succeeding day that is a Business Day (and without any interest or other payment in respect of any such delay), except
that, if such next succeeding Business Day is in the next succeeding calendar year, payment shall be made on the immediately preceding Business Day, in each case with the same force and effect as if made on the date the payment was originally
payable. 
 Payment of the principal of and interest due at the Stated Maturity of, or on a Redemption Date (as defined on
the reverse hereof) for, this Note shall be made upon surrender of this Note at the Corporate Trust Office of the Trustee. The principal of and interest on this Note shall be paid in such coin or currency of the United States of America as at the
time of payment is legal tender for payment of public and private debts. Payment of interest (including interest on an Interest Payment Date) will be made, subject to such surrender where applicable, at the option of the Company, (i) by check
mailed to the address of the Person entitled thereto as such address shall appear in the Security register or (ii) by wire transfer at such place and to such account at a banking institution in the United States as may be designated in writing
to the Trustee at least 15 days prior to the date for payment by the Person entitled thereto. 
 The Senior Notes (as
defined on the reverse hereof) will be unsecured obligations of the Company and will rank equally in right of payment with all the other unsecured, unsubordinated indebtedness of the Company from time to time outstanding. The Senior Notes will rank
senior to any subordinated indebtedness of the Company. 
 REFERENCE IS HEREBY MADE TO THE FURTHER PROVISIONS OF THIS NOTE
SET FORTH ON THE REVERSE HEREOF, WHICH FURTHER PROVISIONS SHALL FOR ALL PURPOSES HAVE THE SAME EFFECT AS IF SET FORTH AT THIS PLACE. 
 Unless the certificate of authentication hereon has been executed by the Trustee by manual signature, this Note shall not be entitled to any benefit under the Indenture or be valid or obligatory for any purpose.

  
 A-3 

 IN WITNESS WHEREOF, the Company has caused this instrument to be duly executed.

  

			
	 AFLAC INCORPORATED,
 as Issuer

		
	 By:
	 	  

			
	 Name:
	 	
	 Title:
	 	

  

	
	 Attest:

	
	  

	 Name:

	 Title:

 CERTIFICATE OF AUTHENTICATION 

This is one of the 2.65% Senior Notes due 2017 referred to in the within-mentioned Indenture. 

 

							
		 		 	 THE BANK OF NEW YORK MELLON TRUST COMPANY, N.A.,
 as Trustee

				
	 Dated: February 10, 2012
	 		 	 By:
	 	  

		 		 	 Authorized Signatory

  
 A-4 

 (Reverse Side of Note) 

This note (the “Note”) represents one of a duly authorized issue of senior notes of the Company issued and issuable in
one or more series under a Senior Indenture dated as of May 21, 2009 (the “Original Indenture”), as supplemented by the Fifth Supplemental Indenture dated as of February 10, 2012 (the “Fifth Supplemental Indenture” and,
together with the Original Indenture, the “Indenture”), between the Company and The Bank of New York Mellon Trust Company, N.A., as Trustee (the “Trustee,” which term includes any successor trustee under the Indenture), to which
Indenture and all indentures incidental thereto reference is hereby made for a statement of the respective rights, limitations of rights, duties and immunities thereunder of the Company, the Trustee and the holders of the Senior Notes (as defined
below) issued thereunder and of the terms upon which said Senior Notes are, and are to be, authenticated and delivered. The Securities represented by this Note are one of the series designated on the face hereof as 2.65% Senior Notes due 2017 (the
“Senior Notes”), initially limited in aggregate principal amount to $400,000,000; provided, however, that the aggregate principal amount of the Senior Notes may be increased in the future, without the consent of the holders of the Senior
Notes, as provided in the Fifth Supplemental Indenture. Capitalized terms used herein for which no definition is provided herein shall have the meanings set forth in the Indenture. 

This Note is exchangeable in whole or from time to time in part for Senior Notes of this series in definitive registered form only
as provided in the Indenture. 
 If an Event of Default with respect to the Senior Notes shall occur and be continuing,
the principal of the Senior Notes may be declared due and payable in the manner, with the effect and subject to the conditions provided in the Indenture. 
 The Indenture permits, with certain exceptions as therein provided, the amendment thereof and the modification of the rights and obligations of the Company and the rights of the holders of the Senior Notes under
the Indenture at any time by the Company and the Trustee with the consent of the holders of not less than a majority in aggregate principal amount of the Senior Notes at the time Outstanding. The Indenture also contains provisions permitting the
holders of specified percentages in principal amount of the Senior Notes at the time Outstanding, on behalf of the holders of all Senior Notes, to waive compliance by the Company with certain provisions of the Indenture and certain past defaults
under the Indenture and their consequences. Any such consent or waiver by the holder of this Note shall be conclusive and binding upon such holder and upon all future holders of this Note and of any Senior Note issued upon the registration of
transfer hereof or in exchange hereof or in lieu hereof, whether or not notation of such consent or waiver is made upon this Note. 
 The Indenture contains provisions for defeasance at any time of (i) the entire indebtedness of the Company pursuant to this Note and (ii) restrictive covenants and the related Events of Default, upon
compliance by the Company with certain conditions set forth therein, which provisions apply to this Note. 

  
 A-5 

 The Senior Notes will be redeemable, at the sole option of the Company, in whole at
any time or in part from time to time (a “Redemption Date”), at a redemption price (the “Redemption Price”) equal to the greater of (i) 100% of the aggregate principal amount of the Senior Notes to be redeemed and
(ii) an amount equal to the sum of the present values of the remaining scheduled payments for principal of and interest on the Senior Notes to be redeemed, not including any portion of the payments of interest accrued as of such Redemption
Date, discounted to such Redemption Date on a semi-annual basis (assuming a 360-day year consisting of twelve 30-day months) at the Treasury Rate, plus 30 basis points, plus, in the case of each of (i) and (ii), accrued and unpaid interest on
the principal amount of the Senior Notes to be redeemed to, but excluding, such Redemption Date. 
 “Treasury
Rate” means (i) the yield, under the heading which represents the average for the immediately preceding week, appearing in the most recently published statistical release designated “H.15(519)” or any successor publication which
is published weekly by the Board of Governors of the Federal Reserve System and which establishes yields on actively traded United States Treasury securities adjusted to constant maturity under the caption “Treasury Constant Maturities,”
for the maturity corresponding to the Comparable Treasury Issue (if no maturity is within three months before or after the remaining life, yields for the two published maturities most closely corresponding to the Comparable Treasury Issue will be
determined and the Treasury Rate will be interpolated or extrapolated from such yields on a straight line basis, rounding to the nearest month), or (ii) if such release (or any successor release) is not published during the week preceding the
calculation date or does not contain such yields, the rate per year equal to the semi-annual equivalent yield to maturity of the Comparable Treasury Issue, calculated using a price for the Comparable Treasury Issue (expressed as a percentage of its
principal amount) equal to the Comparable Treasury Price for such Redemption Date. The Treasury Rate shall be calculated on the third Business Day preceding the Redemption Date. 

“Comparable Treasury Issue” means the United States Treasury security selected by the Independent Investment Banker as
having a maturity comparable to the remaining term of the Senior Notes to be redeemed that would be utilized, at the time of selection and in accordance with customary financial practice, in pricing new issues of corporate debt securities of
comparable maturity to the remaining term of the Senior Notes. 
 “Independent Investment Banker” means one of
J.P. Morgan Securities LLC and Goldman, Sachs & Co., and their successors, appointed by the Trustee after consultation with the Company or, if such firm is unwilling or unable to select the Comparable Treasury Issue, an independent
investment banking institution of national standing appointed by the Trustee after consultation with the Company. 

“Comparable Treasury Price” means with respect to any Redemption Date for the Senior Notes (1) the average of five
Reference Treasury Dealer Quotations for such Redemption Date, after excluding the highest and lowest of such Reference Treasury Dealer Quotations, or (2) if the Trustee obtains fewer than five such Reference Treasury Dealer Quotations, the
average of all such quotations. 

  
 A-6 

 “Reference Treasury Dealer” means each of J.P. Morgan Securities LLC or
Goldman, Sachs & Co. or their respective successors and three other primary U.S. government securities dealers (each a “Primary Treasury Dealer”), as specified by the Company; provided that (1) if any of J.P. Morgan
Securities LLC or Goldman, Sachs & Co. or their respective successors or any Primary Treasury Dealer as specified by the Company shall cease to be a Primary Treasury Dealer, the Company will substitute therefor another Primary Treasury
Dealer and (2) if the Company fails to select a substitute within a reasonable period of time, then the substitute will be a Primary Treasury Dealer selected by the Trustee after consultation with the Company. 

“Reference Treasury Dealer Quotations” means, with respect to the Reference Treasury Dealer and any Redemption Date, the
average, as determined by the Independent Investment Banker, of the bid and asked prices for the Comparable Treasury Issue (expressed, in each case, as a percentage of its principal amount) quoted in writing to the Independent Investment Banker by
such Reference Treasury Dealer at 5:00 p.m., New York City time, on the third Business Day preceding such Redemption Date. 
 Notice of any redemption will be mailed at least 30 days but no more than 60 days before the Redemption Date to each Holder of the Senior Notes to be redeemed. Notwithstanding Section 12.2 of the Original
Indenture, the notice of redemption with respect to the foregoing redemption need not set forth the Redemption Price but only the manner of calculation thereof. 

The Company shall notify the Trustee of the Redemption Price with respect to the foregoing redemption promptly after the
calculation thereof. The Trustee shall not be responsible for calculating said Redemption Price. Unless the Company defaults in payment of the Redemption Price, on and after the Redemption Date, interest will cease to accrue on the Senior Notes or
portions thereof called for redemption. 
 If less than all of the Senior Notes are to be redeemed, the Trustee shall
determine, in such manner as it deems appropriate, the principal amount of such Senior Notes held by each beneficial owner of such Senior Notes to be redeemed. The Trustee may select Senior Notes and portions of Senior Notes in amounts of $2,000 and
whole multiples of $1,000 in excess of $2,000. 
 No reference herein to the Indenture and no provision of this Note or of
the Indenture shall alter or impair the obligation of the Company, which is absolute and unconditional, to pay the principal of and interest on this Note at the time, place and rate, and in the coin or currency, herein prescribed. 

  
 A-7 

 As provided in the Indenture and subject to certain limitations therein set forth, the
transfer of this Note is registrable in the Security register, upon surrender of this Note for registration of transfer at the office or agency of the Company for such purpose, duly endorsed by, or accompanied by a written instrument of transfer in
form satisfactory to the Company or the Security registrar and duly executed by, the holder hereof or his attorney duly authorized in writing, and thereupon one or more new Senior Notes, of authorized denominations and of like tenor and for the same
aggregate principal amount, will be issued to the designated transferee or transferees. No service charge shall be made for any such exchange or registration of transfer, but the Company will require payment of a sum sufficient to cover any tax or
other governmental charge payable in connection therewith. 
 Prior to due presentment of this Note for registration of
transfer, the Company, the Trustee, any Person authorized by the Company to pay the principal of or any premium or interest on any Senior Note on behalf of the Company (“Paying Agent”) and the Security registrar may deem and treat the
Person in whose name this Note is registered as the absolute owner hereof for all purposes, whether or not this Note be overdue and notwithstanding any notice of ownership or writing thereon made by anyone other than the Security registrar, and
neither the Company nor the Trustee nor any Paying Agent nor the Security registrar shall be affected by notice to the contrary. 
 The Senior Notes are issuable only in registered form without coupons in denominations of $2,000 and integral multiples of $1,000 in excess thereof. As provided in the Indenture and subject to certain limitations
therein set forth, Senior Notes are exchangeable for a like aggregate principal amount of Senior Notes of a different authorized denomination, as requested by the holder surrendering the same upon surrender of the Senior Note or Senior Notes to be
exchanged at the office or agency of the Company. 
 No recourse shall be had for payment of the principal of or interest
on this Note, or for any claim based hereon, or otherwise in respect hereof, or based on or in respect of the Indenture, against any incorporator, as such or against any past, present or future shareholder, officer or director, as such, of the
Company or of any successor, either directly or through the Company or any successor, under any rule, law statute or constitutional provision, or by the enforcement of any assessment or by any legal or equitable proceeding or otherwise, all such
liability being expressly waived and released, by the acceptance hereof and as part of the consideration for the issuance hereof. 
 Unless the certificate of authentication hereon has been executed by the Trustee by manual signature, this Note shall not be entitled to any benefit under the Indenture or be valid or obligatory for any purpose.

 This Note shall be governed by, and construed in accordance with, the internal laws of the state of New York.

  
 A-8 

 ABBREVIATIONS 
 The following abbreviations, when used in the inscription on the face of this instrument, shall be construed as though they were written out in full according to applicable laws or regulations: 

 

					
	 TEN COM – as tenants in common
	 		  	UNIF GIFT MIN ACT – Custodian under Uniform Gift to Minors Act
			
		 		  	  

		 		  	(State)
			
	 TEN ENT – as tenants by the entireties
	 		  	
			
	JT TEN – as joint tenants with rights of survivorship and not as tenants in common	 		  	 CUST – Custodian

		 		  	

 Additional abbreviations may also be used 
 though not on the above list. 
 FOR VALUE RECEIVED, the undersigned hereby sell(s) and transfer(s)
unto 
 PLEASE PRINT OR TYPEWRITE NAME AND ADDRESS, INCLUDING POSTAL ZIP CODE OF ASSIGNEE 

 
  
  

 
 (please insert Social Security or other identifying number
of assignee) 
 the within Note and all rights thereunder, hereby irrevocably constituting and appointing 

 
  
  

 
  

 
 agent to transfer said Note on the books of the Company,
with full power of substitution in the premises. 
  

					
	 Dated:
	 		 	  

  
 A-9 

					
		 		 	  

		 		 	 NOTICE: The signature to this assignment must correspond with the name as written upon the face of the within instrument in every particular without alteration or
enlargement, or any change whatever.

  
 A-10 

 EXHIBIT B 
 CERTIFICATE OF AUTHENTICATION 
 This is one of the 2.65% Senior Notes due 2017
referred to in the within-mentioned Indenture. 
  

			
	 THE BANK OF NEW YORK MELLON TRUST
 COMPANY, N.A.,
 as Trustee

		
	 By:
	 	  

	 Authorized Signatory

  
 B-1EX-4.2

 Aflac Incorporated Form 8-K 

Exhibit 4.2 
 Execution Copy 
 AFLAC INCORPORATED, 

AS ISSUER 
 AND

 THE BANK OF NEW YORK MELLON 
 TRUST COMPANY, N.A., 
 AS TRUSTEE 

SIXTH SUPPLEMENTAL INDENTURE 

Dated as of February 10, 2012 
  

 
 $350,000,000

 4.00% Senior Notes due 2022 

 TABLE OF CONTENTS 

 

							
	 	  	 	  	Page	 
	
	 ARTICLE I
  

4.00% SENIOR NOTES DUE 2022
	   
 
   

			
	 Section 1.01
	  	Establishment	  	 	2	  
	 Section 1.02
	  	Definitions	  	 	2	  
	 Section 1.03
	  	Payment of Principal and Interest	  	 	3	  
	 Section 1.04
	  	Denominations	  	 	4	  
	 Section 1.05
	  	Global Securities	  	 	4	  
	 Section 1.06
	  	Transfer	  	 	4	  
	 Section 1.07
	  	Defeasance	  	 	4	  
	 Section 1.08
	  	Redemption at the Option of the Company	  	 	4	  
	 Section 1.09
	  	Notice to Trustee	  	 	6	  
	 Section 1.10
	  	Selection of Senior Notes to be Redeemed; Notice of Redemption	  	 	6	  
	
	ARTICLE II	  
	
	MISCELLANEOUS PROVISIONS	  
			
	 Section 2.01
	  	Recitals by the Company	  	 	6	  
	 Section 2.02
	  	Ratification and Incorporation of Original Indenture	  	 	7	  
	 Section 2.03
	  	Executed in Counterparts	  	 	7	  
	 Section 2.04
	  	New York Law to Govern	  	 	7	  
			
	 EXHIBIT A
	  	Form of Global Note	  	 	A-1	  
	 EXHIBIT B
	  	Form of Certificate of Authentication	  	 	B-1	  

 THIS SIXTH SUPPLEMENTAL INDENTURE (this “Sixth Supplemental Indenture”) is
made as of the 10th day of February, 2012, by and between AFLAC INCORPORATED, a Georgia corporation, as issuer (the “Company”), and THE BANK OF NEW YORK MELLON TRUST COMPANY, N.A., a national banking association, as trustee (the
“Trustee”): 
 WHEREAS, the Company has heretofore entered into a Senior Indenture, dated as of May 21,
2009 (the “Original Indenture”), with the Trustee; 
 WHEREAS, the Original Indenture is incorporated herein by
reference, and the Original Indenture, as supplemented by this Sixth Supplemental Indenture, is herein called the “Indenture”; 
 WHEREAS, under the Original Indenture, a new series of senior notes may at any time be established by the Board of Directors of the Company in accordance with the provisions of the Original Indenture and the terms
of such series may be described by a supplemental indenture executed by the Company and the Trustee; 
 WHEREAS, the
Company proposes to create under the Indenture a new series of senior notes; 
 WHEREAS, additional senior notes of other
series hereafter established, except as may be limited in the Original Indenture as at the time supplemented and modified, may be issued from time to time pursuant to the Indenture as at the time supplemented and modified, and all senior notes
issued by the Company of any one series need not be issued at the same time and, unless otherwise so provided, may be reopened for issuances of additional senior notes of such series; and 

WHEREAS, all things necessary to authorize the execution and delivery of this Sixth Supplemental Indenture and make it a valid and
binding agreement of the Company, in accordance with its terms, have been done. 
 NOW THEREFORE, in consideration of the
agreements and obligations set forth herein and for other good and valuable consideration, the sufficiency of which is hereby acknowledged, the parties hereto hereby agree as follows: 

 ARTICLE I 
 4.00% SENIOR NOTES DUE 2022 
 Section 1.01 Establishment. There is hereby established a
new series of senior notes to be issued under the Indenture, to be designated as the Company’s 4.00% Senior Notes due 2022 (the “Senior Notes”). 
 There are to be authenticated and delivered Senior Notes, initially limited in aggregate principal amount to $350,000,000 and no further Senior Notes shall be authenticated and delivered except as provided by
Section 2.8, 2.9, 2.11, 8.5 or 12.3 of the Original Indenture and the terms of this Sixth Supplemental Indenture; provided, however, that the Company may re-open this series of Senior Notes and the aggregate principal amount of the Senior Notes
may be increased in the future, without the consent of the holders of the Senior Notes, with the same ranking, interest rate, maturity date and other terms and with the same CUSIP and ISIN numbers as the Senior Notes other than with respect to:
(i) the date of issuance, (ii) the issue price and (iii) the date from which interest shall accrue and the amount of interest payable on the first Interest Payment Date following the issuance of any such additional Senior Notes (which
terms shall be set forth in a Board Resolution accompanying the Order pursuant to which any such additional Senior Notes are authenticated). Any such additional Senior Notes and the Senior Notes established pursuant hereto shall be considered
collectively as a single class for all purposes of the Indenture. The Senior Notes shall be issued in fully registered form. 
 The Senior Notes shall be issued in the form of one or more Global Securities (as defined below) in substantially the form set out in Exhibit A hereto. 

The form of the Trustee’s Certificate of Authentication for the Senior Notes shall be substantially in the form set forth in
Exhibit B hereto. 
 Each Senior Note shall be dated the date of authentication thereof and shall bear interest from the
date of original issuance thereof or from the most recent Interest Payment Date to which interest has been paid or duly provided for. 

Section 1.02 Definitions. The following defined terms used herein shall, unless the context otherwise requires, have the meanings specified
below. Capitalized terms used herein for which no definition is provided herein shall have the meanings set forth in the Original Indenture. 
 “Global Security” means, with respect to any series of securities, a security authenticated and delivered under the Original Indenture executed by the Company and delivered by the Trustee to the
Depositary or pursuant to the Depositary’s instruction, all in accordance with the Original Indenture, which shall be registered in the name of the Depositary or its nominee. 

  
 2 

 “Interest Payment Date” means February 15 and August 15 of each
year, commencing on August 15, 2012. 
 “Regular Record Date” means, with respect to each Interest Payment
Date, the close of business on February 1 or August 1 immediately preceding such Interest Payment Date. 

“Stated Maturity” means February 15, 2022. 
 Section 1.03 Payment of Principal and Interest. The principal of the Senior Notes shall be due at Stated Maturity. The unpaid and outstanding principal amount of the Senior Notes, and any overdue installment
of interest thereon to the extent permitted by law, shall bear interest at the rate of 4.00% per year until paid or made available for payment, such interest to accrue from the most recent Interest Payment Date on which interest has been paid
or duly provided for or, if no interest has been paid, from February 10, 2012. Interest shall be paid semi-annually in arrears on each Interest Payment Date, commencing on August 15, 2012, to the Person in whose name the Senior Notes are
registered on the Regular Record Date for such Interest Payment Date, provided that interest payable at the Stated Maturity or on a Redemption Date (as defined below) as provided herein, will be paid to the Person to whom principal is payable. Any
such interest that is not so punctually paid or duly provided for will forthwith cease to be payable to the holders on such Regular Record Date and may be paid as provided in Section 2.7 of the Original Indenture. 

Payments of interest on the Senior Notes will include interest accrued to but excluding the respective Interest Payment Dates.
Interest payments for the Senior Notes shall be computed and paid on the basis of a 360-day year consisting of twelve 30-day months. In the event that any date on which interest is payable on the Senior Notes is not a Business Day, then payment of
the interest payable on such date will be made on the next succeeding day that is a Business Day (and without any interest or other payment in respect of any such delay), except that, if such next succeeding Business Day is in the next succeeding
calendar year, such payment shall be made on the immediately preceding Business Day, in each case with the same force and effect as if made on the date the payment was originally payable. 

Payment of the principal, premium, if any, and interest due at the Stated Maturity of, or on a Redemption Date for, the Senior
Notes shall be made upon surrender of the Senior Notes at the Corporate Trust Office of the Trustee. The principal of and interest on the Senior Notes shall be paid in such coin or currency of the United States of

  
 3 

 
America as at the time of payment is legal tender for payment of public and private debts. Payments of interest (including interest on any Interest Payment Date) will be made, subject to such
surrender where applicable, at the option of the Company, (i) by check mailed to the address of the Person entitled thereto as such address shall appear in the Security register or (ii) by wire transfer at such place and to such account at
a banking institution in the United States as may be designated in writing to the Trustee at least 15 days prior to the date for payment by the Person entitled thereto. 
 Section 1.04 Denominations. The Senior Notes will be issued only in denominations of $2,000 and integral multiples of $1,000 in excess thereof. 

Section 1.05 Global Securities. The Senior Notes will initially be issued in the form of one or more Global Securities registered in the
name of the Depositary (which initially shall be The Depository Trust Company) or its nominee. Except under the limited circumstances described below, Senior Notes represented by Global Securities will not be exchangeable for, and will not otherwise
be issuable as, Senior Notes in definitive form. The Global Securities described above may not be transferred except by the Depositary to a nominee of the Depositary or by a nominee of the Depositary to the Depositary or another nominee of the
Depositary or to a successor Depositary or its nominee. 
 Owners of beneficial interests in such Global Securities will
not be considered the holders thereof for any purpose under the Indenture, and no Global Security representing a Senior Note shall be exchangeable, except for another Global Security of like denomination and tenor to be registered in the name of the
Depositary or its nominee or to a successor Depositary or its nominee. The rights of holders of such Global Securities shall be exercised only through the Depositary. 

A Global Security shall be exchangeable for Senior Notes registered in the names of Persons other than the Depositary or its
nominee only as provided by Section 2.8(5) of the Original Indenture. Any Global Security that is exchangeable pursuant to the preceding sentence shall be exchangeable for Senior Notes registered in such names as the Depositary shall direct.

 Section 1.06 Transfer. No service charge will be made for any registration of transfer or exchange of Senior Notes, but payment
will be required of a sum sufficient to cover any tax or other governmental charge that may be imposed in connection therewith. 
 Section
1.07 Defeasance. The provisions of Sections 10.4 and 10.5 of the Original Indenture will apply to the Senior Notes. 
 Section 1.08
Redemption at the Option of the Company. The Senior Notes will be redeemable, at the sole option of the Company, in whole at any time or in part from time to time (a “Redemption Date”), at a redemption price (the “Redemption
Price”) equal to the greater of (i) 100% of the aggregate principal amount of the Senior Notes to be redeemed and (ii) an amount equal to the sum of the present values of the remaining scheduled payments for principal of and interest
on the Senior Notes to be redeemed, not 

  
 4 

 
including any portion of the payments of interest accrued as of such Redemption Date, discounted to such Redemption Date on a semi-annual basis (assuming a 360-day year consisting of twelve
30-day months) at the Treasury Rate, plus 35 basis points, plus, in the case of each of (i) and (ii), accrued and unpaid interest on the principal amount of the Senior Notes to be redeemed to, but excluding, such Redemption Date. 

“Treasury Rate” means (1) the yield, under the heading which represents the average for the immediately preceding
week, appearing in the most recently published statistical release designated “H.15(519)” or any successor publication which is published weekly by the Board of Governors of the Federal Reserve System and which establishes yields on
actively traded United States Treasury securities adjusted to constant maturity under the caption “Treasury Constant Maturities,” for the maturity corresponding to the Comparable Treasury Issue (if no maturity is within three months before
or after the remaining life, yields for the two published maturities most closely corresponding to the Comparable Treasury Issue will be determined and the Treasury Rate will be interpolated or extrapolated from such yields on a straight line basis,
rounding to the nearest month), or (2) if such release (or any successor release) is not published during the week preceding the calculation date or does not contain such yields, the rate per year equal to the semi-annual equivalent yield to
maturity of the Comparable Treasury Issue, calculated using a price for the Comparable Treasury Issue (expressed as a percentage of its principal amount) equal to the Comparable Treasury Price for such Redemption Date. The Treasury Rate shall be
calculated on the third Business Day preceding the Redemption Date. 
 “Comparable Treasury Issue” means the
United States Treasury security selected by the Independent Investment Banker as having a maturity comparable to the remaining term of the Senior Notes to be redeemed that would be utilized, at the time of selection and in accordance with customary
financial practice, in pricing new issues of corporate debt securities of comparable maturity to the remaining term of the Senior Notes. 
 “Independent Investment Banker” means one of J.P. Morgan Securities LLC and Goldman, Sachs & Co., and their successors, appointed by the Trustee after consultation with the Company or, if such
firm is unwilling or unable to select the Comparable Treasury Issue, an independent investment banking institution of national standing appointed by the Trustee after consultation with the Company. 

“Comparable Treasury Price” means with respect to any Redemption Date for the Senior Notes (1) the average of five
Reference Treasury Dealer Quotations for such Redemption Date, after excluding the highest and lowest of such Reference Treasury Dealer Quotations, or (2) if the Trustee obtains fewer than five such Reference Treasury Dealer Quotations, the
average of all such quotations. 

  
 5 

 “Reference Treasury Dealer” means each of J.P. Morgan Securities LLC or
Goldman, Sachs & Co. or their respective successors and three other primary U.S. government securities dealers (each a “Primary Treasury Dealer”), as specified by the Company; provided that (1) if any of J.P. Morgan
Securities LLC or Goldman, Sachs & Co. or their respective successors or any Primary Treasury Dealer as specified by the Company shall cease to be a Primary Treasury Dealer, the Company will substitute therefor another Primary Treasury
Dealer and (2) if the Company fails to select a substitute within a reasonable period of time, then the substitute will be a Primary Treasury Dealer selected by the Trustee after consultation with the Company. 

“Reference Treasury Dealer Quotations” means, with respect to the Reference Treasury Dealer and any Redemption Date, the
average, as determined by the Independent Investment Banker, of the bid and asked prices for the Comparable Treasury Issue (expressed, in each case, as a percentage of its principal amount) quoted in writing to the Independent Investment Banker by
such Reference Treasury Dealer at 5:00 p.m., New York City time, on the third Business Day preceding such Redemption Date. 
 Notwithstanding Section 12.2 of the Original Indenture, the notice of redemption with respect to the foregoing redemption need not set forth the Redemption Price but only the manner of calculation thereof.

 Section 1.09 Notice to Trustee. The Company shall notify the Trustee of the Redemption Price with respect to the foregoing
redemption promptly after the calculation thereof. The Trustee shall not be responsible for calculating said Redemption Price. 
 Section
1.10 Selection of Senior Notes to be Redeemed; Notice of Redemption. If less than all of the Senior Notes are to be redeemed, the Trustee shall select, in such manner as it shall deem appropriate, the principal amount of such Senior Notes
held by each beneficial owner of such Senior Notes to be redeemed. The Trustee may select Senior Notes and portions of Senior Notes in amounts of $2,000 and whole multiples of $1,000 in excess of $2,000. The Trustee shall promptly notify the Company
in writing of the Senior Notes selected for redemption and, in the case of any Senior Notes selected for partial redemption, the principal amount thereof to be redeemed. 
 ARTICLE II 
 MISCELLANEOUS PROVISIONS 

Section 2.01 Recitals by the Company. The recitals in this Sixth Supplemental Indenture are made by the Company only and not by the Trustee,
and the Trustee assumes no responsibility for their correctness. The Trustee makes no representations as to the validity or sufficiency of this Sixth Supplemental Indenture or of the Senior Notes. The Trustee shall not be accountable for the use or
application by the Company of the Senior Notes or the proceeds thereof. All of the provisions contained in the Original Indenture in respect of the rights, privileges, immunities, powers and duties of the Trustee shall be applicable in respect of
the Senior Notes and of this Sixth Supplemental Indenture as fully and with like effect as if set forth herein in full. 

  
 6 

 Section 2.02 Ratification and Incorporation of Original Indenture. As supplemented hereby, the
Original Indenture is in all respects ratified and confirmed, and the Original Indenture and this Sixth Supplemental Indenture shall be read, taken and construed as one and the same instrument. 

Section 2.03 Executed in Counterparts. This Sixth Supplemental Indenture may be simultaneously executed in several counterparts, each of
which shall be deemed to be an original, and such counterparts shall together constitute but one and the same instrument. 
 Section 2.04
New York Law to Govern. This Sixth Supplemental Indenture and each Senior Note shall be deemed to be a contract under the laws of the state of New York, and for all purposes shall be construed in accordance with the laws of such state, except
as may be required by mandatory provisions of law. 

  
 7 

 IN WITNESS WHEREOF, each party hereto has caused this instrument to be signed in its
name and behalf by its duly authorized officers, all as of the day and year first above written. 
  

			
	 AFLAC INCORPORATED,
 as Issuer

		
	 By:
	 	 /s/ Kriss Kloninger III

	 Name:
	 	 Kriss Kloninger III

	 Title:
	 	 President & CFO

	
	 THE BANK OF NEW YORK MELLON TRUST
 COMPANY, N.A.,
 as Trustee

		
	 By:
	 	 /s/ Van K. Brown

	 Name:
	 	 Van K. Brown

	 Title:
	 	 Vice President

  
 [Signature Page to
Sixth Supplemental Indenture] 

 EXHIBIT A 
 4.00% Senior Note due 2022 
 THIS NOTE IS A GLOBAL SECURITY WITHIN THE MEANING
OF THE SIXTH SUPPLEMENTAL INDENTURE TO THE ORIGINAL INDENTURE HEREINAFTER REFERRED TO. UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY (“DTC”), A NEW YORK CORPORATION, TO AFLAC
INCORPORATED OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS
MADE TO CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF,
CEDE & CO., HAS AN INTEREST HEREIN. 
 UNLESS AND UNTIL IT IS EXCHANGED IN WHOLE OR IN PART FOR SECURITIES IN
DEFINITIVE FORM, THIS SECURITY MAY NOT BE TRANSFERRED EXCEPT AS A WHOLE BY THE DEPOSITARY TO THE NOMINEE OF THE DEPOSITARY OR BY A NOMINEE OF THE DEPOSITARY TO THE DEPOSITARY OR ANOTHER NOMINEE OF THE DEPOSITARY OR BY THE DEPOSITARY OR ANY SUCH
NOMINEE TO A SUCCESSOR DEPOSITARY OR A NOMINEE OF SUCH SUCCESSOR DEPOSITARY. 

  
 A-1 

			
	No. 1	  	 CUSIP No. 001055AJ1
 ISIN No. US001055AJ19

 AFLAC INCORPORATED 
 4.00% Senior Notes due 2022 
  

			
	 Principal Amount:
	  	 $350,000,000

		
	 Regular Record Date:
	  	 with respect to each Interest Payment Date, the close of business on February 1 or August 1 immediately preceding such Interest Payment Date

		
	 Original Issue Date:
	  	 February 10, 2012

		
	 Stated Maturity:
	  	 February 15, 2022

		
	 Interest Payment Dates:
	  	 February 15 and August 15, commencing on August 15, 2012

		
	 Interest Rate:
	  	 4.00% per year

		
	 Authorized Denomination:
	  	 $2,000 and integral multiples of $1,000 in excess thereof

 Aflac Incorporated, a Georgia corporation (the “Company,” which term includes any
successor corporation under the Indenture referred to on the reverse hereof), for value received, hereby promises to pay to Cede & Co., or registered assigns, the principal sum of THREE HUNDRED FIFTY MILLION DOLLARS ($350,000,000) on the
Stated Maturity shown above, and to pay interest thereon, and on any overdue installment of interest thereon to the extent permitted by law, from the most recent Interest Payment Date to which interest has been paid or duly provided for or, if no
interest has been paid, from the Original Issue Date shown above, semi-annually in arrears on each Interest Payment Date as specified above, commencing on August 15, 2012, and on the Stated Maturity at the rate per year shown above until the
principal hereof or such overdue installment is paid or made available for payment. The interest so payable, and punctually paid or duly provided for, on any Interest Payment Date (other than an Interest Payment Date that is the Stated Maturity)
will, as provided in the Indenture, be paid to the Person in whose name this Note (as defined on the reverse hereof) is registered at the close of business on the Regular Record Date as specified above next preceding such Interest Payment Date,
provided that any interest payable at Stated Maturity or a Redemption Date (as defined on the reverse hereof) will be paid to the Person to whom principal is payable. Except as otherwise 

  
 A-2 

 
provided in the Indenture, any such interest that is not so punctually paid or duly provided for will forthwith cease to be payable to the holders on such Regular Record Date and may be paid as
provided in Section 2.7 of the Original Indenture. 
 Payments of interest on this Note (as defined on the reverse
hereof) will include interest accrued to but excluding the respective Interest Payment Dates. Interest payments for this Note shall be computed and paid on the basis of a 360-day year consisting of twelve 30-day months. In the event that any date on
which interest is payable on this Note is not a Business Day, then payment of the interest payable on such date will be made on the next succeeding day that is a Business Day (and without any interest or other payment in respect of any such delay),
except that, if such next succeeding Business Day is in the next succeeding calendar year, payment shall be made on the immediately preceding Business Day, in each case with the same force and effect as if made on the date the payment was originally
payable. 
 Payment of the principal of and interest due at the Stated Maturity of, or on a Redemption Date (as defined on
the reverse hereof) for, this Note shall be made upon surrender of this Note at the Corporate Trust Office of the Trustee. The principal of and interest on this Note shall be paid in such coin or currency of the United States of America as at the
time of payment is legal tender for payment of public and private debts. Payment of interest (including interest on an Interest Payment Date) will be made, subject to such surrender where applicable, at the option of the Company, (i) by check
mailed to the address of the Person entitled thereto as such address shall appear in the Security register or (ii) by wire transfer at such place and to such account at a banking institution in the United States as may be designated in writing
to the Trustee at least 15 days prior to the date for payment by the Person entitled thereto. 
 The Senior Notes (as
defined on the reverse hereof) will be unsecured obligations of the Company and will rank equally in right of payment with all the other unsecured, unsubordinated indebtedness of the Company from time to time outstanding. The Senior Notes will rank
senior to any subordinated indebtedness of the Company. 
 REFERENCE IS HEREBY MADE TO THE FURTHER PROVISIONS OF THIS NOTE
SET FORTH ON THE REVERSE HEREOF, WHICH FURTHER PROVISIONS SHALL FOR ALL PURPOSES HAVE THE SAME EFFECT AS IF SET FORTH AT THIS PLACE. 
 Unless the certificate of authentication hereon has been executed by the Trustee by manual signature, this Note shall not be entitled to any benefit under the Indenture or be valid or obligatory for any purpose.

  
 A-3 

 IN WITNESS WHEREOF, the Company has caused this instrument to be duly executed.

  

			
	 AFLAC INCORPORATED,
 as Issuer

		
	 By:
	 	  

			
	 Name:
	 	
	 Title:
	 	

  

			
	 Attest:

	
	  

	 Name:
	 	
	 Title:
	 	

 CERTIFICATE OF AUTHENTICATION 

This is one of the 4.00% Senior Notes due 2022 referred to in the within-mentioned Indenture. 

 

							
		 		 	THE BANK OF NEW YORK MELLON TRUST COMPANY, N.A.,
		 		 	as Trustee
				
	 Dated: February 10, 2012
	 		 	 By:
	 	  

		 		 	 Authorized Signatory

  
 A-4 

 (Reverse Side of Note) 

This note (the “Note”) represents one of a duly authorized issue of senior notes of the Company issued and issuable in
one or more series under a Senior Indenture dated as of May 21, 2009 (the “Original Indenture”), as supplemented by the Sixth Supplemental Indenture dated as of February 10, 2012 (the “Sixth Supplemental Indenture” and,
together with the Original Indenture, the “Indenture”), between the Company and The Bank of New York Mellon Trust Company, N.A., as Trustee (the “Trustee,” which term includes any successor trustee under the Indenture), to which
Indenture and all indentures incidental thereto reference is hereby made for a statement of the respective rights, limitations of rights, duties and immunities thereunder of the Company, the Trustee and the holders of the Senior Notes (as defined
below) issued thereunder and of the terms upon which said Senior Notes are, and are to be, authenticated and delivered. The Securities represented by this Note are one of the series designated on the face hereof as 4.00% Senior Notes due 2022 (the
“Senior Notes”), initially limited in aggregate principal amount to $350,000,000; provided, however, that the aggregate principal amount of the Senior Notes may be increased in the future, without the consent of the holders of the Senior
Notes, as provided in the Sixth Supplemental Indenture. Capitalized terms used herein for which no definition is provided herein shall have the meanings set forth in the Indenture. 

This Note is exchangeable in whole or from time to time in part for Senior Notes of this series in definitive registered form only
as provided in the Indenture. 
 If an Event of Default with respect to the Senior Notes shall occur and be continuing,
the principal of the Senior Notes may be declared due and payable in the manner, with the effect and subject to the conditions provided in the Indenture. 
 The Indenture permits, with certain exceptions as therein provided, the amendment thereof and the modification of the rights and obligations of the Company and the rights of the holders of the Senior Notes under
the Indenture at any time by the Company and the Trustee with the consent of the holders of not less than a majority in aggregate principal amount of the Senior Notes at the time Outstanding. The Indenture also contains provisions permitting the
holders of specified percentages in principal amount of the Senior Notes at the time Outstanding, on behalf of the holders of all Senior Notes, to waive compliance by the Company with certain provisions of the Indenture and certain past defaults
under the Indenture and their consequences. Any such consent or waiver by the holder of this Note shall be conclusive and binding upon such holder and upon all future holders of this Note and of any Senior Note issued upon the registration of
transfer hereof or in exchange hereof or in lieu hereof, whether or not notation of such consent or waiver is made upon this Note. 
 The Indenture contains provisions for defeasance at any time of (i) the entire indebtedness of the Company pursuant to this Note and (ii) restrictive covenants and the related Events of Default, upon
compliance by the Company with certain conditions set forth therein, which provisions apply to this Note. 

  
 A-5 

 The Senior Notes will be redeemable, at the sole option of the Company, in whole at
any time or in part from time to time (a “Redemption Date”), at a redemption price (the “Redemption Price”) equal to the greater of (i) 100% of the aggregate principal amount of the Senior Notes to be redeemed and
(ii) an amount equal to the sum of the present values of the remaining scheduled payments for principal of and interest on the Senior Notes to be redeemed, not including any portion of the payments of interest accrued as of such Redemption
Date, discounted to such Redemption Date on a semi-annual basis (assuming a 360-day year consisting of twelve 30-day months) at the Treasury Rate, plus 35 basis points, plus, in the case of each of (i) and (ii), accrued and unpaid interest on
the principal amount of the Senior Notes to be redeemed to, but excluding, such Redemption Date. 
 “Treasury
Rate” means (i) the yield, under the heading which represents the average for the immediately preceding week, appearing in the most recently published statistical release designated “H.15(519)” or any successor publication which
is published weekly by the Board of Governors of the Federal Reserve System and which establishes yields on actively traded United States Treasury securities adjusted to constant maturity under the caption “Treasury Constant Maturities,”
for the maturity corresponding to the Comparable Treasury Issue (if no maturity is within three months before or after the remaining life, yields for the two published maturities most closely corresponding to the Comparable Treasury Issue will be
determined and the Treasury Rate will be interpolated or extrapolated from such yields on a straight line basis, rounding to the nearest month), or (ii) if such release (or any successor release) is not published during the week preceding the
calculation date or does not contain such yields, the rate per year equal to the semi-annual equivalent yield to maturity of the Comparable Treasury Issue, calculated using a price for the Comparable Treasury Issue (expressed as a percentage of its
principal amount) equal to the Comparable Treasury Price for such Redemption Date. The Treasury Rate shall be calculated on the third Business Day preceding the Redemption Date. 

“Comparable Treasury Issue” means the United States Treasury security selected by the Independent Investment Banker as
having a maturity comparable to the remaining term of the Senior Notes to be redeemed that would be utilized, at the time of selection and in accordance with customary financial practice, in pricing new issues of corporate debt securities of
comparable maturity to the remaining term of the Senior Notes. 
 “Independent Investment Banker” means one of
J.P. Morgan Securities LLC and Goldman, Sachs & Co., and their successors, appointed by the Trustee after consultation with the Company or, if such firm is unwilling or unable to select the Comparable Treasury Issue, an independent
investment banking institution of national standing appointed by the Trustee after consultation with the Company. 

“Comparable Treasury Price” means with respect to any Redemption Date for the Senior Notes (1) the average of five
Reference Treasury Dealer Quotations for such Redemption Date, after excluding the highest and lowest of such Reference Treasury Dealer Quotations, or (2) if the Trustee obtains fewer than five such Reference Treasury Dealer Quotations, the
average of all such quotations. 

  
 A-6 

 “Reference Treasury Dealer” means each of J.P. Morgan Securities LLC or
Goldman, Sachs & Co. or their respective successors and three other primary U.S. government securities dealers (each a “Primary Treasury Dealer”), as specified by the Company; provided that (1) if any of J.P. Morgan
Securities LLC or Goldman, Sachs & Co. or their respective successors or any Primary Treasury Dealer as specified by the Company shall cease to be a Primary Treasury Dealer, the Company will substitute therefor another Primary Treasury
Dealer and (2) if the Company fails to select a substitute within a reasonable period of time, then the substitute will be a Primary Treasury Dealer selected by the Trustee after consultation with the Company. 

“Reference Treasury Dealer Quotations” means, with respect to the Reference Treasury Dealer and any Redemption Date, the
average, as determined by the Independent Investment Banker, of the bid and asked prices for the Comparable Treasury Issue (expressed, in each case, as a percentage of its principal amount) quoted in writing to the Independent Investment Banker by
such Reference Treasury Dealer at 5:00 p.m., New York City time, on the third Business Day preceding such Redemption Date. 
 Notice of any redemption will be mailed at least 30 days but no more than 60 days before the Redemption Date to each Holder of the Senior Notes to be redeemed. Notwithstanding Section 12.2 of the Original
Indenture, the notice of redemption with respect to the foregoing redemption need not set forth the Redemption Price but only the manner of calculation thereof. 

The Company shall notify the Trustee of the Redemption Price with respect to the foregoing redemption promptly after the
calculation thereof. The Trustee shall not be responsible for calculating said Redemption Price. Unless the Company defaults in payment of the Redemption Price, on and after the Redemption Date, interest will cease to accrue on the Senior Notes or
portions thereof called for redemption. 
 If less than all of the Senior Notes are to be redeemed, the Trustee shall
determine, in such manner as it deems appropriate, the principal amount of such Senior Notes held by each beneficial owner of such Senior Notes to be redeemed. The Trustee may select Senior Notes and portions of Senior Notes in amounts of $2,000 and
whole multiples of $1,000 in excess of $2,000. 
 No reference herein to the Indenture and no provision of this Note or of
the Indenture shall alter or impair the obligation of the Company, which is absolute and unconditional, to pay the principal of and interest on this Note at the time, place and rate, and in the coin or currency, herein prescribed. 

  
 A-7 

 As provided in the Indenture and subject to certain limitations therein set forth, the
transfer of this Note is registrable in the Security register, upon surrender of this Note for registration of transfer at the office or agency of the Company for such purpose, duly endorsed by, or accompanied by a written instrument of transfer in
form satisfactory to the Company or the Security registrar and duly executed by, the holder hereof or his attorney duly authorized in writing, and thereupon one or more new Senior Notes, of authorized denominations and of like tenor and for the same
aggregate principal amount, will be issued to the designated transferee or transferees. No service charge shall be made for any such exchange or registration of transfer, but the Company will require payment of a sum sufficient to cover any tax or
other governmental charge payable in connection therewith. 
 Prior to due presentment of this Note for registration of
transfer, the Company, the Trustee, any Person authorized by the Company to pay the principal of or any premium or interest on any Senior Note on behalf of the Company (“Paying Agent”) and the Security registrar may deem and treat the
Person in whose name this Note is registered as the absolute owner hereof for all purposes, whether or not this Note be overdue and notwithstanding any notice of ownership or writing thereon made by anyone other than the Security registrar, and
neither the Company nor the Trustee nor any Paying Agent nor the Security registrar shall be affected by notice to the contrary. 
 The Senior Notes are issuable only in registered form without coupons in denominations of $2,000 and integral multiples of $1,000 in excess thereof. As provided in the Indenture and subject to certain limitations
therein set forth, Senior Notes are exchangeable for a like aggregate principal amount of Senior Notes of a different authorized denomination, as requested by the holder surrendering the same upon surrender of the Senior Note or Senior Notes to be
exchanged at the office or agency of the Company. 
 No recourse shall be had for payment of the principal of or interest
on this Note, or for any claim based hereon, or otherwise in respect hereof, or based on or in respect of the Indenture, against any incorporator, as such or against any past, present or future shareholder, officer or director, as such, of the
Company or of any successor, either directly or through the Company or any successor, under any rule, law statute or constitutional provision, or by the enforcement of any assessment or by any legal or equitable proceeding or otherwise, all such
liability being expressly waived and released, by the acceptance hereof and as part of the consideration for the issuance hereof. 
 Unless the certificate of authentication hereon has been executed by the Trustee by manual signature, this Note shall not be entitled to any benefit under the Indenture or be valid or obligatory for any purpose.

 This Note shall be governed by, and construed in accordance with, the internal laws of the state of New York.

  
 A-8 

 ABBREVIATIONS 
 The following abbreviations, when used in the inscription on the face of this instrument, shall be construed as though they were written out in full according to applicable laws or regulations: 

 

					
	TEN COM – as tenants in common	  		  	UNIF GIFT MIN ACT – Custodian under Uniform Gift to Minors Act
			
		  		  	  

		  		  	(State)
			
	TEN ENT – as tenants by the entireties	  		  	
			
	JT TEN – as joint tenants with rights of survivorship and not as tenants in common	  		  	CUST – Custodian

 Additional abbreviations may also be used 
 though not on the above list. 
 FOR VALUE RECEIVED, the undersigned hereby sell(s) and transfer(s)
unto 
 PLEASE PRINT OR TYPEWRITE NAME AND ADDRESS, INCLUDING POSTAL ZIP CODE OF ASSIGNEE 

 
  
  

 
 (please insert Social Security or other
identifying number of assignee) 
 the within Note and all rights thereunder, hereby irrevocably constituting and appointing 

 
  
  

 
  

 
 agent to transfer said Note on the books of
the Company, with full power of substitution in the premises. 
  

			
	 Dated:
	  	  

  
 A-9 

			
		  	  

		  	NOTICE: The signature to this assignment must correspond with the name as written upon the face of the within instrument in every particular without alteration or enlargement, or any change
whatever.

  
 A-10 

 EXHIBIT B 
 CERTIFICATE OF AUTHENTICATION 
 This is one of the 4.00% Senior Notes due 2022
referred to in the within-mentioned Indenture. 
  

			
	 THE BANK OF NEW YORK MELLON TRUST
 COMPANY, N.A.,
 as Trustee

		
	 By:
	 	  

	 Authorized Signatory

  
 B-1

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