Document:

EX-4.1

 Exhibit 4.1 
  

 
 TRINITY ACQUISITION PLC,

 as Issuer 

WILLIS TOWERS WATSON PUBLIC LIMITED COMPANY 

WILLIS TOWERS WATSON SUB HOLDINGS LIMITED 

WILLIS NETHERLANDS HOLDINGS B.V. 

WILLIS INVESTMENT UK HOLDINGS LIMITED 

TA I LIMITED 
 WTW
BERMUDA HOLDINGS LTD. 
 WILLIS GROUP LIMITED, and 

WILLIS NORTH AMERICA INC. 

as Guarantors 
 WELLS
FARGO BANK, NATIONAL ASSOCIATION 
 as Trustee 

and 
 ELAVON FINANCIAL
SERVICES LIMITED, UK BRANCH 
 as Paying Agent 
  

 
 Fourth
Supplemental Indenture 
 Dated as of May 26, 2016 

to the Indenture dated as of August 15, 2013 
  

 
 Creating one
series of Securities designated 
 2.125% Senior Notes Due 2022 

 TABLE OF CONTENTS 

 

							
	 	  	 	  	Page	 
		  	ARTICLE I	  			
			
		  	2.125% SENIOR NOTES DUE 2022	  			
			
	 SECTION 1.01.
	  	 Creation of Series; Establishment of Form
	  	 	2	  
			
	 SECTION 1.02.
	  	 Definitions
	  	 	3	  
			
	 SECTION 1.03.
	  	 Payment of Principal and Interest
	  	 	6	  
			
	 SECTION 1.04.
	  	 Global Securities
	  	 	7	  
			
	 SECTION 1.05.
	  	 Redemption
	  	 	8	  
			
	 SECTION 1.06.
	  	 Purchase of Notes Upon a Change of Control Triggering Event
	  	 	9	  
			
	 SECTION 1.07.
	  	 Additional Covenants
	  	 	10	  
			
	 SECTION 1.08.
	  	 Early Redemption for Tax Reasons
	  	 	11	  
			
	 SECTION 1.09.
	  	 Additional Amounts
	  	 	11	  
			
	 SECTION 1.10.
	  	 Events of Default
	  	 	13	  
			
	 SECTION 1.11.
	  	 Notice of Defaults
	  	 	14	  
			
	 SECTION 1.12.
	  	 Legal Defeasance and Discharge and Covenant Defeasance
	  	 	14	  
			
	 SECTION 1.13.
	  	 Merger, Consolidation, etc. Only on Certain Terms
	  	 	15	  
			
		  	ARTICLE II	  			
			
		  	MISCELLANEOUS PROVISIONS	  			
			
	 SECTION 2.01.
	  	 Integral Part
	  	 	15	  
			
	 SECTION 2.02.
	  	 Adoption, Ratification and Confirmation
	  	 	15	  
			
	 SECTION 2.03.
	  	 Counterparts
	  	 	16	  
			
	 SECTION 2.04.
	  	 Governing Law; Jury Trial Waiver
	  	 	16	  
			
	 SECTION 2.05.
	  	 Conflict with Trust Indenture Act
	  	 	16	  
			
	 SECTION 2.06.
	  	 Effect of Headings and Table of Contents
	  	 	16	  
			
	 SECTION 2.07.
	  	 Separability Clause
	  	 	16	  
			
	 SECTION 2.08.
	  	 Successors and Assigns
	  	 	16	  
			
	 SECTION 2.09.
	  	 Benefit of Indenture
	  	 	16	  
			
	 SECTION 2.10.
	  	 The Trustee
	  	 	17	  

  
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	EXHIBIT A	  	Form of Note

  
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 FOURTH SUPPLEMENTAL INDENTURE, dated as of May 26, 2016, among TRINITY ACQUISITION PLC, a company
organized and existing under the laws of England and Wales, as issuer (the “Issuer”) and WILLIS TOWERS WATSON PUBLIC LIMITED COMPANY, a company organized and existing under the laws of Ireland and parent company of the Issuer (without any
of its consolidated subsidiaries, “Parent,” and together with its consolidated subsidiaries, the “Company” ), WILLIS TOWERS WATSON SUB HOLDINGS LIMITED, a company organized and existing under the laws of Ireland ,WILLIS
NETHERLANDS HOLDINGS B.V., a company organized under the laws of the Netherlands, WILLIS INVESTMENT UK HOLDINGS LIMITED, a company organized and existing under the laws of England and Wales, TA I LIMITED, a company organized and existing under the
laws of England and Wales, WTW BERMUDA HOLDINGS LTD., a company organized and existing under the laws of Bermuda, WILLIS GROUP LIMITED, a company organized and existing under the laws of England and Wales and WILLIS NORTH AMERICA INC., a Delaware
corporation, as guarantors (collectively, the “Guarantors”), WELLS FARGO BANK, NATIONAL ASSOCIATION, a national banking association, as trustee (the “Trustee”) and ELAVON FINANCIAL SERVICES LIMITED, UK BRANCH, as paying agent
(the “Paying Agent”). 
 RECITALS OF THE ISSUER AND THE GUARANTORS 

WHEREAS, the Issuer and the Guarantors have heretofore executed and delivered to the Trustee an Indenture, dated as of August 15, 2013 (the
“Original Indenture”), providing for the issuance from time to time of its unsecured senior debentures, notes or other evidences of Indebtedness (the “Securities”), to be issued in one or more series as provided in
the Original Indenture; 
 WHEREAS, Section 9.01 of the Original Indenture provides that the Issuer, each Guarantor and the Trustee may from
time to time enter into one or more indentures supplemental thereto to establish a new series of Securities and add certain provisions to the Original Indenture; 

WHEREAS, Sections 2.01 and 3.01 of the Original Indenture provide that the Issuer may enter into one or more indentures supplemental thereto
to establish the form and terms of a series of Securities issued pursuant to the Original Indenture; 
 WHEREAS, the Issuer, pursuant to the
foregoing authority, proposes in and by this Fourth Supplemental Indenture (this “Supplemental Indenture” and, together with the Original Indenture, the “Indenture”) to supplement the Original Indenture insofar as
it will apply only to the series of securities to be known as the Issuer’s 2.125% Senior Notes due 2022 (the “Notes”) issued hereunder (and not to any other series); 

WHEREAS, the Issuer and the Guarantors have duly authorized the execution and delivery of this Supplemental Indenture; and 

WHEREAS, all things necessary have been done to make this Supplemental Indenture, the Notes and the Guarantees valid agreements of the Issuer
and the Guarantors, in accordance with their terms and the terms of the Original Indenture. 

 NOW, THEREFORE, for and in consideration of the premises and the covenants and agreements
contained herein, and for other good and valuable consideration the receipt of which is hereby acknowledged, the parties hereto agree as follows: 

ARTICLE I 
 2.125%
Senior Notes Due 2022 
 SECTION 1.01. Creation of Series; Establishment of Form. 

(1) There is hereby established a new series of Securities under the Indenture entitled “2.125% Senior Notes due 2022”. 

(2) The Notes, including the form of the certificate of authentication, shall be in substantially the form attached hereto as Exhibit A. 

(3) The Trustee shall authenticate and deliver the Notes for original issue in an aggregate principal amount of €540,000,000 upon an
Issuer Order for the authentication and delivery of the Notes. The Issuer may from time to time issue additional Notes in accordance with Sections 3.01 and 9.01 of the Original Indenture. Any additional Notes subsequently issued shall not be limited
by the aggregate principal amount of this Supplemental Indenture. The Notes issued originally hereunder, together with any additional Notes subsequently issued, shall be treated as a single series for purposes of the Indenture. 

(4) The Notes shall be issued in registered form without coupons. 

(5) The Notes shall not have a sinking fund. 

(6) The principal of the Notes shall be due on May 26, 2022. 

(7) The outstanding principal amount of the Notes shall bear interest at the rate of 2.125% per annum from May 26, 2016 or from the most
recent Interest Payment Date (as defined below) to which interest has been paid or duly provided for, as the case may be, payable annually in arrears on May 26 (the “Interest Payment Date”), commencing on May 26, 2017, to the
Persons in whose names the Notes are registered at the close of business on the Regular Record Date (as defined in Section 1.02) for such interest and at the Stated Maturity of the Notes, until the principal thereof is paid or made available for
payment. Interest will 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 Notes (or May 26, 2016
if no interest has been paid or duly provided for on the Notes), to but excluding the next scheduled Interest Payment Date. This payment convention is referred to as Actual/Actual (ICMA) as defined in the primary market handbook of the International
Capital Market Association. Any such interest due on an Interest Payment Date that is not so punctually paid or duly provided for shall forthwith cease to be payable to the Holders on such Regular Record Date and may either be paid to the
Person or Persons in whose name the Notes are registered at the close of business on a Special Record Date for the payment of such Defaulted Interest to be fixed by the Issuer pursuant to Section 3.07 of the Original Indenture, notice whereof shall
be given to Holders of the Notes not less than ten (10) days prior 

  
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to such Special Record Date, or be paid at any time in any other lawful manner not inconsistent with the requirements of any securities exchange, if any, on which the Notes may be listed, and
upon such notice as may be required by any such exchange, all as more fully provided in the Original Indenture. 
 (8) The Notes shall be
issued in denominations of €100,000 or any integral multiple of €1,000 in excess thereof. 
 (9) If the Notes are redeemed, in
whole at any time or in part from time to time, prior to February 26, 2022, the Redemption Price for the Notes to be redeemed will be equal to the greater of: (i) 100% of the aggregate principal amount of the Notes to be redeemed, and (ii) an amount
equal to the sum of the present value of (A) the payment on February 26, 2022 of principal of the Notes to be redeemed and (B) the payment of the remaining scheduled payments through February 26, 2022 of interest on the Notes to be redeemed
(excluding accrued and unpaid interest to the date of redemption (the “Redemption Date”) and subject to the right of Holders on the relevant Record Date to receive interest due on the relevant Interest Payment Date) discounted from their
scheduled date of payment to the Redemption Date on an annual basis (Actual/Actual (ICMA)) using a discount rate equal to the Government Bond Rate plus 40 basis points plus, in each of the above cases, accrued and unpaid interest, if any, to, but
excluding, such Redemption Date. 
 If the Notes are redeemed, in whole at any time or in part from time to time, on or after February 26,
2022, the Redemption Price for the Notes to be redeemed will equal 100% of the principal amount of such Notes to be redeemed plus accrued and unpaid interest, if any, to, but excluding, such Redemption Date. 

(10) All payments of interest and principal, including payments made upon any redemption or repurchase of the Notes and the payment of any
additional amounts payable with respect to the Notes, will be payable in euro. If, on or after the date of the issuance of the Notes, the euro is unavailable to the Issuer due to the imposition of exchange controls or other circumstances beyond the
Issuer’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 Notes will be made in U.S. dollars until the euro is again available to the Issuer or so used. The amount payable on any date in euro will be converted into U.S. dollars at the
rate mandated by the U.S. Federal Reserve Board as of the close of business on the second Business Day prior to the relevant payment date, or in the event the U.S. Federal Reserve has not mandated a rate of conversion, on the basis of the most
recently available market exchange rate published in the Wall Street Journal on or prior to the second Business Day prior to the relevant payment date. Any payment in respect of the Notes so made in U.S. dollars will not constitute an Event of
Default under the Notes or the Indenture. Neither the Trustee nor the Paying Agent for the Notes shall have any responsibility for any calculation or conversion in connection with the foregoing. 

SECTION 1.02. Definitions. (1) The following defined terms used herein shall, unless the context otherwise requires, have the meanings
specified below. Each capitalized term that is used in this Supplemental Indenture but not defined herein shall have the meaning specified in the Original Indenture. 

  
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 “Agency Agreement” means the agreement among the Issuer, Elavon Financial
Services Limited, UK Branch, as the Paying Agent, Elavon Financial Services Limited , as the registrar and transfer agent, and the Trustee. 

“Change of Control” means the occurrence of any of the following: 

(a) the consummation of any transaction (including without limitation, any merger or consolidation) the result of which is that
any person (including any “person” (as that term is used in Section 13(d)(3) of the Securities Exchange Act of 1934, as amended (the “Exchange Act”))) becomes the “beneficial owner” (as defined in
Rules 13d-3 and 13d-5 under the Exchange Act), directly or indirectly, of Capital Stock representing more than 50% of the aggregate ordinary voting power represented by the issued and outstanding Capital Stock of Parent; 

(b) the first day on which Parent ceases to own, directly or indirectly, at least 80% of the outstanding Capital Stock of the
Issuer; or 
 (c) the adoption of a plan relating to the liquidation or dissolution of Parent. 

“Change of Control Triggering Event” means the occurrence of both a Change of Control and a Ratings Decline. 

“Clearstream” means Clearstream Banking, société anonyme. 

“Common Depositary” means Elavon Financial Services Limited as common depositary for the Depositary. 

“Comparable Government Issue” means, in relation to any Government Bond Rate, the euro-denominated security issued by the
German government selected by an Independent Investment Banker as having a maturity comparable to the remaining term of the Notes to be redeemed (assuming, for this purpose, that the Notes mature on February 26, 2022) 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 such Notes. 

“Comparable Price” means, with respect to any Redemption Date for the Notes, (a) the average of five Reference Dealer
Quotations for such Redemption Date, after excluding the highest and lowest Reference Dealer Quotations, or (b) if the Independent Investment Banker obtains fewer than five such Reference Dealer Quotations, the average of all such quotations. 

“Depositary” means Clearstream Banking, société anonyme, and Euroclear Bank SA/NV. 

“Euroclear” means Euroclear Bank S.A./N.V., as operator of the Euroclear system. 

  
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 “Government Bond Rate” means, with respect to any Redemption Date, the rate per
annum equal to the annual equivalent yield to maturity or interpolated maturity (on a day count basis) of the applicable Comparable Government Issue (computed as of the third Business Day immediately preceding the Redemption Date), assuming a price
for such Comparable Government Issue (expressed as a percentage of its principal amount) equal to the applicable Comparable Price for such redemption date. 

“Guarantor” means each of Willis Towers Watson Public Limited Company, an Irish company, Willis Towers Watson Sub Holdings
Limited, an Irish Company, Willis Netherlands Holdings B.V., a company incorporated under the laws of the Netherlands, Willis Investment UK Holdings Limited, a company organized and existing under the laws of England and Wales, TA I Limited, a
company organized and existing under the laws of England and Wales, Willis Group Limited, a company organized and existing under the laws of England and Wales, Willis North America Inc., a Delaware corporation, WTW Bermuda Holdings Ltd., a company
organized and existing under the laws of Bermuda, and any other Subsidiary of Willis Towers Watson Public Limited Company which becomes a guarantor of the Issuer’s Indenture obligations. 

“Independent Investment Banker” means an investment bank of international standing that the Issuer appoints to act as the
Independent Investment Banker from time to time. 
 “Interest Payment Date” means May 26 of each year. 

“Investment Grade” means a rating of Baa3 or better by Moody’s (or its equivalent under any successor rating categories
of Moody’s) and BBB- or better by S&P (or its equivalent under any successor rating categories of S&P) (or, in each case, if such Rating Agency ceases to rate the Notes for reasons outside of the Company’s control, the equivalent
investment grade credit rating from any Rating Agency selected by the Company as a replacement Rating Agency). 

“Moody’s” means Moody’s Investors Service Inc. 

“Rating Agency” means: 

(a) each of Moody’s and S&P; and 

(b) if either of Moody’s or S&P ceases to rate the Notes or fails to make a rating of the Notes publicly available for
reasons outside of the Company’s control, a “nationally recognized statistical rating organization” within the meaning of Rule 15c3- 1 (c) (2) (vi) (F) under the Exchange Act selected by the Company as a replacement agency for
Moody’s or S&P, or both, as the case may be. 
 “Reference Dealer” means a broker of, or a market maker in, the
Comparable Government Issue selected by the Independent Investment Banker. 
 “Reference Dealer Quotations” means, with
respect to each Reference Dealer and any Redemption Date, the average, as determined by the Independent Investment Banker, of the bid and asked prices for the Comparable Government Issue (expressed in each case as a percentage of its principal
amount) quoted in writing to the Independent Investment Banker by such Reference Dealer at 11:00 a.m. London time on the third (3rd) Business Day preceding such Redemption Date. 

  
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 “Ratings Decline” means at any time during the period commencing on the earlier
of, (a) the occurrence of a Change of Control or (b) public notice of the occurrence of a Change of Control or the intention by Parent to effect a Change of Control, and ending 60 days thereafter (which period shall be extended so long as the rating
of the Notes is under publicly announced consideration for a possible downgrade by any of the Rating Agencies) that (i) the rating of the Notes shall be reduced by both Rating Agencies and (ii) the Notes shall be rated below Investment Grade by each
of the Rating Agencies. 
 “Regular Record Date” means, with respect to each Interest Payment Date, the close of business
on the May 11 (whether or not a Business Day) prior to such Interest Payment Date. 
 “S&P” means Standard &
Poor’s Financial Services LLC. 
 “Security Register” means the register, at the Corporate Trust Office of the Trustee
or in any office or agency to be maintained by the Issuer in accordance with Section 3.05 of the Original Indenture, in which the Issuer shall, subject to such reasonable regulations as it may prescribe, provide for the registration of Securities
and of registration of transfers and exchanges of Securities. 
 (11) References in this Supplemental Indenture to article and section
numbers shall be deemed to be references to article and section numbers of this Supplemental Indenture unless otherwise specified. 

SECTION 1.03. Payment of Principal and Interest. 

(1) If any Interest Payment Date, Redemption Date or the Stated Maturity of the Notes is not a Business Day, the payment of principal,
premium, if any, or interest, as applicable, will be made on the next succeeding Business Day. No interest will accrue on the amount so payable for the period from such Interest Payment Date, Redemption Date or Stated Maturity, as the case may be,
to the next succeeding Business Day. “Business Day” means any day other than a Saturday or Sunday or other day on which the Trustee, the Paying Agent, the Security Registrar or banking institutions are not required by law or
regulation to be open in the State of New York or London, and for any place of payment outside of New York City or London, in such place of payment, and on which the Trans-European Automated Real Time Gross Settlement Express Transfer system (the
“TARGET2 system”), or any successor thereto, does not operate. 
 (2) Payments of principal of, premium, if any, and interest on
the Notes represented by a Global Security shall be made to the Paying Agent which in turn, for so long as the Notes are in global form, shall make payment with respect to the Notes to the Common Depositary, or its nominee, as Holder of such Global
Security, for the respective accounts of Clearstream and Euroclear; provided, however, that in the case of payments of principal and premium, if any, such Global Security is first surrendered to the Paying Agent. If any of the
Notes are no longer represented by a Global Security, (i) payments of principal, premium, if any, and interest due at the Stated Maturity or on a Redemption Date, if any, (except, in the case of interest, where the

  
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Redemption Date is an Interest Payment Date) shall be made at the office of the Paying Agent upon surrender of such Notes to the Paying Agent and (ii) payments of interest shall be made, at the
option of the Issuer, subject to such surrender where applicable, by check mailed to the address of the Person entitled thereto as such address shall appear in the Security Register. 

(3) Elavon Financial Services Limited, UK Branch, shall initially serve as the Paying Agent for the Notes in accordance with the terms of the
Agency Agreement. Elavon Financial Services Limited shall initially serve as the transfer agent for the Notes (the “Transfer Agent”) in accordance with the terms of the Agency Agreement. The Issuer may change the Paying Agent or the
Transfer Agent without prior notice to the Holders. 
 (4) Elavon Financial Services Limited shall initially act as the Security Registrar,
as such term is defined in Section 3.05 of the Original Indenture, for the Notes in accordance with the terms of the Agency Agreement. The Issuer may change the Security Registrar without prior notice to the Holders. 

(5) Each of the Issuer and the Guarantors designates the office of the Paying Agent at 125 Old Broad Street, Fifth Floor, London EC2N 1AR as
an agency where the Notes may be presented for payment, exchange or registration of transfer, in each case as provided for in the Indenture. 

SECTION 1.04. Global Securities. The Notes shall initially be issued in the form of one or more Global Securities registered in
the name of a nominee of the Common Depositary. The Company will deposit the Global Securities with the Common Depositary. Except under the limited circumstances described below, Notes represented by such Global Security or Global Securities shall
not be exchangeable for, and shall not otherwise be issuable as, Notes in definitive form. The Issuer has entered into a letter of representations with the Depositary in the form provided by the Depositary and the Trustee and each Paying Agent,
Security Registrar or other agent is hereby authorized to act in accordance with such letter and applicable Depositary procedures. The Global Securities described above may not be transferred except as a whole by the Depositary to a nominee of
the Depositary or by a nominee of the Depositary to the Depositary or another nominee of the Depositary or to a successor Depositary or its nominee or by the Depositary or any such nominee to a successor Depositary or a nominee of such successor
Depositary, unless and until the Notes are exchanged in whole or in part for Notes in definitive form. 
 Subject to the procedures of the
Depositary, a Global Security representing the Notes shall be exchangeable for Notes registered in the names of Persons other than the Depositary or its nominee only if (i) the Depositary notifies the Trustee and the Issuer in writing that it is no
longer willing or able to properly discharge its responsibilities as a Depositary for such Global Security and no qualified successor Depositary shall have been appointed by the Issuer within ninety (90) days of receipt by the Issuer of such
notification, or if at any time the Depositary ceases to be a clearing agency registered under the Exchange Act at a time when the Depositary is required to be so registered to act as such Depositary and no qualified successor Depositary shall have
been appointed by the Issuer within ninety (90) days after it becomes aware of such cessation, (ii) the Issuer executes and delivers to the Trustee an Issuer Order stating that the Issuer elects to terminate the book-entry system through the
Depositary, or (iii) 

  
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there shall have occurred and be continuing an Event of Default with respect to such Global Security. Any Global Security that is exchangeable pursuant to the preceding sentence shall be
exchangeable for the Notes it represents, as provided in the Original Indenture. 
 SECTION 1.05. Redemption. 

(1) The Issuer shall send notice of any redemption pursuant to Section 1.01(9) (in accordance with the applicable clearing system’s
procedures) not less than 30 nor more than 60 days prior to the Redemption Date, to each Holder of the Notes to be redeemed. The Issuer shall deliver to the Trustee and the Paying Agent an Officers’ Certificate setting forth the Redemption
Price with respect to the foregoing redemption no later than two (2) Business Days prior to the Redemption Date. The Trustee and the Paying Agent shall have no responsibility for determining said Redemption Price on the Redemption Date, and from and
after such date (unless the Issuer shall default in the payment of the Redemption Price and accrued interest) such Notes shall cease to bear interest. 

(2) Section 11.03 (Selection by Trustee of Securities to Be Redeemed) of the Original Indenture is hereby amended and restated in its entirety
as follows: 
 If less than all of the Notes are to be redeemed, the particular Notes to be redeemed shall be selected not
more than 60 days prior to the Redemption Date by the Trustee, from the Outstanding Notes not previously called for redemption, by such method as the Trustee shall deem fair and appropriate and in accordance with the applicable procedures of the
Depositary, and which may provide for the selection for redemption of portions (equal to €1,000 or any integral multiple thereof) of the principal amount of Notes of a denomination larger than €100,000; provided, however, that Notes
registered in the name of the Issuer shall be excluded from any such selection for redemption until all Notes being redeemed and that are not so registered shall have been previously selected for redemption. 

The Trustee shall promptly notify the Issuer in writing of the Notes selected for redemption and, in the case of any Notes
selected for partial redemption, the principal amount thereof to be redeemed. 
 For all purposes of this Indenture, unless
the context otherwise requires, all provisions relating to the redemption of Notes shall relate, in the case of any Notes redeemed or to be redeemed only in part, to the portion of the principal amount of such Notes which has been or is to be
redeemed. 

  
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 SECTION 1.06. Purchase of Notes Upon a Change of Control Triggering Event. 

(1) If a Change of Control Triggering Event occurs, unless the Issuer has exercised its right to redeem the Notes pursuant to Sections 1.01(9)
and 1.05 of this Supplemental Indenture or Article ELEVEN of the Original Indenture, the Issuer will make an offer to each Holder of Notes to repurchase all or any part (in excess of €100,000 and in integral multiples of €1,000 principal
amount) of that Holder’s Notes at a repurchase price in cash equal to 101% of the aggregate principal amount of Notes repurchased plus any accrued and unpaid interest on the Notes repurchased to but excluding the date of repurchase. Within 30
days following any Change of Control Triggering Event or, at the Issuer’s option, prior to any Change of Control, but after the public announcement of the Change of Control, the Issuer will send a notice to each Holder describing the
transaction or transactions that constitute or may constitute the Change of Control Triggering Event and offering to repurchase Notes on the payment date specified in the notice, which date will be no earlier than 30 days and no later than 45 days
from the date such notice is sent. The notice shall, if sent prior to the date of consummation of the Change of Control, state that the offer to repurchase is conditioned on the Change of Control Triggering Event occurring on or prior to the payment
date specified in the notice. 
 (2) The Issuer will comply with the requirements of Rule 14e-1 under the Exchange Act and any other
securities laws and regulations to the extent those laws and regulations are applicable in connection with the repurchase of the Notes as a result of a Change of Control Triggering Event. To the extent that the provisions of any securities laws
or regulations conflict with the Change of Control Triggering Event provisions of the Notes, the Issuer will comply with the applicable securities laws and regulations and will not be deemed to have breached its obligations under the Change of
Control Triggering Event provisions of the Notes by virtue of such conflict. 
 (3) On the Change of Control Triggering Event payment date,
the Issuer will, to the extent lawful: 
 (a) accept for payment all Notes or portions of Notes properly tendered pursuant to
the Issuer’s offer; 
 (b) deposit with the Paying Agent (with notice to the Trustee of such deposit by means of an
Officers’ Certificate) an amount equal to the aggregate purchase price in respect of all Notes or portions of Notes properly tendered; and 

(c) deliver or cause to be delivered to the Trustee, the Notes properly accepted, together with an Officers’ Certificate
stating the aggregate principal amount of Notes being purchase by the Issuer. 
 (4) The Paying Agent will promptly pay, from funds
deposited by the Issuer for such purpose, to each Holder of Notes properly tendered the purchase price for the Notes, and the Trustee will promptly authenticate and send (or cause to be transferred by book-entry) to each Holder a new note equal in
principal amount to any unpurchased portion of any Notes surrendered. 
 (5) The Issuer will not be required to make an offer to repurchase
the Notes upon a Change of Control Triggering Event if a third party makes an offer in the manner, at the times and otherwise in compliance with the requirements for an offer made by the Issuer and such third party purchases all Notes properly
tendered and not withdrawn under its offer. 

  
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 SECTION 1.07. Additional Covenants. The following shall be additional covenants to
the covenants set forth in the Original Indenture for the benefit of the Notes only and shall be effective only so long as the Notes are Outstanding: 

(1) Limitation on Liens. Parent shall not, and shall not permit any of its Subsidiaries to, directly or indirectly, incur or suffer to
exist any Lien, other than a Permitted Lien, securing Indebtedness upon any Capital Stock of any Significant Subsidiary of Parent that is owned, directly or indirectly, by Parent or any of its Subsidiaries, in each case whether owned at the date of
the original issuance of the Notes or thereafter acquired, or any interest therein or any income or profits therefrom unless it has made or will make effective provision whereby the Outstanding Notes will be secured by such Lien equally and ratably
with (or prior to) all other Indebtedness of Parent or any Subsidiary secured by such Lien. Any Lien created for the benefit of the Holders of the Notes pursuant to the preceding sentence shall provide by its terms that such Lien will be
automatically and unconditionally released and discharged upon release and discharge of the Lien. 
 “Permitted Lien” means
a Lien on the Capital Stock of a Significant Subsidiary to secure Indebtedness incurred to finance the purchase price of such Capital Stock; provided that any such Lien may not extend to any other property of Parent or any other Subsidiary of
Parent; and provided further that such Indebtedness matures within 180 days from the date such Indebtedness was incurred. 
 (2) Limitation
on Dispositions of Significant Subsidiaries. Parent shall not, and shall not permit any of its Subsidiaries to, directly or indirectly, sell, transfer or otherwise dispose of, and will not permit any Significant Subsidiary to issue, any Capital
Stock of any Significant Subsidiary. Notwithstanding the foregoing limitation, (a) Parent and its Subsidiaries may sell, transfer or otherwise dispose of, and any Significant Subsidiary may issue, any such Capital Stock to any Subsidiary of
Parent, (b) any Subsidiary of Parent may sell, transfer or otherwise dispose of, and any Significant Subsidiary may issue, any such securities to Parent or another Subsidiary of Parent, (c) Parent and its Subsidiaries may sell, transfer or otherwise
dispose of, and any Significant Subsidiary may issue, any such Capital Stock if the consideration received is at least equal to the fair market value (as determined by the Board of Directors of Parent acting in good faith) of such Capital Stock, and
(d) Parent and its Subsidiaries may sell, transfer or otherwise dispose of, and any Significant Subsidiary may issue, any such securities if required by law or any regulation or order of any governmental or regulatory authority. Notwithstanding
the foregoing, Parent may merge or consolidate any of its Significant Subsidiaries into or with another one of its Significant Subsidiaries and may otherwise sell, transfer or otherwise dispose of its business pursuant to Article EIGHT of the
Original Indenture. 

  
 10 

 SECTION 1.08. Early Redemption for Tax Reasons. 

(1) The Notes may be redeemed at the option of the Issuer in whole, but not in part, at any time upon not less than 30 nor more than 60
days’ prior notice delivered electronically or by first-class mail, with a copy to the Trustee, to the registered address of each Holder, or otherwise delivered in accordance with the applicable procedures of the Depositary if: 

(a) on the occasion of the next payment due under the Notes, the Issuer has or is reasonably likely to become obliged to pay
Additional Amounts (as defined in Section 1.09) as a result of any change in, or amendment to, the laws or regulations of a Taxing Jurisdiction (as defined in Section 1.09), or any change in the official application or official interpretation of
such laws or regulations, which change or amendment is announced and becomes effective on or after the date of issuance of the Notes (a “Change in Tax Law”); and 

(b) such obligation cannot be avoided by the Issuer taking reasonable measures available to it; 

provided that no such notice of redemption shall be given earlier than 90 days prior to the earliest date on which the Issuer would be obliged to pay such
Additional Amounts were a payment in respect of the Notes then due. 
 (2) Prior to the giving of any notice of redemption pursuant to the
Indenture, the Issuer shall deliver to the Trustee an Officers’ Certificate of the Issuer stating that the Issuer is entitled to effect such redemption and setting forth a statement of facts showing that the conditions precedent to the right of
the Issuer so to redeem have occurred. Notes redeemed pursuant to this Section 1.08 will be redeemed at a Redemption Price equal to 100% of the principal amount of the Notes being redeemed plus accrued and unpaid interest thereon to, but excluding,
the date of redemption and all Additional Amounts due on the date of redemption. 
 SECTION 1.09. Additional Amounts. With respect to
any payments made by or on the behalf of the Issuer or a Guarantor in respect of the Notes or any Guarantee of the Notes, as applicable, the Issuer or such Guarantor will make all payments of principal of, premium, if any, and interest on (whether
on scheduled payment dates or upon acceleration) and the Redemption Price, if any, payable in respect of any Note without deduction or withholding for or on account of any present or future tax, duty, levy, import, assessment or other governmental
charge (including penalties, interest and other liabilities related thereto (“Taxes”) imposed, levied, collected, withheld or assessed by or on behalf of any jurisdiction in which the Issuer or such Guarantor is incorporated or
organized, engaged in business for tax purposes or otherwise resident for tax purposes, or any political subdivision thereof or taxing authority therein and any jurisdiction through which any payment is made on behalf of the Issuer or any Guarantor
(including the jurisdiction of any Paying Agent) (each, a “Taxing Jurisdiction”), upon or as a result of such payments, unless required by law or by the official interpretation or administration thereof. 

  
 11 

 To the extent that any such Taxes are so levied or imposed, the Issuer or such Guarantor will pay
such additional amounts (“Additional Amounts”) in order that the net amount received by each Holder (including Additional Amounts), after withholding for or on account of such Taxes imposed upon or as a result of such payment, will
not be less than the amount that would have been received had such taxes not been imposed or levied; except that no such Additional Amounts shall be payable with respect to a payment made to a Holder or beneficial owner of a Note: 

(1) to the extent that such Taxes would not have been so imposed, levied or assessed but for the existence of some connection between such
Holder or beneficial owner of such Note and the Taxing Jurisdiction imposing such Taxes other than the mere holding or enforcement of such Note or receipt of payments thereunder; or 

(2) to the extent that such Taxes would not have been so imposed, levied or assessed but for the failure of the Holders or beneficial owners
of such Note to comply with a reasonable written request by the Issuer (or its agent) to make a valid declaration of non-residence or any other claim or filing for exemption to which it is entitled (but only to the extent it is legally entitled to
do so); or 
 (3) that presents such Note for payment (where presentation is required) more than 30 days after the date on which such
payment became due and payable or the date on which payment of the Note is duly provided for and notice is given to Holders, whichever occurs later, except to the extent that the Holder or beneficial owner of such Note would have been entitled to
such Additional Amounts on presenting such Note on any date during such 30-day period; or 
 (4) where such withholding or deduction is
imposed on a payment to or for an individual and is required to be made pursuant to Council Directive 2003/48/EC on the taxation of savings income or any other directive or law implementing or complying with, or introduced in order to conform to,
such Directive, the ECOFIN Council meeting of 26-27 November 2000 or any other law implementing or complying with any arrangement entered into between the EU member states and certain third countries and territories in connection with such Directive
(including, for the avoidance of doubt, any replacement directive or law); or 
 (5) that presents such Note for payment (where presentation
is required) by or on behalf of the Holders of such Note to any Paying Agent if such withholding or deduction of such Taxes could have been avoided by presenting such Note to another Paying Agent in a member state of the European Union; 

(6) in the case of a payment made by or on behalf of a Guarantor organized under the laws of the United States, any state thereof or the
District of Columbia, with respect to any United States withholding taxes, so long as the Issuer or such Guarantor (pursuant to Section 1.06 of the Original Indenture) provides reasonable notice regarding potential United States withholding taxes
and requests Holders and beneficial owners to provide applicable U.S. tax forms; or 
 (7) any combination of the above. 

As used herein and for purposes of the Indenture and the Notes, any reference to the principal of and interest on the Notes and the Redemption
Price, if any, shall be deemed to include a reference to any related Additional Amounts payable in respect of such amounts. The Issuer will also pay any stamp, registration, excise or property taxes and any other similar levies (including any
interest and penalties related thereto) imposed by any Taxing Jurisdiction on the execution, delivery, registration or enforcement of any of the Notes, the Guarantees, the Indenture or any other document or instrument referred to therein. 

  
 12 

 SECTION 1.10. Events of Default. Section 5.01 of the Original Indenture setting forth the
“Events of Default” is hereby amended and restated in its entirety for the benefit of the Notes only as follows: 

“Event of Default,” whenever used herein with respect to the Notes, means any one of the following events (whatever the
reason for such Event of Default and whether it shall be voluntary or involuntary or be affected by operation of law or pursuant to any judgment, decree or order of any court or any order, rule or regulation of any administrative or governmental
body): 
 (1) a default in payment of interest (including Additional Amounts) upon any Note \ when it becomes due and payable, and
continuance of such default for a period of 30 days; or 
 (2) a default in the payment of the principal of or premium, if any, on any Note
at its Maturity; or 
 (3) a default in the performance, or breach, of any other covenant of the Issuer or any Guarantor (other than a
covenant a default in whose performance or whose breach is elsewhere in this Section specifically dealt with or which has been expressly included in the Indenture solely for the benefit of Securities other than the Notes), and continuance of such
default or breach for a period of 60 days after there has been given, by registered or certified mail, to the Issuer or such Guarantor by the Trustee or to the Issuer or such Guarantor and the Trustee by the Holders of at least 25% in principal
amount of the Outstanding Notes a written notice specifying such default or breach and requiring it to be remedied and stating that such notice is a “Notice of Default” hereunder; or 

(4) a default under any Indebtedness by the Issuer, any Guarantor or any of their respective subsidiaries that results in acceleration of the
maturity of such Indebtedness, or failure to pay any such Indebtedness at maturity, in an aggregate amount greater than $50.0 million or its foreign currency equivalent at the time, provided that the cure of such default shall remedy such Event of
Default under this Section 1.10(4); or 
 (5) the entry by a court having jurisdiction in the premises of (A) a decree or order for relief
in respect of Parent, the Issuer or any Significant Subsidiary in an involuntary case or proceeding under any applicable Bankruptcy Law or (B) a decree or order adjudging Parent, the Issuer or any Significant Subsidiary a bankrupt or insolvent, or
approving as properly filed a petition seeking reorganization, arrangement, adjustment or composition of or in respect of Parent, the Issuer or any Significant Subsidiary under any applicable Bankruptcy Law, or appointing a Custodian of Parent, the
Issuer or any Significant Subsidiary or of any substantial part of their property, or ordering the winding up or liquidation of its affairs, and the continuance of any such decree or order for relief or any such other decree or order unstayed and in
effect for a period of 90 consecutive days; or 
 (6) the commencement by Parent, the Issuer or any Significant Subsidiary of a voluntary
case or proceeding under any applicable Bankruptcy Law or of any other case or 

  
 13 

 
proceeding to be adjudicated a bankrupt or insolvent, or the consent by it to the entry of a decree or order for relief in respect of Parent, the Issuer or any Significant Subsidiary in an
involuntary case or proceeding under any applicable Bankruptcy Law or to the commencement of any bankruptcy or insolvency case or proceeding against it, or the filing by it of a petition or answer or consent seeking reorganization or relief under
any applicable Bankruptcy Law, or the consent by it to the filing of such petition or to the appointment of or taking possession by a Custodian of Parent, the Issuer or any Significant Subsidiary of any substantial part of its property, or the
making by it of an assignment for the benefit of creditors, or the admission by it in writing of its inability to pay its debts generally as they become due, or the taking of corporate action by Parent, the Issuer or any Significant Subsidiary in
furtherance of any such action, or the taking of any comparable action under any foreign laws relating to insolvency; or 
 (7) any
Guarantee with respect to the Notes shall for any reason cease to be, or shall for any reason be asserted in writing by any Guarantor not to be, in full force and effect and enforceable in accordance with its terms, except as contemplated by the
Indenture and any such Guarantee. 
 SECTION 1.11. Notice of Defaults. 

Section 6.02 (Notice of Defaults) of the Original Indenture is hereby amended and restated in its entirety for the benefit of the Notes only
as follows: 
 Within 90 days after the Trustee has knowledge of the occurrence of any default hereunder with respect to the Notes, the
Trustee shall send to all Holders of the Notes, as their names and addresses appear in the Security Register, notice of such default hereunder known to a Responsible Officer of the Trustee, unless such default shall have been cured or waived;
provided, however, that, except in the case of a default in the payment of the principal of, premium, if any, or interest on any Note or in the payment of any sinking fund or analogous obligation installment with respect to the Notes, the Trustee
shall be protected in withholding such notice if and so long as the board of directors, the executive committee or a trust committee of directors or Responsible Officers of the Trustee in good faith determines that the withholding of such notice is
in the interest of the Holders of the Notes; and provided, further, that in the case of any default of the character specified in Section 1.10(3) with respect to the Notes, no such notice to Holders shall be given until at least 30 days after the
occurrence thereof. For the purpose of this Section, the term “default” means any event which is, or after notice or lapse of time or both would become, an Event of Default with respect to the Notes. 

SECTION 1.12. Legal Defeasance and Discharge and Covenant Defeasance. Section 4.03 and Section 4.04 of the Original Indenture do
hereby apply to all of the outstanding Notes; provided, that, solely with respect to the Notes, (i) the reference to Section 5.01(4) in Section 4.04 shall be amended to be a reference to Section 1.10(3), (ii) clause (4) of Section 5.01, as such
Section 5.01 shall have been amended by this Supplemental Indenture, shall be subject to Covenant Defeasance under Section 4.04 of the Original Indenture and (iii) the U.S. Government Obligations referred to in Section 4.05 shall include direct
obligations of the Federal Republic of Germany. 

  
 14 

 SECTION 1.13. Merger, Consolidation, etc. Only on Certain Terms  

Section 8.01 (Merger, Consolidation, etc. Only on Certain Terms) of the Original Indenture is hereby amended and restated in its entirety as
follows: 
 Neither the Issuer nor any of the Guarantors shall consolidate with or merge into any other Person or convey, transfer or lease
its properties and assets substantially as an entirety to any Person, unless: 
 (1) if the Issuer or such Guarantor, as the case may be,
shall consolidate with or merge into another Person or convey, transfer or lease its properties and assets substantially as an entirety to any Person, the Person formed by such consolidation or into which the Issuer or such Guarantor, as the case
may be, is merged or the Person which acquires by conveyance or transfer, or which leases, the properties and assets of the Issuer or such Guarantor, as the case may be, substantially as an entirety shall (i) in the case of the Issuer or any
Guarantor that is not Willis North America Inc., be a Person organized and existing under the laws of any United States jurisdiction, any state thereof, England and Wales, Ireland, the Netherlands, Bermuda or any country that is a member of the
European Monetary Union, or (ii) in the case of Willis North America Inc., be a Person organized and existing under the laws of any United States jurisdiction and any state thereof or the District of Columbia, and shall expressly assume, by an
indenture supplemental hereto, executed and delivered to the Trustee, in form satisfactory to the Trustee, all the obligations of the Issuer or any of the Guarantors, as the case may be, under this Indenture and the Securities and immediately after
such transaction no Event of Default shall have happened or be continuing; and 
 (2) the Issuer or such Guarantor, as the case may be, has
delivered to the Trustee an Officers’ Certificate and an Opinion of Counsel, each stating that (a) such consolidation, merger, conveyance, transfer or lease and, if a supplemental indenture is required in connection with such transaction, such
supplemental indenture comply with this Article and that all conditions precedent herein provided for relating to such transaction have been complied with and (b) in the case of a consolidation with or merger by the Parent Guarantor into a Person
organized other than under the laws of Ireland or the conveyance, transfer or lease by the Parent Guarantor of its properties and assets substantially as an entirety to a Person organized other than under the laws of Ireland, Holders will not
recognize income, gain or loss for U.S. Federal income tax purposes as a result of such consolidation, merger, conveyance, transfer or lease and will be subject to U.S. Federal income tax on the same amounts, in the same manner and at the same time
as would have been the case if such consolidation, merger, conveyance, transfer or lease had not occurred. 
 ARTICLE II 

Miscellaneous Provisions 

SECTION 2.01. Integral Part. This Supplemental Indenture constitutes an integral part of the Original Indenture. 

SECTION 2.02. Adoption, Ratification and Confirmation. The Original Indenture, as supplemented and amended by the Second
Supplemental Indenture, dated as of March 9, 2016, among the Issuer, the guarantor parties thereto and the Trustee and this Supplemental Indenture, is in all respects hereby adopted, ratified and confirmed, and this 

  
 15 

 
Supplemental Indenture shall be deemed part of the Original Indenture in the manner and to the extent herein and therein provided. The provisions of this Supplemental Indenture shall,
subject to the terms hereof, supersede the provisions of the Original Indenture to the extent the Original Indenture is inconsistent herewith. 

SECTION 2.03. Counterparts. This Supplemental Indenture may be executed in any number of counterparts, each of which so executed
shall be deemed to be an original, but all such counterparts shall together constitute but one and the same instrument. The exchange of copies of this Supplemental Indenture and of signature pages by facsimile or PDF transmission shall
constitute effective execution and delivery of this Supplemental Indenture as to the parties hereto and may be used in lieu of the original Supplemental Indenture for all purposes. Signatures of the parties hereto transmitted by facsimile or
PDF shall be deemed to be their original signatures for all purposes. 
 SECTION 2.04. Governing Law; Jury Trial Waiver. THIS
SUPPLEMENTAL INDENTURE SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK, WITHOUT GIVING EFFECT TO APPLICABLE PRINCIPLES OF CONFLICTS LAW TO THE EXTENT THE LAWS OF ANOTHER JURISDICTION WOULD BE APPLIED AS A
RESULT THEREOF. EACH OF THE ISSUER, THE GUARANTORS AND THE TRUSTEE IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY AND ALL RIGHT TO TRIAL BY JURY IN ANY LEGAL PROCEEDING ARISING OUT OF OR RELATING TO THIS SUPPLEMENTAL
INDENTURE OR THE TRANSACTIONS CONTEMPLATED HEREBY. 
 SECTION 2.05. Conflict with Trust Indenture Act. If and to the extent that
any provision of the Indenture limits, qualifies or conflicts with a provision required under the terms of the Trust Indenture Act, the Trust Indenture Act provision shall control. 

SECTION 2.06. Effect of Headings and Table of Contents. The Article and Section headings herein and the Table of Contents are for
convenience only and shall not affect the construction hereof. 
 SECTION 2.07. Separability Clause. In case any provision in
the Indenture or in the Notes shall be invalid, illegal or unenforceable, the validity, legality and enforceability of the remaining provisions shall not in any way be affected or impaired thereby. 

SECTION 2.08. Successors and Assigns. All covenants and agreements in the Indenture by the parties hereto shall bind their
respective successors and assigns, whether so expressed or not. 
 SECTION 2.09. Benefit of Indenture. Nothing in this
Supplemental Indenture or in the Notes, express or implied, shall give to any Person, other than the parties hereto, any Security Registrar, any Paying Agent, any Authenticating Agent and their successors hereunder, and the Holders of the Notes, any
benefit or any legal or equitable right, remedy or claim hereunder or under the Indenture. 

  
 16 

 SECTION 2.10. The Trustee. The Trustee shall not be responsible in any manner
whatsoever for or in respect of the validity or sufficiency of this Supplemental Indenture, the Notes, the Guarantees or for or in respect of the recitals contained herein, all of which are made solely by the Issuer and the Guarantors. 

SECTION 2.11. Submission of Paying Agent to Jurisdiction in the United States. Each of the Paying Agent, the Transfer Agent and
the registrar irrevocably submits to the non-exclusive jurisdiction of any New York State or federal court sitting in the Borough of Manhattan, The City of New York, over any suit, action or proceeding arising out of or relating to this Fourth
Supplemental Indenture. To the fullest extent permitted by applicable law, each of the Paying Agent, the Transfer Agent and the registrar irrevocably waives and agrees not to assert, by way of motion, as a defense or otherwise, any claim that it is
not subject to the jurisdiction of any such court, any objection that it may now or hereafter have to the laying of the venue of any such suit, action or proceeding brought in any such court and any claim that any such suit, action or proceeding
brought in any such court has been brought in an inconvenient forum. 

  
 17 

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

					
	TRINITY ACQUISITION PLC
		
	By:	 	 /s/ Matthew S. Furman

		 	Name:	 	Matthew S. Furman
		 	Title:	 	Authorized Signatory
		
	By:	 	 /s/ Oliver Goodinge

		 	Name:	 	Oliver Goodinge
		 	Title:	 	Director

 
							
		
		 	 SIGNED AND DELIVERED FOR AND ON BEHALF OF
AND AS THE DEED OF WILLIS TOWERS WATSON PUBLIC LIMITED COMPANY

BY ITS LAWFULLY APPOINTED ATTORNEY

			
		 	By:	 	 /s/ Matthew S. Furman

		 		 	Name:	 	Matthew S. Furman
		 		 	Title:	 	General Counsel
		
		 	IN THE PRESENCE OF:-
		
		 	 /s/ Joanne Arroyo

		
		 	(WITNESS’ SIGNATURE)
		
		 	 200 Liberty Street

		
		 	 NY, NY 10281

		
		 	(WITNESS’ ADDRESS)
		
		 	 Executive Assistant

		
		 	(WITNESS’ OCCUPATION)

  
 [Supplemental Indenture]

 
							
		 	SIGNED AND DELIVERED FOR AND ON BEHALF OF AND AS THE DEED OF
WILLIS TOWERS WATSON SUB HOLDINGS LIMITED
		 	BY ITS LAWFULLY APPOINTED ATTORNEY
			
		 	By:	 	 /s/ Matthew S. Furman

		 		 	Name:	 	Matthew S. Furman
		 		 	Title:	 	Attorney
		
		 	IN THE PRESENCE OF:-
		
		 	 /S/ Joanne Arroyo

		
		 	(WITNESS’ SIGNATURE)
		
		 	 200 Liberty Street

		
		 	 NY, NY 10281

		
		 	(WITNESS’ ADDRESS)
		
		 	 Executive Assistant

		
		 	(WITNESS’ OCCUPATION)

 
					
	
	WILLIS NETHERLANDS HOLDINGS B.V.
		
	By:	 	 /s/ Matthew S. Furman

		 	Name:	 	Matthew S. Furman
		 	Title:	 	Authorized Signatory
	
	WILLIS INVESTMENT UK HOLDINGS LIMITED
		
	By:	 	 /s/ Matthew S. Furman

		 	Name:	 	Matthew S. Furman
		 	Title:	 	Authorized Signatory

 [Supplemental Indenture] 

 
					
	TA I LIMITED
		
	By:	 	 /s/ Matthew S. Furman

		 	Name:	 	Matthew S. Furman
		 	Title:	 	Authorized Signatory
	
	WTW BERMUDA HOLDINGS LTD.
		
	By:	 	 /s/ Matthew S. Furman

		 	Name:	 	Matthew S. Furman
		 	Title:	 	Authorized Signatory
	
	WILLIS GROUP LIMITED
		
	By:	 	 /s/ Matthew S. Furman

		 	Name:	 	Matthew S. Furman
		 	Title:	 	Authorized Signatory
	
	WILLIS NORTH AMERICA INC.
		
	By:	 	 /s/ Matthew S. Furman

		 	Name:	 	Matthew S. Furman
		 	Title:	 	Authorized Signatory

  
 [Supplemental Indenture]

 
					
	WELLS FARGO BANK, NATIONAL ASSOCIATION, as Trustee
		
	By:	 	 /s/ Stefan Victory

		 	Name:	 	Stefan Victory
		 	Title:	 	Vice President

  
 [Signature Page to
Supplemental Indenture] 

 
					
	ELAVON FINANCIAL SERVICES LIMITED, UK BRANCH, as Paying Agent
		
	By:	 	 /s/ Chris Hobbs

			
		 	Name:	 	Chris Hobbs
		 	Title:	 	Authorised Signatory
		
	By:	 	 /s/ Laurence Griffiths

			
		 	Name:	 	Laurence Griffiths
		 	Title:	 	Authorised Signatory

  
 [Signature Page to
Supplemental Indenture] 

 Exhibit A 

[FORM OF FACE OF 2022 NOTE] 

THIS NOTE IS A GLOBAL SECURITY WITHIN THE MEANING OF THE INDENTURE HEREINAFTER REFERRED TO AND IS REGISTERED IN THE NAME OF A DEPOSITARY OR A
NOMINEE THEREOF. UNLESS AND UNTIL IT IS EXCHANGED IN WHOLE OR IN PART FOR SECURITIES IN CERTIFICATED FORM IN THE LIMITED CIRCUMSTANCES DESCRIBED IN THE INDENTURE, THIS SECURITY MAY NOT BE TRANSFERRED EXCEPT AS A WHOLE BY THE DEPOSITARY TO A
NOMINEE OF THE DEPOSITARY OR BY A NOMINEE OF THE DEPOSITARY TO THE DEPOSITARY OR ANOTHER NOMINEE OF THE DEPOSITARY OR BY THE DEPOSITARY OR ANY SUCH NOMINEE TO A SUCCESSOR DEPOSITARY OR A NOMINEE OF SUCH SUCCESSOR DEPOSITARY. 

UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF EUROCLEAR BANK S.A./N.V., AS OPERATOR OF THE EUROCLEAR SYSTEM
(“EUROCLEAR”), AND CLEARSTREAM BANKING, SOCIÉTÉ ANONYME (“CLEARSTREAM” AND, TOGETHER WITH EUROCLEAR, “EUROCLEAR/CLEARSTREAM”), TO THE ISSUER OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT,
AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF USB NOMINEES (UK) LIMITED OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF EUROCLEAR/CLEARSTREAM (AND ANY PAYMENT IS MADE TO USB NOMINEES (UK) LIMITED 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 INASMUCH AS THE REGISTERED OWNER HEREOF, USB NOMINEES (UK) LIMITED, HAS
AN INTEREST HEREIN. 

 TRINITY ACQUISITION PLC 

2.125% Senior Note due 2022 
 ISIN
No.: XS1418774706 
 Common Code: 141877470 
  

			
	 No.
	  	€        

 Dated: 
 TRINITY
ACQUISITION PLC, a company organized under the laws of England and Wales (herein called the “Issuer”, which term includes any successor Person under the Indenture hereinafter referred to), for value received, hereby promises to pay to USB
Nominees (UK) Limited as nominee of Elavon Financial Services Limited as common depositary for the accounts of Euroclear/Clearstream, or its registered assigns, the principal sum of €         or such
other principal sum as shall be set forth in the Schedule of Increases and Decreases attached hereto on May 26, 2022, and to pay interest thereon from May 26, 2016 or from the most recent Interest Payment Date to which interest has been paid or duly
provided for, annually on May 26 in each year, commencing on May 26, 2017 and at the Stated Maturity of this Note, at the rate of 2.125% per annum, until the principal hereof is paid or made available for payment. The interest so payable,
and punctually paid or duly provided for, on any Interest Payment Date will, as provided in such Indenture, be paid to the Person in whose name this Note (or one or more Predecessor Securities) is registered at the close of business on the Regular
Record Date for such interest, which shall be May 11 (whether or not a Business Day) next preceding such Interest Payment Date. Any such interest due on an Interest Payment Date not so punctually paid or duly provided for will forthwith cease
to be payable to the Holder on such Regular Record Date and may either be paid to the Person in whose name this Note is registered at the close of business on a Special Record Date for the payment of such Defaulted Interest to be fixed by the
Issuer, notice whereof shall be given to Holders of Securities of this series not less than 10 days prior to, but excluding, such Special Record Date, or be paid at any time in any other lawful manner not inconsistent with the requirements of any
securities exchange on which the Securities of this series may be listed, and upon such notice as may be required by such exchange, all as more fully provided in said Indenture. 

Payment of the principal of, premium, if any, and interest on the Note shall be made to the Paying Agent which in turn, for so long as the
Note is in global form, shall make payment with respect to the Notes to the Common Depositary, or its nominee, as Holder of such Global Security, for the respective accounts of Clearstream and Euroclear; provided, however, that in the
case of payments of principal and premium, if any, such Global Security is first surrendered to the Paying Agent. If the Note is no longer represented by a Global Security, (i) payments of principal, premium, if any, and interest due at the
Stated Maturity or on a Redemption Date, if any, (except, in the case of interest, where the Redemption Date is an Interest Payment Date) shall be made at the office of the Paying Agent upon surrender of the Note to the Paying Agent and (ii)
payments of interest shall be made, at the option of the Issuer, subject to such surrender where applicable, by check mailed to the address of the Person entitled thereto as such address 

  
 2 

 
shall appear in the Security Register. Notwithstanding the foregoing, payment of any amount payable in respect of a Global Security will be made in accordance with the applicable procedures of
the Depositary. 
 Elavon Financial Services Limited, UK Branch shall act as Paying Agent with respect to the Securities of this series.

 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 referred to on the reverse hereof by manual signature, this Note shall not be entitled to any benefit under the Indenture or be valid or obligatory for any purpose. 

IN WITNESS WHEREOF, the Issuer has caused this instrument to be duly executed as of the date first written above. 

 

			
	TRINITY ACQUISITION PLC
	
	  

	Name:	 	Matthew S. Furman
	Title:	 	Authorized Signatory
	
	  

	Name:	 	Oliver Goodinge
	Title:	 	Director

  
 3 

 TRUSTEE’S CERTIFICATE OF AUTHENTICATION 

This is one of the Securities of the series designated therein issued under the within-mentioned Indenture. 

Dated: 
  

			
	WELLS FARGO BANK, NATIONAL ASSOCIATION as Trustee
		
	By:	 	  

		 	Authorized Signatory

  
 4 

 [FORM OF REVERSE OF NOTE] 

TRINITY ACQUISITION PLC 
 2.125%
Senior Note due 2022 
 This global security certificate represents one of a duly authorized issue of securities of the Issuer (herein
called the “Securities”), issued and to be issued in one or more series under an Indenture, dated as of August 15, 2013 (herein called the “Original Indenture”), as supplemented by the Fourth Supplemental Indenture, dated as of
May 26, 2016 (herein called the “Fourth Supplemental Indenture”) (such Original Indenture, together with the Fourth Supplemental Indenture, the “Indenture”), among the Issuer and WILLIS TOWERS WATSON PUBLIC LIMITED COMPANY, a
company organized and existing under the laws of Ireland and parent company of the Issuer (without any of its consolidated subsidiaries, “Parent,” and together with its consolidated subsidiaries, the “Company”), WILLIS TOWERS
WATSON SUB HOLDINGS LIMITED, a company organized and existing under the laws of Ireland, WILLIS NETHERLANDS HOLDINGS B.V., a company organized under the laws of the Netherlands, WILLIS INVESTMENT UK HOLDINGS LIMITED, a company organized and existing
under the laws of England and Wales, TA I LIMITED, a company organized and existing under the laws of England and Wales, WTW BERMUDA HOLDINGS LTD., a company organized and existing under the laws of Bermuda, WILLIS GROUP LIMITED, a company organized
and existing under the laws of England and Wales and WILLIS NORTH AMERICA INC., a Delaware corporation, as guarantors (collectively, the “Guarantors”), WELLS FARGO BANK, NATIONAL ASSOCIATION, as Trustee (herein called the
“Trustee,” which term includes any successor trustee under the Indenture), and Elavon Financial Services Limited, UK Branch, as paying agent (the “Paying Agent”), and reference is hereby made to the Indenture for a statement of
the respective rights, limitations of rights, duties and immunities thereunder of the Issuer, the Guarantors, the Trustee, the Paying Agent and the Holders of the Securities and of the terms upon which the Securities are, and are to be,
authenticated and delivered. This Note is one of the series designated on the face hereof (herein called the “Notes”). 
 The
Notes may be redeemed at the option of the Issuer in whole, but not in part, at any time upon not less than 30 nor more than 60 days’ prior notice delivered electronically or by first-class mail, with a copy to the Trustee, to the registered
address of each Holder or otherwise delivered in accordance with the applicable procedures of the Depositary, if: 
 (i) on
the occasion of the next payment due under the Notes, the Issuer has or will become obliged to pay Additional Amounts (as defined below) as a result of any change in, or amendment to, the laws or regulations of the Taxing Jurisdiction (defined
below), or any change in the official application or official interpretation of such laws or regulations, which change or amendment is announced and becomes effective on or after the date of issuance of the Notes (a “Change in Tax Law”);
and 
 (ii) such obligation cannot be avoided by the Issuer taking reasonable measures available to it; provided that no such
notice of redemption shall be given earlier than 90 days prior to the earliest date on which the Issuer would be obliged to pay such Additional Amounts were a payment in respect of the Notes then due. 

 Upon the occurrence of a Change of Control Triggering Event, unless the Issuer has exercised its
right to redeem the Notes pursuant to Sections 1.01 and 1.05 of the Fourth Supplemental Indenture or Article ELEVEN of the Original Indenture, each Holder will have the right to require that the Issuer repurchase all or any part (in excess of
€100,000 and in integral multiples of €1,000 principal amount) of that Holder’s Notes at a repurchase price in cash equal to 101% of the aggregate principal amount of Notes repurchased plus any accrued and unpaid interest on the Notes
repurchased to but excluding the date of repurchase. Within 30 days following any Change of Control Triggering Event or, at the Issuer’s option, prior to any Change of Control, but after the public announcement of the Change of Control, the
Issuer will send a notice to each Holder describing the transaction or transactions that constitute or may constitute the Change of Control Triggering Event and offering to repurchase Notes on the payment date specified in the notice, which date
will be no earlier than 30 days and no later than 45 days from the date such notice is sent. The notice shall, if sent prior to the date of consummation of the Change of Control, state that the offer to repurchase is conditioned on the Change of
Control Triggering Event occurring on or prior to the payment date specified in the notice. 
 The Issuer will comply with the requirements
of Rule 14e-1 under the Securities Exchange Act of 1934, as amended (the “Exchange Act”) and any other securities laws and regulations to the extent those laws and regulations are applicable in connection with the repurchase of the Notes
as a result of a Change of Control Triggering Event. To the extent that the provisions of any securities laws or regulations conflict with the Change of Control Triggering Event provisions of the Notes, the Issuer will comply with the applicable
securities laws and regulations and will not be deemed to have breached its obligations under the Change of Control Triggering Event provisions of the Notes by virtue of such conflict. 

On the Change of Control Triggering Event payment date, the Issuer will, to the extent lawful: 

(i) accept for payment all Notes or portions of Notes properly tendered pursuant to the Issuer’s offer; 

(ii) deposit with the Paying Agent an amount equal to the aggregate purchase price in respect of all Notes or portions of Notes
properly tendered; and 
 (iii) deliver or cause to be delivered to the Trustee, the Notes properly accepted, together with
an Officers’ Certificate stating the aggregate principal amount of Notes being purchase by the Issuer. 
 The Paying Agent will
promptly pay, from funds deposited by the Issuer for such purpose, to each Holder of Notes properly tendered the purchase price for the Notes, and the Trustee will promptly authenticate and send (or cause to be transferred by book-entry) to each
Holder a new note equal in principal amount to any unpurchased portion of any Notes surrendered. 
 The Issuer will not be required to make
an offer to repurchase the Notes upon a Change of Control Triggering Event if a third party makes an offer in the manner, at the times and otherwise in compliance with the requirements for an offer made by the Issuer and such third party purchases
all Notes properly tendered and not withdrawn under its offer. 

  
 2 

 The definitions of certain terms used in the paragraphs above are listed below. 

“Change of Control” means the occurrence of any of the following: 

(i) the consummation of any transaction (including without limitation, any merger or consolidation) the result of which is that
any person (including any “person” (as that term is used in Section 13(d)(3) of the Exchange Act)) becomes the “beneficial owner” (as defined in Rules 13d-3 and 13d-5 under the Exchange Act), directly or indirectly, of Capital
Stock representing more than 50% of the aggregate ordinary voting power represented by the issued and outstanding Capital Stock of Parent; 

(ii) the first day on which Parent ceases to own, directly or indirectly, at least 80% of the outstanding Capital Stock of the
Issuer; or 
 (iii) the adoption of a plan relating to the liquidation or dissolution of Parent. 

“Change of Control Triggering Event” means the occurrence of both a Change of Control and a Ratings Decline. 

“Investment Grade” means a rating of Baa3 or better by Moody’s (or its equivalent under any successor rating categories of
Moody’s) and BBB- or better by S&P (or its equivalent under any successor rating categories of S&P) (or, in each case, if such Rating Agency ceases to rate the Notes for reasons outside of the Company’s control, the equivalent
investment grade credit rating from any Rating Agency selected by the Company as a replacement Rating Agency). 
 “Moody’s”
means Moody’s Investors Service Inc. 
 “Officers’ Certificate” means a certificate signed by the Chairman of the Board,
the Chief Executive Officer, the President, a Vice President, the Chief Financial Officer, the Group General Counsel and by the Treasurer, an Assistant Treasurer, the Secretary or an Assistant Secretary of the Issuer or any Guarantor, as applicable,
and delivered to the Trustee. 
 “Rating Agency” means: 

(i) each of Moody’s and S&P; and 

(ii) if either of Moody’s or S&P ceases to rate the Notes or fails to make a rating of the Notes publicly available
for reasons outside of the Company’s control, a “nationally recognized statistical rating organization” within the meaning of Rule 15c3- 1 (c) (2) (vi) (F) under the Exchange Act selected by the Company as a replacement agency for
Moody’s or S&P, or both, as the case may be. 
 “Ratings Decline” means at any time during the period commencing on the
earlier of, (i) the occurrence of a Change of Control or (ii) public notice of the occurrence of a Change of Control or the intention by Parent to effect a Change of Control, and ending 60 days thereafter

  
 3 

 
(which period shall be extended so long as the rating of the Notes is under publicly announced consideration for a possible downgrade by any of the Rating Agencies) that (a) the rating of the
Notes shall be reduced by both Rating Agencies and (b) the Notes shall be rated below Investment Grade by each of the Rating Agencies. 

“S&P” means Standard & Poor’s Financial Services LLC. 

Prior to the giving of any notice of redemption pursuant to the Indenture, the Issuer shall deliver to the Trustee an Officers’
Certificate of the Issuer stating that the Issuer is entitled to effect such redemption and setting forth a statement of facts showing that the conditions precedent to the right of the Issuer so to redeem have occurred. Notes redeemed pursuant to
this provision will be redeemed at a Redemption Price equal to 100% of the principal amount of Notes redeemed plus accrued and unpaid interest thereon to, but excluding, the date of redemption and all Additional Amounts due on the date of
redemption. 
 With respect to any payments made by or on the behalf of the Issuer or a Guarantor in respect of the Notes or any Guarantee
of the Notes, as applicable, the Issuer or such Guarantor will make all payments of principal of, premium, if any, and interest on (whether on scheduled payment dates or upon acceleration) and the Redemption Price, if any, payable in respect of any
Note without deduction or withholding for or on account of any present or future tax, duty, levy, import, assessment or other governmental charge (including penalties, interest and other liabilities related thereto (“Taxes”)
imposed, levied, collected, withheld or assessed by or on behalf of any jurisdiction in which the Issuer or such Guarantor is incorporated or organized, engaged in business for tax purposes or otherwise resident for tax purposes, or any political
subdivision thereof or taxing authority therein and any jurisdiction through which any payment is made on behalf of the Issuer or any Guarantor (including the jurisdiction of any Paying Agent) (each, a “Taxing Jurisdiction”), upon
or as a result of such payments, unless required by law or by the official interpretation or administration thereof. 
 To the extent that
any such Taxes are so levied or imposed, the Issuer or such Guarantor will pay such additional amounts (“Additional Amounts”) in order that the net amount received by each Holder (including Additional Amounts), after withholding for
or on account of such Taxes imposed upon or as a result of such payment, will not be less than the amount that would have been received had such taxes not been imposed or levied; except that no such Additional Amounts shall be payable with respect
to a payment made to a Holder or beneficial owner of a Note: 
 (i) to the extent that such Taxes would not have been so
imposed, levied or assessed but for the existence of some connection between such Holder or beneficial owner of such Note and the Taxing Jurisdiction imposing such Taxes other than the mere holding or enforcement of such Note or receipt of payments
thereunder; or 
 (ii) to the extent that such Taxes would not have been so imposed, levied or assessed but for the failure
of the Holders or beneficial owners of such Note to comply with a reasonable written request by the Issuer (or its agent) to make a valid declaration of non-residence or any other claim or filing for exemption to which it is entitled (but only to
the extent it is legally entitled to do so); or 

  
 4 

 (iii) that presents such Note for payment (where presentation is required) more
than 30 days after the date on which such payment became due and payable or the date on which payment of the Note is duly provided for and notice is given to Holders, whichever occurs later, except to the extent that the Holder or beneficial owner
of such Note would have been entitled to such Additional Amounts on presenting such Note on any date during such 30-day period; or 

(iv) where such withholding or deduction is imposed on a payment to or for an individual and is required to be made pursuant to
Council Directive 2003/48/EC on the taxation of savings income or any other directive or law implementing or complying with, or introduced in order to conform to, such Directive, the ECOFIN Council meeting of 26-27 November 2000 or any other law
implementing or complying with any arrangement entered into between the EU member states and certain third countries and territories in connection with such Directive (including, for the avoidance of doubt, any replacement directive or law); or 

(v) that presents such Note for payment (where presentation is required) by or on behalf of the Holders of such Note to any
Paying Agent if such withholding or deduction of such Taxes could have been avoided by presenting such Note to another Paying Agent in a member state of the European Union; 

(vi) in the case of a payment made by or on behalf of a Guarantor organized under the laws of the United States, any state
thereof or the District of Columbia, with respect to any United States withholding taxes, so long as the Issuer or such Guarantor (pursuant to Section 1.06 of the Original Indenture) provides reasonable notice regarding potential United States
withholding taxes and requests Holders and beneficial owners to provide applicable U.S. tax forms; or 
 (vii) any
combination of the above. 
 As used herein and for purposes of this Note, any reference to the principal of and interest on the Notes and
the Redemption Price, if any, shall be deemed to include a reference to any related Additional Amounts payable in respect of such amounts. The Issuer will also pay any stamp, registration, excise or property taxes and any other similar levies
(including any interest and penalties related thereto) imposed by any Taxing Jurisdiction on the execution, delivery, registration or enforcement of any of the Notes, the Indenture or any other document or instrument referred to therein. 

The Issuer may, from time to time, without notice to or the consent of the Holders of the Notes, increase the principal amount of the Notes
under the Indenture and issue such increased principal amount (or any portion thereof), in which case any additional Notes so issued will have the same form and terms (other than the date of issuance and the issue price and, under certain
circumstances, the date from which interest thereon will begin to accrue and the initial Interest Payment Date), and will carry the same right to receive accrued and unpaid interest, as the Notes previously issued, and such additional Notes will
form a single series with the previously issued Notes, including for voting purposes. 

  
 5 

 No sinking fund is provided for the Notes. The Notes are subject to redemption upon not less than
30 nor more than 60 days’ notice given as provided in the Indenture, as a whole at any time, or in part from time to time. 
 If the
Notes are redeemed, in whole at any time or in part from time to time, prior to February 26, 2022, the Redemption Price for the Notes to be redeemed will be equal to the greater of: (i) 100% of the aggregate principal amount of the Notes to be
redeemed, and (ii) an amount equal to the sum of the present value of (A) the payment on February 26, 2022 of principal of the Notes to be redeemed and (B) the payment of the remaining scheduled payments through February 26, 2022 of interest on the
Notes to be redeemed (excluding accrued and unpaid interest to the date of redemption (the “Redemption Date”) and subject to the right of Holders on the relevant Record Date to receive interest due on the relevant Interest Payment Date)
discounted from their scheduled date of payment to the Redemption Date on an annual basis (Actual/Actual (ICMA)) using a discount rate equal to the Government Bond Rate plus 40 basis points plus, in each of the above cases, accrued and unpaid
interest, if any, to, but excluding, such Redemption Date. 
 If the Notes are redeemed on or after February 26, 2022, the Redemption Price
for the Notes to be redeemed will equal 100% of the principal amount of such Notes to be redeemed plus accrued and unpaid interest, if any, to, but excluding, such Redemption Date. 

The definitions of certain terms used in the paragraph above are listed below. 

“Comparable Government Issue” means, in relation to any Government Bond Rate, the euro-denominated security issued by the German
government selected by an Independent Investment Banker as having a maturity comparable to the remaining term of the Notes to be redeemed (assuming, for this purpose, that the Notes mature on February 26, 2022) 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 such Notes. 

“Comparable Price” means, with respect to any Redemption Date for the Notes, (a) the average of five Reference Dealer Quotations for
such Redemption Date, after excluding the highest and lowest Reference Dealer Quotations, or (b) if the Independent Investment Banker obtains fewer than five such Reference Dealer Quotations, the average of all such quotations. 

“Independent Investment Banker” means an investment bank of international standing that the Issuer appoints to act as the
Independent Investment Banker from time to time. 
 “Reference Dealer” means a broker of, or a market maker in, the Comparable
Government Issue selected by the Independent Investment Banker. 
 “Reference Dealer Quotations” means, with respect to each
Reference Dealer and any Redemption Date, the average, as determined by the Independent Investment Banker, of the bid and asked prices for the Comparable Government Issue (expressed in each case as a percentage of its principal amount) quoted in
writing to the Independent Investment Banker by such Reference Dealer at 11:00 a.m. London time on the third (3rd) Business Day preceding such Redemption Date. 

  
 6 

 In the event of redemption of this Note in part only, a new Note or Notes of like tenor for the
unredeemed portion hereof will be issued in the name of the Holder hereof upon the cancellation hereof. 
 The Issuer shall send notice of
redemption not less than 30 nor more than 60 days prior to the Redemption Date, to each Holder of the Notes to be redeemed, all as provided in the Indenture. 

The Indenture contains provisions for defeasance at any time of the entire Indebtedness of this Note or certain restrictive covenants and
Events of Default with respect to this Note, in each case upon compliance with certain conditions set forth in the Indenture. 
 If an Event
of Default with respect to the Notes shall occur and be continuing, the principal of the Notes may be declared due and payable in the manner and with the effect 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 Issuer and the Guarantors and the rights of the Holders of the Securities of each series to be affected under the Indenture at any time by the Issuer, the Guarantors and the Trustee with the consent of the Holders of not less than a majority
in principal amount of the Securities at the time Outstanding of each series to be affected. The Indenture also contains provisions permitting the Holders of specified percentages in principal amount of the Securities of each series at the time
Outstanding, on behalf of the Holders of all Securities of such series, to waive compliance by the Issuer 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 Note issued upon the registration of transfer hereof or in exchange herefor or in lieu hereof, whether or not notation of
such consent or waiver is made upon this Note. 
 As provided in and subject to the provisions of the Indenture, the Holder of this Note
shall not have the right to institute any proceeding with respect to the Indenture or for the appointment of a receiver or trustee or for any other remedy thereunder, unless such Holder shall have previously given the Trustee written notice of a
continuing Event of Default with respect to the Notes, the Holders of not less than a majority in principal amount of the Notes at the time Outstanding shall have made written request to the Trustee to institute proceedings in respect of such Event
of Default as Trustee and offered the Trustee indemnity, and the Trustee shall not have received from the Holders of a majority in principal amount of Notes at the time Outstanding a direction inconsistent with such request, and shall have failed to
institute any such proceeding, for 60 days after receipt of such notice, request and offer of indemnity. The foregoing shall not apply to any suit instituted by the Holder of this Note for the enforcement of any payment of principal hereof (or
premium, if any) or interest hereon on or after the respective due dates expressed or provided for herein. 
 No reference herein to the
Indenture and no provision of this Note or of the Indenture shall alter or impair the obligation of the Issuer, which is absolute and unconditional, to pay the principal of and any premium and interest on this Note at the times, place and rate, and
in the coin or currency, herein prescribed. 

  
 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 Issuer in any place where the principal of and any premium and interest on this Note are payable, duly
endorsed by, or accompanied by a written instrument of transfer in form satisfactory to the Issuer and the Security Registrar duly executed by, the Holder hereof or his attorney duly authorized in writing, and thereupon one or more new Notes of like
tenor, of authorized denominations and for the same aggregate principal amount, will be issued to the designated transferee or transferees. 

The Notes are issuable only in registered form without coupons in denominations of €100,000 or any integral multiple of €1,000 in
excess thereof. As provided in the Indenture and subject to certain limitations therein set forth, the Notes are exchangeable for a like aggregate principal amount of Notes of like tenor of a different authorized denomination, as requested by the
Holder surrendering the same. 
 No service charge shall be made for any such registration of transfer or exchange, but the Issuer or the
Trustee may 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 Issuer, any Guarantor, the Trustee, the Paying Agent and any agent of the Issuer, any Guarantor or the Trustee may treat the Person in whose name this Note is registered as the owner
hereof for all purposes (subject to Section 3.07 of the Original Indenture), whether or not this Note be overdue, and neither the Issuer, any Guarantor, the Trustee, the Paying Agent nor any such agent shall be affected by notice to the contrary.

 All terms used in this Note that are not otherwise defined herein shall have the meaning assigned to them in the Indenture. 

  
 8 

 SCHEDULE OF INCREASES OR DECREASES TO THE 

GLOBAL NOTE 
 The following
increases or decreases to this Global Note have been made: 
  

									
	 Date
	  	Amount of Decrease in
Principal Amount at
Maturity of this Global
Note	  	Amount of Increase in
Principal Amount at
Maturity of this Global
Note	  	Principal Amount at
Maturity of this Global
Note Following such
decrease (or increase)	  	Signature of Authorized
Signatory of Trustee or
DTC CustodianForm of Medium-Term Notes, Series K, Notes due May 26, 2026

 Exhibit 4.1 

[Face of Note] 

Unless this certificate is presented by an authorized representative of The Depository Trust Company, a New York corporation
(“DTC”), to the Company or its agent for registration of transfer, exchange or payment, and any certificate issued is registered in the name of Cede & Co. or in such other name as requested by an authorized representative
of DTC (and any payment is made to Cede & Co. or 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. 
  

	 CUSIP NO. 94986RM65 
	
PRINCIPAL AMOUNT: $                   
          

 REGISTERED NO.      

WELLS FARGO & COMPANY 

MEDIUM-TERM NOTE, SERIES K 

Due Nine Months or More From Date of Issue 

Notes due May 26, 2026 

WELLS FARGO & COMPANY, a corporation duly organized and existing under the laws of the State of Delaware (hereinafter
called the “Company,” which term includes any successor corporation under the Indenture hereinafter referred to), for value received, hereby promises to pay to CEDE & Co., or registered assigns, the principal sum of
                             DOLLARS
($            ) on May 26, 2026 (the “Stated Maturity Date”) and to pay interest thereon from May 26, 2016 or from the most recent Interest Payment
Date to which interest has been paid or duly provided for semi-annually on each May 26 and November 26, commencing November 26, 2016, and at Maturity (each, an “Interest Payment Date”), at the rate per annum specified
below until the principal hereof is paid or made available for payment. The interest so payable, and punctually paid or duly provided for, on any Interest Payment Date will, as provided in the Indenture, be paid to the Person in whose name this
Security (or one or more Predecessor Securities) is registered at the close of business on the Regular Record Date for such interest next preceding such Interest Payment Date. The Regular Record Date for an Interest Payment Date shall be one
Business Day prior to such Interest Payment Date. If an Interest Payment Date is not a Business Day, interest on this Security shall be payable on the next day that is a Business Day, with the same force and effect as if made on such Interest
Payment Date, and without any interest or other payment with respect to the delay. “Business Day” shall mean a day, other than a Saturday or Sunday, that is neither a legal holiday nor a day on which banking institutions are
authorized or required by law or regulation to close in New York, New York. 
 Except as described below for the first
Interest Period, on each Interest Payment Date, interest will be paid for the period commencing on and including the immediately preceding Interest Payment Date and ending on and including the day immediately preceding that Interest

 
Payment Date. This period is referred to as an “Interest Period.” The first Interest Period will commence on and include May 26, 2016 and end on and include
November 25, 2016. Interest on this Security will be computed on the basis of a 360-day year of twelve 30-day months. 

The interest rate on this Security that will apply during an Interest Period will be as follows: 

 

					
	 Commencing May 26, 2016 and

ending May 25, 2020
	  	 	2.25% per annum	  
		
	 Commencing May 26, 2020 and

ending May 25, 2023
	  	 	2.75% per annum	  
		
	 Commencing May 26, 2023 and

ending May 25, 2025
	  	 	4.00% per annum	  
		
	 Commencing May 26, 2025 and

ending May 25, 2026
	  	 	6.00% per annum	  

 Any interest not punctually paid or duly provided for will forthwith cease to be payable to
the Holder on such Regular Record Date and may either be paid to the Person in whose name this Security (or one or more Predecessor Securities) is registered at the close of business on a Special Record Date for the payment of such Defaulted
Interest to be fixed by the Trustee, notice whereof shall be given to Holders of Securities of this series not less than 10 days prior to such Special Record Date, or be paid at any time in any other lawful manner not inconsistent with the
requirements of any securities exchange on which the Securities of this series may be listed, and upon such notice as may be required by such exchange, all as more fully provided in the Indenture. 

Payment of interest on this Security will be made in immediately available funds at the office or agency of the Company
maintained for that purpose in the City of Minneapolis, Minnesota 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; provided, however, that, at the option of
the Company, payment of interest may be paid by check mailed to the Person entitled thereto at such Person’s last address as it appears in the Security Register or by wire transfer to such account as may have been designated by such Person.
Payment of principal of and interest on this Security at Maturity will be made against presentation of this Security at the office or agency of the Company maintained for that purpose in the City of Minneapolis, Minnesota. Notwithstanding the
foregoing, for so long as this Security is a Global Security registered in the name of the Depositary, payments of principal and interest on this Security will be made to the Depositary by wire transfer of immediately available funds. 

This Security is redeemable at the option of the Company, in whole but not in part, on any Optional Redemption Date occurring
on or after May 26, 2020 at a Redemption Price equal to 100% of the principal amount of this Security to be redeemed, plus any accrued but unpaid interest to, but excluding, the Redemption Date. The “Optional Redemption Dates”
are the 26th day of each February, May, August and November, commencing May 26, 2020 and ending February 26, 2026. Notice of any redemption will be mailed at least 5 but not more than 30
days before the applicable Redemption Date to the Holder hereof. Unless the Company defaults in the payment of the Redemption Price, on or after the Redemption Date, interest will cease to accrue on this Security or the portion hereof called for
redemption. 

  
 2 

 This Security is not subject to repayment at the option of the Holder hereof
prior to May 26, 2026. This Security is not entitled to any sinking fund. 
 Reference is hereby made to the further
provisions of this Security 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 referred to on the reverse hereof by manual
signature or its duly authorized agent under the Indenture referred to on the reverse hereof by manual signature, this Security shall not be entitled to any benefit under the Indenture or be valid or obligatory for any purpose. 

[The remainder of this page has been left intentionally blank] 

  
 3 

 IN WITNESS WHEREOF, the Company has caused this instrument to be duly executed
under its corporate seal. 
 DATED:
                                 

 

					
	 WELLS FARGO & COMPANY
  

		
	By:	 	 
			
		 	Its:	 	 

 [SEAL] 
  

					
	Attest:	 	 
			
		 	Its:	 	 

  

			
	 TRUSTEE’S CERTIFICATE OF

AUTHENTICATION
 This is one of the Securities of the

series designated therein described
 in the within-mentioned Indenture.
  

	
	 CITIBANK, N.A.,

      as Trustee
  

		
	By:	 	 
		 	Authorized Signature
	
	OR
	
	 WELLS FARGO BANK, N.A.,

  as Authenticating Agent for the Trustee
  

		
	By:	 	 
		 	Authorized Signature

  
 4 

 [Reverse of Note] 

WELLS FARGO & COMPANY 

MEDIUM-TERM NOTE, SERIES K 

Due Nine Months or More From Date of Issue 

Notes due May 26, 2026 

This Security is one of a duly authorized issue of securities of the Company (herein called the
“Securities”), issued and to be issued in one or more series under an indenture dated as of July 21, 1999, as amended or supplemented from time to time (herein called the “Indenture”), between the Company and
Citibank, N.A., as Trustee (herein called the “Trustee,” which term includes any successor trustee under the Indenture), to which Indenture and all indentures supplemental 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 Securities, and of the terms upon which the Securities are, and are to be, authenticated and delivered. This Security is
one of the series of the Securities designated as Medium-Term Notes, Series K, of the Company, which series is limited to an aggregate principal amount or face amount, as applicable, of $25,000,000,000 or the equivalent thereof in one or more
foreign or composite currencies. The amount payable on the Securities of this series may be determined by reference to the performance of one or more equity-, commodity- or currency-based indices, exchange traded funds, securities, commodities,
currencies, statistical measures of economic or financial performance, or a basket comprised of two or more of the foregoing, or any other market measure or may bear interest at a fixed rate or a floating rate. The Securities of this series may
mature at different times, be redeemable at different times or not at all, be repayable at the option of the Holder at different times or not at all and be denominated in different currencies. 

Article Sixteen of the Indenture shall not apply to this Security. 

The Securities are issuable only in registered form without coupons and will be either
(a) book-entry securities represented by one or more Global Securities recorded in the book-entry system maintained by the Depositary or (b) certificated
securities issued to and registered in the names of, the beneficial owners or their nominees. 
 The Company agrees, to the
extent permitted by law, not to voluntarily claim the benefits of any laws concerning usurious rates of interest against a Holder of this Security. 

Modification and Waivers 

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 Securities of each series to be affected under the Indenture at any time by the Company and the Trustee with the consent of the Holders of a majority in principal amount of the
Securities at the time Outstanding of all series to be affected, acting together as a class. The Indenture also contains 

  
 5 

 
provisions permitting the Holders of a majority in principal amount of the Securities of all series at the time Outstanding affected by certain provisions of the Indenture, acting together as a
class, on behalf of the Holders of all Securities of such series, to waive compliance by the Company with those provisions of the Indenture. Certain past defaults under the Indenture and their consequences may be waived under the Indenture by the
Holders of a majority in principal amount of the Securities of each series at the time Outstanding, on behalf of the Holders of all Securities of such series. Any such consent or waiver by the Holder of this Security shall be conclusive and binding
upon such Holder and upon all future Holders of this Security and of any Security issued upon the registration of transfer hereof or in exchange herefor or in lieu hereof, whether or not notation of such consent or waiver is made upon this Security.

 Defeasance 

Section 403 and Article Fifteen of the Indenture and the provisions of clause (ii) of Section 401(1)(B) of the
Indenture, relating to defeasance at any time of (a) the entire indebtedness on this Security and (b) certain restrictive covenants and certain Events of Default, upon compliance by the Company with certain conditions set forth therein,
shall not apply to this Security. The remaining provisions of Section 401 of the Indenture shall apply to this Security. 
 Authorized
Denominations 
 This Security is issuable only in registered form without coupons in denominations of $1,000 or any
amount in excess thereof which is an integral multiple of $1,000. 
 Registration of Transfer 

Upon due presentment for registration of transfer of this Security at the office or agency of the Company in the City of
Minneapolis, Minnesota, a new Security or Securities of this series, with the same terms as this Security, in authorized denominations for an equal aggregate principal amount will be issued to the transferee in exchange herefor, as provided in the
Indenture and subject to the limitations provided therein and to the limitations described below, without charge except for any tax or other governmental charge imposed in connection therewith. 

This Security is exchangeable for definitive Securities in registered form only if (x) the Depositary notifies the
Company that it is unwilling or unable to continue as Depositary for this Security or if at any time the Depositary ceases to be a clearing agency registered under the Securities Exchange Act of 1934, as amended, and a successor depositary is not
appointed within 90 days after the Company receives such notice or becomes aware of such ineligibility, (y) the Company in its sole discretion determines that this Security shall be exchangeable for definitive Securities in registered form
and notifies the Trustee thereof or (z) an Event of Default with respect to the Securities represented hereby has occurred and is continuing. If this Security is exchangeable pursuant to the preceding sentence, it shall be exchangeable for
definitive Securities in registered form, bearing interest at the same rate, having the same date of issuance, Stated Maturity Date and other terms and of authorized denominations aggregating a like amount. 

This Security may not be transferred except as a whole by the Depositary to a nominee of the Depositary or by a nominee of the
Depositary to the Depositary or another nominee of the Depositary or by the Depositary or any such nominee to a successor of the Depositary or a nominee 

  
 6 

 
of such successor. Except as provided above, owners of beneficial interests in this Global Security will not be entitled to receive physical delivery of Securities in definitive form and will not
be considered the Holders hereof for any purpose under the Indenture. 
 Prior to due presentment of this Security for
registration of transfer, the Company, the Trustee and any agent of the Company or the Trustee may treat the Person in whose name this Security is registered as the owner hereof for all purposes, whether or not this Security be overdue, and neither
the Company, the Trustee nor any such agent shall be affected by notice to the contrary. 
 Obligation of the Company Absolute 

No reference herein to the Indenture and no provision of this Security or 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 Security at the times, place and rate, and in the coin or currency, herein prescribed, except as otherwise provided in this Security. 

No Personal Recourse 

No recourse shall be had for the payment of the principal of or the interest on this Security, or for any claim based hereon,
or otherwise in respect hereof, or based on or in respect of the Indenture or any indenture supplemental thereto, against any incorporator, stockholder, officer or director, as such, past, present or future, of the Company or any successor
corporation, whether by virtue of any constitution, statute or rule of law, or by the enforcement of any assessment or penalty or otherwise, all such liability being, by the acceptance hereof and as part of the consideration for the issuance hereof,
expressly waived and released. 
 Defined Terms 

All terms used in this Security which are defined in the Indenture shall have the meanings assigned to them in the Indenture
unless otherwise defined in this Security. 
 Governing Law 

This Security shall be governed by and construed in accordance with the law of the State of New York, without regard to
principles of conflicts of laws. 

  
 7 

 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

			
	 TEN ENT
	 	  -- 
	 	 as tenants by the entireties

			
	 JT TEN
	 	  -- 
	 	 as joint tenants with right

of survivorship and not
 as
tenants in common

  

									
	 UNIF GIFT MIN ACT
	 	  -- 
	 	 	 	 Custodian
	 	 
		 		 	(Cust)	 		 	(Minor)

  

	
	Under Uniform Gifts to Minors Act
	
	   

	(State)

 Additional abbreviations may also be used though not in the above list. 

FOR VALUE RECEIVED, the undersigned hereby sell(s) and transfer(s) unto 

 

	
	 Please Insert Social Security or
 Other
Identifying Number of Assignee

	
	   

  
  

 
  
  

 
 (PLEASE
PRINT OR TYPE NAME AND ADDRESS INCLUDING POSTAL ZIP CODE OF ASSIGNEE)

  
 8 

 the within Security of WELLS FARGO & COMPANY and does hereby irrevocably constitute and
appoint                                      attorney to
transfer the said Security on the books of the Company, with full power of substitution in the premises. 
 Dated:
                                         
        
  

	
	   

  

	
	   

 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. 

  
 9

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