Document:

EX-4.1

 Exhibit 4.1 

CERTAIN INFORMATION HAS BEEN EXCLUDED FROM THIS EXHIBIT BECAUSE IT IS BOTH NOT 

MATERIAL AND THE REGISTRANT TREATS SUCH INFORMATION AS PRIVATE OR CONFIDENTIAL. 

OMISSIONS ARE DESIGNATED AS [***]. 

UDEMY, INC. 
 FIFTH
AMENDED AND RESTATED INVESTOR RIGHTS AGREEMENT 
  

 TABLE OF CONTENTS 

 

							
	 	 	 	  	Page	 
	 Section 1.
	 	GENERAL	  	 	1	 
	 1.1
	 	Definitions	  	 	1	 
	 Section 2.
	 	REGISTRATION; RESTRICTIONS ON TRANSFER	  	 	4	 
	 2.1
	 	Restrictions on Transfer	  	 	4	 
	 2.2
	 	Demand Registration	  	 	5	 
	 2.3
	 	Piggyback Registrations	  	 	7	 
	 2.4
	 	Form S-3 Registration	  	 	9	 
	 2.5
	 	Expenses of Registration	  	 	10	 
	 2.6
	 	Obligations of the Company	  	 	11	 
	 2.7
	 	Delay of Registration; Furnishing Information	  	 	12	 
	 2.8
	 	Indemnification	  	 	13	 
	 2.9
	 	Assignment of Registration Rights	  	 	15	 
	 2.10
	 	Limitation on Subsequent Registration Rights	  	 	16	 
	 2.11
	 	“Market Stand-Off” Agreement	  	 	16	 
	 2.12
	 	Agreement to Furnish Information	  	 	16	 
	 2.13
	 	Rule 144 Reporting	  	 	17	 
	 Section 3.
	 	COVENANTS OF THE COMPANY AND INVESTORS	  	 	17	 
	 3.1
	 	Basic Financial Information and Reporting	  	 	17	 
	 3.2
	 	Inspection Rights	  	 	19	 
	 3.3
	 	Confidentiality of Records	  	 	19	 
	 3.4
	 	Reservation of Common Stock	  	 	19	 
	 3.5
	 	Equity Incentive Grants; Stock Vesting	  	 	19	 
	 3.6
	 	Increases to Equity Incentive Plan	  	 	20	 
	 3.7
	 	Proprietary Information and Inventions Agreement	  	 	20	 
	 3.8
	 	Directors’ Liability and Indemnification	  	 	20	 
	 3.9
	 	D&O Insurance	  	 	20	 
	 3.10
	 	Right to Conduct Activities	  	 	20	 
	 3.11
	 	Foreign Corrupt Practices Act Enforcement Actions	  	 	21	 
	 3.12
	 	Committee Representation	  	 	21	 
	 3.13
	 	Audit and Compensation Committees	  	 	21	 
	 3.14
	 	Termination of Covenants	  	 	21	 
	 Section 4.
	 	RIGHTS TO FUTURE STOCK ISSUANCES	  	 	21	 
	 4.1
	 	Right of First Offer	  	 	21	 
	 4.2
	 	Exercise of Rights	  	 	22	 
	 4.3
	 	Issuance of Equity Securities to Other Persons	  	 	22	 
	 4.4
	 	Termination of Rights of First Offer	  	 	22	 
	 4.5
	 	Assignment of Rights of First Offer	  	 	22	 
	 4.6
	 	Excluded Securities	  	 	22	 
	 Section 5.
	 	MISCELLANEOUS	  	 	22	 
	 5.1
	 	Governing Law	  	 	22	 
	 5.2
	 	Successors and Assigns	  	 	23	 
	 5.3
	 	Entire Agreement	  	 	23	 
	 5.4
	 	Severability	  	 	23	 
	 5.5
	 	Amendment and Waiver	  	 	23	 

  
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 TABLE OF CONTENTS 

(continued) 
  

							
	 	 	 	  	Page	 
	 5.6
	 	Delays or Omissions	  	 	24	 
	 5.7
	 	Notices	  	 	24	 
	 5.8
	 	Attorneys’ Fees	  	 	24	 
	 5.9
	 	Titles and Subtitles	  	 	24	 
	 5.10
	 	Additional Investors	  	 	24	 
	 5.11
	 	Counterparts	  	 	25	 
	 5.12
	 	Delivery by Facsimile or Electronic Transmission	  	 	25	 
	 5.13
	 	Aggregation of Stock	  	 	25	 
	 5.14
	 	Pronouns	  	 	25	 
	 5.15
	 	Termination	  	 	25	 
	 5.16
	 	Dispute Resolution	  	 	25	 
	 5.17
	 	Effect on Prior Agreement	  	 	26	 

  
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 UDEMY, INC. 

FIFTH AMENDED AND RESTATED 

INVESTOR RIGHTS AGREEMENT 

This FIFTH AMENDED AND RESTATED INVESTOR RIGHTS
AGREEMENT (this “Agreement”) is entered into as of November 13, 2020, by and among UDEMY, INC., a Delaware corporation (the “Company”), the
investors listed on Exhibit A (collectively, the “Investors” and individually, an “Investor”), and those certain holders of the
Company’s Common Stock listed on Exhibit B (collectively, the “Common Holders” and individually, a “Common Holder”). 

RECITALS 

WHEREAS, concurrently with the execution of this Agreement, certain of the Investors are purchasing shares of the
Company’s Series F Preferred Stock (the “Series F Preferred” and collectively with the Series A Preferred Stock, the Series A-1 Preferred Stock, the Series B
Preferred Stock, the Series C Preferred Stock, the Series D Preferred Stock and the Series E Preferred Stock, the “Series Preferred”) pursuant to that certain Series F Preferred Stock Purchase Agreement (the
“Purchase Agreement”) dated as of even date herewith (the “Financing”); 

WHEREAS, certain of the Investors and the Common Holders are parties to the Fourth Amended
and Restated Investor Rights Agreement dated March 19, 2020 by and among the Company and the parties thereto (the “Prior Agreement”); 

WHEREAS, in connection with the consummation of the Financing, the parties to the Prior
Agreement desire to amend and restate that agreement to provide those Investors purchasing shares of the Company’s Series F Preferred with registration rights, information rights and other rights as set forth herein in accordance with the terms
of this Agreement; and 
 WHEREAS, the obligations in the Purchase Agreement are
conditioned upon the execution and delivery of this Agreement. 
 NOW, THEREFORE, in consideration of
these premises and for other good and valuable consideration, the receipt and sufficiency of which are acknowledged, the parties agree as follows: 
  

	Section	 1. GENERAL. 

1.1 Definitions. As used in this Agreement the following terms shall have the following respective
meanings: 
 (a) “Acquisition” has the meaning set forth in the Certificate. 

(b) “Affiliate” means, with respect to any specified Person, any other Person who, directly or
indirectly, controls, is controlled by, or is under common control with such Person, including, without limitation, any general partner, managing member, officer or director of such Person or any venture capital fund now or hereafter existing that
is controlled by or under common control with one or more general partners or managing members of, or shares the same management company with, such Person. 

  
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 (c) “Asset Sale” has the meaning set forth in the
Certificate. 
 (d) “Board” shall mean the Company’s Board of Directors. 

(e) “Certificate” shall mean the Company’s Amended and Restated Certificate
of Incorporation as in effect on the date hereof, as amended from time to time. 
 (f) “Common Stock”
shall mean, collectively, shares of the Company’s Common Stock, $0.00001 par value per share, and any securities into which such stock may hereafter be changed. 

(g) “Exchange Act” means the Securities Exchange Act of 1934, as amended.

 (h) “Form S-3” means such form
under the Securities Act as in effect on the date hereof or any successor or similar registration form under the Securities Act subsequently adopted by the SEC which permits inclusion or incorporation of substantial information by reference to other
documents filed by the Company with the SEC. 
 (i) “GAAP” means generally accepted accounting
principles in the United States, consistently applied. 
 (j) “Holder”
means any Person owning of record Registrable Securities that have not been sold to the public or any assignee of record of such Registrable Securities in accordance with Section 2.9 hereof. 

(k) “Initial Offering” means the Company’s first firm commitment
underwritten public offering of its Common Stock registered under the Securities Act. 
 (l) “Major
Investor” means any Investor that, individually or together with such Investor’s Affiliates, holds at least 4,000,000 shares of Registrable Securities (as adjusted for any stock split, stock dividend, combination, or other
recapitalization or reclassification effected after the date hereof). Notwithstanding the foregoing, Benesse Holdings Inc. (“Benesse”) shall also be deemed a Major Investor for the purposes of this Agreement for so long as
Benesse, individually or together with its Affiliates, continues to hold at least 1,926,782 shares of Registrable Securities and/or Series Preferred (cumulatively and in any combination, and as adjusted for any stock split, stock dividend,
combination, or other recapitalization or reclassification effected after the date hereof) it acquired pursuant to the Purchase Agreement or otherwise. For clarity and without limitation of the generality of the foregoing, to the extent Benesse
(individually or together with its Affiliates) experiences a decrease in shareholding of Registrable Securities and/or Series Preferred, as applicable, due to any activity that was not specifically consented to by Benesse (including without
limitation a reverse stock split, exercise of drag-along rights by another Stockholder, or otherwise), such shares shall still be deemed to be held by Benesse solely for purposes of meeting the threshold described in the preceding sentence. 

  
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 (m) “Person” means any individual, corporation,
partnership, trust, limited liability company, association or other entity. 
 (n) “Preferred
Stock” shall mean the Series Preferred. 
 (o) “Qualified Offering”
shall mean the Company’s first Qualified Offering, as defined in the Certificate. 
 (p)
“Register,” “registered,” and “registration” refer to a registration effected by preparing and filing a registration statement
in compliance with the Securities Act, and the declaration or ordering of effectiveness of such registration statement or document. 

(q) “Registrable Securities” means (a) shares of Common Stock of the
Company issuable or issued upon conversion of the Shares, (b) shares of Common Stock of the Company held by the Common Holders, (c) shares of Common Stock of the Company held by the Investors, and (d) any Common Stock of the Company
issued as (or issuable upon the conversion or exercise of any warrant, right or other security which is issued as) a dividend or other distribution with respect to, or in exchange for or in replacement of, such above-described securities.
Notwithstanding the foregoing, Registrable Securities shall not include any securities (i) sold by a Person to the public either pursuant to a registration statement or Rule 144, (ii) sold in a private transaction in which the transferor’s
rights under Section 2 of this Agreement are not assigned or (iii) held by a Holder (together with its Affiliates) if, as reflected on the Company’s list of stockholders, such Holder (together with its Affiliates)
holds less than 1% of the Company’s outstanding Common Stock (treating all shares of Preferred Stock on an as converted basis); provided that the Company has completed its Qualified Offering and all shares of Common Stock of the
Company issuable or issued upon conversion of the Shares held by and issuable to such Holder (and its Affiliates) may be sold pursuant to Rule 144 during any ninety (90) day period. 

(r) “Registrable Securities then outstanding” shall be the number of shares
of the Common Stock that are Registrable Securities and either (a) are then issued and outstanding or (b) are issuable pursuant to then exercisable or convertible securities. 

(s) “Registration Expenses” shall mean all expenses incurred by the Company
in complying with Sections 2.2, 2.3 and 2.4 hereof (exclusive of underwriting discounts and commissions), including, without limitation, all registration and filing fees, printing expenses, fees and
disbursements of counsel for the Company, reasonable fees and disbursements not to exceed seventy-five thousand dollars ($75,000) of a single special counsel for the Holders, blue sky fees, fees relating to the removal of legends and expenses and
the expense of any special audits incident to or required by any such registration (but excluding the compensation of regular employees of the Company which shall be paid in any event by the Company). 

(t) “SEC” or “Commission” means the
Securities and Exchange Commission. 

  
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 (u) “Securities Act”
shall mean the Securities Act of 1933, as amended. 
 (v) “Selling
Expenses” shall mean all underwriting discounts and selling commissions applicable to the sale and all fees and disbursements of counsel for the Holders (other than the reasonable fees and disbursements for one
special counsel for the Holders included in Registration Expenses). 
 (w)
“Shares” shall mean shares of the Series Preferred held from time to time by the Investors listed on Exhibit A hereto and their
permitted assigns. 
 (x) “Special Registration Statement” shall mean (i) a
registration statement relating to any employee benefit plan or (ii) with respect to any corporate reorganization or transaction under Rule 145 of the Securities Act, any registration statements related to the issuance or resale of
securities issued in such a transaction or (iii) a registration related to stock issued upon conversion of debt securities.  
  

	Section	 2. REGISTRATION; RESTRICTIONS ON TRANSFER.

 2.1 Restrictions on Transfer. 

(a) Each Holder agrees not to make any disposition of all or any portion of the Shares or Registrable Securities unless
and until: 
 (i) there is then in effect a registration statement under the Securities Act covering such proposed
disposition and such disposition is made in accordance with such registration statement; or 
 (ii) (A) The transferee
has agreed in writing to be bound by the terms of this Agreement, (B) such Holder shall have notified the Company of the proposed disposition and shall have furnished the Company with a detailed statement of the circumstances surrounding the
proposed disposition, and (C) if reasonably requested by the Company, such Holder shall have furnished the Company with an opinion of counsel, reasonably satisfactory to the Company, that such disposition will not require registration of such
shares under the Securities Act and applicable state and foreign securities law. It is agreed that the Company will not require opinions of counsel for transactions made pursuant to Rule 144, except in unusual circumstances. After the Qualified
Offering, the Company will not require any transferee pursuant to Rule 144 to be bound by the terms of this Agreement if the shares so transferred do not remain Registrable Securities hereunder following such transfer. 

(b) Notwithstanding the provisions of subsection (a) above, no such restriction shall apply to a transfer by a Holder that
is (i) a partnership transferring to its partners or former partners in accordance with partnership interests, (ii) a corporation transferring to any Affiliates of the Holder, (iii) a limited liability company transferring to its
members or former members in accordance with their interest in the limited liability company, (iv) an individual transferring to the Holder’s family members or trust or other entity for the benefit of an individual Holder or his family
members, or (v) a trust transferring to its grantors or beneficiaries; provided that in each case the transferee will agree in writing to be subject to the terms of this Agreement to the same extent as if he were an original Holder
hereunder. 

  
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 (c) Each certificate representing Shares or Registrable Securities shall be
stamped or otherwise imprinted with legends substantially similar to the following (in addition to any legend required under applicable state securities laws): 

THE SECURITIES REPRESENTED HEREBY HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933 (THE “ACT”) AND MAY NOT BE OFFERED, SOLD
OR OTHERWISE TRANSFERRED, ASSIGNED, PLEDGED OR HYPOTHECATED UNLESS AND UNTIL REGISTERED UNDER THE ACT OR UNLESS THE COMPANY HAS RECEIVED AN OPINION OF COUNSEL SATISFACTORY TO THE COMPANY AND ITS COUNSEL THAT SUCH REGISTRATION IS NOT REQUIRED. 

THE SALE, PLEDGE, HYPOTHECATION OR TRANSFER OF THE SECURITIES REPRESENTED BY THIS CERTIFICATE IS SUBJECT TO THE TERMS AND CONDITIONS OF A
CERTAIN INVESTOR RIGHTS AGREEMENT BY AND BETWEEN THE STOCKHOLDER AND THE COMPANY AS MAY BE AMENDED FROM TIME TO TIME. COPIES OF SUCH AGREEMENT MAY BE OBTAINED UPON WRITTEN REQUEST TO THE SECRETARY OF THE COMPANY. 

(d) The Company shall be obligated to reissue promptly unlegended certificates at the request of any Holder thereof if the
Company has completed its Qualified Offering and the Holder shall have obtained an opinion of counsel (which counsel may be counsel to the Company) reasonably acceptable to the Company to the effect that the securities proposed to be disposed of may
lawfully be so disposed of without registration, qualification and legend; provided that the second legend listed above shall be removed only at such time as the Holder of such certificate is no longer subject to any restrictions hereunder.

 (e) Any legend endorsed on an instrument pursuant to applicable state securities laws and the stop-transfer instructions
with respect to such securities shall be removed upon receipt by the Company of an order of the appropriate blue sky authority authorizing such removal. 

2.2 Demand Registration. 

(a) Subject to the conditions of this Section 2.2, if the Company shall receive a written request
from the Investors holding at least thirty percent (30%) of the Registrable Securities then outstanding and held by the Investors (the “Initiating Holders”), that the Company file a registration statement under the Securities
Act covering the registration of all or any portion of the Registrable Securities then outstanding having 

  
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an aggregate offering price, after deduction of underwriting discounts and commissions, of at least $10,000,000, then the Company shall, within ten (10) days of the receipt thereof, give
written notice of such request to all Holders, and subject to the limitations of this Section 2.2, effect, as expeditiously as reasonably possible, the registration under the Securities Act of all Registrable Securities
that all Holders request to be registered. 
 (b) If the Initiating Holders intend to distribute the Registrable Securities
covered by their request by means of an underwriting, they shall so advise the Company as a part of their request made pursuant to this Section 2.2 or any request pursuant to Section 2.4 and the
Company shall include such information in the written notice referred to in Section 2.2(a) or Section 2.4(a), as applicable. In such event, the right of any Holder to include its Registrable
Securities in such registration shall be conditioned upon such Holder’s participation in such underwriting and the inclusion of such Holder’s Registrable Securities in the underwriting to the extent provided herein. All Holders proposing
to distribute their securities through such underwriting shall enter into an underwriting agreement in customary form with the underwriter or underwriters selected for such underwriting by the Company (which underwriter or underwriters shall be
reasonably acceptable to the Holders of a majority of the Registrable Securities held by all Initiating Holders). If the underwriter advises the Company that marketing factors require a limitation of the number of securities to be underwritten
(including Registrable Securities) then the Company shall so advise all Holders of Registrable Securities that would otherwise be underwritten pursuant hereto, and the number of shares that may be included in the underwriting shall be allocated to
the Holders of such Registrable Securities on a pro rata basis based on the number of Registrable Securities held by all such Holders (including the Initiating Holders) or in such other proportion as shall mutually be agreed to by all such selling
Holders; provided, however, that the number of shares of Registrable Securities to be included in such underwriting and registration by the Investors shall not be reduced unless all other securities of the Company are first entirely excluded
from the underwriting and registration. Any Registrable Securities excluded or withdrawn from such underwriting shall be withdrawn from the registration. 

(c) The Company shall not be required to effect a registration pursuant to this Section 2.2: 

(i) prior to the earlier of (A) the five year anniversary of the date of this Agreement, or (B) six (6) months
following the effective date of the registration statement of the Qualified Offering; 
 (ii) after the Company has effected
two (2) registrations pursuant to this Section 2.2, and such registrations have been declared or ordered effective; 

(iii) during the period starting with the date of filing of, and ending on the date one hundred eighty (180) days
following the effective date of the registration statement pertaining to Company-initiated registration (or such longer period as may be determined pursuant to Section 2.11 hereof); provided, that the Company makes reasonable good
faith efforts to cause such registration statement to become effective; 

  
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 (iv) if within thirty (30) days of receipt of a written request from
Initiating Holders pursuant to Section 2.2(a), the Company gives notice to the Holders of the Company’s intention to file a registration statement for its Qualified Offering within ninety (90) days,
provided, that the Company is actively employing in good faith commercially reasonable efforts to cause such registration statement to become effective; 

(v) if the Company shall furnish to Holders requesting a registration statement pursuant to this
Section 2.2 a certificate signed by the Chairman of the Board stating that in the good faith judgment of the Board, it would be materially detrimental to the Company and its stockholders for such registration statement to
be effected at such time, because such action would (i) materially interfere with a significant acquisition, corporate reorganization, or other similar transaction involving the Company; (ii) require premature disclosure of material
information that the Company has a bona fide business purpose for preserving as confidential; or (iii) render the Company unable to comply with requirements under the Securities Act or Exchange Act, then the Company shall have the right to
defer such filing for a period of not more than ninety (90) days after receipt of the request of the Initiating Holders; provided that such right to delay a request shall be exercised by the Company not more than once in any twelve
(12) month period; 
 (vi) if the Initiating Holders propose to dispose of shares of Registrable Securities that may be
immediately registered on Form S-3 pursuant to a request made pursuant to Section 2.4 below; 

(vii) in any particular jurisdiction in which the Company would be required to execute a general consent to service of process
in effecting such registration, qualification, or compliance, unless the Company is already subject to service in such jurisdiction and except as may be required by the Securities Act; 

(viii) if the Initiating Holders do not request that such offering be firmly underwritten by underwriters selected by the
Initiating Holders (subject to the consent of the Company); or 
 (ix) if the Company and the Initiating Holders are unable
to obtain the commitment of the underwriter described in clause (c)(viii) above to firmly underwrite the offer. 
 2.3
Piggyback Registrations. The Company shall notify all Holders of Registrable Securities in writing at least fifteen (15) days prior to the filing of any registration statement under the Securities Act for purposes of a public offering of
securities of the Company (including, but not limited to, registration statements relating to secondary offerings of securities of the Company, but excluding Special Registration Statements) and will afford each such Holder an opportunity to include
in such registration statement all or part of such Registrable Securities held by such Holder. Each Holder desiring to include in any such registration statement all or any part of the Registrable Securities held by it shall, within fifteen (15)
days after the above-described notice from the Company, so notify the Company in writing. Such notice shall state the intended method of disposition of the Registrable Securities by such Holder. If a Holder decides

  
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not to include all of its Registrable Securities in any registration statement thereafter filed by the Company, such Holder shall nevertheless continue to have the right to include any
Registrable Securities in any subsequent registration statement or registration statements as may be filed by the Company with respect to offerings of its securities, all upon the terms and conditions set forth herein. 

(a) Underwriting. If the registration statement of which the Company gives notice under this
Section 2.3 is for an underwritten offering, the Company shall so advise the Holders of Registrable Securities. In such event, the right of any such Holder to include Registrable Securities in a registration pursuant to
this Section 2.3 shall be conditioned upon such Holder’s participation in such underwriting and the inclusion of such Holder’s Registrable Securities in the underwriting to the extent provided herein. All Holders
proposing to distribute their Registrable Securities through such underwriting shall enter into an underwriting agreement in customary form with the underwriter or underwriters selected for such underwriting by the Company. Notwithstanding any other
provision of this Agreement, if the underwriter determines in good faith that marketing factors require a limitation of the number of shares to be underwritten, the number of shares that may be included in the underwriting shall be allocated, first,
to the Company; second, to the Holders who are Investors on a pro rata basis based on the total number of Registrable Securities held by such Holders; third to the Holders who are Common Holders on a pro rata basis based on the total
Registrable Securities held by such Holders; and fourth, to any stockholder of the Company (other than a Holder) on a pro rata basis; provided, however, that no such reduction shall reduce the amount of securities of the selling
Holders who are Investors included in the registration below twenty-five percent (25%) of the total amount of securities included in such registration, unless such offering is the Initial Offering and such registration does not include shares of any
other selling stockholders, in which event any or all of the Registrable Securities of the Holders may be excluded in accordance with the immediately preceding clause. If the Holders are so limited, however, no party shall sell shares in such
registration other than the Company. In no event will shares of any other selling stockholder be included in such registration that would reduce the number of shares which may be included by Holders without the written consent of Holders of not less
than sixty-five percent (65%) of the Registrable Securities proposed to be sold in the offering. If any Holder disapproves of the terms of any such underwriting, such Holder may elect to withdraw therefrom by written notice to the Company and the
underwriter, delivered at least ten (10) business days prior to the effective date of the registration statement. Any Registrable Securities excluded or withdrawn from such underwriting shall be excluded and withdrawn from the registration. For
any Holder which is a partnership, limited liability company, corporation, trust or natural person, the partners, retired partners, members, retired members, stockholders, beneficiaries, grantors and family members of such Holder, or the estates and
family members of any such partners, retired partners, members, retired members, beneficiaries, grantors and family members and any trusts or other entities for the benefit of any of the foregoing persons shall be deemed to be a single
“Holder,” and any pro rata reduction with respect to such “Holder” shall be based upon the aggregate amount of shares carrying registration rights owned by all entities and individuals included in such “Holder,”
as defined in this sentence or as otherwise provided in Section 5.10. 

  
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 (b) Right to Terminate Registration. The Company shall have the right
to terminate or withdraw any registration initiated by it under this Section 2.3 prior to the effectiveness of such registration, whether or not any Holder has elected to include securities in such registration, and shall
promptly notify any Holder that has elected to include shares in such registration of such termination or withdrawal. The Registration Expenses of such withdrawn registration shall be borne by the Company in accordance with
Section 2.5 hereof. 
 2.4 Form S-3
Registration. In case the Company shall receive from any Holder or Holders of Registrable Securities a written request or requests that the Company effect a registration on Form S-3 (or any
successor to Form S-3) or any similar short-form registration statement and any related qualification or compliance with respect to all or a part of the Registrable Securities owned by such Holder or
Holders, the Company will use its commercially reasonable efforts to: 
 (a) promptly give written notice of the proposed
registration, and any related qualification or compliance, to all other Holders of Registrable Securities; and 
 (b) as soon
as practicable, effect such registration and all such qualifications and compliances as may be so requested and as would permit or facilitate the sale and distribution of all or such portion of such Holder’s or Holders’ Registrable
Securities as are specified in such request, together with all or such portion of the Registrable Securities of any other Holder or Holders joining in such request as are specified in a written request given within fifteen (15) days after
receipt of such written notice from the Company; provided, however, that the Company shall not be obligated to effect any such registration, qualification or compliance pursuant to this Section 2.4: 

(i) if Form S-3 is not available for such offering by the Holders, or 

(ii) if the Holders, together with the holders of any other securities of the Company entitled to inclusion in such
registration, propose to sell Registrable Securities and such other securities (if any) at an aggregate price to the public of less than one million dollars ($1,000,000), or 

(iii) if within thirty (30) days of receipt of a written request from any Holder or Holders pursuant to this
Section 2.4, the Company gives notice to such Holder or Holders of the Company’s intention to make a public offering within ninety (90) days, other than pursuant to a Special Registration Statement; 

(iv) if the Company shall furnish to the Holders a certificate signed by the Chairman of the Board stating that in the good
faith judgment of the Board, it would be materially detrimental to the Company and its stockholders for such Form S-3 registration to be effected at such time, because such action would
(i) materially interfere with a significant acquisition, corporate reorganization, or other similar transaction involving the Company; (ii) require premature disclosure of material information that the Company has a bona fide business
purpose for preserving as confidential; or (iii) render 

  
 -9- 

 
the Company unable to comply with requirements under the Securities Act or Exchange Act, then the Company shall have the right to defer the filing of the
Form S-3 registration statement for a period of not more than ninety (90) days after receipt of the request of the Holder or Holders under this Section 2.4; provided,
that such right to delay a request shall be exercised by the Company not more than once in any twelve (12) month period; 

(v) if, in a given twelve (12) month period, the Company has effected two (2) such registrations; or 

(vi) in any particular jurisdiction in which the Company would be required to execute a general consent to service of process
in effecting such registration, qualification, or compliance, unless the Company is already subject to service in such jurisdiction and except as may be required by the Securities Act. 

(c) Subject to the foregoing, the Company shall use its commercially reasonable efforts to file a Form S-3 registration statement covering the Registrable Securities and other securities so requested to be registered as soon as practicable after receipt of the requests of the Holders. Registrations effected
pursuant to this Section 2.4 shall not be counted as demands for registration or registrations effected pursuant to Section 2.2. All Registration Expenses incurred in connection with registrations
requested pursuant to this Section 2.4, other than underwriting discounts and commissions, shall be paid by the Company, including the expense of one (1) special counsel of the selling stockholders up to a maximum of
$75,000 per registration. 
 2.5 Expenses of Registration. Except as specifically provided herein, all Registration
Expenses, other than underwriting discounts and commissions, incurred in connection with any registration, qualification or compliance pursuant to Section 2.2, 2.3 or 2.4 herein shall be borne by the Company. All Selling
Expenses incurred in connection with any registrations hereunder, shall be borne by the holders of the securities so registered pro rata on the basis of the number of shares so registered. The Company shall not, however, be required to pay
for expenses of any registration proceeding begun pursuant to Section 2.2 or 2.4, the request of which has been subsequently withdrawn by the Initiating Holders or the S-3 Initiating Holders, as the case may be, unless
(a) the withdrawal is based upon material adverse information concerning the Company of which the Initiating Holders were not aware at the time of such request or (b) the Investors holding a majority of Registrable Securities held by the
Investors agree to deem such registration to have been effected as of the date of such withdrawal for purposes of determining whether the Company shall be obligated pursuant to Section 2.2(c) or 2.4(b), as applicable, to undertake any
subsequent registration, in which event such right shall be forfeited by all Investors. If the Holders are required to pay the Registration Expenses, such expenses shall be borne by the holders of securities (including Registrable Securities)
requesting such registration in proportion to the number of shares for which registration was requested. If the Company is required to pay the Registration Expenses of a withdrawn offering pursuant to clause (a) above, then such
registration shall not be deemed to have been effected for purposes of determining whether the Company shall be obligated pursuant to Section 2.2(c) or 2.4(b), as applicable, to undertake any subsequent registration. 

  
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 2.6 Obligations of the Company. Whenever required to
effect the registration of any Registrable Securities, the Company shall, as expeditiously as reasonably possible use commercially reasonable efforts to: 

(a) prepare and file with the SEC a registration statement with respect to such Registrable Securities and use its commercially
reasonable efforts to cause such registration statement to become effective, and, upon the request of the Holders of sixty-five percent (65%) of the Registrable Securities registered thereunder, keep such registration statement effective for up to
thirty (30) days or, if earlier, until the Holder or Holders have completed the distribution related thereto; provided, however, that at any time, upon written notice to the participating Holders and for a period not to exceed sixty
(60) days thereafter (the “Suspension Period”), the Company may delay the filing or effectiveness of any registration statement or suspend the use or effectiveness of any registration statement (and the Initiating
Holders hereby agree not to offer or sell any Registrable Securities pursuant to such registration statement during the Suspension Period) if the Company reasonably believes that there is or may be in existence material nonpublic information or
events involving the Company, the failure of which to be disclosed in the prospectus included in the registration statement could result in a Violation (as defined below). In the event that the Company shall exercise its right to delay or suspend
the filing or effectiveness of a registration hereunder, the applicable time period during which the registration statement is to remain effective shall be extended by a period of time equal to the duration of the Suspension Period. The Company may
extend the Suspension Period for an additional consecutive sixty (60) days with the consent of the holders of sixty-five percent (65%) of the Registrable Securities registered under the applicable registration statement, which consent shall not
be unreasonably withheld. No more than one (1) such Suspension Period shall occur in any twelve (12) month period. In no event shall any Suspension Period, when taken together with all prior Suspension Periods, exceed 120 days in the
aggregate. If so directed by the Company, all Holders registering shares under such registration statement shall (i) not offer to sell any Registrable Securities pursuant to the registration statement during the period in which the delay
or suspension is in effect after receiving notice of such delay or suspension; and (ii) use their best efforts to deliver to the Company (at the Company’s expense) all copies, other than permanent file copies then in such Holders’
possession, of the prospectus relating to such Registrable Securities current at the time of receipt of such notice. Notwithstanding the foregoing, the Company shall not be required to file, cause to become effective or maintain the effectiveness of
any registration statement other than a registration statement on Form S-3 that contemplates a distribution of securities on a delayed or continuous basis pursuant to Rule 415 under the Securities Act;

 (b) prepare and file with the SEC such amendments and supplements to such registration statement and the prospectus used
in connection with such registration statement as may be necessary to comply with the provisions of the Securities Act with respect to the disposition of all securities covered by such registration statement for the period set forth in
subsection (a) above; 

  
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 (c) furnish to the Holders such number of copies of a prospectus, including
a preliminary prospectus, in conformity with the requirements of the Securities Act, and such other documents as they may reasonably request in order to facilitate the disposition of Registrable Securities owned by them; 

(d) register and qualify the securities covered by such registration statement under such other securities or blue sky laws of
such jurisdictions as shall be reasonably requested by the Holders; provided that the Company shall not be required in connection therewith or as a condition thereto to qualify to do business or to file a general consent to service of process
in any such states or jurisdictions; 
 (e) in the event of any underwritten public offering, enter into and perform its
obligations under an underwriting agreement, in usual and customary form, with the managing underwriter(s) of such offering. Each Holder participating in such underwriting shall also enter into and perform its obligations under such an agreement;

 (f) notify each Holder of Registrable Securities covered by such registration statement at any time when a prospectus
relating thereto is required to be delivered under the Securities Act of the happening of any event as a result of which the prospectus included in such registration statement, as then in effect, includes an untrue statement of a material fact or
omits to state a material fact required to be stated therein or necessary to make the statements therein not misleading in the light of the circumstances then existing. The Company will use commercially reasonable efforts to amend or supplement such
prospectus in order to cause such prospectus not to include any untrue statement of a material fact or omit to state a material fact required to be stated therein or necessary to make the statements therein not misleading in the light of the
circumstances then existing; and 
 (g) furnish, on the date that such Registrable Securities are delivered to the
underwriters for sale, if such securities are being sold through underwriters, (i) an opinion, dated as of such date, of the counsel representing the Company for the purposes of such registration, in form and substance as is customarily given
to underwriters in an underwritten public offering, addressed to the underwriters, if any, and (ii) a letter, dated as of such date, from the independent certified public accountants of the Company, in form and substance as is customarily given
by independent certified public accountants to underwriters in an underwritten public offering addressed to the underwriters. 

2.7 Delay of Registration; Furnishing Information. 

(a) No Holder shall have any right to obtain or seek an injunction restraining or otherwise delaying any such registration
as the result of any controversy that might arise with respect to the interpretation or implementation of this Section 2. 

(b) It shall be a condition precedent to the obligations of the Company to take any action pursuant to
Section 2.2, 2.3 or 2.4 that the selling Holders shall furnish to the Company in writing such information regarding themselves, the Registrable Securities held by them and the intended method of disposition of
such securities as shall be reasonably necessary to effect the registration of their Registrable Securities. 

  
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 (c) The Company shall have no obligation with respect to any registration
requested pursuant to Section 2.2 or Section 2.4 if the number of shares or the anticipated aggregate offering price of the Registrable Securities to be included in the registration does not equal
or exceed the number of shares or the anticipated aggregate offering price required to originally trigger the Company’s obligation to initiate such registration as specified in Section 2.2 or
Section 2.4, whichever is applicable. 
 2.8 Indemnification. In the event any
Registrable Securities are included in a registration statement under Sections 2.2, 2.3 or 2.4: 

(a) To the extent permitted by law, the Company will indemnify and hold harmless each Holder, the partners, members, trustees,
managers, officers and directors of each Holder, any underwriter (as defined in the Securities Act) for such Holder and each Person, if any, who controls such Holder or underwriter within the meaning of the Securities Act or the Exchange Act,
against any losses, claims, damages, or liabilities (joint or several) to which they may become subject under the Securities Act, the Exchange Act or other federal or state law, insofar as such losses, claims, damages or liabilities (or actions in
respect thereof) arise out of or are based upon any of the following statements, omissions or violations (collectively a “Violation”) by the Company: (i) any untrue statement or alleged untrue statement of a material
fact contained in such registration statement or incorporated by reference therein, including any preliminary prospectus or final prospectus contained therein or any amendments or supplements thereto, (ii) the omission or alleged omission to
state therein a material fact required to be stated therein, or necessary to make the statements therein not misleading, or (iii) any violation or alleged violation by the Company of the Securities Act, the Exchange Act, any state securities
law or any rule or regulation promulgated under the Securities Act, the Exchange Act or any state securities law in connection with the offering covered by such registration statement; and the Company will reimburse each such Holder, partner,
member, trustee, manager, officer, director, underwriter or controlling Person for any legal or other expenses reasonably incurred by them in connection with investigating or defending any such loss, claim, damage, liability or action if it is
judicially determined that there was a Violation; provided however, that the indemnity agreement contained in this Section 2.8(a) shall not apply to amounts paid in settlement of any such loss, claim, damage,
liability or action if such settlement is effected without the consent of the Company, which consent shall not be unreasonably withheld, nor shall the Company be liable in any such case for any such loss, claim, damage, liability or action to the
extent that it arises out of or is based upon a Violation which occurs in reliance upon and in conformity with written information furnished expressly for use in connection with such registration by such Holder, partner, member, trustee, manager,
officer, director, underwriter or controlling Person of such Holder. 

  
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 (b) To the extent permitted by law, each Holder will, if Registrable
Securities held by such Holder are included in the securities as to which such registration, qualifications or compliance is being effected, severally and not jointly, indemnify and hold harmless the Company, each of its directors, its officers and
each Person, if any, who controls the Company within the meaning of the Securities Act, any underwriter and any other Holder selling securities under such registration statement or any of such other Holder’s partners, trustees, managers,
directors or officers or any Person who controls such Holder, against any losses, claims, damages or liabilities (joint or several) to which the Company or any such director, officer, trustee, manager, controlling Person, underwriter or other such
Holder, or partner, director, officer, trustee, manager, or controlling Person of such other Holder may become subject under the Securities Act, the Exchange Act or other federal or state law, insofar as such losses, claims, damages or liabilities
(or actions in respect thereto) arise out of or are based upon any of the following statements: (i) any untrue statement or alleged untrue statement of a material fact contained in such registration statement or incorporated reference therein,
including any preliminary prospectus or final prospectus contained therein or any amendments or supplements thereto, (ii) the omission or alleged omission to state therein a material fact required to be stated therein, or necessary to make the
statements therein not misleading, or (iii) any violation or alleged violation by the Company of the Securities Act, the Exchange Act, any state securities law or any rule or regulation promulgated under the Securities Act, the Exchange Act or
any state securities law in connection with the offering covered by such registration statement (collectively, a “Holder Violation”), in each case to the extent (and only to the extent) that such Holder Violation occurs in
reliance upon and in conformity with written information furnished by such Holder under an instrument duly executed by such Holder and stated to be specifically for use in connection with such registration; and each such Holder will reimburse any
legal or other expenses reasonably incurred by the Company or any such director, officer, controlling Person, underwriter or other Holder, or partner, trustee, manager, officer, director or controlling Person of such other Holder in connection with
investigating or defending any such loss, claim, damage, liability or action if it is judicially determined that there was such a Holder Violation; provided, however, that the indemnity agreement contained in this
Section 2.8(b) shall not apply to amounts paid in settlement of any such loss, claim, damage, liability or action if such settlement is effected without the consent of the Holder, which consent shall not be unreasonably
withheld; provided further, that in no event shall any indemnity under this Section 2.8 exceed the net proceeds from the offering received by such Holder. 

(c) Promptly after receipt by an indemnified party under this Section 2.8 of notice of the
commencement of any action (including any governmental action), such indemnified party will, if a claim in respect thereof is to be made against any indemnifying party under this Section 2.8, deliver to the indemnifying
party a written notice of the commencement thereof and the indemnifying party shall have the right to participate in, and, to the extent the indemnifying party so desires, jointly with any other indemnifying party similarly noticed, to assume the
defense thereof with counsel mutually satisfactory to the parties; provided, however, that an indemnified party shall have the right to retain its own counsel, with the fees and expenses thereof to be paid by the indemnifying party, if
representation of such indemnified party by the counsel retained by the indemnifying party would be inappropriate due to actual or potential differing interests between such indemnified party and any other party represented by such counsel in such
proceeding. The failure to deliver written notice to the indemnifying party within a reasonable time of the commencement of any such action shall relieve such indemnifying party of any liability to the indemnified party under this
Section 2.8 to the extent, and only to the extent, if materially prejudicial to its ability to defend such action, but the omission so to deliver written notice to the indemnifying party will not relieve it of any liability
that it may have to any indemnified party otherwise than under this Section 2.8. 

  
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 (d) If the indemnification provided for in this
Section 2.8 is held by a court of competent jurisdiction to be unavailable to an indemnified party with respect to any losses, claims, damages or liabilities referred to herein, the indemnifying party, in lieu of
indemnifying such indemnified party thereunder, shall to the extent permitted by applicable law contribute to the amount paid or payable by such indemnified party as a result of such loss, claim, damage or liability in such proportion as is
appropriate to reflect the relative fault of the indemnifying party on the one hand and of the indemnified party on the other in connection with the Violation(s) or Holder Violation(s) that resulted in such loss, claim, damage or liability, as well
as any other relevant equitable considerations. The relative fault of the indemnifying party and of the indemnified party shall be determined by a court of law by reference to, among other things, whether the untrue or alleged untrue statement of a
material fact or the omission to state a material fact relates to information supplied by the indemnifying party or by the indemnified party and the parties’ relative intent, knowledge, access to information and opportunity to correct or
prevent such statement or omission; provided, that in no event shall any contribution by a Holder hereunder exceed the net proceeds from the offering received by such Holder. 

(e) The obligations of the Company and Holders under this Section 2.8 shall survive completion of any
offering of Registrable Securities in a registration statement and, with respect to liability arising from an offering to which this Section 2.8 would apply that is covered by a registration filed before termination of this
Agreement, such termination. No indemnifying party, in the defense of any such claim or litigation, shall, except with the consent of each indemnified party, consent to entry of any judgment or enter into any settlement which does not include as an
unconditional term thereof the giving by the claimant or plaintiff to such Indemnified Party of a release from all liability in respect to such claim or litigation. 

2.9 Assignment of Registration Rights. The rights to cause the Company to register Registrable Securities pursuant to
this Section 2 may be assigned by a Holder to a transferee or assignee of Registrable Securities (for so long as such shares remain Registrable Securities) that is (a) any partner or retired partner of any holder which is a partnership, (b) any
member or former member, of any holder which is a limited liability company, (c) any Affiliate of any Holder; (d) any family member or trust or other entity for the benefit of any individual holder or his family members, (e) any grantor or
beneficiary of any holder which is a trust or (f) any transferee who acquires at least 500,000 shares of Registrable Securities (as adjusted for any stock split, stock dividend, combination, or other recapitalization or reclassification effected
after the date hereof); provided, however, (i) the transferor shall, within ten (10) days after such transfer, furnish to the Company written notice of the name and address of such transferee or assignee and the securities with respect to
which such registration rights are being assigned and (ii) such transferee agrees in writing to be subject to all restrictions set forth in this Agreement. 

  
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 2.10 Limitation on Subsequent Registration Rights.
Other than as provided in Section 5.10, after the date of this Agreement, the Company shall not, without the prior written consent of the holders of at least sixty-five percent (65%) of the then outstanding shares of
Series Preferred, voting together as a single class on an as-converted basis (collectively, the “Requisite Holders”), enter into any agreement with any holder or prospective holder of
any securities of the Company that would grant such holder rights to demand the registration of shares of the Company’s capital stock, or to include such shares in a registration statement that would reduce the number of shares includable by
the Holders. 
 2.11 “Market
Stand-Off” Agreement. Each party to this Agreement hereby agrees that such party shall not lend, offer, pledge, sell, contract to sell, sell any option or contract to purchase,
purchase any option or contract to sell, grant any option, right, or warrant to purchase, or otherwise transfer or dispose of, directly or indirectly, any shares of Common Stock or any securities convertible into or exercisable or exchangeable
(directly or indirectly) for Common Stock during the 180-day period following the effective date of the Initial Offering (or such longer period, not to exceed 15 days after the expiration of the 180-day period, as the underwriters or the Company shall request in order to facilitate compliance with NASD Rules that are then applicable to the Company); provided, that all officers and directors of the
Company and holders of at least one percent (1%) of the Company’s voting securities are bound by and have entered into similar agreements. The obligations described in this Section 2.11 shall not apply to a
registration relating solely to employee benefit plans on Form S-1 or Form S-8 or similar forms that may be promulgated in the future, or a registration relating solely
to a transaction on Form S-4 or similar forms that may be promulgated in the future. 

2.12 Agreement to Furnish Information. Each Holder agrees to execute and deliver such other agreements as
may be reasonably requested by the Company or the underwriter that are consistent with the Holder’s obligations under Section 2.11 or that are necessary to give further effect thereto. In addition, if requested by the
Company or the representative of the underwriters of Common Stock (or other securities) of the Company, each Holder shall provide, within ten (10) days of such request, such information as may be required by the Company or such representative
in connection with the completion of any public offering of the Company’s securities pursuant to a registration statement filed under the Securities Act. The obligations described in Section 2.11 and this
Section 2.12 shall not apply to a Special Registration Statement. The Company may impose stop-transfer instructions with respect to the shares of Common Stock (or other securities) subject to the foregoing restriction until
the end of the 180-day or longer period specified in Section 2.11. Each Holder agrees that any transferee of any shares of Registrable Securities shall be bound by
Sections 2.11 and 2.12. The underwriters of the Company’s stock are intended third party beneficiaries of Sections 2.11 and 2.12 and shall have the right, power and authority to enforce the
provisions hereof as though they were a party hereto. 

  
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 2.13 Rule 144 Reporting. With a view to making
available to the Holders the benefits of certain rules and regulations of the SEC which may permit the sale of the Registrable Securities to the public without registration, the Company agrees to use its commercially reasonable efforts to: 

(a) Make and keep public information available, as those terms are understood and defined in SEC Rule 144 or any similar
or analogous rule promulgated under the Securities Act, at all times after the effective date of the first registration filed by the Company for an offering of its securities to the general public; 

(b) File with the SEC, in a timely manner, all reports and other documents required of the Company under the Exchange Act; and

 (c) So long as a Holder owns any Registrable Securities, furnish to such Holder forthwith upon request: a written
statement by the Company as to its compliance with the reporting requirements of said Rule 144 of the Securities Act, and of the Exchange Act (at any time after it has become subject to such reporting requirements); a copy of the most recent annual
or quarterly report of the Company filed with the Commission; and such other reports and documents as a Holder may reasonably request in connection with availing itself of any rule or regulation of the SEC allowing it to sell any such securities
without registration and which the Company is able to provide without unreasonable effort or expense. 
 Section 3.
COVENANTS OF THE COMPANY AND INVESTORS. 

3.1 Basic Financial Information and Reporting. 

(a) The Company will maintain true books and records of account in which full and correct entries will be made of all its
business transactions pursuant to a system of accounting established and administered in accordance with generally accepted accounting principles consistently applied (except as noted therein) and will set aside on its books all such proper accruals
and reserves as shall be required under generally accepted accounting principles consistently applied. 
 (b) The Company
shall deliver to each Major Investor the following: 
 (i) as soon as practicable, but in any event within one hundred eighty
(180) days after the end of each fiscal year of the Company, (A) a balance sheet as of the end of such year, (B) statements of income and cash flows for such year, and (C) a statement of stockholders’ equity as of the end of
such year, all prepared in accordance with GAAP and audited and certified by independent public accountants of nationally recognized standing selected by the Board including at least two (2) Preferred Directors (as defined in the Certificate);
provided, however, that such financial statements may be reviewed rather than audited by such accountants upon the consent or approval of the Board; 

(ii) as soon as practicable, but in any event within forty-five (45) days after the end of each fiscal year of the Company, (A) an
unaudited balance sheet as of the end of such year, and (B) unaudited statements of income and cash flows for such year, all prepared in accordance with GAAP; 

  
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 (iii) as soon as practicable, but in any event within sixty (60) days after the end of
each of the first three (3) quarters of each fiscal year of the Company, unaudited statements of income and of cash flows for such fiscal quarter, and an unaudited balance sheet as of the end of such fiscal quarter, all prepared in accordance
with GAAP (except that such financial statements may be subject to normal year-end adjustments and not contain all notes thereto that may be required in accordance with GAAP); 

(iv) as soon as practicable, but in any event within forty-five (45) days after the end of each of the first three (3) quarters of
each fiscal year of the Company, a statement showing the number of shares of each class and series of capital stock and securities convertible into or exercisable for shares of capital stock outstanding at the end of the period, the Common Stock
issuable upon conversion or exercise of any outstanding securities convertible or exercisable for Common Stock and the exchange ratio or exercise price applicable thereto, and the number of shares of issued stock options and stock options not yet
issued but reserved for issuance, if any, all in sufficient detail as to permit the Major Investors to calculate their respective percentage equity ownership in the Company, and certified by the chief financial officer or chief executive officer of
the Company as being true, complete, and correct; 
 (v) as soon as practicable, but in any event within forty-five (45) days of the
end of each month, an unaudited income and statement of cash flows for such month, and an unaudited balance sheet and statement of stockholders’ equity as of the end of such month, all prepared in accordance with GAAP (except that such
financial statements may (i) be subject to normal year-end audit adjustments and (ii) not contain all notes thereto that may be required in accordance with GAAP); 

(vi) as soon as practicable, but in any event within forty-five (45) days after the beginning of each fiscal year, an annual budget and
operating plan for the next two (2) fiscal years (and as soon as available, any subsequent written revisions thereto); 
 (vii) with
respect to the financial statements called for in Section 3.1(b)(i), Section 3.1(b)(ii), Section 3.1(b)(iii) and Section 3.1(b)(v) an instrument
executed by the chief financial officer and chief executive officer of the Company certifying that such financial statements were prepared in accordance with GAAP (except as otherwise set forth in Section 3.1(b)) and fairly
present the financial condition of the Company and its results of operation for the periods specified therein; and 
 (viii) such other
information relating to the financial condition, business, prospects, or corporate affairs of the Company as any Major Investor may from time to time reasonably request; provided, however, that the Company shall not be obligated under
this Section 3.1(b) to provide information (i) that the Company reasonably determines in good faith to be a trade secret or confidential information (unless covered by an enforceable confidentiality agreement, in form
acceptable to the Company) or (ii) the disclosure of which would adversely affect the attorney-client privilege between the Company and its counsel. 

  
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 3.2 Inspection Rights. Each Major Investor and its representatives
(including without limitation, its lawyers and accountants) that is not a former officer or employee of, or consultant to, the Company shall have the right to visit and inspect any of the properties of the Company or any of its subsidiaries, and to
discuss the affairs, finances and accounts of the Company or any of its subsidiaries with its officers, and to review such information as is reasonably requested all at such reasonable times and as often as may be reasonably requested; provided,
however, that the Company (as determined in good faith by the Board) shall not be obligated under this Section 3.2 with respect to a competitor of the Company or with respect to information which the Board determines in
good faith is confidential or attorney-client privileged and should not, therefore, be disclosed. 
 3.3
Confidentiality of Records. Each Investor agrees that such Investor will keep confidential and will not disclose, divulge, or use for any purpose (other than to monitor its investment in the Company) any information furnished to
such Investor that the Company marked or identified orally or in writing as being confidential or proprietary (so long as such information is not in the public domain), except that such Investor may disclose such proprietary or confidential
information (i) to any partner, member, grantor, beneficiary, family member, subsidiary or parent of such Investor as long as such partner, member, grantor, beneficiary, family member, subsidiary or parent is advised of and agrees or has agreed
to be bound by the confidentiality provisions of this Section 3.3 or comparable restrictions; (ii) at such time as it enters the public domain through no fault of such Investor; (iii) that is communicated to it
free of any obligation of confidentiality; (iv) that is developed by such Investor or its agents independently of and without reference to any confidential information communicated by the Company; or (v) as required by applicable law. The
Company acknowledges that certain of the Investors are in the business of venture capital investing and therefore review business plans and related proprietary information of many enterprises, including enterprises that may have products or services
that compete directly or indirectly with those of the Company. Nothing in this Agreement shall preclude or in any way restrict any Investor from investing or participating in any particular enterprise, regardless of whether such enterprise has
products or services that compete with those of the Company so long as such Investor otherwise complies with such Investor’s nondisclosure and nonuse obligations contained in this Section 3.3.  

3.4 Reservation of Common Stock. The Company will at all times reserve and keep available, solely for
issuance and delivery upon the conversion of the Preferred Stock, all Common Stock issuable from time to time upon such conversion. 

3.5 Equity Incentive Grants; Stock Vesting. Any grant of stock options and other stock equivalents to an employee,
director, consultant or other service provider shall require prior approval of the Board, including at least two (2) Preferred Directors. Unless otherwise approved by the Board including at least two (2) Preferred Directors, all stock options and
other stock equivalents issued after the date of this Agreement to employees, directors, consultants and other service providers shall be subject to vesting as follows: (a) twenty-five percent (25%) of such stock shall vest at the end of the first
year following the earlier of the date of issuance or such person’s services commencement date with the company, and (b) seventy-five percent (75%) of such stock shall vest monthly over the remaining three (3) years. Any accelerated vesting
relating to any stock options and other stock equivalents issued after the date of this Agreement to employees, directors, consultants and other service providers shall require prior approval of the Board including at least two (2) Preferred
Directors. With respect to restricted stock and stock issued as a result of early exercised options, the Company’s repurchase option shall provide that, upon termination of the employment of the shareholder, with or without cause, the Company
or its assignee (to the extent permissible under applicable securities law qualification) retains the option to repurchase at cost any unvested shares held by such stockholder. 

  
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 3.6 Increases to Equity Incentive Plan. Any increase in
the number of shares reserved for issuance pursuant to the Company’s 2010 Equity Incentive Plan or the establishment of any new employee stock option plan, employee stock purchase plan, employee restricted stock plan or other similar stock plan
shall require prior approval of the Board, including at least two (2) Preferred Directors. 
 3.7
Proprietary Information and Inventions Agreement. The Company shall require all current and future employees of the Company to execute and deliver a Proprietary Information and Inventions Agreement substantially in a form
acceptable to the Board. The Company shall require all current and future consultants with access to the Company’s intellectual property to enter into consulting or similar agreements containing appropriate confidential information and
invention assignment provisions in favor of the Company. 
 3.8 Directors’ Liability and
Indemnification. The Certificate and the Company’s Bylaws (the “Bylaws”) shall provide (a) for elimination of the liability of director to the maximum extent permitted by law and (b) for
indemnification of directors for acts on behalf of the Company to the maximum extent permitted by law.  
 3.9
D&O Insurance. The Company will use its commercially reasonable efforts to maintain in full force and effect director and officer liability insurance covering the members of the Board in an amount reasonably acceptable to the
Board including at least two (2) Preferred Directors. 
 3.10 Right to Conduct Activities. The Company hereby
agrees and acknowledges that certain of the Investors (each, together with such Investor’s affiliates, a “VC Investor”) are professional investment funds, and as such invest in numerous portfolio companies, some of which
may be deemed competitive with the Company’s business (as currently conducted or as currently proposed to be conducted). The Company hereby agrees that, to the extent permitted under applicable law, no VC Investor shall be liable to the Company
for any claim arising out of, or based upon, (a) the investment by such VC Investor in any entity competitive with the Company, or (b) actions taken by any partner, officer or other representative of such VC Investor to assist any such competitive
company, whether or not such action was taken as a member of the board of directors of such competitive company or otherwise, and whether or not such action has a detrimental effect on the Company; provided, however that the foregoing shall
not relieve (x) such VC Investor or any party from liability associated with the willful misuse of the Company’s confidential information obtained pursuant to Section 3.3, or (ii) any director or officer of the Company from any liability
associated with his or her fiduciary duties to the Company. 

  
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 3.11 Foreign Corrupt Practices Act Enforcement Actions.
The Company shall promptly notify each Major Investor should the Company become aware of any Enforcement Action (as defined in the Purchase Agreement). 

3.12 Committee Representation. The Company shall allow at least two (2) of the Preferred Directors to
serve on all standing committees of the Company’s Board of Directors if any such committees are constituted from time to time, except as may result in a conflict of interest or where committee membership is restricted due to legal or regulatory
requirements such a director does not satisfy. 
 3.13 Audit and Compensation Committees. No later than
90 days after the Initial Closing (as defined in the Purchase Agreement) the Company shall cause to be established, and will maintain, an audit and compensation committee, each of which shall consist solely of
non-employee directors. 
 3.14 Termination of Covenants. All covenants of the
Company contained in Section 3 of this Agreement (other than the provisions of Sections 3.3, 3.8 and 3.9) shall expire and terminate as to each Investor upon the effective date of the registration statement
pertaining to the Qualified Offering. 
 Section 4. RIGHTS TO FUTURE
STOCK ISSUANCES. 
 4.1 Right of First Offer. Subject
to the terms and conditions of this Section 4 and applicable securities laws, each Major Investor that qualifies as an “accredited investor” under Regulation D of the Securities Act (a “Qualified
Investor”) shall have a right of first offer to purchase its pro rata share of all Equity Securities (as defined below) that the Company may, from time to time, propose to sell and issue after the date of this Agreement, other
than the Equity Securities excluded by Section 4.6 hereof. Each Qualified Investor’s pro rata share is equal to the ratio of (a) the number of shares of the Company’s Common Stock (including all shares
of Common Stock issuable or issued upon conversion of the Shares or upon the exercise of outstanding warrants or options) of which such Qualified Investor is a holder or is deemed to be a holder (including by reason of the operation of
Section 5.13 hereof) immediately prior to the issuance of such Equity Securities to (b) the total number of shares of the Company’s outstanding Common Stock (including all shares of Common Stock issued or issuable
upon conversion of the Shares or upon the exercise of any outstanding warrants or options) immediately prior to the issuance of the Equity Securities. The term “Equity Securities” shall mean (i) any Common Stock,
Preferred Stock or other security of the Company, (ii) any security convertible into or exercisable or exchangeable for, with or without consideration, any Common Stock, Preferred Stock or other security (including any option to purchase such a
convertible security), (iii) any security carrying any warrant or right to subscribe to or purchase any Common Stock, Preferred Stock or other security or (iv) any such warrant or right. 

  
 -21- 

 4.2 Exercise of Rights. If the Company proposes to
issue any Equity Securities, it shall give written notice to each Qualified Investor stating its intention to offer such Equity Securities, the number of such Equity Securities to be offered, and the price and the terms and conditions upon which the
Company proposes to offer such Equity Securities. Each Qualified Investor shall have twenty (20) days from the giving of such notice to agree to purchase its pro rata share of the Equity Securities for the price and upon the terms and
conditions specified in the notice by giving written notice to the Company and stating therein the quantity of Equity Securities to be purchased. Notwithstanding the foregoing, the Company shall not be required to offer or sell such Equity
Securities to any Qualified Investor who would cause the Company to be in violation of applicable federal securities laws by virtue of such offer or sale. 

4.3 Issuance of Equity Securities to Other Persons. If not all of the Qualified Investors elect to purchase their
pro rata share of the Equity Securities, then the Company shall promptly notify in writing the Qualified Investors who do so elect and shall offer such Qualified Investors the right to acquire such unsubscribed shares on a pro rata
basis. The Qualified Investors shall have five (5) days after receipt of such notice to notify the Company of its election to purchase all or a portion thereof of the unsubscribed shares. The Company shall have ninety (90) days thereafter
to sell the Equity Securities in respect of which the Qualified Investor’s rights were not exercised, at a price not lower and upon general terms and conditions not materially more favorable to the purchasers thereof than specified in the
Company’s notice to the Qualified Investors pursuant to Section 4.2 hereof. If the Company has not sold such Equity Securities within such ninety (90) day period, the Company shall not thereafter issue or sell any
Equity Securities, without first offering such securities to the Qualified Investors in the manner provided above. 

4.4 Termination of Rights of First Offer. The rights of first offer established by this
Section 4 shall not apply to, and shall terminate upon the earlier of, (i) the effective date of the registration statement pertaining to the Qualified Offering or (ii) an Acquisition or Asset Sale. 

4.5 Assignment of Rights of First Offer. The rights of first offer of each Qualified Investor under
this Section 4 may be assigned to the same parties, subject to the same restrictions as any transfer of registration rights pursuant to Section 2.9. 

4.6 Excluded Securities. The rights of first offer established by this Section 4
shall have no application to (a) any Equity Securities excluded from the definition of Additional Shares of Common Stock in the Certificate or (b) the shares of Series F Preferred (or Common Stock issuable upon conversion thereof) issued
pursuant to the Purchase Agreement, as amended from time to time. 
 Section 5.
MISCELLANEOUS. 
 5.1 Governing Law. This Agreement shall be governed by and
construed under the laws of the State of Delaware in all respects as such laws are applied to agreements among Delaware residents entered into and to be performed entirely within Delaware, without reference to conflicts of laws or principles
thereof. The parties agree that any action brought by either party under or in relation to this Agreement, including, without limitation, to interpret or enforce any provision of this Agreement, shall be brought in, and each party agrees to and does
hereby submit to the jurisdiction and venue of, any state or federal court located in Delaware. 

  
 -22- 

 5.2 Successors and Assigns. Except as otherwise
expressly provided herein, the provisions hereof shall inure to the benefit of, and be binding upon, the parties hereto and their respective successors, assigns, heirs, executors, and administrators and shall inure to the benefit of and be
enforceable by each Person who shall be a holder of Registrable Securities from time to time; provided, however, that prior to the receipt by the Company of adequate written notice of the transfer of any Registrable Securities specifying the
full name and address of the transferee, the Company may deem and treat the Person listed as the holder of such shares in its records as the absolute owner and holder of such shares for all purposes, including the payment of dividends or any
redemption price. 
 5.3 Entire Agreement. This Agreement, the Exhibits hereto, the Purchase
Agreement and the other documents delivered pursuant thereto constitute the full and entire understanding and agreement between the parties with regard to the subjects hereof and no party shall be liable or bound to any other in any manner by any
oral or written representations, warranties, covenants and agreements except as specifically set forth herein and therein. Each party expressly represents and warrants that it is not relying on any oral or written representations, warranties,
covenants or agreements outside of this Agreement. 
 5.4 Severability. In the event one or more of the
provisions of this Agreement should, for any reason, be held to be invalid, illegal or unenforceable in any respect, such invalidity, illegality, or unenforceability shall not affect any other provisions of this Agreement, and this Agreement shall
be construed as if such invalid, illegal or unenforceable provision had never been contained herein. 
 5.5
Amendment and Waiver. 
 (a) Except as otherwise expressly provided, this Agreement may be amended or modified,
and the obligations of the Company and the rights of the Investors and Holders under this Agreement may be waived, only upon the written consent of (i) the Company, and (ii) the Requisite Holders; provided further, however, that if
any amendment, modification or waiver operates in a manner that treats any Holder adversely and in a different manner from other Holders, the consent of such Holder shall also be required for such amendment, waiver, discharge or termination. Any
amendment, termination or waiver effected in accordance with this Section 5.5 shall be binding on all parties hereto, even if they do not execute such consent. 

(b) For the purposes of determining the number of Holders or Investors entitled to vote or exercise any rights hereunder, the
Company shall be entitled to rely solely on the list of record holders of its stock as maintained by or on behalf of the Company. 

  
 -23- 

 5.6 Delays or Omissions. It is agreed that no delay or omission to
exercise any right, power, or remedy accruing to any party, upon any breach, default or noncompliance by another party under this Agreement shall impair any such right, power, or remedy, nor shall it be construed to be a waiver of any such breach,
default or noncompliance, or any acquiescence therein, or of any similar breach, default or noncompliance thereafter occurring. It is further agreed that any waiver, permit, consent, or approval of any kind or character on any party’s behalf of
any breach, default or noncompliance under the Agreement or any waiver on such party’s behalf of any provisions or conditions of this Agreement must be in writing and shall be effective only to the extent specifically set forth in such writing.
All remedies, either under this Agreement, the Bylaws, or otherwise afforded to any party, shall be cumulative and not alternative. 

5.7 Notices. All notices required or permitted hereunder shall be in writing and shall be deemed
effectively given: (a) upon personal delivery to the party to be notified, (b) when sent by confirmed electronic mail or facsimile if sent during normal business hours of the recipient; if not, then on the next business day, (c) five
(5) days after having been sent by registered or certified mail, return receipt requested, postage prepaid, or (d) one (1) day after deposit with a nationally recognized overnight courier, specifying next day delivery, with written
verification of receipt. All communications shall be sent to the party to be notified at the address as set forth on the signature pages hereof or Exhibit A hereto or at such other address as such party may designate by ten
(10) days advance written notice to the other parties hereto. 
 5.8 Attorneys’
Fees. In the event that any suit or action is instituted under or in relation to this Agreement, including, without limitation, to enforce any provision in this Agreement, the prevailing party in such dispute shall be entitled to recover
from the losing party all fees, costs and expenses of enforcing any right of such prevailing party under or with respect to this Agreement, including, without limitation, such reasonable fees and expenses of attorneys and accountants, which shall
include, without limitation, all fees, costs and expenses of appeals. 
 5.9 Titles and Subtitles. The
titles of the sections and subsections of this Agreement are for convenience of reference only and are not to be considered in construing this Agreement. 

5.10 Additional Investors. Notwithstanding anything to the contrary contained herein, if the Company shall
issue additional shares of its Preferred Stock pursuant to the Purchase Agreement, any purchaser of such shares of Preferred Stock shall become a party to this Agreement by executing and delivering an additional counterpart signature page to this
Agreement and shall be deemed an “Investor,” a “Holder” and a party hereunder. Notwithstanding anything to the contrary contained herein, if the Company shall issue Equity Securities in accordance with
Section 4.6 and such Equity Securities are excluded from the definition of Additional Shares of Common Stock pursuant to Sections (E) or (H) of such definition, any purchaser of such Equity Securities may become a
party to this Agreement by executing and delivering an additional counterpart signature page to this Agreement and shall be deemed an “Investor,” a “Holder” and a party hereunder. 

  
 -24- 

 5.11 Counterparts. This Agreement may be executed in
any number of counterparts, each of which shall be an original, but all of which together shall constitute one instrument. 

5.12 Delivery by Facsimile or Electronic Transmission. This Agreement, the agreements referred to herein, and
each other agreement or instrument entered into in connection herewith or therewith or contemplated hereby or thereby, and any amendments hereto or thereto, to the extent signed and subsequently delivered by means of a facsimile machine or other
reasonable electronic transmission, shall be treated in all manner and respects and for all purposes as an original agreement or instrument and shall be considered to have the same binding legal effect as if it were the original signed version
thereof delivered in person. At the request of any party hereto or to any such agreement or instrument, each other party hereto or thereto shall re-execute original forms thereof and deliver them to all other
parties. No party hereto or to any such agreement or instrument shall raise (a) the use of a facsimile machine or other reasonable electronic transmission to deliver a signature or (b) the fact that any signature or agreement or instrument
was signed and subsequently transmitted or communicated through the use of a facsimile machine or other reasonable electronic transmission device as a defense to the formation or enforceability of a contract and each such party forever waives any
such defense. 
 5.13 Aggregation of Stock. All shares of Registrable Securities held or acquired by
affiliated Persons or Persons under common management or control shall be aggregated together for the purpose of determining the availability of any rights under this Agreement. 

5.14 Pronouns. All pronouns contained herein, and any variations thereof, shall be deemed to refer to the
masculine, feminine or neutral, singular or plural, as to the identity of the parties hereto may require. 
 5.15
Termination. This Agreement shall terminate and be of no further force or effect upon the earlier of (i) an Acquisition or Asset Sale; or (ii) the date five (5) years following the closing of the Qualified
Offering. 
 5.16 Dispute Resolution. The parties (a) hereby irrevocably and unconditionally submit
to the jurisdiction of the state courts of Delaware and to the jurisdiction of the United States District Court for the District of Delaware for the purpose of any suit, action or other proceeding arising out of or based upon this Agreement,
(b) agree not to commence any suit, action or other proceeding arising out of or based upon this Agreement except in the state courts of Delaware or the United States District Court for the District of Delaware, and (c) hereby waive, and
agree not to assert, by way of motion, as a defense, or otherwise, in any such suit, action or proceeding, any claim that it is not subject personally to the jurisdiction of the above-named courts, that its property is exempt or immune from
attachment or execution, that the suit, action or proceeding is brought in an inconvenient forum, that the venue of the suit, action or proceeding is improper or that this Agreement or the subject matter hereof may not be enforced in or by such
court. 

  
 -25- 

 5.17 Effect on Prior Agreement. This Agreement amends,
restates, supersedes and replaces the Prior Agreement in its entirety. 
 [SIGNATURE PAGE
FOLLOWS] 
  

  
 -26- 

 IN WITNESS WHEREOF, the parties hereto
have executed this FIFTH AMENDED AND RESTATED INVESTOR RIGHTS AGREEMENT as of the date set forth in the first
paragraph hereof. 
  

			
	COMPANY:
	
	UDEMY, INC.
		
	By:	 	 /s/ Gregg Coccari

	Name:	 	Gregg Coccari
	Title:	 	Chief Executive Officer

  

	
	COMMON HOLDERS:
	
	 /s/ Eren Bali

	Eren Bali
	
	 /s/ Oktay Caglar

	Oktay Caglar

 [Signature Page to Fifth Amended and Restated Investor Rights Agreement] 

 IN WITNESS WHEREOF, the parties hereto
have executed this FIFTH AMENDED AND RESTATED INVESTOR RIGHTS AGREEMENT as of the date set forth in the first
paragraph hereof. 
  

			
	INVESTOR:
	
	SG GROWTH PARTNERS III, LP
		
	By:	 	 /s/ Kenneth Fox

	Kenneth Fox, Managing Partner

  
 [Signature Page to Fifth
Amended and Restated Investor Rights Agreement] 

 IN WITNESS WHEREOF, the parties hereto
have executed this FIFTH AMENDED AND RESTATED INVESTOR RIGHTS AGREEMENT as of the date set forth in the first
paragraph hereof. 
  

			
	INVESTORS:
	
	INSIGHT VENTURE PARTNERS VII, L.P.
		
	By:	 	Insight Venture Associates VII, L.P., its general partner
		
	By:	 	Insight Venture Associates VII, Ltd., its general partner
		
	By:	 	 /s/ Blair Flicker

		
	Name:	 	Blair Flicker, Managing Director and General Counsel
	
	INSIGHT VENTURE PARTNERS (Cayman) VII, L.P.
		
	By:	 	Insight Venture Associates VII, L.P.,
		 	its general partner
		
	By:	 	Insight Venture Associates VII, Ltd.,
		 	its general partner
		
	By:	 	 /s/ Blair Flicker

		
	Name:	 	Blair Flicker, Managing Director and General Counsel
	
	INSIGHT VENTURE PARTNERS VII (Co-Investors), L.P.
		
	By:	 	Insight Venture Associates VII, L.P.,
		 	its general partner
		
	By:	 	Insight Venture Associates VII, Ltd.,
		 	its general partner
		
	By:	 	 /s/ Blair Flicker

		
	Name:	 	Blair Flicker, Managing Director and General Counsel

  
 [Signature Page to Fifth
Amended and Restated Investor Rights Agreement] 

 
			
	INSIGHT VENTURE PARTNERS (Delaware) VII, L.P.
		
	By:	 	Insight Venture Associates VII, L.P.,
		 	its general partner
		
	By:	 	Insight Venture Associates VII, Ltd.,
		 	its general partner
		
	By:	 	 /s/ Blair Flicker

		
	Name:	 	Blair Flicker, Managing Director and General Counsel

  
 [Signature Page to Fifth
Amended and Restated Investor Rights Agreement] 

 IN WITNESS WHEREOF, the parties hereto
have executed this FIFTH AMENDED AND RESTATED INVESTOR RIGHTS AGREEMENT as of the date set forth in the first
paragraph hereof. 
  

			
	INVESTOR:
	
	NEW ROUND LIMITED
		
	By:	 	 /s/ Pu Hai Tao

	Name:	 	Pu Hai Tao
	Title:	 	Director

  
 [Signature Page to Fifth
Amended and Restated Investor Rights Agreement] 

 IN WITNESS WHEREOF, the parties hereto
have executed this FIFTH AMENDED AND RESTATED INVESTOR RIGHTS AGREEMENT as of the date set forth in the first
paragraph hereof. 
  

			
	INVESTORS:
	
	LEARN CAPITAL SPECIAL
	OPPORTUNITIES FUND XXIX, L.P.
		
	By:	 	Learn Capital Management XXIX, LLC,
	its General Partner
		
	By:	 	 /s/ Robert J Hutter

	Robert J Hutter, Managing Member
	
	LEARN CAPITAL SPECIAL
	OPPORTUNITIES FUND XXX, L.P.
		
	By:	 	Learn Capital Management XXX, LLC,
	its General Partner
		
	By:	 	 /s/ Robert J Hutter

	Robert J Hutter, Managing Member
	
	LEARN CAPITAL SPECIAL
	OPPORTUNITIES FUND XXXI, L.P.
		
	By:	 	Learn Capital Management XXXI, LLC,
	its General Partner
		
	By:	 	 /s/ Robert J Hutter

	Robert J Hutter, Managing Member
	
	LEARN CAPITAL SPECIAL
	OPPORTUNITIES FUND XXIII, L.P.
		
	By:	 	Learn Capital Management XXIII, LLC,
	its General Partner
		
	By:	 	 /s/ Robert J Hutter

	Robert J Hutter, Managing Member

  
 [Signature Page to Fifth
Amended and Restated Investor Rights Agreement] 

 
			
	LEARN CAPITAL SPECIAL
	OPPORTUNITIES FUND XXVIII, L.P.
		
	By:	 	Learn Capital Management XXVIII, LLC,
	its General Partner
		
	By:	 	 /s/ Robert J Hutter

	Robert J Hutter, Managing Member
	
	LEARN ALPHA ASSOCIATES LLC
		
	By:	 	 /s/ Robert J Hutter

	Robert J Hutter, Managing Member
	
	LEARN CAPITAL VENTURE PARTNERS II, L.P.
		
	By:	 	Learn Capital Management II, LLC,
	its General Partner
		
	By:	 	 /s/ Robert J Hutter

	Robert J Hutter, Managing Member

  
 [Signature Page to Fifth
Amended and Restated Investor Rights Agreement] 

 IN WITNESS WHEREOF, the parties hereto
have executed this FIFTH AMENDED AND RESTATED INVESTOR RIGHTS AGREEMENT as of the date set forth in the first
paragraph hereof. 
  

			
	INVESTOR:
	
	NORWEST VENTURE PARTNERS XII, LP
		
	By:	 	Genesis VC Partners XII, LLC,
	General Partner
		
	By:	 	NVP Associates, LLC, its Managing Member
		
	By:	 	 /s/ Matthew De Dominicis

	Matthew De Dominicis, Chief Financial Officer

  
 [Signature Page to Fifth
Amended and Restated Investor Rights Agreement] 

 IN WITNESS WHEREOF, the parties hereto
have executed this FIFTH AMENDED AND RESTATED INVESTOR RIGHTS AGREEMENT as of the date set forth in the first
paragraph hereof. 
  

			
	INVESTORS:
	
	SHARESPOST 100 FUND
		
	By:	 	 /s/ Kevin Moss

	Kevin Moss, President

  
 [Signature Page to Fifth
Amended and Restated Investor Rights Agreement] 

 IN WITNESS WHEREOF, the parties hereto
have executed this FIFTH AMENDED AND RESTATED INVESTOR RIGHTS AGREEMENT as of the date set forth in the first
paragraph hereof. 
  

			
	INVESTORS:
	
	MHS CAPITAL PARTNERS, L.P.
		
	By:	 	MHS Capital Management, L.L.C., its General Partner

  

			
	By:	 	 /s/ Mark Sugarman

	Mark Sugarman, Managing Member
	
	MHS CAPITAL PRINCIPALS, L.L.C.
		
	By:	 	MHS Capital Management, L.L.C., its Manager
		
	By:	 	 /s/ Mark Sugarman

	Mark Sugarman, Managing Member
	
	MHS CAPITAL PARTNERS U, L.L.C
		
	By:	 	MHS Capital Management, L.L.C., its Manager
		
	By:	 	 /s/ Mark Sugarman

	Mark Sugarman, Managing Member

  
 [Signature Page to Fifth
Amended and Restated Investor Rights Agreement] 

 IN WITNESS WHEREOF, the parties hereto
have executed this FIFTH AMENDED AND RESTATED INVESTOR RIGHTS AGREEMENT as of the date set forth in the first
paragraph hereof. 
  

			
	INVESTORS:
	
	MIH VENTURES B.V.
		
	By:	 	 /s/ Leroux Neethling

	Leroux Neethling, Authorized Signatory

  
 [Signature Page to Fifth
Amended and Restated Investor Rights Agreement] 

 IN WITNESS WHEREOF, the parties hereto
have executed this FIFTH AMENDED AND RESTATED INVESTOR RIGHTS AGREEMENT as of the date set forth in the first
paragraph hereof. 
  

			
	INVESTORS:
	
	CIANODOLCE HOLDINGS LIMITED
		
	By:	 	 /s/ Roman Sobachevskiy

	Printed Name: Roman Sobachevskiy
	Title:	 	Authorized Signatory

  
 [Signature Page to Fifth
Amended and Restated Investor Rights Agreement] 

 IN WITNESS WHEREOF, the parties hereto
have executed this FIFTH AMENDED AND RESTATED INVESTOR RIGHTS AGREEMENT as of the date set forth in the first
paragraph hereof. 
  

			
	INVESTORS:
	
	ARCTURUS LLC
		
	By:	 	 /s/ Servjeet Bhachu

	Name: Servjeet Bhachu
	Title: Manager
	
	 Address: 92 Montvale Ave., Suite 2500

Stoneham, MA 02180

	
	Email: serge@spartagroupllc.com,
	rnmcompliance@catamaran.in

  
 [Signature Page to Fifth
Amended and Restated Investor Rights Agreement] 

 IN WITNESS WHEREOF, the parties hereto
have executed this FIFTH AMENDED AND RESTATED INVESTOR RIGHTS AGREEMENT as of the date set forth in the first
paragraph hereof. 
  

	
	INVESTORS:
	
	GLOBAL SCOPE INVESTMENTS LIMITED
	
	For and on behalf of
	Secundus Nominees (Jersey) Ltd
	COMPANY SECRETARY
	
	 /s/ Signatory for Global Scope Investments Limited

	Authorized Signatory
	
	 /s/ Signatory for Global Scope Investments Limited

	Authorized Signatory

  
 [Signature Page to Fifth
Amended and Restated Investor Rights Agreement] 

 EXHIBIT A 

SCHEDULE OF INVESTORS 

SG GROWTH PARTNERS III, LP 

[***] 
 NORWEST VENTURE
PARTNERS XII, LP 
 [***] 

INSIGHT VENTURE PARTNERS VII, L.P. 

INSIGHT VENTURE PARTNERS VII
(CO-INVESTORS), L.P. 
 INSIGHT VENTURE
PARTNERS (CAYMAN) VII, L.P. 
 INSIGHT VENTURE PARTNERS
(DELAWARE) VII, L.P. 
 [***] 

NEWVIEW CAPITAL FUND I, L.P. 

[***] 
 SIGNIA VENTURES,
LLC 
 [***] 
 RUSSELL D.
FRADIN AND CARIN G. FRADIN, AS TRUSTEES OF 

THE FRADIN FAMILY TRUST U/A/D
AUGUST 2, 2008 
 [***] 

BENJAMIN LING 
 [***]

 THE HIT FORGE LP 

[***] 
 LARRY BRAITMAN

 [***] 
 JEREMY
STOPPELMAN TTEE UTD 3/16/10 
 3155 SACRAMENTO STREET 

[***] 
 PAUL MARTINO
AND AARATI MARTINO, OR THEIR SUCCESSORS, 

TRUSTEES, THE MARTINO 2007 REVOCABLE TRUST 

DATED AUGUST 22, 2007, AS AMENDED 

[***] 

 MHS CAPITAL PARTNERS LP 

MHS CAPITAL PRINCIPALS LLC 

MHS CAPITAL PARTNERS U, L.L.C. 

[***] 
 500 STARTUPS, L.P. 

[***] 
 INDUSTRY VENTURES
SECONDARY VII, L.P. 
 [***] 

LEARN CAPITAL VENTURE PARTNERS II 

[***] 
 MIH VENTURES B.V. 

[***] 
 FOUNDERS CIRCLE
CAPITAL I AFFILIATES FUND, LP 
 FOUNDERS CIRCLE CAPITAL I,
LP 
 [***] 
 BENESSE
HOLDINGS INC. 
 [***] 

SHARESPOST 100 FUND 

[***] 
 NEW ROUND
LIMITED 
 [***] 
 [***] 

LEARN CAPITAL SPECIAL OPPORTUNITIES FUND XXIII, L.P. 

[***] 
 LEARN CAPITAL
SPECIAL OPPORTUNITIES FUND XXVIII, L.P. 
 [***] 

LEARN CAPITAL SPECIAL OPPORTUNITIES FUND XXIX, L.P. 

[***] 
 LEARN CAPITAL
SPECIAL OPPORTUNITIES FUND XXX, L.P. 
 [***] 

LEARN CAPITAL SPECIAL OPPORTUNITIES FUND XXXI, L.P. 

[***] 

 LEARN ALPHA ASSOCIATES LLC 

[***] 
 CIANODOLCE
HOLDINGS LIMITED 
 [***] 

ARCTURUS LLC 
 [***] 

GLOBAL SCOPE INVESTMENTS LIMITED 

 EXHIBIT B 

SCHEDULE OF COMMON HOLDERS 

EREN BALI 
 [***]

 2016 GAGAN BIYANI TRUST U/A/D 12/08/2016 

[***] 
 OKTAY CAGLAR

 [***] 
 INSIGHT
VENTURE PARTNERS VII, L.P. 
 INSIGHT VENTURE PARTNERS VII
(CO-INVESTORS), L.P. 
 INSIGHT VENTURE
PARTNERS (CAYMAN) VII, L.P. 
 INSIGHT VENTURE PARTNERS
(DELAWARE) VII, L.P. 
 [***] 

MIH VENTURES B.V. 
 [***] 

SG GROWTH PARTNERS III, LP 

[***] 
 NORWEST VENTURE
PARTNERS XII, LP 
 [***]EX-4.2

 Exhibit 4.2 

ANALOG DEVICES, INC. 

$500,000,000 FLOATING RATE SENIOR NOTES DUE OCTOBER 1, 2024 

$750,000,000 1.700% SUSTAINABILITY-LINKED SENIOR NOTES DUE OCTOBER 1, 2028 

$1,000,000,000 2.100% SENIOR NOTES DUE OCTOBER 1, 2031 

$750,000,000 2.800% SENIOR NOTES DUE OCTOBER 1, 2041 

$1,000,000,000 2.950% SENIOR NOTES DUE OCTOBER 1, 2051 

SUPPLEMENTAL INDENTURE 

Dated as of October 5, 2021 

To 
 INDENTURE 

Dated as of June 3, 2013 

THE BANK OF NEW YORK 

MELLON TRUST COMPANY, N.A. 

Trustee 
  

 TABLE OF CONTENTS 

 

							
	 	 	 	  	Page	 
	
	ARTICLE 1.	 
	DEFINITIONS AND INCORPORATION	 
	BY REFERENCE	 
			
	Section 1.1.	 	 Relationship with Base Indenture
	  	 	1	 
	Section 1.2.	 	 Definitions
	  	 	2	 
	Section 1.3.	 	 Other Definitions
	  	 	7	 
	
	ARTICLE 2.	 
	THE NOTES	 
			
	Section 2.1.	 	 Form and Dating
	  	 	7	 
	Section 2.2.	 	 Transfer and Exchange
	  	 	9	 
	Section 2.3.	 	 Issuance of Additional Notes
	  	 	12	 
	
	ARTICLE 3.	 
	REDEMPTION AND PREPAYMENT	 
			
	Section 3.1.	 	 Optional Redemption
	  	 	13	 
	Section 3.2.	 	 Mandatory Redemption
	  	 	16	 
	
	ARTICLE 4.	 
	PARTICULAR COVENANTS	 
			
	Section 4.1.	 	 Offer to Purchase Upon Change of Control Triggering Event
	  	 	16	 
	Section 4.2.	 	 Liens
	  	 	18	 
	Section 4.3.	 	 Sale and Lease Back Transactions
	  	 	19	 
	Section 4.4.	 	 Covenants
	  	 	20	 
	
	ARTICLE 5.	 
	DEFAULTS AND REMEDIES	 
			
	Section 5.1.	 	 Events of Default
	  	 	20	 
	
	ARTICLE 6.	 
	SATISFACTION AND DISCHARGE; DEFEASANCE	 
			
	Section 6.1.	 	 Satisfaction and Discharge of Indenture
	  	 	20	 
	Section 6.2.	 	 Legal Defeasance of Securities of any Series
	  	 	20	 
	Section 6.3.	 	 Covenant Defeasance
	  	 	20	 
	
	ARTICLE 7.	 
		 	 MISCELLANEOUS
	  	 	21	 

							
	Section 7.1.	 	 Trust Indenture Act Controls
	  	 	21	 
	Section 7.2.	 	 Governing Law
	  	 	21	 
	Section 7.3.	 	 Successors
	  	 	21	 
	Section 7.4.	 	 Severability
	  	 	21	 
	Section 7.5.	 	 Counterpart Originals
	  	 	21	 
	Section 7.6.	 	 Table of Contents, Headings, Etc.
	  	 	22	 
	Section 7.7.	 	 Jury Trial
	  	 	22	 
	Section 7.8.	 	 Interpretation
	  	 	22	 
	Section 7.9.	 	 Instruction by Electronic Transmissions
	  	 	22	 
	Section 7.10.	 	 Miscellaneous
	  	 	23	 

  

			
	 Exhibit A
	  	 FORM OF FLOATING RATE NOTE

		
	 Exhibit B
	  	 FORM OF SUSTAINABILITY-LINKED SENIOR NOTE

		
	 Exhibit C
	  	 FORM OF 2031 NOTE

		
	 Exhibit D
	  	 FORM OF 2041 NOTE

		
	 Exhibit E
	  	 FORM OF 2051 NOTE

  

 SUPPLEMENTAL INDENTURE dated as of October 5, 2021 by and between Analog Devices, Inc.,
a Massachusetts corporation (the “Company”), and The Bank of New York Mellon Trust Company, N.A., a national banking association, as trustee (the “Trustee”). 

The Company has heretofore executed and delivered to the Trustee an indenture, dated as of June 3, 2013 (the “Base
Indenture”), providing for the issuance from time to time of one or more Series of the Company’s securities. 

Section 9.1 of the Base Indenture provides that the Company and the Trustee, without the consent of any holders of the Company’s
Securities, from time to time may amend or supplement certain terms and conditions in the Base Indenture, including to provide for the issuance of and establishment of terms of a Series of Securities as permitted by Sections 2.1 and 2.2 thereof.

 The Company desires and has requested the Trustee pursuant to Section 9.1 of the Base Indenture to join with it in the execution and
delivery of this Supplemental Indenture (together with the Base Indenture, the “Indenture”) in order to supplement the Base Indenture as, and to the extent, set forth herein to provide for the issuance of and establish the
forms and terms and conditions of the Notes (as defined below). 
 The execution and delivery of this Supplemental Indenture has been duly
authorized by votes of the Board of Directors or a duly authorized committee thereof. 
 All conditions and requirements necessary to make
this Supplemental Indenture a valid, binding and legal instrument in accordance with its terms have been performed and fulfilled by the parties hereto and the execution and delivery thereof have been in all respects duly authorized by the parties
hereto. 
 The Company and the Trustee agree as follows for the benefit of each other and for the equal and ratable benefit of the Holders
(as defined herein) of the Floating Rate Notes due October 1, 2024, the 1.700% Sustainability-Linked Senior Notes due October 1, 2028, the 2.100% Senior Notes due October 1, 2031, the 2.800% Senior Notes due October 1, 2041 and
the 2.950% Senior Notes due October 1, 2051. 
 ARTICLE 1. 

DEFINITIONS AND INCORPORATION 

BY REFERENCE 
 Section 1.1.
Relationship with Base Indenture. 
 The terms and provisions contained in the Base Indenture will constitute, and are hereby
expressly made, a part of this Supplemental Indenture and the Company and the Trustee, by their execution and delivery of this Supplemental Indenture, expressly agree to such terms and provisions and to be bound thereby. However, to the extent any
provision of the Base Indenture conflicts with the express provisions of this Supplemental Indenture, the provisions of this Supplemental Indenture will govern and be controlling. 

The Trustee accepts the amendment of the Base Indenture effected by this Supplemental Indenture and agrees to execute the trust created by the
Base Indenture as hereby amended, but only upon the terms and conditions set forth in this Supplemental Indenture, including the terms and provisions defining and limiting the liabilities and responsibilities of the Trustee in the performance of the
trust created by the Base Indenture, and without limiting the generality of the foregoing, the Trustee will not be responsible in any manner whatsoever for, or with respect to, any of the recitals or statements contained herein, all of which
recitals or statements are made solely by the Company, or for, or with respect to, (1) the proper authorization of this Supplemental Indenture by the Company, (2) the due execution hereof by the Company or (3) the consequences (direct
or indirect and whether deliberate or inadvertent) of any amendment herein provided for, and the Trustee makes no representation with respect to any such matters. 

Further, the Trustee shall not be responsible or liable for any failure or delay in the performance of its obligations under this Supplemental
Indenture arising out of or caused, directly or indirectly, by circumstances beyond its reasonable control, including acts of God; earthquakes; fires; floods; wars; civil or military disturbances; 

 
sabotage; epidemics; riots; interruptions, loss or malfunctions of utilities, computer (hardware or software) or communications service; accidents; labor disputes; acts of civil or military
authority; or governmental actions; it being understood that the Trustee shall use its best efforts to resume performance as soon as practicable under the circumstances. 

Section 1.2. Definitions. 

Capitalized terms used herein without definition shall have the respective meanings set forth in the Base Indenture. The following terms have
the meanings given to them in this Section 1.2: 
 “2031 Notes” means the 2.100% Senior Notes due
October 1, 2031; provided that the Initial 2031 Notes and the Additional 2031 Notes, if any, will be treated as a single Series for all purposes under this Supplemental Indenture, and unless the context otherwise requires, all references to the
2031 Notes will include the Initial 2031 Notes and any Additional 2031 Notes. 
 “2041 Notes” means the 2.800%
Senior Notes due October 1, 2041; provided that the Initial 2041 Notes and the Additional 2041 Notes, if any, will be treated as a single Series for all purposes under this Supplemental Indenture, and unless the context otherwise requires, all
references to the 2041 Notes will include the Initial 2041 Notes and any Additional 2041 Notes. 
 “2051 Notes”
means the 2.950% Senior Notes due October 1, 2051; provided that the Initial 2051 Notes and the Additional 2051 Notes, if any, will be treated as a single Series for all purposes under this Supplemental Indenture, and unless the context
otherwise requires, all references to the 2051 Notes will include the Initial 2051 Notes and any Additional 2051 Notes. 

“Additional 2031 Notes” means any 2031 Notes (other than the Initial 2031 Notes) issued under this Supplemental
Indenture in accordance with Section 2.3 hereof, as part of the same Series as the Initial 2031 Notes. 
 “Additional 2041
Notes” means any 2041 Notes (other than the Initial 2041 Notes) issued under this Supplemental Indenture in accordance with Section 2.3 hereof, as part of the same Series as the Initial 2041 Notes. 

“Additional 2051 Notes” means any 2051 Notes (other than the Initial 2051 Notes) issued under this Supplemental
Indenture in accordance with Section 2.3 hereof, as part of the same Series as the Initial 2051 Notes. 
 “Additional
Floating Rate Notes” means any Floating Rate Notes (other than the Initial Floating Rate Notes) issued under this Supplemental Indenture in accordance with Section 2.3 hereof, as part of the same Series as the Initial Floating Rate
Notes. 
 “Additional Notes” means any Additional Floating Rate Notes, Additional Sustainability-Linked Senior
Notes, Additional 2031 Notes, Additional 2041 Notes and Additional 2051 Notes, as applicable. 
 “Additional
Sustainability-Linked Senior Notes” means any Sustainability-Linked Senior Notes (other than the Initial Sustainability-Linked Senior Notes) issued under this Supplemental Indenture in accordance with Section 2.3 hereof, as part of
the same Series as the Initial Sustainability-Linked Senior Notes. 
 “Applicable Procedures” means, with respect to
any transfer or exchange of or for beneficial interests in any Global Note, the rules and procedures established by and customary for the Depositary that apply to such transfer or exchange. 

“Attributable Debt” with regard to a Sale and Lease Back Transaction with respect to any Principal Property means, at
the time of determination, the lesser of (i) the fair market value of the Principal Property subject to the Sale and Lease Back Transaction or (ii) the present value (discounted by the weighted average interest rate borne by all securities
then outstanding under the Base Indenture at the time of determination compounded semiannually) of the total obligations of the lessee for rental payments (other than amounts required to be paid on account of property taxes as well as maintenance,
repairs, insurance, water rates and other items which do not constitute payments for property rights) during the remaining portion of the base term of the lease included in such Sale and Lease Back Transaction. 

  
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 “Base Indenture” has the meaning set forth in the preamble to this
Supplemental Indenture, as it may be amended, supplemented or otherwise modified from time to time in accordance with the terms thereof. 

“Below Investment Grade Rating Event” means, with respect to a Series of Notes hereunder, such Series of Notes is
downgraded below Investment Grade by both Rating Agencies on any date during the period (the “Trigger Period”) commencing 60 days prior to the first public announcement by the Company of any Change of Control (or pending
Change of Control) and ending 60 days following the consummation of such Change of Control (which Trigger Period shall be extended if the rating of such Series of Notes is under publicly announced consideration for possible downgrade by any Rating
Agency on such 60th day, such extension to last with respect to each Rating Agency until the date on which such Rating Agency considering such possible downgrade either (i) rates such Series of Notes below Investment Grade or (ii) publicly
announces that it is no longer considering such Series of Notes for possible downgrade, provided that no such extension will occur if on such 60th day such Series of Notes is rated Investment Grade by both Rating Agencies and are not subject
to review for possible downgrade by either Rating Agency). In no event shall the Trustee be charged with knowledge of or responsibility for maintaining a “Below Investment Grade Rating Event” or “Trigger Period.” 

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

(i) the direct or indirect sale, transfer, conveyance or other disposition (other than by way of merger or consolidation), in one or more
series of related transactions, of all or substantially all of the Company’s assets and the assets of its Subsidiaries, taken as a whole, to any person, other than to the Company or one of its direct or indirect Subsidiaries; 

(ii) the consummation of any transaction (including any merger or consolidation) the result of which is that any person becomes the beneficial
owner (as defined in Rules 13d-3 and 13d-5 under the Exchange Act), directly or indirectly, of more than 50% of the Company’s outstanding Voting Stock or other
Voting Stock into which the Company’s Voting Stock is reclassified, consolidated, exchanged or changed, measured by voting power rather than number of shares; 

(iii) the Company consolidates with, or merges with or into, any person, or any person consolidates with, or merges with or into, the Company,
in any such event pursuant to a transaction in which any of the Company’s outstanding Voting Stock or the Voting Stock of such other person is converted into or exchanged for cash, securities or other property, other than any such transaction
where the shares of the Company’s Voting Stock outstanding immediately prior to such transaction constitute, or are converted into or exchanged for, a majority of the outstanding Voting Stock of the surviving person or any direct or indirect
parent company of the surviving person immediately after giving effect to such transaction measured by voting power rather than number of shares; or 

(iv) the adoption of a plan providing for the Company’s liquidation or dissolution. 

Notwithstanding the foregoing, a transaction will not be deemed to involve a Change of Control if (i) the Company becomes a direct or
indirect wholly owned subsidiary of a holding company (which shall include a parent company) and (ii)(A) the direct or indirect holders of the Voting Stock of such holding company immediately following that transaction are substantially the same as
the holders of the Voting Stock of the Company immediately prior to that transaction or (B) immediately following that transaction no person (other than a holding company satisfying the requirements of this sentence) is the beneficial owner,
directly or indirectly, of more than 50% of the Voting Stock of such holding company. The term “person,” as used in this definition, has the meaning given thereto in Section 13(d)(3) of the Exchange Act. 

“Change of Control Triggering Event” means, with respect to a Series of Notes hereunder, the occurrence of both a
Change of Control and a Below Investment Grade Rating Event. 

  
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 “Comparable Treasury Issue” means, with respect to any Fixed Rate
Notes being redeemed, the United States Treasury security selected by the Quotation Agent as having an actual or interpolated maturity comparable to the remaining term of the Fixed Rate Notes being redeemed (assuming such Fixed Rate Notes mature on
the applicable Par Call Date) 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 Fixed Rate
Notes (assuming such Fixed Rate Notes mature on the applicable Par Call Date). 
 “Comparable Treasury Price” means,
with respect to any redemption date, the arithmetic average of all Reference Treasury Dealer Quotations for such redemption date or, if the Quotation Agent obtains only one Reference Treasury Dealer Quotation, such Reference Treasury Dealer
Quotation. 
 “Consolidated Net Tangible Assets” means, as of any date on which the Company effects a transaction
requiring such Consolidated Net Tangible Assets to be measured hereunder, the aggregate amount of assets (less applicable reserves) after deducting therefrom (i) all current liabilities, except for any notes and loans payable, current
maturities of long-term debt, the current portion of deferred revenue and obligations under capital leases and (ii) all goodwill, trade names, patents, unamortized debt discount and expense and any other like intangibles, to the extent included
in said aggregate amount of assets, all as set forth on the Company’s most recent consolidated balance sheet and computed in accordance with GAAP. 

“Consolidated Tangible Assets” means, as of any date on which the Company effects a transaction requiring such
Consolidated Tangible Assets to be measured hereunder, the aggregate amount of assets (less applicable reserves) set forth on the Company’s most recent consolidated balance sheet and computed in accordance with GAAP. 

“Definitive Note” means a certificated Note registered in the name of the Holder thereof and issued in accordance with
Section 2.2 hereof, substantially in the form of Exhibit A hereto, Exhibit B hereto, Exhibit C hereto, Exhibit D hereto or Exhibit E hereto, except that such Note will not bear the Global Note Legend. 

“Depositary” means, with respect to the Notes of a Series hereunder issuable or issued in whole or in part in global
form, the person specified in Section 2.1 hereof as the Depositary with respect to such Notes, and any and all successors thereto appointed as depositary hereunder. 

“Electronic Means” shall mean the following communications methods: e-mail,
facsimile transmission, secure electronic transmission containing applicable authorization codes, passwords and/or authentication keys issued by the Trustee, or another method or system specified by the Trustee as available for use in connection
with its services hereunder. 
 “Fixed Rate Notes” means, individually and collectively, the Sustainability-Linked
Senior Notes, the 2031 Notes, the 2041 Notes and the 2051 Notes. 
 “Floating Rate Notes” means the Floating Rate
Senior Notes due October 1, 2024; provided that the Initial Floating Rate Notes and the Additional Floating Rate Notes, if any, will be treated as a single Series for all purposes under this Supplemental Indenture, and unless the context
otherwise requires, all references to the Floating Rate Notes will include the Initial Floating Rate Notes and any Additional Floating Rate Notes. 

“GAAP” means accounting principles generally accepted in the United States of America set forth in the opinions and
pronouncements of the Accounting Principles Board of the American Institute of Certified Public Accountants and statements and pronouncements of the Financial Accounting Standards Board or in such other statements by such other entity as have been
approved by a significant segment of the accounting profession, which are in effect as of the date of the determination. 

“Global Note Legend” means the legend set forth in Section 2.2(e) hereof, which is required to be placed on all
Global Notes issued under this Supplemental Indenture. 

  
 4 

 “Global Notes” means, individually and collectively, (a) with
respect to the Floating Rate Notes, each of the Global Notes, in the form of Exhibit A hereto, (b) with respect to the Sustainability-Linked Senior Notes, each of the Global Notes, in the form of Exhibit B hereto, (c) with
respect to the 2031 Notes, each of the Global Notes, in the form of Exhibit C hereto, (d) with respect to the 2041 Notes, each of the Global Notes, in the form of Exhibit D hereto and (e) with respect to the 2051 Notes, each
of the Global Notes, in the form of Exhibit E hereto, in each case, issued in accordance with Section 2.1 hereof. 

“Holder” means a person in whose name a Note is registered. 

“Indenture” means the Base Indenture, as supplemented by this Supplemental Indenture, governing the Notes, in each
case, as amended, supplemented or restated from time to time. 
 “Indirect Participant” means a person who holds a
beneficial interest in a Global Note through a Participant. 
 “Initial 2031 Notes” means the first $1,000,000,000
aggregate principal amount of 2031 Notes issued under this Supplemental Indenture on the date hereof. 
 “Initial 2041
Notes” means the first $750,000,000 aggregate principal amount of 2041 Notes issued under this Supplemental Indenture on the date hereof. 

“Initial 2051 Notes” means the first $1,000,000,000 aggregate principal amount of 2051 Notes issued under this
Supplemental Indenture on the date hereof. 
 “Initial Floating Rate Notes” means the first $500,000,000 aggregate
principal amount of Floating Rate Notes issued under this Supplemental Indenture on the date hereof. 
 “Initial
Notes” means any Initial Floating Rate Notes, Initial Sustainability-Linked Senior Notes, Initial 2031 Notes, Initial 2041 Notes and Initial 2051 Notes, as applicable. 

“Initial Sustainability-Linked Senior Notes” means the first $750,000,000 aggregate principal amount of
Sustainability-Linked Senior Notes issued under this Supplemental Indenture on the date hereof. 
 “Investment
Grade” means, with respect to Moody’s, a rating equal to or higher than Baa3 (or the equivalent under any successor rating categories of Moody’s) and, with respect to S&P, a rating equal to or higher than BBB- (or the equivalent under any successor rating categories of S&P). 

“Moody’s” means Moody’s Investors Service Inc., and its successors. 

“Net Available Proceeds” from any Sale and Lease Back Transaction by the Company or any Subsidiary means cash or
readily marketable cash equivalents received (including by way of sale or discounting of a note, installment receivable or other receivable, but excluding any other consideration received in the form of assumption by the acquiree of debt or
obligations relating to the properties or assets that are the subject of such Sale and Lease Back Transaction or received in any other noncash form) therefrom by the Company or any Subsidiary, net of (i) all legal, title and recording tax
expenses, commissions and other fees and expenses incurred and all United States federal, state, provincial, foreign and local taxes required to be accrued as a liability as a consequence of such Sale and Lease Back Transaction; (ii) all
payments made by the Company or any Subsidiary on any debt which is secured in whole or in part by any such properties and assets in accordance with the terms of any Lien upon or with respect to any such properties and assets or which must, by the
terms of such Lien, or in order to obtain a necessary consent to such Sale and Lease Back Transaction or by applicable law, be repaid out of the proceeds from such Sale and Lease Back Transaction; and (iii) all distributions and other payments
made to the minority interest holders in any Subsidiary or joint venture as a result of such Sale and Lease Back Transaction. 

“Notes” means, collectively, the Floating Rate Notes, the Sustainability-Linked Senior Notes, the 2031 Notes, the 2041
Notes and the 2051 Notes. 

  
 5 

 “Par Call Date” means August 1, 2028 in the case of the
Sustainability-Linked Senior Notes, July 1, 2031 in the case of the 2031 Notes, April 1, 2041 in the case of the 2041 Notes and April 1, 2051 in the case of the 2051 Notes. 

“Participant” means, with respect to the Depositary, a person who has an account with the Depositary. 

“Principal Property” means any single parcel of real property or any permanent improvement thereon (i) owned by
the Company or any of the Subsidiaries located in the United States, including the Company’s principal corporate office, any manufacturing facility or plant or any portion thereof and (ii) having a book value, as of the date of
determination, in excess of 3.0% of the Company’s most recently calculated Consolidated Net Tangible Assets. Principal Property does not include any property that the Board of Directors has determined not to be of material importance to the
business conducted by the Subsidiaries and the Company, taken as a whole. 
 “Principal Subsidiary” means any
Subsidiary which owns any Principal Property. 
 “Quotation Agent” means the Reference Treasury Dealer selected by
the Company. 
 “Rating Agencies” means each of Moody’s and S&P; provided, that if either of
Moody’s and S&P ceases to provide rating services to issuers or investors, the Company may appoint a replacement for such Rating Agency that is a “nationally recognized statistical rating organization” within the meaning of
Section 3(a)(62) of the Exchange Act. 
 “Reference Treasury Dealer” means each of (i) Morgan
Stanley & Co. LLC, Citigroup Global Markets Inc., BofA Securities, Inc., J.P. Morgan Securities LLC and BNP Paribas Securities Corp.; and (ii) any other primary U.S. Government securities dealer in New York City (a “primary
treasury dealer”) selected by the Quotation Agent after consultation with the Company, provided that if any of the foregoing shall cease to be a primary treasury dealer, another primary treasury dealer shall be substituted
therefor by the Company. 
 “Reference Treasury Dealer Quotation” means, with respect to each Reference Treasury
Dealer and any redemption date, the arithmetic average, as determined by the Quotation Agent, of the bid and asked prices for the applicable Comparable Treasury Issue (expressed in each case as a percentage of its principal amount) quoted in writing
to the Quotation Agent by such Reference Treasury Dealer at 5:00 p.m. Eastern Time on the third Business Day preceding such redemption date. 

“Remaining Scheduled Payments” means, with respect to any Fixed Rate Notes being redeemed, the remaining scheduled
payments of the principal and interest thereon that would be due after the related redemption date but for such redemption assuming that such Fixed Rate Notes mature on the Par Call Date; provided, however, that, if such redemption
date is not an interest payment date with respect to such Fixed Rate Notes, the amount of the next scheduled interest payment thereon shall be reduced (solely for the purpose of calculating the redemption price) by the amount of interest accrued
thereon to such redemption date. In determining the present values of the Remaining Scheduled Payments, such payments shall be discounted to the redemption date on a semi-annual basis (assuming a 360-day year
consisting of twelve 30-day months) using a discount rate equal to the Treasury Rate plus, respectively, 10 basis points for the Sustainability-Linked Senior Notes, 10 basis points for the 2031 Notes, 15 basis
points for the 2041 Notes and 15 basis points for the 2051 Notes. 
 “S&P” means S&P Global Ratings, a
division of S&P Global, Inc., and its successors. 
 “Sale and Lease Back Transaction” means an arrangement with
any lender or investor or to which such lender or investor is a party providing for the leasing by the Company or any Subsidiary of any Principal Property that, more than 12 months after the later of (i) the completion of the acquisition,
construction, development or improvement of such Principal Property or (ii) the placing in operation of such Principal Property or of such Principal Property as so constructed, developed or improved, has been or is being sold, conveyed,
transferred or otherwise disposed of by the Company or any Subsidiary to such lender or investor or to any person to whom funds have been or are to be advanced by such lender on the security of such Principal Property. 

  
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 “Series” shall have the meaning assigned to it in the Base
Indenture; provided that, for the avoidance of doubt, each of the Floating Rate Notes, the Sustainability-Linked Senior Notes, the 2031 Notes, the 2041 Notes and the 2051 Notes is a separate Series of Notes under, and for all purposes of, the Base
Indenture and this Supplemental Indenture (including with respect to payments of principal and interest, redemptions, offers to purchase, consenting to certain amendments to the Indenture and the Notes and waiving or rescinding Events of Default).

 “Subsidiary” means any corporation, association or other business entity of which more than 50% of the total
voting power of all shares, interests, participations, rights or other equivalents (however designated) of corporate stock entitled (without regard to the occurrence of any contingency) to vote in the election of directors, managers or trustees
thereof is at the time owned or controlled, directly or indirectly, by the Company or one or more of its other Subsidiaries or a combination thereof. 

“Supplemental Indenture” means this Supplemental Indenture, dated as of the date hereof, by and between the Company
and the Trustee, governing the Notes, as amended, supplemented or otherwise modified from time to time in accordance with the Base Indenture and the terms hereof. 

“Sustainability-Linked Senior Notes” means the 1.700 % Sustainability-Linked Senior Notes due October 1,
2028; provided that the Initial Sustainability-Linked Senior Notes and the Additional Sustainability-Linked Senior Notes, if any, will be treated as a single Series for all purposes under this Supplemental Indenture, and unless the context otherwise
requires, all references to the Sustainability-Linked Senior Notes will include the Initial Sustainability-Linked Senior Notes and any Additional Sustainability-Linked Senior Notes. 

“Treasury Rate” means, with respect to any redemption date, the rate per annum equal to the semi-annual equivalent
yield to maturity or interpolated yield to maturity of the applicable Comparable Treasury Issue. In determining this rate, the price for such Comparable Treasury Issue (expressed as a percentage of its principal amount) shall be assumed to be equal
to the applicable Comparable Treasury Price for such redemption date. 
 “Trustee Certificate” means a certificate
signed on behalf of the Trustee by one of its duly authorized officers. 
 “Voting Stock” means, with respect to any
specified “person” (as that term is used in Section 13(d)(3) of the Exchange Act) as of any date, the shares, interests, participations, rights or other equivalents (however designated) of such person that is at the time entitled to
vote generally in the election of the board of directors of such person. 
 Section 1.3. Other Definitions. 

 

			
	 Term
	  	 Defined in
Section

	“Change of Control Offer”	  	4.1
	“Change of Control Payment”	  	4.1
	“Change of Control Payment Date”	  	4.1
	“Debt”	  	4.2
	“DTC”	  	2.1
	“Event of Default”	  	5.1
	“incur”	  	4.2
	“Lien”	  	4.2

 ARTICLE 2. 

THE NOTES 
 Section 2.1. Form and
Dating. 
 (a) General. The Floating Rate Notes and the Trustee’s certificate of authentication with respect thereto will be
substantially in the form of Exhibit A hereto. The Sustainability-Linked Senior Notes and the Trustee’s 

  
 7 

 
certificate of authentication with respect thereto will be substantially in the form of Exhibit B hereto. The 2031 Notes and the Trustee’s certificate of authentication with respect
thereto will be substantially in the form of Exhibit C hereto. The 2041 Notes and the Trustee’s certificate of authentication with respect thereto will be substantially in the form of Exhibit D hereto. The 2051 Notes and the
Trustee’s certificate of authentication with respect thereto will be substantially in the form of Exhibit E hereto. The Notes may have notations, legends or endorsements required by law, stock exchange rule or usage. Each Note will be
dated the date of its authentication. The Notes will be in denominations of $2,000 with integral multiples of $1,000 thereof. 
 The terms
and provisions contained in the Notes will constitute, and are hereby expressly made, a part of this Supplemental Indenture and the Company and the Trustee, by their execution and delivery of this Supplemental Indenture, expressly agree to such
terms and provisions and to be bound thereby. However, to the extent any provision of any Note conflicts with the express provisions of the Indenture, the provisions of the Indenture will govern and be controlling. For the avoidance of doubt, none
of the Trustee, Paying Agent, Registrar or Calculation Agent makes any representation whatsoever with respect to whether the Sustainability-Linked Senior Notes qualify as green bonds, social bonds, sustainable bonds or bonds of any other
equivalently-labeled target. 
 (b) Global Notes. 

(1) Floating Rate Notes issued in global form will be substantially in the form of Exhibit A attached hereto (including
the Global Note Legend thereon). Floating Rate Notes issued in definitive form will be substantially in the form of Exhibit A attached hereto (but without the Global Note Legend thereon). 

(2) Sustainability-Linked Senior Notes issued in global form will be substantially in the form of Exhibit B attached
hereto (including the Global Note Legend thereon). Sustainability-Linked Senior Notes issued in definitive form will be substantially in the form of Exhibit B attached hereto (but without the Global Note Legend thereon). 

(3) 2031 Notes issued in global form will be substantially in the form of Exhibit C attached hereto (including the
Global Note Legend thereon). 2031 Notes issued in definitive form will be substantially in the form of Exhibit C attached hereto (but without the Global Note Legend thereon). 

(4) 2041 Notes issued in global form will be substantially in the form of Exhibit D attached hereto (including the
Global Note Legend thereon). 2041 Notes issued in definitive form will be substantially in the form of Exhibit D attached hereto (but without the Global Note Legend thereon). 

(5) 2051 Notes issued in global form will be substantially in the form of Exhibit E attached hereto (including the
Global Note Legend thereon). 2051 Notes issued in definitive form will be substantially in the form of Exhibit E attached hereto (but without the Global Note Legend thereon). 

(6) Each Global Note will represent such of the outstanding Notes as will be specified therein and each will provide that it
will represent the aggregate principal amount of outstanding Notes from time to time endorsed thereon and that the aggregate principal amount of outstanding Notes represented thereby may from time to time be reduced or increased, as appropriate, to
reflect exchanges and redemptions. Any endorsement of a Global Note to reflect the amount of any increase or decrease in the aggregate principal amount of outstanding Notes represented thereby will be made by the Trustee or the Custodian, at the
direction of the Trustee, in accordance with instructions given by the Holder thereof as required by Section 2.2 hereof. The Company initially appoints The Depository Trust Company (“DTC”) to act as Depositary with
respect to the Global Notes. 

  
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 Section 2.2. Transfer and Exchange. 

(a) Transfer and Exchange of Global Notes. A Global Note may not be transferred as a whole except by the Depositary to a nominee of the
Depositary, by a nominee of the Depositary to the Depositary or to another nominee of the Depositary, or by the Depositary or any such nominee to a successor Depositary or a nominee of such successor Depositary. All Global Notes of a Series
hereunder will be exchanged by the Company for Definitive Notes of the same Series if, with respect to such Series of Notes: 

(1) the Company delivers to the Trustee notice from the Depositary that it is unwilling or unable to continue to act as
Depositary or that it is no longer a clearing agency registered under the Exchange Act and, in either case, a successor Depositary is not appointed by the Company within 90 days after the date of such notice from the Depositary; or 

(2) the Company in its sole discretion and subject to the procedures of the Depositary determines that the Global Notes of such
Series (in whole but not in part) should be exchanged for Definitive Notes and delivers a written notice to such effect to the Trustee. 

Upon the occurrence of either of the preceding events in (1) or (2) above with respect to a Series of Notes hereunder, Definitive Notes
will be issued for such Series in such names and in any approved denominations as the Depositary will instruct the Trustee. Global Notes also may be exchanged or replaced, in whole or in part, as provided in Sections 2.8 and 2.11 of the Base
Indenture. Every Note authenticated and delivered in exchange for, or in lieu of, a Global Note or any portion thereof, pursuant to this Section 2.2 (subject to any contrary provision in this Section 2.2(a)) or Section 2.8 or 2.11 of
the Base Indenture, will be authenticated and delivered in the form of, and will be, a Global Note. A Global Note may not be exchanged for another Note other than as provided in this Section 2.2(a); however, beneficial interests in a Global
Note may be transferred and exchanged as provided in Section 2.2(b) or (f) hereof. 
 (b) Transfer and Exchange of Beneficial
Interests in the Global Notes. The transfer and exchange of beneficial interests in the Global Notes will be effected through the Depositary, in accordance with the provisions of this Supplemental Indenture and the Applicable Procedures.
Transfers of beneficial interests in the Global Notes also will require compliance with either subparagraph (1) or (2) below, as applicable, as well as one or more of the other following subparagraphs, as applicable: 

(1) Transfer of Beneficial Interests in the Same Global Note. Beneficial interests in any Global Note may be transferred
to persons who take delivery thereof in the form of a beneficial interest in a Global Note. No written orders or instructions will be required to be delivered to the Registrar to effect the transfers described in this Section 2.2(b)(1). 

(2) All Other Transfers and Exchanges of Beneficial Interests in Global Notes. In connection with all transfers and
exchanges of beneficial interests with respect to a Series of Notes that are not subject to Section 2.2(b)(1) above, the transferor of such beneficial interest must deliver to the Registrar: 

(i) a written order from a Participant or an Indirect Participant given to the Depositary in accordance with the Applicable
Procedures directing the Depositary to credit or cause to be credited a beneficial interest in another Global Note in an amount equal to the beneficial interest to be transferred or exchanged; and 

(ii) instructions given in accordance with the Applicable Procedures containing information regarding the Participant account
to be credited with such increase. 
 With respect to a Series of Notes hereunder, upon satisfaction of all of the requirements for transfer
or exchange of beneficial interests in Global Notes contained in this Supplemental Indenture and the Notes of such Series, as evidenced by an Officers’ Certificate delivered to the Trustee, the Trustee will adjust the principal amount of the
relevant Global Note(s) pursuant to Section 2.2(f) hereof. 
 (c) Transfer and Exchange of Definitive Notes for Beneficial
Interests. 

  
 9 

 A Holder of a Definitive Note may exchange such Note for a beneficial interest in a Global
Note of the same Series or transfer such Definitive Notes to a person who takes delivery thereof in the form of a beneficial interest in a Global Note of the same Series at any time. Upon receipt of a request for such an exchange or transfer, the
Trustee will cancel the applicable Definitive Note and increase, or cause to be increased, the aggregate principal amount of one of the applicable Global Notes. 

If, with respect to a Series of Notes, any such exchange or transfer from a Definitive Note to a beneficial interest is effected pursuant to
the previous paragraph at a time when a Global Note of the same Series has not yet been issued, the Company will issue and, upon receipt of a Company Order, the Trustee will authenticate one or more Global Notes of such Series in an aggregate
principal amount equal to the principal amount of Definitive Notes so transferred. 
 (d) Transfer and Exchange of Definitive Notes for
Definitive Notes. A Holder of Definitive Notes may transfer such Notes to a person who takes delivery thereof in the form of a Definitive Note of the same Series. Upon request by a Holder of Definitive Notes and such Holder’s compliance
with the provisions of this Section 2.2(d), the Registrar will register the transfer or exchange of Definitive Notes. Prior to such registration of transfer or exchange, the requesting Holder will present or surrender to the Registrar the
Definitive Notes duly endorsed or accompanied by a written instruction of transfer in form satisfactory to the Registrar duly executed by such Holder or by his attorney, duly authorized in writing. In addition, the requesting Holder will provide any
additional required certifications, documents and information, as applicable. 
 (e) Legends. The following legends will appear on
the face of all Global Notes issued under this Supplemental Indenture unless specifically stated otherwise in the applicable provisions of this Supplemental Indenture. 

“THIS GLOBAL NOTE IS HELD BY THE DEPOSITARY (AS DEFINED IN THE SUPPLEMENTAL INDENTURE HEREINAFTER REFERRED TO) OR ITS NOMINEE IN CUSTODY
FOR THE BENEFIT OF THE BENEFICIAL OWNERS HEREOF, AND IS NOT TRANSFERABLE TO ANY PERSON UNDER ANY CIRCUMSTANCES EXCEPT THAT (I) THE TRUSTEE MAY MAKE SUCH NOTATIONS HEREON AS MAY BE REQUIRED PURSUANT TO SECTION 2.2 OF THE SUPPLEMENTAL INDENTURE,
(II) THIS GLOBAL NOTE MAY BE EXCHANGED IN WHOLE BUT NOT IN PART PURSUANT TO SECTION 2.2(a) OF THE SUPPLEMENTAL INDENTURE, (III) THIS GLOBAL NOTE MAY BE DELIVERED TO THE TRUSTEE FOR CANCELLATION PURSUANT TO SECTION 2.12 OF THE BASE
INDENTURE HEREINAFTER REFERRED TO AND (IV) THIS GLOBAL NOTE MAY BE TRANSFERRED TO A SUCCESSOR DEPOSITARY WITH THE PRIOR WRITTEN CONSENT OF THE COMPANY HEREINAFTER REFERRED TO. 

THIS GLOBAL NOTE IS A GLOBAL NOTE WITHIN THE MEANING OF THE SUPPLEMENTAL INDENTURE HEREINAFTER REFERRED TO AND IS REGISTERED IN THE NAME OF
THE DEPOSITARY OR A NOMINEE OF THE DEPOSITARY. THIS GLOBAL NOTE IS EXCHANGEABLE FOR NOTES REGISTERED IN THE NAME OF A PERSON OTHER THAN THE DEPOSITARY OR ITS NOMINEE ONLY IN THE LIMITED CIRCUMSTANCES DESCRIBED IN THE INDENTURE, AND MAY NOT BE
TRANSFERRED EXCEPT AS A WHOLE BY THE DEPOSITARY TO A NOMINEE OF THE DEPOSITARY, 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 A SUCCESSOR DEPOSITARY. UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY (55 WATER STREET, NEW YORK, NEW YORK) (“DTC”) TO THE COMPANY OR ITS AGENT FOR REGISTRATION OF
TRANSFER, EXCHANGE OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR SUCH OTHER NAME AS MAY BE REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO. OR SUCH OTHER
ENTITY AS MAY BE REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST
HEREIN.” 

  
 10 

 (f) Cancellation and/or Adjustment of Global Notes. At such time as all beneficial
interests in a particular Global Note have been exchanged for Definitive Notes or a particular Global Note has been redeemed, repurchased or canceled in whole and not in part, each such Global Note will be returned to or retained and canceled by the
Trustee in accordance with Section 2.12 of the Base Indenture. At any time prior to such cancellation, if any beneficial interest in a Global Note is exchanged for or transferred to a person who will take delivery thereof in the form of a
beneficial interest in another Global Note of the same Series, the principal amount of Notes represented by such Global Note will be reduced accordingly and an endorsement will be made on such Global Note by the Trustee or by the Depositary at the
direction of the Trustee to reflect such reduction; and if the beneficial interest is being exchanged for or transferred to a person who will take delivery thereof in the form of a beneficial interest in another Global Note, such other Global Note
will be increased accordingly and an endorsement will be made on such Global Note by the Trustee or by the Depositary at the direction of the Trustee to reflect such increase. 

(g) General Provisions Relating to Transfers and Exchanges. 

(1) To permit registrations of transfers and exchanges, the Company will execute and the Trustee will authenticate Global Notes
and Definitive Notes upon the receipt of a Company Order. 
 (2) No service charge will be made to a holder of a beneficial
interest in a Global Note or to a Holder of a Definitive Note for any registration of transfer or exchange, but the Company may require payment of a sum sufficient to cover any transfer tax or similar governmental charge payable in connection
therewith (other than any such transfer taxes or similar governmental charge payable upon exchange or transfer pursuant to Sections 2.11, 3.6 and 9.6 of the Base Indenture). 

(3) The Registrar will not be required to register the transfer of or exchange any Note selected for redemption in whole or in
part, except the unredeemed portion of any Note being redeemed in part. 
 (4) All Global Notes and Definitive Notes issued
upon any registration of transfer or exchange of Global Notes or Definitive Notes will be the valid obligations of the Company, evidencing the same debt and entitled to the same benefits under this Supplemental Indenture, as the Global Notes or
Definitive Notes surrendered upon such registration of transfer or exchange. 
 (5) The Company will not be required, with
respect to a Series of Notes hereunder: 
 (i) to issue, to register the transfer of or to exchange any Notes of such Series
during a period of 15 days before the day of any selection of Notes of such Series for redemption under Section 3.2 of the Base Indenture and ending at the close of business on the day of selection; 

(ii) to register the transfer of or to exchange any Note of such Series so selected for redemption in whole or in part, except
the unredeemed portion of any Note of such Series being redeemed in part; or 
 (iii) to register the transfer of or to
exchange any Note of such Series between a record date and the next succeeding interest payment date. 
 (6) Prior to due
presentment for the registration of a transfer of any Note, the Trustee, any Agent and the Company may deem and treat the person in whose name any Note is registered as the absolute owner of such Note for the purpose of receiving payment of
principal of and (subject to the record date provisions hereof) interest on such Notes and for all other purposes, and none of the Trustee, any Agent or the Company will be affected by notice to the contrary. 

(7) The Trustee will authenticate Global Notes and Definitive Notes in accordance with the provisions of Section 2.3 of
the Base Indenture. 

  
 11 

 (8) The Trustee will deliver one or more Trustee Certificates certifying,
among other things, pursuant to Section 2.3 of the Base Indenture, that the Notes have been authenticated and have been made available for delivery and the corporate governance documents and incumbency of signing officers of the Trustee as of
the date hereof. 
 (9) Any Officers’ Certificate or Opinion of Counsel required to be submitted to the Registrar
pursuant to this Section 2.2 to effect a registration of transfer or exchange may be submitted by facsimile. 
 (10) The
Trustee shall have no obligation or duty to monitor, determine or inquire as to compliance with any restrictions on transfer imposed under this Supplemental Indenture or under applicable law with respect to any transfer of any interest in any Note
other than to require delivery of such certificates and other documentation or evidence as are expressly required by, and to do so if and when expressly required by the terms of, this Supplemental Indenture, and to examine the same to determine
substantial compliance as to form with the express requirements hereof. 
 (11) Neither the Trustee nor any Agent shall have
any responsibility for any actions taken or not taken by the Depositary. 
 Section 2.3. Issuance of Additional Notes. 

(a) The Company will be entitled, upon delivery of an Officers’ Certificate and an Opinion of Counsel, to issue Additional Floating Rate
Notes under this Supplemental Indenture which will have identical terms as the Initial Floating Rate Notes issued on the date hereof, other than with respect to the date of issuance and issue price and, if applicable, the first Interest Payment Date
and the initial interest accrual date. The Initial Floating Rate Notes issued on the date hereof and any Additional Floating Rate Notes issued will be treated as a single Series for all purposes under this Supplemental Indenture; provided
that if any such Additional Floating Rate Notes are not fungible for United States Federal income tax purposes with respect to the Initial Floating Rate Notes previously issued, such Additional Floating Rate Notes will not have the same CUSIP number
(or other securities identification number) as the Initial Floating Rate Notes previously issued. 
 (b) The Company will be entitled, upon
delivery of an Officers’ Certificate and an Opinion of Counsel, to issue Additional Sustainability-Linked Senior Notes under this Supplemental Indenture which will have identical terms as the Initial Sustainability-Linked Senior Notes issued on
the date hereof, other than with respect to the date of issuance and issue price and, if applicable, the first Interest Payment Date and the initial interest accrual date. The Initial Sustainability-Linked Senior Notes issued on the date hereof and
any Additional Sustainability-Linked Senior Notes issued will be treated as a single Series for all purposes under this Supplemental Indenture; provided that if any such Additional Sustainability-Linked Senior Notes are not fungible for
United States Federal income tax purposes with respect to the Initial Sustainability-Linked Senior Notes previously issued, such Additional Sustainability-Linked Senior Notes will not have the same CUSIP number (or other securities identification
number) as the Initial Sustainability-Linked Senior Notes previously issued. 
 (c) The Company will be entitled, upon delivery of an
Officers’ Certificate and an Opinion of Counsel, to issue Additional 2031 Notes under this Supplemental Indenture which will have identical terms as the Initial 2031 Notes issued on the date hereof, other than with respect to the date of
issuance and issue price and, if applicable, the first Interest Payment Date and the initial interest accrual date. The Initial 2031 Notes issued on the date hereof and any Additional 2031 Notes issued will be treated as a single Series for all
purposes under this Supplemental Indenture; provided that if any such Additional 2031 Notes are not fungible for United States Federal income tax purposes with respect to the Initial 2031 Notes previously issued, such Additional 2031 Notes
will not have the same CUSIP number (or other securities identification number) as the Initial 2031 Notes previously issued. 
 (d) The
Company will be entitled, upon delivery of an Officers’ Certificate and an Opinion of Counsel, to issue Additional 2041 Notes under this Supplemental Indenture which will have identical terms as the Initial 2041 Notes issued on the date hereof,
other than with respect to the date of issuance and issue price and, if applicable, the first Interest Payment Date and the initial interest accrual date. The Initial 2041 Notes issued on the date hereof and any Additional 2041 Notes issued will be
treated as a single Series for all purposes under this Supplemental Indenture; provided that if any such Additional 2041 Notes are not fungible for United States Federal income tax purposes with respect to the Initial 2041 Notes previously
issued, such Additional 2041 Notes will not have the same CUSIP number (or other securities identification number) as the Initial 2041 Notes previously issued. 

  
 12 

 (e) The Company will be entitled, upon delivery of an Officers’ Certificate and an
Opinion of Counsel, to issue Additional 2051 Notes under this Supplemental Indenture which will have identical terms as the Initial 2051 Notes issued on the date hereof, other than with respect to the date of issuance and issue price and, if
applicable, the first Interest Payment Date and the initial interest accrual date. The Initial 2051 Notes issued on the date hereof and any Additional 2051 Notes issued will be treated as a single Series for all purposes under this Supplemental
Indenture; provided that if any such Additional 2051 Notes are not fungible for United States Federal income tax purposes with respect to the Initial 2051 Notes previously issued, such Additional 2051 Notes will not have the same CUSIP number
(or other securities identification number) as the Initial 2051 Notes previously issued. 
 (f) With respect to any Additional Notes, the
Company will set forth in a resolution of its Board of Directors (or a duly authorized committee thereof) or of a designee thereof and an Officers’ Certificate, a copy of each which will be delivered to the Trustee, the following information:

 (i) the aggregate principal amount of such Additional Notes to be authenticated and delivered pursuant to this Supplemental Indenture; and

 (ii) the issue price, the issue date, the CUSIP number(s), the first Interest Payment Date and the initial interest accrual date of such
Additional Notes. 
 (g) For the avoidance of doubt, the issuance of Additional Notes pursuant to this Section 2.3 is subject to
Section 2.3 of the Base Indenture. 
 ARTICLE 3. 

REDEMPTION AND PREPAYMENT 

Section 3.1. Optional Redemption. 

(a) Floating Rate Notes. The Company will not have the right to redeem the Floating Rate Notes prior to the maturity date of the
Floating Rate Notes. 
 (b) Sustainability-Linked Senior Notes. Prior to the Par Call Date for the Sustainability-Linked Senior
Notes, the Company will have the right, at its option, to redeem the Sustainability-Linked Senior Notes, at any time and from time to time, either in whole or in part, at a redemption price equal to the greater of the following amounts: 

 

	 	(i)	 100% of the principal amount of the Sustainability-Linked Senior Notes being redeemed; and

  

	 	(ii)	 The sum of the present values of the Remaining Scheduled Payments of the notes being redeemed (assuming that
the Sustainability-Linked Senior Notes mature on the Par Call Date for the Sustainability-Linked Senior Notes). 

 On or
after the Par Call Date for the Sustainability-Linked Senior Notes, the Company will have the right, at its option, to redeem the Sustainability-Linked Senior Notes, at any time and from time to time, either in whole or in part, at a redemption
price equal to 100% of the principal amount of the Sustainability-Linked Senior Notes to be redeemed. 
 In connection with any redemption
of the Sustainability-Linked Senior Notes prior to their maturity date, the Company will also pay the accrued and unpaid interest on the Sustainability-Linked Senior Notes being redeemed to, but excluding, the date of redemption of such
Sustainability-Linked Senior Notes. 

  
 13 

 In connection with any redemption of the Sustainability-Linked Senior Notes prior to their
maturity date, calculation of the redemption price therefor shall be made by the Company or on the Company’s behalf by such person as the Company shall designate; provided, however, that such calculation shall not be a duty or obligation of the
Trustee or any Agent. Notwithstanding Section 3.3 of the Base Indenture, the notice of any redemption of the Sustainability-Linked Senior Notes pursuant to that Section in respect of a redemption date occurring prior to the maturity date of the
Sustainability-Linked Senior Notes need not set forth the redemption price but only the manner of calculation thereof. 
 Unless the Company
defaults in payment of the redemption price, on and after the redemption date, interest shall cease to accrue on the Sustainability-Linked Senior Notes or portions thereof called for redemption. 

Sustainability-Linked Senior Notes subject to a partial redemption shall be selected for redemption by such method as the Trustee shall deem
fair and appropriate (provided that if the Sustainability-Linked Senior Notes are represented by one or more Global Notes, the Sustainability-Linked Senior Notes shall be selected for redemption by the Depositary in accordance with its standard
procedures therefor) and may provide for the selection for redemption of a portion of the principal amount of the Sustainability-Linked Senior Notes equal to an authorized denomination. 

No Sustainability-Linked Senior Notes of $2,000 or less can be redeemed in part. Sustainability-Linked Senior Notes in denominations larger
than $2,000 may be redeemed in part but only in whole multiples of $1,000, unless all of the Sustainability-Linked Senior Notes held by a Holder are being redeemed. 

Notice of any redemption shall be mailed, or otherwise transmitted in accordance with the Depositary’s standard procedures therefor, at
least 10 days but not more than 60 days before the redemption date to each Holder of the Sustainability-Linked Senior Notes to be redeemed. 

(c) 2031 Notes. Prior to the Par Call Date for the 2031 Notes, the Company will have the right, at its option, to redeem the 2031
Notes, at any time and from time to time, either in whole or in part, at a redemption price equal to the greater of the following amounts: 
  

	 	(i)	 100% of the principal amount of the 2031 Notes being redeemed; and 

 

	 	(ii)	 The sum of the present values of the Remaining Scheduled Payments of the notes being redeemed (assuming that
the 2031 Notes mature on the Par Call Date for the 2031 Notes). 

 On or after the Par Call Date for the 2031 Notes, the
Company will have the right, at its option, to redeem the 2031 Notes, at any time and from time to time, either in whole or in part, at a redemption price equal to 100% of the principal amount of the 2031 Notes to be redeemed. 

In connection with any redemption of the 2031 Notes prior to their maturity date, the Company will also pay the accrued and unpaid interest on
the 2031 Notes being redeemed to, but excluding, the date of redemption of such 2031 Notes. 
 In connection with any redemption of the 2031
Notes prior to their maturity date, calculation of the redemption price therefor shall be made by the Company or on the Company’s behalf by such person as the Company shall designate; provided, however, that such calculation shall not be a duty
or obligation of the Trustee or any Agent. Notwithstanding Section 3.3 of the Base Indenture, the notice of any redemption of the 2031 Notes pursuant to that Section in respect of a redemption date occurring prior to the maturity date of the
2031 Notes need not set forth the redemption price but only the manner of calculation thereof. 
 Unless the Company defaults in payment of
the redemption price, on and after the redemption date, interest will cease to accrue on the 2031 Notes or portions thereof called for redemption. 

2031 Notes subject to a partial redemption shall be selected for redemption by such method as the Trustee shall deem fair and appropriate
(provided that if the 2031 Notes are represented by one or more Global Notes, the 2031 Notes shall be selected for redemption by the Depositary in accordance with its standard procedures therefor) and may provide for the selection for redemption of
a portion of the principal amount of the 2031 Notes equal to an authorized denomination. 

  
 14 

 No 2031 Notes of $2,000 or less can be redeemed in part. 2031 Notes in denominations larger
than $2,000 may be redeemed in part but only in whole multiples of $1,000, unless all of the 2031 Notes held by a Holder are to be redeemed. 

Notice of any redemption shall be mailed, or otherwise transmitted in accordance with the Depositary’s standard procedures therefor, at
least 10 days but not more than 60 days before the redemption date to each Holder of the 2031 Notes to be redeemed. 
 (d) 2041
Notes. Prior to the Par Call Date for the 2041 Notes, the Company will have the right, at its option, to redeem the 2041 Notes, at any time and from time to time, either in whole or in part, at a redemption price equal to the greater of the
following amounts: 
  

	 	(i)	 100% of the principal amount of the 2041 Notes being redeemed; and 

 

	 	(ii)	 The sum of the present values of the Remaining Scheduled Payments of the notes being redeemed (assuming that
the 2041 Notes mature on the Par Call Date for the 2041 Notes). 

 On or after the Par Call Date for the 2041 Notes, the
Company will have the right, at its option, to redeem the 2041 Notes, at any time and from time to time, either in whole or in part, at a redemption price equal to 100% of the principal amount of the 2041 Notes to be redeemed. 

In connection with any redemption of the 2041 Notes prior to their maturity date, the Company will also pay the accrued and unpaid interest on
the 2041 Notes being redeemed to, but excluding, the date of redemption of such 2041 Notes. 
 In connection with any redemption of the 2041
Notes prior to their maturity date, calculation of the redemption price therefor shall be made by the Company or on the Company’s behalf by such person as the Company shall designate; provided, however, that such calculation shall not be a duty
or obligation of the Trustee or any Agent. Notwithstanding Section 3.3 of the Base Indenture, the notice of any redemption of the 2041 Notes pursuant to that Section in respect of a redemption date occurring prior to the maturity date of the
2041 Notes need not set forth the redemption price but only the manner of calculation thereof. 
 Unless the Company defaults in payment of
the redemption price, on and after the redemption date, interest will cease to accrue on the 2041 Notes or portions thereof called for redemption. 

2041 Notes subject to a partial redemption shall be selected for redemption by such method as the Trustee shall deem fair and appropriate
(provided that if the 2041 Notes are represented by one or more Global Notes, the 2041 Notes shall be selected for redemption by the Depositary in accordance with its standard procedures therefor) and may provide for the selection for redemption of
a portion of the principal amount of the 2041 Notes equal to an authorized denomination. 
 No 2041 Notes of $2,000 or less can be redeemed
in part. 2041 Notes in denominations larger than $2,000 may be redeemed in part but only in whole multiples of $1,000, unless all of the 2041 Notes held by a Holder are to be redeemed. 

Notice of any redemption shall be mailed, or otherwise transmitted in accordance with the Depositary’s standard procedures therefor, at
least 10 days but not more than 60 days before the redemption date to each Holder of the 2041 Notes to be redeemed. 

  
 15 

 (e) 2051 Notes. Prior to the Par Call Date for the 2051 Notes, the Company will have
the right, at its option, to redeem the 2051 Notes, at any time and from time to time, either in whole or in part, at a redemption price equal to the greater of the following amounts: 

 

	 	(i)	 100% of the principal amount of the 2051 Notes being redeemed; and 

 

	 	(ii)	 The sum of the present values of the Remaining Scheduled Payments of the notes being redeemed (assuming that
the 2051 Notes mature on the Par Call Date for the 2051 Notes). 

 On or after the Par Call Date for the 2051 Notes, the
Company will have the right, at its option, to redeem the 2051 Notes, at any time and from time to time, either in whole or in part, at a redemption price equal to 100% of the principal amount of the 2051 Notes to be redeemed. 

In connection with any redemption of the 2051 Notes prior to their maturity date, the Company will also pay the accrued and unpaid interest on
the 2051 Notes being redeemed to, but excluding, the date of redemption of such 2051 Notes. 
 In connection with any redemption of the 2051
Notes prior to their maturity date, calculation of the redemption price therefor shall be made by the Company or on the Company’s behalf by such person as the Company shall designate; provided, however, that such calculation shall not be a duty
or obligation of the Trustee or any Agent. Notwithstanding Section 3.3 of the Base Indenture, the notice of any redemption of the 2051 Notes pursuant to that Section in respect of a redemption date occurring prior to the maturity date of the
2051 Notes need not set forth the redemption price but only the manner of calculation thereof. 
 Unless the Company defaults in payment of
the redemption price, on and after the redemption date, interest will cease to accrue on the 2051 Notes or portions thereof called for redemption. 

2051 Notes subject to a partial redemption shall be selected for redemption by such method as the Trustee shall deem fair and appropriate
(provided that if the 2051 Notes are represented by one or more Global Notes, the 2051 Notes shall be selected for redemption by the Depositary in accordance with its standard procedures therefor) and may provide for the selection for redemption of
a portion of the principal amount of the 2051 Notes equal to an authorized denomination. 
 No 2051 Notes of $2,000 or less can be redeemed
in part. 2051 Notes in denominations larger than $2,000 may be redeemed in part but only in whole multiples of $1,000, unless all of the 2051 Notes held by a Holder are to be redeemed. 

Notice of any redemption shall be mailed, or otherwise transmitted in accordance with the Depositary’s standard procedures therefor, at
least 10 days but not more than 60 days before the redemption date to each Holder of the 2051 Notes to be redeemed. 
 Section 3.2. Mandatory
Redemption. 
 The Company is not required to make any mandatory redemption or sinking fund payments with respect to the Notes. 

ARTICLE 4. 
 PARTICULAR
COVENANTS 
 Section 4.1. Offer to Purchase Upon Change of Control Triggering Event. 

(a) If a Change of Control Triggering Event occurs with respect to any Series of Notes hereunder, unless, with respect to such Series of
Notes, the Company has exercised its option to redeem such Series of Notes in full pursuant to Section 3.1 or has defeased such Series of Notes or satisfied and discharged such Series of Notes, the Company shall be required to make an offer (a
“Change of Control Offer”) to each Holder of such Series of Notes to repurchase all or any part (equal to $2,000 and in integral multiples of $1,000 in excess thereof; provided that the unrepurchased portion of a Note
of such Series must be in a minimum principal amount of $2,000) of that Holder’s Notes of such Series pursuant to the offer set forth below. In a Change of Control Offer, the Company shall be required to offer payment in cash equal to 101% of
the aggregate principal amount of the Notes repurchased, plus 

  
 16 

 
accrued and unpaid interest, if any, on the Notes repurchased to the date of repurchase (a “Change of Control Payment”). Within 30 days following any Change of Control
Triggering Event with respect to any Series of Notes or, at the Company’s option, prior to any Change of Control, but after public announcement of the transaction that constitutes or may constitute the Change of Control, the Company shall mail
or cause to be mailed (or if the Notes to be repurchased are represented by one or more Global Notes, transmitted in accordance with the Depositary’s standard procedures therefor) a notice to Holders of such Series of Notes describing the
transaction that constitutes or may constitute the Change of Control Triggering Event and offering to repurchase such Notes on the date specified in the notice, which date shall be no earlier than 30 days and no later than 60 days from the date such
notice is mailed or transmitted (a “Change of Control Payment Date”). The notice shall, if mailed or transmitted prior to the date of consummation of the Change of Control, state that the offer to purchase is conditioned on
the Change of Control Triggering Event occurring on or prior to the Change of Control Payment Date. 
 (b) Such notice shall also state:

 (1) that the Change of Control Offer is being made pursuant to this Section 4.1 and that all Notes of such Series or
portion of such Notes validly tendered and not withdrawn will be accepted for payment; 
 (2) the Change of Control Payment
and the Change of Control Payment Date; 
 (3) that any Note of such Series not tendered will continue to accrue interest;

 (4) that any Note accepted for payment pursuant to the Change of Control Offer shall cease to accrue interest after the
Change of Control Payment Date unless the Company shall default in the payment of the Change of Control Payment of the Notes of such Series and the only remaining right of the Holder is to receive payment of the Change of Control Payment upon
surrender of the Notes of such Series to the Paying Agent; 
 (5) that Holders electing to have a portion of a Note of such
Series purchased pursuant to a Change of Control Offer may only elect to have such Note purchased in a minimum principal amount of $2,000 and integral multiples of $1,000 in excess thereof; provided that the unrepurchased portion of a Note
must be in a minimum principal amount of $2,000; 
 (6) that if a Holder elects to have a Note of such Series purchased
pursuant to the Change of Control Offer such Holder will be required to surrender such Note, with the form entitled “Option of Holder to Elect Purchase” on the reverse of such Note completed, or transfer by book-entry transfer, to the
Paying Agent at the address specified in the notice prior to the close of business on the third Business Day prior to the Change of Control Payment Date; 

(7) that a Holder will be entitled to withdraw its election if the Company receives, not later than the close of business on
the third Business Day preceding the Change of Control Payment Date, a facsimile transmission or letter setting forth the name of such Holder, the principal amount of Notes such Holder delivered for purchase, and a statement that such Holder is
withdrawing its election to have such Note purchased; and 
 (8) that if Notes of such Series are purchased only in part by
the Company, a new Note of the same Series and type will be issued in principal amount equal to the unpurchased portion of the Notes surrendered. 

(c) On the Change of Control Payment Date, the Company shall, to the extent lawful: 

(1) accept for payment all Notes of the applicable Series or portions of such Notes properly tendered pursuant to the Change of
Control Offer; 

  
 17 

 (2) deposit with the Paying Agent an amount equal to the Change of Control
Payment in respect of all Notes of the applicable Series or portions of such Notes properly tendered; and 
 (3) deliver or
cause to be delivered to the Trustee the Notes of the applicable Series properly accepted together with an Officers’ Certificate stating the aggregate principal amount of such Notes or portions of such Notes being repurchased. 

(d) The Company shall not be required to make a Change of Control Offer upon the occurrence of a Change of Control Triggering Event if a third
party makes such an offer in the manner, at the times and otherwise in compliance with the requirements for an offer made by the Company and the third party purchases all Notes of the applicable Series properly tendered and not withdrawn under its
offer. 
 (e) The Company shall comply with the requirements of Rule 14e-1 under the Exchange Act
and any other securities laws and regulations thereunder to the extent those laws and regulations are applicable in connection with the repurchase of the Notes of the applicable Series as a result of a Change of Control Triggering Event. To the
extent that the provisions of any such securities laws or regulations conflict with the provisions under this Section 4.1, the Company shall comply with such securities laws and regulations and shall not be deemed to have breached its
obligations under this Section 4.1 or the Notes by virtue of any such conflict. 
 (f) No Notes of $2,000 or less can be repurchased in
part pursuant to this Section 4.1. Notes in denominations larger than $2,000 may be repurchased in part but only in integral multiples of $1,000 in excess thereof, unless all of the Notes held by a Holder are to be repurchased. 

Section 4.2. Liens. 
 (a) The
Company will not, nor will it permit any Subsidiary to, issue, incur, create, assume or guarantee (collectively, “incur”) any debt for borrowed money, including all obligations evidenced by bonds, debentures, notes or similar
instruments (collectively, a “Debt”), secured by a mortgage, deed of trust, security interest, pledge, lien, charge or other encumbrance (collectively, a “Lien”) upon any Principal Property or upon any
shares of stock of any Principal Subsidiary (whether such Principal Property or shares are now existing or owned or hereafter created or acquired) without in any such case effectively providing, substantially concurrently with or prior to the
creation or assumption of such Lien, that the Notes (together with, if the Company shall so determine, any other indebtedness of or guarantee by the Company or such Subsidiary ranking equally with the Notes) shall be secured equally and ratably with
(or, at the Company’s option, prior to) such secured Debt. The foregoing restriction, however, will not apply to each of the following: 

(1) Liens on property, shares of stock or other assets of any person (as defined in the Base Indenture) existing at the time
such person becomes a Subsidiary or existing at the time of acquisition thereof by the Company or a Subsidiary, provided that such Liens are not incurred in anticipation of such person’s becoming a Subsidiary or such acquisition and do
not extend to (i) any Principal Property or (ii) any shares of stock of any Principal Subsidiary that, in each case, were not previously encumbered by such Liens; 

(2) Liens on property of a person (as defined in the Base Indenture) existing at the time such person is merged into or
consolidated with the Company or a Subsidiary or at the time of a sale, lease or other disposition of the properties of such person (or a division thereof) as an entirety or substantially as an entirety to the Company or a Subsidiary, provided
that such Liens were not incurred in anticipation of such merger or consolidation or sale, lease or other disposition and do not extend to (i) any Principal Property or (ii) any shares of stock of any Principal Subsidiary that, in each
case, were not previously encumbered by such Liens; 
 (3) Liens to secure all or part of the cost of acquisition,
construction, development or improvement of any property or to secure Debt incurred to provide funds for any such purpose (including purchase money security interests or purchase money mortgages), provided that the commitment of the creditor
to extend the credit secured by any such Lien is obtained not later than 24 months after the later of (i) the completion of acquisition, construction, development or improvement of such property and (ii) the placing in operation of such
property or of such property as so constructed, developed or improved; 

  
 18 

 (4) Liens in favor of, or which secure Debt owing to, the Company or any
Subsidiary; 
 (5) Liens existing at the date of the issuance of the Initial Notes; 

(6) Liens in favor of the United States of America or any state, territory or possession thereof (or the District of Columbia),
or any department, agency, instrumentality or political subdivision of the United States of America or any state, territory or possession thereof (or the District of Columbia), to secure partial, progress, advance or other payments pursuant to any
contract or statute or to secure any indebtedness incurred for the purpose of financing all or any part of the purchase price or the cost of constructing or improving the property subject to such Liens; 

(7) Liens incurred or assumed in connection with the issuance of revenue bonds the interest on which is exempt from federal
taxation pursuant to Section 103(b) of the Internal Revenue Code of 1986, as amended; and 
 (8) extensions, renewals or
replacements of any Liens referred to in the foregoing clauses, provided that (i) the principal amount of Debt secured thereby shall not exceed the principal amount of Debt so secured at the time of such extension, renewal or replacement
and (ii) such extension, renewal or replacement Liens will be limited to all or part of the same property and improvement thereon which secured the Debt so secured at the time of such extension, renewal or replacement. 

(b) Notwithstanding the restrictions in clause (a) above, the Company or any Subsidiary may incur Debt secured by a Lien which would
otherwise be prohibited by such restrictions, without equally and ratably securing the Notes, provided that, after giving effect thereto, the then aggregate outstanding amount of all such Debt so secured by such Liens (not including Liens
permitted under items (1) through (8) in clause (a) above) plus the aggregate amount of Attributable Debt in respect of Sale and Lease Back Transactions with respect to Principal Properties entered into after the date of issuance of the
Initial Notes and permitted solely pursuant to clause (c) of Section 4.3 hereof and still in existence does not exceed the greater of 5% of the Consolidated Tangible Assets at the time of such incurrence and $750 million. 

Section 4.3. Sale and Lease Back Transactions. 

The Company will not, and will not permit any Subsidiary to, enter into any Sale and Lease Back Transaction with respect to any Principal
Property, other than any such Sale and Lease Back Transaction involving a lease for a term of not more than three years or any such Sale and Lease Back Transaction between the Company and one of its Subsidiaries, or between its Subsidiaries, unless:

 (a) the Company or such Subsidiary, as applicable, would be entitled to incur Debt secured by a Lien on the Principal Property involved in
such Sale and Lease Back Transaction at least equal in amount to the Attributable Debt with respect to such Sale and Lease Back Transaction, without equally and ratably securing the Notes, pursuant to items (1) through (8) in clause (a) of
Section 4.2 hereof; 
 (b) the Company applies the Net Available Proceeds of such Sale and Lease Back Transaction within 180 days of
such Sale and Lease Back Transaction to either (or a combination of) (i) the prepayment or retirement of Debt of the Company or a Subsidiary (other than Debt that is, in the case of Debt of the Company, subordinated to the Notes or Debt owed to
the Company or a Subsidiary) that by its terms matures more than 12 months after its creation or (ii) the purchase, construction, development, expansion or improvement of comparable properties or facilities; or 

(c) the aggregate amount of Attributable Debt in respect of such Sale and Lease Back Transaction plus the Attributable Debt in respect of all
other Sale and Lease Back Transactions of Principal Properties entered into after the date of issuance of the Initial Notes permitted solely pursuant to this clause (c) and still in existence, plus the aggregate amount of all Debt secured by
Liens permitted solely pursuant to clause (b) of Section 4.2 above and still outstanding, does not exceed the greater of 5% of the Consolidated Tangible Assets at the time of such Sale and Lease Back Transaction and $750 million. 

  
 19 

 Section 4.4. Covenants. 

The covenants set forth in Sections 4.2 and 4.3 above are and are intended solely for the benefit of the Holders of Notes. 

ARTICLE 5. 
 DEFAULTS AND
REMEDIES 
 Section 5.1. Events of Default. 

In addition to the Events of Default set forth in the Base Indenture, the following is an “Event of Default” with
respect to each Series of Notes hereunder: (i) the failure of the Company or any Subsidiary to pay indebtedness for money borrowed by the Company or any Subsidiary in an aggregate principal amount of at least $300,000,000, at the later of final
maturity and the expiration of any related applicable grace period and such defaulted payment shall not have been made, waived or extended within 30 days after written notice from the Trustee or the holders of at least 25% in principal amount of the
outstanding Notes of such Series; or (ii) acceleration of the maturity of indebtedness for money borrowed by the Company or any Subsidiary in an aggregate principal amount of at least $300,000,000, if that acceleration results from a default
under the instrument giving rise to or securing such indebtedness for money borrowed and such indebtedness has not been discharged in full or such acceleration has not been rescinded or annulled within 30 days after written notice from the Trustee
or the holders of at least 25% in principal amount of the outstanding Notes of such Series; provided, however, that, if in the case of this clause (ii), the default under the instrument governing the foregoing indebtedness is cured by
the Company, or waived by the holders of the indebtedness, in each case, as permitted by such governing instrument, then, unless the maturity of such Series of Notes has been accelerated in accordance with the Indenture, the Event of Default under
the Indenture with respect to such Series of Notes caused by such default will be deemed likewise to be cured or waived. 
 For the avoidance of doubt, it
will not be a breach or Event of Default under the Sustainability-Linked Senior Notes if the Sustainability Performance Target (as defined in the form of note attached as Exhibit B hereto) is not met. 

ARTICLE 6. 
 SATISFACTION
AND DISCHARGE; DEFEASANCE 
 Section 6.1. Satisfaction and Discharge of Indenture. 

The Company may satisfy and discharge any Series of the Notes hereunder in accordance with and subject to the terms of Section 8.1 of the
Base Indenture. 
 Section 6.2. Legal Defeasance of Securities of any Series. 

Section 8.3 of the Base Indenture shall be applicable to each Series of the Notes. 

Section 6.3. Covenant Defeasance. 

In addition to the covenants specified in Section 8.4 of the Base Indenture, the Company may omit to comply with respect to the Notes of
a Series with any term, provision or condition set forth in Sections 4.1, 4.2 and 4.3 of this Supplemental Indenture by complying with the requirements of Section 8.4 of the Base Indenture in respect of such Series. 

  
 20 

 ARTICLE 7. 

MISCELLANEOUS 
 Section 7.1. Trust
Indenture Act Controls. 
 If any provision of this Supplemental Indenture limits, qualifies or conflicts with another provision which
is required or deemed to be included in this Supplemental Indenture by the TIA, such required or deemed provision shall control. 
 Section 7.2.
Governing Law. 
 THIS SUPPLEMENTAL INDENTURE AND THE NOTES SHALL BE GOVERNED BY THE LAWS OF THE STATE OF NEW YORK APPLICABLE TO
AGREEMENTS MADE AND TO BE PERFORMED IN SUCH STATE, WITHOUT REGARD TO THE CONFLICT OF LAWS PROVISIONS THEREOF. 
 Section 7.3. Successors. 

All agreements of the Company in this Supplemental Indenture and the Notes will bind its successors. All agreements of the Trustee in this
Supplemental Indenture will bind its successors. 
 Section 7.4. Severability. 

In case any provision in this Supplemental Indenture or in the Notes will be invalid, illegal or unenforceable, the validity, legality and
enforceability of the remaining provisions will not in any way be affected or impaired thereby. 
 Section 7.5. Counterpart Originals. 

This Supplemental Indenture may be executed in one or more counterparts, each of which when so executed shall be deemed to be an original and
all of which when taken together shall constitute one and the same instrument. The parties hereto agree that this Supplemental Indenture, any documents to be delivered pursuant to this Supplemental Indenture and any notices hereunder may
be transmitted between them by facsimile or electronic format (e.g., “.pdf” or “.tif”) 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. The words “execution,” “signed,” “signature,” and words of like import in this Supplemental Indenture or any agreement entered into in connection herewith shall
be deemed to include electronic signatures or the keeping of records in electronic form, each of which shall be of the same legal effect, validity or enforceability as a manually executed signature or the use of a paper-based recordkeeping system,
as the case may be, to the extent and as provided for in any applicable law, including the Federal Electronic Signatures in Global and National Commerce Act, the New York State Electronic Signatures and Records Act, or any other similar state laws
based on the Uniform Electronic Transactions Act (e.g. DocuSign). The Company agrees to assume all risks arising out of the use of using digital signatures and electronic methods to submit communications to the Trustee, including without limitation
the risk of the Trustee acting on unauthorized instructions, and the risk of interception and misuse by third parties. 
 Notwithstanding
Section 2.3 of the Base Indenture, the Notes may be executed by the Company and authenticated by the Trustee by manual or electronic signature. 

The Company agrees to assume all risks arising out of the use of electronic or digital signatures and electronic methods to submit any
communications to the Trustee, including the risk of the Trustee acting on unauthorized instructions and the risk of interception and misuse by third parties. 

  
 21 

 Section 7.6. Table of Contents, Headings, Etc. 

The Table of Contents and headings of the Articles and Sections of this Supplemental Indenture have been inserted for convenience of reference
only, are not to be considered a part of this Supplemental Indenture and will in no way modify or restrict any of the terms or provisions hereof. 

Section 7.7. Jury Trial. 
 Each
party hereto hereby irrevocably waives any and all rights to trial by jury in any legal proceeding arising out of or relating to this Supplemental Indenture. 

Section 7.8. Interpretation. 
 The
definitions of terms herein shall apply equally to the singular and plural forms of the terms defined. Whenever the context may require, any pronoun shall include the corresponding masculine, feminine and neuter forms. The words “include,”
“includes” and “including” shall be deemed to be followed by the phrase “without limitation.” The word “will” shall be construed to have the same meaning and effect as the word “shall.” Unless the
context requires otherwise (a) any definition of or reference to any agreement, instrument or other document herein shall be construed as referring to such agreement, instrument or other document as from time to time amended, supplemented or
otherwise modified (subject to any restrictions on such amendments, supplements or modifications set forth herein), (b) any reference herein to any person shall be construed to include such person’s successors and assigns, (c) the words
“herein,” “hereof” and “hereunder,” and words of similar import, shall be construed to refer to this Supplemental Indenture in its entirety and not to any particular provision hereof, (d) all references herein to
Articles, Sections and Exhibits shall be construed to refer to Articles and Sections of, and Exhibits to, this Supplemental Indenture and (e) the words “asset” and “property” shall be construed to have the same meaning and
effect and to refer to any and all tangible and intangible assets and properties, including cash, securities, accounts and contract rights. 

Section 7.9. Instruction by Electronic Means. 

The Trustee shall have the right to accept and act upon instructions, including funds transfer instructions
(“Instructions”) given pursuant to this Indenture and delivered using Electronic Means; provided, however, that the Company shall provide to the Trustee an incumbency certificate listing officers with the authority to provide
such Instructions (“Authorized Officers”) and containing specimen signatures of such Authorized Officers, which incumbency certificate shall be amended by the Company whenever a person is to be added or deleted from the
listing. If the Company elects to give the Trustee Instructions using Electronic Means and the Trustee in its discretion elects to act upon such Instructions, the Trustee’s understanding of such Instructions shall be deemed
controlling. The Company understands and agrees that the Trustee cannot determine the identity of the actual sender of such Instructions and that the Trustee shall conclusively presume that directions that purport to have been sent by an
Authorized Officer listed on the incumbency certificate provided to the Trustee have been sent by such Authorized Officer. The Company shall be responsible for ensuring that only Authorized Officers transmit such Instructions to the Trustee and
that the Company and all Authorized Officers are solely responsible to safeguard the use and confidentiality of applicable user and authorization codes, passwords and/or authentication keys upon receipt by the Company. The Trustee shall not be
liable for any losses, costs or expenses arising directly or indirectly from the Trustee’s reliance upon and compliance with such Instructions notwithstanding such directions conflict or are inconsistent with a subsequent written
instruction. The Company agrees: (i) to assume all risks arising out of the use of Electronic Means to submit Instructions to the Trustee, including without limitation the risk of the Trustee acting on unauthorized Instructions, and the
risk of interception and misuse by third parties; (ii) that it is fully informed of the protections and risks associated with the various methods of transmitting Instructions to the Trustee and that there may be more secure methods of
transmitting Instructions than the method(s) selected by the Company; (iii) that the security procedures (if any) to be followed in connection with its transmission of Instructions provide to it a commercially reasonable degree of protection in
light of its particular needs and circumstances; and (iv) to notify the Trustee immediately upon learning of any compromise or unauthorized use of the security procedures.. 

  
 22 

 Section 7.10. Miscellaneous. 

In no event shall the Trustee be responsible or liable for special, indirect or consequential loss or damage of any kind whatsoever
(including, but not limited to, loss of profit) irrespective of whether the Trustee has been advised of the likelihood of such loss or damage and regardless of the form of action. 

[Signatures on following page] 

  
 23 

 SIGNATURES 

Dated as of October 5, 2021 
  

			
	ANALOG DEVICES, INC.
		
	By	 	 /s/ Prashanth Mahendra-Rajah

	Name:	 	Prashanth Mahendra-Rajah
	Title:	 	Senior Vice President, Finance and Chief Financial Officer

  

			
	THE BANK OF NEW YORK MELLON TRUST
COMPANY, N.A., as Trustee
		
	By	 	 /s/ Shondra N. Williams

	Name:	 	Shondra N. Williams
	Title:	 	Vice President

  
 [Signature Page to
Supplemental Indenture] 

 EXHIBIT A 

FORM OF GLOBAL NOTE 

(Face of Global Floating Rate Note) 

THIS GLOBAL NOTE IS HELD BY THE DEPOSITARY (AS DEFINED IN THE SUPPLEMENTAL INDENTURE HEREINAFTER REFERRED TO GOVERNING THIS NOTE) OR ITS
NOMINEE IN CUSTODY FOR THE BENEFIT OF THE BENEFICIAL OWNERS HEREOF, AND IS NOT TRANSFERABLE TO ANY PERSON UNDER ANY CIRCUMSTANCES EXCEPT THAT (I) THE TRUSTEE MAY MAKE SUCH NOTATIONS HEREON AS MAY BE REQUIRED PURSUANT TO SECTION 2.2 OF THE
SUPPLEMENTAL INDENTURE, (II) THIS GLOBAL NOTE MAY BE EXCHANGED IN WHOLE BUT NOT IN PART PURSUANT TO SECTION 2.2(a) OF THE SUPPLEMENTAL INDENTURE, (III) THIS GLOBAL NOTE MAY BE DELIVERED TO THE TRUSTEE FOR CANCELLATION PURSUANT TO SECTION
2.12 OF THE BASE INDENTURE HEREINAFTER REFERRED TO AND (IV) THIS GLOBAL NOTE MAY BE TRANSFERRED TO A SUCCESSOR DEPOSITARY WITH THE PRIOR WRITTEN CONSENT OF THE COMPANY HEREINAFTER REFERRED TO. 

THIS GLOBAL NOTE IS A GLOBAL NOTE WITHIN THE MEANING OF THE SUPPLEMENTAL INDENTURE HEREINAFTER REFERRED TO AND IS REGISTERED IN THE NAME OF
THE DEPOSITARY OR A NOMINEE OF THE DEPOSITARY. THIS GLOBAL NOTE IS EXCHANGEABLE FOR NOTES REGISTERED IN THE NAME OF A PERSON OTHER THAN THE DEPOSITARY OR ITS NOMINEE ONLY IN THE LIMITED CIRCUMSTANCES DESCRIBED IN THE INDENTURE AND MAY NOT BE
TRANSFERRED EXCEPT AS A WHOLE BY THE DEPOSITARY TO A NOMINEE OF THE DEPOSITARY, 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 A SUCCESSOR DEPOSITARY. UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY (55 WATER STREET, NEW YORK, NEW YORK) (“DTC”) TO THE COMPANY OR ITS AGENT FOR REGISTRATION OF
TRANSFER, EXCHANGE OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR SUCH OTHER NAME AS MAY BE REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO. OR SUCH OTHER
ENTITY AS MAY BE REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.

 CUSIP: 032654AT2 
 ISIN:
US032654AT25 
 ANALOG DEVICES, INC. 

Floating Rate Senior Note due October 1, 2024 
  

			
	No. ____	  	$__________

 Analog Devices, Inc., a Massachusetts corporation, promises to pay to CEDE & CO. or registered assigns, the principal
sum of $[                ] on October 1, 2024. 
 Interest Payment
Dates:            January 1, April 1, July 1 and September 1 
 Record
Dates:                        [Close of business on the Business Day immediately preceding each Interest Payment Date so long as
all of the Notes of this Series remain in book-entry only form][Close of business on the 15th calendar day next preceding each Interest Payment Date (whether or not a Business Day) if any of the Notes of this Series do not remain in book-entry only
form] 
 Date: _______________ 
  

			
	ANALOG DEVICES, INC.
		
	 By:
	 	  

		 	 Name:

		 	 Title:

  
 A-1 

 TRUSTEE’S CERTIFICATE OF AUTHENTICATION 

This is one of the Floating Rate Notes referred to in the within-mentioned Supplemental Indenture: 

Dated: _______________ 
  

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

		 	Authorized Signatory

  
 A-2 

 (Back of Global Floating Rate Note) 

ANALOG DEVICES, INC. 
 Floating
Rate Senior Note due October 1, 2024 
 Capitalized terms used herein have the meanings assigned to them in the Indenture referred to
below unless otherwise indicated. 
 1. INTEREST. Analog Devices, Inc., a Massachusetts corporation (the
“Company”), promises to pay interest on the principal amount of this Floating Rate Note at Compounded SOFR plus 25 basis points (0.250%, the “Margin”) per annum from the date hereof until maturity. The
Company will pay interest on the Notes quarterly in arrears on January 1, April 1, July 1 and October 1 of each year, commencing on January 1, 2022, or if any such day is not a Business Day, on the next succeeding Business
Day, and no additional interest will accrue on the amount so payable in respect of such Notes for that period (each, an “Interest Payment Date”). Interest on the Floating Rate Notes will accrue from the most recent date to
which interest has been paid or provided for or, if no interest has been paid or provided for, from October 5, 2021 ; provided that if there is no existing Default in the payment of interest, and if this Note is authenticated between a
record date referred to on the face hereof and the next succeeding Interest Payment Date, interest will accrue from such next succeeding Interest Payment Date. The amount of interest payable for any Interest Period will be computed on the basis of a
360-day year and the actual number of days in the Observation Period. If any Interest Payment Date falls on a day that is not a Business Day, the Company will make the interest payment on the next succeeding
Business Day unless that Business Day is in the next succeeding calendar month, in which case (other than in the case of the maturity date of the Floating Rate Notes) the Company will make the interest payment on the immediately preceding Business
Day. If an interest payment is made on the next succeeding Business Day, no interest will accrue as a result of the delay in payment. If the maturity date of the Floating Rate Notes falls on a day that is not a Business Day, the payment due on such
date will be postponed to the next succeeding Business Day, and no further interest will accrue in respect of such postponement. “Business Day” means any day other than a Saturday or Sunday that is neither a Legal Holiday nor
a day on which banking institutions in New York, New York are authorized or required by law, regulation or executive order to close, or a day on which the Corporate Trust Office is closed for business. “Legal Holiday” means
any day that is a legal holiday in New York, New York. The Company will pay interest (including post-petition interest in any proceeding under any Bankruptcy Law to the extent allowable) on overdue principal at the rate equal to the then applicable
interest rate on the Floating Rate Notes to the extent lawful; it will pay interest (including post-petition interest in any proceeding under any Bankruptcy Law to the extent allowable) on overdue installments of interest at the same rate to the
extent lawful. 
 For purposes of this Floating Rate Note, except as otherwise expressly provided or unless the context otherwise requires, the following
terms have the following meanings: 
 “Calculation Agent” means a banking institution or trust company appointed by the Company to
act as calculation agent, initially The Bank of New York Mellon Trust Company, N.A. 
 “Interest Period” means (i) the period
commencing on any Interest Payment Date (or, with respect to the initial Interest Period only, commencing on the date of original issuance) to, but excluding, the next succeeding Interest Payment Date, or (ii) in the case of the last such
period, the period from and including the Interest Payment Date immediately preceding the maturity date of the Floating Rate Notes to, but excluding, the maturity date of the Floating Rate Notes. 

  
 A-3 

 “Compounded SOFR” will be determined by the Calculation Agent in accordance with the
following formula (and the resulting percentage will be rounded, if necessary, to the nearest one hundred-thousandth of a percentage point): 
  

 
 where: 
 “SOFR
IndexStart” = For periods other than the initial Interest Period, the SOFR Index value on the preceding Interest Payment Determination Date, and, for the initial Interest Period, the SOFR Index value two U.S. Government Securities
Business Days before the date of original issuance; 
 “SOFR IndexEnd” = The SOFR Index value on the Interest Payment Determination
Date relating to the applicable Interest Payment Date (or, in the final Interest Period, relating to the maturity date of the Floating Rate Notes); and 

“dc” is the number of calendar days in the relevant Observation Period. 

For purposes of determining Compounded SOFR: 

“Interest Payment Determination Date” means the date that is two U.S. Government Securities Business Days before each Interest Payment
Date. 
 “Observation Period” means, in respect of each Interest Period, the period from, and including, the date that is two U.S.
Government Securities Business Days preceding the first date in such Interest Period to, but excluding, the date that is two U.S. Government Securities Business Days preceding the Interest Payment Date for such Interest Period (or in the final
Interest Period, preceding the maturity date of the Floating Rate Notes). 
 “SOFR Index” means, with respect to any U.S. Government
Securities Business Day: 
  

	 	(1)	 the SOFR Index value as published by the SOFR Administrator (as defined below) as such index appears on the
SOFR Administrator’s Website at 3:00 p.m. (New York time) on such U.S. Government Securities Business Day (the “SOFR Index Determination Time”); provided that: 

 

	 	(2)	 if a SOFR Index value does not so appear as specified in (1) above at the SOFR Index Determination Time,
then: (i) if a Benchmark Transition Event and its related Benchmark Replacement Date have not occurred with respect to SOFR, then Compounded SOFR shall be the rate determined pursuant to the “SOFR Index Unavailable Provisions”
described below; or (ii) if a Benchmark Transition Event and its related Benchmark Replacement Date have occurred with respect to SOFR, then Compounded SOFR shall be the rate determined pursuant to the “Effect of Benchmark Transition
Event” provisions described below. 

 “SOFR” means the daily secured overnight financing rate as provided by
the SOFR Administrator on the SOFR Administrator’s Website. “SOFR Administrator” means the Federal Reserve Bank of New York (or a successor administrator of SOFR). 

“SOFR Administrator’s Website” means the website of the Federal Reserve Bank of New York, currently at
http://www.newyorkfed.org, or any successor source. 
 “U.S. Government Securities Business Day” means any day except for a
Saturday, a Sunday or a day on which the Securities Industry and Financial Markets Association recommends that the fixed income departments of its members be closed for the entire day for purposes of trading in U.S. government securities. 

  
 A-4 

 Notwithstanding anything to the contrary in any transaction documents relating to this Floating Rate Note,
if the Company (or its Designee) determines on or prior to the relevant Reference Time (as defined below) that a Benchmark Transition Event and its related Benchmark Replacement Date have occurred with respect to determining Compounded SOFR, then
the benchmark replacement provisions set forth below under “Effect of Benchmark Transition Event” will thereafter apply to all determinations of the rate of interest payable on the Floating Rate Notes. 

For the avoidance of doubt, in accordance with the benchmark replacement provisions, after a Benchmark Transition Event and its related Benchmark Replacement
Date have occurred, the interest rate for each Interest Period on the Floating Rate Notes will be an annual rate equal to the sum of the Benchmark Replacement and the Margin. 

SOFR Index Unavailable Provisions. If a SOFR IndexStart or SOFR IndexEnd is not published on the associated Interest Payment Determination Date and a Benchmark Transition Event and its related Benchmark Replacement Date have not occurred with respect to SOFR,
“Compounded SOFR” means, for the applicable Interest Period for which such index is not available, the rate of return on a daily compounded interest investment calculated in accordance with the formula for SOFR Averages, and definitions
required for such formula, published on the SOFR Administrator’s Website, initially located at https://www.newyorkfed.org/markets/treasury-repo-reference-rates-information. For the purposes of this provision, references in the SOFR
Averages compounding formula and related definitions to “calculation period” shall be replaced with “Observation Period” and the words “that is, 30-,
90-, or 180- calendar days” shall be removed. If SOFR does not so appear for any day, “i” in the Observation Period, SOFRi for such day “i”
shall be SOFR published in respect of the first preceding U.S. Government Securities Business Day for which SOFR was published on the SOFR Administrator’s Website. 

On each Interest Payment Determination Date relating to the applicable Interest Payment Date, the Calculation Agent will calculate the amount of accrued
interest payable on the Floating Rate Notes by multiplying (i) the outstanding principal amount of the Floating Rate Notes by (ii) the product of (a) the interest rate for the relevant Interest Period multiplied by (b) the
quotient of the actual number of calendar days in such Observation Period divided by 360. In no event will the interest on the Floating Rate Notes be less than zero. The interest rate for any Interest Period will not be adjusted for any
modifications or amendments to the SOFR Index or SOFR data that the Federal Reserve Bank of New York may publish after the interest rate for that Interest Period has been determined. 

Absent willful misconduct, bad faith or manifest error, the calculation of the applicable interest rate for each Interest Period by the Calculation Agent, or
in certain circumstances, by the Company (or its Designee) will be final and binding on the Company, the Trustee, and the Holders of the Floating Rate Notes. 

None of the Trustee, Paying Agent, Security Registrar or Calculation Agent shall be under any obligation (i) to monitor, determine or verify the
unavailability or cessation of SOFR or the SOFR Index, or whether or when there has occurred, or to give notice to any other transaction party of the occurrence of, any Benchmark Transition Event or related Benchmark Replacement Date, (ii) to
select, determine or designate any Benchmark Replacement, or other successor or replacement benchmark index, or whether any conditions to the designation of such a rate or index have been satisfied, (iii) to select, determine or designate any
Benchmark Replacement Adjustment, or other modifier to any replacement or successor index, or the business day convention, interest determination dates or any other relevant methodology for calculating any such substitute or successor benchmark, or
(iv) to determine whether or what Benchmark Replacement Conforming Changes are necessary or advisable, if any, in connection with any of the foregoing. In connection with the foregoing, the Calculation Agent will be entitled to conclusively
rely on any determinations made by the Company (or its Designee) and will have no liability for such actions taken at the direction of the Company (or its Designee). 

None of the Trustee, Paying Agent, Security Registrar or Calculation Agent shall be liable for any inability, failure or delay on its part to perform any of
its duties described in the Indenture as a result of the unavailability of SOFR, the SOFR Index or other applicable Benchmark Replacement, including as a result of any failure, inability, delay, error or inaccuracy on the part of any other
transaction party in providing any direction, instruction, notice or information contemplated by the Indenture and reasonably required for the performance of such duties. 

  
 A-5 

 (b) Effect of Benchmark Transition Event. 

(i) Benchmark Replacement. If the Company (or its Designee) determines that a Benchmark Transition Event and its related Benchmark
Replacement Date have occurred prior to the Reference Time in respect of any determination of the Benchmark on any date, the Benchmark Replacement will replace the then-current Benchmark for all purposes relating to the Floating Rate Notes in
respect of such determination on such date and all determinations on all subsequent dates. 
 (ii) Benchmark Replacement Conforming
Changes. In connection with the implementation of a Benchmark Replacement, the Company (or its Designee) will have the right to make Benchmark Replacement Conforming Changes from time to time. 

(iii) Decisions and Determinations. Any determination, decision or election that may be made by the Company (or its Designee) pursuant
this clause (b), including any determination with respect to tenor, rate or adjustment or of the occurrence or non- occurrence of an event, circumstance or date and any decision to take or refrain from taking
any action or any selection, will be conclusive and binding absent manifest error, will be made in the Company’s (or its Designee’s) sole discretion, and, notwithstanding anything to the contrary in any transaction documentation relating
to the Floating Rate Notes, shall become effective without consent from the Holders of the Floating Rate Notes or any other party. 

Notwithstanding anything to the contrary in any transaction documents relating to the Floating Rate Notes, if the Company (or its Designee)
determines on or prior to the relevant Reference Time that a Benchmark Transition Event and its related Benchmark Replacement Date have occurred with respect to determining Compounded SOFR, then the benchmark replacement provisions set forth in this
clause (b) will thereafter apply to all determinations of the rate of interest payable on the Floating Rate Notes. 
 For the avoidance
of doubt, after a Benchmark Transition Event and its related Benchmark Replacement Date have occurred, the interest rate for each Interest Period on the Floating Rate Notes will be an annual rate equal to the sum of the Benchmark Replacement and the
Margin. 
 As used in this subsection “Effect of Benchmark Transition Event,” the following terms have the following meanings: 

“Benchmark” means, initially, Compounded SOFR, as such term is defined above; provided that if a Benchmark Transition Event and its
related Benchmark Replacement Date have occurred with respect to Compounded SOFR (or the published SOFR Index used in the calculation thereof) or the then-current Benchmark, then “Benchmark” means the applicable Benchmark Replacement. 

“Benchmark Replacement” means the first alternative set forth in the order below that can be determined by the Company (or its
Designee) as of the Benchmark Replacement Date: 
  

	 	(1)	 the sum of: (a) the alternate rate of interest that has been selected or recommended by the Relevant
Governmental Body as the replacement for the then-current Benchmark and (b) the Benchmark Replacement Adjustment; 

  

	 	(2)	 the sum of: (a) the ISDA Fallback Rate and (b) the Benchmark Replacement Adjustment; and

  

	 	(3)	 the sum of: (a) the alternate rate of interest that has been selected by the Company (or its Designee) as
the replacement for the then- current Benchmark giving due consideration to any industry-accepted rate of interest as a replacement for the then-current Benchmark for U.S. dollar denominated Floating Rate Notes at such time and (b) the
Benchmark Replacement Adjustment. 

  
 A-6 

 “Benchmark Replacement Adjustment” means the first alternative set forth in the
order below that can be determined by the Company (or its Designee) as of the Benchmark Replacement Date: 
  

	 	(1)	 the spread adjustment, or method for calculating or determining such spread adjustment, (which may be positive
or negative value or zero) that has been selected or recommended by the Relevant Governmental Body for the applicable Unadjusted Benchmark Replacement; 

  

	 	(2)	 if the applicable Unadjusted Benchmark Replacement is equivalent to the ISDA Fallback Rate, then the ISDA
Fallback Adjustment; and 

  

	 	(3)	 the spread adjustment (which may be a positive or negative value or zero) that has been selected by the Company
(or its Designee) giving due consideration to any industry-accepted spread adjustment, or method for calculating or determining such spread adjustment, for the replacement of the then-current Benchmark with the applicable Unadjusted Benchmark
Replacement for U.S. dollar denominated Floating Rate Notes at such time. 

 The Benchmark Replacement Adjustment shall not include the
Margin and such Margin shall be applied to the Benchmark Replacement to determine the interest payable on the Floating Rate Notes. 
 “Benchmark
Replacement Conforming Changes” means, with respect to any Benchmark Replacement, any technical, administrative or operational changes (including changes to the definition or interpretation of “Interest Period”, timing and
frequency of determining rates and making payments of interest, rounding of amounts or tenor, and other administrative matters), or any other changes to any other terms or provisions of the Floating Rate Notes, in each case that the Company (or its
Designee) decides may be appropriate to reflect the adoption of such Benchmark Replacement in a manner substantially consistent with market practice (or, if the Company (or its Designee) decides that adoption of any portion of such market practice
is not administratively feasible or if the Company (or its Designee) determines that no market practice for use of the Benchmark Replacement exists, in such other manner as the Company (or its Designee) determines is reasonably necessary or
practicable). 
 “Benchmark Replacement Date” means the earliest to occur of the following events with respect to the then-current
Benchmark: 
  

	 	(1)	 in the case of clause (1) or (2) of the definition of “Benchmark Transition Event,” the later of
(a) the date of the public statement or publication of information referenced therein and (b) the date on which the administrator of the Benchmark permanently or indefinitely ceases to provide the Benchmark; or 

 

	 	(2)	 in the case of clause (3) of the definition of “Benchmark Transition Event,” the date of the
public statement or publication of information referenced therein. 

 For the avoidance of doubt, if the event giving rise to the
Benchmark Replacement Date occurs on the same day as, but earlier than, the Reference Time in respect of any determination, the Benchmark Replacement Date will be deemed to have occurred prior to the Reference Time for such determination. 

“Benchmark Transition Event” means the occurrence of one or more of the following events with respect to the then-current Benchmark
(including the daily published component used in the calculation thereof): 
  

	 	(1)	 a public statement or publication of information by or on behalf of the administrator of the Benchmark (or such
component) announcing that such administrator has ceased or will cease to provide the Benchmark (or such component), permanently or indefinitely, provided that, at the time of such statement or publication, there is no successor administrator that
will continue to provide the Benchmark (or such component); 

  

	 	(2)	 a public statement or publication of information by the regulatory supervisor for the administrator of the
Benchmark (or such component), the central bank for the currency of the Benchmark (or such component), an insolvency official with jurisdiction over the administrator for the Benchmark (or such component), a resolution authority with jurisdiction
over the administrator for the Benchmark (or such component) or a court or an entity with similar insolvency or resolution 

  
 A-7 

	 	
authority over the administrator for the Benchmark (or such component), which states that the administrator of the Benchmark (or such component) has ceased or will cease to provide the Benchmark
(or such component) permanently or indefinitely, provided that, at the time of such statement or publication, there is no successor administrator that will continue to provide the Benchmark (or such component); or 

 

	 	(3)	 a public statement or publication of information by the regulatory supervisor for the administrator of the
Benchmark announcing that the Benchmark is no longer representative. 

 “ISDA Definitions” means the 2006 ISDA
Definitions published by the International Swaps and Derivatives Association, Inc. or any successor thereto, as amended or supplemented from time to time, or any successor definitional booklet for interest rate derivatives published from time to
time. 
 “ISDA Fallback Adjustment” means the spread adjustment (which may be a positive or negative value or zero) that would apply
for derivatives transactions referencing the ISDA Definitions to be determined upon the occurrence of an index cessation event with respect to the Benchmark. “ISDA Fallback Rate” means the rate that would apply for derivatives transactions
referencing the ISDA Definitions to be effective upon the occurrence of an index cessation date with respect to the Benchmark for the applicable tenor excluding the applicable ISDA Fallback Adjustment. 

“Reference Time” with respect to any determination of the Benchmark means (1) if the Benchmark is Compounded SOFR, the SOFR Index
Determination Time, as such time is defined above, and (2) if the Benchmark is not Compounded SOFR, the time determined by the Company (or its Designee) in accordance with the Benchmark Replacement Conforming Changes. 

“Relevant Governmental Body” means the Federal Reserve Board and/or the Federal Reserve Bank of New York, or a committee officially
endorsed or convened by the Federal Reserve Board and/or the Federal Reserve Bank of New York or any successor thereto. 
 “Unadjusted Benchmark
Replacement” means the Benchmark Replacement excluding the Benchmark Replacement Adjustment. 
 2. METHOD OF PAYMENT.
The Company will pay interest on the Floating Rate Notes (except defaulted interest) to the persons who are registered Holders of Floating Rate Notes at [the close of business on the Business Day immediately preceding the applicable Interest Payment
Date so long as all Notes of this Series remain in book-entry only form][the close of business on the 15th calendar day next preceding the applicable Interest Payment Date (whether or not a Business Day) if any of the Notes of this Series do not
remain in book-entry form], even if such Floating Rate Notes are canceled after such record date and on or before such Interest Payment Date, except as provided in Section 2.13 of the Base Indenture with respect to defaulted interest. Principal
and interest on the Floating Rate Notes will be payable at the office or agency of the Paying Agent and Registrar within the City and State of New York or, at the option of the Company, payment of interest may be made by check mailed to the Holders
of the Floating Rate Notes at their respective addresses set forth in the register of Holders of Floating Rate Notes; provided that payment by wire transfer of immediately available funds will be required with respect to principal of and
interest on all Global Notes and all other Floating Rate Notes the Holders of which will have provided wire transfer instructions to the Company or the Paying Agent at least 15 calendar days prior to the applicable payment date. Such payment will be
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. 

3. PAYING AGENT AND REGISTRAR. Initially, The Bank of New York Mellon Trust Company, N.A., the Trustee under the Indenture, will act as
Paying Agent and Registrar. The Company may change any Paying Agent or Registrar without notice to any Holder. The Company or any of its Subsidiaries may act in any such capacity. 

4. INDENTURE. This Floating Rate Note is one of a duly authenticated Series of securities of the Company issued and to be issued under
an indenture (the “Base Indenture”), dated as of June 3, 2013, between the Company and the Trustee, as amended by the Supplemental Indenture, dated as of October 5, 2021, between the

  
 A-8 

 
Company and the Trustee (the “Supplemental Indenture” and, together with the Base Indenture, the “Indenture”). The terms of the Floating Rate Notes
include those stated in the Indenture and those made part of the Indenture by reference to the TIA. The Floating Rate Notes are subject to all such terms, and Holders are referred to the Indenture and the TIA for a statement of such terms. To the
extent any provision of this Floating Rate Note conflicts with the express provisions of the Indenture, the provisions of the Indenture will govern and be controlling, and to the extent any provision of the Base Indenture conflicts with the express
provisions of the Supplemental Indenture, the provisions of the Supplemental Indenture will govern and be controlling. The Company will be entitled to issue Additional Floating Rate Notes pursuant to Section 2.3 of the Supplemental Indenture.

 5. OPTIONAL REDEMPTION. 

The Company will not have the right to redeem the Floating Rate Notes prior to the maturity date of the Floating Rate Notes. 

6. MANDATORY REDEMPTION. The Company is not required to make any mandatory redemption or sinking fund payments with respect to the
Floating Rate Notes. 
 7. OFFER TO PURCHASE UPON CHANGE OF CONTROL. If a Change of Control Triggering Event occurs with respect to
the Floating Rate Notes, unless the Company has exercised its option to redeem the Floating Rate Notes in full pursuant to Section 3.1 of the Supplemental Indenture or has defeased the Notes or satisfied and discharged the Floating Rate Notes,
the Company shall be required to make an offer (a “Change of Control Offer”) to each Holder of Floating Rate Notes to repurchase all or any part (equal to $2,000 and in integral multiples of $1,000 in excess thereof; provided
that the unrepurchased portion of a Floating Rate Note must be in a minimum principal amount of $2,000) of that Holder’s Floating Rate Notes pursuant to the terms set forth in the Indenture. In a Change of Control Offer, the Company shall be
required to offer payment in cash equal to 101% of the aggregate principal amount of the Floating Rate Notes repurchased, plus accrued and unpaid interest, if any, on the Floating Rate Notes repurchased to the date of repurchase. 

8. DENOMINATIONS, TRANSFER, EXCHANGE. The Floating Rate Notes are in registered form without coupons in denominations of $2,000 and
integral multiples of $1,000 in excess thereof. Floating Rate Notes may be transferred or exchanged as provided in the Indenture. The Registrar and the Trustee may require a Holder, among other things, to furnish appropriate endorsements and
transfer documents, and the Company or the Trustee may require a Holder to pay any taxes and fees required by law or permitted by the Indenture. The Company need not exchange or transfer any Floating Rate Notes or portion of a Floating Rate Note
selected for redemption, except for the unredeemed portion of any Floating Rate Note being redeemed in part. Also, the Company need not exchange or register the transfer of any Floating Rate Notes for a period of 15 days before the day of any
selection of Floating Rate Notes being redeemed or during the period between a record date and the corresponding Interest Payment Date. 

9. PERSONS DEEMED OWNERS. Subject to the record date provisions hereof, the registered Holder of a Floating Rate Note may be treated as
its owner for all purposes. 
 10. AMENDMENT, SUPPLEMENT AND WAIVER. Subject to certain exceptions, the Indenture or the Floating
Rate Notes may be amended or supplemented with the consent of the Holders of at least a majority in principal amount of the Floating Rate Notes then outstanding, including, without limitation, consents obtained in connection with a tender offer or
exchange offer for the Floating Rate Notes, and any existing default or compliance with any provision of the Indenture or the Floating Rate Notes may be waived with the consent of the Holders of a majority in principal amount of the then outstanding
Floating Rate Notes, including, without limitation, consents obtained in connection with a tender offer or exchange offer for the Floating Rate Notes. Without the consent of any Holder of a Floating Rate Note, the Indenture or the Floating Rate
Notes may be amended or supplemented (i) to cure any ambiguity, defect or inconsistency; (ii) to provide for a supplemental indenture as set forth in Article V of the Base Indenture; (iii) to provide for uncertificated Securities in
addition to or in place of certificated Securities; (iv) to make any change that does not adversely affect the rights of any Holder; (v) to provide for the issuance of and to establish the form and terms and conditions of the Securities as
permitted by the Indenture; (vi) to evidence and provide for the acceptance of appointment under the Indenture by a successor Trustee and to add to or change any of the provisions of the Indenture as shall be necessary to provide for or
facilitate the administration of the trusts under the Indenture by more than one Trustee; or (vii) to comply with the requirements of the SEC in order to effect or maintain the qualification of the Indenture under the TIA. 

  
 A-9 

 11. DEFAULTS AND REMEDIES. If an Event of Default with respect to the Floating Rate
Notes shall occur and be continuing, the principal of, and any accrued and unpaid interest on, the outstanding Floating Rate Notes may be declared due and payable in the manner and with the effect provided in the Indenture. 

12. TRUSTEE DEALINGS WITH COMPANY. The Trustee, in its individual or any other capacity, may become the owner or pledgee of the
Floating Rate Notes and may otherwise deal with the Company or an Affiliate of the Company with the same rights it would have if it were not Trustee. 

13. NO RECOURSE AGAINST OTHERS. A director, officer, employee or stockholder, as such, of the Company will not have any liability for
any obligations of the Company under the Floating Rate Notes or the Indenture or for any claim based on, in respect of, or by reason of, such obligations or their creation. Each Holder by accepting a Floating Rate Note waives and releases all such
liability. The waiver and release are part of the consideration for the issue of the Floating Rate Notes. 
 14. AUTHENTICATION. This
Floating Rate Note will not be valid until authenticated by the manual or electronic signature of the Trustee or an authenticating agent. 

15. ABBREVIATIONS. Customary abbreviations may be used in the name of a Holder or an assignee, such as: TEN COM (= tenants in common),
TEN ENT (= tenants by the entireties), JT TEN (= joint tenants with right of survivorship and not as tenants in common), CUST (= Custodian) and U/G/M/A (= Uniform Gifts to Minors Act). 

16. CUSIP NUMBERS. The Company has caused CUSIP numbers to be printed on the Floating Rate Notes and the Trustee shall use CUSIP
numbers in notices of redemption as a convenience to Holders. No representation is made as to the correctness of such numbers either as printed on the Floating Rate Notes or as contained in any notice of redemption and reliance may be placed only on
the other elements of identification printed on the Floating Rate Notes, and any such redemption shall not be affected by any defect in or omission of such numbers. The Company will furnish to any Holder upon written request and without charge a
copy of the Base Indenture and the Supplemental Indenture. 
 Requests may be made to: 

Analog Devices, Inc. 
 One Analog
Way 
 Wilmington, Massachusetts 01887 

Attention: General Counsel 

  
 A-10 

 ASSIGNMENT FORM 

To assign this Floating Rate Note, fill in the form below: 
 (I)
or (we) assign and transfer this Floating Rate Note to: 
  

	
	(Insert assignee’s legal name)
	
	
	(Insert assignee’s soc. sec. or tax I.D. no.)
	
	
	(Print or type assignee’s name, address and zip code)

 and irrevocably appoint _____________________________________________ to transfer this Floating Rate Note on the books of the
Company. The agent may substitute another to act for him 
 Date: _______________ 

 

	
	Your Signature: ______________________________
	(sign exactly as your name appears on the face of this Floating Rate Note)
	
	Tax Identification No: _________________________
	
	Signature Guarantee: __________________________

 Signatures must be guaranteed by an “eligible guarantor institution” meeting the requirements of the
Registrar, which requirements include membership or participation in the Security Transfer Agent Medallion Program (“STAMP”) or such other “signature guarantee program” as may be determined by the Registrar in
addition to, or in substitution for, STAMP, all in accordance with the Securities Exchange Act of 1934, as amended. 

  
 A-11 

 OPTION OF HOLDER TO ELECT PURCHASE 

If you want to elect to have this Floating Rate Note purchased by the Company pursuant to Section 4.1 of the Supplemental Indenture,
check the box below: 
 ☐ Section 4.1 

If you want to elect to have only part of this Floating Rate Note purchased by the Company pursuant to Section 4.1 of the Supplemental
Indenture, state the amount you elect to have purchased ($2,000 or integral multiples of $1,000 in excess thereof; provided that the unrepurchased portion of this Floating Rate Note must be in a minimum principal amount of $2,000): $________________

 Date: _______________ 
  

	
	Your Signature: ______________________________
	(sign exactly as your name appears on the face of this Floating Rate Note)
	
	Tax Identification No: _________________________
	
	Signature Guarantee: __________________________

 Signatures must be guaranteed by an “eligible guarantor institution” meeting the requirements of the
Registrar, which requirements include membership or participation in the Security Transfer Agent Medallion Program (“STAMP”) or such other “signature guarantee program” as may be determined by the Registrar in
addition to, or in substitution for, STAMP, all in accordance with the Securities Exchange Act of 1934, as amended. 

  
 A-12 

 EXHIBIT B 

(Face of Global Sustainability-Linked Senior Note) 

THIS GLOBAL NOTE IS HELD BY THE DEPOSITARY (AS DEFINED IN THE SUPPLEMENTAL INDENTURE HEREINAFTER REFERRED TO GOVERNING THIS NOTE) OR ITS
NOMINEE IN CUSTODY FOR THE BENEFIT OF THE BENEFICIAL OWNERS HEREOF, AND IS NOT TRANSFERABLE TO ANY PERSON UNDER ANY CIRCUMSTANCES EXCEPT THAT (I) THE TRUSTEE MAY MAKE SUCH NOTATIONS HEREON AS MAY BE REQUIRED PURSUANT TO SECTION 2.2 OF THE
SUPPLEMENTAL INDENTURE, (II) THIS GLOBAL NOTE MAY BE EXCHANGED IN WHOLE BUT NOT IN PART PURSUANT TO SECTION 2.2(a) OF THE SUPPLEMENTAL INDENTURE, (III) THIS GLOBAL NOTE MAY BE DELIVERED TO THE TRUSTEE FOR CANCELLATION PURSUANT TO SECTION
2.12 OF THE BASE INDENTURE HEREINAFTER REFERRED TO AND (IV) THIS GLOBAL NOTE MAY BE TRANSFERRED TO A SUCCESSOR DEPOSITARY WITH THE PRIOR WRITTEN CONSENT OF THE COMPANY HEREINAFTER REFERRED TO. 

THIS GLOBAL NOTE IS A GLOBAL NOTE WITHIN THE MEANING OF THE SUPPLEMENTAL INDENTURE HEREINAFTER REFERRED TO AND IS REGISTERED IN THE NAME OF
THE DEPOSITARY OR A NOMINEE OF THE DEPOSITARY. THIS GLOBAL NOTE IS EXCHANGEABLE FOR NOTES REGISTERED IN THE NAME OF A PERSON OTHER THAN THE DEPOSITARY OR ITS NOMINEE ONLY IN THE LIMITED CIRCUMSTANCES DESCRIBED IN THE INDENTURE, AND MAY NOT BE
TRANSFERRED EXCEPT AS A WHOLE BY THE DEPOSITARY TO A NOMINEE OF THE DEPOSITARY, 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 A SUCCESSOR DEPOSITARY. UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY (55 WATER STREET, NEW YORK, NEW YORK) (“DTC”) TO THE COMPANY OR ITS AGENT FOR REGISTRATION OF
TRANSFER, EXCHANGE OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR SUCH OTHER NAME AS MAY BE REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO. OR SUCH OTHER
ENTITY AS MAY BE REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.

 CUSIP: 032654AU9 
 ISIN:
US032654AU97 
 ANALOG DEVICES, INC. 

1.700% Sustainability-Linked Senior Note due October 1, 2028 
  

			
	No. _____	  	$__________

 Analog Devices, Inc., a Massachusetts corporation, promises to pay to CEDE & CO. or registered assigns, the principal
sum of $             on October 1, 2028. 
  

					
	Interest Payment Dates:	  	April 1 and October 1	  	
			
	Record Dates:	  	March 15 and September 15	  	
			
	Date: _______________	  		  	

  

			
	ANALOG DEVICES, INC.
		
	By:	 	 
		 	Name:
		 	Title:

  
 B-1 

 TRUSTEE’S CERTIFICATE OF AUTHENTICATION 

This is one of the Sustainability-Linked Senior Notes referred to in the within-mentioned Supplemental Indenture: 

Dated: 
  

			
	THE BANK OF NEW YORK MELLON TRUST COMPANY, N.A. as Trustee
		
	By:	 	 
		 	Authorized Signatory

  
 B-2 

 (Back of Global Sustainability-Linked Senior Note) 

ANALOG DEVICES, INC. 
 1.700%
Sustainability-Linked Senior Note due October 1, 2028 
 Capitalized terms used herein have the meanings assigned to them in the
Indenture referred to below unless otherwise indicated. 
 1. INTEREST. Analog Devices, Inc., a Massachusetts corporation (the
“Company”), promises to pay interest on the principal amount of this Sustainability-Linked Senior Note at an annual rate of 1.700% (the “Initial Interest Rate”), subject to adjustment as described in
the paragraph immediately below. The Company will pay interest semi-annually on April 1 and October 1 of each year (each such day, an “Interest Payment Date”). If any Interest Payment Date, redemption date or
maturity date of this Sustainability-Linked Senior Note is not a Business Day, then payment of principal, premium, if any, or interest shall be made on the next Business Day with the same force and effect as if made on the nominal date such payment
was due, and no interest shall accrue for the period after such nominal date to the date of such payment on the next Business Day. Interest on the Sustainability-Linked Senior Notes will accrue from the most recent date to which interest has been
paid or duly provided for (or October 5, 2021, if no interest has been paid). Interest on the Sustainability-Linked Senior Notes will be calculated on the basis of a 360-day year consisting of twelve 30-day months. 
 From and including April 1, 2026 (or if such day is not a Business Day, the next succeeding
Business Day) (the “Interest Rate Step Up Date”), the interest rate payable on the Sustainability-Linked Senior Notes to but not including the maturity date shall be increased from the Initial Interest Rate by, in aggregate,
an additional 30 basis points (0.300%) per annum unless the Company has notified the Trustee in writing on or before the date that is 15 days prior to the Interest Rate Step Up Date (the “Notification Date”) in the form of an
Officer’s Certificate (the “Satisfaction Notification”), upon which the trustee may conclusively rely without any duty of further inquiry, certifying that such officers have determined that the Company has satisfied the
Sustainability Performance Target and received from the External Verifier a related assurance letter verifying the amount of the Company’s Scope 1 and Scope 2 Emissions for the GHG Emissions Performance Reference Period upon which the Company
has based its certification (an “Assurance Letter”). For the avoidance of doubt, if the Company has provided the Trustee with a Satisfaction Notification for the Sustainability Performance Target on or prior to the
Notification Date, then the interest rate payable on the Notes shall not increase from the Initial Interest Rate pursuant to this paragraph. The interest rate applicable to the Notes will only be adjusted on the Notification Date based upon the
satisfaction or non- satisfaction of a Sustainability Performance Target on or prior to the Notification Date. The interest rate applicable to the Sustainability-Linked Senior Notes will only be adjusted on
the Interest Rate Step Up Date due to a failure to satisfy the Sustainability Performance Target and deliver the Satisfaction Notification to the Trustee on or prior to the Notification Date. Any satisfaction of a Sustainability Performance Target
subsequent to the Notification Date or cessation of satisfaction, or any failure to satisfy a Sustainability Performance Target subsequent to the Notification Date will not result in an adjustment to the interest rate payable on the Notes. 

Interest on the Sustainability-Linked Senior Notes will accrue from the most recent date to which interest has been paid or provided for or, if no interest
has been paid or provided for, from October 5, 2021; provided that if there is no existing Default in the payment of interest, and if this Sustainability-Linked Senior Note is authenticated between a record date referred to on the face hereof
and the next succeeding Interest Payment Date, interest will accrue from such next succeeding Interest Payment Date. The Company will pay interest (including post-petition interest in any proceeding under any Bankruptcy Law to the extent allowable)
on overdue principal at the rate equal to the then applicable interest rate on the Sustainability-Linked Senior Notes to the extent lawful; it will pay interest (including post-petition interest in any proceeding under any Bankruptcy Law to the
extent allowable) on overdue installments of interest at the same rate to the extent lawful. Interest will be computed on the basis of a 360-day year of twelve 30-day
months. 
 For purposes of this Sustainability-Linked Senior Note, except as otherwise expressly provided or unless the context otherwise requires, the
following terms have the following meanings: 

  
 B-3 

 “Base Year Emissions” means the amount of Scope 1 and Scope 2
Emissions for calendar year ended December 31, 2019, as such amount may be recalculated from time to time in accordance with the GHG Protocol in connection with significant changes affecting the Company’s structure (such as acquisitions,
divestitures, mergers, insourcing or outsourcing, or other corporate actions with similar effects), to reflect improvements in the accuracy of emission factors or activity data that result in a significant impact on the Base Year Emissions or to
correct significant errors, including for the avoidance of doubt recalculations the Company expects to make to reflect the acquisition of Maxim Integrated Products, Inc. By purchasing a Sustainability-Linked Senior Note, a Holder shall be deemed to
have consented, for itself and any and all successors or assigns, and to have irrevocably authorized the Company to make any such recalculations of the Base Year Emissions. 

“External Verifier” means one or more qualified independent public accountants or environmental consultants of
recognized national standing designated from time to time by the Company to provide limited assurance on the Company’s Scope 1 and Scope 2 Emissions. 

“GHG Emissions Performance Reference Period” means the calendar year ending December 31, 2025. 

“GHG Protocol” means the second (2nd) revised edition of the GHG Protocol Corporate Accounting and Reporting Standard
of the World Business Council for Sustainable Development and World Resources Institute available at https://ghgprotocol.org/sites/default/files/standards/ghg- protocolrevised.pdf, as such GHG Protocol may be
revised, amended or supplemented from time to time. The information contained on this website does not constitute a part of this Supplemental Indenture and is not incorporated by reference herein. For the avoidance of doubt, in the event an updated
version of the GHG Protocol is published, the Company may elect at its sole option to apply such revised version for the purposes of calculating Scope 1 Emission and Scope 2 Emissions. 

“Officer’s Certificate” means a certificate, signed by any Officer of the Company that is delivered to the
Trustee in accordance with the Indenture. 
 “Scope 1 and Scope 2 Emissions” means for any period, the total
aggregate amount of Scope 1 Emissions and Scope 2 Emissions for such period. 
 “Scope 1 Emissions” means, for any
period, direct greenhouse gas emissions or equivalent CO2 emissions attributable to sources that are controlled by the Company in the operation of its business, which are determined by the Company in good faith in accordance with the GHG Protocol.

 “Scope 2 Emissions” means, for any period, indirect greenhouse gas emissions or equivalent CO2 emissions
occurring from the generation of purchased and imported energy (including electricity and steam) consumed by the Company in the operation of its business, which are determined by the Company in good faith in accordance with the GHG Protocol. 

“SPT Observation Date” means December 31, 2025. 

“Sustainability Performance Target” means a reduction of Scope 1 and Scope 2 Emissions of 27% during the GHG Emissions
Performance Reference Period relative to the Base Year Emissions. 
 2. METHOD OF PAYMENT. The Company will pay interest on the
Sustainability-Linked Senior Notes (except defaulted interest) to the persons who are registered Holders of Sustainability-Linked Senior Notes at the close of business on the April 1 or October 1 (whether or not a Business Day) next
preceding the applicable Interest Payment Date, even if such Sustainability-Linked Senior Notes are canceled after such record date and on or before such Interest Payment Date, except as provided in Section 2.13 of the Base Indenture with
respect to defaulted interest. Principal and interest on the Sustainability-Linked Senior Notes will be payable at the office or agency of the Paying Agent and Registrar within the City and State of New York or, at the option of the Company, payment
of interest may be made by check mailed to the Holders of the Sustainability-Linked Senior Notes at their respective addresses set forth in the register of Holders of Sustainability-Linked Senior Notes; provided that payment by wire transfer of
immediately available funds will be required with respect to principal of and interest on all Global Notes and all other Sustainability-Linked Senior Notes the Holders of which will have provided wire transfer instructions to the Company or the
Paying Agent at least 15 calendar days prior to the applicable payment date. Such payment will be 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. 

  
 B-4 

 3. PAYING AGENT AND REGISTRAR. Initially, The Bank of New York Mellon Trust Company, N.A.,
the Trustee under the Indenture, will act as Paying Agent and Registrar. The Company may change any Paying Agent or Registrar without notice to any Holder. The Company or any of its Subsidiaries may act in any such capacity. 

4. INDENTURE. This Sustainability-Linked Senior Note is one of a duly authenticated Series of securities of the Company issued and to be
issued in one or more Series under an indenture (the “Base Indenture”), dated as of June 3, 2013 between the Company and the Trustee, as amended by the Supplemental Indenture, dated as of October 5, 2021, between
the Company and the Trustee (the “Supplemental Indenture” and, together with the Base Indenture, the “Indenture”). The terms of the Sustainability-Linked Senior Notes include those stated in the
Indenture and those made part of the Indenture by reference to the TIA. The Sustainability-Linked Senior Notes are subject to all such terms, and Holders are referred to the Indenture and such Act for a statement of such terms. To the extent any
provision of this Sustainability-Linked Senior Note conflicts with the express provisions of the Indenture, the provisions of the Indenture will govern and be controlling, and to the extent any provision of the Base Indenture conflicts with the
express provisions of the Supplemental Indenture, the provisions of the Supplemental Indenture will govern and be controlling. The Company will be entitled to issue Additional Sustainability-Linked Senior Notes pursuant to Section 2.3 of the
Supplemental Indenture. 
 5. OPTIONAL REDEMPTION. 

Prior to August 1, 2028 (the “Par Call Date”), the Company will have the right, at its option, to redeem the
Sustainability-Linked Senior Notes, at any time and from time to time, either in whole or in part, at a redemption price equal to the greater of the following amounts: 

(i) 100% of the principal amount of the Sustainability-Linked Senior Notes to be redeemed; and 

(ii) the sum of the present values of the Remaining Scheduled Payments of such Sustainability-Linked Senior Notes to be redeemed. 

In determining the present values of such Remaining Scheduled Payments, such payments shall be discounted to the redemption date on a
semi-annual basis (assuming a 360-day year consisting of twelve 30-day months) using a discount rate equal to the Treasury Rate plus 10 basis points. 

On or after the applicable Par Call Date, the Company will have the right, at its option, to redeem the Sustainability-Linked Senior Notes, at
any time and from time to time, in whole or in part, at a redemption price equal to 100% of the principal amount of such Sustainability-Linked Senior Notes being redeemed. 

In each case, the Company will also pay the accrued and unpaid interest on the Sustainability-Linked Senior Notes being redeemed to, but
excluding, the redemption date. 
 In connection with any redemption of the Sustainability-Linked Senior Notes prior to their maturity date,
calculation of the redemption price therefor shall be made by the Company or on the Company’s behalf by such person as the Company shall designate; provided, however, that such calculation shall not be a duty or obligation of the Trustee or any
Agent. 
 Unless the Company defaults in payment of the redemption price, on and after the redemption date, interest will cease to accrue on
the Sustainability-Linked Senior Notes or portions thereof called for redemption. 
 Sustainability-Linked Senior Notes subject to a partial
redemption shall be selected for redemption by such method as the Trustee shall deem fair and appropriate (provided that if the Sustainability-Linked Senior Notes are represented by one or more Global Notes, the Sustainability-Linked Senior Notes
shall be selected for redemption by the Depositary in accordance with its standard procedures therefor) and may provide for the selection for redemption of a portion of the principal amount of the Sustainability-Linked Senior Notes equal to an
authorized denomination. 

  
 B-5 

 No Sustainability-Linked Senior Notes of $2,000 or less can be redeemed in part.
Sustainability-Linked Senior Notes in denominations larger than $2,000 may be redeemed in part but only in whole multiples of $1,000, unless all of the Sustainability-Linked Senior Notes held by a Holder are to be redeemed. 

Notice of any redemption shall be mailed, or otherwise transmitted in accordance with the Depositary’s standard procedures therefor, at
least 10 days but not more than 60 days before the redemption date to each Holder of the Sustainability-Linked Senior Notes to be redeemed. 

6. MANDATORY REDEMPTION. The Company is not required to make any mandatory redemption or sinking fund payments with respect to the
Sustainability-Linked Senior Notes. 
 7. OFFER TO PURCHASE UPON CHANGE OF CONTROL. If a Change of Control Triggering Event with respect to
the Sustainability-Linked Senior Notes occurs, unless the Company has exercised its option to redeem the Sustainability-Linked Senior Notes in full pursuant to Section 3.1 of the Supplemental Indenture or has defeased the Sustainability-Linked
Senior Notes or satisfied and discharged the Sustainability-Linked Senior Notes, the Company shall be required to make an offer (a “Change of Control Offer”) to each Holder of the Sustainability-Linked Senior Notes to
repurchase all or any part (equal to $2,000 and in integral multiples of $1,000 in excess thereof; provided that the unrepurchased portion of a Sustainability-Linked Senior Note must be in a minimum principal amount of $2,000) of that Holder’s
Sustainability-Linked Senior Notes pursuant to the terms set forth in the Indenture. In a Change of Control Offer, the Company shall be required to offer payment in cash equal to 101% of the aggregate principal amount of the Sustainability-Linked
Senior Notes repurchased, plus accrued and unpaid interest, if any, on the Sustainability-Linked Senior Notes repurchased to the date of repurchase. 

8. DENOMINATIONS, TRANSFER, EXCHANGE. The Sustainability-Linked Senior Notes are in registered form without coupons in denominations of $2,000
and integral multiples of $1,000. Sustainability-Linked Senior Notes may be transferred or exchanged as provided in the Indenture. The Registrar and the Trustee may require a Holder, among other things, to furnish appropriate endorsements and
transfer documents and the Company or the Trustee may require a Holder to pay any taxes and fees required by law or permitted by the Indenture. The Company need not exchange or transfer any Sustainability-Linked Senior Note or portion of a
Sustainability-Linked Senior Note selected for redemption, except for the unredeemed portion of any Sustainability-Linked Senior Note being redeemed in part. Also, the Company need not exchange or register the transfer of any Sustainability-Linked
Senior Notes for a period of 15 days before the day of any selection of Sustainability-Linked Senior Notes to be redeemed or during the period between a record date and the corresponding Interest Payment Date. 

9. PERSONS DEEMED OWNERS. Subject to the record date provisions hereof, the registered Holder of a Sustainability-Linked Senior Note may be
treated as its owner for all purposes. 
 10. AMENDMENT, SUPPLEMENT AND WAIVER. Subject to certain exceptions, the Indenture or the
Sustainability-Linked Senior Notes may be amended or supplemented with the consent of the Holders of at least a majority in principal amount of the Sustainability-Linked Senior Notes then outstanding, including, without limitation, consents obtained
in connection with a tender offer or exchange offer for the Sustainability-Linked Senior Notes, and any existing default or compliance with any provision of the Indenture or the Sustainability-Linked Senior Notes, may be waived with the consent of
the Holders of a majority in principal amount of the then outstanding Sustainability-Linked Senior Notes, including, without limitation, consents obtained in connection with a tender offer or exchange offer for the Sustainability-Linked Senior
Notes. Without the consent of any Holder of a Sustainability-Linked Senior Note, the Indenture or the Sustainability-Linked Senior Notes may be amended or supplemented (i) to cure any ambiguity, defect or inconsistency; (ii) to provide for
a supplemental indenture as set forth in Article V of the Base Indenture; (iii) to provide for uncertificated Securities in addition to or in place of certificated Securities; (iv) to make any change that does not adversely affect the
rights of any Holder; (v) to provide for the issuance of and establish the form and terms and conditions of the Securities of any Series as permitted by the Indenture; (vi) to evidence and provide for the acceptance of appointment under
the Indenture by a successor Trustee and to add to or change any of the provisions of the Indenture as shall be necessary to provide for or facilitate the administration of the trusts under the Indenture by more than one Trustee; or (vii) to
comply with the requirements of the SEC in order to effect or maintain the qualification of the Indenture under the TIA. 

  
 B-6 

 11. DEFAULTS AND REMEDIES. If an Event of Default with respect to the Sustainability-Linked
Senior Notes shall occur and be continuing, the principal of, and any accrued and unpaid interest on, the outstanding Sustainability-Linked Senior Notes may be declared due and payable in the manner and with the effect provided in the Indenture. For
the avoidance of doubt, it will not be a breach or Event of Default under the Sustainability-Linked Senior Notes if the Sustainability Performance Target is not met. 

12. TRUSTEE DEALINGS WITH COMPANY. The Trustee, in its individual or any other capacity, may become the owner or pledgee of the
Sustainability-Linked Senior Notes and may otherwise deal with the Company or an Affiliate of the Company with the same rights it would have if it were not Trustee. 

13. NO RECOURSE AGAINST OTHERS. A director, officer, employee or stockholder, as such, of the Company will not have any liability for any
obligations of the Company under the Sustainability-Linked Senior Notes or the Indenture or for any claim based on, in respect of, or by reason of, such obligations or their creation. Each Holder by accepting a Sustainability-Linked Senior Note
waives and releases all such liability. The waiver and release are part of the consideration for the issue of the Sustainability-Linked Senior Notes. 

14. AUTHENTICATION. This Sustainability-Linked Senior Note will not be valid until authenticated by the manual or electronic signature of the
Trustee or an authenticating agent. 
 15. ABBREVIATIONS. Customary abbreviations may be used in the name of a Holder or an assignee, such
as: TEN COM (= tenants in common), TEN ENT (= tenants by the entireties), JT TEN (= joint tenants with right of survivorship and not as tenants in common), CUST (= Custodian), and U/G/M/A (= Uniform Gifts to Minors Act). 

16. CUSIP NUMBERS. The Company has caused CUSIP numbers to be printed on the Sustainability-Linked Senior Notes and the Trustee shall use
CUSIP numbers in notices of redemption as a convenience to Holders. No representation is made as to the correctness of such numbers either as printed on the Sustainability-Linked Senior Notes or as contained in any notice of redemption and reliance
may be placed only on the other elements of identification printed on the Sustainability-Linked Senior Notes, and any such redemption shall not be affected by any defect in or omission of such numbers. The Company will furnish to any Holder upon
written request and without charge a copy of the Base Indenture and the Supplemental Indenture. 
 Requests may be made to: 

Analog Devices, Inc. 
 One Analog
Way 
 Wilmington, Massachusetts 01887 

Attention: General Counsel 

  
 B-7 

 ASSIGNMENT FORM 

To assign this Sustainability-Linked Senior Note, fill in the form below: 

(I) or (we) assign and transfer this Sustainability-Linked Senior Note to: 
  

	
	(Insert assignee’s legal name)
	 
	(Insert assignee’s soc. sec. or tax I.D. no.)
	 
	(Print or type assignee’s name, address and zip code)

 and irrevocably appoint _____________________________________________ to transfer this Sustainability-Linked Senior Note on
the books of the Company. The agent may substitute another to act for him 
 Date: _______________ 

Your Signature: ______________________________ 

(sign exactly as your name appears on the face of this Sustainability-Linked Senior Note) 

Tax Identification No: _________________________ 

Signature Guarantee: __________________________ 

Signatures must be guaranteed by an “eligible guarantor institution” meeting the requirements of the Registrar, which requirements include
membership or participation in the Security Transfer Agent Medallion Program (“STAMP”) or such other “signature guarantee program” as may be determined by the Registrar in addition to, or in substitution for, STAMP,
all in accordance with the Securities Exchange Act of 1934, as amended. 

  
 B-8 

 OPTION OF HOLDER TO ELECT PURCHASE 

If you want to elect to have this Sustainability-Linked Senior Note purchased by the Company pursuant to Section 4.1 of the Supplemental
Indenture, check the box below: 
 ☐  Section 4.1 

If you want to elect to have only part of this Sustainability-Linked Senior Note purchased by the Company pursuant to Section 4.1 of the
Supplemental Indenture, state the amount you elect to have purchased ($2,000 or integral multiples of $1,000 in excess thereof; provided that the unrepurchased portion of this Sustainability-Linked Senior Note must be in a minimum principal amount
of $2,000): $________________ 
 Date: _______________ 
 Your
Signature: ______________________________ 
 (sign exactly as your name appears on the face of this Sustainability-Linked Senior Note) 

Tax Identification No: _________________________ 

Signature Guarantee: __________________________ 

Signatures must be guaranteed by an “eligible guarantor institution” meeting the requirements of the Registrar, which requirements include
membership or participation in the Security Transfer Agent Medallion Program (“STAMP”) or such other “signature guarantee program” as may be determined by the Registrar in addition to, or in substitution for, STAMP,
all in accordance with the Securities Exchange Act of 1934, as amended. 

  
 B-9 

 EXHIBIT C 

(Face of Global 2031 Note) 
 THIS
GLOBAL NOTE IS HELD BY THE DEPOSITARY (AS DEFINED IN THE SUPPLEMENTAL INDENTURE HEREINAFTER REFERRED TO GOVERNING THIS NOTE) OR ITS NOMINEE IN CUSTODY FOR THE BENEFIT OF THE BENEFICIAL OWNERS HEREOF, AND IS NOT TRANSFERABLE TO ANY PERSON UNDER ANY
CIRCUMSTANCES EXCEPT THAT (I) THE TRUSTEE MAY MAKE SUCH NOTATIONS HEREON AS MAY BE REQUIRED PURSUANT TO SECTION 2.2 OF THE SUPPLEMENTAL INDENTURE, (II) THIS GLOBAL NOTE MAY BE EXCHANGED IN WHOLE BUT NOT IN PART PURSUANT TO SECTION 2.2(a)
OF THE SUPPLEMENTAL INDENTURE, (III) THIS GLOBAL NOTE MAY BE DELIVERED TO THE TRUSTEE FOR CANCELLATION PURSUANT TO SECTION 2.12 OF THE BASE INDENTURE HEREINAFTER REFERRED TO AND (IV) THIS GLOBAL NOTE MAY BE TRANSFERRED TO A SUCCESSOR
DEPOSITARY WITH THE PRIOR WRITTEN CONSENT OF THE COMPANY HEREINAFTER REFERRED TO. 
 THIS GLOBAL NOTE IS A GLOBAL NOTE WITHIN THE MEANING OF
THE SUPPLEMENTAL INDENTURE HEREINAFTER REFERRED TO AND IS REGISTERED IN THE NAME OF THE DEPOSITARY OR A NOMINEE OF THE DEPOSITARY. THIS GLOBAL NOTE IS EXCHANGEABLE FOR NOTES REGISTERED IN THE NAME OF A PERSON OTHER THAN THE DEPOSITARY OR ITS NOMINEE
ONLY IN THE LIMITED CIRCUMSTANCES DESCRIBED IN THE INDENTURE, AND MAY NOT BE TRANSFERRED EXCEPT AS A WHOLE BY THE DEPOSITARY TO A NOMINEE OF THE DEPOSITARY, 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 A SUCCESSOR DEPOSITARY. UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY (55 WATER STREET, NEW YORK, NEW YORK)
(“DTC”) TO THE COMPANY OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR SUCH OTHER NAME AS MAY BE REQUESTED BY AN AUTHORIZED
REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO. OR SUCH OTHER ENTITY AS MAY BE REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL
INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN. 
 CUSIP: 032654AV7 

ISIN: US032654AV70 
 ANALOG DEVICES,
INC. 
 2.100% Senior Note due October 1, 2031 
  

			
	No.            	  	$__________

 Analog Devices, Inc., a Massachusetts corporation, promises to pay to CEDE & CO. or registered assigns, the principal
sum of $                 on October 1, 2031. 
  

			
	Interest Payment Dates:	  	April 1 and October 1
		
	Record Dates:	  	March 15 and September 15

 Date: _______________ 
  

			
	ANALOG DEVICES, INC.
		
	By:	 	 
		 	Name:
		 	Title:

  
 C-1 

 TRUSTEE’S CERTIFICATE OF AUTHENTICATION 

This is one of the 2031 Notes referred to in the within-mentioned Supplemental Indenture: 

Dated: 
  

			
	THE BANK OF NEW YORK MELLON TRUST COMPANY, N.A. as Trustee
		
	 By:
	 	 
		 	 Authorized Signatory

  
 C-2 

 (Back of Global 2031 Note) 

ANALOG DEVICES, INC. 
 2.100%
Senior Note due October 1, 2031 
 Capitalized terms used herein have the meanings assigned to them in the Indenture referred to below
unless otherwise indicated. 
 1. INTEREST. Analog Devices, Inc., a Massachusetts corporation (the “Company”),
promises to pay interest on the principal amount of this 2031 Note at 2.100% per annum from the date hereof until maturity. The Company will pay interest semi-annually on April 1 and October 1 of each year, commencing April 1, 2022,
or if any such day is not a Business Day, on the next succeeding Business Day, and no additional interest will accrue on the amount so payable for that period (each an “Interest Payment Date”). Interest on the 2031 Notes will
accrue from the most recent date to which interest has been paid or provided for or, if no interest has been paid or provided for, from October 5, 2021; provided that if there is no existing Default in the payment of interest, and if this 2031
Note is authenticated between a record date referred to on the face hereof and the next succeeding Interest Payment Date, interest will accrue from such next succeeding Interest Payment Date. The Company will pay interest (including post-petition
interest in any proceeding under any Bankruptcy Law to the extent allowable) on overdue principal at the rate equal to the then applicable interest rate on the 2031 Notes to the extent lawful; it will pay interest (including post-petition interest
in any proceeding under any Bankruptcy Law to the extent allowable) on overdue installments of interest at the same rate to the extent lawful. Interest will be computed on the basis of a 360-day year of twelve
30-day months. 
 2. METHOD OF PAYMENT. The Company will pay interest on the 2031 Notes (except
defaulted interest) to the persons who are registered Holders of 2031 Notes at the close of business on the April 1 or October 1 (whether or not a Business Day) next preceding the applicable Interest Payment Date, even if such 2031 Notes
are canceled after such record date and on or before such Interest Payment Date, except as provided in Section 2.13 of the Base Indenture with respect to defaulted interest. Principal and interest on the 2031 Notes will be payable at the office
or agency of the Paying Agent and Registrar within the City and State of New York or, at the option of the Company, payment of interest may be made by check mailed to the Holders of the 2031 Notes at their respective addresses set forth in the
register of Holders of 2031 Notes; provided that payment by wire transfer of immediately available funds will be required with respect to principal of and interest on all Global Notes and all other 2031 Notes the Holders of which will have provided
wire transfer instructions to the Company or the Paying Agent at least 15 calendar days prior to the applicable payment date. Such payment will be 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. 
 3. PAYING AGENT AND REGISTRAR. Initially, The Bank of New York Mellon Trust Company, N.A., the
Trustee under the Indenture, will act as Paying Agent and Registrar. The Company may change any Paying Agent or Registrar without notice to any Holder. The Company or any of its Subsidiaries may act in any such capacity. 

4. INDENTURE. This 2031 Note is one of a duly authenticated Series of securities of the Company issued and to be issued in one or more Series
under an indenture (the “Base Indenture”), dated as of June 3, 2013 between the Company and the Trustee, as amended by the Supplemental Indenture, dated as of March 12, 2018, between the Company and the Trustee (the
“Supplemental Indenture” and, together with the Base Indenture, the “Indenture”). The terms of the 2031 Notes include those stated in the Indenture and those made part of the Indenture by reference to
the TIA. The 2031 Notes are subject to all such terms, and Holders are referred to the Indenture and such Act for a statement of such terms. To the extent any provision of this 2031 Note conflicts with the express provisions of the Indenture, the
provisions of the Indenture will govern and be controlling, and to the extent any provision of the Base Indenture conflicts with the express provisions of the Supplemental Indenture, the provisions of the Supplemental Indenture will govern and be
controlling. The Company will be entitled to issue Additional 2031 Notes pursuant to Section 2.3 of the Supplemental Indenture. 

  
 C-3 

 5. OPTIONAL REDEMPTION. 

Prior to July 1, 2031 (the “Par Call Date”), the Company will have the right, at its option, to redeem the 2031
Notes, at any time and from time to time, either in whole or in part, at a redemption price equal to the greater of the following amounts: 

(i) 100% of the principal amount of the 2031 Notes to be redeemed; and 

(ii) the sum of the present values of the Remaining Scheduled Payments of such 2031 Notes to be redeemed. 

In determining the present values of such Remaining Scheduled Payments, such payments shall be discounted to the redemption date on a
semi-annual basis (assuming a 360-day year consisting of twelve 30-day months) using a discount rate equal to the Treasury Rate plus 10 basis points. 

On or after the applicable Par Call Date, the Company will have the right, at its option, to redeem the 2031 Notes, at any time and from time
to time, in whole or in part, at a redemption price equal to 100% of the principal amount of such 2031 Notes being redeemed. 
 In each
case, the Company will also pay the accrued and unpaid interest on the 2031 Notes being redeemed to, but excluding, the redemption date. 

In connection with any redemption of the 2031 Notes prior to their maturity date, calculation of the redemption price therefor shall be made
by the Company or on the Company’s behalf by such person as the Company shall designate; provided, however, that such calculation shall not be a duty or obligation of the Trustee or any Agent. 

Unless the Company defaults in payment of the redemption price, on and after the redemption date, interest will cease to accrue on the 2031
Notes or portions thereof called for redemption. 
 2031 Notes subject to a partial redemption shall be selected for redemption by such
method as the Trustee shall deem fair and appropriate (provided that if the 2031 Notes are represented by one or more Global Notes, the 2031 Notes shall be selected for redemption by the Depositary in accordance with its standard procedures
therefor) and may provide for the selection for redemption of a portion of the principal amount of the 2031 Notes equal to an authorized denomination. 

No 2031 Notes of $2,000 or less can be redeemed in part. 2031 Notes in denominations larger than $2,000 may be redeemed in part but only in
whole multiples of $1,000, unless all of the 2031 Notes held by a Holder are to be redeemed. 
 Notice of any redemption shall be mailed, or
otherwise transmitted in accordance with the Depositary’s standard procedures therefor, at least 10 days but not more than 60 days before the redemption date to each Holder of the 2031 Notes to be redeemed. 

6. MANDATORY REDEMPTION. The Company is not required to make any mandatory redemption or sinking fund payments with respect to the 2031 Notes.

 7. OFFER TO PURCHASE UPON CHANGE OF CONTROL. If a Change of Control Triggering Event with respect to the 2031 Notes occurs, unless the
Company has exercised its option to redeem the 2031 Notes in full pursuant to Section 3.1 of the Supplemental Indenture or has defeased the 2031 Notes or satisfied and discharged the 2031 Notes, the Company shall be required to make an offer (a
“Change of Control Offer”) to each Holder of the 2031 Notes to repurchase all or any part (equal to $2,000 and in integral multiples of $1,000 in excess thereof; provided that the unrepurchased portion of a 2031 Note must be
in a minimum principal amount of $2,000) of that Holder’s 2031 Notes pursuant to the terms set forth in the Indenture. In a Change of Control Offer, the Company shall be required to offer payment in cash equal to 101% of the aggregate principal
amount of the 2031 Notes repurchased, plus accrued and unpaid interest, if any, on the 2031 Notes repurchased to the date of repurchase. 

  
 C-4 

 8. DENOMINATIONS, TRANSFER, EXCHANGE. The 2031 Notes are in registered form without coupons
in denominations of $2,000 and integral multiples of $1,000. 2031 Notes may be transferred or exchanged as provided in the Indenture. The Registrar and the Trustee may require a Holder, among other things, to furnish appropriate endorsements and
transfer documents and the Company or the Trustee may require a Holder to pay any taxes and fees required by law or permitted by the Indenture. The Company need not exchange or transfer any 2031 Note or portion of a 2031 Note selected for
redemption, except for the unredeemed portion of any 2031 Note being redeemed in part. Also, the Company need not exchange or register the transfer of any 2031 Notes for a period of 15 days before the day of any selection of 2031 Notes to be
redeemed or during the period between a record date and the corresponding Interest Payment Date. 
 9. PERSONS DEEMED OWNERS. Subject to the
record date provisions hereof, the registered Holder of a 2031 Note may be treated as its owner for all purposes. 
 10. AMENDMENT,
SUPPLEMENT AND WAIVER. Subject to certain exceptions, the Indenture or the 2031 Notes may be amended or supplemented with the consent of the Holders of at least a majority in principal amount of the 2031 Notes then outstanding, including, without
limitation, consents obtained in connection with a tender offer or exchange offer for the 2031 Notes, and any existing default or compliance with any provision of the Indenture or the 2031 Notes, may be waived with the consent of the Holders of a
majority in principal amount of the then outstanding 2031 Notes, including, without limitation, consents obtained in connection with a tender offer or exchange offer for the 2031 Notes. Without the consent of any Holder of a 2031 Note, the Indenture
or the 2031 Notes may be amended or supplemented (i) to cure any ambiguity, defect or inconsistency; (ii) to provide for a supplemental indenture as set forth in Article V of the Base Indenture; (iii) to provide for uncertificated
Securities in addition to or in place of certificated Securities; (iv) to make any change that does not adversely affect the rights of any Holder; (v) to provide for the issuance of and establish the form and terms and conditions of the
Securities of any Series as permitted by the Indenture; (vi) to evidence and provide for the acceptance of appointment under the Indenture by a successor Trustee and to add to or change any of the provisions of the Indenture as shall be
necessary to provide for or facilitate the administration of the trusts under the Indenture by more than one Trustee; or (vii) to comply with the requirements of the SEC in order to effect or maintain the qualification of the Indenture under
the TIA. 
 11. DEFAULTS AND REMEDIES. If an Event of Default with respect to the 2031 Notes shall occur and be continuing, the principal
of, and any accrued and unpaid interest on, the outstanding 2031 Notes may be declared due and payable in the manner and with the effect provided in the Indenture. 

12. TRUSTEE DEALINGS WITH COMPANY. The Trustee, in its individual or any other capacity, may become the owner or pledgee of the 2031 Notes and
may otherwise deal with the Company or an Affiliate of the Company with the same rights it would have if it were not Trustee. 
 13. NO
RECOURSE AGAINST OTHERS. A director, officer, employee or stockholder, as such, of the Company will not have any liability for any obligations of the Company under the 2031 Notes or the Indenture or for any claim based on, in respect of, or by
reason of, such obligations or their creation. Each Holder by accepting a 2031 Note waives and releases all such liability. The waiver and release are part of the consideration for the issue of the 2031 Notes. 

14. AUTHENTICATION. This 2031 Note will not be valid until authenticated by the manual or electronic signature of the Trustee or an
authenticating agent. 
 15. ABBREVIATIONS. Customary abbreviations may be used in the name of a Holder or an assignee, such as: TEN COM (=
tenants in common), TEN ENT (= tenants by the entireties), JT TEN (= joint tenants with right of survivorship and not as tenants in common), CUST (= Custodian), and U/G/M/A (= Uniform Gifts to Minors Act). 

  
 C-5 

 16. CUSIP NUMBERS. The Company has caused CUSIP numbers to be printed on the 2031 Notes and
the Trustee shall use CUSIP numbers in notices of redemption as a convenience to Holders. No representation is made as to the correctness of such numbers either as printed on the 2031 Notes or as contained in any notice of redemption and reliance
may be placed only on the other elements of identification printed on the 2031 Notes, and any such redemption shall not be affected by any defect in or omission of such numbers. The Company will furnish to any Holder upon written request and without
charge a copy of the Base Indenture and the Supplemental Indenture. 
 Requests may be made to: 

Analog Devices, Inc. 
 One Analog
Way 
 Wilmington, Massachusetts 01887 

Attention: General Counsel 

  
 C-6 

 ASSIGNMENT FORM 

To assign this 2031 Note, fill in the form below: 
 (I) or (we)
assign and transfer 
 this 2031 Note to: 
  

	
	(Insert assignee’s legal name)
	
	
	(Insert assignee’s soc. sec. or tax I.D. no.)
	
	
	(Print or type assignee’s name, address and zip code)

 and irrevocably appoint _____________________________________________ to transfer this 2031 Note on the books of the Company.
The agent may substitute another to act for him 
 Date: _______________ 
  

					
	Your Signature:	  	 	  	
		  		  	(sign exactly as your name appears on the face of this 2031 Note)

 Tax Identification No: _________________________ 

Signature Guarantee: __________________________ 

Signatures must be guaranteed by an “eligible guarantor institution” meeting the requirements of the Registrar, which requirements include
membership or participation in the Security Transfer Agent Medallion Program (“STAMP”) or such other “signature guarantee program” as may be determined by the Registrar in addition to, or in substitution for, STAMP,
all in accordance with the Securities Exchange Act of 1934, as amended. 

  
 C-7 

 OPTION OF HOLDER TO ELECT PURCHASE 

If you want to elect to have this 2031 Note purchased by the Company pursuant to Section 4.1 of the Supplemental Indenture, check the box
below: 
 ☐ Section 4.1 

If you want to elect to have only part of this 2031 Note purchased by the Company pursuant to Section 4.1 of the Supplemental Indenture,
state the amount you elect to have purchased ($2,000 or integral multiples of $1,000 in excess thereof; provided that the unrepurchased portion of the 2031 Note must be in a minimum principal amount of $2,000): $________________ 

Date: _______________ 
  

					
	Your Signature:	  	 	  	
		  		  	(sign exactly as your name appears on the face of this 2031 Note)

 Tax Identification No: _________________________ 

Signature Guarantee: __________________________ 

Signatures must be guaranteed by an “eligible guarantor institution” meeting the requirements of the Registrar, which requirements include
membership or participation in the Security Transfer Agent Medallion Program (“STAMP”) or such other “signature guarantee program” as may be determined by the Registrar in addition to, or in substitution for, STAMP,
all in accordance with the Securities Exchange Act of 1934, as amended. 

  
 C-8 

 EXHIBIT D 

(Face of Global 2041 Note) 
 THIS
GLOBAL NOTE IS HELD BY THE DEPOSITARY (AS DEFINED IN THE SUPPLEMENTAL INDENTURE HEREINAFTER REFERRED TO GOVERNING THIS NOTE) OR ITS NOMINEE IN CUSTODY FOR THE BENEFIT OF THE BENEFICIAL OWNERS HEREOF, AND IS NOT TRANSFERABLE TO ANY PERSON UNDER ANY
CIRCUMSTANCES EXCEPT THAT (I) THE TRUSTEE MAY MAKE SUCH NOTATIONS HEREON AS MAY BE REQUIRED PURSUANT TO SECTION 2.2 OF THE SUPPLEMENTAL INDENTURE, (II) THIS GLOBAL NOTE MAY BE EXCHANGED IN WHOLE BUT NOT IN PART PURSUANT TO SECTION 2.2(a)
OF THE SUPPLEMENTAL INDENTURE, (III) THIS GLOBAL NOTE MAY BE DELIVERED TO THE TRUSTEE FOR CANCELLATION PURSUANT TO SECTION 2.12 OF THE BASE INDENTURE HEREINAFTER REFERRED TO AND (IV) THIS GLOBAL NOTE MAY BE TRANSFERRED TO A SUCCESSOR
DEPOSITARY WITH THE PRIOR WRITTEN CONSENT OF THE COMPANY HEREINAFTER REFERRED TO. 
 THIS GLOBAL NOTE IS A GLOBAL NOTE WITHIN THE MEANING OF
THE SUPPLEMENTAL INDENTURE HEREINAFTER REFERRED TO AND IS REGISTERED IN THE NAME OF THE DEPOSITARY OR A NOMINEE OF THE DEPOSITARY. THIS GLOBAL NOTE IS EXCHANGEABLE FOR NOTES REGISTERED IN THE NAME OF A PERSON OTHER THAN THE DEPOSITARY OR ITS NOMINEE
ONLY IN THE LIMITED CIRCUMSTANCES DESCRIBED IN THE INDENTURE, AND MAY NOT BE TRANSFERRED EXCEPT AS A WHOLE BY THE DEPOSITARY TO A NOMINEE OF THE DEPOSITARY, 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 A SUCCESSOR DEPOSITARY. UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY (55 WATER STREET, NEW YORK, NEW YORK)
(“DTC”) TO THE COMPANY OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR SUCH OTHER NAME AS MAY BE REQUESTED BY AN AUTHORIZED
REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO. OR SUCH OTHER ENTITY AS MAY BE REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL
INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN. 
 CUSIP: 032654AW5 

ISIN: US032654AW53 
 ANALOG DEVICES,
INC. 
 2.800% Senior Note due October 1, 2041 
  

			
	No. _____	  	$__________

 Analog Devices, Inc., a Massachusetts corporation, promises to pay to CEDE & CO. or registered assigns, the principal
sum of $                 on October 1, 2041. 
  

					
	Interest Payment Dates:	  	April 1 and October 1	  	
			
	Record Dates:	  	March 15 and September 15	  	
			
	Date: _______________	  		  	

  

			
	ANALOG DEVICES, INC.
		
	By:	 	 
		 	Name:
		 	Title:

  
 D-1 

 TRUSTEE’S CERTIFICATE OF AUTHENTICATION 

This is one of the 2041 Notes referred to in the within-mentioned Supplemental Indenture: 

Dated: 
  

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

			
		
	By:	 	 
		 	Authorized Signatory

  
 D-2 

 (Back of 2041 Note) 

ANALOG DEVICES, INC. 
 2.800%
Senior Note due October 1, 2041 
 Capitalized terms used herein have the meanings assigned to them in the Indenture referred to below
unless otherwise indicated. 
 1. INTEREST. Analog Devices, Inc., a Massachusetts corporation (the “Company”),
promises to pay interest on the principal amount of this 2041 Note at 2.800% per annum from the date hereof until maturity. The Company will pay interest semi-annually on April 1 and October 1 of each year, commencing April 1, 2022,
or if any such day is not a Business Day, on the next succeeding Business Day, and no additional interest will accrue on the amount so payable for that period (each an “Interest Payment Date”). Interest on the 2041 Notes will
accrue from the most recent date to which interest has been paid or provided for or, if no interest has been paid or provided for, from October 5, 2021; provided that if there is no existing Default in the payment of interest, and if this 2041
Note is authenticated between a record date referred to on the face hereof and the next succeeding Interest Payment Date, interest will accrue from such next succeeding Interest Payment Date. The Company will pay interest (including post-petition
interest in any proceeding under any Bankruptcy Law to the extent allowable) on overdue principal at the rate equal to the then applicable interest rate on the 2041 Notes to the extent lawful; it will pay interest (including post-petition interest
in any proceeding under any Bankruptcy Law to the extent allowable) on overdue installments of interest at the same rate to the extent lawful. Interest will be computed on the basis of a 360-day year of twelve
30-day months. 
 2. METHOD OF PAYMENT. The Company will pay interest on the 2041 Notes (except
defaulted interest) to the persons who are registered Holders of 2041 Notes at the close of business on the April 1 or October 1 (whether or not a Business Day) next preceding the applicable Interest Payment Date, even if such 2041 Notes
are canceled after such record date and on or before such Interest Payment Date, except as provided in Section 2.13 of the Base Indenture with respect to defaulted interest. Principal and interest on the 2041 Notes will be payable at the office
or agency of the Paying Agent and Registrar within the City and State of New York or, at the option of the Company, payment of interest may be made by check mailed to the Holders of the 2041 Notes at their respective addresses set forth in the
register of Holders of 2041 Notes; provided that payment by wire transfer of immediately available funds will be required with respect to principal of and interest on all Global Notes and all other 2041 Notes the Holders of which will have provided
wire transfer instructions to the Company or the Paying Agent at least 15 calendar days prior to the applicable payment date. Such payment will be 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. 
 3. PAYING AGENT AND REGISTRAR. Initially, The Bank of New York Mellon Trust Company, N.A., the
Trustee under the Indenture, will act as Paying Agent and Registrar. The Company may change any Paying Agent or Registrar without notice to any Holder. The Company or any of its Subsidiaries may act in any such capacity. 

4. INDENTURE. This 2041 Note is one of a duly authenticated Series of securities of the Company issued and to be issued in one or more Series
under an indenture (the “Base Indenture”), dated as of June 3, 2013 between the Company and the Trustee, as amended by the Supplemental Indenture, dated as of October 5, 2021, between the Company and the Trustee
(the “Supplemental Indenture” and, together with the Base Indenture, the “Indenture”). The terms of the 2041 Notes include those stated in the Indenture and those made part of the Indenture by
reference to the TIA. The 2041 Notes are subject to all such terms, and Holders are referred to the Indenture and such Act for a statement of such terms. To the extent any provision of this 2041 Note conflicts with the express provisions of the
Indenture, the provisions of the Indenture will govern and be controlling, and to the extent any provision of the Base Indenture conflicts with the express provisions of the Supplemental Indenture, the provisions of the Supplemental Indenture will
govern and be controlling. The Company will be entitled to issue Additional 2041 Notes pursuant to Section 2.3 of the Supplemental Indenture. 

  
 D-3 

 5. OPTIONAL REDEMPTION. 

Prior to April 1, 2041 (the, “Par Call Date”), the Company will have the right, at its option, to redeem the 2041
Notes, at any time and from time to time, either in whole or in part, at a redemption price equal to the greater of the following amounts: 

(i) 100% of the principal amount of the 2041 Notes to be redeemed; and 

(ii) the sum of the present values of the Remaining Scheduled Payments of such 2041 Notes to be redeemed. 

In determining the present values of such Remaining Scheduled Payments, such payments shall be discounted to the redemption date on a
semi-annual basis (assuming a 360-day year consisting of twelve 30-day months) using a discount rate equal to the Treasury Rate plus 15 basis points. 

On or after the applicable Par Call Date, the Company will have the right, at its option, to redeem the 2041 Notes, at any time and from time
to time, in whole or in part, at a redemption price equal to 100% of the principal amount of such 2041 Notes being redeemed. 
 In each
case, the Company will also pay the accrued and unpaid interest on the 2041 Notes being redeemed to, but excluding, the redemption date. 

In connection with any redemption of the 2041 Notes prior to their maturity date, calculation of the redemption price therefor shall be made
by the Company or on the Company’s behalf by such person as the Company shall designate; provided, however, that such calculation shall not be a duty or obligation of the Trustee or any Agent. 

Unless the Company defaults in payment of the redemption price, on and after the redemption date, interest will cease to accrue on the 2041
Notes or portions thereof called for redemption. 
 2041 Notes subject to a partial redemption shall be selected for redemption by such
method as the Trustee shall deem fair and appropriate (provided that if the 2041 Notes are represented by one or more Global Notes, the 2041 Notes shall be selected for redemption by the Depositary in accordance with its standard procedures
therefor) and may provide for the selection for redemption of a portion of the principal amount of the 2041 Notes equal to an authorized denomination. 

No 2041 Notes of $2,000 or less can be redeemed in part. 2041 Notes in denominations larger than $2,000 may be redeemed in part but only in
whole multiples of $1,000, unless all of the 2041 Notes held by a Holder are to be redeemed. 
 Notice of any redemption shall be mailed, or
otherwise transmitted in accordance with the Depositary’s standard procedures therefor, at least 10 days but not more than 60 days before the redemption date to each Holder of the 2041 Notes to be redeemed. 

6. MANDATORY REDEMPTION. The Company is not required to make any mandatory redemption or sinking fund payments with respect to the 2041 Notes.

 7. OFFER TO PURCHASE UPON CHANGE OF CONTROL. If a Change of Control Triggering Event with respect to the 2041 Notes occurs, unless the
Company has exercised its option to redeem the 2041 Notes in full pursuant to Section 3.1 of the Supplemental Indenture or has defeased the 2041 Notes or satisfied and discharged the 2041 Notes, the Company shall be required to make an offer (a
“Change of Control Offer”) to each Holder of the 2041 Notes to repurchase all or any part (equal to $2,000 and in integral multiples of $1,000 in excess thereof; provided that the unrepurchased portion of a 2041 Note must be
in a minimum principal amount of $2,000) of that Holder’s 2041 Notes pursuant to the terms set forth in the Indenture. In a Change of Control Offer, the Company shall be required to offer payment in cash equal to 101% of the aggregate principal
amount of the 2041 Notes repurchased, plus accrued and unpaid interest, if any, on the 2041 Notes repurchased to the date of repurchase. 

  
 D-4 

 8. DENOMINATIONS, TRANSFER, EXCHANGE. The 2041 Notes are in registered form without coupons
in denominations of $2,000 and integral multiples of $1,000. 2041 Notes may be transferred or exchanged as provided in the Indenture. The Registrar and the Trustee may require a Holder, among other things, to furnish appropriate endorsements and
transfer documents and the Company or the Trustee may require a Holder to pay any taxes and fees required by law or permitted by the Indenture. The Company need not exchange or transfer any 2041 Note or portion of a 2041 Note selected for
redemption, except for the unredeemed portion of any 2041 Note being redeemed in part. Also, the Company need not exchange or register the transfer of any 2041 Notes for a period of 15 days before the day of any selection of 2041 Notes to be
redeemed or during the period between a record date and the corresponding Interest Payment Date. 
 9. PERSONS DEEMED OWNERS. Subject to the
record date provisions hereof, the registered Holder of a 2041 Note may be treated as its owner for all purposes. 
 10. AMENDMENT,
SUPPLEMENT AND WAIVER. Subject to certain exceptions, the Indenture or the 2041 Notes may be amended or supplemented with the consent of the Holders of at least a majority in principal amount of the 2041 Notes then outstanding, including, without
limitation, consents obtained in connection with a tender offer or exchange offer for the 2041 Notes, and any existing default or compliance with any provision of the Indenture or the 2041 Notes, may be waived with the consent of the Holders of a
majority in principal amount of the then outstanding 2041 Notes, including, without limitation, consents obtained in connection with a tender offer or exchange offer for the 2041 Notes. Without the consent of any Holder of a 2041 Note, the Indenture
or the 2041 Notes may be amended or supplemented (i) to cure any ambiguity, defect or inconsistency; (ii) to provide for a supplemental indenture as set forth in Article V of the Base Indenture; (iii) to provide for uncertificated
Securities in addition to or in place of certificated Securities; (iv) to make any change that does not adversely affect the rights of any Holder; (v) to provide for the issuance of and establish the form and terms and conditions of the
Securities of any Series as permitted by the Indenture; (vi) to evidence and provide for the acceptance of appointment under the Indenture by a successor Trustee and to add to or change any of the provisions of the Indenture as shall be
necessary to provide for or facilitate the administration of the trusts under the Indenture by more than one Trustee; or (vii) to comply with the requirements of the SEC in order to effect or maintain the qualification of the Indenture under
the TIA. 
 11. DEFAULTS AND REMEDIES. If an Event of Default with respect to the 2041 Notes shall occur and be continuing, the principal
of, and any accrued and unpaid interest on, the outstanding 2041 Notes may be declared due and payable in the manner and with the effect provided in the Indenture. 

12. TRUSTEE DEALINGS WITH COMPANY. The Trustee, in its individual or any other capacity, may become the owner or pledgee of the 2041 Notes and
may otherwise deal with the Company or an Affiliate of the Company with the same rights it would have if it were not Trustee. 
 13. NO
RECOURSE AGAINST OTHERS. A director, officer, employee or stockholder, as such, of the Company will not have any liability for any obligations of the Company under the 2041 Notes or the Indenture or for any claim based on, in respect of, or by
reason of, such obligations or their creation. Each Holder by accepting a 2041 Note waives and releases all such liability. The waiver and release are part of the consideration for the issue of the 2041 Notes. 

14. AUTHENTICATION. This 2041 Note will not be valid until authenticated by the manual or electronic signature of the Trustee or an
authenticating agent. 
 15. ABBREVIATIONS. Customary abbreviations may be used in the name of a Holder or an assignee, such as: TEN COM (=
tenants in common), TEN ENT (= tenants by the entireties), JT TEN (= joint tenants with right of survivorship and not as tenants in common), CUST (= Custodian), and U/G/M/A (= Uniform Gifts to Minors Act). 

  
 D-5 

 16. CUSIP NUMBERS. The Company has caused CUSIP numbers to be printed on the 2041 Notes and
the Trustee shall use CUSIP numbers in notices of redemption as a convenience to Holders. No representation is made as to the correctness of such numbers either as printed on the 2041 Notes or as contained in any notice of redemption and reliance
may be placed only on the other elements of identification printed on the 2041 Notes, and any such redemption shall not be affected by any defect in or omission of such numbers. The Company will furnish to any Holder upon written request and without
charge a copy of the Base Indenture and the Supplemental Indenture. 
 Requests may be made to: 

Analog Devices, Inc. 
 One Analog
Way 
 Wilmington, Massachusetts 01887 

Attention: General Counsel 

  
 D-6 

 ASSIGNMENT FORM 

To assign this 2041 Note, fill in the form below: 
 (I) or (we)
assign and transfer this 2041 Note to: 
  

	
	(Insert assignee’s legal name)
	
	
	(Insert assignee’s soc. sec. or tax I.D. no.)
	
	
	(Print or type assignee’s name, address and zip code)

 and irrevocably appoint _____________________________________________ to transfer this 2041 Note on the books of the Company.
The agent may substitute another to act for him 
 Date: _______________ 
  

			
	Your Signature: ______________________________	 	
		 	  (sign exactly as your name appears on the face of this 2041 Note)
		
		 	Tax Identification No: _________________________
		
		 	Signature Guarantee: __________________________

 Signatures must be guaranteed by an “eligible guarantor institution” meeting the requirements of the Registrar,
which requirements include membership or participation in the Security Transfer Agent Medallion Program (“STAMP”) or such other “signature guarantee program” as may be determined by the Registrar in addition to, or
in substitution for, STAMP, all in accordance with the Securities Exchange Act of 1934, as amended. 

  
 D-7 

 OPTION OF HOLDER TO ELECT PURCHASE 

If you want to elect to have this 2041 Note purchased by the Company pursuant to Section 4.1 of the Supplemental Indenture, check the box
below: 
 ☐ Section 4.1 

If you want to elect to have only part of this 2041 Note purchased by the Company pursuant to Section 4.1 of the Supplemental Indenture,
state the amount you elect to have purchased ($2,000 or integral multiples of $1,000 in excess thereof; provided that the unrepurchased portion of this 2041 Note must be in a minimum principal amount of $2,000): $________________ 

Date: _______________ 
  

			
	Your Signature: ______________________________	 	
		 	  (sign exactly as your name appears on the face of this 2041 Note)
		
		 	Tax Identification No: _________________________
		
		 	Signature Guarantee: __________________________

 Signatures must be guaranteed by an “eligible guarantor institution” meeting the requirements of the Registrar,
which requirements include membership or participation in the Security Transfer Agent Medallion Program (“STAMP”) or such other “signature guarantee program” as may be determined by the Registrar in addition to, or
in substitution for, STAMP, all in accordance with the Securities Exchange Act of 1934, as amended. 

  
 D-8 

 EXHIBIT E 

(Face of Global 2051 Note) 
 THIS
GLOBAL NOTE IS HELD BY THE DEPOSITARY (AS DEFINED IN THE SUPPLEMENTAL INDENTURE HEREINAFTER REFERRED TO GOVERNING THIS NOTE) OR ITS NOMINEE IN CUSTODY FOR THE BENEFIT OF THE BENEFICIAL OWNERS HEREOF, AND IS NOT TRANSFERABLE TO ANY PERSON UNDER ANY
CIRCUMSTANCES EXCEPT THAT (I) THE TRUSTEE MAY MAKE SUCH NOTATIONS HEREON AS MAY BE REQUIRED PURSUANT TO SECTION 2.2 OF THE SUPPLEMENTAL INDENTURE, (II) THIS GLOBAL NOTE MAY BE EXCHANGED IN WHOLE BUT NOT IN PART PURSUANT TO SECTION 2.2(a)
OF THE SUPPLEMENTAL INDENTURE, (III) THIS GLOBAL NOTE MAY BE DELIVERED TO THE TRUSTEE FOR CANCELLATION PURSUANT TO SECTION 2.12 OF THE BASE INDENTURE HEREINAFTER REFERRED TO AND (IV) THIS GLOBAL NOTE MAY BE TRANSFERRED TO A SUCCESSOR
DEPOSITARY WITH THE PRIOR WRITTEN CONSENT OF THE COMPANY HEREINAFTER REFERRED TO. 
 THIS GLOBAL NOTE IS A GLOBAL NOTE WITHIN THE MEANING OF
THE SUPPLEMENTAL INDENTURE HEREINAFTER REFERRED TO AND IS REGISTERED IN THE NAME OF THE DEPOSITARY OR A NOMINEE OF THE DEPOSITARY. THIS GLOBAL NOTE IS EXCHANGEABLE FOR NOTES REGISTERED IN THE NAME OF A PERSON OTHER THAN THE DEPOSITARY OR ITS NOMINEE
ONLY IN THE LIMITED CIRCUMSTANCES DESCRIBED IN THE INDENTURE, AND MAY NOT BE TRANSFERRED EXCEPT AS A WHOLE BY THE DEPOSITARY TO A NOMINEE OF THE DEPOSITARY, 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 A SUCCESSOR DEPOSITARY. UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY (55 WATER STREET, NEW YORK, NEW YORK)
(“DTC”) TO THE COMPANY OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR SUCH OTHER NAME AS MAY BE REQUESTED BY AN AUTHORIZED
REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO. OR SUCH OTHER ENTITY AS MAY BE REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL
INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN. 
 CUSIP: 032654AX3 

ISIN: US032654AX37 
 ANALOG DEVICES,
INC. 
 2.950% Senior Note due October 1, 2051 
  

			
	No. ____	  	$__________

 Analog Devices, Inc., a Massachusetts corporation, promises to pay to CEDE & CO. or registered assigns, the principal
sum of $                 on October 1, 2051. 
 Interest Payment
Dates:                        April 1 and October 1 

Record
Dates:                                        
March 15 and September 15 
 Date: _______________ 
  

			
	ANALOG DEVICES, INC.
		
	 By:
	 	  

		 	 Name:

		 	 Title:

  
 E-1 

 TRUSTEE’S CERTIFICATE OF AUTHENTICATION 

This is one of the 2051 Notes referred to in the within-mentioned Supplemental Indenture: 

Dated: 
  

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

		 	 Authorized Signatory

  
 E-2 

 (Back of Global 2051 Note) 

ANALOG DEVICES, INC. 
 2.950%
Senior Note due October 1, 2051 
 Capitalized terms used herein have the meanings assigned to them in the Indenture referred to below
unless otherwise indicated. 
 1. INTEREST. Analog Devices, Inc., a Massachusetts corporation (the “Company”),
promises to pay interest on the principal amount of this 2051 Note at 2.950% per annum from the date hereof until maturity. The Company will pay interest semi-annually on April 1 and October 1 of each year, commencing April 1, 2022,
or if any such day is not a Business Day, on the next succeeding Business Day, and no additional interest will accrue on the amount so payable for that period (each an “Interest Payment Date”). Interest on the 2051 Notes will
accrue from the most recent date to which interest has been paid or provided for or, if no interest has been paid or provided for, from October 5, 2021; provided that if there is no existing Default in the payment of interest, and if this 2051
Note is authenticated between a record date referred to on the face hereof and the next succeeding Interest Payment Date, interest will accrue from such next succeeding Interest Payment Date. The Company will pay interest (including post-petition
interest in any proceeding under any Bankruptcy Law to the extent allowable) on overdue principal at the rate equal to the then applicable interest rate on the 2051 Notes to the extent lawful; it will pay interest (including post-petition interest
in any proceeding under any Bankruptcy Law to the extent allowable) on overdue installments of interest at the same rate to the extent lawful. Interest will be computed on the basis of a 360-day year of twelve
30-day months. 
 2. METHOD OF PAYMENT. The Company will pay interest on the 2051 Notes (except
defaulted interest) to the persons who are registered Holders of 2051 Notes at the close of business on the January 1 or July 1 (whether or not a Business Day) next preceding the applicable Interest Payment Date, even if such 2051 Notes
are canceled after such record date and on or before such Interest Payment Date, except as provided in Section 2.13 of the Base Indenture with respect to defaulted interest. Principal and interest on the 2051 Notes will be payable at the office
or agency of the Paying Agent and Registrar within the City and State of New York or, at the option of the Company, payment of interest may be made by check mailed to the Holders of the 2051 Notes at their respective addresses set forth in the
register of Holders of 2051 Notes; provided that payment by wire transfer of immediately available funds will be required with respect to principal of and interest on all Global Notes and all other 2051 Notes the Holders of which will have provided
wire transfer instructions to the Company or the Paying Agent at least 15 calendar days prior to the applicable payment date. Such payment will be 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. 
 3. PAYING AGENT AND REGISTRAR. Initially, The Bank of New York Mellon Trust Company, N.A., the
Trustee under the Indenture, will act as Paying Agent and Registrar. The Company may change any Paying Agent or Registrar without notice to any Holder. The Company or any of its Subsidiaries may act in any such capacity. 

4. INDENTURE. This 2051 Note is one of a duly authenticated Series of securities of the Company issued and to be issued in one or more Series
under an indenture (the “Base Indenture”), dated as of June 3, 2013 between the Company and the Trustee, as amended by the Supplemental Indenture, dated as of October 5, 2021, between the Company and the Trustee
(the “Supplemental Indenture” and, together with the Base Indenture, the “Indenture”). The terms of the 2051 Notes include those stated in the Indenture and those made part of the Indenture by
reference to the TIA. The 2051 Notes are subject to all such terms, and Holders are referred to the Indenture and such Act for a statement of such terms. To the extent any provision of this 2051 Note conflicts with the express provisions of the
Indenture, the provisions of the Indenture will govern and be controlling, and to the extent any provision of the Base Indenture conflicts with the express provisions of the Supplemental Indenture, the provisions of the Supplemental Indenture will
govern and be controlling. The Company will be entitled to issue Additional 2051 Notes pursuant to Section 2.3 of the Supplemental Indenture. 

  
 E-3 

 5. OPTIONAL REDEMPTION. 

Prior to April 1, 2051 (the “Par Call Date”), the Company will have the right, at its option, to redeem the 2051
Notes, at any time and from time to time, either in whole or in part, at a redemption price equal to the greater of the following amounts: 

(i) 100% of the principal amount of the 2051 Notes to be redeemed; and 

(ii) the sum of the present values of the Remaining Scheduled Payments of such 2051 Notes to be redeemed. 

In determining the present values of such Remaining Scheduled Payments, such payments shall be discounted to the redemption date on a
semi-annual basis (assuming a 360-day year consisting of twelve 30-day months) using a discount rate equal to the Treasury Rate plus 15 basis points. 

In connection with any redemption of the 2051 Notes prior to their maturity date, calculation of the redemption price therefor shall be made
by the Company or on the Company’s behalf by such person as the Company shall designate; provided, however, that such calculation shall not be a duty or obligation of the Trustee or any Agent. 

On or after the applicable Par Call Date, the Company will have the right, at its option, to redeem such 2051 Notes, at any time and from time
to time, in whole or in part, at a redemption price equal to 100% of the principal amount of such 2051 Notes being redeemed. 
 In each
case, the Company will also pay the accrued and unpaid interest on the 2051 Notes being redeemed to, but excluding, the redemption date. 

Unless the Company defaults in payment of the redemption price, on and after the redemption date, interest will cease to accrue on the 2051
Notes or portions thereof called for redemption. 
 2051 Notes subject to a partial redemption shall be selected for redemption by such
method as the Trustee shall deem fair and appropriate (provided that if the 2051 Notes are represented by one or more Global Notes, the 2051 Notes shall be selected for redemption by the Depositary in accordance with its standard procedures
therefor) and may provide for the selection for redemption of a portion of the principal amount of the 2051 Notes equal to an authorized denomination. 

No 2051 Notes of $2,000 or less can be redeemed in part. 2051 Notes in denominations larger than $2,000 may be redeemed in part but only in
whole multiples of $1,000, unless all of the 2051 Notes held by a Holder are to be redeemed. 
 Notice of any redemption shall be mailed, or
otherwise transmitted in accordance with the Depositary’s standard procedures therefor, at least 10 days but not more than 60 days before the redemption date to each Holder of the 2051 Notes to be redeemed. 

6. MANDATORY REDEMPTION. The Company is not required to make any mandatory redemption or sinking fund payments with respect to the 2051 Notes.

 7. OFFER TO PURCHASE UPON CHANGE OF CONTROL. If a Change of Control Triggering Event with respect to the 2051 Notes occurs, unless the
Company has exercised its option to redeem the 2051 Notes in full pursuant to Section 3.1 of the Supplemental Indenture or has defeased the 2051 Notes or satisfied and discharged the 2051 Notes, the Company shall be required to make an offer (a
“Change of Control Offer”) to each Holder of the 2051 Notes to repurchase all or any part (equal to $2,000 and in integral multiples of $1,000 in excess thereof; provided that the unrepurchased portion of a 2051 Note must be
in a minimum principal amount of $2,000) of that Holder’s 2051 Notes pursuant to the terms set forth in the Indenture. In a Change of Control Offer, the Company shall be required to offer payment in cash equal to 101% of the aggregate principal
amount of the 2051 Notes repurchased, plus accrued and unpaid interest, if any, on the 2051 Notes repurchased to the date of repurchase. 

  
 E-4 

 8. DENOMINATIONS, TRANSFER, EXCHANGE. The 2051 Notes are in registered form without coupons
in denominations of $2,000 and integral multiples of $1,000. 2051 Notes may be transferred or exchanged as provided in the Indenture. The Registrar and the Trustee may require a Holder, among other things, to furnish appropriate endorsements and
transfer documents and the Company or the Trustee may require a Holder to pay any taxes and fees required by law or permitted by the Indenture. The Company need not exchange or transfer any 2051 Note or portion of a 2051 Note selected for
redemption, except for the unredeemed portion of any 2051 Note being redeemed in part. Also, the Company need not exchange or register the transfer of any 2051 Notes for a period of 15 days before the day of any selection of 2051 Notes to be
redeemed or during the period between a record date and the corresponding Interest Payment Date. 
 9. PERSONS DEEMED OWNERS. Subject to the
record date provisions hereof, the registered Holder of a 2051 Note may be treated as its owner for all purposes. 
 10. AMENDMENT,
SUPPLEMENT AND WAIVER. Subject to certain exceptions, the Indenture or the 2051 Notes may be amended or supplemented with the consent of the Holders of at least a majority in principal amount of the 2051 Notes then outstanding, including, without
limitation, consents obtained in connection with a tender offer or exchange offer for the 2051 Notes, and any existing default or compliance with any provision of the Indenture or the 2051 Notes, may be waived with the consent of the Holders of a
majority in principal amount of the then outstanding 2051 Notes, including, without limitation, consents obtained in connection with a tender offer or exchange offer for the 2051 Notes. Without the consent of any Holder of a 2051 Note, the Indenture
or the 2051 Notes may be amended or supplemented (i) to cure any ambiguity, defect or inconsistency; (ii) to provide for a supplemental indenture as set forth in Article V of the Base Indenture; (iii) to provide for uncertificated
Securities in addition to or in place of certificated Securities; (iv) to make any change that does not adversely affect the rights of any Holder; (v) to provide for the issuance of and establish the form and terms and conditions of the
Securities of any Series as permitted by the Indenture; (vi) to evidence and provide for the acceptance of appointment under the Indenture by a successor Trustee and to add to or change any of the provisions of the Indenture as shall be
necessary to provide for or facilitate the administration of the trusts under the Indenture by more than one Trustee; or (vii) to comply with the requirements of the SEC in order to effect or maintain the qualification of the Indenture under
the TIA. 
 11. DEFAULTS AND REMEDIES. If an Event of Default with respect to the 2051 Notes shall occur and be continuing, the principal
of, and any accrued and unpaid interest on, the outstanding 2051 Notes may be declared due and payable in the manner and with the effect provided in the Indenture. 

12. TRUSTEE DEALINGS WITH COMPANY. The Trustee, in its individual or any other capacity, may become the owner or pledgee of the 2051 Notes and
may otherwise deal with the Company or an Affiliate of the Company with the same rights it would have if it were not Trustee. 
 13. NO
RECOURSE AGAINST OTHERS. A director, officer, employee or stockholder, as such, of the Company will not have any liability for any obligations of the Company under the 2051 Notes or the Indenture or for any claim based on, in respect of, or by
reason of, such obligations or their creation. Each Holder by accepting a 2051 Note waives and releases all such liability. The waiver and release are part of the consideration for the issue of the 2051 Notes. 

14. AUTHENTICATION. This 2051 Note will not be valid until authenticated by the manual or electronic signature of the Trustee or an
authenticating agent. 
 15. ABBREVIATIONS. Customary abbreviations may be used in the name of a Holder or an assignee, such as: TEN COM (=
tenants in common), TEN ENT (= tenants by the entireties), JT TEN (= joint tenants with right of survivorship and not as tenants in common), CUST (= Custodian), and U/G/M/A (= Uniform Gifts to Minors Act). 

  
 E-5 

 16. CUSIP NUMBERS. The Company has caused CUSIP numbers to be printed on the 2051 Notes and
the Trustee shall use CUSIP numbers in notices of redemption as a convenience to Holders. No representation is made as to the correctness of such numbers either as printed on the 2051 Notes or as contained in any notice of redemption and reliance
may be placed only on the other elements of identification printed on the 2051 Notes, and any such redemption shall not be affected by any defect in or omission of such numbers. The Company will furnish to any Holder upon written request and without
charge a copy of the Base Indenture and the Supplemental Indenture. 
 Requests may be made to: 

Analog Devices, Inc. 
 One Analog
Way 
 Wilmington, Massachusetts 01887 

Attention: General Counsel 

  
 E-6 

 ASSIGNMENT FORM 

To assign this 2051 Note, fill in the form below: 
 (I) or (we)
assign and transfer this 2051 Note to: 
  

	
	 
	(Insert assignee’s legal name)
	
	 
	(Insert assignee’s soc. sec. or tax I.D. no.)
	
	 
	(Print or type assignee’s name, address and zip code)

 and irrevocably appoint _____________________________________________ to transfer this 2051 Note on the books of the Company.
The agent may substitute another to act for him 
 Date: _______________ 
  

			
	Your Signature: __________________________________________	 	
		 	(sign exactly as your name appears on the face of this 2051 Note)
		
		 	Tax Identification No: ___________________________
		
		 	Signature Guarantee: ____________________________

 Signatures must be guaranteed by an “eligible guarantor institution” meeting the requirements of the Registrar,
which requirements include membership or participation in the Security Transfer Agent Medallion Program (“STAMP”) or such other “signature guarantee program” as may be determined by the Registrar in addition to, or
in substitution for, STAMP, all in accordance with the Securities Exchange Act of 1934, as amended. 

  
 E-7 

 OPTION OF HOLDER TO ELECT PURCHASE 

If you want to elect to have this 2051 Note purchased by the Company pursuant to Section 4.1 of the Supplemental Indenture, check the box
below: 
 ☐ Section 4.1 

If you want to elect to have only part of this 2051 Note purchased by the Company pursuant to Section 4.1 of the Supplemental Indenture,
state the amount you elect to have purchased ($2,000 or integral multiples of $1,000 in excess thereof; provided that the unrepurchased portion of this 2051 Note must be in a minimum principal amount of $2,000): $________________ 

Date: _______________ 
  

			
	Your Signature: __________________________________________	 	
		 	(sign exactly as your name appears on the face of this 2051 Note)
		
		 	Tax Identification No: ___________________________
		
		 	Signature Guarantee: ____________________________

 Signatures must be guaranteed by an “eligible guarantor institution” meeting the requirements of the Registrar,
which requirements include membership or participation in the Security Transfer Agent Medallion Program (“STAMP”) or such other “signature guarantee program” as may be determined by the Registrar in addition to, or
in substitution for, STAMP, all in accordance with the Securities Exchange Act of 1934, as amended. 

  
 E-8

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