Document:

EX-4.2

 Exhibit 4.2 
  

 
  

DISCOVER CARD EXECUTION NOTE TRUST 

Issuer 
 and 

U.S. BANK NATIONAL ASSOCIATION 

Indenture Trustee 
 CLASS C(2020-1) TERMS DOCUMENT 
 Dated as of May 27, 2020 

to 
 SECOND AMENDED AND RESTATED
INDENTURE SUPPLEMENT 
 Dated as of December 22, 2015 

for the DiscoverSeries Notes 
 to

 AMENDED AND RESTATED INDENTURE 

Dated as of December 22, 2015 
  

 
  

 TABLE OF CONTENTS 
  

							
	 	  	Page	 
			
	ARTICLE I.	  	 DEFINITIONS AND OTHER PROVISIONS OF GENERAL APPLICATION
	  	 	1	 
			
	Section 1.01.	  	 Definitions
	  	 	1	 
			
	Section 1.02.	  	 Representations and Warranties of Issuer
	  	 	8	 
			
	Section 1.03.	  	 Representations and Warranties of Indenture Trustee
	  	 	8	 
			
	Section 1.04.	  	 Limitations on Liability
	  	 	9	 
			
	Section 1.05.	  	 Governing Law
	  	 	9	 
			
	Section 1.06.	  	 Counterparts
	  	 	9	 
			
	Section 1.07.	  	 Ratification of Indenture and Indenture Supplement
	  	 	9	 
			
	ARTICLE II.	  	 THE CLASS C(2020-1) NOTES
	  	 	10	 
			
	Section 2.01.	  	 Creation and Designation
	  	 	10	 
			
	Section 2.02.	  	 Adjustments to Required Subordinated Percentage and Amount
	  	 	10	 
			
	Section 2.03.	  	 Interest Payment
	  	 	10	 
			
	Section 2.04.	  	 Notification of LIBOR
	  	 	10	 
			
	Section 2.05.	  	 Payments of Interest and Principal
	  	 	11	 
			
	Section 2.06.	  	 Form of Delivery of Class C(2020-1) Notes;
Denominations
	  	 	12	 
			
	Section 2.07.	  	 Delivery and Payment for the Class C(2020-1)
Notes
	  	 	13	 
			
	Section 2.08.	  	 [Reserved]
	  	 	13	 
			
	Section 2.09.	  	 Additional Issuances of Notes
	  	 	13	 
			
	Section 2.10.	  	 Designation of Additional Amounts to Be Included in the Excess Spread Amount for the
DiscoverSeries Notes
	  	 	14	 
			
	Section 2.11.	  	 No Payments from Interest Funding Subaccount for Accretion of Principal of the Class C(2020-1) Notes
	  	 	14	 
			
	Section 2.12.	  	 Calculation of Class C(2020-1) Accreted
Discount
	  	 	14	 
			
	Section 2.13.	  	 [Reserved]
	  	 	14	 
			
	Section 2.14.	  	 Duties of the Indenture Trustee
	  	 	14	 
			
	Section 2.15.	  	 Seller’s Interest to Be Included in the Monthly Statement
	  	 	15	 
			
	Section 2.16.	  	 Additional Requirements for Registration of and Limitations on Transfer and Exchange of Class C(2020-1) Notes
	  	 	15	 
		
	 Exhibit
	  			
			
	Exhibit A	  	 Form of Class C Note
	  			

  
 i 

 THIS CLASS C(2020-1) TERMS DOCUMENT (this
“Terms Document”), by and between DISCOVER CARD EXECUTION NOTE TRUST, a statutory trust created under the laws of the State of Delaware (the “Issuer”), and U.S. BANK NATIONAL ASSOCIATION, a national banking
association organized and existing under the laws of the United States of America, as Indenture Trustee (the “Indenture Trustee”), is made and entered into as of May 27, 2020. 

Pursuant to this Terms Document, the Issuer shall create a new Tranche of Class C Notes of the DiscoverSeries and shall specify the
principal terms thereof. 
 ARTICLE I. 

DEFINITIONS AND OTHER PROVISIONS OF GENERAL APPLICATION 

Section 1.01. Definitions. For all purposes of this Terms Document, except as otherwise expressly provided or unless the context
otherwise requires: 
 (1) the terms defined in this Article have the meanings assigned to them in this Article, and include the plural as
well as the singular; 
 (2) all other terms used herein which are defined in the Note Purchase Agreement, dated as of May 27, 2020, by
and among Discover Card Execution Note Trust, Discover Bank, Discover Funding LLC and the Purchaser (as defined therein) (as may be amended, supplemented, restated, amended and restated or otherwise modified from time to time, the “Note
Purchase Agreement”), the Indenture Supplement or the Indenture, either directly or by reference therein, have the meanings assigned to them therein; 

(3) all accounting terms not otherwise defined herein have the meanings assigned to them in accordance with generally accepted accounting
principles and, except as otherwise herein expressly provided, the term “generally accepted accounting principles” with respect to any computation required or permitted hereunder means such accounting principles as are generally accepted
in the United States of America at the date of such computation; 
 (4) all references in this Terms Document to designated
“Articles,” “Sections” and other subdivisions are to the designated Articles, Sections and other subdivisions of this Terms Document; the words “herein,” “hereof” and “hereunder” and other words of
similar import refer to this Terms Document as a whole and not to any particular Article, Section or other subdivision; 
 (5) in the event
that any term or provision contained herein shall conflict with or be inconsistent with any term or provision contained in the Indenture Supplement or the Indenture, the terms and provisions of this Terms Document shall be controlling, but solely
with respect to the Class C(2020-1) Notes; 
 (6) each capitalized term defined herein shall
relate only to the Class C(2020-1) Notes and no other Tranche of Notes issued by the Issuer; 

 (7) “including” and words of similar import will be deemed to be followed by
“without limitation”; and 
 (8) for purposes of determining any amount or making any calculation hereunder, such amount or
calculation, (x) if specified to be as of the first day of any Due Period, shall (a) include any Notes issued during such Due Period as if such Notes had been outstanding on the first day of such Due Period and (b) give effect to any
payments, deposits or other allocations made on the Distribution Date related to the prior Due Period, and (y) if specified to be as of the close of business on the last day of any Due Period shall give effect to any payments, deposits or other
allocations made on the related Distribution Date. 
 “Accumulation Amount” means $340,000,000. 

“Accumulation Commencement Date” means April 1, 2021. 

“Accumulation Period” has the meaning set forth in the Indenture Supplement. 

“Accumulation Period Length” means 1 month. 

“Class C(2020-1) Accreted Discount” means, for any Distribution
Date, the amount of principal accreted on the Class C(2020-1) Notes in accordance with Section 2.12 hereof through the Monthly Principal Accretion Period ending on such Distribution Date. 

“Class C(2020-1) Adverse Event” means the occurrence of any of the
following: (a) an Early Redemption Event with respect to the Class C(2020-1) Notes or (b) an Event of Default and acceleration of the Class C(2020-1)
Notes; provided, however, that if the only such event to have occurred is an Excess Spread Early Redemption Event for which an Excess Spread Early Redemption Cure has occurred, a
Class C(2020-1) Adverse Event shall not be treated as continuing from and after the date of such cure. 

“Class C(2020-1) Note” means any Note, in the form set forth in
Exhibit A hereto, designated therein as a Class C(2020-1) Note and duly executed and authenticated in accordance with the Indenture. 

“Class C(2020-1) Noteholder” means a Person in whose name a Class C(2020-1) Note is registered in the Note Register. 
 “Class C(2020-1) Termination Date” means the earliest to occur of (a) the Principal Payment Date on which the Outstanding Dollar Principal Amount of the
Class C(2020-1) Notes is paid in full, (b) the Legal Maturity Date and (c) the date on which the Indenture is discharged and satisfied pursuant to Article VI thereof. 

“Class C Reserve Account Percentage” means 0.00%. 

“Class C Tranche Interest Allocation” means, notwithstanding anything to the contrary in the Indenture
Supplement, for the Class C(2020-1) Notes, zero; provided that, if the Outstanding Dollar Principal Amount is not paid in full on or prior to the Expected Maturity Date, for any Distribution Date after
the Expected Maturity Date, the Class C Tranche Interest Allocation shall 

  
 2 

 
be the Class C Interest for the Class C(2020-1) Notes plus any Interest Allocation Shortfall from the prior Distribution Date. Following a
Receivables Sale for the Class C(2020-1) Notes, the Class C Tranche Interest Allocation shall be zero. 

“Discount Amount” means initially $9,063,210; provided that following any issuance of additional Class C(2020-1) Notes in accordance with Section 2.09, the Discount Amount shall mean the amount specified in the Notice of Additional Issuance. 

“Encumbered Amount” means, for the Class C(2020-1) Notes, an amount equal to

 (a) the Nominal Liquidation Amount of the Class C(2020-1) Notes, divided by 

(b) the Nominal Liquidation Amount of all Tranches of Class C Notes in the DiscoverSeries, multiplied by 

(c) the sum of (i) the aggregate Required Subordinated Amount of Class C Notes for all Tranches of Class A Notes in the
DiscoverSeries with a Required Subordinated Amount of Class B Notes equal to zero and a Required Subordinated Amount of Class C Notes greater than zero and (ii) the aggregate Required Subordinated Amount of Class C Notes for all
Tranches of Class B Notes in the DiscoverSeries with a Required Subordinated Amount of Class C Notes greater than zero. 

“Encumbered Required Subordinated Amount of Class D Notes” means, for the
Class C(2020-1) Notes, the product of 
 (a) the sum of (1) the aggregate Required
Subordinated Amount of Class D Notes for all Tranches of Class A Notes in the DiscoverSeries with a Required Subordinated Amount of Class D Notes greater than zero, plus (2) the aggregate Unencumbered Required
Subordinated Amount of Class D Notes for all Tranches of Class B Notes in the DiscoverSeries with an Unencumbered Required Subordinated Amount of Class D Notes greater than zero, multiplied by 

(b) a percentage equivalent to a fraction, the numerator of which is the Nominal Liquidation Amount of the
Class C(2020-1) Notes, and the denominator of which is the Nominal Liquidation Amount of all Tranches of Class C Notes in the DiscoverSeries. 

“Excess Spread Percentage” for any Distribution Date means a fraction, the numerator of which is the Excess Spread Amount for
such Distribution Date multiplied by 12 and the denominator of which is the sum of the Nominal Liquidation Amounts of all Tranches of DiscoverSeries Notes as of the first day of the related Due Period. 

“Expected Maturity Date” means May 17, 2021. 

“Indenture” means the Amended and Restated Indenture, dated as of December 22, 2015, by and between the Issuer and
Indenture Trustee, as amended by Amendment No. 1 to Master Indenture and Amendment No. 1 to Indenture Supplement, dated as of August 27, 2019, as supplemented by the Indenture Supplement, as such agreement may be further amended,
supplemented, restated, amended and restated, replaced or otherwise modified from time to time. 

  
 3 

 “Indenture Supplement” means the Second Amended and Restated Indenture
Supplement for the DiscoverSeries Notes, dated as of December 22, 2015, by and between the Issuer and the Indenture Trustee, as amended by Amendment No. 1 to Master Indenture and Amendment No. 1 to Indenture Supplement, dated as of
August 27, 2019, as the same may be further amended, supplemented, restated, amended and restated, replaced or otherwise modified from time to time. 

“Initial Dollar Principal Amount” means $330,936,790 or such higher amount as is specified in any Notice of Additional
Issuance under Section 2.09. 
 “Interest Accrual Period” means, with respect to any Interest Payment Date, the period
from and including the previous Interest Payment Date to but excluding such Interest Payment Date (or, in the case of the first Interest Payment Date occurring after the Expected Maturity Date, from and including the Expected Maturity Date to but
excluding such Interest Payment Date). 
 “Interest Payment Date” means, if the Outstanding Dollar Principal Amount is not
paid in full on or prior to the Expected Maturity Date, the fifteenth day of each month commencing on June 15, 2021, or if such fifteenth day is not a Business Day, the next succeeding Business Day. 

“Issuance Date” means May 27, 2020 with respect to all Class C(2020-1)
Notes issued on the date hereof and, with respect to any additional Class C(2020-1) Notes issued pursuant to Section 2.09, any Issuance Date specified in the Notice of Additional Issuance delivered
thereunder. 
 “Legal Maturity Date” means May 15, 2023. 

“LIBOR” means, with respect to any LIBOR Determination Date, the rate for deposits in United States dollars with a duration
comparable to the relevant Interest Accrual Period which appears on Reuters Screen LIBOR01 as of 11:00 a.m., London time, on such day. If such rate does not appear on Reuters Screen LIBOR01, the rate will be determined by the LIBOR Agent on the
basis of the rates at which deposits in United States dollars are offered by major banks in the London interbank market, selected by the Calculation Agent by written notice to the LIBOR Agent, at approximately 11:00 a.m., London time, on such day to
prime banks in the London interbank market with a duration comparable to the relevant Interest Accrual Period commencing on that day. The LIBOR Agent will request the principal London office of four banks selected by the Calculation Agent to provide
a quotation of its rate. If at least two such quotations are provided, the rate will be the arithmetic mean of the quotations. If fewer than two quotations are provided as requested, the rate for that day will be the arithmetic mean of the rates
quoted by four major banks in New York City, selected by the Calculation Agent, at approximately 11:00 a.m., New York City time, on that day for loans in United States dollars to leading European banks with a duration comparable to the relevant
Interest Accrual Period commencing on that day. In the event the LIBOR Agent on any LIBOR Determination Date is required, but is unable, to determine LIBOR in accordance with at least one of the procedures described above, LIBOR will be LIBOR as
determined on the previous LIBOR Determination Date. 
 “LIBOR Agent” means U.S. Bank National Association, not in its
individual capacity, but solely as LIBOR agent. 

  
 4 

 “LIBOR Business Day,” if applicable, shall mean a day other than a Saturday
or a Sunday on which banking institutions in both the City of London, England and in New York, New York are not required or authorized by law to be closed. 

“LIBOR Determination Date” means the second LIBOR Business Day immediately preceding the commencement of an Interest Accrual
Period. 
 “Nominal Liquidation Amount” means, notwithstanding anything to the contrary in the Indenture Supplement, with
respect to the Class C(2020-1) Notes: 
 (a) on the Issuance Date thereof, $340,000,000; 

(b) on any Distribution Date thereafter such amount as increased or decreased pursuant to Section 3.01 of the Indenture Supplement and
Section 2.09 hereof; 
 (c) on any date, other than a Distribution Date, on which Prefunding Excess Amount are withdrawn from the
applicable Principal Funding Subaccount pursuant to Section 4.04 of the Indenture Supplement, the Nominal Liquidation Amount as of the beginning of such date plus the Prefunding Excess Amount so withdrawn; and 

(d) on and after the date of a Receivables Sale for the Class C(2020-1) Notes, zero. 

“Note Interest Rate” means zero; provided that if the Outstanding Dollar Principal Amount is not paid in full on or prior to
the Expected Maturity Date, the Note Interest Rate for each Interest Accrual Period shall be LIBOR + 2.50% per annum, calculated on the basis of the actual number of days elapsed and a 360-day year; provided,
further, that if the sum of LIBOR + 2.50% for such Interest Accrual Period is less than 0.00%, then the Note Interest Rate for such Interest Accrual Period will be deemed to be 0.00%. 

“Notice of Additional Issuance” has the meaning set forth in Section 2.09 hereof. 

“Outstanding Dollar Principal Amount” means, for the Class C(2020-1) Notes,
notwithstanding anything to the contrary in the Indenture Supplement, (a) prior to an issuance of additional Class C(2020-1) Notes, the sum of (i) the Initial Dollar Principal Amount of such
Notes and (ii) the Class C(2020-1) Accreted Discount as determined in accordance with Section 2.12 hereof, minus (i) the aggregate amount of principal paid with respect to the Class C(2020-1) Notes as of the relevant date of determination and (ii) any net losses of principal of funds on deposit in respect of principal in the Principal Funding Account or the related Principal
Funding Subaccount, as applicable, for the Class C(2020-1) Notes and (b) following the issuance of additional Class C(2020-1) Notes, the sum of
(i) the Outstanding Dollar Principal Amount of the Class C(2020-1) Notes determined as of the date of such additional issuance and (ii) the
Class C(2020-1) Accreted Discount accreted after the date of such additional issuance, as determined in accordance with Section 2.12 hereof, minus (i) the aggregate amount, as of the relevant
date of determination, of principal paid with respect to the Class C(2020-1) Notes after the date of such additional issuance and (ii) any net losses, as of the relevant date of determination, of
principal of funds on deposit in respect of principal in the Principal Funding Account or the related Principal Funding Subaccount, as applicable, for the Class C(2020-1) Notes after the date of such
additional issuance. Notwithstanding the foregoing, if a Receivables Sale has occurred with respect to the Class C(2020-1) Notes, the Outstanding Dollar Principal Amount shall be zero. 

  
 5 

 “Regulation RR” means Regulation RR (Credit Risk Retention) promulgated by
the Securities and Exchange Commission to implement the credit risk retention requirements of Section 15G of the Securities Exchange Act. 

“Required Daily Deposit Target Finance Charge Amount” means, for any day in a Due Period, an amount equal to the Class C
Tranche Interest Allocation for the related Distribution Date; provided, however, that for purposes of determining the Required Daily Deposit Target Finance Charge Amount on any day on which the Class C Tranche Interest Allocation
cannot be determined because the LIBOR Determination Date for the applicable Interest Accrual Period has not yet occurred, the Required Daily Deposit Target Finance Charge Amount shall be the Class C Tranche Interest Allocation determined based
on a pro forma calculation made on the assumption that LIBOR will be LIBOR for the applicable period determined on the first day of such calendar month, multiplied by 1.25. 

“Required Daily Deposit Target Principal Amount” means, for any day in a Due Period, (i) if such day is in a Due Period
in the Accumulation Period for the Class C(2020-1) Notes, and the Servicer Rating Condition is not satisfied, the Accumulation Amount, (ii) if such day is in a Due Period in the Accumulation Period
for the Class C(2020-1) Notes and the Servicer Rating Condition is satisfied, zero, (iii) if such day is on or after the occurrence and during the continuance of a
Class C(2020-1) Adverse Event, the lesser of (x) the Outstanding Dollar Principal Amount of the Class C(2020-1) Notes and (y) the Nominal Liquidation
Amount of the Class C(2020-1) Notes, and (iv) in all other circumstances, zero. 

“Required Subordinated Amount of Class D Notes” means, for the
Class C(2020-1) Notes for any date of determination, an amount equal to the sum of 
 (a) the
Unencumbered Required Subordinated Amount of Class D Notes for such Class C(2020-1) Notes and 

(b) the Encumbered Required Subordinated Amount of Class D Notes for such Class C(2020-1)
Notes; 
 provided, however, that for any date of determination on or after the occurrence and during the continuation of a Class C(2020-1) Adverse Event, the Required Subordinated Amount of Class D Notes for the Class C(2020-1) Notes will be the greater of 

(x) the amount determined above for such date of determination and 

(y) the amount determined above for the date immediately prior to the date on which such
Class C(2020-1) Adverse Event shall have occurred. 
 “Required Subordinated Percentage
of Class D Notes (Unencumbered)” means, for the Class C(2020-1) Notes, 9.28961749%, subject to adjustment in accordance with Section 2.02. 

  
 6 

 “Reuters Screen LIBOR01” means the display page currently so designated on
the Reuters Screen (or such other page as may replace that page on that service for the purpose of displaying comparable rates or prices). 

“Seller’s Interest” means, at any time, a “seller’s interest” as defined in, and calculated in accordance
with, Regulation RR. 
 “Seller’s Interest Measurement Date” means the last day of each calendar month. 

“Servicer Rating Condition” means, a condition that will be satisfied if the then current Servicer of the Accounts either
(i) has a long-term rating of at least BBB- by Standard & Poor’s (if rated by Standard & Poor’s), BBB- by Fitch (if rated by Fitch) or
Baa3 by Moody’s (if rated by Moody’s) or (ii) does not have a long-term rating from any Note Rating Agency but has a short-term debt rating of at least A-2 by Standard & Poor’s (if
rated by Standard & Poor’s), F3 by Fitch (if rated by Fitch) or P-2 by Moody’s (if rated by Moody’s). 

“Stated Principal Amount” means $340,000,000 or such higher amount as is specified in any Notice of Additional Issuance under
Section 2.09. 
 “Targeted Principal Deposit” means, for the
Class C(2020-1) Notes, notwithstanding anything to the contrary in the Indenture Supplement, 

(a) During the Accumulation Period, beginning with the Accumulation Commencement Date for the
Class C(2020-1) Notes, (x) (i) the Accumulation Amount for the Class C(2020-1) Notes, plus (ii) any Accumulation Amount that was scheduled to be
deposited on any previous Distribution Date in the Accumulation Period that was not so deposited, minus (y) the amount on deposit in the Principal Funding Subaccount for the Class C(2020-1) Notes
that was applied to the amount in clause (x) in accordance with Section 4.04(a), 
 (b) If the
Class C(2020-1) Notes have been accelerated after the occurrence of an Event of Default, or if an Early Redemption Event with respect to the Class C(2020-1)
Notes has occurred (other than an Excess Spread Early Redemption Event for which an Excess Spread Early Redemption Cure has occurred), with respect to each Distribution Date following the Due Period in which such Event of Default or Early Redemption
Event has occurred, the lesser of (x) the Outstanding Dollar Principal Amount of such Tranche and (y) the Nominal Liquidation Amount of such Tranche, in each case as of the last day of the preceding Due Period, and 

(c) If a Receivables Sale has occurred for the Class C(2020-1) Notes, zero. 

“Unencumbered Amount” means, for the Class C(2020-1) Notes, an amount equal to
the Nominal Liquidation Amount of the Class C(2020-1) Notes minus the Encumbered Amount for the Class C(2020-1) Notes. 

“Unencumbered Required Subordinated Amount of Class D Notes” means, for the
Class C(2020-1) Notes, an amount equal to the product of 
 (a) the Unencumbered Amount for the
Class C(2020-1) Notes and 

  
 7 

 (b) the Required Subordinated Percentage of Class D Notes (Unencumbered) for the Class C(2020-1) Notes. 
 Section 1.02. Representations and Warranties of Issuer. The
Issuer represents and warrants that: 
 (a) the Issuer has been duly formed and is validly existing as a statutory trust in good standing
under the laws of the State of Delaware, and has full power and authority to execute and deliver this Terms Document and to perform the terms and provisions hereof; 

(b) the execution, delivery and performance of this Terms Document by the Issuer have been duly authorized by all necessary limited liability
company and statutory trust proceedings of the Beneficiary and the Owner Trustee, do not require any approval or consent of any governmental agency or authority and do not and will not conflict with any material provision of the Certificate of Trust
or the Trust Agreement of the Issuer; 
 (c) this Terms Document is the valid, binding and enforceable obligation of the Issuer, except as
the same may be limited by receivership, insolvency, reorganization, moratorium or other laws relating to the enforcement of creditors’ rights generally or by general equity principles; 

(d) to the best of the Issuer’s knowledge, this Terms Document will not conflict with any law or governmental regulation or court decree
applicable to it; 
 (e) the Issuer is not required to be registered under the Investment Company Act; 

(f) all information heretofore furnished by the Issuer in writing to the Indenture Trustee for purposes of or in connection with this Terms
Document or any transaction contemplated hereby is, and all such information hereafter furnished by the Issuer in writing to the Indenture Trustee will be, true and accurate in every material respect or based on reasonable estimates on the date as
of which such information is stated or certified; and 
 (g) to the best knowledge of the Issuer, there are no proceedings or investigations
pending against the Issuer before any court, regulatory body, administrative agency, or other tribunal or governmental instrumentality having jurisdiction over the Issuer (A) asserting the invalidity of this Terms Document, (B) seeking to
prevent the consummation of any of the transactions contemplated by this Terms Document or (C) seeking any determination or ruling which in the Issuer’s judgment would materially and adversely affect the performance by the Issuer of its
obligations under this Terms Document or the validity or enforceability of this Terms Document. 
 Section 1.03. Representations and
Warranties of Indenture Trustee. The Indenture Trustee represents and warrants and any successor trustee shall represent and warrant that: 

(a) the Indenture Trustee is organized, existing and in good standing under the laws of the United States of America; 

  
 8 

 (b) the Indenture Trustee has full power, authority and right to execute, deliver and
perform the Indenture and this Terms Document, and has taken all necessary action to authorize the execution, delivery and performance by it of this Terms Document; and 

(c) this Terms Document has been duly executed and delivered by the Indenture Trustee. 

Section 1.04. Limitations on Liability. (a) It is expressly understood and agreed by the parties hereto that (i) this
Terms Document is executed and delivered by the Owner Trustee not individually or personally but solely as Owner Trustee under the Trust Agreement, in the exercise of the powers and authority conferred and vested in it, (ii) each of the
representations, undertakings and agreements herein made on the part of the Issuer is made and intended not as a personal representation, undertaking or agreement by the Owner Trustee but is made and intended for the purpose of binding only the
Issuer, (iii) nothing herein contained will be construed as creating any liability on the Owner Trustee individually or personally, to perform any covenant of the Issuer either expressed or implied herein, all such liability, if any, being
expressly waived by the parties to this Terms Document and by any Person claiming by, through or under them and (iv) under no circumstances will the Owner Trustee be personally liable for the payment of any indebtedness or expenses of the
Issuer or be liable for the breach or failure of any obligation, representation, warranty or covenant made or undertaken by the Issuer under this Terms Document or any related documents. 

(b) None of the Indenture Trustee, the Owner Trustee, the LIBOR Agent, the Calculation Agent, the Beneficiary, the Depositor, any Master
Servicer or any Servicer or any of their respective officers, directors, employees, incorporators or agents will have any liability with respect to this Terms Document, and recourse may be had solely to the Collateral pledged to secure the Class C(2020-1) Notes under the Indenture, the Indenture Supplement and this Terms Document. 

Section 1.05. Governing Law. THIS TERMS DOCUMENT WILL BE CONSTRUED IN ACCORDANCE WITH AND GOVERNED BY THE LAWS OF THE STATE OF NEW
YORK, INCLUDING SECTION 5-1401 OF THE GENERAL OBLIGATION LAW, WITHOUT REFERENCE TO ANY CONFLICT OF LAW PROVISIONS THAT WOULD RESULT IN THE APPLICATION OF THE LAWS OF ANY OTHER STATE. 

Section 1.06. Counterparts. This Terms Document may be executed in any number of counterparts, each of which when so executed will
be deemed to be an original, but all such counterparts will together constitute but one and the same instrument. 
 Section 1.07.
Ratification of Indenture and Indenture Supplement. As supplemented by this Terms Document, each of the Indenture and the Indenture Supplement is in all respects ratified and confirmed and the Indenture as supplemented by the Indenture
Supplement and this Terms Document shall be read, taken and construed as one and the same instrument. 

  
 9 

 ARTICLE II. 

THE CLASS C(2020-1) NOTES 

Section 2.01. Creation and Designation. There is hereby created a Tranche of Class C Notes to be issued pursuant to this
Terms Document, the Indenture and the Indenture Supplement to be known as the “DiscoverSeries Class C(2020-1) Notes.” 

Section 2.02. Adjustments to Required Subordinated Percentage and Amount. 

(a) On any date, the Issuer may, at the direction of the Beneficiary, change the Required Subordinated Percentage of Class D Notes
(Unencumbered) for the Class C(2020-1) Notes, without the consent of any Noteholders; provided that the Issuer has received written confirmation from each applicable Note Rating Agency that the
change in such percentage will not result in a Ratings Effect for any Tranche of Outstanding DiscoverSeries Notes. 
 (b) On any date, the
Issuer may, at the direction of the Beneficiary, replace all or a portion of the Required Subordinated Amount of Class D Notes for the Class C(2020-1) Notes with a different form of credit
enhancement (including, without limitation, a cash collateral account, a letter of credit, a reserve account, a surety bond, an insurance policy or a collateral interest, or any combination thereof) and may add such definitions and other terms and
make such additional amendments to this Terms Document as shall be necessary for such replacement without the consent of any Noteholders, provided that the Issuer has received written confirmation from each applicable Note Rating Agency that
such replacement, such addition and such other amendments will not result in a Ratings Effect for any Tranche of Outstanding DiscoverSeries Notes. 

Section 2.03. Interest Payment. For each Interest Payment Date, the amount of interest due with respect to the Class C(2020-1) Notes shall be an amount equal to 
  

	 	(i)	 (A) a fraction, the numerator of which is the actual number of days in the related Interest Accrual Period and
the denominator of which is 360, times 

 (B) the Note Interest Rate in effect with respect to such related
Interest Accrual Period, times 
  

	 	(ii)	 the Outstanding Dollar Principal Amount of the Class C(2020-1)
Notes determined as of the first date of such related Interest Accrual Period, plus 

 any Class C Tranche Interest Allocation
Shortfall for such Class C(2020-1) Notes for the immediately preceding Distribution Date, together with interest thereon at the Note Interest Rate in effect with respect to such related Interest Accrual
Period, calculated on the basis of the actual number of days in the related Interest Accrual Period and a 360-day year. 

Section 2.04. Notification of LIBOR. On each LIBOR Determination Date, the LIBOR Agent shall send to the Issuer, the Beneficiary,
each applicable Master Servicer and any stock exchange on which the Class C(2020-1) Notes are then listed (if the rules of such exchange so require), by facsimile transmission or electronic transmission,
notification of LIBOR for the 

  
 10 

 
following Interest Accrual Period. U.S. Bank National Association is appointed hereunder not in its individual capacity, but solely with respect to calculating the amount of interest to be paid
with respect to the Notes, including calculating LIBOR, in the manner and at the times provided herein as LIBOR Agent, and U.S. Bank National Association hereby accepts such appointment. The rights, protections and immunities granted to the
Indenture Trustee under the Indenture shall inure to the benefit of the LIBOR Agent acting hereunder; provided, however, that at no time shall the LIBOR Agent be liable for any mistake of fact or law, any error of judgement, or any act or omission
to act except as a result of its own negligence, willful misconduct or fraud. 
 The LIBOR Agent shall not have any liability for
(i) the selection of London banks or New York banks whose quotations may be requested and used for purposes of calculating LIBOR, or for the failure or unwillingness of any London banks or New York banks to provide a quotation, or (ii) any
quotations received from such London banks or New York banks, as applicable. For the avoidance of doubt, if the rate appearing on the Reuters Screen LIBOR01 is unavailable, neither the LIBOR Agent nor the Indenture Trustee shall be under any duty or
obligation to take any action other than the LIBOR Agent’s obligation to take the actions expressly set forth in this Agreement. Neither the Indenture Trustee nor the LIBOR Agent shall have any liability for any interest rate published by any
publication that is the source for determining the interest rates of the Class C(2020-1) Notes, including but not limited to the Reuters Screen LIBOR01 (or any successor source), or for any rates compiled
by the ICE Benchmark Administration or any successor thereto, or for any rates published on any publicly available source, including without limitation the Federal Reserve Bank of New York’s Website, or in any of the foregoing cases for any
delay, error or inaccuracy in the publication of any such rates, or for any subsequent correction or adjustment thereto. 
 Other than as
expressly set forth in this Agreement, neither the Indenture Trustee nor the LIBOR Agent shall be under any obligation (i) to monitor, determine or verify the unavailability or cessation of LIBOR (or other applicable benchmark), 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 benchmark replacement date, (ii) to select, determine or designate any alternative replacement rate to LIBOR or
any other benchmark replacement, or other successor or replacement benchmark index, or whether any conditions to the designation of such a rate have been satisfied, (iii) to select, determine or designate any benchmark replacement adjustment,
or other modifier to any replacement or successor index, or (iv) to determine whether or what benchmark replacement conforming changes are necessary or advisable, if any, in connection with any of the foregoing. 

Neither the Indenture Trustee nor the LIBOR Agent shall be liable for any inability, failure or delay on its part to perform any of its duties
set forth in this Agreement as a result of the unavailability of LIBOR (or other applicable benchmark) and absence of a designated replacement benchmark, including as a result of any inability, delay, error or inaccuracy on the part of any other
transaction party, including without limitation the Issuer or the Calculation Agent, in providing any direction, instruction, notice or information required or contemplated by the terms of this Agreement and reasonably required for the performance
of such duties. 
 Section 2.05. Payments of Interest and Principal. (a) The Issuer will cause interest to be paid on each
Interest Payment Date and principal to be paid on the Expected Maturity Date; 

  
 11 

 
provided, however, that it shall not be an Event of Default if principal is not paid in full on such Expected Maturity Date unless funds for such payment have been allocated in accordance with
Section 3.01 of the Indenture Supplement; and provided, further, that if a Class C(2020-1) Adverse Event has occurred and is continuing, principal will instead be payable in monthly installments on
each Principal Payment Date for the Class C(2020-1) Notes in accordance with Sections 3.01 and 3.05 of the Indenture Supplement. All payments of interest and principal on the Class C(2020-1) Notes shall be made as set forth in Section 1102 of the Indenture. 
 (b) The
right of the Class C(2020-1) Noteholders to receive payments from the Issuer will terminate on the Class C(2020-1) Termination Date. 

(c) All payments of principal, interest or other amounts to the Class C(2020-1) Noteholders will
be made pro rata based on the Stated Principal Amount of their Class C(2020-1) Notes. 

Section 2.06. Form of Delivery of Class C(2020-1) Notes; Denominations.
(a) The Class C(2020-1) Notes shall be delivered in the form of a definitive Registered Note as provided in Section 201 of the Indenture. The form of the
Class C(2020-1) Notes is attached hereto as Exhibit A. 
 (b) The Class C(2020-1) Notes shall, until such time as the laws of any jurisdiction in which they are offered or sold no longer restrict the transfer or sale thereof, bear a legend in substantially the following form:

 THIS NOTE (OR ITS PREDECESSOR) WAS ORIGINALLY ISSUED IN A TRANSACTION EXEMPT FROM REGISTRATION UNDER SECTION 5 OF THE SECURITIES ACT OF
1933, AS AMENDED (THE “SECURITIES ACT”), AND THIS NOTE MAY NOT BE OFFERED, SOLD OR OTHERWISE TRANSFERRED IN THE ABSENCE OF SUCH REGISTRATION OR AN APPLICABLE EXEMPTION THEREFROM. EACH PURCHASER OF THIS NOTE IS HEREBY NOTIFIED THAT THE
SELLER OF THIS NOTE MAY BE RELYING ON THE EXEMPTION FROM THE PROVISIONS OF SECTION 5 OF THE SECURITIES ACT PROVIDED BY RULE 144A. THE HOLDER OF THIS NOTE AGREES FOR THE BENEFIT OF DISCOVER CARD EXECUTION NOTE TRUST, DISCOVER FUNDING LLC AND DISCOVER
BANK THAT (A) THIS NOTE MAY BE RESOLD, PLEDGED OR OTHERWISE TRANSFERRED ONLY (1) TO A PERSON WHO THE SELLER REASONABLY BELIEVES IS A “QUALIFIED INSTITUTIONAL BUYER” (AS DEFINED IN RULE 144A UNDER THE SECURITIES ACT) IN COMPLIANCE
WITH RULE 144A UNDER THE SECURITIES ACT OR, IN THE CASE OF THE INITIAL HOLDER HEREOF ONLY, ANOTHER APPLICABLE EXEMPTION UNDER THE SECURITIES ACT, (2) TO DISCOVER CARD EXECUTION NOTE TRUST, DISCOVER FUNDING LLC, DISCOVER BANK OR THEIR AFFILIATES
OR (3) PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT, IF APPLICABLE, IN EACH CASE, IN ACCORDANCE WITH ANY APPLICABLE SECURITIES LAW OF ANY STATE OF THE UNITED STATES OR ANY OTHER APPLICABLE JURISDICTION AND (B) THE HOLDER WILL, AND EACH
SUBSEQUENT HOLDER IS REQUIRED TO, NOTIFY ANY SUBSEQUENT PURCHASER FROM IT OF THE RESALE RESTRICTIONS SET FORTH IN (A) ABOVE. 

  
 12 

 No Class C(2020-1) Notes shall be transferred except in
accordance with the transfer restrictions described in the legend set forth above. 
 (c) The
Class C(2020-1) Notes will be issued in minimum denominations of $100,000 and integral multiples of $1,000 in excess of that amount. 

Section 2.07. Delivery and Payment for the Class C(2020-1) Notes. The
Issuer shall execute and deliver the Class C(2020-1) Notes to the Indenture Trustee for authentication, and the Indenture Trustee shall deliver the
Class C(2020-1) Notes when authenticated, each in accordance with Sections 203 and 303 of the Indenture. 

Section 2.08. [Reserved] 

Section 2.09. Additional Issuances of Notes. Subject to clauses (ii), (iii), (iv) and (v) of Sections 2.02 and
Section 2.03 of the Indenture Supplement, the Issuer may issue additional Class C(2020-1) Notes, so long as the following conditions precedent are satisfied: 

(a) the Issuer shall have given the Indenture Trustee written notice of such issuance of additional
Class C(2020-1) Notes (the “Notice of Additional Issuance”) at least one (1) Business Day in advance of the Issuance Date thereof, which notice shall include: 

 

	 	(i)	 the Issuance Date of such additional Class C(2020-1) Notes;

  

	 	(ii)	 the amount of such additional Class C(2020-1) Notes being offered,
the purchase price for such additional Class C(2020-1) Notes and the resulting Initial Dollar Principal Amount, Stated Principal Amount and Nominal Liquidation Amount of
Class C(2020-1) Notes; 

  

	 	(iii)	 the Outstanding Dollar Principal Amount of the Class C(2020-1)
Notes after giving effect to the issuance of the additional Class C(2020-1) Notes and all prior accretions of principal as determined in accordance with Section 2.12; 

 

	 	(iv)	 the Discount Amount after giving effect to such additional
Class C(2020-1) Notes; and 

  

	 	(v)	 any other terms that the Issuer set forth in such notice of issuance of additional Class C(2020-1) Notes to clarify the rights of Holders of such additional Class C(2020-1) Notes or the effect of such issuance of additional Class C(2020-1) Notes on any calculations to be made with respect to the Class C(2020-1) Notes, Class C, or the Issuer. 

All such terms shall be incorporated into and form a part of this Terms Document on and after the effective date of such
Class C(2020-1) Notes; and 

  
 13 

 (b) no Class C(2020-1) Adverse Event has
occurred and is continuing. 
 The Issuer shall not have to satisfy the conditions set forth in Section 310 of the Indenture in
connection with an issuance of additional Class C(2020-1) Notes so long as such conditions were satisfied or waived in connection with the initial issuance of
Class C(2020-1) Notes. 
 Section 2.10. Designation of Additional Amounts to Be
Included in the Excess Spread Amount for the DiscoverSeries Notes. At any time that any outstanding Series of certificates issued by the Master Trust provides that the Series Principal Collections allocated to such Series will be deposited into
the Group Finance Charge Collections Reallocation Account for the Master Trust to the extent necessary for application to cover shortfalls for other Series issued by the Master Trust, an amount equal to (x) all Series Principal Collections
allocated to such Series, multiplied by (y) a fraction, the numerator of which is the sum of the Nominal Liquidation Amounts for each outstanding Tranche of the DiscoverSeries Notes (including the
Class C(2020-1) Notes) and the denominator of which is (i) the Aggregate Investor Interest for the Master Trust minus (ii) the sum of the Series Investor Interests for all such Series
that provide that the Series Principal Collections allocated to such Series will be so deposited, is hereby designated to be included in the Excess Spread Amount and shall be treated as Series Finance Charge Amounts for the DiscoverSeries. 

Section 2.11. No Payments from Interest Funding Subaccount for Accretion of Principal of the Class C(2020-1) Notes. Section 3.04(4) of the Indenture Supplement shall not apply to the Class C(2020-1) Notes. 

Section 2.12. Calculation of Class C(2020-1) Accreted Discount. The
amount of Class C(2020-1) Accreted Discount as of the end of any Due Period shall be determined on a straight-line basis and shall be equal to the product of (x) a fraction the numerator of which
shall be the number of Due Periods elapsed since the Note Issuance Date (or if additional Class C(2020-1) Notes have been issued under Section 2.09, since the Issuance Date of such additional Notes)
and the denominator of which shall be the number of Due Periods from the Note Issuance Date (or the Issuance Date of such additional Notes) to and including the Due Period related to the Expected Maturity Date and (y) the Discount Amount. 

Section 2.13. [Reserved] 

Section 2.14. Duties of the Indenture Trustee. For the avoidance of doubt, the Indenture Trustee undertakes to perform only such
duties as are specifically set forth in the Indenture, the Indenture Supplement, the Pooling and Servicing Agreement, any Series Supplement and this Agreement and as such shall have no obligation or responsibility to monitor or enforce compliance
with Regulation RR, nor shall be liable to any Person for any violation of Regulation RR; provided that nothing in this Section 2.14 shall alter the Indenture Trustee’s duties, obligations or standard of care as set forth in the Indenture
or any Indenture Supplement. It is understood and acknowledged that the Indenture Trustee has not provided any advice with respect to the acquisition of the Class C(2020-1) Notes, and has no financial
interest in the acquisition of such Class C(2020-1) Notes. 

  
 14 

 Section 2.15. Seller’s Interest to Be Included in the Monthly
Statement. The Issuer shall cause the Master Servicer to include the amount of the Seller’s Interest as of the Seller’s Interest Measurement Date on each investor certificateholder’s monthly statement delivered pursuant to the
Series 2007-CC Supplement. 
 Section 2.16. Additional Requirements for Registration of and
Limitations on Transfer and Exchange of Class C(2020-1) Notes. No Transfer (or purported Transfer) of a Class C(2020-1) Note (or economic
interest therein) shall be made by Discover Bank, the Transferor or any person which is considered the same person as Discover Bank or the Transferor for U.S. federal income tax purposes (except to a person which is considered the same person as
Discover Bank for such purposes) and any such Transfer (or purported Transfer) of such Class C(2020-1) Note shall be void ab initio unless an Opinion of Counsel is first delivered to the Indenture Trustee
to the effect that such Class C(2020-1) Note will constitute debt for U.S. federal income tax purposes; provided that any such Class C(2020-1) Note may be
pledged to a Federal Reserve Bank provided that the pledge thereof and the exercise of remedies by the Federal Reserve Bank in connection therewith shall be subject to the requirement that such
Class C(2020-1) Note shall not be further transferrable unless an Opinion of Counsel is first delivered to the Indenture Trustee to the effect that such
Class C(2020-1) Note will constitute debt for U.S. federal income tax purposes. If for tax or other reasons it may be necessary to track any such
Class C(2020-1) Note (e.g., if a portion of the Class C(2020-1) Notes have original issue discount and a portion of the
Class C(2020-1) Notes do not), tracking conditions such as requiring that such Class C(2020-1) Note be in definitive registered form may be required by the
Transferor as a condition to such transfer. 
 [Remainder of page intentionally blank; signature page follows] 

  
 15 

 IN WITNESS WHEREOF, the parties hereto have caused this Terms Document to be duly executed,
all as of the day and year first above written. 
  

					
	DISCOVER CARD EXECUTION NOTE TRUST,
	as Issuer
		
	By:	 	Wilmington Trust Company,
		 	not in its individual capacity but solely as Owner Trustee
		
	By:	 	/s/ Jeanne M. Oller
		 	Name:	 	Jeanne M. Oller
		 	Title:	 	Vice President

  

					
	U.S. BANK NATIONAL ASSOCIATION,
	as Indenture Trustee
		
	By:	 	 /s/ Christopher J. Nuxoll

		 	Name:	 	Christopher J. Nuxoll
		 	Title:	 	Vice President

 Exhibit A 

Form of Class C Note 

DISCOVERSERIES CLASS C(2020-1) NOTE 

THIS NOTE (OR ITS PREDECESSOR) WAS ORIGINALLY ISSUED IN A TRANSACTION EXEMPT FROM REGISTRATION UNDER SECTION 5 OF THE SECURITIES ACT OF 1933,
AS AMENDED (THE “SECURITIES ACT”), AND THIS NOTE MAY NOT BE OFFERED, SOLD OR OTHERWISE TRANSFERRED IN THE ABSENCE OF SUCH REGISTRATION OR AN APPLICABLE EXEMPTION THEREFROM. EACH PURCHASER OF THIS NOTE IS HEREBY NOTIFIED THAT THE SELLER OF
THIS NOTE MAY BE RELYING ON THE EXEMPTION FROM THE PROVISIONS OF SECTION 5 OF THE SECURITIES ACT PROVIDED BY RULE 144A. THE HOLDER OF THIS NOTE AGREES FOR THE BENEFIT OF DISCOVER CARD EXECUTION NOTE TRUST, DISCOVER FUNDING LLC AND DISCOVER BANK THAT
(A) THIS NOTE MAY BE RESOLD, PLEDGED OR OTHERWISE TRANSFERRED ONLY (1) TO A PERSON WHO THE SELLER REASONABLY BELIEVES IS A “QUALIFIED INSTITUTIONAL BUYER” (AS DEFINED IN RULE 144A UNDER THE SECURITIES ACT) IN COMPLIANCE WITH RULE
144A UNDER THE SECURITIES ACT OR, IN THE CASE OF THE INITIAL HOLDER HEREOF ONLY, ANOTHER APPLICABLE EXEMPTION UNDER THE SECURITIES ACT, (2) TO DISCOVER CARD EXECUTION NOTE TRUST, DISCOVER FUNDING LLC, DISCOVER BANK OR THEIR AFFILIATES OR
(3) PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT, IF APPLICABLE, IN EACH CASE, IN ACCORDANCE WITH ANY APPLICABLE SECURITIES LAW OF ANY STATE OF THE UNITED STATES OR ANY OTHER APPLICABLE JURISDICTION AND (B) THE HOLDER WILL, AND EACH
SUBSEQUENT HOLDER IS REQUIRED TO, NOTIFY ANY SUBSEQUENT PURCHASER FROM IT OF THE RESALE RESTRICTIONS SET FORTH IN (A) ABOVE. 
 THE
HOLDER OF THIS NOTE, BY ITS ACCEPTANCE HEREOF, AGREES THAT IT WILL NOT AT ANY TIME INSTITUTE AGAINST THE ISSUER, ANY MASTER TRUST OR ANY SPECIAL PURPOSE ENTITY THAT ACTS AS A DEPOSITOR WITH RESPECT TO ANY MASTER TRUST OR THE ISSUER, OR JOIN IN ANY
INSTITUTION AGAINST THE ISSUER, ANY MASTER TRUST OR ANY SPECIAL PURPOSE ENTITY THAT ACTS AS A DEPOSITOR WITH RESPECT TO ANY MASTER TRUST OR THE ISSUER, ANY RECEIVERSHIP, INSOLVENCY, BANKRUPTCY OR SIMILAR PROCEEDINGS, OR OTHER PROCEEDINGS UNDER ANY
UNITED STATES FEDERAL OR STATE BANKRUPTCY OR SIMILAR LAW IN CONNECTION WITH ANY OBLIGATIONS RELATING TO THE NOTES, THE INDENTURE, ANY DERIVATIVE AGREEMENT, ANY SUPPLEMENTAL CREDIT ENHANCEMENT AGREEMENT AND ANY SUPPLEMENTAL LIQUIDITY AGREEMENT. 

THE HOLDER OF THIS NOTE, BY ACCEPTANCE OF THIS NOTE, AND EACH HOLDER OF A BENEFICIAL INTEREST IN THIS NOTE, BY THE ACQUISITION OF A BENEFICIAL
INTEREST THEREIN, AGREE TO TREAT THE NOTES AS INDEBTEDNESS FOR APPLICABLE FEDERAL, STATE AND LOCAL INCOME AND FRANCHISE TAX LAW AND FOR PURPOSES OF ANY OTHER TAX IMPOSED ON OR MEASURED BY INCOME. 

  
 Ex. A-1 

 THIS NOTE HAS BEEN ISSUED WITH “ORIGINAL ISSUE DISCOUNT” (WITHIN THE MEANING OF
SECTION 1273 OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED). UPON WRITTEN REQUEST TO DISCOVER BANK, 12 READ’S WAY, NEW CASTLE, DELAWARE 19720, ATTENTION: TREASURER, DISCOVER BANK WILL PROMPTLY MAKE AVAILABLE TO ANY HOLDER OF THIS NOTE THE
FOLLOWING INFORMATION: (1) THE ISSUE PRICE AND ISSUE DATE OF THE NOTE, (2) THE AMOUNT OF ORIGINAL ISSUE DISCOUNT ON THE NOTE AND (3) THE YIELD TO MATURITY OF THE NOTE. 

DISTRIBUTIONS OF PRINCIPAL AND INTEREST TO THE HOLDER OF THIS CLASS C NOTE ARE SUBORDINATE TO THE PAYMENT ON EACH DISTRIBUTION DATE OF
PRINCIPAL OF AND INTEREST ON THE CLASS A NOTES AND THE CLASS B NOTES OF THE DISCOVERSERIES AND THE PAYMENT OF CERTAIN OTHER AMOUNTS, TO THE EXTENT AND AS DESCRIBED IN THE INDENTURE AND INDENTURE SUPPLEMENT REFERRED TO HEREIN. 

TRANSFER OF THIS NOTE IS SUBJECT TO RESTRICTIONS AS PROVIDED IN THE TERMS DOCUMENT. NO TRANSFER OF THIS NOTE SHALL BE MADE BY DISCOVER BANK
(“DISCOVER”), THE TRANSFEROR OR ANY PERSON WHICH IS CONSIDERED THE SAME PERSON AS DISCOVER OR THE TRANSFEROR FOR U.S. FEDERAL INCOME TAX PURPOSES (EXCEPT TO A PERSON WHICH IS CONSIDERED THE SAME PERSON AS DISCOVER FOR SUCH PURPOSES) AND
ANY SUCH TRANSFER SHALL BE VOID AB INITIO UNLESS AN OPINION OF COUNSEL IS FIRST DELIVERED TO THE INDENTURE TRUSTEE TO THE EFFECT THAT THIS NOTE WILL CONSTITUTE DEBT FOR U.S. FEDERAL INCOME TAX PURPOSES; PROVIDED THAT THIS NOTE MAY BE PLEDGED TO A
FEDERAL RESERVE BANK PROVIDED THAT THE PLEDGE THEREOF AND THE EXERCISE OF REMEDIES BY THE FEDERAL RESERVE BANK IN CONNECTION THEREWITH SHALL BE SUBJECT TO THE REQUIREMENT THAT THIS NOTE SHALL NOT BE FURTHER TRANSFERRABLE UNLESS AN OPINION OF
COUNSEL IS FIRST DELIVERED TO THE INDENTURE TRUSTEE TO THE EFFECT THAT THIS NOTE WILL CONSTITUTE DEBT FOR U.S. FEDERAL INCOME TAX PURPOSES. 

  
 Ex. A-2 

			
	REGISTERED	 	$[●]*
	No. [●]	 	

 DISCOVER CARD EXECUTION NOTE TRUST 

DISCOVERSERIES CLASS C(2020-1) NOTE 

DISCOVER CARD EXECUTION NOTE TRUST, a statutory trust created under the laws of the State of Delaware (herein referred to as the
“Issuer” or the “Note Issuance Trust”), for value received, hereby promises to pay to [●], or registered assigns, subject to the following provisions, a principal sum of $[●] ([●] dollars) payable
on the May 2021 Payment Date (the “Expected Maturity Date”), except as otherwise provided below or in the Indenture or the Indenture Supplement (as defined on the reverse hereof); provided, however, that the entire unpaid principal
amount of this Note shall be due and payable on the May 2023 Payment Date (the “Legal Maturity Date”). If the Outstanding Dollar Principal Amount is not paid in full on or prior to the Expected Maturity Date, interest will accrue on
this Note at the rate of one-month LIBOR + 2.50% per annum, as more specifically set forth in the Class C(2020-1) Terms Document dated as of May 27, 2020 (the
“Terms Document”), between the Issuer and U.S. Bank National Association, as Indenture Trustee (the “Indenture Trustee”, which term includes any successor Indenture Trustee under the Indenture), and shall be due and
payable on each Interest Payment Date from and including the previous Interest Payment Date to but excluding such Interest Payment Date (or, in the case of the first Interest Payment Date for the
Class C(2020-1) Notes occurring after the Expected Maturity Date, from and including the Expected Maturity Date to but excluding such Interest Payment Date) ); provided, that if the sum of LIBOR +
2.50% is less than 0.00%, then interest on this Note will be deemed to accrue at a rate of 0.00%. Interest will be computed on the basis of the actual number of days elapsed and a 360-day year. Such principal
of and interest on this Note shall be paid in the manner specified on the reverse hereof. 
 The principal may be payable monthly, and may
be payable earlier or later than the Expected Maturity Date, following an Event of Default or while an Early Redemption Event has occurred and is continuing. The interest is payable monthly on each Interest Payment Date if the Outstanding Dollar
Principal Amount is not paid in full on or prior to the Expected Maturity Date. No principal or interest will be distributed on the Note following the distribution of proceeds of a Receivables Sale. 

Series Principal Amounts allocated to the Class C(2020-1) Notes will be applied first to pay
shortfalls in interest on Class A Notes and Class B Notes, then to pay any shortfalls in Series Servicing Fees allocable to the DiscoverSeries, and then to make Targeted Principal Deposits to the Principal Funding Subaccounts for
Class A Notes and Class B Notes, including Targeted Prefunding Deposits, before being applied to make Targeted Principal Deposits to the Principal Funding Subaccounts of Subordinate Notes, including the
Class C(2020-1) Notes. Principal will not be paid on the Class C(2020-1) Notes prior to their Legal Maturity Date unless each of the Class A Usage of
Class C Notes and the Class B Usage of Class C Notes is zero for each Tranche of Class A Notes and Class B Notes of the DiscoverSeries and the required level of subordination for the Class A Notes and Class B Notes
of the DiscoverSeries is available after giving effect to such payment. 

  
 Ex. A-3 

 The principal of and interest on this Note are payable 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. 
 The Initial Dollar Principal
Amount of this Note is $330,936,790. 
 The Stated Principal Amount of this Note is $340,000,000. 

Reference is made to the further provisions of this Note set forth on the reverse hereof, which shall have the same effect as though fully set
forth on the face of this Note. 
 Unless the certificate of authentication hereon has been executed by the Indenture Trustee whose name
appears below by manual signature, this Note shall not be entitled to any benefit under the Indenture, Indenture Supplement or the Terms Document referred to on the reverse hereof, or be valid or obligatory for any purpose. 

 

	*	 Denominations of $100,000 and in integral multiples of $1,000 in excess thereof. 

  
 Ex. A-4 

 IN WITNESS WHEREOF, the Issuer has caused this instrument to be signed, manually or in facsimile, by its
Authorized Officer. 
  

					
	DISCOVER CARD EXECUTION NOTE TRUST,
	as Issuer
		
	By:	 	WILMINGTON TRUST COMPANY, not in
		 	its individual capacity, but solely as Owner Trustee
		
	By:	 	  

		 	Name:	 	
		 	Title:	 	
			
		 	Date:	 	

  
 Ex. A-5 

 INDENTURE TRUSTEE’S CERTIFICATE OF AUTHENTICATION 

This is one of the Notes designated above and referred to in the within-mentioned Indenture. 

 

					
	US BANK NATIONAL ASSOCIATION, not in its
	individual capacity but solely as Indenture Trustee
		
	By:	 	  

		 	Name:	 	
		 	Title:	 	
			
		 	Date:	 	

  
 Ex. A-6 

 REVERSE OF NOTE 

This Note is one of the Notes of a duly authorized issue of Notes of the Issuer, designated as its
Class C(2020-1) DiscoverSeries Notes (herein called the “Class C(2020-1) Notes”), all issued under an Amended and Restated
Indenture, dated as of December 22, 2015, as amended by Amendment No. 1 to Master Indenture and Amendment No. 1 to Indenture Supplement, dated as of August 27, 2019 (such Indenture, as may be further amended, restated, amended
and restated, supplemented, replaced or otherwise modified from time to time, is herein called the “Indenture”), as supplemented by a Second Amended and Restated Indenture Supplement for the DiscoverSeries Notes, dated as of
December 22, 2015, as amended by Amendment No. 1 to Master Indenture and Amendment No. 1 to Indenture Supplement, dated as of August 27, 2019 (such Indenture Supplement, as may be further amended, restated, amended and restated,
supplemented, replaced or otherwise modified from time to time, is herein called the “Indenture Supplement”), between the Issuer and Indenture Trustee, to which Indenture and Indenture Supplement reference is hereby made for a
statement of the respective rights and obligations thereunder of the Issuer, the Indenture Trustee and the Holders of the Notes. The Class C(2020-1) Notes are subject to all terms of the Indenture, the
Indenture Supplement and the Terms Document. All terms used in this Class C(2020-1) Note that are defined in the Indenture, the Indenture Supplement and the Terms Document shall have the meanings assigned
to them in or pursuant to the Indenture, the Indenture Supplement and the Terms Document. 
 The Class A Notes, the Class B Notes
and the Class D Notes of the DiscoverSeries and other tranches of Class C Notes of the DiscoverSeries will also be issued under the Indenture and the Indenture Supplement. 

The Class C(2020-1) Notes are and will be equally and ratably secured by the collateral pledged
as security therefor as provided in the Indenture and the Indenture Supplement. 
 The
Class C(2020-1) Notes are subordinated in right of payment of principal and interest to the Class A Notes and the Class B Notes and provide loss protection to the Class A Notes and the
Class B Notes of the DiscoverSeries, to the extent set forth in the Indenture Supplement. Principal Amounts allocable to the Class C(2020-1) Notes may be applied to pay the Class A Interest
Allocation and the Class B Interest Allocation or the Series Servicing Fees of the DiscoverSeries, to the extent set forth in the Indenture Supplement. 

The Stated Principal Amount of the Class C(2020-1) Notes will be payable on the Expected Maturity
Date in an amount described on the face hereof, except as otherwise provided in the Indenture or the Indenture Supplement. 
 As described
above, the entire unpaid Stated Principal Amount of this Class C(2020-1) Note shall be due and payable on the Legal Maturity Date. Notwithstanding the foregoing, the entire unpaid Outstanding Dollar
Principal Amount of the Class C(2020-1) Notes shall be due and payable on the date on which an Event of Default relating to the Class C(2020-1) Notes shall
have occurred and be continuing and, except in the event of an insolvency related default, the Indenture Trustee or the Majority Holders of the applicable Series, Class or Tranche of Outstanding Dollar Principal Amount of the Outstanding Notes
have declared the Class C(2020-

  
 Ex. A-7 

 
1) Notes to be immediately due and payable in the manner provided in Section 702 of the Indenture; provided, however, that such acceleration of the entire
unpaid Outstanding Dollar Principal Amount of the Notes may be rescinded by the Majority Holders of such applicable Series, Class or Tranche of Notes. 

On any day occurring on or after the date on which the aggregate Nominal Liquidation Amount of any Tranche of Notes is reduced to less than 5%
of its highest Outstanding Dollar Principal Amount, the Depositor or any Affiliate thereof has the right, but not the obligation, to redeem such Tranche of Notes in whole but not in part, pursuant to Section 1202 of the
Indenture. The redemption price will be an amount equal to the Outstanding Dollar Principal Amount of such Tranche, plus accrued, unpaid and additional interest, if any, or principal accreted and unpaid on such Tranche to but excluding the date of
redemption. 
 Subject to the terms and conditions of the Indenture, the Beneficiary, on behalf of the Note Issuance Trust, may from time to
time issue, or direct the Owner Trustee, on behalf of the Note Issuance Trust, to issue, one or more Series, Classes or Tranches of Notes. 

On each Payment Date, the Paying Agent shall distribute to each Holder of Class C(2020-1) Notes
of record on the related Record Date (except for the final distribution with respect to the Class C(2020-1) Notes) the pro rata share for such Holder of
Class C(2020-1) Notes of the amounts held by the Paying Agent that are allocated and available on such Payment Date to pay interest (only if the Outstanding Dollar Principal Amount is not paid in full on
or prior to the Expected Maturity Date) and principal on the Class C Notes. 
 Payments of interest on this Class C(2020-1) Note due and payable on each Payment Date, together with any installment of principal, if any, to the extent not in full payment of this
Class C(2020-1) Note, shall be made by check mailed to the Person whose name appears as the Registered Holder of this Class C(2020-1) Note on the Note Register
as of the close of business on each Record Date, except that with respect to Class C(2020-1) Notes registered on the Record Date in the name of the nominee of a clearing agency, payments will be made by
wire transfer in immediately available funds to the account designated by such nominee. Such checks shall be mailed to the Person entitled thereto at the address of such Person as it appears on the Note Register as of the applicable Record Date
without requiring that this Class C(2020-1) Note be submitted for notation of payment. Any reduction in the principal amount of this Class C(2020-1) Note (or
any one or more Predecessor Notes) effected by any payments made on any Payment Date shall be binding upon all future Holders of this Class C(2020-1) Note and of any
Class C(2020-1) Note issued upon the registration of transfer hereof or in exchange hereof or in lieu hereof, whether or not noted hereon. If funds are expected to be available, as provided in the
Indenture, for payment in full of the then remaining unpaid principal amount of this Class C(2020-1) Note on a Payment Date, then the Indenture Trustee, in the name of and on behalf of the Issuer, will
notify the Person who was the Registered Holder hereof as of the Record Date preceding such Payment Date by notice mailed within five days of such Payment Date and the amount then due and payable shall be payable only upon presentation and surrender
of this Class C(2020-1) Note at the Indenture Trustee’s principal Corporate Trust Office or at the office of the Indenture Trustee’s agent appointed for such purposes located in the City of New
York. 

  
 Ex. A-8 

 As provided in the Indenture and subject to certain limitations set forth therein and as set
forth in the first legend on the face hereof, the transfer of this Class C(2020-1) Note may be registered on the Note Register upon surrender of this
Class C(2020-1) Note for registration of transfer at the office or agency designated by the Issuer pursuant to the Indenture, duly endorsed by, or accompanied by a written instrument of transfer in form
satisfactory to the Indenture Trustee duly executed by, the Holder hereof or his attorney duly authorized in writing, with such signature guaranteed by a commercial bank or trust company located, or having a correspondent located, in the City of New
York or the city in which the Corporate Trust Office is located, or a member firm of a national securities exchange, and such other documents as the Indenture Trustee may require, and thereupon one or more new
Class C(2020-1) Notes of authorized denominations and in the same aggregate principal amount will be issued to the designated transferee or transferees. No service charge will be charged for any
registration of transfer or exchange of this Class C(2020-1) Note, but the transferor may be required to pay a sum sufficient to cover any tax or other governmental charge that may be imposed in
connection with any such registration of transfer or exchange. 
 To the fullest extent permitted by applicable law, each Noteholder or Note
Owner, by acceptance of a Class C(2020-1) Note or, in the case of a Note Owner, a beneficial interest in a Class C(2020-1) Note, covenants and agrees that by
accepting the benefits of the Indenture it will not at any time institute against the Issuer, any Master Trust or any special purpose entity that acts as a depositor with respect to any Master Trust or the Issuer, or join in any institution against
the Issuer, any Master Trust or any special purpose entity that acts as a depositor with respect to any Master Trust or the Issuer of, any receivership, insolvency, bankruptcy or other similar proceedings, or other proceedings under any United
States federal or state bankruptcy or similar law in connection with any obligations relating to the Notes, the Indenture, any Derivative Agreement, any Supplemental Credit Enhancement Agreement and any Supplemental Liquidity Agreement. 

Prior to the due presentment for registration of transfer of this Class C(2020-1) Note, the
Issuer, the Indenture Trustee and any agent of the Issuer or the Indenture Trustee may treat the Person in whose name this Class C(2020-1) Note (as of the day of determination or as of such other date as
may be specified in the Indenture) is registered as the owner hereof for all purposes, whether or not this Class C(2020-1) Note be overdue, and neither the Issuer, the Indenture Trustee nor any such agent
shall be affected by notice to the contrary. 
 The Indenture permits, with certain exceptions as therein provided, the amendment thereof
and the modification of the rights and obligations of the Issuer and the rights of the Holders of the Notes under the Indenture at any time by the Issuer with the consent of the Holders of Notes representing not less than 66 2/3% of the Outstanding
Dollar Principal Amount of each adversely affected Series, Class or Tranche of Notes. The Indenture also contains provisions permitting the Holders of Notes representing specified percentages of the Outstanding Dollar Principal Amount of the
Notes, on behalf of the Holders of all the Notes, to waive compliance by the Issuer with certain provisions of the Indenture and certain past defaults under the Indenture and their consequences. Any such consent or waiver by the Holder of this Class C(2020-1) Note shall be conclusive and binding upon such Holder and upon all future Holders of this Class C(2020-1) Note and of any Note issued upon the
registration of transfer hereof or in exchange hereof or in lieu hereof whether or not notation of such consent or waiver is made upon 

  
 Ex. A-9 

 
this Class C(2020-1) Note. The Indenture also permits the Indenture Trustee to amend or waive certain terms and conditions set forth in the Indenture
without the consent of Holders of the Notes issued thereunder. 
 The term “Issuer” as used in this Class C(2020-1) Note includes any successor to the Issuer under the Indenture. 
 The Issuer is
permitted by the Indenture, under certain circumstances, to merge or consolidate, subject to the rights of the Indenture Trustee and the Holders of Notes under the Indenture. 

The Class C(2020-1) Notes are issuable only in registered form in denominations as provided in
the Indenture, subject to certain limitations therein set forth. 
 THIS CLASS C(2020-1) NOTE AND
THE INDENTURE WILL BE CONSTRUED IN ACCORDANCE WITH AND GOVERNED BY THE LAWS OF THE STATE OF NEW YORK, INCLUDING SECTION 5-1401 OF THE GENERAL OBLIGATION LAW, WITHOUT REFERENCE TO ANY CONFLICT OF LAW PROVISIONS
THAT WOULD RESULT IN THE APPLICATION OF THE LAWS OF ANY OTHER STATE. 
 No reference herein to the Indenture and no provision of this Class C(2020-1) Note or of the Indenture shall alter or impair the obligation of the Issuer, which is absolute and unconditional, to pay the principal of and interest on this
Class C(2020-1) Note at the times, place, and rate, and in the coin or currency herein prescribed. 

No recourse may be taken, directly or indirectly, with respect to the obligations of the Issuer on the Notes or under the Indenture or any
certificate or other writing delivered in connection therewith, against (i) the Owner Trustee in its individual capacity, (ii) any owner of a beneficial interest in the Issuer or (iii) any partner, owner, beneficiary, agent, officer,
director or employee of the Owner Trustee in its individual capacity, any holder of a beneficial interest in the Issuer or any successor or assign of the Owner Trustee in its individual capacity, except as any such Person may have expressly agreed
(it being understood that the Owner Trustee has no such obligations in its individual capacity). The Holder of this Class C(2020-1) Note by the acceptance hereof agrees that, except as expressly provided
in the Indenture and the Indenture Supplement in the case of an Event of Default under the Indenture, the Holder shall have no claim against any of the foregoing for any deficiency, loss or claim therefrom; provided, however, that
nothing contained herein shall be taken to prevent recourse to, and enforcement against, the assets of the Issuer for any and all liabilities, obligations and undertakings contained in the Indenture or in this
Class C(2020-1) Note. 

  
 Ex. A-10 

 ASSIGNMENT 

Social Security or taxpayer I.D. or other identifying number of assignee 

 
 FOR VALUE RECEIVED, the undersigned hereby
sells, assigns and transfers unto 
 (name and address of assignee) 

the within Note and all rights thereunder, and hereby irrevocably constitutes and appoints attorney, to transfer said Note on the books kept for registration
thereof, with full power of substitution in the premises. 
  

					
	Dated:	 		 	  

		 		 	Signature Guaranteed:

  

	*	 NOTE: The signature to this assignment must correspond with the name of the registered owner as it appears on
the face of the within Note in every particular, without alteration, enlargement or any change whatsoever. 

  
 Ex. A-11EX-4.2

 Exhibit 4.2 

PFIZER INC. 
 and 

THE BANK OF NEW YORK MELLON, 

Trustee 
 FOURTH SUPPLEMENTAL
INDENTURE 
 Dated as of May 28, 2020 

to 
 INDENTURE 

Dated as of September 7, 2018 

0.800% Notes due 2025 
 1.700%
Notes due 2030 
 2.550% Notes due 2040 

2.700% Notes due 2050 

 TABLE OF CONTENTS 

 

					
	 	  	Page	 
	
	ARTICLE ONE	  

	
	DEFINITIONS	  

		
	 Section 101. Definition of Terms
	  	 	2	 
	
	ARTICLE TWO	  

	
	GENERAL TERMS AND CONDITIONS OF THE 2025 NOTES	  

		
	 Section 201. Designation and Principal Amount
	  	 	2	 
	 Section 202. Maturity
	  	 	2	 
	 Section 203. Further Issues
	  	 	2	 
	 Section 204. Global Notes
	  	 	2	 
	 Section 205. Interest
	  	 	3	 
	 Section 206. Authorized Denominations
	  	 	3	 
	 Section 207. Redemption
	  	 	3	 
	 Section 208. Appointment of Agents
	  	 	3	 
	
	ARTICLE THREE	  

	
	GENERAL TERMS AND CONDITIONS OF THE 2030 NOTES	  

		
	 Section 301. Designation and Principal Amount
	  	 	3	 
	 Section 302. Maturity
	  	 	3	 
	 Section 303. Further Issues
	  	 	3	 
	 Section 304. Global Notes
	  	 	4	 
	 Section 305. Interest
	  	 	4	 
	 Section 306. Authorized Denominations
	  	 	4	 
	 Section 307. Redemption
	  	 	4	 
	 Section 308. Appointment of Agents
	  	 	4	 
	
	ARTICLE FOUR	  

	
	GENERAL TERMS AND CONDITIONS OF THE 2040 NOTES	  

		
	 Section 401. Designation and Principal Amount
	  	 	4	 
	 Section 402. Maturity
	  	 	4	 
	 Section 403. Further Issues
	  	 	4	 
	 Section 404. Global Notes
	  	 	5	 
	 Section 405. Interest
	  	 	5	 
	 Section 406. Authorized Denominations
	  	 	5	 
	 Section 407. Redemption
	  	 	5	 
	 Section 408. Appointment of Agents
	  	 	5	 

  
 -i- 

							
	ARTICLE FIVE	  

	
	GENERAL TERMS AND CONDITIONS OF THE 2050 NOTES	  

		
	 Section 501. Designation and Principal Amount
	  	 	5	 
	 Section 502. Maturity
	  	 	6	 
	 Section 503. Further Issues
	  	 	6	 
	 Section 504. Global Notes
	  	 	6	 
	 Section 505. Interest
	  	 	6	 
	 Section 506. Authorized Denominations
	  	 	6	 
	 Section 507. Redemption
	  	 	6	 
	 Section 508. Appointment of Agents
	  	 	6	 
	
	ARTICLE SIX	  

	
	OPTIONAL REDEMPTION; NO SINKING FUND	  

		
	 Section 601. Optional Redemption by Company
	  	 	7	 
	 Section 602. Par Calls
	  	 	10	 
	 Section 603. No Sinking Fund
	  	 	10	 
	
	ARTICLE SEVEN	  

	
	FORMS OF NOTES	  

		
	 Section 701. Form of 2025 Note
	  	 	10	 
	 Section 702. Form of 2030 Note
	  	 	10	 
	 Section 703. Form of 2040 Note
	  	 	10	 
	 Section 704. Form of 2050 Note
	  	 	10	 
	
	ARTICLE EIGHT	  

	
	ORIGINAL ISSUE AMOUNT OF NOTES	  

		
	 Section 801. Original Issue Amount of the 2025 Notes
	  	 	11	 
	 Section 802. Original Issue Amount of the 2030 Notes
	  	 	11	 
	 Section 803. Original Issue Amount of the 2040 Notes
	  	 	11	 
	 Section 804. Original Issue Amount of the 2050 Notes
	  	 	11	 
	
	ARTICLE NINE	  

	
	MISCELLANEOUS	  

		
	 Section 901. Ratification of Indenture
	  	 	11	 
	 Section 902. Trustee Not Responsible for Recitals
	  	 	11	 
	 Section 903. Governing Law
	  	 	11	 
	 Section 904. Separability
	  	 	11	 
	 Section 905. Counterparts
	  	 	12	 

  
 ii 

							
	 Section 906. Trust Indenture Act
	  	 	12	 
	 Section 907. Signatures
	  	 	12	 

  

			
	Exhibits	  	
	Exhibit A	  	Form of 2025 Note
	Exhibit B	  	Form of 2030 Note
	Exhibit C	  	Form of 2040 Note
	Exhibit D	  	Form of 2050 Note

  
 iii 

 FOURTH SUPPLEMENTAL INDENTURE, dated as of May 28, 2020 (the “Fourth Supplemental
Indenture”), between Pfizer Inc., a Delaware corporation (the “Company”), and The Bank of New York Mellon, a New York banking corporation, as trustee (the “Trustee”). 

WHEREAS, the Company executed and delivered the indenture, dated as of September 7, 2018, to the Trustee (the “Indenture”), to
provide for the issuance of the Company’s unsecured debentures, notes, bonds or other evidences of indebtedness (the “Securities”) in an unlimited aggregate principal amount to be issued from time to time in one or more series as
provided therein; 
 WHEREAS, pursuant to Section 14.01 of the Indenture, the Company desires to provide for the issuance of (i) a
new series of its Securities to be known as its 0.800% Notes due 2025 (the “2025 Notes”), (ii) a new series of its Securities to be known as its 1.700% Notes due 2030 (the “2030 Notes”), (iii) a new series of its Securities to be
known as its 2.550% Notes due 2040 (the “2040 Notes”) and (iv) a new series of its Securities to be known as its 2.700% Notes due 2050 (the “2050 Notes” and, together with the 2025 Notes, the 2030 Notes and the 2040 Notes,
the “Notes”), and to establish the forms and to set forth the terms of the Notes thereof, as provided in Section 3.01 of the Indenture; 

WHEREAS, the Board of Directors of the Company, pursuant to resolutions duly adopted, has duly authorized the issuance of the Company’s
debt securities and the Securities Issuance Committee of the Company, pursuant to a resolution duly adopted on May 18, 2020, has duly authorized the issuance of $750,000,000 aggregate principal amount of 2025 Notes, $1,000,000,000 aggregate
principal amount of 2030 Notes, $1,000,000,000 aggregate principal amount of 2040 Notes and $1,250,000,000 aggregate principal amount of 2050 Notes, and has authorized the proper officers of the Company to execute any and all appropriate documents
necessary or appropriate to effect such issuance; 
 WHEREAS, the Company has requested that the Trustee execute and deliver this Fourth
Supplemental Indenture; and 
 WHEREAS, all things necessary to make this Fourth Supplemental Indenture a valid agreement of the Company, in
accordance with its terms, and to make the Notes, when executed by the Company and authenticated and delivered by the Trustee, the valid obligations of the Company, have been done; 

NOW THEREFORE, in consideration of the premises and the purchase and acceptance of the Notes by the Holders thereof, and for the purpose of
setting forth, as provided in the Indenture, the forms and terms of the Notes, it is mutually covenanted and agreed, for the equal and proportionate benefit of all Holders of the Notes, as follows: 

 ARTICLE ONE 

DEFINITIONS 

Section 101.    Definition of Terms. Unless the context otherwise requires: 

(a)    each term defined in the Indenture has the same meaning when used in this Fourth Supplemental Indenture; 

(b)    each term defined anywhere in this Fourth Supplemental Indenture has the same meaning throughout; 

(c)    the singular includes the plural and vice versa; and 

(d)    headings are for convenience of reference only and do not affect interpretation. 

ARTICLE TWO 
 GENERAL
TERMS AND CONDITIONS OF THE 2025 NOTES 
 Section 201.    Designation and Principal Amount. There is
hereby authorized and established a series of Securities under the Indenture, designated as the “0.800% Notes due 2025”, which is not limited in aggregate principal amount. The aggregate principal amount of the 2025 Notes to be issued on
the date hereof is set forth in Article Eight herein. 
 Section 202.    Maturity. The Stated Maturity of
principal of the 2025 Notes is May 28, 2025. 
 Section 203.    Further Issues. The Company may from
time to time, without the consent of the Holders of the 2025 Notes, issue additional 2025 Notes. Any such additional 2025 Notes will have the same ranking, interest rate, maturity date and other terms as the 2025 Notes herein provided for. Any such
additional 2025 Notes, together with the 2025 Notes herein provided for, will constitute a single series of Securities under the Indenture. No additional 2025 Notes may be issued if an Event of Default has occurred and is continuing with respect to
the 2025 Notes. The Company will not issue any additional 2025 Notes intended to form a single series with the 2025 Notes herein provided for unless such additional 2025 Notes will be fungible with the 2025 Notes herein provided for U.S. federal
income tax purposes. 
 Section 204.    Global Notes. Upon their original issuance, the 2025 Notes will be
represented by one or more Global Securities registered in the name of Cede & Co., the nominee of The Depository Trust Company (“DTC”). The Company will deposit the Global Securities with DTC or its custodian and register the
Global Securities in the name of Cede & Co. 

  
 -2- 

 Section 205.    Interest. The 2025 Notes will bear interest
(computed on the basis of a 360-day year consisting of twelve 30-day months) from May 28, 2020 at the rate of 0.800% per annum, payable semiannually in arrears;
interest payable on each Interest Payment Date (as defined in the Indenture) will include interest accrued from May 28, 2020, or from the most recent Interest Payment Date to which interest has been paid or duly provided for; the Interest
Payment Dates on which such interest shall be payable are May 28 and November 28, beginning on November 28, 2020; and the Record Date for the interest payable on any Interest Payment Date is the close of business on the May 13 or
November 13 (whether or not a Business Day) immediately preceding the relevant Interest Payment Date. If any Interest Payment Date falls on a day that is not a Business Day, the required payment on that day will be due on the next succeeding
Business Day as if made on the date the payment was due, and no interest will accrue on that payment for the period from and after that Interest Payment Date to the date of payment on the next succeeding Business Day. 

Section 206.    Authorized Denominations. The 2025 Notes shall be issuable in denominations of $2,000 and
integral multiples of $1,000 in excess thereof. 
 Section 207.    Redemption. The 2025 Notes are subject to
redemption at the option of the Company as described in Article Six hereof. 
 Section 208.    Appointment of
Agents. The Trustee will initially be the Registrar and Paying Agent for the 2025 Notes and will act as such only at its corporate trust offices in the Borough of Manhattan, City of New York. 

ARTICLE THREE 
 GENERAL
TERMS AND CONDITIONS OF THE 2030 NOTES 
 Section 301.    Designation and Principal Amount. There is
hereby authorized and established a series of Securities under the Indenture, designated as the “1.700% Notes due 2030”, which is not limited in aggregate principal amount. The aggregate principal amount of the 2030 Notes to be issued on
the date hereof is set forth in Article Eight herein. 
 Section 302.    Maturity. The Stated Maturity of
principal of the 2030 Notes is May 28, 2030. 
 Section 303.    Further Issues. The Company may from
time to time, without the consent of the Holders of the 2030 Notes, issue additional 2030 Notes. Any such additional 2030 Notes will have the same ranking, interest rate, maturity date and other terms as the 2030 Notes herein provided for. Any such
additional 2030 Notes, together with the 2030 Notes herein provided for, will constitute a single series of Securities under the Indenture. No additional 2030 Notes may be issued if an Event of Default has occurred and is continuing with respect to
the 2030 Notes. The Company will not issue any additional 2030 Notes intended to form a single series with the 2030 Notes herein provided for unless such additional 2030 Notes will be fungible with the 2030 Notes herein provided for U.S. federal
income tax purposes. 

  
 -3- 

 Section 304.    Global Notes. Upon their original issuance,
the 2030 Notes will be represented by one or more Global Securities registered in the name of Cede & Co., the nominee of DTC. The Company will deposit the Global Securities with DTC or its custodian and register the Global Securities in the
name of Cede & Co. 
 Section 305.    Interest. The 2030 Notes will bear interest (computed on the
basis of a 360-day year consisting of twelve 30-day months) from May 28, 2020 at the rate of 1.700% per annum, payable semiannually in arrears; interest payable on
each Interest Payment Date (as defined in the Indenture) will include interest accrued from May 28, 2020, or from the most recent Interest Payment Date to which interest has been paid or duly provided for; the Interest Payment Dates on which
such interest shall be payable are May 28 and November 28, beginning on November 28, 2020; and the Record Date for the interest payable on any Interest Payment Date is the close of business on the May 13 or November 13
(whether or not a Business Day) immediately preceding the relevant Interest Payment Date. If any Interest Payment Date falls on a day that is not a Business Day, the required payment on that day will be due on the next succeeding Business Day as if
made on the date the payment was due, and no interest will accrue on that payment for the period from and after that Interest Payment Date to the date of payment on the next succeeding Business Day. 

Section 306.    Authorized Denominations. The 2030 Notes shall be issuable in denominations of $2,000 and
integral multiples of $1,000 in excess thereof. 
 Section 307.    Redemption. The 2030 Notes are subject to
redemption at the option of the Company as described in Article Six hereof. 
 Section 308.    Appointment of
Agents. The Trustee will initially be the Registrar and Paying Agent for the 2030 Notes and will act as such only at its corporate trust offices in the Borough of Manhattan, City of New York. 

ARTICLE FOUR 
 GENERAL
TERMS AND CONDITIONS OF THE 2040 NOTES 
 Section 401.    Designation and Principal Amount. There is
hereby authorized and established a series of Securities under the Indenture, designated as the “2.550% Notes due 2040”, which is not limited in aggregate principal amount. The aggregate principal amount of the 2040 Notes to be issued on
the date hereof is set forth in Article Eight herein. 
 Section 402.    Maturity. The Stated Maturity of
principal of the 2040 Notes is May 28, 2040. 
 Section 403.    Further Issues. The Company may from
time to time, without the consent of the Holders of the 2040 Notes, issue additional 2040 Notes. Any 

  
 -4- 

 
such additional 2040 Notes will have the same ranking, interest rate, maturity date and other terms as the 2040 Notes herein provided for. Any such additional 2040 Notes, together with the 2040
Notes herein provided for, will constitute a single series of Securities under the Indenture. No additional 2040 Notes may be issued if an Event of Default has occurred and is continuing with respect to the 2040 Notes. The Company will not issue any
additional 2040 Notes intended to form a single series with the 2040 Notes herein provided for unless such additional 2040 Notes will be fungible with the 2040 Notes herein provided for U.S. federal income tax purposes. 

Section 404.    Global Notes. Upon their original issuance, the 2040 Notes will be represented by one or more
Global Securities registered in the name of Cede & Co., the nominee of DTC. The Company will deposit the Global Securities with DTC or its custodian and register the Global Securities in the name of Cede & Co. 

Section 405.    Interest. The 2040 Notes will bear interest (computed on the basis of a 360-day year consisting of twelve 30-day months) from May 28, 2020 at the rate of 2.550% per annum, payable semiannually in arrears; interest payable on each Interest
Payment Date (as defined in the Indenture) will include interest accrued from May 28, 2020, or from the most recent Interest Payment Date to which interest has been paid or duly provided for; the Interest Payment Dates on which such interest
shall be payable are May 28 and November 28, beginning on November 28, 2020; and the Record Date for the interest payable on any Interest Payment Date is the close of business on the May 13 or November 13 (whether or not a
Business Day) immediately preceding the relevant Interest Payment Date. If any Interest Payment Date falls on a day that is not a Business Day, the required payment on that day will be due on the next succeeding Business Day as if made on the date
the payment was due, and no interest will accrue on that payment for the period from and after that Interest Payment Date to the date of payment on the next succeeding Business Day. 

Section 406.    Authorized Denominations. The 2040 Notes shall be issuable in denominations of $2,000 and
integral multiples of $1,000 in excess thereof. 
 Section 407.    Redemption. The 2040 Notes are subject to
redemption at the option of the Company as described in Article Six hereof. 
 Section 408.    Appointment of
Agents. The Trustee will initially be the Registrar and Paying Agent for the 2040 Notes and will act as such only at its corporate trust offices in the Borough of Manhattan, City of New York. 

ARTICLE FIVE 
 GENERAL
TERMS AND CONDITIONS OF THE 2050 NOTES 
 Section 501.    Designation and Principal Amount. There is
hereby authorized and established a series of Securities under the Indenture, designated as the “2.700% Notes due 2050”, which is not limited in aggregate principal amount. The aggregate principal amount of the 2050 Notes to be issued on
the date hereof is set forth in Article Eight herein. 

  
 -5- 

 Section 502.    Maturity. The Stated Maturity of principal
of the 2050 Notes is May 28, 2050. 
 Section 503.    Further Issues. The Company may from time to
time, without the consent of the Holders of the 2050 Notes, issue additional 2050 Notes. Any such additional 2050 Notes will have the same ranking, interest rate, maturity date and other terms as the 2050 Notes herein provided for. Any such
additional 2050 Notes, together with the 2050 Notes herein provided for, will constitute a single series of Securities under the Indenture. No additional 2050 Notes may be issued if an Event of Default has occurred and is continuing with respect to
the 2050 Notes. The Company will not issue any additional 2050 Notes intended to form a single series with the 2050 Notes herein provided for unless such additional 2050 Notes will be fungible with the 2050 Notes herein provided for U.S. federal
income tax purposes. 
 Section 504.    Global Notes. Upon their original issuance, the 2050 Notes will be
represented by one or more Global Securities registered in the name of Cede & Co., the nominee of DTC. The Company will deposit the Global Securities with DTC or its custodian and register the Global Securities in the name of
Cede & Co. 
 Section 505.    Interest. The 2050 Notes will bear interest (computed on the basis of
a 360-day year consisting of twelve 30-day months) from May 28, 2020 at the rate of 2.700% per annum, payable semiannually in arrears; interest payable on each
Interest Payment Date (as defined in the Indenture) will include interest accrued from May 28, 2020, or from the most recent Interest Payment Date to which interest has been paid or duly provided for; the Interest Payment Dates on which such
interest shall be payable are May 28 and November 28, beginning on November 28, 2020; and the Record Date for the interest payable on any Interest Payment Date is the close of business on the May 13 or November 13 (whether
or not a Business Day) immediately preceding the relevant Interest Payment Date. If any Interest Payment Date falls on a day that is not a Business Day, the required payment on that day will be due on the next succeeding Business Day as if made on
the date the payment was due, and no interest will accrue on that payment for the period from and after that Interest Payment Date to the date of payment on the next succeeding Business Day. 

Section 506.    Authorized Denominations. The 2050 Notes shall be issuable in denominations of $2,000 and
integral multiples of $1,000 in excess thereof. 
 Section 507.    Redemption. The 2050 Notes are subject to
redemption at the option of the Company as described in Article Six hereof. 
 Section 508.    Appointment of
Agents. The Trustee will initially be the Registrar and Paying Agent for the 2050 Notes and will act as such only at its corporate trust offices in the Borough of Manhattan, City of New York. 

  
 -6- 

 ARTICLE SIX 

OPTIONAL REDEMPTION; NO SINKING FUND 

Section 601.    Optional Redemption by Company. 

(a)    At the Company’s option, the 2025 Notes may be redeemed, in whole, at any time, or in part, from time to time,
prior to April 28, 2025 (one month prior to the Stated Maturity of the 2025 Notes (the “2025 Par Call Date,” and the date of any such redemption a “2025 Redemption Date”)) at a redemption price to be calculated on the basis
of a 360-day year consisting of twelve 30-day months (the “2025 Redemption Price”) equal to the greater of the following amounts: 

(i)    100% of the principal amount of the 2025 Notes being redeemed on the relevant 2025 Redemption Date,
and 
 (ii)    the sum of the present values of the remaining scheduled payments (through the 2025 Par
Call Date assuming for such purpose that the 2025 Notes being redeemed matured on the 2025 Par Call Date) of principal and interest on the 2025 Notes being redeemed on the applicable 2025 Redemption Date (not including the amount, if any, of accrued
and unpaid interest to, but excluding, such 2025 Redemption Date) discounted to such 2025 Redemption Date on a semi-annual basis at the Treasury Rate, as determined by the Independent Investment Banker, plus 10 basis points; 

plus, in each of the cases of (a)(i) and (a)(ii) above, accrued and unpaid interest on the 2025 Notes being redeemed to, but excluding, such 2025
Redemption Date. 
 (b)    At the Company’s option, the 2030 Notes may be redeemed, in whole, at any time, or in
part, from time to time, prior to February 28, 2030 (three months prior to the Stated Maturity of the 2030 Notes (the “2030 Par Call Date,” and the date of any such redemption a “2030 Redemption Date”)) at a redemption price
to be calculated on the basis of a 360-day year consisting of twelve 30-day months (the “2030 Redemption Price”) equal to the greater of the following amounts:

 (i)    100% of the principal amount of the 2030 Notes being redeemed on the relevant 2030 Redemption
Date, and 
 (ii)    the sum of the present values of the remaining scheduled payments (through the 2030
Par Call Date assuming for such purpose that the 2030 Notes being redeemed matured on the 2030 Par Call Date) of principal and interest on the 2030 Notes being redeemed on the applicable 2030 Redemption Date (not including the amount, if any, of
accrued and unpaid interest to, but excluding, such 2030 Redemption Date) discounted to such 2030 Redemption Date on a semi-annual basis at the Treasury Rate, as determined by the Independent Investment Banker, plus 15 basis points; 

  
 -7- 

 plus, in each of the cases of (b)(i) and (b)(ii) above, accrued and unpaid interest on the 2030 Notes
being redeemed to, but excluding, such 2030 Redemption Date. 
 (c)    At the Company’s option, the 2040 Notes may
be redeemed, in whole, at any time, or in part, from time to time, prior to November 28, 2039 (six months prior to the Stated Maturity of the 2040 Notes (the “2040 Par Call Date,” and the date of any such redemption a “2040
Redemption Date”)) at a redemption price to be calculated on the basis of a 360-day year consisting of twelve 30-day months (the “2040 Redemption Price”)
equal to the greater of the following amounts: 
 (i)    100% of the principal amount of the 2040 Notes
being redeemed on the relevant 2040 Redemption Date, and 
 (ii)    the sum of the present values of the
remaining scheduled payments (through the 2040 Par Call Date assuming for such purpose that the 2040 Notes being redeemed matured on the 2040 Par Call Date) of principal and interest on the 2040 Notes being redeemed on the applicable 2040 Redemption
Date (not including the amount, if any, of accrued and unpaid interest to, but excluding, such 2040 Redemption Date) discounted to such 2040 Redemption Date on a semi-annual basis at the Treasury Rate, as determined by the Independent Investment
Banker, plus 20 basis points; 
 plus, in each of the cases of (c)(i) and (c)(ii) above, accrued and unpaid interest on the 2040 Notes being redeemed
to, but excluding, such 2040 Redemption Date. 
 (d)    At the Company’s option, the 2050 Notes may be redeemed, in
whole, at any time, or in part, from time to time, prior to November 28, 2049 (six months prior to the Stated Maturity of the 2050 Notes (the “2050 Par Call Date,” and the date of any such redemption a “2050 Redemption
Date”)) at a redemption price to be calculated on the basis of a 360-day year consisting of twelve 30-day months (the “2050 Redemption Price”) equal to
the greater of the following amounts: 
 (i)    100% of the principal amount of the 2050 Notes being
redeemed on the relevant 2050 Redemption Date, and 
 (ii)    the sum of the present values of the
remaining scheduled payments (through the 2050 Par Call Date assuming for such purpose that the 2050 Notes being redeemed matured on the 2050 Par Call Date) of principal and interest on the 2050 Notes being redeemed on the applicable 2050 Redemption
Date (not including the amount, if any, of accrued and unpaid interest to, but excluding, such 2050 Redemption Date) discounted to such 2050 Redemption Date on a semi-annual basis at the Treasury Rate, as determined by the Independent Investment
Banker, plus 20 basis points; 
 plus, in each of the cases of (d)(i) and (d)(ii) above, accrued and unpaid interest on the 2050 Notes being redeemed
to, but excluding, such 2050 Redemption Date. 

  
 -8- 

 (e)    Notice of any redemption of the Notes of any series shall be
given in the manner and otherwise in accordance with the provisions of Section 4.03 of the Indenture. If the Company has given notice of redemption as provided in the Indenture and funds for the redemption of the Notes called for redemption
have been made available on the Redemption Date referred to in that notice, such Notes will cease to bear interest on such Redemption Date (unless the Company defaults in the payment of the applicable Redemption Price and accrued and unpaid
interest). Any interest accrued to such Redemption Date will be paid as specified in such notice. 
 (f)    The
following defined terms used in this Article Six shall, unless the context otherwise requires, have the meanings specified below. 

“Comparable Treasury Issue” means the United States Treasury security selected by the Independent Investment Banker as having a
maturity comparable to the remaining term of the applicable Notes to be redeemed (assuming that the notes to be redeemed matured on the 2025 Par Call Date with respect to the 2025 Notes, on the 2030 Par Call Date with respect to the 2030 Notes, on
the 2040 Par Call Date with respect to the 2040 Notes and on the 2050 Par Call Date with respect to the 2050 Notes) that would be utilized, at the time of selection and in accordance with customary financial practice, in pricing new issues of
corporate debt securities of comparable maturity to the remaining term of such Notes. 
 “Comparable Treasury Price” means
(A) the average of the Reference Treasury Dealer Quotations for the applicable Redemption Date and the applicable Notes to be redeemed, after excluding the highest and lowest of such Reference Treasury Dealer Quotations, or (B) if the
Independent Investment Banker obtains fewer than four such Reference Treasury Dealer Quotations, the average of such Reference Treasury Dealer Quotations, or (C) if only one Reference Treasury Dealer Quotation is received, such Reference
Treasury Dealer Quotation. 
 “Independent Investment Banker” means one of the Reference Treasury Dealers appointed by the Company
to act as the “Independent Investment Banker.” 
 “Reference Treasury Dealer” means each of Barclays Capital Inc.,
Citigroup Global Markets Inc., Deutsche Bank Securities Inc. and J.P. Morgan Securities LLC (or their respective affiliates that are Primary Treasury Dealers), and their respective successors; provided, however, that if any of the
foregoing shall cease to be a primary U.S. Government securities dealer in the United States (a “Primary Treasury Dealer”), the Company will substitute therefor another Primary Treasury Dealer. 

“Reference Treasury Dealer Quotation” means, with respect to each Reference Treasury Dealer and any Redemption Date and Notes to be
redeemed, the average, as determined by the Independent Investment Banker, of the bid and asked prices for the Comparable Treasury Issue for such Notes (expressed in each case as a percentage of its principal amount) quoted in writing to the
Independent Investment Banker by such Reference Treasury Dealer at 5:00 p.m. (New York City time) on the third Business Day preceding such Redemption Date. 

  
 -9- 

 “Treasury Rate” means the rate per annum equal to the semi-annual equivalent yield
to maturity of the applicable Comparable Treasury Issue, assuming a price for such Comparable Treasury Issue (expressed as a percentage of its principal amount) equal to the applicable Comparable Treasury Price for the applicable Redemption Date.

 (g)    In connection with any such redemption, each Reference Treasury Dealer shall deliver the Comparable Treasury
Price to the Company and the Independent Investment Banker in writing two Business Days prior to the Redemption Date. At or prior to the time of giving of any notice of redemption to the Holders of any Notes to be redeemed, the Company shall deliver
an Officers’ Certificate to the Trustee setting forth the calculation of the Redemption Price or the manner in which the Redemption Price shall be calculated, as relevant, applicable to such redemption. The Trustee shall be under no duty to
inquire into, may conclusively presume the correctness of, and shall be fully protected in relying upon, the applicable Redemption Price as so calculated, or the manner in which such Redemption Price shall be calculated, as relevant, and set forth
in such Officers’ Certificate. 
 Section 602.    Par Calls. Any time on or after the 2025 Par Call
Date with respect to the 2025 Notes, the 2030 Par Call Date with respect to the 2030 Notes, the 2040 Par Call Date with respect to the 2040 Notes or the 2050 Par Call Date with respect to the 2050 Notes, the Company may redeem the applicable series
of Notes, in whole or in part, at a redemption price equal to 100% of the principal amount of the Notes to be redeemed, plus in each case, accrued and unpaid interest on the Notes being redeemed to, but excluding, such Redemption Date. 

Section 603.    No Sinking Fund. None of the Notes are entitled to the benefit of any sinking fund. 

ARTICLE SEVEN 
 FORMS OF
NOTES 
 Section 701.    Form of 2025 Note. The 2025 Notes and the Trustee’s Certificate of
Authentication to be endorsed thereon are to be substantially in the forms set forth in Exhibit A hereto. 

Section 702.    Form of 2030 Note. The 2030 Notes and the Trustee’s Certificate of Authentication to be
endorsed thereon are to be substantially in the forms set forth in Exhibit B hereto. 
 Section 703.    Form of
2040 Note. The 2040 Notes and the Trustee’s Certificate of Authentication to be endorsed thereon are to be substantially in the forms set forth in Exhibit C hereto. 

Section 704.    Form of 2050 Note. The 2050 Notes and the Trustee’s Certificate of Authentication to be
endorsed thereon are to be substantially in the forms set forth in Exhibit D hereto. 

  
 -10- 

 ARTICLE EIGHT 

ORIGINAL ISSUE AMOUNT OF NOTES 

Section 801.    Original Issue Amount of the 2025 Notes. 2025 Notes in the aggregate principal amount of
$750,000,000 may, upon execution of this Fourth Supplemental Indenture, be executed by the Company and delivered to the Trustee for authentication, and the Trustee shall, upon receipt of a Company Order, authenticate and deliver said 2025 Notes as
provided in said Company Order. 
 Section 802.    Original Issue Amount of the 2030 Notes. 2030 Notes in
the aggregate principal amount of $1,000,000,000 may, upon execution of this Fourth Supplemental Indenture, be executed by the Company and delivered to the Trustee for authentication, and the Trustee shall, upon receipt of a Company Order,
authenticate and deliver said 2030 Notes as provided in said Company Order. 
 Section 803.    Original Issue
Amount of the 2040 Notes. 2040 Notes in the aggregate principal amount of $1,000,000,000 may, upon execution of this Fourth Supplemental Indenture, be executed by the Company and delivered to the Trustee for authentication, and the Trustee
shall, upon receipt of a Company Order, authenticate and deliver said 2040 Notes as provided in said Company Order. 

Section 804.    Original Issue Amount of the 2050 Notes. 2050 Notes in the aggregate principal amount
of $1,250,000,000 may, upon execution of this Fourth Supplemental Indenture, be executed by the Company and delivered to the Trustee for authentication, and the Trustee shall, upon receipt of a Company Order, authenticate and deliver said 2050 Notes
as provided in said Company Order. 
 ARTICLE NINE 

MISCELLANEOUS 

Section 901.    Ratification of Indenture. The Indenture, as supplemented by this Fourth Supplemental
Indenture, is in all respects ratified and confirmed, and this Fourth Supplemental Indenture shall be deemed part of the Indenture in the manner and to the extent herein and therein provided. 

Section 902.    Trustee Not Responsible for Recitals. The recitals and statements herein contained are made by
the Company and not by the Trustee, and the Trustee assumes no responsibility for the correctness thereof. The Trustee makes no representation as to the validity or sufficiency of this Fourth Supplemental Indenture. 

Section 903.    Governing Law. This Fourth Supplemental Indenture and each Note shall be governed by and
construed in accordance with the laws of the State of New York. 
 Section 904.    Separability. In case any
one or more of the provisions contained in this Fourth Supplemental Indenture or in the Notes shall for any reason be 

  
 -11- 

 
held to be invalid, illegal or unenforceable in any respect, such invalidity, illegality or unenforceability shall not affect any other provisions of this Fourth Supplemental Indenture or of the
Notes, but this Fourth Supplemental Indenture and the Notes shall be construed as if such invalid or illegal or unenforceable provision had never been contained herein or therein. 

Section 905.    Counterparts. This Fourth Supplemental Indenture, and each of the other documents executed on
the date hereof in connection with this Fourth Supplemental Indenture and the authentication and delivery of the Notes, may be executed in any number of counterparts each of which shall be an original; but such counterparts shall together constitute
but one and the same instrument. The exchange of copies of this Fourth Supplemental Indenture, such other documents and of signature pages by facsimile or electronic format (i.e., “pdf” or “tif”) transmission shall
constitute effective execution and delivery of this Fourth Supplemental Indenture and such other documents as to the parties hereto and may be used in lieu of the original Fourth Supplemental Indenture and such other documents for all purposes.
Signatures of the parties hereto transmitted by facsimile or electronic format (i.e., “pdf” or “tif”) shall be deemed to be their original signatures for all purposes. 

Section 906.    Trust Indenture Act. This Fourth Supplemental Indenture is subject to the provisions of the
Trust Indenture Act that are required to be part of the Indenture and shall, to the extent applicable, be governed by such provisions. If any provision in this Fourth Supplemental Indenture limits, qualifies or conflicts with another provision of
hereof which is required to be included herein by any provisions of the Trust Indenture Act, such required provision shall control. 

Section 907.    Signatures. The words “execution,” “signed,” “signature,”
“delivery,” and words of like import in or relating to this Fourth Supplemental Indenture or any document to be signed in connection with this Fourth Supplemental Indenture shall be deemed to include electronic signatures, deliveries 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, physical delivery thereof 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 state laws based on the Uniform
Electronic Transactions Act, and the parties hereto consent to conduct the transactions contemplated hereunder by electronic means. 

  
 -12- 

 IN WITNESS WHEREOF, the parties hereto have caused this Fourth Supplemental Indenture to be duly executed,
all as of the day and year first above written. 
  

			
	PFIZER INC.
		
	By:	 	 /s/ Brian Byala

	Name:	 	Brian Byala
	Title:	 	Senior Vice President and Treasurer

  

			
	 THE BANK OF NEW YORK MELLON, as 
Trustee

		
	By:	 	 /s/ Laurence J. O’Brien

	Name:	 	Laurence J. O’Brien
	Title:	 	Vice President

 EXHIBIT A 

FORM OF 2025 NOTE 
 THIS SECURITY
IS A GLOBAL SECURITY WITHIN THE MEANING OF THE INDENTURE HEREINAFTER REFERRED TO AND IS REGISTERED IN THE NAME OF A DEPOSITARY OR A NOMINEE THEREOF. THIS SECURITY MAY NOT BE EXCHANGED IN WHOLE OR IN PART FOR A SECURITY REGISTERED, AND NO TRANSFER OF
THIS SECURITY IN WHOLE OR IN PART MAY BE REGISTERED, IN THE NAME OF ANY PERSON OTHER THAN SUCH DEPOSITARY OR A NOMINEE THEREOF, EXCEPT IN THE LIMITED CIRCUMSTANCES DESCRIBED IN THE INDENTURE. 

CUSIP No. 717081 EX7 
 Pfizer
Inc. 
 0.800% NOTES DUE 2025 
  

			
	No.         	  	$                     
		  	As revised by the
Schedule of Increases or Decreases in Global Security attached hereto

 Interest. Pfizer Inc., a Delaware corporation (herein called the “Company”, which term includes any successor
Person under the Indenture hereinafter referred to), for value received, hereby promises to pay to Cede & Co. or registered assigns, the principal sum of [●] DOLLARS ($[●]), as revised by the Schedule of Increases or Decreases
in Global Security attached hereto, on May 28, 2025 and to pay interest thereon from May 28, 2020 or from the most recent Interest Payment Date to which interest has been paid or duly provided for, semi-annually in arrears on May 28
and November 28 in each year, commencing November 28, 2020, at the rate of 0.800% per annum, until the principal hereof is paid or made available for payment. 

Method of Payment. The interest so payable, and punctually paid or duly provided for, on any Interest Payment Date will, as provided in such Indenture,
be paid to the Person in whose name this Security (or one or more Predecessor Securities) is registered at the close of business on the Record Date for such interest, which shall be the May 13 or November 13 immediately preceding such
Interest Payment Date. Any such interest not so punctually paid or duly provided for will forthwith cease to be payable to the Holder on such Record Date and may either be paid to the Person in whose name this Security (or one or more Predecessor
Securities) is registered at the close of business on a Special Record Date for the payment of such Defaulted Interest to be fixed by the Trustee, notice thereof having been given to Holders of Securities of this series not less than 10 days prior
to such Special Record Date, or be paid at any time in any other lawful manner not inconsistent with the requirements of any securities exchange on which the Securities of this series may be listed, and upon such notice as may be required by such
exchange, all as more fully provided in said Indenture. 
 Reference is hereby made to the further provisions of this Security set forth on the reverse
hereof, which further provisions shall for all purposes have the same effect as if set forth at this place. 
 Authentication. Unless the certificate
of authentication hereon has been executed by the Trustee referred to on the reverse hereof by manual signature of one of its authorized signatories, this Security shall not be entitled to any benefit under the Indenture or be valid or obligatory
for any purpose. 

  
 A-1 

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

 Dated:                 ,
20     
  

			
	PFIZER INC.
		
	By:	 	  

	Name:	 	  

	Title:	 	  

 TRUSTEE’S CERTIFICATE OF AUTHENTICATION 

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

 

							
	Date of authentication:                     	 		 	THE BANK OF NEW YORK MELLON,
		 		 	as Trustee
				
		 		 	By:	 	  

		 		 		 	Authorized Signatory

  
 A-2 

 [Reverse of Security] 

Indenture. This Security is one of a duly authorized issue of securities of the Company (herein called the “Securities”),
issued and to be issued in one or more series under an Indenture, dated as of September 7, 2018, as supplemented by a Fourth Supplemental Indenture, dated as of May 28, 2020 (as so supplemented, herein called the “Indenture”),
between the Company and The Bank of New York Mellon (herein called the “Trustee”, which term includes any successor trustee under the Indenture), to which Indenture and all indentures supplemental thereto reference is hereby made for a
statement of the respective rights, limitations of rights, duties and immunities thereunder of the Company, the Trustee and the Holders of the Securities and of the terms upon which the Securities are, and are to be, authenticated and delivered.
This Security is one of the series designated on the face hereof, initially limited in aggregate principal amount to $750,000,000. 

Optional Redemption. At the Company’s option, the Securities of this series may be redeemed in whole, at any time or in part, from
time to time prior to April 28, 2025 (one month prior to the Stated Maturity of the Securities (the “Par Call Date,” and the date of any such redemption a “Redemption Date”)). The redemption price (the “Redemption
Price”) of the Securities will be equal to the greater of the following amounts: 
 (a)    100% of the principal
amount of the Securities being redeemed on the applicable Redemption Date, and 
 (b)    the sum of the present value of
the remaining scheduled payments (through the Par Call Date assuming for such purpose that the Securities being redeemed matured on the Par Call Date) of principal and interest on the Securities being redeemed on such Redemption Date (not including
the amount, if any, of accrued and unpaid interest to, but excluding, such Redemption Date) discounted to such Redemption Date on a semi-annual basis at the Treasury Rate (as defined below), as determined by the Independent Investment Banker (as
defined below), plus 10 basis points; 
 plus, in each case, accrued and unpaid interest on the Securities being redeemed to,
but excluding, such Redemption Date. 
 Any time on or after the Par Call Date, the Company may redeem the Securities, in whole or in part,
at a Redemption Price equal to 100% of the principal amount of the Securities to be redeemed, plus accrued and unpaid interest on the Securities being redeemed to, but excluding, the Redemption Date. 

The Redemption Price will be calculated on the basis of a 360-day year consisting of twelve 30-day months. Once notice of redemption is mailed by the Company, the Securities called for redemption will become due and payable on the applicable Redemption Date at the applicable Redemption Price. 

For purposes of determining the Redemption Price, the following definitions are applicable: 

“Comparable Treasury Issue” means the United States Treasury security selected by the Independent Investment Banker as having a
maturity comparable to the remaining term of the applicable Securities to be redeemed (assuming that the Securities to be redeemed matured on the 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 Securities. 

“Comparable Treasury Price” means (A) the average of the Reference Treasury Dealer Quotations for the applicable Redemption
Date and applicable Securities to be redeemed, after excluding the highest and lowest of such Reference Treasury Dealer Quotations, or (B) if the Independent Investment Banker obtains fewer than four such Reference Treasury Dealer Quotations,
the average of such Reference Treasury Dealer Quotations, or (C) if only one Reference Treasury Dealer Quotation is received, such Reference Treasury Dealer Quotation. 

  
 A-3 

 “Independent Investment Banker” means one of the Reference Treasury Dealers
appointed by the Company to act as the “Independent Investment Banker.” 
 “Reference Treasury Dealer” means each of
Barclays Capital Inc., Citigroup Global Markets Inc., Deutsche Bank Securities Inc. and J.P. Morgan Securities LLC (or their respective affiliates that are Primary Treasury Dealers), and their respective successors; provided, however, that if any of
the foregoing shall cease to be a primary U.S. Government securities dealer in the United States (a “Primary Treasury Dealer”), the Company will substitute therefor another Primary Treasury Dealer. 

“Reference Treasury Dealer Quotation” means, with respect to each Reference Treasury Dealer and any Redemption Date and Securities
to be redeemed, the average, as determined by the Independent Investment Banker, of the bid and asked prices for the Comparable Treasury Issue for such Securities (expressed in each case as a percentage of its principal amount) quoted in writing to
the Independent Investment Banker by such Reference Treasury Dealer at 5:00 p.m. (New York City time) on the third Business Day preceding such Redemption Date. 

“Treasury Rate” means the rate per annum equal to the semi-annual equivalent yield to maturity of the applicable Comparable Treasury
Issue, assuming a price for such Comparable Treasury Issue (expressed as a percentage of its principal amount) equal to the applicable Comparable Treasury Price for the applicable Redemption Date. 

Notice of any redemption will be mailed at least 10 days but not more than 60 days before the Redemption Date to each registered Holder of the
Securities to be redeemed. Unless the Company defaults in payment of the Redemption Price, on and after the Redemption Date, interest will cease to accrue on the Securities or portions of the Securities called for redemption. If fewer than all of
the Securities are to be redeemed, the Trustee will select pro rata, by lot or by such other method as the Trustee shall deem fair and appropriate, the particular Securities or portions thereof for redemption from the outstanding Securities not
previously called. 
 Except as set forth above, the Securities will not be redeemable by the Company prior to maturity and will not be
entitled to the benefit of any sinking fund. 
 Defaults and Remedies. If an Event of Default with respect to Securities of this
series shall occur and be continuing, the principal of the Securities of this series may be declared due and payable in the manner and with the effect provided in the Indenture. 

Amendment, Modification and Waiver. The Indenture permits, with certain exceptions as therein provided, the amendment thereof and the
modification of the rights and obligations of the Company and the rights of the Holders of the Securities of each series affected under the Indenture at any time by the Company and the Trustee with the consent of the Holders of a majority in
principal amount of all series at the time Outstanding affected thereby (voting as one class). The Indenture contains provisions permitting the Holders of not less than a majority in principal amount of the Outstanding Securities of all series, with
respect to which any default under the Indenture shall have occurred and be continuing (voting as one class), on behalf of the Holders of all the Outstanding Securities of such series, to waive, with certain exceptions, such past default with
respect to such series and its consequences. The Indenture also permits the Holders of not less than a majority in principal amount of the Outstanding Securities of any series, on behalf of the Holders of all Outstanding Securities of such series,
to waive compliance by the Company with certain provisions of the Indenture. Any such consent or waiver by the Holder of this Security shall be conclusive and binding upon such Holder and upon all future Holders of this Security and of any Security
issued upon the registration of transfer hereof or in exchange therefor or in lieu hereof, whether or not notation of such consent or waiver is made upon this Security. 

Restrictive Covenants. The Indenture does not limit unsecured debt of the Company or any of its Subsidiaries. 

Denominations, Transfer and Exchange. The Securities of this series are issuable only in registered form without coupons in
denominations of $2,000 and in integral multiples of $1,000 in excess 

  
 A-4 

 
thereof. As provided in the Indenture and subject to certain limitations therein set forth, Securities of this series are exchangeable for a like aggregate principal amount of Securities of like
tenor of a different authorized denomination, as requested by the Holder surrendering the same. 
 As provided in the Indenture and subject
to certain limitations therein set forth, the transfer of this Security is registerable in the Security Register, upon surrender of this Security for registration of transfer at the Registrar accompanied by a written request for transfer in form
satisfactory to the Company and the Registrar duly executed by, the Holder hereof or his attorney duly authorized in writing, and thereupon one or more new Securities of this series and of like tenor, of authorized denominations and for the same
aggregate principal amount, will be issued to the designated transferee or transferees. 
 No service charge shall be made for any such
registration of transfer or exchange, but the Company may require payment of a sum sufficient to cover any tax or other governmental charge payable in connection therewith. 

Persons Deemed Owners. Prior to due presentment of this Security for registration of transfer, the Company, the Trustee and any agent
of the Company or the Trustee may treat the Person in whose name this Security is registered as the owner hereof for all purposes, whether or not this Security be overdue, and neither the Company, the Trustee nor any such agent shall be affected by
notice to the contrary. 
 Miscellaneous. The Indenture and this Security shall be governed by and construed in accordance with the
law of the State of New York. 
 All terms used in this Security and not defined herein shall have the meanings assigned to them in the
Indenture. 
 The words “execution,” “signed,” “signature,” “delivery,” and words of like import in
or relating to this Security or any document to be signed in connection with this Security shall be deemed to include electronic signatures, deliveries 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, physical delivery thereof 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 state laws based on the Uniform Electronic Transactions Act, and the parties hereto consent to conduct the transactions
contemplated hereunder by electronic means. 

  
 A-5 

 SCHEDULE OF INCREASES OR DECREASES IN GLOBAL SECURITY 

The following increases or decreases in this Global Security have been made: 
  

									
	 Date of

Exchange
	 	 Amount of increase in

Principal Amount of
 this
Global Security
	 	 Amount of decrease

in Principal Amount
 of this
Global
 Security
	  	 Principal Amount of
this
Global Security
following each
decrease or increase
	  	 Signature of
authorized signatory

of Trustee

		 		 		  		  	
		 		 		  		  	

  
 A-6 

 EXHIBIT B 

FORM OF 2030 NOTE 
 THIS SECURITY
IS A GLOBAL SECURITY WITHIN THE MEANING OF THE INDENTURE HEREINAFTER REFERRED TO AND IS REGISTERED IN THE NAME OF A DEPOSITARY OR A NOMINEE THEREOF. THIS SECURITY MAY NOT BE EXCHANGED IN WHOLE OR IN PART FOR A SECURITY REGISTERED, AND NO TRANSFER OF
THIS SECURITY IN WHOLE OR IN PART MAY BE REGISTERED, IN THE NAME OF ANY PERSON OTHER THAN SUCH DEPOSITARY OR A NOMINEE THEREOF, EXCEPT IN THE LIMITED CIRCUMSTANCES DESCRIBED IN THE INDENTURE. 

CUSIP No. 717081 EY5 
 Pfizer
Inc. 
 1.700% NOTES DUE 2030 
  

			
	No.         	  	$                    
	 	  	As revised by the
Schedule
of Increases or
Decreases in
Global Security
attached hereto

 Interest. Pfizer Inc., a Delaware corporation (herein called the “Company”, which term includes any successor
Person under the Indenture hereinafter referred to), for value received, hereby promises to pay to Cede & Co. or registered assigns, the principal sum of [●] DOLLARS ($[●]), as revised by the Schedule of Increases or Decreases
in Global Security attached hereto, on May 28, 2030 and to pay interest thereon from May 28, 2020 or from the most recent Interest Payment Date to which interest has been paid or duly provided for, semi-annually in arrears on May 28
and November 28 in each year, commencing November 28, 2020, at the rate of 1.700% per annum, until the principal hereof is paid or made available for payment. 

Method of Payment. The interest so payable, and punctually paid or duly provided for, on any Interest Payment Date will, as provided in such Indenture,
be paid to the Person in whose name this Security (or one or more Predecessor Securities) is registered at the close of business on the Record Date for such interest, which shall be the May 13 or November 13 immediately preceding such
Interest Payment Date. Any such interest not so punctually paid or duly provided for will forthwith cease to be payable to the Holder on such Record Date and may either be paid to the Person in whose name this Security (or one or more Predecessor
Securities) is registered at the close of business on a Special Record Date for the payment of such Defaulted Interest to be fixed by the Trustee, notice thereof having been given to Holders of Securities of this series not less than 10 days prior
to such Special Record Date, or be paid at any time in any other lawful manner not inconsistent with the requirements of any securities exchange on which the Securities of this series may be listed, and upon such notice as may be required by such
exchange, all as more fully provided in said Indenture. 
 Reference is hereby made to the further provisions of this Security set forth on the reverse
hereof, which further provisions shall for all purposes have the same effect as if set forth at this place. 
 Authentication. Unless the certificate
of authentication hereon has been executed by the Trustee referred to on the reverse hereof by manual signature of one of its authorized signatories, this Security shall not be entitled to any benefit under the Indenture or be valid or obligatory
for any purpose. 

  
 B-1 

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

 Dated:                 ,
20     
  

			
	PFIZER INC.
		
	By:	 	  

	Name:	 	  

	Title:	 	  

 TRUSTEE’S CERTIFICATE OF AUTHENTICATION 

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

 

							
	Date of authentication:                     	 		 	THE BANK OF NEW YORK MELLON,
		 		 	as Trustee
				
		 		 	By:	 	  

		 		 		 	Authorized Signatory

  
 B-2 

 [Reverse of Security] 

Indenture. This Security is one of a duly authorized issue of securities of the Company (herein called the “Securities”),
issued and to be issued in one or more series under an Indenture, dated as of September 7, 2018, as supplemented by a Fourth Supplemental Indenture, dated as of May 28, 2020 (as so supplemented, herein called the “Indenture”),
between the Company and The Bank of New York Mellon (herein called the “Trustee”, which term includes any successor trustee under the Indenture), to which Indenture and all indentures supplemental thereto reference is hereby made for a
statement of the respective rights, limitations of rights, duties and immunities thereunder of the Company, the Trustee and the Holders of the Securities and of the terms upon which the Securities are, and are to be, authenticated and delivered.
This Security is one of the series designated on the face hereof, initially limited in aggregate principal amount to $1,000,000,000. 

Optional Redemption. At the Company’s option, the Securities of this series may be redeemed in whole, at any time or in part, from
time to time prior to February 28, 2030 (three months prior to the Stated Maturity of the Securities (the “Par Call Date,” and the date of any such redemption a “Redemption Date”)). The redemption price (the “Redemption
Price”) of the Securities will be equal to the greater of the following amounts: 
 (a)    100% of the principal
amount of the Securities being redeemed on the applicable Redemption Date, and 
 (b)    the sum of the present value of
the remaining scheduled payments (through the Par Call Date assuming for such purpose that the Securities being redeemed matured on the Par Call Date) of principal and interest on the Securities being redeemed on such Redemption Date (not including
the amount, if any, of accrued and unpaid interest to, but excluding, such Redemption Date) discounted to such Redemption Date on a semi-annual basis at the Treasury Rate (as defined below), as determined by the Independent Investment Banker (as
defined below), plus 15 basis points; 
 plus, in each case, accrued and unpaid interest on the Securities being redeemed to,
but excluding, such Redemption Date. 
 Any time on or after the Par Call Date, the Company may redeem the Securities, in whole or in part,
at a Redemption Price equal to 100% of the principal amount of the Securities to be redeemed, plus accrued and unpaid interest on the Securities being redeemed to, but excluding, the Redemption Date. 

The Redemption Price will be calculated on the basis of a 360-day year consisting of twelve 30-day months. Once notice of redemption is mailed by the Company, the Securities called for redemption will become due and payable on the applicable Redemption Date at the applicable Redemption Price. 

For purposes of determining the Redemption Price, the following definitions are applicable: 

“Comparable Treasury Issue” means the United States Treasury security selected by the Independent Investment Banker as having a
maturity comparable to the remaining term of the applicable Securities to be redeemed (assuming that the Securities to be redeemed matured on the 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 Securities. 

“Comparable Treasury Price” means (A) the average of the Reference Treasury Dealer Quotations for the applicable Redemption
Date and applicable Securities to be redeemed, after excluding the highest and lowest of such Reference Treasury Dealer Quotations, or (B) if the Independent Investment Banker obtains fewer than four such Reference Treasury Dealer Quotations,
the average of such Reference Treasury Dealer Quotations, or (C) if only one Reference Treasury Dealer Quotation is received, such Reference Treasury Dealer Quotation. 

  
 B-3 

 “Independent Investment Banker” means one of the Reference Treasury Dealers
appointed by the Company to act as the “Independent Investment Banker.” 
 “Reference Treasury Dealer” means each of
Barclays Capital Inc., Citigroup Global Markets Inc., Deutsche Bank Securities Inc. and J.P. Morgan Securities LLC (or their respective affiliates that are Primary Treasury Dealers), and their respective successors; provided, however, that if any of
the foregoing shall cease to be a primary U.S. Government securities dealer in the United States (a “Primary Treasury Dealer”), the Company will substitute therefor another Primary Treasury Dealer. 

“Reference Treasury Dealer Quotation” means, with respect to each Reference Treasury Dealer and any Redemption Date and Securities
to be redeemed, the average, as determined by the Independent Investment Banker, of the bid and asked prices for the Comparable Treasury Issue for such Securities (expressed in each case as a percentage of its principal amount) quoted in writing to
the Independent Investment Banker by such Reference Treasury Dealer at 5:00 p.m. (New York City time) on the third Business Day preceding such Redemption Date. 

“Treasury Rate” means the rate per annum equal to the semi-annual equivalent yield to maturity of the applicable Comparable Treasury
Issue, assuming a price for such Comparable Treasury Issue (expressed as a percentage of its principal amount) equal to the applicable Comparable Treasury Price for the applicable Redemption Date. 

Notice of any redemption will be mailed at least 10 days but not more than 60 days before the Redemption Date to each registered Holder of the
Securities to be redeemed. Unless the Company defaults in payment of the Redemption Price, on and after the Redemption Date, interest will cease to accrue on the Securities or portions of the Securities called for redemption. If fewer than all of
the Securities are to be redeemed, the Trustee will select pro rata, by lot or by such other method as the Trustee shall deem fair and appropriate, the particular Securities or portions thereof for redemption from the outstanding Securities not
previously called. 
 Except as set forth above, the Securities will not be redeemable by the Company prior to maturity and will not be
entitled to the benefit of any sinking fund. 
 Defaults and Remedies. If an Event of Default with respect to Securities of this
series shall occur and be continuing, the principal of the Securities of this series may be declared due and payable in the manner and with the effect provided in the Indenture. 

Amendment, Modification and Waiver. The Indenture permits, with certain exceptions as therein provided, the amendment thereof and the
modification of the rights and obligations of the Company and the rights of the Holders of the Securities of each series affected under the Indenture at any time by the Company and the Trustee with the consent of the Holders of a majority in
principal amount of all series at the time Outstanding affected thereby (voting as one class). The Indenture contains provisions permitting the Holders of not less than a majority in principal amount of the Outstanding Securities of all series, with
respect to which any default under the Indenture shall have occurred and be continuing (voting as one class), on behalf of the Holders of all the Outstanding Securities of such series, to waive, with certain exceptions, such past default with
respect to such series and its consequences. The Indenture also permits the Holders of not less than a majority in principal amount of the Outstanding Securities of any series, on behalf of the Holders of all Outstanding Securities of such series,
to waive compliance by the Company with certain provisions of the Indenture. Any such consent or waiver by the Holder of this Security shall be conclusive and binding upon such Holder and upon all future Holders of this Security and of any Security
issued upon the registration of transfer hereof or in exchange therefor or in lieu hereof, whether or not notation of such consent or waiver is made upon this Security. 

Restrictive Covenants. The Indenture does not limit unsecured debt of the Company or any of its Subsidiaries. 

Denominations, Transfer and Exchange. The Securities of this series are issuable only in registered form without coupons in
denominations of $2,000 and in integral multiples of $1,000 in excess 

  
 B-4 

 
thereof. As provided in the Indenture and subject to certain limitations therein set forth, Securities of this series are exchangeable for a like aggregate principal amount of Securities of like
tenor of a different authorized denomination, as requested by the Holder surrendering the same. 
 As provided in the Indenture and subject
to certain limitations therein set forth, the transfer of this Security is registerable in the Security Register, upon surrender of this Security for registration of transfer at the Registrar accompanied by a written request for transfer in form
satisfactory to the Company and the Registrar duly executed by, the Holder hereof or his attorney duly authorized in writing, and thereupon one or more new Securities of this series and of like tenor, of authorized denominations and for the same
aggregate principal amount, will be issued to the designated transferee or transferees. 
 No service charge shall be made for any such
registration of transfer or exchange, but the Company may require payment of a sum sufficient to cover any tax or other governmental charge payable in connection therewith. 

Persons Deemed Owners. Prior to due presentment of this Security for registration of transfer, the Company, the Trustee and any agent
of the Company or the Trustee may treat the Person in whose name this Security is registered as the owner hereof for all purposes, whether or not this Security be overdue, and neither the Company, the Trustee nor any such agent shall be affected by
notice to the contrary. 
 Miscellaneous. The Indenture and this Security shall be governed by and construed in accordance with the
law of the State of New York. 
 All terms used in this Security and not defined herein shall have the meanings assigned to them in the
Indenture. 
 The words “execution,” “signed,” “signature,” “delivery,” and words of like import in
or relating to this Security or any document to be signed in connection with this Security shall be deemed to include electronic signatures, deliveries 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, physical delivery thereof 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 state laws based on the Uniform Electronic Transactions Act, and the parties hereto consent to conduct the transactions
contemplated hereunder by electronic means. 

  
 B-5 

 SCHEDULE OF INCREASES OR DECREASES IN GLOBAL SECURITY 

The following increases or decreases in this Global Security have been made: 
  

									
	 Date of

Exchange
	 	 Amount of increase in

Principal Amount of
 this
Global Security
	 	 Amount of decrease

in Principal Amount
 of this
Global
 Security
	  	 Principal Amount of
this
Global Security
following each
decrease or increase
	  	 Signature of
authorized signatory

of Trustee

		 		 		  		  	
		 		 		  		  	

  
 B-6 

 EXHIBIT C 

FORM OF 2040 NOTE 
 THIS SECURITY
IS A GLOBAL SECURITY WITHIN THE MEANING OF THE INDENTURE HEREINAFTER REFERRED TO AND IS REGISTERED IN THE NAME OF A DEPOSITARY OR A NOMINEE THEREOF. THIS SECURITY MAY NOT BE EXCHANGED IN WHOLE OR IN PART FOR A SECURITY REGISTERED, AND NO TRANSFER OF
THIS SECURITY IN WHOLE OR IN PART MAY BE REGISTERED, IN THE NAME OF ANY PERSON OTHER THAN SUCH DEPOSITARY OR A NOMINEE THEREOF, EXCEPT IN THE LIMITED CIRCUMSTANCES DESCRIBED IN THE INDENTURE. 

CUSIP No. 717081 EZ2 
 Pfizer
Inc. 
 2.550 % NOTES DUE 2040 
  

			
	No.         	  	$                
		  	 As revised by the
Schedule of Increases

or Decreases in
 Global Security

attached hereto

 Interest. Pfizer Inc., a Delaware corporation (herein called the “Company”, which term includes any successor
Person under the Indenture hereinafter referred to), for value received, hereby promises to pay to Cede & Co. or registered assigns, the principal sum of [●] DOLLARS ($[●]), as revised by the Schedule of Increases or Decreases
in Global Security attached hereto, on May 28, 2040 and to pay interest thereon from May 28, 2020 or from the most recent Interest Payment Date to which interest has been paid or duly provided for, semi-annually in arrears on May 28
and November 28 in each year, commencing November 28, 2020, at the rate of 2.550% per annum, until the principal hereof is paid or made available for payment. 

Method of Payment. The interest so payable, and punctually paid or duly provided for, on any Interest Payment Date will, as provided in such Indenture,
be paid to the Person in whose name this Security (or one or more Predecessor Securities) is registered at the close of business on the Record Date for such interest, which shall be the May 13 or November 13 immediately preceding such
Interest Payment Date. Any such interest not so punctually paid or duly provided for will forthwith cease to be payable to the Holder on such Record Date and may either be paid to the Person in whose name this Security (or one or more Predecessor
Securities) is registered at the close of business on a Special Record Date for the payment of such Defaulted Interest to be fixed by the Trustee, notice thereof having been given to Holders of Securities of this series not less than 10 days prior
to such Special Record Date, or be paid at any time in any other lawful manner not inconsistent with the requirements of any securities exchange on which the Securities of this series may be listed, and upon such notice as may be required by such
exchange, all as more fully provided in said Indenture. 
 Reference is hereby made to the further provisions of this Security set forth on the reverse
hereof, which further provisions shall for all purposes have the same effect as if set forth at this place. 
 Authentication. Unless the certificate
of authentication hereon has been executed by the Trustee referred to on the reverse hereof by manual signature of one of its authorized signatories, this Security shall not be entitled to any benefit under the Indenture or be valid or obligatory
for any purpose. 

  
 C-1 

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

 Dated:                 ,
20     
  

			
	PFIZER INC.
		
	By:	 	  

	Name:	 	  

	Title:	 	  

 TRUSTEE’S CERTIFICATE OF AUTHENTICATION 

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

 

					
	Date of authentication:                         	 	THE BANK OF NEW YORK MELLON,
		 	as Trustee
			
		 	By:	 	  

		 		 	Authorized Signatory

  
 C-2 

 [Reverse of Security] 

Indenture. This Security is one of a duly authorized issue of securities of the Company (herein called the “Securities”),
issued and to be issued in one or more series under an Indenture, dated as of September 7, 2018, as supplemented by a Fourth Supplemental Indenture, dated as of May 28, 2020 (as so supplemented, herein called the “Indenture”),
between the Company and The Bank of New York Mellon (herein called the “Trustee”, which term includes any successor trustee under the Indenture), to which Indenture and all indentures supplemental thereto reference is hereby made for a
statement of the respective rights, limitations of rights, duties and immunities thereunder of the Company, the Trustee and the Holders of the Securities and of the terms upon which the Securities are, and are to be, authenticated and delivered.
This Security is one of the series designated on the face hereof, initially limited in aggregate principal amount to $1,000,000,000. 

Optional Redemption. At the Company’s option, the Securities of this series may be redeemed in whole, at any time or in part, from
time to time prior to November 28, 2039 (six months prior to the Stated Maturity of the Securities (the “Par Call Date,” and the date of any such redemption a “Redemption Date”)). The redemption price (the “Redemption
Price”) of the Securities will be equal to the greater of the following amounts: 
 (a)    100% of the principal
amount of the Securities being redeemed on the applicable Redemption Date, and 
 (b)    the sum of the present value of
the remaining scheduled payments (through the Par Call Date assuming for such purpose that the Securities being redeemed matured on the Par Call Date) of principal and interest on the Securities being redeemed on such Redemption Date (not including
the amount, if any, of accrued and unpaid interest to, but excluding, such Redemption Date) discounted to such Redemption Date on a semi-annual basis at the Treasury Rate (as defined below), as determined by the Independent Investment Banker (as
defined below), plus 20 basis points; 
 plus, in each case, accrued and unpaid interest on the Securities being redeemed to,
but excluding, such Redemption Date. 
 Any time on or after the Par Call Date, the Company may redeem the Securities, in whole or in part,
at a Redemption Price equal to 100% of the principal amount of the Securities to be redeemed, plus accrued and unpaid interest on the Securities being redeemed to, but excluding, the Redemption Date. 

The Redemption Price will be calculated on the basis of a 360-day year consisting of twelve 30-day months. Once notice of redemption is mailed by the Company, the Securities called for redemption will become due and payable on the applicable Redemption Date at the applicable Redemption Price. 

For purposes of determining the Redemption Price, the following definitions are applicable: 

“Comparable Treasury Issue” means the United States Treasury security selected by the Independent Investment Banker as having a
maturity comparable to the remaining term of the applicable Securities to be redeemed (assuming that the Securities to be redeemed matured on the 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 Securities. 

“Comparable Treasury Price” means (A) the average of the Reference Treasury Dealer Quotations for the applicable Redemption
Date and applicable Securities to be redeemed, after excluding the highest and lowest of such Reference Treasury Dealer Quotations, or (B) if the Independent Investment Banker obtains fewer than four such Reference Treasury Dealer Quotations,
the average of such Reference Treasury Dealer Quotations, or (C) if only one Reference Treasury Dealer Quotation is received, such Reference Treasury Dealer Quotation. 

  
 C-3 

 “Independent Investment Banker” means one of the Reference Treasury Dealers
appointed by the Company to act as the “Independent Investment Banker.” 
 “Reference Treasury Dealer” means each of
Barclays Capital Inc., Citigroup Global Markets Inc., Deutsche Bank Securities Inc. and J.P. Morgan Securities LLC (or their respective affiliates that are Primary Treasury Dealers), and their respective successors; provided, however, that if any of
the foregoing shall cease to be a primary U.S. Government securities dealer in the United States (a “Primary Treasury Dealer”), the Company will substitute therefor another Primary Treasury Dealer. 

“Reference Treasury Dealer Quotation” means, with respect to each Reference Treasury Dealer and any Redemption Date and Securities
to be redeemed, the average, as determined by the Independent Investment Banker, of the bid and asked prices for the Comparable Treasury Issue for such Securities (expressed in each case as a percentage of its principal amount) quoted in writing to
the Independent Investment Banker by such Reference Treasury Dealer at 5:00 p.m. (New York City time) on the third Business Day preceding such Redemption Date. 

“Treasury Rate” means the rate per annum equal to the semi-annual equivalent yield to maturity of the applicable Comparable Treasury
Issue, assuming a price for such Comparable Treasury Issue (expressed as a percentage of its principal amount) equal to the applicable Comparable Treasury Price for the applicable Redemption Date. 

Notice of any redemption will be mailed at least 10 days but not more than 60 days before the Redemption Date to each registered Holder of the
Securities to be redeemed. Unless the Company defaults in payment of the Redemption Price, on and after the Redemption Date, interest will cease to accrue on the Securities or portions of the Securities called for redemption. If fewer than all of
the Securities are to be redeemed, the Trustee will select pro rata, by lot or by such other method as the Trustee shall deem fair and appropriate, the particular Securities or portions thereof for redemption from the outstanding Securities not
previously called. 
 Except as set forth above, the Securities will not be redeemable by the Company prior to maturity and will not be
entitled to the benefit of any sinking fund. 
 Defaults and Remedies. If an Event of Default with respect to Securities of this
series shall occur and be continuing, the principal of the Securities of this series may be declared due and payable in the manner and with the effect provided in the Indenture. 

Amendment, Modification and Waiver. The Indenture permits, with certain exceptions as therein provided, the amendment thereof and the
modification of the rights and obligations of the Company and the rights of the Holders of the Securities of each series affected under the Indenture at any time by the Company and the Trustee with the consent of the Holders of a majority in
principal amount of all series at the time Outstanding affected thereby (voting as one class). The Indenture contains provisions permitting the Holders of not less than a majority in principal amount of the Outstanding Securities of all series, with
respect to which any default under the Indenture shall have occurred and be continuing (voting as one class), on behalf of the Holders of all the Outstanding Securities of such series, to waive, with certain exceptions, such past default with
respect to such series and its consequences. The Indenture also permits the Holders of not less than a majority in principal amount of the Outstanding Securities of any series, on behalf of the Holders of all Outstanding Securities of such series,
to waive compliance by the Company with certain provisions of the Indenture. Any such consent or waiver by the Holder of this Security shall be conclusive and binding upon such Holder and upon all future Holders of this Security and of any Security
issued upon the registration of transfer hereof or in exchange therefor or in lieu hereof, whether or not notation of such consent or waiver is made upon this Security. 

Restrictive Covenants. The Indenture does not limit unsecured debt of the Company or any of its Subsidiaries. 

Denominations, Transfer and Exchange. The Securities of this series are issuable only in registered form without coupons in
denominations of $2,000 and in integral multiples of $1,000 in excess 

  
 C-4 

 
thereof. As provided in the Indenture and subject to certain limitations therein set forth, Securities of this series are exchangeable for a like aggregate principal amount of Securities of like
tenor of a different authorized denomination, as requested by the Holder surrendering the same. 
 As provided in the Indenture and subject
to certain limitations therein set forth, the transfer of this Security is registerable in the Security Register, upon surrender of this Security for registration of transfer at the Registrar accompanied by a written request for transfer in form
satisfactory to the Company and the Registrar duly executed by, the Holder hereof or his attorney duly authorized in writing, and thereupon one or more new Securities of this series and of like tenor, of authorized denominations and for the same
aggregate principal amount, will be issued to the designated transferee or transferees. 
 No service charge shall be made for any such
registration of transfer or exchange, but the Company may require payment of a sum sufficient to cover any tax or other governmental charge payable in connection therewith. 

Persons Deemed Owners. Prior to due presentment of this Security for registration of transfer, the Company, the Trustee and any agent
of the Company or the Trustee may treat the Person in whose name this Security is registered as the owner hereof for all purposes, whether or not this Security be overdue, and neither the Company, the Trustee nor any such agent shall be affected by
notice to the contrary. 
 Miscellaneous. The Indenture and this Security shall be governed by and construed in accordance with the
law of the State of New York. 
 All terms used in this Security and not defined herein shall have the meanings assigned to them in the
Indenture. 
 The words “execution,” “signed,” “signature,” “delivery,” and words of like import in
or relating to this Security or any document to be signed in connection with this Security shall be deemed to include electronic signatures, deliveries 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, physical delivery thereof 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 state laws based on the Uniform Electronic Transactions Act, and the parties hereto consent to conduct the transactions
contemplated hereunder by electronic means. 

  
 C-5 

 SCHEDULE OF INCREASES OR DECREASES IN GLOBAL SECURITY 

The following increases or decreases in this Global Security have been made: 
  

									
	 Date of

Exchange
	 	 Amount of increase in

Principal Amount of
 this
Global Security
	 	 Amount of decrease

in Principal Amount
 of this
Global
 Security
	  	 Principal Amount of
this
Global Security
following each
decrease or increase
	  	 Signature of
authorized signatory

of Trustee

		 		 		  		  	
		 		 		  		  	
		 		 		  		  	

  
 C-6 

 EXHIBIT D 

FORM OF 2050 NOTE 
 THIS SECURITY
IS A GLOBAL SECURITY WITHIN THE MEANING OF THE INDENTURE HEREINAFTER REFERRED TO AND IS REGISTERED IN THE NAME OF A DEPOSITARY OR A NOMINEE THEREOF. THIS SECURITY MAY NOT BE EXCHANGED IN WHOLE OR IN PART FOR A SECURITY REGISTERED, AND NO TRANSFER OF
THIS SECURITY IN WHOLE OR IN PART MAY BE REGISTERED, IN THE NAME OF ANY PERSON OTHER THAN SUCH DEPOSITARY OR A NOMINEE THEREOF, EXCEPT IN THE LIMITED CIRCUMSTANCES DESCRIBED IN THE INDENTURE. 

CUSIP No. 717081 FA6 
 Pfizer
Inc. 
 2.700% NOTES DUE 2050 
  

			
	No.         	  	$                
		  	As revised by the
Schedule
 of Increasesor Decreases in

Global Security
 attached hereto

 Interest. Pfizer Inc., a Delaware corporation (herein called the “Company”, which term includes any successor
Person under the Indenture hereinafter referred to), for value received, hereby promises to pay to Cede & Co. or registered assigns, the principal sum of [●] DOLLARS ($[●]), as revised by the Schedule of Increases or Decreases
in Global Security attached hereto, on May 28, 2050 and to pay interest thereon from May 28, 2020 or from the most recent Interest Payment Date to which interest has been paid or duly provided for, semi-annually in arrears on May 28
and November 28 in each year, commencing November 28, 2020, at the rate of 2.700% per annum, until the principal hereof is paid or made available for payment. 

Method of Payment. The interest so payable, and punctually paid or duly provided for, on any Interest Payment Date will, as provided in such Indenture,
be paid to the Person in whose name this Security (or one or more Predecessor Securities) is registered at the close of business on the Record Date for such interest, which shall be the May 13 or November 13 immediately preceding such
Interest Payment Date. Any such interest not so punctually paid or duly provided for will forthwith cease to be payable to the Holder on such Record Date and may either be paid to the Person in whose name this Security (or one or more Predecessor
Securities) is registered at the close of business on a Special Record Date for the payment of such Defaulted Interest to be fixed by the Trustee, notice thereof having been given to Holders of Securities of this series not less than 10 days prior
to such Special Record Date, or be paid at any time in any other lawful manner not inconsistent with the requirements of any securities exchange on which the Securities of this series may be listed, and upon such notice as may be required by such
exchange, all as more fully provided in said Indenture. 
 Reference is hereby made to the further provisions of this Security set forth on the reverse
hereof, which further provisions shall for all purposes have the same effect as if set forth at this place. 
 Authentication. Unless the certificate
of authentication hereon has been executed by the Trustee referred to on the reverse hereof by manual signature of one of its authorized signatories, this Security shall not be entitled to any benefit under the Indenture or be valid or obligatory
for any purpose. 

  
 D-1 

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

 Dated:                 ,
20     
  

			
	PFIZER INC.
		
	By:	 	  

	Name:	 	  

	Title:	 	  

 TRUSTEE’S CERTIFICATE OF AUTHENTICATION 

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

 

					
	Date of authentication:                         	 	THE BANK OF NEW YORK MELLON,
		 	as Trustee
			
		 	By:	 	  

		 		 	Authorized Signatory

  
 D-2 

 [Reverse of Security] 

Indenture. This Security is one of a duly authorized issue of securities of the Company (herein called the “Securities”),
issued and to be issued in one or more series under an Indenture, dated as of September 7, 2018, as supplemented by a Fourth Supplemental Indenture, dated as of May 28, 2020 (as so supplemented, herein called the “Indenture”),
between the Company and The Bank of New York Mellon (herein called the “Trustee”, which term includes any successor trustee under the Indenture), to which Indenture and all indentures supplemental thereto reference is hereby made for a
statement of the respective rights, limitations of rights, duties and immunities thereunder of the Company, the Trustee and the Holders of the Securities and of the terms upon which the Securities are, and are to be, authenticated and delivered.
This Security is one of the series designated on the face hereof, initially limited in aggregate principal amount to $1,250,000,000. 

Optional Redemption. At the Company’s option, the Securities of this series may be redeemed in whole, at any time or in part, from
time to time prior to November 28, 2049 (six months prior to the Stated Maturity of the Securities (the “Par Call Date,” and the date of any such redemption a “Redemption Date”)). The redemption price (the “Redemption
Price”) of the Securities will be equal to the greater of the following amounts: 
 (a)    100% of the principal
amount of the Securities being redeemed on the applicable Redemption Date, and 
 (b)    the sum of the present value of
the remaining scheduled payments (through the Par Call Date assuming for such purpose that the Securities being redeemed matured on the Par Call Date) of principal and interest on the Securities being redeemed on such Redemption Date (not including
the amount, if any, of accrued and unpaid interest to, but excluding, such Redemption Date) discounted to such Redemption Date on a semi-annual basis at the Treasury Rate (as defined below), as determined by the Independent Investment Banker (as
defined below), plus 20 basis points; 
 plus, in each case, accrued and unpaid interest on the Securities being redeemed to,
but excluding, such Redemption Date. 
 Any time on or after the Par Call Date, the Company may redeem the Securities, in whole or in part,
at a Redemption Price equal to 100% of the principal amount of the Securities to be redeemed, plus accrued and unpaid interest on the Securities being redeemed to, but excluding, the Redemption Date. 

The Redemption Price will be calculated on the basis of a 360-day year consisting of twelve 30-day months. Once notice of redemption is mailed by the Company, the Securities called for redemption will become due and payable on the applicable Redemption Date at the applicable Redemption Price. 

For purposes of determining the Redemption Price, the following definitions are applicable: 

“Comparable Treasury Issue” means the United States Treasury security selected by the Independent Investment Banker as having a
maturity comparable to the remaining term of the applicable Securities to be redeemed (assuming that the Securities to be redeemed matured on the 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 Securities. 

“Comparable Treasury Price” means (A) the average of the Reference Treasury Dealer Quotations for the applicable Redemption
Date and applicable Securities to be redeemed, after excluding the highest and lowest of such Reference Treasury Dealer Quotations, or (B) if the Independent Investment Banker obtains fewer than four such Reference Treasury Dealer Quotations,
the average of such Reference Treasury Dealer Quotations, or (C) if only one Reference Treasury Dealer Quotation is received, such Reference Treasury Dealer Quotation. 

  
 D-3 

 “Independent Investment Banker” means one of the Reference Treasury Dealers
appointed by the Company to act as the “Independent Investment Banker.” 
 “Reference Treasury Dealer” means each of
Barclays Capital Inc., Citigroup Global Markets Inc., Deutsche Bank Securities Inc. and J.P. Morgan Securities LLC (or their respective affiliates that are Primary Treasury Dealers), and their respective successors; provided, however, that if any of
the foregoing shall cease to be a primary U.S. Government securities dealer in the United States (a “Primary Treasury Dealer”), the Company will substitute therefor another Primary Treasury Dealer. 

“Reference Treasury Dealer Quotation” means, with respect to each Reference Treasury Dealer and any Redemption Date and Securities
to be redeemed, the average, as determined by the Independent Investment Banker, of the bid and asked prices for the Comparable Treasury Issue for such Securities (expressed in each case as a percentage of its principal amount) quoted in writing to
the Independent Investment Banker by such Reference Treasury Dealer at 5:00 p.m. (New York City time) on the third Business Day preceding such Redemption Date. 

“Treasury Rate” means the rate per annum equal to the semi-annual equivalent yield to maturity of the applicable Comparable Treasury
Issue, assuming a price for such Comparable Treasury Issue (expressed as a percentage of its principal amount) equal to the applicable Comparable Treasury Price for the applicable Redemption Date. 

Notice of any redemption will be mailed at least 10 days but not more than 60 days before the Redemption Date to each registered Holder of the
Securities to be redeemed. Unless the Company defaults in payment of the Redemption Price, on and after the Redemption Date, interest will cease to accrue on the Securities or portions of the Securities called for redemption. If fewer than all of
the Securities are to be redeemed, the Trustee will select pro rata, by lot or by such other method as the Trustee shall deem fair and appropriate, the particular Securities or portions thereof for redemption from the outstanding Securities not
previously called. 
 Except as set forth above, the Securities will not be redeemable by the Company prior to maturity and will not be
entitled to the benefit of any sinking fund. 
 Defaults and Remedies. If an Event of Default with respect to Securities of this
series shall occur and be continuing, the principal of the Securities of this series may be declared due and payable in the manner and with the effect provided in the Indenture. 

Amendment, Modification and Waiver. The Indenture permits, with certain exceptions as therein provided, the amendment thereof and the
modification of the rights and obligations of the Company and the rights of the Holders of the Securities of each series affected under the Indenture at any time by the Company and the Trustee with the consent of the Holders of a majority in
principal amount of all series at the time Outstanding affected thereby (voting as one class). The Indenture contains provisions permitting the Holders of not less than a majority in principal amount of the Outstanding Securities of all series, with
respect to which any default under the Indenture shall have occurred and be continuing (voting as one class), on behalf of the Holders of all the Outstanding Securities of such series, to waive, with certain exceptions, such past default with
respect to such series and its consequences. The Indenture also permits the Holders of not less than a majority in principal amount of the Outstanding Securities of any series, on behalf of the Holders of all Outstanding Securities of such series,
to waive compliance by the Company with certain provisions of the Indenture. Any such consent or waiver by the Holder of this Security shall be conclusive and binding upon such Holder and upon all future Holders of this Security and of any Security
issued upon the registration of transfer hereof or in exchange therefor or in lieu hereof, whether or not notation of such consent or waiver is made upon this Security. 

Restrictive Covenants. The Indenture does not limit unsecured debt of the Company or any of its Subsidiaries. 

Denominations, Transfer and Exchange. The Securities of this series are issuable only in registered form without coupons in
denominations of $2,000 and in integral multiples of $1,000 in excess 

  
 D-4 

 
thereof. As provided in the Indenture and subject to certain limitations therein set forth, Securities of this series are exchangeable for a like aggregate principal amount of Securities of like
tenor of a different authorized denomination, as requested by the Holder surrendering the same. 
 As provided in the Indenture and subject
to certain limitations therein set forth, the transfer of this Security is registerable in the Security Register, upon surrender of this Security for registration of transfer at the Registrar accompanied by a written request for transfer in form
satisfactory to the Company and the Registrar duly executed by, the Holder hereof or his attorney duly authorized in writing, and thereupon one or more new Securities of this series and of like tenor, of authorized denominations and for the same
aggregate principal amount, will be issued to the designated transferee or transferees. 
 No service charge shall be made for any such
registration of transfer or exchange, but the Company may require payment of a sum sufficient to cover any tax or other governmental charge payable in connection therewith. 

Persons Deemed Owners. Prior to due presentment of this Security for registration of transfer, the Company, the Trustee and any agent
of the Company or the Trustee may treat the Person in whose name this Security is registered as the owner hereof for all purposes, whether or not this Security be overdue, and neither the Company, the Trustee nor any such agent shall be affected by
notice to the contrary. 
 Miscellaneous. The Indenture and this Security shall be governed by and construed in accordance with the
law of the State of New York. 
 All terms used in this Security and not defined herein shall have the meanings assigned to them in the
Indenture. 
 The words “execution,” “signed,” “signature,” “delivery,” and words of like import in
or relating to this Security or any document to be signed in connection with this Security shall be deemed to include electronic signatures, deliveries 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, physical delivery thereof 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 state laws based on the Uniform Electronic Transactions Act, and the parties hereto consent to conduct the transactions
contemplated hereunder by electronic means. 

  
 D-5 

 SCHEDULE OF INCREASES OR DECREASES IN GLOBAL SECURITY 

The following increases or decreases in this Global Security have been made: 
  

									
	 Date of

Exchange
	 	 Amount of increase in

Principal Amount of
 this
Global Security
	 	 Amount of decrease

in Principal Amount
 of this
Global
 Security
	  	 Principal Amount of
this
Global Security
following each
decrease or increase
	  	 Signature of
authorized signatory

of Trustee

		 		 		  		  	
		 		 		  		  	

  
 D-6

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