Document:

Exhibit 10.13

WARRANT

THIS WARRANT ("WARRANT") TO PURCHASE SHARES IN THE CAPITAL OF ACTIVECARE, INC., A DELAWARE CORPORATION (THE "COMPANY") IS ISSUED ON THE ISSUE DATE PURSUANT TO THE TERMS OF THAT CERTAIN LOAN AND SECURITY AGREEMENT BETWEEN THE COMPANY AND PARTNERS FOR GROWTH IV, L.P. (THE "LOAN AGREEMENT"). THIS WARRANT IS SOLD IN A PRIVATE TRANSACTION, WITHOUT REGISTRATION UNDER THE SECURITIES ACT OF 1933, AS AMENDED, AND REGULATIONS PROMULGATED THEREUNDER (THE "SECURITIES ACT") OR THE SECURITIES LAWS OF ANY STATE, AND MAY BE OFFERED OR SOLD ONLY IF REGISTERED UNDER THE SECURITIES ACT AND SUCH LAWS OR IF AN EXEMPTION FROM REGISTRATION UNDER THE SECURITIES ACT AND SUCH LAWS IS AVAILABLE.

	
Company:

	
ActiveCare, Inc., a Delaware corporation

	
Warrant Stock:

	
Common Stock

	
Number of Shares:

	
Up to ______, subject to adjustment

	
Exchange Price:

	
$0.065 per Share, subject to adjustment

	
Issue Date:

	
February 19, 2016

	
Expiration Date:

	
February 19, 2023

The term "Holder" shall initially refer to ______ which is the initial holder of this Warrant and shall further refer to any subsequent permitted holder of this Warrant from time to time.

The Company does hereby certify and agree that in consideration of Holder's  payment of $_____ for this Warrant on the Issue Date (such dollar amount, exclusive of the Exchange Price payable or creditable upon Exercise or Exchange of this Warrant, the "Purchase Price"), Holder, or its permitted successors and assigns, hereby is entitled, subject to Section 1.8 hereof, to Exchange or Exercise this Warrant in the Company for up to _____ (_____) shares of the Company's Common Stock (the "Warrant Stock"). This Warrant is subject to adjustment as set forth in this Warrant. Capitalized terms used but not defined in this Warrant have their meanings as set forth in the Loan Agreement defined in the heading between the Company and _______ ("Holder"), whether or not the Loan Agreement is then in effect. When the term "convert" or "conversion" in relation to the Warrant is used herein, it includes an Exchange and an Exercise, each as defined in Section 1.3(a), below, as applicable.

Section 1.      Term, Price and Exchange of Warrant.

1.1     Term of Warrant. This Warrant shall be convertible for a period of seven (7) years after the Issue Date (hereinafter referred to as the "Expiration Date").

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1.2     Exchange Price.  The price per Share at which the shares of Warrant Stock are issuable upon conversion of this Warrant shall be $0.065 per Warrant Share (the "Exchange Price").

1.3     Conversion of Warrant.

(a)  This Warrant may be exercised, in whole or in part, upon surrender of this Warrant to the Company, together with the Election to Exchange or Exercise attached hereto as Exhibit A (the "Election") duly completed and executed with "Exercise"

selected as the mode of conversion, and upon payment to the Company of the Exercise Price for the number of shares of Warrant Stock in respect of which this Warrant is then being exercised (an "Exercise").  In whole or in part in lieu of an Exercise, Holder may convert this Warrant on a cashless basis by so indicating in the Election and proceeding in accordance with the remainder of this Section 1.3 (an "Exchange"). In each above case, Holder shall surrender this Warrant to the Company at its then principal offices, together with the Election duly completed and executed.

(b)            Upon an Exchange, the Holder shall receive shares of Warrant Stock such that, without the payment of any funds, the Holder shall surrender this Warrant in exchange for the number of shares of Warrant Stock equal to "X" (as defined below), computed using the following formula:

Y * (A-B)

X   =   _______________

A

Where

X    =                the number of shares of Warrant Stock to be issued to Holder

Y    =                the number of shares of Warrant Stock to be converted

under this Warrant

A    =                the Fair Market Value of one Warrant Share

B    =                the Exchange Price (as adjusted to the date of such

calculations)

*     =                multiplied by

(c)            For purposes of calculating Fair Market Value for purposes of Exchanging this Warrant, the "Fair Market Value" of one Warrant Share shall be (i) if the Company's securities become listed on a national or international stock exchange, the highest closing sale price reported on such exchange for such listed securities during the 90-trading day period immediately prior to the date Holder delivers its Election to the Company, or (ii) if the Company's securities are traded over-the-counter, the highest average of bid and ask price for such securities over the 90-trading day period immediately prior to the day Holder delivers its Election to the Company, in each case of (i) and (ii), above, if the shares of Warrant Stock are convertible into such listed or over-the-counter traded securities other than on a one-to-one basis, multiplied by the ratio at which one Warrant Share converts into such other security. If the Company's securities are not listed or traded as contemplated in clauses (i) or (ii), above, the Fair Market Value of the Warrant Stock shall be the price per Warrant Share which the Company could obtain from a willing buyer of shares of Warrant Stock sold by the Company from its authorized but unissued Shares, initially as the Board of Directors of the Company ("Board") shall determine in its reasonable good faith judgment, subject to Holder's valuation rights below, but in no event less than the price to which a holder of Warrant Stock would be entitled based on an enterprise valuation of the Company (including its Subsidiaries if part of a Group) as a going concern and the application of the rights, preferences and privileges of the Company's outstanding securities as set forth in the Company's Constitutional Documents without discount for minority, control or lack of marketability. For the avoidance of doubt, if the Board relies on an appraisal (including a "409A" valuation) to determine the Fair Market Value of the Warrant Stock, such determined Fair Market Value from such appraisal may not assume the automatic conversion of all convertible securities in deriving such Fair Market Value but, instead, shall be based on enterprise value and application of the rights, preferences and privileges of the Company's outstanding securities as set forth in the Company's Constitutional Documents as if the Company (or Group) were being sold in an Acquisition for cash to determine what dollar value each class of security would receive upon such Acquisition. If the Warrant is to be converted in connection with an Acquisition (in fact), the Fair Market Value of a Warrant Share shall be based on the enterprise value specified or implied in such Acquisition and shall be the greater of (A) the value attributable to the Warrant Stock and (B) the value attributable to the Company securities into which the shares of Warrant Stock are (or may be) convertible (but subject to Holder's conversion directly into such other Company securities). If Holder disagrees the Board's determination, Holder may engage an independent appraiser to determine fair market value of the Warrant Stock the foregoing basis at shared expense between the Company and Holder. If the fair market value difference between the Board's determination and the determination by the Holder's appraiser is less than 30%, then the average between the two determinations shall be deemed to be the fair market value. If the difference is 30% or more, then the parties shall agree a second appraiser, with each party bearing half of the expense of such second appraiser, and the determination of such appraiser shall be deemed to be the fair market value.

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(d)  In the event that Holder converts this Warrant in connection with a transaction in which shares of the same class and series as the Warrant Stock are converted into another security, Holder may effect a conversion directly into such other security.

(e)  Subject to Section 2 hereof, upon delivery of the duly completed and executed Election, the Company shall issue and deliver within two (2) business days to Holder or such other person as Holder may designate in writing a certificate or certificates or other legal evidence of Holder's ownership of the number of shares of Warrant Stock so acquired upon the conversion of this Warrant. Such certificate(s) or other legal evidence shall be deemed to have been issued and any person so designated to be named therein shall be deemed to have become a stockholder of the Company and a holder of record of such shares of Warrant Stock as of the date the Election is delivered to the Company, provided, however, Holder's admission as a stockholder shall be subject to Holder's execution and delivery of such agreements as may be required of all stockholders or of an accession or similar agreement by which Holder agrees to be bound by such agreements.  If this Warrant is converted in part, a new warrant substantially identical to this Warrant for the number of Shares not converted shall be promptly executed and delivered to Holder by the Company.

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1.4     Fractional Interests. The Company shall not be required to issue fractions of shares of Warrant Stock upon the conversion of this Warrant.  If any fraction of a Warrant Share would be issuable upon the conversion of this Warrant (or any portion thereof), the Company shall purchase such fraction for an amount in cash equal to the fair market value of a Warrant Share as determined by the Board in its reasonable judgment.

1.5            Certain Definitions. For purposes of this Warrant:

"Acquisition" means, in any single transaction or series of related transactions: (i) any sale or other disposition (including exclusive license) of all or substantially all of the assets of the Company in whatever form and however consummated, (ii) any reorganization, consolidation, merger or acquisition of the Company or a Controlling interest in the Company, or (iii) any liquidation or deemed liquidation under the Company's Constitutional Documents.

An "Affiliate" of, or person "affiliated" with, a specified Person, is a Person that directly, or indirectly through one or more intermediaries, beneficially owns or is beneficially owned, controls or is controlled by, or is under common control with, the Person specified, and any person or entity that owns or controls directly or indirectly ten percent (10%) or more of the Shares of Company shall be deemed to be an Affiliate of the Company.

"Constitutional Documents" means the Company's Certificate of Incorporation (as amended and restated, as applicable), Bylaws and agreements between or among the Company and holders of any class or series of its stock.

"Control" (including the terms "controlling", "controlled by" and "under common control with") means the possession, direct or indirect through one or more Affiliates, of the power to direct or cause the direction of the management and policies of a person, whether through the ownership or voting of voting securities, by contract, or otherwise.

"Equity Value of the Company" means: (i) subject to the next paragraph, the greater of: (A) the value of price of all equity (FDE equity) in the Company implied by the transaction giving rise to the Put Right; and (B) the gross amount made available to shareholders of the Company; or (ii) in the case of a Put Event arising due to the occurrence of an Insolvency Event or the expiry of this Warrant, the market value of all equity (on an FDE basis) in the Company as agreed by the Company and Holder (or if no such agreement is reached, the market value as determined by an appraiser under Section 1.3(c).

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"FDE" means the fully-diluted equity of the Company, assuming the conversion of all convertible securities, including convertible debt, and the exercise of all convertible instruments, including options and warrants.

"Person" or "person" means any individual, sole proprietorship, partnership, joint venture, trust, unincorporated organization, association, corporation, government, or any agency or political division thereof, or any other entity of any kind.

1.6            Automatic Conversion upon Expiration.  Upon the Expiration Date, this Warrant shall automatically be deemed on and as of such date to be Exchanged pursuant to Section 1.3 as to all shares of Warrant Stock (or such other securities) for which this Warrant has become convertible and for which it shall not previously have been converted for Warrant Stock (or if not then outstanding, into such other class and series of securities into which the Warrant Stock is then convertible), and the Company shall promptly deliver a certificate or other legal evidence of ownership of the shares of Warrant Stock (or such other securities) issued upon such Exchange to Holder.

1.7            Treatment of Warrant Upon Acquisition of Company.  Subject to HOLDER's exercise of rights under Section 1.8, upon the closing of any Acquisition, the surviving entity shall, as a condition to the Acquisition, either (i) assume the obligations under this Warrant, then this Warrant shall be convertible into the same securities as would be payable for the shares of Warrant Stock issuable upon conversion of the unconverted portion of this Warrant as if such shares of Warrant Stock were outstanding on the record date for the Acquisition (and the Exchange Price and/or number of shares of Warrant Stock shall be adjusted accordingly); or (ii) the Company or other surviving entity in such Acquisition shall, upon initial closing of such Acquisition purchase this Warrant at its "Fair Value" (the "Purchase Price"). For purposes hereof, "Fair Value" means that value determined by the parties using a Black-Scholes Option-Pricing Model (the "Black-Scholes Calculation") with the following assumptions: (A) a risk-free interest rate equal to the risk-free interest rate at the time of the closing of the Acquisition (or as close thereto as practicable), (B) a contractual life of the Warrant equal to the remaining term of this Warrant as of the date of the announcement of the Acquisition, (C) an annual dividend yield equal to dividends payable or declared on the underlying shares of Warrant Stock (including securities into which the shares of Warrant Stock may be convertible) during the term of this Warrant (calculated on an annual basis), and (D) a volatility factor of the expected market price of the Company's Shares comprised of: (1) if the Company is publicly traded on a national securities exchange, its volatility over the one year period ending on the day prior to the announcement of the Acquisition, (2) if the Shares are traded over-the-counter, its volatility over the one year period ending on the day prior to the announcement of the Acquisition, or (3) if the Company is a non-public company, the volatility, over the one year period prior to the Acquisition, of an average of publicly-traded companies in the same or similar industry to the Company with such companies having similar revenues.  The Purchase Price determined in accordance with the above shall be paid upon the initial closing of the Acquisition and shall not be subject to any post-Acquisition closing contingencies or adjustments; provided, however, the parties may take such post-Acquisition closing contingencies or adjustments into account in determining the Purchase Price, and if the parties take any post-Acquisition closing contingencies or adjustments into account, then upon the partial or complete removal of those post-Acquisition closing contingencies or adjustments, a new Black-Scholes Calculation would be made using all of the same inputs except for the value of the Company's Shares (as determined under subclause (D)), and any increase in Fair Value (and, correspondingly, Purchase Price), including, without limitation, as a result of any earn-out or escrowed consideration, would be paid in full to Holder immediately after those post-Acquisition closing contingencies or adjustments can be determined or achieved.

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1.8            Warrant Put. Notwithstanding anything to the contrary set forth in this Warrant, in the event of (i) any Acquisition of the Company, (ii) any liquidation of the Company, (iii) any liquidation or deemed liquidation of the Company under its Constitutional Documents or under any documents governing the Series G Preferred Stock, or (iv) the expiry of this Warrant, Holder shall have the right (but not the obligation) to exchange this Warrant (the "Put Right") for the greater of (i) cash sum of $300,000, and (ii) 3.9% of the Equity Value of the Company (as defined below) at the time of the Put Right is triggered (which for the avoidance of doubt shall be determined on a pre-management carve-out (Series G Preferred Stock) basis) (the "Exchange Put Price"). The above "3.9% of Equity Value" (the "Reference Percentage") assumes that the Company is able to draw all Tranches under Facility A and Facility B of the Loan Agreement. Until such time as the Company is able to draw all Tranches, the Reference Percentage shall be (i) 2.1% on the Issue Date with the disbursement of Tranche 1 of Facility B, (ii) 2.4% on the date Tranche 2 of Facility B is disbursed, (iii) 3% on the date the Company may draw Tranche 3 of Facility B, and (iv) an additional 0.3% on each (of three) occasions when the Company meets the financial performance criteria to increase the Facility A Dollar Credit Limit (for an aggregate among clauses (i) through (iv) of 3.9%). The Exchange Put Price shall be paid as and when any payment is made on in respect of Series G Preferred Stock (which term shall include any security or instrument into which the Series G Preferred Stock may convert or for which it may be exchanged) and adjusted on a relative percentage basis to the extent that Holder has converted any part of this Warrant and later exercises its Put Right. Except as to a put effected under Section 1.6, Holder shall exercise such Put Right by written notice as provided in this Warrant and, upon receipt by the Company of such notice, the Expiration Date of this Warrant shall be deemed extended until such time as the Company has paid the Exchange Put Price to Holder. The Company shall promptly (and in no event later than (five) 5 business days of Holder's notice to the Company) pay the Exchange Put Price to Holder.

1.9            Reduction in Number of Shares. The parties acknowledge that the loans under the Loan Agreement are made available in two separate Loan Facilities, Facility A (represented in Schedule 1 to the Loan Agreement) and Facility B (represented in Schedule 2 to the Loan Agreement) and the Warrant Stock is intended to represent a maximum of 3.9% of FDE and become convertible upon Loans being made available to Borrower from time to time based on its financial performance. As a result, the Warrant Stock becomes convertible by Holder as follows: (i) 4,435,680 shares of Warrant Stock (2.4% of FDE) are immediately convertible on the Issue Date with the disbursement of Tranche 1 of Facility B, (ii) 1,108,530 shares of Warrant Stock (0.6% of FDE) become immediately convertible on the date Tranche 2 of Facility B is disbursed, and (iii) 555,000 (0.3% of FDE) shares of Warrant Stock automatically become convertible on each (of three) occasions when the Company meets the financial performance criteria to increase the Facility A Dollar Credit Limit.

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Section 2.      Exchange and Transfer of Warrant.

(a)  This Warrant may be transferred, in whole or in part, without restriction, subject only to (i) Holder's compliance with applicable securities laws (which, in the case of Affiliates, shall be deeded satisfied by Holder (and transferee) certification of Affiliate status), and (ii) the transferee holder of the new Warrant assuming the obligations of Holder set forth in this Warrant. A transfer may be registered with the Company by submission to it of the annexed Assignment Form attached hereto as Exhibit B duly completed and executed. After the Company's registration of a transfer of this Warrant, the Company will issue and deliver to the transferee a new warrant (representing the portion of this Warrant so transferred) upon the same terms and conditions as this Warrant and in substantially identical form, which the Company will register in the new holder's name. In the event of registration of a partial transfer of this Warrant, the Company shall concurrently issue and deliver to the transferring holder a new warrant that entitles the transferring holder to the balance of this Warrant not so transferred and that otherwise is upon the same terms and conditions as this Warrant. Upon the delivery of this Warrant for transfer, the transferee holder shall for all purposes become the holder of the new warrant issued for the portion of this Warrant so transferred, irrespective of the date of actual delivery of the new warrant representing the portion of this Warrant so transferred.

(b)  In the event of the loss, theft or destruction of this Warrant, the Company shall execute and deliver an identical new warrant to Holder in substitution therefor upon the Company's receipt of (i) evidence reasonably satisfactory to the Company of such event, and (ii) if requested by the Company, an indemnity agreement in reasonable and customary form.

(c)  The Company shall pay its own and all Holder's reasonable costs and expenses incurred in connection with the conversion, transfer or replacement of this Warrant, including, without limitation, securities compliance, the costs of preparation, execution and delivery of a new warrant and of certificates or other legal evidence of all Warrant Stock.

Section 3.      Certain Covenants.

(a)  The Company shall ensure that any approval of its stockholders required for issuance of this Warrant and of the shares of Warrant Stock issuable upon conversion hereof (which shall, for the avoidance of doubt, include any securities into which shares of Warrant Stock are or become convertible) remains in full force and effect until the earlier of conversion or the Expiration Date.

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(b)  The Company will not, by amendment of its Constitutional Documents or through reorganization, consolidation, merger, amalgamation, sale of assets or otherwise, avoid or seek to avoid the observance or performance of any of the terms of this Warrant.  Without limiting the foregoing, the Company will from time to time take all such action as may be necessary or appropriate in order that the Company may validly and legally issue shares of Warrant Stock upon the conversion of this Warrant.

(c)            So long as Holder or any of its Affiliates holds this Warrant and/or the Warrant Stock, the Company shall deliver to Holder (i) such reports as it provides to any holders of securities of the same class and series as the Warrant Stock, as and when delivered to such holders, and (ii) copies of any and all valuations performed of the Company or the value of its stock (including for purposes of Section 409A of the Internal Revenue Code), as and when such valuations are made available to the Company. Notwithstanding the foregoing, the Company will provide quarterly and annual financial statements and such other information as such Holder may reasonably request and that the Company may lawfully provide at such time under applicable securities laws.

(d)            The Company shall not treat the Warrant or the shares of Warrant Stock as being granted or issued as property transferred in connection with the performance of services or otherwise as compensation for services rendered.

(e)            The Company shall not characterize the Warrant as an ownership interest in the Company or Holder as a stockholder of the Company until such time as Holder converts the Warrant for shares of Warrant Stock.

Section 4.                          Adjustments to Number of Shares of Warrant Stock,  Etc.

4.1  Adjustments. In order to prevent dilution of the rights granted hereunder, the Number of Shares and Exchange Price shall be subject to adjustment from time to time in accordance with this Section 4. Upon each adjustment of the Exchange Price pursuant to this Section 4, Holder shall thereafter be entitled to acquire upon conversion, at the Exchange Price resulting from such adjustment, the number of shares of Warrant Stock obtainable by multiplying the Exchange Price in effect immediately prior to such adjustment by the number of shares of Warrant Stock acquirable immediately prior to such adjustment and dividing the product thereof by the new Exchange Price resulting from such adjustment.

4.2  Subdivisions, Combinations and Stock Dividends. If the Company shall at any time subdivide by split-up or otherwise, the class and series of Company securities into which the Warrant could then be converted into a greater number of shares, or issue additional securities as a dividend, bonus issue or otherwise with respect to such securities into which the Warrant could be converted, then the Exchange Price in effect immediately prior to such subdivision or share dividend or bonus issue shall be proportionately reduced and the number of shares acquirable upon exchange hereunder shall be proportionately increased. Conversely, if the class and series of Company securities into which the Warrant could then be converted are combined into a smaller number of shares, the Exchange Price in effect immediately prior to such combination shall be proportionately increased.

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4.3  Reclassification, Exchange, Substitutions, Etc.  Upon any reclassification, exchange, substitution, or other event that results in a change of the number and/or class of the securities issuable upon exchange or exercise of this Warrant, Holder shall be entitled to receive, upon conversion of this Warrant, the number and kind of securities and property that Holder would have received for the Warrant Stock if this Warrant had been converted immediately before such reclassification, exchange, substitution, or other event. Such an event shall include any automatic conversion of the outstanding or issuable securities of the Company of the same class or series as the Warrant Stock to Common Stock pursuant to the Company's Constitutional Documents upon the closing of a public offering of the Company's Common Stock. The Company or its successor shall promptly issue to Holder an amendment to this Warrant setting forth the number and kind of such new securities or other property issuable upon exchange or exercise of this Warrant as a result of such reclassification, exchange, substitution or other event that results in a change of the number and/or class of securities issuable upon exchange or exercise of this Warrant. The amendment to this Warrant shall provide for adjustments (as determined in good faith by the Company's Board of Directors) which shall be as nearly equivalent as may be practicable to the adjustments provided for in this Article 4 including, without limitation, adjustments to the Warrant Price and to the number of securities or property issuable upon exchange of the new Warrant. The provisions of Sections 4.2 and 4.3 shall similarly apply to successive subdivisions, combinations, Share dividends, distributions, reclassifications, exchanges, substitutions, and dilutive events.

4.4    Notices of Record Date, Etc.  In the event that the Company shall:

               (1) declare or propose to declare any dividend upon Company securities, whether payable in cash, property, shares or other securities and whether or not a regular cash dividend, or

(2)  offer for sale any additional shares of any class or series of the Company's stock or securities exchangeable for or convertible into such stock in any transaction that would give rise (regardless of waivers thereof) to pre-emptive rights of any class or series of shareholders, or

(3)  effect or approve any reclassification, exchange, substitution or recapitalization of the capital shares of the Company, including any subdivision or combination of its outstanding stock, or consolidation or merger of the Company with, or sale of all or substantially all of its assets to, another corporation,  or to liquidate, dissolve or wind up (including an assignment for the benefit of creditors), or

(4)  offer holders of registration rights the opportunity to participate in any public offering of the Company's securities, or receive a notice or demand for redemption of Company securities, or

(5) offer stockholders the opportunity to participate in any public offering of the Company's securities,

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then, in connection with such event, the Company shall give to Holder:

          (i) at least ten (10) days prior written notice of the date on which the books of the Company shall close or a record shall be taken for such a distribution or offer in respect of the matters referred to in (1) or (2) above, or for determining rights to vote in respect of the matters referred to in (3) above; and

          (ii) in the case of the matters referred to in (4) and (5) above, the greater of (A) ten (10) days prior written notice of the date when the same shall take place and (B) the date that notice is or is required to be given to any stockholder.

Such notice in accordance with the foregoing clause (1) shall also specify, in the case of any such distribution, the date on which the holders of Company securities shall be entitled thereto and the terms of such distribution, and such notice in accordance with clause (2) shall also specify the date on which the holders of Company securities shall be entitled to convert their stock for securities or other property deliverable upon such reorganization, reclassification, exchange, substitution, consolidation, merger or sale, as the case may be, and the terms of such exchange. Each such written notice shall be given by first class mail, postage prepaid, addressed to the holder of this Warrant at the address of Holder.

4.6 Adjustment for Capitalization Table Errors.  The parties acknowledge their mutual agreement that the initial Number of Shares is based on the capitalization of the Company being in all material respects as represented to Holder and appended hereto as Exhibit C and Holder's ownership of Warrant Stock being equal to a maximum of 3.9% of the FDE of the Company on the Issue Date. If the fully-diluted equity of the Company is not, as of the Issue Date, in fact as represented in Section 6.3 and Exhibit C, the Number of Shares and / or Exchange Price shall be equitably adjusted under Section 4.7.

4.7 Adjustments by Board. If any event occurs as to which the provisions of this Section 4 are not strictly applicable or if strictly applicable would not fairly protect the rights of Holder in accordance with the essential intent and principles of such provisions, then the Board shall make an adjustment in the application of such provisions, in accordance with such essential intent and principles, so as to protect such rights.

4.8 Officer's Statement as to Adjustments. Whenever the Number of Shares subject to this Warrant is required to be or is adjusted as provided in Section 4, the Company shall forthwith file at the office designated for the conversion of this Warrant a statement, signed by the chief financial officer of the Company, showing in reasonable detail the facts requiring such adjustment and the number of issuable shares of Warrant Stock that will be effective after such adjustment.  If such notice relates to an adjustment resulting from an event referred to in Section 4.3, such notice shall be included as part of the notice required to be mailed or published under the provisions of Section 4.4.

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4.9  Issue of Securities other than Warrant Stock.  In the event that at any time, as a result of any adjustment made pursuant to Section 4, Holder thereafter shall become entitled to receive any securities of the Company, other than Warrant Stock, thereafter the number of such other securities so receivable upon conversion of this Warrant shall be subject to adjustment from time to time in a manner and on terms as nearly equivalent as practicable to the provisions with respect to the Warrant Stock contained in Section 4.

Section 5.      Rights of the Warrant Holder.

        This Warrant shall entitle Holder, upon Conversion, to the benefit of all rights as are applicable to any stockholder of the Company holding shares that are the same class and series as the Warrant Stock.

Section 6.                          Representations, Warranties and Covenants of the Company.  The Company represents and warrants to, and covenants with, Holder that:

6.1            Corporate Power; Authorization.  The Company has all requisite corporate power and has taken all requisite corporate action to execute and deliver this Warrant, to issue the Warrant and Warrant Stock and to carry out and perform all of its obligations hereunder. This Warrant has been duly authorized, executed and delivered on behalf of the Company and constitutes the valid and binding agreement of the Company, enforceable in accordance with its terms, except (i) as limited by applicable bankruptcy, insolvency, reorganization or similar laws relating to or affecting the enforcement of creditors' rights generally and (ii) as limited by equitable principles generally. Any person executing this Warrant on behalf of the Company is a duly authorized officer of the Company with all necessary legal authority to bind the Company generally and with the specific legal authority to cause the Company to execute and deliver this Warrant.

6.2            Validity of Securities.  This Warrant, when sold by the Company against the consideration therefor as provided herein, will be validly authorized, issued and fully paid. The issuance and delivery of the Warrant is not subject to any consent, approval, preemptive or any similar rights of the shareholders of the Company (which has not been duly secured or waived), including without limitation any pre-emptive rights, or any liens or encumbrances except for restrictions on transfer provided for herein or under applicable securities laws; and when and if shares of Warrant Stock are issued upon conversion and in accordance with the terms hereof and this Warrant is converted for such Warrant Stock, such securities will be, at each such issuance, validly issued shares of Warrant Stock in the Company's capital, in compliance with all applicable securities laws and free of any liens or encumbrances except for restrictions on transfer provided for herein, in the Constitutional Documents or under such applicable securities laws.

6.3            Capitalization. As of the date of this Warrant, the authorized capital of the Company consists of 200,000,000 common shares, of which 106,355,166 are issued and outstanding, 10,000,000 Preferred Shares, no par value per share, of which, as of the date of this Warrant, 115,070 are issued and outstanding, consisting of (i) 45,000 designated as Series D Preferred Shares, and (ii) 70,070 designated as Series E Preferred Shares. (Concurrent with the date of this Warrant, 5361 shares of the Company's Series F Preferred Stock were exchanged and cancelled for shares of common stock, convertible debentures, and warrants, which securities are included elsewhere in this paragraph.) The 115,070 outstanding Series D and E Preferred Shares can convert into 702,830 common shares. It is anticipated that a new series consisting of 210 preferred shares will be designated as Series G Preferred shares after the date hereof. 64,764,552 shares of common stock are reserved for issuance upon exercise of outstanding options, along with possible issuances for conversions of outstanding convertible debt.  A true, correct and current copy of the Company's current Restated Articles of Incorporation is appended as Exhibit C hereto. Except as specified in this Agreement, there are no other options, warrants, conversion privileges or other contractual rights presently outstanding to purchase or otherwise acquire any authorized but unissued shares of the Company's capital stock or other securities. Exhibit D hereto sets forth a capitalization table of the Company which is true, correct accurate and complete as of the date hereof.

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6.4            No Conflict. The execution and delivery of this Warrant do not, and the consummation of the transactions contemplated hereby and thereby will not, conflict with, or result in any violation of, or default (with or without notice or lapse of time, or both), or give rise to a right of termination, cancellation or acceleration of any obligation or to a loss of a material benefit, under, any provision of the Company's Constitutional Documents, as amended, or any mortgage, indenture, lease or other agreement or instrument, permit, concession, franchise, license, judgment, order, decree, statute, law, ordinance, rule or regulation applicable to the Company, its properties or assets, the effect of which would have a material adverse effect on the Company or materially impair or restrict its power to perform its obligations as contemplated hereby.

6.5            Governmental and other Consents. As at the Issue Date, no consent, approval, order or authorization of, or registration, qualification, designation, declaration or filing with, any governmental authority or other person or entity is required on the part of the Company in connection with the issuance, sale and delivery of the Warrant and the Warrant Stock, except such filings as shall have been made prior to and shall be effective on and as of the date hereof. All Company and stockholder consents required in connection with issuance of the Warrant and Warrant Stock have either been obtained by the Company or no such consents are required.

6.6            Exempt from Registration. As at the Issue Date, assuming the accuracy of the representations and warranties of Holder in Section 7 hereof, the offer, sale and issuance of the Warrant and the Warrant Stock will be exempt from any registration requirements of the Securities Act, the registration and qualification requirements of applicable state securities laws.

6.7            Delivery of Information; Accuracy. The Company acknowledges its delivery of certain Representations and Warranties in connection with the Loan Agreement and this Warrant (the "Representation Letter") to HOLDER, which Representations and Warranties form the basis for Holder purchasing this Warrant. As at the Issue Date, the information contained in the Representation Letter and all documents, instruments and other information delivered to Holder in connection therewith are true, correct, accurate and complete in all material respects.

12

Section 7.                          Representations and Warranties of Holder.  Holder hereby represents and  warrants to the Company as of the Issue Date as follows:

7.1            Investment Experience.  Holder is an "accredited investor" within the meaning of Rule 501 under the Securities Act, and was not organized for the specific purpose of acquiring the Securities. Holder is aware of the Company's business affairs and financial condition and has acquired sufficient information about the Company to reach an informed and knowledgeable decision to acquire the Securities.  Holder has such business and financial experience as is required to give it the capacity to protect its own interests in connection with the purchase of the Warrant and the Warrant Stock.

7.2            Investment Intent.  Holder is purchasing the Warrant for investment for its own account only and not with a view to, or for resale in connection with, any "distribution" thereof within the meaning of the Securities Act.  Holder understands that the Warrant has not been registered under the Securities Act or registered or qualified under any state securities law in reliance on specific exemptions therefrom, which exemptions may depend upon, among other things, the bona fide nature of Holder's investment intent as expressed herein.

7.3            Authorization.  Holder has all requisite power and has taken all requisite action required of it to carry out and perform all of its obligations hereunder.  The execution and delivery of this Warrant has been duly authorized, executed and delivered on behalf of Holder and constitutes the valid and binding agreement of Holder, enforceable in accordance with its terms, except (i) as limited by applicable bankruptcy, insolvency,  reorganization or similar laws relating to or affecting the enforcement of creditors' rights generally and (ii) as limited by equitable principles generally. The consummation of the transactions contemplated herein and the fulfillment of the terms herein will not result in a breach of any of the terms or provisions of Holder's constitutional documents or instruments. Any person executing this Warrant on behalf of Holder is a duly authorized officer of Holder with all necessary legal authority to bind Holder generally and with the specific legal authority to cause Holder to execute and deliver this Warrant.

Section 8.                          Restrictive Securities Legend.

This Warrant and the Warrant Stock have not been registered under any securities laws.  Accordingly, any Share certificates issued pursuant to the conversion of this Warrant shall (until receipt of an opinion of counsel in customary form that such legend is no longer necessary) bear the following legend:

THIS WARRANT AND THE WARRANT SHARES ISSUABLE UPON CONVERSION HEREOF HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933 (THE "ACT"), AND HAVE BEEN ACQUIRED FOR INVESTMENT AND NOT WITH A VIEW TO, OR IN CONNECTION WITH, THE SALE OF DISTRIBUTION THEREOF.  NO SUCH SALE OR DISTRIBUTION MAY BE EFFECTED WITHOUT AN EFFECTIVE REGISTRATION STATEMENT RELATED THERETO OR AN OPINION OF COUNSEL IN CUSTOMARY FORM THAT SUCH REGISTRATION IS NOT REQUIRED UNDER THE ACT.

13

Section 9.                          Notices.

All notices to be given under this Warrant shall be in writing and shall be given: (i) personally, or (ii) by reputable private delivery service, (iii) by regular first-class mail, or certified mail return receipt re-quested, or (iv) by fax, or (v) by electronic mail. If sent by fax or electronic mail, such notice shall also be sent concurrently by one of the other methods provided herein. Notices may be sent to the parties in accordance with their contact details specified below or to any other address, fax number or electronic mail address later designated in writing by a party. All no-tices shall be deemed to have been given upon delivery in the case of notices personally delivered, or at the expira-tion of one Business Day following delivery to the private delivery service, or two Business Days following the de-posit thereof in the United States mail, with postage pre-paid, or upon receipt during the Business Day where received in the case of notices sent by fax or electronic mail, but subject to reasonably concurrent transmission by another method, as specified above. The addresses for such communications shall be:

if to Holder, at

________________

________________

________________

________________

Fax:  ________________

Email: ________________

with a copy (not constituting notice) to

________________

________________

________________

________________

Fax: ________________

Email: ________________

with the original of this Warrant and any replacement, restatement or reissue of this Warrant to be delivered to:

________________

________________

________________

________________

Phone # ________________

Email: ________________

or

14

if to the Company, at

ActiveCare, Inc.

1365 West Business Park Drive, Suite 100

Orem, UT 84058

Fax: 866-226-2595

Attn: Jeffrey Peterson, CFO

Email: jpeterson@activecare.com

     with a copy to:

________________

________________

________________

Fax: ________________

________________

Each party hereto may from time to time change its address for notices under this Section 7 by giving at least 10 calendar days' notice of such changes address to the other party hereto.

Section 8.      Amendments and Waivers.

        This Warrant and any term hereof may be changed, waived, discharged or terminated only by an instrument in writing signed by the party against which enforcement of such change, waiver, discharge or termination is sought.

15

Section 9.     Applicable Law; Severability.

        This Warrant shall be governed by and construed and enforced in accordance with the laws of the State of California.  If any one or more of the provisions contained in this Warrant, or any application of any provision thereof, shall be invalid, illegal, or unenforceable in any respect, the validity, legality and enforceability of the remaining provisions contained herein and all other applications of any provision thereof shall not in any way be affected or impaired thereby.

Section 10.                          Construction.

Section headings are only used in this Agreement for convenience.  The Company and Holder each acknowledge that the headings may not describe completely the subject matter of the applicable Section, and the headings shall not be used in any manner to construe, limit, define or interpret any term or provision of this Agreement. This Agreement has been fully reviewed and negotiated between the parties and no uncertainty or ambiguity in any term or provision of this Agreement shall be construed strictly against either party under any rule of construction or otherwise..

[REMAINDER OF PAGE INTENTIONALLY LEFT BLANK]

16

  

        IN WITNESS WHEREOF, the Company has caused this Warrant to be duly executed on the day and year first above written.

	
COMPANY:

 

COMPANY NAME

 

 

 

 

By: ____________________________

 

Name: _________________________

 

Title: __________________________

 

	
ACKNOWLEDGED AND AGREED:

 

HOLDER:

 

________________________________

 

 

By: _______________________

      ___________________, _________

 

17

Exhibit A

To:     ACTIVECARE INC.

                              ELECTION TO EXCHANGE OR EXERCISE

The undersigned hereby exercises its right to Exchange its Warrant for _________________ fully paid, validly issued and nonassessable:

     Shares

The undersigned hereby exercises its right to Exercise its Warrant for _________________ fully paid, validly issued and nonassessable:

     Shares

[check one box]

covered by the attached Warrant in accordance with the terms thereof.

and requests that certificates or other legal evidence of ownership of such Shares be issued in the name of, and delivered to:

                       ______________________

                       ______________________

                       ______________________

Date: _____________________         [Holder]

                                                    By _________________________

                                                       Name:

                                                       Title:

18

Exhibit B

ASSIGNMENT FORM

To:     ACTIVECARE INC.

        The undersigned hereby assigns and transfers this Warrant to

__________________________________________________

 (Insert assignee's social security or tax identification number)

____________________________________________________________________

(Print or type assignee's name, address and postal code)

____________________________________________________________________

____________________________________________________________________

and irrevocably appoints _______________________________________ to transfer this Warrant on the books of the Company.

Date: __________________   [Holder]

By __________________________

Name: _______________, ______________

19

Exhibit C - Capitalization Table

20

Exhibit D – Certificate of Incorporation

  

 

21Exhibit 4.1

 Exhibit 4.1 

UNITEDHEALTH GROUP INCORPORATED 

$750,000,000 1.700% Notes due February 15, 2019 

Officers’ Certificate and Company Order 

Pursuant to the Indenture, dated as of February 4, 2008 (the “Indenture”), between UnitedHealth Group Incorporated, a Delaware
corporation (the “Company”), and U.S. Bank National Association, as trustee (the “Trustee”), and resolutions adopted by the Company’s Board of Directors on February 9, 2016, this Officers’ Certificate and Company
Order is being delivered to the Trustee to establish the terms of a series of Securities in accordance with Section 301 of the Indenture, to establish the form of the Securities of such series in accordance with Section 201 of the
Indenture, to request the authentication and delivery of the Securities of such series pursuant to Section 303 of the Indenture and to comply with the provisions of Section 102 of the Indenture. This Officers’ Certificate and Company
Order shall be treated for all purposes under the Indenture as a supplemental indenture thereto. 
 All conditions precedent provided for in
the Indenture relating to (i) the establishment of a series of Securities, (ii) the establishment of the form of Securities of such series and (iii) the procedures for authentication and delivery of such series of Securities have been
complied with. 
 Capitalized terms used herein and not otherwise defined herein shall have the meanings assigned to them in the Indenture.

  

	A.	Establishment of a Series of Securities pursuant to Section 301 of the Indenture. 

There is hereby established pursuant to Section 301 of the Indenture a series of Securities which shall have the following terms: 

 

	 	(1)	The Securities shall bear the title “1.700% Notes due February 15, 2019” (referred to herein as the “Notes”). 

 

	 	(2)	The aggregate principal amount of the Notes to be issued pursuant to this Officers’ Certificate and Company Order shall be limited to $750,000,000 except for (a) Notes authenticated and delivered upon
registration of, transfer of, or in exchange for, or in lieu of, other Notes pursuant to Section 304, 305, 306, or 1007 of the Indenture, (b) Notes which, pursuant to Section 303 of the Indenture, are deemed never to have been
authenticated and delivered thereunder and (c) any Securities of this series which are issued in the manner contemplated by paragraph 18(a) hereof. 

  

	 	(3)	Interest will be payable to the Person in whose name a Note (or any Predecessor Security) is registered at the close of business on the Regular Record Date (as defined below) immediately preceding each Interest Payment
Date (as defined below). In the event that a payment of principal or interest is due on a date that is not a Business Day (as defined below), the related payment of principal or interest shall be made on the next succeeding Business Day with the
same force and effect as if made on the date such payment was due, and no interest shall accrue on the amount so payable for the period from and after such Interest Payment Date or date of maturity, as the case may be. “Business Day” shall
mean any day other than a Saturday, a Sunday or a day on which banking institutions in New York, New York or Minneapolis, Minnesota are authorized or required by law, regulation or executive order to close. 

 

	 	(4)	The Stated Maturity of the Notes shall be February 15, 2019. 

  

	 	(5)	 The Notes shall bear interest at the rate of 1.700% per annum (based upon a 360-day year of twelve 30-day months), from February 25, 2016 or
from the most recent Interest Payment Date to which interest has been paid or duly provided for, as the case may be, payable semi-annually 

	 	
in arrears on February 15 and August 15 in each year, commencing August 15, 2016, until the principal thereof is paid or made available for payment. Each such February 15 and
August 15 shall be an “Interest Payment Date” for the Notes, and each February 1 and August 1 (whether or not a Business Day), as the case may be, immediately preceding an Interest Payment Date for the Notes shall be the
“Regular Record Date” for the interest payable on such Interest Payment Date. 

 The provision related to interest on
overdue principal in Section 501 of the Indenture shall not be applicable to the Notes. 
  

	 	(6)	Principal of (and premium, if any) and interest on the Notes will be payable, and, except as provided in Section 305 of the Indenture with respect to a Global Security (as defined below), the transfer of the Notes
will be registrable and Notes will be exchangeable for notes bearing identical terms and provisions at the corporate trust office of U.S. Bank National Association, in St. Paul, Minnesota. The method of such payment shall be by wire transfer for
Notes held in book-entry form or at the option of the Company by check mailed to the Person entitled thereto as shown on the Security Register. 

  

	 	(7)	The Notes will be subject to redemption, in whole or in part, at any time before February 15, 2019 (their Stated Maturity), at the option of the Company at a Redemption Price equal to the greater of (i) 100%
of the principal amount of the Notes to be redeemed and (ii) the sum of the present values of the remaining scheduled payments of principal and interest on the Notes to be redeemed (excluding the portion of any such interest accrued to the
Redemption Date) discounted to the Redemption Date on a semi-annual basis (assuming a 360-day year consisting of twelve 30-day months) at the Treasury Yield (as defined below), plus 15 basis points, plus, in each case, accrued and unpaid interest
thereon to, but not including, the Redemption Date. 

 For this purpose, the following terms have the following meanings: 

 

	 	•	 	“Treasury Yield” means, with respect to any Redemption Date, the rate per year equal to the semi-annual equivalent yield to maturity or interpolated (on a day-count basis) 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 such Redemption Date. 

 

	 	•	 	“Comparable Treasury Issue” means the United States Treasury security selected by an Independent Investment Banker appointed by the Trustee after consultation with the Company as having an actual or
interpolated maturity comparable to the remaining term of the Notes being redeemed, or such other maturity that would be utilized at the time of selection and in accordance with customary financial practice, in pricing new issues of corporate debt
securities of comparable maturity to the remaining term of the Notes being redeemed. 

  

	 	•	 	“Comparable Treasury Price” means, with respect to any Redemption Date, (i) the average of the Reference Treasury Dealer Quotations for such Redemption Date, after excluding the highest and lowest such
Reference Treasury Dealer Quotations for such Redemption Date, or (ii) if the Trustee obtains fewer than four such Reference Treasury Dealer Quotations, the average of all such Reference Treasury Dealer Quotations. 

 

	 	•	 	 “Independent Investment Banker” means any of Wells Fargo Securities, LLC, Barclays Capital Inc., Goldman, Sachs & Co., Mizuho
Securities USA Inc. or U.S. 

  
 2 

	 	 
Bancorp Investments, Inc. or their respective successors or, if such firms are unwilling or unable to select the Comparable Treasury Issue, one of the remaining Reference Treasury Dealers
appointed by the Trustee after consultation with the Company. 

  

	 	•	 	“Reference Treasury Dealer” means each of (i) Barclays Capital Inc., Goldman, Sachs & Co., Mizuho Securities USA Inc. or their affiliates, (ii) a primary U.S. Government securities dealer in
the United States (a “Primary Treasury Dealer”) designated by, and not affiliated with, Wells Fargo Securities, LLC, (iii) a Primary Treasury Dealer designated by, and not affiliated with, U.S. Bancorp Investments, Inc.; provided,
however, that if any of the foregoing shall cease to be a Primary Treasury Dealer, the Company will appoint another Primary Treasury Dealer as a substitute for such entity, and (iv) any other Primary Treasury Dealer selected by the Trustee.

  

	 	•	 	“Reference Treasury Dealer Quotations” means, with respect to each Reference Treasury Dealer and any Redemption Date, the average, as determined by the Trustee, of the bid and asked prices for the applicable
Comparable Treasury Issue (expressed, in each case, as a percentage of its principal amount) quoted in writing to the Trustee by such Reference Treasury Dealer at 5:00 p.m. on the third Business Day preceding such Redemption Date. 

A notice of redemption may provide that it is subject to certain conditions that will be specified in the notice. If those conditions are not
met, the redemption notice will be of no effect and the Company will not be obligated to redeem the Notes. 
 A partial redemption of the
Notes may be effected on a pro rata basis (and in such manner as complies with applicable legal and stock exchange requirements, if any) or in such method as the Trustee, in the exercise of its reasonable discretion, deems fair and appropriate. The
Trustee may provide for the selection for redemption of portions in amounts of $1,000 or whole multiples of $1,000; except that if all of the Notes of a Holder are to be redeemed, the entire outstanding amount of Notes held by such Holder, even if
not a multiple of $1,000, shall be redeemed. 
 Notice of any redemption will be mailed at least 30 days but not more than 60 days before the
Redemption Date to each Holder of the Notes to be redeemed. 
 Unless any Note called for redemption shall not be paid upon surrender thereof
for redemption, on and after the Redemption Date interest will cease to accrue on the Notes or portions thereof called for redemption. 
  

	 	(8)	The Company shall not be obligated to redeem or purchase any Notes pursuant to any sinking fund or analogous provisions. 

If a Change of Control Triggering Event (as defined below) occurs, unless the Company has exercised its option to redeem all the Notes of this
series, the Company shall be required to make an offer (a “Change of Control Offer”) to each Holder of the Notes of this series to repurchase all or any part (equal to $2,000 or an integral multiple of $1,000 in excess thereof) of that
Holder’s Notes on the terms set forth herein. In a Change of Control Offer, the Company shall be required to offer payment in cash equal to 101% of the aggregate principal amount of Notes of this series repurchased, plus accrued and unpaid
interest, if any, on the Notes of this series repurchased to, but not including, the date of repurchase (a “Change of Control Payment”). Within 30 days following any Change of Control Triggering Event or, at the Company’s option,

  
 3 

 
prior to any Change of Control, but after public announcement of the transaction that constitutes or may constitute the Change of Control, a notice shall be transmitted to Holders of the Notes of
this series describing the transaction that constitutes or may constitute the Change of Control Triggering Event and offering to repurchase such Notes on the date specified in the notice, which date shall be no earlier than 30 days and no later than
60 days from the date such notice is transmitted (a “Change of Control Payment Date”). The notice shall, if transmitted prior to the date of consummation of the Change of Control, state that the Change of Control Offer is conditioned on
the Change of Control Triggering Event occurring on or prior to the Change of Control Payment Date. 
 In order to accept the Change of
Control Offer, the Holder must deliver to the Paying Agent, at least five Business Days prior to the Change of Control Payment Date, the Holder’s Note together with the form entitled “Election Form” (which form is annexed to the Note)
duly completed, or a telegram, telex, facsimile transmission or a letter from a member of a national securities exchange, or the Financial Industry Regulatory Authority or a commercial bank or trust company in the United States setting forth: 

 

	 	(i)	the name of the Holder of the Note; 

  

	 	(ii)	the principal amount of the Note; 

  

	 	(iii)	the principal amount of the Note to be repurchased; 

  

	 	(iv)	the certificate number or a description of the tenor and terms of the Note; 

  

	 	(v)	a statement that the Holder is accepting the Change of Control Offer; and 

  

	 	(vi)	a guarantee that the Note, together with the form entitled “Election Form” duly completed, will be received by the Paying Agent at least five Business Days prior to the Change of Control Payment Date.

 Any exercise by a Holder of its election to accept the Change of Control Offer shall be irrevocable. The Change of Control
Offer may be accepted for less than the entire principal amount of the Note, but in that event the principal amount of the Note remaining outstanding after repurchase must be equal to $2,000 or an integral multiple of $1,000 in excess thereof. 

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

 

	 	(i)	accept for payment all Notes of this series or portions of such Notes properly tendered pursuant to the Change of Control Offer; 

  

	 	(ii)	deposit with the Paying Agent an amount equal to the Change of Control Payment in respect of all Notes of this series or portions of such Notes properly tendered; and 

 

	 	(iii)	deliver or cause to be delivered to the Trustee the Notes of this series properly accepted together with an Officers’ Certificate stating the aggregate principal amount of Notes of this series or portions of such
Notes being repurchased. 

 The Company shall not be required to make a Change of Control Offer upon the occurrence of a Change
of Control Triggering Event if a third party makes such an offer in the manner, at the times and otherwise in compliance with the requirements for an offer made by the Company and the third party purchases all Notes of this series properly tendered
and not withdrawn under its offer. In addition, the Company shall not repurchase any Notes of this series if there has occurred and is continuing on the Change of Control Payment Date an Event of Default under the Indenture, other than a default in
the payment of the Change of Control Payment upon a Change of Control Triggering Event. 

  
 4 

 The Company shall comply with the requirements of Rule 14e-1 under the Securities Exchange Act of
1934, as amended (the “Exchange Act”), and any other securities laws and regulations thereunder to the extent those laws and regulations are applicable in connection with the repurchase of the Notes of this series as a result of a Change
of Control Triggering Event. To the extent that the provisions of any such securities laws or regulations conflict with the Change of Control Offer provisions of the Notes of this series, the Company shall comply with those securities laws and
regulations and shall not be deemed to have breached its obligations under the Change of Control Offer provisions of the Notes of this series by virtue of any such conflict. 

For purposes of the Change of Control Offer provisions of the Notes of this series, the following terms have the following meanings: 

 

	 	•	 	“Change of Control” means the occurrence of any of the following: (1) the direct or indirect sale, lease, transfer, conveyance or other disposition (other than by way of merger or consolidation), in one
or more series of related transactions, of all or substantially all of the assets of the Company and its Subsidiaries, taken as a whole, to any person, other than the Company or a Subsidiary; (2) the consummation of any transaction (including,
without limitation, any merger or consolidation) the result of which is that any person becomes the beneficial owner (as defined in Rules 13d-3 and 13d-5 under the Exchange Act), directly or indirectly, of more than 50% of the Company’s
outstanding Voting Stock or other Voting Stock into which the Company’s Voting Stock is reclassified, consolidated, exchanged or changed, measured by voting power rather than number of shares; (3) the Company consolidates with, or merges
with or into, any person, or any person consolidates with, or merges with or into, the Company, in any such event pursuant to a transaction in which any of the Company’s outstanding Voting Stock or the Voting Stock of such other person is
converted into or exchanged for cash, securities or other property, other than any such transaction where the shares of the Company’s Voting Stock outstanding immediately prior to such transaction constitute, or are converted into or exchanged
for, a majority of the Voting Stock of the surviving person or any direct or indirect parent company of the surviving person immediately after giving effect to such transaction; (4) the first day on which a majority of the members of the
Company’s Board of Directors are not Continuing Directors; or (5) the adoption of a plan relating to the Company’s liquidation or dissolution. Notwithstanding the foregoing, a transaction shall not be deemed to involve a Change of
Control under clause (2) above if (i) the Company becomes a direct or indirect wholly-owned subsidiary of a holding company and (ii)(A) the direct or indirect holders of the Voting Stock of such holding company immediately following that
transaction are substantially the same as the holders of the Company’s Voting Stock immediately prior to that transaction or (B) immediately following that transaction no person (other than a holding company satisfying the requirements of
this sentence) is the beneficial owner, directly or indirectly, of more than 50% of the Voting Stock of such holding company. The term “person,” as used in this definition, has the meaning given thereto in Section 13(d)(3) of the
Exchange Act. 

  

	 	•	 	“Change of Control Triggering Event” means the occurrence of both a Change of Control and a Rating Event. 

  

	 	•	 	 “Continuing Directors” means, as of any date of determination, any member of the Company’s Board of Directors who (1) was a member
of such Board of Directors on 

  
 5 

	 	 
the date the Notes of this series were issued or (2) was nominated for election, elected or appointed to such Board of Directors with the approval of a majority of the Continuing Directors
who were members of such Board of Directors at the time of such nomination, election or appointment (either by a specific vote or by approval of the Company’s proxy statement in which such member was named as a nominee for election as a
director). 

  

	 	•	 	“Fitch” means Fitch, Inc., and its successors. 

  

	 	•	 	“Investment Grade Rating” means a rating equal to or higher than BBB- (or the equivalent) by Fitch, Baa3 (or the equivalent) by Moody’s and BBB- (or the equivalent) by S&P, and the equivalent
investment grade credit rating from any replacement Rating Agency or Rating Agencies selected by the Company. 

  

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

  

	 	•	 	“Rating Agencies” means (1) each of Fitch, Moody’s and S&P; and (2) if any of Fitch, Moody’s or S&P ceases to rate the Notes of this series or fails to make a rating of such Notes
publicly available for reasons outside of the Company’s control, a “nationally recognized statistical rating organization” within the meaning of Section 3(a)(62) under the Exchange Act selected by the Company (as certified by a
resolution of the Company’s Board of Directors) as a replacement agency for Fitch, Moody’s or S&P, or all of them, as the case may be. 

  

	 	•	 	“Rating Event” means the rating on the Notes of this series is lowered by each of the three Rating Agencies and the Notes of this series are rated below an Investment Grade Rating by each of the three Rating
Agencies on any day during the period (which period shall be extended so long as the rating of the Notes of this series is under publicly announced consideration for a possible downgrade by any of the Rating Agencies) commencing on the date of the
first public notice of the occurrence of a Change of Control or the Company’s intention to effect a Change of Control and ending 60 days following consummation of such Change of Control. 

 

	 	•	 	“S&P” means Standard & Poor’s Rating Services, a division of The McGraw-Hill Companies, Inc., and its successors. 

 

	 	•	 	“Voting Stock” means, with respect to any specified “person” (as that term is used in Section 13(d)(3) of the Exchange Act) as of any date, the capital stock of such person that is at the time
entitled to vote generally in the election of the board of directors of such person. 

  

	 	(9)	The Notes shall not be convertible into shares of Common Stock of the Company or exchangeable for any other securities. 

  

	 	(10)	The Trustee shall be the Security Registrar and the Paying Agent. 

  

	 	(11)	The amount of payments of principal of and any premium or interest on the Notes will not be determined with reference to an index. 

  

	 	(12)	The Notes shall be subject to the covenants and definitions set forth in the Indenture. 

  

	 	(13)	The Notes will be issued only in fully registered form and the minimum initial purchase amounts of the Notes shall be $2,000 and any whole multiples of $1,000 in excess thereof. 

  
 6 

	 	(14)	The Notes shall be subject to the Events of Default specified in Section 701, paragraphs (i) through (vii), of the Indenture. 

 

	 	(15)	The portion of the principal amount of the Notes which shall be payable upon declaration of acceleration of maturity thereof shall not be less than the principal amount thereof. 

 

	 	(16)	The Notes shall be “Global Securities” as defined in the Indenture, and shall be deposited with, or on behalf of, The Depository Trust Company, New York, New York, as Depositary, registered in the name of a
nominee of the Depositary. So long as the Depositary or its nominee is the registered holder of any Global Security, the Depositary or its nominee, as the case may be, shall be considered the sole Holder of the Notes represented by such Global
Security for all purposes under the Indenture. The forms and terms of the Notes and the Trustee’s certificate of authentication shall be substantially as set forth on Exhibit B hereto. The terms and provisions contained in the form of
Notes set forth on Exhibit B hereto shall constitute, and are hereby expressly made, a part of the Indenture as supplemented by this Officers’ Certificate and Company Order. 

 

	 	(17)	The defeasance provisions set forth in Article IX of the Indenture shall apply to the Notes. 

  

	 	(18)	The following additional terms shall apply to the Notes: 

  

	 	(a)	Further Issuances. The Company may, so long as no Event of Default has occurred, without the consent of the Holders of the Notes, issue additional notes with the same terms as the Notes in accordance with the
corporate authority existing at the time of such additional issuance, and such additional notes shall be considered part of the same series under the Indenture as the Notes and will vote together with the Notes as one class on all matters with
respect to the Notes. 

  

	 	(b)	Transfer and Exchange. 

  

	 	(i)	The transfer and exchange of Global Securities or beneficial interests therein shall be effected through the Depositary, in accordance with this Officers’ Certificate and Company Order (including applicable
restrictions on transfer set forth herein, if any) and the procedures of the Depositary therefor. A transferor of a beneficial interest in a Global Security shall deliver to the Security Registrar a written order given in accordance with the
Depositary’s procedures containing information regarding the participant account of the Depositary to be credited with a beneficial interest in the Global Security. The Security Registrar shall, in accordance with such instructions, instruct
the Depositary to credit to the account of the Person specified in such instructions a beneficial interest in the Global Security and to debit the account of the Person making the transfer the beneficial interest in the Global Security being
transferred. Each Holder of a Security agrees to indemnify the Company and the Trustee against any liability that may result from the transfer, exchange or assignment of such Holder’s Security in violation of any provision of the Indenture
and/or applicable United States federal or state securities law. 

  

	 	(ii)	Each Global Security shall bear the global security legend set forth on Exhibit A hereto. 

  

	 	(19)	The CUSIP number for the global Note is 91324P CT7 and the ISIN number for the global Note is US91324PCT75. 

  
 7 

	B.	Establishment of Forms of Securities Pursuant to Section 201 of Indenture. 

 It is
hereby established, pursuant to Section 201 of the Indenture, that the Global Security representing the Notes shall be substantially in the form attached as Exhibit B hereto. 

 

	C.	Order for the Authentication and Delivery of Securities Pursuant to Section 303 of the Indenture. 

It is hereby ordered pursuant to Section 303 of the Indenture that the Trustee authenticate, in the manner provided by the Indenture, the
Notes in the aggregate principal amount of $750,000,000 registered in the name of Cede & Co., which Notes have been heretofore duly executed by the proper officers of the Company and delivered to you as provided in the Indenture, and to
deliver said authenticated Notes to or on behalf of The Depository Trust Company on or before 10:30 a.m., Central Time, on February 25, 2016. 
  

	D.	Other Matters. 

 The Company has provided to the Trustee true and correct copies of
resolutions adopted by the Board of Directors of the Company on October 30, 2007, January 18, 2008, February 12, 2014 and February 9, 2016; such resolutions have not been further amended, modified or rescinded and
remain in full force and effect except as otherwise provided therein; and such resolutions (together with this Officers’ Certificate and Company Order) are the only resolutions or other action adopted by the Company’s Board of Directors or
any committee thereof or by any officers of the Company relating to the offering and sale of the Notes. 
 The undersigned Senior Vice
President and Treasurer being an Authorized Representative as defined in the resolutions of the Board of Directors of the Company adopted on February 9, 2016 certifies that (i) he has approved the terms of the Notes as set forth in this
Officers’ Certificate and Company Order, (ii) he has approved and ratified the terms and form of the Underwriting Agreement (the “Underwriting Agreement”) and the Pricing Agreement (the “Pricing Agreement”), each dated
February 22, 2016, by and among the Company and Wells Fargo Securities, LLC, Barclays Capital Inc., Goldman, Sachs & Co., Mizuho Securities USA Inc. and U.S. Bancorp Investments, Inc., as representatives of the underwriters named in
Schedule I to the Pricing Agreement, and (iii) he has approved and ratified the Indenture, all in accordance with the authority of such officer pursuant to such resolutions. 

The undersigned have read the pertinent sections of the Indenture including the related definitions contained therein. The undersigned have
examined the resolutions adopted by the Board of Directors of the Company. In the opinion of the undersigned, the undersigned have made such examination or investigation as is necessary to enable the undersigned to express an informed opinion as to
whether or not the conditions precedent to (i) the establishment of the Notes, (ii) the establishment of the form of the Notes and (iii) the authentication of the Notes contained in the Indenture have been complied with. In the
opinion of the undersigned, such conditions have been complied with. 
 Simpson Thacher & Bartlett LLP, Richard J. Mattera, Senior
Deputy General Counsel for the Company, and Hogan Lovells US LLP are entitled to rely on this Officers’ Certificate and Company Order in connection with the opinions they are rendering pursuant to Sections 10(b), 10(c), and 10(d), respectively,
of the Underwriting Agreement. 

  
 8 

 IN WITNESS WHEREOF, the undersigned have executed this Officers’ Certificate and Company
Order this 25th day of February, 2016. 
  

	
	UNITEDHEALTH GROUP INCORPORATED
	
	 /s/ Robert W. Oberrender

	Name: Robert W. Oberrender
	Title: Senior Vice President and Treasurer
	
	 /s/ Richard J. Mattera

	Name: Richard J. Mattera
	Title: Assistant Secretary

 EXHIBIT A 

FORM OF LEGENDS 
 Global Security
Legend 
 THIS NOTE IS A GLOBAL SECURITY WITHIN THE MEANING OF THE INDENTURE HEREINAFTER REFERRED TO BELOW AND IS REGISTERED IN THE NAME
OF A DEPOSITARY OR A NOMINEE OF A DEPOSITARY. THIS NOTE IS EXCHANGEABLE FOR NOTES REGISTERED IN THE NAME OF A PERSON OTHER THAN THE DEPOSITARY OR ITS NOMINEE ONLY IN THE LIMITED CIRCUMSTANCES DESCRIBED IN THE INDENTURE, AND NO TRANSFER OF THIS NOTE
(OTHER THAN A TRANSFER OF THIS NOTE AS A WHOLE BY THE DEPOSITARY TO A NOMINEE OF THE DEPOSITARY OR BY A NOMINEE OF THE DEPOSITARY TO THE DEPOSITARY OR ANOTHER NOMINEE OF THE DEPOSITARY) MAY BE REGISTERED EXCEPT IN THE LIMITED CIRCUMSTANCES DESCRIBED
IN THE INDENTURE. 
 UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY (55 WATER STREET,
NEW YORK, NEW YORK) TO THE ISSUER OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR SUCH OTHER NAME AS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF THE
DEPOSITORY TRUST COMPANY AND ANY PAYMENT IS MADE TO CEDE & CO., ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL SINCE THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.

 EXHIBIT B 

FORM OF GLOBAL SECURITY 

[See attached.] 

 THIS NOTE IS A GLOBAL SECURITY WITHIN THE MEANING OF THE INDENTURE HEREINAFTER REFERRED TO BELOW AND IS
REGISTERED IN THE NAME OF A DEPOSITARY OR A NOMINEE OF A DEPOSITARY. THIS NOTE IS EXCHANGEABLE FOR NOTES REGISTERED IN THE NAME OF A PERSON OTHER THAN THE DEPOSITARY OR ITS NOMINEE ONLY IN THE LIMITED CIRCUMSTANCES DESCRIBED IN THE INDENTURE, AND NO
TRANSFER OF THIS NOTE (OTHER THAN A TRANSFER OF THIS NOTE AS A WHOLE BY THE DEPOSITARY TO A NOMINEE OF THE DEPOSITARY OR BY A NOMINEE OF THE DEPOSITARY TO THE DEPOSITARY OR ANOTHER NOMINEE OF THE DEPOSITARY) MAY BE REGISTERED EXCEPT IN THE LIMITED
CIRCUMSTANCES DESCRIBED IN THE INDENTURE. 
 UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY (55 WATER
STREET, NEW YORK, NEW YORK) TO THE ISSUER OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR SUCH OTHER NAME AS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF
THE DEPOSITORY TRUST COMPANY AND ANY PAYMENT IS MADE TO CEDE & CO., ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL SINCE THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST
HEREIN. 
  

					
	 REGISTERED
	  	 UNITEDHEALTH GROUP

INCORPORATED
	  	$[             ]
	 No. [             ]
	  	 1.700% Notes due

February 15, 2019
	  	 CUSIP No. 91324P CT7
 ISIN No.
US91324PCT75

 UNITEDHEALTH GROUP INCORPORATED, a Delaware corporation (hereinafter called the “Company,”
which term includes any successor corporation under the Indenture referred to on the reverse side hereof), for value received, hereby promises to pay to CEDE & CO., or registered assigns, the principal sum of
[            ] Dollars ($[            ]) on February 15, 2019 (the “Stated Maturity”), and to pay
interest thereon from February 25, 2016 or from the most recent date to which interest has been paid or duly provided for, semi-annually in arrears on February 15 and August 15 in each year (each, an “Interest Payment
Date”), commencing August 15, 2016, and at maturity, at the rate of 1.700% per annum, until the principal hereof is paid or duly made available for payment. Interest on this Note shall be calculated on the basis of a 360-day year
consisting of twelve 30-day months. The interest so payable and punctually paid or duly provided for on any Interest Payment Date shall, as provided in the Indenture, be paid to the Person in whose name this Note (or one or more Predecessor
Securities) is registered at the close of business on the “Regular Record Date” for such interest, which shall be the February 1 or August 1 (whether or not a Business Day, as hereinafter defined) immediately preceding each such
Interest Payment Date. Any such interest which is payable, but is not punctually paid or duly provided for, on any Interest Payment Date shall forthwith cease to be payable to the registered Holder hereof on the relevant Regular Record Date by
virtue of having been such Holder, and may be paid (i) to the Person in whose name this Note (or one or more Predecessor Securities) is registered at the close of business on a Special Record Date for the payment of such Defaulted Interest to
be fixed by the Trustee, notice whereof shall be given to the Holder of this Note not less than 10 days prior to such Special Record Date, or (ii) in any other lawful manner not inconsistent with the requirements of any securities exchange on
which this Note may be listed, and upon such notice as may be required by such exchange, if, after notice given by the Company to the Trustee of the proposed payment pursuant to this clause (ii), such manner of payment shall be deemed practicable by
the Trustee. In the event that a payment of principal or interest is due on a date that is not a Business Day, the related payment of principal or interest shall be made on the next 

 
succeeding Business Day with the same force and effect as if made on the date such payment was due, and no interest shall accrue on the amount so payable for the period from and after such
Interest Payment Date or date of maturity, as the case may be. “Business Day” shall mean any day other than a Saturday, a Sunday or a day on which banking institutions in New York, New York or Minneapolis, Minnesota are authorized or
required by law, regulation or executive order to close. 
 Payment of the principal of and the interest on this Note will be made at the
corporate trust office of U.S. Bank National Association, in St. Paul, Minnesota, in such coin or currency of the United States of America as at the time of payment is legal tender for payment of public and private debts. The method of such payment
shall be by wire transfer for a Note held in book-entry form or at the option of the Company by check mailed to the Person entitled thereto as shown on the Security Register. Payment of the principal of and interest on this Note due at maturity will
be made in immediately available funds upon presentation of this Note. 
 Reference is hereby made to the further provisions of this Note
set forth on the reverse side hereof, which further provisions shall for all purposes have the same effect as if set forth at this place. 

Unless the certificate of authentication hereon has been executed by or on behalf of the Trustee under the Indenture by the manual signature
of one of its authorized signatories, this Note shall not be entitled to any benefits under the Indenture or be valid or obligatory for any purpose. 

[SIGNATURE PAGE TO FOLLOW] 

  
 2 

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

Dated: February 25, 2016 
  

			
	UNITEDHEALTH GROUP INCORPORATED
		
	By:	 	  

		 	Name: Robert W. Oberrender
		 	Title:   Senior Vice President and Treasurer
		
	Attest:	 	  

		 	Name: Richard J. Mattera
		 	Title:   Assistant Secretary

 TRUSTEE’S CERTIFICATE OF 

AUTHENTICATION 
  

			
	This is one of the Securities of the series designated herein and issued pursuant to the within-mentioned Indenture.
	
	Dated: February 25, 2016
	
	 U.S. BANK NATIONAL ASSOCIATION, 

as Trustee

		
	By:	 	  

		 	Authorized Signatory

 UnitedHealth Group Incorporated 

1.700% Notes due February 15, 2019 

 [REVERSE SIDE OF NOTE] 

This Note is one of a duly authorized issue of securities of the Company (herein called the “Notes”) issued and to be issued in one
or more series under an indenture, dated as of February 4, 2008, between the Company and U.S. Bank National Association, as trustee (the “Trustee,” which term includes any successor trustee), as further supplemented by an
Officers’ Certificate and Company Order, dated February 25, 2016, pursuant to Section 301 of the indenture (together, the “Indenture”) between the Company and the Trustee, 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 Notes, and the terms upon which the Notes are, and are to be,
authenticated and delivered. This Note is one of the series designated on the face hereof, limited in initial aggregate principal amount to $750,000,000; provided, however, that the Company may, so long as no Event of Default has occurred and
is continuing, without the consent of the Holders of the Notes of this series, issue additional notes with the same terms as the Notes of this series, and such additional notes shall be considered part of the same series under the Indenture as the
Notes of this series. 
 Optional Redemption 

This Note is redeemable, in whole or in part, at any time before February 15, 2019 (its Stated Maturity), at the option of the Company at
a Redemption Price equal to the greater of (i) 100% of the principal amount of this Note to be redeemed and (ii) the sum of the present values of the remaining scheduled payments of principal and interest on this Note to be redeemed
(excluding the portion of any such interest accrued to the Redemption Date) discounted to the Redemption Date on a semi-annual basis (assuming a 360-day year consisting of twelve 30-day months) at the Treasury Yield (as defined below), plus 15 basis
points, plus, in each case, accrued and unpaid interest thereon to, but not including, the Redemption Date. 
 For this purpose, the
following terms have the following meanings: 
  

	 	•	 	“Treasury Yield” means, with respect to any Redemption Date, the rate per year equal to the semi-annual equivalent yield to maturity or interpolated (on a day count basis) 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 such Redemption Date. 

 

	 	•	 	“Comparable Treasury Issue” means the United States Treasury security selected by an Independent Investment Banker appointed by the Trustee after consultation with the Company as having an actual or
interpolated maturity comparable to the remaining term of this Note being redeemed, or such other maturity 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 this Note being redeemed. 

  

	 	•	 	“Comparable Treasury Price” means, with respect to any Redemption Date, (i) the average of the Reference Treasury Dealer Quotations for such Redemption Date, after excluding the highest and lowest such
Reference Treasury Dealer Quotations for such Redemption Date, or (ii) if the Trustee obtains fewer than four such Reference Treasury Dealer Quotations, the average of all such Reference Treasury Dealer Quotations. 

 

	 	•	 	“Independent Investment Banker” means any of Wells Fargo Securities, LLC, Barclays Capital Inc., Goldman, Sachs & Co., Mizuho Securities USA Inc. or U.S. Bancorp Investments, Inc. or their respective
successors or, if such firms are unwilling or unable to select the Comparable Treasury Issue, one of the remaining Reference Treasury Dealers appointed by the Trustee after consultation with the Company. 

  
 4 

	 	•	 	“Reference Treasury Dealer” means each of (i) Barclays Capital Inc., Goldman, Sachs & Co., Mizuho Securities USA Inc. or their affiliates, (ii) a primary U.S. Government securities dealer in
the United States (a “Primary Treasury Dealer”) designated by, and not affiliated with, Wells Fargo Securities, LLC, (iii) a Primary Treasury Dealer designated by, and not affiliated with, U.S. Bancorp Investments, Inc.; provided,
however, that if any of the foregoing shall cease to be a Primary Treasury Dealer, the Company will appoint another Primary Treasury Dealer as a substitute for such entity, and (iv) any other Primary Treasury Dealer selected by the Trustee.

  

	 	•	 	“Reference Treasury Dealer Quotations” means, with respect to each Reference Treasury Dealer and any Redemption Date, the average, as determined by the Trustee, of the bid and asked prices for the applicable
Comparable Treasury Issue (expressed, in each case, as a percentage of its principal amount) quoted in writing to the Trustee by such Reference Treasury Dealer at 5:00 p.m. on the third Business Day preceding such Redemption Date. 

A notice of redemption may provide that it is subject to certain conditions that will be specified in the notice. If those conditions are not
met, the redemption notice will be of no effect and the Company will not be obligated to redeem this Note. 
 A partial redemption of the
Notes may be effected on a pro rata basis (and in such manner as complies with applicable legal and stock exchange requirements, if any) or in such method as the Trustee, in the exercise of its reasonable discretion, deems fair and appropriate. The
Trustee may provide for the selection for redemption of portions in amounts of $1,000 or whole multiples of $1,000; except that if all of the Notes of a Holder are to be redeemed, the entire outstanding amount of Notes held by such Holder, even if
not a multiple of $1,000, shall be redeemed. 
 Notice of any redemption will be mailed at least 30 days but not more than 60 days before
the Redemption Date to each Holder of the Notes to be redeemed. 
 Unless any Note called for redemption shall not be paid upon surrender
thereof for redemption, on and after the Redemption Date interest will cease to accrue on the Notes or portions thereof called for redemption. 

This Note will not be entitled to any sinking fund. 

Change of Control Offer 
 If a
Change of Control Triggering Event (as defined herein) occurs, unless the Company has exercised its option to redeem all the Notes of this series, the Company shall be required to make an offer (a “Change of Control Offer”) to each Holder
of the Notes of this series to repurchase all or any part (equal to $2,000 or an integral multiple of $1,000 in excess thereof) of that Holder’s Notes on the terms set forth herein. In a Change of Control Offer, the Company shall be required to
offer payment in cash equal to 101% of the aggregate principal amount of Notes of this series repurchased, plus accrued and unpaid interest, if any, on the Notes of this series repurchased to, but not including, the date of repurchase (a
“Change of Control Payment”). Within 30 days following any Change of Control Triggering Event or, at the Company’s option, prior to any Change of Control, but after public announcement of the transaction that constitutes or may
constitute the Change of Control, a notice shall be transmitted to Holders of the Notes of this series describing the transaction that constitutes or may constitute the Change of Control Triggering Event and offering to repurchase such Notes on the
date specified in the notice, which date shall be no earlier than 30 days and no later than 60 days from the date such notice is transmitted (a “Change of Control Payment Date”). The notice shall, if transmitted prior to the date of
consummation of the Change of Control, state that the Change of Control Offer is conditioned on the Change of Control Triggering Event occurring on or prior to the Change of Control Payment Date. 

In order to accept the Change of Control Offer, the Holder must deliver to the Paying Agent, at least five Business Days prior to the Change
of Control Payment Date, this Note together with the form entitled 

  
 5 

 
“Election Form” (which form is annexed hereto) duly completed, or a telegram, telex, facsimile transmission or a letter from a member of a national securities exchange, or the Financial
Industry Regulatory Authority or a commercial bank or trust company in the United States setting forth: 
 (i) the name of the Holder of
this Note; 
 (ii) the principal amount of this Note; 

(iii) the principal amount of this Note to be repurchased; 

(iv) the certificate number or a description of the tenor and terms of this Note; 

(v) a statement that the Holder is accepting the Change of Control Offer; and 

(vi) a guarantee that this Note, together with the form entitled “Election Form” duly completed, will be received by the Paying
Agent at least five Business Days prior to the Change of Control Payment Date. 
 Any exercise by a Holder of its election to accept the
Change of Control Offer shall be irrevocable. The Change of Control Offer may be accepted for less than the entire principal amount of this Note, but in that event the principal amount of this Note remaining outstanding after repurchase must be
equal to $2,000 or an integral multiple of $1,000 in excess thereof. 
 On the Change of Control Payment Date, the Company shall, to the
extent lawful: 
 (i) accept for payment all Notes of this series or portions of such Notes properly tendered pursuant to the Change of
Control Offer; 
 (ii) deposit with the Paying Agent an amount equal to the Change of Control Payment in respect of all Notes of this series
or portions of such Notes properly tendered; and 
 (iii) deliver or cause to be delivered to the Trustee the Notes of this series properly
accepted together with an Officers’ Certificate stating the aggregate principal amount of Notes of this series or portions of such Notes being repurchased. 

The Company shall not be required to make a Change of Control Offer upon the occurrence of a Change of Control Triggering Event if a third
party makes such an offer in the manner, at the times and otherwise in compliance with the requirements for an offer made by the Company and the third party purchases all Notes of this series properly tendered and not withdrawn under its offer. In
addition, the Company shall not repurchase any Notes of this series if there has occurred and is continuing on the Change of Control Payment Date an Event of Default under the Indenture, other than a default in the payment of the Change of Control
Payment upon a Change of Control Triggering Event. 
 The Company shall comply with the requirements of Rule 14e-1 under the Securities
Exchange Act of 1934, as amended (the “Exchange Act”), and any other securities laws and regulations thereunder to the extent those laws and regulations are applicable in connection with the repurchase of the Notes of this series as a
result of a Change of Control Triggering Event. To the extent that the provisions of any such securities laws or regulations conflict with the Change of Control Offer provisions of the Notes of this series, the Company shall comply with those
securities laws and regulations and shall not be deemed to have breached its obligations under the Change of Control Offer provisions of the Notes of this series by virtue of any such conflict. 

For purposes of the Change of Control Offer provisions of the Notes of this series, the following terms are applicable: 

  
 6 

	 	•	 	“Change of Control” means the occurrence of any of the following: (1) the direct or indirect sale, lease, transfer, conveyance or other disposition (other than by way of merger or consolidation), in one
or more series of related transactions, of all or substantially all of the assets of the Company and its Subsidiaries, taken as a whole, to any person, other than the Company or a Subsidiary; (2) the consummation of any transaction (including,
without limitation, any merger or consolidation) the result of which is that any person becomes the beneficial owner (as defined in Rules 13d-3 and 13d-5 under the Exchange Act), directly or indirectly, of more than 50% of the Company’s
outstanding Voting Stock or other Voting Stock into which the Company’s Voting Stock is reclassified, consolidated, exchanged or changed, measured by voting power rather than number of shares; (3) the Company consolidates with, or merges
with or into, any person, or any person consolidates with, or merges with or into, the Company, in any such event pursuant to a transaction in which any of the Company’s outstanding Voting Stock or the Voting Stock of such other person is
converted into or exchanged for cash, securities or other property, other than any such transaction where the shares of the Company’s Voting Stock outstanding immediately prior to such transaction constitute, or are converted into or exchanged
for, a majority of the Voting Stock of the surviving person or any direct or indirect parent company of the surviving person immediately after giving effect to such transaction; (4) the first day on which a majority of the members of the
Company’s Board of Directors are not Continuing Directors; or (5) the adoption of a plan relating to the Company’s liquidation or dissolution. Notwithstanding the foregoing, a transaction shall not be deemed to involve a Change of
Control under clause (2) above if (i) the Company becomes a direct or indirect wholly-owned subsidiary of a holding company and (ii)(A) the direct or indirect holders of the Voting Stock of such holding company immediately following that
transaction are substantially the same as the holders of the Company’s Voting Stock immediately prior to that transaction or (B) immediately following that transaction no person (other than a holding company satisfying the requirements of
this sentence) is the beneficial owner, directly or indirectly, of more than 50% of the Voting Stock of such holding company. The term “person,” as used in this definition, has the meaning given thereto in Section 13(d)(3) of the
Exchange Act. 

  

	 	•	 	“Change of Control Triggering Event” means the occurrence of both a Change of Control and a Rating Event. 

  

	 	•	 	“Continuing Directors” means, as of any date of determination, any member of the Company’s Board of Directors who (1) was a member of such Board of Directors on the date the Notes of this series were
issued or (2) was nominated for election, elected or appointed to such Board of Directors with the approval of a majority of the Continuing Directors who were members of such Board of Directors at the time of such nomination, election or
appointment (either by a specific vote or by approval of the Company’s proxy statement in which such member was named as a nominee for election as a director). 

 

	 	•	 	“Fitch” means Fitch, Inc., and its successors. 

  

	 	•	 	“Investment Grade Rating” means a rating equal to or higher than BBB- (or the equivalent) by Fitch, Baa3 (or the equivalent) by Moody’s and BBB- (or the equivalent) by S&P, and the equivalent
investment grade credit rating from any replacement Rating Agency or Rating Agencies selected by the Company. 

  

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

  

	 	•	 	“Rating Agencies” means (1) each of Fitch, Moody’s and S&P; and (2) if any of Fitch, Moody’s or S&P ceases to rate the Notes of this series or fails to make a rating of such Notes
publicly available for reasons outside of the Company’s control, a “nationally recognized statistical rating organization” within the meaning of Section 3(a)(62) under the Exchange Act selected by the Company (as certified by a
resolution of the Company’s Board of Directors) as a replacement agency for Fitch, Moody’s or S&P, or all of them, as the case may be. 

  
 7 

	 	•	 	“Rating Event” means the rating on the Notes of this series is lowered by each of the three Rating Agencies and the Notes of this series are rated below an Investment Grade Rating by each of the three Rating
Agencies on any day during the period (which period shall be extended so long as the rating of the Notes of this series is under publicly announced consideration for a possible downgrade by any of the Rating Agencies) commencing on the date of the
first public notice of the occurrence of a Change of Control or the Company’s intention to effect a Change of Control and ending 60 days following consummation of such Change of Control. 

 

	 	•	 	“S&P” means Standard & Poor’s Rating Services, a division of The McGraw-Hill Companies, Inc., and its successors. 

 

	 	•	 	“Voting Stock” means, with respect to any specified “person” (as that term is used in Section 13(d)(3) of the Exchange Act) as of any date, the capital stock of such person that is at the time
entitled to vote generally in the election of the board of directors of such person. 

 Miscellaneous Provisions 

If an Event of Default with respect to the Notes shall occur and be continuing, the principal of the Notes may be declared due and payable in
the manner and with the effect provided in the Indenture. 
 The Indenture contains provisions for defeasance at any time of the
Company’s obligations in respect of (i) the entire indebtedness of this Note or (ii) certain restrictive covenants with respect to this Note, in each case upon compliance with certain conditions set forth therein. 

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 issued under the Indenture at any time by the Company and the Trustee with the consent of the Holders of not less than a majority in aggregate principal amount of the
Securities of all series at the time Outstanding affected thereby. The Indenture also contains provisions permitting the Holders of specified percentages in aggregate principal amount of the Securities of any series at the time Outstanding to waive
certain past defaults under the Indenture and their consequences. Any such consent or waiver by the Holder of this Note shall be conclusive and binding upon such Holder and upon all future Holders of this Note and of any Notes issued upon the
registration of transfer hereof or in exchange herefor or in lieu hereof, whether or not notation of such consent or waiver is made upon this Note. 

No reference herein to the Indenture and no provision of this Note or of the Indenture shall alter or impair the obligation of the Company,
which is absolute and unconditional, to pay the principal of (and premium, if any) and interest on this Note, at the time, place and rate, and in the coin or currency, herein and in the Indenture prescribed. 

As provided in the Indenture and subject to certain limitations set forth therein and in this Note, the transfer of this Note is registrable
in the registry books of the Company, upon surrender of this Note for registration of transfer at the office or agency of the Company where the principal of (and premium, if any) and interest on this Note are payable, duly endorsed, or accompanied
by a written instrument of transfer in form satisfactory to the Company and the Trustee, duly executed by the Holder hereof or by his attorney duly authorized in writing, and thereupon one or more new Notes, of authorized denominations and for the
same aggregate principal amount, will be issued to the designated transferee or transferees. 
 The Notes of this series are issuable only
in fully registered form without coupons in minimal initial purchase amounts of $2,000 and whole multiples of $1,000 in excess thereof. As provided in the Indenture and 

  
 8 

 
subject to certain limitations therein set forth, Notes of this series are exchangeable for a like aggregate principal amount of Notes of this series which are of like tenor for any authorized
denomination, as requested by the Holder surrendering the same. 
 No service charge shall be made for any such registration of transfer or
exchange, but the Company may require payment of a sum sufficient to cover any tax or other governmental charge payable in connection therewith, other than in certain cases provided in the Indenture. 

Prior to due presentment of this Note 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 Note is registered as the owner hereof for all purposes, whether or not this Note be overdue, and neither the Company, the Trustee nor any such agent shall be affected by notice to the contrary. 

This Note shall be governed by and construed in accordance with the laws of the State of New York, without regard to its conflicts of laws
provisions. 
 All capitalized terms used in this Note which are not defined herein shall have the meanings assigned to them in the
Indenture. 

  
 9 

 ASSIGNMENT FORM 

I or we assign and transfer this Note to 
  

 
  

 
 (Print or type name, address and zip code of assignee
or transferee) 
  
  

(Insert Social Security or other identifying number of assignee or transferee) 

and irrevocably appoint
                                         
                                         
                               agent to transfer this Note on the books of the Issuer. The agent
may substitute another to act for him. 
  

									
	Dated:	 	  
	 		  	Signed:	  	  

		 		 		  		  	(Sign exactly as name appears on the other side of this Note)

  

					
	Signature Guarantee:	 	  
	 	
		 	Participant in a recognized Signature Guarantee	 	
		 	Medallion Program (or other signature guarantor program reasonably acceptable to the Trustee)	 	

  
 10 

 SCHEDULE OF EXCHANGES OF INTERESTS IN THE GLOBAL SECURITY 

Initial Principal Amount at maturity of Global Security: [            ] Dollars
($[            ]). 
 The following exchanges of a part of this Global Security for an
interest in another Global Security or for a certificated note, or exchanges of a part of another Global Security or certificated note for an interest in this Global Security, have been made: 

 

									
	 Date of Exchange
	  	 Amount of decrease
in
Principal Amount of
this
Global Security
	  	 Amount of increase
in
Principal Amount of
this
Global Security
	  	 Principal Amount of
this Global
Security
following
 such decrease
(or increase)
	  	 Signature of
authorized

officer of
Trustee or Note
Custodian

		  		  		  		  	
		  		  		  		  	
		  		  		  		  	

  
 11 

 ELECTION FORM 

TO BE COMPLETED ONLY IF THE HOLDER 

ELECTS TO ACCEPT THE CHANGE OF CONTROL OFFER 
  

 
 The undersigned
hereby irrevocably requests and instructs the Company to repurchase the within Note (or the portion thereof specified below), pursuant to its terms, on the Change of Control Payment Date specified in the Change of Control Offer, for the Change of
Control Payment specified in the within Note, to the
undersigned,                                       
                                 , at
                                         
                                         
                      (please print or typewrite name and address of the undersigned). 

For this election to accept the Change of Control Offer to be effective, the Company must receive, at the address of the Paying Agent set
forth below or at such other place or places of which the Company shall from time to time notify the Holder of the within Note, either (i) this Note with this “Election Form” form duly completed, or (ii) a telegram, telex,
facsimile transmission or a letter from a member of a national securities exchange or the Financial Industry Regulatory Authority or a commercial bank or a trust company in the United States setting forth (a) the name of the Holder of the Note,
(b) the principal amount of the Note, (c) the principal amount of the Note to be repurchased, (d) the certificate number or description of the tenor and terms of the Note, (e) a statement that the option to elect repurchase is
being exercised, and (f) a guarantee stating that the Note to be repurchased, together with this “Election Form” duly completed will be received by the Paying Agent five Business Days prior to the Change of Control Payment Date. The
address of the Paying Agent is U.S. BANK NATIONAL ASSOCIATION, 60 Livingston Avenue, EP-MN-WS3C, St. Paul, MN 55107-2292. 
 If less than
the entire principal amount of the within Note is to be repurchased, specify the portion thereof (which principal amount must be $2,000 or an integral multiple of $1,000 in excess thereof) which the Holder elects to have repurchased:
$            . 

  
 12

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