Document:

Exhibit 10.2

 

EMPLOYMENT AGREEMENT

 

This EMPLOYMENT AGREEMENT
(the “Agreement”) between Synthetic Biologics, Inc. (formerly known as Adeona Pharmaceuticals, Inc.),
a Nevada corporation, (the “Company”), and C. Evan Ballantyne (the “Executive”)
is effective as of March 18, 2015 (the “Effective Date”).

 

WITNESSETH:

 

WHEREAS, the
Executive has been employed by the Company as its Chief Financial Officer pursuant to the terms of an Employment Agreement dated
February 6, 2012 (the “Prior Employment Agreement”); 

 

WHEREAS, the
Company desires to continue to employ the Executive as its Chief Financial Officer and the Executive desires to accept such employment,
on the terms and conditions set forth in this Agreement; and

 

WHEREAS, the
Company and the Executive have mutually agreed that, as of the Effective Date, this Agreement shall replace the Prior Employment
Agreement in its entirety.

 

NOW, THEREFORE,
in consideration of the promises and the mutual covenants and agreements contained herein and other good and valuable consideration,
the receipt and sufficiency of which are hereby acknowledged, the parties hereto, intending to be legally bound hereby, agree as
follows:

 

1.                 
EMPLOYMENT.

 

(a)               
TERMINATION OF PRIOR EMPLOYMENT AGREEMENT. Effective as of 11:59 p.m. on the day immediately prior to the Effective
Date, the Prior Employment Agreement shall automatically terminate and be of no further force and effect.

 

(b)              
EMPLOYMENT TERM. The Company hereby offers to continue to employ the Executive, and the Executive hereby accepts
continued employment by the Company, upon the terms and conditions set forth in this Agreement, until the termination of the Executive’s
employment in accordance with Section 10 below, as applicable (the “Employment Term”). The Executive
shall be employed for two years unless there is an earlier termination in accordance with Section 10 below.

 

2.                 
POSITION & DUTIES. During the Employment Term, the Executive shall serve as the Company’s Chief
Financial Officer. As Chief Financial Officer, the Executive shall have such duties, authorities and responsibilities commensurate
with the duties, authorities and responsibilities of persons in similar capacities in similarly sized companies and such other
duties and responsibilities as the Company’s Chief Executive Officer and the Board of Directors (the “Board”)
shall designate that are consistent with the Executive’s position as Chief Financial Officer, including directing, supervising
and having responsibility for all aspects of the operations and general affairs of the Company as directed by the Board. The Executive
shall report to, and be subject to, the lawful direction of the Chief Executive Officer and the Board. During the Employment Term,
the Executive shall use his best efforts to perform faithfully and efficiently the duties and responsibilities assigned to the
Executive hereunder and devote all of the Executive’s business time (excluding periods of vacation and other approved leaves
of absence) to the performance of the Executive’s duties with the Company. During the Term, the Executive shall also serve,
without additional compensation, as a member of the Board and in such other executive-level positions or capacities as may, from
time to time, be reasonably requested by the Board.

 

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3.                 
LOCATION. Unless the parties otherwise agree in writing, at all times during the Employment Term, the Executive’s
principal place of business for performance of the services under this Agreement shall be from various locations.

 

4.                 
BASE SALARY. The Company agrees to pay the Executive a base salary (the “Base Salary”)
at an annual rate of $335,000, payable semi-monthly in accordance with the regular payroll practices of the Company. The Executive’s
Base Salary shall be subject to review and adjustment from time to time by the Chief Executive Officer and the Board (or a committee
thereof) in its sole discretion, but may not be decreased. The base salary as determined herein from time to time shall constitute
“Base Salary” for purposes of this Agreement.

 

5.                 
ANNUAL BONUS. With respect to each calendar year during the Employment Term (beginning in the year of the
Effective Date), the Executive will be eligible to earn an annual performance bonus (the “Annual Bonus”).
Beginning in the 2015 calendar year and for each full calendar year thereafter, the Executive will be eligible for an Annual Bonus
of up to seventy five (75%) of the Base Salary. The Annual Bonus will be based upon the Board’s assessment of the Executive’s
performance and the Company’s attainment of targeted goals as set by the Board in its sole discretion. The Annual Bonus,
if any, will be subject to applicable payroll deductions and withholdings. Following the close of each calendar year, the Board
will determine whether the Executive has earned the Annual Bonus, and the amount of any Annual Bonus, based on the set criteria.
No amount of the Annual Bonus is guaranteed, and the Executive must be an employee in good standing through the end of the applicable
calendar year to be eligible to receive an Annual Bonus; no partial or prorated bonuses will be provided. The Annual Bonus, if
earned, will be paid on or about December 1, but no later than December 31, of the applicable calendar year for which the Annual
Bonus is being measured. The Executive’s eligibility for an Annual Bonus is subject to change in the discretion of the Board
(or any authorized committee thereof).

 

6.                 
EQUITY. In accordance with the terms of the Employment Agreement dated February 6, 2012 between the Executive
and the Company, the Executive was granted a non-qualified option to purchase 425,000 shares of the Company’s publicly traded
common stock (the “Initial Grant”) subject to the terms of the Company’s 2010 Stock Incentive Plan
(as amended) (the “Plan”) and the related stock option agreement between the parties dated “Initial
Grant Agreement”). Except as specifically provided herein, the provisions of the Initial Grant Agreement and the
Executive’s rights with respect to the Initial Grant shall continue.

 

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7.                 
EMPLOYEE BENEFITS.

 

(a)               
BENEFIT PLANS. The Executive shall, in accordance with Company policy and the terms of the applicable Company benefit
plan documents, be eligible to participate in any benefit plan or arrangement, including health, life and disability insurance,
retirement plans and the like, that may be in effect from time to time and made available to the Company’s senior management.
All matters of eligibility for coverage or benefits under any benefit plan shall be determined in accordance with the provisions
of such plan. The Company reserves the right to change, alter, or terminate any benefit plan in its sole discretion. Notwithstanding
the foregoing, in the event that the terms of this Agreement differ from or are in conflict with the Company’s general employment
policies or practices, this Agreement shall control.

 

(b)              
VACATION. The Executive shall be entitled to twenty-two (22) days paid vacation and sick leave per year in accordance
with the Company’s policies and shall be entitled to accrue ten (10) days of vacation time during the Employment Term in
accordance with the Company’s vacation policy. Vacation is to be taken at such intervals as shall be appropriate and consistent
with the proper performance of the Executive’s duties hereunder. The existing vacation accrued for the past three (3) years
to date not to exceed ten (10) days will rollover into this Agreement.

 

(c)               
SUPPLEMENTAL DISABILITY BENEFITS. During the Employment Term, the Company will pay for the applicable premiums for
the Executive’s coverage under its existing supplemental disability policy.

 

(d)              
GENERAL EXPENSE REIMBURSEMENTS. The Company will reimburse the Executive for all reasonable business expenses, including
travel, computer and cellular phone costs that the Executive incurs in performing the services hereunder pursuant to the Company’s
usual expense reimbursement policies and practices, following submission by the Executive of reasonable documentation thereof.
All reimbursements provided under this Agreement shall be made in accordance with the requirements of Section 409A (as defined
below) to the extent that such reimbursements are subject to Section 409A, including, as applicable, the requirements that (i)
any reimbursement is for expenses incurred during the Employment Term, (ii) the amount of expenses eligible for reimbursement during
a calendar year may not affect the expenses eligible for reimbursement in any other calendar year, (iii) the reimbursement of an
eligible expense shall be made on or before the last day of the calendar year following the calendar year in which the expense
was incurred, and (iv) the right to reimbursement is not subject to liquidation or exchange for any other benefit.

 

(e)               
INDEMNIFICATION. The Company shall provide the Executive will full advance indemnification to the extent permitted
by Nevada law, including indemnification for activities at all subsidiaries.

 

8.                 
CONFIDENTIALITY AND POST-EMPLOYMENT OBLIGATIONS. As a condition of employment, the Executive agrees to execute
and abide by the Company’s current form of Proprietary Information, Inventions, Non-Solicitation and Non-Competition Agreement
(the “Confidentiality Agreement”), which may be amended by the parties from time to time without regard
to this Agreement. The Confidentiality Agreement contains provisions that are intended by the parties to survive and do survive
termination of this Agreement.

 

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9.                 
OUTSIDE ACTIVITIES DURING EMPLOYMENT.

 

(a)               
NO ADVERSE INTERESTS. The Executive agrees not to acquire, assume or participate in, directly or indirectly, any
position, investment or interest known by him to be adverse or antagonistic to the Company, its business or prospects, financial
or otherwise during the Employment Term without the consent of the Board. Except with the prior written consent of the Board, during
the Employment Term the Executive will not undertake or engage in any other employment, occupation or business enterprise. Notwithstanding
the foregoing, nothing shall not prevent the Executive from participating in charitable, civic, educational, professional, community
or industry affairs or, with prior approval of the Board, serving on the board of directors or advisory boards of other companies;
provided that such activities or services do not (i) create a conflict with his employment hereunder; (ii) materially interfere
with the performance of his duties; or (iii) violate the terms of the Confidentiality Agreement.

 

(b)              
NONCOMPETITION. Other than as permitted by Section 9(a), during the Employment Term and for the one year period thereafter
(the “Non-Competition Period”), except on behalf of the Company, the Executive will not directly or indirectly, whether
as an officer, director, stockholder, partner, proprietor, associate, representative, consultant, or in any capacity whatsoever
engage in, become financially interested in, participate in, be employed by or have any business connection with any other person,
corporation, firm, partnership or other entity whatsoever which competes with the Company, anywhere throughout the world, in any
line of business engaged in (or planned to be engaged in) by the Company other than de minimis stock holdings in public companies;
provided, however, that anything above to the contrary notwithstanding, he may own, as a passive investor, securities of
any competitor corporation, so long as his direct holdings in any one such corporation shall not in the aggregate constitute more
than one percent (1%) of the voting stock of such corporation, and provided that the Executive promptly discloses to the
Board any such participation, other than such de minimis stock holdings.

 

(c)               
NONSOLICITATION. During the Non-Competition Period, Executive shall not, directly or
indirectly, (i) induce or attempt to induce or aid others in inducing anyone working at or for the Company to cease working at
or for the Company, or in any way interfere with the relationship between the Company and anyone working at or for the Company
except in the proper exercise of Executive’s authority or (ii) in any way interfere with the relationship between the Company
and any customer, supplier, licensee or other business relation of the Company) SCOPE.  If, at the time of enforcement
of this Section 9, a court shall hold that the duration, scope, area or other restrictions stated herein are unreasonable under
circumstances then existing, the parties agree that the maximum duration, scope, area or other restrictions reasonable under such
circumstances shall be substituted for the stated duration, scope, area or other restrictions.

 

(d) SCOPE.  If,
at the time of enforcement of this Section 9, a court shall hold that the duration, scope, area or other restrictions stated herein
are unreasonable under circumstances then existing, the parties agree that the maximum duration, scope, area or other restrictions
reasonable under such circumstances shall be substituted for the stated duration, scope, area or other restrictions.

 

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(e) INDEPENDENT AGREEMENT.  The
covenants made in this Section 9 shall be construed as an agreement independent of any other provisions of this Agreement, and
shall survive the termination of this Agreement.  Moreover, the existence of any claim or cause of action of Executive
against the Company or any of its affiliates, whether or not predicated upon the terms of this Agreement, shall not constitute
a defense to the enforcement of these covenants.

 

10.             
TERMINATION. The Executive’s employment and the Employment Term shall terminate on the first of the
following to occur:

 

(a)               
DISABILITY. Upon the 30th day following the Executive’s receipt of notice of the Company’s
termination due to Disability (as defined in this Section); provided that, the Executive has not returned to full-time performance
of his duties within thirty (30) days after receipt of such notice. If the Company determines in good faith that the Executive’s
Disability has occurred during the term of this Agreement, it will give the Executive written notice of its intention to terminate
his employment.  For purposes of this Agreement, “Disability” shall occur when the Board determines
that the Executive has become physically or mentally incapable of performing the essential functions of his job duties under this
Agreement with or without reasonable accommodation, for ninety (90) consecutive days or one hundred twenty (120) nonconsecutive
days in any twelve (12) month period. For purposes of this Section, at the Company’s request, the Executive agrees to make
himself available and to cooperate in a reasonable examination by an independent qualified physician selected by the Board.

 

(b)              
DEATH. Automatically on the date of death of the Executive.

 

(c)               
CAUSE. Immediately upon written notice by the Company to the Executive of a termination for Cause. For purposes of
this Agreement, “Cause” shall mean the occurrence of any of the following events, as determined by the
Board in its sole and absolute discretion: (i) gross insubordination, acts of embezzlement or misappropriation of funds, fraud,
dereliction of fiduciary obligations; (ii) conviction of a felony or other crime involving moral turpitude, dishonesty or theft
(including entry of a nolo contendere plea); (iii) willful unauthorized disclosure of confidential information belonging
to the Company or entrusted to the Company by a client; (iv) material violation of any provision of this Agreement, of any Company
policy, and/or of the Confidentiality Agreement, which, to the extent it is curable by the Executive, is not cured by the Executive
within thirty (30) days of receiving written notice of such violation by the Company; (v) being under the influence of drugs (other
than prescription medicine or other medically-related drugs to the extent that they are taken in accordance with their directions)
during the performance of the Executive’s duties under this Agreement; (vi) engaging in behavior that would constitute grounds
for liability for harassment (as proscribed by the U.S. Equal Employment Opportunity Commission Guidelines or any other applicable
state or local regulatory body) or other egregious conduct that violates laws governing the workplace; (vii) willful failure to
perform his written assigned tasks, where such failure is attributable to the fault of the Executive which, to the extent it is
curable by the Executive, is not cured by Executive within thirty (30) days of receiving written notice of such violation by the
Company.

 

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(d)              
WITHOUT CAUSE. Upon written notice by the Company to the Executive of an involuntary termination without Cause and
other than due to death or Disability.

 

(e)               
WITH GOOD REASON. Upon the Executive’s notice following the end of the Cure Period (as defined in this Section).
For purposes of this Agreement, “Good Reason” for the Executive to terminate his employment hereunder
shall mean the occurrence of any of the following events without the Executive’s consent: (i) a material reduction in the
Executive’s Base Salary (other than an across-the-board decrease in base salary applicable to all executive officers of the
Company); (ii) a material breach of this Agreement by the Company; (iii) a material reduction in the Executive’s duties,
authority and responsibilities relative to the Executive’s duties, authority, and responsibilities in effect immediately
prior to such reduction; or (iv) the relocation of the Executive’s principal place of employment, without the Executive’s
consent, in a manner that lengthens his one-way commute distance by fifty (50) or more miles from his then-current principal place
of employment immediately prior to such relocation; provided, however, that, any such termination by the Executive shall
only be deemed for Good Reason pursuant to this definition if: (1) the Executive gives the Company written notice of his intent
to terminate for Good Reason within thirty (30) days following the first occurrence of the condition(s) that he believes constitute(s)
Good Reason, which notice shall describe such condition(s); (2) the Company fails to remedy such condition(s) within thirty (30)
days following receipt of the written notice (the “Cure Period”); and (3) the Executive voluntarily terminates
his employment within thirty (30) days following the end of the Cure Period.

 

(f)               
WITHOUT GOOD REASON. Upon the expiration of the Transition Period (as defined in this Section) unless otherwise provided
by the Company as provided herein. The Executive shall provide thirty (30) days’ prior written notice (the “Transition
Period”) to the Company of the Executive’s intended termination of employment without Good Reason (“Voluntary
Termination”). During the Transition Period, the Executive shall assist and advise the Company in any transition
of business, customers, prospects, projects and strategic planning, and the Company shall continue to pay Executive’s Base
Salary and benefits through the end of the Transition Period. The Company may, in its sole discretion, upon five (5) days prior
written notice to the Executive, make such termination of employment effective earlier than the expiration of the Transition Period
(“Early Termination Right”), but it shall pay the Executive’s Base Salary and benefits through
the earlier of: the end of the Transition Period, or the date that the Executive accepts full-time employment or a full-time consulting
engagement from a third party.

 

11.             
CONSEQUENCES OF TERMINATION. Any termination payments made and benefits provided under this Agreement to the
Executive shall be in lieu of any termination or severance payments or benefits for which the Executive may be eligible under any
of the plans, policies or programs of the Company or its affiliates as may be in effect from time to time. Subject to satisfaction
of each of the conditions set forth in Section 12, the following amounts and benefits shall be due to the Executive. Any Accrued
Amounts (as defined in Section 11(a)) shall be payable on the next regularly scheduled Company payroll date following the date
of termination or earlier if required by applicable law.

 

(a)               
DISABILITY. Upon employment termination due to Disability, the Company shall pay or provide the Executive: (i) any
unpaid Base Salary through the date of termination and any accrued vacation; (ii) any unpaid Annual Bonus earned with respect to
any calendar year ending on or preceding the date of termination; (iii) reimbursement for any unreimbursed expenses incurred through
the date of termination; and (iv) all other payments and benefits to which the Executive may be entitled under the terms of any
applicable compensation arrangement or benefit, equity or perquisite plan or program or grant or this Agreement, including but
not limited to any applicable insurance benefits (collectively, “Accrued Amounts”). In addition, upon
the Executive’s termination due to Disability, the Executive shall be entitled to exercise any vested equity award(s) granted
to the Executive for a period equal to the shorter of: (i) six months after termination, or (ii) remaining term of the award(s).

 

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(b)              
DEATH. In the event the Employment Term ends on account of the Executive’s death, the Executive’s estate
(or to the extent a beneficiary has been designated in accordance with a program, the beneficiary under such program) shall be
entitled to any Accrued Amounts, including but not limited to proceeds from any Company sponsored life insurance programs. In addition,
upon the Executive’s death, the Company will extend the time period that the Executive’s estate (or to the extent a
beneficiary has been designated in accordance with a program, the beneficiary under such program) shall be entitled to exercise
any vested equity award(s) granted to the Executive for a period equal to the shorter of: (i) six (6) months after termination,
or (ii) remaining term of the award(s).

 

 

 

(c)               
TERMINATION FOR CAUSE OR WITHOUT GOOD REASON. If the Executive’s employment should be terminated (i) by the
Company for Cause, or (ii) by the Executive without Good Reason, the Company shall pay to the Executive any Accrued Amounts only,
and shall not be obligated to make any additional payments to the Executive.

 

(d)              
TERMINATION WITHOUT CAUSE OR FOR GOOD REASON. If the Executive’s employment by the Company is terminated by
the Company without Cause (and not due to Disability or death) or by the Executive for Good Reason, then the Company shall pay
or provide the Executive with the Accrued Amounts and subject to compliance with Section 12:

 

                                                                   
i.                       
continue payment of the Executive’s Base Salary as in effect immediately preceding the last day of the Employment
Term (ignoring any decrease in Base Salary that forms the basis for Good Reason), for a period of twelve (12) months following
the termination date (the “Severance Period”) on the Company’s regular payroll dates; provided,
however, that any payments otherwise scheduled to be made prior to the effective date of the General Release (namely, the date
it can no longer be revoked) shall accrue and be paid in the first payroll date that follows such effective date with subsequent
payments occurring on each subsequent Company payroll date;

 

                                                                 
ii.                       
if the Executive timely elects continued coverage under COBRA for himself and his covered dependents under the Company’s
group health plans following such termination, then the Company shall pay the COBRA premiums necessary to continue the Executive’s
and his covered dependents’ health insurance coverage in effect for himself (and his covered dependents) on the termination
date until the earliest of (i) twelve (12) months following the termination date; (ii) the date when the Executive becomes eligible
for substantially equivalent health insurance coverage in connection with new employment or self-employment; or (iii) the date
the Executive ceases to be eligible for COBRA continuation coverage for any reason, including plan termination (such period from
the termination date through the earlier of (i)-(iii), the “COBRA Payment Period”). Notwithstanding the
foregoing, if at any time the Company determines that its payment of COBRA premiums on the Executive’s behalf would result
in a violation of applicable law (including but not limited to the 2010 Patient Protection and Affordable Care Act, as amended
by the 2010 Health Care and Education Reconciliation Act), then in lieu of paying COBRA premiums pursuant to this Section, the
Company shall pay the Executive on the last day of each remaining month of the COBRA Payment Period, a fully taxable cash payment
equal to the COBRA premium for such month, subject to applicable tax withholding (such amount, the “Special Severance
Payment”), such Special Severance Payment to be made without regard to the Executive’s payment of COBRA premiums
and without regard to the expiration of the COBRA period prior to the end of the COBRA Payment Period. Nothing in this Agreement
shall deprive the Executive of his rights under COBRA or ERISA for benefits under plans and policies arising under his employment
by the Company; and

 

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iii.                        
Executive
shall be entitled to exercise any vested equity award(s) granted to the Executive for a period equal to the shorter of: (i)
six (6) months after termination , or (ii) the remaining term of the award(s).

 

If the Executive’s
employment by the Company is terminated by the Company without Cause (and not due to Disability or death) or by the Executive for
Good Reason, then the Executive will be eligible to receive additional severance benefits including, but not limited to, a pro-rata
portion of the Executive’s Annual Bonus, as determined by the Board of Directors, for the performance year in which the Executive’s
termination occur.

 

12.             
CONDITIONS. Any payments or benefits made or provided pursuant to Section 11 (other than Accrued Amounts)
are subject to the Executive’s (or, in the event of the Executive’s death, the beneficiary’s or estate’s,
or in the event of the Executive’s Disability, the guardian’s):

 

(a)               
compliance with the provisions of Section 8 hereof;

 

(b)              
delivery to the Company of an executed waiver and general release of any and all known and unknown claims, and other provisions
and covenants, in the form acceptable to the Company (which shall be delivered to the Executive within five (5) business days following
the termination date) (the “General Release”) within 21 days of presentation thereof by the Company to
the Executive (or a longer period of time if required by law), and permitting the General Release to become effective in accordance
with its terms; and

 

(c)               
delivery to the Company of a resignation from all offices, directorships and fiduciary positions with the Company, its affiliates
and employee benefit plans effective as of the termination date.

 

Notwithstanding the
due date of any post-employment payments, any amounts due following a termination under this Agreement (other than Accrued Amounts)
shall not be due until after the expiration of any revocation period applicable to the General Release without the Executive having
revoked such General Release, and any such amounts shall be paid or commence being paid to the Executive within fifteen (15) days
of the expiration of such revocation period without the occurrence of a revocation by the Executive (or such later date as may
be required under Section 19 of this Agreement). Nevertheless (and regardless of whether the General Release has been executed
by the Executive), upon any termination of the Executive’s employment, the Executive shall be entitled to receive any Accrued
Amounts, payable after the date of termination in accordance with the Company’s applicable plan, program, policy or payroll
procedures. Notwithstanding anything to the contrary in this Agreement, if any severance pay or benefits are deferred compensation
under Section 409A (as defined below), and the period during which the Executive may sign the General Release begins in one calendar
year and the first payroll date following the period during which the Executive may sign the General Release occurs in the following
calendar year, then the severance pay or benefit shall not be paid or the first payment shall not occur until the later calendar
year.

 

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13.             
CONSEQUENCES OF A CHANGE IN CONTROL.

 

(a)               
Upon the closing of a Change in Control (as defined below), the time period that the Executive shall have to exercise all
vested stock options and other awards that the Executive may have under the Plan (including the Initial Grant) or any successor
equity compensation plan as may be in place from time to time shall be equal to the shorter of: (i) six (6) months days after termination,
or (ii) the remaining term of the award(s).

 

(b)              
If within one year after the occurrence of a Change in Control, the Executive terminates his employment with the Company
for Good Reason or the Company terminates the Executive's employment for any reason other than death, Disability or Cause, the
Company (or the then former Company subsidiary employing the Executive), or the consolidated, surviving or transferee person in
the event of a Change in Control pursuant to a consolidation, merger or sale of assets, the Executive shall be entitled to receive
from the Company (i) the portion of the Base Salary for periods prior to the effective date of termination accrued but unpaid (if
any); (ii) all unreimbursed expenses (if any), subject to Section 7(b); (iii) an aggregate amount (the “Change in Control
Severance Amount”) equal to two times the sum of the Base Salary plus an amount equal to the bonus that would be payable
if the “target” level performance were achieved under the Company's annual bonus plan (if any) in respect of the fiscal
year during which the termination occurs (or the prior fiscal year if bonus levels have not yet been established for the year of
termination); and (iv) the payment or provision of any Other Benefits. The Change in Control Severance Amount shall be paid in
a lump sum, if the Change in Control event constitutes a “change in the ownership” or a “change in the effective
control” of the Company or a “change in the ownership of a substantial portion of a corporation's assets” (each
within the meaning of Section 409A), or in 48 substantially equal payments, if the Change in Control event does not so comply with
Section 409A. The lump sum amount shall be paid, or the installment payments shall commence, as applicable, on the first scheduled
payroll date (in accordance with the Company's payroll schedule in effect for the Executive immediately prior to such termination)
that occurs on or following the date that is 30 days after the Executive's termination of employment; provided, however,
that the payment of such severance amount is subject to the Executive's compliance with the requirement to deliver the General
Release contemplated pursuant to Section 12(b). Any such installment payment shall be treated as a separate payment as defined
under Treasury Regulation §1.409A-2 (b)(2). If the Executive is a “specified employee” (as determined under the
Company's policy for identifying specified employees) on the date of his “separation from service” (within the meaning
of Section 409A) and if any portion of the severance amount described in clause (iii) would be considered “deferred compensation”
under Section 409A, such severance amount shall not be paid or commence to be paid on any date prior to the first business day
after the date that is six months following the Executive's separation from service (unless any such payment(s) shall satisfy the
short-term deferral rule, as defined in Treasury Regulation §1.409A-1(b)(4), or shall be treated as separation pay under Treasury
Regulation §1.409A-1(b)(9)(iii) or §1.409A-1(b)(9)(v)). If paid in installments, the first payment that can be made shall
include the cumulative amount of any amounts that could not be paid during such six-month period. In addition, interest will accrue
at the 10-year T-bill rate (as in effect as of the first business day of the calendar year in which the separation from service
occurs) on such lump sum amount or installment payments, as applicable, not paid to the Executive prior to the first business day
after the sixth month anniversary of his separation from service that otherwise would have been paid during such six-month period
had this delay provision not applied to the Executive and shall be paid at the same time at which the lump sum payment or the first
installment payment, as applicable, is made after such six-month period. Notwithstanding the foregoing, a payment delayed pursuant
to the preceding three sentences shall commence earlier in the event of the Executive's death prior to the end of the six-month
period. Upon the termination of employment with the Company for Good Reason by the Executive or upon the involuntary termination
of employment with the Company of the Executive for any reason other than death, Disability or Cause, in either case within two
years after the occurrence of a Change in Control, the Company (or the then former Company subsidiary employing the Executive),
or the consolidated, surviving or transferee person in the event of a Change in Control pursuant to a consolidation, merger or
sale of assets, shall also provide, for the period of two consecutive years commencing on the date of such termination of employment,
medical, dental, life and disability insurance coverage for the Executive and the members of his family which is not less favorable
to the Executive than the group medical, dental, life and disability insurance coverage carried by the Company for the Executive
and the members of his family at the time of termination.

 

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(c) For purposes of this Agreement,
“Change in Control” means:

 

(i) any person or entity becoming the beneficial
owner, directly or indirectly, of securities of the Company representing fifty percent (50%) of the total voting power of all its
then outstanding voting securities;

 

(ii) a merger or consolidation of the Company
in which its voting securities immediately prior to the merger or consolidation do not represent, or are not converted into securities
that represent, a majority of the voting power of all voting securities of the surviving entity immediately after the merger or
consolidation; or

 

(iii) a sale of substantially all of the
assets of the Company or a liquidation or dissolution of the Company.

 

14.             
ASSIGNMENT. This Agreement shall be binding upon and inure to the benefit of the Executive and the Executive’s
heirs, executors, personal representatives, assigns, administrators and legal representatives. Because of the unique and personal
nature of the Executive’s duties under this Agreement, neither this Agreement nor any rights or obligations under this Agreement
shall be assignable by the Executive. This Agreement shall be binding upon and inure to the benefit of the Company and its successors,
assigns and legal representatives. Any such successor or assign of the Company will be deemed substituted for the Company under
the terms of this Agreement for all purposes. For this purpose, “successor” means any person, firm, corporation or
other business entity which at any time, whether by purchase, merger or otherwise, directly or indirectly acquires all or substantially
all of the assets or business of the Company.

 

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15.             
NOTICE. For the purpose of this Agreement, notices and all other communications provided for in this Agreement
shall be in writing and shall be deemed to have been duly given (a) on the date of delivery if delivered by hand, (b) on the date
of transmission, if delivered by confirmed facsimile, (c) on the first business day following the date of deposit if delivered
by guaranteed overnight delivery service, or (d) on the fourth business day following the date delivered or mailed by United States
registered or certified mail, return receipt requested, postage prepaid, addressed as follows:

 

If to the
Company:

 

Synthetic
Biologics, Inc.

Attn: Board
of Directors

155 Gibbs
Street, Suite 412

Rockville,
MD 20850

(734) 332-7878
(fax)

 

and a copy
(which shall not constitute notice) shall also be sent to:

 

Leslie Marlow,
Esq.

Gracin &
Marlow, LLP

405 Lexington
Avenue, 26th Floor

New York,
New York 10174

(212) 208-4657

 

If to the
Executive:

 

To the most
recent address of the Executive set forth in the personnel records of the Company or to such other address as either party may
have furnished to the other in writing in accordance herewith, except that notices of change of address shall be effective only
upon receipt.

 

16.             
SECTION HEADINGS; INCONSISTENCY. The section headings used in this Agreement are included solely for convenience
and shall not affect, or be used in connection with, the interpretation of this Agreement. If there is any inconsistency between
this Agreement and any other agreement (including but not limited to any option, stock, long-term incentive or other equity award
agreement), plan, program, policy or practice (collectively, “Other Provision”) of the Company the terms
of this Agreement shall control over such Other Provision.

 

    	11

    	 

    

 

17.             
SEVERABILITY. The provisions of this Agreement shall be deemed severable and the invalidity of unenforceability
of any provision shall not affect the validity or enforceability of the other provisions hereof.

 

18.             
COUNTERPARTS. This Agreement may be executed in counterparts, each of which shall be deemed to be an original
but all of which together will constitute one and the same instruments. One or more counterparts of this Agreement may be delivered
by facsimile, with the intention that delivery by such means shall have the same effect as delivery of an original counterpart
thereof.

 

19.             
SECTION 409A.

 

(a)               
Notwithstanding anything to the contrary herein, the following provisions apply to the extent severance benefits provided
herein are subject to Section 409A of the Internal Revenue Code (the “Code”) and the regulations and
other guidance thereunder and any state law of similar effect (collectively “Section 409A”). Severance
benefits shall not commence until the Executive has a “separation from service” (as defined under Treasury Regulation
Section 1.409A-1(h), without regard to any alternative definition thereunder, a “separation from service”). Each installment
of severance benefits is a separate “payment” for purposes of Treas. Reg. Section 1.409A-2(b)(2)(i), and the severance
benefits are intended to satisfy the exemptions from application of Section 409A provided under Treasury Regulations Sections 1.409A-1(b)(4)
and 1.409A-1(b)(9). However, if such exemptions are not available and the Executive is, upon separation from service, a “specified
employee” for purposes of Section 409A, then, solely to the extent necessary to avoid adverse personal tax consequences under
Section 409A, the timing of the severance benefits payments shall be delayed until the earlier of (i) six (6) months and one day
after the Executive’s separation from service, or (ii) the Executive’s death. The parties acknowledge that the exemptions
from application of Section 409A to severance benefits are fact specific, and any later amendment of this Agreement to alter the
timing, amount or conditions that will trigger payment of severance benefits may preclude the ability of severance benefits provided
under this Agreement to qualify for an exemption.

 

(b)              
It is intended that this Agreement shall comply with the requirements of Section 409A, and any ambiguity contained herein
shall be interpreted in such manner so as to avoid adverse personal tax consequences under Section 409A. Notwithstanding the foregoing,
the Company shall in no event be obligated to indemnify the Executive for any taxes or interest that may be assessed by the Internal
Revenue Service pursuant to Section 409A of the Code to payments made pursuant to this Agreement.

 

20.             
SECTION 4999 EXCISE TAX.

 

(a)               
If any payments, rights or benefits (whether pursuant to the terms of this Agreement or any other plan, arrangement or agreement
of the Executive with the Company or any person affiliated with the Company) (the “Payments”) received
or to be received by the Executive will be subject to the tax (the “Excise Tax”) imposed by Section 4999
of the Code (or any similar tax that may hereafter be imposed), then, except as set forth in Section 20(b) below, the Company shall
pay to the Executive an amount in addition to the Payments (the “Gross-Up Payment”) as calculated below.
The Gross Up Payment shall be in an amount such that, after deduction of any Excise Tax on the Payments and any federal, state
and local income and employment tax and Excise Tax on the Gross Up Payment, but before deduction for any federal, state or local
income and employment tax on the Payments, the net amount retained by the Executive shall be equal to the Payments.

 

    	12

    	 

    

 

(b)              
The process for calculating the Excise Tax, determining the amount of any Gross-Up Payment and other procedures relating
to this Section 20, including the time period for making the Gross-Up Payment, are set forth in Appendix A attached
hereto. For purposes of making the determinations and calculations required herein, the Accounting Firm (as defined in Appendix
A) may rely on reasonable, good faith interpretations concerning the application of Sections 280G and 4999 of the Code,
provided that the Accounting Firm shall make such determinations and calculations on the basis of “substantial authority”
(within the meaning of Section 6662 of the Code) and the Company shall use reasonable efforts to cause the Accounting Firm to provide
opinions to that effect to both the Company and Executive.

 

21.             
REPRESENTATIONS. The Executive represents and warrants to the Company that the Executive has the legal right
to enter into this Agreement and to perform all of the obligations on the Executive’s part to be performed hereunder in accordance
with its terms and that the Executive is not a party to any agreement or understanding, written or oral, which could prevent the
Executive from entering into this Agreement or performing all of the Executive’s obligations hereunder. The Executive further
represents and warrants that he has been advised to consult with an attorney and that he has been represented by the attorney of
his choosing during the negotiation of this Agreement, that he has consulted with his attorney before executing this Agreement,
that he has carefully read and fully understand all of the provisions of this Agreement and that he is voluntarily entering into
this Agreement.

 

22.             
WITHHOLDING. The Company may withhold from any and all amounts payable under this Agreement such federal,
state and local taxes as may be required to be withheld pursuant to any applicable law or regulation.

 

23.             
SURVIVAL. The respective obligations of, and benefits afforded to, the Company and the Executive which by
their express terms or clear intent survive termination of the Executive’s employment with the Company, including, without
limitation, the provisions of Section 8 and Sections 10 through 29, inclusive of this Agreement, will survive termination of the
Executive’s employment with the Company, and will remain in full force and effect according to their terms.

 

24.             
AGREEMENT OF THE PARTIES. The language used in this Agreement will be deemed to be the language chosen by
the parties hereto to express their mutual intent, and no rule of strict construction will be applied against any party hereto.
No agreements or representations, oral or otherwise, express or implied, with respect to the subject matter hereof have been made
by either party which are not expressly set forth in this Agreement. Neither the Executive nor the Company shall be entitled to
any presumption in connection with any determination made hereunder in connection with any arbitration, judicial or administrative
proceeding relating to or arising under this Agreement.

 

    	13

    	 

    

 

25.             
INTEGRATION. This Agreement, together with the Confidentiality Agreement and the Initial Grant Agreement,
contains the complete, final and exclusive agreement of the parties relating to the terms and conditions of the Executive’s
employment and the termination of the Executive’s employment, and supersedes all prior and contemporaneous oral and written
employment agreements or arrangements between the parties, including but not limited to the Prior Employment Agreement. The Executive
acknowledges and agrees that the Company has fully satisfied, and has no further obligations to the Executive arising under, or
relating to, the Prior Employment Agreement or any other employment or consulting arrangement or understanding or otherwise.

 

26.             
AMENDMENT. This Agreement cannot be amended or modified except by a written agreement signed by the Executive
and a duly authorized officer of the Company.

 

27.             
WAIVER. No term, covenant or condition of this Agreement or any breach thereof shall be deemed waived, except
with the written consent of the party against whom the wavier is claimed, and any waiver or any such term, covenant, condition
or breach shall not be deemed to be a waiver of any preceding or succeeding breach of the same or any other term, covenant, condition
or breach.

 

28.             
CHOICE OF LAW. This Agreement shall be construed and interpreted in accordance with the internal laws of the
State of Delaware without regard to its conflict of laws principles.

 

29.             
DISPUTE RESOLUTION. To ensure the rapid and economical resolution of disputes that may arise in connection
with the Executive’s employment with the Company, the Executive and the Company both agree that any and all disputes, claims,
or causes of action, in law or equity, including but not limited to statutory claims, arising from or relating to the enforcement,
breach, performance, or interpretation of this Agreement, the Executive’s employment with the Company, or the termination
of the Executive’s employment from the Company, will be resolved pursuant to the Federal Arbitration Act, 9 U.S.C. §1-16,
and to the fullest extent permitted by law, by final, binding and confidential arbitration conducted in Delaware by JAMS, Inc.
(“JAMS”) or its successors.  Both the Executive and the Company acknowledge that by agreeing to this
arbitration procedure, each waives the right to resolve any such dispute through a trial by jury or judge or administrative proceeding.
 Any such arbitration proceeding will be governed by JAMS’ then applicable rules and procedures for employment disputes,
which can be found at http://www.jamsadr.com/rules-clauses/, and which
will be provided to the Executive upon request. In any such proceeding, the arbitrator shall: (i) have the authority to compel
adequate discovery for the resolution of the dispute and to award such relief as would otherwise be permitted by law; and (ii)
issue a written arbitration decision including the arbitrator’s essential findings and conclusions and a statement of the
award. The Executive and the Company each shall be entitled to all rights and remedies that either would be entitled to pursue
in a court of law; provided, however, that in no event shall the arbitrator be empowered to hear or determine any class
or collective claim of any type. Nothing in this Agreement is intended to prevent either the Company or the Executive from obtaining
injunctive relief in court to prevent irreparable harm pending the conclusion of any such arbitration pursuant to applicable law.
The Company shall pay all filing fees in excess of those which would be required if the dispute were decided in a court of law,
and shall pay the arbitrator’s fees and any other fees or costs unique to arbitration.

 

    	14

    	 

    

 

IN WITNESS WHEREOF,
the parties hereto have executed this Agreement, effective as of the date first written above.

 

	 	Synthetic Biologics, Inc.
	 	 	 
	 	By:	 /s/
    Jeffrey Riley
	 	 	Name: Jeffrey Riley
	 	 	Title: President and Chief Executive Officer
	 	 	 
	 	Date:	3/18/2015
	 	 	 
	 	C. Evan Ballantyne
	 	 	 
	 	/s/ C. Evan Ballantyne
	 	Date:	3/18/2015

 

    	15

    	 

    

 

APPENDIX A

 

TAX GROSS-UP PAYMENT
RULES AND PROCEDURES

 

1.                 
Subject to Paragraph 3 below, all determinations required to be made under Section 20 of this Agreement, including whether
a Gross-Up Payment is required and the amount of such Gross-Up Payment, shall be made by an accounting firm (the “Accounting
Firm”) selected in accordance with Paragraph 2 below. The Company shall use reasonable efforts to cause the Accounting
Firm to provide detailed supporting calculations both to the Company and Executive within 15 business days before the event that
results in the potential for an excise tax liability for the Executive, which could include but is not limited to a Change in Control
and the subsequent vesting of any cash payments or awards, or the Executive’s termination of employment, or such earlier
time as is required by the Company. The initial Gross-Up Payment, if any, as determined pursuant to this Paragraph 1, shall be
paid on the Executive’s behalf to the applicable taxing authorities by no later than the date the Executive is required to
remit the taxes to such taxing authority. If the Accounting Firm determines that no Excise Tax is payable to the Executive, the
Company shall use reasonable efforts to cause the Accounting Firm to furnish the Executive with a written report indicating that
he has substantial authority not to report any Excise Tax on his federal income tax return. Any determination by the Accounting
Firm shall be binding upon the Company and Executive. As a result of the uncertainty in the application of Section 4999 of the
Code at the time of the initial determination by the Accounting Firm hereunder, it is possible that Gross-Up Payments which will
not have been made by the Company should have been made (“Underpayment”), consistent with the calculations
required to be made hereunder. In the event that the Company exhausts its remedies pursuant to Paragraph 3 below and the Executive
thereafter is required to make a payment or additional payment of any Excise Tax, the Accounting Firm shall determine the amount
of the Underpayment that has occurred and any such Underpayment, increased by all applicable interest and penalties associated
with the Underpayment, shall be promptly paid by the Company to or for the benefit of the Executive. For purposes of determining
the amount of the Gross-Up Payment, the Executive shall be deemed to pay federal income tax at the highest marginal rate of federal
income taxation in the calendar year in which the Gross-Up Payment is to be made and state and local income taxes on earned income
at the highest marginal rate of taxation in the state and locality of the Executive’s residence on the Effective Date of
Termination, net of the maximum reduction in federal income taxes which could be obtained from deduction of such state and local
taxes.

 

2.                 
The Accounting Firm shall be a public accounting firm proposed by the Company and agreed upon by the Executive. If the Executive
and the Company cannot agree on the firm to serve as the Accounting Firm within ten (10) days after the date on which the Company
proposed to the Executive a public accounting firm to serve in such capacity, then the Executive and the Company shall each select
one accounting firm and those two firms shall jointly select the accounting firm to serve as the Accounting Firm within ten (10)
days after being requested by the Company and the Executive to make such selection. The Company shall pay the fees of the Accounting
Firm.

 

    	 

    	 

    

 

3.                 
The Executive shall notify the Company in writing of any claim by the Internal Revenue Service that, if successful, would
require the payment by the Company of the Gross-Up Payment. Such notification shall be given as soon as practicable but no later
than fifteen (15) business days after the Executive knows of such claim and shall apprise the Company of the nature of such claim
and the date on which such claim is requested to be paid. The Executive shall not pay such claim prior to the expiration of the
period ending on the date that any payment of taxes with respect to such claim is due or the thirty day period following the date
on which the Executive gives such notice to the Company, whichever period is shorter. If the Company notifies the Executive in
writing prior to the expiration of such period that it desires to contest such claim, the Executive shall (i) give the Company
any information reasonably requested by the Company relating to such claim, (ii) take such action in connection with contesting
such claim as the Company shall reasonably request in writing from time to time, including, without limitation, accepting legal
representation with respect to such claim by an attorney reasonably selected by the Company, (iii) cooperate with the Company in
good faith in order effectively to contest such claim, and (iv) permit the Company to participate in any proceedings relating to
such claim; provided, however, that the Company shall bear and pay directly all costs and expenses (including attorneys’
fees and any additional interest and penalties) incurred in connection with such contest and shall indemnify and hold the Executive
harmless, on an after-tax basis, for any Excise Tax or income tax, including interest and penalties with respect thereto, imposed
as a result of such representation and payment of costs and expenses. Without limitation of the foregoing provisions of this Paragraph
3, the Company shall control all proceedings taken in connection with such contest and, at its sole option, may pursue or forego
any and all administrative appeals, proceedings, hearings and conferences with the taxing authority in respect to such claim and
may, at its sole option, either direct the Executive to pay the tax claimed and sue for a refund or contest the claim in any permissible
manner, and the Executive agrees to prosecute such contest to a determination before any administrative tribunal, in a court of
initial jurisdiction and in one or more appellate courts, as the Company shall determine; provided, however, that if the
Company directs the Executive to pay such claim and sue for a refund, the Company shall advance the amount of such payment to Executive,
on an interest-free basis and shall indemnify and hold the Executive harmless, on an after-tax basis, from any Excise Tax and income
tax, including interest or penalties with respect thereto, imposed with respect to such advance or with respect to any imputed
income with respect to such advance; and further provided that any extension of the statute of limitations relating to payment
of taxes for the taxable year of the Executive with respect to which such contested amount is claimed to be due is limited solely
to such contested amount. Furthermore, the Company’s control of the contest shall be limited to issues with respect to which
a Gross-Up Payment would be payable hereunder and the Executive shall be entitled to settle or contest, as the case may be, any
other issue raised by the Internal Revenue Service or any other authority.

 

4.                 
If, after the receipt by the Executive of an amount advanced by the Company pursuant to Paragraph 3 above, the Executive
becomes entitled to receive any refund with respect to such claim, the Executive shall (subject to the Company’s complying
with the requirements of Paragraph 3), promptly pay to the Company the amount of such refund (together with any interest paid or
credited thereon after taxes applicable thereto).EX-4.1

 Exhibit 4.1 

DISCOVERY COMMUNICATIONS, LLC, 

Issuer 
 DISCOVERY
COMMUNICATIONS, INC., 
 Guarantor 

U.S. BANK NATIONAL ASSOCIATION, 

Trustee 
 and 

ELAVON FINANCIAL SERVICES LIMITED, UK BRANCH, 

London Paying Agent 

EIGHTH SUPPLEMENTAL INDENTURE 

DATED AS OF MARCH 19, 2015 

TO 
 INDENTURE 

DATED AS OF AUGUST 19, 2009 

Relating To 

€600,000,000 1.90% Senior Notes due 2027 

 EIGHTH SUPPLEMENTAL INDENTURE 

EIGHTH SUPPLEMENTAL INDENTURE, dated as of March 19, 2015 (the “Supplemental Indenture”), to the Base Indenture
(defined below), among Discovery Communications, LLC, a Delaware limited liability company (the “Company”), Discovery Communications, Inc., a Delaware corporation (the “Guarantor”), U.S. Bank National Association,
as Trustee (the “Trustee”), and Elavon Financial Services Limited, UK Branch, as the London Paying Agent. 
 RECITALS

 WHEREAS, the Company has executed and delivered to the Trustee the Indenture, dated as of August 19, 2009 (the “Base
Indenture” and, together with this Supplemental Indenture, the “Indenture”), providing for the issuance from time to time of its Securities; 

WHEREAS, pursuant to the terms of the Base Indenture, the Company desires to provide for the establishment of a new series of its Securities
to be known as its 1.90% Senior Notes due 2027 (the “Notes”), the form and substance of such Notes and the terms, provisions and conditions thereof to be set forth as provided in the Base Indenture and this Supplemental Indenture;

 WHEREAS, the Company has requested that the Trustee execute and deliver this Supplemental Indenture, and all requirements necessary to
make this Supplemental Indenture a valid instrument in accordance with its terms, and to make the Notes, when executed by the Company and authenticated and delivered by the Trustee, the valid and legally binding obligations of the Company, and all
acts and things necessary have been done and performed to make this Supplemental Indenture enforceable in accordance with its terms, and the execution and delivery of this Supplemental Indenture has been duly authorized in all respects. 

WITNESSETH: 
 NOW,
THEREFORE, for and in consideration of the premises contained herein, each party agrees for the benefit of each other party and for the equal and ratable benefit of the Holders of the Notes, as follows: 

ARTICLE 1 

DEFINITIONS 

Section 1.01 Capitalized terms used but not defined in this Supplemental Indenture shall have the meanings ascribed to them in the Base
Indenture. 

 Section 1.02 References in this Supplemental Indenture to article and section numbers shall
be deemed to be references to article and section numbers of this Supplemental Indenture unless otherwise specified. 
 Section 1.03
For purposes of this Supplemental Indenture, the following terms have the meanings ascribed to them as follows: 
 “Agency
Agreement” means that certain Agency Agreement, dated March 19, 2015, among the Company, the Guarantor, Elavon Financial Services Limited, UK Branch, Elavon Financial Services Limited and the Trustee. 

“Attributable Debt” means, with respect to a Sale and Leaseback Transaction, an amount equal to the present value of the
lease payments with respect to the term of the lease remaining on the date as of which the amount is being determined, without regard to any renewal or extension options contained in the lease, discounted at the rate of interest set forth or
implicit in the terms of the lease, compounded semi-annually. 
 “Base Indenture” has the meaning provided in the recitals.

 “Business Day” means any day, other than a Saturday or Sunday, (1) which is not a day on which banking institutions
in The City of New York or London are authorized or required by law or executive order to close and (2) on which the Trans-European Automated Real-time Gross Settlement Express Transfer system (the TARGET2 system), or any successor thereto,
operates. 
 “Clearstream” has the meaning provided in Section 2.03(b). 

“Company” has the meaning provided in the preamble. 

“Comparable Government Bond” has the meaning provided in Section 4.01(b). 

“Comparable Government Bond Rate” has the meaning provided in Section 4.01(b). 

“Exchange Act” means the U.S. Securities Exchange Act of 1934, as amended. 

“Euroclear” has the meaning provided in Section 2.03(b). 

“GAAP” means generally accepted accounting principles in the United States set forth in the opinions and pronouncements of
the Accounting Principles Board and the American Institute of Certified Public Accountants and statements and pronouncements of the Financial Accounting Standards Board or such other principles as may be approved by a significant segment of the
accounting profession in the United States, that are applicable to the circumstances as of the date of determination, consistently applied. 

  
 - 2 - 

 “Guarantor” has the meaning provided in the preamble. 

“Indenture” has the meaning provided in the recitals. 

“Interest Payment Date” has the meaning provided in Section 2.03(f). 

“Lien” means any mortgage, pledge, hypothecation, assignment, deposit, arrangement, encumbrance, lien (statutory or other),
charge, or preference, priority or other security interest or preferential arrangement of any kind or nature whatsoever (including any conditional sale or other title retention agreement, any easement, right of way or other encumbrance on title to
real property, and any financing lease substantially having the same economic effect as any of the foregoing). 
 “Notes”
has the meaning provided in the recitals. 
 “Paying Agent” has the meaning provided in Section 2.03(d). 

“Permitted Sale and Leaseback Transaction” has the meaning provided in Section 3.02(b). 

“Remaining Scheduled Payments” has the meaning provided in Section 4.01(b). 

“Sale and Leaseback Transaction” means any arrangement with any Person pursuant to which the Company or any Subsidiary leases
any property that has been or is to be sold or transferred by the Company or the Subsidiary to such person. 
 “Supplemental
Indenture” has the meaning provided in the preamble. 
 “Total Consolidated Assets” means, as of any date, the
total consolidated assets of the Guarantor and its Subsidiaries computed in accordance with GAAP as of the last day of the fiscal quarter most recently ended prior to such date, subject to the second sentence of the definition of “Debt” in
the Base Indenture. 
 “Transfer Agent” has the meaning provided in Section 2.03(d). 

“Trustee” has the meaning provided in the preamble. 

  
 - 3 - 

 ARTICLE 2 

GENERAL TERMS AND CONDITIONS OF THE
NOTES 
 Section 2.01. Designation and Principal Amount. The Notes are hereby authorized and are designated the
“1.90% Notes due 2027,” unlimited in aggregate principal amount. The Notes issued on the date hereof pursuant to the terms of this Indenture shall be in an aggregate principal amount of €600,000,000, which amount shall be set forth in
the written order of the Company for the authentication and delivery of the Notes pursuant to Section 2.05 of the Base Indenture. In addition, the Company may, from time to time, without notice to or the consent of the Holders of the Notes,
create and issue additional Notes ranking equally and ratably with the Notes issued on the date hereof in all respects (or in all respects except for the payment of interest accruing prior to the issue date of such additional Notes or except for the
first payment of interest following the issue date of such additional Notes), so that such additional Notes shall be consolidated and form a single series with the Notes issued on the date hereof and shall have the same terms as to status,
redemption or otherwise as the Notes issued on the date hereof, provided that if any such additional Notes are not fungible with the Notes initially issued hereunder for U.S. federal income tax purposes, such additional Notes shall have
separate ISIN and Common Code numbers. 
 Section 2.02. Maturity. The principal amount of the Notes shall be payable on
March 19, 2027. 
 Section 2.03. Form and Payment. (a) The Notes shall be issued as global notes, only in fully
registered book-entry form, without coupons, in minimum denominations of €100,000 and integral multiples of €1,000 in excess thereof. 

(b) Principal, premium, if any, and/or interest, if any, on the global notes representing the Notes shall be made to the Paying Agent which in
turn shall make payment with respect to the Notes to Elavon Financial Services Limited, a common depositary for Euroclear Bank S.A./N.V. (“Euroclear”) and Clearstream Banking, société anonyme
(“Clearstream”), for their respective accounts. 
 (c) The global notes representing the Notes shall be deposited with, or
on behalf of, Elavon Financial Services Limited, a common depositary for Euroclear and Clearstream, and registered in the name of such common depositary or its nominee for the accounts of Euroclear and Clearstream. 

(d) Elavon Financial Services Limited, UK Branch, shall initially act as the London paying agent for the Notes (the “Paying
Agent”) and Elavon Financial Services Limited shall initially act as transfer agent for the Notes (the “Transfer Agent”) in accordance with the terms of the Agency Agreement. The Company may change the Paying Agent or the
Transfer Agent without prior notice to the Holders. 

  
 - 4 - 

 (e) Elavon Financial Services Limited shall initially act as the Security Registrar, as such term
is defined in in Section 4.01(b) of the Base Indenture, for the Notes in accordance with the terms of the Agency Agreement and for so long as Elavon Financial Services Limited shall be the Security Registrar for the Notes, the list of Holders
required by Section 4.01 of the Base Indenture shall not be required to be furnished to the Trustee. The Company may change the Security Registrar without prior notice to the Holders. 

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

Section 2.04. Interest. (a) Interest on the Notes shall accrue at the rate of 1.90% per annum. Interest on the Notes
shall be payable annually in arrears on March 19, commencing on March 19, 2016 (each an “Interest Payment Date”), to the Holders in whose names the Notes are registered at the close of business on the March 1
immediately preceding the relevant Interest Payment Date. Interest on the Notes shall be computed on the basis of the actual number of days in the period for which interest is being calculated and the actual number of days from and including the
last date on which interest was paid on the Notes (or March 19, 2015 if no interest has been paid on the Notes), to but excluding the next scheduled Interest Payment Date. This payment convention is referred to as ACTUAL/ACTUAL (ICMA) as
defined in the rulebook of the International Capital Markets Association. 
 (b) If any Interest Payment Date, the maturity date or a
redemption date falls on a day that is not a Business Day, the related payment shall be paid on the next succeeding Business Day with the same force and effect as if made on the relevant Interest Payment Date, maturity date or redemption date, as
the case may be, and no further interest shall accrue as a result of such delay. 
 Section 2.05 Payments in Euro. The initial
Holders will be required to pay for the Notes in euro, and all payments of interest and principal, including payments made upon any redemption of the Notes, will be payable in euro. If, on or after the date of issuance of the Notes, the euro is
unavailable to the Company due to the imposition of exchange controls or other circumstances beyond the Company’s control or if the euro is no longer being used by the then member states of the European Monetary Union that have adopted the euro
as their currency or for the settlement of transactions by public institutions of or within the international banking community, then all payments in respect of the Notes will be made in U.S. dollars until the euro is again available to the Company
or so 

  
 - 5 - 

 
used. In such circumstances, the amount payable on any date in euro will be converted into U.S. dollars on the basis of the most recently available market exchange rate for euro. Any payment in
respect of the Notes so made in U.S. dollars will not constitute an Event of Default under the Notes or the Indenture. Neither the Trustee nor the Paying Agent shall have any responsibility for any calculation or conversion in connection with the
foregoing. 
 Section 2.06. Other Terms. The Notes shall be unsecured senior indebtedness of the Company and shall rank equally
and ratably in right of payment with all of the Company’s other unsecured and unsubordinated indebtedness outstanding from time to time. The Notes shall not be convertible into, or exchangeable for, any other securities of the Company, except
that the Notes shall be exchangeable for other Notes to the extent provided for in the Base Indenture. 
 ARTICLE 3 

ADDITIONAL COVENANTS 

Section 3.01. Limitation on Liens. (a) The Company shall not, and shall not permit any of its Subsidiaries to, create, incur,
assume or permit to exist any Lien on any property or asset, to secure any Debt of the Company, any of its Subsidiaries or any other Person, or permit any of its Subsidiaries to do so, without securing the Notes equally and ratably with such Debt
for so long as such Debt will be so secured, subject to the exceptions set forth in Section 3.01(b). 
 (b) The foregoing restriction
does not apply, with respect to any Person, to any of the following: 
 (i) Liens existing on the date hereof; 

(ii) Liens on assets or property of a Person at the time it becomes a Subsidiary securing only indebtedness of such Person or
Liens existing on assets or property at the time of the acquisition of such assets, provided such indebtedness was not incurred or such Liens were not created in connection with such Person becoming a Subsidiary or such assets being acquired; 

(iii) Liens on assets created at the time of or within 12 months after the acquisition, purchase, lease, improvement or
development of such assets to secure all or a portion of the purchase price or lease for, or the costs of improvement or development of, such assets; 

(iv) Liens to secure any extension, renewal, refinancing or refunding (or successive extensions, renewals, refinancings or
refundings), 

  
 - 6 - 

 
in whole or in part, of any indebtedness secured by Liens referred to in the foregoing clauses (i) through (iii) or Liens created in connection with any amendment, consent or waiver
relating to such indebtedness, so long as such Lien does not extend to any other property and the amount of Debt secured is not increased (other than by the amount equal to any costs and expenses incurred in connection with any extension, renewal,
refinancing or refunding); 
 (v) Liens on property incurred in a Permitted Sale and Leaseback Transaction; 

(vi) Liens in favor of only the Guarantor, the Company or one or more Subsidiaries granted by the Company or a Subsidiary to
secure any obligations owed to the Guarantor, the Company or a Subsidiary of the Guarantor; 
 (vii) carriers’,
warehousemen’s, mechanics’, materialmen’s, repairmen’s, laborers’, landlords’ and similar Liens arising in the ordinary course of business securing obligations that are not overdue for a period of more than 90 days or
that are being contested in good faith by appropriate proceedings; 
 (viii) pledges or deposits in the ordinary course of
business in connection with workers’ compensation, unemployment insurance and other social security legislation, other than any Lien imposed by the Employee Retirement Income Security Act of 1974, as amended; 

(ix) deposits to secure the performance of bids, trade contracts and leases, statutory obligations, surety bonds (other than
bonds related to judgments or litigation), performance bonds and other obligations of a like nature incurred in the ordinary course of business; 

(x) Liens arising out of a judgment, decree or order of court being contested in good faith by appropriate proceedings,
provided that adequate reserves with respect thereto are maintained on the books of the Guarantor, the Company or the books of their Subsidiaries, as the case may be, in conformity with GAAP; 

(xi) Liens for taxes not yet due and payable, or being contested in good faith by appropriate proceedings, provided that
adequate reserves with respect thereto are maintained on the books of the Guarantor, the Company or the books of their Subsidiaries, as the case may be, in conformity with GAAP; 

  
 - 7 - 

 (xii) easements, rights of way, restrictions and similar Liens affecting real
property incurred in the ordinary course of business that do not secure any monetary obligations and do not materially detract from the value of the property subject thereto or materially interfere with the ordinary conduct of business of the
Guarantor, the Company or of such Subsidiary; 
 (xiii) Liens securing reimbursement obligations with respect to letters of
credit related to trade payables and issued in the ordinary course of business, which Liens encumber documents and other property relating to such letters of credit and the products and proceeds thereof; 

(xiv) Liens encumbering customary initial deposits and margin deposits and other Liens in the ordinary course of business, in
each case securing indebtedness under any interest swap obligations and currency agreements and forward contract, option, futures contracts, futures options or similar agreements or arrangements designed to protect the Guarantor or any of its
Subsidiaries from fluctuations in interest rates or currencies; 
 (xv) Liens in the nature of voting, equity transfer,
redemptive rights or similar terms under any such agreement or other term customarily found in such agreements, in each case, encumbering the Company’s or such Subsidiary’s equity interests or other investments in such Subsidiary or other
Person; 
 (xvi) Liens created in favor of a producer or supplier of television programming or films over distribution
revenues and/or distribution rights which are allocable to such producer or supplier under related distribution arrangements; or 

(xvii) Liens otherwise prohibited by this Section 3.01, securing indebtedness which, together with the amount of
Attributable Debt incurred in Sale and Leaseback Transactions, do not at any time exceed 10% of Total Consolidated Assets. 

Section 3.02. Limitation on Sale and Leasebacks. (a) The Company shall not, and shall not permit any Subsidiary to, enter
into any Sale and Leaseback Transaction (other than a Permitted Sale and Leaseback Transaction), unless the Company or such Subsidiary would be entitled to secure the property to be leased (without equally and ratably securing the outstanding Notes)
in a principal amount equal to the amount of Attributable Debt incurred in such Sale and Leaseback Transaction. 
 (b) For purposes of
Section 3.01 and this Section 3.02, “Permitted Sale and Leaseback Transaction” means any of the following: (i) temporary 

  
 - 8 - 

 
leases for a term, including renewals at the option of the lessee, of not more than three years, (ii) leases between only the Company and a Subsidiary or only between Subsidiaries of the
Company, (iii) leases of property executed by the time of, or within 12 months after the latest of (A) the acquisition, (B) the completion of construction or improvement or (C) the commencement of commercial operation of the
property and (iv) any Sale and Leaseback Transaction regarding the real property in Silver Spring, Maryland and the Company’s headquarters building located on such property. 

Section 3.03. Consolidation, Sale, Merger or Conveyance. (a) In addition to complying with the provisions of
Section 9.01 of the Base Indenture, the Company agrees that if, as a result of any consolidation, merger, conveyance, transfer or lease to which such Section 9.01 applies, properties or assets of the Company or any Subsidiary would become
subject to any lien that would not be permitted by Section 3.01 hereof without equally and ratably securing the Notes, (i) the Company or the Person formed by such consolidation or into which the Company is merged or the Person that
acquires by conveyance or transfer, or that leases, the properties and assets of the Company substantially as an entirety, as the case may be, shall take the steps as are necessary to effectively secure the Notes equally and ratably with, or prior
to, all indebtedness secured by those liens as provided for in Section 3.01 and (ii) the Officer’s Certificate and an Opinion of Counsel required by Section 9.01(c) of the Base Indenture shall also state that such consolidation,
merger, conveyance, transfer or lease and, if a supplemental indenture is required in connection with such transaction, such supplemental indenture comply with this Section 3.03(a). 

(b) In addition to complying with the provisions of Section 9.03 of the Base Indenture, the Guarantor agrees that if, as a result of any
consolidation, merger, conveyance, transfer or lease to which such Section 9.03 applies, properties or assets of the Company or any Subsidiary would become subject to any lien that would not be permitted by Section 3.01 hereof without
equally and ratably securing the Notes, (i) the Guarantor or the Person formed by such consolidation or into which the Guarantor is merged or the Person that acquires by conveyance or transfer, or that leases, the properties and assets of the
Guarantor substantially as an entirety, as the case may be, shall take the steps as are necessary to effectively secure the Notes equally and ratably with, or prior to, all indebtedness secured by those liens as provided for in Section 3.01 and
(ii) the Officer’s Certificate and an Opinion of Counsel required by Section 9.03(c) of the Base Indenture shall also state that such consolidation, merger, conveyance, transfer or lease and, if a supplemental indenture is required in
connection with such transaction, such supplemental indenture comply with this Section 3.03(b). 
 (c) Nothing contained in the last
paragraph of each of Sections 9.01 and 9.03 of the Base Indenture shall limit the application of Section 3.01 hereof to any consolidation or merger of any Person into the Company or the Guarantor

  
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where the Company or the Guarantor is the survivor of such transaction, or the acquisition by the Company or the Guarantor, by purchase or otherwise, of all or any part of the property of any
other Person (whether or not affiliated with the Company or the Guarantor). 
 ARTICLE 4 

REDEMPTION OF THE NOTES 

Section 4.01. Optional Redemption.  

(a) Prior to December 19, 2026, the Notes shall be redeemable in whole or in part, at the option of the Company at any time and from time
to time in accordance with Article 12 of the Base Indenture (as modified by this Supplemental Indenture), 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
(not including any portion of such payments of interest accrued as of the date of redemption) discounted to the date of redemption on an annual basis (ACTUAL/ACTUAL (ICMA)) at the applicable Comparable Government Bond Rate plus 30.0 basis points,
plus accrued interest on the principal amount being redeemed to the date of redemption. 
 On and after December 19, 2026, the Notes
shall be redeemable, in whole or in part, at the option of the Company at any time and from time to time, at a redemption price equal to 100% of the principal amount of the Notes to be redeemed, plus accrued interest on the principal amount being
redeemed to the date of redemption. 
 (b) For purposes of this Section 4.01, the following definitions are applicable: 

“Comparable Government Bond” means, in relation to any Comparable Government Bond Rate calculation, at the discretion of an
independent investment bank selected by the Company, a German government bond whose maturity is closest to the maturity of the Notes to be redeemed, or if such independent investment bank in its discretion determines that such similar bond is not in
issue, such other German government bond as such independent investment bank may, with the advice of three brokers of, and/or market makers in, German government bonds selected by the Company, determine to be appropriate for determining the
Comparable Government Bond Rate. 

  
 - 10 - 

 “Comparable Government Bond Rate” means, with respect to any redemption date,
the price, expressed as a percentage (rounded to three decimal places, with 0.0005 being rounded upwards), at which the gross redemption yield on the Notes to be redeemed, if they were to be purchased at such price on the third Business Day prior to
the date fixed for redemption, would be equal to the gross redemption yield on such Business Day of the Comparable Government Bond on the basis of the middle market price of the Comparable Government Bond prevailing at 11:00 a.m. (London time) on
such Business Day as determined by an independent investment bank selected by the Company. 
 “Remaining Scheduled
Payments” means, with respect to the Notes to be redeemed, the remaining scheduled payments of the principal thereof and interest thereon that would be due after the related redemption date but for such redemption; provided, however,
that, if such redemption date is not an Interest Payment Date with respect to such Notes, the amount of the next succeeding scheduled interest payment thereon shall be deemed to be reduced by the amount of interest accrued thereon to such redemption
date. 
 Section 4.02. Purchase of Notes Upon a Change of Control Triggering Event. (a) If a Change of Control Triggering
Event occurs, unless the Company has exercised its right to redeem the Notes in full, pursuant to Section 4.01, Holders of Notes shall have the right to require the Company to repurchase all or a portion of such Holders’ Notes pursuant to
the offer described in 4.02(b) below (such offer, the “Change of Control Offer”), at a purchase price equal to 101% of the principal amount thereof plus accrued and unpaid interest, if any, to the date of repurchase, subject to the
rights of Holders of Notes on the relevant record date to receive interest due on the relevant interest payment date. 
 (b) Within 30 days
following the date upon which the Change of Control Triggering Event occurred, or at the Company’s option, prior to any Change of Control but after the public announcement of the pending Change of Control, the Company shall be required to send,
by first class mail (or electronically in accordance with applicable Depositary procedures), a notice to Holders of Notes, with a copy to the Trustee and the Paying Agent, which notice shall govern the terms of the Change of Control Offer. Such
notice shall state, among other things, the repurchase date, which must be no earlier than 30 days nor later than 60 days from the date such notice is mailed, other than as may be required by law (the “Change of Control Payment
Date”). The notice, if sent prior to the date of consummation of the Change of Control, may state that the Change of Control Offer is conditioned on the Change of Control being consummated on or prior to the Change of Control Payment Date.
Holders of Notes electing to have their Notes repurchased pursuant to a Change of Control Offer shall be required to surrender their Notes, with the form entitled “Option of Holder to Elect Purchase” on the reverse of the Notes completed,
to the Paying Agent at the address specified in the notice, or transfer their Notes to the Paying 

  
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Agent by book-entry transfer pursuant to the applicable procedures of the Paying Agent, prior to the close of business on the third Business Day prior to the Change of Control Payment Date. 

(c) The Company shall not be required to make a Change of Control Offer if a third party makes such an offer in the manner, at the times and
otherwise in compliance with the requirements for such an offer made by the Company and such third party purchases all Notes properly tendered and not withdrawn under its offer. 

(d) The Company shall comply with the requirements of Rule 14e-1 under the Exchange Act and any other securities laws and regulations
thereunder to the extent those laws and regulations are applicable in connection with the repurchase of the Notes 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, the Company shall comply with those securities laws and regulations and shall not be deemed to have breached its obligations under the provisions in the Indenture governing the
Change of Control Offer by virtue of any such conflict. 
 (e) For purposes of this Section 4.02, the following definitions are
applicable: 
 “Below Investment Grade Rating Event” with respect to the Notes means that such Notes become rated below
Investment Grade by each Rating Agency on any date from the date of the public notice by the Guarantor or the Company of an arrangement that results in a Change of Control until the end of the 60-day period following public notice by the Guarantor
or the Company of the occurrence of a Change of Control (which period will be extended so long as the rating of such Notes is under publicly announced consideration for possible downgrade by any of the Rating Agencies); provided, however, that a
Below Investment Grade Rating Event otherwise arising by virtue of a particular reduction in rating shall not be deemed to have occurred in respect of a particular Change of Control (and thus shall not be deemed a Below Investment Grade Rating Event
for purposes of the definition of “Change of Control Triggering Event”), if the Rating Agencies making the reduction in rating to which this definition would otherwise apply do not announce or publicly confirm or inform the Trustee in
writing at its request that the reduction was the result, in whole or in part, of any event or circumstance comprised of or arising as a result of, or in respect of, the applicable Change of Control (whether or not the applicable Change of Control
has occurred at the time of the Below Investment Grade Rating Event). 

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

(i) the direct or indirect sale, lease, transfer, conveyance or other disposition (other than by way of merger or
consolidation), in one or a series of related transactions, of all or substantially all of the assets of the Guarantor and its Subsidiaries, or the Company and its Subsidiaries, taken as a whole, to any “person” (as that term is used in
Section 13(d)(3) of the Exchange Act) other than to the Guarantor or one of its Subsidiaries; 
 (ii) the consummation
of any transaction (including without limitation, any merger or consolidation) the result of which is that any “person” (as that term is used in Section 13(d)(3) of the Exchange Act) other than any Significant Shareholder (as defined
below) or any combination of Significant Shareholders 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 outstanding Voting Stock of the Guarantor or
the Company, measured by voting power rather than number of shares; 
 (iii) the consummation of a so-called “going
private/Rule 13e-3 Transaction” that results in any of the effects described in paragraph (a)(3)(ii) of Rule 13e-3 under the Exchange Act (or any successor provision) with respect to each class of the Guarantor’s common stock, following
which any Significant Shareholder or any combination of Significant Shareholders “beneficially own” (as defined in Rules 13d-3 and 13d-5 under the Exchange Act), directly or indirectly, more than 50% of the outstanding Voting Stock of the
Guarantor or the Company, measured by voting power rather than number of shares; 
 (iv) the first day on which the majority
of the members of the Board of Directors of the Guarantor cease to be Continuing Directors; or 
 (v) the adoption of a plan
relating to the liquidation, dissolution or winding up of the Guarantor. 
 “Change of Control Triggering Event” means the
occurrence of both a Change of Control and a Below Investment Grade Rating Event. Notwithstanding the foregoing, no Change of Control Triggering Event shall be deemed to have, occurred in connection with any particular Change of Control unless and
until such Change of Control has actually been consummated. 
 “Continuing Director” means, as of any date of
determination, any member of the Board of Directors (or equivalent body) of the Guarantor who: 
 (i) was a member of such
board of directors on the date of the issuance of the Notes; or 

  
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 (ii) 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 Guarantor’s proxy statement in
which such member was named as a nominee for election as a director, without objection to such nomination). 
 “Fitch”
means Fitch Ratings Ltd., and its successors. 
 “Investment Grade” means a rating of “BBB–” or better by
S&P (or its equivalent under any successor rating category of S&P), a rating of “Baa3” or better by Moody’s (or its equivalent under any successor rating category of Moody’s) and a rating of “BBB–” or
better by Fitch (or its equivalent under any successor rating category of Fitch). 
 “Moody’s” means Moody’s
Investors Service, Inc., and its successors. 
 “Rating Agency” means (i) each of S&P, Moody’s and Fitch; and
(ii) if any of S&P, Moody’s or Fitch ceases to rate the Notes or fails to make a rating of the Notes publicly available for reasons outside of the Company’s control, a “nationally recognized statistical rating
organization” as defined in Section 3(a)(63) of the Exchange Act, selected by the Company (as certified by a resolution of the Board of Directors of the Guarantor and reasonably acceptable to the Trustee) as a replacement agency for
S&P, Moody’s or Fitch, or all of them, as the case may be. 
 “S&P” means Standard & Poor’s
Ratings Services, a division of The McGraw-Hill Companies, Inc., and its successors. 
 “Significant Shareholder” means
each of (i) Advance/Newhouse Programming Partnership, (ii) the Guarantor or any of its Subsidiaries and (iii) any other “person” (as that term is used in Section 13(d)(3) of the Exchange Act) if 50% or more of the
Voting Stock of such person is “beneficially owned” (as defined in Rules 13d-3 and 13d-5 under the Exchange Act), directly or indirectly, by Advance/Newhouse Programming Partnership or the Guarantor or one of its Subsidiaries or any
combination thereof. 
 “Voting Stock” of any specified Person as of any date means any and all shares or equity interests
(however designated) of such Person that are at the time entitled to vote generally in the election of the board of directors, managers or trustees of such Person, as applicable. 

Section 4.03 Redemption for Tax Reasons. If, as a result of any change in, or amendment to, the laws (or any regulations or
rulings promulgated under 

  
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the laws) of the United States (or any taxing authority in the United States), or any change in, or amendments to, an official position regarding the application or interpretation of such laws,
regulations or rulings, which change or amendment is announced or becomes effective on or after the date of the issuance of the Notes, the Company becomes or, based upon a written opinion of independent counsel selected by the Company, the Company
will become obligated to pay additional amounts as described in Article 5 – “Payment of Additional Amounts” with respect to the Notes, then the Company may at any time at its option redeem, in whole, but not in part, the Notes on not
less than 15 nor more than 60 days prior notice, at a redemption price equal to 100% of their principal amount, together with accrued and unpaid interest on those Notes to, but not including, the date fixed for redemption. 

ARTICLE 5 

PAYMENT OF ADDITIONAL AMOUNTS 

Section 5.01. Payment of Additional Amounts. (a) The Company will, subject to the exceptions and limitations set forth below,
pay as additional interest on the Notes such additional amounts as are necessary in order that the net payment by the Company of the principal of and interest on the Notes to a Holder of the Notes who is not a United States person (as defined
below), after withholding or deduction for any present or future tax, assessment or other governmental charge imposed by the United States or a taxing authority in the United States, will not be less than the amount provided in the Notes to be then
due and payable; provided, however, that the foregoing obligation to pay additional amounts shall not apply: 
 (1) to any
tax, assessment or other governmental charge that is imposed by reason of the Holder (or the beneficial owner for whose benefit such Holder holds such Notes), or a fiduciary, settlor, beneficiary, member or shareholder of the Holder if the Holder is
an estate, trust, partnership or corporation, or a person holding a power over an estate or trust administered by a fiduciary holder, being considered as: 

a. being or having been engaged in a trade or business in the United States or having or having had a permanent establishment
in the United States; 
 b. having a current or former connection with the United States (other than a connection arising
solely as a result of the ownership of the Notes, the receipt of any payment or the enforcement of any rights hereunder), including being or having been a citizen or resident of the United States; 

  
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 c. being or having been a personal holding company, a passive foreign investment
company or a controlled foreign corporation for United States income tax purposes or a corporation that has accumulated earnings to avoid United States federal income tax; 

d. being or having been a “10-percent shareholder” of the Guarantor as defined in section 871(h)(3) of the United
States Internal Revenue Code of 1986, as amended (the “Code”) or any successor provision; or 
 e. being a bank
receiving payments on an extension of credit made pursuant to a loan agreement entered into in the ordinary course of its trade or business; 

(2) to any Holder that is not the sole beneficial owner of the Notes, or a portion of the Notes, or that is a fiduciary,
partnership or limited liability company, but only to the extent that a beneficial owner with respect to the Holder, a beneficiary or settlor with respect to the fiduciary, or a beneficial owner or member of the partnership or limited liability
company would not have been entitled to the payment of an additional amount had the beneficiary, settlor, beneficial owner or member received directly its beneficial or distributive share of the payment; 

(3) to any tax, assessment or other governmental charge that would not have been imposed but for the failure of the Holder or
any other person to comply with certification, identification or information reporting requirements concerning the nationality, residence, identity or connection with the United States of the Holder or beneficial owner of the Notes, if compliance is
required by statute, by regulation of the United States or any taxing authority therein or by an applicable income tax treaty to which the United States is a party as a precondition to exemption from such tax, assessment or other governmental
charge; 
 (4) to any tax, assessment or other governmental charge that is imposed otherwise than by withholding by us or a
paying agent from the payment; 
 (5) to any tax, assessment or other governmental charge that would not have been imposed
but for a change in law, regulation, or administrative or judicial interpretation that becomes effective more than 15 days after the payment becomes due or is duly provided for, whichever occurs later; 

  
 - 16 - 

 (6) to any estate, inheritance, gift, sales, excise, transfer, wealth, capital
gains or personal property tax or similar tax, assessment or other governmental charge; 
 (7) to any withholding or
deduction that is imposed on a payment to an individual and that is required to be made pursuant to any law implementing or complying with, or introduced in order to conform to, any European Union Directive on the taxation of savings; 

(8) to any tax, assessment or other governmental charge required to be withheld by any paying agent from any payment of
principal of or interest on any Notes, if such payment can be made without such withholding by at least one other paying agent; 

(9) to any tax, assessment or other governmental charge that would not have been imposed but for the presentation by the Holder
of any Notes, where presentation is required, for payment on a date more than 30 days after the date on which payment became due and payable or the date on which payment thereof is duly provided for, whichever occurs later; 

(10) to any tax, assessment or other governmental charge that is imposed or withheld solely by reason of the beneficial owner
being a bank (i) purchasing the Notes in the ordinary course of its lending business or (ii) that is neither (A) buying the Notes for investment purposes only nor (B) buying the Notes for resale to a third-party that either is
not a bank or holding the Notes for investment purposes only; 
 (11) to any tax, assessment or other governmental charge
imposed under Sections 1471 through 1474 of the Internal Revenue Code (or any amended or successor provisions), any current or future regulations or official interpretations thereof, any agreement entered into pursuant to Section 1471(b) of the
Internal Revenue Code or any fiscal or regulatory legislation, rules or practices adopted pursuant to any intergovernmental agreement entered into in connection with the implementation of such sections of the Internal Revenue Code; or 

(12) in the case of any combination of items (1), (2), (3), (4), (5), (6), (7), (8), (9), (10) and (11) above. 

(b) The Notes are subject in all cases to any tax, fiscal or other law or regulation or administrative or judicial interpretation applicable
to the Notes. Except as specifically provided under this Article, we will not be required to make any payment for any tax, assessment or other governmental charge imposed by any government or a political subdivision or taxing authority of or in any
government or political subdivision. 

  
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 (c) As used under this Article 5 and under Section 4.03, the term “United States”
means the United States of America, the states of the United States, and the District of Columbia, and the term “United States person” means any individual who is a citizen or resident of the United States for U.S. federal income tax
purposes, a corporation, partnership or other entity created or organized in or under the laws of the United States, any state of the United States or the District of Columbia, or any estate or trust the income of which is subject to United States
federal income taxation regardless of its source. 
 ARTICLE 6 

EVENTS OF DEFAULT 

Section 6.01. Events of Default. (a) Solely with respect to the Notes, the first paragraph of Section 5.01 of the Base
Indenture shall be amended as follows: 
 (i) Clause (a) shall be amended by replacing the phrase “60 days (or such
other period as may be established for the Securities of such series as contemplated by Section 2.04)” with “30 days” therein; 

(ii) Clause (b) shall be amended by deleting the phrase “, and the continuance of such default for five days (or such
other period as may be established for the Securities of such series as contemplated by Section 2.04)” therein; 

(iii) The following clause shall be added immediately following clause (e): “(f) the Guarantee ceases to be in full force
and effect (except as contemplated by the terms of the Indenture) or is declared null and void in a judicial proceeding or the Guarantor denies or disaffirms its obligations under the Indenture or the Guarantee; or”; and 

(iv) Clause (f) shall be amended and restated in its entirety to read as follows: 

“(g) default under any mortgage, indenture or instrument under which there may be issued or by which there may be secured or evidenced
any indebtedness for money borrowed by the Guarantor, the Company or any of their Subsidiaries (or the payment of which is guaranteed by the Guarantor, the Company or any of their Subsidiaries), whether such indebtedness or guarantee now exists, or
is created after the date hereof, if that default (i) is caused by 

  
 - 18 - 

 
a failure to pay principal on such indebtedness at its stated final maturity (after giving effect to any applicable grace periods provided in such indebtedness) (a “Payment
Default”) or (ii) results in the acceleration of such indebtedness prior to its express maturity (an “Acceleration Event”) and (A) in each case, the principal amount of any such indebtedness, together with the
principal amount of any other such indebtedness under which there has been a Payment Default or an Acceleration Event, aggregates $100 million or more and (B) in the case of a Payment Default, such indebtedness is not discharged and, in the
case of an Acceleration Event, such acceleration is not rescinded or annulled, within ten days after there has been given, by registered or certified mail (or sent electronically in accordance with applicable Depositary procedures), to the Company
and the Guarantor by the Trustee or to the Company, the Guarantor and the Trustee by the Holders of at least 25% in principal amount of the Outstanding Notes, a written notice specifying such default or breach and requiring it to be remedied and
stating that such notice is a “Notice of Default” hereunder.” 
 (b) Solely with respect to the Notes, the first sentence of
the second paragraph of Section 5.01 of the Base Indenture shall be amended by replacing the phrase “in clauses (a), (b), (c) or (f)” with “in clauses (a), (b), (c), (f) or (g)” therein. 

(c) Solely with respect to the Notes, if the euro is unavailable to the Company due to the imposition of exchange controls or other
circumstances beyond the Company’s control or if the euro is no longer being used by the then member states of the European Monetary Union that have adopted the euro as their currency or for the settlement of transactions by public institutions
of or within the international banking community, then all payments in respect of the Notes will be made in U.S. dollars until the euro is again available to the Company or so used. The amount payable on any date in euros will be converted into U.S.
dollars on the basis of the most recently available market exchange rate for euro. Any payment in respect of the Notes so made in U.S. dollars will not constitute an Event of Default. 

Section 6.02. Collection of Debt by Trustee; Trustee May Prove Debt. Solely with respect to the Notes, the first sentence of the
first paragraph of Section 5.02 of the Base Indenture shall be amended as follows: 
 (a) Clause (a) shall be amended by replacing
the phrase “60 days” with “30 days” therein; and 
 (b) Clause (b) shall be amended by deleting the phrase “,
and such default shall have continued for a period of five days” therein. 

  
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 ARTICLE 7 

SUPPLEMENTAL INDENTURES 

Section 7.01. Supplemental Indentures with Consent of Securityholders. Solely with respect to the Notes, the first paragraph of
Section 8.02 of the Base Indenture shall be amended as follows: 
 (a) the following clauses shall be added immediately following
clause (a) in the proviso of that paragraph (but before the word “or” immediately preceding clause (b)): “(b) reduce the amount payable upon repurchase of any Note, or change the time at which any Note may be so repurchased;
(c) make any change to the Guarantee in any manner adverse to the Holders of the Notes;” and 
 (b) clause (b) in the proviso
of that paragraph shall become clause (d). 
 ARTICLE 8 

MISCELLANEOUS 

Section 8.01. Covenant Defeasance. (a) Article 10 of the Base Indenture shall be applicable to the Notes, subject to clause
(b) below. If the Company effects “covenant defeasance” (as defined in Section 10.05 of the Base Indenture) pursuant to Article 10 of the Base Indenture, then the Company shall be released from its obligations under
Article Three and Section 4.02 of this Supplemental Indenture with respect to the Notes as provided for in Article 10 of the Base Indenture. 

(b) Solely with respect to the Notes, the obligations referred to in paragraph (a)(ii) of Section 10.06 of the Base Indenture shall refer
to (1) securities that are direct obligations of the Federal Republic of Germany for the payment of which its full faith and credit is pledged or (2) obligations of a person controlled or supervised by and acting as an agency or
instrumentality of the Federal Republic of Germany, the payment of which is unconditionally guaranteed as a full faith and credit obligation by the Federal Republic of Germany, which, in either case under clauses (1) or (2) are not
callable or redeemable at the option of the issuer thereof. 
 Section 8.02. Form of Notes. (a) The Notes and the
Trustee’s certificates of authentication to be endorsed thereon are to be substantially in the form of Exhibit A attached hereto, which form is hereby incorporated in and made a part of this Supplemental Indenture. 

  
 - 20 - 

 (b) The terms and provisions contained in the Notes shall constitute, and are hereby expressly
made, a part of this Supplemental Indenture, and the Company and the Trustee, by their execution and delivery of this Supplemental Indenture, expressly agree to such terms and provisions and to be bound thereby. 

Section 8.03. Ratification of Base Indenture. The Base Indenture, as supplemented by this Supplemental Indenture, is in all
respects ratified and confirmed, and this Supplemental Indenture shall be deemed part of the Base Indenture in the manner and to the extent herein and therein provided. 

Section 8.04. Trust Indenture Act Controls. If any provision hereof limits, qualifies or conflicts with the duties imposed by
Section 310 through 317 of the Trust Indenture Act of 1939, the imposed duties shall control. 
 Section 8.05. Conflict with
Indenture. To the extent not expressly amended or modified by this Supplemental Indenture, the Base Indenture shall remain in full force and effect. If any provision of this Supplemental Indenture relating to the Notes is inconsistent with any
provision of the Base Indenture, the provision of this Supplemental Indenture shall control. 
 Section 8.06. Governing Law.
THIS SUPPLEMENTAL INDENTURE AND THE NOTES SHALL BE DEEMED TO BE A CONTRACT UNDER THE LAWS OF THE STATE OF NEW YORK, AND FOR ALL PURPOSES SHALL BE CONSTRUED IN ACCORDANCE WITH THE LAWS OF SUCH STATE, EXCEPT AS MAY OTHERWISE BE REQUIRED BY
MANDATORY PROVISIONS OF LAW. 
 Section 8.07. Successors. All agreements of the Company and the Guarantor in the Base Indenture,
this Supplemental Indenture and the Notes shall bind their respective successors. All agreements of the Trustee in the Base Indenture and this Supplemental Indenture shall bind its successors. 

Section 8.08. Counterparts. This instrument may be executed in any number of counterparts, each of which so executed shall be
deemed to be an original, but all such counterparts shall together constitute but one and the same instrument. Signatures of the parties hereto transmitted by facsimile or PDF shall be deemed to be their original signatures for all purposes. 

Section 8.09. Trustee Disclaimer. The Trustee makes no representation as to the validity or sufficiency of this Supplemental
Indenture other than as to the validity of its execution and delivery by the Trustee. The recitals and statements herein are deemed to be those of the Company and the Guarantor and not the Trustee. 

  
 - 21 - 

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

					
	DISCOVERY COMMUNICATIONS, LLC
		
	By:		 /s/ Andrew Warren

			Name:		Andrew Warren
			Title:		Senior Executive Vice President and Chief Financial Officer
	
	DISCOVERY COMMUNICATIONS, INC.
		
	By:		 /s/ Andrew Warren

			Name:		Andrew Warren
			Title:		Senior Executive Vice President and Chief Financial Officer

 [Signature Page to Supplemental Indenture] 

 
					
			U.S. BANK NATIONAL ASSOCIATION, Trustee
		
	By:		 /s/ Andrew Sinasky

			Name:		Andrew Sinasky
			
			Title:		Vice President

 [Signature Page to Supplemental Indenture] 

 
					
	Elavon Financial Services Limited, UK Branch, London Paying Agent
		
	By:		 /s/ Hamyd Mazrae

			
			Name:		 Hamyd Mazrae

			
			Title:		 Authorised Signatory

		
	By:		 /s/ Laurence Griffiths

			
			Name:		 Laurence Griffiths

			
			Title:		 Authorised Signatory

 [Signature Page to Supplemental Indenture] 

 EXHIBIT A 

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

 DISCOVERY COMMUNICATIONS, LLC 

€600,000,000 1.90% Senior Note Due 2027 
  

			
	No. 1		ISIN No.: XS1117298247
			Common Code: 111729824

 DISCOVERY COMMUNICATIONS, LLC, a Delaware limited liability company (the “Company”, which
term includes any successor corporation), for value received promises to pay to USB Nominees (UK) Limited, as nominee of Elavon Financial Services Limited, a common depositary for the accounts of Euroclear Bank S.A./N.V. and Clearstream Banking,
société anonyme, Luxembourg, or registered assigns, the principal sum of €600,000,000 (the “Principal”) on March 19, 2027. 

Interest Payment Date: March 19 (the “Interest Payment Date”), commencing on March 19, 2016. 

Interest Record Date: March 1 (the “Interest Record Date”). 

Reference is made to the further provisions of this Security contained herein, which will for all purposes have the same effect as if set
forth at this place. 

 IN WITNESS WHEREOF, the Company has caused this Security to be signed manually or by facsimile by
its duly authorized officer under its seal. 
  

					
	DISCOVERY COMMUNICATIONS, LLC
		
	By:		  

			Name:		Eugenia Collis
			Title:		Senior Vice President and Corporate Treasurer

 NOTATION OF GUARANTEE 

Discovery Communications, Inc., a Delaware corporation (the “Guarantor”, which term includes any successor thereto under the
Indenture (the “Indenture”) referred to in the Security on which this notation is endorsed) has unconditionally guaranteed, pursuant to the terms of the Guarantee contained in Article 13 of the Indenture, the due and punctual
payment of the principal of and any premium and interest on this Security, when and as the same shall become due and payable in accordance with the terms of this Security and the Indenture. 

The obligations of the Guarantor to the Holders of the Securities and to the Trustee pursuant to the Guarantee and the Indenture are expressly
set forth in Article 13 of the Indenture, and reference is hereby made to such Article and Indenture for the precise terms of the Guarantee. 

The Guarantee shall not be valid or obligatory for any purpose until the certificate of authentication on the Security upon which this
notation of the Guarantee is endorsed shall have been executed by the Trustee under the Indenture by the manual signature of one of its authorized signatories. 

 
					
	DISCOVERY COMMUNICATIONS, INC.
		
	By:		  

			Name:		Eugenia Collis
			Title:		Senior Vice President and Corporate Treasurer

 This is one of the Securities of the series designated herein and referred to in the
within-mentioned Indenture. 
 Dated: March 19, 2015 
  

			
	U.S. BANK NATIONAL ASSOCIATION, Trustee
		
	By:		  

		
			Authorized Officer

 (REVERSE OF SECURITY) 

DISCOVERY COMMUNICATIONS, LLC 

1.90% Senior Note Due 2027 
  

	 	1.	Interest. 

 DISCOVERY COMMUNICATIONS, LLC, a Delaware limited liability company (the
“Company”), promises to pay interest on the principal amount of this Security at the rate per annum shown above. Cash interest on the Securities will accrue from the most recent date to which interest has been paid or, if no
interest has been paid, from March 19, 2015. The Company will pay interest annually in arrears on each Interest Payment Date, commencing March 19, 2016. Interest will be computed on the basis of the actual number of days in the period for
which interest is being calculated and the actual number of days from and including the last date on which interest was paid on the Securities (or March 19, 2015 if no interest has been paid on the Securities), to but excluding the next
scheduled Interest Payment Date. This payment convention is referred to as ACTUAL/ACTUAL (ICMA) as defined in the rulebook of the International Capital Markets Association. 

The Company shall pay interest on overdue principal from time to time on demand at the rate borne by the Securities and on overdue
installments of interest (without regard to any applicable grace periods) to the extent lawful. 
  

	 	2.	Method of Payment. 

 The Company shall pay interest on the Securities (except defaulted
interest) to the persons who are the registered Holders at the close of business on the Interest Record Date immediately preceding the Interest Payment Date notwithstanding any transfer or exchange of such Security subsequent to such Interest Record
Date and prior to such Interest Payment Date. Holders must surrender Securities to the Trustee to collect principal payments. The Company shall pay principal and interest in euro, subject to the conditions in the immediately following paragraph.
Payment of principal of (and premium, if any) and any such interest on this Security will be made at the office of the Paying Agent designated for such purpose at 125 Old Broad Street, Fifth Floor, London EC2N 1AR or at any other office or agency
designated by the Company for such purpose; provided that at the option of the Company, payment of interest may be made by check mailed to the address of the Holder entitled thereto as such address appears in the Security register. However, the
payments of interest, and any portion of the principal (other than interest payable at maturity or on any redemption or repayment date or the final payment of principal) shall be made by the Paying Agent, upon receipt from the Company of immediately
available funds by 12:30 p.m., London time (or such other time as may be agreed to between the 

 
Company and the Paying Agent), directly to a Holder (by funds wire transfer or otherwise) if the Holder has delivered written instructions to the Trustee 15 days prior to such payment date
requesting that such payment will be so made and designating the bank account to which such payments shall be so made and in the case of payments of principal surrenders the same to the Trustee in exchange for a Security or Securities aggregating
the same principal amount as the unredeemed principal amount of the Securities surrendered. 
 If, on or after the date of issuance of this
Security, the euro is unavailable to the Company due to the imposition of exchange controls or other circumstances beyond the Company’s control or if the euro is no longer being used by the then member states of the European Monetary Union that
have adopted the euro as their currency or for the settlement of transactions by public institutions of or within the international banking community, then all payments in respect of the Securities will be made in U.S. dollars until the euro is
again available to the Company or so used. In such circumstances, the amount payable on any date in euro will be converted into U.S. dollars on the basis of the most recently available market exchange rate for euro. Any payment made in respect of
the Securities so made in U.S. dollars will not constitute an Event of Default under the Securities or the Indenture. Neither the Trustee nor the Paying Agent shall have any responsibility for any calculation or conversion in connection with the
foregoing. 
  

	 	3.	Paying Agent. 

 Initially, Elavon Financial Services Limited, UK Branch, will act as Paying
Agent. The Company may appoint and change the Paying Agent without notice to the Holders. 
  

	 	4.	Indenture. 

 The Company issued the Securities under an Indenture, dated as of August 19,
2009 (the “Indenture”), among the Company, the Guarantor and the Trustee. Capitalized terms herein are used as defined in the Indenture unless otherwise defined herein. The terms of the Securities include those stated in the
Indenture and those made part of the Indenture by reference to the Trust Indenture Act of 1939 (15 U.S.C. Sections 77aaa-77bbbb) (the “TIA”), as in effect on the date of the Indenture. Notwithstanding anything to the contrary
herein, the Securities are subject to all such terms, and Holders of Securities are referred to the Indenture and the TIA for a statement of them. To the extent the terms of the Indenture and this Security are inconsistent, the terms of the
Indenture shall govern. 
 The Company, the Guarantor, the Trustee and Elavon Financial Services Limited, UK Branch, as Paying Agent,
entered into an Eighth Supplemental Indenture, dated as of March 19, 2015 setting forth certain terms of the Securities pursuant to Section 2.04 of the Indenture (the “Supplemental Indenture”). The

 
Supplemental Indenture imposes certain limitations on the incurrence of liens and certain sale and leaseback transactions and limits the Company’s ability to consolidate, merge, convey,
transfer or lease its properties and assets substantially as an entirety. To the extent the terms of the Supplemental Indenture are inconsistent with the Indenture or this Security, the terms of the Supplemental Indenture shall govern. 

 

	 	5.	Guarantee. 

 The payment by the Company of the principal of, and premium and interest on, the
Securities is irrevocably and unconditionally guaranteed on a senior basis by the Guarantor. 
  

	 	6.	Optional Redemption. 

 Prior to December 19, 2026, the Securities are redeemable, in whole
or in part, at the option of the Company, at any time and from time to time, at the redemption price described in the Supplemental Indenture. 

On and after December 19, 2026, the Securities shall be redeemable, in whole or in part, at the option of the Company, at any time and
from time to time, at a redemption price equal to 100% of the principal amount of the Securities to be redeemed, plus accrued interest on the principal amount being redeemed to the date of redemption. 

 

	 	7.	Redemption for Tax Reasons. 

 The Securities are redeemable by the Company in whole, but not in
part, upon the occurrence of certain developments affecting U.S. taxation described in the Supplemental Indenture at a redemption price equal to 100% of their principal amount, together with accrued and unpaid interest on those Securities to, but
not including, the date fixed for redemption. 
  

	 	8.	Change of Control Offer to Repurchase. 

 If a Change of Control Triggering Event (as defined in
the Supplemental Indenture) occurs, unless the Company has exercised its right to redeem the Securities, Holders of the Securities will have the right to require the Company to repurchase all or a portion of their Securities pursuant to the offer
described in the Supplemental Indenture at a purchase price equal to 101% of the principal amount thereof plus accrued and unpaid interest, if any, to the date of repurchase, subject to the rights of Holders of Securities on the relevant Interest
Record Date to receive interest due on the relevant Interest Payment Date. 

	 	9.	Payment of Additional Amounts. 

 The Company will, subject to the exceptions and limitations set
forth in the Supplemental Indenture, pay as additional interest on Securities such additional amounts as are necessary in order that the net payment by the Company of the principal of and interest on the Securities to a Holder of the Securities who
is not a United States person (as defined below), after withholding or deduction for any present or future tax, assessment or other governmental charge imposed by the United States or a taxing authority in the United States, will not be less than
the amount provided in the Securities to be then due and payable. 
 As used in this Section 9, the term “United States”
means the United States of America, the states of the United States, and the District of Columbia, and the term “United States person” means any individual who is a citizen or resident of the United States for U.S. federal income tax
purposes, a corporation, partnership or other entity created or organized in or under the laws of the United States, any state of the United States or the District of Columbia, or any estate or trust the income of which is subject to United States
federal income taxation regardless of its source. 
  

	 	10.	Denominations; Transfer; Exchange. 

 The Securities are in registered form, without coupons, in
minimum denominations of €100,000 and integral multiples of €1,000 in excess thereof. A Holder shall register the transfer of or exchange Securities in accordance with the Indenture. The Company may require a Holder, among other things, to
furnish appropriate endorsements and transfer documents and to pay certain transfer taxes or similar governmental charges payable in connection therewith as permitted by the Indenture. The Company need not issue, authenticate, register the transfer
of or exchange any Securities or portions thereof for a period of 15 days before such series is selected for redemption, nor need the Company register the transfer or exchange of any Security selected for redemption in whole or in part. 

 

	 	11.	Persons Deemed Owners. 

 The registered Holder of a Security shall be treated as the owner of it
for all purposes. 
  

	 	12.	Unclaimed Funds. 

 If funds for the payment of principal or interest remain unclaimed for two
years, the Trustee and the Paying Agent will repay the funds to the Company or the Guarantor at its written request. After that, all liability of the Trustee and such Paying Agent with respect to such funds shall cease. 

	 	13.	Legal Defeasance and Covenant Defeasance. 

 The Company may be discharged from its obligations
under the Securities and under the Indenture with respect to the Securities except for certain provisions thereof, and may be discharged from obligations to comply with certain covenants contained in the Securities and in the Indenture with respect
to the Securities, in each case upon satisfaction of certain conditions specified in the Indenture, as supplemented by the Eighth Supplemental Indenture. 
  

	 	14.	Amendment; Supplement; Waiver. 

 Subject to certain exceptions, the Securities and the
provisions of the Indenture relating to the Securities may be amended or supplemented with the written consent of the Holders of at least a majority in aggregate principal amount of the Securities of all series then outstanding affected by such
amendment or supplement (voting as one class), and any existing Default or Event of Default or compliance with certain provisions may be waived with the consent of the Holders of a majority in aggregate principal amount of all the Securities of such
series, each series voting as a separate class, (or of all the Securities, as the case may be, voting as a single class) then outstanding. Without notice to or consent of any Holder, the parties thereto may amend or supplement the Indenture and the
Securities to, among other things, cure any ambiguity, defect or inconsistency, provide for uncertificated Securities in addition to or in place of certificated Securities, or make any other change that does not adversely affect the rights of any
Holder of a Security. 
  

	 	15.	Defaults and Remedies. 

 If an Event of Default (other than certain bankruptcy Events of Default
with respect to the Company or the Guarantor) occurs and is continuing, the Trustee or the Holders of at least 25% in aggregate principal amount of Securities of this series then outstanding (voting as a separate class) may declare all of the
Securities to be due and payable immediately in the manner and with the effect provided in the Indenture. If a bankruptcy Event of Default with respect to the Company or the Guarantor occurs and is continuing, the entire principal amount of the
Securities then outstanding and interest accrued thereon, if any, shall immediately become due and payable. Holders of Securities may not enforce the Indenture or the Securities except as provided in the Indenture. The Trustee is not obligated to
enforce the Indenture or the Securities unless it has received indemnity satisfactory to it. The Indenture permits, subject to certain limitations therein provided, Holders of a majority in aggregate principal amount of the Securities then
outstanding to direct the Trustee in its exercise of any trust or power. The Trustee may withhold from Holders of Securities notice of certain continuing Defaults or Events of Default if it determines that withholding notice is in their interest.

	 	16.	Trustee Dealings with Company. 

 The Trustee under the Indenture, in its individual or any other
capacity, may become the owner or pledgee of Securities and may otherwise deal with the Company as if it were not the Trustee. 
  

	 	17.	No Recourse Against Others. 

 No stockholder, director, officer, employee, member or
incorporator, as such, of the Company, of the Guarantor or any successor Person thereof shall have any liability for any obligation under the Securities or the Indenture or for any claim based on, in respect of or by reason of, such obligations or
their creation. Each Holder of a Security by accepting a Security waives and releases all such liability. The waiver and release are part of the consideration for the issuance of the Securities. 

 

	 	18.	Authentication. 

 This Security shall not be valid until the Trustee manually signs the
certificate of authentication on this Security. 
  

	 	19.	Abbreviations and Defined Terms. 

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

	 	20.	Common Code and ISIN Numbers. 

 Pursuant to a recommendation promulgated by the Committee on
Uniform Security Identification Procedures, the Company has caused Common Code and ISIN numbers to be printed on the Securities as a convenience to the Holders of the Securities. No representation is made as to the accuracy of such numbers as
printed on the Securities and reliance may be placed only on the other identification numbers printed hereon. 
  

	 	21.	Governing Law. 

 The laws of the State of New York shall govern the Indenture and this Security
thereof. 

 ASSIGNMENT FORM 

I or we assign and transfer this Security 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 Security on the books of the Company. The agent may substitute another to act for him. 
 Dated: 

 

			
	Signed:		
		
			  

			(Signed exactly as name appears on the other side of this Security)

  

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

 OPTION OF HOLDER TO ELECT PURCHASE 

If you want to elect to have this Security purchased by the Company pursuant to Section 4.02 of the Supplemental Indenture, check the box
 ̈. 
 If you want to elect to have only part of this Security purchased by the Company
pursuant to Section 4.02 of the Supplemental Indenture, state the amount you elect to have purchased (must be integral multiples of €1,000 in excess thereof): 
  

€ 
 Dated: 

 

			
	Signed:		
		
			  

			(Signed exactly as name appears on the other side of this Security)

  

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

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