Document:

Form of Global Note

 Exhibit 4.1 
 THIS SECURITY (AS DEFINED HEREIN) IS A GLOBAL SECURITY WITHIN THE MEANING OF THE INDENTURE HEREINAFTER REFERRED TO AND IS REGISTERED IN THE NAME OF CEDE & CO., AS A NOMINEE OF THE DEPOSITORY
TRUST COMPANY, A NEW YORK CORPORATION (“DTC” OR “THE DEPOSITORY”). THIS GLOBAL SECURITY IS EXCHANGEABLE FOR SECURITIES REGISTERED IN THE NAME OF A PERSON OTHER THAN DTC OR ITS NOMINEE ONLY IN THE LIMITED CIRCUMSTANCES HEREINAFTER
DESCRIBED. UNLESS AND UNTIL THIS SECURITY IS SO EXCHANGED, THIS SECURITY MAY NOT BE TRANSFERRED EXCEPT AS A WHOLE BY DTC TO A NOMINEE OF DTC OR BY A NOMINEE OF DTC TO DTC OR ANOTHER NOMINEE OF DTC OR BY DTC OR ANY SUCH NOMINEE TO A SUCCESSOR TO DTC
OR A NOMINEE OF SUCH SUCCESSOR TO DTC. 
 NEITHER THE HOLDER NOR THE BENEFICIAL OWNERS OF THIS GLOBAL SECURITY SHALL BE ENTITLED
TO RECEIVE PAYMENT OF INTEREST HEREON EXCEPT PURSUANT TO THE PROVISIONS HEREOF. 
 UNLESS THIS SECURITY IS PRESENTED BY AN
AUTHORIZED REPRESENTATIVE OF DTC TO THE COMPANY (AS DEFINED HEREIN) OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY CERTIFICATE TO BE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS
REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY AMOUNT PAYABLE THEREUNDER IS MADE PAYABLE TO CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE, OR OTHER USE HEREOF FOR
VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN. 
  

					
	No. 1	 		  	$250,000,000
		 		  	CUSIP No.: 427866AS7
		 		  	ISIN: US427866AS71

 THE HERSHEY COMPANY 
 1.500% NOTE DUE NOVEMBER 1, 2016 
 The Hershey Company, a corporation duly organized and existing
under the laws of the State of Delaware (herein called the “Company,” which term includes any successor corporation), for value received, hereby promises to pay to Cede & Co., as a nominee of The Depository Trust Company, or its
registered assigns, the principal sum of Two Hundred Fifty Million Dollars ($250,000,000), or such amount as is indicated in the records of the Trustee (as defined herein) and the Depository, on November 1, 2016 and to pay interest thereon
semi-annually in arrears on May 1 and November 1 (each such date, an “Interest Payment Date”) of each year, commencing May 1, 2012, at the rate of 1.500% per annum until the principal hereof is paid or made available

  
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for payment. Interest on this Security shall be computed on the basis of a 360-day year comprised of twelve 30-day months. Notwithstanding the foregoing, this Security shall bear interest from
the most recent Interest Payment Date to which interest in respect hereof has been paid or duly provided for, unless (i) the date hereof is such an Interest Payment Date, in which case from the date hereof, provided, however, that
if the Company shall default in the payment of interest due on the date hereof, then this Security shall bear interest from the next preceding Interest Payment Date to which interest has been paid or, if no interest has been paid on this Security,
from November 14, 2011, or (ii) no interest has been paid on this Security, in which case from November 14, 2011. Notwithstanding the foregoing, if the date hereof is after April 15 or October 15 (whether or not a Business
Day) (the “Record Date”), as the case may be, next preceding an Interest Payment Date and before such Interest Payment Date, this Security shall bear interest from such Interest Payment Date, which interest shall be payable on the next
succeeding Interest Payment Date; provided, however, that if the Company shall default in the payment of interest due on such Interest Payment Date, then this Security shall bear interest from the next preceding Interest Payment Date
to which interest has been paid, or, if no interest has been paid on this Security, from November 14, 2011. The interest so payable, and punctually paid or duly provided for, on any Interest Payment Date will, subject to certain exceptions
provided in the Indenture referred to on the reverse hereof, be paid to the Person in whose name this Security is registered at the close of business on the Record Date next preceding such Interest Payment Date. 

Payment of the principal of and any such interest on this Security will be made at the office or agency of the Company maintained for
that purpose in the Borough of Manhattan, The City of New York in such coin or currency of the United States of America as at the time of payment is legal tender for payment of public and private debts. 

Reference is hereby made to the further provisions of this Security set forth on the reverse hereof, which further provisions shall for
all purposes have the same effect as if set forth on the face hereof. 
 Unless the certificate of authentication hereon has
been executed by the Trustee referred to on the reverse hereof by manual signature, this Security shall not be entitled to any benefit under the Indenture or be valid or obligatory for any purpose. 

  
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 IN WITNESS WHEREOF, the Company has caused this instrument to be duly executed under its
corporate seal. 
 Dated: November 14, 2011 
  

			
	THE HERSHEY COMPANY
		
	By:	 	  

		 	Name:
		 	Title:

  

	
	Attest:
	
	  

  

			
	By:	 	  

		 	Name:
		 	Title:

  

	
	Attest:
	
	  

  
 3 

 TRUSTEE’S CERTIFICATE OF AUTHENTICATION 

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

Dated: November 14, 2011 
  

			
	 U.S. BANK NATIONAL ASSOCIATION,
as Trustee

		
	By:	 	  

		 	Authorized Signatory

  
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 [REVERSE OF NOTE] 
 THE HERSHEY COMPANY 
 This Security is one of a duly authorized issue of
securities of the Company (herein called the “Securities”), issued and to be issued in one or more series under an Indenture, dated as of May 14, 2009 (herein called the “Indenture”), between the Company and U.S. Bank
National Association, as Trustee (herein called the “Trustee”), to which Indenture and all indentures supplemental thereto reference is hereby made for a statement of the respective rights, limitations of rights, obligations, duties and
immunities thereunder of the Company, the Trustee and the holders of the Securities and of the terms upon which the Securities are, and are to be, authenticated and delivered. This Security is one of the series designated on the face hereof limited
(except as provided in the Indenture) in aggregate principal amount to $250,000,000. The separate series of Securities may be issued in various aggregate principal amounts, may mature at different times, may bear interest, if any, at different
rates, may be subject to different redemption provisions (if any), may be subject to different sinking funds (if any), may be subject to different covenants and Events of Default (as defined in the Indenture) and may otherwise vary as in the
Indenture provided. The Indenture further provides that the Securities of a single series may be issued at various times, with different maturity dates and may bear interest at different rates. 

If an Event of Default with respect to Securities of this series shall occur and be continuing, then the Trustee or the holders of not
less than 25% in aggregate principal amount of the Securities of this series then Outstanding may declare the principal of the Securities of this series and accrued interest thereon, if any, to be due and payable in the manner and with the effect
provided in the Indenture. 
 The Indenture permits, with certain exceptions as therein provided, the amendment or supplementing
thereof and the modification of the rights and obligations of the Company and the rights of the holders of the Securities of each series to be affected under the Indenture at any time by the Company and the Trustee with the consent of the holders of
not less than a majority in aggregate principal amount of the Securities at the time Outstanding of each series to be affected. The Indenture also contains provisions permitting the holders of specified percentages in principal amount of the
Securities of each series at the time Outstanding, on behalf of the holders of all Securities of such series, to waive compliance by the Company with certain provisions of the Indenture and certain past defaults or Events of Default under the
Indenture and the consequences of any such defaults or Events of Default. Any such consent or waiver (unless revoked as provided in the Indenture) shall be conclusive and binding upon the holder and upon all future holders of this Security and of
any Security issued upon the registration of transfer hereof or in exchange herefor or in lieu hereof, whether or not notation of such consent or waiver is made upon this Security. 

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

  
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 This Security shall be exchangeable for Securities registered in the names of Persons other
than the Depository with respect to such series or its nominee only as provided in this paragraph. This Security shall be so exchangeable if (x) the Depository notifies the Company that it is unwilling or unable to continue as Depository for
such series or at any time ceases to be a clearing agency registered as such under the Securities Exchange Act of 1934, as amended (y) the Company executes and delivers to the Trustee an Officers’ Certificate providing that this Security
shall be so exchangeable or (z) there shall have occurred and be continuing an Event of Default with respect to the Securities of such series. Securities so issued in exchange for this Security shall be of the same series, having the same
interest rate, if any, and maturity and having the same terms as this Security, in authorized denominations and in the aggregate having the same principal amount as this Security and registered in such names as the Depository for such Global
Security shall direct. 
 As provided in the Indenture and subject to certain limitations therein set forth, the transfer of a
Security of the series of which this Security is a part is registrable in the Security register, upon due presentment of this Security for registration of transfer at the office or agency of the Company in any place where the principal of and
interest, if any, on this Security are payable, duly endorsed by, or accompanied by a written instrument of transfer in form satisfactory to the Company and the Security registrar, duly executed by the holder hereof or his attorney duly authorized
in writing, and thereupon one or more new Securities of this series, having the same interest rate, if any, and maturity and having the same terms as this Security, of any authorized denominations and for the same aggregate principal amount, will be
issued to the designated transferee or transferees. 
 The Securities of the series of which this Security is a part are
issuable only in registered form without coupons in minimum denominations of $2,000 and integral multiples of $1,000 in excess thereof. As provided in the Indenture and subject to certain limitations therein set forth, Securities of this series are
exchangeable for a like aggregate principal amount of Securities of this series of a different authorized denomination having the same interest rate, if any, and maturity and having the same terms as such Securities, as requested by the holder
surrendering the same. 
 No service charge shall be made for any such registration of transfer or exchange, but the Company may
require payment of a sum sufficient to cover any tax or other governmental charge payable in connection therewith. 
 Prior to
due presentment of this Security for registration of transfer, the Company, the Trustee and any agent of the Company or the Trustee may treat the Person in whose name this Security is registered as the owner hereof for all purposes, whether or not
this Security be overdue and notwithstanding any notation of ownership or other writing hereon, and neither the Company, the Trustee nor any such agent shall be affected by notice to the contrary. 

No recourse for the payment of the principal of or interest, if any, on this Security, or for any claim based hereon or otherwise in
respect hereof, and no recourse under or upon any obligation, covenant or agreement of the Company in the Indenture or any indenture supplemental thereto or in any Security, or because of the creation of any indebtedness

  
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represented thereby, shall be had against any incorporator, stockholder, official or director, as such, past, present or future, of the Company or of any successor entity, either directly or
through the Company or any successor corporation, whether by virtue of any constitution, statute or rule of law or by the enforcement of any assessment or penalty or otherwise, all such liability being by the acceptance hereof and as part of the
consideration for the issue hereof, expressly waived and released; provided, that nothing contained herein or in the Indenture shall be taken to prevent recourse to and the enforcement of the liability, if any, of any stockholder or
subscriber to capital stock upon or in respect of shares of capital stock not fully paid. 
 The Securities shall be redeemable
at the option of the Company at any time and from time to time (a “Redemption Date”), in whole or in part, at a redemption price (the “Redemption Price”) equal to the sum of (i) the principal amount of the Securities being
redeemed plus accrued and unpaid interest, if any, up to but excluding the Redemption Date and (ii) the Make-Whole Amount (as defined below), if any. 
 If the Company has given notice as provided in the Indenture and funds for the redemption of the Securities called for redemption have been made available on the Redemption Date, such Securities shall
cease to bear interest on the Redemption Date. Thereafter, the only right of the holders of the Securities shall be to receive payment of the Redemption Price. 
 The Company shall give notice of any optional redemption to holders of the Security at their addresses, as shown in the security register for the Securities, not more than 45 nor less than 30 days prior
to the Redemption Date. The notice of redemption shall specify, among other items, the Redemption Price and the principal amount of the Securities held by such holder to be redeemed. 

If less than all of the Securities are to be redeemed, the Company shall give the Trustee at least 60 days’ prior notice of the
Redemption Date and of the aggregate principal amount of the Securities to be redeemed, and the Trustee shall select the Securities or portions of Securities to be redeemed either pro rata or by such method as the Trustee shall deem fair and
appropriate; provided that if, at the time of redemption, such Securities are registered as Global Securities, the Depository shall determine, in accordance with its procedures, the principal amount of such Securities held by each owner of
beneficial interests in Global Securities to be redeemed. The Trustee may select for redemption Securities and portions of Securities in minimum denominations of $2,000 and integral multiples of $1,000 in excess thereof. 

“Make-Whole Amount” means the excess of (1) the present value, on the Redemption Date, of the principal being redeemed or
paid and the amount of interest (exclusive of interest accrued to the Redemption Date or accelerated payment) that would have been payable if such redemption or accelerated payment had not been made over (2) the aggregate principal amount of
the Securities being redeemed or paid. The present value shall be determined by discounting, on a semiannual basis, such principal and interest at the Reinvestment Rate (as defined below and as determined on the third Business Day preceding the
date such notice of redemption is given or declaration of acceleration is made) from the respective dates on which such principal and interest would have been payable if such redemption or accelerated payment had not been made. 

  
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 “Reinvestment Rate” for the Securities means 0.10%, plus the arithmetic mean of
the yields under the respective heading “Week Ending” published in the most recent Statistical Release (as defined below) under the caption “Treasury Constant Maturities” for the maturity (rounded to the nearest month)
corresponding to the remaining life to maturity, as of the payment date of the principal being redeemed or paid. If no maturity exactly corresponds to such maturity, yields for the two published maturities most closely corresponding to such
maturity shall be calculated pursuant to the immediately preceding sentence and the Reinvestment Rate shall be interpolated or extrapolated from such yields on a straight-line basis, rounding in each of such relevant periods to the nearest
month. For the purpose of calculating the Reinvestment Rate, the most recent Statistical Release published prior to the date of determination of the Make-Whole Amount shall be used. 

“Statistical Release” means the statistical release designated “H.15(519)” or any successor publication which is
published weekly by the Federal Reserve System and which establishes yields on actively traded United States government securities adjusted to constant maturities, or, if such statistical release is not published at the time of any determination
under the Indenture, then such other reasonably comparable index which shall be designated in good faith by the Company. 
 If a
Change of Control Triggering Event (defined below) occurs, unless the Company has exercised its option to redeem the Securities as provided for herein, the Company shall be required to make an offer (a “Change of Control Offer”) to each
holder of the Securities to repurchase all or any part (equal to $2,000 or an integral multiple of $1,000 in excess thereof) of that holder’s Securities on the terms set forth herein. In a Change of Control Offer, the Company shall be required
to offer payment in cash equal to 101% of the aggregate principal amount of Securities repurchased, plus accrued and unpaid interest, if any, on the Securities repurchased to the date of repurchase (a “Change of Control Payment”).

 Within 30 days following any Change of Control Triggering Event or, at the Company’s option, prior to any Change of
Control (defined below), but after public announcement of the transaction that constitutes or may constitute the Change of Control, the Company shall mail or cause to be mailed to holders of the Securities a notice describing the transaction that
constitutes or may constitute the Change of Control Triggering Event and offering to repurchase such Securities on the date specified in the notice, which date shall be no earlier than 30 days and no later than 60 days from the date such notice is
mailed (a “Change of Control Payment Date”). The notice shall, if mailed prior to the date of consummation of the Change of Control, state that the offer to purchase is conditioned on the Change of Control Triggering Event occurring on or
prior to the Change of Control Payment Date. 
 In order to accept any Change of Control Offer, a holder shall be required to
comply with instructions for tendering contained in the Company’s notice of such Change of Control Offer as well as the applicable procedures of the Depositary. 
 On the Change of Control Payment Date, the Company shall, to the extent lawful: (i) accept for payment all Securities or portions of such Securities properly tendered pursuant to the Change of
Control Offer; (ii) deposit with the Paying Agent an amount equal to the Change of 

  
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Control Payment in respect of all Securities or portions of such Securities properly tendered; and (iii) deliver or cause to be delivered to the Trustee the Securities properly accepted
together with an Officers’ Certificate stating the aggregate principal amount of Securities or portions of such Securities being repurchased. 
 On the Change of Control Payment Date, the Paying Agent shall pay, from funds deposited by the Company for such purpose, to each holder of Securities properly tendered the Change of Control Payment for
such Securities, and the Trustee will authenticate and mail (or cause to be transferred by book-entry) to each holder a new Security equal in principal amount to any unpurchased portion of such holder’s Securities surrendered. 

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

For purposes of the foregoing, the following have the meanings ascribed to them as set forth below: 

“Change of Control” means the occurrence of any of the following: (1) the direct or indirect sale, lease, transfer,
conveyance or other disposition (other than by way of merger or consolidation), in one or a series of related transactions, of all or substantially all of the assets of the Company and the assets of its subsidiaries, taken as a whole, to any Person
(defined below), other than to the Company, one of its subsidiaries, Hershey Trust Company (defined below) or the Milton Hershey School Trust (defined below); (2) the consummation of any transaction or series of related transactions (including,
without limitation, any merger or consolidation) the result of which is that any Person, other than Hershey Trust Company or the Milton Hershey School Trust, becomes the beneficial owner (as defined in Rules 13d-3 and 13d-5 under the Exchange Act),
directly or indirectly, of more than 50% of the Company’s outstanding Voting Stock (defined below) or other Voting Stock into which the Company’s Voting Stock is reclassified, consolidated, exchanged or changed, measured by voting power
rather than number of shares; (3) the Company consolidates with, or merges with or into, any Person, or any Person consolidates with, or merges with or into, the Company, in any such event pursuant to a transaction in which any of the
Company’s outstanding Voting Stock or the Voting Stock of such other Person is converted into or exchanged for cash, securities or other property, other than any 

  
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such transaction where the shares of the Company’s Voting Stock outstanding immediately prior to such transaction constitute, or are converted into or exchanged for, a majority of the Voting
Stock (measured by voting power rather than number of shares) of the surviving Person or any direct or indirect parent company of the surviving Person immediately after giving effect to such transaction; (4) the first day on which a majority of
the members of the Company’s Board of Directors are not Continuing Directors (defined below); (5) the adoption of a plan relating to the Company’s liquidation or dissolution; or (6) 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 Securities Exchange Act of 1934, as amended (or any successor provision), following which Hershey Trust Company or the
Milton Hershey School Trust beneficially owns, directly or indirectly, more than 50% of the Company’s Voting Stock, measured by voting power rather than number of shares. 
 Notwithstanding the foregoing, a transaction effected to create a holding company will not be deemed to involve a Change of Control if (i) the Company becomes a direct or indirect wholly-owned
subsidiary of such holding company and (ii) the holders of the Voting Stock of such holding company immediately following that transaction, as measured by voting power rather than number of shares, are substantially similar to the holders of
the Company’s Voting Stock, as measured by voting power rather than number of shares, immediately prior to such a transaction. 
 “Change of Control Triggering Event” means the occurrence of both a Change of Control and a Rating Event (defined below). 

“Continuing Directors” means, as of any date of determination, any member of the Company’s Board of Directors who
(1) was a member of the Company’s Board of Directors on the date of the issuance of the Securities or (2) was nominated for election, elected or appointed to the Company’s Board of Directors with the approval of either a majority
of the Continuing Directors who were members of the Company’s Board of Directors at the time of such nomination, election or appointment (either by a specific vote or by approval of the Company’s proxy statement in which such member was
named as a nominee for election as a director, without objection to such nomination) or Hershey Trust Company or the Milton Hershey School Trust. 
 Under a recent Delaware Chancery Court interpretation of the foregoing definition of “Continuing Directors,” a Board of Directors may approve, for purposes of such definition, a slate of
shareholder-nominated directors without endorsing them, or while simultaneously recommending and endorsing its own slate instead. The foregoing interpretation would permit the Company’s Board of Directors to approve a slate of directors that
included a majority of dissident directors nominated pursuant to a proxy contest, and the ultimate election of such dissident slate would not constitute a “Change of Control Triggering Event” that would trigger the holders’ right to
require the Company to repurchase such holders’ Securities as described above. 

  
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 “Hershey Trust Company” means Hershey Trust Company, a Pennsylvania chartered
trust company, and trustee for the benefit of Milton Hershey School (the “Milton Hershey School Trust”). 

“Investment Grade Rating” means a rating of Baa3 or higher by Moody’s (defined below) (or its equivalent under any
successor rating category of Moody’s) and BBB- or higher by S&P (defined below) (or its equivalent under any successor rating category of S&P), and the equivalent investment grade credit rating from any replacement Rating Agency
(defined below) selected by the Company. 
 “Moody’s” means Moody’s Investors Service, Inc., a subsidiary of
Moody’s Corporation, and its successors. 
 “Person” has the meaning used in Section 13(d) of the Securities
Exchange Act of 1934, as amended. 
 “Rating Agencies” means each of Moody’s and S&P; provided that if
either of Moody’s or S&P ceases to rate the Securities or fails to make a rating of the Securities publicly available for reasons outside of the Company’s control, the Company may appoint (as certified by a resolution of its Board of
Directors) a “nationally recognized statistical rating organization” within the meaning of Rule 15c3-1(c)(2)(vi)(F) under the Securities Exchange Act of 1934, as amended, as replacement for such Rating Agency, or all of them, as the case
may be. 
 “Rating Event” means the rating on the Securities is lowered by any Rating Agency and the Securities are
rated below an Investment Grade Rating by both Rating Agencies on any day during the period (which period will be extended so long as the rating of the Securities is under publicly announced consideration for a possible downgrade by any Rating
Agency) commencing on the first public notice or announcement of an arrangement that could result in a Change of Control and ending on the 60th day following the occurrence of such Change of Control; provided, that a Rating Event shall not be
deemed to have occurred in respect of a particular Change of Control (and, thus, shall not be deemed a Rating Event) if the Rating Agencies lowering the rating on the Securities to which this definition would otherwise apply do not announce or
publicly confirm or inform the Trustee in writing at its request that the lowering 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.

 “S&P” means Standard & Poor’s Rating Services, a division of The McGraw-Hill Companies, Inc., and
its successors. 
 “Voting Stock” means, with respect to any Person as of any date, the capital stock of such Person
that is at the time entitled to vote in the election of the board of directors of such Person. 
 All terms used in this
Security and not otherwise defined herein that are defined in the Indenture shall have the meanings assigned to them in the Indenture. 
 This Security shall be governed by and construed in accordance with the laws of the State of New York. 

  
 11Officers' Certificate

 Exhibit 4(b) 

November 16, 2011 
 Deutsche Bank Trust Company Americas, 
   as Trustee Under the Indenture 

Trust and Securities Services 

60 Wall Street, 27th Floor 
 MS:
NYC60-2710 
 New York, New York 10005 
 Officers’ Certificate 
 Ladies and Gentlemen: 

Pursuant to Sections 2.01(2), 2.01(3), 3.01 and 16.05 of the Indenture dated as of July 24, 2006, as supplemented (the
“Indenture”), between Baltimore Gas and Electric Company (the “Company”) and Deutsche Bank Trust Company Americas, as trustee (the “Trustee”), and by authority established under the resolutions,
dated August 12, 2011 adopted by the Board of Directors of the Company, delivered herewith, the undersigned officers of the Company do hereby certify that: 
  

	1.	The title of the Securities is 3.50% Notes due November 15, 2021 (the “Notes”). The CUSIP number for the Notes is set forth in the Note specimen
attached hereto as Exhibit B. 

  

	2.	The Notes will be initially authenticated and delivered under the Indenture in the amount of $300,000,000. Additional Notes, without limitation as to amount, having the
same terms and conditions as the Outstanding Notes (except for the issue date, issue price and, if applicable, the first payment of interest) may also be issued by the Company pursuant to the Indenture without the consent of the existing holders of
the Notes. Any such additional Notes as may be issued pursuant to the Indenture from time to time shall be part of the same series as the then-Outstanding Notes. 

 

	3.	The maturity of the Notes is November 15, 2021. 

  

	4.	The Notes shall bear interest at a fixed rate of 3.50%. The date from which interest shall accrue, the interest payment dates, the record date for interest payable, and
the other terms of payment of interest on the Notes are set forth in the Note specimen attached hereto as Exhibit B. 

  

	5.	The optional redemption provisions applicable to the Notes are set forth in the Note specimen attached hereto as Exhibit B. 

 

	6.	There is no obligation of the Company to redeem or purchase the Notes pursuant to any sinking fund or analogous provision. 

	7.	The denomination in which the Notes shall be issuable is $1,000, or integral multiples thereof. 

 

	8.	The Notes will be initially issued in global form to Cede & Co., the nominee of The Depository Trust Company, as Depositary. 

 

	9.	All other terms of the Notes are set forth in the Note specimen attached hereto as Exhibit B. 

 

	10.	We have read the Indenture, including the provisions of Sections 2.01(2), 2.01(3) and 16.05, and examined such other documents relating to the issuance and sale of the
Notes by the Company as we deemed necessary to enable us to make the statement that in our opinion, as of the date hereof, the Company has complied with all conditions precedent to the authentication and delivery of the Notes as provided for in the
Indenture, which authentication will be effectuated pursuant to the Company’s written order and instructions. 

  

	11.	We certify that the following persons are now duly elected and qualified officers of the Company holding the offices indicated next to their respective names below, and
the signatures appearing opposite their respective names below are the true and genuine signatures of such officers, and each of such officers is duly authorized to execute and deliver on behalf of the Company the Notes, any certificate or other
document to be delivered by the Company pursuant to the Indenture and to instruct the Trustee to authenticate and deliver the Notes: 

  

					
	Name	  	Office	 	Signature
			
	Carim V. Khouzami	  	Chief Financial Officer and Treasurer	 	 /s/ Carim V. Khouzami

			
	Anne A. Hahn	  	Vice President and Controller	 	 /s/ Anne A. Hahn

			
	Sean J. Klein	  	Assistant Secretary	 	 /s/ Sean J. Klein

  
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 We hereby request that the Trustee authenticate and deliver the Notes to Cede & Co.

 All capitalized terms not defined herein, which are defined in the Indenture or the Note specimen attached hereto as Exhibit
B shall have the meanings assigned to them therein. 

  
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 IN WITNESS WHEREOF, the undersigned have hereunto executed this Officers’ Certificate
as of the date above written. 
  

			
	 /s/ Carim V. Khouzami

	Name:	 	Carim V. Khouzami
	Title:	 	Chief Financial Officer and Treasurer
	
	 /s/ Anne A. Hahn

	Name:	 	Anne A. Hahn
	Title:	 	Vice President and Controller

 I, the undersigned, Sean J. Klein, Assistant Secretary of Baltimore Gas and Electric Company, do hereby certify
that Carim V. Khouzami is the duly elected, qualified and acting Chief Financial Officer and Treasurer and that Anne A. Hahn is the duly elected, qualified and acting Vice President and Controller of Baltimore Gas and Electric Company and that their
respective signatures on the foregoing Officers’ Certificate are their genuine signatures. 
 IN WITNESS WHEREOF, I have
hereunto signed my name. 
  

	
	 /s/ Sean J. Klein

	Sean J. Klein
	Assistant Secretary

  
 4 

 Exhibit B 
 This Note is registered in the name of The Depository Trust Company (the “Depositary”) (55 Water Street, New York, New York) or its nominee, and this Note may not be transferred except as a
whole by the Depositary to a nominee of the Depositary or by a nominee of the Depositary to the Depositary or another nominee of the Depositary or by the Depositary or any such nominee to a successor Depositary or a nominee of such successor
Depositary unless and until this Note is exchanged in whole or in part for Notes in definitive form. Unless this certificate is presented by an authorized representative of the Depositary to the Company or its agent for registration of transfer,
exchange or payment, and any certificate issued is registered in the name of Cede & Co. or such other name as requested by an authorized representative of the Depositary and any payment is made to Cede & Co., or such other name ANY
TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL since the registered owner hereof, Cede & Co. has an interest herein. 

 

			
	No. R-	  	$            

 CUSIP: 059165 ED8 

BALTIMORE GAS AND ELECTRIC COMPANY 
 3.50% Note due November 15, 2021 
 PRINCIPAL AMOUNT: $ 

INTEREST RATE: 3.50% per annum 
 STATED
MATURITY: November 15, 2021 
 ORIGINAL ISSUE DATE: November 16, 2011 
 ISSUE PRICE: 99.449% 
 Baltimore Gas and Electric Company, a Maryland corporation
(herein called the “Company”, which term includes any successor corporation under the Indenture, as hereinafter defined), for value received, promises to pay to
                    or its registered assigns, the principal sum of
$                    (                    
DOLLARS) on the Stated Maturity shown above and to pay interest on said principal sum from November 16, 2011, at the fixed rate per annum shown above, semi-annually on May 15 and November 15 (the “Interest Payment
Dates”) of each year beginning May 15, 2012 until the Stated Maturity or upon redemption of this Note. Each payment of interest payable on each Interest Payment Date and at Stated Maturity or, if applicable, upon redemption shall
include interest to, but excluding the relevant Interest Payment Date and the date of Stated Maturity or redemption, respectively. Said interest shall be computed on the basis of a 360-day year of twelve 30-day months. In the event this Note is
issued between a Record Date (which shall be the close of business on the fifteenth calendar 

 
day next preceding such Interest Payment Date (whether or not a Business Day), provided that if the Notes are held by a securities depository in book-entry form, the Record Date will be the close
of business on the Business Day immediately preceding such Interest Payment Date) and an Interest Payment Date or on an Interest Payment Date, the first day that interest shall be payable will be on the Interest Payment Date following the next
succeeding Record Date. In the event of a Default in the payment of interest, interest will be payable as provided in that certain Indenture dated as of July 24, 2006 (the “Indenture”), between the Company and Deutsche Bank
Trust Company Americas, a corporation duly organized and existing under the laws of the State of New York, as Trustee (herein called the “Trustee,” which term includes any successor Trustee under the Indenture). 

At any time prior to August 15, 2021 (three months prior to the Stated Maturity of the Notes), the Company may redeem some or all of
the Notes, upon at least 30 days’ and not more than 60 days’ notice, at its option, at a redemption price equal to the greater of: 
  

	 	•	 	 100% of the principal amount of the Notes then Outstanding to be redeemed; and 

 

	 	•	 	 the sum of the present values of the remaining scheduled payments of principal and interest on the Notes (exclusive of interest accrued to the
redemption date) being redeemed, discounted to the redemption date on a semi-annual basis (assuming a 360-day year consisting of twelve 30-day months) at the Treasury Rate plus 25 basis points; 

plus, in each case, accrued and unpaid interest on the principal amount being redeemed to the redemption date. 

At any time on or after August 15, 2021, the Company may redeem some or all of the Notes, upon at least 30 days’ and not more
than 60 days’ notice, at its option, at a redemption price equal to 100% of the principal amount of the Notes then Outstanding to be redeemed plus accrued and unpaid interest on the principal amount being redeemed to the redemption date.

 If at the time a redemption notice is given, the redemption moneys are not on deposit with the Trustee, then the redemption
shall be subject to their receipt on or before the redemption date and such notice shall be of no effect unless such moneys are so received. 
 As used in this Note: 
 “Comparable Treasury Issue” means the
United States Treasury security or securities selected by an Independent Investment Banker as having an actual or interpolated maturity comparable to the remaining term of the Notes being redeemed that would be utilized, at the time of selection and
in accordance with customary financial practice, in pricing new issues of corporate debt securities of a comparable maturity to the remaining term of the Notes. 
 “Comparable Treasury Price” means, with respect to any redemption date, the average of the Reference Treasury Dealer Quotations for such redemption date. 

“Independent Investment Banker” means one of the Reference Treasury Dealers appointed by the Company. 

  
 2 

 “Reference Treasury Dealer” means (i) either RBS Securities Inc. or
Scotia Capital (USA) Inc. and (ii) one other primary U.S. Government securities dealer in the United States of America (each, a “Primary Treasury Dealer”) selected by the Company; provided, however, that if any of the foregoing
shall cease to be a Primary Treasury Dealer, or is unwilling or unable to serve in such role, the Company shall substitute therefor another Primary Treasury Dealer. 
 “Reference Treasury Dealer Quotations” means, with respect to each Reference Treasury Dealer and any redemption date, the average, as determined by the Company, of the bid and asked
prices for the Comparable Treasury Issue (expressed in each case as a percentage of its principal amount) quoted in writing to the Company at 3:30 p.m. New York City time on the third Business Day preceding such redemption date. 

“Treasury Rate” means, with respect to any redemption date, the rate per annum equal to the semi-annual equivalent yield
to actual or interpolated maturity (on a day count basis) of the Comparable Treasury Issue, assuming a price for the Comparable Treasury Issue (expressed as a percentage of its principal amount) equal to the Comparable Treasury Price for such
redemption date. 
 Pursuant to the provisions of the Indenture, the Company will maintain an agency at Deutsche Bank Trust
Company Americas in The City of New York, New York (the “Bank”), or at such other agencies as may from time to time be designated, where the Notes may be presented for payment, for registration of transfer and exchange, and where
notices or demands to, or upon, the Company may be served. 
 The interest so payable on any Interest Payment Date will, subject
to certain exceptions provided in the Indenture, be paid to the person in whose name this Note is registered at the close of business on the Record Date for such Interest Payment Date; provided, however, that interest payable at Stated
Maturity or, if applicable, upon redemption, shall be payable to the person to whom principal shall be payable. Payment of the principal of and interest on this Note will be made at the Bank in U.S. dollars; provided, however, that payments
of interest (other than any interest payable at Stated Maturity or upon redemption) may be made at the option of the Company (i) by checks mailed to the addresses of the persons entitled thereto as such addresses shall appear in the register of
the Notes or (ii) by wire transfer to persons who are holders of record at such other addresses that have been filed with the Bank on or prior to the Record Date. 
 Payment of the principal, premium, if any, and interest payable at Stated Maturity, or, if applicable, upon redemption, on this Note will be made in immediately available funds at the request of the
holder provided that this Note is presented to the Bank in time for the Bank to make such payments in such funds in accordance with its normal procedures. 
 Reference is made to the further provisions of this Note set forth on the reverse hereof, which shall have the same effect as though fully set forth at this place. 

Unless the certificate of authentication hereon has been executed by or on behalf of the Trustee or a duly designated authentication
agent by manual signature, this Note shall not be entitled to any benefit under said Indenture, or be valid or obligatory for any purpose. 

  
 3 

 IN WITNESS WHEREOF, Baltimore Gas and Electric Company has caused this instrument to be
executed in its corporate name with the manual or facsimile signature of its President or a Vice President and a facsimile of its corporate seal to be imprinted hereon, attested by the manual or facsimile signature of its Secretary or an Assistant
Secretary. 
  

			
	BALTIMORE GAS AND ELECTRIC COMPANY
		
	By:	 	  

		 	 Name:

Title:

	
	ATTEST:
		
	By:	 	  

		 	Name: 
		 	Title:

 CERTIFICATE OF AUTHENTICATION 
 This is one of the Securities of the series designated herein issued under the Indenture described herein. 

 

			
	 DEUTSCHE BANK TRUST COMPANY AMERICAS,
   as Trustee under the Indenture

		
	By:	 	  

		 	Name:
		 	Title:
		
	By:	 	  

		 	Name:
		 	Title:

 Dated: 

  
 4 

 (REVERSE) 
 BALTIMORE GAS AND ELECTRIC COMPANY 
 3.50% NOTE DUE NOVEMBER 15, 2021 

This Note is one of a duly authorized issue of debt securities (the “Securities”) of the Company, of a series designated
as its 3.50% Notes due November 15, 2021 (herein called the “Notes”), issued and to be issued under the Indenture, to which Indenture and all relevant indentures supplemental thereto reference is hereby made for a statement of
the respective rights, obligations, duties and immunities thereunder of the Company, the Trustee, the Bank and the Securityholders and the terms upon which the Notes are, and are to be, authenticated and delivered. The Securities, of which the Notes
constitute a series, may be issued in one or more series, which different series may be issued in various aggregate principal amounts, may mature at different times, may bear interest at different rates, may be subject to different covenants and
Events of Default and may otherwise vary as in the Indenture provided. All capitalized terms not otherwise defined herein shall have the definitions assigned to them in the Indenture. 

The Company is not required to repurchase Notes from holders prior to Stated Maturity. 

In the event of redemption of this Note in part only, a new Note or Notes of this series, having the same Stated Maturity, optional
redemption provisions, Interest Rate and other terms and provisions of this Note, in authorized denominations in an aggregate principal amount equal to the unredeemed portion hereof will be issued in the name of the holder hereof upon the surrender
hereof. 
 The Notes will not be subject to conversion, amortization or any sinking fund. 

As provided in the Indenture and subject to certain limitations herein and therein set forth, the transfer of this Note may be registered
on the register of the Notes, upon surrender of this Note for registration of transfer at the Bank, or at such other agencies as may be designated pursuant to the Indenture, duly endorsed by, or accompanied by a written instrument of transfer in
form satisfactory to the Trustee or the Bank duly executed by, the holder hereof or his attorney duly authorized in writing, and thereupon one or more new Notes, of authorized denominations and for the same aggregate principal amount, will be issued
to the designated transferee or transferees. 
 The Notes are issuable only as registered Notes without coupons in denominations
of $1,000 or any amount in excess thereof that is an integral multiple of $1,000. As provided in the Indenture, and subject to certain limitations herein and therein set forth, the Notes are exchangeable for a like aggregate principal amount of
Notes of other authorized denominations having the same interest rate, Stated Maturity, optional redemption provisions, if any, and Original Issue Date, as requested by the Securityholder surrendering the same. 

No service charge will be made for any such registration of transfer or exchange, but the Company may require payment of a sum sufficient
to cover any tax or other governmental charge payable in connection therewith. 

  
 5 

 The Company, the Trustee, the Bank, the Security registrar and any agent of the Company, the
Trustee, the Bank, or the Security registrar may treat the Securityholder in whose name this Note is registered as the absolute owner hereof for the purpose of receiving payment as herein provided and for all other purposes, whether or not this Note
is overdue, and neither the Company, the Trustee, the Bank, the Security registrar nor any such agent shall be affected by notice to the contrary. 
 If an Event of Default (as defined in the Indenture) with respect to the Notes shall occur and be continuing, the principal of all the Notes may be declared due and payable in the manner and with the
effect provided in the Indenture. 
 The Indenture permits, with certain exceptions as therein provided, the amendment thereof
and the modification of the rights and obligations of the Company and the rights of the holders of the Securities of any series under the Indenture at any time by the Company with the consent of the holders of not less than 66 2/3% in aggregate
principal amount of the Securities at the time Outstanding to be affected (voting as one class). The Indenture also permits the Company and the Trustee to enter into supplemental indentures without the consent of the holders of Securities of any
series for certain purposes specified in the Indenture, including the making of such other provisions in regard to matters arising under the Indenture which shall not adversely affect the interest of the holders of such Securities. The Indenture
also contains provisions permitting the holders of specified percentages in aggregate principal amount of the Securities of any series at the time Outstanding, on behalf of the holders of all the Securities of such series, to waive compliance by the
Company with certain provisions of the Indenture and certain past Defaults under the Indenture and their consequences. Any such consent or waiver by the holder of this Note shall be conclusive and binding upon such holder and upon all future holders
of this Note and of any Note issued upon the registration of transfer hereof or in exchange herefor or in lieu hereof whether or not notation of such consent or waiver is made upon this Note. 

The Indenture provides that no holder of any Security of any series may enforce any remedy with respect to such series under the
Indenture except in the case of refusal or neglect of the Trustee to act after notice of a continuing Event of Default and after written request by the holders of not less than 25% in aggregate principal amount of the Outstanding Securities of such
series and the offer to the Trustee of reasonable indemnity; provided, however, that such provision shall not prevent the holder hereof from enforcing payment of the principal of or interest on this Note. 

No reference herein to the Indenture and no provision of this Note or of the Indenture shall alter or impair the obligation of the
Company, which is absolute and unconditional, to pay the principal of and interest on this Note at the times, place and rate, and in the coin or currency, herein prescribed. 
 No recourse shall be had for the payment of the principal of or the interest on this Note, or for any claim based hereon, or otherwise in respect hereof, or based on or in respect of the Indenture or any
indenture supplemental thereto, against any incorporator, stockholder, officer or director, as such, past, present or future, of the Company or any predecessor or successor corporation, whether by virtue of any constitution, statute or rule of law,
or by the enforcement 

  
 6 

 
of any assessment or penalty or otherwise, all such liability being, by the acceptance hereof and as part of the consideration for the issue hereof, expressly waived and released. This Note shall
be governed by and construed in accordance with the laws of the State of New York. 

  
 7 

 ASSIGNMENT FORM 
 To assign this Note, fill in the form below: 
  

			
	Assignee’s Social Security or Tax I.D. Number:	 	  

 FOR VALUE RECEIVED, the undersigned hereby sells, assigns and transfers unto 

 
  
  

 
  
  

(Print or Type Assignee’s Name, Address and Zip Code) 
 the within Note of the Company and hereby does irrevocably constitute and appoint 
  

 
  
  

 
  
 Attorney to transfer the said Note on the books of the Company, with full power of substitution in the premises. 
  

			
	  

	Signature of Assignor
	(Sign exactly as name appears on the face of the Note)
		
	Dated:	 	  

  
 8 

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

  
 9

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