Document:

EX-4.3

 Exhibit 4.3 

ELI LILLY AND COMPANY 

Officers’ Certificate Pursuant to 

Section 3.01 of the Indenture 

, 2021 
 The undersigned,
Philip Johnson, Senior Vice President, Finance, and Treasurer of Eli Lilly and Company, an Indiana corporation (the “Company”), and Jonathan Groff, Counsel—Corporate Securities and Assistant Secretary of the Company, pursuant
to Section 3.01 of the Indenture dated as of February l, 1991 (the “Indenture”), between the Company and Deutsche Bank Trust Company Americas (as successor to Citibank, N.A.), as trustee (the “Trustee”), as
authorized by resolutions of the Board of Directors of the Company, dated February 7, 2019 and August 10, 2021, and minutes of the Risk Management Committee of the Company at its meeting on July 27, 2021 (collectively, the
“Board Resolutions”), do hereby certify as follows: 
 (i) There are hereby established four series of debt securities to be
issued under the Indenture. The title of such series of the debt securities shall be the “0.500% Notes due 2033” (the “0.500% Notes”), “1.125% Notes due 2051” (the “1.125% Notes”), “1.375%%
Notes due 2061” (the “1.375% Notes”) and the “1.625% Notes due 2043” (the “1.625% Notes” and, collectively with the 0.500% Notes, the 1.125% Notes and the 1.375% Notes, the “Notes”),
respectively. 
 (ii) The four series of Notes shall be in the forms, and shall have the terms, set forth as Annex A-1, Annex A-2, Annex A-3 and Annex A-4, respectively, attached
hereto. The Notes shall be issued in the form of Registered Securities and shall not be issued in the form of Bearer Securities. 
 (iii) The
initial limit upon the aggregate principal amount of the Notes that may be authenticated and delivered under the Indenture (except for Notes authenticated and delivered upon registration or transfer of, or in exchange for, or in lieu of, other Notes
pursuant to Section 3.04, 3.05, 3.06, 4.03 or 10.04 of the Indenture) is six hundred million euros (€600,000,000) with respect to the 0.500% Notes, five hundred million euros (€500,000,000) with respect to the 1.125% Notes, seven
hundred million euros (€700,000,000) with respect to the 1.375% Notes and two hundred and fifty million pounds sterling (£250,000,000) with respect to the 1.625% Notes; provided, however, that, without the consent of the Holders of
any Securities, the Company may at any time issue additional Securities having the same terms as the Notes of a particular series other than the date of original issuance and the first Interest Payment Date applicable to such additional Securities.
Any such additional Securities will constitute a single series of Securities with the applicable Notes under the Indenture. 
 (iv) The
principal amount of each Note shall be payable on September 14, 2033 with respect to the 0.500% Notes, September 14, 2051 with respect to the 1.125% Notes, September 14, 2061 with respect to the 1.375% Notes and September 14,
2043 with respect to the 1.625% Notes, unless redeemed prior to such time in accordance with clause (xiii) below. 

 (v) The 0.500% Notes shall bear interest at the rate of 0.500% per annum from
September 14, 2021. The 1.125% Notes shall bear interest at the rate of 1.125% per annum from September 14, 2021. The 1.375% Notes shall bear interest at the rate of 1.375% per annum from September 14, 2021. The 1.625% Notes shall
bear interest at the rate of 1.625% per annum from September 14, 2021. The Interest Payment Date for the 0.500% Notes shall be September 14 of each year, commencing on September 14, 2022. The Interest Payment Date for the 1.125% Notes
shall be September 14 of each year, commencing on September 14, 2022. The Interest Payment Date for the 1.375% Notes shall be September 14 of each year, commencing on September 14, 2022. The Interest Payment Date for the 1.625%
Notes shall be September 14 of each year, commencing on September 14, 2022. 
 (vi) Interest shall be payable to the person in
whose name a Note (or any Predecessor Security) is registered at the close of business on the Regular Record Date immediately preceding the Interest Payment Date (or, in the case of Defaulted Interest, in the manner provided in Section 3.07 in
the Indenture). The “Regular Record Date” for each series of Notes shall be August 31 (whether or not a Business Day (as defined in each series of Notes)). Interest on the Notes 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 Interest Payment Date for the Notes (or from September 14, 2021, if no interest has been paid on the Notes), to but excluding
the next scheduled Interest Payment Date. This payment convention, which is set forth in the rulebook of the International Capital Market Association, is referred to as ACTUAL/ACTUAL (ICMA). 

(vii) The Company shall at all times maintain a Place of Payment for the Notes in the Borough of Manhattan, The City of New York. The Company
initially appoints Deutsche Bank Trust Company Americas, with a corporate trust office at 60 Wall Street, 24th Floor, New York, New York 10005, for such purpose. 

(viii) The Trustee is hereby appointed as the initial Paying Agent and the initial Security Registrar with respect to the Notes. 

(ix) Section 3.11 of the Indenture shall not be applicable to the Notes. 

(x) The 0.500% Notes, the 1.125% Notes and the 1.375% Notes shall be denominated, and amounts due thereon shall be payable, solely in euros;
provided, however, that if, on or after September 14, 2021, 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 Economic and 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 0.500% Notes, the 1.125% Notes and the 1.375% Notes shall be made in Dollars until the euro is again available to the Company or so used. The amount payable on any date in euro shall be converted into Dollars at the rate mandated by
the U.S. Federal Reserve Board as of the close of business on the second Business Day prior to the relevant date for the payment of principal, premium, if any, and interest, if any, on the 0.500% Notes, the 1.125% Notes or the 1.375% Notes, as the
case may be, or, in the event the U.S. Federal Reserve Board has not mandated a rate of conversion, on the basis of the most recent euro/Dollar exchange rate available on, or prior to, the second Business Day prior to the relevant date for the
payment of principal, premium, if any, and interest, if any, on the 0.500% Notes, the 1.125% Notes or the 1.375% Notes, as reported by Bloomberg. The Company shall 

  
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notify the Trustee in writing if any payment on the 0.500% Notes, the 1.125% Notes or the 1.375% Notes is to be made in Dollars. Upon depositing such payment with a Paying Agent, the Company
shall deliver an Officer’s Certificate to the Trustee and such Paying Agent (if such Paying Agent is not the Trustee) certifying that (1) pursuant to the terms of the Indenture and the 0.500% Notes, the 1.125% Notes or the 1.375% Notes, as
the case may be, such payment may be made in Dollars, (2) the conversion rate, (3) such conversion rate was determined in accordance with the terms of the Indenture and the 0.500% Notes, the 1.125% Notes or the 1.375% Notes, as the case
may be, and (4) the amount of the payment in Dollars. Any payment in respect of a 0.500% Note, a 1.125% Note or a 1.375% Note so made in Dollars will not constitute an Event of Default under the 0.500% Notes, the 1.125% Notes or the 1.375%
Notes, as the case may be, or the Indenture. Neither the Trustee nor the Paying Agent shall have any responsibility for any calculation or conversion in connection with the foregoing. 

(xi) The 1.625% Notes shall be denominated, and amounts due thereon shall be payable, solely in pounds sterling; provided, however, that
if, on or after September 14, 2021, pounds sterling are unavailable to the Company due to the imposition of exchange controls or other circumstances beyond the Company’s control if pounds sterling are no longer being used for the
settlement of transactions by public institutions of or within the international banking community, then all payments in respect of the 1.625% Notes shall be made in Dollars until pounds sterling are again available to the Company or so used. The
amount payable on any date in pounds sterling shall be converted into Dollars at the rate mandated by the U.S. Federal Reserve Board as of the close of business on the second Business Day prior to the relevant date for the payment of principal,
premium, if any, and interest, if any, on the 1.625% Notes or, in the event the U.S. Federal Reserve Board has not mandated a rate of conversion, on the basis of the most recent GBP/Dollar exchange rate available on or prior to the second Business
Day prior to the relevant date for the payment of principal, premium, if any, and interest, if any, on the 1.625% Notes, as reported by Bloomberg. The Company shall notify the Trustee in writing if any payment on the 1.625% Notes is to be made in
Dollars. Upon depositing such payment with a Paying Agent, the Company shall deliver an Officer’s Certificate to the Trustee and such Paying Agent (if such Paying Agent is not the Trustee) certifying that (1) pursuant to the terms of the
Indenture and the 1.625% Notes, such payment may be made in Dollars, (2) the conversion rate, (3) such conversion rate was determined in accordance with the terms of the Indenture and the 1.625% Notes, and (4) the amount of the
payment in Dollars. Any payment in respect of a 1.625% Note so made in Dollars will not constitute an Event of Default under the 1.625% 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. 
 (xii) The Notes shall not be subject to any sinking fund or analogous
provisions, and no Holder of the Notes shall have any right to cause the Company to redeem any Notes at the option of the Holder. 
 (xiii)
Each series of Notes shall be redeemable, in whole or in part, at the option of the Company at any time at the redemption prices determined in accordance with, and upon the terms and the conditions set forth in, the applicable Notes and the
Indenture. Each series of Notes shall also be redeemable, at the option of the Company, in whole, but not in part, upon the occurrence of certain tax events, at the redemption prices determined in accordance with, and upon the terms and the
conditions set forth in, the applicable Notes and the Indenture. 

  
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 (xiv) The Notes shall be issuable in the form of Global Securities registered in the name of
Euroclear Bank S.A./N.V. and Clearstream Banking, société anonyme, or their respective nominee. The Global Securities representing the Notes may be exchanged for definitive Notes only in the circumstances set forth in the
seventh or eighth paragraph of Section 3.05 of the Indenture and in accordance with Section 3.05 of the Indenture. 
 (xv) The
0.500% Notes, the 1.125% Notes and the 1.375% Notes shall be issued in minimum denominations of one hundred thousand euros (€100,000.00) and any integral multiples of one thousand euros (€1,000.00) in excess thereof. The 1.625% Notes shall
be issued in minimum denominations of one hundred thousand pounds sterling (£100,000.00) and any integral multiples of one thousand pounds sterling (£1,000.00) in excess thereof. 

(xvi) Section 12.02 of the Indenture shall be applicable to the Notes. 

(xvii) The Notes shall rank equally and pari passu with all other unsecured and unsubordinated indebtedness of the Company. 

(xviii) The Company shall pay additional interest on the Notes in certain circumstances, in accordance with, and upon the terms and conditions
set forth in, the Notes and the Indenture. 
 (xix) For purposes of the Notes, the following terms shall have the meanings set forth below:

 (1) “Discharged” means that the Company will be deemed to have paid and discharged the entire indebtedness represented by, and
obligations under, the Securities of the series as to which Section 12.02 of the Indenture is specified as applicable and to have satisfied all the obligations under the Indenture relating to the Securities of such series (and the Trustee, at
the expense of the Company, will execute proper instruments acknowledging the same), except (A) the rights of Holders thereof to receive, from the trust fund described in Section 12.02(q)(l) of the Indenture, payment of the principal of
and the interest, if any, on such Securities when such payments are due, (B) the Company’s obligations with respect to such Securities under Sections 3.05 and 3.06 (insofar as applicable to Securities of such series), 12.02 and 5.02 of the
Indenture and the Company’s obligations to the Trustee under Section 7.05 of the Indenture, (C) the rights of Holders of Securities of any series with respect to the currency or currency units in which they are to receive payments of
principal, premium, if any, and, interest and (D) the rights, powers, trusts, duties and immunities of the Trustee hereunder, will survive such discharge. The Company will reimburse the trust fund for any loss suffered by it as a result of any
tax, fee or other charge imposed on or assessed against deposited U.S. Government Obligations or Foreign Government Securities, as the case may be, or any principal or interest paid on such obligations, and, subject to the provisions of
Section 7.05 of the Indenture, will indemnify the Trustee against any claims made against the Trustee in connection with any such loss. 

(2) “Interest Payment Date,” when used with respect to any Security, means the Stated Maturity of an installment of interest on such
Security. 
 (3) “Special Record Date” for the payment of any Defaulted Interest on the Registered Security of any series means a
date fixed by the Trustee pursuant to Section 3.07 of the Indenture. 

  
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 (xx) Each of the undersigned has read and understands the provisions of the Indenture
setting forth conditions relating to the authentication and delivery by the Trustee of the Notes, and in respect of compliance with which this certificate is being delivered, and all definitions in the Indenture relating thereto. 

(xxi) Each of the undersigned has examined the Board Resolutions adopted as of or prior to the date hereof relating to the issuance, execution,
authentication, delivery and dating of the Notes, and such agreements, certificates of public officials, certificates of officers or other representatives of the Company and such other documents, certificates and corporate or other records as he or
she has deemed necessary or appropriate as a basis for the opinion hereinafter expressed. 
 (xxii) The examinations or investigations
described in paragraphs (xx) and (xxi) are sufficient to enable each of the undersigned to express an informed opinion as to whether or not the conditions precedent referred to above have been complied with in accordance with the terms of the
Indenture. 
 (xxiii) In the opinion of each of the undersigned, all covenants and conditions precedent to the issuance by the Company and
the authentication and delivery by the Trustee of the Notes, as requested in the order, dated as of the date hereof, pursuant to which the Company has requested that the Trustee authenticate and deliver the Notes, have been complied with in
accordance with the terms of the Indenture. 
 Capitalized terms used herein without definition shall have the respective meanings ascribed
to such terms in the Indenture. 
 [The Remainder of This Page Intentionally Left Blank; Signature Page Follows] 

  
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 IN WITNESS WHEREOF, the undersigned have hereunto set their hands on the date first set
forth above. 
  

			
	Eli Lilly and Company
		
	By:	 	  

	Name:	 	Philip Johnson
	Title:	 	Senior Vice President, Finance, and Treasurer
		
	By:	 	  

	Name:	 	Jonathan Groff
	Title:	 	Counsel - Corporate Securities and Assistant Secretary

 Annex A-l 

FORM OF 0.500% NOTE 

 ELI LILLY AND COMPANY 

Form of 0.500% Note due 2033 
  

			
	Certificate No. [*]	  	CUSIP No. 532457 CA4
	Registered Global Security	  	Common Code No. 238618606
		  	ISIN No. XS2386186063

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

UNLESS AND UNTIL IT IS EXCHANGED IN WHOLE OR IN PART FOR NOTES IN DEFINITIVE REGISTERED FORM, THIS GLOBAL NOTE MAY NOT BE TRANSFERRED EXCEPT AS
A WHOLE BY EUROCLEAR/CLEARSTREAM TO A NOMINEE OF EUROCLEAR/CLEARSTREAM, OR BY A NOMINEE OF EUROCLEAR/CLEARSTREAM TO EUROCLEAR/CLEARSTREAM OR ANOTHER NOMINEE OF EUROCLEAR/CLEARSTREAM, OR BY EUROCLEAR/CLEARSTREAM OR ANY SUCH NOMINEE TO A SUCCESSOR
DEPOSITARY OR TO A NOMINEE OF SUCH SUCCESSOR DEPOSITARY. 
 ELI LILLY AND COMPANY, an Indiana corporation (the
“Company,” which term includes any successor corporation under the Indenture referred to herein), for value received, hereby promises to pay to [*] or its registered assigns, the principal amount of [*] euros
(€[*]) on September 14, 2033 (the “Stated Maturity Date”), unless redeemed on any Redemption Date (as defined on the reverse hereof), on any date following certain tax events as described on the reverse
hereof (the Stated Maturity Date or any such Redemption Date is referred to herein as the “Maturity Date” with respect to the principal amount repayable on such date), upon surrender of this Note at the office or agency of
the Company for such payment in the City of New York, and to pay interest on the outstanding principal amount until the Maturity Date at the rate of 0.500% per annum on September 14 of each year, commencing on September 14, 2022 until the
date on which payment of said principal amount has been made or duly provided for; provided, however, that if this Note is in the form of a Global Security, then payments of principal of or premium, if any, or interest on this Note may be
made at the Company’s option by wire transfer of immediately available funds to the account specified by the Depositary for this Note; provided  

  
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further, that if this Note is not in the form of a Global Security, then payments of principal of and premium, if any, and interest on this Note may be made at the Company’s option by
check mailed to the address of the person entitled thereto as such address shall appear in the records of the Security Registrar. 

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 from September 14, 2021, if no interest has been paid on the Notes), to but excluding the next scheduled Interest Payment Date. This payment
convention, which is set forth in the rulebook of the International Capital Market Association, is referred to as ACTUAL/ACTUAL (ICMA). The interest payable on any Interest Payment Date shall be payable to the person in whose name this Note is
registered at the close of business on August 31 (whether or not a Business Day) immediately preceding such Interest Payment Date, except as otherwise provided in the Indenture. 

As set forth herein, the Company will pay additional amounts on this Note in certain circumstances. 

If the Maturity Date or any Interest Payment Date falls on a day that is not a Business Day, principal, premium, if any, and interest, if any
(in each case, together with any additional amounts, if applicable), payable with respect to the Maturity Date or such Interest Payment Date, as the case may be, shall be paid on the next succeeding Business Day with the same force and effect as if
made on the Maturity Date or such Interest Payment Date, as the case may be, and no additional interest shall accrue on the amount so payable for the period from and after the Maturity Date or such Interest Payment Date, as the case may be, to the
next succeeding Business Day. As used herein, “Business Day” shall mean any day, other than a Saturday or Sunday, (i) that is neither a legal holiday nor a day on which banking institutions are authorized or required by
law or regulation to close in the City of New York or London, and (ii) on which the Trans-European Automated Real-time Gross Settlement Express Transfer system (the TARGET2 system), or any successor thereto, operates. 

All payments on this Note will be payable in euro; provided, however, that if, on or after September 14, 2021, 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 Economic and 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 this Note shall be made in Dollars until the euro is again available to
the Company or so used. The amount payable on any date in euro shall be converted into Dollars at the rate mandated by the U.S. Federal Reserve Board as of the close of business on the second Business Day prior to the relevant date for the payment
of principal, premium, if any, and interest, if any, on this Note or, in the event the U.S. Federal Reserve Board has not mandated a rate of conversion, on the basis of the most recent euro/Dollar exchange rate available on or prior to the second
Business Day prior to the relevant date for the payment of principal, premium, if any, and interest, if any, on this Note, as reported by Bloomberg. The Company shall notify Deutsche Bank Trust Company Americas (as successor to Citibank, N.A.), as
trustee (the “Trustee”), in writing if any payment on this Note is to be made in Dollars. Upon depositing such payment with a Paying Agent, the Company shall 

  
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deliver an Officers’ Certificate to the Trustee and such Paying Agent (if such Paying Agent is not the Trustee) certifying that (1) pursuant to the terms of the Indenture and this Note,
such payment may be made in Dollars, (2) the conversion rate, (3) such conversion rate was determined in accordance with the terms of the Indenture and this Note, and (4) the amount of the payment in Dollars. Any payment in respect of
this Note so made in Dollars will not constitute an Event of Default under this Note or the Indenture. Neither the Trustee nor any Paying Agent shall have any responsibility for any calculation or conversion in connection with the foregoing. 

This Note is issued pursuant to, and shall be governed by, that certain Indenture (the “Indenture”), dated as of
February 1, 1991, between the Company and the Trustee. Capitalized terms used in this Note without definition shall have the respective meanings ascribed to them in the Indenture. 

The provisions of this Note are continued on the reverse hereof, and such continued provisions shall for all purposes have the same effect as
though fully set forth at this place. 
 Unless the certificate of authentication hereon has been executed by the Trustee by the manual
signature of one of its authorized officers, this Note shall not be entitled to the benefit under the Indenture or be valid or obligatory for any purpose. 

[This Space Intentionally Left Blank] 

  
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 IN WITNESS WHEREOF, Eli Lilly and Company has caused this instrument to be duly signed. 

 

			
	Eli Lilly and Company
		
	By:	 	
                     

	Name:	 	
	Title:	 	
		
	By:	 	
                     

	Name:	 	
	Title:	 	

 [SEAL] 

 This is one of the Securities of the series designated therein issued under the
within-mentioned Indenture. 
 Dated: 
  

			
	DEUTSCHE BANK TRUST COMPANY AMERICAS, as Trustee
		
	By:	 	
                     

	Authorized Officer
		
	By:	 	
                     

	Authorized Officer

 [REVERSE OF NOTE] 

This Note is one of a duly authorized issue of a series of debt securities (the “Securities”) of the Company,
designated as its 0.500% Notes due 2033 (the “Notes”). The Securities, including the Notes, are all issued or to be issued under and pursuant to the Indenture, to which Indenture, and all Board Resolutions and Officers’
Certificates as provided therein, reference is hereby made for a description of the rights, limitation of rights, obligations, duties and immunities thereunder of the Company, the Trustee and the Holders of the Notes, and the terms upon which the
Notes are, and are to be, authenticated and delivered. The Notes are initially limited to six hundred million euros (€600,000,000) in aggregate principal amount; provided, however, that the Company may at any time issue additional
Securities under the Indenture in unlimited amounts having the same terms as the Notes other than the date of original issuance and the first Interest Payment Date applicable to such additional Securities, and such Securities shall be treated as a
single series with the Notes for all purposes under the Indenture. 
 This Note shall constitute part of the Company’s unsecured and
unsubordinated obligations and shall rank equally in right of payment with all of the Company’s other existing and future unsecured and unsubordinated indebtedness. This Note shall be issuable in fully registered form only, in minimum
denominations of one hundred thousand euros (€100,000) and any integral multiples of one thousand euros (€1,000) in excess of that amount. 

In case an Event of Default shall have occurred and be continuing with respect to this Note, the principal hereof may be declared due and
payable, and upon such declaration shall become due and payable, in the manner, with the effect, and subject to the conditions provided in the Indenture. The Indenture permits the Holders of at least a majority in aggregate principal amount of the
Notes at the time outstanding to, on behalf of the Holders of all of the Notes and in the manner and subject to the provisions of the Indenture, waive certain past defaults and rescind and annul such past declarations and their consequences under
the Indenture. 
 The Indenture contains provisions permitting the Company and the Trustee, with consent of the Holders of not less than a
majority of the aggregate principal amount of the Notes at the time outstanding, evidenced as provided in the Indenture, to execute supplemental indentures for the purpose of adding any provisions to or changing in any manner or eliminating any of
the provisions of the Indenture or of any supplemental indenture with respect to the Notes or of modifying in any manner the rights of the Holders of the Notes; provided, however, that no such supplemental indenture shall
(i) extend the fixed maturity, or the earlier optional date of maturity, if any, of any Note, or reduce the principal amount thereof or the premium thereon, if any, or reduce the rate or extend the time of payment of interest, if any, thereon
or make the principal thereof or premium, if any, or interest, if any, thereon payable in any currency other than as provided pursuant to the Indenture or this Note, without the consent of the Holders of each Note so affected; or (ii) reduce
the aforesaid percentage of the Notes, the Holders of which are required to consent to any such supplemental indenture, without the consent of the Holders of all Notes then outstanding. 

The Notes shall not be entitled to the benefit of any mandatory redemption or sinking fund provisions. In addition, the Company may at any
time purchase the Notes by tender, in the open market or by private agreement, subject to applicable laws. 

 Optional Redemption 

Upon such notice as specified below and in accordance with the Indenture and the terms of this Note, the Notes are subject to redemption, in
whole or in part, at the election of the Company at any time or from time to time, on a date fixed for redemption (a “Redemption Date”) prior to the Par Call Date and at a “redemption price” equal to the greater of
the following amounts: 
  

	 	(i)	 100% of the principal amount of the Notes being redeemed on such Redemption Date; and 

 

	 	(ii)	 as calculated by the Quotation Agent (as defined below), the sum of the present values of the remaining
scheduled payments of principal and interest on the Notes being redeemed that would be due if such Notes matured on the Par Call Date (as defined below) (not including the amount, if any, of unpaid interest accrued to, but excluding, such Redemption
Date) discounted to such Redemption Date on an annual basis (ACTUAL/ACTUAL (ICMA)) at the Reference Dealer Rate (as defined below), plus 0.150% (or 15 basis points); 

plus, in each case, accrued and unpaid interest on such Notes to, but excluding, such Redemption Date. If the Company redeems all or any part of the
Notes on or after the Par Call Date, it shall pay a redemption price equal to 100% of the principal amount of the Notes being redeemed plus accrued and unpaid interest thereon. 

Notwithstanding the foregoing, installments of interest on the Notes that are due and payable on each Interest Payment Date falling on or
prior to a Redemption Date shall be payable on such Interest Payment Date to the Holder(s) as of the close of business on the Regular Record Date immediately preceding such Interest Payment Date. 

The Company shall mail notice of each redemption at least 10 days but not more than 60 days before the Redemption Date to each Holder of Notes
to be redeemed. Subject to any delay in the Redemption Date or rescission of the notice of redemption, once notice of redemption is mailed, the Notes called for redemption will become due and payable on the applicable Redemption Date at the
applicable redemption price. Any notice of redemption may, at the Company’s discretion, be subject to one or more conditions precedent, including completion of a corporate transaction. In such event, the related notice of redemption shall
describe each such condition and, if applicable, shall state that, at the Company’s discretion, the Redemption Date may be delayed until such time (including more than 60 days after the notice of redemption was given) as any or all such
conditions are satisfied or waived, or such redemption may not occur and such notice may be rescinded in the event that any or all such conditions have not been satisfied (or waived by the Company in its sole discretion) by the date of redemption,
or by the Redemption Date as so delayed. In the case of such delay or rescission, the Company shall provide written notice to the Trustee prior to the close of business two Business Days before the Redemption Date and, upon receipt, the Trustee
shall provide notice to each Holder of Notes to be redeemed. 

 “Par Call Date” means June 14, 2033. 

“Quotation Agent” means the Reference Dealer selected by the Company. 

“Reference Dealer” means any Euro security dealer(s) selected by the Company. 

“Reference Dealer Rate” means, with respect to each Reference Dealer and any Redemption Date prior to the Par Call
Date, the arithmetic average of the quotations quoted in writing to the Company by each Reference Dealer of the average midmarket annual yield to maturity of the 0.000% German government bond due August 15, 2031 or, if such security is no
longer outstanding, a similar security in the reasonable judgment of such Reference Dealer at 11:00 a.m. (London time) on the third Business Day preceding such Redemption Date. 

On and after any Redemption Date, interest will cease to accrue on the Notes or any portion of the Notes called for redemption (unless the
Company defaults in the payment of the redemption price therefor). Before any Redemption Date, the Company will deposit with a Paying Agent (or the Trustee) money sufficient to pay the redemption price of the Notes to be redeemed on such date. If
fewer than all of the Notes are to be redeemed, then the Notes to be redeemed shall be selected pro rata or by the Trustee by a method the Trustee deems to be fair and appropriate (which may include by lot) or, in case the Notes are represented by
one or more Global Securities, beneficial interests therein will be selected for redemption by Clearstream and Euroclear in accordance with their respective applicable procedures therefor. 

Redemption Upon a Tax Event 
 If
(i) the Company becomes or will become obligated to pay Additional Amounts (as defined below) as a result of any change in, or amendment to, the laws (or any regulations or rulings promulgated thereunder) of the United States (or any political
subdivision or taxing authority thereof or therein), or any change in, or amendment to, any 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 September 14, 2021, or (ii) a taxing authority of the United States takes an action on or after September 14, 2021, whether or not with respect to the Company or any of its affiliates, that results in a
substantial probability that the Company will or may be required to pay such Additional Amounts, in either case, with respect to the Notes for reasons outside the Company’s control and after taking reasonable measures available to the Company
to avoid such obligation, then the Company may, at its option, redeem, in whole, but not in part, the Notes at any time prior to maturity on not less than 30 nor more than 60 days’ prior notice to the Holders, at a redemption price equal to
100% of their principal amount, together with unpaid interest accrued thereon to the date fixed for redemption. No redemption pursuant to (ii) above may be made unless the Company shall have received an opinion of independent counsel to the
effect that an act taken by a taxing authority of the United States results in a substantial probability that it will or may be required to pay the Additional Amounts and the Company shall have delivered to the Trustee a certificate, signed by a
duly authorized officer, stating that based on such opinion, the Company is entitled to redeem the Notes pursuant to their terms. 

 Payment of Additional Amounts 

The Company shall, subject to the exceptions and limitations set forth below, pay as additional interest on the Notes such additional amounts
(“Additional Amounts”) as are necessary so that the net payment by the Company or a Paying Agent of the principal of and interest on the Notes to a person that is a Non-U.S. Holder (as
defined below), after deduction for any present or future tax, assessment or governmental charge of the United States or a political subdivision or taxing authority thereof or therein, imposed by withholding with respect to the payment, will not be
less than the amount that would have been payable in respect of the Notes had no withholding or deduction been required. 
 The
Company’s obligation to pay Additional Amounts shall not apply: 
 (i) to any tax, assessment or governmental charge that is imposed or
withheld solely because the beneficial owner, or a fiduciary, settlor, beneficiary or member of the beneficial owner if the beneficial owner is an estate, trust or partnership, or a person holding a power over an estate or trust administered by a
fiduciary holder: 
 (1) is or was present or engaged in a trade or business in the United States or has or had a permanent establishment in
the United States; 
 (2) is or was a citizen or resident or is or was treated as a resident of the United States; 

(3) is or was a foreign or domestic personal holding company, a passive foreign investment company or a controlled foreign corporation for the
United States federal income tax purposes, is or was a corporation that has accumulated earnings to avoid United States federal income tax or is or was a private foundation or other tax-exempt organization;

 (4) is or was an actual or constructive “10-percent shareholder” of ours, as defined in
Section 871(h)(3) of the U.S. Internal Revenue Code of 1986, as amended (the “Code”); or 
 (5) is or was a bank
receiving interest described in Section 881(c)(3)(A) of the Code; 
 (ii) to any Holder that is not the sole beneficial owner of Notes,
or that is a fiduciary or partnership, but only to the extent that the beneficial owner, a beneficiary or settlor with respect to the fiduciary, or a member of the partnership would not have been entitled to the payment of an Additional Amount had
such beneficial owner, beneficiary, settlor or member received directly its beneficial or distributive share of the payment; 
 (iii) to any
tax, assessment or governmental charge that is imposed or withheld solely because the beneficial owner or any other person failed 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 Notes, if compliance is required by statute, by regulation of the United States Treasury Department 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; 

 (iv) to any tax, assessment or governmental charge that is imposed other than by deduction
or withholding by the Company or a Paying Agent from the payment; 
 (v) to any tax, assessment or governmental charge that is imposed or
withheld solely because of a change in law, regulation, or administrative or judicial interpretation that becomes effective after the day on which the payment becomes due or is duly provided for, whichever occurs later; 

(vi) to any estate, inheritance, gift, sales, excise, transfer, wealth or personal property tax or any similar tax, assessment or governmental
charge; 
 (vii) to any tax, assessment or other governmental charge any Paying Agent (which term may include the Company) must withhold from
any payment of principal of or interest on any Note, if such payment can be made without such withholding by any other Paying Agent; 

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

(ix) to any withholding or deduction pursuant to an agreement described in Section 1471(b) of the Code, or otherwise imposed pursuant to
Sections 1471 through 1474 of the Code (or any regulations or agreements thereunder or official interpretations thereof) or any intergovernmental agreement between the United States and another jurisdiction for cooperation to facilitate the
implementation thereof (or any law implementing such an intergovernmental agreement); or 
 (x) in the case of any combination of the above
items. 
 “Non-U.S. Holder” means (i) an individual that is a non-resident alien, (ii) a corporation organized or created under non-U.S. law, or (iii) an estate or trust that is not taxable in the United States on its worldwide
income. 
 Except as specifically provided herein, the Company shall not be required to make any payment with respect to any tax, assessment
or governmental charge imposed by any government or a political subdivision or taxing authority. In particular, the Company shall not be not obligated to pay Additional Amounts on any Note presented for payment by or on behalf of a beneficial owner
who would have been able to avoid the withholding or deduction by presenting such Note to another Paying Agent in a member state of the European Union or the United Kingdom. 

 Miscellaneous 

The Notes are subject to the defeasance provisions set forth in Section 12.02 of the Indenture. 

Except as expressly provided herein, the Company shall not pay any additional amounts on any of the Notes to any person, including any Holder
who is not a United States Person in respect of any tax, assessment or governmental charge withheld or deducted. 
 No reference herein to
the Indenture and no provision of this Note or of the Indenture or of any Board Resolution shall alter or impair the obligation of the Company, which is absolute and unconditional, to pay the principal of and premium, if any, and interest on this
Note at the times and places and at the rate and in the coin and currency herein prescribed. 
 This Note is transferable by the Holder
hereof in person or by his or her attorney duly authorized in writing on the books of the Company at the office or agency to be maintained by the Company for that purpose in the City of New York, but only in the manner, subject to the limitations
and upon payment of any tax or governmental charge for which the Company may require reimbursement as provided in the Indenture, and upon surrender and cancellation of this Note. Upon any registration of transfer, a new registered Note or Notes, of
authorized denomination or authorized denominations and like tenor and terms, and in the same aggregate principal amount, shall be issued to the transferee in exchange therefor. 

The Company, the Trustee, any Paying Agent and any Security Registrar may deem and treat the Holder hereof as the absolute owner of this Note
(whether or not this Note shall be overdue and notwithstanding any notations of ownership or other writing hereon made by anyone other than the Security Registrar) for the purpose of receiving payment of or on account of the principal hereof and
premium, if any, and interest due hereon as herein provided and for all other purposes, and none of the Company, the Trustee, any Paying Agent or any Security Registrar shall be affected by any notice to the contrary. 

No recourse shall be had for the payment of the principal of or premium, if any, or 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 supplemental indenture thereto or any Board Resolution, against any Person other than the Company or against any incorporator, stockholder, officer or director, past,
present or future, as such, of the Company or any other Person, 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 issuance of this Note, expressly waived and released. 
 This Note shall be governed by and construed in
accordance with the laws of the State of New York. 

 Annex A-2 

FORM OF 1.125% NOTE 

 ELI LILLY AND COMPANY 

Form of 1.125% Note due 2051 
  

			
	Certificate No. [*]	  	CUSIP No. 532457 CB2
	Registered Global Security	  	Common Code No. 238618657
		  	ISIN No. XS2386186576

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

UNLESS AND UNTIL IT IS EXCHANGED IN WHOLE OR IN PART FOR NOTES IN DEFINITIVE REGISTERED FORM, THIS GLOBAL NOTE MAY NOT BE TRANSFERRED EXCEPT AS
A WHOLE BY EUROCLEAR/CLEARSTREAM TO A NOMINEE OF EUROCLEAR/CLEARSTREAM, OR BY A NOMINEE OF EUROCLEAR/CLEARSTREAM TO EUROCLEAR/CLEARSTREAM OR ANOTHER NOMINEE OF EUROCLEAR/CLEARSTREAM, OR BY EUROCLEAR/CLEARSTREAM OR ANY SUCH NOMINEE TO A SUCCESSOR
DEPOSITARY OR TO A NOMINEE OF SUCH SUCCESSOR DEPOSITARY. 
 ELI LILLY AND COMPANY, an Indiana corporation (the
“Company,” which term includes any successor corporation under the Indenture referred to herein), for value received, hereby promises to pay to [*] or its registered assigns, the principal amount of [*] euros
(€[*]) on September 14, 2051 (the “Stated Maturity Date”), unless redeemed on any Redemption Date (as defined on the reverse hereof), on any date following certain tax events as described on the reverse
hereof (the Stated Maturity Date or any such Redemption Date is referred to herein as the “Maturity Date” with respect to the principal amount repayable on such date), upon surrender of this Note at the office or agency of
the Company for such payment in the City of New York, and to pay interest on the outstanding principal amount until the Maturity Date at the rate of 1.125% per annum on September 14 of each year, commencing on September 14, 2022 until the
date on which payment of said principal amount has been made or duly provided for; provided, however, that if this Note is in the form of a Global Security, then payments of principal of or premium, if any, or interest on this Note may be
made at the Company’s option by wire transfer of immediately available funds to the account specified by the Depositary for this Note; provided  

  
 2 

 
further, that if this Note is not in the form of a Global Security, then payments of principal of and premium, if any, and interest on this Note may be made at the Company’s option by
check mailed to the address of the person entitled thereto as such address shall appear in the records of the Security Registrar. 

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 from September 14, 2021, if no interest has been paid on the Notes), to but excluding the next scheduled Interest Payment Date. This payment
convention, which is set forth in the rulebook of the International Capital Market Association, is referred to as ACTUAL/ACTUAL (ICMA). The interest payable on any Interest Payment Date shall be payable to the person in whose name this Note is
registered at the close of business on August 31 (whether or not a Business Day) immediately preceding such Interest Payment Date, except as otherwise provided in the Indenture. 

As set forth herein, the Company will pay additional amounts on this Note in certain circumstances. 

If the Maturity Date or any Interest Payment Date falls on a day that is not a Business Day, principal, premium, if any, and interest, if any
(in each case, together with any additional amounts, if applicable), payable with respect to the Maturity Date or such Interest Payment Date, as the case may be, shall be paid on the next succeeding Business Day with the same force and effect as if
made on the Maturity Date or such Interest Payment Date, as the case may be, and no additional interest shall accrue on the amount so payable for the period from and after the Maturity Date or such Interest Payment Date, as the case may be, to the
next succeeding Business Day. As used herein, “Business Day” shall mean any day, other than a Saturday or Sunday, (i) that is neither a legal holiday nor a day on which banking institutions are authorized or required by
law or regulation to close in the City of New York or London, and (ii) on which the Trans-European Automated Real-time Gross Settlement Express Transfer system (the TARGET2 system), or any successor thereto, operates. 

All payments on this Note will be payable in euro; provided, however, that if, on or after September 14, 2021, 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 Economic and 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 this Note shall be made in Dollars until the euro is again available to
the Company or so used. The amount payable on any date in euro shall be converted into Dollars at the rate mandated by the U.S. Federal Reserve Board as of the close of business on the second Business Day prior to the relevant date for the payment
of principal, premium, if any, and interest, if any, on this Note or, in the event the U.S. Federal Reserve Board has not mandated a rate of conversion, on the basis of the most recent euro/Dollar exchange rate available on or prior to the second
Business Day prior to the relevant date for the payment of principal, premium, if any, and interest, if any, on this Note, as reported by Bloomberg. The Company shall notify Deutsche Bank Trust Company Americas (as successor to Citibank, N.A.), as
trustee (the “Trustee”), in writing if any payment on this Note is to be made in Dollars. Upon depositing such payment with a Paying Agent, the Company shall 

  
 3 

 
deliver an Officers’ Certificate to the Trustee and such Paying Agent (if such Paying Agent is not the Trustee) certifying that (1) pursuant to the terms of the Indenture and this Note,
such payment may be made in Dollars, (2) the conversion rate, (3) such conversion rate was determined in accordance with the terms of the Indenture and this Note, and (4) the amount of the payment in Dollars. Any payment in respect of
this Note so made in Dollars will not constitute an Event of Default under this Note or the Indenture. Neither the Trustee nor any Paying Agent shall have any responsibility for any calculation or conversion in connection with the foregoing. 

This Note is issued pursuant to, and shall be governed by, that certain Indenture (the “Indenture”), dated as of
February 1, 1991, between the Company and the Trustee. Capitalized terms used in this Note without definition shall have the respective meanings ascribed to them in the Indenture. 

The provisions of this Note are continued on the reverse hereof, and such continued provisions shall for all purposes have the same effect as
though fully set forth at this place. 
 Unless the certificate of authentication hereon has been executed by the Trustee by the manual
signature of one of its authorized officers, this Note shall not be entitled to the benefit under the Indenture or be valid or obligatory for any purpose. 

[This Space Intentionally Left Blank] 

  
 4 

 IN WITNESS WHEREOF, Eli Lilly and Company has caused this instrument to be duly signed. 

 

			
	Eli Lilly and Company
		
	By:	 	          

	Name:	 	
	Title:	 	
		
	By:	 	              

	Name:	 	
	Title:	 	

 [SEAL] 

 This is one of the Securities of the series designated therein issued under the
within-mentioned Indenture. 
 Dated: 
  

			
	DEUTSCHE BANK TRUST COMPANY AMERICAS, as Trustee
		
	By:	 	          

	Authorized Officer
		
	By:	 	
                 

	Authorized Officer

 [REVERSE OF NOTE] 

This Note is one of a duly authorized issue of a series of debt securities (the “Securities”) of the Company,
designated as its 1.125% Notes due 2051 (the “Notes”). The Securities, including the Notes, are all issued or to be issued under and pursuant to the Indenture, to which Indenture, and all Board Resolutions and Officers’
Certificates as provided therein, reference is hereby made for a description of the rights, limitation of rights, obligations, duties and immunities thereunder of the Company, the Trustee and the Holders of the Notes, and the terms upon which the
Notes are, and are to be, authenticated and delivered. The Notes are initially limited to five hundred million euros (€500,000,000) in aggregate principal amount; provided, however, that the Company may at any time issue
additional Securities under the Indenture in unlimited amounts having the same terms as the Notes other than the date of original issuance and the first Interest Payment Date applicable to such additional Securities, and such Securities shall be
treated as a single series with the Notes for all purposes under the Indenture. 
 This Note shall constitute part of the Company’s
unsecured and unsubordinated obligations and shall rank equally in right of payment with all of the Company’s other existing and future unsecured and unsubordinated indebtedness. This Note shall be issuable in fully registered form only, in
minimum denominations of one hundred thousand euros (€100,000) and any integral multiples of one thousand euros (€1,000) in excess of that amount. 

In case an Event of Default shall have occurred and be continuing with respect to this Note, the principal hereof may be declared due and
payable, and upon such declaration shall become due and payable, in the manner, with the effect, and subject to the conditions provided in the Indenture. The Indenture permits the Holders of at least a majority in aggregate principal amount of the
Notes at the time outstanding to, on behalf of the Holders of all of the Notes and in the manner and subject to the provisions of the Indenture, waive certain past defaults and rescind and annul such past declarations and their consequences under
the Indenture. 
 The Indenture contains provisions permitting the Company and the Trustee, with consent of the Holders of not less than a
majority of the aggregate principal amount of the Notes at the time outstanding, evidenced as provided in the Indenture, to execute supplemental indentures for the purpose of adding any provisions to or changing in any manner or eliminating any of
the provisions of the Indenture or of any supplemental indenture with respect to the Notes or of modifying in any manner the rights of the Holders of the Notes; provided, however, that no such supplemental indenture shall
(i) extend the fixed maturity, or the earlier optional date of maturity, if any, of any Note, or reduce the principal amount thereof or the premium thereon, if any, or reduce the rate or extend the time of payment of interest, if any, thereon
or make the principal thereof or premium, if any, or interest, if any, thereon payable in any currency other than as provided pursuant to the Indenture or this Note, without the consent of the Holders of each Note so affected; or (ii) reduce
the aforesaid percentage of the Notes, the Holders of which are required to consent to any such supplemental indenture, without the consent of the Holders of all Notes then outstanding. 

The Notes shall not be entitled to the benefit of any mandatory redemption or sinking fund provisions. In addition, the Company may at any
time purchase the Notes by tender, in the open market or by private agreement, subject to applicable laws. 

 Optional Redemption 

Upon such notice as specified below and in accordance with the Indenture and the terms of this Note, the Notes are subject to redemption, in
whole or in part, at the election of the Company at any time or from time to time, on a date fixed for redemption (a “Redemption Date”) prior to the Par Call Date and at a “redemption price” equal to the greater of
the following amounts: 
  

	 	(i)	 100% of the principal amount of the Notes being redeemed on such Redemption Date; and 

 

	 	(ii)	 as calculated by the Quotation Agent (as defined below), the sum of the present values of the remaining
scheduled payments of principal and interest on the Notes being redeemed that would be due if such Notes matured on the Par Call Date (as defined below) (not including the amount, if any, of unpaid interest accrued to, but excluding, such Redemption
Date) discounted to such Redemption Date on an annual basis (ACTUAL/ACTUAL (ICMA)) at the Reference Dealer Rate (as defined below), plus 0.200% (or 20 basis points); 

plus, in each case, accrued and unpaid interest on such Notes to, but excluding, such Redemption Date. If the Company redeems all or any part of the
Notes on or after the Par Call Date, it shall pay a redemption price equal to 100% of the principal amount of the Notes being redeemed plus accrued and unpaid interest thereon. 

Notwithstanding the foregoing, installments of interest on the Notes that are due and payable on each Interest Payment Date falling on or
prior to a Redemption Date shall be payable on such Interest Payment Date to the Holder(s) as of the close of business on the Regular Record Date immediately preceding such Interest Payment Date. 

The Company shall mail notice of each redemption at least 10 days but not more than 60 days before the Redemption Date to each Holder of Notes
to be redeemed. Subject to any delay in the Redemption Date or rescission of the notice of redemption, once notice of redemption is mailed, the Notes called for redemption will become due and payable on the applicable Redemption Date at the
applicable redemption price. Any notice of redemption may, at the Company’s discretion, be subject to one or more conditions precedent, including completion of a corporate transaction. In such event, the related notice of redemption shall
describe each such condition and, if applicable, shall state that, at the Company’s discretion, the Redemption Date may be delayed until such time (including more than 60 days after the notice of redemption was given) as any or all such
conditions are satisfied or waived, or such redemption may not occur and such notice may be rescinded in the event that any or all such conditions have not been satisfied (or waived by the Company in its sole discretion) by the date of redemption,
or by the Redemption Date as so delayed. In the case of such delay or rescission, the Company shall provide written notice to the Trustee prior to the close of business two Business Days before the Redemption Date and, upon receipt, the Trustee
shall provide notice to each Holder of Notes to be redeemed. 

 “Par Call Date” means March 14, 2051. 

“Quotation Agent” means the Reference Dealer selected by the Company. 

“Reference Dealer” means any Euro security dealer(s) selected by the Company. 

“Reference Dealer Rate” means, with respect to each Reference Dealer and any Redemption Date prior to the Par Call
Date, the arithmetic average of the quotations quoted in writing to the Company by each Reference Dealer of the average midmarket annual yield to maturity of the 0.000% German government bond due August 15, 2050 or, if such security is no
longer outstanding, a similar security in the reasonable judgment of such Reference Dealer at 11:00 a.m. (London time) on the third Business Day preceding such Redemption Date. 

On and after any Redemption Date, interest will cease to accrue on the Notes or any portion of the Notes called for redemption (unless the
Company defaults in the payment of the redemption price therefor). Before any Redemption Date, the Company will deposit with a Paying Agent (or the Trustee) money sufficient to pay the redemption price of the Notes to be redeemed on such date. If
fewer than all of the Notes are to be redeemed, then the Notes to be redeemed shall be selected pro rata or by the Trustee by a method the Trustee deems to be fair and appropriate (which may include by lot) or, in case the Notes are represented by
one or more Global Securities, beneficial interests therein will be selected for redemption by Clearstream and Euroclear in accordance with their respective applicable procedures therefor. 

Redemption Upon a Tax Event 
 If
(i) the Company becomes or will become obligated to pay Additional Amounts (as defined below) as a result of any change in, or amendment to, the laws (or any regulations or rulings promulgated thereunder) of the United States (or any political
subdivision or taxing authority thereof or therein), or any change in, or amendment to, any 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 September 14, 2021, or (ii) a taxing authority of the United States takes an action on or after September 14, 2021, whether or not with respect to the Company or any of its affiliates, that results in a
substantial probability that the Company will or may be required to pay such Additional Amounts, in either case, with respect to the Notes for reasons outside the Company’s control and after taking reasonable measures available to the Company
to avoid such obligation, then the Company may, at its option, redeem, in whole, but not in part, the Notes at any time prior to maturity on not less than 30 nor more than 60 days’ prior notice to the Holders, at a redemption price equal to
100% of their principal amount, together with unpaid interest accrued thereon to the date fixed for redemption. No redemption pursuant to (ii) above may be made unless the Company shall have received an opinion of independent counsel to the
effect that an act taken by a taxing authority of the United States results in a substantial probability that it will or may be required to pay the Additional Amounts and the Company shall have delivered to the Trustee a certificate, signed by a
duly authorized officer, stating that based on such opinion, the Company is entitled to redeem the Notes pursuant to their terms. 

 Payment of Additional Amounts 

The Company shall, subject to the exceptions and limitations set forth below, pay as additional interest on the Notes such additional amounts
(“Additional Amounts”) as are necessary so that the net payment by the Company or a Paying Agent of the principal of and interest on the Notes to a person that is a Non-U.S. Holder (as
defined below), after deduction for any present or future tax, assessment or governmental charge of the United States or a political subdivision or taxing authority thereof or therein, imposed by withholding with respect to the payment, will not be
less than the amount that would have been payable in respect of the Notes had no withholding or deduction been required. 
 The
Company’s obligation to pay Additional Amounts shall not apply: 
 (i) to any tax, assessment or governmental charge that is imposed or
withheld solely because the beneficial owner, or a fiduciary, settlor, beneficiary or member of the beneficial owner if the beneficial owner is an estate, trust or partnership, or a person holding a power over an estate or trust administered by a
fiduciary holder: 
 (1) is or was present or engaged in a trade or business in the United States or has or had a permanent establishment in
the United States; 
 (2) is or was a citizen or resident or is or was treated as a resident of the United States; 

(3) is or was a foreign or domestic personal holding company, a passive foreign investment company or a controlled foreign corporation for the
United States federal income tax purposes, is or was a corporation that has accumulated earnings to avoid United States federal income tax or is or was a private foundation or other tax-exempt organization;

 (4) is or was an actual or constructive “10-percent shareholder” of ours, as defined in
Section 871(h)(3) of the U.S. Internal Revenue Code of 1986, as amended (the “Code”); or 
 (5) is or was a bank
receiving interest described in Section 881(c)(3)(A) of the Code; 
 (ii) to any Holder that is not the sole beneficial owner of Notes,
or that is a fiduciary or partnership, but only to the extent that the beneficial owner, a beneficiary or settlor with respect to the fiduciary, or a member of the partnership would not have been entitled to the payment of an Additional Amount had
such beneficial owner, beneficiary, settlor or member received directly its beneficial or distributive share of the payment; 
 (iii) to any
tax, assessment or governmental charge that is imposed or withheld solely because the beneficial owner or any other person failed 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 Notes, if compliance is required by statute, by regulation of the United States Treasury Department 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; 

 (iv) to any tax, assessment or governmental charge that is imposed other than by deduction
or withholding by the Company or a Paying Agent from the payment; 
 (v) to any tax, assessment or governmental charge that is imposed or
withheld solely because of a change in law, regulation, or administrative or judicial interpretation that becomes effective after the day on which the payment becomes due or is duly provided for, whichever occurs later; 

(vi) to any estate, inheritance, gift, sales, excise, transfer, wealth or personal property tax or any similar tax, assessment or governmental
charge; 
 (vii) to any tax, assessment or other governmental charge any Paying Agent (which term may include the Company) must withhold from
any payment of principal of or interest on any Note, if such payment can be made without such withholding by any other Paying Agent; 

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

(ix) to any withholding or deduction pursuant to an agreement described in Section 1471(b) of the Code, or otherwise imposed pursuant to
Sections 1471 through 1474 of the Code (or any regulations or agreements thereunder or official interpretations thereof) or any intergovernmental agreement between the United States and another jurisdiction for cooperation to facilitate the
implementation thereof (or any law implementing such an intergovernmental agreement); or 
 (x) in the case of any combination of the above
items. 
 “Non-U.S. Holder” means (i) an individual that is a non-resident alien, (ii) a corporation organized or created under non-U.S. law, or (iii) an estate or trust that is not taxable in the United States on its worldwide
income. 
 Except as specifically provided herein, the Company shall not be required to make any payment with respect to any tax, assessment
or governmental charge imposed by any government or a political subdivision or taxing authority. In particular, the Company shall not be not obligated to pay Additional Amounts on any Note presented for payment by or on behalf of a beneficial owner
who would have been able to avoid the withholding or deduction by presenting such Note to another Paying Agent in a member state of the European Union or the United Kingdom. 

Miscellaneous 
 The Notes are
subject to the defeasance provisions set forth in Section 12.02 of the Indenture. 

 Except as expressly provided herein, the Company shall not pay any additional amounts on any
of the Notes to any person, including any Holder who is not a United States Person in respect of any tax, assessment or governmental charge withheld or deducted. 

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

This Note is transferable by the Holder hereof in person or by his or her attorney duly authorized in writing on the books of the Company at
the office or agency to be maintained by the Company for that purpose in the City of New York, but only in the manner, subject to the limitations and upon payment of any tax or governmental charge for which the Company may require reimbursement as
provided in the Indenture, and upon surrender and cancellation of this Note. Upon any registration of transfer, a new registered Note or Notes, of authorized denomination or authorized denominations and like tenor and terms, and in the same
aggregate principal amount, shall be issued to the transferee in exchange therefor. 
 The Company, the Trustee, any Paying Agent and any
Security Registrar may deem and treat the Holder hereof as the absolute owner of this Note (whether or not this Note shall be overdue and notwithstanding any notations of ownership or other writing hereon made by anyone other than the Security
Registrar) for the purpose of receiving payment of or on account of the principal hereof and premium, if any, and interest due hereon as herein provided and for all other purposes, and none of the Company, the Trustee, any Paying Agent or any
Security Registrar shall be affected by any notice to the contrary. 
 No recourse shall be had for the payment of the principal of or
premium, if any, or 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 supplemental indenture thereto or any Board Resolution, against any Person other than the
Company or against any incorporator, stockholder, officer or director, past, present or future, as such, of the Company or any other Person, 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 issuance of this Note, expressly waived and released. 

This Note shall be governed by and construed in accordance with the laws of the State of New York. 

 Annex A-3 

FORM OF 1.375% NOTE 

 ELI LILLY AND COMPANY 

Form of 1.375% Note due 2061 
  

			
	Certificate No. [*]	  	CUSIP No. 532457 CC0
	Registered Global Security	  	Common Code No. 238622069
		  	ISIN No. XS2386220698

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

UNLESS AND UNTIL IT IS EXCHANGED IN WHOLE OR IN PART FOR NOTES IN DEFINITIVE REGISTERED FORM, THIS GLOBAL NOTE MAY NOT BE TRANSFERRED EXCEPT AS
A WHOLE BY EUROCLEAR/CLEARSTREAM TO A NOMINEE OF EUROCLEAR/CLEARSTREAM, OR BY A NOMINEE OF EUROCLEAR/CLEARSTREAM TO EUROCLEAR/CLEARSTREAM OR ANOTHER NOMINEE OF EUROCLEAR/CLEARSTREAM, OR BY EUROCLEAR/CLEARSTREAM OR ANY SUCH NOMINEE TO A SUCCESSOR
DEPOSITARY OR TO A NOMINEE OF SUCH SUCCESSOR DEPOSITARY. 
 ELI LILLY AND COMPANY, an Indiana corporation (the
“Company,” which term includes any successor corporation under the Indenture referred to herein), for value received, hereby promises to pay to [*] or its registered assigns, the principal amount of [*] euros
(€[*]) on September 14, 2061 (the “Stated Maturity Date”), unless redeemed on any Redemption Date (as defined on the reverse hereof), on any date following certain tax events as described on the reverse
hereof (the Stated Maturity Date or any such Redemption Date is referred to herein as the “Maturity Date” with respect to the principal amount repayable on such date), upon surrender of this Note at the office or agency of
the Company for such payment in the City of New York, and to pay interest on the outstanding principal amount until the Maturity Date at the rate of 1.375% per annum on September 14 of each year, commencing on September 14, 2022 until the
date on which payment of said principal amount has been made or duly provided for; provided, however, that if this Note is in the form of a Global Security, then payments of principal of or premium, if any, or interest on this Note may be
made at the Company’s option by wire transfer of immediately available funds to the account specified by the Depositary for this Note; provided  

  
 2 

 
further, that if this Note is not in the form of a Global Security, then payments of principal of and premium, if any, and interest on this Note may be made at the Company’s option by
check mailed to the address of the person entitled thereto as such address shall appear in the records of the Security Registrar. 

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 from September 14, 2021, if no interest has been paid on the Notes), to but excluding the next scheduled Interest Payment Date. This payment
convention, which is set forth in the rulebook of the International Capital Market Association, is referred to as ACTUAL/ACTUAL (ICMA). The interest payable on any Interest Payment Date shall be payable to the person in whose name this Note is
registered at the close of business on August 31 (whether or not a Business Day) immediately preceding such Interest Payment Date, except as otherwise provided in the Indenture. 

As set forth herein, the Company will pay additional amounts on this Note in certain circumstances. 

If the Maturity Date or any Interest Payment Date falls on a day that is not a Business Day, principal, premium, if any, and interest, if any
(in each case, together with any additional amounts, if applicable), payable with respect to the Maturity Date or such Interest Payment Date, as the case may be, shall be paid on the next succeeding Business Day with the same force and effect as if
made on the Maturity Date or such Interest Payment Date, as the case may be, and no additional interest shall accrue on the amount so payable for the period from and after the Maturity Date or such Interest Payment Date, as the case may be, to the
next succeeding Business Day. As used herein, “Business Day” shall mean any day, other than a Saturday or Sunday, (i) that is neither a legal holiday nor a day on which banking institutions are authorized or required by
law or regulation to close in the City of New York or London, and (ii) on which the Trans-European Automated Real-time Gross Settlement Express Transfer system (the TARGET2 system), or any successor thereto, operates. 

All payments on this Note will be payable in euro; provided, however, that if, on or after September 14, 2021, 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 Economic and 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 this Note shall be made in Dollars until the euro is again available to
the Company or so used. The amount payable on any date in euro shall be converted into Dollars at the rate mandated by the U.S. Federal Reserve Board as of the close of business on the second Business Day prior to the relevant date for the payment
of principal, premium, if any, and interest, if any, on this Note or, in the event the U.S. Federal Reserve Board has not mandated a rate of conversion, on the basis of the most recent euro/Dollar exchange rate available on or prior to the second
Business Day prior to the relevant date for the payment of principal, premium, if any, and interest, if any, on this Note, as reported by Bloomberg. The Company shall notify Deutsche Bank Trust Company Americas (as successor to Citibank, N.A.), as
trustee (the “Trustee”), in writing if any payment on this Note is to be made in Dollars. Upon depositing such payment with a Paying Agent, the Company shall 

  
 3 

 
deliver an Officers’ Certificate to the Trustee and such Paying Agent (if such Paying Agent is not the Trustee) certifying that (1) pursuant to the terms of the Indenture and this Note,
such payment may be made in Dollars, (2) the conversion rate, (3) such conversion rate was determined in accordance with the terms of the Indenture and this Note, and (4) the amount of the payment in Dollars. Any payment in respect of
this Note so made in Dollars will not constitute an Event of Default under this Note or the Indenture. Neither the Trustee nor any Paying Agent shall have any responsibility for any calculation or conversion in connection with the foregoing. 

This Note is issued pursuant to, and shall be governed by, that certain Indenture (the “Indenture”), dated as of
February 1, 1991, between the Company and the Trustee. Capitalized terms used in this Note without definition shall have the respective meanings ascribed to them in the Indenture. 

The provisions of this Note are continued on the reverse hereof, and such continued provisions shall for all purposes have the same effect as
though fully set forth at this place. 
 Unless the certificate of authentication hereon has been executed by the Trustee by the manual
signature of one of its authorized officers, this Note shall not be entitled to the benefit under the Indenture or be valid or obligatory for any purpose. 

[This Space Intentionally Left Blank] 

  
 4 

 IN WITNESS WHEREOF, Eli Lilly and Company has caused this instrument to be duly signed. 

 

			
	Eli Lilly and Company
		
	By:	 	  

	Name:	 	
	Title:	 	
		
	By:	 	  

	Name:	 	
	Title:	 	

 [SEAL] 

 This is one of the Securities of the series designated therein issued under the
within-mentioned Indenture. 
 Dated: 
  

			
	DEUTSCHE BANK TRUST COMPANY AMERICAS, as Trustee
		
	By:	 	  

	Authorized Officer
		
	By:	 	  

	Authorized Officer

 [REVERSE OF NOTE] 

This Note is one of a duly authorized issue of a series of debt securities (the “Securities”) of the Company,
designated as its 1.375% Notes due 2061 (the “Notes”). The Securities, including the Notes, are all issued or to be issued under and pursuant to the Indenture, to which Indenture, and all Board Resolutions and Officers’
Certificates as provided therein, reference is hereby made for a description of the rights, limitation of rights, obligations, duties and immunities thereunder of the Company, the Trustee and the Holders of the Notes, and the terms upon which the
Notes are, and are to be, authenticated and delivered. The Notes are initially limited to seven hundred million euros (€700,000,000) in aggregate principal amount; provided, however, that the Company may at any time issue
additional Securities under the Indenture in unlimited amounts having the same terms as the Notes other than the date of original issuance and the first Interest Payment Date applicable to such additional Securities, and such Securities shall be
treated as a single series with the Notes for all purposes under the Indenture. 
 This Note shall constitute part of the Company’s
unsecured and unsubordinated obligations and shall rank equally in right of payment with all of the Company’s other existing and future unsecured and unsubordinated indebtedness. This Note shall be issuable in fully registered form only, in
minimum denominations of one hundred thousand euros (€100,000) and any integral multiples of one thousand euros (€1,000) in excess of that amount. 

In case an Event of Default shall have occurred and be continuing with respect to this Note, the principal hereof may be declared due and
payable, and upon such declaration shall become due and payable, in the manner, with the effect, and subject to the conditions provided in the Indenture. The Indenture permits the Holders of at least a majority in aggregate principal amount of the
Notes at the time outstanding to, on behalf of the Holders of all of the Notes and in the manner and subject to the provisions of the Indenture, waive certain past defaults and rescind and annul such past declarations and their consequences under
the Indenture. 
 The Indenture contains provisions permitting the Company and the Trustee, with consent of the Holders of not less than a
majority of the aggregate principal amount of the Notes at the time outstanding, evidenced as provided in the Indenture, to execute supplemental indentures for the purpose of adding any provisions to or changing in any manner or eliminating any of
the provisions of the Indenture or of any supplemental indenture with respect to the Notes or of modifying in any manner the rights of the Holders of the Notes; provided, however, that no such supplemental indenture shall
(i) extend the fixed maturity, or the earlier optional date of maturity, if any, of any Note, or reduce the principal amount thereof or the premium thereon, if any, or reduce the rate or extend the time of payment of interest, if any, thereon
or make the principal thereof or premium, if any, or interest, if any, thereon payable in any currency other than as provided pursuant to the Indenture or this Note, without the consent of the Holders of each Note so affected; or (ii) reduce
the aforesaid percentage of the Notes, the Holders of which are required to consent to any such supplemental indenture, without the consent of the Holders of all Notes then outstanding. 

The Notes shall not be entitled to the benefit of any mandatory redemption or sinking fund provisions. In addition, the Company may at any
time purchase the Notes by tender, in the open market or by private agreement, subject to applicable laws. 

  
 1 

 Optional Redemption 

Upon such notice as specified below and in accordance with the Indenture and the terms of this Note, the Notes are subject to redemption, in
whole or in part, at the election of the Company at any time or from time to time, on a date fixed for redemption (a “Redemption Date”) prior to the Par Call Date and at a “redemption price” equal to the greater of
the following amounts: 
  

	 	(i)	 100% of the principal amount of the Notes being redeemed on such Redemption Date; and 

 

	 	(ii)	 as calculated by the Quotation Agent (as defined below), the sum of the present values of the remaining
scheduled payments of principal and interest on the Notes being redeemed that would be due if such Notes matured on the Par Call Date (as defined below) (not including the amount, if any, of unpaid interest accrued to, but excluding, such Redemption
Date) discounted to such Redemption Date on an annual basis (ACTUAL/ACTUAL (ICMA)) at the Reference Dealer Rate (as defined below), plus 0.200% (or 20 basis points); 

plus, in each case, accrued and unpaid interest on such Notes to, but excluding, such Redemption Date. If the Company redeems all or any part of the
Notes on or after the Par Call Date, it shall pay a redemption price equal to 100% of the principal amount of the Notes being redeemed plus accrued and unpaid interest thereon. 

Notwithstanding the foregoing, installments of interest on the Notes that are due and payable on each Interest Payment Date falling on or
prior to a Redemption Date shall be payable on such Interest Payment Date to the Holder(s) as of the close of business on the Regular Record Date immediately preceding such Interest Payment Date. 

The Company shall mail notice of each redemption at least 10 days but not more than 60 days before the Redemption Date to each Holder of Notes
to be redeemed. Subject to any delay in the Redemption Date or rescission of the notice of redemption, once notice of redemption is mailed, the Notes called for redemption will become due and payable on the applicable Redemption Date at the
applicable redemption price. Any notice of redemption may, at the Company’s discretion, be subject to one or more conditions precedent, including completion of a corporate transaction. In such event, the related notice of redemption shall
describe each such condition and, if applicable, shall state that, at the Company’s discretion, the Redemption Date may be delayed until such time (including more than 60 days after the notice of redemption was given) as any or all such
conditions are satisfied or waived, or such redemption may not occur and such notice may be rescinded in the event that any or all such conditions have not been satisfied (or waived by the Company in its sole discretion) by the date of redemption,
or by the Redemption Date as so delayed. In the case of such delay or rescission, the Company shall provide written notice to the Trustee prior to the close of business two Business Days before the Redemption Date and, upon receipt, the Trustee
shall provide notice to each Holder of Notes to be redeemed. 

  
 2 

 “Par Call Date” means March 14, 2061. 

“Quotation Agent” means the Reference Dealer selected by the Company. 

“Reference Dealer” means any Euro security dealer(s) selected by the Company. 

“Reference Dealer Rate” means, with respect to each Reference Dealer and any Redemption Date prior to the Par Call
Date, the arithmetic average of the quotations quoted in writing to the Company by each Reference Dealer of the average midmarket annual yield to maturity of the 0.000% German government bond due August 15, 2050 or, if such security is no
longer outstanding, a similar security in the reasonable judgment of such Reference Dealer at 11:00 a.m. (London time) on the third Business Day preceding such Redemption Date. 

On and after any Redemption Date, interest will cease to accrue on the Notes or any portion of the Notes called for redemption (unless the
Company defaults in the payment of the redemption price therefor). Before any Redemption Date, the Company will deposit with a Paying Agent (or the Trustee) money sufficient to pay the redemption price of the Notes to be redeemed on such date. If
fewer than all of the Notes are to be redeemed, then the Notes to be redeemed shall be selected pro rata or by the Trustee by a method the Trustee deems to be fair and appropriate (which may include by lot) or, in case the Notes are represented by
one or more Global Securities, beneficial interests therein will be selected for redemption by Clearstream and Euroclear in accordance with their respective applicable procedures therefor. 

Redemption Upon a Tax Event 
 If
(i) the Company becomes or will become obligated to pay Additional Amounts (as defined below) as a result of any change in, or amendment to, the laws (or any regulations or rulings promulgated thereunder) of the United States (or any political
subdivision or taxing authority thereof or therein), or any change in, or amendment to, any 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 September 14, 2021, or (ii) a taxing authority of the United States takes an action on or after September 14, 2021, whether or not with respect to the Company or any of its affiliates, that results in a
substantial probability that the Company will or may be required to pay such Additional Amounts, in either case, with respect to the Notes for reasons outside the Company’s control and after taking reasonable measures available to the Company
to avoid such obligation, then the Company may, at its option, redeem, in whole, but not in part, the Notes at any time prior to maturity on not less than 30 nor more than 60 days’ prior notice to the Holders, at a redemption price equal to
100% of their principal amount, together with unpaid interest accrued thereon to the date fixed for redemption. No redemption pursuant to (ii) above may be made unless the Company shall have received an opinion of independent counsel to the
effect that an act taken by a taxing authority of the United States results in a substantial probability that it will or may be required to pay the Additional Amounts and the Company shall have delivered to the Trustee a certificate, signed by a
duly authorized officer, stating that based on such opinion, the Company is entitled to redeem the Notes pursuant to their terms. 

  
 3 

 Payment of Additional Amounts 

The Company shall, subject to the exceptions and limitations set forth below, pay as additional interest on the Notes such additional amounts
(“Additional Amounts”) as are necessary so that the net payment by the Company or a Paying Agent of the principal of and interest on the Notes to a person that is a Non-U.S. Holder (as
defined below), after deduction for any present or future tax, assessment or governmental charge of the United States or a political subdivision or taxing authority thereof or therein, imposed by withholding with respect to the payment, will not be
less than the amount that would have been payable in respect of the Notes had no withholding or deduction been required. 
 The
Company’s obligation to pay Additional Amounts shall not apply: 
 (i) to any tax, assessment or governmental charge that is imposed or
withheld solely because the beneficial owner, or a fiduciary, settlor, beneficiary or member of the beneficial owner if the beneficial owner is an estate, trust or partnership, or a person holding a power over an estate or trust administered by a
fiduciary holder: 
 (1) is or was present or engaged in a trade or business in the United States or has or had a permanent establishment in
the United States; 
 (2) is or was a citizen or resident or is or was treated as a resident of the United States; 

(3) is or was a foreign or domestic personal holding company, a passive foreign investment company or a controlled foreign corporation for the
United States federal income tax purposes, is or was a corporation that has accumulated earnings to avoid United States federal income tax or is or was a private foundation or other tax-exempt organization;

 (4) is or was an actual or constructive “10-percent shareholder” of ours, as defined in
Section 871(h)(3) of the U.S. Internal Revenue Code of 1986, as amended (the “Code”); or 
 (5) is or was a bank
receiving interest described in Section 881(c)(3)(A) of the Code; 
 (ii) to any Holder that is not the sole beneficial owner of Notes,
or that is a fiduciary or partnership, but only to the extent that the beneficial owner, a beneficiary or settlor with respect to the fiduciary, or a member of the partnership would not have been entitled to the payment of an Additional Amount had
such beneficial owner, beneficiary, settlor or member received directly its beneficial or distributive share of the payment; 
 (iii) to any
tax, assessment or governmental charge that is imposed or withheld solely because the beneficial owner or any other person failed 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 Notes, if compliance is required by statute, by regulation of the United States Treasury Department 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 

 (iv) to any tax, assessment or governmental charge that is imposed other than by deduction
or withholding by the Company or a Paying Agent from the payment; 
 (v) to any tax, assessment or governmental charge that is imposed or
withheld solely because of a change in law, regulation, or administrative or judicial interpretation that becomes effective after the day on which the payment becomes due or is duly provided for, whichever occurs later; 

(vi) to any estate, inheritance, gift, sales, excise, transfer, wealth or personal property tax or any similar tax, assessment or governmental
charge; 
 (vii) to any tax, assessment or other governmental charge any Paying Agent (which term may include the Company) must withhold
from any payment of principal of or interest on any Note, if such payment can be made without such withholding by any other Paying Agent; 

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

(ix) to any withholding or deduction pursuant to an agreement described in Section 1471(b) of the Code, or otherwise imposed pursuant to
Sections 1471 through 1474 of the Code (or any regulations or agreements thereunder or official interpretations thereof) or any intergovernmental agreement between the United States and another jurisdiction for cooperation to facilitate the
implementation thereof (or any law implementing such an intergovernmental agreement); or 
 (x) in the case of any combination of the above
items. 
 “Non-U.S. Holder” means (i) an individual that is a non-resident alien, (ii) a corporation organized or created under non-U.S. law, or (iii) an estate or trust that is not taxable in the United States on its worldwide
income. 
 Except as specifically provided herein, the Company shall not be required to make any payment with respect to any tax, assessment
or governmental charge imposed by any government or a political subdivision or taxing authority. In particular, the Company shall not be not obligated to pay Additional Amounts on any Note presented for payment by or on behalf of a beneficial owner
who would have been able to avoid the withholding or deduction by presenting such Note to another Paying Agent in a member state of the European Union or the United Kingdom. 

Miscellaneous 
 The Notes are
subject to the defeasance provisions set forth in Section 12.02 of the Indenture. 

  
 5 

 Except as expressly provided herein, the Company shall not pay any additional amounts on any
of the Notes to any person, including any Holder who is not a United States Person in respect of any tax, assessment or governmental charge withheld or deducted. 

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

This Note is transferable by the Holder hereof in person or by his or her attorney duly authorized in writing on the books of the Company at
the office or agency to be maintained by the Company for that purpose in the City of New York, but only in the manner, subject to the limitations and upon payment of any tax or governmental charge for which the Company may require reimbursement as
provided in the Indenture, and upon surrender and cancellation of this Note. Upon any registration of transfer, a new registered Note or Notes, of authorized denomination or authorized denominations and like tenor and terms, and in the same
aggregate principal amount, shall be issued to the transferee in exchange therefor. 
 The Company, the Trustee, any Paying Agent and any
Security Registrar may deem and treat the Holder hereof as the absolute owner of this Note (whether or not this Note shall be overdue and notwithstanding any notations of ownership or other writing hereon made by anyone other than the Security
Registrar) for the purpose of receiving payment of or on account of the principal hereof and premium, if any, and interest due hereon as herein provided and for all other purposes, and none of the Company, the Trustee, any Paying Agent or any
Security Registrar shall be affected by any notice to the contrary. 
 No recourse shall be had for the payment of the principal of or
premium, if any, or 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 supplemental indenture thereto or any Board Resolution, against any Person other than the
Company or against any incorporator, stockholder, officer or director, past, present or future, as such, of the Company or any other Person, 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 issuance of this Note, expressly waived and released. 

This Note shall be governed by and construed in accordance with the laws of the State of New York. 

  
 6 

 Annex A-4 

FORM OF 1.625% NOTE 

 ELI LILLY AND COMPANY 

Form of 1.625% Note due 2043 
  

			
	Certificate No. [*]	  	CUSIP No. 532457 CD8
	Registered Global Security	  	Common Code No. 238628644
		  	ISIN No. XS2386286442

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

UNLESS AND UNTIL IT IS EXCHANGED IN WHOLE OR IN PART FOR NOTES IN DEFINITIVE REGISTERED FORM, THIS GLOBAL NOTE MAY NOT BE TRANSFERRED EXCEPT AS
A WHOLE BY EUROCLEAR/CLEARSTREAM TO A NOMINEE OF EUROCLEAR/CLEARSTREAM, OR BY A NOMINEE OF EUROCLEAR/CLEARSTREAM TO EUROCLEAR/CLEARSTREAM OR ANOTHER NOMINEE OF EUROCLEAR/CLEARSTREAM, OR BY EUROCLEAR/CLEARSTREAM OR ANY SUCH NOMINEE TO A SUCCESSOR
DEPOSITARY OR TO A NOMINEE OF SUCH SUCCESSOR DEPOSITARY. 
 ELI LILLY AND COMPANY, an Indiana corporation (the
“Company,” which term includes any successor corporation under the Indenture referred to herein), for value received, hereby promises to pay to [*] or its registered assigns, the principal amount of [*] pounds
sterling (£[*]) on September 14, 2043 (the “Stated Maturity Date”), unless redeemed on any Redemption Date (as defined on the reverse hereof), on any date following certain tax events as described on the
reverse hereof (the Stated Maturity Date or any such Redemption Date is referred to herein as the “Maturity Date” with respect to the principal amount repayable on such date), upon surrender of this Note at the office or
agency of the Company for such payment in the City of New York, and to pay interest on the outstanding principal amount until the Maturity Date at the rate of 1.625% per annum on September 14 of each year, commencing on September 14, 2022
until the date on which payment of said principal amount has been made or duly provided for; provided, however, that if this Note is in the form of a Global Security, then payments of principal of or premium, if any, or interest on this Note
may be made at the Company’s option by wire transfer of immediately available funds to the account specified by 

  
 2 

 
the Depositary for this Note; provided further, that if this Note is not in the form of a Global Security, then payments of principal of and premium, if any, and interest on this Note may
be made at the Company’s option by check mailed to the address of the person entitled thereto as such address shall appear in the records of the Security Registrar. 

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 from September 14, 2021, if no interest has been paid on the Notes), to but excluding the next scheduled Interest Payment Date. This payment
convention, which is set forth in the rulebook of the International Capital Market Association, is referred to as ACTUAL/ACTUAL (ICMA). The interest payable on any Interest Payment Date shall be payable to the person in whose name this Note is
registered at the close of business on August 31 (whether or not a Business Day) immediately preceding such Interest Payment Date, except as otherwise provided in the Indenture. 

As set forth herein, the Company will pay additional amounts on this Note in certain circumstances. 

If the Maturity Date or any Interest Payment Date falls on a day that is not a Business Day, principal, premium, if any, and interest, if any
(in each case, together with any additional amounts, if applicable), payable with respect to the Maturity Date or such Interest Payment Date, as the case may be, shall be paid on the next succeeding Business Day with the same force and effect as if
made on the Maturity Date or such Interest Payment Date, as the case may be, and no additional interest shall accrue on the amount so payable for the period from and after the Maturity Date or such Interest Payment Date, as the case may be, to the
next succeeding Business Day. As used herein, “Business Day” shall mean any day, other than a Saturday or Sunday, that is neither a legal holiday nor a day on which banking institutions are authorized or required by law or
regulation to close in the City of New York or London. 
 All payments on this Note will be payable in pounds sterling; provided,
however, that if, on or after September 14, 2021, pounds sterling are unavailable to the Company due to the imposition of exchange controls or other circumstances beyond the Company’s control or if pounds sterling are no longer
being used for the settlement of transactions by public institutions of or within the international banking community, then all payments in respect of this Note shall be made in Dollars until pounds sterling are again available to the Company or so
used. The amount payable on any date in pounds sterling shall be converted into Dollars at the rate mandated by the U.S. Federal Reserve Board as of the close of business on the second Business Day prior to the relevant date for the payment of
principal, premium, if any, and interest, if any, on this Note or, in the event the U.S. Federal Reserve Board has not mandated a rate of conversion, on the basis of the most recent pounds sterling/Dollar exchange rate available on or prior to the
second Business Day prior to the relevant date for the payment of principal, premium, if any, and interest, if any, on this Note, as reported by Bloomberg. The Company shall notify Deutsche Bank Trust Company Americas (as successor to Citibank,
N.A.), as trustee (the “Trustee”), in writing if any payment on this Note is to be made in Dollars. Upon depositing such payment with a Paying Agent, the Company shall deliver an Officers’ Certificate to the Trustee and
such Paying Agent (if such Paying Agent is not the Trustee) certifying that (1) pursuant to the terms of the Indenture and this Note, such payment may be made in Dollars, (2) 

  
 3 

 
the conversion rate, (3) such conversion rate was determined in accordance with the terms of the Indenture and this Note, and (4) the amount of the payment in Dollars. Any payment in
respect of this Note so made in Dollars will not constitute an Event of Default under this Note or the Indenture. Neither the Trustee nor any Paying Agent shall have any responsibility for any calculation or conversion in connection with the
foregoing. 
 This Note is issued pursuant to, and shall be governed by, that certain Indenture (the “Indenture”),
dated as of February 1, 1991, between the Company and the Trustee. Capitalized terms used in this Note without definition shall have the respective meanings ascribed to them in the Indenture. 

The provisions of this Note are continued on the reverse hereof, and such continued provisions shall for all purposes have the same effect as
though fully set forth at this place. 
 Unless the certificate of authentication hereon has been executed by the Trustee by the manual
signature of one of its authorized officers, this Note shall not be entitled to the benefit under the Indenture or be valid or obligatory for any purpose. 

[This Space Intentionally Left Blank] 

  
 4 

 IN WITNESS WHEREOF, Eli Lilly and Company has caused this instrument to be duly signed. 

 

			
	Eli Lilly and Company
		
	By:	 	  

	Name:
	Title:
		
	By:	 	  

	Name:
	Title:

 [SEAL] 

 This is one of the Securities of the series designated therein issued under the
within-mentioned Indenture. 
 Dated: 
  

			
	DEUTSCHE BANK TRUST COMPANY AMERICAS, as Trustee
		
	By:	 	  

	Authorized Officer
		
	By:	 	  

	Authorized Officer

 [REVERSE OF NOTE] 

This Note is one of a duly authorized issue of a series of debt securities (the “Securities”) of the Company,
designated as its 1.625% Notes due 2043 (the “Notes”). The Securities, including the Notes, are all issued or to be issued under and pursuant to the Indenture, to which Indenture, and all Board Resolutions and Officers’
Certificates as provided therein, reference is hereby made for a description of the rights, limitation of rights, obligations, duties and immunities thereunder of the Company, the Trustee and the Holders of the Notes, and the terms upon which the
Notes are, and are to be, authenticated and delivered. The Notes are initially limited to two hundred and fifty million pounds sterling (£250,000,000) in aggregate principal amount; provided, however, that the Company may at any
time issue additional Securities under the Indenture in unlimited amounts having the same terms as the Notes other than the date of original issuance and the first Interest Payment Date applicable to such additional Securities, and such Securities
shall be treated as a single series with the Notes for all purposes under the Indenture. 
 This Note shall constitute part of the
Company’s unsecured and unsubordinated obligations and shall rank equally in right of payment with all of the Company’s other existing and future unsecured and unsubordinated indebtedness. This Note shall be issuable in fully registered
form only, in minimum denominations of one hundred thousand pounds sterling (£100,000) and any integral multiples of one thousand pounds sterling (£1,000) in excess of that amount. 

In case an Event of Default shall have occurred and be continuing with respect to this Note, the principal hereof may be declared due and
payable, and upon such declaration shall become due and payable, in the manner, with the effect, and subject to the conditions provided in the Indenture. The Indenture permits the Holders of at least a majority in aggregate principal amount of the
Notes at the time outstanding to, on behalf of the Holders of all of the Notes and in the manner and subject to the provisions of the Indenture, waive certain past defaults and rescind and annul such past declarations and their consequences under
the Indenture. 
 The Indenture contains provisions permitting the Company and the Trustee, with consent of the Holders of not less than a
majority of the aggregate principal amount of the Notes at the time outstanding, evidenced as provided in the Indenture, to execute supplemental indentures for the purpose of adding any provisions to or changing in any manner or eliminating any of
the provisions of the Indenture or of any supplemental indenture with respect to the Notes or of modifying in any manner the rights of the Holders of the Notes; provided, however, that no such supplemental indenture shall
(i) extend the fixed maturity, or the earlier optional date of maturity, if any, of any Note, or reduce the principal amount thereof or the premium thereon, if any, or reduce the rate or extend the time of payment of interest, if any, thereon
or make the principal thereof or premium, if any, or interest, if any, thereon payable in any currency other than as provided pursuant to the Indenture or this Note, without the consent of the Holders of each Note so affected; or (ii) reduce
the aforesaid percentage of the Notes, the Holders of which are required to consent to any such supplemental indenture, without the consent of the Holders of all Notes then outstanding. 

  
 1 

 The Notes shall not be entitled to the benefit of any mandatory redemption or sinking fund
provisions. In addition, the Company may at any time purchase the Notes by tender, in the open market or by private agreement, subject to applicable laws. 

Optional Redemption 
 Upon such
notice as specified below and in accordance with the Indenture and the terms of this Note, the Notes are subject to redemption, in whole or in part, at the election of the Company at any time or from time to time, on a date fixed for redemption (a
“Redemption Date”) prior to the Par Call Date and at a “redemption price” equal to the greater of the following amounts: 
  

	 	(i)	 100% of the principal amount of the Notes being redeemed on such Redemption Date; and 

 

	 	(ii)	 as calculated by the Quotation Agent (as defined below), the sum of the present values of the remaining
scheduled payments of principal of and interest on the Notes being redeemed that would be due if such Notes matured on the Par Call Date (as defined below) (not including the amount, if any, of unpaid interest accrued to, but excluding, such
Redemption Date) discounted to such Redemption Date on an annual basis (ACTUAL/ACTUAL (ICMA)) at the Reference Dealer Rate (as defined below), plus 0.100% (or 10 basis points); 

plus, in each case, accrued and unpaid interest on such Notes to, but excluding, such Redemption Date. If the Company redeems all or any part of the
Notes on or after the Par Call Date, it shall pay a redemption price equal to 100% of the principal amount of the Notes being redeemed plus accrued and unpaid interest thereon. 

Notwithstanding the foregoing, installments of interest on the Notes that are due and payable on each Interest Payment Date falling on or
prior to a Redemption Date shall be payable on such Interest Payment Date to the Holder(s) as of the close of business on the Regular Record Date immediately preceding such Interest Payment Date. 

The Company shall mail notice of each redemption at least 10 days but not more than 60 days before the Redemption Date to each Holder of Notes
to be redeemed. Subject to any delay in the Redemption Date or rescission of the notice of redemption, once notice of redemption is mailed, the Notes called for redemption will become due and payable on the applicable Redemption Date at the
applicable redemption price. Any notice of redemption may, at the Company’s discretion, be subject to one or more conditions precedent, including completion of a corporate transaction. In such event, the related notice of redemption shall
describe each such condition and, if applicable, shall state that, at the Company’s discretion, the Redemption Date may be delayed until such time (including more than 60 days after the notice of redemption was given) as any or all such
conditions are satisfied or waived, or such redemption may not occur and such notice may be rescinded in the event that any or all such conditions have not been satisfied (or waived by the Company in its sole discretion) by the date of redemption,
or by the Redemption Date as so delayed. In the case of such delay or rescission, the Company shall provide written notice to the Trustee prior to the close of business two Business Days before the Redemption Date and, upon receipt, the Trustee
shall provide notice to each Holder of Notes to be redeemed. 
  

  
 2 

 “Par Call Date” means March 14, 2043. 

“Quotation Agent” means the Reference Dealer selected by the Company. 

“Reference Dealer” means any GBP security dealer(s) selected by the Company. 

“Reference Dealer Rate” means, with respect to each Reference Dealer and any Redemption Date prior to the Par Call
Date, the arithmetic average of the quotations quoted in writing to the Company by each Reference Dealer of the average midmarket annual yield to maturity of the 4.500% United Kingdom government bond due December 7, 2042 or, if such security is
no longer outstanding, a similar security in the reasonable judgment of such Reference Dealer at 11:00 a.m. (London time) on the third Business Day preceding such Redemption Date. 

On and after any Redemption Date, interest will cease to accrue on the Notes or any portion of the Notes called for redemption (unless the
Company defaults in the payment of the redemption price therefor). Before any Redemption Date, the Company will deposit with a Paying Agent (or the Trustee) money sufficient to pay the redemption price of the Notes to be redeemed on such date. If
fewer than all of the Notes are to be redeemed, then the Notes to be redeemed shall be selected pro rata or by the Trustee by a method the Trustee deems to be fair and appropriate (which may include by lot) or, in case the Notes are represented by
one or more Global Securities, beneficial interests therein will be selected for redemption by Clearstream and Euroclear in accordance with their respective applicable procedures therefor. 

Redemption Upon a Tax Event 
 If
(i) the Company becomes or will become obligated to pay Additional Amounts (as defined below) as a result of any change in, or amendment to, the laws (or any regulations or rulings promulgated thereunder) of the United States (or any political
subdivision or taxing authority thereof or therein), or any change in, or amendment to, any 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 September 14, 2021, or (ii) a taxing authority of the United States takes an action on or after September 14, 2021, whether or not with respect to the Company or any of its affiliates, that results in a
substantial probability that the Company will or may be required to pay such Additional Amounts, in either case, with respect to the Notes for reasons outside the Company’s control and after taking reasonable measures available to the Company
to avoid such obligation, then the Company may, at its option, redeem, in whole, but not in part, the Notes at any time prior to maturity on not less than 30 nor more than 60 days’ prior notice to the Holders, at a redemption price equal to
100% of their principal amount, together with unpaid interest accrued thereon to the date fixed for redemption. No redemption pursuant to (ii) above may be made unless the Company shall have received an opinion of independent counsel to the
effect that an act taken by a taxing authority of the United States results in a substantial probability that it will or may be required to pay the Additional Amounts and the Company shall have delivered to the Trustee a certificate, signed by a
duly authorized officer, stating that based on such opinion, the Company is entitled to redeem the Notes pursuant to their terms. 

  
 3 

 Payment of Additional Amounts 

The Company shall, subject to the exceptions and limitations set forth below, pay as additional interest on the Notes such additional amounts
(“Additional Amounts”) as are necessary so that the net payment by the Company or a Paying Agent of the principal of and interest on the Notes to a person that is a Non-U.S. Holder (as
defined below), after deduction for any present or future tax, assessment or governmental charge of the United States or a political subdivision or taxing authority thereof or therein, imposed by withholding with respect to the payment, will not be
less than the amount that would have been payable in respect of the Notes had no withholding or deduction been required. 
 The
Company’s obligation to pay Additional Amounts shall not apply: 
 (i) to any tax, assessment or governmental charge that is imposed or
withheld solely because the beneficial owner, or a fiduciary, settlor, beneficiary or member of the beneficial owner if the beneficial owner is an estate, trust or partnership, or a person holding a power over an estate or trust administered by a
fiduciary holder: 
 (1) is or was present or engaged in a trade or business in the United States or has or had a permanent establishment in
the United States; 
 (2) is or was a citizen or resident or is or was treated as a resident of the United States; 

(3) is or was a foreign or domestic personal holding company, a passive foreign investment company or a controlled foreign corporation for the
United States federal income tax purposes, is or was a corporation that has accumulated earnings to avoid United States federal income tax or is or was a private foundation or other tax-exempt organization;

 (4) is or was an actual or constructive “10-percent shareholder” of ours, as defined in
Section 871(h)(3) of the U.S. Internal Revenue Code of 1986, as amended (the “Code”); or 
 (5) is or was a bank
receiving interest described in Section 881(c)(3)(A) of the Code; 
 (ii) to any Holder that is not the sole beneficial owner of Notes,
or that is a fiduciary or partnership, but only to the extent that the beneficial owner, a beneficiary or settlor with respect to the fiduciary, or a member of the partnership would not have been entitled to the payment of an Additional Amount had
such beneficial owner, beneficiary, settlor or member received directly its beneficial or distributive share of the payment; 
  

  
 4 

 (iii) to any tax, assessment or governmental charge that is imposed or withheld solely
because the beneficial owner or any other person failed 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 Notes, if compliance is required by statute, by regulation of the United States Treasury Department 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; 
 (iv) to any tax, assessment or governmental charge that is imposed other than by deduction or
withholding by the Company or a Paying Agent from the payment; 
 (v) to any tax, assessment or governmental charge that is imposed or
withheld solely because of a change in law, regulation, or administrative or judicial interpretation that becomes effective after the day on which the payment becomes due or is duly provided for, whichever occurs later; 

(vi) to any estate, inheritance, gift, sales, excise, transfer, wealth or personal property tax or any similar tax, assessment or governmental
charge; 
 (vii) to any tax, assessment or other governmental charge any Paying Agent (which term may include the Company) must withhold from
any payment of principal of or interest on any Note, if such payment can be made without such withholding by any other Paying Agent; 

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

(ix) to any withholding or deduction pursuant to an agreement described in Section 1471(b) of the Code, or otherwise imposed pursuant to
Sections 1471 through 1474 of the Code (or any regulations or agreements thereunder or official interpretations thereof) or any intergovernmental agreement between the United States and another jurisdiction for cooperation to facilitate the
implementation thereof (or any law implementing such an intergovernmental agreement); or 
 (x) in the case of any combination of the above
items. 
 “Non-U.S. Holder” means (i) an individual that is a non-resident alien, (ii) a corporation organized or created under non-U.S. law, or (iii) an estate or trust that is not taxable in the United States on its worldwide
income. 
 Except as specifically provided herein, the Company shall not be required to make any payment with respect to any tax, assessment
or governmental charge imposed by any government or a political subdivision or taxing authority. In particular, the Company shall not be not obligated to pay Additional Amounts on any Note presented for payment by or on behalf of a beneficial owner
who would have been able to avoid the withholding or deduction by presenting such Note to another Paying Agent in a member state of the European Union or the United Kingdom. 

  
 5 

 Miscellaneous 

The Notes are subject to the defeasance provisions set forth in Section 12.02 of the Indenture. 

Except as expressly provided herein, the Company shall not pay any additional amounts on any of the Notes to any person, including any Holder
who is not a United States Person in respect of any tax, assessment or governmental charge withheld or deducted. 
 No reference herein to
the Indenture and no provision of this Note or of the Indenture or of any Board Resolution shall alter or impair the obligation of the Company, which is absolute and unconditional, to pay the principal of and premium, if any, and interest on this
Note at the times and places and at the rate and in the coin and currency herein prescribed. 
 This Note is transferable by the Holder
hereof in person or by his or her attorney duly authorized in writing on the books of the Company at the office or agency to be maintained by the Company for that purpose in the City of New York, but only in the manner, subject to the limitations
and upon payment of any tax or governmental charge for which the Company may require reimbursement as provided in the Indenture, and upon surrender and cancellation of this Note. Upon any registration of transfer, a new registered Note or Notes, of
authorized denomination or authorized denominations and like tenor and terms, and in the same aggregate principal amount, shall be issued to the transferee in exchange therefor. 

The Company, the Trustee, any Paying Agent and any Security Registrar may deem and treat the Holder hereof as the absolute owner of this Note
(whether or not this Note shall be overdue and notwithstanding any notations of ownership or other writing hereon made by anyone other than the Security Registrar) for the purpose of receiving payment of or on account of the principal hereof and
premium, if any, and interest due hereon as herein provided and for all other purposes, and none of the Company, the Trustee, any Paying Agent or any Security Registrar shall be affected by any notice to the contrary. 

No recourse shall be had for the payment of the principal of or premium, if any, or 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 supplemental indenture thereto or any Board Resolution, against any Person other than the Company or against any incorporator, stockholder, officer or director, past,
present or future, as such, of the Company or any other Person, 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 issuance of this Note, expressly waived and released. 
 This Note shall be governed by and construed in
accordance with the laws of the State of New York. 

  
 6EX-10.1

 Exhibit 10.1 

THIS PROMISSORY NOTE (THIS “NOTE”) HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”). THIS
NOTE HAS BEEN ACQUIRED FOR INVESTMENT ONLY AND MAY NOT BE SOLD, TRANSFERRED OR ASSIGNED IN THE ABSENCE OF REGISTRATION OF THE RESALE THEREOF UNDER THE SECURITIES ACT OR AN OPINION OF COUNSEL REASONABLY SATISFACTORY IN FORM, SCOPE AND SUBSTANCE TO
THE MAKER THAT SUCH REGISTRATION IS NOT REQUIRED. 
 PROMISSORY NOTE 

 

			
	Principal Amount: Up to $300,000	  	Dated as of June 21, 2021

 Berenson Acquisition Corp. I, a Delaware corporation (the “Maker”), promises to pay to the
order of Berenson SPAC Holdings I, LLC, a Delaware limited liability company, or its registered assigns or successors in interest (the “Payee”), or order, the principal sum of Three Hundred Thousand Dollars ($300,000), or such
lesser amount as shall have been advanced by Payee to Maker and shall remain unpaid under this Note, in lawful money of the United States of America, on the terms and conditions described below. All payments on this Note shall be made by check or
wire transfer of immediately available funds or as otherwise determined by the Maker to such account as the Payee may from time to time designate by written notice in accordance with the provisions of this Note. 

1. Principal. The principal balance of Note shall be payable on the earlier of: (i) December
31, 2021 and (ii) the date on which Maker consummates an initial public offering of its securities (the “IPO”). The principal balance may be prepaid at any time. Under no circumstances shall any individual, including but not
limited to any officer, director, employee or shareholder of the Maker, be obligated personally for any obligations or liabilities of the Maker hereunder. 

2. Interest. No interest shall accrue on the unpaid principal balance of this Note. 

3. Drawdown Requests. The principal of this Note may be drawn down from time to time prior to the
earlier of: (i) September 30, 2021 and (ii) the date on which Maker consummates the IPO, upon request from Maker to Payee (each, a “Drawdown Request”). Payee shall fund each Drawdown Request within two (2) business
days after receipt of a Drawdown Request; provided, however, that the maximum amount of drawdowns collectively under this Note is Three Hundred Thousand Dollars ($300,000). Once an amount is drawn down under this Note, it shall not be
available for future Drawdown Requests even if prepaid. No fees, payments or other amounts shall be due to Payee in connection with, or as a result of, any Drawdown Request by Maker. 

4. Application of Payments. All payments shall be applied first to payment in full of any costs
incurred in the collection of any sum due under this Note, including (without limitation) reasonable attorney’s fees, then to the payment in full of any late charges and finally to the reduction of the unpaid principal balance of this Note.

 5. Events of Default. The following shall constitute an event of default (“Event of Default”): 

(a) Failure to Make Required Payments. Failure by Maker to pay the principal amount due pursuant to this Note within five
(5) business days of the date specified in Section 1 above. 
 (b) Voluntary Bankruptcy, Etc. The commencement by Maker of
a voluntary case under any applicable bankruptcy, insolvency, reorganization, rehabilitation or other similar law, or the consent by it 

 
to the appointment of or taking possession by a receiver, liquidator, assignee, trustee, custodian, sequestrator (or other similar official) of Maker or for any substantial part of its property,
or the making by it of any assignment for the benefit of creditors, or the failure of Maker generally to pay its debts as such debts become due, or the taking of corporate action by Maker in furtherance of any of the foregoing. 

(c) Involuntary Bankruptcy, Etc. The entry of a decree or order for relief by a court having jurisdiction in the premises in respect of
Maker in an involuntary case under any applicable bankruptcy, insolvency or other similar law, or appointing a receiver, liquidator, assignee, custodian, trustee, sequestrator (or similar official) of Maker or for any substantial part of its
property, or ordering the winding-up or liquidation of its affairs, and the continuance of any such decree or order unstayed and in effect for a period of 60 consecutive days. 

6. Remedies. 
 (a) Upon
the occurrence of an Event of Default specified in Section 5(a) hereof, Payee may, by written notice to Maker, declare this Note to be due immediately and payable, whereupon the unpaid principal amount of this Note, and all other amounts
payable thereunder, shall become immediately due and payable without presentment, demand, protest or other notice of any kind, all of which are hereby expressly waived, anything contained herein or in the documents evidencing the same to the
contrary notwithstanding. 
 (b) Upon the occurrence of an Event of Default specified in Sections 5(b) or 5(c), the unpaid principal balance
of this Note, and all other sums payable with regard to this Note, shall automatically and immediately become due and payable, in all cases without any action on the part of Payee. 

7. Waivers. Maker and all endorsers and guarantors of, and sureties for, this Note waive presentment
for payment, demand, notice of dishonor, protest, and notice of protest with regard to the Note, all errors, defects and imperfections in any proceedings instituted by Payee under the terms of this Note, and all benefits that might accrue to Maker
by virtue of any present or future laws exempting any property, real or personal, or any part of the proceeds arising from any sale of any such property, from attachment, levy or sale under execution, or providing for any stay of execution,
exemption from civil process, or extension of time for payment; and Maker agrees that any real estate that may be levied upon pursuant to a judgment obtained by virtue hereof, on any writ of execution issued hereon, may be sold upon any such writ in
whole or in part in any order desired by Payee. 
 8. Unconditional Liability. Maker hereby waives
all notices in connection with the delivery, acceptance, performance, default, or enforcement of the payment of this Note, and agrees that its liability shall be unconditional, without regard to the liability of any other party, and shall not be
affected in any manner by any indulgence, extension of time, renewal, waiver or modification granted or consented to by Payee, and consents to any and all extensions of time, renewals, waivers, or modifications that may be granted by Payee with
respect to the payment or other provisions of this Note, and agrees that additional makers, endorsers, guarantors, or sureties may become parties hereto without notice to Maker or affecting Maker’s liability hereunder. 

9. Notices. All notices, statements or other documents which are required or contemplated by this
Agreement shall be in writing and delivered: (i) personally or sent by first class registered or certified mail, overnight courier service to the address designated in writing by such party, (ii) by facsimile to the number most recently
provided to such party or such other address or fax number as may be designated in writing by such party or (iii) by electronic mail, to the electronic mail address most recently provided to such party or such other electronic mail address as
may be designated in writing by such party. Any notice or other communication so transmitted shall be deemed to have been given on the 

  
 2 

 
day of delivery, if delivered personally, on the business day following receipt of written confirmation, if sent by facsimile or electronic mail, one (1) business day after delivery to an
overnight courier service or five (5) days after mailing if sent by mail. 
 10. Construction.
THIS NOTE SHALL BE CONSTRUED AND ENFORCED IN ACCORDANCE WITH THE LAWS OF THE STATE OF DELAWARE, WITHOUT REGARD TO CONFLICT OF LAW PROVISIONS THEREOF. 

11. Severability. Any provision contained in this Note which is prohibited or unenforceable in any
jurisdiction shall, as to such jurisdiction, be ineffective to the extent of such prohibition or unenforceability without invalidating the remaining provisions hereof, and any such prohibition or unenforceability in any jurisdiction shall not
invalidate or render unenforceable such provision in any other jurisdiction. 
 12. Trust Waiver.
Notwithstanding anything herein to the contrary, the Payee hereby waives any and all right, title, interest or claim of any kind (“Claim”) in or to any distribution of or from the trust account to be established in which the
proceeds of the IPO and the proceeds of the sale of the units issued in private placements to occur prior to the consummation of the IPO are to be deposited, as described in greater detail in the registration statement and prospectus to be filed
with the Securities and Exchange Commission in connection with the IPO, and hereby agrees not to seek recourse, reimbursement, payment or satisfaction for any Claim against the trust account for any reason whatsoever. 

13. Amendment; Waiver. Any amendment hereto or waiver of any provision hereof may be made with, and only with, the written
consent of the Maker and the Payee. 
 14. Assignment. No assignment or transfer of this Note or any rights or obligations
hereunder may be made by any party hereto (by operation of law or otherwise) without the prior written consent of the other party hereto and any attempted assignment without the required consent shall be void. 

[SIGNATURE PAGE FOLLOWS] 

  
 3 

 IN WITNESS WHEREOF, Maker, intending to be legally bound hereby, has caused this Note
to be duly executed by the undersigned as of the day and year first above written. 
  

			
	BERENSON ACQUISITION CORP. I
		
	By:	 	 /s/ Mohammed Ansari

	Name:	 	Mohammed Ansari
	Title:	 	Chief Executive Officer

 [Signature Page to Promissory Note]

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