Document:

Exhibit 4.5

 

 

UNLESS
THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY (“DTC”), TO THE COMPANY
OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF               ,  OR SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO                ,
OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE
OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF,                    ,   HAS AN INTEREST HEREIN.

 

THIS GLOBAL SECURITY
IS HELD BY THE DEPOSITARY (AS DEFINED IN THE INDENTURE GOVERNING THIS SECURITY) OR ITS NOMINEE IN CUSTODY FOR THE BENEFIT OF THE
BENEFICIAL OWNERS HEREOF, AND IS NOT TRANSFERABLE TO ANY PERSON UNDER ANY CIRCUMSTANCES EXCEPT THAT (I) THE TRUSTEE MAY MAKE
SUCH NOTATIONS HEREON AS MAY BE REQUIRED PURSUANT TO SECTION 9.05 OF THE INDENTURE, (II) THIS GLOBAL SECURITY MAY BE
EXCHANGED IN WHOLE BUT NOT IN PART PURSUANT TO SECTION 2.07 OF THE INDENTURE, (III) THIS GLOBAL SECURITY MAY BE
DELIVERED TO THE TRUSTEE FOR CANCELLATION PURSUANT TO SECTION 2.12 OF THE INDENTURE AND (IV) THIS GLOBAL SECURITY MAY BE
TRANSFERRED TO A SUCCESSOR DEPOSITARY WITH THE PRIOR WRITTEN CONSENT OF THE COMPANY (AS DEFINED IN THE INDENTURE GOVERNING THIS
SECURITY).

 

THIS SECURITY (OR ITS
PREDECESSOR) WAS ORIGINALLY ISSUED IN A TRANSACTION EXEMPT FROM REGISTRATION UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS
AMENDED (THE “SECURITIES ACT”), AND THIS SECURITY MAY NOT BE OFFERED, SOLD OR OTHERWISE TRANSFERRED IN THE ABSENCE
OF SUCH REGISTRATION OR AN APPLICABLE EXEMPTION THEREFROM. EACH PURCHASER OF THIS SECURITY IS HEREBY NOTIFIED THAT THE SELLER OF
THIS SECURITY MAY BE RELYING ON THE EXEMPTION FROM THE PROVISIONS OF SECTION 5 OF THE SECURITIES ACT PROVIDED BY RULE
144A THEREUNDER. THE HOLDER OF THIS SECURITY BY ITS ACCEPTANCE HEREOF REPRESENTS THAT IT IS (1) A “QUALIFIED INSTITUTIONAL
BUYER” (AS DEFINED IN RULE 144A UNDER THE SECURITIES ACT) OR (2) NOT A U.S. PERSON AND IS ACQUIRING ITS NOTE IN AN “OFFSHORE
TRANSACTION” PURSUANT TO RULE 904 OF REGULATION S UNDER THE SECURITIES ACT.

 

THE HOLDER OF THIS
SECURITY AGREES FOR THE BENEFIT OF QUALCOMM INCORPORATED THAT (A) THIS SECURITY MAY BE OFFERED, RESOLD, PLEDGED OR OTHERWISE
TRANSFERRED ONLY (I) TO A PERSON WHOM THE SELLER REASONABLY BELIEVES IS A “QUALIFIED INSTITUTIONAL BUYER” (AS
DEFINED IN RULE 144A UNDER THE SECURITIES ACT) IN A TRANSACTION MEETING THE REQUIREMENTS OF RULE 144A, (II) PURSUANT TO AN
EXEMPTION FROM REGISTRATION UNDER THE SECURITIES ACT PROVIDED BY RULE 144 THEREUNDER (IF AVAILABLE), (III) PURSUANT TO OFFERS
AND SALES TO NON-U.S. PERSONS THAT OCCUR OUTSIDE THE UNITED STATES WITHIN THE MEANING OF REGULATION S UNDER THE SECURITIES ACT,
(IV) TO AN INSTITUTIONAL “ACCREDITED INVESTOR” WITHIN THE MEANING OF SUBPARAGRAPH (a)(1), (2), (3) OR (7) OF
RULE 501 UNDER THE SECURITIES ACT THAT IS ACQUIRING THIS SECURITY FOR ITS OWN ACCOUNT, OR FOR THE ACCOUNT OF SUCH AN INSTITUTIONAL
“ACCREDITED INVESTOR,” FOR INVESTMENT PURPOSES AND NOT WITH A VIEW TO, OR FOR OFFER OR SALE IN CONNECTION WITH, ANY
DISTRIBUTION IN VIOLATION OF THE SECURITIES ACT, (V) PURSUANT TO ANY OTHER AVAILABLE EXEMPTION FROM THE REGISTRATION REQUIREMENTS
OF THE SECURITIES ACT OR (VI) PURSUANT TO A REGISTRATION STATEMENT WHICH HAS BEEN DECLARED EFFECTIVE UNDER THE SECURITIES
ACT, IN EACH CASE IN ACCORDANCE WITH ANY APPLICABLE SECURITIES LAWS OF ANY STATE OF THE UNITED STATES, AND (B) THE HOLDER
WILL, AND EACH SUBSEQUENT HOLDER IS REQUIRED TO, NOTIFY ANY PURCHASER OF THIS SECURITY OF THE RESALE RESTRICTIONS REFERRED TO IN
CLAUSE (A) ABOVE. THIS LEGEND WILL BE REMOVED UPON THE TRANSFER OF THIS SECURITY PURSUANT TO CLAUSE (A)(VI) ABOVE. THIS
SECURITY MAY NOT BE TRANSFERRED IN VIOLATION OF THE FOREGOING RESTRICTION.

 

     

     

    

 

QUALCOMM INCORPORATED

 

1.650% NOTES DUE 2032

 

No. A-

 

$

 

ISIN US747525BM47

CUSIP 747525 BM4

 

QUALCOMM INCORPORATED,
a corporation duly organized and existing under the laws of the State of Delaware (herein called the “Company”, which
term includes any successor Person under the Indenture referred to on the reverse hereof), for value received, hereby promises
to pay to                   or registered assigns, the principal sum as set forth in the attached Schedule of Increases and Decreases,
at the office or agency of the Company in the Borough of Manhattan, The City and State of New York, or any other office or agency
designated by the Company for that purpose, on May 20, 2032, in such coin or currency of the United States as at the time
of payment shall be legal tender for the payment of public and private debts, and to pay interest semi-annually in arrears on May 20
and November 20 of each year, and on the maturity date, commencing on November 20, 2020, on said principal sum at said
office or agency, in like coin or currency, at a rate of 1.650% per annum. Interest on this Security will accrue from the most
recent date from which interest has been paid, or if no interest has been paid, from August 14, 2020, until payment of said
principal sum has been made or duly provided for. The interest so payable (i) on May 20 and November 20 will,
subject to certain exceptions provided in the Indenture referred to on the reverse hereof, be paid to the person in whose name
this Security is registered at the close of business on the May 1 or November 1, preceding such May 20 and
November 20, respectively, and (ii) on the maturity date will, subject to certain exceptions provided in the Indenture
referred to on the reverse hereof, be paid to the person in whose name this Security is registered at the close of business on
May 1, 2032, unless the Company shall default in the payment of interest due on such interest payment date, in which case
such defaulted interest, at the option of the Company, may be paid to the person in whose name this Security is registered at the
close of business on a special record date for the payment of such defaulted interest established by notice to the registered holders
of this Security not less than 30 days preceding such special record date or may be paid in any other lawful manner. Interest on
this Security will be computed on the basis of a 360-day year comprised of twelve 30-day months.

 

     

     

    

 

If any interest payment
date, the maturity date or any earlier required repurchase date upon a designated event falls on a day that is not a business day,
the required payment will be made on the next succeeding business day and no interest on such payment will accrue in respect of
the delay.

 

The term “business
day” means any day, other than a Saturday or Sunday, which is not a day on which banking institutions in the City
of New York are authorized or required by law or executive order to close.

 

Reference is made to
the further provisions of this Security set forth on the reverse hereof.  Such further 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 referred to on the reverse hereof or an authenticating agent appointed
by the Company, by manual signature, this Security shall not be entitled to any benefit under the Indenture or be valid or obligatory
for any purpose.

 

[Signature page follows]

 

     

     

    

 

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

 

Dated: August 14, 2020

 

	 	QUALCOMM Incorporated
	 	 
	 	 	 
	 	By:	 
	 	Name:	Akash Palkhiwala
	 	Title:	Executive Vice President and Chief Financial Officer

 

[Signature
Page to 1.650% Note due 2032 (A-    )]

 

     

     

    

 

This is one of the securities designated therein referred to
in the within mentioned Indenture.

 

Dated: August 14, 2020

 

	 	U.S. Bank National Association, as Trustee and Authenticating Agent
	 	 
	 	 	 
	 	By:	 
	 	 	Authorized Signatory

 

[Signature
Page to 1.650% Note due 2032 (A-     )]

 

     

     

    

 

REVERSE OF SECURITY

 

1.            Securities.

 

This security (herein called the “Security”)
is one of a duly authorized issue of securities of the Company, issued and to be issued in one or more series, pursuant to the
Indenture dated as of May 20, 2015 (the “Indenture”) between the Company and U.S. Bank National Association, as
Trustee (herein called the “Trustee,” which term includes any successor Trustee under the Indenture), and reference
is hereby made to the Indenture for a statement of the respective rights, limitations of rights, duties and immunities thereunder
of the Company, the Trustee, and the Holders and of the terms upon which this Security is, and is to be, authenticated and delivered.
This Security is one of the series designated on the face hereof as “1.650% Notes due 2032,” issued in an initial aggregate
principal amount of $              . This Security will be issued only in minimum denominations of $2,000 and integral multiples of
$1,000 in excess thereof. All terms used in this Security which are defined in the Indenture shall have the meanings assigned to
them in the Indenture.

 

2.            This
Security is subject to the covenants contained in the Indenture and certain additional covenants contained in the Officers’
Certificate dated August 14, 2020.

 

3.            No
Sinking Fund

 

This Security will not be entitled to the
benefit of any sinking fund.

 

4.            Optional
Redemption.

 

At the Company’s option, this Security
may be redeemed at any time in whole or in part prior to the Par Call Date, in which case the Company will pay a redemption price
equal to the greater of the following amounts: (1) 100% of the aggregate principal amount of this Security and (2) the
sum of the present values of the remaining scheduled payments of principal and interest thereon that would be due after the redemption
date but for such redemption and assuming this Security matures on the Par Call Date, in each case not including any portion of
payments of interest accrued and unpaid to the date of redemption, discounted to the redemption date on a semi-annual basis (assuming
a 360-day year consisting of twelve 30-day months) at the Adjusted Treasury Rate plus 15 basis points, plus in the case of each
of (1) and (2), accrued and unpaid interest to, but excluding, the redemption date. Neither the Trustee nor the paying agent
shall have any responsibility for calculating the redemption price.

 

At the Company’s option, this Security
may be redeemed at any time in whole or in part on or after the Par Call Date at a redemption price equal to 100% of the aggregate
principal amount of this Security, plus accrued and unpaid interest to, but excluding, the redemption date.

 

     

     

    

 

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

 

“Comparable Treasury Issue”
means, with respect to this Security, the U.S. Treasury security or securities selected by the Quotation Agent as having an actual
or interpolated maturity comparable to the remaining term from the redemption date to the maturity date of this Security being
redeemed that would be utilized, at the time of selection and in accordance with customary financial practice, in pricing new issues
of corporate debt securities of comparable maturity to the remaining term of this Security (assuming, for this purpose, this Security
matures on the Par Call Date).

 

“Comparable Treasury Price”
means, with respect to any redemption date, (1) the average of the Reference Treasury Dealer Quotations for such redemption
date, after excluding the highest and lowest such Reference Treasury Dealer Quotations or (2) if we obtain fewer than four
such Reference Treasury Dealer Quotations, the average of all such quotations for such redemption date.

 

“Par Call Date”
means February 20, 2032 (the date that is three months prior to the maturity date of this Security).

 

“Quotation Agent” means the
Reference Treasury Dealer appointed by us.

 

“Reference Treasury Dealer”
means (i) each of Goldman Sachs & Co. LLC and Barclays Capital Inc. and their respective successors, unless any such
entity ceases to be a primary U.S. Government securities dealer in New York City (a Primary Treasury Dealer), in which case we
shall substitute another Primary Treasury Dealer; and (ii) any other Primary Treasury Dealers selected by us.

 

“Reference Treasury Dealer Quotations”
means, with respect to any Reference Treasury Dealer and any redemption date, the average, as determined by the Quotation Agent,
of the bid and asked prices for the applicable Comparable Treasury Issue (expressed in each case as a percentage of its principal
amount) quoted in writing to the Quotation Agent by that Reference Treasury Dealer at 5:00 p.m., New York City time, on the third
business day preceding that redemption date.

 

5.            Selection
and Notice of Redemption.

 

(a)            If
less than all of the principal amount of this Security is to be redeemed, the depositary in coordination with the paying agent
may select Securities for redemption pursuant to its applicable procedures. The depositary, in connection with the paying agent
shall select Securities and portions of Securities in amounts of $2,000 and integral multiples of $1,000 in excess thereof.

 

     

     

    

 

(b)            Notices
of redemption will be sent at least 10 but not more than 60 days before the redemption date to each Holder of Securities to be
redeemed at its registered address. Notices of redemption may be conditional.

 

6.            Registration
Rights Agreement.

 

The Holder of this Note is entitled to the
benefits of the Registration Rights Agreement dated as of August 14, 2020, among the Company, Goldman Sachs & Co.
LLC, Barclays Capital Inc., Deutsche Bank Securities Inc., J.P. Morgan Securities LLC, Blaylock Van, LLC and Loop Capital Markets
LLC.

 

7.            Acceleration
Upon Event of Default.

 

The Events of Default for this Security
are as specified in the Indenture.

 

8.            Amendment
and Modification.

 

The Indenture permits, with certain exceptions
as therein provided, the amendment thereof and the modification of the rights and obligations of the Company and the rights of
the Holders under the Indenture at any time by the Company and the Trustee with the consent of the Holders of not less than a majority
in principal amount of outstanding securities of any series and affected by such modification or amendment (including consents
obtained in connection with a purchase of, or tender offer or exchange offer for, such securities).

 

9.            No
Impairment of Obligation to Pay or Right to Convert.

 

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

 

10.          Transfer
and Exchange.

 

As provided in the Indenture and subject
to certain limitations set forth therein, this Security shall be transferable only upon the surrender of a Security for registration
of transfer. When a Security is presented to the Registrar with a request to register a transfer, the Registrar will register the
transfer as requested if the requirements of the Indenture are satisfied. When this Security is presented to the Registrar with
a request to exchange them for an equal principal amount of securities of other denominations, the Registrar shall make the exchange
as requested if the requirements of the Indenture are met. To permit registration of transfers and exchanges, the Company will
execute and the Trustee will authenticate securities at the Registrar’s request.

 

     

     

    

 

11.          No
Service Charge.

 

No service charge shall be made for any
such registration of transfer or exchange, but the Company may require payment by the Holder of a sum sufficient to pay all taxes,
assessments or other governmental charges in connection therewith.

 

12.          Treatment
as Owner.

 

The registered holder of this Security will
be treated as the owner of it for all purposes.

 

13.          Payment
of Interest.

 

The Company shall pay the principal of and
interest on this Security in immediately available funds to               or its respective nominees, as the case may be,
as the registered holder of this Security.

 

14.          No
Liability.

 

No past, present or future director, officer,
employee, incorporator or stockholder of the Company, as such, shall have any liability (except in the case of bad faith or willful
misconduct) for any obligations of the Company under this Security or the Indenture or for any claim based on, in respect of, or
by reason of, such obligations or their creation. Each Holder by accepting this Security waives and releases all such liability.
Such waiver and release are part of the consideration for the issuance of this Security.

 

15.          Governing
Law.

 

THE INDENTURE AND THIS SECURITY SHALL BE
GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK.

 

     

     

    

 

SCHEDULE OF INCREASES OR DECREASES

 

The initial principal amount of this Global Security is $              .  The
following increases or decreases in this Global Security have been made:

 

	Date of Exchange	 	 	Amount of 

decrease in

 Principal  Amount

 of this Global

 Security	 	Amount of

 increase in 

Principal

 Amount of this 

Global Security	 	Principal 

amount of this

 Global Security 

following such

 decrease or 

increase	 	Signature of 

authorized 

signatory of

 Trustee or

 Securities 

CustodianExhibit 4.6

 

UNLESS THIS CERTIFICATE
IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY (“DTC”), TO THE COMPANY OR ITS AGENT
FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF             ,
OR SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO            ,  OR
TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE
OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF,                     ,  HAS AN INTEREST HEREIN.

 

THIS GLOBAL SECURITY
IS HELD BY THE DEPOSITARY (AS DEFINED IN THE INDENTURE GOVERNING THIS SECURITY) OR ITS NOMINEE IN CUSTODY FOR THE BENEFIT OF THE
BENEFICIAL OWNERS HEREOF, AND IS NOT TRANSFERABLE TO ANY PERSON UNDER ANY CIRCUMSTANCES EXCEPT THAT (I) THE TRUSTEE MAY MAKE
SUCH NOTATIONS HEREON AS MAY BE REQUIRED PURSUANT TO SECTION 9.05 OF THE INDENTURE, (II) THIS GLOBAL SECURITY MAY BE
EXCHANGED IN WHOLE BUT NOT IN PART PURSUANT TO SECTION 2.07 OF THE INDENTURE, (III) THIS GLOBAL SECURITY MAY BE
DELIVERED TO THE TRUSTEE FOR CANCELLATION PURSUANT TO SECTION 2.12 OF THE INDENTURE AND (IV) THIS GLOBAL SECURITY MAY BE
TRANSFERRED TO A SUCCESSOR DEPOSITARY WITH THE PRIOR WRITTEN CONSENT OF THE COMPANY (AS DEFINED IN THE INDENTURE GOVERNING THIS
SECURITY).

 

THIS SECURITY (OR
ITS PREDECESSOR) WAS ORIGINALLY ISSUED IN A TRANSACTION EXEMPT FROM REGISTRATION UNDER THE UNITED STATES SECURITIES ACT OF 1933,
AS AMENDED (THE “SECURITIES ACT”), AND THIS SECURITY MAY NOT BE OFFERED, SOLD OR OTHERWISE TRANSFERRED IN THE
ABSENCE OF SUCH REGISTRATION OR AN APPLICABLE EXEMPTION THEREFROM. EACH PURCHASER OF THIS SECURITY IS HEREBY NOTIFIED THAT THE
SELLER OF THIS SECURITY MAY BE RELYING ON THE EXEMPTION FROM THE PROVISIONS OF SECTION 5 OF THE SECURITIES ACT PROVIDED
BY RULE 144A THEREUNDER. THE HOLDER OF THIS SECURITY BY ITS ACCEPTANCE HEREOF REPRESENTS THAT IT IS (1) A “QUALIFIED
INSTITUTIONAL BUYER” (AS DEFINED IN RULE 144A UNDER THE SECURITIES ACT) OR (2) NOT A U.S. PERSON AND IS ACQUIRING ITS
NOTE IN AN “OFFSHORE TRANSACTION” PURSUANT TO RULE 904 OF REGULATION S UNDER THE SECURITIES ACT.

 

    

     

    

 

THE HOLDER OF THIS
SECURITY AGREES FOR THE BENEFIT OF QUALCOMM INCORPORATED THAT (A) THIS SECURITY MAY BE OFFERED, RESOLD, PLEDGED OR OTHERWISE
TRANSFERRED ONLY (I) TO A PERSON WHOM THE SELLER REASONABLY BELIEVES IS A “QUALIFIED INSTITUTIONAL BUYER” (AS
DEFINED IN RULE 144A UNDER THE SECURITIES ACT) IN A TRANSACTION MEETING THE REQUIREMENTS OF RULE 144A, (II) PURSUANT TO AN
EXEMPTION FROM REGISTRATION UNDER THE SECURITIES ACT PROVIDED BY RULE 144 THEREUNDER (IF AVAILABLE), (III) PURSUANT TO OFFERS
AND SALES TO NON-U.S. PERSONS THAT OCCUR OUTSIDE THE UNITED STATES WITHIN THE MEANING OF REGULATION S UNDER THE SECURITIES ACT,
(IV) TO AN INSTITUTIONAL “ACCREDITED INVESTOR” WITHIN THE MEANING OF SUBPARAGRAPH (a)(1), (2), (3) OR (7) OF
RULE 501 UNDER THE SECURITIES ACT THAT IS ACQUIRING THIS SECURITY FOR ITS OWN ACCOUNT, OR FOR THE ACCOUNT OF SUCH AN INSTITUTIONAL
“ACCREDITED INVESTOR,” FOR INVESTMENT PURPOSES AND NOT WITH A VIEW TO, OR FOR OFFER OR SALE IN CONNECTION WITH, ANY
DISTRIBUTION IN VIOLATION OF THE SECURITIES ACT, (V) PURSUANT TO ANY OTHER AVAILABLE EXEMPTION FROM THE REGISTRATION REQUIREMENTS
OF THE SECURITIES ACT OR (VI) PURSUANT TO A REGISTRATION STATEMENT WHICH HAS BEEN DECLARED EFFECTIVE UNDER THE SECURITIES
ACT, IN EACH CASE IN ACCORDANCE WITH ANY APPLICABLE SECURITIES LAWS OF ANY STATE OF THE UNITED STATES, AND (B) THE HOLDER
WILL, AND EACH SUBSEQUENT HOLDER IS REQUIRED TO, NOTIFY ANY PURCHASER OF THIS SECURITY OF THE RESALE RESTRICTIONS REFERRED TO
IN CLAUSE (A) ABOVE. THIS LEGEND WILL BE REMOVED UPON THE TRANSFER OF THIS SECURITY PURSUANT TO CLAUSE (A)(VI) ABOVE.
THIS SECURITY MAY NOT BE TRANSFERRED IN VIOLATION OF THE FOREGOING RESTRICTION.

 

UNTIL 40 DAYS AFTER
THE LATER OF COMMENCEMENT OR COMPLETION OF THE OFFERING, AN OFFER OR SALE OF NOTES WITHIN THE UNITED STATES BY A DEALER (AS DEFINED
IN THE SECURITIES ACT) MAY VIOLATE THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT IF SUCH OFFER OR SALE IS MADE OTHERWISE
THAN IN ACCORDANCE WITH RULE 144A THEREUNDER.

 

QUALCOMM INCORPORATED

 

1.650% NOTES DUE 2032

 

No. S-

 

$

 

ISIN USU57238AF18 

CUSIP U57238 AF1

 

QUALCOMM INCORPORATED,
a corporation duly organized and existing under the laws of the State of Delaware (herein called the “Company”, which
term includes any successor Person under the Indenture referred to on the reverse hereof), for value received, hereby promises
to pay to                    or registered assigns, the principal sum as set forth in the attached Schedule of Increases and
Decreases, at the office or agency of the Company in the Borough of Manhattan, The City and State of New York, or any other office
or agency designated by the Company for that purpose, on May 20, 2032, in such coin or currency of the United States as at
the time of payment shall be legal tender for the payment of public and private debts, and to pay interest semi-annually in arrears
on May 20 and November 20 of each year, and on the maturity date, commencing on November 20, 2020, on said principal
sum at said office or agency, in like coin or currency, at a rate of 1.650% per annum. Interest on this Security will accrue from
the most recent date from which interest has been paid, or if no interest has been paid, from August 14, 2020 until payment
of said principal sum has been made or duly provided for. The interest so payable (i) on May 20 and November 20
will, subject to certain exceptions provided in the Indenture referred to on the reverse hereof, be paid to the person in whose
name this Security is registered at the close of business on the May 1 or November 1, preceding such May 20
and November 20, respectively, and (ii) on the maturity date will, subject to certain exceptions provided in the Indenture
referred to on the reverse hereof, be paid to the person in whose name this Security is registered at the close of business on
May 1, 2032, unless the Company shall default in the payment of interest due on such interest payment date, in which case
such defaulted interest, at the option of the Company, may be paid to the person in whose name this Security is registered at
the close of business on a special record date for the payment of such defaulted interest established by notice to the registered
holders of this Security not less than 30 days preceding such special record date or may be paid in any other lawful manner. Interest
on this Security will be computed on the basis of a 360-day year comprised of twelve 30-day months.

 

    

     

    

 

If any interest payment
date, the maturity date or any earlier required repurchase date upon a designated event falls on a day that is not a business
day, the required payment will be made on the next succeeding business day and no interest on such payment will accrue in respect
of the delay.

 

The term “business
day” means any day, other than a Saturday or Sunday, which is not a day on which banking institutions in the City
of New York are authorized or required by law or executive order to close.

 

Reference is made
to the further provisions of this Security set forth on the reverse hereof.  Such further 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 referred to on the reverse hereof or an authenticating agent appointed
by the Company, by manual signature, this Security shall not be entitled to any benefit under the Indenture or be valid or obligatory
for any purpose.

 

[Signature page follows]

 

    

     

    

 

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

 

Dated: August 14, 2020

 

	 	 
	 	QUALCOMM Incorporated
	 	 	 
	 	By:	 
	 	Name:	Akash Palkhiwala
	 	Title:	Executive Vice President and Chief Financial Officer

 

[Signature Page to
1.650% Note due 2032 (S-   )]

 

    

     

    

 

This is one of the securities designated therein referred to
in the within mentioned Indenture.

 

Dated: August 14, 2020

 

 

	 	U.S. Bank National Association, as Trustee and Authenticating Agent
	 	 	 
	 	By:	 
	 	 	 
	 	 	Authorized Signatory

 

[Signature Page to 1.650% Note
due 2032 (S-   )]

 

    

     

    

 

REVERSE OF SECURITY

 

1.             Securities.

 

This security (herein called the “Security”)
is one of a duly authorized issue of securities of the Company , issued and to be issued in one or more series, pursuant to the
Indenture dated as of May 20, 2015 (the “Indenture”) between the Company and U.S. Bank National Association,
as Trustee (herein called the “Trustee,” which term includes any successor Trustee under the Indenture), and reference
is hereby made to the Indenture for a statement of the respective rights, limitations of rights, duties and immunities thereunder
of the Company, the Trustee, and the Holders and of the terms upon which this Security is, and is to be, authenticated and delivered.
This Security is one of the series designated on the face hereof as “1.650% Notes due 2032,” issued in an initial
aggregate principal amount of $            . This Security will be issued only in minimum denominations of $2,000 and integral multiples
of $1,000 in excess thereof. All terms used in this Security which are defined in the Indenture shall have the meanings assigned
to them in the Indenture.

 

2.             This
Security is subject to the covenants contained in the Indenture and certain additional covenants contained in the Officers’
Certificate dated August 14, 2020.

 

3.             No
Sinking Fund

 

This Security will not be entitled to the
benefit of any sinking fund.

 

4.             Optional
Redemption.

 

At the Company’s option, this Security
may be redeemed at any time in whole or in part prior to the Par Call Date, in which case the Company will pay a redemption price
equal to the greater of the following amounts: (1) 100% of the aggregate principal amount of this Security and (2) the
sum of the present values of the remaining scheduled payments of principal and interest thereon that would be due after the redemption
date but for such redemption and assuming this Security matures on the Par Call Date, in each case not including any portion of
payments of interest accrued and unpaid to the date of redemption, discounted to the redemption date on a semi-annual basis (assuming
a 360-day year consisting of twelve 30-day months) at the Adjusted Treasury Rate plus 15 basis points, plus in the case of each
of (1) and (2), accrued and unpaid interest to, but excluding, the redemption date. Neither the Trustee nor the paying agent
shall have any responsibility for calculating the redemption price.

 

At the Company’s option, this Security
may be redeemed at any time in whole or in part on or after the Par Call Date at a redemption price equal to 100% of the aggregate
principal amount of this Security, plus accrued and unpaid interest to, but excluding, the redemption date.

 

    

     

    

 

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

 

“Comparable Treasury Issue”
means, with respect to this Security, the U.S. Treasury security or securities selected by the Quotation Agent as having an actual
or interpolated maturity comparable to the remaining term from the redemption date to the maturity date of this Security being
redeemed that would be utilized, at the time of selection and in accordance with customary financial practice, in pricing new
issues of corporate debt securities of comparable maturity to the remaining term of this Security (assuming, for this purpose,
this Security matures on the Par Call Date)..

 

“Comparable Treasury Price”
means, with respect to any redemption date, (1) the average of the Reference Treasury Dealer Quotations for such redemption
date, after excluding the highest and lowest such Reference Treasury Dealer Quotations or (2) if we obtain fewer than four
such Reference Treasury Dealer Quotations, the average of all such quotations for such redemption date.

 

“Par Call Date”
means February 20, 2032 (the date that is three months prior to the maturity date of this Security).

 

“Quotation Agent” means the
Reference Treasury Dealer appointed by us.

 

“Reference Treasury Dealer”
means (i) each of Goldman Sachs & Co. LLC and Barclays Capital Inc. and their respective successors, unless any
such entity ceases to be a primary U.S. Government securities dealer in New York City (a Primary Treasury Dealer), in which case
we shall substitute another Primary Treasury Dealer; and (ii) any other Primary Treasury Dealers selected by us.

 

“Reference Treasury Dealer Quotations”
means, with respect to any Reference Treasury Dealer and any redemption date, the average, as determined by the Quotation Agent,
of the bid and asked prices for the applicable Comparable Treasury Issue (expressed in each case as a percentage of its principal
amount) quoted in writing to the Quotation Agent by that Reference Treasury Dealer at 5:00 p.m., New York City time, on the third
business day preceding that redemption date.

 

5.             Selection
and Notice of Redemption.

 

(a)            If
less than all of the principal amount of this Security is to be redeemed, the depositary in coordination with the paying agent
may select Securities for redemption pursuant to its applicable procedures. The depositary, in connection with the paying agent
shall select Securities and portions of Securities in amounts of $2,000 and integral multiples of $1,000 in excess thereof.

 

    

     

    

 

(b)            Notices
of redemption will be sent at least 10 but not more than 60 days before the redemption date to each Holder of Securities to be
redeemed at its registered address. Notices of redemption may be conditional.

 

6.             Registration
Rights Agreement.

 

The Holder of this Note is entitled to
the benefits of the Registration Rights Agreement dated as of August 14, 2020, among the Company, Goldman Sachs &
Co. LLC, Barclays Capital Inc., Deutsche Bank Securities Inc., J.P. Morgan Securities LLC, Blaylock Van, LLC and Loop Capital
Markets LLC.

 

7.             Acceleration
Upon Event of Default.

 

The Events of Default for this Security
are as specified in the Indenture.

 

8.             Amendment
and Modification.

 

The Indenture permits, with certain exceptions
as therein provided, the amendment thereof and the modification of the rights and obligations of the Company and the rights of
the Holders under the Indenture at any time by the Company and the Trustee with the consent of the Holders of not less than a
majority in principal amount of outstanding securities of any series and affected by such modification or amendment (including
consents obtained in connection with a purchase of, or tender offer or exchange offer for, such securities).

 

9.             No
Impairment of Obligation to Pay or Right to Convert.

 

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

 

10.           Transfer
and Exchange.

 

As provided in the Indenture and subject
to certain limitations set forth therein, this Security shall be transferable only upon the surrender of a Security for registration
of transfer. When a Security is presented to the Registrar with a request to register a transfer, the Registrar will register
the transfer as requested if the requirements of the Indenture are satisfied. When this Security is presented to the Registrar
with a request to exchange them for an equal principal amount of securities of other denominations, the Registrar shall make the
exchange as requested if the requirements of the Indenture are met. To permit registration of transfers and exchanges, the Company
will execute and the Trustee will authenticate securities at the Registrar’s request.

 

    

     

    

 

11.           No
Service Charge.

 

No service charge shall be made for any
such registration of transfer or exchange, but the Company may require payment by the Holder of a sum sufficient to pay all taxes,
assessments or other governmental charges in connection therewith.

 

12.           Treatment
as Owner.

 

The registered holder of this Security
will be treated as the owner of it for all purposes.

 

13.           Payment
of Interest.

 

The Company shall pay the principal of
and interest on this Security in immediately available funds to                 or its respective nominees, as the case may
be, as the registered holder of this Security.

 

14.           No
Liability.

 

No past, present or future director, officer,
employee, incorporator or stockholder of the Company, as such, shall have any liability (except in the case of bad faith or willful
misconduct) for any obligations of the Company under this Security or the Indenture or for any claim based on, in respect of,
or by reason of, such obligations or their creation. Each Holder by accepting this Security waives and releases all such liability.
Such waiver and release are part of the consideration for the issuance of this Security.

 

15.           Governing
Law.

 

THE INDENTURE AND THIS SECURITY SHALL BE
GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK.

 

    

     

    

 

SCHEDULE OF INCREASES OR DECREASES

 

The initial principal amount of this Global Security is $                 .
 The following increases or decreases in this Global Security have been made:

 

	Date of
 Exchange	 	Amount of 

    decrease in 
 Principal  Amount 
 of this Global 
 Security	 	Amount of 

    increase in 
 Principal 
 Amount of this 
 Global Security	 	Principal 

    amount of this 
 Global Security 
 following such 
 decrease or 
 increase	 	Signature of
    
 authorized 
 signatory of 
 Trustee or 
 Securities 
 Custodian

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