Document:

EX-10.AH

 Exhibit 10AH 
 EXECUTIVE EMPLOYMENT AGREEMENT 
 This EMPLOYMENT
AGREEMENT (the “Agreement”) is made and entered into effective as of November 1, 2013 (the
“Effective Date”), by and between A.P. PHARMA, INC. (the
“Company”), and PAUL MARSHALL (the “Executive”). The
Company and the Executive are hereinafter collectively referred to as the “Parties”, and individually referred to as a
“Party”. 
 AGREEMENT 

In consideration of the foregoing and the mutual promises and covenants herein contained, and for other good and valuable consideration, the
Parties, intending to be legally bound, agree as follows: 
 1. EMPLOYMENT. 

1.1 Title. The Executive shall initially have the title of Senior Vice President of Technical Operations of the Company and shall serve in
such other capacity or capacities as the Company may from time to time prescribe and to which the Executive agrees. The Executive shall initially report to the Chief Executive Officer and the Board of Directors of the Company (the
“Board”). 
 1.2 Duties. The Executive shall do and perform all services, acts or
things necessary or advisable to manage and conduct the business of the Company and which are normally associated with the position of Senior Vice President of Technical Operations, consistent with the Bylaws of the Company and as required by the
Board. 
 1.3 Policies and Practices. The employment relationship between the Parties shall be governed by the policies and
practices established by the Company and the Board. The Executive acknowledges that he has read the Company’s employee handbook and other governing policies, which will govern the terms and conditions of his employment with the Company, along
with this Agreement. In the event that the terms of this Agreement differ from or are in conflict with the Company’s policies or practices or the Company’s employee handbook, this Agreement shall control. 

2. LOYAL AND CONSCIENTIOUS PERFORMANCE; NONCOMPETITION.

 2.1 Loyalty. During the Executive’s employment by the Company, the Executive shall devote the Executive’s full
business energies, interest, abilities and productive time to the proper and efficient performance of the Executive’s duties under this Agreement. Notwithstanding the foregoing, the Executive may provide occasional consulting that are not
competitive to the Company. 
 2.2 Covenant Not to Compete. Except with the prior written consent of the Board, which shall not be
unreasonably withheld, and except the provisions included in Section 2.1 above, the Executive will not, during his employment by the Company, engage in competition with the Company and/or any of its Affiliates, either directly or indirectly, in any
manner or capacity, as adviser, principal, agent, affiliate, promoter, partner, officer, director, employee, stockholder, 

 
owner, co-owner, consultant, or member of any association or otherwise, in any phase of the business of developing, manufacturing and marketing of products or services which are in the same field
of use or which otherwise compete with the products or services or proposed products or services of the Company and/or any of its Affiliates. For purposes of this Agreement,
“Affiliate” means, with respect to any specific entity, any other entity that, directly or indirectly, through one or more intermediaries, controls, is controlled by or
is under common control with such specified entity. 
 2.3 Agreement Not to Participate in Company’s Competitors. During the
term of this agreement, and except the provisions included in Section 2.1 above, the Executive agrees not to acquire, assume or participate in, directly or indirectly, any position, investment or interest known by the Executive to be adverse or
antagonistic to the Company, its business or prospects, financial or otherwise or in any company, person or entity that is, directly or indirectly, in competition with the business of the Company or any of its Affiliates. Ownership by the Executive,
as a passive investment, of less than two percent (2%) of the outstanding shares of capital stock of any corporation with one or more classes of its capital stock listed on a national securities exchange or publicly traded on the Nasdaq Stock
Market or in the over-the-counter market shall not constitute a breach of this paragraph. 
 3. COMPENSATION
OF THE EXECUTIVE. 
 3.1 Base Salary. The Company shall pay the Executive a base
salary of at least $395,000 per year, less payroll deductions and all required withholdings payable in regular periodic payments in accordance with Company policy. Such base salary shall be prorated for any partial year of employment on the basis of
a 365-day fiscal year. 
 3.2 Performance Bonus. In addition to the Executive’s base salary, the Executive shall be eligible
for a performance bonus based upon the Executive’s and the Company’s achievement of specified objectives established by the Board during the first quarter of each year after consultation with the Executive, as evaluated by the Board in its
discretion. The target bonus for full achievement of all objectives shall be 40% of the Executive’s Base Salary. 
 3.3 Equity
Incentives. 
 (a) As of the Effective Date, Executive will be granted an option to purchase up to 6,000,000 shares of the
Company’s common stock (the “Option”). Subject to the Executive continuing to serve as Senior Vice President of Technical Operations of the Company (except as set
forth below), vesting of the Option will be as follows: (i) 4,200,000 shares (the “Time-Based Shares”) vesting over a four-year period, with 1,050,000 shares vesting on the first anniversary of the
date of grant, and then 87,500 shares vesting monthly thereafter over the next three years; (ii) 1,800,000 shares vesting upon receipt by the Company of FDA approval for its investigational new drug APF530 or any other drug product utilizing the
Company’s Biochronomer technology (either being a “Qualified Drug”), (the shares subject to vesting in clause (ii) being the “Performance-Based
Shares”). If any vesting condition for the Performance-Based Shares is met within 60 days following Executive’s termination of service either by the Company without Cause or by the Executive for Good Reason, then the
vesting 

  
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condition will be deemed satisfied with respect to that condition (such circumstance being a “Post-Termination Vesting Event”). The Option will
have a ten-year term and will be treated as an incentive stock option to the maximum extent possible under applicable regulations, with the remainder being non-statutory stock options. The portion of the Option that is vested as of the date of
termination of the Executive’s service with the Company shall remain exercisable for a period of 90 days following termination. Any portion of the Option that vests as a result of a Post-Termination Vesting Event shall remain exercisable for a
period of 90 days following the occurrence of such event. 
 (b) With respect to all stock options previously granted to Executive by the
Company, which options are listed on Schedule A attached hereto (the “Prior Options”), the Company and Executive hereby agree that the Prior Options shall be vested with
respect to that number of shares reflected under the “Options Considered Vested” column of Schedule A, with the remainder of the Prior Options to be forfeited as of the Effective Date. 

3.4 Changes to Compensation. The Executive’s compensation will be reviewed on a regular basis by the Company and may be changed from
time to time as deemed appropriate. For clarity, the provisions of this Section 3.4 are not meant to supersede the right of the Executive to terminate for Good Reason in the event of a material reduction of Executive’s Base Salary as
provided in Section 4.5.3. 
 3.5 Employment Taxes. All of the Executive’s compensation shall be subject to customary
withholding taxes and any other employment taxes as are commonly required to be collected or withheld by the Company. 
 4.
TERMINATION. 
 4.1 Termination by the Company. The Executive’s employment by the Company shall be at will.
The Executive’s employment with the Company may be terminated by the Company at any time and for any reason or no reason, with or without “Cause” (as defined
below), subject to the provisions of this Section 4. 
 4.2 Termination by Mutual Agreement of the Parties. The
Executive’s employment pursuant to this Agreement may be terminated at any time upon a mutual agreement in writing of the Parties. Any such termination of employment shall have the consequences specified in such agreement. 

4.3 Termination by the Executive. The Executive’s employment by the Company shall be at will. The Executive shall have the right to
resign or terminate the Executive’s employment at any time and for any reason, or no reason, with or without “Good Reason” (as defined below), subject to the
provisions of this Section 4. 
 4.4 Compensation Upon Termination. 

4.4.1 With Cause or Without Good Reason. If the Executive’s employment shall be terminated by the Company for Cause, or if the
Executive terminates employment hereunder for 

  
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other than Good Reason, the Company shall pay the Executive’s base salary and accrued and unused vacation benefits earned through the date of termination at the rate in effect at the time of
termination, less standard deductions and withholdings, and the Company shall thereafter have no further obligations to the Executive under this Agreement. 
 4.4.2 Without Cause or With Good Reason. If the Executive’s employment shall be terminated by the Company without Cause, or by the Executive for Good Reason, the Executive shall receive the payments
specified in Section 4.4.1, and, in addition, within ten days of the Executive’s delivery to the Company of a fully effective Release and Waiver in the form attached hereto as Exhibit A, within the applicable
time period set forth therein, but in no event later than 45 days following termination of the Executive’s employment, the Executive shall receive the following: (i) a lump sum payment equal to the sum of (A) the Executive’s
annual base salary then in effect and (B) the Executive’s target performance bonus then in effect, less required deductions and withholdings; (ii) accelerated time-based vesting of shares subject to all stock awards issued by the
Company, for the number of shares which would have vested accordingly had the Executive continued employment with the Company for a period of 12 months after termination (for the avoidance of doubt, which shall include partial accelerated vesting of
the Time-Based Shares, but not the Performance-Based Shares); and (iii) reimbursement for or continuation of payment by the Company of its portion of the health insurance benefits provided to Executive immediately prior to termination pursuant
to the terms of the Consolidated Omnibus Budget Reconciliation Act of 1985, as amended (“COBRA”) or other applicable law for a period of up to 24 months from the date of
termination. 
 4.4.3 Change in Control. If the Executive’s employment shall be terminated by the Company without Cause, or
by the Executive for Good Reason within three months before or within 12 months following a Change in Control, the Executive shall receive the payments specified in Section 4.4.1, and, in addition, within ten days of the Executive’s
delivery to the Company of a fully effective Release and Waiver in the form attached hereto as Exhibit A, within the applicable time period set forth therein, but in no event later than 45 days following termination of
the Executive’s employment, the Executive shall receive the following: (i) a lump sum payment equal to 150% of the Executive’s annual base salary then in effect, less required deductions and withholdings; (ii) the greater of the
Executive’s target performance bonus then in effect, less required deductions and withholdings, or the Executive’s performance bonus paid in the year preceding the year in which termination occurs, less required deductions and
withholdings; and (iii) provided that the Executive timely elects continued coverage under COBRA, the COBRA benefit for a period of up to 24 months. 
 4.4.4 Parachute Payment. If any payment or benefit Executive would receive pursuant to a Change in Control or otherwise
(“Payment”) would (i) constitute a “parachute payment” within the meaning of Section 280G of the Code, and (ii) but for this sentence, be
subject to the excise tax imposed by Section 4999 of the Code (the “Excise Tax”), then such Payment shall be reduced to the Reduced Amount. The
“Reduced Amount” shall be either (x) the largest portion of the Payment that would result in no portion of the Payment being subject to the Excise Tax or
(y) the largest portion, up to and including the total, of the Payment, whichever amount, after taking into account all applicable federal, state and local employment taxes, income taxes, and the Excise Tax (all computed at the highest
applicable marginal rate), results in the Executive’s 

  
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receipt, on an after-tax basis, of the greater amount of the Payment notwithstanding that all or some portion of the Payment may be subject to the Excise Tax. If a reduction in payments or
benefits constituting “parachute payments” is necessary so that the Payment equals the Reduced Amount, reduction shall occur in the following order: reduction of cash payments; cancellation of accelerated vesting of stock awards; reduction
of employee benefits. In the event that acceleration of vesting of stock award compensation is to be reduced, such acceleration of vesting shall be cancelled in the reverse order of the date of grant of Executive’s stock awards. 

The accounting firm engaged by the Company for general audit purposes as of the day prior to the effective date of the Change in Control shall
perform the foregoing calculations. If the accounting firm so engaged by the Company is serving as accountant or auditor for the individual, entity or group effecting the Change in Control, then the Company shall appoint a nationally recognized
accounting firm to make the determinations required hereunder. The Company shall bear all expenses with respect to the determinations by such accounting firm required to be made hereunder. 

The accounting firm engaged to make the determinations hereunder shall provide its calculations, together with detailed supporting documentation,
to the Executive and the Company within 15 calendar days after the date on which the Executive’s right to a Payment is triggered (if requested at that time by the Executive or the Company) or such other time as requested by the Executive or the
Company. If the accounting firm determines that no Excise Tax is payable with respect to a Payment, either before or after the application of the Reduced Amount, it shall furnish the Executive and the Company with an opinion reasonably acceptable to
the Executive that no Excise Tax will be imposed with respect to such Payment. Any good faith determinations of the accounting firm made hereunder shall be final, binding and conclusive upon the Executive and the Company. 

4.4.5 Application of Section 409A. Notwithstanding anything to the contrary set forth herein, any payments and benefits provided under
this Agreement (the “Severance Benefits”) that constitute “deferred compensation” within the meaning of Section 409A of the Internal Revenue Code of 1986, as amended (the
“Code”) and the regulations and other guidance thereunder and any state law of similar effect (collectively “Section 409A”) shall not commence in connection with
Executive’s termination of employment unless and until Executive has also incurred a “separation from service” (as such term is defined in Treasury Regulation Section 1.409A-1(h) (“Separation From
Service”)), unless the Company reasonably determines that such amounts may be provided to Executive without causing Executive to incur the additional 20% tax under Section 409A. 

It is intended that each installment of the Severance Benefits payments provided for in this Agreement is a separate “payment” for
purposes of Treasury Regulation Section 1.409A- 2(b)(2)(i). For the avoidance of doubt, it is intended that payments of the Severance Benefits set forth in this Agreement satisfy, to the greatest extent possible, the exemptions from the
application of Section 409A provided under Treasury Regulation Sections 1.409A-1(b)(4), 1.409A-1(b)(5) and 1.409A-1(b)(9). However, if the Company (or, if applicable, the successor entity thereto) determines that the Severance Benefits
constitute “deferred compensation” under Section 409A and Executive is, on the termination of Executive’s service, a “specified employee” 

  
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of the Company or any successor entity thereto, as such term is defined in Section 409A(a)(2)(B)(i) of the Code, then, solely to the extent necessary to avoid the incurrence of the adverse
personal tax consequences under Section 409A, the timing of the Severance Benefit payments shall be delayed until the earlier to occur of: (i) the date that is six months and one day after Executive’s Separation From Service or
(ii) the date of Executive’s death (such applicable date, the “Specified Employee Initial Payment Date”), and the Company (or the successor entity thereto, as applicable) shall (A) pay to
Executive a lump sum amount equal to the sum of the Severance Benefit payments that Executive would otherwise have received through the Specified Employee Initial Payment Date if the commencement of the payment of the Severance Benefits had not been
so delayed pursuant to this Section and (B) commence paying the balance of the Severance Benefits in accordance with the applicable payment schedules set forth in this Agreement. 

Except to the extent that payments may be delayed until the Specified Employee Initial Payment Date pursuant to the preceding paragraph, on the
first regular payroll pay day following the effective date of the Release and Waiver, the Company will pay Executive the Severance Benefits Executive would otherwise have received under the Agreement on or prior to such date but for the delay in
payment related to the effectiveness of the Release and Waiver, with the balance of the Severance Benefits being paid as originally scheduled. All amounts payable under the Agreement will be subject to standard payroll taxes and deductions.

 4.5 Definitions. 
 4.5.1 Cause. For purposes of this Agreement, “Cause” means that, in the reasonable determination of the Company, the Executive has: 

(i) been indicted for or convicted of or pleaded guilty or no contest to any felony or crime involving dishonesty that is likely to inflict or has
inflicted demonstrable and material injury on the business of the Company; 
 (ii) participated in any fraud against the Company;

 (iii) willfully and materially breached a Company policy; 
 (iv) intentionally damaged any property of the Company thereby causing demonstrable and material injury to the business of the Company; or 
 (v) engaged in conduct that, in the reasonable determination of the Company, demonstrates gross unfitness to serve. 
 Notwithstanding the foregoing, Cause shall not exist based on conduct described in clause (iii) above unless the conduct described in such clause has not been cured within 15 days following the Executive’s
receipt of written notice from the Company specifying the particulars of the conduct constituting Cause. 

  
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 4.5.2 Change in Control. For purposes of this Agreement,
“Change in Control” means the occurrence of any of the following: 
 (i) an Ownership Change Event or a series of related Ownership Change Events (collectively, a “Transaction”) in which the stockholders of the Company immediately before the
Transaction do not retain immediately after the Transaction, in substantially the same proportions as their ownership of shares of the Company’s voting stock immediately before the Transaction, direct or indirect beneficial ownership of more
than fifty percent (50%) of the total combined voting power of the outstanding voting securities of the Company or such surviving entity immediately outstanding after the Transaction, or, in the case of an Ownership Change Event the entity to
which the assets of the Company were transferred (the “Transferee”), as the case may be; or 
 (ii) the liquidation or dissolution of the Company. 
 For purposes of the preceding sentence,
indirect beneficial ownership shall include, without limitation, an interest resulting from ownership of the voting securities of one or more corporations or other business entities which own the Company or the Transferee, as the case may be, either
directly or through one or more subsidiary corporations or other business entities. The Board shall have the right to determine whether multiple sales or exchanges of the voting securities in the Company or multiple Ownership Change Events are
related, and its determination shall be final, binding and conclusive. The Board may also, but need not, specify that other transactions or events constitute a Change in Control. 

4.5.3 Good Reason. “Good Reason” for the Executive to terminate the Executive’s employment
hereunder shall mean the occurrence of any of the following events without the Executive’s consent: 
  

	 	(i)	a material reduction (20% or more) by the Company of the Executive’s Base Salary as initially set forth herein or as the same may be increased from time to time;

  

	 	(ii)	a material reduction by the Company of the Executive’s management responsibilities; 

 

	 	(iii)	a material breach of this Agreement by the Company; 

 provided
however, that any resignation by the Executive due to any of the following conditions shall only be deemed for Good Reason if: (i) the Executive gives the Company written notice of the intent to terminate for Good Reason within 90 days
following the first occurrence of the condition(s) that the Executive believes constitutes Good Reason, which notice shall describe such condition(s); (ii) the Company fails to remedy, if remediable, such condition(s) within 15 days following
receipt of the written notice (the “Cure Period”) of such condition(s) from the Executive; and (iii) Executive actually resigns his employment within the first 15 days after expiration of the Cure Period.

 4.5.4 Ownership Change Event. For purposes of this Agreement, “Ownership Change Event”
means the occurrence of any of the following with respect to the Company: (i) the direct 

  
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or indirect sale or exchange in a single or series of related transactions by the stockholders of the Company of more than 50% of the voting stock of the Company; (ii) a merger or
consolidation in which the Company is a party; or (iii) the sale, exchange, or transfer of all or substantially all of the assets of the Company. 
 5. ASSIGNMENT AND BINDING EFFECT. 

This Agreement shall be binding upon and inure to the benefit of the Executive and the Executive’s heirs, executors, personal representatives,
assigns, administrators and legal representatives. Because of the unique and personal nature of the Executive’s duties under this Agreement, neither this Agreement nor any rights or obligations under this Agreement shall be assignable by the
Executive. This Agreement shall be binding upon and inure to the benefit of the Company and its successors, assigns and legal representatives. 
 6. CHOICE OF LAW. 
 This Agreement is made in
California. This Agreement shall be construed and interpreted in accordance with the internal laws of the State of Delaware. 
 7.
INTEGRATION. 
 This Agreement, including Exhibit A, contains the complete, final and
exclusive agreement of the Parties relating to the terms and conditions of the Executive’s employment and the termination of Executive’s employment, and supersedes all prior and contemporaneous oral and written employment agreements or
arrangements between the Parties. To the extent this Agreement conflicts with the terms of the Company’s employee handbook, governing polices, or bylaws, this Agreement controls. 

8. AMENDMENT. 

This Agreement cannot be amended or modified except by a written agreement signed by the Executive and the Company. 

9. WAIVER. 

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

10. SEVERABILITY. 
 The finding by a court of competent jurisdiction of the unenforceability, invalidity or illegality of any provision of this Agreement shall not render any other provision of this Agreement unenforceable, invalid or
illegal. Such court shall have the authority to modify or replace the invalid or unenforceable term or provision with a valid and enforceable term or provision which most accurately represents the Parties’ intention with respect to the invalid
or unenforceable term or provision. 

  
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 11. INTERPRETATION; CONSTRUCTION. 

The headings set forth in this Agreement are for convenience of reference only and shall not be used in interpreting this Agreement. This Agreement
has been drafted by legal counsel representing the Company, but the Executive has been encouraged to consult with, and has consulted with, the Executive’s own independent counsel and tax advisors with respect to the terms of this Agreement. The
Parties acknowledge that each Party and its counsel has reviewed and revised, or had an opportunity to review and revise, this Agreement, and the normal rule of construction to the effect that any ambiguities are to be resolved against the drafting
party shall not be employed in the interpretation of this Agreement. 
 12. REPRESENTATIONS AND
WARRANTIES. 
 The Executive represents and warrants that the Executive is not restricted or prohibited, contractually
or otherwise, from entering into and performing each of the terms and covenants contained in this Agreement, and that the Executive’s execution and performance of this Agreement will not violate or breach any other agreements between the
Executive and any other person or entity. 
 13. COUNTERPARTS. 

This Agreement may be executed in two counterparts, each of which shall be deemed an original, all of which together shall contribute one and the
same instrument. 
 14. ARBITRATION. 
 To ensure the rapid and economical resolution of disputes that may arise in connection with the Executive’s employment with the Company, the Executive and the Company agree that any and all disputes, claims,
or causes of action, in law or equity, arising from or relating to the Executive’s employment, or the termination of that employment, will be resolved pursuant to the Federal Arbitration Act and to the fullest extent permitted by law, by final,
binding and confidential arbitration conducted by the Judicial Arbitration and Mediation Services (“JAMS”), or its successors, under the then current rules of JAMS for employment disputes; provided that the
arbitrator shall: (i) have the authority to compel adequate discovery for the resolution of the dispute and to award such relief as would otherwise be permitted by law; and (ii) issue a written arbitration decision including the
arbitrator’s essential findings and conclusions and a statement of the award. Both the Executive and the Company shall be entitled to all rights and remedies that either the Executive or the Company would be entitled to pursue in a court of
law. The Company shall pay all fees, including the arbitrator’s fee. Nothing in this Agreement is intended to prevent either the Executive or the Company from obtaining injunctive relief in court to prevent irreparable harm pending the
conclusion of any such arbitration. 

  
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 15. TRADE SECRETS OF OTHERS.

 It is the understanding of both the Company and the Executive that the Executive shall not divulge to the Company and/or its
subsidiaries any confidential information or trade secrets belonging to others, including the Executive’s former employers, nor shall the Company and/or its Affiliates seek to elicit from the Executive any such information. Consistent with the
foregoing, the Executive shall not provide to the Company and/or its Affiliates, and the Company and/or its Affiliates shall not request, any documents or copies of documents containing such information. 

16. ADVERTISING WAIVER. 
 The Executive agrees to permit the Company and/or its Affiliates, and persons or other organizations authorized by the Company and/or its Affiliates, to use, publish and distribute advertising or sales promotional
literature concerning the products and/or services of the Company and/or its Affiliates, or the machinery and equipment used in the provision thereof, in which the Executive’s name and/or pictures of the Executive taken in the course of the
Executive’s provision of services to the Company and/or its Affiliates, appear. The Executive hereby waives and releases any claim or right the Executive may otherwise have arising out of such use, publication or distribution during the term of
this Agreement. 
 [Signature Page Follows.] 

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

					
	A.P. PHARMA, INC.
	
	 /s/ Barry Quart

	Barry Quart
	Chief Executive Officer
		
	Dated:	 	 30 Oct 2013

	
	EXECUTIVE:
	
	 /s/ Paul Marshall

	PAUL MARSHALL
		
	Dated:	 	 29 Oct 2013

  
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 EXHIBIT A 
 RELEASE AND WAIVER OF CLAIMS 
 TO BE SIGNED AT TIME OF TERMINATION WITHOUT CAUSE OR

 RESIGNATION FOR GOOD REASON 
 In consideration of the payments and other benefits set forth in Section 4.4 of the Executive Employment Agreement dated November 1, 2013, to which this form is attached, I, PAUL
MARSHALL hereby furnish A.P. PHARMA, INC. (the “Company”), with the following release and waiver (the “Release and Waiver”).

 In exchange for the consideration provided to me by the Employment Agreement that I am not otherwise entitled to receive, I hereby
generally and completely release the Company and its directors, officers, employees, stockholders, partners, agents, attorneys, predecessors, successors, parent and subsidiary entities, insurers, Affiliates, and assigns from any and all claims,
liabilities and obligations, both known and unknown, that arise out of or are in any way related to events, acts, conduct, or omissions occurring prior to my signing this Release and Waiver. This general release includes, but is not limited to:
(1) all claims arising out of or in any way related to my employment with the Company or the termination of that employment; (2) all claims related to my compensation or benefits from the Company, including, but not limited to, salary,
bonuses, commissions, vacation pay, expense reimbursements, severance pay, fringe benefits, stock, stock options, or any other ownership interests in the Company; (3) all claims for breach of contract, wrongful termination, and breach of the
implied covenant of good faith and fair dealing; (4) all tort claims, including, but not limited to, claims for fraud, defamation, emotional distress, and discharge in violation of public policy; and (5) all federal, state, and local
statutory claims, including, but not limited to, claims for discrimination, harassment, retaliation, attorneys’ fees, or other claims arising under the federal Civil Rights Act of 1964 (as amended), the federal Americans with Disabilities Act
of 1990, the federal Age Discrimination in Employment Act of 1967 (as amended) (“ADEA”), and the California Fair Employment and Housing Act (as amended). 

I also acknowledge that I have read and understand Section 1542 of the California Civil Code which reads as follows: “A general
release does not extend to claims which the creditor does not know or suspect to exist in his favor at the time of executing the release, which if known by him must have materially affected his settlement with the debtor.” I hereby
expressly waive and relinquish all rights and benefits under that section and any law of any jurisdiction of similar effect with respect to any claims I may have against the Company. 

I acknowledge that, among other rights, I am waiving and releasing any rights I may have under ADEA, that this Release and Waiver is knowing and
voluntary, and that the consideration given for this Release and Waiver is in addition to anything of value to which I was already entitled as an executive of the Company. If I am 40 years of age or older upon execution of this Release and Waiver, I
further acknowledge that I have been advised, as required by the Older Workers Benefit Protection Act, that: (a) the release and waiver granted herein does not relate to claims under the ADEA which may arise after this Release and Waiver is
executed; (b) I should consult with an attorney prior to executing this Release and Waiver; (c) I have twenty-one (21) days in which to consider this Release and Waiver (although I may

  
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choose voluntarily to execute this Release and Waiver earlier); (d) I have seven (7) days following the execution of this Release and Waiver to revoke my consent to this Release and
Waiver; and (e) this Release and Waiver shall not be effective until the eighth day after I execute this Release and Waiver and the revocation period has expired (the “Effective Date”). 

I understand that among other things, I must not use or disclose any confidential or proprietary information of the Company and I must immediately
return all Company property and documents (including all embodiments of proprietary information) and all copies thereof in my possession or control. 
 This Release and Waiver constitutes the complete, final and exclusive embodiment of the entire agreement between the Company and me with regard to the subject matter hereof. I am not relying on any promise or
representation by the Company that is not expressly stated herein. This Release and Waiver may only be modified by a writing signed by both me and a duly authorized officer of the Company. 

 

									
	Date:	 	  
	 		 	By:	 	  

		 		 		 		 	PAUL MARSHALL

  
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 Schedule A 

  
 14EX-4.1

 Exhibit 4.1 

DISCOVERY COMMUNICATIONS, LLC, 

Issuer 
 DISCOVERY
COMMUNICATIONS, INC., 
 Guarantor 

U.S. BANK NATIONAL ASSOCIATION, 

Trustee 
 and 

ELAVON FINANCIAL SERVICES LIMITED, UK BRANCH, 

London Paying Agent 

SIXTH SUPPLEMENTAL INDENTURE 

DATED AS OF MARCH 7, 2014 

TO 
 INDENTURE 

DATED AS OF AUGUST 19, 2009 

Relating To 

€300,000,000 2.375% Senior Notes due 2022 

 SIXTH SUPPLEMENTAL INDENTURE 

SIXTH SUPPLEMENTAL INDENTURE, dated as of March 7, 2014 (the “Supplemental Indenture”), to the Base Indenture
(defined below), among Discovery Communications, LLC, a Delaware limited liability company (the “Company”), Discovery Communications, Inc., a Delaware corporation (the “Guarantor”), U.S. Bank National Association,
as Trustee (the “Trustee”), and Elavon Financial Services Limited, UK Branch, as the London Paying Agent. 

RECITALS 
 WHEREAS,
the Company has executed and delivered to the Trustee the Indenture, dated as of August 19, 2009 (the “Base Indenture” and, together with this Supplemental Indenture, the “Indenture”), providing for the
issuance from time to time of its Securities; 
 WHEREAS, pursuant to the terms of the Base Indenture, the Company desires to
provide for the establishment of a new series of its Securities to be known as its 2.375% Senior Notes due 2022 (the “Notes”), the form and substance of such Notes and the terms, provisions and conditions thereof to be set forth as
provided in the Base Indenture and this Supplemental Indenture; 
 WHEREAS, the Company has requested that the Trustee execute and
deliver this Supplemental Indenture, and all requirements necessary to make this Supplemental Indenture a valid instrument in accordance with its terms, and to make the Notes, when executed by the Company and authenticated and delivered by the
Trustee, the valid and legally binding obligations of the Company, and all acts and things necessary have been done and performed to make this Supplemental Indenture enforceable in accordance with its terms, and the execution and delivery of this
Supplemental Indenture has been duly authorized in all respects. 
 WITNESSETH: 

NOW, THEREFORE, for and in consideration of the premises contained herein, each party agrees for the benefit of each other party and for the
equal and ratable benefit of the Holders of the Notes, as follows: 
 ARTICLE 1  

DEFINITIONS 

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

 Section 1.02 References in this Supplemental Indenture to article and section numbers shall
be deemed to be references to article and section numbers of this Supplemental Indenture unless otherwise specified. 
 Section 1.03
For purposes of this Supplemental Indenture, the following terms have the meanings ascribed to them as follows: 
 “Agency
Agreement” means that certain Agency Agreement, dated March 7, 2014, among the Company, the Guarantor, Elavon Financial Services Limited, UK Branch, Elavon Financial Services Limited and the Trustee. 

“Attributable Debt” means, with respect to a Sale and Leaseback Transaction, an amount equal to the present value of
the lease payments with respect to the term of the lease remaining on the date as of which the amount is being determined, without regard to any renewal or extension options contained in the lease, discounted at the rate of interest set forth or
implicit in the terms of the lease, compounded semi-annually. 
 “Base Indenture” has the meaning provided in the
recitals. 
 “Business Day” means any day, other than a Saturday or Sunday, (1) which is not a day on which
banking institutions in The City of New York or London are authorized or required by law or executive order to close and (2) on which the Trans-European Automated Real-time Gross Settlement Express Transfer system (the TARGET2 system), or any
successor thereto, operates. 
 “Clearstream” has the meaning provided in Section 2.03(b). 

“Company” has the meaning provided in the preamble. 

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

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

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

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

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

  
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 “Guarantor” has the meaning provided in the preamble. 

“Indenture” has the meaning provided in the recitals. 

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

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

“Notes” has the meaning provided in the recitals. 

“Paying Agent” has the meaning provided in Section 2.03(d). 

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

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

“Sale and Leaseback Transaction” means any arrangement with any Person pursuant to which the Company or any Subsidiary
leases any property that has been or is to be sold or transferred by the Company or the Subsidiary to such person. 

“Supplemental Indenture” has the meaning provided in the preamble. 

“Total Consolidated Assets” means, as of any date, the total consolidated assets of the Guarantor and its Subsidiaries
computed in accordance with GAAP as of the last day of the fiscal quarter most recently ended prior to such date, subject to the second sentence of the definition of “Debt” in the Base Indenture. 

“Transfer Agent” has the meaning provided in Section 2.03(d). 

“Trustee” has the meaning provided in the preamble. 

  
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 ARTICLE 2 

GENERAL TERMS AND CONDITIONS OF THE
NOTES 
 Section 2.01. Designation and Principal Amount. The Notes are hereby authorized and
are designated the “2.375% Notes due 2022,” unlimited in aggregate principal amount. The Notes issued on the date hereof pursuant to the terms of this Indenture shall be in an aggregate principal amount of €300,000,000, which amount
shall be set forth in the written order of the Company for the authentication and delivery of the Notes pursuant to Section 2.05 of the Base Indenture. In addition, the Company may, from time to time, without notice to or the consent of the
Holders of the Notes, create and issue additional Notes ranking equally and ratably with the Notes issued on the date hereof in all respects (or in all respects except for the payment of interest accruing prior to the issue date of such additional
Notes or except for the first payment of interest following the issue date of such additional Notes), so that such additional Notes shall be consolidated and form a single series with the Notes issued on the date hereof and shall have the same terms
as to status, redemption or otherwise as the Notes issued on the date hereof, provided that if any such additional Notes are not fungible with the Notes initially issued hereunder for U.S. federal income tax purposes, such additional Notes
shall have separate ISIN and Common Code numbers. 
 Section 2.02. Maturity. The principal amount of the Notes shall be
payable on March 7, 2022. 
 Section 2.03. Form and Payment. (a) The Notes shall be issued as global notes,
only in fully registered book-entry form, without coupons, in minimum denominations of €100,000 and integral multiples of €1,000 in excess thereof. 

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

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

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

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

Section 2.04. Interest. (a) Interest on the Notes shall accrue at the rate of 2.375% per annum. Interest on the Notes
shall be payable annually in arrears on March 7, commencing on March 7, 2015 (each an “Interest Payment Date”), to the Holders in whose names the Notes are registered at the close of business on the February 20
immediately preceding such Interest Payment Date. Interest on the Notes shall be computed on the basis of the actual number of days in the period for which interest is being calculated and the actual number of days from and including the last date
on which interest was paid on the Notes (or March 7, 2014 if no interest has been paid on the Notes), to but excluding the next scheduled Interest Payment Date. This payment convention is referred to as ACTUAL/ACTUAL (ICMA) as defined in the
rulebook of the International Capital Markets Association. 
 (b) If any Interest Payment Date, the maturity date or a redemption date falls
on a day that is not a Business Day, the related payment shall be paid on the next succeeding Business Day with the same force and effect as if made on the relevant Interest Payment Date, maturity date or redemption date, as the case may be, and no
further interest shall accrue as a result of such delay. 
 Section 2.05 Payments in Euro. The initial Holders will be required
to pay for the Notes in euro, and all payments of interest and principal, including payments made upon any redemption of the Notes, will be payable in euro. If, on or after the date of issuance of the Notes, the euro is unavailable to the Company
due to the imposition of exchange controls or other circumstances beyond the Company’s control or if the euro is no longer being used by the then member states of the European Monetary Union that have adopted the euro as their currency or for
the settlement of transactions by public institutions of or within the international banking community, then all payments in respect of the Notes will be made in U.S. dollars until the euro is again available to the Company or so

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

ADDITIONAL COVENANTS 

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

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

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

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

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

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

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

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

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

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

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

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

  
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 (b) For purposes of Section 3.01 and this Section 3.02, “Permitted Sale and
Leaseback Transaction” means any of the following: (i) temporary leases for a term, including renewals at the option of the lessee, of not more than three years, (ii) leases between only the Company and a Subsidiary or only
between Subsidiaries of the Company, (iii) leases of property executed by the time of, or within 12 months after the latest of (A) the acquisition, (B) the completion of construction or improvement or (C) the commencement of
commercial operation of the property and (iv) any Sale and Leaseback Transaction regarding the real property in Silver Spring, Maryland and the Company’s headquarters building located on such property. 

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

(b) In addition to complying with the provisions of Section 9.03 of the Base Indenture, the Guarantor agrees that if, as a result of any
consolidation, merger, conveyance, transfer or lease to which such Section 9.03 applies, properties or assets of the Company or any Subsidiary would become subject to any lien that would not be permitted by Section 3.01 hereof without
equally and ratably securing the Notes, (i) the Guarantor or the Person formed by such consolidation or into which the Guarantor is merged or the Person that acquires by conveyance or transfer, or that leases, the properties and assets of the
Guarantor substantially as an entirety, as the case may be, shall take the steps as are necessary to effectively secure the Notes equally and ratably with, or prior to, all indebtedness secured by those liens as provided for in Section 3.01 and
(ii) the Officer’s Certificate and an Opinion of Counsel required by Section 9.03(c) of the Base Indenture shall also state that such consolidation, merger, conveyance, transfer or lease and, if a supplemental indenture is required in
connection with such transaction, such supplemental indenture comply with this Section 3.03(b). 

  
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 (c) Nothing contained in the last paragraph of each of Sections 9.01 and 9.03 of the Base
Indenture shall limit the application of Section 3.01 hereof to any consolidation or merger of any Person into the Company or the Guarantor where the Company or the Guarantor is the survivor of such transaction, or the acquisition by the
Company or the Guarantor, by purchase or otherwise, of all or any part of the property of any other Person (whether or not affiliated with the Company or the Guarantor). 

ARTICLE 4 

REDEMPTION OF THE NOTES 

Section 4.01. Optional Redemption. 

(a) The Notes shall be redeemable in whole or in part, at the option of the Company at any time and from time to time in accordance with
Article 12 of the Base Indenture (as modified by this Supplemental Indenture), at a redemption price equal to the greater of: 

(i) 100% of the principal amount of the Notes to be redeemed, and 

(ii) the sum of the present values of the Remaining Scheduled Payments of principal and interest on the Notes to be redeemed
(not including any portion of such payments of interest accrued as of the date of redemption) discounted to the date of redemption on an annual basis (ACTUAL/ACTUAL (ICMA)) at the applicable Comparable Government Bond Rate plus 20.0 basis points,
plus accrued interest on the principal amount being redeemed to the date of redemption. 
 (b) For purposes of this Section 4.01, the
following definitions are applicable: 
 “Comparable Government Bond” means, in relation to any Comparable Government
Bond Rate calculation, at the discretion of an independent investment bank selected by the Company, a German government bond whose maturity is closest to the maturity of the Notes to be redeemed, or if such independent investment bank in its
discretion determines that such similar bond is not in issue, such other German government bond as such independent investment bank may, with the advice of three brokers of, and/or market makers in, German government bonds selected by the Company,
determine to be appropriate for determining the Comparable Government Bond Rate. 
 “Comparable Government Bond
Rate” means, with respect to any redemption date, the price, expressed as a percentage (rounded to three decimal places, with 0.0005 being rounded upwards), at which the gross redemption yield on the Notes to be redeemed, if they were to be
purchased at such price on the third Business Day prior to the date fixed for redemption, would be equal to the  

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

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

(d) The Company shall comply with the requirements of Rule 14e-1 under the Exchange Act and any other securities laws and regulations
thereunder to the extent those laws and regulations are applicable in connection with the repurchase of the Notes as a result of a Change of Control Triggering Event. To the extent that the provisions of any such securities laws or regulations
conflict with the Change of Control Offer provisions of the Notes, the Company shall comply with those securities laws and regulations and shall not be deemed to have breached its obligations under the provisions in the Indenture governing the
Change of Control Offer by virtue of any such conflict. 
 (e) For purposes of this Section 4.02, the following definitions are
applicable: 
 “Below Investment Grade Rating Event” with respect to the Notes means that such Notes become rated
below Investment Grade by each Rating Agency on any date from the date of the public notice by the Guarantor or the Company of an arrangement that results in a Change of Control until the end of the 60-day period following public notice by the
Guarantor or the Company of the occurrence of a Change of Control (which period will be extended so long as the rating of such Notes is under publicly announced consideration for possible downgrade by any of the Rating Agencies); provided, however,
that a Below Investment Grade Rating Event otherwise arising by virtue of a particular reduction in rating shall not be deemed to have occurred in respect of a particular Change of Control (and thus shall not be deemed a Below Investment Grade
Rating Event for purposes of the definition of “Change of Control Triggering Event”), if the Rating Agencies making the reduction in rating to which this definition would otherwise apply do not announce or publicly confirm or inform the
Trustee in writing at its request that the reduction was the result, in whole or in part, of any event or circumstance comprised of or arising as a result of, or in respect of, the applicable Change of Control (whether or not the applicable Change
of Control has occurred at the time of the Below Investment Grade Rating Event). 
 “Change of Control” means
the occurrence of any one of the following: 
 (i) the direct or indirect sale, lease, transfer, conveyance or other
disposition (other than by way of merger or consolidation), in one or a series of related transactions, of all or substantially all of the assets of the Guarantor and its Subsidiaries, or the Company and its Subsidiaries, taken as a whole, to any
“person” (as that term is used in Section 13(d)(3) of the Exchange Act) other than to the Guarantor or one of its Subsidiaries; 

  
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 (ii) the consummation of any transaction (including without limitation, any
merger or consolidation) the result of which is that any “person” (as that term is used in Section 13(d)(3) of the Exchange Act) other than any Significant Shareholder (as defined below) or any combination of Significant Shareholders
becomes the “beneficial owner” (as defined in Rules 13d-3 and 13d-5 under the Exchange Act), directly or indirectly, of more than 50% of the outstanding Voting Stock of the Guarantor or the Company, measured by voting power rather than
number of shares; 
 (iii) the consummation of a so-called “going private/Rule 13e-3 Transaction” that results in
any of the effects described in paragraph (a)(3)(ii) of Rule 13e-3 under the Exchange Act (or any successor provision) with respect to each class of the Guarantor’s common stock, following which any Significant Shareholder or any combination of
Significant Shareholders “beneficially own” (as defined in Rules 13d-3 and 13d-5 under the Exchange Act), directly or indirectly, more than 50% of the outstanding Voting Stock of the Guarantor or the Company, measured by voting power
rather than number of shares; 
 (iv) the first day on which the majority of the members of the Board of Directors of the
Guarantor cease to be Continuing Directors; or 
 (v) the adoption of a plan relating to the liquidation, dissolution or
winding up of the Guarantor. 
 “Change of Control Triggering Event” means the occurrence of both a Change of
Control and a Below Investment Grade Rating Event. Notwithstanding the foregoing, no Change of Control Triggering Event shall be deemed to have, occurred in connection with any particular Change of Control unless and until such Change of Control has
actually been consummated. 
 “Continuing Director” means, as of any date of determination, any member of the
Board of Directors (or equivalent body) of the Guarantor who: 
 (i) was a member of such board of directors on the
date of the issuance of the Notes; or 
 (ii) was nominated for election, elected or appointed to such board of directors
with the approval of a majority of the Continuing Directors who were members of such board of directors at the time of such nomination, election or appointment (either by a specific vote or by approval of the Guarantor’s proxy statement in
which such member was named as a nominee for election as a director, without objection to such nomination). 

  
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 “Fitch” means Fitch Ratings Ltd., and its successors. 

“Investment Grade” means a rating of “BBB–” or better by S&P (or its equivalent under any successor
rating category of S&P), a rating of “Baa3” or better by Moody’s (or its equivalent under any successor rating category of Moody’s) and a rating of “BBB–” or better by Fitch (or its equivalent under any
successor rating category of Fitch). 
 “Moody’s” means Moody’s Investors Service, Inc., and its
successors. 
 “Rating Agency” means (i) each of S&P, Moody’s and Fitch; and (ii) if any of
S&P, Moody’s or Fitch ceases to rate the Notes or fails to make a rating of the Notes publicly available for reasons outside of the Company’s control, a “nationally recognized statistical rating organization” as defined in
Section 3(a)(63) of the Exchange Act, selected by the Company (as certified by a resolution of the Board of Directors of the Guarantor and reasonably acceptable to the Trustee) as a replacement agency for S&P, Moody’s or Fitch, or all
of them, as the case may be. 
 “S&P” means Standard & Poor’s Ratings Services, a division
of The McGraw-Hill Companies, Inc., and its successors. 
 “Significant Shareholder” means each of
(i) Advance/Newhouse Programming Partnership, (ii) the Guarantor or any of its Subsidiaries and (iii) any other “person” (as that term is used in Section 13(d)(3) of the Exchange Act) if 50% or more of the Voting Stock
of such person is “beneficially owned” (as defined in Rules 13d-3 and 13d-5 under the Exchange Act), directly or indirectly, by Advance/Newhouse Programming Partnership or the Guarantor or one of its Subsidiaries or any combination
thereof. 
 “Voting Stock” of any specified Person as of any date means any and all shares or equity
interests (however designated) of such Person that are at the time entitled to vote generally in the election of the board of directors, managers or trustees of such Person, as applicable. 

Section 4.03 Redemption for Tax Reasons. If, as a result of any change in, or amendment to, the laws (or any regulations or
rulings promulgated under the laws) of the United States (or any taxing authority in the United States), or any change in, or amendments to, an official position regarding the application or interpretation of such laws, regulations or rulings, which
change or amendment is announced or becomes effective on or after the date of the issuance of the Notes, the Company becomes or, based upon a written opinion of independent counsel selected by the Company, the Company will become obligated to pay
additional amounts as described in Article 5 – “Payment of Additional Amounts” with respect to the Notes, then the Company may at any time at its option redeem, in whole, but not in part, the Notes on not less than 15 nor more than 60
days prior notice, at a redemption price equal to 100% of their principal amount, together with accrued and unpaid interest on those Notes to, but not including, the date fixed for redemption. 

  
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 ARTICLE 5 

PAYMENT OF ADDITIONAL AMOUNTS 

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

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

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

  
 - 15 - 

 d. being or having been a “10-percent shareholder” of the Guarantor as
defined in section 871(h)(3) of the United States Internal Revenue Code of 1986, as amended (the “Code”) or any successor provision; or 

e. being a bank receiving payments on an extension of credit made pursuant to a loan agreement entered into in the ordinary
course of its trade or business; 
 (2) to any Holder that is not the sole beneficial owner of the Notes, or a portion of the
Notes, or that is a fiduciary, partnership or limited liability company, but only to the extent that a beneficial owner with respect to the Holder, a beneficiary or settlor with respect to the fiduciary, or a beneficial owner or member of the
partnership or limited liability company would not have been entitled to the payment of an additional amount had the beneficiary, settlor, beneficial owner or member received directly its beneficial or distributive share of the payment; 

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

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

  
 - 16 - 

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

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

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

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

(b) The Notes are subject in all cases to any tax, fiscal or other law or regulation or administrative or judicial
interpretation applicable to the Notes. Except as specifically provided under this Article, we will not be required to make any payment for any tax, assessment or other governmental charge imposed by any government or a political subdivision or
taxing authority of or in any government or political subdivision. 
 (c) As used under this Article 5 and under
Section 4.03, the term “United States” means the United States of America, the states of the United States, and the District of Columbia, and the term “United States person” means any individual who is a citizen or resident
of the United States for U.S. federal income tax purposes, a corporation, partnership or other entity created or organized in or under the laws of the United States, any state of the United States or the District of Columbia, or any estate or trust
the income of which is subject to United States federal income taxation regardless of its source. 

  
 - 17 - 

 ARTICLE 6 

EVENTS OF DEFAULT 

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

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

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

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

“(g) default under any mortgage, indenture or instrument under which there may be issued or by which there may be secured or evidenced any
indebtedness for money borrowed by the Guarantor, the Company or any of their Subsidiaries (or the payment of which is guaranteed by the Guarantor, the Company or any of their Subsidiaries), whether such indebtedness or guarantee now exists, or is
created after the date hereof, if that default (i) is caused by a failure to pay principal on such indebtedness at its stated final maturity (after giving effect to any applicable grace periods provided in such indebtedness) (a “Payment
Default”) or (ii) results in the acceleration of such indebtedness prior to its express maturity (an “Acceleration Event”) and (A) in each case, the principal amount of any such indebtedness, together with the
principal amount of any other such indebtedness under which there has been a Payment Default or an Acceleration 

  
 - 18 - 

 
Event, aggregates $100 million or more and (B) in the case of a Payment Default, such indebtedness is not discharged and, in the case of an Acceleration Event, such acceleration is not
rescinded or annulled, within ten days after there has been given, by registered or certified mail, to the Company and the Guarantor by the Trustee or to the Company, the Guarantor and the Trustee by the Holders of at least 25% in principal amount
of the Outstanding Notes, a written notice specifying such default or breach and requiring it to be remedied and stating that such notice is a “Notice of Default” hereunder.” 

(b) Solely with respect to the Notes, the first sentence of the second paragraph of Section 5.01 of the Base Indenture shall be amended
by replacing the phrase “in clauses (a), (b), (c) or (f)” with “in clauses (a), (b), (c), (f) or (g)” therein. 

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

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

  
 - 19 - 

 ARTICLE 7 

SUPPLEMENTAL INDENTURES 

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

MISCELLANEOUS 

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

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

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

  
 - 20 - 

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

Section 8.04. Trust Indenture Act Controls. If any provision hereof limits, qualifies or conflicts with the duties imposed
by Section 310 through 317 of the Trust Indenture Act of 1939, the imposed duties shall control. 
 Section 8.05.
Conflict with Indenture. To the extent not expressly amended or modified by this Supplemental Indenture, the Base Indenture shall remain in full force and effect. If any provision of this Supplemental Indenture relating to the Notes is
inconsistent with any provision of the Base Indenture, the provision of this Supplemental Indenture shall control. 

Section 8.06. Governing Law. THIS SUPPLEMENTAL INDENTURE AND THE NOTES SHALL BE DEEMED TO BE A CONTRACT UNDER THE LAWS OF
THE STATE OF NEW YORK, AND FOR ALL PURPOSES SHALL BE CONSTRUED IN ACCORDANCE WITH THE LAWS OF SUCH STATE, EXCEPT AS MAY OTHERWISE BE REQUIRED BY MANDATORY PROVISIONS OF LAW. 

Section 8.07. Successors. All agreements of the Company and the Guarantor in the Base Indenture, this Supplemental
Indenture and the Notes shall bind their respective successors. All agreements of the Trustee in the Base Indenture and this Supplemental Indenture shall bind its successors. 

Section 8.08. Counterparts. This instrument may be executed in any number of counterparts, each of which so executed shall
be deemed to be an original, but all such counterparts shall together constitute but one and the same instrument. 

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

  
 - 21 - 

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

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

  

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

 [Sixth Supplemental Indenture] 

 
					
	U.S. BANK NATIONAL ASSOCIATION, Trustee
		
	By:	 	/s/ Andrew Sinasky
		 	Name:	 	Andrew Sinasky
		 	Title:	 	Vice President

 [Sixth Supplemental Indenture] 

 
			
	Elavon Financial Services Limited, UK Branch, London Paying Agent
		
	By:	 	/s/ Chris Yates
	Name:	 	Chris Yates
	Title:	 	Authorized Signatory
		
	By:	 	/s/ Laurence Griffiths
	Name:	 	Laurence Griffiths
	Title:	 	Authorized Signatory

 [Sixth Supplemental Indenture] 

 EXHIBIT A 

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

 DISCOVERY COMMUNICATIONS, LLC 

€300,000,000 2.375% Senior Note Due 2022 
  

			
	 No. 1
	  	ISIN No.: XS0982708686
		  	Common Code: 0982709868

 DISCOVERY COMMUNICATIONS, LLC, a Delaware limited liability company (the “Company”, which
term includes any successor corporation), for value received promises to pay to USB Nominees (UK) Limited, as nominee of Elavon Financial Services Limited, a common depositary for the accounts of Euroclear Bank S.A./N.V. and Clearstream Banking,
société anonyme, Luxembourg, or registered assigns, the principal sum of €300,000,000 (the “Principal”) on March 7, 2022. 

Interest Payment Date: March 7 (the “Interest Payment Date”), commencing on March 7, 2015. 

Interest Record Date: February 20 (the “Interest Record Date”). 

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

  

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

					
	 DISCOVERY COMMUNICATIONS, LLC

 

	By:	 	  

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

  

 NOTATION OF GUARANTEE 

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

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

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

  

 
					
	 DISCOVERY COMMUNICATIONS, INC.

 

	By:	 	  

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

  

 This is one of the Securities of the series designated herein and referred to in the
within-mentioned Indenture. 
 Dated: March 7, 2014 
  

			
	 U.S. BANK NATIONAL ASSOCIATION, Trustee
  

	By:	 	  

		 	Name: Andrew Sinasky
		 	Title: Authorized Officer

  

 (REVERSE OF SECURITY) 

DISCOVERY COMMUNICATIONS, LLC 

2.375% Senior Note Due 2022 

1. Interest. 
 DISCOVERY
COMMUNICATIONS, LLC, a Delaware limited liability company (the “Company”), promises to pay interest on the principal amount of this Security at the rate per annum shown above. Cash interest on the Securities will accrue from the
most recent date to which interest has been paid or, if no interest has been paid, from March 7, 2014. The Company will pay interest annually in arrears on each Interest Payment Date, commencing March 7, 2015. Interest will be computed on
the basis of the actual number of days in the period for which interest is being calculated and the actual number of days from and including the last date on which interest was paid on the Securities (or March 7, 2014 if no interest has been
paid on the Securities), to but excluding the next scheduled Interest Payment Date. This payment convention is referred to as ACTUAL/ACTUAL (ICMA) as defined in the rulebook of the International Capital Markets Association. 

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

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

  

 
redemption or repayment date or the final payment of principal) shall be made by the Paying Agent, upon receipt from the Company of immediately available funds by 12:30 p.m., London time (or such
other time as may be agreed to between the Company and the Paying Agent), directly to a Holder (by funds wire transfer or otherwise) if the Holder has delivered written instructions to the Trustee 15 days prior to such payment date requesting that
such payment will be so made and designating the bank account to which such payments shall be so made and in the case of payments of principal surrenders the same to the Trustee in exchange for a Security or Securities aggregating the same principal
amount as the unredeemed principal amount of the Securities surrendered. 
 If, on or after the date of issuance of this Security, the euro
is unavailable to the Company due to the imposition of exchange controls or other circumstances beyond the Company’s control or if the euro is no longer being used by the then member states of the European Monetary Union that have adopted the
euro as their currency or for the settlement of transactions by public institutions of or within the international banking community, then all payments in respect of the Securities will be made in U.S. dollars until the euro is again available to
the Company or so used. In such circumstances, the amount payable on any date in euro will be converted into U.S. dollars on the basis of the most recently available market exchange rate for euro. Any payment made in respect of the Securities so
made in U.S. dollars will not constitute an Event of Default under the Securities or the Indenture. Neither the Trustee nor the Paying Agent shall have any responsibility for any calculation or conversion in connection with the foregoing. 

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

4. Indenture. 
 The
Company issued the Securities under an Indenture, dated as of August 19, 2009 (the “Indenture”), among the Company, the Guarantor and the Trustee. Capitalized terms herein are used as defined in the Indenture unless otherwise
defined herein. The terms of the Securities include those stated in the Indenture and those made part of the Indenture by reference to the Trust Indenture Act of 1939 (15 U.S.C. Sections 77aaa-77bbbb) (the “TIA”), as in effect on
the date of the Indenture. Notwithstanding anything to the contrary herein, the Securities are subject to all such terms, and Holders of Securities are referred to the Indenture and the TIA for a statement of them. To the extent the terms of the
Indenture and this Security are inconsistent, the terms of the Indenture shall govern. 

  

 The Company, the Guarantor, the Trustee and Elavon Financial Services Limited, UK Branch,
as Paying Agent, entered into a Sixth Supplemental Indenture, dated as of March 7, 2014 setting forth certain terms of the Securities pursuant to Section 2.04 of the Indenture (the “Supplemental Indenture”). The
Supplemental Indenture imposes certain limitations on the incurrence of liens and certain sale and leaseback transactions and limits the Company’s ability to consolidate, merge, convey, transfer or lease its properties and assets substantially
as an entirety. To the extent the terms of the Supplemental Indenture are inconsistent with the Indenture or this Security, the terms of the Supplemental Indenture shall govern. 

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

6. Optional Redemption. 
 The
Securities are redeemable, in whole or in part, at the option of the Company, at any time and from time to time at the redemption price described in the Supplemental Indenture. 

7. Redemption for Tax Reasons. 

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

8. Change of Control Offer to Repurchase. 

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

  

 9. Payment of Additional Amounts. 

The Company will, subject to the exceptions and limitations set forth in the Supplemental Indenture, pay as additional interest on Securities
such additional amounts as are necessary in order that the net payment by the Company of the principal of and interest on the Securities to a Holder of the Securities who is not a United States person (as defined below), after withholding or
deduction for any present or future tax, assessment or other governmental charge imposed by the United States or a taxing authority in the United States, will not be less than the amount provided in the Securities to be then due and payable. 

As used in this Section 9, the term “United States” means the United States of America, the states of the United States, and
the District of Columbia, and the term “United States person” means any individual who is a citizen or resident of the United States for U.S. federal income tax purposes, a corporation, partnership or other entity created or organized in
or under the laws of the United States, any state of the United States or the District of Columbia, or any estate or trust the income of which is subject to United States federal income taxation regardless of its source. 

10. Denominations; Transfer; Exchange. 

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

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

  

 12. Unclaimed Funds. 

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

13. Legal Defeasance and Covenant Defeasance. 

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

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

15. Defaults and Remedies. 
 If
an Event of Default (other than certain bankruptcy Events of Default with respect to the Company or the Guarantor) occurs and is continuing, the Trustee or the Holders of at least 25% in aggregate principal amount of Securities of this series then
outstanding (voting as a separate class) may declare all of the Securities to be due and payable immediately in the manner and with the effect provided in the Indenture. If a bankruptcy Event of Default with respect to the Company or the Guarantor
occurs and is continuing, the entire principal amount 

  

 
of the Securities then outstanding and interest accrued thereon, if any, shall immediately become due and payable. Holders of Securities may not enforce the Indenture or the Securities except as
provided in the Indenture. The Trustee is not obligated to enforce the Indenture or the Securities unless it has received indemnity satisfactory to it. The Indenture permits, subject to certain limitations therein provided, Holders of a majority in
aggregate principal amount of the Securities then outstanding to direct the Trustee in its exercise of any trust or power. The Trustee may withhold from Holders of Securities notice of certain continuing Defaults or Events of Default if it
determines that withholding notice is in their interest. 
 16. Trustee Dealings with Company. 

The Trustee under the Indenture, in its individual or any other capacity, may become the owner or pledgee of Securities and may otherwise deal
with the Company as if it were not the Trustee. 
 17. No Recourse Against Others. 

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

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

19. Abbreviations and Defined Terms. 

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

  

 20. Common Code and ISIN Numbers. 

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

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

  

 ASSIGNMENT FORM 

I or we assign and transfer this Security to 
  

			
	  

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

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

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

 

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

  

			
	Signature Guarantee:	 	  

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

  

 OPTION OF HOLDER TO ELECT PURCHASE 

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

€                       
                  
  

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

  

			
	Signature Guarantee:	 	  

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

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00227-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00227-of-00352.parquet"}]]