Document:

EX-4.1

 Exhibit 4.1 

Execution Version 
 THIRD
SUPPLEMENTAL INDENTURE 
 Dated as of May 10, 2021 

among 
 GENERAL DYNAMICS
CORPORATION 
 and 
 THE
GUARANTORS 
 and 
 THE
BANK OF NEW YORK MELLON 
 as Trustee 

to the 
 BASE INDENTURE

 Dated as of March 22, 2018 

PROVIDING FOR THE ISSUANCE OF 

1.150% Notes due 2026 
 2.250%
Notes due 2031 
 2.850% Notes due 2041 

 THIS THIRD SUPPLEMENTAL INDENTURE, dated as of May 10, 2021 (this “Third
Supplemental Indenture”), among General Dynamics Corporation, a Delaware corporation (the “Company”), the Guarantors (as defined herein) and The Bank of New York Mellon, a New York banking corporation, as trustee (the
“Trustee”) to the Indenture, dated as of March 22, 2018 (the “Base Indenture”), among the Company, the guarantors named therein and the Trustee. 

WHEREAS, the Company, the Guarantors and the Trustee have heretofore executed and delivered the Base Indenture to provide for the issuance
from time to time of Securities (as defined in the Base Indenture) of the Company, to be issued in one or more series; 
 WHEREAS,
Section 9.01(5) of the Base Indenture provides, among other things, that the Company and the Trustee may enter into indentures supplemental to the Base Indenture for, among other things, the purpose of establishing the designation, form, terms
and provisions of Securities of any series as provided by Articles 2 and 3 of the Base Indenture; 
 WHEREAS, the Company (i) desires
the issuance of three new series of Securities to be known as its “1.150% Notes due 2026” (the “2026 Notes”), “2.250% Notes due 2031” (the “2031 Notes”) and “2.850% Notes due
2041” (the “2041 Notes”, and together with the 2026 Notes and 2031 Notes, collectively, the “Notes”) and (ii) has requested the Trustee to enter into this Third Supplemental Indenture for the
purpose of establishing the designation, form, terms and provisions of the Securities of each such series; 
 WHEREAS, all action on the
part of the Company necessary to authorize the issuance of said Securities under the Base Indenture and this Third Supplemental Indenture has been duly taken; 

WHEREAS, all acts and requirements necessary to make this Third Supplemental Indenture the legal, valid and binding obligation of the Company
have been done. 
 NOW, THEREFORE, THIS THIRD SUPPLEMENTAL INDENTURE WITNESSETH: 

That, in order to establish the designation, form, terms and provisions of, and to authorize the authentication and delivery of, said
Securities, and in consideration of the acceptance of said Securities by the Holders thereof and of other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto hereby agree as follows: 

 ARTICLE 1 

DEFINITIONS 
 (a)
Capitalized terms used herein and not otherwise defined herein shall have the respective meanings ascribed thereto in the Base Indenture. 

(b) The rules of interpretation set forth in the Base Indenture shall be applied hereto as if set forth in full herein. 

(c) For all purposes of this Third Supplemental Indenture, except as otherwise expressly provided or unless the context otherwise requires,
the following terms shall have the following respective meanings (such meanings shall apply equally to both the singular and plural forms of the respective terms). 

“Comparable Treasury Issue” means the United States Treasury security selected by an Independent Investment Banker as having
a maturity comparable to the remaining term of the Notes to be redeemed that would be utilized, at the time of selection and in accordance with customary financial practice, in pricing new issues of corporate debt securities of comparable maturity
to the remaining term of such Notes. 
 “Comparable Treasury Price” means, with respect to any Redemption Date for the
Notes, the average of the Reference Treasury Dealer Quotations obtained by the Company for that applicable Redemption Date, after excluding the highest and lowest of such Reference Treasury Dealer Quotations, or, if the Company obtains fewer than
four Reference Treasury Dealer Quotations, the average of all Reference Treasury Dealer Quotations obtained by the Company. 

“Guarantors” means, initially, American Overseas Marine Company, LLC, a Delaware limited liability company, Bath Iron Works
Corporation, a Maine corporation, Electric Boat Corporation, a Delaware corporation, General Dynamics Government Systems Corporation, a Delaware corporation, General Dynamics Land Systems Inc., a Delaware corporation, General Dynamics Ordnance and
Tactical Systems, Inc., a Virginia corporation, General Dynamics-OTS, Inc., a Delaware corporation, Gulfstream Aerospace Corporation, a Delaware corporation, and National Steel and Shipbuilding Company, a
Nevada corporation. 
 “Independent Investment Banker” means one of the Reference Treasury Dealers, to be appointed by the
Company. 
 “Notes” shall have the meaning ascribed thereto in the recitals hereof. 

“Reference Treasury Dealer Quotations” means, with respect to each Reference Treasury Dealer and any Redemption Date, the
average, as determined by the Company, of the bid and asked prices for the Comparable Treasury Issue (expressed in each case as a percentage of its principal amount) quoted in writing to the Company by such Reference Treasury Dealer at 3:30 p.m.,
New York City time, on the third Business Day preceding such Redemption Date. 

  
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 “Reference Treasury Dealer” means each of (i) BofA Securities, Inc.,
J.P. Morgan Securities LLC and Wells Fargo Securities, LLC, and their respective successors; and (ii) two other primary U.S. Government securities dealers (each a “Primary Treasury Dealer”) selected by the Company, and their
respective successors. If any of the foregoing ceases to be a Primary Treasury Dealer, the Company will appoint in its place another nationally recognized investment banking firm that is a Primary Treasury Dealer. 

“Remaining Scheduled Payments” means, with respect to each Note that the Company is redeeming, the remaining scheduled
payments of the principal thereof and interest thereon that would be due after the related Redemption Date but for such redemption. However, if the Redemption Date is not a scheduled interest payment date with respect to that Note, the amount of the
next succeeding scheduled interest payment on that Note will be deemed to be reduced by the amount of interest accrued on such Note to the Redemption Date. 

“Treasury Rate” means, with respect to any Redemption Date for the Notes, the rate per annum equal to the semi-annual
equivalent yield to maturity of the Comparable Treasury Issue, calculated using a price for the Comparable Treasury Issue (expressed as a percentage of its principal amount) equal to the Comparable Treasury Price for that Redemption Date. The
Treasury Rate will be calculated on and as of the third Business Day immediately preceding the Redemption Date. 
 ARTICLE 2 

GENERAL TERMS AND CONDITIONS OF THE
NOTES 
 Section 2.01. Designation and Principal Amount. 

(a) There is hereby authorized a new series of Securities designated the 1.150% Notes due 2026. The aggregate principal amount of the 2026
Notes authorized by this Third Supplemental Indenture shall initially be $500,000,000. 
 (b) There is hereby authorized a new series of
Securities designated the 2.250% Notes due 2031. The aggregate principal amount of the 2031 Notes authorized by this Third Supplemental Indenture shall initially be $500,000,000. 

(c) There is hereby authorized a new series of Securities designated the 2.850% Notes due 2041. The aggregate principal amount of the 2041
Notes authorized by this Third Supplemental Indenture shall initially be $500,000,000. 

  
 3 

 (d) The Notes may be issued from time to time upon written order of the Company to the
Trustee for the authentication and delivery of the Notes pursuant to Section 3.03 of the Base Indenture. 
 (e) The Notes shall have
and be subject to such other terms as provided in the Base Indenture and shall be evidenced by one or more Securities of that series in the form of Section 4.01 of this Third Supplemental Indenture. 

(f) The Notes shall be issuable in denominations of $2,000 and integral multiples of $1,000 above that amount. 

Section 2.02. Maturity. 

(a) The date upon which the 2026 Notes shall become due and payable at final maturity, together with any accrued and unpaid interest, is
June 1, 2026. 
 (b) The date upon which the 2031 Notes shall become due and payable at final maturity, together with any accrued and
unpaid interest, is June 1, 2031. 
 (c) The date upon which the 2041 Notes shall become due and payable at final maturity, together
with any accrued and unpaid interest, is June 1, 2041. 
 Section 2.03. Interest. 

(a) The 2026 Notes will bear interest at the rate of 1.150% per annum from May 10, 2021, until the principal thereof becomes due and
payable. 
 (b) The 2031 Notes will bear interest at the rate of 2.250% per annum from May 10, 2021, until the principal thereof
becomes due and payable. 
 (c) The 2041 Notes will bear interest at the rate of 2.850% per annum from May 10, 2021, until the
principal thereof becomes due and payable. 
 (d) Interest on the Notes will be payable semi-annually in arrears on June 1 and
December 1 of each year, commencing December 1, 2021 (each such interest payment date, an “Interest Payment Date”) to the Person in whose name any such Note or any predecessor Note is registered, at the close of business
on the Regular Record Date with respect to the Notes for such interest installment, which, in the case of a Global Security, shall be the close of business on the May 15 and November 15 next preceding such Interest Payment Date. If the
Notes are no longer in book-entry only form, the Regular Record Dates for the Notes shall also be the close of business on the May 15 and November 15 next preceding such Interest Payment Date. 

(e) In the event that any Interest Payment Date or maturity date with respect to the Notes is not a Business Day, then payment of interest or
principal payable on such date will be made on the next succeeding day which is a Business Day, with the same force and effect as if made on such date, and no interest shall accrue on the amount so payable for the period from and after such Interest
Payment Date or maturity date. 

  
 4 

 Section 2.04. Global Securities. 

(a) Each series of Notes shall be issued in the form of one or more Global Securities in an aggregate principal amount equal to the aggregate
principal amount of all outstanding Notes of that series, to be registered in the name of the Depository, or its nominee, and delivered by the Trustee to or upon the order of the Depository for crediting to the accounts of its participants pursuant
to the written instructions of the Company. The Company upon any such presentation shall execute one or more Global Securities in such aggregate principal amount and deliver the same to the Trustee for authentication and delivery in accordance with
the Base Indenture and this Third Supplemental Indenture. Payments on Notes issued as one or more Global Securities will be made to the Depository. 

ARTICLE 3 

REDEMPTION OF THE NOTES 

Section 3.01. Optional Redemption of the Notes.  

(a) The Company may, at its option, at any time and from time to time, redeem any series of the Notes issued under this Third Supplemental
Indenture, in whole or in part, upon payment of a redemption price (the “Redemption Price”) equal to the greater of (i) 100% of the principal amount of the Notes to be redeemed or (ii) the sum of the present values of the
Remaining Scheduled Payments discounted to the Redemption Date on a semi-annual basis (assuming a 360-day year consisting of twelve 30-day months), at the Treasury Rate
plus 7.5 basis points in the case of the 2026 Notes, 10 basis points in the case of the 2031 Notes and 12.5 basis points in the case of the 2041 Notes; provided that (i) if the Company redeems any 2026 Notes on or after May 1, 2026 (one
month prior to the maturity date of the 2026 Notes), (ii) if the Company redeems any 2031 Notes on or after March 1, 2031 (three months prior to the maturity date of the 2031 Notes), and (iii) if the Company redeems any 2041 Notes on or
after December 1, 2040 (six months prior to the maturity date of the 2041 Notes), the Redemption Price for those Notes will equal 100% of the principal amount of the Notes to be redeemed. The Redemption Price for the Notes will include, in each
case, accrued but unpaid interest, if any, on the principal amount of Notes being redeemed to but excluding the Redemption Date. 
 (b) With
respect to the Notes, all references to Redemption Price in the Base Indenture shall mean Redemption Price as defined in this Third Supplemental Indenture. 

  
 5 

 Section 3.02. No Sinking Fund.  

The Notes are not entitled to the benefit of any sinking fund. 

ARTICLE 4 
 FORM
OF NOTES 
 Section 4.01. Form of Note.  

The Notes and the Trustee’s certificate of authentication thereon shall be substantially in the respective forms set forth in Exhibits A,
B and C hereto. 
 ARTICLE 5 

ORIGINAL ISSUE OF NOTES 

Section 5.01. Original Issue of Notes: Further Issuances.  

(a) Each of the 2026 Notes having an initial aggregate principal amount of $500,000,000, the 2031 Notes having an initial aggregate principal
amount of $500,000,000 and the 2041 Notes having an initial aggregate principal amount of $500,000,000 may, upon execution of this Third Supplemental Indenture, be executed by the Company and delivered to the Trustee for authentication, and the
Trustee shall thereupon authenticate and deliver said series of Notes to or upon the written order of the Company pursuant to Section 3.03 of the Base Indenture without any further action of the Company. 

(b) The Company may, from time to time, create and issue additional Notes of a series under this Third Supplemental Indenture ranking equally
and ratably with the outstanding Notes of such series in all respects (or in all respects except for the payment of interest accruing prior to the issue date of such additional Notes of such series or except for the first payment of interest
following the issue date of such additional Notes of such series) without notice to or the consent of the Holders of outstanding Notes of such series. The initially issued Notes of a series under this Third Supplemental Indenture and any additional
Notes of such series subsequently issued shall be consolidated and form a single series for all purposes of this Third Supplemental Indenture and shall have the same terms as to status, redemption or otherwise as the outstanding Notes of such
series, and, provided the additional Notes of a series are fungible with the outstanding Notes of such series for U.S. federal income tax purposes, the same CUSIP number as the outstanding Notes of such series. Any such additional series of Notes
referred to in this Section 5.01 will be issued under a further supplemental indenture. 

  
 6 

 ARTICLE 6 

MISCELLANEOUS 

Section 6.01. Ratification of Base Indenture. 

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

Section 6.02. Trustee Not Responsible for Recitals.  

The recitals contained herein and in the Notes, except with respect to the Trustee’s certificates of authentication, shall be taken as
the statements of the Company, and the Trustee assumes no responsibility for the correctness of the same. The Trustee makes no representations as to the validity or sufficiency of this Third Supplemental Indenture or of the Notes. 

Section 6.03. Governing Law; Submission to Jurisdiction.  

THIS THIRD SUPPLEMENTAL INDENTURE AND EACH NOTE OF EACH SERIES CREATED HEREUNDER SHALL BE CONSTRUED IN ACCORDANCE WITH AND GOVERNED BY THE
LAWS OF THE STATE OF NEW YORK, WITHOUT REGARD TO CONFLICTS OF LAWS PRINCIPLES THEREOF. THE COMPANY, EACH GUARANTOR AND THE TRUSTEE HEREBY IRREVOCABLY SUBMITS TO THE JURISDICTION OF ANY NEW YORK STATE COURT SITTING IN THE BOROUGH OF MANHATTAN IN THE
CITY OF NEW YORK OR ANY FEDERAL COURT SITTING IN THE BOROUGH OF MANHATTAN IN THE CITY OF NEW YORK IN RESPECT OF ANY SUIT, ACTION OR PROCEEDING ARISING OUT OF OR RELATING TO THIS THIRD SUPPLEMENTAL INDENTURE, THE GUARANTEES AND EACH NOTE OF EACH
SERIES CREATED HEREUNDER, AND IRREVOCABLY ACCEPTS FOR ITSELF AND IN RESPECT OF ITS PROPERTY, GENERALLY AND UNCONDITIONALLY, JURISDICTION OF THE AFORESAID COURTS. 

Section 6.04. Separability.  

In case any one or more of the provisions contained in this Third Supplemental Indenture or in any series of the Notes shall for any reason be
held to be invalid, illegal or unenforceable in any respect, such invalidity, illegality or unenforceability shall not affect any other provisions of this Third Supplemental Indenture or of any series of the Notes, but this Third Supplemental
Indenture and any series of the Notes shall be construed as if such invalid or illegal or unenforceable provision had never been contained herein or therein. 

  
 7 

 Section 6.05. Counterparts.  

This Third Supplemental Indenture may be executed in any number of counterparts, each of which when so executed shall be deemed to be an
original, but all such counterparts shall together constitute but one and the same instrument. The exchange of copies of this Third Supplemental Indenture and of signature pages by facsimile or electronic format (i.e. “pdf” or
“tif”) transmission shall constitute effective execution and delivery of this Third Supplemental Indenture as to the parties hereto and may be used in lieu of the original Third Supplemental Indenture for all purposes. Signatures of the
parties hereto transmitted by facsimile or electronic format (i.e. “pdf” or “tif”) shall be deemed to be their original signatures for all purposes. 

Section 6.06 Electronic Signatures. 

The words “execution”, “signed”, “signature”, “delivery” and words of like import in or relating to
this Third Supplemental Indenture and/or any document, notice, instrument or certificate to be signed and/or delivered in connection with this Third Supplemental Indenture and the transactions contemplated hereby shall be deemed to include
Electronic Signatures (as defined below), electronic deliveries or the keeping of records in electronic form, each of which shall be of the same legal effect, validity or enforceability as a manually executed signature, physical delivery thereof or
the use of a paper-based recordkeeping system, as the case may be. “Electronic Signatures” means any electronic symbol or process attached to, or associated with, any contract or other record and adopted by a person with the intent
to sign, authenticate or accept such contract or record. 
 [Signature pages follow.] 

  
 8 

 IN WITNESS WHEREOF, the parties have caused this Third Supplemental Indenture to be duly
executed by their respective officers thereunto duly authorized as of the date first above written. 
  

			
	GENERAL DYNAMICS CORPORATION
	AMERICAN OVERSEAS MARINE
	COMPANY, LLC
	ELECTRIC BOAT CORPORATION
		
	Each by:	 	 /s/ Andrew C. Chen

		 	Name: Andrew C. Chen
		 	Title: Vice President and Treasurer
	
	BATH IRON WORKS CORPORATION
	GENERAL DYNAMICS GOVERNMENT
	SYSTEMS CORPORATION
	GENERAL DYNAMICS LAND
	SYSTEMS INC.
	GENERAL DYNAMICS ORDNANCE
	AND TACTICAL SYSTEMS, INC.
	GENERAL DYNAMICS-OTS, INC.
	GULFSTREAM AEROSPACE
	CORPORATION
	NATIONAL STEEL AND
	SHIPBUILDING COMPANY
		
	Each by:	 	 /s/ Andrew C. Chen

		 	Name: Andrew C. Chen
		 	Title: Treasurer

 [Signature Page to the Third Supplemental Indenture] 

 
			
	 THE BANK OF NEW YORK MELLON,
 as
Trustee

		
	By:	 	/s/ Francine Kincaid
		 	Name: Francine Kincaid
		 	Title: Vice President

 [Signature Page to the Third Supplemental Indenture] 

 EXHIBIT A 

[TO BE INSERTED ON GLOBAL SECURITIES] 

UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY TO THE COMPANY OR ITS AGENT FOR
REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY (AND ANY PAYMENT IS MADE
TO CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON OTHER THAN THE DEPOSITORY TRUST
COMPANY OR CEDE & CO. IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN. 
 THIS
SECURITY IS A GLOBAL SECURITY WITHIN THE MEANING OF THE INDENTURE HEREINAFTER REFERRED TO AND IS REGISTERED IN THE NAME OF A DEPOSITORY OR A NOMINEE THEREOF. TRANSFERS OF THIS GLOBAL SECURITY SHALL BE LIMITED TO TRANSFERS IN WHOLE, BUT NOT IN PART,
TO NOMINEES OF THE DEPOSITORY TRUST COMPANY OR TO A SUCCESSOR THEREOF OR SUCH SUCCESSOR’S NOMINEE AND TRANSFERS OF PORTIONS OF THIS GLOBAL SECURITY SHALL BE LIMITED TO TRANSFERS MADE IN ACCORDANCE WITH THE RESTRICTIONS SET FORTH IN THE
INDENTURE REFERRED TO ON THE REVERSE HEREOF. 

			
	 No. [ ]
	  	 CUSIP: 369550 BN7

		  	 ISIN: US369550BN70

 $[_____________] 

GENERAL DYNAMICS CORPORATION 

1.150% Notes due 2026 
 GENERAL
DYNAMICS CORPORATION, a corporation duly organized and existing under the laws of Delaware (herein called the “Company,” which term includes any successor corporation under the Indenture referred to on the reverse hereof), for value
received, hereby promises to pay to Cede & Co. or its registered assigns, the principal sum of [    ] ($[    ]) on June 1, 2026, and to pay interest thereon from and including May 10, 2021
or from and including the most recent Interest Payment Date (as hereinafter defined) to which interest has been paid or duly provided for, as the case may be. 

Interest will be paid semi-annually, in arrears, on June 1 and December 1 of each year (each, an “Interest Payment
Date”), commencing December 1, 2021, at the rate of 1.150% per annum, until the principal hereof is paid or made available for payment. The interest so payable and punctually paid or duly provided for on any Interest Payment Date will,
as provided in the Indenture, be paid to the Person in whose name this Note (or one or more predecessor Notes) is registered at the close of business on the Regular Record Date for such interest, which shall be the May 15 and November 15,
as the case may be, immediately preceding such Interest Payment Date. Except as otherwise provided in the Indenture, any such interest not so punctually paid or duly provided for will forthwith cease to be payable to the Holder on such Regular
Record Date and may either be paid (i) to the Person in whose name this Note (or one or more predecessor Notes) is registered at the close of business on a Special Record Date for the payment of such Defaulted Interest to be fixed by the
Trustee, notice whereof is to be given to Holders of Notes not less than 10 calendar days prior to such Special Record Date, or (ii) in any other lawful manner not inconsistent with the requirements of any securities exchange on which the Notes
may be listed, and upon such notice as may be required by such exchange, all as more fully provided in said Indenture. Payment of the principal of and interest on this Note will be made at the offices or agencies of the Company maintained for such
purpose in the Borough of Manhattan, The City of New York; provided that, unless otherwise provided in or pursuant to the Indenture, at the option of the Company, interest on this Note may be paid by check mailed to the address of the Person
entitled thereto as such address shall appear in the Security Register or by wire transfer to an account maintained by the payee with a bank located in the United States. Interest on overdue principal and (to the extent permitted by applicable law)
on overdue installments of interest shall accrue at the rate of 1.150% per annum. Interest on this Note shall be computed on the basis of a 360-day year of twelve 30-day
months. 

 Reference is made to the further provisions set forth on the reverse hereof. Such further
provisions shall for all purposes have the same effect as though fully set forth at this place. 
 This Note shall not be entitled to any
benefit under the Indenture, or be valid or obligatory, until the Certificate of Authentication hereof shall have been duly signed by the Trustee acting under the Indenture. 

The provisions of this Note are continued on the reverse side hereof and such continued provisions shall for all purposes have the same effect
as though fully set forth at this place. 

 IN WITNESS WHEREOF, the Company has caused this instrument to be executed on
this                day of                , 2021. 

 

			
	GENERAL DYNAMICS CORPORATION
		
	By:	 	                            
		 	Name: Andrew C. Chen
		 	Title: Vice President and Treasurer

  

			
	Attest:
		
	By:	 	                            
		 	Name: Gregory S. Gallopoulos
		 	 Title: Senior Vice President,
 General Counsel
and Secretary

 CERTIFICATE OF AUTHENTICATION 

This is one of the Securities of the series designated as the 1.150% Notes due 2026 herein referred to in the within-mentioned Indenture. 

 

							
	Dated:	 		 	 THE BANK OF NEW YORK MELLON,
 as
Trustee

				
		 		 	By:	 	                                
    
		 		 		 	Authorized Signatory

 (FORM OF REVERSE OF 1.150% NOTE DUE 2026) 

This Note is one of a duly authorized series of Notes of the Company (herein sometimes referred to as the “Notes”), all
issued or to be issued under and pursuant to an Indenture dated as of March 22, 2018 (the “Base Indenture”), duly executed and delivered by and among the Company, the Guarantors named therein and The Bank of New York Mellon, as
trustee (the “Trustee”), as supplemented to date, including by the Third Supplemental Indenture dated as of May 10, 2021, by and among the Company, the Guarantors named therein and the Trustee (the Base Indenture, as so
supplemented, the “Indenture”), to which Indenture and all indentures supplemental thereto reference is hereby made for a description of the rights, limitations of rights, obligations, duties and immunities thereunder of the
Trustee, the Company, the Guarantors named therein and the Holders of the Notes. By the terms of the Indenture, the Notes are issuable in series that may vary as to amount, date of maturity, rate of interest and in other respects as provided in the
Indenture. This series of Notes is initially offered in aggregate principal amount as specified in said Third Supplemental Indenture. 
 The
Company at its option may, at any time and from time to time, redeem the Notes, in whole or in part, upon payment of a redemption price (the “Redemption Price”) equal to the greater of (i) 100% of the principal amount of the Notes
to be redeemed or (ii) the sum of the present values of the Remaining Scheduled Payments discounted to the Redemption Date on a semi-annual basis (assuming a 360-day year consisting of twelve 30-day months), at the Treasury Rate plus 7.5 basis points; provided that if the Company redeems any Notes on or after May 1, 2026 (one month prior to the maturity date of the Notes), the Redemption Price for
those Notes will equal 100% of the principal amount of the Notes to be redeemed. The Redemption Price for the Notes will include accrued but unpaid interest, if any, on the principal amount of the Notes being redeemed to but excluding the Redemption
Date. On and after the Redemption Date, interest will cease to accrue on the Notes or any portion thereof called for redemption, unless the Company defaults in the payment of the Redemption Price and accrued interest. 

Any redemption pursuant to the preceding paragraph will be made upon not less than 10 nor more than 60 days’ prior notice before the
Redemption Date to the Holders, at the Redemption Price. With respect to any notice of redemption of Notes at the election of the Company, unless, upon the giving of such notice, such Notes are deemed to have been paid in accordance with
Section 4.01 of the Base Indenture, such notice may state that such redemption shall be conditional upon the receipt by the Paying Agent for such Notes, on or prior to the Redemption Date, of money sufficient to pay the principal of and
premium, if any, and interest, if any, on such Notes and that if such money has not been so received such notice shall be of no force or effect and the Company shall not be required to redeem such Notes. In the event that such notice of redemption
contains such a 

 
condition and such money is not so received the redemption shall not be made and within a reasonable time thereafter notice shall be given, in the manner in which the notice of redemption was
given, that such money was not so received and such redemption was not required to be made, and the Paying Agent for the Notes otherwise to have been redeemed shall promptly return to the Holders thereof any of such Notes that had been surrendered
for payment upon such redemption. 
 If the Notes are only partially redeemed, the Notes to be redeemed shall be selected (a) in
accordance with the procedures of the Depository, in the case of Notes in the form of Global Securities, or (b) by lot, in the case of Notes in definitive form. 

In the event of redemption of this Note in part only, a new Note or Notes of this series for the unredeemed portion hereof will be issued in
the name of the Holder hereof upon the cancellation hereof. 
 In case an Event of Default, as defined in the Indenture, shall have occurred
and be continuing, the principal of all of the Notes may be declared, and upon such declaration shall become, due and payable, in the manner, with the effect and subject to the conditions provided in the Indenture. 

The Indenture contains provisions permitting the Company and the Trustee, with the consent (including consents obtained in connection with a
tender offer for or in exchange of Notes) of the Holders of not less than a majority in aggregate principal amount of the Notes of each series affected (voting as one class) at the time outstanding, as defined in the Indenture, to execute
supplemental indentures for the purpose of adding any provisions to or changing in any manner or eliminating any of the provisions of the Indenture or of any supplemental indenture or of modifying in any manner the rights of the Holders of the
Notes; provided, however, that no such supplemental indenture shall, among other things, (i) change the fixed maturity of any Notes of any series, or reduce the principal amount thereof, or reduce the rate or extend the time of payment of
interest thereon, or reduce any premium payable upon the redemption thereof, without the consent of the Holder of each Note so affected, or (ii) reduce the aforesaid percentage of Notes, the Holders of which are required to consent to any such
supplemental indenture, without the consent of the Holders of each Note then outstanding and affected thereby. The Indenture also contains provisions permitting the Holders of not less than a majority in aggregate principal amount of the Notes of
any series at the time outstanding, on behalf of all of the Holders of all of the Notes of such series, to waive any past default under the Indenture with respect to such series and its consequences, except, among other things, a default not
theretofore cured in the payment of the principal of or premium, if any, or interest on any of the Notes of such series. Any such consent or waiver by the registered Holder (unless revoked as provided in the Indenture) shall be conclusive and
binding upon such Holder and upon all future Holders and owners of this Note and of any Note issued in exchange therefor or in place hereof (whether by registration of transfer or otherwise), irrespective of whether or not any notation of such
consent or waiver is made upon this Note. 

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

As provided in the Indenture and subject to certain limitations therein set forth, this Note is transferable by the registered Holder hereof
on the Security Register of the Company, upon surrender of this Note for registration of transfer at the office or agency of the Trustee in the City and State of New York accompanied by a written instrument or instruments of transfer in form
satisfactory to the Company or the Trustee duly executed by the registered Holder hereof or such Holder’s attorney duly authorized in writing, and thereupon one or more new Notes of authorized denominations and for the same aggregate principal
amount and series will be issued to the designated transferee or transferees. No service charge will be made for any such transfer, but the Company may require payment of a sum sufficient to cover any tax or other governmental charge payable in
relation thereto. 
 Prior to due presentment for registration of transfer of this Note, the Company, the Trustee, any paying agent, the
Security Registrar and any other agent of the Company or the Trustee may deem and treat the registered Holder hereof as the absolute owner hereof (whether or not this Note shall be overdue and notwithstanding any notice of ownership or writing
hereon made by anyone other than the Security Registrar) for the purpose of receiving payment of or on account of the principal hereof and premium, if any, and interest due hereon and for all other purposes, and neither the Company nor the Trustee
nor any paying agent nor any Security Registrar nor any other agent of the Company or the Trustee shall be affected by any notice to the contrary. 

No recourse or liability shall be had for the payment of the principal of, premium, if any, or the interest on this Note, or for any claim for
any obligation, covenant or agreement, or for any claim based on, in respect of or by reason of such obligations, covenants or agreements or their creation under the Indenture, against any past, present or future director, officer, stockholder or
employee, as such, of the Company or any of its Affiliates or any successor corporation, all such liability being, by the acceptance hereof and as part of the consideration for the issuance hereof, expressly waived and released. 

 The Notes of this series are issuable only in registered form without coupons in
denominations of $2,000 and any integral multiple of $1,000 above that amount. This Global Note is exchangeable for Notes in definitive form only under certain limited circumstances set forth in the Indenture. As provided in the Indenture and
subject to certain limitations herein and therein set forth, Notes of this series so issued are exchangeable for a like aggregate principal amount of Notes of this series of a different authorized denomination, as requested by the Holder
surrendering the same. 
 All terms used in this Note that are defined in the Indenture shall have the meanings assigned to them in the
Indenture. 
 THE INTERNAL LAWS OF THE STATE OF NEW YORK SHALL GOVERN THE INDENTURE AND THIS NOTE WITHOUT REGARD TO CONFLICT OF LAW
PROVISIONS THEREOF. 

 [FORM OF TRANSFER NOTICE] 

FOR VALUE RECEIVED, the undersigned registered Holder hereby sell(s), assign(s) and transfer(s) unto 

Please insert Taxpayer Identification No.: 
  

Please print or typewrite name and address including 
 zip code
of assignee: 
  
 the within Note and all rights
thereunder, hereby irrevocably constituting and appointing                  attorney to transfer said Note on the books of the Company with
full power of substitution in the premises. 
 By: ______________________________ 

Date: ____________________________ 

 [TO BE ATTACHED TO GLOBAL NOTES] 

SCHEDULE OF INCREASES OR DECREASES IN GLOBAL NOTE 

The following increases or decreases in this Global Note have been made: 

 

									
	 Date of
 Exchange
	  	 Amount of

Decrease in
 Principal

Amount of
 this Global

Note
	  	 Amount of

Increase in
 Principal

Amount of
 this Global

Note
	  	 Principal

Amount of
 this Global

Note
 Following

such Decrease
 or Increase
	  	 Signature of

Authorized
 Signatory of

Trustee

 EXHIBIT B 

[TO BE INSERTED ON GLOBAL SECURITIES] 

UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY TO THE COMPANY OR ITS AGENT FOR
REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY (AND ANY PAYMENT IS MADE
TO CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON OTHER THAN THE DEPOSITORY TRUST
COMPANY OR CEDE & CO. IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN. 
 THIS
SECURITY IS A GLOBAL SECURITY WITHIN THE MEANING OF THE INDENTURE HEREINAFTER REFERRED TO AND IS REGISTERED IN THE NAME OF A DEPOSITORY OR A NOMINEE THEREOF. TRANSFERS OF THIS GLOBAL SECURITY SHALL BE LIMITED TO TRANSFERS IN WHOLE, BUT NOT IN PART,
TO NOMINEES OF THE DEPOSITORY TRUST COMPANY OR TO A SUCCESSOR THEREOF OR SUCH SUCCESSOR’S NOMINEE AND TRANSFERS OF PORTIONS OF THIS GLOBAL SECURITY SHALL BE LIMITED TO TRANSFERS MADE IN ACCORDANCE WITH THE RESTRICTIONS SET FORTH IN THE
INDENTURE REFERRED TO ON THE REVERSE HEREOF. 

			
	 No. [ ]
	  	 CUSIP: 369550 BP2

		  	 ISIN: US369550BP29

 $[_____________] 

GENERAL DYNAMICS CORPORATION 

2.250% Notes due 2031 
 GENERAL
DYNAMICS CORPORATION, a corporation duly organized and existing under the laws of Delaware (herein called the “Company,” which term includes any successor corporation under the Indenture referred to on the reverse hereof), for value
received, hereby promises to pay to Cede & Co. or its registered assigns, the principal sum of [    ] ($[    ]) on June 1, 2031, and to pay interest thereon from and including May 10, 2021
or from and including the most recent Interest Payment Date (as hereinafter defined) to which interest has been paid or duly provided for, as the case may be. 

Interest will be paid semi-annually, in arrears, on June 1 and December 1 of each year (each, an “Interest Payment
Date”), commencing December 1, 2021, at the rate of 2.250% per annum, until the principal hereof is paid or made available for payment. The interest so payable and punctually paid or duly provided for on any Interest Payment Date will,
as provided in the Indenture, be paid to the Person in whose name this Note (or one or more predecessor Notes) is registered at the close of business on the Regular Record Date for such interest, which shall be the May 15 and November 15,
as the case may be, immediately preceding such Interest Payment Date. Except as otherwise provided in the Indenture, any such interest not so punctually paid or duly provided for will forthwith cease to be payable to the Holder on such Regular
Record Date and may either be paid (i) to the Person in whose name this Note (or one or more predecessor Notes) is registered at the close of business on a Special Record Date for the payment of such Defaulted Interest to be fixed by the
Trustee, notice whereof is to be given to Holders of Notes not less than 10 calendar days prior to such Special Record Date, or (ii) in any other lawful manner not inconsistent with the requirements of any securities exchange on which the Notes
may be listed, and upon such notice as may be required by such exchange, all as more fully provided in said Indenture. Payment of the principal of and interest on this Note will be made at the offices or agencies of the Company maintained for such
purpose in the Borough of Manhattan, The City of New York; provided that, unless otherwise provided in or pursuant to the Indenture, at the option of the Company, interest on this Note may be paid by check mailed to the address of the Person
entitled thereto as such address shall appear in the Security Register or by wire transfer to an account maintained by the payee with a bank located in the United States. Interest on overdue principal and (to the extent permitted by applicable law)
on overdue installments of interest shall accrue at the rate of 2.250% per annum. Interest on this Note shall be computed on the basis of a 360-day year of twelve 30-day
months. 

 Reference is made to the further provisions set forth on the reverse hereof. Such further
provisions shall for all purposes have the same effect as though fully set forth at this place. 
 This Note shall not be entitled to any
benefit under the Indenture, or be valid or obligatory, until the Certificate of Authentication hereof shall have been duly signed by the Trustee acting under the Indenture. 

The provisions of this Note are continued on the reverse side hereof and such continued provisions shall for all purposes have the same effect
as though fully set forth at this place. 

 IN WITNESS WHEREOF, the Company has caused this instrument to be executed on
this                day of                , 2021. 

 

			
	GENERAL DYNAMICS CORPORATION
		
	By:	 	                        
		 	 Name:  Andrew C. Chen

		 	 Title:   Vice President and Treasurer

  

			
	Attest:
		
	By:	 	                                
                            
		 	 Name:  Gregory S. Gallopoulos

		 	 Title:   Senior Vice President,

     General Counsel and Secretary

 CERTIFICATE OF AUTHENTICATION 

This is one of the Securities of the series designated as the 2.250% Notes due 2031 herein referred to in the within-mentioned Indenture. 

 

							
	Dated:                	 		 	THE BANK OF NEW YORK MELLON, as Trustee
				
		 		 	By:	 	  

		 		 		 	Authorized Signatory

 (FORM OF REVERSE OF 2.250% NOTE DUE 2031) 

This Note is one of a duly authorized series of Notes of the Company (herein sometimes referred to as the “Notes”), all
issued or to be issued under and pursuant to an Indenture dated as of March 22, 2018 (the “Base Indenture”), duly executed and delivered by and among the Company, the Guarantors named therein and The Bank of New York Mellon, as
trustee (the “Trustee”), as supplemented to date, including by the Third Supplemental Indenture dated as of May 10, 2021, by and among the Company, the Guarantors named therein and the Trustee (the Base Indenture, as so
supplemented, the “Indenture”), to which Indenture and all indentures supplemental thereto reference is hereby made for a description of the rights, limitations of rights, obligations, duties and immunities thereunder of the
Trustee, the Company, the Guarantors named therein and the Holders of the Notes. By the terms of the Indenture, the Notes are issuable in series that may vary as to amount, date of maturity, rate of interest and in other respects as provided in the
Indenture. This series of Notes is initially offered in aggregate principal amount as specified in said Third Supplemental Indenture. 
 The
Company at its option may, at any time and from time to time, redeem the Notes, in whole or in part, upon payment of a redemption price (the “Redemption Price”) equal to the greater of (i) 100% of the principal amount of the Notes
to be redeemed or (ii) the sum of the present values of the Remaining Scheduled Payments discounted to the Redemption Date on a semi-annual basis (assuming a 360-day year consisting of twelve 30-day months), at the Treasury Rate plus 10 basis points; provided that if the Company redeems any Notes on or after March 1, 2031 (three months prior to the maturity date of the Notes), the Redemption Price
for those Notes will equal 100% of the principal amount of the Notes to be redeemed. The Redemption Price for the Notes will include accrued but unpaid interest, if any, on the principal amount of the Notes being redeemed to but excluding the
Redemption Date. On and after the Redemption Date, interest will cease to accrue on the Notes or any portion thereof called for redemption, unless the Company defaults in the payment of the Redemption Price and accrued interest. 

Any redemption pursuant to the preceding paragraph will be made upon not less than 10 nor more than 60 days’ prior notice before the
Redemption Date to the Holders, at the Redemption Price. With respect to any notice of redemption of Notes at the election of the Company, unless, upon the giving of such notice, such Notes are deemed to have been paid in accordance with
Section 4.01 of the Base Indenture, such notice may state that such redemption shall be conditional upon the receipt by the Paying Agent for such Notes, on or prior to the Redemption Date, of money sufficient to pay the principal of and
premium, if any, and interest, if any, on such Notes and that if such money has not been so received such notice shall be of no force or effect and the Company shall not be required to redeem such Notes. In the event that such notice of redemption
contains such a 

 
condition and such money is not so received the redemption shall not be made and within a reasonable time thereafter notice shall be given, in the manner in which the notice of redemption was
given, that such money was not so received and such redemption was not required to be made, and the Paying Agent for the Notes otherwise to have been redeemed shall promptly return to the Holders thereof any of such Notes that had been surrendered
for payment upon such redemption. 
 If the Notes are only partially redeemed, the Notes to be redeemed shall be selected (a) in
accordance with the procedures of the Depository, in the case of Notes in the form of Global Securities, or (b) by lot, in the case of Notes in definitive form. 

In the event of redemption of this Note in part only, a new Note or Notes of this series for the unredeemed portion hereof will be issued in
the name of the Holder hereof upon the cancellation hereof. 
 In case an Event of Default, as defined in the Indenture, shall have occurred
and be continuing, the principal of all of the Notes may be declared, and upon such declaration shall become, due and payable, in the manner, with the effect and subject to the conditions provided in the Indenture. 

The Indenture contains provisions permitting the Company and the Trustee, with the consent (including consents obtained in connection with a
tender offer for or in exchange of Notes) of the Holders of not less than a majority in aggregate principal amount of the Notes of each series affected (voting as one class) at the time outstanding, as defined in the Indenture, to execute
supplemental indentures for the purpose of adding any provisions to or changing in any manner or eliminating any of the provisions of the Indenture or of any supplemental indenture or of modifying in any manner the rights of the Holders of the
Notes; provided, however, that no such supplemental indenture shall, among other things, (i) change the fixed maturity of any Notes of any series, or reduce the principal amount thereof, or reduce the rate or extend the time of payment of
interest thereon, or reduce any premium payable upon the redemption thereof, without the consent of the Holder of each Note so affected, or (ii) reduce the aforesaid percentage of Notes, the Holders of which are required to consent to any such
supplemental indenture, without the consent of the Holders of each Note then outstanding and affected thereby. The Indenture also contains provisions permitting the Holders of not less than a majority in aggregate principal amount of the Notes of
any series at the time outstanding, on behalf of all of the Holders of all of the Notes of such series, to waive any past default under the Indenture with respect to such series and its consequences, except, among other things, a default not
theretofore cured in the payment of the principal of or premium, if any, or interest on any of the Notes of such series. Any such consent or waiver by the registered Holder (unless revoked as provided in the Indenture) shall be conclusive and
binding upon such Holder and upon all future Holders and owners of this Note and of any Note issued in exchange therefor or in place hereof (whether by registration of transfer or otherwise), irrespective of whether or not any notation of such
consent or waiver is made upon this Note. 

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

As provided in the Indenture and subject to certain limitations therein set forth, this Note is transferable by the registered Holder hereof
on the Security Register of the Company, upon surrender of this Note for registration of transfer at the office or agency of the Trustee in the City and State of New York accompanied by a written instrument or instruments of transfer in form
satisfactory to the Company or the Trustee duly executed by the registered Holder hereof or such Holder’s attorney duly authorized in writing, and thereupon one or more new Notes of authorized denominations and for the same aggregate principal
amount and series will be issued to the designated transferee or transferees. No service charge will be made for any such transfer, but the Company may require payment of a sum sufficient to cover any tax or other governmental charge payable in
relation thereto. 
 Prior to due presentment for registration of transfer of this Note, the Company, the Trustee, any paying agent, the
Security Registrar and any other agent of the Company or the Trustee may deem and treat the registered Holder hereof as the absolute owner hereof (whether or not this Note shall be overdue and notwithstanding any notice of ownership or writing
hereon made by anyone other than the Security Registrar) for the purpose of receiving payment of or on account of the principal hereof and premium, if any, and interest due hereon and for all other purposes, and neither the Company nor the Trustee
nor any paying agent nor any Security Registrar nor any other agent of the Company or the Trustee shall be affected by any notice to the contrary. 

No recourse or liability shall be had for the payment of the principal of, premium, if any, or the interest on this Note, or for any claim for
any obligation, covenant or agreement, or for any claim based on, in respect of or by reason of such obligations, covenants or agreements or their creation under the Indenture, against any past, present or future director, officer, stockholder or
employee, as such, of the Company or any of its Affiliates or any successor corporation, all such liability being, by the acceptance hereof and as part of the consideration for the issuance hereof, expressly waived and released. 

 The Notes of this series are issuable only in registered form without coupons in
denominations of $2,000 and any integral multiple of $1,000 above that amount. This Global Note is exchangeable for Notes in definitive form only under certain limited circumstances set forth in the Indenture. As provided in the Indenture and
subject to certain limitations herein and therein set forth, Notes of this series so issued are exchangeable for a like aggregate principal amount of Notes of this series of a different authorized denomination, as requested by the Holder
surrendering the same. 
 All terms used in this Note that are defined in the Indenture shall have the meanings assigned to them in the
Indenture. 
 THE INTERNAL LAWS OF THE STATE OF NEW YORK SHALL GOVERN THE INDENTURE AND THIS NOTE WITHOUT REGARD TO CONFLICT OF LAW
PROVISIONS THEREOF. 

 [FORM OF TRANSFER NOTICE] 

FOR VALUE RECEIVED, the undersigned registered Holder hereby sell(s), assign(s) and transfer(s) unto 

Please insert Taxpayer Identification No.: 
  

Please print or typewrite name and address including 
 zip code
of assignee: 
  
 the within Note and all rights
thereunder, hereby irrevocably constituting and appointing                  attorney to transfer said Note on the books of the Company with
full power of substitution in the premises. 
 By: ______________________________ 

Date: ____________________________ 

 [TO BE ATTACHED TO GLOBAL NOTES] 

SCHEDULE OF INCREASES OR DECREASES IN GLOBAL NOTE 

The following increases or decreases in this Global Note have been made: 

 

									
	 Date of
 Exchange
	  	 Amount of

Decrease in
 Principal

Amount of
 this Global

Note
	  	 Amount of

Increase in
 Principal

Amount of
 this Global

Note
	  	 Principal

Amount of
 this Global

Note
 Following

such Decrease
 or Increase
	  	 Signature of

Authorized
 Signatory of

Trustee

 EXHIBIT C 

[TO BE INSERTED ON GLOBAL SECURITIES] 

UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY TO THE COMPANY OR ITS AGENT FOR
REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY (AND ANY PAYMENT IS MADE
TO CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON OTHER THAN THE DEPOSITORY TRUST
COMPANY OR CEDE & CO. IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN. 
 THIS
SECURITY IS A GLOBAL SECURITY WITHIN THE MEANING OF THE INDENTURE HEREINAFTER REFERRED TO AND IS REGISTERED IN THE NAME OF A DEPOSITORY OR A NOMINEE THEREOF. TRANSFERS OF THIS GLOBAL SECURITY SHALL BE LIMITED TO TRANSFERS IN WHOLE, BUT NOT IN PART,
TO NOMINEES OF THE DEPOSITORY TRUST COMPANY OR TO A SUCCESSOR THEREOF OR SUCH SUCCESSOR’S NOMINEE AND TRANSFERS OF PORTIONS OF THIS GLOBAL SECURITY SHALL BE LIMITED TO TRANSFERS MADE IN ACCORDANCE WITH THE RESTRICTIONS SET FORTH IN THE
INDENTURE REFERRED TO ON THE REVERSE HEREOF. 

			
	No. [ ]	  	CUSIP: 369550 BQ0
		  	ISIN: US369550BQ02

 $[_____________] 

GENERAL DYNAMICS CORPORATION 

2.850% Notes due 2041 
 GENERAL
DYNAMICS CORPORATION, a corporation duly organized and existing under the laws of Delaware (herein called the “Company,” which term includes any successor corporation under the Indenture referred to on the reverse hereof), for value
received, hereby promises to pay to Cede & Co. or its registered assigns, the principal sum of [    ] ($[    ]) on June 1, 2041, and to pay interest thereon from and including May 10, 2021
or from and including the most recent Interest Payment Date (as hereinafter defined) to which interest has been paid or duly provided for, as the case may be. 

Interest will be paid semi-annually, in arrears, on June 1 and December 1 of each year (each, an “Interest Payment
Date”), commencing December 1, 2021, at the rate of 2.850% per annum, until the principal hereof is paid or made available for payment. The interest so payable and punctually paid or duly provided for on any Interest Payment Date will,
as provided in the Indenture, be paid to the Person in whose name this Note (or one or more predecessor Notes) is registered at the close of business on the Regular Record Date for such interest, which shall be the May 15 and November 15,
as the case may be, immediately preceding such Interest Payment Date. Except as otherwise provided in the Indenture, any such interest not so punctually paid or duly provided for will forthwith cease to be payable to the Holder on such Regular
Record Date and may either be paid (i) to the Person in whose name this Note (or one or more predecessor Notes) is registered at the close of business on a Special Record Date for the payment of such Defaulted Interest to be fixed by the
Trustee, notice whereof is to be given to Holders of Notes not less than 10 calendar days prior to such Special Record Date, or (ii) in any other lawful manner not inconsistent with the requirements of any securities exchange on which the Notes
may be listed, and upon such notice as may be required by such exchange, all as more fully provided in said Indenture. Payment of the principal of and interest on this Note will be made at the offices or agencies of the Company maintained for such
purpose in the Borough of Manhattan, The City of New York; provided that, unless otherwise provided in or pursuant to the Indenture, at the option of the Company, interest on this Note may be paid by check mailed to the address of the Person
entitled thereto as such address shall appear in the Security Register or by wire transfer to an account maintained by the payee with a bank located in the United States. Interest on overdue principal and (to the extent permitted by applicable law)
on overdue installments of interest shall accrue at the rate of 2.850% per annum. Interest on this Note shall be computed on the basis of a 360-day year of twelve 30-day
months. 

 Reference is made to the further provisions set forth on the reverse hereof. Such further
provisions shall for all purposes have the same effect as though fully set forth at this place. 
 This Note shall not be entitled to any
benefit under the Indenture, or be valid or obligatory, until the Certificate of Authentication hereof shall have been duly signed by the Trustee acting under the Indenture. 

The provisions of this Note are continued on the reverse side hereof and such continued provisions shall for all purposes have the same effect
as though fully set forth at this place. 

 IN WITNESS WHEREOF, the Company has caused this instrument to be executed on
this                day of                , 2021. 

 

			
	GENERAL DYNAMICS CORPORATION
		
	By:	 	                                
            
		 	 Name:  Andrew C. Chen

		 	 Title:   Vice President and Treasurer

  

			
	Attest:
		
	By:	 	                                
                                    
		 	 Name:  Gregory S. Gallopoulos

		 	 Title:   Senior Vice President,

     General Counsel and Secretary

 CERTIFICATE OF AUTHENTICATION 

This is one of the Securities of the series designated as the 2.850% Notes due 2041 herein referred to in the within-mentioned Indenture. 

 

							
	Dated:                	 		 	 THE BANK OF NEW YORK MELLON,
 as
Trustee

				
		 		 	By:	 	  

		 		 		 	Authorized Signatory

 (FORM OF REVERSE OF 2.850% NOTE DUE 2041) 

This Note is one of a duly authorized series of Notes of the Company (herein sometimes referred to as the “Notes”), all
issued or to be issued under and pursuant to an Indenture dated as of March 22, 2018 (the “Base Indenture”), duly executed and delivered by and among the Company, the Guarantors named therein and The Bank of New York Mellon, as
trustee (the “Trustee”), as supplemented to date, including by the Third Supplemental Indenture dated as of May 10, 2021, by and among the Company, the Guarantors named therein and the Trustee (the Base Indenture, as so
supplemented, the “Indenture”), to which Indenture and all indentures supplemental thereto reference is hereby made for a description of the rights, limitations of rights, obligations, duties and immunities thereunder of the
Trustee, the Company, the Guarantors named therein and the Holders of the Notes. By the terms of the Indenture, the Notes are issuable in series that may vary as to amount, date of maturity, rate of interest and in other respects as provided in the
Indenture. This series of Notes is initially offered in aggregate principal amount as specified in said Third Supplemental Indenture. 
 The
Company at its option may, at any time and from time to time, redeem the Notes, in whole or in part, upon payment of a redemption price (the “Redemption Price”) equal to the greater of (i) 100% of the principal amount of the Notes
to be redeemed or (ii) the sum of the present values of the Remaining Scheduled Payments discounted to the Redemption Date on a semi-annual basis (assuming a 360-day year consisting of twelve 30-day months), at the Treasury Rate plus 12.5 basis points; provided that if the Company redeems any Notes on or after December 1, 2040 (six months prior to the maturity date of the Notes), the Redemption
Price for those Notes will equal 100% of the principal amount of the Notes to be redeemed. The Redemption Price for the Notes will include accrued but unpaid interest, if any, on the principal amount of the Notes being redeemed to but excluding the
Redemption Date. On and after the Redemption Date, interest will cease to accrue on the Notes or any portion thereof called for redemption, unless the Company defaults in the payment of the Redemption Price and accrued interest. 

Any redemption pursuant to the preceding paragraph will be made upon not less than 10 nor more than 60 days’ prior notice before the
Redemption Date to the Holders, at the Redemption Price. With respect to any notice of redemption of Notes at the election of the Company, unless, upon the giving of such notice, such Notes are deemed to have been paid in accordance with
Section 4.01 of the Base Indenture, such notice may state that such redemption shall be conditional upon the receipt by the Paying Agent for such Notes, on or prior to the Redemption Date, of money sufficient to pay the principal of and
premium, if any, and interest, if any, on such Notes and that if such money has not been so received such notice shall be of no force or effect and the Company shall not be required to redeem such Notes. In the event that such notice of redemption
contains such a 

 
condition and such money is not so received the redemption shall not be made and within a reasonable time thereafter notice shall be given, in the manner in which the notice of redemption was
given, that such money was not so received and such redemption was not required to be made, and the Paying Agent for the Notes otherwise to have been redeemed shall promptly return to the Holders thereof any of such Notes that had been surrendered
for payment upon such redemption. 
 If the Notes are only partially redeemed, the Notes to be redeemed shall be selected (a) in
accordance with the procedures of the Depository, in the case of Notes in the form of Global Securities, or (b) by lot, in the case of Notes in definitive form. 

In the event of redemption of this Note in part only, a new Note or Notes of this series for the unredeemed portion hereof will be issued in
the name of the Holder hereof upon the cancellation hereof. 
 In case an Event of Default, as defined in the Indenture, shall have occurred
and be continuing, the principal of all of the Notes may be declared, and upon such declaration shall become, due and payable, in the manner, with the effect and subject to the conditions provided in the Indenture. 

The Indenture contains provisions permitting the Company and the Trustee, with the consent (including consents obtained in connection with a
tender offer for or in exchange of Notes) of the Holders of not less than a majority in aggregate principal amount of the Notes of each series affected (voting as one class) at the time outstanding, as defined in the Indenture, to execute
supplemental indentures for the purpose of adding any provisions to or changing in any manner or eliminating any of the provisions of the Indenture or of any supplemental indenture or of modifying in any manner the rights of the Holders of the
Notes; provided, however, that no such supplemental indenture shall, among other things, (i) change the fixed maturity of any Notes of any series, or reduce the principal amount thereof, or reduce the rate or extend the time of payment of
interest thereon, or reduce any premium payable upon the redemption thereof, without the consent of the Holder of each Note so affected, or (ii) reduce the aforesaid percentage of Notes, the Holders of which are required to consent to any such
supplemental indenture, without the consent of the Holders of each Note then outstanding and affected thereby. The Indenture also contains provisions permitting the Holders of not less than a majority in aggregate principal amount of the Notes of
any series at the time outstanding, on behalf of all of the Holders of all of the Notes of such series, to waive any past default under the Indenture with respect to such series and its consequences, except, among other things, a default not
theretofore cured in the payment of the principal of or premium, if any, or interest on any of the Notes of such series. Any such consent or waiver by the registered Holder (unless revoked as provided in the Indenture) shall be conclusive and
binding upon such Holder and upon all future Holders and owners of this Note and of any Note issued in exchange therefor or in place hereof (whether by registration of transfer or otherwise), irrespective of whether or not any notation of such
consent or waiver is made upon this Note. 

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

As provided in the Indenture and subject to certain limitations therein set forth, this Note is transferable by the registered Holder hereof
on the Security Register of the Company, upon surrender of this Note for registration of transfer at the office or agency of the Trustee in the City and State of New York accompanied by a written instrument or instruments of transfer in form
satisfactory to the Company or the Trustee duly executed by the registered Holder hereof or such Holder’s attorney duly authorized in writing, and thereupon one or more new Notes of authorized denominations and for the same aggregate principal
amount and series will be issued to the designated transferee or transferees. No service charge will be made for any such transfer, but the Company may require payment of a sum sufficient to cover any tax or other governmental charge payable in
relation thereto. 
 Prior to due presentment for registration of transfer of this Note, the Company, the Trustee, any paying agent, the
Security Registrar and any other agent of the Company or the Trustee may deem and treat the registered Holder hereof as the absolute owner hereof (whether or not this Note shall be overdue and notwithstanding any notice of ownership or writing
hereon made by anyone other than the Security Registrar) for the purpose of receiving payment of or on account of the principal hereof and premium, if any, and interest due hereon and for all other purposes, and neither the Company nor the Trustee
nor any paying agent nor any Security Registrar nor any other agent of the Company or the Trustee shall be affected by any notice to the contrary. 

No recourse or liability shall be had for the payment of the principal of, premium, if any, or the interest on this Note, or for any claim for
any obligation, covenant or agreement, or for any claim based on, in respect of or by reason of such obligations, covenants or agreements or their creation under the Indenture, against any past, present or future director, officer, stockholder or
employee, as such, of the Company or any of its Affiliates or any successor corporation, all such liability being, by the acceptance hereof and as part of the consideration for the issuance hereof, expressly waived and released. 

 The Notes of this series are issuable only in registered form without coupons in
denominations of $2,000 and any integral multiple of $1,000 above that amount. This Global Note is exchangeable for Notes in definitive form only under certain limited circumstances set forth in the Indenture. As provided in the Indenture and
subject to certain limitations herein and therein set forth, Notes of this series so issued are exchangeable for a like aggregate principal amount of Notes of this series of a different authorized denomination, as requested by the Holder
surrendering the same. 
 All terms used in this Note that are defined in the Indenture shall have the meanings assigned to them in the
Indenture. 
 THE INTERNAL LAWS OF THE STATE OF NEW YORK SHALL GOVERN THE INDENTURE AND THIS NOTE WITHOUT REGARD TO CONFLICT OF LAW
PROVISIONS THEREOF. 

 [FORM OF TRANSFER NOTICE] 

FOR VALUE RECEIVED, the undersigned registered Holder hereby sell(s), assign(s) and transfer(s) unto 

Please insert Taxpayer Identification No.: 
  

Please print or typewrite name and address including 
 zip code
of assignee: 
  
 the within Note and all rights
thereunder, hereby irrevocably constituting and appointing                  attorney to transfer said Note on the books of the Company with
full power of substitution in the premises. 
 By: _______________________________ 

Date: _____________________________ 

 [TO BE ATTACHED TO GLOBAL NOTES] 

SCHEDULE OF INCREASES OR DECREASES IN GLOBAL NOTE 

The following increases or decreases in this Global Note have been made: 

 

									
	 Date of
 Exchange
	  	 Amount of

Decrease in
 Principal

Amount of
 this Global

Note
	  	 Amount of

Increase in
 Principal

Amount of
 this Global

Note
	  	 Principal

Amount of
 this Global

Note
 Following

such Decrease
 or Increase
	  	 Signature of

Authorized
 Signatory of

TrusteeExhibit 4.3 

 

eBay
INC.

 

OFFICERS’
CERTIFICATE PURSUANT TO

SECTIONS 2.2, 2.3 AND 10.5 OF THE BASE INDENTURE

 

May 10, 2021

The
undersigned, being duly authorized officers of eBay Inc., a Delaware corporation (the “Company”), do hereby determine
and certify solely in such capacity on behalf of the Company as follows:

The
undersigned, having read the appropriate provisions of the Indenture dated as of October 28, 2010 (the “Base Indenture”),
as amended and supplemented by the Supplemental Indenture dated as of October 28, 2010 (the “Supplemental Indenture”;
the Base Indenture, as amended and supplemented by the Supplemental Indenture, is hereinafter sometimes called the “Indenture”),
each between the Company and Wells Fargo Bank, National Association, as trustee (the “Trustee”), including Sections
2.2, 2.3, 10.4 and 10.5 thereof and the definitions in such Indenture relating thereto, and certain other corporate documents
and records, and having made such examination and investigation as, in the opinion of the undersigned, each considers necessary
to enable the undersigned to express an informed opinion as to whether or not conditions set forth in the Indenture relating to
the issuance of three Series of the Company’s Securities designated as 1.400% Notes due 2026 (the “2026 Notes”),
2.600% Notes due 2031 (the “2031 Notes”) and 3.650% Notes due 2051 (the “2051 Notes”, together with the
2026 Notes and the 2031 Notes, the “Notes”) and whether the conditions in the Indenture relating to the execution,
authentication and delivery of the Notes of such Series have been complied with, each certify that:

1.             this
Officer’s Certificate establishes the 2026 Notes, the 2031 Notes and the 2051 Notes to be issued on the date hereof each
as a separate Series of Securities of that Series under the Indenture;

2.             the
title and terms of the Notes of each Series were established by the undersigned pursuant to authority delegated to them by resolutions
duly adopted by the Board of Directors of the Company on January 8, 2021 and by duly authorized Audit Committee on February 1,
2021 (collectively, the “Resolutions”) and such terms are set forth and incorporated by reference in Exhibit A hereto;

3.             the
respective forms of certificates evidencing the Notes of such Series were established by the undersigned pursuant to authority
delegated to them by the Resolutions and are in substantially the respective forms attached as Exhibits B, C and D hereto
(it being understood that the Notes of each Series may have such notations, legends or endorsements required by law, stock exchange
rule or usage and, in the case of Global Securities of any Series, as permitted pursuant to Section 2.15.3 of the Base Indenture
and as specified in paragraph (9) of Exhibit A hereto and that, in the event that Notes of any Series are ever issued in definitive
certificated form, the legend appearing as the first paragraph on the first page of such form of Note of such Series may be removed);

    	 

    	 

    

4.             a
true, complete and correct copy of the Resolutions, which were duly adopted by the Board of Directors of the Company and the Audit
Committee of the Board of Directors, as the case may be, and are in full force and effect on the date hereof in the form adopted,
are attached as Exhibits B-1 and B-2 to the Certificate of the Assistant Secretary of the Company of even date herewith, a copy
of which has been delivered to the Trustee; and

5.             in
the opinion of the undersigned, the form, title and terms of the Notes of each Series have been established pursuant to and in
accordance with Section 2.2 of the Indenture and comply with the Indenture and, in the opinion of the undersigned, all conditions
provided for in the Indenture (including, without limitation, those set forth in Sections 2.2 and 2.3 of the Indenture) relating
to the issuance of the Notes of each Series and the execution, authentication and delivery of the Notes of each Series have been
complied with.

This certificate
may be signed in one or more counterparts, each of which shall constitute an original and all of which together shall constitute
one and the same document.

Capitalized terms
used herein without definition have the meanings assigned to them in the Indenture.

 

This Officers’
Certificate and other closing documents related to this transaction shall be valid, binding, and enforceable against a party only
when executed and delivered by an authorized individual on behalf of the party by means of (i) any electronic signature permitted
by the federal Electronic Signatures in Global and National Commerce Act, state enactments of the Uniform Electronic Transactions
Act, and/or any other relevant electronic signatures law, including relevant provisions of the Uniform Commercial Code (“UCC”)
(collectively, “Signature Law”); (ii) an original manual signature; or (iii) a faxed, scanned, or photocopied manual
signature. Each electronic signature or faxed, scanned, or photocopied manual signature shall for all purposes have the same validity,
legal effect, and admissibility in evidence as an original manual signature. Each party hereto shall be entitled to conclusively
rely upon, and shall have no liability with respect to, any faxed, scanned, or photocopied manual signature, or other electronic
signature, of any party and shall have no duty to investigate, confirm or otherwise verify the validity or authenticity thereof.
This Officers’ Certificate may be executed in any number of counterparts, each of which shall be deemed to be an original,
but such counterparts shall, together, constitute one and the same instrument. For avoidance of doubt, original manual signatures
shall be used for execution or indorsement of writings when required under the UCC or other Signature Law due to the character
or intended character of the writings.

 

[Signature
Page Follows]

    	 

    	 

    

IN WITNESS WHEREOF,
we have executed this Officers’ Certificate of the Company on the date first written above.

 

	 	EBAY INC.
	 	 	 
	 	By:	/s/ Andrew Cring
	 	Name: 	Andrew Cring
	 	Title:	Interim Chief Financial Officer
	 	 	 
	 	By:	/s/ Joseph B. Bounds
	 	Name:	Joseph B. Bounds
	 	Title:	Vice President, Treasurer
	 	 	 

    	 

    	 

    

Exhibit
A

Terms of Notes

Terms (whether
or not capitalized) used in this Exhibit A and not otherwise defined herein but that are defined in the Indenture referred to
in the Officers’ Certificate of which this Exhibit A constitutes a part shall have the respective meanings ascribed thereto
in such Indenture.

Pursuant
to Section 2.2 of the Base Indenture and an Officers’ Certificate dated May 10, 2021, there were created three new Series
of Securities with the titles of “1.400% Notes due 2026” (the “2026 Notes”), “2.600% Notes due 2031”
(the “2031 Notes”), and “3.650% Notes due 2051” (the “2051 Notes” and, together with the 2026
Notes, the 2031 Notes and the 2051 Notes, the “Notes”), and the terms of each such Series are as follows:

(1)           The
2026 Notes shall be a separate Series of Securities under the Indenture initially limited to $750,000,000 aggregate principal
amount, the 2031 Notes shall be a separate Series of Securities under the Indenture initially limited to $750,000,000 aggregate
principal amount and the 2051 Notes shall be a separate Series of Securities under the Indenture initially limited to $1,000,000,000
aggregate principal amount (in each case except for Notes of any such Series authenticated and delivered upon registration of
transfer of, or in exchange for, or in lieu of, other Notes of such Series pursuant to Section 2.7, 2.8, 2.11, 3.7 or 9.6 of the
Base Indenture or pursuant to Section 18 of the form of Note of each such Series attached as Exhibits B, C and D, as the case
may be, to the Officers’ Certificate of which this Exhibit A constitutes a part), but subject to the Company’s right
to re-open any such Series of Notes from time to time and issue additional Notes of such Series as provided in paragraph (11)
of this Exhibit A.

(2)           The Stated Maturity
on which the principal of the 2026 Notes shall become due and payable shall be May 10, 2026, the Stated Maturity on which the
principal of the 2031 Notes shall become due and payable shall be May 10, 2031 and the Stated Maturity on which the principal
of the 2051 Notes shall become due and payable shall be May 10, 2051.

(3)           The
interest rates on, and the interest payment dates and regular record dates for, the Notes shall be as set forth in, and such respective
interest rates shall be calculated as provided in, the respective forms of certificates evidencing the Notes of such Series attached
as Exhibits B, C and D, respectively, to the Officers’ Certificate of which this Exhibit A constitutes a part. Interest
on the Notes of each Series will accrue from May 10, 2021. Interest on the Notes will be computed on the basis of a 360-day year
comprised of twelve 30-day months.

(4)           The
Notes shall be redeemable at the option of the Company as provided in the Indenture and in the respective forms of Notes of such
Series attached as Exhibits B, C and D, respectively, to the Officers’ Certificate of which this Exhibit A constitutes a
part.

(5)           Each
Series of Notes will be issuable in minimum denominations of $2,000 in principal amount and integral multiples of $1,000 in principal
amount in excess thereof.

    	1

    	 

    

(6)           The
Notes will not be entitled to the benefit of any sinking fund and will not be subject to mandatory redemption at the option of
the Holders thereof, but the Notes of each Series shall be subject to repurchase by the Company at the option of the Holders on
the terms and subject to the conditions set forth in Section 18 of the respective form of Note of such Series attached as Exhibits
B, C and D, as the case may be, to the Officers’ Certificate of which this Exhibit A constitutes a part.

(7)           The
provisions of Article 8 of the Base Indenture shall be applicable to the Notes of each Series and, without limiting the foregoing,
the covenants set forth in Article 4 of the Supplemental Indenture dated as of October 28, 2010 between the Company and the Trustee
shall be subject to covenant defeasance pursuant to Section 8.4 of the Base Indenture.

(8)           The
Notes will be senior Securities.

(9)           The Notes of each
Series shall initially be issued in the form of one or more Global Securities of such Series and the Global Securities of each
Series shall bear the respective legend set forth in Exhibits B, C and D, as the case may be, to the Officers’ Certificate
of which this Exhibit A is a part, unless otherwise required by the Depositary. The Depository Trust Company (“DTC”)
shall act as initial Depositary with respect to the Global Securities of each Series.

(10)         A Global Security
of any Series may not be transferred except by the Depositary to a nominee of the Depositary, by a nominee of the Depositary to
the Depositary or to another nominee of the Depositary, or by the Depositary or any such nominee to a successor Depositary or
a nominee of such successor Depositary.

(11)         The Company will
be entitled, at its option and without notice to or consent of the Holders of Notes of any Series, to issue additional Notes of
any Series having the same interest rate, Stated Maturity and other terms (except for the issue date and, if applicable, offering
price, sale price, the first interest payment date and the date from which interest shall begin to accrue) as, and ranking equally
in right of payment with, the Notes of the same Series issued on the date of the Officers’ Certificate of which this Exhibit
A constitutes a part. The Notes of any Series issued on the date of the Officers’ Certificate of which this Exhibit A constitutes
a part and any additional Notes of such Series which may from time to time be issued thereafter shall constitute a single Series
of Securities under the Indenture.

(12)         The Corporate
Trust Office shall be the initial office or agency where the Notes of each Series may be presented or surrendered for payment
and surrendered for registration of transfer or exchange and where notices and demands to or upon the Company in respect of the
Notes of each Series and the Indenture may be served. The Company hereby appoints the Trustee as initial Registrar and initial
Paying Agent with respect to the Notes of each Series, subject to the right of the Company to replace any Paying Agent or Registrar
and appoint and terminate the appointment of co-registrars and co-paying agents. The method of payment for each Series of Notes
as are contained in the respective form of Note of such Series attached as Exhibits B, C and D, as the case may be, to the Officers’
Certificate of which this Exhibit A constitutes a part.

(13)         In
addition to the covenants set forth in the Indenture, the provisions set forth in Section 18 of the respective form of Note of
each Series attached as Exhibits B, C and D, as the case may be, to the Officers’ Certificate of which this Exhibit A constitutes
a part, shall be applicable to the Notes of such Series.

    	2

    	 

    

(14)         The
Notes of each Series shall have such additional terms and provisions as are contained in the respective form of Note of such Series
attached as Exhibits B, C and D, as the case may be, to the Officers’ Certificate of which this Exhibit A is a part, which
terms and provisions are incorporated by reference in and shall form a part of this Exhibit A.

(15)         To
the extent that any of the terms or provisions set forth in the form of Note of any Series attached as Exhibits B, C and D, as
the case may be, to the Officers’ Certificate of which this Exhibit A constitutes a part shall be inconsistent with any
of the terms or provisions set forth in the Indenture or this Exhibit A, the terms and provisions set forth in such form of Note
shall govern.

(16)          Insofar
as the following provisions of the Indenture are applicable to the Notes of any Series, such provisions are amended or amended
and restated, as the case may be, as follows, but solely with respect to the Notes of such Series:

(a)           Clause
(a) of the second paragraph of Section 2.7 of the Indenture insofar as such Section applies to the Notes of any Series, is hereby
amended and restated with respect to the Notes of such Series, to read in full as follows: “(a) to issue, register the transfer
of, or exchange Securities of any Series during the period beginning at the opening of business fifteen days immediately preceding
the giving of a notice of redemption of Securities of that Series selected for redemption and ending at the close of business
on the day such notice is given,”;

(b)           Section
3.2 of the Indenture, insofar as such Section applies to the Notes of any Series, is hereby amended with respect to the Notes
of such Series, by replacing the reference to “45 days” appearing in the last sentence of such Section with a reference
to “20 days”;

(c)           The
first paragraph of Section 3.4 of the Indenture, insofar as such Section applies to the Notes of any Series, is hereby amended
and restated with respect to the Notes of such Series, to read in full as follows:

“Unless otherwise
provided for a particular Series pursuant to Section 2.2, at least 15 days but not more than 60 days before a redemption date,
the Company shall give notice of redemption (which may be given by first-class mail, airmail, recognized delivery service for
scheduled delivery within four business days, hand delivery, facsimile transmission, email or other electronic transmission, including,
without limitation, electronic transmission to or through the facilities of the Depositary for any Global Securities) to each
Holder whose Securities are to be redeemed.”;

(d)          The
definition of the term “Consolidated Net Tangible Assets”, insofar as such definition applies to the Notes of any
Series, is hereby amended with respect to the Notes of such Series, by replacing the reference to “capital leases”
appearing in clause (a) of such definition with a reference to “finance leases”.

[Remainder
of page intentionally left blank]

    	3

    	 

    

Exhibit
B

Form of 1.400% Note due 2026

 

THIS IS A GLOBAL SECURITY WITHIN THE MEANING OF THE INDENTURE HEREINAFTER REFERRED TO AND IS REGISTERED IN THE NAME OF THE DEPOSITARY OR A NOMINEE OF THE DEPOSITARY.  THIS GLOBAL SECURITY IS EXCHANGEABLE FOR NOTES (AS DEFINED ON THE REVERSE HEREOF) REGISTERED IN THE NAME OF A PERSON OTHER THAN THE DEPOSITARY OR ITS NOMINEE ONLY IN THE LIMITED CIRCUMSTANCES DESCRIBED IN THE INDENTURE, AND MAY NOT BE TRANSFERRED EXCEPT AS A WHOLE BY THE DEPOSITARY TO A NOMINEE OF THE DEPOSITARY, BY A NOMINEE OF THE DEPOSITARY TO THE DEPOSITARY OR ANOTHER NOMINEE OF THE DEPOSITARY OR BY THE DEPOSITARY OR ANY SUCH NOMINEE TO A SUCCESSOR DEPOSITARY OR A NOMINEE OF SUCH A SUCCESSOR DEPOSITARY.  UNLESS THIS GLOBAL SECURITY IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY (55 WATER STREET, NEW YORK, NEW YORK) (“DTC”) TO THE COMPANY (AS DEFINED ON THE REVERSE HEREOF) OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY NOTE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.

 

CUSIP: 278642 AX1
 ISIN: US278642AX15

 

eBay Inc.

 

1.400% Notes due 2026

 

	No.	  ●	 	$	●,000,000

 

eBay Inc., a Delaware corporation,
for value received promises to pay to ●, or registered assigns, the principal sum of [Amount in Words] Dollars
on May 10, 2026.

Interest Payment Dates: May
10 and November 10, beginning November 10, 2021.

Record Dates: April 25 and
October 26.

Reference is hereby made to
the further provisions of this Note contained on the reverse hereof, which will for all purposes have the same effect as if set
forth at this place.

[Signature
Page Follows]

    	4

    	 

    

	 	 	eBay Inc.
	 	 	 	 
	 	 	By:     	 
	 	 	 	Name:
	 	 	 	Title:
	 	 	 	 
	This is one of the 1.400% Notes
    due 2026 

    referred to in the within-mentioned Indenture:	 	 	 
	Dated:	 	 	 
	 	 	 	 
	Wells Fargo Bank, National
    Association,

    as Trustee	 	 	 
	 	 	 	 
	By:	              	 	 	 
	 	Authorized Signatory	 	 	 

    	5

    	 

    

(Reverse
of Note)

1.400%
Notes due 2026

Terms, whether or not capitalized,
which are defined in the Indenture referred to below and used in this Note (as defined below) have the respective meanings assigned
to them in the Indenture referred to below unless otherwise indicated.

1.    INTEREST. eBay Inc., a Delaware corporation (the “Company,” which term includes its successors
under the Indenture), promises to pay interest on the principal amount of this Note at the rate of 1.400% per annum from May 10,
2021 until maturity. The Company will pay interest semi-annually in arrears on May 10 and November 10 of each year (each an “Interest
Payment Date”), commencing November 10, 2021. Interest on this Note will accrue from the most recent date to which
interest has been paid or duly provided for or, if no interest has been paid or duly provided for, from May 10, 2021; provided
that if there is no existing default in the payment of interest, and if this Note is authenticated between a Record Date (as
defined below) and the next succeeding Interest Payment Date, interest will accrue from such next succeeding Interest Payment
Date. The Company will pay interest (including post-petition interest in any proceeding under any Bankruptcy Law) on overdue principal
at the per annum rate equal to the interest rate on this Note to the extent lawful; and it will pay interest (including post-petition
interest in any proceeding under any Bankruptcy Law) on overdue installments of interest at the same per annum rate to the extent
lawful. Interest on this Note will be computed on the basis of a 360-day year comprised of twelve 30-day months. The amount of
interest payable on this Note on any Interest Payment Date, redemption date, Change of Control Payment Date (as defined in Section
18 below), maturity date or other date on which interest on this Note is due will be the amount of interest accrued to, but excluding,
such Interest Payment Date, redemption date, Change of Control Payment Date, maturity date or other date, as the case may be.
If an Interest Payment Date, redemption date, Change of Control Payment Date, maturity date or other date on which any payment
on this Note is due falls on a day that is not a business day, then payment of principal and interest, as the case may be, due
on such Interest Payment Date, redemption date, Change of Control Payment Date, maturity date or other date, as the case may be,
need not be made on such Interest Payment Date, redemption date, Change of Control Payment Date, maturity date or other date,
as the case may be, but may be made on the next succeeding business day, and no interest on such payment shall accrue for the
period from and after such Interest Payment Date, redemption date, Change of Control Payment Date, maturity date or other date,
as the case may be. As used in this Section 1 and Section 2 below, the term “business day” means any day except a
Saturday, Sunday or other day on which banking institutions in The City of New York are authorized or obligated by law, regulation
or executive order to close (a “New York business day”); provided that such term shall mean, with respect to any place
of payment of principal of or interest on the Notes, any day (a) which is not a Saturday, Sunday or other day on which banking
institutions in such place of payment are authorized or obligated by law, regulation or executive order to close and (b) which
is also a New York business day.

    	6

    	 

    

2.    METHOD OF PAYMENT. The Company will pay interest on the Notes due on any Interest Payment Date to the persons who
are Holders of Notes at the close of business on April 25 or October 26 (each a “Record Date”), as the
case may be, whether or not a business day, immediately preceding such Interest Payment Date, except as provided in Section 2.14
of the Base Indenture (as defined below) with respect to defaulted interest. Principal of and interest on this Note will be payable
at the office or agency of any Paying Agent or, at the option of the Company, payment of interest may be made by check mailed
to the Holder of this Note at its address set forth in the register of Holders of Notes; provided that payments of principal
and interest on Notes that are Global Securities registered in the name of a Depositary or its nominee will be made by wire transfer
of immediately available funds. Such payments will be in Dollars.

3.    PAYING
AGENT AND REGISTRAR. Initially, Wells Fargo Bank, National Association, the Trustee under the Indenture, will act as Paying
Agent and Registrar for the Notes. The Company may change any Paying Agent, Service Agent (if any) or Registrar, and may appoint
additional Paying Agents, Service Agents and co-Registrars, without notice to any Holder. In addition, the Company or any of its
Subsidiaries may act in any such capacity.

4.    INDENTURE. This Note is one of a duly authorized Series of Securities (herein called the “Notes”)
of the Company issued under an indenture (the “Base Indenture”) dated as of October 28, 2010 between
the Company and the Trustee, as amended and supplemented by the Supplemental Indenture dated as of October 28, 2010 between the
Company and the Trustee (the “Supplemental Indenture;” the Base Indenture, as amended and supplemented
by the Supplemental Indenture and any other supplemental indentures thereto, is hereinafter called the “Indenture”).
The terms of the Notes include those stated in the Indenture and those made part of the Indenture by reference to the Trust Indenture
Act of 1939, as amended. The Notes are subject to all such terms, and Holders are referred to the Indenture and such Act for a
statement of such terms. To the extent any provision of this Note or the Supplemental Indenture conflicts with any provision of
the Base Indenture, the provisions of this Note or the Supplemental Indenture, as the case may be, will govern and be controlling.
The Company may from time to time, at its option and without the consent of or notice to Holders of the Notes, “reopen”
this Series of Notes and issue additional Notes of this Series having the same interest rate, Stated Maturity and other terms
(except for the issue date and, if applicable, offering price, sale price, the first Interest Payment date and the date from which
interest will accrue) as, and rank equally in right of payment with, the Notes of this Series originally issued on May 10, 2021.
Any such additional Notes of this Series, together with the other Notes of this Series outstanding from time to time, will constitute
a single Series of Securities under the Indenture.

5.    OPTIONAL
REDEMPTION. The Notes are redeemable at the option of the Company, at any time in whole or from time to time in part,
prior to April 10, 2026 (the “Par Call Date”) at a redemption price equal to the greater of:

		(1)	100%
                                         of the principal amount of the Notes to be redeemed, and

		(2)	the
                                         sum of the present values of the remaining scheduled payments of principal of and interest
                                         on the Notes to be redeemed (exclusive of accrued and unpaid interest to the applicable
                                         redemption date) that would be due if the Notes matured on the Par Call Date, discounted
                                         to such redemption date on a semi-annual basis (assuming a 360-day year consisting of
                                         twelve 30-day months) at the Treasury Rate plus 20 basis points,

plus, in the case of both
clauses (1) and (2) above, accrued and unpaid interest, if any, on the principal amount of the Notes being redeemed to such redemption
date.

    	7

    	 

    

The Notes are redeemable at
the option of the Company, at any time in whole or from time to time in part, on and after the Par Call Date at a redemption price
equal to 100% of the principal amount of the Notes to be redeemed, plus accrued and unpaid interest, if any, on the principal
amount of the Notes being redeemed to the applicable redemption date.

Notwithstanding the foregoing,
payments of interest on the Notes that are due and payable on any Interest Payment Dates falling on or prior to a date fixed for
redemption of the Notes will be payable to the Holders of such Notes registered as such at the close of business on the relevant
Record Dates according to their terms and the terms and provisions of the Indenture.

If less than all of the Notes
are to be redeemed, then, if the Notes are evidenced by one or more Global Securities, the Notes to be redeemed will be selected
in accordance with the procedures of the Depositary or, if the Notes are evidenced by Physical Securities issued under the circumstances
set forth in Section 2.15.2 of the Base Indenture, the Trustee shall select the Notes (or portions thereof) to be redeemed in
any manner that the Trustee deems fair and appropriate. Notes may be selected for redemption in whole or in part in a minimum
of $2,000 in principal amount and integral multiples of $1,000 in principal amount in excess thereof, provided that the remaining
principal amount of any Note redeemed in part is $2,000 or an integral multiple of $1,000 in excess thereof.

Notice of any redemption shall
be given at least 15 days but not more than 60 days before the redemption date to each Holder of the Notes to be redeemed as provided
in the Indenture.

Unless the Company defaults
in payment of the redemption price, on and after the redemption date interest shall cease to accrue on the Notes or portions thereof
called for redemption.

Any redemption of the Notes
shall be made in accordance with the other provisions of the Indenture.

Calculation of the redemption
price shall not be a duty or obligation of the Trustee.

As used in this Section 5,
the following terms have the meanings set forth below:

“Comparable Treasury
Issue” means, with respect to any redemption date for the Notes, the United States Treasury security selected by
the Quotation Agent as having a maturity comparable to the remaining term of the Notes (assuming the Notes matured on the Par
Call Date) that would be utilized, at the time of selection and in accordance with customary financial practice, in pricing new
issues of corporate debt securities of comparable maturity to the remaining term of the Notes (assuming the Notes matured on the
Par Call Date).

“Comparable Treasury
Price” means, with respect to any redemption date for the Notes, (1) if the Quotation Agent obtains four or more
Reference Treasury Dealer Quotations, the arithmetic average of the Reference Treasury Dealer Quotations for such redemption date
after excluding the highest and lowest such Reference Treasury Dealer Quotations; (2) if the Quotation Agent obtains fewer than
four but more than one such Reference Treasury Dealer Quotations, the arithmetic average of all such Reference Treasury Dealer
Quotations for such redemption date; or (3) if the Quotation Agent obtains only one such Reference Treasury Dealer Quotation,
such Reference Treasury Dealer Quotation for such redemption date.

    	8

    	 

    

“Quotation Agent”
means, for purposes of determining the redemption price of the Notes to be redeemed on any redemption date, any primary
U.S. Government securities dealer in the United States (a “Primary Treasury Dealer”) selected by the Company.

“Reference Treasury
Dealers” means, with respect to any redemption date for the Notes, (1) BofA Securities, Inc., Credit Suisse Securities
(USA) LLC and Wells Fargo Securities, LLC (or their respective affiliates which are Primary Treasury Dealers) and their respective
successors (provided, however, that if any such firm (or, if applicable, any such affiliate) or any such successor, as the case
may be, shall cease to be a Primary Treasury Dealer, another Primary Treasury Dealer shall be substituted therefor by the Company),
and (2) any other Primary Treasury Dealer or Primary Treasury Dealers selected by the Company.

“Reference Treasury
Dealer Quotation” means, with respect to any Reference Treasury Dealer and any redemption date for the Notes, the
arithmetic average, as determined by the Quotation Agent, of the bid and asked prices for the Comparable Treasury Issue (expressed
in each case as a percentage of its principal amount) quoted in writing to the Quotation Agent by such Reference Treasury Dealer
at 5:00 p.m., New York City time, on the third business day preceding such redemption date. As used in the preceding sentence,
the term “business day” means any day except a Saturday, Sunday or other day on which banking institutions in The
City of New York are authorized or obligated by law, regulation or executive order to close.

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

6.    NO
MANDATORY REDEMPTION. The Company shall not be required to make mandatory redemption or sinking fund payments with respect
to the Notes, but the Notes shall be subject to repurchase by the Company at the option of the Holders on the terms and subject
to the conditions set forth in Section 18 of this Note.

7.    DENOMINATIONS,
TRANSFER, EXCHANGE. The Notes are in registered form without coupons in denominations of $2,000 in principal amount
and integral multiples of $1,000 in principal amount in excess thereof. The Notes may be transferred or exchanged only by surrender
thereof to the Registrar or a co-Registrar in compliance with the Indenture and either the reissuance by the Company of the surrendered
Note to the new Holder or the issuance by the Company of a new Note to the new Holder or the exchanging Holder, as the case may
be. The Registrar, any co-Registrar and the Trustee may require a Holder, among other things, to furnish appropriate endorsements
and transfer documents and the Company may require a Holder to pay any taxes and governmental charges permitted by the Indenture.
Neither the Company, the Registrar nor any co-Registrar shall be required to (a) issue, register the transfer of, or exchange
Notes during the period beginning at the opening of business fifteen days immediately preceding the giving of a notice of redemption
of the Notes and ending at the close of business on the day such notice is given, or (b) to register the transfer of or exchange
Notes selected, called or being called for redemption, except any portion thereof not so selected, called or being called.

    	9

    	 

    

8.    PERSONS
DEEMED OWNERS. The Company, the Trustee and each Agent may treat the Holder in whose name a Note is registered as the
owner thereof for the purpose of receiving payment and for all other purposes, and neither the Company, the Trustee nor any Agent
shall be affected by any notice to the contrary.

9.    AMENDMENT,
SUPPLEMENT AND WAIVER. Subject to certain exceptions, the Indenture and the Notes may be amended and supplemented with the
consent of the Holders of at least a majority in principal amount of the Notes then outstanding (including, without limitation,
consents obtained in connection with a tender offer or exchange offer for the Notes), and compliance with any provision of the
Indenture or the Notes may be waived with the consent of the Holders of at least a majority in principal amount of the then outstanding
Notes (including, without limitation, waivers obtained in connection with a tender offer or exchange offer for the Notes). Without
notice to or the consent of any Holder of a Note, the Indenture and the Notes may be amended and supplemented as provided in the
Indenture, including, without limitation, to cure any ambiguity, defect or inconsistency or make any change that does not adversely
affect the rights of any Holder of Notes in any material respect.”

10. 
DEFAULTS AND REMEDIES. If an Event of Default with respect to the Notes occurs and is continuing, the Trustee or the Holders
of not less than 25% in principal amount of the outstanding Notes may declare the principal of and accrued and unpaid interest
on the outstanding Notes to be due and payable immediately or, solely in the case of an Event of Default relating to specified
events of bankruptcy or insolvency with respect to the Company, such principal and accrued and unpaid interest shall ipso facto
become due and payable. As provided in the Indenture, the Holders of not less than a majority in principal amount of the outstanding
Notes may waive (including waivers obtained in connection with a tender offer or exchange offer for the Notes) any past Default
with respect to the Notes and its consequences, subject to exceptions specified in the Indenture, and may rescind and annul any
acceleration of the Notes and its consequences. Holders of the Notes may not enforce the Indenture or the Notes except as provided
in the Indenture.

11. 
TRUSTEE DEALINGS WITH COMPANY. The Trustee in its individual or any other capacity may become the owner or pledgee
of the Notes and may otherwise deal with the Company or an Affiliate of the Company with the same rights it would have if it were
not the Trustee.

12. 
NO RECOURSE AGAINST OTHERS. A director, officer, employee or stockholder, as such, of the Company will not have
any liability for any obligations of the Company under the Notes or the Indenture or for any claim based on, in respect of or
by reason of such obligations or their creation. Each Holder of Notes by accepting a Note waives and releases all such liability.
The waiver and release are part of the consideration for the issuance of the Notes.

13. 
AUTHENTICATION. This Note will not be valid until authenticated by the manual signature of the Trustee or an authenticating
agent.

14. 
GOVERNING LAW. This Note shall be governed by, and construed in accordance with, the internal laws of the State of New
York applicable to agreements made and to be performed in such State, without regard to the conflict of laws provisions thereof.

    	10

    	 

    

15. 
LEGAL DEFEASANCE, COVENANT DEFEASANCE AND DISCHARGE. As provided in the Indenture, the Company may, at its option,
effect legal defeasance and covenant defeasance with respect to the Notes and, insofar as concerns the Notes, satisfaction and
discharge of the Indenture, all on the terms and subject to the conditions set forth in the Indenture.

16. 
ABBREVIATIONS. Customary abbreviations may be used in the name of a Holder 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).

17. 
CUSIP NUMBERS. Pursuant to a recommendation promulgated by the Committee on Uniform Security Identification Procedures,
the Company has caused CUSIP numbers to be printed on the Notes and the Trustee may use CUSIP numbers in notices of redemption
as a convenience to Holders. No representation is made as to the accuracy of such numbers either as printed on the Notes or as
contained in any notice of redemption and reliance may be placed only on the other identification numbers placed thereon.

18. 
CHANGE OF CONTROL TRIGGERING EVENT. (a) If a Change of Control Triggering Event (as defined below) occurs with respect
to the Notes, then, unless the Company gives notice of its election to redeem all of the Notes as provided in Section 5 of this
Note and such notice is given by the date specified in subsection (g) of this Section 18 and subject to the additional exceptions
specified in subsection (g) of this Section 18, the Company will be required to make an offer (a “Change of
Control Offer”) to each Holder of Notes to repurchase (at such Holder’s option and on the terms described
below in this Section 18) all or any part (in a principal amount of $2,000 or an integral multiple of $1,000 in excess thereof,
provided that any remaining principal amount of any Note repurchased in part is $2,000 or an integral multiple of $1,000 in excess
thereof) of such Holder’s Notes at a purchase price in cash equal to 101% of the principal amount of the Notes repurchased
plus accrued and unpaid interest, if any, on the Notes repurchased to the Change of Control Payment Date (as defined below) (the
“Change of Control Payment”); provided that, notwithstanding the foregoing, payments of interest on
Notes that are due and payable on any Interest Payment Dates falling on or prior to such Change of Control Payment Date will be
payable to the Holders of such Notes registered as such at the close of business on the relevant Record Dates according to their
terms and the terms and provisions of the Indenture.

(b) No later than 30 days
following the date on which a Change of Control Triggering Event shall have occurred with respect to the Notes or, at the Company’s
option, prior to any Change of Control (as defined below) but after the public announcement of the transaction that constitutes
or may constitute the Change of Control, the Company will, unless the Company gives notice of its election to redeem all of the
Notes as provided in Section 5 of this Note and such notice is given by the date specified in subsection (g) of this Section
18 and subject to the additional exceptions specified in subsection (g) of this Section 18, give or cause to be given (or,
in the case of Notes evidenced by one or more Global Securities, give or cause to be given in accordance with the Depositary’s
procedures) a notice (the “Change of Control Purchase Notice”) to all Holders of Notes (with a copy
to the Trustee), which notice shall govern the terms of such Change of Control Offer. In such Change of Control Purchase Notice,
the Company shall generally describe the transaction or transactions that constitute or may constitute the Change of Control and
offer to repurchase the Notes on the date specified in such notice, which date will be no earlier than 15 days and no later than
60 days after the date such notice is given, except as may be required by applicable law or regulation (the “Change
of Control Payment Date”). The Change of Control Purchase Notice shall, if mailed (or given, as the case may be)
prior to occurrence of the applicable Change of Control, state that the Change of Control Offer for the Notes and the Company’s
obligation to purchase the Notes pursuant to such Change of Control Offer are conditioned on such Change of Control and the related
Change of Control Triggering Event with respect to the Notes occurring on or prior to the applicable Change of Control Payment
Date specified in such notice.

    	11

    	 

    

(c) Holders of Notes electing
to have a Note or portion thereof repurchased pursuant to a Change of Control Offer with respect to the Notes will be required
to surrender the Note (which, in the case of Notes evidenced by one or more Global Securities, must be made in accordance with
the procedures of the Depositary), together with a duly completed and executed notice of Holder to elect repurchase in the form
attached to this Note (which may, in the case of Notes evidenced by one or more Global Securities, be given in accordance with
the Depositary’s procedures), to the Trustee (or to such other person as may be designated by the Company for such purpose)
as provided in the applicable Change of Control Purchase Notice prior to the close of business on the third business day immediately
preceding the applicable Change of Control Payment Date, and to comply with other procedures and requirements set forth in such
Change of Control Purchase Notice. As used in the preceding sentence, the term “business day” means any day except
a Saturday, Sunday or other day on which banking institutions in The City of New York are authorized or obligated by law, regulation
or executive order to close.

(d) On any Change of Control
Payment Date with respect to the Notes, the Company shall be required, to the extent lawful, to:

		(1)	accept
                                         for payment all Notes or portions of Notes properly tendered pursuant to the applicable
                                         Change of Control Offer;

		(2)	deposit
                                         with a Paying Agent for the Notes an amount equal to the aggregate Change of Control
                                         Payment in respect of all Notes or portions of Notes properly tendered pursuant to the
                                         applicable Change of Control Offer; and

		(3)	deliver
                                         or cause to be delivered (including by book-entry transfer, if applicable) the repurchased
                                         Notes or portions of Notes to the Trustee, accompanied by an Officers’ Certificate
                                         stating the aggregate principal amount of Notes accepted by the Company for repurchase.

(e) Interest on Notes and
portions of Notes properly tendered for repurchase pursuant to a Change of Control Offer will cease to accrue on and after the
applicable Change of Control Payment Date, unless the Company shall have failed to accept such Notes and such portions of Notes
for payment or failed to deposit the Change of Control Payment in respect thereof in accordance with the subsection (d) of this
Section 18. The Company shall promptly pay, or cause the Trustee or a Paying Agent for the Notes to promptly pay (by application
of funds deposited by the Company as aforesaid), to each Holder of Notes (or portions thereof) properly tendered and accepted
for payment by the Company pursuant to such Change of Control Offer, the Change of Control Payment for such Notes. In the case
of any Note repurchased in part, the Trustee will promptly authenticate and mail (or cause to be delivered by book-entry transfer)
to the Holder of such Note a new Note equal in principal amount to any unrepurchased portion of the Note repurchased in part.

    	12

    	 

    

(f) The Company shall comply
with the requirements of Rule 14e-1 under the Exchange Act and any other securities laws and regulations to the extent those laws
and regulations are applicable in connection with the repurchase of Notes pursuant to a Change of Control Offer with respect to
the Notes. To the extent that the provisions of any such securities laws or regulations conflict with the provisions of Section
18 of this Note or any other Notes or the Indenture, the Company shall comply with those securities laws and regulations and shall
not be deemed to have breached its obligations under Section 18 of this Note or any other Notes or the Indenture by virtue thereof.

(g) Notwithstanding anything
to the contrary in the Indenture or Section 18 of this Note or any other Notes, the Company shall not be required to make a Change
of Control Offer for the Notes or repurchase any Notes pursuant to any Change of Control Offer for the Notes if (a) a third party
agrees to make such Change of Control Offer in the manner, at the times and otherwise in compliance with the requirements for
an offer made by the Company and such third party repurchases all Notes properly tendered by the Holders pursuant to such Change
of Control Offer or (b) the Company gives notice of redemption of all of the Notes no later than 30 days after the applicable
Change of Control Triggering Event with respect to the Notes. In addition, notwithstanding anything to the contrary in the Indenture
or Section 18 of this Note or any other Notes, the Company shall not be required to, and the Company shall not, repurchase Notes
pursuant to a Change of Control Offer with respect to the Notes if there has occurred and is continuing on the applicable Change
of Control Payment Date an Event of Default with respect to the Notes or the Securities of any other Series outstanding under
the Indenture.

(h) As used in this Section
18, the following terms have the meanings set forth below:

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

(a)           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 the Company or any of
its Subsidiaries) becomes the “beneficial owner” (as defined in Rules 13d-3 and 13d-5 under the Exchange Act), directly
or indirectly, of more than 50% of the Company’s outstanding Voting Stock (measured by voting power rather than number of
shares), provided, however, that a person shall not be deemed the beneficial owner of, or to own beneficially, (1) any securities
tendered pursuant to a tender or exchange offer made by or on behalf of such person or any of such person’s Affiliates until
such tendered securities are accepted for purchase or exchange thereunder or (2) any securities if such beneficial ownership arises
solely as a result of a revocable proxy delivered in response to a proxy or consent solicitation made pursuant to the applicable
rules and regulations under the Exchange Act;

    	13

    	 

    

(b)           the
direct or indirect sale, transfer, conveyance or other disposition (other than by way of merger or consolidation), in one transaction
or a series of related transactions, of all or substantially all of the properties and assets of the Company and its Subsidiaries,
taken as a whole, to any person (other than the Company or any of its Subsidiaries);

(c)           the adoption of a plan by the Company’s Board of Directors (which term, as used in this definition, means the Company’s
full Board of Directors and not any committees thereof) relating to the Company’s liquidation or dissolution; or

(d)           the Company consolidates with, or merges with or into, any person, or any person consolidates with, or merges with or into,
the Company, in any such event pursuant to a transaction in which any of the Company’s outstanding Voting Stock or the outstanding
Voting Stock of such other person is converted into or exchanged for cash, securities or other property, other than any such transaction
where the shares of the Company’s Voting Stock outstanding immediately prior to such transaction constitute, or are converted
into or exchanged for, a majority of the outstanding Voting Stock (measured by voting power rather than number of shares) of the
surviving person, or any direct or indirect parent of the surviving person, immediately after giving effect to such transaction.

Except as otherwise expressly
provided in clause (a) of the first sentence of this definition, the term “person,” as used in this definition, has
the meaning set forth in the Indenture.

“Change of Control
Triggering Event” means the occurrence of both a Change of Control and a Rating Event with respect to the Notes.
For purposes of clarity, it is understood and agreed that no Change of Control Triggering Event shall be deemed to have occurred
with respect to the Notes in connection with any particular Change of Control unless and until such Change of Control has actually
occurred.

“Investment Grade
Rating” means a rating equal to or higher than Baa3 (or the equivalent) by Moody’s and BBB- (or the equivalent)
by S&P, and a rating equal to or higher than the equivalent investment grade credit rating from any replacement Rating Agency
or Rating Agencies selected by the Company.

“Moody’s”
means Moody’s Investors Service, Inc. or any successor thereto.

“Rating Agencies”
means (a) each of Moody’s and S&P; and (b) if Moody’s or S&P or, if applicable, any replacement Rating
Agency 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)(62) of the Exchange
Act) selected by the Company as a replacement for Moody’s, S&P or any such replacement Rating Agency, as the case may
be.

    	14

    	 

    

“Rating Event”
means the rating on the Notes is lowered by both of the Rating Agencies and as a result the Notes are rated below an Investment
Grade Rating by both of the Rating Agencies, in each case on any day during the period (the “Measurement Period”)
commencing on the date of the first public announcement of an arrangement that results in a Change of Control and ending on the
60th day following the first public announcement of the occurrence of such Change of Control (which Measurement Period shall be
extended (subject to the proviso below) if on such 60th day (x) the rating of the Notes is under publicly announced consideration
for a possible downgrade by either Rating Agency and (y) the rating on the Notes by such Rating Agency is an Investment Grade
Rating, such extension to continue until the day on which each such Rating Agency considering such possible downgrade either rates
the Notes below an Investment Grade Rating or publicly announces that it is no longer considering the Notes for a possible downgrade;
provided that, notwithstanding the foregoing, no such extension will occur if on such 60th day, and any such extension will terminate
if at any time after such 60th day, the Notes have an Investment Grade Rating from at least one Rating Agency and are not under
publicly announced consideration for a possible downgrade by such Rating Agency).

“S&P”
means S&P Global Ratings, a division of S&P Global Inc., or any successor thereto.

“Voting Stock”
means, with respect to any person, any Capital Stock of such person that is normally entitled (without regard to the occurrence
of any contingency) to vote generally in the election of directors, managers, trustees or similar persons, as applicable, of such
person.

As used in this Section 18,
all references to rules and regulations under the Exchange Act shall include any successor provisions thereto.

    	15

    	 

    

ASSIGNMENT
FORM

To assign this Note, fill
in the form below:

(I) or (we) assign and transfer this Note to:

(Insert assignee’s legal name)

(Insert
assignee’s soc. sec. tax I.D. no.)

(Print or type assignee’s name, address and zip code)

and irrevocably appoint

to transfer this Note on the books of the Company. The agent may substitute another to act for him.

	Date:	 	 	 	 
	 	 	 	 	 
	 	 	 	Your
    Signature:	 
	 	 	 	 	(sign
    exactly as your name(s) appear(s) on the face of this Note)
	 	 	 	 	 
	 	 	 	Tax
    Identification No:	 
	 	 	 	Signature
    Guarantee:	 

 

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

    	

    	 

    

Notice
of Holder to Elect Repurchase

eBay Inc.

1.400% Notes due 2026 (the “Notes”)

To: eBay Inc.

Wells Fargo Bank, National Association, as Trustee

The undersigned registered
holder of this Note hereby acknowledges receipt of a Change of Control Purchase Notice from eBay Inc. (the “Company”)
and hereby surrenders this Note (or the portion of the principal amount of this Note set forth below) for repurchase by the Company
on the terms and subject to the conditions set forth in Section 18 of this Note and in the Change of Control Purchase Notice.
Capitalized terms used herein but not defined shall have meanings set forth in this Note.

If you elect to have only
a part of this Note repurchased by the Company, indicate the principal amount you elect to have repurchased in the following space;
if you do not indicate a principal amount in the following space it means that you elect to have this entire Note repurchased
by the Company:

	Principal
    amount surrendered for repurchase	$	          
	 	(must
    be in a principal amount of $2,000 or an integral multiple of $1,000 in excess thereof and any portion of this Note not surrendered
    for repurchase must be in a principal amount of $2,000 or an integral multiple of $1,000 in excess thereof)

 

If the Note you are surrendering
for repurchase is in physical form, insert the certificate number of the Note in the following space:

Certificate No.

Date:

	 	 	 	 	 
	 	 	 	Your
    Signature:	 
	 	 	 	 	(sign
    exactly as your name(s) appear(s) on the face of this Note)
	 	 	 	 	 
	 	 	 	Tax
    Identification No:	 
	 	 	 	Signature
    Guarantee:	 

 

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

    	17

    	 

    

Exhibit
C

Form of 2.600% Note due 2031

 

THIS IS A GLOBAL SECURITY WITHIN THE MEANING OF THE INDENTURE HEREINAFTER REFERRED TO AND IS REGISTERED IN THE NAME OF THE DEPOSITARY OR A NOMINEE OF THE DEPOSITARY.  THIS GLOBAL SECURITY IS EXCHANGEABLE FOR NOTES (AS DEFINED ON THE REVERSE HEREOF) REGISTERED IN THE NAME OF A PERSON OTHER THAN THE DEPOSITARY OR ITS NOMINEE ONLY IN THE LIMITED CIRCUMSTANCES DESCRIBED IN THE INDENTURE, AND MAY NOT BE TRANSFERRED EXCEPT AS A WHOLE BY THE DEPOSITARY TO A NOMINEE OF THE DEPOSITARY, BY A NOMINEE OF THE DEPOSITARY TO THE DEPOSITARY OR ANOTHER NOMINEE OF THE DEPOSITARY OR BY THE DEPOSITARY OR ANY SUCH NOMINEE TO A SUCCESSOR DEPOSITARY OR A NOMINEE OF SUCH A SUCCESSOR DEPOSITARY.  UNLESS THIS GLOBAL SECURITY IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY (55 WATER STREET, NEW YORK, NEW YORK) (“DTC”) TO THE COMPANY (AS DEFINED ON THE REVERSE HEREOF) OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY NOTE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.

 

CUSIP:  278642 AY9
 ISIN:  US278642AY97

 

eBay Inc.

 

2.600% Notes due 2031

 

	No.	  ●	 	$	●,000,000

 

eBay Inc., a Delaware corporation,
for value received promises to pay to ● or registered assigns,
the principal sum of [Amount in Words] Dollars on May 10, 2031.

Interest Payment Dates: May
10 and November 10, beginning November 10, 2021.

Record Dates: April 25 and
October 26.

Reference is hereby made to
the further provisions of this Note contained on the reverse hereof, which will for all purposes have the same effect as if set
forth at this place.

[Signature
Page Follows]

    	18

    	 

    

	 	 	eBay
    Inc.
	 	 	 	 
	 	 	By:	 
	 	 	 	Name:
	 	 	 	Title:
	 	 	 	 
	This
    is one of the 2.600% Notes due 2031 

    referred to in the within-mentioned Indenture:	 	 	 
	Dated:	 	 	 
	 	 	 	 
	Wells
    Fargo Bank, National Association,

    as Trustee	 	 	 
	 	 	 	 
	By:	      	 	 
	 	Authorized
    Signatory	 
	 	 	 	 	 

    	19

    	 

    

(Reverse
of Note)

2.600%
Notes due 2031

Terms, whether or not capitalized,
which are defined in the Indenture referred to below and used in this Note (as defined below) have the respective meanings assigned
to them in the Indenture referred to below unless otherwise indicated.

1.    INTEREST. eBay Inc., a Delaware corporation (the “Company,” which term includes its successors
under the Indenture), promises to pay interest on the principal amount of this Note at the rate of 2.600% per annum from May 10,
2021 until maturity. The Company will pay interest semi-annually in arrears on May 10 and November 10 of each year (each an “Interest
Payment Date”), commencing November 10, 2021. Interest on this Note will accrue from the most recent date to which
interest has been paid or duly provided for or, if no interest has been paid or duly provided for, from May 10, 2021; provided
that if there is no existing default in the payment of interest, and if this Note is authenticated between a Record Date (as
defined below) and the next succeeding Interest Payment Date, interest will accrue from such next succeeding Interest Payment
Date. The Company will pay interest (including post-petition interest in any proceeding under any Bankruptcy Law) on overdue principal
at the per annum rate equal to the interest rate on this Note to the extent lawful; and it will pay interest (including post-petition
interest in any proceeding under any Bankruptcy Law) on overdue installments of interest at the same per annum rate to the extent
lawful. Interest on this Note will be computed on the basis of a 360-day year comprised of twelve 30-day months. The amount of
interest payable on this Note on any Interest Payment Date, redemption date, Change of Control Payment Date (as defined in Section
18 below), maturity date or other date on which interest on this Note is due will be the amount of interest accrued to, but excluding,
such Interest Payment Date, redemption date, Change of Control Payment Date, maturity date or other date, as the case may be.
If an Interest Payment Date, redemption date, Change of Control Payment Date, maturity date or other date on which any payment
on this Note is due falls on a day that is not a business day, then payment of principal and interest, as the case may be, due
on such Interest Payment Date, redemption date, Change of Control Payment Date, maturity date or other date, as the case may be,
need not be made on such Interest Payment Date, redemption date, Change of Control Payment Date, maturity date or other date,
as the case may be, but may be made on the next succeeding business day, and no interest on such payment shall accrue for the
period from and after such Interest Payment Date, redemption date, Change of Control Payment Date, maturity date or other date,
as the case may be. As used in this Section 1 and Section 2 below, the term “business day” means any day except a
Saturday, Sunday or other day on which banking institutions in The City of New York are authorized or obligated by law, regulation
or executive order to close (a “New York business day”); provided that such term shall mean, with respect to any place
of payment of principal of or interest on the Notes, any day (a) which is not a Saturday, Sunday or other day on which banking
institutions in such place of payment are authorized or obligated by law, regulation or executive order to close and (b) which
is also a New York business day.

    	20

    	 

    

2.    METHOD OF PAYMENT. The Company will pay interest on the Notes due on any Interest Payment Date to the persons who
are Holders of Notes at the close of business on April 25 or October 26 (each a “Record Date”), as the
case may be, whether or not a business day, immediately preceding such Interest Payment Date, except as provided in Section 2.14
of the Base Indenture (as defined below) with respect to defaulted interest. Principal of and interest on this Note will be payable
at the office or agency of any Paying Agent or, at the option of the Company, payment of interest may be made by check mailed
to the Holder of this Note at its address set forth in the register of Holders of Notes; provided that payments of principal
and interest on Notes that are Global Securities registered in the name of a Depositary or its nominee will be made by wire transfer
of immediately available funds. Such payments will be in Dollars.

3.    PAYING AGENT AND REGISTRAR. Initially, Wells Fargo Bank, National Association, the Trustee under the Indenture,
will act as Paying Agent and Registrar for the Notes. The Company may change any Paying Agent, Service Agent (if any) or Registrar,
and may appoint additional Paying Agents, Service Agents and co-Registrars, without notice to any Holder. In addition, the Company
or any of its Subsidiaries may act in any such capacity.

4.    INDENTURE. This Note is one of a duly authorized Series of Securities (herein called the “Notes”)
of the Company issued under an indenture (the “Base Indenture”) dated as of October 28, 2010 between
the Company and the Trustee, as amended and supplemented by the Supplemental Indenture dated as of October 28, 2010 between the
Company and the Trustee (the “Supplemental Indenture;” the Base Indenture, as amended and supplemented
by the Supplemental Indenture and any other supplemental indentures thereto, is hereinafter called the “Indenture”).
The terms of the Notes include those stated in the Indenture and those made part of the Indenture by reference to the Trust Indenture
Act of 1939, as amended. The Notes are subject to all such terms, and Holders are referred to the Indenture and such Act for a
statement of such terms. To the extent any provision of this Note or the Supplemental Indenture conflicts with any provision of
the Base Indenture, the provisions of this Note or the Supplemental Indenture, as the case may be, will govern and be controlling.
The Company may from time to time, at its option and without the consent of or notice to Holders of the Notes, “reopen”
this Series of Notes and issue additional Notes of this Series having the same interest rate, Stated Maturity and other terms
(except for the issue date and, if applicable, offering price, sale price, the first Interest Payment date and the date from which
interest will accrue) as, and rank equally in right of payment with, the Notes of this Series originally issued on May 10, 2021.
Any such additional Notes of this Series, together with the other Notes of this Series outstanding from time to time, will constitute
a single Series of Securities under the Indenture.

5.    OPTIONAL
REDEMPTION. The Notes are redeemable at the option of the Company, at any time in whole or from time to time in part,
prior to February 10, 2031 (the “Par Call Date”) at a redemption price equal to the greater of:

		(1)	100%
                                         of the principal amount of the Notes to be redeemed, and

		(2)	the
                                         sum of the present values of the remaining scheduled payments of principal of and interest
                                         on the Notes to be redeemed (exclusive of accrued and unpaid interest to the applicable
                                         redemption date) that would be due if the Notes matured on the Par Call Date, discounted
                                         to such redemption date on a semi-annual basis (assuming a 360-day year consisting of
                                         twelve 30-day months) at the Treasury Rate plus 20 basis points,

plus, in the case of both
clauses (1) and (2) above, accrued and unpaid interest, if any, on the principal amount of the Notes being redeemed to such redemption
date.

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The Notes are redeemable at
the option of the Company, at any time in whole or from time to time in part, on and after the Par Call Date at a redemption price
equal to 100% of the principal amount of the Notes to be redeemed, plus accrued and unpaid interest, if any, on the principal
amount of the Notes being redeemed to the applicable redemption date.

Notwithstanding the foregoing,
payments of interest on the Notes that are due and payable on any Interest Payment Dates falling on or prior to a date fixed for
redemption of the Notes will be payable to the Holders of such Notes registered as such at the close of business on the relevant
Record Dates according to their terms and the terms and provisions of the Indenture.

If less than all of the Notes
are to be redeemed, then, if the Notes are evidenced by one or more Global Securities, the Notes to be redeemed will be selected
in accordance with the procedures of the Depositary or, if the Notes are evidenced by Physical Securities issued under the circumstances
set forth in Section 2.15.2 of the Base Indenture, the Trustee shall select the Notes (or portions thereof) to be redeemed in
any manner that the Trustee deems fair and appropriate. Notes may be selected for redemption in whole or in part in a minimum
of $2,000 in principal amount and integral multiples of $1,000 in principal amount in excess thereof, provided that the remaining
principal amount of any Note redeemed in part is $2,000 or an integral multiple of $1,000 in excess thereof.

Notice of any redemption shall
be given at least 15 days but not more than 60 days before the redemption date to each Holder of the Notes to be redeemed as provided
in the Indenture.

Unless the Company defaults
in payment of the redemption price, on and after the redemption date interest shall cease to accrue on the Notes or portions thereof
called for redemption.

Any redemption of the Notes
shall be made in accordance with the other provisions of the Indenture.

Calculation of the redemption
price shall not be a duty or obligation of the Trustee.

As used in this Section 5,
the following terms have the meanings set forth below:

“Comparable Treasury
Issue” means, with respect to any redemption date for the Notes, the United States Treasury security selected by
the Quotation Agent as having a maturity comparable to the remaining term of the Notes (assuming the Notes matured on the Par
Call Date) that would be utilized, at the time of selection and in accordance with customary financial practice, in pricing new
issues of corporate debt securities of comparable maturity to the remaining term of the Notes (assuming the Notes matured on the
Par Call Date).

“Comparable Treasury
Price” means, with respect to any redemption date for the Notes, (1) if the Quotation Agent obtains four or more
Reference Treasury Dealer Quotations, the arithmetic average of the Reference Treasury Dealer Quotations for such redemption date
after excluding the highest and lowest such Reference Treasury Dealer Quotations; (2) if the Quotation Agent obtains fewer than
four but more than one such Reference Treasury Dealer Quotations, the arithmetic average of all such Reference Treasury Dealer
Quotations for such redemption date; or (3) if the Quotation Agent obtains only one such Reference Treasury Dealer Quotation,
such Reference Treasury Dealer Quotation for such redemption date.

    	22

    	 

    

“Quotation Agent”
means, for purposes of determining the redemption price of the Notes to be redeemed on any redemption date, any primary
U.S. Government securities dealer in the United States (a “Primary Treasury Dealer”) selected by the Company.

“Reference Treasury
Dealers” means, with respect to any redemption date for the Notes, (1) BofA Securities, Inc., Credit Suisse Securities
(USA) LLC and Wells Fargo Securities, LLC (or their respective affiliates which are Primary Treasury Dealers) and their respective
successors (provided, however, that if any such firm (or, if applicable, any such affiliate) or any such successor, as the case
may be, shall cease to be a Primary Treasury Dealer, another Primary Treasury Dealer shall be substituted therefor by the Company),
and (2) any other Primary Treasury Dealer or Primary Treasury Dealers selected by the Company.

“Reference Treasury
Dealer Quotation” means, with respect to any Reference Treasury Dealer and any redemption date for the Notes, the
arithmetic average, as determined by the Quotation Agent, of the bid and asked prices for the Comparable Treasury Issue (expressed
in each case as a percentage of its principal amount) quoted in writing to the Quotation Agent by such Reference Treasury Dealer
at 5:00 p.m., New York City time, on the third business day preceding such redemption date. As used in the preceding sentence,
the term “business day” means any day except a Saturday, Sunday or other day on which banking institutions in The
City of New York are authorized or obligated by law, regulation or executive order to close.

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

6.    NO
MANDATORY REDEMPTION. The Company shall not be required to make mandatory redemption or sinking fund payments with respect
to the Notes, but the Notes shall be subject to repurchase by the Company at the option of the Holders on the terms and subject
to the conditions set forth in Section 18 of this Note.

7.    DENOMINATIONS,
TRANSFER, EXCHANGE. The Notes are in registered form without coupons in denominations of $2,000 in principal amount
and integral multiples of $1,000 in principal amount in excess thereof. The Notes may be transferred or exchanged only by surrender
thereof to the Registrar or a co-Registrar in compliance with the Indenture and either the reissuance by the Company of the surrendered
Note to the new Holder or the issuance by the Company of a new Note to the new Holder or the exchanging Holder, as the case may
be. The Registrar, any co-Registrar and the Trustee may require a Holder, among other things, to furnish appropriate endorsements
and transfer documents and the Company may require a Holder to pay any taxes and governmental charges permitted by the Indenture.
Neither the Company, the Registrar nor any co-Registrar shall be required to (a) issue, register the transfer of, or exchange
Notes during the period beginning at the opening of business fifteen days immediately preceding the giving of a notice of redemption
of the Notes and ending at the close of business on the day such notice is given, or (b) to register the transfer of or exchange
Notes selected, called or being called for redemption, except any portion thereof not so selected, called or being called.

    	23

    	 

    

8.    PERSONS
DEEMED OWNERS. The Company, the Trustee and each Agent may treat the Holder in whose name a Note is registered as the
owner thereof for the purpose of receiving payment and for all other purposes, and neither the Company, the Trustee nor any Agent
shall be affected by any notice to the contrary.

9.    AMENDMENT, SUPPLEMENT AND WAIVER. Subject to certain exceptions, the Indenture and the Notes may be amended and
supplemented with the consent of the Holders of at least a majority in principal amount of the Notes then outstanding (including,
without limitation, consents obtained in connection with a tender offer or exchange offer for the Notes), and compliance with
any provision of the Indenture or the Notes may be waived with the consent of the Holders of at least a majority in principal
amount of the then outstanding Notes (including, without limitation, waivers obtained in connection with a tender offer or exchange
offer for the Notes). Without notice to or the consent of any Holder of a Note, the Indenture and the Notes may be amended and
supplemented as provided in the Indenture, including, without limitation, to cure any ambiguity, defect or inconsistency or make
any change that does not adversely affect the rights of any Holder of Notes in any material respect.”

10. 
DEFAULTS AND REMEDIES. If an Event of Default with respect to the Notes occurs and is continuing, the Trustee or the Holders
of not less than 25% in principal amount of the outstanding Notes may declare the principal of and accrued and unpaid interest
on the outstanding Notes to be due and payable immediately or, solely in the case of an Event of Default relating to specified
events of bankruptcy or insolvency with respect to the Company, such principal and accrued and unpaid interest shall ipso facto
become due and payable. As provided in the Indenture, the Holders of not less than a majority in principal amount of the outstanding
Notes may waive (including waivers obtained in connection with a tender offer or exchange offer for the Notes) any past Default
with respect to the Notes and its consequences, subject to exceptions specified in the Indenture, and may rescind and annul any
acceleration of the Notes and its consequences. Holders of the Notes may not enforce the Indenture or the Notes except as provided
in the Indenture.

11. 
TRUSTEE DEALINGS WITH COMPANY. The Trustee in its individual or any other capacity may become the owner or pledgee
of the Notes and may otherwise deal with the Company or an Affiliate of the Company with the same rights it would have if it were
not the Trustee.

12. 
NO RECOURSE AGAINST OTHERS. A director, officer, employee or stockholder, as such, of the Company will not have
any liability for any obligations of the Company under the Notes or the Indenture or for any claim based on, in respect of or
by reason of such obligations or their creation. Each Holder of Notes by accepting a Note waives and releases all such liability.
The waiver and release are part of the consideration for the issuance of the Notes.

13. 
AUTHENTICATION. This Note will not be valid until authenticated by the manual signature of the Trustee or an authenticating
agent.

14. 
GOVERNING LAW. This Note shall be governed by, and construed in accordance with, the internal laws of the State of New
York applicable to agreements made and to be performed in such State, without regard to the conflict of laws provisions thereof.

    	24

    	 

    

15. 
LEGAL DEFEASANCE, COVENANT DEFEASANCE AND DISCHARGE. As provided in the Indenture, the Company may, at its option,
effect legal defeasance and covenant defeasance with respect to the Notes and, insofar as concerns the Notes, satisfaction and
discharge of the Indenture, all on the terms and subject to the conditions set forth in the Indenture.

16. 
ABBREVIATIONS. Customary abbreviations may be used in the name of a Holder 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).

17. 
CUSIP NUMBERS. Pursuant to a recommendation promulgated by the Committee on Uniform Security Identification Procedures,
the Company has caused CUSIP numbers to be printed on the Notes and the Trustee may use CUSIP numbers in notices of redemption
as a convenience to Holders. No representation is made as to the accuracy of such numbers either as printed on the Notes or as
contained in any notice of redemption and reliance may be placed only on the other identification numbers placed thereon.

18. 
CHANGE OF CONTROL TRIGGERING EVENT. (a) If a Change of Control Triggering Event (as defined below) occurs with respect
to the Notes, then, unless the Company gives notice of its election to redeem all of the Notes as provided in Section 5 of this
Note and such notice is given by the date specified in subsection (g) of this Section 18 and subject to the additional exceptions
specified in subsection (g) of this Section 18, the Company will be required to make an offer (a “Change of
Control Offer”) to each Holder of Notes to repurchase (at such Holder’s option and on the terms described
below in this Section 18) all or any part (in a principal amount of $2,000 or an integral multiple of $1,000 in excess thereof,
provided that any remaining principal amount of any Note repurchased in part is $2,000 or an integral multiple of $1,000 in excess
thereof) of such Holder’s Notes at a purchase price in cash equal to 101% of the principal amount of the Notes repurchased
plus accrued and unpaid interest, if any, on the Notes repurchased to the Change of Control Payment Date (as defined below) (the
“Change of Control Payment”); provided that, notwithstanding the foregoing, payments of interest on
Notes that are due and payable on any Interest Payment Dates falling on or prior to such Change of Control Payment Date will be
payable to the Holders of such Notes registered as such at the close of business on the relevant Record Dates according to their
terms and the terms and provisions of the Indenture.

(b) No later than 30 days
following the date on which a Change of Control Triggering Event shall have occurred with respect to the Notes or, at the Company’s
option, prior to any Change of Control (as defined below) but after the public announcement of the transaction that constitutes
or may constitute the Change of Control, the Company will, unless the Company gives notice of its election to redeem all of the
Notes as provided in Section 5 of this Note and such notice is given by the date specified in subsection (g) of this Section
18 and subject to the additional exceptions specified in subsection (g) of this Section 18, give or cause to be given (or,
in the case of Notes evidenced by one or more Global Securities, give or cause to be given in accordance with the Depositary’s
procedures) a notice (the “Change of Control Purchase Notice”) to all Holders of Notes (with a copy
to the Trustee), which notice shall govern the terms of such Change of Control Offer. In such Change of Control Purchase Notice,
the Company shall generally describe the transaction or transactions that constitute or may constitute the Change of Control and
offer to repurchase the Notes on the date specified in such notice, which date will be no earlier than 15 days and no later than
60 days after the date such notice is given, except as may be required by applicable law or regulation (the “Change
of Control Payment Date”). The Change of Control Purchase Notice shall, if mailed (or given, as the case may be)
prior to occurrence of the applicable Change of Control, state that the Change of Control Offer for the Notes and the Company’s
obligation to purchase the Notes pursuant to such Change of Control Offer are conditioned on such Change of Control and the related
Change of Control Triggering Event with respect to the Notes occurring on or prior to the applicable Change of Control Payment
Date specified in such notice.

    	25

    	 

    

(c) Holders of Notes electing
to have a Note or portion thereof repurchased pursuant to a Change of Control Offer with respect to the Notes will be required
to surrender the Note (which, in the case of Notes evidenced by one or more Global Securities, must be made in accordance with
the procedures of the Depositary), together with a duly completed and executed notice of Holder to elect repurchase in the form
attached to this Note (which may, in the case of Notes evidenced by one or more Global Securities, be given in accordance with
the Depositary’s procedures), to the Trustee (or to such other person as may be designated by the Company for such purpose)
as provided in the applicable Change of Control Purchase Notice prior to the close of business on the third business day immediately
preceding the applicable Change of Control Payment Date, and to comply with other procedures and requirements set forth in such
Change of Control Purchase Notice. As used in the preceding sentence, the term “business day” means any day except
a Saturday, Sunday or other day on which banking institutions in The City of New York are authorized or obligated by law, regulation
or executive order to close.

(d) On any Change of Control
Payment Date with respect to the Notes, the Company shall be required, to the extent lawful, to:

		(1)	accept
                                         for payment all Notes or portions of Notes properly tendered pursuant to the applicable
                                         Change of Control Offer;

		(2)	deposit
                                         with a Paying Agent for the Notes an amount equal to the aggregate Change of Control
                                         Payment in respect of all Notes or portions of Notes properly tendered pursuant to the
                                         applicable Change of Control Offer; and

		(3)	deliver
                                         or cause to be delivered (including by book-entry transfer, if applicable) the repurchased
                                         Notes or portions of Notes to the Trustee, accompanied by an Officers’ Certificate
                                         stating the aggregate principal amount of Notes accepted by the Company for repurchase.

(e) Interest on Notes and
portions of Notes properly tendered for repurchase pursuant to a Change of Control Offer will cease to accrue on and after the
applicable Change of Control Payment Date, unless the Company shall have failed to accept such Notes and such portions of Notes
for payment or failed to deposit the Change of Control Payment in respect thereof in accordance with the subsection (d) of this
Section 18. The Company shall promptly pay, or cause the Trustee or a Paying Agent for the Notes to promptly pay (by application
of funds deposited by the Company as aforesaid), to each Holder of Notes (or portions thereof) properly tendered and accepted
for payment by the Company pursuant to such Change of Control Offer, the Change of Control Payment for such Notes. In the case
of any Note repurchased in part, the Trustee will promptly authenticate and mail (or cause to be delivered by book-entry transfer)
to the Holder of such Note a new Note equal in principal amount to any unrepurchased portion of the Note repurchased in part.

    	26

    	 

    

(f) The Company shall comply
with the requirements of Rule 14e-1 under the Exchange Act and any other securities laws and regulations to the extent those laws
and regulations are applicable in connection with the repurchase of Notes pursuant to a Change of Control Offer with respect to
the Notes. To the extent that the provisions of any such securities laws or regulations conflict with the provisions of Section
18 of this Note or any other Notes or the Indenture, the Company shall comply with those securities laws and regulations and shall
not be deemed to have breached its obligations under Section 18 of this Note or any other Notes or the Indenture by virtue thereof.

(g) Notwithstanding anything
to the contrary in the Indenture or Section 18 of this Note or any other Notes, the Company shall not be required to make a Change
of Control Offer for the Notes or repurchase any Notes pursuant to any Change of Control Offer for the Notes if (a) a third party
agrees to make such Change of Control Offer in the manner, at the times and otherwise in compliance with the requirements for
an offer made by the Company and such third party repurchases all Notes properly tendered by the Holders pursuant to such Change
of Control Offer or (b) the Company gives notice of redemption of all of the Notes no later than 30 days after the applicable
Change of Control Triggering Event with respect to the Notes. In addition, notwithstanding anything to the contrary in the Indenture
or Section 18 of this Note or any other Notes, the Company shall not be required to, and the Company shall not, repurchase Notes
pursuant to a Change of Control Offer with respect to the Notes if there has occurred and is continuing on the applicable Change
of Control Payment Date an Event of Default with respect to the Notes or the Securities of any other Series outstanding under
the Indenture.

(h) As used in this Section
18, the following terms have the meanings set forth below:

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

(a)           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 the Company or any of its Subsidiaries) becomes the
“beneficial owner” (as defined in Rules 13d-3 and 13d-5 under the Exchange Act), directly or indirectly, of more than
50% of the Company’s outstanding Voting Stock (measured by voting power rather than number of shares), provided, however,
that a person shall not be deemed the beneficial owner of, or to own beneficially, (1) any securities tendered pursuant to a tender
or exchange offer made by or on behalf of such person or any of such person’s Affiliates until such tendered securities
are accepted for purchase or exchange thereunder or (2) any securities if such beneficial ownership arises solely as a result
of a revocable proxy delivered in response to a proxy or consent solicitation made pursuant to the applicable rules and regulations
under the Exchange Act;

    	27

    	 

    

(b)           the
direct or indirect sale, transfer, conveyance or other disposition (other than by way of merger or consolidation), in one transaction
or a series of related transactions, of all or substantially all of the properties and assets of the Company and its Subsidiaries,
taken as a whole, to any person (other than the Company or any of its Subsidiaries);

(c)           the adoption of a plan by the Company’s Board of Directors (which term, as used in this definition, means the Company’s
full Board of Directors and not any committees thereof) relating to the Company’s liquidation or dissolution; or

(d)           the
Company consolidates with, or merges with or into, any person, or any person consolidates with, or merges with or into, the Company,
in any such event pursuant to a transaction in which any of the Company’s outstanding Voting Stock or the outstanding Voting
Stock of such other person is converted into or exchanged for cash, securities or other property, other than any such transaction
where the shares of the Company’s Voting Stock outstanding immediately prior to such transaction constitute, or are converted
into or exchanged for, a majority of the outstanding Voting Stock (measured by voting power rather than number of shares) of the
surviving person, or any direct or indirect parent of the surviving person, immediately after giving effect to such transaction.

Except as otherwise expressly
provided in clause (a) of the first sentence of this definition, the term “person,” as used in this definition, has
the meaning set forth in the Indenture.

“Change of Control
Triggering Event” means the occurrence of both a Change of Control and a Rating Event with respect to the Notes.
For purposes of clarity, it is understood and agreed that no Change of Control Triggering Event shall be deemed to have occurred
with respect to the Notes in connection with any particular Change of Control unless and until such Change of Control has actually
occurred.

“Investment Grade
Rating” means a rating equal to or higher than Baa3 (or the equivalent) by Moody’s and BBB- (or the equivalent)
by S&P, and a rating equal to or higher than the equivalent investment grade credit rating from any replacement Rating Agency
or Rating Agencies selected by the Company.

“Moody’s”
means Moody’s Investors Service, Inc. or any successor thereto.

“Rating Agencies”
means (a) each of Moody’s and S&P; and (b) if Moody’s or S&P or, if applicable, any replacement Rating
Agency 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)(62) of the Exchange
Act) selected by the Company as a replacement for Moody’s, S&P or any such replacement Rating Agency, as the case may
be.

    	28

    	 

    

“Rating Event”
means the rating on the Notes is lowered by both of the Rating Agencies and as a result the Notes are rated below an Investment
Grade Rating by both of the Rating Agencies, in each case on any day during the period (the “Measurement Period”)
commencing on the date of the first public announcement of an arrangement that results in a Change of Control and ending on the
60th day following the first public announcement of the occurrence of such Change of Control (which Measurement Period shall be
extended (subject to the proviso below) if on such 60th day (x) the rating of the Notes is under publicly announced consideration
for a possible downgrade by either Rating Agency and (y) the rating on the Notes by such Rating Agency is an Investment Grade
Rating, such extension to continue until the day on which each such Rating Agency considering such possible downgrade either rates
the Notes below an Investment Grade Rating or publicly announces that it is no longer considering the Notes for a possible downgrade;
provided that, notwithstanding the foregoing, no such extension will occur if on such 60th day, and any such extension will terminate
if at any time after such 60th day, the Notes have an Investment Grade Rating from at least one Rating Agency and are not under
publicly announced consideration for a possible downgrade by such Rating Agency).

“S&P”
means S&P Global Ratings, a division of S&P Global Inc., or any successor thereto.

“Voting Stock”
means, with respect to any person, any Capital Stock of such person that is normally entitled (without regard to the occurrence
of any contingency) to vote generally in the election of directors, managers, trustees or similar persons, as applicable, of such
person.

As used in this Section 18,
all references to rules and regulations under the Exchange Act shall include any successor provisions thereto.

    	29

    	 

    

ASSIGNMENT
FORM

To assign this Note, fill
in the form below:

(I) or (we) assign and transfer this Note to:

(Insert assignee’s legal name)

(Insert
assignee’s soc. sec. tax I.D. no.)

(Print or type assignee’s name, address and zip code)

and irrevocably appoint

to transfer this Note on the books of the Company. The agent may substitute another to act for him.

	Date:	 	 	 	 
	 	 	 	 	 
	 	 	 	Your
    Signature:	 
	 	 	 	 	(sign
    exactly as your name(s) appear(s) on the face of this Note)
	 	 	 	 	 
	 	 	 	Tax
    Identification No:	 
	 	 	 	Signature
    Guarantee:	 

 

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

    	

    	 

    

Notice
of Holder to Elect Repurchase

eBay Inc.

2.600% Notes due 2031 (the “Notes”)

To: eBay Inc.

Wells Fargo Bank, National Association, as Trustee

The undersigned registered
holder of this Note hereby acknowledges receipt of a Change of Control Purchase Notice from eBay Inc. (the “Company”)
and hereby surrenders this Note (or the portion of the principal amount of this Note set forth below) for repurchase by the Company
on the terms and subject to the conditions set forth in Section 18 of this Note and in the Change of Control Purchase Notice.
Capitalized terms used herein but not defined shall have meanings set forth in this Note.

If you elect to have only
a part of this Note repurchased by the Company, indicate the principal amount you elect to have repurchased in the following space;
if you do not indicate a principal amount in the following space it means that you elect to have this entire Note repurchased
by the Company:

	Principal
    amount surrendered for repurchase	$	          
	 	(must
    be in a principal amount of $2,000 or an integral multiple of $1,000 in excess thereof and any portion of this Note not surrendered
    for repurchase must be in a principal amount of $2,000 or an integral multiple of $1,000 in excess thereof)

 

If the Note you are surrendering
for repurchase is in physical form, insert the certificate number of the Note in the following space:

Certificate No.

Date:

	 	 	 	 	 
	 	 	 	Your
    Signature:	 
	 	 	 	 	(sign
    exactly as your name(s) appear(s) on the face of this Note)
	 	 	 	 	 
	 	 	 	Tax
    Identification No:	 
	 	 	 	Signature
    Guarantee:	 

 

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

    	31

    	 

    

Exhibit
D

Form of 3.650% Note due 2051

 

THIS IS A GLOBAL SECURITY WITHIN THE MEANING OF THE INDENTURE HEREINAFTER REFERRED TO AND IS REGISTERED IN THE NAME OF THE DEPOSITARY OR A NOMINEE OF THE DEPOSITARY.  THIS GLOBAL SECURITY IS EXCHANGEABLE FOR NOTES (AS DEFINED ON THE REVERSE HEREOF) REGISTERED IN THE NAME OF A PERSON OTHER THAN THE DEPOSITARY OR ITS NOMINEE ONLY IN THE LIMITED CIRCUMSTANCES DESCRIBED IN THE INDENTURE, AND MAY NOT BE TRANSFERRED EXCEPT AS A WHOLE BY THE DEPOSITARY TO A NOMINEE OF THE DEPOSITARY, BY A NOMINEE OF THE DEPOSITARY TO THE DEPOSITARY OR ANOTHER NOMINEE OF THE DEPOSITARY OR BY THE DEPOSITARY OR ANY SUCH NOMINEE TO A SUCCESSOR DEPOSITARY OR A NOMINEE OF SUCH A SUCCESSOR DEPOSITARY.  UNLESS THIS GLOBAL SECURITY IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY (55 WATER STREET, NEW YORK, NEW YORK) (“DTC”) TO THE COMPANY (AS DEFINED ON THE REVERSE HEREOF) OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY NOTE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.

 

CUSIP: 278642 AZ6
 ISIN: US278642AZ62

 

eBay Inc.

 

3.650% Notes due 2051

 

	No.	  ●	 	$	●,000,000

 

eBay Inc., a Delaware corporation,
for value received promises to pay to •, or registered assigns, the principal sum of [Amount in Words] Dollars
on May 10, 2051.

Interest Payment Dates: May
10 and November 10, beginning November 10, 2021.

Record Dates: April 25 and
October 26.

Reference is hereby made to
the further provisions of this Note contained on the reverse hereof, which will for all purposes have the same effect as if set
forth at this place.

[Signature
Page Follows]

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	 	 	eBay
    Inc.
	 	 	 	 
	 	 	By:   	 
	 	 	 	Name:
	 	 	 	Title:
	 	 	 	 
	This
    is one of the 3.650% Notes due 2051 

    referred to in the within-mentioned Indenture:	 	 	 
	Dated:	 	 	 
	 	 	 	 
	Wells
    Fargo Bank, National Association,

    as Trustee	 	 	 
	 	 	 	 
	By:	        	 	 
	 	Authorized
    Signatory	 
	 	 	 	 	 

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(Reverse
of Note)

3.650%
Notes due 2051

Terms, whether or not capitalized,
which are defined in the Indenture referred to below and used in this Note (as defined below) have the respective meanings assigned
to them in the Indenture referred to below unless otherwise indicated.

1.    INTEREST.
eBay Inc., a Delaware corporation (the “Company,” which term includes its successors under the Indenture),
promises to pay interest on the principal amount of this Note at the rate of 3.650% per annum from May 10, 2021 until maturity.
The Company will pay interest semi-annually in arrears on May 10 and November 10 of each year (each an “Interest Payment
Date”), commencing November 10, 2021. Interest on this Note will accrue from the most recent date to which interest
has been paid or duly provided for or, if no interest has been paid or duly provided for, from May 10, 2021; provided that
if there is no existing default in the payment of interest, and if this Note is authenticated between a Record Date (as defined
below) and the next succeeding Interest Payment Date, interest will accrue from such next succeeding Interest Payment Date. The
Company will pay interest (including post-petition interest in any proceeding under any Bankruptcy Law) on overdue principal at
the per annum rate equal to the interest rate on this Note to the extent lawful; and it will pay interest (including post-petition
interest in any proceeding under any Bankruptcy Law) on overdue installments of interest at the same per annum rate to the extent
lawful. Interest on this Note will be computed on the basis of a 360-day year comprised of twelve 30-day months. The amount of
interest payable on this Note on any Interest Payment Date, redemption date, Change of Control Payment Date (as defined in Section
18 below), maturity date or other date on which interest on this Note is due will be the amount of interest accrued to, but excluding,
such Interest Payment Date, redemption date, Change of Control Payment Date, maturity date or other date, as the case may be.
If an Interest Payment Date, redemption date, Change of Control Payment Date, maturity date or other date on which any payment
on this Note is due falls on a day that is not a business day, then payment of principal and interest, as the case may be, due
on such Interest Payment Date, redemption date, Change of Control Payment Date, maturity date or other date, as the case may be,
need not be made on such Interest Payment Date, redemption date, Change of Control Payment Date, maturity date or other date,
as the case may be, but may be made on the next succeeding business day, and no interest on such payment shall accrue for the
period from and after such Interest Payment Date, redemption date, Change of Control Payment Date, maturity date or other date,
as the case may be. As used in this Section 1 and Section 2 below, the term “business day” means any day except a
Saturday, Sunday or other day on which banking institutions in The City of New York are authorized or obligated by law, regulation
or executive order to close (a “New York business day”); provided that such term shall mean, with respect to any place
of payment of principal of or interest on the Notes, any day (a) which is not a Saturday, Sunday or other day on which banking
institutions in such place of payment are authorized or obligated by law, regulation or executive order to close and (b) which
is also a New York business day.

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2.    METHOD
OF PAYMENT. The Company will pay interest on the Notes due on any Interest Payment Date to the persons who are Holders of
Notes at the close of business on April 25 or October 26 (each a “Record Date”), as the case may be,
whether or not a business day, immediately preceding such Interest Payment Date, except as provided in Section 2.14 of the Base
Indenture (as defined below) with respect to defaulted interest. Principal of and interest on this Note will be payable at the
office or agency of any Paying Agent or, at the option of the Company, payment of interest may be made by check mailed to the
Holder of this Note at its address set forth in the register of Holders of Notes; provided that payments of principal and
interest on Notes that are Global Securities registered in the name of a Depositary or its nominee will be made by wire transfer
of immediately available funds. Such payments will be in Dollars.

3.    PAYING
AGENT AND REGISTRAR. Initially, Wells Fargo Bank, National Association, the Trustee under the Indenture, will act as Paying
Agent and Registrar for the Notes. The Company may change any Paying Agent, Service Agent (if any) or Registrar, and may appoint
additional Paying Agents, Service Agents and co-Registrars, without notice to any Holder. In addition, the Company or any of its
Subsidiaries may act in any such capacity.

4.    INDENTURE.
This Note is one of a duly authorized Series of Securities (herein called the “Notes”) of the Company
issued under an indenture (the “Base Indenture”) dated as of October 28, 2010 between the Company and
the Trustee, as amended and supplemented by the Supplemental Indenture dated as of October 28, 2010 between the Company and the
Trustee (the “Supplemental Indenture;” the Base Indenture, as amended and supplemented by the Supplemental
Indenture and any other supplemental indentures thereto, is hereinafter called the “Indenture”). The
terms of the Notes include those stated in the Indenture and those made part of the Indenture by reference to the Trust Indenture
Act of 1939, as amended. The Notes are subject to all such terms, and Holders are referred to the Indenture and such Act for a
statement of such terms. To the extent any provision of this Note or the Supplemental Indenture conflicts with any provision of
the Base Indenture, the provisions of this Note or the Supplemental Indenture, as the case may be, will govern and be controlling.
The Company may from time to time, at its option and without the consent of or notice to Holders of the Notes, “reopen”
this Series of Notes and issue additional Notes of this Series having the same interest rate, Stated Maturity and other terms
(except for the issue date and, if applicable, offering price, sale price, the first Interest Payment date and the date from which
interest will accrue) as, and rank equally in right of payment with, the Notes of this Series originally issued on May 10, 2021.
Any such additional Notes of this Series, together with the other Notes of this Series outstanding from time to time, will constitute
a single Series of Securities under the Indenture.

5.    OPTIONAL REDEMPTION. The Notes are redeemable at the option of the Company, at any time in whole or from
time to time in part, prior to November 10, 2050 (the “Par Call Date”) at a redemption price equal to
the greater of:

		(1)	100%
                                         of the principal amount of the Notes to be redeemed, and

		(2)	the
                                         sum of the present values of the remaining scheduled payments of principal of and interest
                                         on the Notes to be redeemed (exclusive of accrued and unpaid interest to the applicable
                                         redemption date) that would be due if the Notes matured on the Par Call Date, discounted
                                         to such redemption date on a semi-annual basis (assuming a 360-day year consisting of
                                         twelve 30-day months) at the Treasury Rate plus 20 basis points,

plus, in the case of both
clauses (1) and (2) above, accrued and unpaid interest, if any, on the principal amount of the Notes being redeemed to such redemption
date.

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The Notes are redeemable at
the option of the Company, at any time in whole or from time to time in part, on and after the Par Call Date at a redemption price
equal to 100% of the principal amount of the Notes to be redeemed, plus accrued and unpaid interest, if any, on the principal
amount of the Notes being redeemed to the applicable redemption date.

Notwithstanding the foregoing,
payments of interest on the Notes that are due and payable on any Interest Payment Dates falling on or prior to a date fixed for
redemption of the Notes will be payable to the Holders of such Notes registered as such at the close of business on the relevant
Record Dates according to their terms and the terms and provisions of the Indenture.

If less than all of the Notes
are to be redeemed, then, if the Notes are evidenced by one or more Global Securities, the Notes to be redeemed will be selected
in accordance with the procedures of the Depositary or, if the Notes are evidenced by Physical Securities issued under the circumstances
set forth in Section 2.15.2 of the Base Indenture, the Trustee shall select the Notes (or portions thereof) to be redeemed in
any manner that the Trustee deems fair and appropriate. Notes may be selected for redemption in whole or in part in a minimum
of $2,000 in principal amount and integral multiples of $1,000 in principal amount in excess thereof, provided that the remaining
principal amount of any Note redeemed in part is $2,000 or an integral multiple of $1,000 in excess thereof.

Notice of any redemption shall
be given at least 15 days but not more than 60 days before the redemption date to each Holder of the Notes to be redeemed as provided
in the Indenture.

Unless the Company defaults
in payment of the redemption price, on and after the redemption date interest shall cease to accrue on the Notes or portions thereof
called for redemption.

Any redemption of the Notes
shall be made in accordance with the other provisions of the Indenture.

Calculation of the redemption
price shall not be a duty or obligation of the Trustee.

As used in this Section 5,
the following terms have the meanings set forth below:

“Comparable Treasury
Issue” means, with respect to any redemption date for the Notes, the United States Treasury security selected by
the Quotation Agent as having a maturity comparable to the remaining term of the Notes (assuming the Notes matured on the Par
Call Date) that would be utilized, at the time of selection and in accordance with customary financial practice, in pricing new
issues of corporate debt securities of comparable maturity to the remaining term of the Notes (assuming the Notes matured on the
Par Call Date).

“Comparable Treasury
Price” means, with respect to any redemption date for the Notes, (1) if the Quotation Agent obtains four or more
Reference Treasury Dealer Quotations, the arithmetic average of the Reference Treasury Dealer Quotations for such redemption date
after excluding the highest and lowest such Reference Treasury Dealer Quotations; (2) if the Quotation Agent obtains fewer than
four but more than one such Reference Treasury Dealer Quotations, the arithmetic average of all such Reference Treasury Dealer
Quotations for such redemption date; or (3) if the Quotation Agent obtains only one such Reference Treasury Dealer Quotation,
such Reference Treasury Dealer Quotation for such redemption date.

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“Quotation Agent”
means, for purposes of determining the redemption price of the Notes to be redeemed on any redemption date, any primary
U.S. Government securities dealer in the United States (a “Primary Treasury Dealer”) selected by the Company.

“Reference Treasury
Dealers” means, with respect to any redemption date for the Notes, (1) BofA Securities, Inc., Credit Suisse Securities
(USA) LLC and Wells Fargo Securities, LLC (or their respective affiliates which are Primary Treasury Dealers) and their respective
successors (provided, however, that if any such firm (or, if applicable, any such affiliate) or any such successor, as the case
may be, shall cease to be a Primary Treasury Dealer, another Primary Treasury Dealer shall be substituted therefor by the Company),
and (2) any other Primary Treasury Dealer or Primary Treasury Dealers selected by the Company.

“Reference Treasury
Dealer Quotation” means, with respect to any Reference Treasury Dealer and any redemption date for the Notes, the
arithmetic average, as determined by the Quotation Agent, of the bid and asked prices for the Comparable Treasury Issue (expressed
in each case as a percentage of its principal amount) quoted in writing to the Quotation Agent by such Reference Treasury Dealer
at 5:00 p.m., New York City time, on the third business day preceding such redemption date. As used in the preceding sentence,
the term “business day” means any day except a Saturday, Sunday or other day on which banking institutions in The
City of New York are authorized or obligated by law, regulation or executive order to close.

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

6.    NO
MANDATORY REDEMPTION. The Company shall not be required to make mandatory redemption or sinking fund payments with respect
to the Notes, but the Notes shall be subject to repurchase by the Company at the option of the Holders on the terms and subject
to the conditions set forth in Section 18 of this Note.

7.    DENOMINATIONS,
TRANSFER, EXCHANGE. The Notes are in registered form without coupons in denominations of $2,000 in principal amount
and integral multiples of $1,000 in principal amount in excess thereof. The Notes may be transferred or exchanged only by surrender
thereof to the Registrar or a co-Registrar in compliance with the Indenture and either the reissuance by the Company of the surrendered
Note to the new Holder or the issuance by the Company of a new Note to the new Holder or the exchanging Holder, as the case may
be. The Registrar, any co-Registrar and the Trustee may require a Holder, among other things, to furnish appropriate endorsements
and transfer documents and the Company may require a Holder to pay any taxes and governmental charges permitted by the Indenture.
Neither the Company, the Registrar nor any co-Registrar shall be required to (a) issue, register the transfer of, or exchange
Notes during the period beginning at the opening of business fifteen days immediately preceding the giving of a notice of redemption
of the Notes and ending at the close of business on the day such notice is given, or (b) to register the transfer of or exchange
Notes selected, called or being called for redemption, except any portion thereof not so selected, called or being called.

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8.    PERSONS DEEMED OWNERS. The Company, the Trustee and each Agent may treat the Holder in whose name a Note
is registered as the owner thereof for the purpose of receiving payment and for all other purposes, and neither the Company, the
Trustee nor any Agent shall be affected by any notice to the contrary.

9.    AMENDMENT,
SUPPLEMENT AND WAIVER. Subject to certain exceptions, the Indenture and the Notes may be amended and supplemented with the
consent of the Holders of at least a majority in principal amount of the Notes then outstanding (including, without limitation,
consents obtained in connection with a tender offer or exchange offer for the Notes), and compliance with any provision of the
Indenture or the Notes may be waived with the consent of the Holders of at least a majority in principal amount of the then outstanding
Notes (including, without limitation, waivers obtained in connection with a tender offer or exchange offer for the Notes). Without
notice to or the consent of any Holder of a Note, the Indenture and the Notes may be amended and supplemented as provided in the
Indenture, including, without limitation, to cure any ambiguity, defect or inconsistency or make any change that does not adversely
affect the rights of any Holder of Notes in any material respect.”

10. 
DEFAULTS AND REMEDIES. If an Event of Default with respect to the Notes occurs and is continuing, the Trustee or the Holders
of not less than 25% in principal amount of the outstanding Notes may declare the principal of and accrued and unpaid interest
on the outstanding Notes to be due and payable immediately or, solely in the case of an Event of Default relating to specified
events of bankruptcy or insolvency with respect to the Company, such principal and accrued and unpaid interest shall ipso facto
become due and payable. As provided in the Indenture, the Holders of not less than a majority in principal amount of the outstanding
Notes may waive (including waivers obtained in connection with a tender offer or exchange offer for the Notes) any past Default
with respect to the Notes and its consequences, subject to exceptions specified in the Indenture, and may rescind and annul any
acceleration of the Notes and its consequences. Holders of the Notes may not enforce the Indenture or the Notes except as provided
in the Indenture.

11. 
TRUSTEE DEALINGS WITH COMPANY. The Trustee in its individual or any other capacity may become the owner or pledgee
of the Notes and may otherwise deal with the Company or an Affiliate of the Company with the same rights it would have if it were
not the Trustee.

12. 
NO RECOURSE AGAINST OTHERS. A director, officer, employee or stockholder, as such, of the Company will not have
any liability for any obligations of the Company under the Notes or the Indenture or for any claim based on, in respect of or
by reason of such obligations or their creation. Each Holder of Notes by accepting a Note waives and releases all such liability.
The waiver and release are part of the consideration for the issuance of the Notes.

13. 
AUTHENTICATION. This Note will not be valid until authenticated by the manual signature of the Trustee or an authenticating
agent.

14. 
GOVERNING LAW. This Note shall be governed by, and construed in accordance with, the internal laws of the State of New
York applicable to agreements made and to be performed in such State, without regard to the conflict of laws provisions thereof.

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15. 
LEGAL DEFEASANCE, COVENANT DEFEASANCE AND DISCHARGE. As provided in the Indenture, the Company may, at its option,
effect legal defeasance and covenant defeasance with respect to the Notes and, insofar as concerns the Notes, satisfaction and
discharge of the Indenture, all on the terms and subject to the conditions set forth in the Indenture.

16. 
ABBREVIATIONS. Customary abbreviations may be used in the name of a Holder 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).

17. 
CUSIP NUMBERS. Pursuant to a recommendation promulgated by the Committee on Uniform Security Identification Procedures,
the Company has caused CUSIP numbers to be printed on the Notes and the Trustee may use CUSIP numbers in notices of redemption
as a convenience to Holders. No representation is made as to the accuracy of such numbers either as printed on the Notes or as
contained in any notice of redemption and reliance may be placed only on the other identification numbers placed thereon.

18. 
CHANGE OF CONTROL TRIGGERING EVENT. (a) If a Change of Control Triggering Event (as defined below) occurs with respect
to the Notes, then, unless the Company gives notice of its election to redeem all of the Notes as provided in Section 5 of this
Note and such notice is given by the date specified in subsection (g) of this Section 18 and subject to the additional exceptions
specified in subsection (g) of this Section 18, the Company will be required to make an offer (a “Change of
Control Offer”) to each Holder of Notes to repurchase (at such Holder’s option and on the terms described
below in this Section 18) all or any part (in a principal amount of $2,000 or an integral multiple of $1,000 in excess thereof,
provided that any remaining principal amount of any Note repurchased in part is $2,000 or an integral multiple of $1,000 in excess
thereof) of such Holder’s Notes at a purchase price in cash equal to 101% of the principal amount of the Notes repurchased
plus accrued and unpaid interest, if any, on the Notes repurchased to the Change of Control Payment Date (as defined below) (the
“Change of Control Payment”); provided that, notwithstanding the foregoing, payments of interest on
Notes that are due and payable on any Interest Payment Dates falling on or prior to such Change of Control Payment Date will be
payable to the Holders of such Notes registered as such at the close of business on the relevant Record Dates according to their
terms and the terms and provisions of the Indenture.

(b) No later than 30 days
following the date on which a Change of Control Triggering Event shall have occurred with respect to the Notes or, at the Company’s
option, prior to any Change of Control (as defined below) but after the public announcement of the transaction that constitutes
or may constitute the Change of Control, the Company will, unless the Company gives notice of its election to redeem all of the
Notes as provided in Section 5 of this Note and such notice is given by the date specified in subsection (g) of this Section
18 and subject to the additional exceptions specified in subsection (g) of this Section 18, give or cause to be given (or,
in the case of Notes evidenced by one or more Global Securities, give or cause to be given in accordance with the Depositary’s
procedures) a notice (the “Change of Control Purchase Notice”) to all Holders of Notes (with a copy
to the Trustee), which notice shall govern the terms of such Change of Control Offer. In such Change of Control Purchase Notice,
the Company shall generally describe the transaction or transactions that constitute or may constitute the Change of Control and
offer to repurchase the Notes on the date specified in such notice, which date will be no earlier than 15 days and no later than
60 days after the date such notice is given, except as may be required by applicable law or regulation (the “Change
of Control Payment Date”). The Change of Control Purchase Notice shall, if mailed (or given, as the case may be)
prior to occurrence of the applicable Change of Control, state that the Change of Control Offer for the Notes and the Company’s
obligation to purchase the Notes pursuant to such Change of Control Offer are conditioned on such Change of Control and the related
Change of Control Triggering Event with respect to the Notes occurring on or prior to the applicable Change of Control Payment
Date specified in such notice.

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(c) Holders of Notes electing
to have a Note or portion thereof repurchased pursuant to a Change of Control Offer with respect to the Notes will be required
to surrender the Note (which, in the case of Notes evidenced by one or more Global Securities, must be made in accordance with
the procedures of the Depositary), together with a duly completed and executed notice of Holder to elect repurchase in the form
attached to this Note (which may, in the case of Notes evidenced by one or more Global Securities, be given in accordance with
the Depositary’s procedures), to the Trustee (or to such other person as may be designated by the Company for such purpose)
as provided in the applicable Change of Control Purchase Notice prior to the close of business on the third business day immediately
preceding the applicable Change of Control Payment Date, and to comply with other procedures and requirements set forth in such
Change of Control Purchase Notice. As used in the preceding sentence, the term “business day” means any day except
a Saturday, Sunday or other day on which banking institutions in The City of New York are authorized or obligated by law, regulation
or executive order to close.

(d) On any Change of Control
Payment Date with respect to the Notes, the Company shall be required, to the extent lawful, to:

		(1)	accept
                                         for payment all Notes or portions of Notes properly tendered pursuant to the applicable
                                         Change of Control Offer;

		(2)	deposit
                                         with a Paying Agent for the Notes an amount equal to the aggregate Change of Control
                                         Payment in respect of all Notes or portions of Notes properly tendered pursuant to the
                                         applicable Change of Control Offer; and

		(3)	deliver
                                         or cause to be delivered (including by book-entry transfer, if applicable) the repurchased
                                         Notes or portions of Notes to the Trustee, accompanied by an Officers’ Certificate
                                         stating the aggregate principal amount of Notes accepted by the Company for repurchase.

(e) Interest on Notes and
portions of Notes properly tendered for repurchase pursuant to a Change of Control Offer will cease to accrue on and after the
applicable Change of Control Payment Date, unless the Company shall have failed to accept such Notes and such portions of Notes
for payment or failed to deposit the Change of Control Payment in respect thereof in accordance with the subsection (d) of this
Section 18. The Company shall promptly pay, or cause the Trustee or a Paying Agent for the Notes to promptly pay (by application
of funds deposited by the Company as aforesaid), to each Holder of Notes (or portions thereof) properly tendered and accepted
for payment by the Company pursuant to such Change of Control Offer, the Change of Control Payment for such Notes. In the case
of any Note repurchased in part, the Trustee will promptly authenticate and mail (or cause to be delivered by book-entry transfer)
to the Holder of such Note a new Note equal in principal amount to any unrepurchased portion of the Note repurchased in part.

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(f) The Company shall comply
with the requirements of Rule 14e-1 under the Exchange Act and any other securities laws and regulations to the extent those laws
and regulations are applicable in connection with the repurchase of Notes pursuant to a Change of Control Offer with respect to
the Notes. To the extent that the provisions of any such securities laws or regulations conflict with the provisions of Section
18 of this Note or any other Notes or the Indenture, the Company shall comply with those securities laws and regulations and shall
not be deemed to have breached its obligations under Section 18 of this Note or any other Notes or the Indenture by virtue thereof.

(g) Notwithstanding anything
to the contrary in the Indenture or Section 18 of this Note or any other Notes, the Company shall not be required to make a Change
of Control Offer for the Notes or repurchase any Notes pursuant to any Change of Control Offer for the Notes if (a) a third party
agrees to make such Change of Control Offer in the manner, at the times and otherwise in compliance with the requirements for
an offer made by the Company and such third party repurchases all Notes properly tendered by the Holders pursuant to such Change
of Control Offer or (b) the Company gives notice of redemption of all of the Notes no later than 30 days after the applicable
Change of Control Triggering Event with respect to the Notes. In addition, notwithstanding anything to the contrary in the Indenture
or Section 18 of this Note or any other Notes, the Company shall not be required to, and the Company shall not, repurchase Notes
pursuant to a Change of Control Offer with respect to the Notes if there has occurred and is continuing on the applicable Change
of Control Payment Date an Event of Default with respect to the Notes or the Securities of any other Series outstanding under
the Indenture.

(h) As used in this Section
18, the following terms have the meanings set forth below:

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

(a)           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 the Company or any of its Subsidiaries) becomes the
“beneficial owner” (as defined in Rules 13d-3 and 13d-5 under the Exchange Act), directly or indirectly, of more than
50% of the Company’s outstanding Voting Stock (measured by voting power rather than number of shares), provided, however,
that a person shall not be deemed the beneficial owner of, or to own beneficially, (1) any securities tendered pursuant to a tender
or exchange offer made by or on behalf of such person or any of such person’s Affiliates until such tendered securities
are accepted for purchase or exchange thereunder or (2) any securities if such beneficial ownership arises solely as a result
of a revocable proxy delivered in response to a proxy or consent solicitation made pursuant to the applicable rules and regulations
under the Exchange Act;

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(b)           the
direct or indirect sale, transfer, conveyance or other disposition (other than by way of merger or consolidation), in one transaction
or a series of related transactions, of all or substantially all of the properties and assets of the Company and its Subsidiaries,
taken as a whole, to any person (other than the Company or any of its Subsidiaries);

(c)            the
adoption of a plan by the Company’s Board of Directors (which term, as used in this definition, means the Company’s
full Board of Directors and not any committees thereof) relating to the Company’s liquidation or dissolution; or

(d)           the Company consolidates with, or merges with or into, any person, or any person consolidates with, or merges with or into,
the Company, in any such event pursuant to a transaction in which any of the Company’s outstanding Voting Stock or the outstanding
Voting Stock of such other person is converted into or exchanged for cash, securities or other property, other than any such transaction
where the shares of the Company’s Voting Stock outstanding immediately prior to such transaction constitute, or are converted
into or exchanged for, a majority of the outstanding Voting Stock (measured by voting power rather than number of shares) of the
surviving person, or any direct or indirect parent of the surviving person, immediately after giving effect to such transaction.

Except as otherwise expressly
provided in clause (a) of the first sentence of this definition, the term “person,” as used in this definition, has
the meaning set forth in the Indenture.

“Change of Control
Triggering Event” means the occurrence of both a Change of Control and a Rating Event with respect to the Notes.
For purposes of clarity, it is understood and agreed that no Change of Control Triggering Event shall be deemed to have occurred
with respect to the Notes in connection with any particular Change of Control unless and until such Change of Control has actually
occurred.

“Investment Grade
Rating” means a rating equal to or higher than Baa3 (or the equivalent) by Moody’s and BBB- (or the equivalent)
by S&P, and a rating equal to or higher than the equivalent investment grade credit rating from any replacement Rating Agency
or Rating Agencies selected by the Company.

“Moody’s”
means Moody’s Investors Service, Inc. or any successor thereto.

“Rating Agencies”
means (a) each of Moody’s and S&P; and (b) if Moody’s or S&P or, if applicable, any replacement Rating
Agency 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)(62) of the Exchange
Act) selected by the Company as a replacement for Moody’s, S&P or any such replacement Rating Agency, as the case may
be.

    	42

    	 

    

“Rating Event”
means the rating on the Notes is lowered by both of the Rating Agencies and as a result the Notes are rated below an Investment
Grade Rating by both of the Rating Agencies, in each case on any day during the period (the “Measurement Period”)
commencing on the date of the first public announcement of an arrangement that results in a Change of Control and ending on the
60th day following the first public announcement of the occurrence of such Change of Control (which Measurement Period shall be
extended (subject to the proviso below) if on such 60th day (x) the rating of the Notes is under publicly announced consideration
for a possible downgrade by either Rating Agency and (y) the rating on the Notes by such Rating Agency is an Investment Grade
Rating, such extension to continue until the day on which each such Rating Agency considering such possible downgrade either rates
the Notes below an Investment Grade Rating or publicly announces that it is no longer considering the Notes for a possible downgrade;
provided that, notwithstanding the foregoing, no such extension will occur if on such 60th day, and any such extension will terminate
if at any time after such 60th day, the Notes have an Investment Grade Rating from at least one Rating Agency and are not under
publicly announced consideration for a possible downgrade by such Rating Agency).

“S&P”
means S&P Global Ratings, a division of S&P Global Inc., or any successor thereto.

“Voting Stock”
means, with respect to any person, any Capital Stock of such person that is normally entitled (without regard to the occurrence
of any contingency) to vote generally in the election of directors, managers, trustees or similar persons, as applicable, of such
person.

As used in this Section 18,
all references to rules and regulations under the Exchange Act shall include any successor provisions thereto.

    	43

    	 

    

ASSIGNMENT
FORM

To assign this Note, fill
in the form below:

(I) or (we) assign and transfer this Note to:

(Insert assignee’s legal name)

(Insert
assignee’s soc. sec. tax I.D. no.)

(Print or type assignee’s name, address and zip code)

and irrevocably appoint

to transfer this Note on the books of the Company. The agent may substitute another to act for him.

	Date:	 	 	 	 
	 	 	 	 	 
	 	 	 	Your
    Signature:	 
	 	 	 	 	(sign
    exactly as your name(s) appear(s) on the face of this Note)
	 	 	 	 	 
	 	 	 	Tax
    Identification No:	 
	 	 	 	Signature
    Guarantee:	 

 

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

    	

    	 

    

Notice
of Holder to Elect Repurchase

eBay Inc.

3.650% Notes due 2051 (the “Notes”)

To: eBay Inc.

Wells Fargo Bank, National Association, as Trustee

The undersigned registered
holder of this Note hereby acknowledges receipt of a Change of Control Purchase Notice from eBay Inc. (the “Company”)
and hereby surrenders this Note (or the portion of the principal amount of this Note set forth below) for repurchase by the Company
on the terms and subject to the conditions set forth in Section 18 of this Note and in the Change of Control Purchase Notice.
Capitalized terms used herein but not defined shall have meanings set forth in this Note.

If you elect to have only
a part of this Note repurchased by the Company, indicate the principal amount you elect to have repurchased in the following space;
if you do not indicate a principal amount in the following space it means that you elect to have this entire Note repurchased
by the Company:

	Principal
    amount surrendered for repurchase	$	         
	 	(must
    be in a principal amount of $2,000 or an integral multiple of $1,000 in excess thereof and any portion of this Note not surrendered
    for repurchase must be in a principal amount of $2,000 or an integral multiple of $1,000 in excess thereof)

 

If the Note you are surrendering
for repurchase is in physical form, insert the certificate number of the Note in the following space:

Certificate No.

Date:

	 	 	 	 	 
	 	 	 	Your
    Signature:	 
	 	 	 	 	(sign
    exactly as your name(s) appear(s) on the face of this Note)
	 	 	 	 	 
	 	 	 	Tax
    Identification No:	 
	 	 	 	Signature
    Guarantee:	 

 

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

    	45

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