Document:

EX-10.7

 Exhibit 10.7 

BRISTOW GROUP INC. 
 MANAGEMENT
SEVERANCE BENEFITS PLAN 
 FOR NON-U.S. EMPLOYEES 

(Effective as of June 4, 2014) 

 CERTIFICATE 

I, Chipman Earle, Secretary of Bristow Group Inc., hereby certify that the attached document is a correct copy of the Bristow Group Inc.
Management Severance Benefits Plan for Non-U.S. Employees, effective as of June 4, 2014. 
 Dated this
        day of             , 2014. 
  

	
	 
	 Secretary as Aforesaid

	
	 (Corporate Seal)

  
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 ARTICLE I 

GENERAL 
 1.1 Effective
Date. The provisions of the Plan shall be effective as of June 4, 2014 and shall remain in effect, subject to the right of the Board to amend or terminate the Plan at any time pursuant to Article 6. The rights, if any, of any person
hereunder shall be determined pursuant to the Plan as in effect on the date such person ceases to be an employee of the Employer, unless a subsequently adopted provision of the Plan is applicable to such person in accordance with the provisions of
Article 6 hereof. 
 1.2 Purpose. The purpose of the Plan is to provide severance benefits to Participants who are involuntarily
terminated by the Employer. 
 ARTICLE II 

DEFINITIONS AND USAGE 
 2.1
Definitions. Wherever used in the Plan, the following words and phrases shall have the meaning set forth below unless the context plainly requires a different meaning: 

(a) “Administrator” means the Benefits and Retirement Plan Committee of the Company. 

(b) “Benefits” means, as applicable, the benefits described in Section 4.2 of the Plan. 

(c) “Board” means the Board of Directors of the Company. 

(d) “Cause” shall have the meaning set forth in the Participant’s contractual terms and conditions of employment
or, if not so set forth, “Cause” means: 
 (i) the Participant’s willful failure to substantially perform the
duties assigned to him or her by the Board or by his or her supervisor; other than any such failure resulting from incapacity due to physical or mental illness; or 

(ii) the Participant’s commission of malfeasance, fraud, or dishonesty, or the Participant’s willful and material
violation of Employer policies; or 
 (iii) the Participant’s indictment or formal charge for, and subsequent conviction
of, or plea of guilty or nolo contendere to, a felony, a misdemeanor involving moral turpitude or a similar offense under law applicable to the Participant; or 

(iv) the Participant’s material breach of any agreement with an Employer. “Cause” shall not include an
employee’s refusal to accept the relocation of the employee’s job to a location more than fifty (50) miles from his or her then current work location. 

(e) “Code” means the Internal Revenue Code of 1986, as amended. 

  
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 (f) “Committee” means the Compensation Committee of the Board of
Directors of the Company. 
 (g) “Company” means Bristow Group Inc., a Delaware corporation. 

(h) “Disability” means the inability of the Participant to perform the Participant’s duties with the Employer on
a full-time basis during the Participant’s applicable employment period as a result of incapacity due to mental or physical illness. 

(i) “Effective Date” means June 4, 2014. 

(j) “Eligible Employee” means an employee of an Employer who is paid on a payroll originating outside the United
States who meets the requirements of Section 3.1. 
 (k) “Employer” means individually, and
“Employers” means collectively, the Company and each subsidiary of the Company that adopts the Plan with the Company’s consent. 

(l) “Incentive Plan” means the Bristow Group Inc. 2007 Long Term Incentive Plan, as amended from time to time, or any
successor thereto. 
 (m) “Participant” means an employee of the Employer who is a participant in the Plan in
accordance with Section 3.1. 
 (n) “Plan” means the Bristow Group Inc. Management Severance Benefits Plan for
Non-U.S. Employees, as amended from time to time. 
 (o) “Pro-Rata Bonus” means the Participant’s Target Bonus
multiplied by a fraction, the numerator of which is the number of days the Participant was employed during the fiscal year in which the Participant’s termination of employment occurs and the denominator of which shall be 365. 

(p) “Target Bonus” means the Participant’s target annual bonus opportunity under the Company’s annual bonus
plan for the year in which the Participant’s termination of employment occurs, or if no such target opportunity has been established for such year, the Participant’s most recent target annual bonus opportunity. If a Participant is not
eligible for a Target Bonus under the Company’s annual bonus plan, then such Participant’s Target Bonus shall be deemed to be zero. 

(q) “Terminated,” “termination of employment,” “employment termination” and variations thereof,
as used in the Plan with respect to a U.S. Taxpayer, mean a termination of employment which constitutes a “separation from service” as that term is defined under Code Section 409A and the Treasury regulations issued thereunder. 

(r) “U.S. Taxpayer” means a Participant who is subject to taxation in the United States. 

  
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 ARTICLE III 

PARTICIPATION 
 3.1
Participation. An Eligible Employee shall become a Participant in the Plan as of the later to occur of (i) the Effective Date or (ii) the date he or she first becomes an officer or an employee in job grades 1 through 11. 

Notwithstanding the preceding, there shall be no duplication of benefits between this Plan and the benefits due an employee of an Employer who is eligible for
severance, involuntary termination or substantially similar benefits pursuant to applicable law or under any other plan, program, contract, agreement or arrangement with an Employer. 

ARTICLE IV 
 SEVERANCE BENEFITS

 4.1 General. Except as otherwise provided in this Section 4.1, a Participant may be entitled to Benefits under
Section 4.2 if the Participant’s employment is involuntarily terminated by the Employer without Cause. A Participant shall not be entitled to Benefits if the Participant’s employment is terminated by the Employer for Cause; or if the
Participant’s termination of employment is due to death or Disability; or if the Participant quits, retires or resigns. A Participant shall also not be entitled to Benefits if the Participant fails to sign and timely deliver an effective and
unrevoked release of claims against the Employers and, if so requested by the Employers, a noncompetition and nonsolicitation agreement, with such release and such agreement to be in the form requested by the Employer in its sole discretion. 

4.2 Termination without Cause. A Participant entitled to Benefits under Section 4.1 due to a termination without Cause shall be
entitled to Benefits based upon the applicable of the following: 
 (a) Pro-Rata Bonus. A Participant shall be
entitled to a Pro-Rata Bonus, which shall be paid to the Participant as soon as practicable but no later than two and one-half months following the last day of the calendar year that includes the
Participant’s employment termination date. 
 (b) Incentive Benefits. Unless the terms of an award specifically
provide otherwise, a Participant shall be entitled to the following benefits with respect to the awards identified below, as applicable, that are unvested and outstanding at the time of the Participant’s termination of employment. 

(i) Options. All stock options will immediately and fully vest, with such vested options remaining exercisable until the
earlier of the end of the twelve (12) month period following the Participant’s employment termination date or the expiration of such stock options by their terms. 

(ii) Time-Vested Awards without Performance Conditions. All equity awards that vest solely due to passage of time will
immediately and fully vest, and such awards will be settled or delivered to the Participant as soon as practicable but no later than two and one-half months following the last day of the calendar year that includes the Participant’s employment
termination date. 

  
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 (iii) Performance Cash Awards. All performance cash awards will become
fully vested and earned at the target performance level, and shall be paid to the Participant on the originally scheduled date. 

(iv) Performance-Based Equity Awards. All performance-based equity awards will become fully vested and earned at the
target performance level, and shall be settled or delivered to the Participant on the originally scheduled date. 
 ARTICLE V 

ADMINISTRATION OF THE PLAN 
 5.1
General. Except as otherwise expressly provided in the Plan, the Administrator shall be responsible for administration of the Plan. 

5.2 Administrator Duties. In addition to duties specifically stated herein, the Administrator shall have full responsibility to
represent the Employers and the Participants in all things it may deem necessary for the proper administration of the Plan. Subject to the terms of the Plan, the decision of the Administrator, acting in its sole discretion, upon any question of
fact, interpretation, definition or procedures relating to the administration of the Plan shall be conclusive. The Administrator shall have the following discretionary responsibilities under the Plan: 

(a) To construe and interpret the Plan, to determine the amount, manner and time of payment of any benefits under the Plan, to
determine the terms and provisions of any agreements made pursuant to the Plan, and to remedy ambiguities, inconsistencies or omissions all in its sole and complete discretion; 

(b) To adopt such rules and procedures as may be necessary for the efficient administration of the Plan and as are consistent
with the Plan, and to enforce the Plan in accordance with its terms and such rules; 
 (c) To delegate its authority to such
other committees or officers of the Employers as may be necessary or desirable for the efficient administration of the Plan; 

(d) To make determinations as to the right of any individual to a benefit and to direct payments or distributions in accordance
with the provisions of the Plan; 
 (e) To furnish the Employers and the Participants with such information as may be
required by them for tax or other purposes in connection with the Plan; 
 (f) To enroll Participants in the Plan, distribute
and receive Plan administration forms and comply with all applicable governmental reporting and disclosure requirements; and 

  
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 (g) To employ agents, attorneys, accountants, actuaries or other persons (who
also may be employed by the Employers), and to allocate or delegate to them such powers, rights and duties as the Administrator considers necessary or advisable to properly carry out the administration of the Plan, provided that any such allocation
or delegation and the acceptance thereof must be in writing. 
 ARTICLE VI 

AMENDMENT OR TERMINATION OF PLAN 

6.1 Amendment. While the Company expects and intends to continue the Plan, the Company must necessarily reserve and hereby does reserve
the right to amend the Plan from time to time. Any amendment of the Plan will be by resolution of the Board or the Committee. Notwithstanding the preceding, the Administrator may amend the Plan in the following respects without the approval of the
Board or the Committee: (i) amendments required by law; (ii) amendments that relate to the administration of the Plan and that do not materially change the cost of the Plan; and (iii) amendments that are designed to resolve possible
ambiguities, inconsistencies, or omissions in the Plan and that do not materially increase the cost of the Plan. 
 6.2 Right to
Terminate. The Plan will terminate as to all Employers on any date specified by the Company if written notice of the termination is given to the Administrator, the Participants and the Employers by the Company. The Plan will terminate as to an
individual Employer (including the Company) on the first to occur of the following: 
 (a) The date it is terminated by such
Employer if written notice of the termination is given to the Company, the Participants, the other Employers and the Administrator; 

(b) The date such Employer is judicially declared bankrupt or insolvent; and 

(c) The dissolution, merger, consolidation or reorganization of such Employer, or the sale of all or substantially all of its
assets, except that in any such event arrangements may be made with the consent of the Company whereby the Plan will be continued by any successor to such Employer or any purchaser of all or substantially all of its assets without a termination
thereof, in which case the successor or purchaser will be substituted for such Employer under the Plan. 
 ARTICLE VII 

MISCELLANEOUS PROVISIONS 
 7.1
Unfunded Plan. Nothing herein shall require the Employer to segregate or set aside any funds or other property for the purpose of paying any benefits under the Plan. Nothing contained in the Plan, and no action taken pursuant to its
provisions by the Employers or the Administrator shall create, nor be construed to create, a trust of any kind or a fiduciary relationship between the Employer and the Participant or any other person. Benefits hereunder shall be paid from assets
which shall continue, for all purposes, to be a part of the general, unrestricted assets of the Employer. The obligation of the Employer hereunder shall be an unfunded and unsecured promise to pay money in the future. To the extent that the
Participant is entitled to receive payments from the Employer under the provisions hereof, such right shall be no greater than the right of any unsecured general creditor of the Employer, no such person shall have nor acquire any legal or equitable
right, interest or claim in or to any property or assets of the Employer. 

  
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 7.2 Nonguarantee of Employment. None of the establishment of the Plan, any modification or
amendment thereof, the creation of any fund or account, or the payment of any benefits shall be construed as giving to any Participant or other person any legal or equitable right against the Employers or the Administrator except as provided herein.
Under no circumstances shall the maintenance of the Plan constitute a contract of employment or shall the terms of employment of any Participant be modified or in any way affected hereby. Accordingly, participation in the Plan will not give any
Participant a right to be retained in the employ of the Employer. 
 7.3 Nonalienation of Benefits. The rights or interests of any
Participant to any benefits or future payments under the Plan shall not be subject to attachment or garnishment or other legal process by any creditor of any such Participant nor shall any such Participant have any right to alienate, anticipate,
commute, pledge, encumber or assign any of the benefits or rights which such Participant may expect to receive under the Plan, except as may be required by the tax withholding provisions of the Code or any applicable federal, state, local or foreign
laws. 
 If a Participant is indebted to the Employer at any time when payments are to be made by the Employer to the Participant under the provisions of the
Plan, the Employer shall have the right to reduce the amount of payment to be made to the Participant (or the Participant’s beneficiary). Any election by the Employer not to reduce such payment shall not constitute a waiver of its claim for
such indebtedness. 
 7.4 Payment with Respect to Incapacitated Persons. If any person entitled to benefits under the Plan is under a
legal disability, a minor or, in the Administrator’s opinion, incapacitated in any way so as to be unable to manage his or her financial affairs, the Administrator may direct the payment of such benefits to such person’s legal
representative or to a relative or friend of such person for such person’s benefit, or the Administrator may direct the application of such benefit for the benefit of such person in any manner which the Administrator may select that is
consistent with the Plan. Any payments made in accordance with the foregoing provisions of this Section 7.4 shall be a full and complete discharge of any liability for such payments. 

7.5 Litigation. In any action or proceeding regarding any Plan benefits or the administration of the Plan, employees or former employees
of the Employers and any other persons claiming to have an interest in the Plan shall not be necessary parties and shall not be entitled to any notice of process. Any final judgment which is not appealed or appealable and which may be entered in any
such action or proceeding shall be binding and conclusive on the parties hereto and on all persons having or claiming to have any interest in the Plan. Acceptance of participation in the Plan shall constitute a release of the Employers, the
Administrator and their agents from any and all liability and obligation not involving willful misconduct or gross neglect. 

  
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 7.6 Headings. The headings of the various Articles and Sections in the Plan are solely for
convenience and shall not be relied upon in construing any provisions hereof. Any reference to a Section shall refer to a Section of the Plan unless specified otherwise. 

7.7 Evidence. Evidence required of anyone under the Plan shall be signed, made or presented by the proper party or parties and may be by
certificate, affidavit, document or other information which the person acting thereon considers pertinent and reliable. 
 7.8 Gender and
Number. Words denoting the masculine gender shall include the feminine and neuter genders, the singular shall include the plural and the plural shall include the singular wherever required by the context. 

7.9 Waiver of Notice. Any notice required under the Plan may be waived by the person entitled to notice. 

7.10 Taxes and Withholding. Notwithstanding any other provisions of the Plan, the Employer may withhold from any payment to be made
under the Plan such amount or amounts as may be required for purposes of complying with the tax withholding provisions of the Code or any applicable federal, state, local or foreign laws. 

7.11 Applicable Law. The Plan shall be construed in accordance with the laws of the jurisdiction set forth in the Participant’s
contractual terms and conditions of employment or, if no jurisdiction is so set forth, with the laws of the country of the Participant’s principle place of employment. 

7.12 Severability. Whenever possible, each provision of the Plan shall be interpreted in such manner as to be effective and valid under
applicable law, but if any provision of the Plan is held to be invalid, illegal or unenforceable in any respect under any applicable law or rule in any jurisdiction, such invalidity, illegality or unenforceability shall not affect any other
provision or any other jurisdiction, and the Plan shall be reformed, construed and enforced in such jurisdiction so as to best give effect to the intent of the Employers under the Plan. 

7.13 Successors. The Plan is binding on all persons entitled to benefits hereunder and their respective heirs and legal representatives,
on the Administrator and its successor, and on the Employers and their successors, whether by way of merger, consolidation, purchase or otherwise. 

7.14 Effect on Other Employee Benefit Plans and Company Policy. 

(a) Company Plans and Policies. Any benefit paid or payable under the Plan shall not be included in a Participant’s
or employee’s compensation for purposes of computing benefits under any employee benefit plan maintained or contributed to by the Employer except as may otherwise be required under the terms of such employee benefit plan or applicable law.
Effective as of the Effective Date, the adoption of the Plan shall operate to supersede the Company’s policy regarding Vesting of Awards Upon Involuntary Termination Without Cause, dated November 6, 2013. 

  
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 (b) Code Section 162(m). Notwithstanding any contrary provision of
Section 4.2, payment of the Pro-Rata Bonus and settlement of any performance cash awards or performance-based equity awards shall be contingent upon, and shall not occur prior to, achievement of any applicable performance goal established for
purposes of compliance with the performance-based compensation rules under Code Section 162(m) for any Participant who is a “covered employee” within the meaning of Code Section 162(m). 

7.15 No Vested Right to Benefits. No employee or Participant shall have any vested right to Benefits. 

7.16 Code Section 409A. The time and form of payment of the Participant’s Benefits upon termination of employment described in
Article 4 shall be made in accordance with such Article, provided that with respect to a U.S. Taxpayer and termination of employment for reasons other than death, the payment at such time can be characterized as a
“short-term deferral” for purposes of Code Section 409A or as otherwise exempt from the provisions of Code Section 409A, or if any portion of the payment cannot be so characterized, and the
Participant is a “specified employee” under Code Section 409A, such portion of the payment shall be delayed until the earlier to occur of the Participant’s death or the date that is six months and one day following the
Participant’s termination of employment (the “Delay Period”). Upon the expiration of the Delay Period, all payments and benefits delayed pursuant to this Section 7.16 shall be paid to the Participant in a lump sum, and any
remaining payments due under Article 4, shall be payable at the same time and in the same form as such amounts would have been paid in accordance with their original payment schedule under such Article. For purposes of applying the provisions
of Code Section 409A, each separately identified amount to which a U.S. Taxpayer Participant is entitled shall be treated as a separate payment. 
 To
the extent that the Company requires a release of claims from a U.S. Taxpayer Participant pursuant to Section 4.1 prior to the receipt of Benefits, the release shall be delivered by the Company to the Participant no later than 7 days following
the date of the Participant’s termination of employment, and the Participant must execute (without revocation) and return the release to the Company no later than the date that is 50 days after the date of the Participant’s termination of
employment. 
 The Plan and the Benefits provided hereunder are intended to comply with Code Section 409A, to the extent applicable thereto.
Notwithstanding any provision of the Plan to the contrary, the Plan shall be interpreted and construed consistent with this intent with respect to U.S. Taxpayers. Notwithstanding the foregoing, the Employers shall not be required to assume any
increased economic burden in connection therewith. Although the Employers and the Administrator intend to administer the Plan so that the Plan and the Benefits provided hereunder comply with the requirements of Code Section 409A, to the extent
applicable thereto, neither the Employers nor the Administrator represents or warrants that the Plan or the Benefits provided hereunder will comply with Code Section 409A or any other provision of federal, state, local, or non-United States law. Neither the Employers, their subsidiaries, nor their respective directors, officers, employees or advisers shall be liable to any Participant (or any other individual claiming a benefit
through the Participant) for any tax, interest, or penalties the Participant may owe as a result of participation in the Plan, and the Employers and their subsidiaries shall have no obligation to indemnify or otherwise protect any Participant from
the obligation to pay any taxes pursuant to Code Section 409A. 
 *   *   *   *   * 

  
 10EX-4.1

 Exhibit 4.1 

[Form of Note] 
 (FACE OF
NOTE) 
 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 OF A DEPOSITORY. UNLESS AND UNTIL IT IS EXCHANGED IN WHOLE OR IN PART FOR SECURITIES IN DEFINITIVE FORM IN ACCORDANCE WITH THE PROVISIONS OF THE INDENTURE AND THE TERMS OF THE SECURITIES, THIS GLOBAL SECURITY MAY NOT BE TRANSFERRED EXCEPT
AS A WHOLE BY THE DEPOSITORY TO A NOMINEE OF THE DEPOSITORY OR BY A NOMINEE OF THE DEPOSITORY TO THE DEPOSITORY OR ANOTHER NOMINEE OF THE DEPOSITORY OR BY THE DEPOSITORY OR ANY SUCH NOMINEE TO A SUCCESSOR DEPOSITORY OR A NOMINEE OF SUCH SUCCESSOR
DEPOSITORY. 
 UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION
(“DTC”), TO AT&T INC., 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
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. 
 AT&T INC. 

4.800% Global Notes due 2044 

CUSIP NO. [—] 

ISIN NO. [—] 

No. R-[—] 

$500,000,000 
 AT&T Inc., a
corporation duly organized and existing under the laws of the State of Delaware (herein called “AT&T”, which term includes any successor Person under the Indenture hereinafter referred to), for value received, hereby promises to pay to
Cede & Co., or registered assigns, the principal sum of Five Hundred Million Dollars ($500,000,000) on June 15, 2044 (the “Maturity Date”), and to pay interest on said principal sum from June 10, 2014 or from the most
recent Interest Payment Date to which interest has been paid or duly provided for, semiannually in arrears on June 15 and December 15 in each year, commencing on December 15, 2014 (each an “Interest Payment Date”) and on the
Maturity Date, at the interest rate of 4.800% 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 such 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 close of business on June 1 or December 1, as the case may be (each, a “Regular Record Date”), next preceding such Interest Payment Date. 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 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 shall be given to Holders of Notes not less than 15 days prior to such Special Record Date, or be paid at any time 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. 

Any money that AT&T deposits with the Trustee or any Paying Agent for the payment of principal or any interest on this Note that remains
unclaimed for two years after the date upon which the principal and interest are due and payable, will be repaid to AT&T upon AT&T’s request unless otherwise required by mandatory provisions of any applicable unclaimed property law.
After that time, unless otherwise required by mandatory provisions of any unclaimed property law, the Holder of this Note will be able to seek any payment to which such Holder may be entitled to collect only from AT&T. 

If the Notes are issued in definitive form, payment of the principal and interest on this Note due at the Maturity Date or upon redemption
will be made at the Maturity Date or upon redemption, as the case may be, upon presentation of this Note, in immediately available funds, at the office of The Bank of New York Mellon Trust Company, N.A., the Paying and Transfer Agent and Registrar
for the Notes, currently located at 601 Travis Street, 16th Floor, Houston, Texas 77002. 

Payment of interest on this Note due on an Interest Payment Date, other than interest at maturity or upon redemption, may be paid by check
mailed to the address of the Holder entitled thereto as such address shall appear in the Note register. Notwithstanding the foregoing, (1) the Depository as Holder of the Notes or (2) a Holder of more than U.S.$5,000,000 in aggregate
principal amount of Notes in definitive form is entitled to require the Paying Agent to make payments of interest, other than interest due at maturity or upon redemption, by wire transfer of immediately available funds into an account maintained by
the Holder in the United States, by sending appropriate wire transfer instructions as long as the Paying Agent receives the instructions not less than ten days prior to the applicable Interest Payment Date. 

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

  
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 Unless the certificate of authentication hereon has been executed by the Trustee referred to on
the reverse hereof by manual signature, this Note shall not be entitled to any benefit under the Indenture or be valid or obligatory for any purpose. 

  
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 IN WITNESS WHEREOF, AT&T INC. has caused this instrument to be signed in its corporate name,
manually or by facsimile, by its duly authorized officers and has caused its corporate seal to be imprinted hereon. 
  

							
	Dated: June 10, 2014	 		 	AT&T INC.
				
	 [SEAL]
	 		 	By:	 	 
		 		 		 	Stacey S. Maris
		 		 		 	Senior Vice President and Secretary

  

							
				
		 		 	By:	 	 
		 		 		 	George B. Goeke
		 		 		 	Assistant Treasurer

 Trustee’s Certificate of Authentication 

This is one of the 4.800% Global Notes due 2044 
 of the series
designated herein referred to 
 in the within-mentioned Indenture. 
  

							
	 THE BANK OF NEW YORK MELLON TRUST COMPANY, N.A.,

as Trustee
	 		 	
				
	By:	 	 	 		 	Dated: June 10, 2014
		 	Authorized Signatory	 		 	
		 		 		 	

 REVERSE OF NOTE 

This Note is one of a duly authorized issue of debt securities of AT&T of the series specified on the face hereof, issued under and
pursuant to an Indenture, dated as of May 15, 2013, between AT&T and The Bank of New York Mellon Trust Company, N.A., as Trustee (the “Trustee,” which term includes any successor Trustee under the Indenture), to which indenture
and all indentures supplemental thereto (collectively, the “Indenture”) reference is hereby made for a description of the rights, limitations of rights, obligations, duties and immunities thereunder of the Trustee, AT&T and the Holders
of the Notes and of the terms upon which the Notes are, and are to be, authenticated and delivered. The Notes will be issued in fully registered form only and in denominations of $2,000 and integral multiples of $1,000. This Note is one of the
series designated on the face hereof initially limited in aggregate principal amount to $2,000,000,000. 
 The Indenture permits, with
certain exceptions as therein provided, the amendment thereof and the modification of the rights and obligations of AT&T and the rights of the Holders of the Notes under the Indenture at any time by AT&T and the Trustee with the consent of
the Holders of a majority in principal amount of the Notes at the time outstanding. The Indenture also contains provisions permitting the Holders of specified percentages in principal amount of the Notes at the time outstanding to waive compliance
by AT&T with certain provisions of the Indenture and certain past defaults under the Indenture and their consequences. Any such consent or waiver by the Holder of this Note shall be conclusive and binding upon such Holder and upon all future
Holders of this Note and of any Note issued upon the registration of transfer hereof or in exchange herefor or in lieu hereof, whether or not notation of such consent or waiver is made upon this Note. 

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

Registrar and Paying Agent 

AT&T shall maintain in the Borough of Manhattan, The City of New York, an office or agency where Notes may be surrendered for registration
of transfer or exchange (“Registrar”) and an office or agency where Notes may be presented for payment or for exchange (“Paying Agent”). AT&T has initially appointed the Trustee, The Bank of New York Mellon Trust Company,
N.A., as its Registrar and Paying Agent. AT&T may vary or terminate the appointment of any of its paying or transfer agencies, and may appoint additional paying or transfer agencies. 

Optional Redemption by AT&T 

At any time prior to December 15, 2043, the Notes will be redeemable, as a whole or in part, at AT&T’s option, at any time and
from time to time on at least 30 days’, but not more than 60 days’, prior notice mailed (or otherwise transmitted in accordance with DTC procedures) to 

 the registered address of each Holder of the Notes. The redemption price will be calculated by AT&T and will
be equal to the greater of (1) 100% of the principal amount of the Notes to be redeemed or (2) the sum of the present values of the Remaining Scheduled Payments (as defined below) of principal and interest discounted to the redemption
date, on a semiannual basis (assuming a 360-day year consisting of twelve 30-day months), at a rate equal to the sum of the Treasury Rate (as defined below) plus 25 basis points. In either case, accrued
interest will be payable to the redemption date. Any time on or after December 15, 2043, the Notes will be redeemable, as a whole or in part, at AT&T’s option, at any time on at least 30 days’, but not more than 60 days’,
prior notice mailed to the registered address of each Holder of the Notes at a redemption price equal to 100% of the principal amount of the Notes to be redeemed. Accrued interest will be payable to the redemption date. 

“Treasury Rate” means, with respect to any redemption date, the rate per annum equal to the semiannual equivalent yield to maturity
or interpolation (on a day count basis) of the interpolated Comparable Treasury Issue, assuming a price for the Comparable Treasury Issue (expressed as a percentage of its principal amount) equal to the Comparable Treasury Price for such redemption
date, as determined by AT&T or an Independent Investment Banker appointed by AT&T. 
 “Comparable Treasury Issue” means
the United States Treasury security or securities selected by an Independent Investment Banker as having an actual or interpolated maturity comparable to the remaining term of the Notes 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 a comparable maturity to the remaining term of such Notes. 

“Independent Investment Banker” means one of the Reference Treasury Dealers, appointed by AT&T. 

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

 “Reference Treasury Dealer Quotations” means, with respect to each Reference Treasury Dealer and any redemption date, the
average, as determined by AT&T, 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 AT&T by such Reference Treasury Dealer at 3:30 p.m., New York
City time, on the third Business Day preceding such redemption date. 
 “Reference Treasury Dealer” means each of J.P. Morgan
Securities LLC, Morgan Stanley & Co. LLC and RBC Capital Markets, LLC and their respective affiliates and, at the option of AT&T, one other nationally recognized investment banking firm that is a primary U.S. Government Securities
dealer in the United States (a “Primary Treasury Dealer”); provided, however, that if any of the foregoing shall cease to be a Primary Treasury Dealer, AT&T will substitute therefor another Primary Treasury Dealer. 

  
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 “Remaining Scheduled Payments” means, with respect to each Note to be redeemed, the
remaining scheduled payments of principal of and interest on the Note that would be due after the related redemption date but for the redemption. If that redemption date is not an Interest Payment Date with respect to a Note, the amount of the next
succeeding scheduled interest payment on the Note will be reduced by the amount of interest accrued on the Note to the redemption date. 

On and after the redemption date, interest will cease to accrue on the Notes or any portion of the Notes called for redemption, unless
AT&T defaults in the payment of the redemption price and accrued interest. On or before the redemption date, AT&T will deposit with a Paying Agent or the Trustee money sufficient to pay the redemption price of and accrued interest on the
Notes to be redeemed on that date. 
 In the case of any partial redemption, selection of the Notes to be redeemed will be made in
accordance with applicable procedures of DTC. 
 Payment of Additional Amounts 

AT&T will, subject to the exceptions and limitations set forth below, pay as additional interest on the Notes such additional amounts
(“Additional Amounts”) as are necessary so that the net payment by AT&T or a Paying Agent of the principal of and interest on this Note to a person that is a United States Alien Holder, after deduction for any present or future tax,
assessment or governmental charge of the United States or a political subdivision or taxing authority thereof or therein, imposed by withholding with respect to the payment, will not be less than the amount that would have been payable in respect of
the Notes had no withholding or deduction been required; provided, however, that the foregoing obligation to pay additional amounts shall not apply: 

(1) to any tax, assessment or governmental charge that is imposed or withheld solely because the beneficial owner, or a
fiduciary, settlor, beneficiary or member of the beneficial owner if the beneficial owner is an estate, trust or partnership, or a person holding a power over an estate or trust administered by a fiduciary holder: 

(a) is or was present or engaged in trade or business in the United States or has or had a permanent establishment in the
United States; 
 (b) is or was a citizen or resident or is or was treated as a resident of the United States; 

(c) is or was a foreign or domestic personal holding company, a passive foreign investment company or a controlled foreign
corporation with respect to the United States or is or was a corporation that has accumulated earnings to avoid United States federal income tax; or 

  
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 (d) is or was a “10-percent shareholder” of AT&T; 

(2) to any Holder that is not the sole beneficial owner of the Notes, or a portion thereof, or that is a fiduciary or
partnership, but only to the extent that the beneficial owner, a beneficiary or settlor with respect to the fiduciary, or a member of the partnership would not have been entitled to the payment of an additional amount had such beneficial owner,
beneficiary, settlor or member received directly its beneficial or distributive share of the payment; 
 (3) to any tax,
assessment or governmental charge that is imposed or withheld solely because the beneficial owner or any other person failed to comply with certification, identification or information reporting requirements concerning the nationality, residence,
identity or connection with the United States of the Holder or beneficial owner of the Notes, if compliance is required by statute, by regulation of the United States Treasury Department or by an applicable income tax treaty to which the United
States is a party as a precondition to exemption from such tax, assessment or other governmental charge; 
 (4) to any tax,
assessment or governmental charge that is imposed other than by deduction or withholding by AT&T or a Paying Agent from the payment; 

(5) to any tax, assessment or governmental charge that is imposed or withheld solely because of a change in law, regulation, or
administrative or judicial interpretation that becomes effective after the day on which the payment becomes due or is duly provided for, whichever occurs later; 

(6) to an estate, inheritance, gift, sales, excise, transfer, wealth or personal property tax or any similar tax, assessment or
governmental charge; 
 (7) to any tax, assessment or other governmental charge any paying agent (which term may include us)
must withhold from any payment of principal of or interest on any note, if such payment can be made without such withholding by any other paying agent; or 

(8) in the case of any combination of the above items. 

The Notes are subject in all cases to any tax, fiscal or other law or regulation or administrative or judicial interpretation applicable. Except as
specifically provided herein, AT&T shall not be required to make any payment with respect to any tax, assessment or governmental charge imposed by any government or a political subdivision or taxing authority thereof or therein. 

  
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 “United States Alien Holder” means (a) a nonresident alien individual, (b) a
foreign corporation or (c) an estate or trust that in either case is not subject to United States federal income tax on a net income basis or income or gain from a Note. 

Redemption Upon a Tax Event 

If (a) AT&T becomes or will become obligated to pay Additional Amounts as a result of any change in, or amendment to, the laws (or any
regulations or rulings promulgated thereunder) of the United States (or any political subdivision or taxing authority thereof or therein), or any change in, or amendments to, any official position regarding the application or interpretation of such
laws, regulations or rulings, which change or amendment is announced or becomes effective on or after June 3, 2014 or (b) a taxing authority of the United States takes an action on or after June 3, 2014, whether or not with respect to
AT&T or any of its affiliates, that results in a substantial probability that AT&T will or may be required to pay such Additional Amounts, then AT&T may, at its option, redeem, as a whole, but not in part, the Notes on any interest
payment date on not less than 30 nor more than 60 calendar days’ prior notice, at a redemption price equal to 100% of their principal amount, together with interest accrued thereon to the date fixed for redemption. However, AT&T may
determine, in its business judgment, that the obligation to pay these Additional Amounts cannot be avoided by the use of reasonable measures available to it, not including substitution of the obligor under the Notes. No redemption pursuant to
(b) above may be made unless AT&T shall have received an opinion of independent counsel to the effect that an act taken by a taxing authority of the United States results in a substantial probability that AT&T will or may be required to
pay the Additional Amounts and AT&T shall have delivered to the Trustee a certificate, signed by a duly authorized officer stating, that based on such opinion, AT&T is entitled to redeem the Notes pursuant to their terms. 

Further Issues 
 AT&T
reserves the right from time to time, without notice to or the consent of the Holders of the Notes, to create and issue further notes ranking equally and ratably with the Notes in all respects, or in all respects except for the payment of interest
accruing prior to the issue date or except for the first payment of interest following the issue date of those further notes. Any further notes will have the same terms as to status, redemption or otherwise as, and will be fungible for tax purposes
with, the Notes. Any further notes shall be issued pursuant to a resolution of the board of directors of AT&T, a supplement to the Indenture, or under an officers’ certificate pursuant to the Indenture. 

Notes in Definitive Form 

If (1) an Event of Default has occurred with regard to the Notes represented by this Note and has not been cured or waived in accordance
with the Indenture, or (2) the Depository is at any time unwilling or unable to continue as depository and a successor depository is not appointed by AT&T within 90 days, AT&T may issue notes in definitive form in exchange for this
Note. In either instance, an owner of a beneficial interest in the Notes will be entitled to the physical delivery in definitive form in exchange for this Note, equal in principal amount to such beneficial interest and to have such Notes registered
in its name. 

  
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 Notes so issued in definitive form will be issued as registered notes in minimum denominations of
$2,000 and integral multiples of $1,000, unless otherwise specified by AT&T. 
 Notes so issued in definitive form may be transferred by
presentation for registration to the Registrar at its New York office and must be duly endorsed by the Holder or the Holder’s attorney duly authorized in writing, or accompanied by a written instrument or instruments of transfer in form
satisfactory to AT&T or the Trustee duly executed by the Holder or his attorney duly authorized in writing. 
 AT&T may require
payment of a sum sufficient to cover any tax or other governmental charge that may be imposed in connection with any exchange or registration of transfer of definitive Notes. 

Default 
 In case an Event
of Default, as defined in the Indenture, shall have occurred and be continuing, the principal hereof 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. 
 Miscellaneous 

For purposes of the Notes, a Business Day means a business day in The City of New York and London. 

No director, officer, employee or stockholder, as such, of AT&T shall have any liability for any obligations of AT&T under this Note,
the Indenture or for any claim based on, in respect of or by reason of such obligations or their creation. Each Holder by accepting this Note waives and releases all such liability. The waiver and release are part of the consideration for the issue
of this Note. 
 The Notes are the unsecured and unsubordinated obligations of AT&T and will rank pari passu with all other
evidences of indebtedness issued in accordance with the Indenture. 
 Notices to holders of the Notes will be given only to the depositary,
in accordance with its applicable policies as in effect from time to time. 
 Prior to due presentment of this Note for registration of
transfer, AT&T, the Trustee and any agent of AT&T or the Trustee may treat the Person in whose name this Note is registered as the owner hereof for all purposes, whether or not this Note be overdue, and neither AT&T, the Trustee nor any
such agent shall be affected by notice to the contrary. 

  
 6 

 All terms used in this Note which are defined in the Indenture shall have the meanings assigned
to them in the Indenture. 
 The Indenture and this Note shall be governed by and construed in accordance with the laws of the State of
New York. 

  
 7

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