Document:

Exhibit 4.5

 

AFLAC
INCORPORATED, 

AS
ISSUER

 

AND

 

THE
BANK OF NEW YORK MELLON 

TRUST
COMPANY, N.A., 

AS
TRUSTEE

 

THIRTY-THIRD
SUPPLEMENTAL INDENTURE

 

Dated
as of April 15, 2021

 

 

 

¥20,000,000,000 

1.560%
Senior Notes due 2051 

     

     

    

TABLE
OF CONTENTS

 

			Page
	 		
	ARTICLE
    I
	 		
	1.560%
    SENIOR NOTES DUE 2051
	 		
	Section 1.01	Establishment	1
	Section 1.02	Definitions	2
	Section 1.03	Payment of Principal and Interest	3
	Section 1.04	Denominations	3
	Section 1.05	Global Securities	3
	Section 1.06	Transfer	4
	Section 1.07	Defeasance	4
	Section 1.08	Redemption at the Option of the Company	4
	Section 1.09	Selection of Senior Notes to be Redeemed	4
	Section 1.10	Additional Amounts	4
	Section 1.11	Tax Redemption	7
	Section 1.12	Issuance in Yen	8
	Section 1.13	Further Issues	8
	 		
	ARTICLE
    II
	 		
	MISCELLANEOUS
    PROVISIONS
	 		
	Section 2.01	Recitals by the Company	8
	Section 2.02	Amendment to Sections 2.95 and 2.06 of the Original
    Indenture Relating to the Execution of Securities and the Certificate of Authentication	9
	Section 2.03	Ratification and Incorporation of Original Indenture	9
	Section 2.04	Executed in Counterparts	10
	Section 2.05	New York Law to Govern	10
	 		
	Exhibit A	Form of Global Note	A-1
	Exhibit B	Form of Certificate of Authentication	B-1

     

     

    

THIS
THIRTY-THIRD SUPPLEMENTAL INDENTURE (this “Thirty-Third Supplemental Indenture”) is made as of the 15th day of April,
2021, by and between AFLAC INCORPORATED, a Georgia corporation, as issuer (the “Company”), and THE BANK OF NEW YORK
MELLON TRUST COMPANY, N.A., a national banking association, as trustee (the “Trustee”):

 

WHEREAS,
the Company has heretofore entered into a Senior Indenture, dated as of May 21, 2009 (the “Original Indenture”),
with the Trustee;

 

WHEREAS,
the Original Indenture is incorporated herein by reference, and the Original Indenture, as supplemented and amended by this Thirty-Third
Supplemental Indenture, is herein called the “Indenture”;

 

WHEREAS,
under the Original Indenture, a new series of senior notes may at any time be established by the Board of Directors of the Company
in accordance with the provisions of the Original Indenture and the terms of such series may be described by a supplemental indenture
executed by the Company and the Trustee;

 

WHEREAS,
the Company proposes to create under the Indenture a new series of senior notes;

 

WHEREAS,
additional senior notes of other series hereafter established, except as may be limited in the Original Indenture as at the time
supplemented and amended, may be issued from time to time pursuant to the Indenture as at the time supplemented and amended, and
all senior notes issued by the Company of any one series need not be issued at the same time and, unless otherwise so provided,
may be reopened for issuances of additional senior notes of such series; and

 

WHEREAS,
all things necessary to authorize the execution and delivery of this Thirty-Third Supplemental Indenture and make it a valid and
binding agreement of the Company, in accordance with its terms, have been done.

 

NOW
THEREFORE, in consideration of the agreements and obligations set forth herein and for other good and valuable consideration,
the sufficiency of which is hereby acknowledged, the parties hereto hereby agree as follows:

 

ARTICLE I

1.560% SENIOR NOTES DUE 2051

 

Section 1.01         
Establishment. There is hereby established a new series of senior notes to be issued under the Indenture, to be designated
as the Company’s 1.560% Senior Notes due 2051 (the “Senior Notes”). 

    1

     

    

There
are to be authenticated and delivered Senior Notes, initially limited in aggregate principal amount to ¥20,000,000,000, and
no further Senior Notes shall be authenticated and delivered except as provided by Sections 2.8, 2.9, 2.11, 8.5 or 12.3 of
the Original Indenture and the terms of this Thirty-Third Supplemental Indenture; provided, however, that the Company may re-open
this series of Senior Notes and the aggregate principal amount of the Senior Notes may be increased in the future, without the
consent of the holders of the Senior Notes, with the same ranking, interest rate, maturity date and other terms and with the same
CUSIP and ISIN numbers as the Senior Notes other than with respect to: (i) the date of issuance, (ii) the issue price
and (iii) the date from which interest shall accrue and the amount of interest payable on the first Interest Payment Date
(as defined below) following the issuance of any such additional Senior Notes (which terms shall be set forth in a Board Resolution
accompanying the Order pursuant to which any such additional Senior Notes are authenticated). Any such additional Senior Notes
and the Senior Notes established pursuant hereto shall be considered collectively as a single class for all purposes of the Indenture;
provided that such additional Senior Notes are fungible for United States federal income tax purposes with any then-existing
Senior Notes. The Senior Notes shall be issued in fully registered form.

 

The
Senior Notes shall be issued in the form of one or more Global Securities (as defined below) in substantially the form set out
in Exhibit A hereto.

 

The
form of the Trustee’s Certificate of Authentication for the Senior Notes shall be substantially in the form set forth in
Exhibit B hereto.

 

Each
Senior Note shall be dated the date of authentication thereof and shall bear interest from the date of original issuance thereof
or from the most recent Interest Payment Date to which interest has been paid or duly provided for.

 

Section 1.02         
Definitions. The following defined terms used herein shall, unless the context otherwise requires, have the meanings specified
below. Capitalized terms used herein for which no definition is provided herein shall have the meanings set forth in the Original
Indenture.

 

“Business
Day” means each Monday, Tuesday, Wednesday, Thursday and Friday that is not a day in which banking institutions or trust
companies in the City of New York, Tokyo, or London, or the relevant place of payment, are authorized or required by law, regulation
or executive order to close.

 

“Global
Security” means, with respect to any series of securities, a security authenticated and delivered under the Original Indenture
executed by the Company and held by the Trustee as custodian for the Depositary, all in accordance with the Original Indenture,
which shall be registered in the name of the Depositary or its nominee.

 

“Interest
Payment Date” means April 15 and October 15 of each year, commencing on October 15, 2021, except that the Interest Payment
Date in 2051 shall be the Stated Maturity.

 

“Non-U.S.
Holder” means a beneficial owner of a Senior Note (other than a partnership or other entity or arrangement treated as a
partnership for United States federal income tax purposes) that is not a U.S. holder.

 

“Regular
Record Date” means, with respect to each Interest Payment Date, the close of business on April 1 or October 1 immediately
preceding such Interest Payment Date. 

    2

     

    

“Stated
Maturity” means April 14, 2051.

 

Section 1.03         
Payment of Principal and Interest. If not previously redeemed, the principal of the Senior Notes shall be due at the Stated
Maturity. The unpaid and outstanding principal amount of the Senior Notes, and any overdue installment of interest thereon to
the extent permitted by law, shall bear interest at the rate of 1.560% per year until paid or made available for payment, such
interest to accrue from the most recent Interest Payment Date on which interest has been paid or duly provided for or, if no interest
has been paid, from April 15, 2021. Interest shall be paid semi-annually in arrears on each Interest Payment Date, commencing
on October 15, 2021, to the Person in whose name the Senior Notes are registered on the Regular Record Date for such Interest
Payment Date, provided that interest payable at the Stated Maturity or on a redemption date as provided herein will be paid to
the Person to whom principal is payable. Any such interest that is not so punctually paid or duly provided for will forthwith
cease to be payable to the holders on such Regular Record Date and may be paid as provided in Section 2.7 of the Original
Indenture.

 

Payments
of interest on the Senior Notes will include interest accrued to but excluding the respective Interest Payment Dates. Interest
payments for the Senior Notes shall be computed and paid on the basis of a 360-day year consisting of twelve 30-day months. In
the event that any date on which interest is payable on the Senior Notes is not a Business Day, then payment of the interest payable
on such date will be made on the next succeeding day that is a Business Day (and without any interest or other payment in respect
of any such delay), except that, if such next succeeding Business Day is in the next succeeding calendar year, such payment shall
be made on the immediately preceding Business Day, in each case with the same force and effect as if made on the date the payment
was originally payable.

 

Payment
of the principal, premium, if any, and interest due at the Stated Maturity of, or on a redemption date for, the Senior Notes shall
be made upon surrender of the Senior Notes at the Corporate Trust Office of the Trustee. Except as described in Section 1.12 below,
the principal of and interest on the Senior Notes shall be paid in Japanese yen. Payments of interest (including interest on an
Interest Payment Date) will be made, subject to such surrender where applicable, at the option of the Company, (i) by check
mailed to the address of the Person entitled thereto as such address shall appear in the Security register or (ii) by wire
transfer at such place and to such account at a banking institution in the United States as may be designated in writing to the
Trustee at least 15 days prior to the date for payment by the Person entitled thereto.

 

Section 1.04         
Denominations. The Senior Notes will be issued only in denominations of ¥100,000,000 and integral multiples of ¥10,000,000
in excess thereof.

 

Section 1.05         
Global Securities. The Senior Notes will initially be represented by one or more fully registered global notes. Each such
Senior Note will be deposited with, or on behalf of, a common depositary, and registered in the name of the nominee of the common
depositary for the accounts of Clearstream Banking, S.A. (“Clearstream”) and Euroclear Bank SA/NV (“Euroclear”).
The Senior Notes may be held through Clearstream or Euroclear, either as a participant in such systems or indirectly through organizations
which are participants in such systems. Clearstream and Euroclear will hold interests in the Senior Notes on behalf of their respective
participating organizations or customers through customers’ securities accounts in Clearstream’s or Euroclear’s
names on the books of their respective depositaries. Book-entry interests in the Senior Notes and all transfers relating to the
Senior Notes will be reflected in the book-entry records of Clearstream and Euroclear. 

    3

     

    

Owners
of beneficial interests in such Global Securities will not be entitled to have the Senior Notes registered in their names, will
not receive or be entitled to receive physical delivery of the Senior Notes in definitive form and will not be considered the
owners or holders of the notes under the Indenture, including for purposes of receiving any reports delivered by the Company or
the Trustee pursuant to the Indenture. Accordingly, each person owning a beneficial interest in a Senior Note must rely on the
procedures of the depositary and, if such person is not a participant, on the procedures of the participant through which such
person owns its interest, in order to exercise any rights of a holder of the Senior Notes.

 

Section 1.06         
Transfer. No service charge will be made for any registration of transfer or exchange of Senior Notes, but payment will
be required of a sum sufficient to cover any tax or other governmental charge that may be imposed in connection therewith.

 

Section 1.07         
Defeasance. The provisions of Sections 10.4 and 10.5 of the Original Indenture will apply to the Senior Notes.

 

Section 1.08         
Redemption at the Option of the Company. The Senior Notes will be redeemable, at
the sole option of the Company, in whole or in part from time to time, on and after October 14, 2050 (six months prior to maturity),
at a redemption price equal to 100% of the aggregate principal amount of the Senior Notes to be redeemed plus accrued and unpaid
interest on the principal amount of the Senior Notes to be redeemed, if any, to, but excluding, the redemption date.

 

Notwithstanding
Section 12.2 of the Original Indenture, notice of any redemption pursuant to this Section 1.08 of the Supplemental Indenture will
be mailed at least 15 days but no more than 60 days before the redemption date to each holder of the Senior Notes to
be redeemed at its registered address. 

 

Section 1.09         
Selection of Senior Notes to be Redeemed. If less than all of the Senior Notes are
to be redeemed, the principal amount of such Senior Notes held by each beneficial owner of such Senior Notes to be redeemed shall
be selected by the Trustee in accordance with the applicable procedures of Clearstream and Euroclear. Senior Notes, and
portions of Senior Notes, may be selected in amounts of ¥100,000,000 and integral multiples of ¥10,000,000 in excess thereof.

 

Section 1.10         
Additional Amounts. All payments of principal and interest in respect of the Senior Notes will be made free and clear of,
and without deduction or withholding for or on account of any present or future taxes, duties, assessments or other governmental
charges of whatsoever nature imposed, levied, collected, withheld or assessed by the United States or any political subdivision
or taxing authority of or in the United States (collectively, “Taxes”), unless such withholding or deduction is required
by law. 

    4

     

    

In
the event such withholding or deduction of Taxes is required by law, subject to the limitations described below, the Company will
pay to any Non-U.S. Holder such additional amounts (“Additional Amounts”) as may be necessary in order that every
net payment of principal of or interest on the Senior Notes (including upon redemption), after deduction or withholding for or
on account of such Taxes, will not be less than the amount provided for in such Senior Notes to be then due and payable before
deduction or withholding for or on account of such Taxes.

 

However,
the Company’s obligation to pay Additional Amounts shall not apply to:

 

(a)           any Taxes which would not have been so imposed, withheld or deducted but for:

 

(1)           the existence of any present or former connection between such holder or beneficial owner (or between a fiduciary, settlor, beneficiary,
member or shareholder or other equity owner of, or a person having a power over, such holder or beneficial owner, if such holder
or beneficial owner is an estate, a trust, a limited liability company, a partnership, a corporation or other entity) and the
United States, including, without limitation, such holder or beneficial owner (or such fiduciary, settlor, beneficiary, member,
shareholder or other equity owner or person having such a power) being or having been a citizen or resident or treated as a resident
of the United States or being or having been engaged in a trade or business in the United States or being or having been present
in the United States or having or having had a permanent establishment in the United States;

 

(2)           the failure of such holder or beneficial owner to comply with any applicable certification, information, documentation or other
reporting requirement concerning the nationality, residence, identity or connection with the United States of such holder or beneficial
owner or otherwise to establish entitlement to a partial or complete exemption from such Taxes (including, but not limited to,
the requirement to provide Internal Revenue Service Form W-8BEN, Form W-8BEN-E, Form W-8ECI, or any subsequent
versions thereof or successor thereto, and including, without limitation, any documentation requirement under an applicable income
tax treaty); or

 

(3)           such holder’s or beneficial owner’s present or former status as a personal holding company, foreign personal holding
company, controlled foreign corporation, passive foreign investment company or foreign tax exempt organization with respect to
the United States or as a corporation that accumulates earnings to avoid United States federal income tax;

 

(b)           any Taxes imposed, withheld or deducted by reason of the holder or beneficial owner:

 

(1)           owning or having owned, directly or indirectly, actually or constructively, 10% or more of the total combined voting power of
all classes of the Company’s stock,

 

(2)           being a bank receiving interest described in section 881(c)(3)(A) of the Internal Revenue Code, or

 

(3)           being
a controlled foreign corporation with respect to the United States that is related to the Company by stock ownership; 

    5

     

    

(c)           any Taxes which would not have been so imposed, withheld or deducted but for the presentation by the holder or beneficial owner
of Senior Note for payment on a date more than 10 days after the date on which such payment became due and payable or the
date on which payment of the Senior Note is duly provided for and notice is given to holders, whichever occurs later, except to
the extent that the holder or beneficial owner would have been entitled to such additional amounts on presenting such Senior Note
on any date during such 10-day period;

 

(d)           any estate, inheritance, gift, sales, transfer, capital gains, personal property, excise, wealth, interest equalization or similar
Taxes;

 

(e)           any Taxes which are payable otherwise than by withholding from any payment of principal of or interest on such Senior Note;

 

(f)            any Taxes which are payable by a holder that is not the beneficial owner of the Senior Note, or a portion of the Senior Note,
or that is a fiduciary, partnership, limited liability company or other similar entity, but only to the extent that a beneficial
owner, a beneficiary or settlor with respect to such fiduciary or member of such partnership, limited liability company or similar
entity would not have been entitled to the payment of an additional amount had such beneficial owner, settlor, beneficiary or
member received directly its beneficial or distributive share of the payment;

 

(g)           any Taxes required to be withheld by any paying agent from any payment of principal of or interest on any Senior Note, if such
payment can be made without such withholding by any other paying agent;

 

(h)           any Taxes that would not have been imposed, withheld or deducted but for a change in any law, treaty, regulation, or administrative
or judicial interpretation that becomes effective after the applicable payment becomes due or is duly provided for, whichever
occurs later, to the extent such change in law, treaty, regulation or administrative interpretation would apply retroactively
to such payment;

 

(i)            any Taxes imposed, withheld or deducted under Sections 1471 through 1474 of the Internal Revenue Code (or any amended or
successor provisions that are substantively comparable) and any current or future regulations or official interpretations thereof
(“FATCA”), any agreement (including any intergovernmental agreement) entered into in connection therewith, or any
law, regulation or other official guidance enacted in any jurisdiction implementing FATCA or an intergovernmental agreement in
respect of FATCA; or

 

(j)            any combination of items (a), (b), (c), (d), (e), (f), (g), (h) and (i).

 

For
purposes of this section, the acquisition, ownership, enforcement or holding of or the receipt of any payment with respect to
a Senior Note will not constitute a connection (1) between the holder or beneficial owner and the United States or (2) between
a fiduciary, settlor, beneficiary, member or shareholder or other equity owner of, or a person having a power over, such holder
or beneficial owner if such holder or beneficial owner is an estate, a trust, a limited liability company, a partnership, a corporation
or other entity and the United States. 

    6

     

    

Any
reference in the Indenture or in the Senior Notes to principal or interest shall be deemed to refer also to Additional Amounts
which may be payable under the provisions of this section.

 

Except
as specifically provided in the Senior Notes, the Company will not be required to make any payment with respect to any tax, duty,
assessment or other governmental charge imposed by any government or any political subdivision or taxing authority of or in any
government or political subdivision.

 

Section 1.11         
Tax Redemption. Unless previously redeemed or repurchased and canceled, the Senior Notes will be repayable at par, including
Additional Amounts, if any, on April 14, 2051, or such earlier date on which the same shall be due and payable in accordance with
the terms and conditions of the notes. However, if the Stated Maturity or earlier date of redemption is not a Business Day, the
Senior Notes will be payable on the next succeeding Business Day and no interest shall accrue for the period from the Stated Maturity
or relevant redemption date to such payment date.

 

The
Senior Notes may be redeemed at the option of the Company, in whole but not in part, at a redemption price equal to 100% of the
principal amount of the Senior Notes to be redeemed, together with interest accrued and unpaid on the Senior Notes to be redeemed
to, but excluding, the date fixed for redemption, at any time, on giving not less than 30 nor more than 60 days’ notice
if:

 

(a)           the Company has or will become obligated to pay Additional Amounts as a result of any change in or amendment to the laws, regulations
or rulings of the United States or any political subdivision or any taxing authority of or in the United States affecting taxation,
or any change in or amendment to an official application, interpretation, administration or enforcement of such laws, regulations
or rulings, which change or amendment is announced or becomes effective on or after April 9, 2021, or

 

(b)           any action shall have been taken by a taxing authority, or any action has been brought in a court of competent jurisdiction, in
the United States or any political subdivision or taxing authority of or in the United States, including any of those actions
specified in (a) above, whether or not such action was taken or brought with respect to the Company, or any change, clarification,
amendment, application or interpretation of such laws, regulations or rulings shall be officially proposed, in any such case on
or after April 9, 2021, which results in a substantial likelihood that the Company will be required to pay Additional Amounts
on the next interest payment date.

 

However,
no such notice of redemption shall be given earlier than 90 days prior to the earliest date on which the Company would be,
in the case of a redemption for the reasons specified in (a) above, or there would be a substantial likelihood that the Company
would be, in the case of a redemption for the reasons specified in (b) above, obligated to pay such Additional Amounts if
a payment in respect of the notes were then due and at the time such notification of redemption is given such circumstance remains
in effect. 

    7

     

    

Prior
to the mailing of any notice of redemption pursuant to this section, the Company will deliver to the Trustee:

 

(1)           a certificate signed by one of its duly authorized officers stating that the Company is entitled to effect such redemption and
setting forth a statement of facts showing that the conditions precedent to the Company’s right so to redeem have occurred,
and

 

(2)           a written opinion of independent legal counsel of recognized standing to the effect that the Company has or will become obligated
to pay such Additional Amounts as a result of such change or amendment or that there is a substantial likelihood that the Company
will be required to pay such Additional Amounts as a result of such action or proposed change, clarification, amendment, application
or interpretation, as the case may be.

 

Such
notice, once delivered by the Company to the Trustee, will be irrevocable.

 

Section 1.12         
Issuance in Yen. If the yen is unavailable to the Company due to the imposition of exchange controls or other circumstances
beyond its control, then all payments in respect of the Senior Notes will be made in U.S. dollars until the yen is again available
to the Company. In such circumstances, the amount payable on any date in yen will be converted by the Company into U.S. dollars
at the rate mandated by the Board of Governors of the Federal Reserve System as of the close of business on the second Business
Day prior to the relevant payment date or, if the Board of Governors of the Federal Reserve System has not announced a rate of
conversion, on the basis of the most recent U.S. dollar/yen exchange rate published in The Wall Street Journal on or prior to
the second Business Day prior to the relevant payment date or, in the event The Wall Street Journal has not published such exchange
rate, the rate will be determined in the Company’s sole discretion on the basis of the most recently available market exchange
rate for yen. Any payment in respect of the Senior Notes so made in U.S. dollars will not constitute an Event of Default under
the Senior Notes or the Indenture.

 

Section 1.13         
Further Issues. The Company may from time to time, without notice to or the consent of the registered holders of Senior
Notes, create and issue further notes ranking equally with the Senior Notes in all respects. Such further notes may be consolidated
and form a single series with the Senior Notes and have the same terms as to status, redemption or otherwise as the notes (other
than the issue date of such further notes and first payment of interest following the issue date of such further Senior Notes);
provided that such additional Senior Notes are fungible for United States Federal income tax purposes with any then-existing Senior
Notes.

 

ARTICLE II

MISCELLANEOUS PROVISIONS

 

Section 2.01         
Recitals by the Company. The recitals in this Thirty-Third Supplemental Indenture are made by the Company only and not
by the Trustee, and the Trustee assumes no responsibility for their correctness. The Trustee makes no representations as to the
validity or sufficiency of this Thirty-Third Supplemental Indenture or of the Senior Notes. The Trustee shall not be accountable
for the use or application by the Company of the Senior Notes or the proceeds thereof. All of the provisions contained in the
Original Indenture in respect of the rights, privileges, immunities, powers and duties of the Trustee shall be applicable in respect
of the Senior Notes and of this Thirty-Third Supplemental Indenture as fully and with like effect as if set forth herein in full. 

    8

     

    

Section 2.02         
Amendment to Sections 2.05 and 2.06 of the Original Indenture Relating to the Execution
of Securities and the Certificate of Authentication. Sections 2.05 and 2.06 of the Original Indenture are amended and restated,
with respect to the Senior Notes issued on the date hereof, to read as follows:

 

Section 2.5 Execution
of Securities. The Securities and, if applicable, each Coupon appertaining thereto shall be signed on behalf of the Issuer by
the chairman or vice chairman of its Board of Directors or its president or any executive, senior or other vice president or its
treasurer, but need not, be attested. Such signatures may be the manual, facsimile or electronic signatures of the present or any
future such officers. Typographical and other minor errors or defects in any such signature shall not affect the validity or
enforceability of any Security that has been duly authenticated and delivered by the Trustee. In case any officer of the Issuer who
shall have signed any of the Securities or Coupons, if any, shall cease to be such officer before the Security or Coupon so signed
(or the Security to which the Coupon so signed appertains) shall be authenticated and delivered by the Trustee or disposed of by the
Issuer, such Security or Coupon nevertheless may be authenticated and delivered or disposed of as though the person who signed such
Security or Coupon had not ceased to be such officer of the Issuer; and any Security or Coupon may be signed on behalf of the Issuer
by such persons as, at the actual date of the execution of such Security or Coupon, shall be the proper officers of the Issuer,
although at the date of the execution and delivery of this Indenture any such person was not such an officer.

 

Section
2.6 Certificate of Authentication. Only such Securities as shall bear thereon a certificate of authentication substantially
in the form herein before recited, executed by the Trustee by the manual, facsimile or electronic signature of one of its authorized
signatories, shall be entitled to the benefits of this Indenture or be valid or obligatory for any purpose. No Coupon shall be
entitled to the benefits of this Indenture or shall be valid and obligatory for any purpose until the certificate of authentication
on the Security to which such Coupon appertains shall have been duly executed by the Trustee. The execution of such certificate
by the Trustee upon any Security executed by the Issuer shall be conclusive evidence that the Security so authenticated has been
duly authenticated and delivered hereunder and that the Holder is entitled to the benefits of this Indenture.

 

Section 2.03         
Ratification and Incorporation of Original Indenture. As supplemented hereby, the Original Indenture is in all respects
ratified and confirmed, and the Original Indenture and this Thirty-Third Supplemental Indenture shall be read, taken and construed
as one and the same instrument. 

    9

     

    

Section 2.04         
Executed in Counterparts. This Thirty-Third Supplemental Indenture may be simultaneously executed in several counterparts,
each of which shall be deemed to be an original, and such counterparts shall together constitute but one and the same instrument.
The exchange of copies of this Thirty-Third Supplemental Indenture and of manual, facsimile or electronic signature pages shall
constitute effective execution and delivery of this Supplemental Indenture as to the parties hereto.

 

Section 2.05         
New York Law to Govern. This Thirty-Third Supplemental Indenture and each Senior Note shall be deemed to be a contract
under the laws of the state of New York, and for all purposes shall be construed in accordance with the laws of such state, except
as may be required by mandatory provisions of law. 

    10

     

    

IN
WITNESS WHEREOF, each party hereto has caused this instrument to be signed in its name and behalf by its duly authorized officers,
all as of the day and year first above written.

 

		AFLAC INCORPORATED,
		as Issuer
	 		
		By:	/s/ Max K. Brodén
			Name: Max K. Brodén
			Title: Executive Vice President and Chief Financial Officer and Treasurer

 

[Signature
Page to Supplemental Indenture]

     

     

    

IN
WITNESS WHEREOF, each party hereto has caused this instrument to be signed in its name and behalf by its duly authorized officers,
all as of the day and year first above written.

 

		THE BANK OF NEW YORK MELLON TRUST COMPANY, N.A.,
		as Trustee
	 		
		By:	/s/ Manjari Purkayastha
			Name:  Manjari Purkayastha
			Title:    Vice President

 

[Signature
Page to Supplemental Indenture]

     

     

    

Exhibit
A

 

1.560%
Senior Note due 2051

 

THIS
NOTE IS A GLOBAL SECURITY WITHIN THE MEANING OF THE THIRTY-THIRD SUPPLEMENTAL INDENTURE TO THE ORIGINAL INDENTURE HEREINAFTER
REFERRED TO. UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF EUROCLEAR BANK, SA/NV, AS OPERATOR OF THE
EUROCLEAR SYSTEM (“EUROCLEAR”) AND CLEARSTREAM BANKING, S.A. (“CLEARSTREAM” AND, TOGETHER WITH EUROCLEAR,
 “EUROCLEAR/CLEARSTREAM”), TO AFLAC INCORPORATED OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND
ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF THE BANK OF NEW YORK DEPOSITORY (NOMINEES) LIMITED OR IN SUCH OTHER NAME AS
IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF EUROCLEAR/CLEARSTREAM (AND ANY PAYMENT IS MADE TO THE BANK OF NEW YORK DEPOSITORY
(NOMINEES) LIMITED OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF EUROCLEAR/CLEARSTREAM), ANY TRANSFER,
PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, THE
BANK OF NEW YORK DEPOSITORY (NOMINEES) LIMITED, HAS AN INTEREST HEREIN.

 

UNLESS
AND UNTIL IT IS EXCHANGED IN WHOLE OR IN PART FOR SECURITIES IN DEFINITIVE FORM, THIS SECURITY MAY NOT BE TRANSFERRED EXCEPT AS
A WHOLE BY THE DEPOSITARY TO THE NOMINEE OF THE DEPOSITARY OR 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 SUCCESSOR DEPOSITARY. 

    A-1

     

    

No.
1

 

CUSIP
No. 001055 BR2

ISIN
No. XS2330257473

 

AFLAC
INCORPORATED 

1.560%
Senior Notes due 2051

 

	Principal
    Amount:	¥20,000,000,000
	Regular
    Record Date:	with
    respect to each Interest Payment Date, the close of business on April 1 or October 1 immediately preceding such Interest Payment
    Date
	Original
    Issue Date:	April
    15, 2021
	Stated
    Maturity:	April
    14, 2051
	Interest
    Payment Dates:	April
    15 and October 15, commencing on October 15, 2021, except that the Interest Payment Date in 2051 shall be the Stated Maturity
	Interest
    Rate:	1.560%
    per year
	Authorized
    Denomination:	¥100,000,000
    and integral multiples of ¥10,000,000 in excess thereof

 

Aflac
Incorporated, a Georgia corporation (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 The Bank of New York Depository (Nominees) Limited,
the registered holder hereof, as nominee of The Bank of New York Mellon, London Branch, as common depositary for Euroclear/Clearstream,
or registered assigns, the principal sum of TWENTY BILLION JAPANESE YEN (¥20,000,000,000) on the Stated Maturity shown above,
and to pay interest thereon, and on any overdue installment of interest thereon to the extent permitted by law, from the most
recent Interest Payment Date on which interest has been paid or duly provided for or, if no interest has been paid, from the Original
Issue Date shown above, semi-annually in arrears on each Interest Payment Date as specified above, commencing on October 15, 2021,
and on the Stated Maturity at the rate per year shown above until the principal hereof or such overdue installment is paid or
made available for payment. The interest so payable, and punctually paid or duly provided for, on an Interest Payment Date (other
than an Interest Payment Date that is the Stated Maturity) will, as provided in the Indenture, be paid to the Person in whose
name this Note (as defined on the reverse hereof) is registered at the close of business on the Regular Record Date as specified
above next preceding such Interest Payment Date, provided that any interest payable at the Stated Maturity or on a redemption
date will be paid to the Person to whom principal is payable. Except as otherwise provided in the Indenture, any such interest
that is not so punctually paid or duly provided for will forthwith cease to be payable to the holders on such Regular Record Date
and may be paid as provided in Section 2.7 of the Original Indenture. 

    A-2

     

    

Payments
of interest on this Note (as defined on the reverse hereof) will include interest accrued to but excluding the respective Interest
Payment Dates. Interest payments for this Note shall be computed and paid on the basis of a 360-day year consisting of twelve
30-day months. In the event that any date on which interest is payable on this Note is not a Business Day, then payment of the
interest payable on such date will be made on the next succeeding day that is a Business Day (and without any interest or other
payment in respect of any such delay), except that, if such next succeeding Business Day is in the next succeeding calendar year,
such payment shall be made on the immediately preceding Business Day, in each case with the same force and effect as if made on
the date the payment was originally payable. For the purposes of this Note, “Business Day” means each Monday, Tuesday,
Wednesday, Thursday and Friday that is not a day in which banking institutions or trust companies in the City of New York, Tokyo,
or London, or the relevant place of payment, are authorized or required by law, regulation or executive order to close.

 

Payment
of the principal, premium, if any, and interest due at the Stated Maturity of, or on a redemption date for, this Note shall be
made upon surrender of this Note at the Corporate Trust Office of the Trustee. Except as described on the reverse hereof, the
principal of and interest on this Note shall be paid in Japanese yen. Payment of interest (including interest on an Interest Payment
Date) will be made, subject to such surrender where applicable, at the option of the Company, (i) by check mailed to the
address of the Person entitled thereto as such address shall appear in the Security register or (ii) by wire transfer at
such place and to such account at a banking institution as may be designated in writing to the Trustee at least 15 days prior
to the date for payment by the Person entitled thereto.

 

The
Senior Notes (as defined on the reverse hereof) will be unsecured obligations of the Company and will rank equally in right of
payment with all the other unsecured, unsubordinated indebtedness of the Company from time to time outstanding. The Senior Notes
will rank senior to any subordinated indebtedness of the Company.

 

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.

 

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

    A-3

     

    

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

 

		AFLAC INCORPORATED,
		as Issuer
	 		
		By:	
			Name:
			Title:

 

Attest:

 

	 	 
	Name:	
	Title:	

    A-4

     

    

CERTIFICATE
OF AUTHENTICATION

 

This
is one of the 1.560% Senior Notes due 2051 referred to in the within-mentioned Indenture.

 

			THE BANK OF NEW YORK MELLON TRUST COMPANY, N.A.
			as Trustee
	 			
	Dated:   April 15,
    2021	By:	
				Authorized Signatory

    A-5

     

    

(Reverse
Side of Note)

 

This
note (the “Note”) represents one of a duly authorized issue of senior notes of the Company issued and issuable in
one or more series under a Senior Indenture dated as of May 21, 2009 (the “Original Indenture”), as supplemented
and amended by the Thirty-Third Supplemental Indenture dated as of April 15, 2021 (the “Thirty-Third Supplemental Indenture”
and, together with the Original Indenture, the “Indenture”), between the Company 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 incidental thereto reference is hereby made for a statement of the respective rights, limitations
of rights, duties and immunities thereunder of the Company, the Trustee and the holders of the Senior Notes (as defined below)
issued thereunder and of the terms upon which said Senior Notes are, and are to be, authenticated and delivered. The Securities
represented by this Note are one of the series designated on the face hereof as 1.560% Senior Notes due 2051 (the “Senior
Notes”), initially limited in aggregate principal amount to ¥20,000,000,000; provided, however, that the aggregate principal
amount of the Senior Notes may be increased in the future, without the consent of the holders of the Senior Notes, as provided
in the Thirty-Third Supplemental Indenture. Capitalized terms used herein for which no definition is provided herein shall have
the meanings set forth in the Indenture.

 

This
Note is exchangeable in whole or from time to time in part for Senior Notes of this series in definitive registered form only
as provided in the Indenture.

 

If
an Event of Default with respect to the Senior Notes shall occur and be continuing, the principal of the Senior Notes may be declared
due and payable in the manner, with the effect and subject to the conditions provided in the Indenture.

 

The
Indenture permits, with certain exceptions as therein provided, the amendment thereof and the modification of the rights and obligations
of the Company and the rights of the holders of the Senior Notes under the Indenture at any time by the Company and the Trustee
with the consent of the holders of not less than a majority in aggregate principal amount of the Senior Notes at the time Outstanding.
The Indenture also contains provisions permitting the holders of specified percentages in principal amount of the Senior Notes
at the time Outstanding, on behalf of the holders of all Senior Notes, to waive compliance by the Company 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 Senior Note
issued upon the registration of transfer hereof or in exchange hereof or in lieu hereof, whether or not notation of such consent
or waiver is made upon this Note.

 

The
Indenture contains provisions for defeasance at any time of (i) the entire indebtedness of the Company pursuant to this Note
and (ii) restrictive covenants and the related Events of Default, upon compliance by the Company with certain conditions
set forth therein, which provisions apply to this Note.

 

The
Senior Notes will be redeemable, at the sole option of the Company, in whole or in part from time to time, on and after October
14, 2050 (six months prior to maturity), at a redemption price equal to 100% of the aggregate principal amount of the Senior Notes
to be redeemed plus accrued and unpaid interest on the principal amount of the Senior Notes to be redeemed, if any, to, but excluding,
the redemption date. 

    A-6

     

    

Notice
of any redemption at the option of the Company will be mailed at least 15 days but no more than 60 days before the redemption
date to each holder of the Senior Notes to be redeemed at its registered address. 

 

All
payments of principal and interest in respect of the Senior Notes will be made free and clear of, and without deduction or withholding
for or on account of any present or future taxes, duties, assessments or other governmental charges of whatsoever nature imposed,
levied, collected, withheld or assessed by the United States or any political subdivision or taxing authority of or in the United
States (collectively, “Taxes”), unless such withholding or deduction is required by law.

 

In
the event such withholding or deduction of Taxes is required by law, subject to the limitations described below, the Company will
pay to any Non-U.S. Holder such additional amounts (“Additional Amounts”) as may be necessary in order that every
net payment of principal of or interest on the Senior Notes (including upon redemption), after deduction or withholding for or
on account of such Taxes, will not be less than the amount provided for in such Senior Notes to be then due and payable before
deduction or withholding for or on account of such Taxes.

 

However,
the Company’s obligation to pay Additional Amounts shall not apply to:

 

(a)           any Taxes which would not have been so imposed, withheld or deducted but for:

 

(1)           the existence of any present or former connection between such holder or beneficial owner (or between a fiduciary, settlor, beneficiary,
member or shareholder or other equity owner of, or a person having a power over, such holder or beneficial owner, if such holder
or beneficial owner is an estate, a trust, a limited liability company, a partnership, a corporation or other entity) and the
United States, including, without limitation, such holder or beneficial owner (or such fiduciary, settlor, beneficiary, member,
shareholder or other equity owner or person having such a power) being or having been a citizen or resident or treated as a resident
of the United States or being or having been engaged in a trade or business in the United States or being or having been present
in the United States or having or having had a permanent establishment in the United States;

 

(2)           the
failure of such holder or beneficial owner to comply with any applicable certification, information, documentation or other reporting
requirement concerning the nationality, residence, identity or connection with the United States of such holder or beneficial
owner or otherwise to establish entitlement to a partial or complete exemption from such Taxes (including, but not limited to,
the requirement to provide Internal Revenue Service Form W-8BEN, Form W-8BEN-E, Form W-8ECI, or any subsequent
versions thereof or successor thereto, and including, without limitation, any documentation requirement under an applicable income
tax treaty); or 

    A-7

     

    

(3)           such holder’s or beneficial owner’s present or former status as a personal holding company, foreign personal holding
company, controlled foreign corporation, passive foreign investment company or foreign tax exempt organization with respect to
the United States or as a corporation that accumulates earnings to avoid United States federal income tax;

 

(b)           any Taxes imposed, withheld or deducted by reason of the holder or beneficial owner:

 

(1)           owning or having owned, directly or indirectly, actually or constructively, 10% or more of the total combined voting power of
all classes of the Company’s stock,

 

(2)           being a bank receiving interest described in section 881(c)(3)(A) of the Internal Revenue Code, or

 

(3)           being a controlled foreign corporation with respect to the United States that is related to the Company by stock ownership;

 

(c)           any Taxes which would not have been so imposed, withheld or deducted but for the presentation by the holder or beneficial owner
of Senior Note for payment on a date more than 10 days after the date on which such payment became due and payable or the
date on which payment of the Senior Note is duly provided for and notice is given to holders, whichever occurs later, except to
the extent that the holder or beneficial owner would have been entitled to such additional amounts on presenting such Senior Note
on any date during such 10-day period;

 

(d)           any estate, inheritance, gift, sales, transfer, capital gains, personal property, excise, wealth, interest equalization or similar
Taxes;

 

(e)           any Taxes which are payable otherwise than by withholding from any payment of principal of or interest on such Senior Note;

 

(f)            any Taxes which are payable by a holder that is not the beneficial owner of the Senior Note, or a portion of the Senior Note,
or that is a fiduciary, partnership, limited liability company or other similar entity, but only to the extent that a beneficial
owner, a beneficiary or settlor with respect to such fiduciary or member of such partnership, limited liability company or similar
entity would not have been entitled to the payment of an additional amount had such beneficial owner, settlor, beneficiary or
member received directly its beneficial or distributive share of the payment;

 

(g)           any Taxes required to be withheld by any paying agent from any payment of principal of or interest on any Senior Note, if such
payment can be made without such withholding by any other paying agent;

 

(h)           any
Taxes that would not have been imposed, withheld or deducted but for a change in any law, treaty, regulation, or administrative
or judicial interpretation that becomes effective after the applicable payment becomes due or is duly provided for, whichever
occurs later, to the extent such change in law, treaty, regulation or administrative interpretation would apply retroactively
to such payment; 

    A-8

     

    

(i)            any Taxes imposed, withheld or deducted under Sections 1471 through 1474 of the Internal Revenue Code (or any amended or
successor provisions that are substantively comparable) and any current or future regulations or official interpretations thereof
(“FATCA”), any agreement (including any intergovernmental agreement) entered into in connection therewith, or any
law, regulation or other official guidance enacted in any jurisdiction implementing FATCA or an intergovernmental agreement in
respect of FATCA; or

 

(j)            any combination of items (a), (b), (c), (d), (e), (f), (g), (h) and (i).

 

For
purposes of this section, the acquisition, ownership, enforcement or holding of or the receipt of any payment with respect to
a Senior Note will not constitute a connection (1) between the holder or beneficial owner and the United States or (2) between
a fiduciary, settlor, beneficiary, member or shareholder or other equity owner of, or a person having a power over, such holder
or beneficial owner if such holder or beneficial owner is an estate, a trust, a limited liability company, a partnership, a corporation
or other entity and the United States.

 

Any
reference in the Indenture or in the Senior Notes to principal or interest shall be deemed to refer also to Additional Amounts
which may be payable under the provisions of this section.

 

Except
as specifically provided in the Senior Notes, the Company will not be required to make any payment with respect to any tax, duty,
assessment or other governmental charge imposed by any government or any political subdivision or taxing authority of or in any
government or political subdivision.

 

Unless
previously redeemed or repurchased and canceled, the Senior Notes will be repayable at par, including Additional Amounts, if any,
on April 14, 2051, or such earlier date on which the same shall be due and payable in accordance with the terms and conditions
of the notes. However, if the Stated Maturity or earlier date of redemption is not a Business Day, the Senior Notes will be payable
on the next succeeding Business Day and no interest shall accrue for the period from the Stated Maturity or relevant redemption
date to such payment date.

 

The
Senior Notes may be redeemed at the option of the Company, in whole but not in part, at a redemption price equal to 100% of the
principal amount of the Senior Notes to be redeemed, together with interest accrued and unpaid on the Senior Notes to be redeemed
to, but excluding, the date fixed for redemption, at any time, on giving not less than 30 nor more than 60 days’ notice
if:

 

(a)           the
Company has or will become obligated to pay Additional Amounts as a result of any change in or amendment to the laws, regulations
or rulings of the United States or any political subdivision or any taxing authority of or in the United States affecting taxation,
or any change in or amendment to an official application, interpretation, administration or enforcement of such laws, regulations
or rulings, which change or amendment is announced or becomes effective on or after April 9, 2021 or 

    A-9

     

    

(b)           any action shall have been taken by a taxing authority, or any action has been brought in a court of competent jurisdiction, in
the United States or any political subdivision or taxing authority of or in the United States, including any of those actions
specified in (a) above, whether or not such action was taken or brought with respect to the Company, or any change, clarification,
amendment, application or interpretation of such laws, regulations or rulings shall be officially proposed, in any such case on
or after April 9, 2021, which results in a substantial likelihood that the Company will be required to pay Additional Amounts
on the next interest payment date. However, no such notice of redemption shall be given earlier than 90 days prior to the
earliest date on which the Company would be, in the case of a redemption for the reasons specified in (a) above, or there
would be a substantial likelihood that the Company would be, in the case of a redemption for the reasons specified in (b) above,
obligated to pay such Additional Amounts if a payment in respect of the notes were then due and at the time such notification
of redemption is given such circumstance remains in effect.

 

Prior
to the mailing of any notice of redemption pursuant to this section, the Company will deliver to the Trustee:

 

(1)           a certificate signed by one of its duly authorized officers stating that the Company is entitled to effect such redemption and
setting forth a statement of facts showing that the conditions precedent to the Company’s right so to redeem have occurred,
and

 

(2)           a written opinion of independent legal counsel of recognized standing to the effect that the Company has or will become obligated
to pay such Additional Amounts as a result of such change or amendment or that there is a substantial likelihood that the Company
will be required to pay such Additional Amounts as a result of such action or proposed change, clarification, amendment, application
or interpretation, as the case may be.

 

Such
notice, once delivered by the Company to the Trustee, will be irrevocable.

 

If
the yen is unavailable to the Company due to the imposition of exchange controls or other circumstances beyond its control, then
all payments in respect of the Senior Notes will be made in U.S. dollars until the yen is again available to the Company. In such
circumstances, the amount payable on any date in yen will be converted by the Company into U.S. dollars at the rate mandated by
the Board of Governors of the Federal Reserve System as of the close of business on the second Business Day prior to the relevant
payment date or, if the Board of Governors of the Federal Reserve System has not announced a rate of conversion, on the basis
of the most recent U.S. dollar/yen exchange rate published in The Wall Street Journal on or prior to the second Business Day prior
to the relevant payment date or, in the event The Wall Street Journal has not published such exchange rate, the rate will be determined
in the Company’s sole discretion on the basis of the most recently available market exchange rate for yen.

 

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 interest on this Note at the time, place and rate, and
in the coin or currency, herein prescribed.

 

As
provided in the Indenture and subject to certain limitations therein set forth, the transfer of this Note is registrable in the
Security register, upon surrender of this Note for registration of transfer at the office or agency of the Company for such purpose,
duly endorsed by, or accompanied by a written instrument of transfer in form satisfactory to the Company or the Security registrar
and duly executed by, the holder hereof or his attorney duly authorized in writing, and thereupon one or more new Senior Notes,
of authorized denominations and of like tenor and for the same aggregate principal amount, will be issued to the designated transferee
or transferees. No service charge shall be made for any such exchange or registration of transfer, but the Company will require
payment of a sum sufficient to cover any tax or other governmental charge payable in connection therewith. 

    A-10

     

    

Prior
to due presentment of this Note for registration of transfer, the Company, the Trustee, any Person authorized by the Company to
pay the principal of or any premium or interest on any Senior Note on behalf of the Company (a “Paying Agent”) and
the Security registrar may deem and treat the Person in whose name this Note is registered as the absolute owner hereof for all
purposes, whether or not this Note be overdue and notwithstanding any notice of ownership or writing thereon made by anyone other
than the Security registrar, and neither the Company nor the Trustee nor any Paying Agent nor the Security registrar shall be
affected by notice to the contrary.

 

The
Senior Notes are issuable only in registered form without coupons in denominations of ¥100,000,000 and integral multiples
of ¥10,000,000 in excess thereof. As provided in the Indenture and subject to certain limitations therein set forth, Senior
Notes are exchangeable for a like aggregate principal amount of Senior Notes of a different authorized denomination, as requested
by the holder surrendering the same upon surrender of the Senior Note or Senior Notes to be exchanged at the office or agency
of the Company.

 

No
recourse shall be had for payment of the principal of or interest on this Note, or for any claim based hereon, or otherwise in
respect hereof, or based on or in respect of the Indenture, against any incorporator, as such or against any past, present or
future shareholder, officer or director, as such, of the Company or of any successor, either directly or through the Company or
any successor, under any rule, law statute or constitutional provision, or by the enforcement of any assessment or by any legal
or equitable proceeding or otherwise, all such liability being expressly waived and released, by the acceptance hereof and as
part of the consideration for the issuance hereof.

 

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

 

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

    A-11

     

    

ABBREVIATIONS

 

The
following abbreviations, when used in the inscription on the face of this instrument, shall be construed as though they were written
out in full according to applicable laws or regulations:

 

	TEN
    COM – as tenants in common		UNIF GIFT MIN ACT – Custodian
    under Uniform Gift to Minors Act
	 		
	 		
			(State)
	TEN ENT – as
    tenants by the entireties		
	 		
	JT TEN – as
    joint tenants with rights of survivorship and not as tenants in common		CUST – Custodian

 

Additional
abbreviations may also be used

though not on the above list.

 

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

 

PLEASE
PRINT OR TYPEWRITE NAME AND ADDRESS, INCLUDING POSTAL ZIP CODE OF ASSIGNEE 

	 
	 

(please
insert Social Security or other identifying number of assignee)

 

the
within Note and all rights thereunder, hereby irrevocably constituting and appointing 

	 
	 
	 

agent
to transfer said Note on the books of the Company, with full power of substitution in the premises.

 

	Dated:	
	 	
		NOTICE: The signature to this assignment must
    correspond with the name as written upon the face of the within instrument in every particular without alteration or enlargement,
    or any change whatever.

    A-12

     

    

Exhibit
B

 

CERTIFICATE
OF AUTHENTICATION

 

This
is one of the 1.560% Senior Notes due 2051 referred to in the within-mentioned Indenture.

 

		THE BANK OF NEW YORK MELLON TRUST COMPANY, N.A.,
		as Trustee
	 		
	Dated: April 15, 2021	By:	
			Authorized Signatory

    B-1Exhibit 4.13

 

NEITHER THE ISSUANCE AND SALE
OF THE SECURITIES REPRESENTED BY THIS CERTIFICATE NOR THE SECURITIES INTO WHICH THESE SECURITIES ARE CONVERTIBLE HAVE BEEN REGISTERED
UNDER THE SECURITIES ACT OF 1933, AS AMENDED, OR APPLICABLE STATE SECURITIES LAWS. THE SECURITIES MAY NOT BE OFFERED FOR SALE, SOLD, TRANSFERRED
OR ASSIGNED IN THE ABSENCE OF (A) AN EFFECTIVE REGISTRATION STATEMENT FOR THE SECURITIES UNDER THE SECURITIES ACT OF 1933, AS AMENDED,
OR (B) AN OPINION OF COUNSEL (WHICH COUNSEL SHALL BE SELECTED BY THE HOLDER), IN A GENERALLY ACCEPTABLE FORM, THAT REGISTRATION IS NOT
REQUIRED UNDER SAID ACT. NOTWITHSTANDING THE FOREGOING, THE SECURITIES MAY BE PLEDGED IN CONNECTION WITH A BONA FIDE MARGIN ACCOUNT OR
OTHER LOAN OR FINANCING ARRANGEMENT SECURED BY THE SECURITIES.

 

 

THE ISSUE PRICE OF THIS NOTE
IS $47,850.00.

THE ORIGINAL ISSUE DISCOUNT IS $4,350.00

 

 

	Principal Amount: $47,850.00	Issue Date: September 2, 2020
	Purchase Price: $43,500.00	 

 

 

 

CONVERTIBLE PROMISSORY
NOTE

 

FOR VALUE
RECEIVED, DarkPulse, Inc., a Delaware corporation (hereinafter called the “Borrower”), hereby promises to pay to
the order of GENEVA ROTH REMARK HOLDINGS, INC., a New York corporation, or registered assigns (the “Holder”) the sum
of $47,850.00 together with any interest as set forth herein, on September 2, 2021 (the “Maturity Date”), and to pay interest
on the unpaid principal balance hereof at the rate of nine percent (9%) (the “Interest Rate”) per annum from the date hereof
(the “Issue Date”) until the same becomes due and payable, whether at maturity or upon acceleration
or by prepayment or otherwise. This Note may not be prepaid in whole or in part except as otherwise explicitly set forth herein. Any amount
of principal or interest on this Note which is not paid when due shall bear interest at the rate of twenty two percent (22%) per annum
from the due date thereof until the same is paid (“Default Interest”). Interest shall be computed on the basis of a 365 day
year and the actual number of days elapsed. Interest shall commence accruing on the Issue Date but shall not be payable until the Note
becomes payable (whether at Maturity Date or upon acceleration or by prepayment). All payments due hereunder (to the extent not converted
into common stock, $0.01 par value per share (the “Common Stock”) in accordance with the terms hereof) shall be made in lawful
money of the United States of America. All payments shall be made at such address as the Holder shall hereafter give to the Borrower by
written notice made in accordance with the provisions of this Note. Each capitalized term used herein, and not otherwise defined, shall
have the meaning ascribed thereto in that certain Securities Purchase Agreement dated the date hereof, pursuant to which this Note was
originally issued (the “Purchase Agreement”).

 

This Note
is free from all taxes, liens, claims and encumbrances with respect to the issue thereof and shall not be subject to preemptive rights
or other similar rights of shareholders of the Borrower and will not impose personal liability upon the holder thereof.

 

 

 

    	 	1	 

     

    

 

The following terms shall apply to this Note:

 

ARTICLE I. CONVERSION RIGHTS

 

1.1                
Conversion Right. The Holder shall have the right from time to time, and at any time during the period beginning on the
date which is one hundred eighty (180) days following the date of this Note and ending on the later of: (i) the Maturity Date and (ii)
the date of payment of the Default Amount (as defined in Article III), each in respect of the remaining outstanding amount of this Note
to convert all or any part of the outstanding and unpaid amount of this Note into fully paid and non- assessable shares of Common Stock,
as such Common Stock exists on the Issue Date, or any shares of capital stock or other securities of the Borrower into which such Common
Stock shall hereafter be changed or reclassified at the conversion price (the “Conversion Price”) determined as provided herein
(a “Conversion”); provided, however, that in no event shall the Holder be entitled to convert any portion of
this Note in excess of that portion of this Note upon conversion of which the sum of (1) the number of shares of Common Stock beneficially
owned by the Holder and its affiliates (other than shares of Common Stock which may be deemed beneficially owned through the ownership
of the unconverted portion of the Notes or the unexercised or unconverted portion of any other security of the Borrower subject to a limitation
on conversion or exercise analogous to the limitations contained herein) and (2) the number of shares of Common Stock issuable upon the
conversion of the portion of this Note with respect to which the determination of this proviso is being made, would result in beneficial
ownership by the Holder and its affiliates of more than 4.99% of the outstanding shares of Common Stock. For purposes of the proviso to
the immediately preceding sentence, beneficial ownership shall be determined in accordance with Section 13(d) of the Securities Exchange
Act of 1934, as amended (the “Exchange Act”), and Regulations 13D-G thereunder, except as otherwise provided in clause (1)
of such proviso. The beneficial ownership limitations on conversion as set forth in the section may NOT be waived by the Holder.
The number of shares of Common Stock to be issued upon each conversion of this Note shall be determined by dividing the Conversion Amount
(as defined below) by the applicable Conversion Price then in effect on the date specified in the notice of conversion, in the form attached
hereto as Exhibit A (the “Notice of Conversion”), delivered to the Borrower by the Holder in accordance with Section 1.4 below;
provided that the Notice of Conversion is submitted by facsimile or e-mail (or by other means resulting in, or reasonably expected to
result in, notice) to the Borrower before 6:00 p.m., New York, New York time on such conversion date (the “Conversion Date”);
however, if the Notice of Conversion is sent after 6:00pm, New York, New York time the Conversion Date shall be the next business day.
The term “Conversion Amount” means, with respect to any conversion of this Note, the sum of (1) the principal amount of this
Note to be converted in such conversion plus (2) at the Holder’s option, accrued and unpaid interest, if any, on such principal
amount at the interest rates provided in this Note to the Conversion Date, plus (3) at the Holder’s option, Default Interest,
if any, on the amounts referred to in the immediately preceding clauses (1) and/or (2) plus (4) at the Holder’s option, any
amounts owed to the Holder pursuant to Sections 1.4 hereof.

 

1.2              
Conversion Price. The Conversion Price shall be equal to the Variable Conversion Price (as defined herein)(subject to equitable
adjustments for stock splits, stock dividends or rights offerings by the Borrower relating to the Borrower’s securities or the
securities of any subsidiary of the Borrower, combinations, recapitalization, reclassifications, extraordinary distributions and similar
events). The "Variable Conversion Price" shall mean 70% multiplied by the Market Price (as defined herein) (representing a
discount rate of 30%). “Market Price” means the lowest Trading Price (as defined below) for the Common Stock during the twenty
(20) Trading Day period ending on the latest complete Trading Day prior to the Conversion Date. “Trading Price” means, for
any security as of any date, the closing bid price on the OTCQB, OTCQX, Pink Sheets electronic quotation system or applicable trading
market (the “OTC”) as reported by a reliable reporting service (“Reporting Service”) designated by the Holder
(i.e. Bloomberg) or, if the OTC is not the principal trading market for such security, the closing bid price of such security on the
principal securities exchange or trading market where such security is listed or traded or, if no closing bid price of such security
is available in any of the foregoing manners, the average of the closing bid prices of any market makers for such security that are listed
in the “pink sheets”. If the Trading Price cannot be calculated for such security on such date in the manner provided above,
the Trading Price shall be the fair market value as mutually determined by the Borrower and the holders of a majority in interest of
the Notes being converted for which the calculation of the Trading Price is required in order to determine the Conversion Price of such
Notes. “Trading Day” shall mean any day on which the Common Stock is tradable for any period on the OTC, or on the principal
securities exchange or other securities market on which the Common Stock is then being traded.

 

1.3              
Authorized Shares. The Borrower covenants that during the period the conversion right exists, the Borrower will reserve
from its authorized and unissued Common Stock a sufficient number of shares, free from preemptive rights, to provide for the issuance
of Common Stock upon the full conversion of this Note issued pursuant to the Purchase Agreement. The Borrower is required at all times
to have authorized and reserved six times the number of shares that is actually issuable upon full conversion of the Note (based on the
Conversion Price of the Note in effect from time to time initially 1,025,357,142)(the “Reserved
Amount”). The Reserved Amount shall be increased from time to time in accordance with the Borrower’s obligations hereunder.
The Borrower represents that upon issuance, such shares will be duly and validly issued, fully paid and non-assessable. In addition, if
the Borrower shall issue any securities or make any change to its capital structure which would change the number of shares of Common
Stock into which the Notes shall be convertible at the then current Conversion Price, the Borrower shall at the same time make proper
provision so that thereafter there shall be a sufficient number of shares of Common Stock authorized and reserved, free from preemptive
rights, for conversion of the outstanding Note. The Borrower (i) acknowledges that it has irrevocably instructed its transfer agent to
issue certificates for the Common Stock issuable upon conversion of this Note, and (ii) agrees that its issuance of this Note shall constitute
full authority to its officers and agents who are charged with the duty of executing stock certificates to execute and issue the necessary
certificates for shares of Common Stock in accordance with the terms and conditions of this Note.

 

 

 

    	 	2	 

     

    

 

If, at any time the Borrower does not maintain
the Reserved Amount it will be considered an Event of Default under Section 3.2 of the Note.

 

		1.4	Method of Conversion.

 

(a)               
Mechanics of Conversion. As set forth in Section 1.1 hereof, from time to time, and at any time during the period beginning
on the date which is one hundred eighty (180) days following the date of this Note and ending on the later of: (i) the Maturity Date and
(ii) the date of payment of the Default Amount, this Note may be converted by the Holder in whole or in part at any time from time to
time after the Issue Date, by (A) submitting to the Borrower a Notice of Conversion (by facsimile, e-mail or other reasonable means of
communication dispatched on the Conversion Date prior to 6:00 p.m., New York, New York time) and (B) subject to Section 1.4(b), surrendering
this Note at the principal office of the Borrower (upon payment in full of any amounts owed hereunder).

 

(b)               
Surrender of Note Upon Conversion. Notwithstanding anything to the contrary set forth herein, upon conversion of this Note
in accordance with the terms hereof, the Holder shall not be required to physically surrender this Note to the Borrower unless the entire
unpaid principal amount of this Note is so converted. The Holder and the Borrower shall maintain records showing the principal amount
so converted and the dates of such conversions or shall use such other method, reasonably satisfactory to the Holder and the Borrower,
so as not to require physical surrender of this Note upon each such conversion.

 

(c)                
Delivery of Common Stock Upon Conversion. Upon receipt by the Borrower from the Holder of a facsimile transmission or e-mail
(or other reasonable means of communication) of a Notice of Conversion meeting the requirements for conversion as provided in this Section
1.4, the Borrower shall issue and deliver or cause to be issued and delivered to or upon the order of the Holder certificates for the
Common Stock issuable upon such conversion within three (3) business days after such receipt (the “Deadline”) (and, solely
in the case of conversion of the entire unpaid principal amount hereof, surrender of this Note) in accordance with the terms hereof and
the Purchase Agreement. Upon receipt by the Borrower of a Notice of Conversion, the Holder shall be deemed to be the holder of record
of the Common Stock issuable upon such conversion, the outstanding principal amount and the amount of accrued and unpaid interest on this
Note shall be reduced to reflect such conversion, and, unless the Borrower defaults on its obligations hereunder, all rights with respect
to the portion of this Note being so converted shall forthwith terminate except the right to receive the Common Stock or other securities,
cash or other assets, as herein provided, on such conversion. If the Holder shall have given a Notice of Conversion as provided herein,
the Borrower’s obligation to issue and deliver the certificates for Common Stock shall be absolute and unconditional, irrespective
of the absence of any action by the Holder to enforce the same, any waiver or consent with respect to any provision thereof, the recovery
of any judgment against any person or any action to enforce the same, any failure or delay in the enforcement of any other obligation
of the Borrower to the holder of record, or any setoff, counterclaim, recoupment, limitation or termination, or any breach or alleged
breach by the Holder of any obligation to the Borrower, and irrespective of any other circumstance which might otherwise limit such obligation
of the Borrower to the Holder in connection with such conversion.

 

(d)               
Delivery of Common Stock by Electronic Transfer. In lieu of delivering physical certificates representing the Common Stock
issuable upon conversion, provided the Borrower is participating in the Depository Trust Company (“DTC”) Fast Automated Securities
Transfer (“FAST”) program, upon request of the Holder and its compliance with the provisions set forth herein, the Borrower
shall use its best efforts to cause its transfer agent to electronically transmit the Common Stock issuable upon conversion to the Holder
by crediting the account of Holder’s Prime Broker with DTC through its Deposit and Withdrawal at Custodian (“DWAC”)
system.

 

(e)               
Failure to Deliver Common Stock Prior to Deadline. Without in any way limiting the Holder’s right to pursue other
remedies, including actual damages and/or equitable relief, the parties agree that if delivery of the Common Stock issuable upon conversion
of this Note is not delivered by the Deadline due to action and/or inaction of the Borrower, the Borrower shall pay to the Holder $2,000
per day in cash, for each day beyond the Deadline that the Borrower fails to deliver such Common Stock (the “Fail to Deliver Fee”);
provided; however that the Fail to Deliver Fee shall not be due if the failure is a result of a third party (i.e., transfer agent; and
not the result of any failure to pay such transfer agent) despite the best efforts of the Borrower to effect delivery of such Common
Stock. Such cash amount shall be paid to Holder by the fifth day of the month following the month in which it has accrued or, at the
option of the Holder (by written notice to the Borrower by the first day of the month following the month in which it has accrued), shall
be added to the principal amount of this Note, in which event interest shall accrue thereon in accordance with the terms of this Note
and such additional principal amount shall be convertible into Common Stock in accordance with the terms of this Note. The Borrower agrees
that the right to convert is a valuable right to the Holder. The damages resulting from a failure, attempt to frustrate, interference
with such conversion right are difficult if not impossible to qualify. Accordingly, the parties acknowledge that the liquidated damages
provision contained in this Section 1.4(e) are justified.

 

 

 

    	 	3	 

     

    

 

1.5                
Concerning the Shares. The shares of Common Stock issuable upon conversion of this Note may not be sold or transferred unless:
(i) such shares are sold pursuant to an effective registration statement under the Act or (ii) the Borrower or its transfer agent shall
have been furnished with an opinion of counsel (which opinion shall be in form, substance and scope customary for opinions of counsel
in comparable transactions) to the effect that the shares to be sold or transferred may be sold or transferred pursuant to an exemption
from such registration (such as Rule 144 or a successor rule) (“Rule 144”); or (iii) such shares are transferred to an “affiliate”
(as defined in Rule 144) of the Borrower who agrees to sell or otherwise transfer the shares only in accordance with this Section 1.5
and who is an Accredited Investor (as defined in the Purchase Agreement).

 

Any restrictive legend on certificates
representing shares of Common Stock issuable upon conversion of this Note shall be removed and the Borrower shall issue to the Holder
a new certificate therefore free of any transfer legend if the Borrower or its transfer agent shall have received an opinion of counsel
from Holder’s counsel, in form, substance and scope customary for opinions of counsel in comparable transactions, to the effect
that (i) a public sale or transfer of such Common Stock may be made without registration under the Act, which opinion shall be accepted
by the Company so that the sale or transfer is effected; or (ii) in the case of the Common Stock issuable upon conversion of this Note,
such security is registered for sale by the Holder under an effective registration statement filed under the Act; or otherwise may be
sold pursuant to an exemption from registration. In the event that the Company does not reasonably accept the opinion of counsel provided
by the Holder with respect to the transfer of Securities pursuant to an exemption from registration (such as Rule 144), at the Deadline,
it will be considered an Event of Default pursuant to Section 3.2 of the Note.

 

		1.6	Effect of Certain Events.

 

(a)               
Effect of Merger, Consolidation, Etc. At the option of the Holder, the sale, conveyance or disposition of all or substantially
all of the assets of the Borrower, the effectuation by the Borrower of a transaction or series of related transactions in which more than
50% of the voting power of the Borrower is disposed of, or the consolidation, merger or other business combination of the Borrower with
or into any other Person (as defined below) or Persons when the Borrower is not the survivor shall be deemed to be an Event of Default
(as defined in Article III) pursuant to which the Borrower shall be required to pay to the Holder upon the consummation of and as a condition
to such transaction an amount equal to the Default Amount (as defined in Article III). “Person” shall mean any individual,
corporation, limited liability company, partnership, association, trust or other entity or organization.

 

(b)               
Adjustment Due to Merger, Consolidation, Etc. If, at any time when this Note is issued and outstanding and prior to conversion
of all of the Note, there shall be any merger, consolidation, exchange of shares, recapitalization, reorganization, or other similar
event, as a result of which shares of Common Stock of the Borrower shall be changed into the same or a different number of shares of
another class or classes of stock or securities of the Borrower or another entity, or in case of any sale or conveyance of all or substantially
all of the assets of the Borrower other than in connection with a plan of complete liquidation of the Borrower, then the Holder of this
Note shall thereafter have the right to receive upon conversion of this Note, upon the basis and upon the terms and conditions specified
herein and in lieu of the shares of Common Stock immediately theretofore issuable upon conversion, such stock, securities or assets which
the Holder would have been entitled to receive in such transaction had this Note been converted in full immediately prior to such transaction
(without regard to any limitations on conversion set forth herein), and in any such case appropriate provisions shall be made with respect
to the rights and interests of the Holder of this Note to the end that the provisions hereof (including, without limitation, provisions
for adjustment of the Conversion Price and of the number of shares issuable upon conversion of the Note) shall thereafter be applicable,
as nearly as may be practicable in relation to any securities or assets thereafter deliverable upon the conversion hereof. The Borrower
shall not affect any transaction described in this Section 1.6(b) unless (a) it first gives, to the extent practicable, ten (10) days
prior written notice (but in any event at least five (5) days prior written notice) of the record date of the special meeting of shareholders
to approve, or if there is no such record date, the consummation of, such merger, consolidation, exchange of shares, recapitalization,
reorganization or other similar event or sale of assets (during which time the Holder shall be entitled to convert this Note) and (b)
the resulting successor or acquiring entity (if not the Borrower) assumes by written instrument the obligations of this Note. The above
provisions shall similarly apply to successive consolidations, mergers, sales, transfers or share exchanges.

 

 

 

    	 	4	 

     

    

 

(c)                
Adjustment Due to Distribution. If the Borrower shall declare or make any distribution of its assets (or rights to acquire
its assets) to holders of Common Stock as a dividend, stock repurchase, by way of return of capital or otherwise (including any dividend
or distribution to the Borrower’s shareholders in cash or shares (or rights to acquire shares) of capital stock of a subsidiary
(i.e., a spin-off)) (a “Distribution”), then the Holder of this Note shall be entitled, upon any conversion of this Note after
the date of record for determining shareholders entitled to such Distribution, to receive the amount of such assets which would have been
payable to the Holder with respect to the shares of Common Stock issuable upon such conversion had such Holder been the holder of such
shares of Common Stock on the record date for the determination of shareholders entitled to such Distribution.

 

1.7              
Prepayment. Notwithstanding anything to the contrary contained in this Note, at any time during the periods set forth on
the table immediately following this paragraph (the “Prepayment Periods”) or as otherwise agreed to between the Borrower
and the Holder, the Borrower shall have the right, exercisable on not more than three (3) Trading Days prior written notice to the Holder
of the Note to prepay the outstanding Note (principal and accrued interest), in full, in accordance with this Section 1.7. Any notice
of prepayment hereunder (an “Optional Prepayment Notice”) shall be delivered to the Holder of the Note at its registered
addresses and shall state: (1) that the Borrower is exercising its right to prepay the Note, and (2) the date of prepayment which shall
be not more than three (3) Trading Days from the date of the Optional Prepayment Notice. On the date fixed for prepayment (the “Optional
Prepayment Date”), the Borrower shall make payment of the Optional Prepayment Amount (as defined below) to Holder, or upon the
direction of the Holder as specified by the Holder in a writing to the Borrower (which shall direction to be sent to Borrower by the
Holder at least one (1) business day prior to the Optional Prepayment Date). If the Borrower exercises its right to prepay the Note,
the Borrower shall make payment to the Holder of an amount in cash equal to the percentage (“Prepayment Percentage”) as set
forth in the table immediately following this paragraph opposite the applicable Prepayment Period, multiplied by the sum of: (w) the
then outstanding principal amount of this Note plus (x) accrued and unpaid interest on the unpaid principal amount of this Note
to the Optional Prepayment Date plus (y) Default Interest, if any, on the amounts referred to in clauses (w) and (x) plus
(z) any amounts owed to the Holder pursuant to Section 1.4 hereof (the “Optional Prepayment Amount”).

 

	Prepayment Period	Prepayment Percentage
	1.      The period beginning on the Issue Date and ending on the date which is sixty (60) days following the Issue Date.	125%
	
    2.      The
period beginning on the date which is sixty-one (61) days following the Issue Date and ending on the date which is one hundred twenty
(120) days following the Issue Date.
	140%
	3.      The period beginning on the date that is one hundred twenty-one (121) day from the Issue Date and ending one hundred eighty (180)) days following the Issue Date.	150%

 

After the expiration of the Prepayment
Periods set forth above, the Holder may submit an Optional Prepayment Notice to the Holder. Upon receipt by the Holder of the Optional
Prepayment Notice post Prepayment Periods, the prepayment shall be subject to the Holder’s and the Borrower’s agreement with
respect to the applicable Prepayment Percentage.

 

Notwithstanding anything contained
herein to the contrary, the Holder’s conversion rights herein shall not be affected in any way until the Note is fully paid (funds
received by the Holder) pursuant to an Optional Prepayment Notice.

 

ARTICLE II. CERTAIN COVENANTS

 

2.1 Sale of Assets.
So long as the Borrower shall have any obligation under this Note, the Borrower shall not, without the Holder’s written consent,
sell, lease or otherwise dispose of any significant portion of its assets outside the ordinary course of business.

 

 

 

    	 	5	 

     

    

 

ARTICLE III. EVENTS OF
DEFAULT

 

If any of the following events of default (each, an “Event
of Default”) shall occur:

 

3.1              
Failure to Pay Principal and Interest. The Borrower fails to pay the principal hereof or interest thereon when due on this
Note, whether at maturity or upon acceleration and such breach continues for a period of five (5) days after written notice from the Holder.

 

3.2              
Conversion and the Shares. The Borrower fails to issue shares of Common Stock to the Holder (or announces or threatens in
writing that it will not honor its obligation to do so) upon exercise by the Holder of the conversion rights of the Holder in accordance
with the terms of this Note, fails to transfer or cause its transfer agent to transfer (issue) (electronically or in certificated form)
any certificate for shares of Common Stock issued to the Holder upon conversion of or otherwise pursuant to this Note as and when required
by this Note, the Borrower directs its transfer agent not to transfer or delays, impairs, and/or hinders its transfer agent in transferring
(or issuing) (electronically or in certificated form) any certificate for shares of Common Stock to be issued to the Holder upon conversion
of or otherwise pursuant to this Note as and when required by this Note, or fails to remove (or directs its transfer agent not to remove
or impairs, delays, and/or hinders its transfer agent from removing) any restrictive legend (or to withdraw any stop transfer instructions
in respect thereof) on any certificate for any shares of Common Stock issued to the Holder upon conversion of or otherwise pursuant to
this Note as and when required by this Note (or makes any written announcement, statement or threat that it does not intend to honor the
obligations described in this paragraph) and any such failure shall continue uncured (or any written announcement, statement or threat
not to honor its obligations shall not be rescinded in writing) for three (3) business days after the Holder shall have delivered a Notice
of Conversion. It is an obligation of the Borrower to remain current in its obligations to its transfer agent. It shall be an event of
default of this Note, if a conversion of this Note is delayed, hindered or frustrated due to a balance owed by the Borrower to its transfer
agent. If at the option of the Holder, the Holder advances any funds to the Borrower’s transfer agent in order to process a conversion,
such advanced funds shall be paid by the Borrower to the Holder within forty-eight (48) hours of a demand from the Holder.

 

3.3              
Breach of Covenants. The Borrower breaches any material covenant or other material term or condition contained in this Note
and any collateral documents including but not limited to the Purchase Agreement and such breach continues for a period of twenty (20)
days after written notice thereof to the Borrower from the Holder.

 

3.4              
Breach of Representations and Warranties. Any representation or warranty of the Borrower made herein or in any agreement,
statement or certificate given in writing pursuant hereto or in connection herewith (including, without limitation, the Purchase Agreement),
shall be false or misleading in any material respect when made and the breach of which has (or with the passage of time will have) a material
adverse effect on the rights of the Holder with respect to this Note or the Purchase Agreement.

 

3.5              
Receiver or Trustee. The Borrower or any subsidiary of the Borrower shall make an assignment for the benefit of creditors,
or apply for or consent to the appointment of a receiver or trustee for it or for a substantial part of its property or business, or such
a receiver or trustee shall otherwise be appointed.

 

3.6              
Bankruptcy. Bankruptcy, insolvency, reorganization or liquidation proceedings or other proceedings, voluntary or involuntary,
for relief under any bankruptcy law or any law for the relief of debtors shall be instituted by or against the Borrower or any subsidiary
of the Borrower.

 

3.7              
Delisting of Common Stock. The Borrower shall fail to maintain the listing of the Common Stock on at least one of the OTC
(which specifically includes the quotation platforms maintained by the OTC Markets Group) or an equivalent replacement exchange, the Nasdaq
National Market, the Nasdaq SmallCap Market, the New York Stock Exchange, or the American Stock Exchange.

 

3.8              
Failure to Comply with the Exchange Act. The Borrower shall fail to comply with the reporting requirements of the Exchange
Act; and/or the Borrower shall cease to be subject to the reporting requirements of the Exchange Act.

 

 

 

    	 	6	 

     

    

 

3.9              
Liquidation. Any dissolution, liquidation, or winding up of Borrower or any substantial portion of its business.

 

3.10          
Cessation of Operations. Any cessation of operations by Borrower or Borrower admits it is otherwise generally unable to
pay its debts as such debts become due, provided, however, that any disclosure of the Borrower’s ability to continue as a “going
concern” shall not be an admission that the Borrower cannot pay its debts as they become due.

 

3.11          
Financial Statement Restatement. The restatement of any financial statements filed by the Borrower with the SEC at any time
after 180 days after the Issuance Date for any date or period until this Note is no longer outstanding, if the result of such restatement
would, by comparison to the un-restated financial statement, have constituted a material adverse effect on the rights of the Holder with
respect to this Note or the Purchase Agreement.

 

3.12            
Replacement of Transfer Agent. In the event that the Borrower proposes to replace its transfer agent, the Borrower fails
to provide, prior to the effective date of such replacement, a fully executed Irrevocable Transfer Agent Instructions in a form as initially
delivered pursuant to the Purchase Agreement (including but not limited to the provision to irrevocably reserve shares of Common Stock
in the Reserved Amount) signed by the successor transfer agent to Borrower and the Borrower.

 

3.13          
Cross-Default. Notwithstanding anything to the contrary contained in this Note or the other related or companion documents,
a breach or default by the Borrower of any covenant or other term or condition contained in any of the Other Agreements, after the passage
of all applicable notice and cure or grace periods, shall, at the option of the Holder, be considered a default under this Note and the
Other Agreements, in which event the Holder shall be entitled (but in no event required) to apply all rights and remedies of the Holder
under the terms of this Note and the Other Agreements by reason of a default under said Other Agreement or hereunder. “Other Agreements”
means, collectively, all agreements and instruments between, among or by: (1) the Borrower, and, or for the benefit of, (2) the Holder
and any affiliate of the Holder, including, without limitation, promissory notes; provided, however, the term “Other Agreements”
shall not include the related or companion documents to this Note. Each of the loan transactions will be cross-defaulted with each other
loan transaction and with all other existing and future debt of Borrower to the Holder.

 

Upon the occurrence and during the
continuation of any Event of Default specified in Section 3.1 (solely with respect to failure to pay the principal hereof or interest
thereon when due at the Maturity Date), the Note shall become immediately due and payable and the Borrower shall pay to the Holder, in
full satisfaction of its obligations hereunder, an amount equal to the Default Amount (as defined herein). UPON THE OCCURRENCE AND DURING
THE CONTINUATION OF ANY EVENT OF DEFAULT SPECIFIED IN SECTION 3.2, THE NOTE SHALL BECOME IMMEDIATELY DUE AND PAYABLE AND THE BORROWER
SHALL PAY TO THE HOLDER, IN FULL SATISFACTION OF ITS OBLIGATIONS HEREUNDER, AN AMOUNT EQUAL TO: (Y) THE DEFAULT AMOUNT (AS DEFINED HEREIN);
MULTIPLIED BY (Z) TWO (2). Upon the occurrence and during the continuation of any Event of Default specified in Sections 3.1 (solely
with respect to failure to pay the principal hereof or interest thereon when due on this Note upon a Trading Market Prepayment Event
pursuant to Section 1.7 or upon acceleration), 3.3, 3.4, 3.7, 3.8, 3.10, 3.11, 3.12, 3.13, and/or 3.14 exercisable through the delivery
of written notice to the Borrower by such Holders (the “Default Notice”), and upon the occurrence of an Event of Default
specified the remaining sections of Articles III (other than failure to pay the principal hereof or interest thereon at the Maturity
Date specified in Section 3,1 hereof), the Note shall become immediately due and payable and the Borrower shall pay to the Holder, in
full satisfaction of its obligations hereunder, an amount equal to 150% times the sum of (w) the then outstanding principal
amount of this Note plus (x) accrued and unpaid interest on the unpaid principal amount of this Note to the date of payment (the
“Mandatory Prepayment Date”) plus (y) Default Interest, if any, on the amounts referred to in clauses (w) and/or (x)
plus (z) any amounts owed to the Holder pursuant to Sections 1.3 and 1.4(g) hereof (the then outstanding principal amount of this
Note to the date of payment plus the amounts referred to in clauses (x), (y) and (z) shall collectively be known as the “Default
Amount”) and all other amounts payable hereunder shall immediately become due and payable, all without demand, presentment or notice,
all of which hereby are expressly waived, together with all costs, including, without limitation, legal fees and expenses, of collection,
and the Holder shall be entitled to exercise all other rights and remedies available at law or in equity.

 

If the Borrower fails to pay the
Default Amount within five (5) business days of written notice that such amount is due and payable, then the Holder shall have the right
at any time, so long as the Borrower remains in default (and so long and to the extent that there are sufficient authorized shares), to
require the Borrower, upon written notice, to immediately issue, in lieu of the Default Amount, the number of shares of Common Stock of
the Borrower equal to the Default Amount divided by the Conversion Price then in effect.

 

 

 

    	 	7	 

     

    

 

ARTICLE IV. MISCELLANEOUS

 

4.1              
Failure or Indulgence Not Waiver. No failure or delay on the part of the Holder in the exercise of any power, right or privilege
hereunder shall operate as a waiver thereof, nor shall any single or partial exercise of any such power, right or privilege preclude other
or further exercise thereof or of any other right, power or privileges. All rights and remedies existing hereunder are cumulative to,
and not exclusive of, any rights or remedies otherwise available.

 

4.2              
Notices. All notices, demands, requests, consents, approvals, and other communications required or permitted hereunder shall
be in writing and, unless otherwise specified herein, shall be (i) personally served, (ii) deposited in the mail, registered or certified,
return receipt requested, postage prepaid, (iii) delivered by reputable air courier service with charges prepaid, or (iv) transmitted
by hand delivery, telegram, or facsimile, addressed as set forth below or to such other address as such party shall have specified most
recently by written notice. Any notice or other communication required or permitted to be given hereunder shall be deemed effective (a)
upon hand delivery or delivery by facsimile, with accurate confirmation generated by the transmitting facsimile machine, at the address
or number designated below (if delivered on a business day during normal business hours where such notice is to be received), or the first
business day following such delivery (if delivered other than on a business day during normal business hours where such notice is to be
received) or (b) on the second business day following the date of mailing by express courier service, fully prepaid, addressed to such
address, or upon actual receipt of such mailing, whichever shall first occur. The addresses for such communications shall be:

 

If to the Borrower, to:

 

DarkPulse, Inc.

225 West 34th Street, 9th Floor

New York, NY 10022

Attn: Dennis M. O’Leary,
Chief Executive Officer

Fax:

Email: doleary@darkpulse.com

 

If to the Holder:

 

GENEVA ROTH REMARK HOLDINGS, INC.

111 Great Neck Road, Suite 214

Great Neck, NY 11021

Attn: Curt Kramer, Chief Executive Officer

e-mail: genevarothremark@gmail.com

 

With a copy by fax only to (which
copy shall not constitute notice):

 

Naidich Wurman LLP

111 Great Neck Road, Suite 216 Great Neck, NY 11021

Attn: Allison Naidich facsimile: 516-466-3555

e-mail: allison@nwlaw.com

 

 

 

    	 	8	 

     

    

 

4.3              
Amendments. This Note and any provision hereof may only be amended by an instrument in writing signed by the Borrower and
the Holder. The term “Note” and all reference thereto, as used throughout this instrument, shall mean this instrument (and
the other Notes issued pursuant to the Purchase Agreement) as originally executed, or if later amended or supplemented, then as so amended
or supplemented.

 

4.4              
Assignability. This Note shall be binding upon the Borrower and its successors and assigns, and shall inure to be the benefit
of the Holder and its successors and assigns. Each transferee of this Note must be an “accredited investor” (as defined in
Rule 501(a) of the Securities and Exchange Commission). Notwithstanding anything in this Note to the contrary, this Note may be pledged
as collateral in connection with a bona fide margin account or other lending arrangement; and may be assigned by the Holder without
the consent of the Borrower.

 

4.5              
Cost of Collection. If default is made in the payment of this Note, the Borrower shall pay the Holder hereof costs of collection,
including reasonable attorneys’ fees.

 

4.6              
Governing Law. This Note shall be governed by and construed in accordance with the laws of the State of New York without
regard to principles of conflicts of laws. Any action brought by either party against the other concerning the transactions contemplated
by this Note shall be brought only in the state courts of New York or in the federal courts located in the Eastern District of New York.
The parties to this Note hereby irrevocably waive any objection to jurisdiction and venue of any action instituted hereunder and shall
not assert any defense based on lack of jurisdiction or venue or based upon forum non conveniens. The Borrower and Holder waive
trial by jury. The prevailing party shall be entitled to recover from the other party its reasonable attorney's fees and costs. In the
event that any provision of this Note or any other agreement delivered in connection herewith is invalid or unenforceable under any applicable
statute or rule of law, then such provision shall be deemed inoperative to the extent that it may conflict therewith and shall be deemed
modified to conform with such statute or rule of law. Any such provision which may prove invalid or unenforceable under any law shall
not affect the validity or enforceability of any other provision of any agreement. Each party hereby irrevocably waives personal service
of process and consents to process being served in any suit, action or proceeding in connection with this Note, any agreement or any other
document delivered in connection with this Note by mailing a copy thereof via registered or certified mail or overnight delivery (with
evidence of delivery) to such party at the address in effect for notices to it under this Note and agrees that such service shall constitute
good and sufficient service of process and notice thereof. Nothing contained herein shall be deemed to limit in any way any right to serve
process in any other manner permitted by law.

 

4.7              
Purchase Agreement. By its acceptance of this Note, each party agrees to be bound by the applicable terms of the Purchase
Agreement.

 

4.8              
Remedies. The Borrower acknowledges that a breach by it of its obligations hereunder will cause irreparable harm to the
Holder, by vitiating the intent and purpose of the transaction contemplated hereby. Accordingly, the Borrower acknowledges that the remedy
at law for a breach of its obligations under this Note will be inadequate and agrees, in the event of a breach or threatened breach by
the Borrower of the provisions of this Note, that the Holder shall be entitled, in addition to all other available remedies at law or
in equity, and in addition to the penalties assessable herein, to an injunction or injunctions restraining, preventing or curing any breach
of this Note and to enforce specifically the terms and provisions thereof, without the necessity of showing economic loss and without
any bond or other security being required.

 

IN WITNESS WHEREOF, Borrower has caused
this Note to be signed in its name by its duly authorized officer this on September 2, 2020.

 

 

DarkPulse, Inc.

 

 

	 	 
	By:_______________________________________	 
	Dennis M. O’Leary	 
	Chief Executive Officer	 

 

 

 

    	 	9	 

     

    

 

 

EXHIBIT A -- NOTICE OF CONVERSION

 

The undersigned
hereby elects to convert $principal amount of the Note (defined
below) into that number of shares of Common Stock to be issued pursuant to the conversion of the Note (“Common Stock”) as
set forth below, of DarkPulse, Inc., a Delaware corporation (the “Borrower”) according to the conditions of the convertible
note of the Borrower dated as of September 2, 2020 (the “Note”), as of the date written below. No fee will be charged to the
Holder for any conversion, except for transfer taxes, if any.

 

Box Checked as to applicable instructions:

 

	 	[_]	The
Borrower shall electronically transmit the Common Stock issuable pursuant to this Notice of Conversion to the account of the undersigned
or its nominee with DTC through its Deposit Withdrawal Agent Commission system (“DWAC Transfer”).
	 	 	 
	 	 	Name of DTC Prime Broker:
	 	 	Account Number:
	 	 	 
	 	[_]	The undersigned
hereby requests that the Borrower issue a certificate or certificates for the number of shares of Common Stock set forth below (which
numbers are based on the Holder’s calculation attached hereto) in the name(s) specified immediately below or, if additional space
is necessary, on an attachment hereto:

 

	 	 	GENEVA ROTH REMARK HOLDINGS, INC.	 
	 	 	111 Great Neck Road, Suite 214	 
	 	 	Great Neck, NY 11021	 
	 	 	Attention: Certificate Delivery	 
	 	 	e-mail: genevarothremark@gmail.com	 
	 	 	 	 
	 	 	Date
of conversion:	 
	 	 	 	 
	 	 	Applicable Conversion Price:	$
	 	 	 	 
	 	 	Number of shares of common stock to be issued pursuant to conversion of the Notes:	 
	 	 	 	 
	 	 	Amount of Principal Balance due remaining under the Note after this conversion:	 
	 	 	 	 
	 	 	GENEVA ROTH REMARK HOLDINGS, INC.	 
	 	 	 	 
	 	 	By: ______________________________	 
	 	 	Name: Curt Kramer	 
	 	 	Title: Chief Executive Officer	 
	 	 	Date: _________________	 

 

 

 

 

    	 	10

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