Document:

EX-4.1

 Exhibit 4.1 

DISCOVERY COMMUNICATIONS, LLC, 

Issuer 
 DISCOVERY, INC.,

 Parent Guarantor 

SCRIPPS NETWORKS INTERACTIVE, INC., 

Subsidiary Guarantor 

and 
 U.S. BANK NATIONAL
ASSOCIATION, 
 Trustee 

SEVENTEENTH SUPPLEMENTAL INDENTURE 

DATED AS OF MAY 21, 2019 

TO 
 INDENTURE 

DATED AS OF AUGUST 19, 2009 

Relating To 

$750,000,000 4.125% Senior Notes due 2029 

$750,000,000 5.300% Senior Notes due 2049 

 SEVENTEENTH SUPPLEMENTAL INDENTURE 

SEVENTEENTH SUPPLEMENTAL INDENTURE, dated as of May 21, 2019 (the “Supplemental Indenture”), to the Base
Indenture (defined below) among Discovery Communications, LLC, a Delaware limited liability company (the “Company”), Discovery, Inc., a Delaware corporation (the “Parent Guarantor”), Scripps Networks Interactive,
Inc., an Ohio corporation (“Scripps”), and U.S. Bank National Association, as Trustee (the “Trustee”). 

RECITALS 
 WHEREAS, the
Company has executed and delivered to the Trustee the Indenture, dated as of August 19, 2009 (the “Base Indenture” and, together with this Supplemental Indenture, the “Indenture”), providing for the issuance
from time to time of its Securities; 
 WHEREAS, pursuant to the terms of the Base Indenture, the Company desires to provide for the
establishment of two new series of its Securities to be known as its 4.125% Senior Notes due 2029 (the “2029 Notes”) and its 5.300% Senior Notes due 2049 (the “2049 Notes” and together with the 2029 Notes, the
“Notes”), the form and substance of each series of such Notes and the terms, provisions and conditions thereof to be set forth as provided in the Base Indenture and this Supplemental Indenture; and 

WHEREAS, the Company has requested that the Trustee execute and deliver this Supplemental Indenture, and all requirements necessary to make
this Supplemental Indenture a valid instrument in accordance with its terms, and to make the Notes, when executed by the Company and authenticated and delivered by the Trustee, the valid and legally binding obligations of the Company, and all acts
and things necessary have been done and performed to make this Supplemental Indenture enforceable in accordance with its terms, and the execution and delivery of this Supplemental Indenture have been duly authorized in all respects. 

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

ARTICLE 1 

DEFINITIONS 

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

  
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 Section 1.02.    References in this Supplemental Indenture to
article and section numbers shall be deemed to be references to article and section numbers of this Supplemental Indenture unless otherwise specified. 

Section 1.03.    For purposes of this Supplemental Indenture, the following terms have the meanings ascribed to them
as follows: 
 “2029 Notes” has the meaning provided in the recitals. 

“2049 Notes” has the meaning provided in the recitals. 

“Attributable Debt” means, with respect to a Sale and Leaseback Transaction, an amount equal to the present value of the
lease payments with respect to the term of the lease remaining on the date as of which the amount is being determined, without regard to any renewal or extension options contained in the lease, discounted at the rate of interest set forth or
implicit in the terms of the lease, compounded semi-annually. 
 “Base Indenture” has the meaning provided in the recitals.

 “Company” has the meaning provided in the preamble. 

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

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

“Indenture” has the meaning provided in the recitals. 

“Interest Payment Date” has the meaning provided in Section 2.04. 

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

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

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

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

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

“Trustee” has the meaning provided in the preamble. 

ARTICLE 2 

GENERAL TERMS AND CONDITIONS OF THE
NOTES 
 Section 2.01.    Designation and Principal Amount. The Notes are hereby authorized
and are designated the “4.125% Senior Notes due 2029” and the “5.300% Senior Notes due 2049,” respectively, each series unlimited in aggregate principal amount. The 2029 Notes issued on the date hereof pursuant to the terms of
the Indenture shall be in an aggregate principal amount of $750,000,000 and the 2049 Notes issued on the date hereof pursuant to the terms of the Indenture shall be in an aggregate principal amount of $750,000,000, each of which amounts shall be set
forth in the written order of the Company for the authentication and delivery of the Notes pursuant to Section 2.05 of the Base Indenture. In addition, the Company may, from time to time, without notice to or the consent of the Holders of the
Notes, create and issue additional Notes ranking equally and ratably with the Notes of any series issued on the date hereof in all respects (or in all respects except for the payment of interest accruing prior to the issue date of such additional
Notes or except for the first payment of interest following the issue date of such additional Notes), so that such additional Notes shall be consolidated and form a single series with such series of Notes issued on the date hereof and shall have the
same terms as to status, redemption or otherwise as such series of Notes issued on the date hereof, provided that if any such additional Notes are not fungible with the Notes initially issued hereunder for U.S. federal income tax purposes,
such additional Notes shall have a separate CUSIP number. 

  
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 Section 2.02.    Maturity. The principal amount of the 2029
Notes shall be payable on May 15, 2029 and the principal amount of the 2049 Notes shall be payable on May 15, 2049. 

Section 2.03.    Form and Payment. (a) The Notes of each series shall be issued as global notes, only in
fully registered book-entry form, without coupons, in minimum denominations of $2,000 and integral multiples of $1,000 in excess thereof. 

(b)    Principal, premium, if any, and/or interest, if any, on the global notes representing the Notes of each series shall
be made to the Paying Agent (defined below) which in turn shall make payment to The Depository Trust Company as the Depositary with respect to the Notes of such series or its nominee. 

(c)    The global notes representing the Notes of each series shall be deposited with, or on behalf of, the Depositary and
shall be registered, at the request of the Depositary, in the name of Cede & Co. 
 (d)    U.S. Bank National
Association shall act as paying agent for each series of Notes (the “Paying Agent”). The Company may appoint and change the Paying Agent without prior notice to the Holders. 

Section 2.04.    Interest. Interest on the 2029 Notes shall accrue at the rate of 4.125% per annum. Interest
on the 2049 Notes shall accrue at the rate of 5.300% per annum. Interest on the Notes shall be payable semiannually in arrears on May 15 and November 15 of each year, commencing on November 15, 2019 (each an “Interest Payment
Date”), to the Holders in whose names the Notes are registered at the close of business on the April 30 and October 31 immediately preceding such Interest Payment Date. Interest on the Notes shall be computed on the basis of a 360-day year comprised of twelve 30-day months. If any Interest Payment Date is not a Business Day, then the related payment of interest for such Interest Payment Date shall
be paid on the next succeeding Business Day with the same force and effect as if made on such Interest Payment Date and no further interest shall accrue as a result of such delay. 

Section 2.05.    Other Terms. The Notes shall be unsecured senior indebtedness of the Company and shall rank
equally and ratably in right of payment with all of the Company’s other unsecured and unsubordinated indebtedness outstanding from time to time. The Notes shall not be convertible into, or exchangeable for, any other securities of the Company,
except that the Notes shall be exchangeable for other Notes to the extent provided for in the Base Indenture. 

  
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 ARTICLE 3 

ADDITIONAL COVENANTS 

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

(b)    The foregoing restriction does not apply, with respect to any Person, to any of the following: 

(i)    Liens existing on the date hereof; 

(ii)    Liens on assets or property of a Person at the time it becomes a Subsidiary securing only
indebtedness of such Person or Liens existing on assets or property at the time of the acquisition of such assets, provided such indebtedness was not incurred or such Liens were not created in connection with such Person becoming a Subsidiary or
such assets being acquired; 
 (iii)    Liens on assets created at the time of or within 12 months after
the acquisition, purchase, lease, improvement or development of such assets to secure all or a portion of the purchase price or lease for, or the costs of improvement or development of, such assets; 

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

(vi)    Liens in favor of only the Parent Guarantor, the Company or one or more Subsidiaries of the Parent
Guarantor granted by the Company or a Subsidiary to secure any obligations owed to the Parent Guarantor, the Company or a Subsidiary of the Parent Guarantor; 

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

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

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

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

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

(xiv)    Liens encumbering customary initial deposits and margin deposits and other Liens in the ordinary
course of business, in each case securing indebtedness under any interest swap obligations and currency agreements and forward contract, option, futures contracts, futures options or similar agreements or arrangements designed to protect the Parent
Guarantor or any of its Subsidiaries from fluctuations in interest rates or currencies; 

  
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 (xv)    Liens in the nature of voting, equity transfer,
redemptive rights or similar terms under any such agreement or other term customarily found in such agreements, in each case, encumbering the Company’s or such Subsidiary’s equity interests or other investments in such Subsidiary or other
Person; 
 (xvi)    Liens created in favor of a producer or supplier of television programming or films
over distribution revenues and/or distribution rights which are allocable to such producer or supplier under related distribution arrangements; or 

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

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

(b)    For purposes of Section 3.01 and this Section 3.02, “Permitted Sale and Leaseback
Transaction” means any of the following: (i) temporary leases for a term, including renewals at the option of the lessee, of not more than three years, (ii) leases between only the Company and a Subsidiary or only between
Subsidiaries of the Company and (iii) leases of property executed by the time of, or within 12 months after the latest of (A) the acquisition, (B) the completion of construction or improvement or (C) the commencement of
commercial operation of the property. 
 Section 3.03.    Consolidation, Sale, Merger or Conveyance.
(a) In addition to complying with the provisions of Section 9.01 of the Base Indenture, the Company agrees that if, as a result of any consolidation, merger, conveyance, transfer or lease to which such Section 9.01 applies,
properties or assets of the Company or any Subsidiary would become subject to any lien that would not be permitted by Section 3.01 hereof without equally and ratably securing the Notes, (i) the Company or the Person formed by such
consolidation or into which the Company is merged or the Person that acquires by conveyance or transfer, or that leases, the properties and assets of the Company substantially as an entirety, as the case may be, shall take the steps as are necessary
to effectively secure the Notes equally and ratably with, or prior to, all indebtedness secured by those liens as provided for in Section 3.01 and (ii) the Officer’s Certificate and an Opinion of Counsel required by
Section 9.01(c) of the Base Indenture shall also state that such consolidation, merger, conveyance, transfer or lease and, if a supplemental indenture is required in connection with such transaction, such supplemental indenture comply with this
Section 3.03(a). 

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

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

Section 3.04.    Guarantee by Subsidiaries of the Parent Guarantor.  

(a)    The Parent Guarantor shall cause each wholly-owned Domestic Subsidiary that guarantees payment of any Debt of the
Company or the Parent Guarantor under the Company’s Revolving Credit Facility, to execute and deliver to the Trustee within 30 days a supplemental indenture, in form and substance required by the Indenture or other instrument pursuant to which
such wholly-owned Domestic Subsidiary will guarantee payment of the Notes, whereupon such Domestic Subsidiary will become a Subsidiary Guarantor for all purposes hereunder. Subsidiary guarantees will be subject to release and discharge under the
circumstances described below in this Section 3.04 prior to payment in full of the Notes. 
 (b)    All payments on
the Notes, including principal and interest (and premium, if any), and all other amounts due under the Indenture relating to the Notes will be fully and unconditionally guaranteed on an unsecured and unsubordinated basis by each Subsidiary
Guarantor. 

  
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 (c)    The obligations of each Subsidiary Guarantor are limited to the
maximum amount, as will, after giving effect to all other contingent and fixed liabilities of such Subsidiary Guarantor and after giving effect to any collections from or payments made by or on behalf of any other Subsidiary Guarantor in respect of
the obligations of such other Subsidiary Guarantor under its subsidiary guarantee or pursuant to its contribution obligations under the Indenture, result in the obligations of such Subsidiary Guarantor under the subsidiary guarantee not constituting
a fraudulent conveyance or fraudulent transfer under applicable law, or being void or unenforceable under any law relating to insolvency of debtors. 

(d)    Each such subsidiary guarantee will be a continuing guarantee and shall (i) remain in full force and effect
until payment in full of the principal amount of all outstanding Notes (whether by payment at maturity, purchase, redemption, defeasance, retirement or other acquisition) and all other subsidiary guaranteed obligations of the relevant Subsidiary
Guarantor then due and owing, unless earlier terminated as described below, (ii) be binding upon such Subsidiary Guarantor and (iii) inure to the benefit of and be enforceable by the Trustee, the Holders and their permitted successors,
transferees and assigns. 
 Notwithstanding the foregoing provisions of this Section 3.04, any Subsidiary Guarantor will automatically
and unconditionally be released from all obligations under its subsidiary guarantee, and such subsidiary guarantee shall thereupon terminate and be discharged and of no further force or effect, (i) concurrently with any direct or indirect sale
or disposition (by merger or otherwise) of such Subsidiary Guarantor or any interest therein, or any other transaction, in accordance with the terms of the Indenture, (ii) at any time that such Subsidiary Guarantor is (or, substantially
concurrently with the release of the subsidiary guarantee of such Subsidiary Guarantor or if as a result of the release of the subsidiary guarantee of such Subsidiary Guarantor, will be) released from all of its obligations under its guarantee of
payment by the Company of any Debt of the Company or the Parent Guarantor under the Revolving Credit Facility (it being understood that a release subject to contingent reinstatement is still a release, and that if any such guarantee is so
reinstated, such subsidiary guarantee shall also be reinstated to the extent that such Subsidiary Guarantor would then be required to provide a subsidiary guarantee pursuant to this Section 3.04), (iii) upon the merger or consolidation of such
Subsidiary Guarantor with and into the Company or the Parent Guarantor or another Subsidiary Guarantor that is the surviving person in such merger or consolidation, or upon the liquidation of such Subsidiary Guarantor following the transfer of all
of its assets to the Company or the Parent Guarantor or another Subsidiary Guarantor, (iv) concurrently with such Subsidiary Guarantor ceasing to constitute a Domestic Subsidiary of the Parent Guarantor, (v) upon legal or covenant
defeasance of the Company’s obligations, or satisfaction and discharge of the Notes, or (vi) upon payment in full of the aggregate principal amount of all of the Notes then outstanding and all other subsidiary guaranteed obligations then
due and owing (provided that the obligations of each Subsidiary Guarantor hereunder shall be 

  
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reinstated if at any time any payment which would otherwise have reduced or terminated the obligations of any Subsidiary Guarantor hereunder and under its subsidiary guarantee (whether such
payment shall have been made by or on behalf of the Company or by or on behalf of a Subsidiary Guarantor) is rescinded or reclaimed from any of the Holders upon the insolvency, bankruptcy, liquidation or reorganization of the Company or any
Subsidiary Guarantor or otherwise, all as though such payment had not been made). Upon any such occurrence specified in this Section 3.04, the Trustee shall execute any documents reasonably requested by the Company in order to evidence such
release, discharge and termination in respect of such subsidiary guarantee. 
 (e)    For purposes of this
Section 3.04, the following definitions are applicable: 
 “Domestic Subsidiary” means any Guarantor Subsidiary that
is organized under the laws of any political subdivision of the United States that is not a Foreign Subsidiary. 
 “Foreign
Subsidiary” means any Guarantor Subsidiary that is organized under the laws of a jurisdiction other than the United States, a state thereof or the District of Columbia or that is a Foreign Subsidiary Holdco. For the avoidance of doubt, any
Guarantor Subsidiary that is organized and existing under the laws of Puerto Rico or any other territory of the United States of America shall be a Foreign Subsidiary. 

“Foreign Subsidiary Holdco” means any Guarantor Subsidiary designated as a Foreign Subsidiary Holdco by the Company, so long
as such Subsidiary has no material assets other than securities, indebtedness or receivables of one or more Foreign Subsidiaries (or Guarantor Subsidiaries thereof), intellectual property relating solely to such Foreign Subsidiaries (or Guarantor
Subsidiaries thereof) and/or other assets (including cash and cash equivalents) relating to an ownership interest in any such securities, indebtedness, intellectual property or Guarantor Subsidiaries. 

“Guarantor Subsidiary” means a corporation or other business entity of which equity interests having a majority of the voting
power under ordinary circumstances is owned, directly or indirectly, by the Parent Guarantor or by one of more subsidiaries of the Parent Guarantor, or by the Parent Guarantor and one or more subsidiaries of the Parent Guarantor. 

“Revolving Credit Facility” means the revolving credit facility created pursuant to the Amended and Restated Credit
Agreement, dated as of February 4, 2016, among the Company, the Parent Guarantor, certain Subsidiaries of the Company, the lenders from time to time parties thereto and Bank of America, N.A. as administrative agent, as amended by Amendment
No. 1 to Amended and Restated Credit Agreement, dated as of August 11, 2017, as further amended, restated, supplemented, replaced, waived or otherwise modified from time to time. 

  
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 “Subsidiary Guarantor” means any Guarantor Subsidiary that enters into a
subsidiary guarantee, in each case, unless and until such Guarantor Subsidiary is released from such subsidiary guarantee in accordance with the terms of this Section 3.04. 

Section 3.05.    Certain Subsidiaries. If any Subsidiary Guarantor (including Scripps) is a subsidiary of the
Parent Guarantor but not a Subsidiary of the Company, then, unless and until such Subsidiary Guarantor is released from such subsidiary guarantee of the Notes, such Subsidiary Guarantor and its subsidiaries shall be treated as if they were
Subsidiaries of the Company for all purposes under the Indenture, including for purposes of the provisions described in Section 3.01 and Section 3.02 of this Supplemental Indenture. 

ARTICLE 4 

REDEMPTION OF THE NOTES 

Section 4.01.    Optional Redemption. 

(a)    Prior to the applicable Par Call Date (as defined below), the 2029 Notes and the 2049 Notes shall be redeemable, in
each case, in whole or in part, at the option of the Company at any time and from time to time, at a redemption price equal to the greater of: 

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

(ii)    as determined by the Quotation Agent (as defined below), the sum of the present values of the
remaining scheduled payments of principal and interest on the series of Notes to be redeemed (not including any portion of such payments of interest accrued as of the date of redemption) assuming that such series of Notes matured on the Par Call
Date, discounted to the date of redemption on a semi-annual basis (assuming a 360-day year consisting of twelve 30-day months) at the Adjusted Treasury Rate (as defined
below) plus 30 basis points in the case of the 2029 Notes and 40 basis points in the case of the 2049 Notes, plus, in each case accrued and unpaid interest on the principal amount being redeemed to but not including the date of redemption. 

On and after the applicable Par Call Date, the 2029 Notes and the 2049 Notes shall be redeemable, in each case, in whole or in part, at the
option of the Company at any time and from time to time, at a redemption price equal to 100% of the principal amount of the series of Notes to be redeemed, plus accrued and unpaid interest on the principal amount being redeemed to but not including
the date of redemption. 
 For all purposes of each series of Notes, the reference to 30 days in Section 12.02 of the Base Indenture
shall be deemed to have been replaced with 15 days. In addition to 

  
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complying with the provisions of Section 12.02 under the Base Indenture, any notice of redemption may, at the Company’s discretion, be subject to the satisfaction or waiver of one or
more conditions precedent and such notice shall state the nature of such conditions precedent. Interest on the Notes or portions of Notes so called for redemption shall cease to accrue on and after the date of redemption together with interest
accrued to said date, subject to the satisfaction or waiver of any conditions precedent specified in such notice of redemption, unless the Company defaults in the payment of such Notes at the redemption price. 

(b)    For purposes of this Section 4.01, the following definitions are applicable: 

“Adjusted Treasury Rate” means, with respect to any redemption date, the rate per annum equal to the semi-annual equivalent
yield to maturity of the Comparable Treasury Issue (as defined below), assuming a price for the Comparable Treasury Issue (expressed as a percentage of its principal amount) equal to the Comparable Treasury Price (as defined below) for such
redemption date. 
 “Comparable Treasury Issue” means the United States Treasury security selected by the Quotation Agent
as having a maturity comparable to the remaining term of the Notes of a series to be redeemed (assuming that such Notes matured on the applicable Par Call Date) that would be utilized, at the time of selection and in accordance with customary
financial practice, in pricing new issues of corporate debt securities of comparable maturity to the remaining term of such Notes. 

“Comparable Treasury Price” means, with respect to any redemption date, (i) the average of the Reference Treasury Dealer
Quotations (as defined below) for such redemption date, after excluding the highest and lowest such Reference Treasury Dealer Quotations, or (ii) if the Trustee obtains fewer than four such Reference Treasury Dealer Quotations, the average of
all such quotations. 
 “Par Call Date” means February 15, 2029 with respect to the 2029 Notes and November 15,
2048 with respect to the 2049 Notes. 
 “Quotation Agent” means the Reference Treasury Dealer appointed by the Company.

 “Reference Treasury Dealer” means (i) Barclays Capital Inc. and J.P. Morgan Securities LLC and their respective
successors with respect to the Notes; provided, however, that if any of the foregoing ceases to be a primary U.S. Government securities dealer in New York City (a “Primary Treasury Dealer”), the Company shall substitute therefor
another Primary Treasury Dealer; and (ii) any other Primary Treasury Dealers selected by the Company. 

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

Section 4.02.    Purchase of Notes Upon a Change of Control Triggering Event. (a) If a Change of Control
Triggering Event occurs, unless the Company has exercised its right to redeem the 2029 Notes and the 2049 Notes in full, pursuant to Section 4.01, Holders of Notes shall have the right to require the Company to repurchase all or a portion of
such Holders’ 2029 Notes and 2049 Notes, as applicable, pursuant to the offer described in 4.02(b) below (such offer, the “Change of Control Offer”), at a purchase price equal to 101% of the principal amount thereof plus
accrued and unpaid interest, if any, to the date of repurchase, subject to the rights of Holders of Notes of such series on the relevant record date to receive interest due on the relevant interest payment date. 

(b)    Within 30 days following the date upon which the Change of Control Triggering Event occurred, or at the
Company’s option, prior to any Change of Control but after the public announcement of the pending Change of Control, the Company shall be required to send, by first class mail, a notice to Holders of Notes of any series not redeemed, with a
copy to the Trustee, which notice shall govern the terms of the Change of Control Offer. Such notice shall state, among other things, the repurchase date, which must be no earlier than 30 days nor later than 60 days from the date such notice is
mailed, other than as may be required by law (the “Change of Control Payment Date”). The notice, if mailed prior to the date of consummation of the Change of Control, may state that the Change of Control Offer is conditioned on the
Change of Control being consummated on or prior to the Change of Control Payment Date. Holders of Notes of any series not redeemed electing to have their Notes repurchased pursuant to a Change of Control Offer shall be required to surrender their
Notes, with the form entitled “Option of Holder to Elect Purchase” on the reverse of the Notes completed, to the Paying Agent at the address specified in the notice, or transfer their Notes to the Paying Agent by book-entry transfer
pursuant to the applicable procedures of the Paying Agent, prior to the close of business on the third Business Day prior to the Change of Control Payment Date. 

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

(d)    The Company shall comply with the requirements of Rule 14e-1 under the
Exchange Act and any other securities laws and regulations thereunder to the extent those laws and regulations are applicable in connection with the repurchase of the Notes as a result of a Change of Control Triggering Event. To the extent that the
provisions of any 

  
 14 

 
such securities laws or regulations conflict with the Change of Control Offer provisions of the Notes of a series, the Company shall comply with those securities laws and regulations and shall
not be deemed to have breached its obligations under the provisions in the Indenture governing the Change of Control Offer by virtue of any such conflict. 

(e)    For purposes of this Section 4.02, the following definitions are applicable: 

“Below Investment Grade Rating Event” with respect to the Notes of a series means that such Notes become rated below
Investment Grade by each Rating Agency on any date from the date of the public notice by the Parent Guarantor or the Company of an arrangement that results in a Change of Control until the end of the 60-day
period following public notice by the Parent Guarantor or the Company of the occurrence of a Change of Control (which period will be extended so long as the rating of such series of Notes is under publicly announced consideration for possible
downgrade by any of the Rating Agencies); provided, however, that a Below Investment Grade Rating Event otherwise arising by virtue of a particular reduction in rating shall not be deemed to have occurred in respect of a particular Change of Control
(and thus shall not be deemed a Below Investment Grade Rating Event for purposes of the definition of “Change of Control Triggering Event”), if the Rating Agencies making the reduction in rating to which this definition would otherwise
apply do not announce or publicly confirm or inform the Trustee in writing at its request that the reduction was the result, in whole or in part, of any event or circumstance comprised of or arising as a result of, or in respect of, the applicable
Change of Control (whether or not the applicable Change of Control has occurred at the time of the Below Investment Grade Rating Event). 

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

(i)    the direct or indirect sale, lease, transfer, conveyance or other disposition (other than by way of
merger or consolidation), in one or a series of related transactions, of all or substantially all of the assets of the Parent Guarantor and its Subsidiaries, or the Company and its Subsidiaries, taken as a whole, to any “person” (as that
term is used in Section 13(d)(3) of the Exchange Act) other than to the Parent Guarantor or one of its Subsidiaries; 

(ii)    the consummation of any transaction (including without limitation, any merger or consolidation) the
result of which is that any “person” (as that term is used in Section 13(d)(3) of the Exchange Act), other than any Significant Shareholder (as defined below) or any combination of Significant Shareholders, becomes the
“beneficial owner” (as defined in Rules 13d-3 and 13d-5 under the Exchange Act), directly or indirectly, of more than 50% of the outstanding Voting Stock of
the Parent Guarantor or the Company, measured by voting power rather than number of shares; 

  
 15 

 (iii)    the consummation of a so-called “going private/Rule 13e-3 Transaction” that results in any of the effects described in paragraph (a)(3)(ii) of Rule
13e-3 under the Exchange Act (or any successor provision) with respect to each class of the Parent Guarantor’s common stock, following which any Significant Shareholder or any combination of Significant
Shareholders “beneficially own” (as defined in Rules 13d-3 and 13d-5 under the Exchange Act), directly or indirectly, more than 50% of the outstanding Voting
Stock of the Parent Guarantor, measured by voting power rather than number of shares; 
 (iv)    the
first day on which the majority of the members of the Board of Directors of the Parent Guarantor cease to be Continuing Directors; or 

(v)    the adoption of a plan relating to the liquidation, dissolution or winding up of the Parent
Guarantor. 
 “Change of Control Triggering Event” means the occurrence of both a Change of Control and a Below Investment
Grade Rating Event. Notwithstanding the foregoing, no Change of Control Triggering Event shall be deemed to have occurred in connection with any particular Change of Control unless and until such Change of Control has actually been consummated. 

“Continuing Director” means, as of any date of determination, any member of the Board of Directors (or equivalent body) of
the Parent Guarantor who: 
 (i)    was a member of such board of directors on the date of the issuance
of the Notes; or 
 (ii)    was nominated for election, elected or appointed to such board of directors
with the approval of a majority of the Continuing Directors who were members of such board of directors at the time of such nomination, election or appointment (either by a specific vote or by approval of the Parent Guarantor’s proxy statement
in which such member was named as a nominee for election as a director). 
 “Fitch” means Fitch Ratings Ltd., and its
successors. 
 “Investment Grade” means a rating of “BBB–” or better by S&P (or its equivalent under any
successor rating category of S&P), a rating of “Baa3” or better by Moody’s (or its equivalent under any successor rating category of Moody’s) and a rating of “BBB–” or better by Fitch (or its equivalent under
any successor rating category of Fitch). 
 “Moody’s” means Moody’s Investors Service, Inc., and its successors.

  
 16 

 “Rating Agency” means (i) each of S&P, Moody’s and Fitch; and
(ii) if any of S&P, Moody’s or Fitch ceases to rate the Notes or fails to make a rating of the Notes publicly available for reasons outside of the Company’s control, a “nationally recognized statistical rating
organization” as defined in Section 3(a)(62) of the Exchange Act, selected by the Company (as certified by a resolution of the Board of Directors of the Parent Guarantor and reasonably acceptable to the Trustee) as a replacement agency for
S&P, Moody’s or Fitch, or all of them, as the case may be. 
 “S&P” means Standard & Poor’s
Ratings Services, a division of The McGraw-Hill Companies, Inc., and its successors. 
 “Significant Shareholder” means
each of (i) Advance/Newhouse Programming Partnership, (ii) the Parent Guarantor or any of its Subsidiaries and (iii) any other “person” (as that term is used in Section 13(d)(3) of the Exchange Act) if 50% or more of
the Voting Stock of such person is “beneficially owned” (as defined in Rules 13d-3 and 13d-5 under the Exchange Act), directly or indirectly, by
Advance/Newhouse Programming Partnership or the Parent Guarantor or one of its Subsidiaries or any combination thereof. 
 “Voting
Stock” of any specified Person as of any date means any and all shares or equity interests (however designated) of such Person that are at the time entitled to vote generally in the election of the board of directors, managers or trustees
of such Person, as applicable. 
 ARTICLE 5 

EVENTS OF DEFAULT 

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

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

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

  
 17 

 (iv)    Clause (f) shall be amended and restated in
its entirety to read as follows: 
 “(g) default under any mortgage, indenture or instrument under which there may be issued or by which
there may be secured or evidenced any indebtedness for money borrowed by the Parent Guarantor, the Company or any of their Subsidiaries (or the payment of which is guaranteed by the Parent Guarantor, the Company or any of their Subsidiaries),
whether such indebtedness or guarantee now exists, or is created after the date hereof, if that default (i) is caused by a failure to pay principal on such indebtedness at its stated final maturity (after giving effect to any applicable grace
periods provided in such indebtedness) (a “Payment Default”) or (ii) results in the acceleration of such indebtedness prior to its express maturity (an “Acceleration Event”) and (A) in each case, the
principal amount of any such indebtedness, together with the principal amount of any other such indebtedness under which there has been a Payment Default or an Acceleration Event, aggregates $100 million or more and (B) in the case of a
Payment Default, such indebtedness is not discharged and, in the case of an Acceleration Event, such acceleration is not rescinded or annulled, within ten days after there has been given, by registered or certified mail, to the Company and the
Parent Guarantor by the Trustee or to the Company, the Parent Guarantor and the Trustee by the Holders of at least 25% in principal amount of the Outstanding Notes, a written notice specifying such default or breach and requiring it to be remedied
and stating that such notice is a “Notice of Default” hereunder.” 
 (b)    Solely with respect to the
Notes, the first sentence of the second paragraph of Section 5.01 of the Base Indenture shall be amended by replacing the phrase “in clauses (a), (b), (c) or (f)” with “in clauses (a), (b), (c), (f) or (g)” therein. 

  
 18 

 Section 5.02.    Collection of Debt by Trustee; Trustee May
Prove Debt. Solely with respect to the Notes, the first sentence of the first paragraph of Section 5.02 of the Base Indenture shall be amended as follows: 

(a)    Clause (a) shall be amended by replacing the phrase “60 days” with “30 days” therein; and

 (b)    Clause (b) shall be amended by deleting the phrase “, and such default shall have continued for a
period of five days” therein. 
 ARTICLE 6 

SUPPLEMENTAL INDENTURES 

Section 6.01.    Supplemental Indentures with Consent of Securityholders. Solely with respect to the Notes,
the first paragraph of Section 8.02 of the Base Indenture shall be amended as follows: 
 (a)    the following
clauses shall be added immediately following clause (a) in the proviso of that paragraph (but before the word “or” immediately preceding clause (b)): “(b) reduce the amount payable upon repurchase of any series of Notes, or
change the time at which any series of Notes may be so repurchased; (c) make any change to a Guarantee in any manner adverse to the Holders of the Notes;” and 

(b)    clause (b) in the proviso of that paragraph shall become clause (d). 

ARTICLE 7 

NO RECOURSE 

Section 7.01.    No Recourse. Solely with respect to the Notes, Section 11.01 of the Base Indenture shall
be amended (a) by replacing the phrase “the Guarantor” with “any Guarantor” in each instance, and (b) by adding the words “and the Guarantee” immediately following the phrase “such Securities.” 

ARTICLE 8 

MISCELLANEOUS 

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

Section 8.02.    Form of Notes. (a) The Notes and the Trustee’s certificates of authentication to be
endorsed thereon are to be substantially in the form of Exhibit A and Exhibit B attached hereto, which forms are hereby incorporated in and made a part of this Supplemental Indenture. 

  
 19 

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

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

Section 8.04.    Trust Indenture Act Controls. If any provision hereof limits, qualifies or conflicts with the
duties imposed by Section 310 through Section 317 of the Trust Indenture Act of 1939, the imposed duties shall control. 

Section 8.05.    Conflict with Indenture. To the extent not expressly amended or modified by this Supplemental
Indenture, the Base Indenture shall remain in full force and effect. If any provision of this Supplemental Indenture relating to the Notes is inconsistent with any provision of the Base Indenture, the provision of this Supplemental Indenture shall
control. 
 Section 8.06.    Governing Law. THIS SUPPLEMENTAL INDENTURE AND THE NOTES SHALL BE DEEMED TO BE
A CONTRACT UNDER THE LAWS OF THE STATE OF NEW YORK, AND FOR ALL PURPOSES SHALL BE CONSTRUED IN ACCORDANCE WITH THE LAWS OF SUCH STATE, EXCEPT AS MAY OTHERWISE BE REQUIRED BY MANDATORY PROVISIONS OF LAW. 

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

Section 8.08.    Counterparts. This instrument may be executed in any number of counterparts, each of which so
executed shall be deemed to be an original, but all such counterparts shall together constitute but one and the same instrument. Signatures of the parties hereto transmitted by facsimile or PDF shall be deemed to be their original signatures for all
purposes. 
 Section 8.09.    Trustee Disclaimer. The Trustee makes no representation as to the validity or
sufficiency of this Supplemental Indenture other than as to the validity of its execution and delivery by the Trustee. The recitals and statements herein are deemed to be those of the Company and the Parent Guarantor and not the Trustee. 

  
 20 

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

			
	DISCOVERY COMMUNICATIONS, LLC
		
	By:	 	/s/ Fraser Woodford
		 	Name: Fraser Woodford
		 	Title: SVP, Treasurer
	
	DISCOVERY, INC.
		
	By:	 	/s/ Fraser Woodford
		 	Name: Fraser Woodford
		 	Title: SVP, Treasurer
	
	SCRIPPS NETWORKS INTERACTIVE, INC.
		
	By:	 	/s/ Fraser Woodford
		 	Name: Fraser Woodford
		 	Title: SVP, Treasurer
	
	U.S. BANK NATIONAL ASSOCIATION, Trustee
		
	By:	 	/s/ Georgina Nassar
		 	Name: Georgina Nassar
		 	Title: Assistant Vice President

  
 [Signature Page
to Seventeenth Supplemental Indenture] 

 EXHIBIT A 

FORM OF NOTE 
 UNLESS AND
UNTIL IT IS EXCHANGED IN WHOLE OR IN PART FOR SECURITIES IN DEFINITIVE REGISTERED FORM, THIS SECURITY MAY NOT BE TRANSFERRED EXCEPT AS A WHOLE BY THE DEPOSITARY TO A 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. UNLESS THIS SECURITY IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW
YORK CORPORATION (“DTC”), TO THE COMPANY OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY SECURITY ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED
REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL
INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN. 

  
 1 

 DISCOVERY COMMUNICATIONS, LLC 

4.125% Senior Note Due 2029 

CUSIP No.: 25470DBF5 

			
	No.	  	ISIN No.: US25470DBF50

 $                 

DISCOVERY COMMUNICATIONS, LLC, a Delaware limited liability company (the “Company”, which term includes any successor
corporation), for value received promises to pay to CEDE & CO., or registered assigns, the principal sum of $                 (the “Principal”)
on May 15, 2029. 
 Interest Payment Dates: May 15 and November 15 (each, an “Interest Payment Date”),
commencing on November 15, 2019. 
 Interest Record Dates: April 30 and October 31 (each, an “Interest Record
Date”). 
 Reference is made to the further provisions of this Security contained herein, which will for all purposes have the same
effect as if set forth at this place. 

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

			
	DISCOVERY COMMUNICATIONS, LLC
		
	By:	 	 
		 	Name:
		 	Title:

 NOTATION OF GUARANTEE 

Discovery, Inc. (the “Parent Guarantor”) and Scripps Networks Interactive, Inc. (the “Subsidiary Guarantor”
and together with the Parent Guarantor, the “Guarantors”, which term includes any successor thereto under the Indenture (the “Indenture”) referred to in the Security on which this notation is endorsed) have
unconditionally guaranteed, pursuant to the terms of the Guarantee contained in Article 13 of the Indenture (and, with respect to the Subsidiary Guarantor, subject to the terms and conditions set forth in Section 3.04 of the Seventeenth
Supplemental Indenture, dated as of May 21, 2019 (the “Supplemental Indenture”)), the due and punctual payment of the principal of and any premium and interest on this Security, when and as the same shall become due and payable
in accordance with the terms of this Security and the Indenture. 
 The obligations of the Guarantors to the Holders of the Securities and
to the Trustee pursuant to the Guarantee and the Indenture are expressly set forth in Article 13 of the Indenture (and, with respect to the Subsidiary Guarantor, subject to the terms and conditions set forth in Section 3.04 of the Supplemental
Indenture), and reference is hereby made to such Article and Indenture and Supplemental Indenture, as applicable, for the precise terms of the Guarantee. 

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

 
			
	DISCOVERY, INC.
		
	By:	 	 
		 	Name:
		 	Title:
	
	SCRIPPS NETWORKS INTERACTIVE, INC.
		
	By:	 	 
		 	Name:
		 	Title:

 This is one of the Securities of the series designated herein and referred to in the
within-mentioned Indenture. 
 Dated: May 21, 2019 
  

			
	U.S. BANK NATIONAL ASSOCIATION, Trustee
		
	By:	 	 
		 	Authorized Officer

 (REVERSE OF SECURITY) 

DISCOVERY COMMUNICATIONS, LLC 

4.125% Senior Note Due 2029 

1. Interest. 
 DISCOVERY
COMMUNICATIONS, LLC, a Delaware limited liability company (the “Company”), promises to pay interest on the principal amount of this Security at the rate per annum shown above. Cash interest on the Securities will accrue from the
most recent date to which interest has been paid or, if no interest has been paid, from May 21, 2019. The Company will pay interest semi-annually in arrears on each Interest Payment Date, commencing November 15, 2019. Interest will be
computed on the basis of a 360-day year of twelve 30-day months. If any Interest Payment Date is not a Business Day, then the related payment of interest for such
Interest Payment Date shall be paid on the next succeeding Business Day with the same force and effect as if made on such Interest Payment Date and no further interest shall accrue as a result of such delay. 

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

The Company shall pay interest on the Securities (except defaulted interest) to the persons who are the registered Holders at the close of
business on the Interest Record Date immediately preceding the Interest Payment Date notwithstanding any transfer or exchange of such Security subsequent to such Interest Record Date and prior to such Interest Payment Date. Holders must surrender
Securities to the Trustee to collect principal payments. The Company shall pay principal and interest in money of the United States that at the time of payment is legal tender for payment of public and private debts (“U.S. Legal
Tender”). Payment of principal of (and premium, if any) and any such interest on this Security will be made at the Corporate Trust Office of the Trustee in Boston, Massachusetts or at any other office or agency designated by the Company for
such purpose; provided that at the option of the Company payment of interest may be made by check mailed to the address of the Holder entitled thereto as such address appears in the Security register. However, the payments of interest, and any
portion of the principal (other than interest payable at maturity or on any redemption or repayment date or the final payment of principal) shall be made by the Paying Agent, upon receipt from the Company of immediately available funds by 12:30
p.m., New York City time (or such other time as may be agreed to between the Company and the Paying Agent or the Company), directly to a Holder (by Federal funds wire transfer or otherwise) if the Holder has delivered written instructions to the
Trustee 15 days prior to such payment date requesting that such payment will be so made and designating the bank account to 

 
which such payments shall be so made and in the case of payments of principal surrenders the same to the Trustee in exchange for a Security or Securities aggregating the same principal amount as
the unredeemed principal amount of the Securities surrendered. 
 3. Paying Agent. 

Initially, U.S. Bank National Association (the “Trustee”) will act as Paying Agent. The Company may change any Paying Agent
without notice to the Holders. 
 4. Indenture. 

The Company issued the Securities under an Indenture, dated as of August 19, 2009 (the “Indenture”), among the Company,
Discovery, Inc., a Delaware corporation (the “Parent Guarantor”) and the Trustee. Capitalized terms herein are used as defined in the Indenture unless otherwise defined herein. The terms of the Securities include those stated in the
Indenture and those made part of the Indenture by reference to the Trust Indenture Act of 1939 (15 U.S.C. Sections 77aaa-77bbbb) (the “TIA”), as in effect on the date of the Indenture. Notwithstanding anything to the contrary
herein, the Securities are subject to all such terms, and Holders of Securities are referred to the Indenture and the TIA for a statement of them. To the extent the terms of the Indenture and this Security are inconsistent, the terms of the
Indenture shall govern. 
 The Company, the Parent Guarantor, Scripps Networks Interactive, Inc. (the “Subsidiary
Guarantor” and together with the Parent Guarantor, the “Guarantors”, which term includes any successor thereto under the Indenture) and the Trustee entered into a Seventeenth Supplemental Indenture, dated as of May 21,
2019 setting forth certain terms of the Securities pursuant to Section 2.04 of the Indenture (the “Supplemental Indenture”). The Supplemental Indenture imposes certain limitations on the incurrence of liens and certain sale and
leaseback transactions and limits the Company’s ability to consolidate, merge, convey, transfer or lease its properties and assets substantially as an entirety. To the extent the terms of the Supplemental Indenture are inconsistent with the
Indenture or this Security, the terms of the Supplemental Indenture shall govern. 
 5. Guarantee. 

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

 6. Optional Redemption. 

The Securities are redeemable, in whole or in part, at the option of the Company, at any time and from time to time, at the redemption price
described in the Supplemental Indenture. 
 7. Change of Control Offer to Repurchase. 

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

8. Denominations; Transfer; Exchange. 

The Securities are in registered form, without coupons, in minimum denominations of $2,000 and integral multiples of $1,000 in excess thereof.
A Holder shall register the transfer of or exchange Securities in accordance with the Indenture. The Company may require a Holder, among other things, to furnish appropriate endorsements and transfer documents and to pay certain transfer taxes or
similar governmental charges payable in connection therewith as permitted by the Indenture. The Company need not issue, authenticate, register the transfer of or exchange any Securities or portions thereof for a period of 15 days before such series
is selected for redemption, nor need the Company register the transfer or exchange of any Security selected for redemption in whole or in part. 

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

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

 11. Legal Defeasance and Covenant Defeasance. 

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

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

13. Defaults and Remedies. 
 If
an Event of Default (other than certain bankruptcy Events of Default with respect to the Company or the Parent Guarantor) occurs and is continuing, the Trustee or the Holders of at least 25% in aggregate principal amount of Securities of this series
then outstanding (voting as a separate class) may declare all of the Securities to be due and payable immediately in the manner and with the effect provided in the Indenture. If a bankruptcy Event of Default with respect to the Company or the Parent
Guarantor occurs and is continuing, the entire principal amount of the Securities then outstanding and interest accrued thereon, if any, shall immediately become due and payable. Holders of Securities may not enforce the Indenture or the Securities
except as provided in the Indenture. The Trustee is not obligated to enforce the Indenture or the Securities unless it has received indemnity satisfactory to it. The Indenture permits, subject to certain limitations therein provided, Holders of a
majority in aggregate principal amount of the Securities then outstanding to direct the Trustee in its exercise of any trust or power. The Trustee may withhold from Holders of Securities notice of certain continuing Defaults or Events of Default if
it determines that withholding notice is in their interest. 

 14. Trustee Dealings with Company. 

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

No stockholder, director, officer, employee, member or incorporator, as such, of the Company, any Guarantor or any successor Person thereof
shall have any liability for any obligation under the Securities or the Indenture or for any claim based on, in respect of or by reason of, such obligations or their creation. Each Holder of a Security by accepting a Security waives and releases all
such liability. The waiver and release are part of the consideration for the issuance of the Securities and the Guarantee. 
 16.
Authentication. 
 This Security shall not be valid until the Trustee manually signs the certificate of authentication on this Security.

 17. Abbreviations and Defined Terms. 

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

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

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

 ASSIGNMENT FORM 

I or we assign and transfer this Security to 
  

      

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

      

 
 (Insert Social Security or other
identifying number of assignee or transferee) 
 and irrevocably appoint
                 agent to transfer this Security on the books of the Company. The agent may substitute another to act for him. 

Dated: 
  

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

  

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

 OPTION OF HOLDER TO ELECT PURCHASE 

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

Dated: 
  

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

  

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

 EXHIBIT B 

FORM OF NOTE 
 UNLESS AND
UNTIL IT IS EXCHANGED IN WHOLE OR IN PART FOR SECURITIES IN DEFINITIVE REGISTERED FORM, THIS SECURITY MAY NOT BE TRANSFERRED EXCEPT AS A WHOLE BY THE DEPOSITARY TO A 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. UNLESS THIS SECURITY IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW
YORK CORPORATION (“DTC”), TO THE COMPANY OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY SECURITY ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED
REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL
INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN. 

  
 1 

 DISCOVERY COMMUNICATIONS, LLC 

5.300% Senior Note Due 2049 

CUSIP No.: 25470DBG5 

			
	No.	  	 ISIN No.: US25470DBG34

 $                 

DISCOVERY COMMUNICATIONS, LLC, a Delaware limited liability company (the “Company”, which term includes any successor
corporation), for value received promises to pay to CEDE & CO., or registered assigns, the principal sum of $                 (the “Principal”)
on May 15, 2049. 
 Interest Payment Dates: May 15 and November 15 (each, an “Interest Payment Date”),
commencing on November 15, 2019. 
 Interest Record Dates: April 30 and October 31 (each, an “Interest Record
Date”). 
 Reference is made to the further provisions of this Security contained herein, which will for all purposes have the same
effect as if set forth at this place. 

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

			
	DISCOVERY COMMUNICATIONS, LLC
		
	By:	 	 
		 	Name:
		 	Title:

 NOTATION OF GUARANTEE 

Discovery, Inc. (the “Parent Guarantor”) and Scripps Networks Interactive, Inc. (the “Subsidiary Guarantor”
and together with the Parent Guarantor, the “Guarantors”, which term includes any successor thereto under the Indenture (the “Indenture”) referred to in the Security on which this notation is endorsed) have
unconditionally guaranteed, pursuant to the terms of the Guarantee contained in Article 13 of the Indenture (and, with respect to the Subsidiary Guarantor, subject to the terms and conditions set forth in Section 3.04 of the Seventeenth
Supplemental Indenture, dated as of May 21, 2019 (the “Supplemental Indenture”)), the due and punctual payment of the principal of and any premium and interest on this Security, when and as the same shall become due and payable
in accordance with the terms of this Security and the Indenture. 
 The obligations of the Guarantors to the Holders of the Securities and
to the Trustee pursuant to the Guarantee and the Indenture are expressly set forth in Article 13 of the Indenture (and, with respect to the Subsidiary Guarantor, subject to the terms and conditions set forth in Section 3.04 of the Supplemental
Indenture), and reference is hereby made to such Article and Indenture and Supplemental Indenture, as applicable, for the precise terms of the Guarantee. 

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

 
			
	DISCOVERY, INC.
		
	By:	 	 
		 	Name:
		 	Title:
	
	SCRIPPS NETWORKS INTERACTIVE, INC.
		
	By:	 	 
		 	Name:
		 	Title:

 This is one of the Securities of the series designated herein and referred to in the
within-mentioned Indenture. 
 Dated:    May 21, 2019 

 

			
	U.S. BANK NATIONAL ASSOCIATION, Trustee
		
	By:	 	 
		 	Authorized Officer

 (REVERSE OF SECURITY) 

DISCOVERY COMMUNICATIONS, LLC 

5.300% Senior Note Due 2049 

1. Interest. 
 DISCOVERY
COMMUNICATIONS, LLC, a Delaware limited liability company (the “Company”), promises to pay interest on the principal amount of this Security at the rate per annum shown above. Cash interest on the Securities will accrue from the
most recent date to which interest has been paid or, if no interest has been paid, from May 21, 2019. The Company will pay interest semi-annually in arrears on each Interest Payment Date, commencing November 15, 2019. Interest will be
computed on the basis of a 360-day year of twelve 30-day months. If any Interest Payment Date is not a Business Day, then the related payment of interest for such
Interest Payment Date shall be paid on the next succeeding Business Day with the same force and effect as if made on such Interest Payment Date and no further interest shall accrue as a result of such delay. 

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

The Company shall pay interest on the Securities (except defaulted interest) to the persons who are the registered Holders at the close of
business on the Interest Record Date immediately preceding the Interest Payment Date notwithstanding any transfer or exchange of such Security subsequent to such Interest Record Date and prior to such Interest Payment Date. Holders must surrender
Securities to the Trustee to collect principal payments. The Company shall pay principal and interest in money of the United States that at the time of payment is legal tender for payment of public and private debts (“U.S. Legal
Tender”). Payment of principal of (and premium, if any) and any such interest on this Security will be made at the Corporate Trust Office of the Trustee in Boston, Massachusetts or at any other office or agency designated by the Company for
such purpose; provided that at the option of the Company payment of interest may be made by check mailed to the address of the Holder entitled thereto as such address appears in the Security register. However, the payments of interest, and any
portion of the principal (other than interest payable at maturity or on any redemption or repayment date or the final payment of principal) shall be made by the Paying Agent, upon receipt from the Company of immediately available funds by 12:30
p.m., New York City time (or such other time as may be agreed to between the Company and the Paying Agent or the Company), directly to a Holder (by Federal funds wire transfer or otherwise) if the Holder has delivered written instructions to the
Trustee 15 days prior to such payment date requesting that such payment will be so made and designating the bank account to which such payments shall be so made and in the case of payments of principal surrenders the same to the Trustee in exchange
for a Security or Securities aggregating the same principal amount as the unredeemed principal amount of the Securities surrendered. 

 3. Paying Agent. 

Initially, U.S. Bank National Association (the “Trustee”) will act as Paying Agent. The Company may change any Paying Agent
without notice to the Holders. 
 4. Indenture. 

The Company issued the Securities under an Indenture, dated as of August 19, 2009 (the “Indenture”), among the Company,
Discovery, Inc., a Delaware corporation (the “Parent Guarantor”) and the Trustee. Capitalized terms herein are used as defined in the Indenture unless otherwise defined herein. The terms of the Securities include those stated in the
Indenture and those made part of the Indenture by reference to the Trust Indenture Act of 1939 (15 U.S.C. Sections 77aaa-77bbbb) (the “TIA”), as in effect on the date of the Indenture. Notwithstanding anything to the contrary
herein, the Securities are subject to all such terms, and Holders of Securities are referred to the Indenture and the TIA for a statement of them. To the extent the terms of the Indenture and this Security are inconsistent, the terms of the
Indenture shall govern. 
 The Company, the Parent Guarantor, Scripps Networks Interactive, Inc. (the “Subsidiary
Guarantor” and together with the Parent Guarantor, the “Guarantors”, which term includes any successor thereto under the Indenture) and the Trustee entered into a Seventeenth Supplemental Indenture, dated as of May 21,
2019 setting forth certain terms of the Securities pursuant to Section 2.04 of the Indenture (the “Supplemental Indenture”). The Supplemental Indenture imposes certain limitations on the incurrence of liens and certain sale and
leaseback transactions and limits the Company’s ability to consolidate, merge, convey, transfer or lease its properties and assets substantially as an entirety. To the extent the terms of the Supplemental Indenture are inconsistent with the
Indenture or this Security, the terms of the Supplemental Indenture shall govern. 
 5. Guarantee. 

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

 6. Optional Redemption. 

The Securities are redeemable, in whole or in part, at the option of the Company, at any time and from time to time, at the redemption price
described in the Supplemental Indenture. 
 7. Change of Control Offer to Repurchase. 

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

8. Denominations; Transfer; Exchange. 

The Securities are in registered form, without coupons, in minimum denominations of $2,000 and integral multiples of $1,000 in excess thereof.
A Holder shall register the transfer of or exchange Securities in accordance with the Indenture. The Company may require a Holder, among other things, to furnish appropriate endorsements and transfer documents and to pay certain transfer taxes or
similar governmental charges payable in connection therewith as permitted by the Indenture. The Company need not issue, authenticate, register the transfer of or exchange any Securities or portions thereof for a period of 15 days before such series
is selected for redemption, nor need the Company register the transfer or exchange of any Security selected for redemption in whole or in part. 

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

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

 11. Legal Defeasance and Covenant Defeasance. 

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

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

13. Defaults and Remedies. 
 If
an Event of Default (other than certain bankruptcy Events of Default with respect to the Company or the Parent Guarantor) occurs and is continuing, the Trustee or the Holders of at least 25% in aggregate principal amount of Securities of this series
then outstanding (voting as a separate class) may declare all of the Securities to be due and payable immediately in the manner and with the effect provided in the Indenture. If a bankruptcy Event of Default with respect to the Company or the Parent
Guarantor occurs and is continuing, the entire principal amount of the Securities then outstanding and interest accrued thereon, if any, shall immediately become due and payable. Holders of Securities may not enforce the Indenture or the Securities
except as provided in the Indenture. The Trustee is not obligated to enforce the Indenture or the Securities unless it has received indemnity satisfactory to it. The Indenture permits, subject to certain limitations therein provided, Holders of a
majority in aggregate principal amount of the Securities then outstanding to direct the Trustee in its exercise of any trust or power. The Trustee may withhold from Holders of Securities notice of certain continuing Defaults or Events of Default if
it determines that withholding notice is in their interest. 

 14. Trustee Dealings with Company. 

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

No stockholder, director, officer, employee, member or incorporator, as such, of the Company, any Guarantor or any successor Person thereof
shall have any liability for any obligation under the Securities or the Indenture or for any claim based on, in respect of or by reason of, such obligations or their creation. Each Holder of a Security by accepting a Security waives and releases all
such liability. The waiver and release are part of the consideration for the issuance of the Securities and the Guarantee. 
 16.
Authentication. 
 This Security shall not be valid until the Trustee manually signs the certificate of authentication on this Security.

 17. Abbreviations and Defined Terms. 

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

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

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

 ASSIGNMENT FORM 

I or we assign and transfer this Security to 
  

      

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

      

 
 (Insert Social Security or other
identifying number of assignee or transferee) 
 and irrevocably appoint
                 agent to transfer this Security on the books of the Company. The agent may substitute another to act for him. 

Dated: 
  

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

  

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

 OPTION OF HOLDER TO ELECT PURCHASE 

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

Dated: 
  

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

  

			
	 Signature
 Guarantee:
	 	 
		 	Participant in a recognized Signature Guarantee Medallion Program (or other signature guarantor program reasonably acceptable to the Trustee)irix-ex101_7.htm

Exhibit 10.1

 

 

May 17, 2019

 

 

Mr. David Bruce

21 Udayakavi Lane

Danville, CA 94525

brucedavid@sbcglobal.net

 

 Dear Mr. Bruce:

 

I am very pleased to extend to you this conditional employment offer for the position of Chief Executive Officer with IRIDEX Corporation.  

 

This conditional offer summarizes several areas related to the terms of the offer:

 

Compensation:

Base Salary: $13,846.16 payable bi-weekly (annualized to $360,000/yr), in accordance with the Company’s standard payroll policies, which may be changed from time to time at the discretion of the Company, and subject to applicable withholdings.

 

Bonus Program: The Executive Bonus Program comprises of two components – STI (Short Term Incentive) in a form of a cash bonus and LTI (Long Term Incentive) in a form of Stock Options.  The following is a summary of the terms of the Executive Bonus Program, and is not intended to and does not change or supersede the Executive MBO Program (“Bonus Program Plan”).  To the extent this summary is inconsistent or conflicts with the Bonus Program Plan, the terms of the Bonus Program Plan control.

 

STI Bonus:  Up to 60% of your annual salary (prorated to date of hire)

The STI bonus is contingent upon achievement of Management by Objectives (MBO).  MBO is an incentive, contingent upon specific corporate and management objectives and goals.  Achievement of the bonus will be based upon completion of your MBOs.  MBOs will be determined by the Board of Directors in consultation with you.  75% of the bonus is tied to the Corporate Goals and 25% of the bonus is tied to your Personal Goal(s).

 

Stock Options:270,000

In addition to your salary and bonus opportunity described above, we will recommend to the Compensation Committee of the Board of Directors at their next meeting that they approve a grant of stock options to purchase 270,000 shares of the Company’s common stock (the “Option”) under the Company’s 2008 Equity Incentive Plan (“Plan”), as amended, and the applicable Option agreement thereunder.

Upon grant, the Option will be scheduled to vest and become exercisable by you over a total period of 48 months following your date of hire (“Hire Date”), in the following manner, in each case subject to your continued status as a Service Provider (as defined in the Plan) through each relevant date:

 

 

	
 
	
•
	
12/48 (67,500) of the shares of the Company’s common stock subject to the Option on the one (1) year anniversary of your Hire Date; and

	
 
	
•
	
1/48 per month thereafter on the same day of the month as your Hire Date (or the last day of the month, if there is no corresponding day in such month).

Per Share Exercise Price: 100% of the fair market value (generally, the closing sales price) of a share of the Company’s common stock as of the Option’s grant date. 

 

Stock Options:400,000

We will also recommend to the Compensation Committee of the Board of Directors at their next meeting that they approve a grant of stock options to purchase 400,000 shares of the Company’s common stock (the “Second Option”) under the Plan and applicable Second Option agreement thereunder.

 

 

	
 
	
•
	
100,000 shares shall vest if the average closing price of the Company’s common stock during the prior 60 trading days is at least 40% above the 60 trading-day trailing average of IRIX stock as of the day of contract signing;

	
 
	
•
	
100,000 shares shall vest if the average closing price of the Company’s common stock during the prior 60 trading days is at least $9.00 per share;

	
 
	
•
	
100,000 shares shall vest if the average closing price of the Company’s common stock during the prior 60 trading days is at least $12.00 per share;

	
 
	
•
	
100,000 shall vest if the average closing price of the Company’s common stock during the prior 60 trading days is at least $18.00 per share.

 

The above performance-based options will expire on 12/31/23.

 

The foregoing is a summary, and is not intended to and does not change or supersede the Plan, option agreement or actual grant, if any, approved by the Compensation Committee.  To the extent this summary is inconsistent or conflicts with the Plan, option agreement or grant, the terms of the Plan, option agreement and grant control.

 

Change in Control Severance:  Following your start date you will be eligible to enter into the Company’s double trigger form of Change in Control Severance Agreement that will provide for full acceleration of all unvested equity grants, cash payment of 1.5 times your salary plus target bonus in effect prior to the change in control, and 12 months COBRA reimbursement.

 

Benefits:

 

Insurance is available for health, dental, prescriptions, and vision, at a portion of the premium for employee and dependent(s), if they are covered on the IRIDEX plan.  The Company also provides for life, business travel, short-term (STD) and long-term disability (LTD) insurance.  You may sign up on the 401k Plan effective the first day of any month following your hire date. 

 

As a Member of the Executive Staff, you have unvested vacation without accrual or the requirement of tracking time off.  You will also accrue two weeks of sick time during your first year of employment.  The terms related to your sick leave accrual and usage are set forth in the Iridex Employee Handbook. IRIDEX also compensates their eligible employees for eight holidays and 1-2 floating holidays per year. 

 

 

 

Your anticipated start date is May 21, 2019.  IRIDEX’s normal working hours are 8:00 a.m. to 5:00 p.m. Monday through Friday.  The Chief Executive Officer position is a salary exempt position and may require you to work beyond the normal work schedule, travel and/or work on Saturdays or Sundays.  IRIDEX expects the Chief Executive Officer to work primarily from its headquarters and to be reasonably available in person during normal work hours.  IRIDEX has a travel policy that outlines what expenses are appropriate and the documentation which is needed for reimbursement. 

 

This conditional offer of employment will expire at the end of business day on May 21, 2019.

 

Please note that this offer of employment is made “at will” in which either you or the Company may terminate employment at any time with or without cause.  

 

This offer is contingent upon acceptable results from your background check and also upon your completing, signing, and returning the enclosed:  Employment, Confidential Information, Invention Assignment, and Arbitration Agreement; and providing verification of eligibility to work in the United States in accordance with the provisions of the Immigration Reform and Control Act of 1986.

 

You will be required to present evidence of your work eligibility within three days of the first day of employment.  A list of sufficient documentation is provided at the end of the I-9 form. 

 

This letter along with the enclosed Confidential Information and Invention Assignment Agreement between you and IRIDEX, set forth the terms of your employment with IRIDEX and supersede any prior negotiations, representations, or agreements, whether oral or written.  The provisions of this letter and the Employment, Confidential Information, Invention Assignment, and Arbitration Agreement regarding “at will” and arbitration may only be modified by a document signed by you and the Board of Directors that expressly references a change to the at-will employment relationship and/or arbitration agreement.

 

We have very high expectations that your capabilities, experience, and winning attitude will make you an outstanding contributor on the IRIDEX team.

 

 

Sincerely,

 

Ruediger Naumann-Etienne, Ph.D.

Lead Independent Director

 

 

	
Accepted By:
	
 
	
  /s/ David I. Bruce
	
 
	
Date:
	
May 20, 2019

	
 
	
 
	
David I. Bruce

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