Document:

EX-4.2

 Exhibit 4.2 

Execution Version 

PFIZER INC. 
 and 

THE BANK OF NEW YORK MELLON, 

Trustee 
 FIFTH SUPPLEMENTAL
INDENTURE 
 Dated as of August 18, 2021 

to 
 INDENTURE 

Dated as of September 7, 2018 

1.750% Notes due 2031 

 TABLE OF CONTENTS 

 

					
	 	  	Page	 
	ARTICLE ONE	  			
		
	DEFINITIONS	  			
		
	 Section 101. Definition of Terms
	  	 	1	 
		
	ARTICLE TWO	  			
		
	GENERAL TERMS AND CONDITIONS OF THE NOTES	  			
		
	 Section 201. Designation and Principal Amount
	  	 	2	 
	 Section 202. Maturity
	  	 	2	 
	 Section 203. Further Issues
	  	 	2	 
	 Section 204. Global Notes
	  	 	2	 
	 Section 205. Interest
	  	 	2	 
	 Section 206. Authorized Denominations
	  	 	3	 
	 Section 207. Redemption
	  	 	3	 
	 Section 208. Appointment of Agents
	  	 	3	 
		
	ARTICLE THREE	  			
		
	OPTIONAL REDEMPTION; NO SINKING FUND	  			
		
	 Section 301. Optional Redemption by Company
	  	 	3	 
	 Section 302. Par Call
	  	 	4	 
	 Section 303. No Sinking Fund
	  	 	4	 
		
	ARTICLE FOUR	  			
		
	FORM OF NOTES	  			
		
	 Section 401. Form of Note
	  	 	4	 
		
	ARTICLE FIVE	  			
		
	ORIGINAL ISSUE AMOUNT OF NOTES	  			
		
	 Section 501. Original Issue Amount of the Notes
	  	 	5	 

  
 -i- 

					
	ARTICLE SIX	  			
		
	MISCELLANEOUS	  			
		
	 Section 601. Ratification of Indenture
	  	 	5	 
	 Section 602. Trustee Not Responsible for Recitals
	  	 	5	 
	 Section 603. Governing Law
	  	 	5	 
	 Section 604. Separability
	  	 	5	 
	 Section 605. Counterparts
	  	 	5	 
	 Section 606. Trust Indenture Act
	  	 	6	 
	 Section 607. Signatures
	  	 	6	 
		
	 Exhibits
	  			
	 Exhibit A      Form of Note
	  			

  
 ii 

 FIFTH SUPPLEMENTAL INDENTURE, dated as of August 18, 2021 (the “Fifth Supplemental
Indenture”), between Pfizer Inc., a Delaware corporation (the “Company”), and The Bank of New York Mellon, a New York banking corporation, as trustee (the “Trustee”). 

WHEREAS, the Company executed and delivered the indenture, dated as of September 7, 2018, to the Trustee (the “Indenture”), to
provide for the issuance of the Company’s unsecured debentures, notes, bonds or other evidences of indebtedness (the “Securities”) in an unlimited aggregate principal amount to be issued from time to time in one or more series as
provided therein; 
 WHEREAS, pursuant to Section 14.01 of the Indenture, the Company desires to provide for the issuance of a new
series of its Securities to be known as its 1.750% Notes due 2031 (the “Notes”) and to establish the forms and to set forth the terms of the Notes thereof, as provided in Section 3.01 of the Indenture; 

WHEREAS, the Board of Directors of the Company, pursuant to resolutions duly adopted, has duly authorized the issuance of the Company’s
debt securities and the Securities Issuance Committee of the Company, pursuant to a resolution duly adopted on August 16, 2021, has duly authorized the issuance of $1,000,000,000 aggregate principal amount of the Notes, and has authorized the
proper officers of the Company to execute any and all appropriate documents necessary or appropriate to effect such issuance; 
 WHEREAS,
the Company has requested that the Trustee execute and deliver this Fifth Supplemental Indenture; and 
 WHEREAS, all things necessary to
make this Fifth Supplemental Indenture a valid agreement of the Company, in accordance with its terms, and to make the Notes, when executed by the Company and authenticated and delivered by the Trustee, the valid obligations of the Company, have
been done; 
 NOW THEREFORE, in consideration of the premises and the purchase and acceptance of the Notes by the Holders thereof, and for
the purpose of setting forth, as provided in the Indenture, the forms and terms of the Notes, it is mutually covenanted and agreed, for the equal and proportionate benefit of all Holders of the Notes, as follows: 

ARTICLE ONE 

DEFINITIONS 

Section 101.    Definition of Terms. Unless the context otherwise requires: 

(a)    each term defined in the Indenture has the same meaning when used in this Fifth Supplemental Indenture; 

(b)    each term defined anywhere in this Fifth Supplemental Indenture has the same meaning throughout; 

 

 (c)    the singular includes the plural and vice versa; and 

(d)    headings are for convenience of reference only and do not affect interpretation. 

ARTICLE TWO 
 GENERAL
TERMS AND CONDITIONS OF THE NOTES 
 Section 201.    Designation and Principal Amount. There is hereby
authorized and established a series of Securities under the Indenture, designated as the “1.750% Notes due 2031”, which is not limited in aggregate principal amount. The aggregate principal amount of the Notes to be issued on the date
hereof is set forth in Article Five herein. 
 Section 202.    Maturity. The Stated Maturity of principal of
the Notes is August 18, 2031. 
 Section 203.    Further Issues. The Company may from time to time,
without the consent of the Holders of the Notes, issue additional Notes. Any such additional Notes will have the same ranking, interest rate, maturity date and other terms as the Notes herein provided for. Any such additional Notes, together with
the Notes herein provided for, will constitute a single series of Securities under the Indenture. No additional Notes may be issued if an Event of Default has occurred and is continuing with respect to the Notes. The Company will not issue any
additional Notes intended to form a single series with the Notes herein provided for unless such additional Notes will be fungible with the Notes herein provided for U.S. federal income tax purposes. 

Section 204.    Global Notes. Upon their original issuance, the Notes will be represented by one or more
Global Securities registered in the name of Cede & Co., the nominee of The Depository Trust Company (“DTC”). The Company will deposit the Global Securities with DTC or its custodian and register the Global Securities in the name
of Cede & Co. 
 Section 205.    Interest. The Notes will bear interest (computed on the basis of a
360-day year consisting of twelve 30-day months) from August 18, 2021 at the rate of 1.750% per annum, payable semiannually in arrears; interest payable on each
Interest Payment Date (as defined in the Indenture) will include interest accrued from August 18, 2021, or from the most recent Interest Payment Date to which interest has been paid or duly provided for; the Interest Payment Dates on which such
interest shall be payable are February 18 and August 18, beginning on February 18, 2022; and the Record Date for the interest payable on any Interest Payment Date is the close of business on the February 3 or August 3
(whether or not a Business Day) immediately preceding the relevant Interest Payment Date. If any Interest Payment Date falls on a day that is not a Business Day, the required payment on that day will be due on the next succeeding Business Day as if
made on the date the payment was due, and no interest will accrue on that payment for the period from and after that Interest Payment Date to the date of payment on the next succeeding Business Day. 

  
 -2- 

 Section 206.    Authorized Denominations. The Notes shall be
issuable in denominations of $2,000 and integral multiples of $1,000 in excess thereof. 

Section 207.    Redemption. The Notes are subject to redemption at the option of the Company as described in
Article Three hereof. 
 Section 208.    Appointment of Agents. The Trustee will initially be the Registrar
and Paying Agent for the Notes and will act as such only at its corporate trust offices in the Borough of Manhattan, City of New York. 

ARTICLE THREE 
 OPTIONAL
REDEMPTION; NO SINKING FUND 
 Section 301.    Optional Redemption by Company. 

(a)    At the Company’s option, the Notes may be redeemed, in whole, at any time, or in part, from time to time,
prior to May 18, 2031 (three months prior to the Stated Maturity of the Notes (the “Par Call Date,” and the date of any such redemption a “Redemption Date”)) at a redemption price to be calculated on the basis of a 360-day year consisting of twelve 30-day months (the “Redemption Price”) equal to the greater of the following amounts: 

(i)    100% of the principal amount of the Notes being redeemed on the relevant Redemption Date, and 

(ii)    the sum of the present values of the remaining scheduled payments of principal and interest on the
Notes being redeemed (exclusive of interest accrued to, but excluding, the redemption date) that would be due if such Notes matured on the Par Call Date, discounted to the Redemption Date on a semi-annual basis (assuming a 360-day year consisting of twelve 30-day months) at the Treasury Rate plus 10 basis points, 

plus, in each of the cases of (a)(i) and (a)(ii) above, accrued and unpaid interest on the Notes being redeemed to, but excluding, such Redemption
Date. 
 (b)    Notice of any redemption of the Notes shall be given in the manner and otherwise in accordance with the
provisions of Section 4.03 of the Indenture. If the Company has given notice of redemption as provided in the Indenture and funds for the redemption of the Notes called for redemption have been made available on the Redemption Date referred to
in that notice, such Notes will cease to bear interest on such Redemption Date (unless the Company defaults in the payment of the Redemption Price and accrued and unpaid interest). Any interest accrued to such Redemption Date will be paid as
specified in such notice. 

  
 -3- 

 (c)    The following defined terms used in this Article Three shall,
unless the context otherwise requires, have the meanings specified below. 
 “Statistical Release” means that statistical release
designated “H.15” or any successor publication published daily by the Board of Governors of the Federal Reserve System and which establishes yields on actively traded U.S. Treasury securities adjusted to constant maturity, or, if such
release (or any successor publication) is no longer published at the time of any calculation under the Indenture, then such other reasonably comparable index the Company designates. 

“Treasury Rate” means the arithmetic mean (rounded to the nearest one-hundredth of one
percent) of the yields displayed for each of the five most recent days published in the most recent Statistical Release under the caption “Treasury constant maturities” for the maturity (rounded to the nearest month) corresponding to the
remaining life to maturity of the Notes (assuming the Notes mature on the Par Call Date) as of the Redemption Date. If no maturity exactly corresponds to such remaining life to maturity, yields for the two published maturities most closely
corresponding to such remaining life to maturity shall be calculated pursuant to the immediately preceding sentence and the Treasury Rate shall be interpolated or extrapolated from such yields on a straight-line basis, rounding in each of such
relevant periods to the nearest month. The Treasury Rate will be calculated on the third business day preceding the date the applicable notice of redemption is given. For the purpose of calculating the Treasury Rate, the most recent Statistical
Release published prior to the date of calculation of the Treasury Rate shall be used. 
 (d)    The Company will notify
the Trustee of the Redemption Price promptly after the calculation thereof. The Trustee shall have no responsibility for any calculation or determination in respect of the Redemption Price of any Notes, or any component thereof, and shall be
entitled to receive, and fully-protected in relying upon, an Officer’s Certificate from the Company that states such Redemption Price. 

Section 302.    Par Call. Any time on or after the Par Call Date, the Company may redeem the Notes, in whole
or in part, at a redemption price equal to 100% of the principal amount of the Notes to be redeemed, plus, accrued and unpaid interest on the Notes being redeemed to, but excluding, such Redemption Date. 

Section 303.    No Sinking Fund. None of the Notes are entitled to the benefit of any sinking fund. 

ARTICLE FOUR 
 FORM OF
NOTES 
 Section 401.    Form of Note. The Notes and the Trustee’s Certificate of Authentication to
be endorsed thereon are to be substantially in the forms set forth in Exhibit A hereto. 

  
 -4- 

 ARTICLE FIVE 

ORIGINAL ISSUE AMOUNT OF NOTES 

Section 501.    Original Issue Amount of the Notes. Notes in the aggregate principal amount of
$1,000,000,000 may, upon execution of this Fifth Supplemental Indenture, be executed by the Company and delivered to the Trustee for authentication, and the Trustee shall, upon receipt of a Company Order, authenticate and deliver said Notes as
provided in said Company Order. 
 ARTICLE SIX 

MISCELLANEOUS 

Section 601.    Ratification of Indenture. The Indenture, as supplemented by this Fifth Supplemental
Indenture, is in all respects ratified and confirmed, and this Fifth Supplemental Indenture shall be deemed part of the Indenture in the manner and to the extent herein and therein provided. 

Section 602.    Trustee Not Responsible for Recitals. The recitals and statements herein contained are made by
the Company and not by the Trustee, and the Trustee assumes no responsibility for the correctness thereof. The Trustee makes no representation as to the validity or sufficiency of this Fifth Supplemental Indenture. 

Section 603.    Governing Law. This Fifth Supplemental Indenture and each Note shall be governed by and
construed in accordance with the laws of the State of New York. 
 Section 604.    Separability. In case any
one or more of the provisions contained in this Fifth Supplemental Indenture or in the Notes shall for any reason be held to be invalid, illegal or unenforceable in any respect, such invalidity, illegality or unenforceability shall not affect any
other provisions of this Fifth Supplemental Indenture or of the Notes, but this Fifth Supplemental Indenture and the Notes shall be construed as if such invalid or illegal or unenforceable provision had never been contained herein or therein. 

Section 605.    Counterparts. This Fifth Supplemental Indenture, and each of the other documents executed on
the date hereof in connection with this Fifth Supplemental Indenture and the authentication and delivery of the Notes, may be executed in any number of counterparts each of which shall be an original; but such counterparts shall together constitute
but one and the same instrument. The exchange of copies of this Fifth Supplemental Indenture, such other documents and of signature pages by facsimile or electronic format (i.e., “pdf” or “tif”) transmission shall
constitute effective execution and delivery of this Fifth Supplemental Indenture and such other documents as to the parties hereto and may be used in lieu of the original Fifth Supplemental Indenture and such other documents for all purposes.
Signatures of the parties hereto transmitted by facsimile or electronic format (i.e., “pdf” or “tif”) shall be deemed to be their original signatures for all purposes. 

  
 -5- 

 Section 606.    Trust Indenture Act. This Fifth Supplemental
Indenture is subject to the provisions of the Trust Indenture Act that are required to be part of the Indenture and shall, to the extent applicable, be governed by such provisions. If any provision in this Fifth Supplemental Indenture limits,
qualifies or conflicts with another provision of hereof which is required to be included herein by any provisions of the Trust Indenture Act, such required provision shall control. 

Section 607.    Signatures. The words “execution,” “signed,” “signature,”
“delivery,” and words of like import in or relating to this Fifth Supplemental Indenture or any document to be signed in connection with this Fifth Supplemental Indenture shall be deemed to include electronic signatures, deliveries or the
keeping of records in electronic form, each of which shall be of the same legal effect, validity or enforceability as a manually executed signature, physical delivery thereof or the use of a paper-based recordkeeping system, as the case may be, to
the extent and as provided for in any applicable law, including the federal Electronic Signatures in Global and National Commerce Act, the New York State Electronic Signatures and Records Act, or any other state laws based on the Uniform Electronic
Transactions Act, and the parties hereto consent to conduct the transactions contemplated hereunder by electronic means. 

  
 -6- 

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

					
	PFIZER INC.
		
	By:	 	 /s/ Brian Byala

		 	Name:	  	Brian Byala
		 	Title:	  	Senior Vice President and Treasurer

  

					
	 THE BANK OF NEW YORK MELLON, as Trustee

		
	By:	 	 /s/ Francine Kincaid

		 	Name:	  	Francine Kincaid
		 	Title:	  	Vice President

  
 [Signature Page to
Fifth Supplemental Indenture] 

 EXHIBIT A 

FORM OF NOTE 
 THIS SECURITY IS A
GLOBAL SECURITY WITHIN THE MEANING OF THE INDENTURE HEREINAFTER REFERRED TO AND IS REGISTERED IN THE NAME OF A DEPOSITARY OR A NOMINEE THEREOF. THIS SECURITY MAY NOT BE EXCHANGED IN WHOLE OR IN PART FOR A SECURITY REGISTERED, AND NO TRANSFER OF THIS
SECURITY IN WHOLE OR IN PART MAY BE REGISTERED, IN THE NAME OF ANY PERSON OTHER THAN SUCH DEPOSITARY OR A NOMINEE THEREOF, EXCEPT IN THE LIMITED CIRCUMSTANCES DESCRIBED IN THE INDENTURE. 

CUSIP No. 717081 FB4 

Pfizer Inc. 
 1.750%
NOTES DUE 2031 
  

									
	No.        	  		  		  		  	$        
		  		  		  		  	 As revised by the
 Schedule
of Increases
 or Decreases in
 Global Security

attached hereto

 Interest. Pfizer Inc., a Delaware corporation (herein called the “Company”, which term includes any successor
Person under the Indenture hereinafter referred to), for value received, hereby promises to pay to Cede & Co. or registered assigns, the principal sum of [●] DOLLARS ($[●]), as revised by the Schedule of Increases or Decreases
in Global Security attached hereto, on August 18, 2031 and to pay interest thereon from August 18, 2021 or from the most recent Interest Payment Date to which interest has been paid or duly provided for, semi-annually in arrears on
February 18 and August 18 in each year, commencing February 18, 2022, at the rate of 1.750% per annum, until the principal hereof is paid or made available for payment. 

Method of Payment. The interest so payable, and punctually paid or duly provided for, on any Interest Payment Date will, as provided in such Indenture,
be paid to the Person in whose name this Security (or one or more Predecessor Securities) is registered at the close of business on the Record Date for such interest, which shall be the February 3 or August 3 immediately preceding such
Interest Payment Date. Any such interest not so punctually paid or duly provided for will forthwith cease to be payable to the Holder on such Record Date and may either be paid to the Person in whose name this Security (or one or more Predecessor
Securities) is registered at the close of business on a Special Record Date for the payment of such Defaulted Interest to be fixed by the Trustee, notice thereof having been given to Holders of Securities of this series not less than 10 days prior
to such Special Record Date, or be paid at any time in any other lawful manner not inconsistent with the requirements of any securities exchange on which the Securities of this series may be listed, and upon such notice as may be required by such
exchange, all as more fully provided in said Indenture. 
 Reference is hereby made to the further provisions of this Security set forth on the reverse
hereof, which further provisions shall for all purposes have the same effect as if set forth at this place. 
 Authentication. Unless the certificate
of authentication hereon has been executed by the Trustee referred to on the reverse hereof by manual or electronic signature of one of its authorized signatories, this Security shall not be entitled to any benefit under the Indenture or be valid or
obligatory for any purpose. 

  
 A-1 

 IN WITNESS WHEREOF, the Company has caused this instrument to be duly executed under its corporate seal.

 Dated:         , 20         

 

					
	PFIZER INC.
		
	By:	 	
                     
                   

 
					
	     	 	Name:	 	  

 
					
	     	 	Title:	 	  

 TRUSTEE’S CERTIFICATE OF AUTHENTICATION 

This is one of the Securities of the series designated therein referred to in the within-mentioned Indenture. 

 

							
	Date of authentication:                     	 		 	THE BANK OF NEW YORK MELLON,
		 		 	as Trustee
				
		 		 	By:	 	
                     
                   

		 		 		 	Authorized Signatory

  
 A-2 

 [Reverse of Security] 

Indenture. This Security is one of a duly authorized issue of securities of the Company (herein called the “Securities”),
issued and to be issued in one or more series under an Indenture, dated as of September 7, 2018, as supplemented by a Fifth Supplemental Indenture, dated as of August 18, 2021 (as so supplemented, herein called the “Indenture”),
between the Company and The Bank of New York Mellon (herein called the “Trustee”, which term includes any successor trustee under the Indenture), to which Indenture and all indentures supplemental thereto reference is hereby made for a
statement of the respective rights, limitations of rights, duties and immunities thereunder of the Company, the Trustee and the Holders of the Securities and of the terms upon which the Securities are, and are to be, authenticated and delivered.
This Security is one of the series designated on the face hereof, initially limited in aggregate principal amount to $1,000,000,000. 

Optional Redemption. At the Company’s option, the Securities of this series may be redeemed in whole, at any time or in part, from
time to time prior to May 18, 2031 (three months prior to the Stated Maturity of the Securities (the “Par Call Date,” and the date of any such redemption a “Redemption Date”)). The redemption price (the “Redemption
Price”) of the Securities will be equal to the greater of the following amounts: 
 (a)    100% of the principal
amount of the Securities being redeemed on the applicable Redemption Date, and 
 (b)    the sum of the present values
of the remaining scheduled payments of principal and interest on the Securities being redeemed (exclusive of interest accrued to, but excluding, the redemption date) that would be due if such Securities matured on the Par Call Date, discounted to
the Redemption Date on a semi-annual basis (assuming a 360-day year consisting of twelve 30-day months) at the Treasury Rate (as defined below) plus 10 basis points,

 plus, in each case, accrued and unpaid interest on the Securities being redeemed to, but excluding, such Redemption Date. 

Any time on or after the Par Call Date, the Company may redeem the Securities, in whole or in part, at a Redemption Price equal to 100% of the
principal amount of the Securities to be redeemed, plus accrued and unpaid interest on the Securities being redeemed to, but excluding, the Redemption Date. 

The Redemption Price will be calculated on the basis of a 360-day year consisting of twelve 30-day months. Once notice of redemption is mailed by the Company, the Securities called for redemption will become due and payable on the applicable Redemption Date at the applicable Redemption Price. 

For purposes of determining the Redemption Price, the following definitions are applicable: 

“Statistical Release” means that statistical release designated “H.15” or any successor publication published daily by the
Board of Governors of the Federal Reserve System and which establishes yields on actively traded U.S. Treasury securities adjusted to constant maturity, or, if such release (or any successor publication) is no longer published at the time of any
calculation under the Indenture, then such other reasonably comparable index the Company designates. 
 “Treasury Rate” means the
arithmetic mean (rounded to the nearest one-hundredth of one percent) of the yields displayed for each of the five most recent days published in the most recent Statistical Release under the caption
“Treasury constant maturities” for the maturity (rounded to the nearest month) corresponding to the remaining life to maturity of the Securities (assuming the Securities mature on the Par Call Date) as of the redemption date. If no
maturity exactly corresponds to such remaining life to maturity, yields for the two published maturities most closely corresponding to such remaining life to maturity shall be calculated pursuant to the immediately preceding sentence and the
Treasury Rate shall be interpolated or extrapolated from such yields on a straight-line basis, rounding in each of such relevant periods to the nearest month. The Treasury Rate will be calculated on the third business day preceding the date the
applicable notice of redemption is given. For the purpose of calculating the Treasury Rate, the most recent Statistical Release published prior to the date of calculation of the Treasury Rate shall be used. 

  
 A-3 

 The Company will notify the Trustee of the Redemption Price promptly after the calculation
thereof. The Trustee shall have no responsibility for any calculation or determination in respect of the Redemption Price of any Notes, or any component thereof, and shall be entitled to receive, and fully-protected in relying upon, an
Officer’s Certificate from the Company that states such Redemption Price 
 Notice of any redemption will be mailed at least 10 days
but not more than 60 days before the Redemption Date to each registered Holder of the Securities to be redeemed. Unless the Company defaults in payment of the Redemption Price, on and after the Redemption Date, interest will cease to accrue on the
Securities or portions of the Securities called for redemption. If fewer than all of the Securities are to be redeemed, the Trustee will select pro rata, by lot or by such other method as the Trustee shall deem fair and appropriate, the particular
Securities or portions thereof for redemption from the outstanding Securities not previously called. 
 Except as set forth above, the
Securities will not be redeemable by the Company prior to maturity and will not be entitled to the benefit of any sinking fund. 

Defaults and Remedies. If an Event of Default with respect to Securities of this series shall occur and be continuing, the principal of
the Securities of this series may be declared due and payable in the manner and with the effect provided in the Indenture. 
 Amendment,
Modification and Waiver. The Indenture permits, with certain exceptions as therein provided, the amendment thereof and the modification of the rights and obligations of the Company and the rights of the Holders of the Securities of each series
affected under the Indenture at any time by the Company and the Trustee with the consent of the Holders of a majority in principal amount of all series at the time Outstanding affected thereby (voting as one class). The Indenture contains provisions
permitting the Holders of not less than a majority in principal amount of the Outstanding Securities of all series, with respect to which any default under the Indenture shall have occurred and be continuing (voting as one class), on behalf of the
Holders of all the Outstanding Securities of such series, to waive, with certain exceptions, such past default with respect to such series and its consequences. The Indenture also permits the Holders of not less than a majority in principal amount
of the Outstanding Securities of any series, on behalf of the Holders of all Outstanding Securities of such series, to waive compliance by the Company with certain provisions of the Indenture. Any such consent or waiver by the Holder of this
Security shall be conclusive and binding upon such Holder and upon all future Holders of this Security and of any Security issued upon the registration of transfer hereof or in exchange therefor or in lieu hereof, whether or not notation of such
consent or waiver is made upon this Security. 
 Restrictive Covenants. The Indenture does not limit unsecured debt of the Company or
any of its Subsidiaries. 
 Denominations, Transfer and Exchange. The Securities of this series are issuable only in registered form
without coupons in denominations of $2,000 and in integral multiples of $1,000 in excess thereof. As provided in the Indenture and subject to certain limitations therein set forth, Securities of this series are exchangeable for a like aggregate
principal amount of Securities of like tenor of a different authorized denomination, as requested by the Holder surrendering the same. 
 As
provided in the Indenture and subject to certain limitations therein set forth, the transfer of this Security is registerable in the Security Register, upon surrender of this Security for registration of transfer at the Registrar accompanied by a
written request for transfer in form satisfactory to the Company and the Registrar duly executed by, the Holder hereof or his attorney duly authorized in writing, and thereupon one or more new Securities of this series and of like tenor, of
authorized denominations and for the same aggregate principal amount, will be issued to the designated transferee or transferees. 

  
 A-4 

 No service charge shall be made for any such registration of transfer or exchange, but the
Company may require payment of a sum sufficient to cover any tax or other governmental charge payable in connection therewith. 
 Persons
Deemed Owners. Prior to due presentment of this Security for registration of transfer, the Company, the Trustee and any agent of the Company or the Trustee may treat the Person in whose name this Security is registered as the owner hereof for
all purposes, whether or not this Security be overdue, and neither the Company, the Trustee nor any such agent shall be affected by notice to the contrary. 

Miscellaneous. The Indenture and this Security shall be governed by and construed in accordance with the law of the State of New York.

 All terms used in this Security and not defined herein shall have the meanings assigned to them in the Indenture. 

The words “execution,” “signed,” “signature,” “delivery,” and words of like import in or relating to
this Security or any document to be signed in connection with this Security shall be deemed to include electronic signatures, deliveries or the keeping of records in electronic form, each of which shall be of the same legal effect, validity or
enforceability as a manually executed signature, physical delivery thereof or the use of a paper-based recordkeeping system, as the case may be, to the extent and as provided for in any applicable law, including the federal Electronic Signatures in
Global and National Commerce Act, the New York State Electronic Signatures and Records Act, or any other state laws based on the Uniform Electronic Transactions Act, and the parties hereto consent to conduct the transactions contemplated hereunder
by electronic means. 

  
 A-5 

 SCHEDULE OF INCREASES OR DECREASES IN GLOBAL SECURITY 

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

																	
	 Date of

Exchange
	  	Amount of increase in
Principal Amount of
this Global Security	 	  	Amount of decrease
in Principal Amount
of this Global
Security	 	  	Principal Amount of
this Global Security
following each
decrease or increase	 	  	Signature of
authorized signatory
of Trustee	 
		  				  				  				  			
		  				  				  				  			
		  				  				  				  			

  
 A-6EX-4.1

 Exhibit 4.1 

THIRD SUPPLEMENTAL INDENTURE 

between 
 GLADSTONE
INVESTMENT CORPORATION 
 and 

UMB BANK, NATIONAL ASSOCIATION, as Trustee 

Dated as of August 18, 2021 

THIS THIRD SUPPLEMENTAL INDENTURE (this “Third Supplemental Indenture”), dated as of August 18, 2021, is between
Gladstone Investment Corporation, a Delaware corporation (the “Company”), and UMB Bank, National Association, as trustee (the “Trustee”). All capitalized terms used herein shall have the meaning set forth in the
Base Indenture (as defined below). 
 RECITALS OF THE COMPANY 

WHEREAS, the Company and the Trustee executed and delivered an Indenture, dated as of May 22, 2020 (the “Base Indenture”
and, as supplemented by this Third Supplemental Indenture, the “Indenture”), to provide for the issuance by the Company from time to time of the Securities, to be issued in one or more series as provided in the Base Indenture; 

WHEREAS, the Company previously entered into the First Supplemental Indenture, dated as of May 22, 2020, and the Second Supplemental
Indenture, dated as of March 2, 2021 (collectively, the “Prior Supplemental Indentures”), each of which amended and supplemented the Base Indenture. Neither of the Prior Supplemental Indentures is applicable to the Notes (as defined
below). 
 WHEREAS, the Company desires to initially issue and sell up to $134,550,000 aggregate principal amount (including up to
$17,550,000 aggregate principal amount pursuant to the underwriters’ overallotment option) of the Company’s 4.875% Notes due 2028 (the “Notes”); 

WHEREAS, Sections 2.01, 9.01(d) and 9.01(f) of the Base Indenture provide that, without the consent of the Holders of the Notes, the
Company, when authorized by or pursuant to a Board Resolution, and the Trustee, at any time and from time to time, may enter into one or more indentures supplemental to the Base Indenture to (i) change or eliminate any of the provisions of the
Base Indenture; provided that any such change or elimination shall become effective only when there is no Security Outstanding of any series created prior to the execution of such supplemental indenture that is entitled to the benefit of such
provision; and (ii) establish the form or terms of Securities of any series as permitted by Section 2.01 of the Base Indenture; 

WHEREAS, the Company desires to establish the form and terms of the Notes and to modify, alter, supplement and change certain provisions of
the Base Indenture for the benefit of the Holders of the Notes (except as may be provided in a future supplemental indenture to the Indenture (each, a “Future Supplemental Indenture”)); and 

WHEREAS, the Company has duly authorized the execution and delivery of this Third Supplemental Indenture to provide for the issuance of the
Notes and all acts and things necessary to make this Third Supplemental Indenture a valid, binding, and legal obligation of the Company and to constitute a valid agreement of the Company, in accordance with its terms, have been done and performed.

 NOW, THEREFORE, for and in consideration of the premises and the purchase of the Notes by the Holders thereof, it is mutually agreed, for
the equal and proportionate benefit of all Holders of the Notes, as follows: 

 ARTICLE I 

TERMS OF THE NOTES 

Section 1.01. Terms of the Notes. The following terms relating to the Notes are hereby established: 

(a) The Notes shall constitute a series of Securities having the title “4.875% Notes due 2028”. The Notes shall bear a CUSIP number
of 376546 883 and an ISIN number of US3765468836, as may be supplemented or replaced from time to time. 
 (b) The aggregate principal amount
of the Notes that may be initially authenticated and delivered under the Indenture (except for Notes authenticated and delivered upon registration of, transfer of, or in exchange for, or in lieu of, other Notes pursuant to Sections 2.05, 2.06,
2.07, and 9.04 of the Base Indenture and Section 3.02(a) of the Indenture) shall be $134,550,000 (including up to $17,550,000 aggregate principal amount pursuant to the underwriters’ overallotment option). As authorized under a Board
Resolution or Officer’s Certificate pursuant to a Board Resolution, the Company and the Trustee may enter into a Future Supplemental Indenture pursuant to which the Company may from time to time, without the consent of the Holders of the Notes,
issue additional Notes (in any such case, “Additional Notes”) having the same ranking and the same interest rate, maturity and other terms as the Notes; provided that, if such Additional Notes are not fungible with the Notes (or any
other tranche of Additional Notes) for U.S. federal income tax purposes, then such Additional Notes shall have different CUSIP numbers from the Notes (and any such other tranche of Additional Notes). Any Additional Notes and the existing Notes shall
constitute a single series under the Indenture, and all references to the relevant Notes herein shall include the Additional Notes unless the context otherwise requires. 

(c) The entire outstanding principal of the Notes shall be payable on November 1, 2028 unless earlier redeemed or repurchased in
accordance with the provisions of the Indenture. 
 (d) The rate at which the Notes shall bear interest shall be 4.875% per annum. The date
from which interest shall accrue on the Notes shall be August 18, 2021, or the most recent Interest Payment Date to which interest has been paid or provided for; the Interest Payment Dates for the Notes shall be February 1, May 1,
August 1 and November 1 of each year, commencing November 1, 2021 (provided that, if an Interest Payment Date falls on a day that is not a Business Day, then the applicable interest payment shall be made on the next succeeding
Business Day and no additional interest shall accrue as a result of such delayed payment); the initial interest period shall be the period from and including August 18, 2021, to, but excluding, the initial Interest Payment Date, and the
subsequent interest periods shall be the periods from and including an Interest Payment Date to, but excluding, the next Interest Payment Date or the Stated Maturity, as the case may be; the interest so payable, and punctually paid or duly provided
for, on any Interest Payment Date, shall be paid to the Person in whose name the Note (or one or more Predecessor Securities) is registered at the close of business on the Regular Record Date for such interest, which shall be January 15,
April 15, July 15 or October 15 (whether or not a Business Day), as the case may be, next preceding such Interest Payment Date. Payment of principal of (and premium, if any, on) and any such interest on the Notes shall be made at the
office of the Trustee located at 928 Grand Boulevard, 12th Floor, Kansas City, Missouri 64106, Attention: Gladstone Investment Corporation (4.875% Notes Due 2028) or at such other address as designated by the Trustee, in such coin or currency of the
United States of America as at the time of payment is legal tender for payment of public and private debts; provided, however, that, at the option of the Company, payment of interest may be made by check mailed to the address of the
Person entitled thereto as such address shall appear in the Security Register; provided, further, however, that, at the request of the registered Holder, the Company will pay the principal of (and premium, if any, on) and interest, if any, on
the Notes by wire transfer of immediately available funds to an account at a bank in Kansas City, Missouri, on the date when such amount is due and payable and as further set forth in Section 4.01 of the Base Indenture;
provided, further, however, that, so long as the Notes are registered to Cede & Co., such payment shall be made by wire transfer in accordance with the procedures established by DTC and the
Trustee. Interest on the Notes shall be computed on the basis of a 360-day year of twelve 30-day months. 

(e) The Notes shall be initially issuable in global form (each such Note, a “Global Note”). The Global Notes and the
Trustee’s certificate of authentication thereon shall be substantially in the form of Exhibit A to this Third Supplemental Indenture. Each Global Note shall represent the aggregate principal amount of the outstanding
Notes as shall be specified therein and each shall provide that it shall represent the aggregate principal amount of 

 
outstanding Notes from time to time endorsed thereon and that the aggregate principal amount of outstanding Notes represented thereby may from time to time be reduced or increased, as
appropriate, to reflect exchanges and redemptions. Any new Global Note reflecting the amount of any increase or decrease in the amount of outstanding Notes represented thereby shall be made by the Trustee in accordance with Section 3.03 of the
Indenture. 
 (f) The depositary for such Global Notes (the “Depository”) shall be DTC. The Security Registrar with respect
to the Global Notes shall be the Trustee. 
 (g) The Notes shall be redeemable pursuant to Section 3.01 of the Base Indenture and as
follows: 
 (i) The Notes shall be redeemable in whole or in part at any time or from time to time, at the option of the
Company, on or after November 1, 2023, at a Redemption Price equal to 100% of the outstanding principal amount thereof plus accrued and unpaid interest payments otherwise payable for the then-current quarterly interest period accrued to, but
excluding, the Redemption Date. 
 (ii) Notice of redemption shall be given in writing and mailed, first-class postage
prepaid or by overnight courier guaranteeing next-day delivery, to each Holder of the Notes to be redeemed, not less than thirty (30) nor more than sixty (60) days prior to the Redemption Date, at
the Holder’s address appearing in the Security Register. All notices of redemption shall contain the information set forth in Section 3.02(a) of the Indenture. 

(iii) Any exercise of the Company’s option to redeem the Notes shall be done in compliance with the Indenture and the
Investment Company Act, to the extent applicable. 
 (iv) If the Company elects to redeem only a portion of the Notes, the
Trustee or, with respect to the Global Notes, the Depository shall determine the method for selecting the particular Notes to be redeemed, in accordance with Section 3.02(b) of the Indenture, the Investment Company Act and the rules of any
national securities exchange or quotation system on which the Notes are listed, in each case to the extent applicable. 
 (v)
Unless the Company defaults in payment of the Redemption Price, on and after the Redemption Date, interest shall cease to accrue on the Notes called for redemption hereunder. 

(h) The Notes shall not be subject to any sinking fund pursuant to Section 3.04 of the Base Indenture. 

(i) The Notes shall be issuable in denominations of $25 and integral multiples of $25 in excess thereof. 

(j) Holders of the Notes shall not have the option to have the Notes repaid prior to the Stated Maturity. 

ARTICLE II 
 DEFINITIONS
AND OTHER PROVISIONS OF GENERAL APPLICATION 
 Section 2.01. Except as may be provided in a Future
Supplemental Indenture, for the benefit of the Holders of the Notes but no other series of Securities under the Indenture, whether now or hereafter issued and Outstanding, Article 1 of the Base Indenture shall be amended by adding the following
defined terms to Section 1.01 in appropriate alphabetical sequence, as follows: 
 “‘Commission’ means the
Securities and Exchange Commission, as from time to time constituted, created under the Exchange Act, or, if at any time after the execution of this instrument such Commission is not existing and performing the duties now assigned to it under the
Trust Indenture Act, then the body performing such duties at such time.” 
 “‘GAAP’ means generally accepted
accounting principles in the United States set forth in the opinions and pronouncements of the Accounting Principles Board of the American Institute of Certified Public Accountants, the opinions and pronouncements of the Public Company Accounting
Oversight Board and the statements and pronouncements of the Financial Accounting Standards Board or in such other statements by such other entity as have been approved by a significant segment of the accounting profession in the United States,
which are in effect from time to time.” 

 “Investment Company Act’ means the United States Investment Company Act of
1940, as amended, and the rules, regulations and interpretations promulgated thereunder, to the extent applicable, and any statute successor thereto.” 

“‘Maturity’, when used with respect to any Note, means the date on which the principal of such Note or an installment of
principal becomes due and payable as therein or herein provided, whether at the Stated Maturity or by declaration of acceleration, notice of redemption, notice of option to elect repayment, notice of exchange or conversion or otherwise.” 

“‘Redemption Date’, when used with respect to any Note to be redeemed, in whole or in part, means the date fixed for
such redemption by or pursuant to this Indenture.” 
 “‘Redemption Price’, when used with respect to any Note to
be redeemed, means the price at which it is to be redeemed pursuant to this Indenture.” 
 “‘Regular Record Date’
for the interest payable on any Interest Payment Date on the Notes means the date specified for that purpose as contemplated by Section 1.01(d) of this Third Supplemental Indenture.” 

Section 2.02. Except as may be provided in a Future Supplemental Indenture, for the benefit of the Holders of the
Notes but no other series of Securities under the Indenture, whether now or hereafter issued and Outstanding, Article 1 of the Base Indenture shall be amended by replacing the definitions of “Business Day” and “Trustee” in
Section 1.01 with the following: 
 “‘Business Day’, when used with respect to any particular location referred
to in this Indenture or in the Notes, means each Monday, Tuesday, Wednesday, Thursday and Friday that is not a day on which banking institutions in The City of New York, Kansas City, Missouri or the city in which the Corporate Trust Office is
located or that particular location are authorized or obligated by law or executive order to close.” 

“‘Trustee’ means UMB Bank, National Association, and, subject to the provisions of Article 7 of the Base Indenture, its
successors and assigns under the Indenture.” 
 Section 2.03. Except as may be provided in a Future
Supplemental Indenture, for the benefit of the Holders of the Notes but no other series of Securities under the Indenture, whether now or hereafter issued and Outstanding, the first paragraph of Section 1.01 of the Base Indenture shall be
amended and restated as follows: 
 The terms defined in this Section (except as in this Indenture or any indenture supplemental hereto
otherwise expressly provided or unless the context otherwise requires) for all purposes of this Indenture and of any indenture supplemental hereto shall have the respective meanings specified in this Section and shall include the plural as well as
the singular. All other terms used in this Indenture that are defined in the Trust Indenture Act, or that are by reference in such Act defined in the Securities Act of 1933, as amended (except as herein or any indenture supplemental hereto otherwise
expressly provided or unless the context otherwise requires), shall have the meanings assigned to such terms in said Trust Indenture Act and in said Securities Act as in force at the date of the execution of this instrument. Any reference to
“execute”, “executed”, “sign”, “signed”, “signature” or any other like term hereunder shall include execution by electronic signature (including, without limitation, any .pdf file, .jpeg file, or any
other electronic or image file, or any “electronic signature” as defined under the U.S. Electronic Signatures in Global and National Commerce Act (E-SIGN) or the New York Electronic Signatures and
Records Act (ESRA), which includes any electronic signature provided using Orbit, Adobe Fill & Sign, Adobe Sign, DocuSign, or any other similar platform identified by the Company and reasonably available at no undue burden or expense to the
Trustee), except to the extent the Trustee requests otherwise. Any such electronic signatures shall be valid, effective and legally binding as if such electronic signatures were handwritten signatures and shall be deemed to have been duly and
validly delivered for all purposes hereunder. 

 ARTICLE III 

REDEMPTION OF NOTES 

Section 3.01. Except as may be provided in a Future Supplemental Indenture, for the benefit of the Holders of the
Notes but no other series of Securities under the Indenture, whether now or hereafter issued and Outstanding, the first paragraph of Section 3.02(a) of the Base Indenture shall be amended by replacing the text thereof with the following: 

“In case the Company shall desire to exercise such right to redeem all or, as the case may be, a portion of the Securities of any series
in accordance with any right the Company reserved for itself to do so pursuant to Section 2.01 hereof, the Company shall, or shall cause the Trustee to, give notice of such redemption to holders of the Securities of such series to be redeemed
by mailing, first class postage prepaid, a notice of such redemption not less than 30 days and not more than 60 days before the date fixed for redemption of that series to such holders at their last addresses as they shall appear upon the Security
Register, unless a shorter period is specified in the Securities to be redeemed. Any notice that is mailed in the manner herein provided shall be conclusively presumed to have been duly given, whether or not the registered holder receives the
notice. In any case, failure duly to give such notice to the holder of any Security of any series designated for redemption in whole or in part, or any defect in the notice, shall not affect the validity of the proceedings for the redemption of any
other Securities of such series or any other series. In the case of any redemption of Securities prior to the expiration of any restriction on such redemption provided in the terms of such Securities or elsewhere in this Indenture, the Company shall
furnish the Trustee with an Officers’ Certificate evidencing compliance with any such restriction.” 

Section 3.02. Except as may be provided in a Future Supplemental Indenture, for the benefit of the Holders of the
Notes but no other series of Securities under the Indenture, whether now or hereafter issued and Outstanding, Section 3.02(b) of the Base Indenture shall be amended by replacing the text thereof with the following: 

“If less than all the Notes are to be redeemed, the particular Notes to be redeemed shall be selected by the Trustee, or by the
Depository in the case of Global Notes, in compliance with the requirements of DTC, from the Outstanding Notes not previously called for redemption, in compliance with the requirements of the principal national securities exchange on which the Notes
are listed (if the Notes are listed on any national securities exchange), or if the Notes are not held through DTC or not listed on any national securities exchange, or DTC prescribed no method of selection, by lot or such method as the Trustee
shall deem fair and appropriate, and may provide for the selection for redemption of portions (equal to the minimum authorized denomination for the Notes or any integral multiple thereof) of the principal amount of the Notes of a denomination larger
than the minimum authorized denomination for the Notes; provided, however, that no such partial redemption shall reduce the portion of the principal amount of a Note not redeemed to less than the minimum authorized denomination for the
Notes.” 
 Section 3.03. Except as may be provided in a Future Supplemental Indenture, for the benefit of the
Holders of the Notes but no other series of Securities under the Indenture, whether now or hereafter issued and Outstanding, Section 3.03(a) of the Base Indenture shall be amended by replacing the text thereof with the following: 

“If the giving of notice of redemption shall have been completed as above provided, the Securities or portions of Securities of the
series to be redeemed specified in such notice shall become due and payable on the date and at the place stated in such notice at the applicable redemption price, together with interest accrued to the date fixed for redemption and interest on such
Securities or portions of Securities shall cease to accrue on and after the date fixed for redemption, unless the Company shall default in the payment of such redemption price and accrued interest with respect to any such Security or portion
thereof. On presentation and surrender of such Securities on or after the date fixed for redemption at the place of payment specified in the notice, said Securities shall be paid and redeemed at the applicable redemption price for such series,
together with interest accrued thereon to the date fixed for redemption (but if the date fixed for redemption is an interest payment date, the interest installment payable on such date shall be payable to the registered holder at the close of
business on the applicable record date pursuant to Section 2.03).” 

 ARTICLE IV 

COVENANTS 

Section 4.01. Except as may be provided in a Future Supplemental Indenture, for the benefit of the Holders of the
Notes but no other series of Securities under the Indenture, whether now or hereafter issued and Outstanding, Article 4 of the Base Indenture shall be amended by adding the following new Sections 4.06, 4.07 and 4.08 thereto, each as set
forth below: 
 “Section 4.06. Section 18(a)(1)(A) of the Investment Company Act.  

The Company hereby agrees that for the period of time during which Notes are Outstanding, the Company will not violate Section 18(a)(1)(A)
as modified by Section 61(a)(2) of the Investment Company Act or any successor provisions, whether or not the Company continues to be subject to such provisions of the Investment Company Act, but giving effect, in either case, to any exemptive
relief granted to the Company by the Commission.” 
 “Section 4.07. Section 18(a)(1)(B) of the Investment
Company Act.  
 The Company hereby agrees that for the period of time during which Notes are Outstanding, the Company shall not declare
any dividend (except a dividend payable in stock of the Company), or declare any other distribution, upon a class of the Company’s capital stock, or purchase any such capital stock, unless, in every such case, at the time of the declaration of
any such dividend or distribution, or at the time of any such purchase, the Company has an asset coverage (as defined in the Investment Company Act) of at least the threshold specified in Section 18(a)(1)(B) as modified by Section 61(a)(2)
of the Investment Company Act or any successor provisions thereto of the Investment Company Act, after deducting the amount of such dividend, distribution or purchase price, as the case may be, and giving effect, in each case, to any no-action relief granted by the Commission to another business development company and upon which the Company may reasonably rely (or to the Company if it determines to seek such similar no-action or other relief) permitting the business development company to declare any cash dividend or distribution notwithstanding the prohibition contained in Section 18(a)(1)(B) as modified by
Section 61(a)(2) of the Investment Company Act, in order to maintain such business development company’s status as a regulated investment company under Subchapter M of the Internal Revenue Code of 1986, as amended.” 

“Section 4.08. Commission Reports and Reports to Holders. 

If, at any time, the Company is not subject to the reporting requirements of Sections 13 or 15(d) of the Exchange Act to file any periodic
reports with the Commission, the Company agrees to furnish to Holders of the Notes and the Trustee for the period of time during which the Notes are Outstanding: (i) within 90 days after the end of the each fiscal year of the Company,
audited annual consolidated financial statements of the Company and (ii) within 45 days after the end of each fiscal quarter of the Company (other than the Company’s fourth fiscal quarter), unaudited interim consolidated financial
statements of the Company. All such financial statements shall be prepared, in all material respects, in accordance with GAAP.” 

ARTICLE V 
 REMEDIES

 Section 5.01. Except as may be provided in a Future Supplemental Indenture, for the benefit of the Holders
of the Notes but no other series of Securities under the Indenture, whether now or hereafter issued and Outstanding, Section 6.01(a) of the Base Indenture shall be amended and restated as follows: 

“(a) Whenever used herein with respect to the Notes, “Event of Default” means any one or more of the following events that has
occurred and is continuing: 
  

	 	(1)	 default in the payment of any interest upon any Note when such interest becomes due and payable, and
continuance of such default for a period of 30 days; or 

	 	(2)	 default in the payment of the principal of any Note when it becomes due and payable at its Maturity; or

  

	 	(3)	 default in the performance, or breach, of any covenant or agreement of the Company in this Indenture with
respect to any Note (other than a covenant or agreement a default in whose performance or whose breach is elsewhere in this Section specifically dealt with or which has expressly been included in this Indenture solely for the benefit of a series of
Securities other than the Notes), and continuance of such default or breach for a period of 60 days after there has been given, by registered or certified mail, to the Company by the Trustee or to the Company 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; 

 

	 	(4)	 the Company, pursuant to or within the meaning of any Bankruptcy Law: 

 

	 	a.	 commences a voluntary case or proceeding under any Bankruptcy Law, 

 

	 	b.	 consents to the commencement of any bankruptcy or insolvency case or proceeding against it, or files a petition
or answer or consent seeking reorganization or relief against it, 

  

	 	c.	 consents to the entry of a decree or order for relief against it in an involuntary case or proceeding,

  

	 	d.	 consents to the filing of such petition or to the appointment of or taking possession by a Custodian of the
Company or for all or substantially all of its property, or 

  

	 	e.	 makes an assignment for the benefit of creditors, or admits in writing of its inability to pay its debts
generally as they become due or takes any corporate action in furtherance of any such action; or 

  

	 	(5)	 a court of competent jurisdiction enters an order or decree under any Bankruptcy Law that:

  

	 	a.	 is for relief against the Company in an involuntary case or proceeding, or 

 

	 	b.	 adjudges the Company bankrupt or insolvent, or approves as properly filed a petition seeking reorganization,
arrangement, adjustment or composition of or in respect of the Company, or 

  

	 	c.	 appoints a Custodian of the Company or for all or substantially all of its property, or 

 

	 	d.	 orders the winding up or liquidation of the Company, 

and the continuance of any such decree or order for relief or any such other decree or order unstayed and in effect for a period of 90
consecutive days; or 
  

	 	(6)	 if, pursuant to Sections 18(a)(1)(c)(ii) and 61 of the Investment Company Act, on the last business day of each
of twenty-four consecutive calendar months the Notes shall have an asset coverage (as such term is used in the Investment Company Act) of less than 100%.” 

Section 5.02. Except as may be provided in a Future Supplemental Indenture, for the benefit of the Holders of the
Notes but no other series of Securities under the Indenture, whether now or hereafter issued and Outstanding, Section 6.01(b) of the Base Indenture shall be amended and restated as follows: 

“(b) In each and every such case, unless the principal of all the Notes shall have already become due and payable, either the Trustee or
the holders of not less than 25% in aggregate principal amount of the Notes then Outstanding hereunder, by notice in writing to the Company (and to the Trustee if given by such Holders), may declare the principal of and accrued and unpaid interest
on all the Notes to be due and payable immediately, and upon any such declaration the same shall become and shall be immediately due and payable.” 

 ARTICLE VI 

MISCELLANEOUS 

Section 6.01. This Third Supplemental Indenture and the Notes shall be governed by and construed in accordance with
the law of the State of New York. This Third Supplemental Indenture is subject to the provisions of the Trust Indenture Act that are required to be part of the Indenture and shall, to the extent applicable, be governed by such provisions. 

Section 6.02. In case any provision in this Third Supplemental Indenture or in the Notes shall be invalid, illegal
or unenforceable, the validity, legality and enforceability of the remaining provisions shall not in any way be affected or impaired thereby. 

Section 6.03. This Third Supplemental Indenture 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 Third Supplemental Indenture. The exchange of copies of this Third Supplemental Indenture and of signature pages by facsimile, .pdf
transmission, email or other electronic means shall constitute effective execution and delivery of this Third Supplemental Indenture for all purposes. Signatures of the parties hereto transmitted by facsimile, .pdf transmission, email or other
electronic means shall be deemed to be their original signatures for all purposes. 
 Section 6.04. The Base
Indenture, as supplemented and amended by this Third Supplemental Indenture, is in all respects ratified and confirmed, and the Base Indenture and this Third Supplemental Indenture shall be read, taken and construed as one and the same instrument
with respect to the Notes. All provisions included in this Third Supplemental Indenture supersede any conflicting provisions included in the Base Indenture with respect to the Notes, unless not permitted by law. The Trustee accepts the trusts
created by the Base Indenture, as supplemented by this Third Supplemental Indenture, and agrees to perform the same upon the terms and conditions of the Base Indenture, as supplemented by this Third Supplemental Indenture. 

Section 6.05. The provisions of this Third Supplemental Indenture shall become effective as of the date hereof. 

Section 6.06. Notwithstanding anything else to the contrary herein, the terms and provisions of this Third
Supplemental Indenture shall apply only to the Notes and shall not apply to any other series of Securities under the Indenture, and this Third Supplemental Indenture shall not and does not otherwise affect, modify, alter, supplement or change the
terms and provisions of any other series of Securities under the Indenture, whether now or hereafter issued and Outstanding. 

Section 6.07. The recitals contained herein and in the Notes, except the Trustee’s certificate of
authentication, shall be taken as the statements of the Company, and the Trustee assumes no responsibility for their correctness. The Trustee makes no representations as to the validity or sufficiency of this Third Supplemental Indenture, the Notes
or any Additional Notes, except that the Trustee represents that it is duly authorized to execute and deliver this Third Supplemental Indenture, authenticate the Notes and any Additional Notes and perform its obligations hereunder. The Trustee shall
not be accountable for the use or application by the Company of the Notes or any Additional Notes or the proceeds thereof. 

 IN WITNESS WHEREOF, the parties hereto have caused this Third Supplemental Indenture to be
duly executed as of the date first above written. 
  

			
	GLADSTONE INVESTMENT CORPORATION
		
	By:	 	 /s/ David Gladstone

	Name:	 	David Gladstone
	Title:	 	Chairman and Chief Executive Officer
	
	UMB BANK, NATIONAL ASSOCIATION, as Trustee
		
	By:	 	 /s/ Lara L. Stevens

	Name:	 	Lara L. Stevens
	Title:	 	Vice President

 [Signature page to Third Supplemental Indenture] 

 Exhibit A — Form of Global Note 

THIS SECURITY IS A GLOBAL SECURITY WITHIN THE MEANING OF THE INDENTURE HEREINAFTER REFERRED TO AND IS REGISTERED IN THE NAME OF THE DEPOSITORY TRUST
COMPANY OR A NOMINEE THEREOF. THIS SECURITY MAY NOT BE EXCHANGED IN WHOLE OR IN PART FOR A SECURITY REGISTERED, AND NO TRANSFER OF THIS SECURITY IN WHOLE OR IN PART MAY BE REGISTERED, IN THE NAME OF ANY PERSON OTHER THAN THE DEPOSITORY TRUST COMPANY
OR A NOMINEE THEREOF, EXCEPT IN THE LIMITED CIRCUMSTANCES DESCRIBED IN THE INDENTURE. 
 UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED
REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY TO THE COMPANY OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT AND SUCH CERTIFICATE ISSUED IN EXCHANGE FOR THIS CERTIFICATE IS REGISTERED IN THE NAME OF CEDE & CO., OR SUCH OTHER
NAME AS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL, AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST
HEREIN. 
 Gladstone Investment Corporation 
  

			
	No.	  	$
		  	CUSIP No. 376546 883
		  	ISIN No. US3765468836

 4.875% Notes due 2028 

Gladstone Investment Corporation, a corporation duly organized and existing under the laws of Delaware (herein called the “Company,”
which term includes any successor Person under the Indenture hereinafter referred to), for value received, hereby promises to pay to Cede & Co., or registered assigns, the principal sum of ____________________ (U.S. $ ____________________)
on November 1, 2028, and to pay interest thereon from August 18, 2021 or from the most recent Interest Payment Date to which interest has been paid or duly provided for, quarterly on February 1, May 1, August 1 and
November 1 in each year, commencing November 1, 2021, at the rate of 4.875% per annum, until the principal hereof is paid or made available for payment. The interest so payable, and punctually paid or duly provided for, on any Interest
Payment Date shall, as provided in such Indenture, be paid to the Person in whose name this Security is registered at the close of business on the Regular Record Date for such interest, which shall be January 15, April 15, July 15 and
October 15, whether or not a Business Day, as the case may be, next preceding such Interest Payment Date. Any such interest not so punctually paid or duly provided for shall forthwith cease to be payable to the Holders of the Notes on such
Regular Record Date and may either be paid to the Person in whose name this Security is registered at the close of business on a special record date for the payment of such Defaulted Interest to be fixed by the Trustee, notice whereof shall be given
to Holders of Securities of this series not less than 10 days prior to such special record date, or be paid at any time in any other lawful manner not inconsistent with the requirements of any securities exchange on which the Securities of this
series may be listed, and upon such notice as may be required by such exchange, all as more fully provided in said Indenture. This Security may be issued as part of a series. 

Payment of the principal of (and premium, if any, on) and any such interest on this Security shall be made at the office of the Trustee
located at 928 Grand Boulevard, 12th Floor, Kansas City, Missouri 64106, Attention: Gladstone Investment Corporation (4.875% Notes Due 2028) or at such other address as designated by the Trustee, in such coin or currency of the United States of
America as at the time of payment is legal tender for payment of public and private debts; provided, however, that, at the option of the Company payment of interest may be made by check mailed to the address of the Person entitled
thereto as such address shall appear in the Security Register; provided, further, however, that, at the request of the registered Holder, the Company will pay the principal of (and premium, if any, on) and interest, if any, on the Securities
by wire transfer of immediately available funds to an account at a bank in Kansas City, Missouri, on the date when such amount is due and payable and as further set forth in Section 4.01 of the Base Indenture; provided, further, however,
that so long as this Security is registered to Cede & Co., such payment shall be made by wire transfer in accordance with the procedures established by DTC and the Trustee. 

 Reference is hereby made to the further provisions of this Security set forth on the reverse
hereof, which further provisions shall for all purposes have the same effect as if set forth at this place. 
 Unless the certificate of
authentication hereon has been executed by the Trustee referred to on the reverse hereof by manual signature, this Security shall not be entitled to any benefit under the Indenture or be valid or obligatory for any purpose. 

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

Dated: 
  

			
	GLADSTONE INVESTMENT CORPORATION
		
	By:	 	
                

		 	Name:
		 	Title:

  

			
	Attest
		
	By:	 	  

	Name:
	Title:

 This is one of the Securities of the series designated therein referred to in the within-mentioned Indenture. 

Dated: 
  

			
	 UMB BANK, NATIONAL ASSOCIATION,
 as
Trustee

		
	By:	 	
                

		 	 Name:
 Title:

 Gladstone Investment Corporation 

4.875% Notes due 2028 
 This
Security is one of a duly authorized issue of Securities of the Company (herein called the “Securities”), issued and to be issued in one or more series under an Indenture, dated as of May 22, 2020 (herein called the
“Base Indenture”), between the Company and UMB Bank, National Association, as Trustee (herein called the “Trustee,” which term includes any successor trustee under the Base Indenture), and reference is hereby made
to the Base Indenture for a statement of the respective rights, limitations of rights, duties and immunities thereunder of the Company, the Trustee, and the Holders of the Securities and of the terms upon which the Securities are, and are to be,
authenticated and delivered, as supplemented by the Third Supplemental Indenture, dated as of August 18, 2021, by and between the Company and the Trustee (herein called the “Third Supplemental Indenture,” the Third Supplemental
Indenture and the Base Indenture collectively are herein called the “Indenture”). In the event of any conflict between the Base Indenture and the Third Supplemental Indenture, the Third Supplemental Indenture shall govern and
control. 
 This Security is one of the series designated on the face hereof, which series is initially limited in aggregate principal
amount to $134,550,000 (including up to $17,550,000 aggregate principal amount pursuant to the underwriters’ overallotment option). Under a Board Resolution, Officers’ Certificate pursuant to Board Resolutions or an indenture supplement,
the Company may from time to time, without the consent of the Holders of Securities, issue additional Securities of this series (in any such case “Additional Securities”) having the same ranking and the same interest rate, maturity
and other terms as the Securities; provided that, if such Additional Securities are not fungible with the Securities (or any other tranche of Additional Securities for U.S. federal income tax purposes, then such Additional Securities shall have a
different CUSIP number from the Securities (and any such other tranche of Additional Securities). Any Additional Securities and the existing Securities shall constitute a single series under the Indenture and all references to the relevant
Securities herein shall include the Additional Securities unless the context otherwise requires. The aggregate amount of outstanding Securities represented hereby may from time to time be reduced or increased, as appropriate, to reflect exchanges
and redemptions. 
 The Securities of this series are subject to redemption in whole or in part at any time or from time to time, at the
option of the Company, on or after November 1, 2023, at a Redemption Price equal to 100% of the outstanding principal amount thereof plus accrued and unpaid interest payments otherwise payable for the then-current quarterly interest period
accrued to, but excluding, the Redemption Date. 
 Notice of redemption shall be given in writing and mailed, first-class postage prepaid or
by overnight courier guaranteeing next-day delivery, to each Holder of the Securities to be redeemed, not less than thirty (30) nor more than sixty (60) days prior to the Redemption Date, at the
Holder’s address appearing in the Security Register. All notices of redemption shall contain the information set forth in Section 3.02(a) of the Indenture. 

Any exercise of the Company’s option to redeem the Securities shall be done in compliance with the Indenture and the Investment Company
Act, to the extent applicable. 
 If the Company elects to redeem only a portion of the Securities, the Trustee or, with respect to global
Securities, the Depository will determine the method for selecting the particular Securities to be redeemed, in accordance with Section 1.01 of the Third Supplemental Indenture and Section 3.02(b) of the Indenture. In the event of
redemption of this Security in part only, a new Security or Securities of this series and of like tenor for the unredeemed portion hereof will be issued in the name of the Holder hereof upon the cancellation hereof. 

Unless the Company defaults in payment of the Redemption Price, on and after the Redemption Date, interest shall cease to accrue on the
Securities called for redemption. 
 Holders of Securities do not have the option to have the Securities repaid prior to November 1,
2028. 
 The Indenture contains provisions for defeasance at any time of the entire indebtedness of this Security or certain restrictive
covenants and Events of Default with respect to this Security, in each case upon compliance with certain conditions set forth in the Indenture. 

 If an Event of Default with respect to Securities of this series shall occur and be
continuing, the principal of the Securities of this series may be declared due and payable in the manner and with the effect provided in the Indenture. 

The Indenture permits, with certain exceptions as therein provided, the amendment thereof and the modification of the rights and obligations
of the Company and the rights of the Holders of the Securities of each series to be affected under the Indenture at any time by the Company and the Trustee with the consent of the Holders of not less than a majority in principal amount of the
Securities at the time Outstanding of each series to be affected. The Indenture also contains provisions permitting the Holders of specified percentages in principal amount of the Securities of each series at the time Outstanding, on behalf of the
Holders of all Securities of such series, to waive compliance by the Company with certain provisions of the Indenture and certain past defaults under the Indenture and their consequences. Any such consent or waiver by the Holder of this Security
shall be conclusive and binding upon such Holder and upon all future Holders of this Security and of any Security issued upon the registration of transfer hereof or in exchange herefor or in lieu hereof, whether or not notation of such consent or
waiver is made upon this Security. 
 As provided in and subject to the provisions of the Indenture, the Holder of this Security shall not
have the right to institute any proceeding with respect to the Indenture or for the appointment of a receiver or trustee or for any other remedy thereunder, unless such Holder shall have previously given the Trustee written notice of a continuing
Event of Default with respect to the Securities of this series, the Holders of not less than 25% in principal amount of the Securities of this series at the time Outstanding shall have made written request to the Trustee to institute proceedings in
respect of such Event of Default as Trustee and offered the Trustee indemnity, security, or both, reasonably satisfactory to the Trustee against the costs, expenses and liabilities to be incurred in compliance with such request, and the Trustee
shall not have received from the Holders of a majority in principal amount of Securities of this series at the time Outstanding a direction inconsistent with such request, and shall have failed to institute any such proceeding, for sixty
(60) days after receipt of such notice, request and offer of indemnity and/or security. The foregoing shall not apply to any suit instituted by the Holder of this Security for the enforcement of any payment of principal hereof or any premium or
interest hereon on or after the respective due dates expressed herein. 
 No reference herein to the Indenture and no provision of this
Security or of the Indenture shall alter or impair the obligation of the Company, which is absolute and unconditional, to pay the principal of and any premium and interest on this Security at the times, place and rate, and in the coin or currency,
herein prescribed. 
 As provided in the Indenture and subject to certain limitations therein set forth, the transfer of this Security is
registrable in the Security Register, upon surrender of this Security for registration of transfer at the office or agency of the Company in any place where the principal of and any premium and interest on this Security are payable, duly endorsed
by, or accompanied by a written instrument of transfer in form satisfactory to the Company and the Security Registrar duly executed by, the Holder hereof or his attorney duly authorized in writing, and thereupon one or more new Securities of this
series and of like tenor, of authorized denominations and for the same aggregate principal amount, will be issued to the designated transferee or transferees. 

The Securities of this series are issuable only in registered form without coupons in denominations of $25 and any integral multiples of $25
in excess thereof. As provided in the Indenture and subject to certain limitations therein set forth, Securities of this series are exchangeable for a like aggregate principal amount of Securities of this series and of like tenor of a different
authorized denomination, as requested by the Holder surrendering the same. 
 No service charge shall be made for any such registration of
transfer or exchange, but the Company, the Trustee, or the Security Registrar may require payment of a sum sufficient to cover any tax or other governmental charge payable in connection therewith. 

Prior to due presentment of this Security for registration of transfer, the Company, the Trustee, or the Security Registrar and any agent of
the Company, the Trustee, or the Security Registrar shall treat the Person in whose name this Security is registered as the owner hereof for all purposes, whether or not this Security be overdue, and none of the Company, the Trustee, the Security
Registrar, or any agent thereof shall be affected by notice to the contrary. 

 All terms used in this Security which are defined in the Indenture shall have the meanings
assigned to them in the Indenture. 
 To the extent any provision of this Security conflicts with the express provisions of the Indenture,
the provisions of the Indenture shall govern and be controlling. 
 The Indenture and this Security shall be governed by and construed in
accordance with the law of the State of New York.

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