Document:

Form of First Supplemental Indenture

 Exhibit 4.2 
  
 FIRST SUPPLEMENTAL INDENTURE 
 Dated
as of May 18, 2009 
 to 
 INDENTURE 
 Dated as of May 18, 2009 
 Between 
 MICROSOFT CORPORATION, 
 as Issuer 
 and 
 THE BANK OF NEW YORK MELLON TRUST COMPANY, N.A., 
 as Trustee 
  
  
 2.95% Notes due 2014

 4.20% Notes due 2019 
 5.20% Notes due 2039 
  
  

 TABLE OF CONTENTS 
  

					
	 	  	 	  	Page
		
	 ARTICLE 1. DEFINITIONS
	  	2
			
	 Section 1.1.
	  	Definition of Terms	  	2
		
	 ARTICLE 2. TERMS AND CONDITIONS OF NOTES
	  	2
			
	 Section 2.1.
	  	Designation and Principal Amount	  	2
			
	 Section 2.2.
	  	Maturity	  	2
			
	 Section 2.3.
	  	Further Issues	  	3
			
	 Section 2.4.
	  	Payment	  	3
			
	 Section 2.5.
	  	Global Securities	  	3
			
	 Section 2.6.
	  	Interest	  	3
			
	 Section 2.7.
	  	Authorized Denominations	  	4
			
	 Section 2.8.
	  	Redemption and Sinking Fund	  	4
			
	 Section 2.9.
	  	Ranking	  	4
			
	 Section 2.10.
	  	Appointments	  	4
			
	 Section 2.11.
	  	Defeasance	  	4
		
	 ARTICLE 3. FORM OF NOTES
	  	4
			
	 Section 3.1.
	  	Form of Notes	  	4
		
	 ARTICLE 4. ORIGINAL ISSUE OF NOTES
	  	4
			
	 Section 4.1.
	  	Original Issue of Notes	  	4
		
	 ARTICLE 5. MISCELLANEOUS
	  	5
			
	 Section 5.1.
	  	Ratification of Indenture	  	5
			
	 Section 5.2.
	  	Trustee Not Responsible for Recitals	  	5
			
	 Section 5.3.
	  	Governing Law	  	5
			
	 Section 5.4.
	  	Separability	  	5
			
	 Section 5.5.
	  	Counterparts	  	5

			
		
	 EXHIBIT A – Form of 2014 Notes
	  	A-1
		
	 EXHIBIT B – Form of 2019 Notes
	  	B-1
		
	 EXHIBIT C – Form of 2039 Notes
	  	C-1

  

 ii 

 FIRST SUPPLEMENTAL INDENTURE, dated as of May 18, 2009 (this “Supplemental
Indenture”), between MICROSOFT CORPORATION, a corporation duly organized and existing under the laws of the State of Washington (the “Company”), and THE BANK OF NEW YORK MELLON TRUST COMPANY, N.A., a national banking
association duly organized and existing under the laws of the United States, as Trustee (the “Trustee”). 
 RECITALS OF THE
COMPANY 
 WHEREAS, the Company executed and delivered the Indenture, dated as of May 18, 2009, to the Trustee (the
“Indenture”), to provide for the issuance of the Company’s debt securities (the “Securities”), to be issued in one or more series; 
 WHEREAS, pursuant to the terms of the Indenture, the Company desires to provide for the establishment of three new series of its Securities under the Indenture to be known as its “2.95% Notes due 2014” (the
“2014 Notes”), “4.20% Notes due 2019” (the “2019 Notes”) and “5.20% Notes due 2039” (the “2039 Notes” and, together with the 2014 Notes and the 2019 Notes, the
“Notes”), the form and substance and the terms, provisions and conditions thereof to be set forth as provided in the Indenture and this Supplemental Indenture; 
 WHEREAS, the Board of Directors of the Company by duly adopted resolutions has authorized the proper officers of the Company to, among other things,
determine the terms of the Securities to be issued under the Indenture and execute any and all appropriate documents necessary or appropriate to effect each such issuance; 
 WHEREAS, this Supplemental Indenture is being entered into pursuant to the provisions of Section 901(7) of the Indenture; 
 WHEREAS, the Company has requested that the Trustee execute and deliver this Supplemental Indenture; and 
 WHEREAS, all things necessary to make this 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 performed, and the execution and delivery of this Supplemental Indenture has been duly authorized in all respects;

 NOW, THEREFORE, THIS SUPPLEMENTAL INDENTURE WITNESSETH: 
 For and in consideration of the premises and the purchase 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, the Company
covenants and agrees, with the Trustee, as follows: 

 ARTICLE 1. 
 DEFINITIONS 
 Section 1.1. Definition of Terms. Unless the context otherwise requires:

 (a) each term defined in the Indenture has the same meaning when used in this Supplemental Indenture; 
 (b) the singular includes the plural, and vice versa; and 
 (c) headings are for convenience of reference only and do not affect interpretation. 
 ARTICLE 2. 

 TERMS AND CONDITIONS OF NOTES 
 Section 2.1. Designation and Principal Amount. 
 (a) There is hereby authorized and established a series of Securities under
the Indenture, designated as the “2.95% Notes due 2014,” which is initially limited in aggregate principal amount to $2,000,000,000 (except upon registration of transfer of, or in exchange for, or in lieu of, other 2014 Notes pursuant to
Section 304, 305, 306, 906 or 1107 of the Indenture and except for any Securities which, pursuant to Section 303 of the Indenture, are deemed never to have been authenticated and delivered). 
 (b) There is hereby authorized and established a series of Securities under the Indenture, designated as the “4.20% Notes due 2019,” which is
initially limited in aggregate principal amount to $1,000,000,000 (except upon registration of transfer of, or in exchange for, or in lieu of, other 2019 Notes pursuant to Section 304, 305, 306, 906 or 1107 of the Indenture and except for any
Securities which, pursuant to Section 303 of the Indenture, are deemed never to have been authenticated and delivered). 
 (c) There is
hereby authorized and established a series of Securities under the Indenture, designated as the “5.20% Notes due 2039,” which is initially limited in aggregate principal amount to $750,000,000 (except upon registration of transfer of, or
in exchange for, or in lieu of, other 2039 Notes pursuant to Section 304, 305, 306, 906 or 1107 of the Indenture and except for any Securities which, pursuant to Section 303 of the Indenture, are deemed never to have been authenticated and
delivered). 
 Section 2.2. Maturity. 
 (a) The Stated Maturity of principal of the 2014 Notes shall be June 1, 2014. 
 (b) The Stated Maturity
of principal of the 2019 Notes shall be June 1, 2019. 
 (c) The Stated Maturity of principal of the 2039 Notes shall be June 1,
2039. 
  

 2 

 Section 2.3. Further Issues. The Company may at any time and from time to time, without the
consent of the Holders of any series of the Notes, issue additional notes of any series. Any such additional notes shall have the same ranking, interest rate, maturity date and other terms as the relevant series of the Notes. Any such additional
notes of a series, together with the Notes of the relevant series herein provided for, shall constitute a single series of Securities under the Indenture. 
 Section 2.4. Payment. Principal of and interest on the Notes shall be payable in U.S. dollars in immediately available funds at the office or agency of the Company maintained for such purpose in New York, New
York, which shall initially be at an office of the Trustee located at 101 Barclay Street, 8W, New York, New York 10286, Attention: Corporate Trust Administration; provided, however, that payment of interest may be made at the option of
the Company by check mailed to the Holder at such address as shall appear in the Security Register at the close of business on the Record Date for such Holder or by wire transfer to an account appropriately designated by the Holder to the Company
and the Trustee; and provided, further, that the Company will pay principal of and interest on, the Notes in global form registered in the name of or held by The Depository Trust Company (“DTC”) or such other
Depositary as any Officer of the Company may from time to time designate, or its respective nominee, by wire in immediately available funds to such Depositary or its nominee, as the case may be, as the registered holder of such Notes in global form.

 Section 2.5. Global Securities. Upon the original issuance, the Notes will be represented by Global Securities registered in the
name of Cede & Co., the nominee of 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 2.6. Interest. 
 (a) The 2014
Notes will bear interest (computed on the basis of a 360-day year consisting of twelve 30-day months) from May 18, 2009 at the rate of 2.95% per annum, payable semi-annually in arrears. Interest payable on each Interest Payment Date will
include interest accrued from May 18, 2009, 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 June 1 and
December 1, commencing on December 1, 2009; and the Record Date for the interest payable on any Interest Payment Date is the close of business on May 15 or November 15, as the case may be, next preceding the relevant Interest
Payment Date. 
 (b) The 2019 Notes will bear interest (computed on the basis of a 360-day year consisting of twelve 30-day months) from
May 18, 2009 at the rate of 4.20% per annum, payable semi-annually in arrears. Interest payable on each Interest Payment Date will include interest accrued from May 18, 2009, 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 June 1 and December 1, commencing on December 1, 2009; and the Record Date for the interest payable on any Interest
Payment Date is the close of business on May 15 or November 15, as the case may be, next preceding the relevant Interest Payment Date. 
  

 3 

 (c) The 2039 Notes will bear interest (computed on the basis of a 360-day year consisting of twelve
30-day months) from May 18, 2009 at the rate of 5.20% per annum, payable semi-annually in arrears. Interest payable on each Interest Payment Date will include interest accrued from May 18, 2009, 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 June 1 and December 1, commencing on December 1, 2009; and the Record Date for the interest
payable on any Interest Payment Date is the close of business on May 15 or November 15, as the case may be, next preceding the relevant Interest Payment Date. 
 Section 2.7. Authorized Denominations. The Notes shall be issuable in denominations of $2,000 and integral multiples of $1,000 in excess thereof. 
 Section 2.8. Redemption and Sinking Fund. The Notes shall not be redeemable at the option of the Company or at the option of the Holders. The
Notes shall not be entitled to the benefit of any sinking fund. 
 Section 2.9. Ranking. The Notes shall be senior unsecured debt
securities of the Company, ranking equally with the Company’s other unsecured and unsubordinated debt. 
 Section 2.10.
Appointments. The Trustee will be the initial Security Registrar and initial Paying Agent for the Notes. 
 Section 2.11.
Defeasance. The Company may elect, at its option at any time, pursuant to Section 1301 of the Indenture, to have Section 1302 or Section 1303 in the Indenture, or both, apply to the 2014 Notes, the 2019 Notes or the 2039 Notes,
or all, or any principal amount thereof. 
 ARTICLE 3. 
 FORM OF NOTES 
 Section 3.1. Form of Notes. The Notes and the Trustee’s Certificate of
Authentication to be endorsed thereon are to be substantially in the forms set forth in Exhibits A, B and C hereto. 
 ARTICLE 4.

 ORIGINAL ISSUE OF NOTES 
 Section 4.1. Original Issue of Notes. The Notes may, upon execution of this Supplemental Indenture, be executed by the Company and delivered to the Trustee for authentication, and the Trustee shall, upon Company Order, authenticate
and deliver such Notes as in such Company Order provided. 
  

 4 

 ARTICLE 5. 
 MISCELLANEOUS 
 Section 5.1. Ratification of Indenture. The Indenture, as supplemented by this
Supplemental Indenture, is in all respects ratified and confirmed, and this Supplemental Indenture shall be deemed part of the Indenture in the manner and to the extent herein and therein provided; provided, however, that the
provisions of this Supplemental Indenture shall apply solely with respect to the Notes. 
 Section 5.2. Trustee Not Responsible for
Recitals. The recitals 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
Supplemental Indenture. 
 Section 5.3. Governing Law. This Supplemental Indenture and each Note shall be governed by, and construed
in accordance with, the laws of the State of New York. 
 Section 5.4. Separability. In case any one or more of the provisions
contained in the Indenture, this Supplemental Indenture or 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 the
Indenture, this Supplemental Indenture or the Notes, but the Indenture, this 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 5.5. Counterparts. This Supplemental Indenture 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. 
 [Signature page follows] 
  

 5 

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

			
	MICROSOFT CORPORATION
		
	By:	 	 
		 	Name: 
		 	Title:
	
	 THE BANK OF NEW YORK MELLON
 TRUST COMPANY,
N.A.,

	    as Trustee
		
	By:	 	 
		 	Name:
		 	Title:

 EXHIBIT A 
 [FORM OF NOTE] 
 UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE
DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), NEW YORK, NEW YORK, TO THE COMPANY OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO.
OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF 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. 
 TRANSFERS OF THIS GLOBAL SECURITY SHALL BE LIMITED TO TRANSFERS IN WHOLE, BUT NOT IN PART, TO NOMINEES OF DTC OR TO A SUCCESSOR THEREOF OR SUCH SUCCESSOR’S NOMINEE AND TRANSFERS OF PORTIONS OF THIS GLOBAL SECURITY SHALL BE LIMITED
TO TRANSFERS MADE IN ACCORDANCE WITH THE RESTRICTIONS SET FORTH IN THE INDENTURE REFERRED TO ON THE REVERSE HEREOF. 
 THIS NOTE IS A
GLOBAL SECURITY WITHIN THE MEANING OF THE INDENTURE REFERRED TO HEREIN AND IS REGISTERED IN THE NAME OF A DEPOSITARY OR A NOMINEE THEREOF. THIS NOTE MAY NOT BE EXCHANGED IN WHOLE OR IN PART FOR A NOTE REGISTERED, AND NO TRANSFER OF THIS NOTE 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. 
 MICROSOFT CORPORATION 
 2.95% Notes due 2014 
 CUSIP No.: 594918 AB0 
 ISIN: US594918AB00 
  

			
	No. A-[1][2][3][4]	  	$500,000,000

 MICROSOFT CORPORATION, a corporation duly incorporated under the laws of the State of Washington
(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
$500,000,000 (FIVE HUNDRED MILLION DOLLARS) on June 1, 2014, and to pay interest thereon from May 18, 2009 or from the most 

  

 1 

 
recent Interest Payment Date to which interest has been paid or duly provided for, semi-annually on June 1 and December 1 of each year, commencing
on December 1, 2009, at the rate of 2.95% per annum, until the principal hereof is paid or made available for payment; provided that any principal and premium, and any such installment of interest, which is overdue shall bear
interest at the rate of 2.95% per annum (to the extent permitted by applicable law), from the dates such amounts are due until they are paid or made available for payment, and such interest shall be payable on demand. The interest so payable,
and punctually paid or duly provided for, on any Interest Payment Date will, as provided in such Indenture, be paid to the Person in whose name this Note (or one or more Predecessor Securities) is registered at the close of business on the Regular
Record Date for such interest, which shall be the May 15 or November 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 will
forthwith cease to be payable to the Holder on such Regular Record Date and may either be paid to the Person in whose name this Note (or one or more Predecessor 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 whereof shall be given to Holders of Notes 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 Notes of this series may be listed, and upon such notice as may be required by such exchange, all as more fully provided in the Indenture. 
 Reference is hereby made to the further provisions of this Note set forth on the reverse hereof, which further provisions shall for all purposes have the
same effect as if set forth at this place. 
 Unless the certificate of authentication hereon has been executed by the Trustee referred to on
the reverse hereof by manual signature, this Note shall not be entitled to any benefit under the Indenture or be valid or obligatory for any purpose. 
  

 2 

 IN WITNESS WHEREOF, the Company has caused this Note to be duly executed. 
 Dated: May 18, 2009 
  

			
	MICROSOFT CORPORATION
		
	By:	 	 
		 	Name: 
		 	Title: 

  

 3 

 This Note is one of the Securities of the series designated therein referred to in the within-mentioned
Indenture. 
 Dated: May 18, 2009 
  

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

  

 4 

 [REVERSE OF NOTE] 
 This Note is one of a duly authorized issue of securities of the Company (herein called the “Notes”), issued and to be issued in one or more series under an Indenture, dated as of May 18, 2009,
and a supplemental indenture relating to such series dated as of May 18, 2009 (herein, collectively called the “Indenture,” which term shall have the meaning assigned to it in such instrument), between the Company and The Bank
of New York Mellon Trust Company, N.A., as Trustee (herein called the “Trustee,” which term includes any successor trustee under the Indenture), and reference is hereby made to the 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 Notes are, and are to be, authenticated and delivered. This Note is one of the series designated on
the face hereof, such series initially limited in aggregate principal amount to $2,000,000,000; provided that the Company may at any time and from time to time, without the consent of any Holder, issue additional Notes of this series.

 The Notes of this series are not redeemable at the option of the Company or the Holders. 
 The Notes of this series are not entitled to the benefit of any sinking fund. 
 The Indenture contains provisions for defeasance at any time of the entire indebtedness of the Notes of this series or certain restrictive covenants and
Events of Default with respect to such Notes, in each case upon compliance with certain conditions set forth in the Indenture. 
 If an Event
of Default with respect to Notes of this series shall occur and be continuing, the principal of such Notes may be declared, or shall immediately become, 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 Notes 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 a majority in aggregate principal amount of the Notes at the time
Outstanding of each series to be affected. The Indenture also contains provisions permitting the Holders of specified percentages in aggregate principal amount of the Notes of each series at the time Outstanding, on behalf of the Holders of all
Notes 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 Holders of Notes of this series shall be
conclusive and binding upon such Holders and upon all future Holders of this Note and of any Note issued upon the registration of transfer hereof or in exchange herefor or in lieu hereof, whether or not notation of such consent or waiver is made
upon this Note. 
 As provided in and subject to the provisions of the Indenture, the Holders of the Notes of this series 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 Notes of this series, the Holders of not less than 25% in aggregate principal amount 

  

 5 

 
of the Notes 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 reasonable indemnity, and the Trustee shall not have received from the Holders of a majority in aggregate principal amount of such Notes at the time Outstanding a direction inconsistent with such request,
and shall have failed to institute any such proceeding, for 60 days after receipt of such notice, request and offer of indemnity. The foregoing shall not apply to any suit instituted by the Holder of this Note 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 Note or of the Indenture shall alter or impair the obligation of the Company, which is absolute and unconditional, to pay the principal of and any premium and interest on this Note 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 Note is registrable in the Security Register, upon surrender of this Note 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 Note 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 Notes
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 Notes of this series are issuable only in registered form without coupons in denominations of $2,000 and integral multiples of $1,000 in excess thereof. As provided in the Indenture and subject to certain
limitations therein set forth, Notes of this series are exchangeable for a like principal amount of Notes 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 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 Note 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 Note is registered as the owner hereof for all purposes, whether or not this Note be overdue, and neither the Company, the Trustee nor any such
agent shall be affected by notice to the contrary. 
 This Note is a Global Security and is subject to the provisions of the Indenture
relating to Global Securities, including the limitations in Section 305 thereof on transfers and exchanges of Global Securities. 
 This
Note and the Indenture shall be governed by, and construed in accordance with, the laws of the State of New York. 
 All terms used in this
Note which are defined in the Indenture shall have the meanings assigned to them in the Indenture. 
  

 6 

 EXHIBIT B 
 [FORM OF NOTE] 
 UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE
DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), NEW YORK, NEW YORK, TO THE COMPANY OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO.
OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF 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. 
 TRANSFERS OF THIS GLOBAL SECURITY SHALL BE LIMITED TO TRANSFERS IN WHOLE, BUT NOT IN PART, TO NOMINEES OF DTC OR TO A SUCCESSOR THEREOF OR SUCH SUCCESSOR’S NOMINEE AND TRANSFERS OF PORTIONS OF THIS GLOBAL SECURITY SHALL BE LIMITED
TO TRANSFERS MADE IN ACCORDANCE WITH THE RESTRICTIONS SET FORTH IN THE INDENTURE REFERRED TO ON THE REVERSE HEREOF. 
 THIS NOTE IS A
GLOBAL SECURITY WITHIN THE MEANING OF THE INDENTURE REFERRED TO HEREIN AND IS REGISTERED IN THE NAME OF A DEPOSITARY OR A NOMINEE THEREOF. THIS NOTE MAY NOT BE EXCHANGED IN WHOLE OR IN PART FOR A NOTE REGISTERED, AND NO TRANSFER OF THIS NOTE 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. 
 MICROSOFT CORPORATION 
 4.20% Notes due 2019 
 CUSIP No.: 594918 AC8 
 ISIN: US594918AC82 
  

			
	No. A-[1][2]	  	$500,000,000

 MICROSOFT CORPORATION, a corporation duly incorporated under the laws of the State of Washington
(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
$500,000,000 (FIVE HUNDRED MILLION DOLLARS) on June 1, 2019, and to pay interest thereon from May 18, 2009 or from the most 

  

 1 

 
recent Interest Payment Date to which interest has been paid or duly provided for, semi-annually on June 1 and December 1 of each year, commencing
on December 1, 2009, at the rate of 4.20% per annum, until the principal hereof is paid or made available for payment; provided that any principal and premium, and any such installment of interest, which is overdue shall bear
interest at the rate of 4.20% per annum (to the extent permitted by applicable law), from the dates such amounts are due until they are paid or made available for payment, and such interest shall be payable on demand. The interest so payable,
and punctually paid or duly provided for, on any Interest Payment Date will, as provided in such Indenture, be paid to the Person in whose name this Note (or one or more Predecessor Securities) is registered at the close of business on the Regular
Record Date for such interest, which shall be the May 15 or November 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 will
forthwith cease to be payable to the Holder on such Regular Record Date and may either be paid to the Person in whose name this Note (or one or more Predecessor 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 whereof shall be given to Holders of Notes 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 Notes of this series may be listed, and upon such notice as may be required by such exchange, all as more fully provided in the Indenture. 
 Reference is hereby made to the further provisions of this Note set forth on the reverse hereof, which further provisions shall for all purposes have the
same effect as if set forth at this place. 
 Unless the certificate of authentication hereon has been executed by the Trustee referred to on
the reverse hereof by manual signature, this Note shall not be entitled to any benefit under the Indenture or be valid or obligatory for any purpose. 
  

 2 

 IN WITNESS WHEREOF, the Company has caused this Note to be duly executed. 
 Dated: May 18, 2009 
  

			
	MICROSOFT CORPORATION
		
	By:	 	 
		 	Name: 
		 	Title: 

  

 3 

 This Note is one of the Securities of the series designated therein referred to in the within-mentioned
Indenture. 
 Dated: May 18, 2009 
  

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

		
	By:	 	 
		 	Authorized Signatory

  

 4 

 [REVERSE OF NOTE] 
 This Note is one of a duly authorized issue of securities of the Company (herein called the “Notes”), issued and to be issued in one or more series under an Indenture, dated as of May 18, 2009,
and a supplemental indenture relating to such series dated as of May 18, 2009 (herein, collectively called the “Indenture,” which term shall have the meaning assigned to it in such instrument), between the Company and The Bank
of New York Mellon Trust Company, N.A., as Trustee (herein called the “Trustee,” which term includes any successor trustee under the Indenture), and reference is hereby made to the 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 Notes and of the terms upon which the Notes are, and are to be, authenticated and delivered. This Note is one of the series designated on the
face hereof, such series initially limited in aggregate principal amount to $1,000,000,000; provided that the Company may at any time and from time to time, without the consent of any Holder, issue additional Notes of this series. 

The Notes of this series are not redeemable at the option of the Company or the Holders. 
 The Notes of this series are not entitled to the benefit of any sinking fund. 
 The Indenture contains provisions for defeasance at any time of the entire indebtedness of the Notes of this series or certain restrictive covenants and
Events of Default with respect to such Notes, in each case upon compliance with certain conditions set forth in the Indenture. 
 If an Event
of Default with respect to Notes of this series shall occur and be continuing, the principal of such Notes may be declared, or shall immediately become, 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 Notes 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 a majority in aggregate principal amount of the Notes at the time
Outstanding of each series to be affected. The Indenture also contains provisions permitting the Holders of specified percentages in aggregate principal amount of the Notes of each series at the time Outstanding, on behalf of the Holders of all
Notes 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 Holders of Notes of this series shall be
conclusive and binding upon such Holders and upon all future Holders of this Note and of any Note issued upon the registration of transfer hereof or in exchange herefor or in lieu hereof, whether or not notation of such consent or waiver is made
upon this Note. 
 As provided in and subject to the provisions of the Indenture, the Holders of the Notes of this series 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 Notes of this series, the Holders of not less than 25% in aggregate principal amount 

  

 5 

 
of the Notes 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 reasonable indemnity, and the Trustee shall not have received from the Holders of a majority in aggregate principal amount of such Notes at the time Outstanding a direction inconsistent with such request,
and shall have failed to institute any such proceeding, for 60 days after receipt of such notice, request and offer of indemnity. The foregoing shall not apply to any suit instituted by the Holder of this Note 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 Note or of the Indenture shall alter or impair the obligation of the Company, which is absolute and unconditional, to pay the principal of and any premium and interest on this Note 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 Note is registrable in the Security Register, upon surrender of this Note 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 Note 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 Notes
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 Notes of this series are issuable only in registered form without coupons in denominations of $2,000 and integral multiples of $1,000 in excess thereof. As provided in the Indenture and subject to certain
limitations therein set forth, Notes of this series are exchangeable for a like principal amount of Notes 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 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 Note 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 Note is registered as the owner hereof for all purposes, whether or not this Note be overdue, and neither the Company, the Trustee nor any such
agent shall be affected by notice to the contrary. 
 This Note is a Global Security and is subject to the provisions of the Indenture
relating to Global Securities, including the limitations in Section 305 thereof on transfers and exchanges of Global Securities. 
 This
Note and the Indenture shall be governed by, and construed in accordance with, the laws of the State of New York. 
 All terms used in this
Note which are defined in the Indenture shall have the meanings assigned to them in the Indenture. 
  

 6 

 EXHIBIT C 
 [FORM OF NOTE] 
 UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE
DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), NEW YORK, NEW YORK, TO THE COMPANY OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO.
OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF 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. 
 TRANSFERS OF THIS GLOBAL SECURITY SHALL BE LIMITED TO TRANSFERS IN WHOLE, BUT NOT IN PART, TO NOMINEES OF DTC OR TO A SUCCESSOR THEREOF OR SUCH SUCCESSOR’S NOMINEE AND TRANSFERS OF PORTIONS OF THIS GLOBAL SECURITY SHALL BE LIMITED
TO TRANSFERS MADE IN ACCORDANCE WITH THE RESTRICTIONS SET FORTH IN THE INDENTURE REFERRED TO ON THE REVERSE HEREOF. 
 THIS NOTE IS A
GLOBAL SECURITY WITHIN THE MEANING OF THE INDENTURE REFERRED TO HEREIN AND IS REGISTERED IN THE NAME OF A DEPOSITARY OR A NOMINEE THEREOF. THIS NOTE MAY NOT BE EXCHANGED IN WHOLE OR IN PART FOR A NOTE REGISTERED, AND NO TRANSFER OF THIS NOTE 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. 
 MICROSOFT CORPORATION 
 5.20% Notes due 2039 
 CUSIP No.: 594918 AD6 
 ISIN: US594918AD65 
  

			
	No. A-[1][2]	  	$[500,000,000][250,000,000]

 MICROSOFT CORPORATION, a corporation duly incorporated under the laws of the State of Washington
(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
$[500,000,000][250,000,000] ([FIVE HUNDRED][TWO HUNDRED FIFTY] MILLION DOLLARS) on June 1, 2039, and to pay 

  

 1 

 
interest thereon from May 18, 2009 or from the most recent Interest Payment Date to which interest has been paid or duly provided for, semi-annually on
June 1 and December 1 of each year, commencing on December 1, 2009, at the rate of 5.20% per annum, until the principal hereof is paid or made available for payment; provided that any principal and premium, and any such
installment of interest, which is overdue shall bear interest at the rate of 5.20% per annum (to the extent permitted by applicable law), from the dates such amounts are due until they are paid or made available for payment, and such interest
shall be payable on demand. The interest so payable, and punctually paid or duly provided for, on any Interest Payment Date will, as provided in such Indenture, be paid to the Person in whose name this Note (or one or more Predecessor Securities) is
registered at the close of business on the Regular Record Date for such interest, which shall be the May 15 or November 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 will forthwith cease to be payable to the Holder on such Regular Record Date and may either be paid to the Person in whose name this Note (or one or more Predecessor 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 whereof shall be given to Holders of Notes 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 Notes of this series may be listed, and upon such notice as may be required by such exchange, all as more fully provided
in the Indenture. 
 Reference is hereby made to the further provisions of this Note set forth on the reverse hereof, which further
provisions shall for all purposes have the same effect as if set forth at this place. 
 Unless the certificate of authentication hereon has
been executed by the Trustee referred to on the reverse hereof by manual signature, this Note shall not be entitled to any benefit under the Indenture or be valid or obligatory for any purpose. 
  

 2 

 IN WITNESS WHEREOF, the Company has caused this Note to be duly executed. 
 Dated: May 18, 2009 
  

			
	MICROSOFT CORPORATION
		
	By:	 	 
		 	Name: 
		 	Title: 

  

 3 

 This Note is one of the Securities of the series designated therein referred to in the within-mentioned
Indenture. 
 Dated: May 18, 2009 
  

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

  

 4 

 [REVERSE OF NOTE] 
 This Note is one of a duly authorized issue of securities of the Company (herein called the “Notes”), issued and to be issued in one or more series under an Indenture, dated as of May 18, 2009,
and a supplemental indenture relating to such series dated as of May 18, 2009 (herein, collectively called the “Indenture,” which term shall have the meaning assigned to it in such instrument), between the Company and The Bank
of New York Mellon Trust Company, N.A., as Trustee (herein called the “Trustee,” which term includes any successor trustee under the Indenture), and reference is hereby made to the 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 Notes and of the terms upon which the Notes are, and are to be, authenticated and delivered. This Note is one of the series designated on the
face hereof, such series initially limited in aggregate principal amount to $750,000,000; provided that the Company may at any time and from time to time, without the consent of any Holder, issue additional Notes of this series. 

The Notes of this series are not redeemable at the option of the Company or the Holders. 
 The Notes of this series are not entitled to the benefit of any sinking fund. 
 The Indenture contains provisions for defeasance at any time of the entire indebtedness of the Notes of this series or certain restrictive covenants and
Events of Default with respect to such Notes, in each case upon compliance with certain conditions set forth in the Indenture. 
 If an Event
of Default with respect to Notes of this series shall occur and be continuing, the principal of such Notes may be declared, or shall immediately become, 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 Notes 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 a majority in aggregate principal amount of the Notes at the time
Outstanding of each series to be affected. The Indenture also contains provisions permitting the Holders of specified percentages in aggregate principal amount of the Notes of each series at the time Outstanding, on behalf of the Holders of all
Notes 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 Holders of Notes of this series shall be
conclusive and binding upon such Holders and upon all future Holders of this Note and of any Note issued upon the registration of transfer hereof or in exchange herefor or in lieu hereof, whether or not notation of such consent or waiver is made
upon this Note. 
 As provided in and subject to the provisions of the Indenture, the Holders of the Notes of this series 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 Notes of this series, the Holders of not less than 25% in aggregate principal amount 

  

 5 

 
of the Notes 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 reasonable indemnity, and the Trustee shall not have received from the Holders of a majority in aggregate principal amount of such Notes at the time Outstanding a direction inconsistent with such request,
and shall have failed to institute any such proceeding, for 60 days after receipt of such notice, request and offer of indemnity. The foregoing shall not apply to any suit instituted by the Holder of this Note 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 Note or of the Indenture shall alter or impair the obligation of the Company, which is absolute and unconditional, to pay the principal of and any premium and interest on this Note 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 Note is registrable in the Security Register, upon surrender of this Note 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 Note 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 Notes
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 Notes of this series are issuable only in registered form without coupons in denominations of $2,000 and integral multiples of $1,000 in excess thereof. As provided in the Indenture and subject to certain
limitations therein set forth, Notes of this series are exchangeable for a like principal amount of Notes 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 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 Note 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 Note is registered as the owner hereof for all purposes, whether or not this Note be overdue, and neither the Company, the Trustee nor any such
agent shall be affected by notice to the contrary. 
 This Note is a Global Security and is subject to the provisions of the Indenture
relating to Global Securities, including the limitations in Section 305 thereof on transfers and exchanges of Global Securities. 
 This
Note and the Indenture shall be governed by, and construed in accordance with, the laws of the State of New York. 
 All terms used in this
Note which are defined in the Indenture shall have the meanings assigned to them in the Indenture. 
  

 6Master Clinical Development Agreement

 Exhibit 10.1 
 CONFIDENTIAL TREATMENT REQUESTED 
 WITH RESPECT TO CERTAIN PORTIONS HEREOF

 DENOTED WITH “***” 
  

MASTER 
 CLINICAL DEVELOPMENT
AGREEMENT 
 between 
 BIODELIVERY SCIENCES INTERNATIONAL 
 Raleigh, NC 27607 
 and 
 PREMIER RESEARCH INTERNATIONAL LLC 
 Philadelphia, PA 19102 
  

 1 

 CONFIDENTIAL TREATMENT REQUESTED 
 WITH RESPECT TO CERTAIN PORTIONS HEREOF 
 DENOTED WITH “***” 
  

 MASTER CLINICAL DEVELOPMENT AGREEMENT 
 THIS AGREEMENT, made as of the date last signed below is by and between BioDelivery Sciences International, a company having its principal place of business at 801
Corporate Center Drive, Suite 210, Raleigh, NC 27607 (“BDSI”), and Premier Research International LLC, a corporation having a place of business at Centre Square West, 1500 Market Street, Suite 3500W, Philadelphia, PA 19102 (“Premier
Research”). 
 WITNESSETH: 
 WHEREAS, BDSI is engaged in the development, manufacture, distribution and sale of pharmaceutical products and it currently considers from time to time the evaluation of new drug(s) (“Drug” or “Drugs” as the context
requires); and 
 WHEREAS, Premier Research is in the business of providing services for the development of experimental new drugs and marketed drugs; and

 WHEREAS, BDSI desires to contract with Premier Research from time to time, and Premier Research desires to be contracted by BDSI, for the purposes of
providing such services to assist BDSI in the execution of clinical development projects (“Project” or “Projects” as the context requires) relating to Drugs as outlined in the project-specific exhibits to this Agreement
(“Exhibit” or “Exhibits” as the context requires). 
 NOW, THEREFORE, the parties hereby agree as follows: 
 1. OBLIGATIONS OF Premier Research 
 Premier
Research hereby agrees to conduct the Projects in accordance with BDSI’s instructions. The details, specifications and obligations of each Project will be included as an Exhibit to this Agreement. Premier Research will conduct the Projects in
accordance with agreed upon protocols and as outlined in the Exhibits. Projects will be conducted in accordance with all applicable federal, state and local laws, statutes, ordinances and regulations. 
 2. TRANSFER OF RESPONSIBILITIES 
 For
compliance under 21 CFR 312.52, BDSI must identify all responsibilities which will be transferred to Premier Research. Each Exhibit will contain a detailed description of transferred obligations. BDSI agrees that the same description and extent of
obligations transferred should be included in form FDA-1571, Section #13 relating to the specific Drugs under investigation. Premier Research agrees to carry out diligently all transferred obligations. 
 3. CLINICAL SUPPLIES 
 Unless otherwise
specified in an Exhibit, BDSI will supply the clinical investigators with the Drugs and other clinical drug supplies as are agreed upon by Premier Research and BDSI for the timely completion of the Projects, and will direct the shipment of any such
supplies to the location indicated by Premier Research, within a reasonable time after receipt of notification from Premier Research of the need for any such clinical supplies. 
 4. STATUS REPORTING 
 Premier Research will provide status reports, data and other
information on the Projects as agreed to in each specific Exhibit. The status reports will include, but not be limited to, data regarding the number of patients entering the Projects, as well as data regarding the number of patients that either drop
out of the Projects or complete the Projects. Reports of monitoring visits will also be provided on a timely basis as specified in the Exhibits. 
  

 2 

 CONFIDENTIAL TREATMENT REQUESTED 
 WITH RESPECT TO CERTAIN PORTIONS HEREOF 
 DENOTED WITH “***” 
  

 5. CONFIDENTIAL INFORMATION 
 All information received by Premier Research concerning the Projects is considered to be confidential information to BDSI (“BDSI Confidential Information”).
BDSI Confidential Information will be held in confidence in accordance with all applicable laws, rules and regulations by Premier Research and not disclosed to third parties; provided however, that BDSI Confidential Information shall not include,
and the obligations of confidentiality and non-disclosure shall not apply to, disclosed information that: 
 A is or becomes publicly
available through no fault of Premier Research; 
 B is disclosed to Premier Research by a third party entitled to disclose such information;

 C is already known to Premier Research as shown by its prior written records; or 
 D is required by law to be disclosed, but only after written notice to BDSI and Premier Research’s cooperation in obtaining, or attempting to obtain
an injunction or protective order to prevent or limit the disclosure. 
 Premier Research will only use the BDSI Confidential Information for the purpose of
its obligations under this Agreement. Upon the completion or earlier termination of this Agreement, Premier Research will promptly return to BDSI all written BDSI Confidential Information, as well as all written material which incorporates any BDSI
Confidential Information, other than such information that is required by government regulations to be retained by it. Premier Research will additionally, upon the completion or earlier termination of this Agreement, destroy any BDSI Confidential
Information in its possession in non-written or electronic form. Notwithstanding the foregoing, Premier Research shall have the right to retain one copy of BDSI Confidential Information for the purposes of demonstrating compliance with GCPs, SOPs,
BDSI written instructions, and all federal, state and local laws and regulations. 
 Premier Research will not disclose, without the prior written consent of
BDSI, any BDSI Confidential Information to any third party other than employees of Premier Research who have a need to know such information, hospital authorities, institutional review board members, clinical investigators, and others who must be
involved the Projects. Premier Research shall have written confidentiality agreements or obligations in-place, as least as stringent as the obligations contained in this Agreement, with all third parties involved in the Projects where it discloses
BDSI confidential information. 
 Premier Research will not use any BDSI Confidential Information for its own benefit or for the benefit of any third party,
and will not furnish to any third party any materials which incorporate any confidential information except as otherwise provided for herein. All obligations of confidentiality and non-disclosure set forth in this Agreement will survive, without
limitation, the expiration or earlier termination, for any reason, of this Agreement. 
 During the term of this Agreement and thereafter (including
following any termination), BDSI, for itself and its employees, agents and independent contractors, agrees to retain in confidence and not disclose to any third parties any Premier Research Confidential Information (defined below) without having
first obtained Premier Research’s written consent to such disclosure. During the term of this Agreement, but not thereafter (including following any termination), BDSI may have access or use Premier Research Confidential Information only in
connection with the Projects; provided, however, that BDSI may not run or have access to Premier Research computer programs or computer code without Premier Research’s permission, although Premier Research will run its computer programs as part
of the services provided hereunder and as and when requested by BDSI during the term of this Agreement. “Premier Research Confidential Information” shall include but not be limited to confidential and proprietary know-how, statistical
approaches, computer programs, operating procedures, formulations, methods, processes, specifications and all other intellectual property of Premier Research that Premier Research considers confidential; provided, however, that Premier Research
Confidential Information shall not include, and the obligations of confidentiality and non-disclosure shall not apply to, disclosed information that: 
 A is or becomes publicly available through no fault of Premier Research; 
 B is disclosed to Premier
Research by a third party entitled to disclose such information; 
 C is already known to Premier Research as shown by its prior written
records; or 
  

 3 

 CONFIDENTIAL TREATMENT REQUESTED 
 WITH RESPECT TO CERTAIN PORTIONS HEREOF 
 DENOTED WITH “***” 
  

 D is required by law to be disclosed, but only after written notice to Premier and BDSI’s
cooperation in obtaining, or attempting to obtain an injunction or protective order to prevent or limit the disclosure. 
 Both BDSI and
Premier agree not to use the Confidential Information of the other Party for its own use or in any way, directly or indirectly, harmful or competitive with the other Party. Premier acknowledges that the confidentiality provisions of the Agreement
shall be deemed to be an agreement to keep the BDSI Confidential Information in confidence as contemplated by Regulation FD promulgated by the Securities and Exchange Commission. In addition, Premier acknowledges an agrees that some of the BDSI
Confidential Information may be considered “material non-public information” for purpose of the federal securities laws and that Premier and its officers, directors, employees and agents will abide by all securities laws relating to the
handling of such BDSI Confidential Information. 
 6. ACCEPTANCE OF WORK PRODUCT 
 BDSI agrees to review all work products submitted by Premier Research and to advise Premier Research promptly of any errors or omissions of which BDSI becomes aware in
the course of its review or thereafter. Premier Research shall, at its expense, correct all errors that it discovers or which are brought to its attention by BDSI within *** days after submission of work product to BDSI. Notwithstanding any
other provision of this Agreement, Premier Research shall not be liable to BDSI, its affiliates, successors or assigns for errors in work product which are not known to Premier Research and are not brought to Premier Research’s attention within
the above-stated notice period. Premier Research’s liability within the above-stated notice period shall ***. If errors or omissions are not known to Premier Research or brought to its attention within the above-stated notice period, the
work product to which they relate shall be deemed accepted and approved by BDSI. 
 7. COMPENSATION 
 BDSI shall pay to Premier Research the investigator fees and other out-of-pocket costs and fees set forth in the Exhibits. Premier Research shall complete the
transferred obligations and the Projects by the dates specified in the Exhibits except for delays caused by BDSI or others, events outside of Premier Research control, or mutual agreement between Premier Research and BDSI. 
 The payment schedule for each Project will be contained in the appropriate Exhibit. 
 Premier Research will submit invoices to BDSI according to the schedule described in the Exhibits. All Premier Research invoices are payable within *** days after date of invoice. 
 The total cost of the Projects, individual budget components and time estimates are based on the specification and assumptions contained in the Exhibits, and subject to
modification only as provided for in Section 8 hereof. 
 8. CHANGE ORDERS 
 In the event of a change in the scope of a Project, a change in the nature or timely execution of the obligations of BDSI or Premier Research, or a change in any
specific Project assumptions which are contained in the Exhibits and outside Premier Research control, is identified by BDSI or Premier Research, the identifying party will notify the other party of such change. Within *** working days from
the receipt by Premier Research of such a notice of changes by BDSI or sending of such a notice of change by Premier Research, Premier Research shall provide BDSI with an estimate of the modification to the timeline and costs arising from such
change (“Change Order”) whether such a change results in an increase or decrease to the timeline or costs. BDSI shall have *** working days to approve the Change Order. If BDSI does not approve such Change Order and has not
terminated the Project, both parties will use their best efforts to agree in writing on time and cost estimates that are mutually acceptable; provided, however, that Premier Research shall not be obligated to perform increased services due to a
change as aforesaid until such agreement is reached. 
  

 4 

 CONFIDENTIAL TREATMENT REQUESTED 
 WITH RESPECT TO CERTAIN PORTIONS HEREOF 
 DENOTED WITH “***” 
  

 During the period over which a Change Order is being prepared and being assessed, Premier Research shall continue to
work on the Project, if possible, but shall not implement the proposed modification to the project without the approval of BDSI in writing. 
 9. EARLY TERMINATION 
 BDSI may terminate this Agreement prior to completion of the Projects at any time for any reasons upon ***
days written notice to Premier Research. In the event of such termination, Premier Research shall be promptly paid in full for all work and services performed in connection with the Projects, including all investigator fees and other
out-of-pocket expenses and all Premier Research fees, as of the date work on such Project is actually concluded. Premier Research shall use all reasonable efforts to limit costs, conclude or transfer the Projects as expeditiously as practicable and
in accordance with all applicable laws, rules and regulations. Further, Premier Research and BDSI shall cooperate with each other during such Project termination to safeguard patient safety, continuity of patient treatment and to comply with
applicable laws, rules and regulations. 
 10. INDEMNITY: CLINICAL INVESTIGATORS 
 Clinical investigators involved in any Projects, will be indemnified by BDSI on terms mutually agreed upon by BDSI and such investigators, unless such investigators are
employed by a site owned and operated by Premier Research. 
 11. INDEMNITY: Premier Research/BDSI 
 Premier Research shall indemnify BDSI and its officers, directors, employees and agents from any loss, damage, cost or expense (including reasonable attorney’s
fees) (a “Loss”) arising from any claim, demand, assessment, action, suit or proceeding a (“Claim”) for personal injury to Project participants or personal injury to any employee of BDSI or property damage arising or occurring
during the conduct of Projects to the extent of Premier Research’s negligence, gross negligence or intentional misconduct as determined by a court of competent jurisdiction or in a binding settlement between the parties. 
 BDSI shall indemnify Premier Research and its officers, directors, employees and agents from any Claim or Loss arising from or related to: (i) personal injury to a
participant in the Projects, or personal injury to any employee of Premier Research directly caused by any of the Drugs, (ii) Premier Research’s performance of or involvement with the Projects or its obligations under this Agreement,
(iii) the Drug’s harmful or otherwise unsafe effect, including without limitation, a Claim based upon BDSI’s or any other person’s use, consumption, sale, distribution or marketing of any substance, including the Drugs, or
(iv) the negligence, gross negligence or intentional misconduct of BDSI in the performance of its obligations under this Agreement or the Exhibits or any associated protocol related to the Projects. However, if any such Loss or Claim under (i),
(ii), (iii), or (iv) above, arises in whole or in part from Premier Research’s negligence, gross negligence or intentional misconduct, in the performance of its obligations under this Agreement or the Exhibits or any associated protocol
related to the Projects, then the amount of such Loss that BDSI shall indemnify Premier Research for pursuant to this Section 11 shall be reduced by an amount in proportion to the percentage of Premier Research’s responsibilities for such
Loss as determined by a court of competent jurisdiction or in a binding settlement between the parties. 
 Upon receipt of notice of any Claim, which may
give rise to a right of indemnity from the other party hereto, the party seeking indemnification (the “Indemnified Party”) shall give written notice thereof to the other party, (the “Indemnifying Party”) of such a Claim for
indemnity. Promptly after a Claim is made for which the Indemnified Party seeks indemnity, the Indemnified Party shall permit the Indemnifying Party, at its own option and expense, to assume the complete defense of such Claim. 
 The Indemnifying Party shall keep the Indemnified Party informed as to the progress of its defense of any such Claim, and shall not compromise or otherwise settle any
such claim or lawsuit without the Indemnified Party’s prior written consent. 
  

 5 

 CONFIDENTIAL TREATMENT REQUESTED 
 WITH RESPECT TO CERTAIN PORTIONS HEREOF 
 DENOTED WITH “***” 
  

 The obligations of the parties under this Section 11 shall survive the termination of the Projects and this
Agreement. Further, a breach by the Indemnified Party of its obligations under this Agreement or any obligations contained in attached Exhibits shall not relieve the Indemnifying Party of its obligations under this Section unless such breach was
solely responsible for the Loss or Claim as determined by a court of competent jurisdiction or in a binding settlement between the parties. 
 12. LIMITATION ON LIABILITY 
 Exclusion of Damages. In no event shall either party be liable to the other party or any other person
or entity for any ***. 
 Total Liability. Except for ***. 
 In no event shall ***. Such exclusion ***. 
 13. FORCE MAJEURE 
 No party shall be liable for a delay in performance or failure to perform this Agreement to the extent such failure to perform is caused by any reason beyond control, or
by reason of any of the following: labor disturbances of any kind, accidents, failure of any governmental approval, acts of God, energy or conservation measures, failure of utilities, mechanical breakdown, material shortages, fire, explosion, war,
invasion, government acts, weather or civic unrest, or disease; provided, however, that the party who is unable to perform resumes performance as soon as possible following the end of the occurrence causing delay or failure. 
 14. PROPERTY OWNERSHIP 
 All materials,
documents, information and suggestions supplied to Premier Research by BDSI or prepared or developed by Premier Research pursuant to this Agreement (“BDSI Property”), except for Premier Research Property (defined below) shall be the sole
and exclusive property of BDSI, and BDSI shall have the right to make whatever use it deems desirable of any such materials, documents and information. Unless otherwise required by law or by the terms of this Agreement, all BDSI Property that
Premier Research has in its possession shall be maintained by Premier Research for a period of not less than *** from the date or receipt thereof. After ***, Premier Research may dispose of BDSI Property in accordance with BDSI’s
instructions. If BDSI fails to give said instructions, Premier Research shall so notify BDSI; and if said instructions are still not forthcoming within *** of said notification, then Premier Research may destroy BDSI Property as it
determines. 
 BDSI acknowledges that Premier Research possesses certain inventions, processes, know-how, trade secrets, improvements, other intellectual
properties and other assets, including but not limited to analytical methods, procedures and techniques, procedure manuals, personnel data, financial information, computer technical expertise and software, which have been independently developed by
Premier Research and which relate to its business operations, and do not rely on BDSI’s property (collectively, “Premier Research Property”). BDSI and Premier Research agree that any Premier Research Property thereto that is used,
improved, modified, developed, or generated by Premier Research under or during the term of this Agreement is the sole and exclusive property of Premier Research. BDSI shall treat Premier Research Property as confidential in accordance with the same
terms and conditions Premier Research is obligated to treat BDSI’s Confidential Information under Article 5 of this Agreement. 
 15.
PATENT RIGHTS 
 Except for Premier Research Property, Premier Research will disclose promptly to BDSI or its nominee any and all inventions,
discoveries and improvements conceived or made by Premier Research while providing such services to BDSI pursuant to the Agreement and relating to such services, and agrees to assign all its interest therein to BDSI or its nominee whenever requested
to do so by BDSI. Premier Research will execute any and all applications, assignments, or other instruments and give testimony that BDSI deems necessary to apply for and obtain Letters of Patent of the United States or of any foreign country or to
otherwise protect BDSI’s 

  

 6 

 CONFIDENTIAL TREATMENT REQUESTED 
 WITH RESPECT TO CERTAIN PORTIONS HEREOF 
 DENOTED WITH “***” 
  

 
interests therein, and BDSI shall compensate Premier Research for the time devoted to said activities and reimburse it for expenses incurred. These
obligations shall continue beyond the termination of this Agreement with respect to inventions, discoveries and improvements conceived or made by Premier Research, except Premier Research Property while providing services to BDSI pursuant to this
Agreement, and shall be binding upon Premier Research’s assignees, administrators and other legal representatives. 
 16.
MODIFICATIONS 
 No changes may be made in this Agreement except by written agreement of both parties. It is anticipated that this Agreement will
be modified from time-to-time by the mutually agreed to addition of specific Exhibits and associated Change Orders. 
 17. ENTIRETY

 This Agreement, together with attached Exhibits and modifications which may be added to this Agreement from time to time, is the entire and complete
understanding between the parties in regard to the covered subject matter. With respect to the attached Exhibits, this document replaces, supersedes and renders void any and all predecessor agreements between the parties whether written or oral.

 18. INDEPENDENT CONTRACTOR 
 Premier Research’s relationship with BDSI under this Agreement shall be that of an independent contractor, and nothing in this Agreement or the arrangements for which it is made shall constitute Premier Research, or anyone furnished or
used by Premier Research in the performance of the services contemplated by this Agreement, as an employee, joint venturer, partner, or servant of BDSI. All matters of compensation, benefits and other terms of employment for any employee, agent,
contractor or other personnel used by Premier Research shall be solely a matter between Premier Research and such individuals or entity. 
 19. CONTACT PERSONS 
  

							
	 If to Premier Research:
	 	 If to BDSI

		 	Premier Research International LLC	 		 	BioDelivery Sciences International
		 	Attn: David Murcar	 		 	David Blum, MD
		 	Director, Contract Development Affairs	 		 	Vice President, Clinical Research and Medical
		 	755 Business Center Drive	 		 	801 Corporate Center Drive, Suite 210
		 	Horsham, PA 19044	 		 	Raleigh, NC 27607
		 	Phone: 215/907-0048, ext. 1055	 		 	Phone: 919.582.9050
		 	Fax: 215/907-0068	 		 	Fax: 919.582.9051

  

 7 

 CONFIDENTIAL TREATMENT REQUESTED 
 WITH RESPECT TO CERTAIN PORTIONS HEREOF 
 DENOTED WITH “***” 
  

 20. NOTICES 
 Any notices which either party may be required or shall desire to give hereunder shall be deemed to be duly given when delivered personally or mailed by certified or registered mail, postage prepaid, to the party to
whom notice is to be given at the address first given above or such other address or addresses of which such party shall have given written notice. 
 21. SEVERABILITY 
 If any provisions hereof shall be determined to be invalid or unenforceable, the validity and effect of the other
provisions of this Agreement shall not be affected thereby. 
 22. GOVERNING LAW 
 This Agreement is a Pennsylvania contract. It shall be governed and construed and interpreted in accordance with the laws of Pennsylvania without regard to choice of law
principals. 
 23. WAIVER 
 The
waiver by either party or the failure by either party to claim a breach of any provision of this Agreement shall not be deemed to constitute a waiver or estoppel with respect to any subsequent breach or with respect to any other provision thereof.

 24. EMPLOYMENT SOLICITATION 
 During the term of this Agreement and for a one year period thereafter, BDSI shall not hire, solicit for hire, or otherwise engage for employment (or the provisions of services under contract) any employee of Premier Research or any person
that was employed by Premier Research at any time during the one year period preceding such hiring, solicitation, or recruitment. 
 25.
CAPTIONS 
 Any caption used in this Agreement is inserted for convenience and reference only and is to be ignored in the construction and
interpretation of the provisions hereof. 
 IN WITNESS WHEREOF, the parties have executed this Agreement as of the day and year written below. 
  

									
	Premier Research International LLC	 		 	BioDelivery Sciences International
					
	By:	 	 /s/ Dave Murcar
	 		 	By:	 	 /s/ Charles Dadswell

		 	Dave Murcar	 		 		 	
		 	Director, Contract Development	 		 	Title:	 	 General Counsel

					
	Date:	 	 2/5/09
	 		 	Date:	 	 2/12/09

  

 8

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00159-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00159-of-00352.parquet"}]]