Document:

Universal Corporation 2007 Stock Incentive Plan

 Exhibit 10.1 
 UNIVERSAL CORPORATION 
 2007 STOCK INCENTIVE PLAN 
 Article I 
 DEFINITIONS

  

	1.1.	Affiliate means any “subsidiary” or “parent corporation” (within the meaning of Section 424 of the Code) of the Company.

  

	1.2.	Agreement means a written agreement (including any amendment or supplement thereto) between the Company and a Participant specifying the terms and conditions of a
Grant or an Award issued to such Participant. 

  

	1.3.	Award means an award of Stock Units, a Stock Award or an Incentive Award. 

  

	1.4.	Board means the Board of Directors of the Company. 

  

	1.5.	Code means the Internal Revenue Code of 1986, as amended from time to time. References to the Code shall include the valid and binding governmental regulations, court
decisions and other regulatory and judicial authority issued or rendered thereunder. 

  

	1.6.	Commission means the Securities and Exchange Commission or any successor agency. 

  

	1.7.	Committee means the Executive Compensation, Nominating and Corporate Governance Committee of the Board. 

  

	1.8.	Common Stock means the Common Stock of the Company. 

  

	1.9.	Company means Universal Corporation. 

  

	1.10.	Disability, with respect to a Participant, means “disability” as defined from time to time under any long-term disability plan of the Company or Subsidiary
with which the Participant is employed. 

  

	1.11.	Exchange Act means the Securities Exchange Act of 1934, as amended from time to time, and any successor thereto. 

  

	1.12.	Fair Market Value of a share of Common Stock as of any given date means the closing sale price of a share of Common Stock on the New York Stock Exchange Composite Tape
on such date, or if the Common Stock was not traded on such date, then the next succeeding date that the Common Stock was traded on such exchange, in either case as reported by such source as the Committee may select. 

  

	1.13.	Grant means the grant of an Option or an SAR, or both. 

  

	1.14.	Incentive Award means a cash-denominated Award which, subject to such terms and conditions as may be prescribed by the Committee, entitles the Participant to receive a
payment, in (i) cash, (ii) Common Stock, (iii) Stock Units or (iv) a combination of cash, Common Stock or Stock Units. 

  

	1.15.	Incentive Stock Option means an Option that is intended to qualify as an “incentive stock option” under Section 422 of the Code.

  

	1.16.	Initial Value means, with respect to an SAR, the Fair Market Value of one share of Common Stock on the date of grant, as set forth in an Agreement.

  

	1.17.	Non-Qualified Stock Option means an Option other than an Incentive Stock Option. 

	1.18.	Option means a stock option that entitles the holder to purchase from the Company a stated number of shares of Common Stock at the price set forth in an Agreement.

  

	1.19.	Option Price means the price per share for Common Stock purchased on the exercise of an Option as provided in Article VI. 

  

	1.20.	Participant means an officer, director or employee of the Company or of a Subsidiary who satisfies the requirements of Article IV and is selected by the Committee to
receive a Grant or an Award. 

  

	1.21.	Performance Measure means one or more of the following selected by the Committee to measure Company and/or business unit performance: net income; basic or diluted
earnings per share; net revenues; gross profit; income before income taxes; earnings before interest and taxes; earnings before interest, taxes, depreciation and amortization; economic profit; free cash flow; operating income; return on assets;
return on funds employed; return on equity; and the price of Common Stock; each as determined in accordance with generally accepted accounting principles, where applicable, as consistently applied by the Company and, if so determined by the
Committee prior to the expiration of the performance period, adjusted, to the extent permitted under Section 162(m) of the Code, to omit the effects of extraordinary items, the gain or loss on the disposal of a business segment, unusual or
infrequently occurring events and transactions, and cumulative effects of changes in accounting principles. Performance Measure may vary from performance period to performance period and from Participant to Participant and may be established on a
stand-alone basis, in tandem or in the alternative. 

  

	1.22.	Plan means the Universal Corporation 2007 Stock Incentive Plan. 

  

	1.23.	Prior Plan means the Universal Corporation 2002 Executive Stock Plan.  

  

	1.24.	Rule 16b-3 means Rule 16b-3, as promulgated by the Commission under Section 16(b) of the Exchange Act, as amended from time to time. 

  

	1.25.	SAR means a stock appreciation right granted pursuant to this Plan that entitles the holder to receive, with respect to each share of Common Stock encompassed by the
exercise of such SAR, the excess of the Fair Market Value at the time of exercise over the Initial Value of the SAR. 

  

	1.26.	Securities Broker means the registered securities broker acceptable to the Company who agrees to effect the cashless exercise of an Option pursuant to Section 8.4
hereof. 

  

	1.27.	Stock Award means Common Stock awarded to a Participant pursuant to Article IX. 

  

	1.28.	Stock Unit means an award stated with reference to a share of Common Stock that entitles the holder to receive a payment for each Stock Unit equal to the Fair Market
Value of a share of Common Stock on the date of payment. At the Committee’s discretion, the Participant’s rights in Stock Units may be forfeitable or otherwise restricted and may be paid in cash, Common Stock or a combination of cash or
Common Stock. 

  

	1.29.	Subsidiary means any corporation, partnership, joint venture or other entity during any period in which at least a 50% voting or profits interest is owned, directly or
indirectly, by the Company (or by any entity that is a successor to the Company), and any other business venture designated by the Committee in which the Company (or an entity that is a successor to the Company) has a significant interest, as
determined in the discretion of the Committee. 

 Article II 
 PURPOSES 
 The Plan is intended to assist the Company in recruiting and retaining officers, directors
and employees with ability and initiative by enabling such persons who contribute significantly to the Company or an Affiliate to participate in its future success and to better align their interests with those of the Company and its shareholders.
The Plan is intended to permit the award of Stock Awards, Stock Units and Incentive Awards, and the grant of Options qualifying as Incentive Stock Options or Non-Qualified Stock Options as designated by the Committee at time of grant, and SARs. No
Option that is intended to be an Incentive Stock Option, however, shall be invalid for failure to qualify as an Incentive Stock Option under Section 422 of the Code but shall be treated as a Non-Qualified Stock Option. 
 Article III 
 ADMINISTRATION 

 The Plan shall be administered by the Committee. No Person shall be appointed to or serve as a member of the Committee unless at the time
of such appointment and service he shall be a “non-employee director” as defined in Rule 16b-3, an “outside director” within the meaning of Section 162(m) of the Code, and an “independent director” within the
meaning of any applicable listing requirement of the New York Stock Exchange applicable to the Committee. The Committee shall have authority to issue Grants and Awards upon such terms (not inconsistent with the provisions of this Plan) as the
Committee may consider appropriate. The terms of such Grants and Awards may include conditions (in addition to those contained in this Plan) on (i) the exercisability of all or any part of an Option or SAR and (ii) the transferability or
forfeitability of a Stock Award, Incentive Award or award of Stock Units, including, by way of example and not of limitation, requirements that a Participant complete a specified period of employment or service with the Company or a Subsidiary,
requirements that the Company achieve a specified level of financial performance or financial return. Notwithstanding any such conditions, the Committee may, in its discretion, accelerate the time at which any Option or SAR may be exercised or the
time at which a Stock Award may become transferable or nonforfeitable or both; provided, however, that if an Award is subject to Code section 409A, any acceleration must satisfy the requirements of such Code section. In addition, the Committee shall
have complete authority to interpret all provisions of this Plan; to prescribe the form of Agreements; to adopt, amend, and rescind rules and regulations pertaining to the administration of the Plan; and to make all other determinations necessary or
advisable for the administration of this Plan. To fulfill the purposes of the Plan without amending the Plan, the Committee may also modify any Grants or Awards issued to Participants who are nonresident aliens or employed outside of the United
States to recognize differences in local law, tax policy or custom provided such modifications are permitted by Code section 409A, if applicable. 
 The express grant in the Plan of any specific power to the Committee shall not be construed as limiting any power or authority of the Committee. Any decision made, or action taken, by the Committee or in connection with the administration
of this Plan shall be final and conclusive. All expenses of administering this Plan shall be borne by the Company. 
 Article IV

 ELIGIBILITY 
  

	4.1.	General. Any officer, director or employee of the Company or of any Subsidiary (including any corporation that becomes a Subsidiary after the adoption of this Plan)
who, in the judgment of the Committee, has contributed significantly or can be expected to contribute significantly to the performance of the Company or a Subsidiary may receive one or more Awards or Grants, or any combination or type thereof.
Employee and non-employee directors of the Company are eligible to participate in this Plan. 

	4.2.	Grants and Awards. The Committee will designate individuals to whom Grants and/or Awards are to be issued and will specify the number of shares of Common Stock subject
to each such Grant or Award. An Option may be granted alone or in addition to other Grants and/or Awards under the Plan. The Committee shall have the authority to grant any Participant Incentive Stock Options, Non-Qualified Stock Options or both
types of Options (in each case with or without a related SAR); provided, however, that Incentive Stock Options may be granted only to employees of the Company and its subsidiaries (within the meaning of Section 424(f) of the Code). An SAR may
be granted with or without a related Option. All Grants or Awards issued under this Plan shall be evidenced by Agreements, which shall be subject to applicable provisions of this Plan and to such other provisions as the Committee may determine. No
Participant may be granted Options that are Incentive Stock Options or related SARs (under all Incentive Stock Option plans of the Company and Affiliates) which are first exercisable in any calendar year for stock having an aggregate Fair Market
Value (determined as of the date an Option is granted) exceeding $100,000. A Participant may not receive Grants and Awards under this Plan with respect to more than 200,000 shares of Common Stock during any calendar year. 

 

	4.3.	Designation of Option as an Incentive Stock Option or a Non-Qualified Stock Option. The Committee will designate at the time an Option is granted whether the Option is
to be treated as an Incentive Stock Option or a Non-Qualified Stock Option. In the absence, however, of any such designation, such Option shall be treated as a Non-Qualified Stock Option. 

  

	4.4.	Qualification of Incentive Stock Option under Section 422 of the Code. Anything in the Plan to the contrary notwithstanding, no term of the Plan relating
to Incentive Stock Options shall be interpreted, amended or altered nor shall any discretion or authority granted under the Plan be exercised so as to disqualify the Plan under Section 422 of the Code or, without the consent of the optionee
affected, to disqualify any Incentive Stock Option under such Section 422. No Option that is intended to be an Incentive Stock Option, however, shall be invalid for failure to qualify as an Incentive Stock Option under Section 422 of the
Code but shall be treated as a Non-Qualified Stock Option. 

 Article V 
 STOCK SUBJECT TO PLAN 
  

	5.1.	Maximum Number of Shares to be Issued. Subject to the adjustment provisions of Article XII and the provisions of (a) and (b) of this Section 5.1, up to
2,000,000 shares of Common Stock plus any shares remaining under the Prior Plan on the effective date may be issued under the Plan. In addition to such authorization, the following shares of Common Stock may be issued under the Plan:

  

	 	(a)	Shares of Common Stock that are forfeited under the Prior Plan and shares of Common Stock that are not issued under the Prior Plan because of the cancellation, termination or
expiration of Grants and Awards, and/or other similar events under the Prior Plan shall be available for issuance under this Plan. 

  

	 	(b)	Shares of Common Stock that are forfeited under the Plan and shares of Common Stock that are not issued under the Plan because of the cancellation, termination or expiration of
Grants and Awards and/or other similar events under the Plan, shall be available for issuance under the Plan. 

 Subject to the
adjustment provisions of Article XII, not more than 500,000 shares of Common Stock shall be issued under this Plan pursuant to Stock Awards, Stock Units or Incentive Awards. 
 Subject to the foregoing provisions of this Section 5.1, if a Grant or an Award may be paid only in shares of Common Stock, or in either cash or
shares of Common Stock, the shares of Common Stock shall be deemed to be issued hereunder only when and to the extent that payment is actually made in shares of Common Stock. 

	5.2.	Independent SARs. Upon the exercise of an SAR granted independently of an Option, the Company may deliver to the Participant authorized but previously unissued Common
Stock, cash, or a combination thereof as provided in Section 8.6. The maximum aggregate number of shares of Common Stock that may be issued pursuant to SARs that are granted independently of Options is subject to the provisions of
Section 5.1. hereof. 

 Article VI 
 OPTION PRICE 
 The price per share for Common Stock purchased on the exercise of an Option shall be
fixed by the Committee, but shall not be less than the Fair Market Value on the date of grant. 
 Article VII 
 EXERCISE OF OPTIONS AND SARS 
  

	7.1.	Maximum Option Period or SAR Period. The period in which an Option or SAR may be exercised shall be determined by the Committee on the date of grant; provided, however
that an Incentive Stock Option shall not be exercisable after the expiration of 10 years from the date the Incentive Stock Option was granted and any SAR related to an Incentive Stock Option may not be exercised after the expiration of the
underlying Incentive Stock Option. The term of exercisability of any Option may not be extended or renewed except as may be permitted by Code section 409A. 

  

	7.2.	Non-Transferability of Options and SARs. Non-Qualified Stock Options and SARs may be transferable by a Participant and exercisable by a person other than a
Participant, but only to the extent such transfer is not made for value, specifically provided for in an Option or SAR Agreement and subject to applicable securities laws requirements. Incentive Stock Options and any related SARs, by their terms,
shall not be transferable except by will or by the laws of descent and distribution and shall be exercisable, during the Participant’s lifetime, only by the Participant. No right or interest of a Participant in any Option or SAR shall be liable
for, or subject to, any lien, obligation or liability of such Participant. 

  

	7.3.	Employee Status. For purposes of determining the applicability of Section 422 of the Code (relating to Incentive Stock Options), or in the event that the terms of
any Grant provide that it may be exercised only during employment or within a specified period of time after termination of employment, the Committee may decide to what extent leaves of absence for governmental or military service, illness,
temporary Disability, or other reasons shall not be deemed interruptions of continuous employment. 

 Article VIII

 METHOD OF EXERCISE 
  

	8.1.	Exercise. Subject to the provisions of Articles VII and XIII, an Option or SAR may be exercised in whole at any time or in part from time to time at such times and in
compliance with such requirements as the Committee shall determine; provided, however, that an SAR that is related to an Incentive Stock Option may be exercised only to the extent that the related Option is exercisable and when the Fair Market Value
exceeds the Option Price of the related Option. An Option or SAR granted under this Plan may be exercised with respect to any number of whole shares less than the full number for which the Option or SAR could be exercised. Such partial exercise of
an Option or SAR shall not affect the right to exercise the Option or SAR from time to time in accordance with this Plan with respect to remaining shares subject to the Option or SAR. The exercise of an Option shall result in the termination of any
related SAR to the extent of the number of shares with respect to which the Option is exercised. 

	8.2.	Payment. Unless otherwise provided by the Agreement, payment of the Option Price shall be made in cash. If the Agreement provides, payment of all or part of the Option
Price may be made by surrendering (by either actual delivery or attestation) already owned shares of Common Stock to the Company and the payment of applicable minimum statutory withholding taxes may be made by the Company withholding whole shares of
Common Stock from the Participant upon exercise, provided the shares surrendered or withheld have a Fair Market Value (determined as of the day preceding the date of exercise) that is not less than such price or part thereof and any such minimum
statutory withholding taxes. In addition, the Committee may establish such payment or other terms as it may deem to be appropriate and consistent with these purposes. 

  

	8.3.	Shareholder Rights. No Participant shall have any rights as to shareholder of the Company with respect to shares subject to his Option or SAR until the date he
exercises his Option or SAR. 

  

	8.4.	Cashless Exercise. To the extent permitted under the applicable laws and regulations, at the request of the Participant and with the consent of the Committee, the
Company agrees to cooperate in a “cashless exercise” of the Option. The cashless exercise shall be effected by the Participant delivering to the Securities Broker instructions to exercise all or part of the Option, including instructions
to sell a sufficient number of shares of Common Stock to cover the costs and expenses associated therewith. The Committee may permit a Participant to elect to pay any applicable withholding taxes by requesting that the Company withhold the number of
shares of Common Stock equivalent at current Fair Market Value to the minimum statutory withholding taxes due. 

  

	8.5.	Cashing Out of Option. The Committee may elect to cash out all or part of the portion of any Option to be exercised by paying the optionee an amount, in cash or
Common Stock, equal to the excess of the Fair Market Value of the Common Stock that is the subject of the portion of the Option to be exercised over the Option Price times the number of shares of Common Stock subject to the portion of the Option to
be exercised on the effective date of such cash out. 

  

	8.6.	Determination of Payment of Cash and/or Common Stock Upon Exercise of SAR. At the Committee’s discretion, the amount payable as a result of the exercise of an SAR
may be settled in cash, Common Stock, or a combination of cash and Common Stock. No fractional shares shall be delivered upon the exercise of an SAR. 

 Article IX 
 STOCK AWARDS 
  

	9.1.	Award. In accordance with the provisions of Article IV, the Committee will designate persons to whom a Stock Award is to be made and will specify the number of shares
of Common Stock covered by such Award or Awards. 

  

	9.2.	Vesting. The Committee, on the date of the Award, may prescribe that the Participant’s rights in a Stock Award shall be forfeitable or otherwise restricted for a
period of time or subject to the satisfaction of performance objectives, including performance objectives stated with reference to Performance Measures, or such other conditions as may be set forth in an Agreement. Subject to the provisions of
Article XIII hereof, the Committee may award a Stock Award to a Participant which is not forfeitable and is free of any restrictions on transferability. 

  

	9.3.	 Shareholder Rights. Prior to their forfeiture (in accordance with the terms of the Agreement and shares of Common Stock granted pursuant to a Stock
Award may be forfeited or are nontransferable), a Participant will have all rights of a shareholder with respect to a Stock Award, including the right to receive dividends and vote the shares; provided, however, that (i) a Participant may not
sell, transfer, pledge, exchange, hypothecate, or otherwise dispose of shares of Stock granted pursuant to a 

	 	 
Stock Award, (ii) the Company shall retain custody of the certificates evidencing shares of Common Stock granted pursuant to a Stock Award, and
(iii) the Participant will deliver to the Company a stock power, endorsed in blank, with respect to each Stock Award. 

 Article X 
 STOCK UNITS 
  

	10.1	Award. Pursuant to this Plan or an Agreement establishing additional terms and conditions, the Committee may designate each individual to whom an awards of
Stock Units is to be made and will specify the number of Stock Units covered by the Award. 

  

	10.2	Earning the Award. The Committee, on the date of grant of the Award, may prescribe that the Stock Units or a portion thereof, will be earned only upon, and the
Participant will be entitled to receive a payment pursuant to the Award of Stock Units, only upon the satisfaction of performance objectives or such other criteria as may be prescribed by the Committee and set forth in the Agreement, including
performance objectives stated with reference to Performance Measures. 

  

	10.3	Shareholder Rights. No Participant shall, as a result of receiving a Stock Unit Award, have any of the rights of a shareholder with respect to such Stock Unit
Award until and to the extent such Stock Units are earned and settled in shares of Common Stock. 

  

	10.4	Payment. At the Committee’s discretion, the amount payable when an award of Stock Units is earned may be settled in cash, Common Stock or a combination of
cash and Common Stock. Fractional shares shall be deliverable when an Award of Stock Units is earned. 

  

	10.5	Nontransferability. A Participant may not sell, transfer, pledge, exchange, hypothecate or otherwise dispose of a Stock Unit Award other than by will or the
laws of descent and distribution and the Participant’s right or interest in a Stock Unit Award may not be liable for, or subject to, any lien, obligation or liability of such Participant. 

 Article XI 
 INCENTIVE AWARDS 

  

	11.1.	Award. The Committee shall designate Participants to whom Incentive Awards are made. All Incentive Awards shall be finally determined exclusively by the
Committee under the procedures established by the Committee. With respect to an Incentive Award based on a performance period of one year, no Participant may receive an Incentive Award payment in any calendar year that exceeds $2,500,000. With
respect to an Incentive Award based on a performance period of more than one year, no Participant may receive an Incentive Award payment in any calendar year that exceeds the product of (i) $200,000 and (ii) the number of months in the
performance period. 

  

	11.2.	Terms and Conditions. The Committee, at the time an Incentive Award is made, shall specify the terms and conditions which govern the Award. The restrictions set
forth in the Agreement must include the attainment of performance objectives, including performance objectives stated with reference to Performance Measures. By way of example and not of limitation, the performance objectives may provide that the
Incentive Award will be earned only if the Company, a Subsidiary or the Company and its Subsidiaries or the Participant achieve stated objectives, including objectives stated with reference to Performance Measures. 

  

	11.3.	Payment. In the discretion of the Committee, the Award payable when an Incentive Award is earned, may be settled in cash, by the issuance of Common Stock, grant
of Stock Units, or a combination of cash, Common Stock and/or Stock Units. 

  

	11.4.	Nontransferability. Incentive Awards granted under this Plan shall be nontransferable except by will or by the laws of descent and distribution. No right or
interest of a Participant in an Incentive Award shall be liable for, or subject to, any lien, obligation, or liability of such Participant. 

	11.5.	Employee Status. If the terms of an Incentive Award provide that a payment will be made thereunder only if the Participant completes a stated period of
employment or service, the Committee may decide to what extent leaves of absence for governmental or military service, illness, temporary disability or other reasons shall not be deemed interruptions of continuous employment or service.

  

	11.6.	Shareholder Rights. No Participant shall, as a result of receiving an Incentive Award, have any rights as to shareholder of the Company or any Subsidiary on
account of such Award until, and except to the extent that, the Incentive Award is earned and settled in shares of Common Stock. 

 Article XII 
 ADJUSTMENT UPON CHANGE IN COMMON STOCK 
 Should the Company effect one or more (x) stock dividends, stock split-ups, subdivisions or consolidations of shares or other similar changes in
capitalization; (y) spin-offs, spin-outs, split-ups, split-offs, or other such distribution of assets to shareholders; or (z) direct or indirect assumptions and/or conversions of outstanding Options due to an acquisition of the Company,
then the maximum number of shares as to which Grants and Awards may be issued under this Plan shall be proportionately adjusted and their terms shall be adjusted as the Committee shall determine to be equitably required, provided that the number of
shares subject to any Grant or Award shall always be a whole number. Any determination made under this Article XII by the Committee shall be final and conclusive. 
 The issuance by the Company of shares of stock of any class, or securities convertible into shares of stock of any class, for cash or property or for labor or services, either upon direct sale or upon the exercise of
rights or warrants to subscribe therefor, or upon conversion of shares or obligations of the Company convertible into such shares or other securities, shall not affect, and no adjustment by reason thereof shall be made with respect to any Grant or
Award. 
 Article XIII 
 COMPLIANCE WITH LAW AND APPROVAL OF REGULATORY BODIES 
 No Grant shall be exercisable, no Common Stock shall be issued, no
certificates for shares of Common Stock shall be delivered, and no payment shall be made under this Plan except in compliance with all applicable federal and state laws and regulations (including, without limitation, withholding tax requirements)
and the rules of all domestic stock exchanges on which the Company’s shares may be listed. The Company may rely on an opinion of its counsel as to such compliance. Any share certificate issued to evidence Common Stock for which a Grant is
exercised or an Award is issued may bear such legends and statements as the Committee may deem advisable to assure compliance with federal and state laws and regulations. No Grant shall be exercisable, no Common Stock shall be issued, no certificate
for shares shall be delivered, and no payment shall be made under this Plan until the Company has obtained such consent or approval as the Committee may deem advisable from regulatory bodies having jurisdiction over such matters. 
 Article XIV 
 GENERAL PROVISIONS

  

	14.1	Effect on Employment. Neither the adoption of this Plan, its operation, nor any documents describing or referring to this Plan (or any part thereof) shall confer upon
any employee any right to continue in the employ of the Company or a Subsidiary or in any way affect any right and power of the Company or a Subsidiary to terminate the employment of any employee at any time with or without assigning a reason
therefor. 

	14.2	Unfunded Plan. The Plan, insofar as it provides for a Grant or an Award, is not required to be funded, and the Company shall not be required to segregate any assets
that may at any time be represented by a Grant or an Award under this Plan. 

  

	14.3	Rules of Construction. Headings are given to the articles and sections of this Plan solely for ease of reference and are not to be considered in construing the terms
and conditions of the Plan. The reference to any statute, regulation, or other provision of law shall be construed to refer to any amendment to or successor of such provision of law. 

  

	14.4	Rule 16b-3 Requirements. Notwithstanding any other provisions of the Plan, the Committee may impose such conditions on any Grant or Award, and the Board may amend the
Plan in any such respects, as they may determine, on the advice of counsel, are necessary or desirable to satisfy the provisions of Rule 16b-3. Any provision of the Plan to the contrary notwithstanding, and except to the extent that the Committee
determines otherwise: (a) transactions by and with respect to officers and directors of the Company who are subject to Section 16(b) of the Exchange Act shall comply with any applicable conditions of Rule 16b-3; and (b) every
provision of the Plan shall be administered, interpreted, and construed to carry out the foregoing provisions of this sentence. 

  

	14.5	Amendment, Modification, and Termination. At any time and from time to time, the Board may terminate, amend, or modify the Plan. Such amendment or modification may be
without shareholder approval except to the extent that such approval is required by the Code, pursuant to the rules under Section 16 of the Exchange Act, by any national securities exchange or system on which the Common Stock is then listed or
reported, by any regulatory body having jurisdiction with respect thereto, or under any other applicable laws, rules, or regulations. No termination, amendment, or modification of the Plan, other than pursuant to Section 14.4 herein, shall in
any manner adversely affect any Grant or Award theretofore issued under the Plan, without the written consent of the Participant. The Committee may amend the terms of any Grant or Award theretofore issued under this Plan, prospectively or
retrospectively, but no such amendment shall impair the rights of any Participant without the Participant’s written consent except an amendment provided for or contemplated in the terms of the Grant or Award, an amendment made to cause the
Plan, or Grant or Award, to qualify for the exemption provided by Rule 16b-3, or an amendment to make an adjustment under Article XII. 

  

	14.6	Repricing of Options and SARs. An Option or SAR may not be repriced without the approval of the shareholders of the Company after the date of grant of such
Option or SAR. For this purpose, a repricing means any of the following (or such other action that has the same effect as any of the following): (a) amending the terms of an Option or SAR to reduce the exercise price of such Option or the grant
price of an SAR; (b) taking any action that is treated as a repricing under generally accepted accounting principles; and (c) repurchasing for cash or canceling an Option or SAR in exchange for another Award at a time when the exercise
price of such Option or grant price of such SAR is greater than the Fair Market Value of Common Stock, unless the cancellation and exchange occurs in connection with an event set forth in Article XII. Such cancellation and exchange is considered a
repricing regardless of whether it is treated as a repricing under generally accepted accounting principles and regardless of whether it is voluntary on the part of the Participant. 

  

	14.7	Governing Law. The validity, construction and effect of the Plan and any actions taken or related to the Plan shall be determined in accordance with the laws of the
Commonwealth of Virginia and applicable federal law. 

  

	14.8	Successors and Assigns. All obligations of the Company under the Plan, with respect to Grants and Awards issued hereunder shall be binding on any successor to the
Company, whether the existence of such successor is the result of a direct or indirect purchase, merger, consolidation, or otherwise, of all or substantially all of the business and/or assets of the Company. The Plan shall be binding on all
successors and permitted assigns of a Participant, including, but not limited to, the estate of such Participant and the executor, administrator or trustee of such estate, and the guardians or legal representative of the Participant.

	14.9	Effect on Prior Plans and Other Compensation Arrangements. The adoption of this Plan shall have no effect on Grants and Awards made or to be made pursuant to the Prior
Plans and the Company’s other compensation arrangements. Nothing contained in this Plan shall prevent the Company from adopting other or additional compensation plans or arrangements for its officers, directors or employees.

  

	14.10	Limitation of Implied Rights. Neither a Participant nor any other person shall, by reason of participation in the Plan, acquire any right in or title to any
assets, funds or property of the Company or any Subsidiary whatsoever, including, without limitation, any specific funds, assets, or other property which the Company or any Subsidiary, in its sole discretion, may set aside in anticipation of a
liability under the Plan. Except for those rights in Stock Awards specifically set forth in subsection 9.3 hereof, a Participant shall have only a contractual right to the Stock or amounts if any, payable under the Plan, unsecured by any assets of
the Company or any Subsidiary, and nothing contained in the Plan shall constitute a guarantee that the assets of the Company or any Subsidiary shall be sufficient to pay any benefits to any person. The Plan does not constitute a contract of
employment, and selection as a Participant will not give any participating employee the right to be retained in the employ of the Company or any Subsidiary, nor any right or claim to any benefit under the Plan, unless such right or claim has
specifically accrued under the terms of the Plan. Except as otherwise provided in the Plan, no Award or Grant under the Plan shall confer upon the holder thereof any rights as a shareholder of the Company prior to the date on which the individual
fulfills all conditions for receipt of such rights.  

  

	14.11	Duration of Plan. No Grant or Award may be issued under this Plan before August 7, 2007, or after August 6, 2017. Grants and Awards issued on or after
August 7, 2007, but on or before August 6, 2017, shall remain valid in accordance with their terms. 

  

	14.12	Effective Date. This Plan has been approved by the Board, effective as of August 7, 2007, and by the shareholders of the Company entitled to vote at the 2007
Annual Meeting of the Shareholders.Officers' Certificate and Company Order

 Exhibit 4.1 
 UNITEDHEALTH GROUP INCORPORATED 
 $250,000,000 Floating Rate Notes due February 7, 2011 

 Officers’ Certificate and Company Order 
 Pursuant to the Indenture, dated as of February 4, 2008 (the “Indenture”), between UnitedHealth Group Incorporated, a Minnesota corporation (the “Company”) and U.S. Bank National Association,
as trustee (the “Trustee”) and resolutions adopted by the Company’s Board of Directors on October 30, 2007, this Officers’ Certificate and Company Order is being delivered to the Trustee to establish the terms of a series of
Securities in accordance with Section 301 of the Indenture, to establish the form of the Securities of such series in accordance with Section 201 of the Indenture, to request the authentication and delivery of the Securities of such series
pursuant to Section 303 of the Indenture and to comply with the provisions of Section 102 of the Indenture. This Officers’ Certificate and Company Order shall be treated for all purposes under the Indenture as a supplemental indenture
thereto. 
 All conditions precedent provided for in the Indenture relating to (i) the establishment of a series of Securities,
(ii) the establishment of the form of Securities of such series and (iii) the procedures for authentication and delivery of such series of securities have been complied with. 
 Capitalized terms used herein and not otherwise defined herein shall have the meanings assigned to them in the Indenture. 
  

	A.	Establishment of a Series of Securities pursuant to Section 301 of the Indenture. 

 There is hereby established pursuant to Section 301 of the Indenture a series of Securities which shall have the following terms: 
  

	 	(1)	The Securities shall bear the title “Floating Rate Notes due February 7, 2011” (referred to herein as the “Notes”). 

  

	 	(2)	The aggregate principal amount of the Notes to be issued pursuant to this Officers’ Certificate and Company Order shall be limited to $250,000,000 except for (a) Notes
authenticated and delivered upon registration of, transfer of, or in exchange for, or in lieu of, other Notes pursuant to Section 304, 305, 306, or 1007 of the Indenture, (b) Notes which, pursuant to Section 303 of the Indenture, are
deemed never to have been authenticated and delivered thereunder and (c) any Securities of this series which are issued in the manner contemplated by paragraph 18(a) hereof. 

  

	 	(3)	 Interest will be payable to the Person in whose name a Note (or any Predecessor Security) is registered at the close of business on the Regular Record Date (as
defined below) immediately preceding each Interest Payment Date (as defined below). In the event that a payment of principal or interest is due on a date that is not a Business Day (as defined below), the related payment of principal or interest
shall be made on the next succeeding Business Day with the same force and effect 

	 	 
as if made on the date such payment was due, and no interest shall accrue on the amount so payable for the period from and after such Interest Payment Date
or date of Maturity, as the case may be. “Business Day” shall mean any day other than a Saturday, a Sunday or a day on which banking institutions in New York, New York or Minneapolis, Minnesota or at the place of payment (specified in
paragraph (6) hereof) are authorized or obligated by law, regulation or executive order to remain closed. “London Business Day” means any day on which dealings in United States dollars are transacted in the London interbank market.

  

	 	(4)	The Stated Maturity of the Notes shall be February 7, 2011. 

  

	 	(5)	The Notes shall bear interest at a rate per annum equal to LIBOR (as defined below) plus 1.30%, as determined by the Calculation Agent (as defined below) (based on a 360-day year
for the actual number of days elapsed) from February 7, 2008, or from the most recent Interest Payment Date to which interest has been paid or duly provided for, as the case may be, payable quarterly on
February 7, May 7, August 7 and November 7 in each year, commencing May 7, 2008, until the principal thereof is paid or made available for payment. Each such February 7, May 7, August 7 and
November 7 shall be an “Interest Payment Date” for the Notes, and each January 23, April 22, July 23 and October 23 (whether or not a Business Day), as the case may be, immediately preceding an Interest
Payment Date for the Notes shall be the “Regular Record Date” for the interest payable on such Interest Payment Date. 

 The provision related to interest on overdue principal in Section 501 of the Indenture shall not be applicable to the Notes. 
 The rate of interest on the Notes will be 4.46188% on February 7, 2008, and will be reset on each Interest Payment Date thereafter (the date on which each such reset occurs, an “Interest Reset Date”). 
 On each Interest Reset Date, the rate of interest on the Notes shall be determined with respect to an Interest Determination Date. The second London
Business Day preceding an Interest Reset Date will be the interest determination date (the “Interest Determination Date”) for that Interest Reset Date. 
 Interest on each of the Notes will accrue from and including, February 7, 2008, to and excluding, the first Interest Payment Date and then from and including, the immediately preceding Interest Payment Date to
which interest has been paid or duly provided for to but excluding, the next Interest Payment Date or date of Maturity, as the case may be, each such period an “Interest Period.” Accrued interest from February 7, 2008, or from the
last date on which interest has been paid or duly provided for, to the date for which interest is being calculated shall be calculated by multiplying the face amount of the applicable Note by the applicable accrued interest factor (the “Accrued
Interest Factor”). The Accrued Interest Factor shall be computed by adding the interest factor calculated for each day from February 7, 2008, or from the last date to which interest has been paid or duly 

  

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provided for, to the date for which accrued interest is being calculated. The Accrued Interest Factor for each day shall be computed by dividing the per
annum interest rate applicable to such day by 360. The interest rate in effect on each day will be (i) if such day is an Interest Reset Date, the interest rate determined as of the Interest Determination Date pertaining to such Interest Reset
Date or (ii) if such day is not an Interest Reset Date and falls after the first Interest Reset Date, the interest rate determined as of the Interest Determination Date pertaining to the immediately preceding Interest Reset Date or
(iii) if such day is not an Interest Reset Date and falls before the first Interest Reset Date, 4.46188%. 
 All percentages resulting
from the above calculation will be rounded, if necessary, to the nearest one hundred-thousandth of a percentage point, with five one-millionths of a percentage point rounded upward (e.g., 9.876545% (or .09876545) being rounded to 9.87655% (or
..0987655)) and all dollar amounts used in or resulting from such calculations will be rounded to the nearest cent (with one-half cent being rounded upward). 
 LIBOR will be determined by the Calculation Agent in accordance with the following provisions: 
 (i) With
respect to an Interest Period, LIBOR will be the rate (expressed as a percentage per annum) for deposits in United States dollars having a three-month maturity that appears on Reuters LIBOR01 at approximately 11:00 A.M. London time on the Interest
Determination Date. If on an Interest Determination Date such rate does not appear on Reuters LIBOR01 at such time, or if the Reuters LIBOR01 is not available on such date, then LIBOR, in respect of that Interest Determination Date, will be
determined in accordance with the provisions described in (ii) below. 
 (ii) With respect to an Interest Determination Date on which no
rate appears as specified in (i) above, the Calculation Agent will obtain such rate from Bloomberg’s “BBAM.” If such rate does not appear on Reuters LIBOR01or Bloomberg’s page “BBAM” on an Interest Rate
Determination Date at approximately 11:00 A.M., London time, then the Calculation Agent will request the principal London office of each of four major banks in the London interbank market, as selected by the Calculation Agent, to provide the
Calculation Agent with its offered quotation of the rate (expressed as a percentage per annum) offered by it to prime banks in the London interbank market for three-month deposits in United States dollars in a principal amount of at least $1,000,000
at approximately 11:00 A.M., London time, on such Interest Determination Date. If at least two such quotations are so provided, then LIBOR on that Interest Determination Date will be the arithmetic mean of those quotations. If fewer than two such
quotations are so provided, the Calculation Agent will request each of three major banks in New York City, as selected by the Calculation Agent, to provide a quotation of the rate (expressed as a percentage per annum) offered by it for loans in

  

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United States dollars to leading European banks, having a three-month maturity in a principal amount of at least $1,000,000 at approximately 11:00 A.M., New
York City time, on such Interest Determination Date. If at least two such rates are so provided, the rate for the interest period will be the arithmetic mean of such rates. If fewer than two such rates are so provided, then the rate for the Interest
Period will be the rate in effect with respect to the immediately preceding Interest Period. 
 “Reuters LIBOR01” means the Capital
Markets Report Screen LIBOR01 of Reuters, or any successor service or page, for the purpose of displaying the London interbank rates of major banks for United States dollars. 
 U.S. Bank National Association will be the “Calculation Agent.” The Calculation Agent shall calculate the interest rate in accordance with the
foregoing. On or before each Calculation Date, the Calculation Agent will determine the interest rate and notify the paying agent. All calculations of the Calculation Agent, in the absence of manifest error, shall be conclusive and binding and
neither the Trustee nor the paying agent shall have the duty to verify determinations of interest rates made by the Calculation Agent. The determinations of the Accrued Interest Factor made by the paying agent shall be conclusive and binding. The
“Calculation Date” pertaining to any Interest Determination Date on a Note will be the earlier of (i) the tenth calendar day after such Interest Determination Date, or, if any such day is not a Business Day, the next succeeding
Business Day, and (ii) the Business Day immediately preceding the applicable Interest Payment Date or the date of Maturity, as the case may be. 
 Notwithstanding the foregoing, the interest rate shall in no event be higher than the maximum rate permitted by New York law as the same may be modified by United States law of general application. 
  

	 	(6)	Principal of (and premium, if any) and interest on the Notes will be payable, and, except as provided in Section 305 of the Indenture with respect to a Global Security (as
defined below), the transfer of the Notes will be registrable and Notes will be exchangeable for notes bearing identical terms and provisions at the corporate trust office of U.S. Bank National Association, in St. Paul, Minnesota. The method of such
payment shall be by wire transfer for Notes held in book-entry form or at the option of the Company by check mailed to the Person entitled thereto as shown on the Security Register. 

  

	 	(7)	The Notes will not be redeemable. 

  

	 	(8)	The Company shall not be obligated to redeem or purchase any Notes pursuant to any sinking fund or analogous provisions. 

 If a Change of Control Triggering Event (as defined herein) occurs, unless the Company has exercised its option to redeem the Notes of this series, the
Company 

  

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shall be required to make an offer (a “Change of Control Offer”) to each Holder of the Notes of this series to repurchase all or any part (equal to
$2,000 or an integral multiple of $1,000 in excess thereof) of that Holder’s Notes on the terms set forth herein. In a Change of Control Offer, the Company shall be required to offer payment in cash equal to 101% of the aggregate principal
amount of Notes of this series repurchased, plus accrued and unpaid interest, if any, on the Notes of this series repurchased to the date of repurchase (a “Change of Control Payment”). Within 30 days following any Change of Control
Triggering Event or, at the Company’s option, prior to any Change of Control, but after public announcement of the transaction that constitutes or may constitute the Change of Control, a notice shall be mailed to Holders of the Notes of this
series describing the transaction that constitutes or may constitute the Change of Control Triggering Event and offering to repurchase such Notes on the date specified in the notice, which date shall be no earlier than 30 days and no later than 60
days from the date such notice is mailed (a “Change of Control Payment Date”). The notice shall, if mailed prior to the date of consummation of the Change of Control, state that the offer to purchase is conditioned on the Change of Control
Triggering Event occurring on or prior to the Change of Control Payment Date. 
 In order to accept the Change of Control Offer, the Holder
must deliver to the Paying Agent, at least five Business Days prior to the Change of Control Payment Date, the Note together with the form entitled “Election Form” (which form is annexed to the Note) duly completed, or a telegram, telex,
facsimile transmission or a letter from a member of a national securities exchange, or the Financial Industry Regulatory Authority or a commercial bank or trust company in the United States setting forth: 
  

	 	(i)	the name of the Holder of the Note; 

  

	 	(ii)	the principal amount of the Note; 

  

	 	(iii)	the principal amount of the Note to be repurchased; 

  

	 	(iv)	the certificate number or a description of the tenor and terms of the Note; 

  

	 	(v)	a statement that the Holder is accepting the Change of Control Offer; and 

  

	 	(vi)	a guarantee that the Note, together with the form entitled “Election Form” duly completed, will be received by the Paying Agent at least five Business Days prior to the
Change of Control Payment Date. 

 Any exercise by a Holder of its election to accept the Change of Control Offer shall be
irrevocable. The Change of Control Offer may be accepted for less than the entire principal amount of the Note, but in that event the principal amount of the Note remaining outstanding after repurchase must be equal to $2,000 or an integral multiple
of $1,000 in excess thereof. 
  

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 On the Change of Control Payment Date, the Company shall, to the extent lawful: 
  

	 	(i)	accept for payment all Notes of this series or portions of such Notes properly tendered pursuant to the Change of Control Offer; 

  

	 	(ii)	deposit with the Paying Agent an amount equal to the Change of Control Payment in respect of all Notes of this series or portions of such Notes properly tendered; and

  

	 	(iii)	deliver or cause to be delivered to the Trustee the Notes of this series properly accepted together with an Officers’ Certificate stating the aggregate principal amount of
Notes of this series or portions of such Notes being repurchased. 

 The Company shall not be required to make a Change of
Control Offer upon the occurrence of a Change of Control Triggering Event if a third party makes such an offer in the manner, at the times and otherwise in compliance with the requirements for an offer made by the Company and the third party
purchases all Notes of this series properly tendered and not withdrawn under its offer. In addition, the Company shall not repurchase any Notes of this series if there has occurred and is continuing on the Change of Control Payment Date an Event of
Default under the Indenture, other than a default in the payment of the Change of Control Payment upon a Change of Control Triggering Event. 
 The Company shall comply with the requirements of Rule 14e-1 under the Securities Exchange Act of 1934, as amended (the “Exchange Act”), and any other securities laws and regulations thereunder to the extent those laws and
regulations are applicable in connection with the repurchase of the Notes of this series as a result of a Change of Control Triggering Event. To the extent that the provisions of any such securities laws or regulations conflict with the Change of
Control Offer provisions of the Notes of this series, the Company shall comply with those securities laws and regulations and shall not be deemed to have breached its obligations under the Change of Control Offer provisions of the Notes of this
series by virtue of any such conflict. 
 For purposes of the Change of Control Offer provisions of the Notes of this series, the following
terms are applicable: 
 “Change of Control” means the occurrence of any of the following: (1) the direct or indirect sale,
lease, transfer, conveyance or other disposition (other than by way of merger or consolidation), in one or more series of related transactions, of all or substantially all of the assets of the Company and its Subsidiaries, taken as a whole, to any
person, other than the Company or a Subsidiary; (2) the consummation of any 

  

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transaction (including, without limitation, any merger or consolidation) the result of which is that any person becomes the beneficial owner (as defined in
Rules 13d-3 and 13d-5 under the Exchange Act), directly or indirectly, of more than 50% of the Company’s outstanding Voting Stock or other Voting Stock into which the Company’s Voting Stock is reclassified, consolidated, exchanged or
changed, measured by voting power rather than number of shares; (3) the Company consolidates with, or merges with or into, any person, or any person consolidates with, or merges with or into, the Company, in any such event pursuant to a
transaction in which any of the Company’s outstanding Voting Stock or the Voting Stock of such other person is converted into or exchanged for cash, securities or other property, other than any such transaction where the shares of the
Company’s Voting Stock outstanding immediately prior to such transaction constitute, or are converted into or exchanged for, a majority of the Voting Stock of the surviving person or any direct or indirect parent company of the surviving person
immediately after giving effect to such transaction; (4) the first day on which a majority of the members of the Company’s Board of Directors are not Continuing Directors; or (5) the adoption of a plan relating to the Company’s
liquidation or dissolution. Notwithstanding the foregoing, a transaction shall not be deemed to involve a Change of Control under clause (2) above if (i) the Company becomes a direct or indirect wholly-owned subsidiary of a holding company
and (ii)(A) the direct or indirect holders of the Voting Stock of such holding company immediately following that transaction are substantially the same as the holders of the Company’s Voting Stock immediately prior to that transaction or
(B) immediately following that transaction no person (other than a holding company satisfying the requirements of this sentence) is the beneficial owner, directly or indirectly, of more than 50% of the Voting Stock of such holding company. The
term “person,” as used in this definition, has the meaning given thereto in Section 13(d)(3) of the Exchange Act. 
 “Change of Control Triggering Event” means the occurrence of both a Change of Control and a Rating Event. 
 “Continuing Directors” means, as of any date of determination, any member of the Company’s Board of Directors who (1) was a member of such Board of Directors on the date the Notes of this series were issued or
(2) was nominated for election, elected or appointed to such Board of Directors with the approval of a majority of the Continuing Directors who were members of such Board of Directors at the time of such nomination, election or appointment
(either by a specific vote or by approval of the Company’s proxy statement in which such member was named as a nominee for election as a director, without objection to such nomination). 
 “Fitch” means Fitch Inc., and its successors. 
 “Investment Grade Rating” means a rating equal to or higher than BBB- (or the equivalent) by Fitch, Baa3 (or the equivalent) by Moody’s and BBB- (or the equivalent) by S&P, and the equivalent
investment grade credit rating from any replacement rating agency or rating agencies selected by the Company. 
  

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 “Moody’s” means Moody’s Investors Service, Inc., and its successors. 
 “Rating Agencies” means (1) each of Fitch, Moody’s and S&P; and (2) if any of Fitch, Moody’s or S&P ceases to rate
the Notes of this series or fails to make a rating of such Notes publicly available for reasons outside of the Company’s control, a “nationally recognized statistical rating organization” within the meaning of Rule 15c3-1(c)(2)(vi)(F)
under the Exchange Act selected by the Company (as certified by a resolution of the Company’s Board of Directors) as a replacement agency for Fitch, Moody’s or S&P, or all of them, as the case may be. 
 “Rating Event” means the rating on the Notes of this series is lowered by at least two of the three Rating Agencies and the Notes of this series
are rated below an Investment Grade Rating by at least two of the three Rating Agencies on any day during the period (which period shall be extended so long as the rating of the Notes of this series is under publicly announced consideration for a
possible downgrade by any of the Rating Agencies) commencing on the date of the first public notice of the occurrence of a Change of Control or the Company’s intention to effect a Change of Control and ending 60 days following consummation of
such Change of Control. 
 “S&P” means Standard & Poor’s Rating Services, a division of The McGraw-Hill Companies,
Inc., and its successors. 
 “Voting Stock” means, with respect to any specified “person” (as that term is used in
Section 13(d)(3) of the Exchange Act) as of any date, the capital stock of such person that is at the time entitled to vote generally in the election of the board of directors of such person. 
  

	 	(9)	The Notes shall not be convertible into shares of Common Stock of the Company or exchangeable for any other securities. 

  

	 	(10)	The Trustee shall be the “Security Registrar” and the “Paying Agent.” 

  

	 	(11)	The amount of payments of principal of and any premium or interest on the Notes will not be determined with reference to an index. 

  

	 	(12)	The Notes shall be subject to the covenants and definitions set forth in the Indenture. There shall be the following addition to the covenants of the Company set forth in Article V
of the Indenture with respect to the Notes: 

 The Company will not, and will not permit any Restricted Subsidiary to, create,
assume, incur or suffer to exist: 
  

	 	(i)	any Lien upon any stock or Indebtedness of any Restricted Subsidiary, whether owned on the date hereof or thereafter acquired, to secure any Indebtedness of the Company or any other
person (other than the Securities), or 

  

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	 	(ii)	any Lien upon any Principal Property, whether owned or leased on the date hereof, or thereafter acquired, to secure any Indebtedness of the Company or any other person (other than
the Securities), without in any such case making effective provision to secure all the outstanding Securities equally and ratably with such Indebtedness, except Permitted Liens. 

 Notwithstanding the foregoing, the Company may, and may permit any Restricted Subsidiary to, create, assume, incur or suffer to exist any Lien upon any
stock or Indebtedness of any Restricted Subsidiary or upon any Principal Property without equally and ratably securing the Securities if the aggregate amount of all Indebtedness then outstanding secured by such Lien and all similar Liens does not
exceed 10% of the Consolidated Net Worth of the Company as of the most recent quarterly consolidated balance sheet of the Company prepared in accordance with GAAP; provided, that Indebtedness secured by Permitted Liens shall not be included in the
amount of such secured Indebtedness. 
 “Consolidated Net Worth” means, with respect to any Person as of any date, the sum of
(i) the consolidated equity of the common stockholders of such Person and its consolidated Subsidiaries as of such date, plus (ii) the respective amounts reported on such Person’s balance sheet as of such date with respect to any
series of preferred stock (other than Disqualified Stock) that by its terms is not entitled to the payment of dividends unless such dividends may be declared and paid only out of net earnings in respect of the year of such declaration and payment,
but only to the extent of any cash received by such Person upon issuance of such preferred stock, less (x) all write-ups (other than write-ups resulting from foreign currency translations and write-ups of tangible assets of a going concern
business made within 12 months after the acquisition of such business) subsequent to the date of the initial issuance of the Notes in the book value of any asset owned by such Person or a consolidated Subsidiary of such Person, and (y) all
unamortized debt discount and expense and unamortized deferred charges as of such date, all of the foregoing determined in accordance with GAAP. 
 “Disqualified Stock” means any Capital Stock that, by its terms (or by the terms of any security into which it is convertible or for which it is exchangeable), or upon the happening of any event, matures or is mandatorily
redeemable, pursuant to a sinking fund obligation or otherwise, or redeemable at the option of the Holder thereof, in whole or in part, on or prior to the date that is 91 days after the date on which the Securities mature. 
 “Permitted Liens” means 
  

	 	(i)	any Lien upon property, stock or indebtedness of an entity existing at the time such entity becomes a Restricted Subsidiary; 

  

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	 	(ii)	any Lien upon property, stock or indebtedness existing at the time of the acquisition thereof by the Company or a Restricted Subsidiary (whether directly or by merger, consolidation
or otherwise) or granted to secure payment of any part of the purchase price thereof or granted to secure any Indebtedness incurred to finance the purchase thereof (provided that such Indebtedness is incurred before, concurrently with or within 270
days after the completion of such purchase); 

  

	 	(iii)	any Lien upon property to secure any part of the cost of development, construction, alteration, repair or improvement of such property or granted to secure Indebtedness incurred to
finance such cost (provided that such Indebtedness is incurred before, concurrently with or within 270 days after the completion of such development, construction, alteration, repair or improvement); 

  

	 	(iv)	any Lien securing Indebtedness of a Restricted Subsidiary owing to the Company or to another Restricted Subsidiary; 

  

	 	(v)	Any Lien existing on the date of initial issuance of the Notes; 

  

	 	(vi)	any Lien on property of the Company or a Restricted Subsidiary in favor of the United States of America or any State or political subdivision thereof, or in favor of any country or
any political subdivision thereof, to secure payment pursuant to any contract or statute, rule or regulation; and 

  

	 	(vii)	any extension, renewal or replacement, in whole or in part, of any Lien referred to in the foregoing six subparts; provided, however, that the principal amount of
Indebtedness secured thereby shall not exceed the principal amount of Indebtedness so secured at the time of such extension, renewal or replacement; and provided, further, that such Lien shall be limited to all or part of the property which was
subject to the Lien so extended, renewed or replaced. 

 “Principal Property” means the land, land improvements,
buildings and fixtures (to the extent they constitute real property interests) (including any leasehold interest therein) constituting the Company’s principal corporate office or any other discrete facility of the Company and its Subsidiaries
(whether owned at the date of initial issuance of the Notes or thereafter acquired), provided in each case that such facility 
  

	 	(i)	is owned by the Company or any Subsidiary, 

  

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	 	(ii)	is located within any of the present 50 states of the United States of America or the District of Columbia, 

  

	 	(iii)	has not been determined in good faith by the Company’s Board of Directors not to be of material importance to the business conducted by the Company and its Subsidiaries taken
as a whole, and 

  

	 	(iv)	has a book value as on the date as of which the determination is being made in excess of 5% of the Consolidated Net Worth of the Company as of the most recent quarterly consolidated
balance sheet of the Company prepared in accordance with GAAP. 

 “Restricted Subsidiary” means each Subsidiary of the
Company existing as of the date of date of initial issuance of the Notes and each Subsidiary of the Company thereafter created or acquired, unless expressly excluded by resolution of the Board of Directors of the Company before, or within 120 days
following, such creation or acquisition. 
  

	 	(13)	The Notes will be issued only in fully registered form and the minimum initial purchase amounts of the Notes shall be $2,000 and any integral multiple of $1,000 in excess thereof.

  

	 	(14)	The Notes shall be subject to the Events of Default specified in Section 701, paragraphs (i) through (viii), of the Indenture. 

  

	 	(15)	The portion of the principal amount of the Notes which shall be payable upon declaration of acceleration of maturity thereof shall not be less than the principal amount thereof.

  

	 	(16)	The Notes shall be a “Global Securities” as defined in the Indenture, and shall be deposited with, or on behalf of, the Depository Trust Company, New York, New York, as
“Depositary,” registered in the name of a nominee of the Depositary. So long as the Depositary or its nominee is the registered holder of any Global Security, the Depositary or its nominee, as the case may be, shall be considered the sole
Holder of the Notes represented by such Global Security for all purposes under the Indenture. The forms and terms of the Notes and the Trustee’s certificate of authentication shall be substantially as set forth on Exhibit B hereto. The
terms and provisions contained in the form of Notes set forth in Exhibit B shall constitute, and are hereby expressly made, a part of the Indenture as supplemented by this Officers’ Certificate and Company Order.

  

	 	(17)	The defeasance provisions set forth in Article IX of the Indenture shall apply to the Notes. 

  

	 	(18)	The following additional terms shall apply to the Notes: 

  

	 	(a)	Further Issuances. The Company may, so long as no Event of Default has occurred, without the consent of the Holders of the Notes, issue additional notes with the same terms
as the Notes in accordance with the corporate authority existing at the time of such additional issuance, and such additional notes shall be considered part of the same series under the Indenture as the Notes and will vote together with the Notes as
one class on all matters with respect to the Notes. 

  

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	 	(b)	Transfer and Exchange. 

  

	 	(i)	The transfer and exchange of Global Securities or beneficial interests therein shall be effected through the Depositary, in accordance with this Officers’ Certificate and
Company Order (including applicable restrictions on transfer set forth herein, if any) and the procedures of the Depositary therefore. A transferor of a beneficial interest in a Global Security shall deliver to the Security Registrar a written order
given in accordance with the Depositary’s procedures containing information regarding the participant account of the Depositary to be credited with a beneficial interest in the Global Security. The Security Registrar shall, in accordance with
such instructions, instruct the Depositary to credit to the account of the Person specified in such instructions a beneficial interest in the Global Security and to debit the account of the Person making the transfer the beneficial interest in the
Global Security being transferred. Each Holder of a Security agrees to indemnify the Company and the Trustee against any liability that may result from the transfer, exchange or assignment of such Holder’s Security in violation of any provision
of the Indenture and/or applicable United States federal or state securities law. 

  

	 	(ii)	Each Global Security shall bear the global security legend set forth on Exhibit A hereto. 

 (19) The CUSIP number for the Note is 91324PBL5 and the ISIN number for the Note is US91324PBL58. 
  

	B.	Establishment of Forms of Securities Pursuant to Section 201 of Indenture. 

 It is hereby established, pursuant to Section 201 of the Indenture, that the Global Security representing the Notes shall be substantially in the form attached as Exhibit B hereto. 
  

	C.	Order for the Authentication and Delivery of Securities Pursuant to Section 303 of the Indenture. 

 It is hereby ordered pursuant to Section 303 of the Indenture that the Trustee authenticate, in the manner provided by the Indenture, the Notes in
the aggregate principal amount of $250,000,000 registered in the name of Cede & Co., which Notes have been heretofore duly 

  

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executed by the proper officers of the Company and delivered to you as provided in the Indenture, and to deliver said authenticated Notes to or on behalf of
The Depository Trust Company on or before 10:30 a.m., Central Standard Time, on February 7, 2008. 
  

	D.	Other Matters. 

 The Company has provided to the
Trustee true and correct copies of resolutions adopted by the Board of Directors of the Company on October 30, 2007 and January 18, 2008; such resolutions have not been further amended, modified or rescinded and remain in full force and
effect; and such resolutions (together with this Officers’ Certificate and Company Order) are the only resolutions or other action adopted by the Company’s Board of Directors or any committee thereof or by any officers of the Company
relating to the offering and sale of the Notes. 
 The undersigned Senior Vice President and Treasurer being an Authorized Representative as
defined in the resolutions of the Board of Directors of the Company adopted on October 30, 2007 certifies that (i) he has approved the terms of the Notes as set forth in this Officers’ Certificate and Company Order, (ii) he has
approved and ratified the terms and form of the Underwriting Agreement (the “Underwriting Agreement”) and Pricing Agreement (the “Pricing Agreement”), each dated February 4, 2008, by and among the Company and Banc of America
Securities LLC, Citigroup Global Markets Inc. and J.P. Morgan Securities Inc. as representatives of the underwriters named in Schedule I to the Pricing Agreement, and (iii) he has approved and ratified the Indenture, all in accordance with the
authority of such officer pursuant to such resolutions. 
 The undersigned have read the pertinent sections of the Indenture including the
related definitions contained therein. The undersigned have examined the resolutions adopted by the Board of Directors of the Company. In the opinion of the undersigned, the undersigned have made such examination or investigation as is necessary to
enable the undersigned to express an informed opinion as to whether or not the conditions precedent to (i) the establishment of the Notes, (ii) the establishment of the forms of the Notes and (iii) the authentication of the Notes,
contained in the Indenture have been complied with. In the opinion of the undersigned, such conditions have been complied with. 
 Simpson
Thacher & Bartlett LLP, Christopher J. Walsh, Deputy General Counsel for the Company, and Hogan & Hartson LLP are entitled to rely on this Officers’ Certificate and Company Order in connection with the opinions they are
rendering pursuant to Sections 10(b), 10(c), and 10(d) respectively, of the Underwriting Agreement. 
 [SIGNATURE PAGE TO FOLLOW]

  

 13 

 IN WITNESS WHEREOF, the undersigned have executed this Officers’ Certificate and Company Order this
7th day of February, 2008. 
  

	
	UNITEDHEALTH GROUP INCORPORATED
	
	 /s/ Robert W. Oberrender

	Robert W. Oberrender
	Senior Vice President and Treasurer
	
	 /s/ Dannette L. Smith

	Dannette L. Smith
	Secretary to the Board of Directors

 SIGNATURE PAGE TO 2011 NOTES
OFFICERS’ CERTIFICATE AND COMPANY ORDER 

 EXHIBIT A 
 FORM OF LEGENDS 
 Global Security Legend 
 THIS NOTE IS A GLOBAL SECURITY WITHIN THE MEANING OF THE INDENTURE HEREINAFTER REFERRED TO BELOW AND IS REGISTERED IN THE NAME OF A DEPOSITORY OR A
NOMINEE OF A DEPOSITORY. THIS NOTE IS EXCHANGEABLE FOR NOTES REGISTERED IN THE NAME OF A PERSON OTHER THAN THE DEPOSITORY OR ITS NOMINEE ONLY IN THE LIMITED CIRCUMSTANCES DESCRIBED IN THE INDENTURE, AND NO TRANSFER OF THIS NOTE (OTHER THAN A
TRANSFER OF THIS NOTE AS A WHOLE BY THE DEPOSITORY TO A NOMINEE OF THE DEPOSITORY OR BY A NOMINEE OF THE DEPOSITORY TO THE DEPOSITORY OR ANOTHER NOMINEE OF THE DEPOSITORY) MAY BE REGISTERED EXCEPT IN THE LIMITED CIRCUMSTANCES DESCRIBED IN THE
INDENTURE. 
 UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY (55 WATER STREET, NEW YORK,
NEW YORK) TO THE ISSUER OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR SUCH OTHER NAME AS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY
TRUST COMPANY AND ANY PAYMENT IS MADE TO CEDE & CO., ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL SINCE THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN. 

 EXHIBIT B 
 FORM OF GLOBAL SECURITY 
 THIS NOTE IS A GLOBAL SECURITY WITHIN THE MEANING OF THE INDENTURE
HEREINAFTER REFERRED TO BELOW AND IS REGISTERED IN THE NAME OF A DEPOSITORY OR A NOMINEE OF A DEPOSITORY. THIS NOTE IS EXCHANGEABLE FOR NOTES REGISTERED IN THE NAME OF A PERSON OTHER THAN THE DEPOSITORY OR ITS NOMINEE ONLY IN THE LIMITED
CIRCUMSTANCES DESCRIBED IN THE INDENTURE, AND NO TRANSFER OF THIS NOTE (OTHER THAN A TRANSFER OF THIS NOTE AS A WHOLE BY THE DEPOSITORY TO A NOMINEE OF THE DEPOSITORY OR BY A NOMINEE OF THE DEPOSITORY TO THE DEPOSITORY OR ANOTHER NOMINEE OF THE
DEPOSITORY) MAY BE REGISTERED EXCEPT IN THE LIMITED CIRCUMSTANCES DESCRIBED IN THE INDENTURE. 
 UNLESS THIS CERTIFICATE IS PRESENTED BY AN
AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY (55 WATER STREET, NEW YORK, NEW YORK) TO THE ISSUER OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO.
OR SUCH OTHER NAME AS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY AND ANY PAYMENT IS MADE TO CEDE & CO., ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL SINCE THE
REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN. 
  

					
	REGISTERED	  	 UNITEDHEALTH GROUP
 INCORPORATED
	  	$[                            ]
	No. [    ]	  	 Floating Rate Notes due
 February 7, 2011
	  	 CUSIP No. 91324PBL5
 ISIN No. US91324PBL58

 UNITEDHEALTH GROUP INCORPORATED, a Minnesota corporation (hereinafter called the
“Company,” which term includes any successor corporation under the Indenture referred to below), for value received, hereby promises to pay to CEDE & CO., or registered assigns, the principal sum of
[                            ] Dollars
($[                    ]) on February 7, 2011 (the “Stated Maturity”), and to pay interest thereon from February 7, 2008
or from the most recent date to which interest has been paid or duly provided for, quarterly on February 7, May 7, August 7, and November 7 in each year (each, an “Interest Payment Date”), commencing
May 7, 2008, and at Maturity, at the rate per annum determined in accordance with the provisions set forth on the reverse side hereof, until the principal hereof is paid or duly made available for payment. The interest so payable and punctually
paid or duly provided for on any Interest Payment Date will, as provided in such Indenture, be paid to the Person in whose name this Note (or one or more Predecessor Securities) is registered at the close of business on the “Regular Record
Date” for such interest, which shall be the January 23, April 22, July 23 or October 23 (whether or not a Business Day, as hereinafter defined) next preceding each such Interest Payment Date. Any such interest
which is payable, but is not punctually paid or duly provided for, on any Interest Payment Date shall forthwith cease to be payable to the registered Holder hereof on the relevant Regular Record Date by virtue of having been such Holder, and may be
paid (i)

 
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 the Holder of this Note not less than 10 days prior to such Special Record Date or (ii) in any other lawful manner not inconsistent with the requirements of
any securities exchange on which this Note may be listed, and upon such notice as may be required by such exchange, if, after notice given by the Company to the Trustee of the proposed payment pursuant to this clause (ii), such manner of payment
shall be deemed practicable by the Trustee. In the event that a payment of principal or interest is due on a date that is not a Business Day (as defined below), the related payment of principal or interest shall be made on the next succeeding
Business Day with the same force and effect as if made on the date such payment was due, and no interest shall accrue on the amount so payable for the period from and after such Interest Payment Date or date of Maturity, as the case may be.
“Business Day” shall mean any day other than a Saturday, a Sunday or a day on which banking institutions in New York, New York or Minneapolis, Minnesota or at the place of payment are authorized or obligated by law, regulation or executive
order to remain closed. “London Business Day” means any day on which dealings in United States dollars are transacted in the London interbank market. 
 Payment of the principal of and the interest on this Note will be made at the corporate trust office of U.S. Bank National Association, in St. Paul, Minnesota, 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. The method of such payment shall be by wire transfer for a Note held in book-entry form or at the option of the Company by check mailed to the Person entitled thereto
as shown on the Security Register. Payment of the principal of and interest on this Note due at Maturity will be made in immediately available funds upon presentation of this Note. 
 Reference is hereby made to the further provisions of this Note set forth on the reverse side 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 or on behalf of
the Trustee under the Indenture by the manual signature of one of its authorized signatories, this Note shall not be entitled to any benefits under the Indenture or be valid or obligatory for any purpose. 
 [SIGNATURE PAGE TO FOLLOW] 
  

 2 

 IN WITNESS WHEREOF, the Company has caused this instrument to be duly executed. 
 Dated: February 7, 2008 
  

			
	 UNITEDHEALTH GROUP INCORPORATED

		
	 By:
	 	  

	 Name:
	 	Robert W. Oberrender
	 Title:
	 	Senior Vice President and Treasurer
		
	 Attest:
	 	  

	 Name:
	 	Dannette L. Smith
	 Title:
	 	Secretary to the Board of Directors

 TRUSTEE’S CERTIFICATE OF 
 AUTHENTICATION 
  

			
	This is one of the Securities of the series designated herein and issued pursuant to the within-mentioned Indenture.
	
	 Dated: February 7, 2008

	
	 U.S. BANK NATIONAL ASSOCIATION,

	 as Trustee

		
	 By:
	 	  

		 	Authorized Signatory

 UnitedHealth Group Incorporated 
 Floating Rate Notes due February 7, 2011 

 [REVERSE SIDE 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 February 4, 2008,
between the Company and U.S. Bank National Association, as trustee (the “Trustee,” which term includes any successor trustee), as further supplemented by an Officers’ Certificate and Company Order dated February 7, 2008 pursuant
to Section 301 of the indenture (together, the “Indenture”) between the Company and the Trustee, 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 Notes, and 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,
limited in initial aggregate principal amount to $250,000,000; provided, however, that the Company may, so long as no Event of Default has occurred and is continuing, without the consent of the Holders of the Notes of this series, issue
additional notes with the same terms as the Notes of this series, and such additional notes shall be considered part of the same series under the Indenture as the Notes of this series. 
 This Note shall bear interest at a rate per annum equal to LIBOR (as defined below) plus 1.30%, as determined by the Calculation Agent (as defined below)
(based on a 360-day year for the actual number of days elapsed) from February 7, 2008, or from the most recent Interest Payment Date to which interest has been paid or duly provided for, as the case may be, payable quarterly on
February 7, May 7, August 7, and November 7 in each year, commencing May 7, 2008, until the principal thereof is paid or made available for payment. 
 Each February 7, May 7, August 7, and November 7 shall be an “Interest Payment Date” for this Note, and each
January 23, April 22, July 23 and October 23 (whether or not a Business Day), as the case may be, immediately preceding an Interest Payment Date for this Note shall be the “Regular Record Date” for the
interest payable on such Interest Payment Date. 
 The rate of interest on this Note will be 4.46188% on February 7, 2008, and will be
reset on each Interest Payment Date thereafter (the date on which each such reset occurs, an “Interest Reset Date”). 
 On each
Interest Reset Date, the rate of interest on this Note shall be determined with respect to an Interest Determination Date. The second London Business Day preceding an Interest Reset Date will be the interest determination date (the “Interest
Determination Date”) for that Interest Reset Date. 
 Interest on this Note will accrue from and including, February 7, 2008, to
and excluding, the first Interest Payment Date and then from and including, the immediately preceding Interest Payment Date to which interest has been paid or duly provided for to but excluding, the next Interest Payment Date or date of Maturity, as
the case may be, each such period an “Interest Period.” Accrued interest from February 7, 2008, or from the last date on which interest has been paid or duly provided for, to the date for which interest is being calculated shall be
calculated by multiplying the face amount of this Note by the applicable accrued interest factor (the “Accrued Interest Factor”). The Accrued Interest Factor shall be computed by adding the interest factor calculated for each day from
February 7, 2008, or from the last date to which interest has been paid or duly provided for, to the date for which accrued interest is being 

  

 4 

 
calculated. The Accrued Interest Factor for each day shall be computed by dividing the per annum interest rate applicable to such day by 360. The interest
rate in effect on each day will be (i) if such day is an Interest Reset Date, the interest rate determined as of the Interest Determination Date pertaining to such Interest Reset Date or (ii) if such day is not an Interest Reset Date and
falls after the first Interest Reset Date, the interest rate determined as of the Interest Determination Date pertaining to the immediately preceding Interest Reset Date or (iii) if such day is not an Interest Reset Date and falls before the
first Interest Reset Date, 4.46188%. 
 All percentages resulting from the above calculation will be rounded, if necessary, to the nearest
one hundred-thousandth of a percentage point, with five one-millionths of a percentage point rounded upward (e.g., 9.876545% (or .09876545) being rounded to 9.87655% (or .0987655)) and all dollar amounts used in or resulting from such calculations
will be rounded to the nearest cent (with one-half cent being rounded upward). 
 LIBOR will be determined by the Calculation Agent in
accordance with the following provisions: 
 (i) With respect to an Interest Period, LIBOR will be the rate (expressed as a percentage per
annum) for deposits in United States dollars having a three-month maturity that appears on Reuters LIBOR01 at approximately 11:00 A.M. London time on the Interest Determination Date. If on an Interest Determination Date such rate does not appear on
Reuters LIBOR01 at such time, or if the Reuters LIBOR01 is not available on such date, then LIBOR, in respect of that Interest Determination Date, will be determined in accordance with the provisions described in (ii) below. 
 (ii) With respect to an Interest Determination Date on which no rate appears as specified in (i) above, the Calculation Agent will obtain such rate
from Bloomberg’s “BBAM.” If such rate does not appear on Reuters LIBOR01 or Bloomberg’s page “BBAM” on an Interest Rate Determination Date at approximately 11:00 A.M., London time, then the Calculation Agent will
request the principal London office of each of four major banks in the London interbank market, as selected by the Calculation Agent, to provide the Calculation Agent with its offered quotation of the rate (expressed as a percentage per annum)
offered by it to prime banks in the London interbank market for three-month deposits in United States dollars in a principal amount of at least $1,000,000 at approximately 11:00 A.M., London time, on such Interest Determination Date. If at least two
such quotations are so provided, then LIBOR on that Interest Determination Date will be the arithmetic mean of those quotations. If fewer than two such quotations are so provided, the Calculation Agent will request each of three major banks in New
York City, as selected by the Calculation Agent, to provide a quotation of the rate (expressed as a percentage per annum) offered by it for loans in United States dollars to leading European banks, having a three-month maturity in a principal amount
of at least $1,000,000 at approximately 11:00 A.M., New York City time, on such Interest Determination Date. If at least two such rates are so provided, the rate for the interest period will be the arithmetic mean of such rates. If fewer than two
such rates are so provided, then the rate for the Interest Period will be the rate in effect with respect to the immediately preceding Interest Period. 
  

 5 

 “Reuters LIBOR01” means the Reuters Screen LIBOR01 Page, or any successor service or page, for
the purpose of displaying the London interbank rates of major banks for United States dollars. 
 U.S. Bank National Association will be the
“Calculation Agent.” The Calculation Agent shall calculate the interest rate in accordance with the foregoing. On or before each Calculation Date, the Calculation Agent will determine the interest rate and notify the paying agent. All
calculations of the Calculation Agent, in the absence of manifest error, shall be conclusive and binding and neither the Trustee nor the paying agent shall have the duty to verify determinations of interest rates made by the Calculation Agent. The
determinations of the Accrued Interest Factor made by the paying agent shall be conclusive and binding. The “Calculation Date” pertaining to any Interest Determination Date on a Note will be the earlier of (i) the tenth calendar day
after such Interest Determination Date, or, if any such day is not a Business Day, the next succeeding Business Day, and (ii) the Business Day immediately preceding the applicable Interest Payment Date or the date of Maturity, as the case may
be. 
 Notwithstanding the foregoing, the interest rate shall in no event be higher than the maximum rate permitted by New York law as the
same may be modified by United States law of general application. 
 Redemption 
 This Note is not subject to redemption prior to the Stated Maturity. This Note will not be entitled to any sinking fund. 
 Change of Control Offer 
 If a Change of
Control Triggering Event (as defined herein) occurs, unless the Company has exercised its option to redeem the Notes of this series, the Company shall be required to make an offer (a “Change of Control Offer”) to each Holder of the Notes
of this series to repurchase all or any part (equal to $2,000 or an integral multiple of $1,000 in excess thereof) of that Holder’s Notes on the terms set forth herein. In a Change of Control Offer, the Company shall be required to offer
payment in cash equal to 101% of the aggregate principal amount of Notes of this series repurchased, plus accrued and unpaid interest, if any, on the Notes of this series repurchased to the date of repurchase (a “Change of Control
Payment”). Within 30 days following any Change of Control Triggering Event or, at the Company’s option, prior to any Change of Control, but after public announcement of the transaction that constitutes or may constitute the Change of
Control, a notice shall be mailed to Holders of the Notes of this series describing the transaction that constitutes or may constitute the Change of Control Triggering Event and offering to repurchase such Notes on the date specified in the notice,
which date shall be no earlier than 30 days and no later than 60 days from the date such notice is mailed (a “Change of Control Payment Date”). The notice shall, if mailed prior to the date of consummation of the Change of Control, state
that the offer to purchase is conditioned on the Change of Control Triggering Event occurring on or prior to the Change of Control Payment Date. 
 In order to accept the Change of Control Offer, the Holder must deliver to the Paying Agent, at least five Business Days prior to the Change of Control Payment Date, this Note together with the form entitled “Election Form” (which
form is annexed hereto) duly completed, 

  

 6 

 
or a telegram, telex, facsimile transmission or a letter from a member of a national securities exchange, or the Financial Industry Regulatory Authority or a
commercial bank or trust company in the United States setting forth: 
 (i) the name of the Holder of this Note; 
 (ii) the principal amount of this Note; 
 (iii) the principal amount of this Note to be repurchased; 
 (iv) the certificate number or a description of the tenor and terms of
this Note; 
 (v) a statement that the Holder is accepting the Change of Control Offer; and 
 (vi) a guarantee that this Note, together with the form entitled “Election Form” duly completed, will be received by the Paying Agent at least
five Business Days prior to the Change of Control Payment Date. 
 Any exercise by a Holder of its election to accept the Change of Control
Offer shall be irrevocable. The Change of Control Offer may be accepted for less than the entire principal amount of this Note, but in that event the principal amount of this Note remaining outstanding after repurchase must be equal to $2,000 or an
integral multiple of $1,000 in excess thereof. 
 On the Change of Control Payment Date, the Company shall, to the extent lawful: 

(i) accept for payment all Notes of this series or portions of such Notes properly tendered pursuant to the Change of Control Offer; 
 (ii) deposit with the Paying Agent an amount equal to the Change of Control Payment in respect of all Notes of this series or portions of such Notes
properly tendered; and 
 (iii) deliver or cause to be delivered to the Trustee the Notes of this series properly accepted together with an
Officers’ Certificate stating the aggregate principal amount of Notes of this series or portions of such Notes being repurchased. 
 The
Company shall not be required to make a Change of Control Offer upon the occurrence of a Change of Control Triggering Event if a third party makes such an offer in the manner, at the times and otherwise in compliance with the requirements for an
offer made by the Company and the third party purchases all Notes of this series properly tendered and not withdrawn under its offer. In addition, the Company shall not repurchase any Notes of this series if there has occurred and is continuing on
the Change of Control Payment Date an Event of Default under the Indenture, other than a default in the payment of the Change of Control Payment upon a Change of Control Triggering Event. 
 The Company shall comply with the requirements of Rule 14e-1 under the Securities Exchange Act of 1934, as amended (the “Exchange Act”), and
any other securities laws and regulations thereunder to the extent those laws and regulations are applicable in connection with the repurchase of the Notes of this series as a result of a Change of Control Triggering Event. To the extent that the
provisions of any such securities laws or regulations conflict with the Change 

  

 7 

 
of Control Offer provisions of the Notes of this series, the Company shall comply with those securities laws and regulations and shall not be deemed to have
breached its obligations under the Change of Control Offer provisions of the Notes of this series by virtue of any such conflict. 
 For
purposes of the Change of Control Offer provisions of the Notes of this series, the following terms are applicable: 
 “Change of
Control” means the occurrence of any of the following: (1) the direct or indirect sale, lease, transfer, conveyance or other disposition (other than by way of merger or consolidation), in one or more series of related transactions, of all
or substantially all of the assets of the Company and its Subsidiaries, taken as a whole, to any person, other than the Company or a Subsidiary; (2) the consummation of any transaction (including, without limitation, any merger or
consolidation) the result of which is that any person becomes the beneficial owner (as defined in Rules 13d-3 and 13d-5 under the Exchange Act), directly or indirectly, of more than 50% of the Company’s outstanding Voting Stock or other Voting
Stock into which the Company’s Voting Stock is reclassified, consolidated, exchanged or changed, measured by voting power rather than number of shares; (3) the Company consolidates with, or merges with or into, any person, or any person
consolidates with, or merges with or into, the Company, in any such event pursuant to a transaction in which any of the Company’s outstanding Voting Stock or the Voting Stock of such other person is converted into or exchanged for cash,
securities or other property, other than any such transaction where the shares of the Company’s Voting Stock outstanding immediately prior to such transaction constitute, or are converted into or exchanged for, a majority of the Voting Stock of
the surviving person or any direct or indirect parent company of the surviving person immediately after giving effect to such transaction; (4) the first day on which a majority of the members of the Company’s Board of Directors are not
Continuing Directors; or (5) the adoption of a plan relating to the Company’s liquidation or dissolution. Notwithstanding the foregoing, a transaction shall not be deemed to involve a Change of Control under clause (2) above if
(i) the Company becomes a direct or indirect wholly-owned subsidiary of a holding company and (ii)(A) the direct or indirect holders of the Voting Stock of such holding company immediately following that transaction are substantially the same
as the holders of the Company’s Voting Stock immediately prior to that transaction or (B) immediately following that transaction no person (other than a holding company satisfying the requirements of this sentence) is the beneficial owner,
directly or indirectly, of more than 50% of the Voting Stock of such holding company. The term “person,” as used in this definition, has the meaning given thereto in Section 13(d)(3) of the Exchange Act. 
 “Change of Control Triggering Event” means the occurrence of both a Change of Control and a Rating Event. 
 “Continuing Directors” means, as of any date of determination, any member of the Company’s Board of Directors who (1) was a member of
such Board of Directors on the date the Notes of this series were issued or (2) was nominated for election, elected or appointed to such Board of Directors with the approval of a majority of the Continuing Directors who were members of such
Board of Directors at the time of such nomination, election or appointment (either by a specific vote or by approval of the Company’s proxy statement in which such member was named as a nominee for election as a director, without objection to
such nomination). 
  

 8 

 “Fitch” means Fitch Inc., and its successors. 
 “Investment Grade Rating” means a rating equal to or higher than BBB- (or the equivalent) by Fitch, Baa3 (or the equivalent) by Moody’s
and BBB- (or the equivalent) by S&P, and the equivalent investment grade credit rating from any replacement rating agency or rating agencies selected by the Company. 
 “Moody’s” means Moody’s Investors Service, Inc., and its successors. 
 “Rating
Agencies” means (1) each of Fitch, Moody’s and S&P; and (2) if any of Fitch, Moody’s or S&P ceases to rate the Notes of this series or fails to make a rating of such Notes publicly available for reasons outside of
the Company’s control, a “nationally recognized statistical rating organization” within the meaning of Rule 15c3-1(c)(2)(vi)(F) under the Exchange Act selected by the Company (as certified by a resolution of the Company’s Board
of Directors) as a replacement agency for Fitch, Moody’s or S&P, or all of them, as the case may be. 
 “Rating Event”
means the rating on the Notes of this series is lowered by at least two of the three Rating Agencies and the Notes of this series are rated below an Investment Grade Rating by at least two of the three Rating Agencies on any day during the period
(which period shall be extended so long as the rating of the Notes of this series is under publicly announced consideration for a possible downgrade by any of the Rating Agencies) commencing on the date of the first public notice of the occurrence
of a Change of Control or the Company’s intention to effect a Change of Control and ending 60 days following consummation of such Change of Control. 
 “S&P” means Standard & Poor’s Rating Services, a division of The McGraw-Hill Companies, Inc., and its successors. 
 “Voting Stock” means, with respect to any specified “person” (as that term is used in Section 13(d)(3) of the Exchange Act) as
of any date, the capital stock of such person that is at the time entitled to vote generally in the election of the board of directors of such person. 
 Miscellaneous Provisions 
 If an Event of Default with respect to the Notes shall occur and be continuing, the
principal of the Notes may be declared due and payable in the manner and with the effect provided in the Indenture. 
 The Indenture contains
provisions for defeasance at any time of the Company’s obligations in respect of (i) the entire indebtedness of this Note or (ii) certain restrictive covenants with respect to this Note, in each case upon compliance with certain
conditions set forth therein. 
 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 issued under the Indenture at any time by the Company and the Trustee with the consent of the Holders of not less than a
majority in aggregate principal amount of the Securities of all series at the time Outstanding affected thereby. The Indenture also contains provisions permitting the Holders of specified percentages in aggregate principal amount of the 

  

 9 

 
Securities of any series at the time Outstanding to waive certain past defaults under the Indenture and their consequences. Any such consent or waiver by the
Holder of this Note shall be conclusive and binding upon such Holder and upon all future Holders of this Note and of any Notes issued upon the registration of transfer hereof or in exchange herefor or in lieu hereof, whether or not notation of such
consent or waiver is made upon this Note. 
 No reference herein to the Indenture and no provision of this Note or of the Indenture shall
alter or impair the obligation of the Company, which is absolute and unconditional, to pay the principal of (and premium, if any) and interest on this Note, at the time, place and rate, and in the coin or currency, herein and in the Indenture
prescribed. 
 As provided in the Indenture and subject to certain limitations set forth therein and in this Note, the transfer of this Note
is registrable in the registry books of the Company, upon surrender of this Note for registration of transfer at the office or agency of the Company where the principal of (and premium, if any) and interest on this Note are payable, duly endorsed,
or accompanied by a written instrument of transfer in form satisfactory to the Company and the Trustee, duly executed by the Holder hereof or by his attorney duly authorized in writing, and thereupon one or more new Notes, 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 fully registered form without coupons in minimal initial purchase amounts of $2,000 and whole 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 aggregate principal amount of Notes of this series which are of like tenor for any 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, other than in certain cases provided in the Indenture. 
 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 shall be governed
by and construed in accordance with the laws of the State of New York, without regard to its conflicts of laws provisions. 
 All capitalized
terms used in this Note which are not defined herein shall have the meanings assigned to them in the Indenture. 
  

 10 

 ASSIGNMENT FORM 
  

											
	I or we assign and transfer this Note to
	
	  

	
	  

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

	 (Insert Social Security or other identifying number of assignee or transferee)

	
	and irrevocably appoint
                                        
                     agent to transfer this Note on the books of the Issuer. The agent may substitute another to act for him.
					
	 Dated:
	 	  
	 		 	Signed:	 	  

		 		 		 		 	 (Sign exactly as name appears
 on the other side of this Note)

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

  

 11 

 SCHEDULE OF EXCHANGES OF INTERESTS IN THE GLOBAL SECURITY 
 Initial Principal Amount at Maturity of Global Security:
[                    ] Dollars
($[                    ]). 
 The following
exchanges of a part of this Global Security for an interest in another Global Security or for a certificated note, or exchanges of a part of another Global Security or certificated note for an interest in this Global Security, have been made:

  

									
	 Date of Exchange
	 	 Amount of decrease in
Principal Amount of
 this Global Security
	 	 Amount of increase in
Principal Amount of
 this Global Security
	 	 Principal Amount of
 this Global Security
 following
such
 decrease
 (or
increase)
	 	 Signature of
 authorized officer of
 Trustee or Note
 Custodian

		 		 		 		 	
		 		 		 		 	
		 		 		 		 	

  

 12 

 ELECTION FORM 
 TO BE COMPLETED ONLY IF THE HOLDER 
 ELECTS TO ACCEPT THE CHANGE OF CONTROL OFFER 
  
  
 The undersigned hereby irrevocably requests and instructs the Company to repurchase the within Note (or the portion thereof specified below), pursuant to
its terms, on the Change of Control Payment Date specified in the Change of Control Offer, for the Change of Control Payment specified in the within Note, to the
undersigned,                                      
  , at
                                        
(please print or typewrite name and address of the undersigned). 
 For this election to accept the Change of Control Offer to be effective,
the Company must receive, at the address of the Paying Agent set forth below or at such other place or places of which the Company shall from time to time notify the Holder of the within Note, either (i) this Note with this “Election Form”
form duly completed, or (ii) a telegram, telex, facsimile transmission or a letter from a member of a national securities exchange or the Financial Industry Regulatory Authority or a commercial bank or a trust company in the United States setting
forth (a) the name of the Holder of the Note, (b) the principal amount of the Note, (c) the principal amount of the Note to be repurchased, (d) the certificate number or description of the tenor and terms of the Note, (e) a statement that the option
to elect repurchase is being exercised, and (f) a guarantee stating that the Note to be repurchased, together with this “Election Form” duly completed will be received by the Paying Agent five Business Days prior to the Change of Control
Payment Date. The address of the Paying Agent is U.S. BANK NATIONAL ASSOCIATION, 60 Livingston Avenue, EP-MN-WS3C, St. Paul, MN 55107-2292. 
 If less than the entire principal amount of the within Note is to be repurchased, specify the portion thereof (which principal amount must be $2,000 or an integral multiple of $1,000 in excess thereof) which the Holder elects to have
repurchased: $            . 
  

 13

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