Document:

EX-4.3

 Exhibit 4.3 

DOVER CORPORATION 
 AND

 THE BANK OF NEW YORK MELLON, 

as Trustee 
  

 
 EIGHTH
SUPPLEMENTAL INDENTURE 
 Dated as of November 4, 2019 

 
  

2.950% Notes due 2029 
  

 EIGHTH SUPPLEMENTAL INDENTURE (as hereinafter defined, the “Eighth Supplemental
Indenture”), dated as of November 4, 2019, between DOVER CORPORATION, a Delaware corporation (the “Company”) and THE BANK OF NEW YORK MELLON (formerly The Bank of New York), a New York banking corporation, as Trustee
(as hereinafter defined, the “Trustee”). 
 W I T N E S S E T H: 

WHEREAS, the Company and Bank One Trust Company, N.A. (as predecessor to J.P. Morgan Trust Company, National Association and The Bank of New
York Mellon, the “Original Trustee”) executed and delivered an Indenture, dated as of February 8, 2001 (the “Base Indenture” and the Base Indenture, as supplemented by the First Supplemental Indenture
(as defined herein), the Second Supplemental Indenture (as defined herein), the Third Supplemental Indenture (as defined herein), the Fourth Supplemental Indenture (as defined herein), the Fifth Supplemental Indenture (as defined herein), the Sixth
Supplemental Indenture (as defined herein), the Seventh Supplemental Indenture (as defined herein) and the Eighth Supplemental Indenture, the “Indenture”), to provide for the issuance by the Company from time to time of unsecured
notes, debentures or other evidences of indebtedness, to be issued in one or more series as provided in the Indenture; 
 WHEREAS, on
February 12, 2001, pursuant to a Board Resolution, the Company issued a series of its debt securities under the Indenture designated as the “6.50% Notes due February 15, 2011”, which were issued in the aggregate principal amount
of $400,000,000; 
 WHEREAS, on October 13, 2005, pursuant to a Board Resolution, the Company issued two series of its debt securities
under the Indenture, designated as the “4.875% Notes due October 15, 2015”, which were issued in the aggregate principal amount of $300,000,000, and as the “5.375% Debentures due October 15, 2035”, which were issued in
the aggregate principal amount of $300,000,000 (collectively, the “2005 Securities”); 
 WHEREAS, on March 14, 2008,
pursuant to a Board Resolution, the Company issued two series of its debt securities under the Indenture, designated as the “5.45% Notes due March 15, 2018”, which were issued in the aggregate principal amount of $350,000,000, and as
the “6.60% Notes due March 2038”, which were issued in the aggregate principal amount of $250,000,000 (collectively, the “2008 Securities”); 

WHEREAS, on February 22, 2011, pursuant to a Board Resolution, the Company issued two series of its debt securities under the Indenture,
designated as the “4.300% Notes due 2021”, which were issued in the aggregate principal amount of $450,000,000, and as the “5.375% Notes due 2041”, which were issued in the aggregate principal amount of $350,000,000
(collectively, the “2011 Securities”); 
 WHEREAS, on December 2, 2013, pursuant to a Board Resolution, the Company
issued one series of its debt securities under the Indenture, designated as the “2.125% Notes due 2020”, which were issued in the aggregate principal amount of €300,000,000 (the “2013 Securities”); 

WHEREAS, on November 3, 2015, pursuant to a Board Resolution, the Company issued one series of its debt securities under the Indenture,
designated as the “3.150% Notes due 2025”, which were issued in the aggregate principal amount of $400,000,000 (the “2015 Securities”); 

WHEREAS, on November 9, 2016, pursuant to a Board Resolution, the Company issued one series of its debt securities under the Indenture,
designated as the “1.250% Notes due 2026”, which were issued in the aggregate principal amount of €600,000,000 (the “2016 Securities”); 

  
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 WHEREAS, on November 4, 2019, pursuant to a Board Resolution, the Company issued one
series of its debt securities under the Indenture, designated as the “0.750% Notes due 2027”, which was issued in the aggregate principal amount of €500,000,000 (the “2019 Euro Securities”); 

WHEREAS, the Company and J.P. Morgan Trust Company, National Association (formerly known as Bank One Trust Company, N.A.) (as then Trustee
under the Indenture) executed and delivered the First Supplemental Indenture, dated as of October 13, 2005 (the “First Supplemental Indenture”), among other things, to establish the form and terms of the 2005 Securities; 

WHEREAS, subsequent to the date of the First Supplemental Indenture, The Bank of New York Mellon acquired the trustee business of the Original
Trustee and succeeded the Original Trustee as the Trustee under the Indenture; 
 WHEREAS, the Company and the Bank of New York Mellon (as
Trustee under the Indenture) executed and delivered the Second Supplemental Indenture, dated as of March 14, 2008 (the “Second Supplemental Indenture”), the Third Supplemental Indenture, dated as of February 22, 2011 (the
“Third Supplemental Indenture”), the Fourth Supplemental Indenture, dated as of December 2, 2013 (the “Fourth Supplemental Indenture”), the Fifth Supplemental Indenture, dated as of November 3, 2015 (the
“Fifth Supplemental Indenture”), the Sixth Supplemental Indenture, dated as of November 9, 2016 (the “Sixth Supplemental Indenture”), and the Seventh Supplemental Indenture, dated as of November 4, 2019
(the “Seventh Supplemental Indenture”) among other things, to establish the forms and terms of the 2008 Securities, the 2011 Securities, the 2013 Securities, the 2015 Securities, the 2016 Securities and the 2019 Euro Securities,
respectively; 
 WHEREAS, pursuant to Board Resolutions dated October 16, 2019 and October 28, 2019, the Company has authorized
the creation and issuance of an additional and separate series of its debt securities under the Indenture, to be denominated in U.S. dollars and designated as the “2.950% Notes due 2029”, which are to be issued in the initial aggregate
principal amount of $300,000,000 (the “Notes”); 
 WHEREAS, pursuant to a Board Resolution authorizing the creation and
issuance of the Notes, the Trustee has been designated as the trustee under the Indenture in respect of the Notes; 
 WHEREAS,
Section 901 of the Indenture provides that, without the consent of the Holders, the Company, when authorized by a Board Resolution, may enter into a supplemental indenture with the Trustee, among other matters, to establish the forms or terms
of any series as permitted by Sections 201 and 301 of the Indenture; 
 WHEREAS, the Company desires to establish the forms and terms of the
Notes in accordance with Sections 201 and 301 of the Indenture; 
 WHEREAS, the Company has determined that this Eighth Supplemental
Indenture is authorized or permitted by the Indenture and has delivered to the Trustee an Opinion of Counsel and an Officers’ Certificate pursuant to Section 903 of the Indenture to that effect and an Opinion of Counsel and an
Officers’ Certificate pursuant to Section 102 of the Indenture to the effect that all conditions precedent provided for in the Indenture to the Trustee’s execution and delivery of this Eighth Supplemental Indenture have been complied
with; 
 WHEREAS, the entering into this Eighth Supplemental Indenture by the parties hereto is in all respects authorized by the provisions
of the Indenture; 

  
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 WHEREAS, the Indenture is subject to the provisions of the Trust Indenture Act of 1939, as
amended, that are required to be part of the Indenture and shall, to the extent applicable, be governed by such provisions; and 
 WHEREAS,
all things necessary to make this Eighth Supplemental Indenture a valid indenture and agreement according to its terms have been done. 

NOW, THEREFORE, in consideration of the covenants and agreements set forth herein and for other good and valuable consideration, the receipt
and sufficiency of which are hereby acknowledged, the parties hereto hereby agree as follows: 
 ARTICLE 1 

DEFINITIONS 

Section 1.1 Definition of Terms. For all purposes of this Eighth Supplemental Indenture, except as otherwise expressly provided or
unless the context requires otherwise: 
 (a) a term defined in the Indenture and not otherwise defined herein has the same meaning when used
in this Eighth Supplemental Indenture; and 
 (b) the following terms have the meanings given to them in this Section 1.1(b) and shall
have the meaning set forth below for purposes of this Eighth Supplemental Indenture and the Indenture as it relates to the Notes created hereby: 

“Additional Notes” shall have the meaning set forth in Section 4.1. 

“Business Day” means any day, other than a Saturday or Sunday, which is not a day on which banking institutions in the City
of New York are authorized or required by law, regulation or executive order to close. 
 “Change of Control” means the
occurrence of any of the following: (i) the consummation of any transaction (including, without limitation, any merger or consolidation) the result of which is that any “person” as the term is defined in Section 13(d)(3) of the
Exchange Act (other than the Company or one of its subsidiaries) 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 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; or
(ii) the direct or indirect sale, 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 Company’s assets and the assets
of its subsidiaries, taken as a whole, to one or more Persons (other than the Company or one of its subsidiaries). Notwithstanding the foregoing, a transaction shall not be deemed to involve a Change of Control if (1) the Company becomes a
direct or indirect wholly-owned subsidiary of a holding company and (2)(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. 
 “Change of Control Offer” shall have the
meaning set forth in Section 3.2. 

  
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 “Change of Control Payment” shall have the meaning set forth in
Section 3.2. 
 “Change of Control Payment Date” shall have the meaning set forth in Section 3.2. 

“Change of Control Triggering Event” means the occurrence of both a Change of Control and a Rating Event with respect to the
Notes. 
 “Comparable Treasury Issue” means the United States Treasury security selected by the Quotation Agent as having
an actual or interpolated maturity comparable to the remaining term of the Notes to be redeemed (assuming, for this purpose, that the Notes mature on the Par Call Date) that would be utilized, at the time of selection and in accordance with
customary financial practice, in pricing new issues of corporate debt securities of comparable maturity to the remaining term of such Notes (assuming, for this purpose, that the Notes mature on the Par Call Date). 

“Comparable Treasury Price” means, with respect to any Redemption Date: (i) the average of the Reference Treasury Dealer
Quotations obtained for such Redemption Date, after excluding the highest and lowest of such Reference Treasury Dealer Quotations; (ii) if the Company obtains fewer than four such Reference Treasury Dealer Quotations, the average of all such
Reference Treasury Dealer Quotations; or (iii) if only one such Reference Treasury Dealer Quotation is received, such Reference Treasury Dealer Quotation. 

“Interest Payment Date” shall have the meaning set forth in Section 2.3(a). 

“Interest Period” shall have the meaning set forth in Section 2.3(b). 

“Investment Grade Rating” means a rating equal to or higher than Baa3 (or the equivalent) by Moody’s and BBB- (or the equivalent) by S&P, and the equivalent investment grade credit rating from any additional rating agency or rating agencies selected by the Company. 

“Moody’s” means Moody’s Investors Service Inc. and any successor to its rating agency business. 

“Notes Maturity Date” shall have the meaning set forth in Section 2.2. 

“Par Call Date” means August 4, 2029 (the date that is three months prior to the Notes Maturity Date). 

“Person” shall have the meaning set forth in the Indenture and includes a “person” or “group” as these
terms are used in Section 13(d)(3) of the Exchange Act. 
 “Quotation Agent” means the Reference Treasury Dealer
appointed by the Company. 
 “Rating Agencies” means (i) each of Moody’s and S&P; and (ii) if either of
Moody’s or S&P ceases to rate the Notes or fails to make a rating of the Notes publicly available for reasons outside of the Company’s control, a “nationally recognized statistical rating organization” within the meaning of
Section 3(a)(62) of the Exchange Act selected by the Company (as certified by a Board Resolution) as a replacement agency for Moody’s or S&P, or both of them, as the case may be. 

“Rating Event” means with respect to the Notes, the rating is lowered by each of the Rating Agencies and the Notes are rated
below an Investment Grade Rating by each of the Rating Agencies on any day within the 60-day period (which 60-day period shall be extended so long as the rating of the
Notes is under publicly announced consideration for a possible downgrade by any of the Rating 

  
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Agencies) after the earlier of: (i) the occurrence of a Change of Control; and (ii) public notice of the occurrence of a Change of Control or the Company’s intention to effect a
Change of Control; provided, however, that a Rating Event otherwise arising by virtue of a particular reduction in rating shall not be deemed to have occurred in respect of a particular Change of Control (and thus shall not be deemed a Rating Event
for purposes of the definition of Change of Control Triggering Event) if the Rating Agencies making the reduction in rating to which this definition would otherwise apply do not announce or publicly confirm or inform a Responsible Officer of the
Trustee assigned to the Corporate Trust Office of the Trustee in writing at the Company’s request that the reduction was the result, in whole or in part, of any event or circumstance comprised of or arising as a result of, or in respect of, the
applicable Change of Control (whether or not the applicable Change of Control has occurred at the time of the Rating Event). 

“Redemption Date” means, with respect to any redemption of Notes, the date fixed for such redemption pursuant to the
Indenture and the Notes. 
 “Regular Record Date” means, with respect to any Interest Payment Date for the Notes,
the April 15 or October 15 (whether or not a Business Day) immediately preceding such Interest Payment Date, as applicable. 

“Reference Treasury Dealer” means each of (1) Goldman Sachs & Co. LLC and J.P. Morgan Securities LLC (or their
respective affiliates that are Primary Treasury Dealers) and their respective successors; provided, however, that if any of the foregoing shall cease to be a primary U.S. Government securities dealer in the United States of America (a “Primary
Treasury Dealer”), the Company shall substitute therefor another Primary Treasury Dealer, and (2) one other Primary Treasury Dealer selected by the Company. 

“Reference Treasury Dealer Quotations” means, with respect to each Reference Treasury Dealer and any Redemption Date, the
average, as determined by the Company, of the bid and asked prices for the Comparable Treasury Issue (expressed in each case as a percentage of its principal amount) quoted in writing to the Company by the Reference Treasury Dealer at 3:30 p.m.,
(New York City time), on the third Business Day preceding such Redemption Date. 
 “S&P” means S&P Global Ratings,
a division of S&P Global Inc., and any successor to its rating agency business. 
 “Treasury Rate” means, with respect
to any Redemption Date, the rate per annum equal to the semi-annual equivalent yield to actual or interpolated maturity (on a day count basis) of the Comparable Treasury Issue, assuming a price for the Comparable Treasury Issue (expressed as a
percentage of its principal amount) equal to the Comparable Treasury Price of such Redemption Date. 
 “U.S. dollars” or
“$” means the currency of the United States of America. 
 “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. 

  
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 ARTICLE 2 

GENERAL TERMS AND CONDITIONS OF THE NOTES 

Section 2.1 Designation and Principal Amount. The Notes may be issued from time to time upon written order of the Company
for the authentication and delivery of the Notes pursuant to Sections 301 and 302 of the Indenture. There is hereby authorized a series of Notes designated as the “2.950% Notes due 2029”, initially limited in aggregate principal amount to
$300,000,000 (except upon registration of transfer of, or in exchange for, or in lieu of, other Notes pursuant to Sections 303, 304, 305, 306 or 1107 of the Indenture). 

Section 2.2 Stated Maturity. The date upon which the Notes shall become due and payable at final maturity, together with any
accrued and unpaid interest, is November 4, 2029 (the “Notes Maturity Date”). 
 Section 2.3
Interest. 
 (a) The Notes shall bear interest at the rate of 2.950% per annum. The date from which interest shall accrue on the Notes
shall be November 4, 2019. Interest on the Notes shall be payable semi-annually in arrears on May 4 and November 4 of each year (each, an “Interest Payment Date”), commencing May 4, 2020 to the Persons in whose
name the relevant Notes are registered at the close of business on the Regular Record Date for such Interest Payment Date. 
 (b) Interest
payable on any Interest Payment Date, the Notes Maturity Date, or, if applicable, the Redemption Date with respect to the Notes shall be the amount of interest accrued from, and including, the immediately preceding Interest Payment Date in respect
of which interest has been paid or duly provided for (or from and including the original issue date of November 4, 2019, if no interest has been paid or duly provided for with respect to the Notes) to, but excluding, such Interest Payment Date,
the Notes Maturity Date or, if applicable, the Redemption Date, as the case may be (each, an “Interest Period”). 
 (c) The
amount of interest payable for any full semi-annual Interest Period shall be computed on the basis of a 360-day year consisting of twelve 30-day months. The amount of
interest payable for any period shorter than a full semi-annual Interest Period for which interest is computed shall be computed on the basis of a 30-day month and, for any period less than a month, on the
basis of the actual number of days elapsed per 30-day month. In the event that any scheduled Interest Payment Date for the Notes falls on a day that is not a Business Day, then payment of interest payable on
such Interest Payment Date shall be postponed to the next succeeding day which is a Business Day (and no interest on such payment shall accrue for the period from and after such scheduled Interest Payment Date). 

(d) In the event that the Notes Maturity Date or the Redemption Date falls on a day that is not a Business Day, then the related payments of
principal, premium, if any, and interest may be made on the next succeeding day that is a Business Day (and no additional interest shall accumulate on the amount payable for the period from and after the Notes Maturity Date or Redemption Date). 

Section 2.4 Place of Payment and Appointment. Principal of, and interest on, and the Redemption Price (if any), and Change of
Control Payments (if any), in respect of, the Notes shall be payable at the office or agency of the Company maintained for such purposes in New York, New York, which shall initially be the principal office of the Trustee; provided, however, that
payment of interest may be made at the option of the Company by check mailed to the Person entitled thereto at such address as shall appear in the security register or by wire transfer to an account appropriately designated by the Person entitled to
payment; and provided that the Company shall pay principal of, premium, if any, and interest on, the Notes in global form registered in the name of or held by The Depository Trust Company or such other Depositary as any officer of the Company may
from time to time designate, or its respective nominee, by wire in immediately available funds to such Depositary or its nominee, as the case may be, as the registered Holder of such Notes in global form. Transfer of the Notes shall be registrable,
the Notes shall be exchangeable for Notes of a like aggregate principal amount, and notices and demands to 

  
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or on the Company in respect of the Notes and the Indenture, as amended and supplemented, may be served at the office or agency of the Company maintained for such purpose in New York, New York,
which shall initially be the Corporate Trust Office of the Trustee in New York, New York. The Security Registrar and Paying Agent for the Notes shall initially be the Trustee. 

Section 2.5 Denominations. The Notes shall be issuable in minimum denominations of $2,000 and integral multiples of $1,000 in
excess thereof. 
 Section 2.6 Defeasance. The Company may elect, at its option at any time, pursuant to Section 1301 of
the Indenture, to have Section 1302 or Section 1303 in the Indenture, or both, apply to the Notes, or any principal amount thereof. 

Section 2.7 Global Notes. The Notes shall be issued initially in the form of a permanent Global Security or Global Securities in
registered form and shall initially be deposited with and registered in the name of a nominee of The Depository Trust Company or such other Depositary as any officer of the Company may from time to time designate. Unless and until each such Global
Security is exchanged for the Notes in certificated form, each Global Security may be transferred, in whole but not in part, and any payments on the Notes shall be made only to the Depositary or a nominee of the Depositary, or to a successor
Depositary selected or approved by the Company or to a nominee of such successor Depositary. 
 Section 2.8 Form of the Notes.
The form of the Notes and the Trustee’s Certificate of Authentication to be endorsed thereon shall be substantially in the form attached as Exhibit A hereto, with such changes therein as the officers of the Company executing the Notes (by
manual or facsimile signature) may approve, such approval to be conclusively evidenced by their execution thereof. 
 Section 2.9 No
Sinking Fund. The Notes shall not be entitled to the benefit of any sinking fund. 
 ARTICLE 3 

REDEMPTION OF THE NOTES 

Section 3.1 Optional Redemption by Company. Except as otherwise may be specified in this Eighth Supplemental Indenture, the Notes
may be redeemable, in whole or in part, at the Company’s option and from time to time, as follows: 
 (a) If the Notes are redeemed
before the Par Call Date, the Notes being redeemed shall be redeemed at a Redemption Price equal to the greater of: 
  

	 	(1)	 100% of the principal amount of the Notes then outstanding to be redeemed; and 

 

	 	(2)	 the sum of the present values of the remaining scheduled payments of principal and interest thereon that would
be due if the Notes matured on the Par Call Date (not including any portion of such payments of interest accrued as of the Redemption Date), discounted to the Redemption Date on a semi-annual basis (assuming a
360-day year consisting of twelve 30-day months) at the Treasury Rate, plus 20 basis points (0.20%); 

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

  
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 (b) Notwithstanding the foregoing, installments of interest on Notes to be redeemed that are
due and payable on Interest Payment Dates falling on or prior to a Redemption Date will be payable on the Interest Payment Date to the registered holders as of the close of business on the relevant Regular Record Date. 

(c) If the Notes are redeemed on or after the Par Call Date, the Notes shall be redeemed at a Redemption Price equal to 100% of the principal
amount of the Notes then outstanding to be redeemed, plus accrued and unpaid interest on the principal amount being redeemed to, but excluding, the Redemption Date. 

(d) If less than all of the Notes are to be redeemed, the Notes to be redeemed shall be selected by the Trustee pro rata or by lot, but
consistent with any applicable listing standards. In the event of redemption of Notes in part only, a new Note or Notes of like tenor of the unredeemed portion thereof (which shall not be less than the minimum authorized denomination for the Notes)
shall be issued in the name of the Holder thereof upon cancellation thereof. 
 (e) The Trustee shall have no duty or obligation to calculate
any Redemption Price or any component thereof and the Trustee shall be entitled to receive and conclusively rely upon an Officers’ Certificate delivered by the Company that specifies any Redemption Price. 

(f) Notice of redemption shall be given by first-class mail, postage prepaid, mailed not less than 10 nor more than 60 days prior to the
Redemption Date, to each Holder of Notes to be redeemed, at his, her, or its address appearing in the Security Register. 
 Section 3.2
Change of Control Triggering Event. 
 (a) If a Change of Control Triggering Event occurs with respect to the Notes, unless the
Company has exercised its option to redeem the Notes as described above, the Company shall be required to make an offer (the “Change of Control Offer”) to each Holder of the then outstanding Notes, 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 and in the Notes. In the Change of Control Offer, the Company shall be required to offer payment in cash equal to 101% of
the aggregate principal amount of Notes repurchased, plus accrued and unpaid interest, if any, on the Notes repurchased to the date of repurchase (the “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, the Company shall mail to Holders of the Notes, and furnish
the Trustee with a copy thereof, a notice describing the transaction that constitutes or may constitute the Change of Control Triggering Event, offering to repurchase the 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 (the “Change of Control Payment Date”), setting forth the instructions determined by the Company, consistent with the provisions of this Section 3.2, that a
Holder must follow in order to have its Notes purchased, and stating that a Holder may elect to have such Notes purchased by completing the form entitled “Option of Holder to Elect Purchase” appearing in Exhibit A, or a comparable form,
together with any other procedures that a Holder must follow to accept a Change of Control Offer or effect withdrawal of such acceptance. 

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. 

  
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 (b) On the Change of Control Payment Date for the Notes, the Company shall, to the extent
lawful: 
  

	 	(i)	 accept for payment all Notes or portions of 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 or
portions of Notes properly tendered; and 

  

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

 (c) 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 repurchases all Notes properly tendered and not withdrawn under its offer. In addition, the Company shall not repurchase any Notes 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. 

(d) The Company shall comply with the requirements of Rule 14e-1 under the Exchange Act and any other
securities laws and regulations thereunder to the extent those laws and regulations are applicable in connection with the repurchase of the Notes as a result of a Change of Control Triggering Event. To the extent that the provisions of any such
securities laws or regulations conflict with the Change of Control Offer provisions of the Notes, 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 by virtue of any such conflict. 
 (a) The Trustee shall have no duty or obligation to determine
whether a Change of Control Triggering Event or any component thereof has occurred or is continuing. 
 ARTICLE 4 

ORIGINAL ISSUE OF THE NOTES 

Section 4.1 Additional Notes. The Notes are initially limited in aggregate principal amount to $300,000,000. Subject to the terms
and conditions contained herein, the Company may from time to time, without the consent of the existing Holders of Notes, increase the principal amount of Notes by creating and issuing additional Notes (the “Additional Notes”)
having the same terms and conditions as the Notes in all respects, except for any differences in the issue date, issue price, interest accrued prior to the issue date of the Additional Notes and, in some cases, the first Interest Payment Date. The
Additional Notes shall be fungible with the Notes for United States federal income tax purposes unless such Additional Notes are issued with a separate CUSIP number. Any Additional Notes, at the Company’s determination and in accordance with
provisions of the Indenture, shall be consolidated with and form a single series with the previously outstanding Notes for all purposes of the Indenture, including, without limitation, for purposes of determining whether the required percentage of
the Holders of record has given approval or consent to an amendment or waiver or joined in directing the Trustee to take certain actions on behalf of all Holders. The aggregate principal amount of any Additional Notes shall be unlimited. 

  
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 ARTICLE 5 

MODIFICATION AND WAIVER 

Section 5.1 Supplemental Indentures with Consent of Holders. As set forth in Section 902 of the Indenture, with the consent
of the Holders of a majority in the aggregate principal amount of Securities of each series affected by such supplemental indenture at the time outstanding, the Company and the Trustee may from time to time and at any time enter into an indenture or
indenture supplemental to the Indenture for the purpose of adding any provisions to or changing in any manner or eliminating any of the provisions of the Indenture, the First Supplemental Indenture, the Second Supplemental Indenture, the Third
Supplemental Indenture, the Fourth Supplemental Indenture, the Fifth Supplemental Indenture, the Sixth Supplemental Indenture, the Seventh Supplemental Indenture, or this Eighth Supplemental Indenture or for the purpose of modifying in any manner
the rights of the Holders of the Securities. 
 Section 5.2 Supplemental Indentures Not Requiring Consent of Holders. As set
forth in Section 901 of the Indenture, without the consent of any Holders of any Securities of each series affected by such supplemental indenture at the time outstanding, the Company and Trustee may from time to time and at any time enter into
one or more indentures supplemental to the Indenture for the purpose of adding any provisions to or changing in any manner or eliminating any of the provisions of the Indenture, the First Supplemental Indenture, the Second Supplemental Indenture,
the Third Supplemental Indenture, the Fourth Supplemental Indenture, the Fifth Supplemental Indenture, the Sixth Supplemental Indenture, the Seventh Supplemental Indenture, or this Eighth Supplemental Indenture, including conforming the text of this
Eighth Supplemental Indenture or the Notes to any provision of the “Description of Notes” in the prospectus supplement and accompanying prospectus pursuant to which the Notes are offered to the public to the extent that such provisions in
the “Description of Notes” was intended to be a verbatim recitation of the Eighth Supplemental Indenture or the Notes. 

Section 5.3 Waivers. The holders of a majority in principal amount of the outstanding Notes may waive compliance with certain
restrictive provisions of the Indenture as they relate to the Notes as set forth in the Indenture or this Eighth Supplemental Indenture. The holders of a majority in principal amount of the outstanding Notes may waive any past default under the
Indenture as such default relates to the Notes, except a default in the payment of principal, premium or interest on the Notes and certain covenants and provisions of the Indenture which cannot be amended without the consent of the holder of each
outstanding Note affected. 
 ARTICLE 6 

MISCELLANEOUS 

Section 6.1 Confirmation of Indenture. The Indenture, as heretofore supplemented and as supplemented by this Eighth Supplemental
Indenture, is in all respects ratified and confirmed, and this Eighth Supplemental Indenture shall be deemed part of the Indenture, as heretofore supplemented, in the manner and to the extent herein and therein provided. 

Section 6.2 Responsibility of Recitals, Etc. The recitals herein and in the Notes (except in the
Trustee’s certificate of authentication) shall be taken as the statements of the Company, and the Trustee assumes no responsibility for the correctness thereof. The Trustee makes no representations as to the validity or the sufficiency of this
Eighth Supplemental Indenture or of the Notes. The Trustee shall not be accountable for the use or application by the Company of the Notes or the proceeds thereof. 

Section 6.3 Concerning the Trustee. The Trustee does not assume any duties, responsibility or liabilities by
reason of this Eighth Supplemental Indenture other than as set forth in the Indenture and, in carrying out its responsibilities hereunder, the Trustee shall have all of the rights, powers, privileges, protections and immunities which it possesses
under the Indenture. 

  
 10 

 Section 6.4 Consent to Jurisdiction. The Company
irrevocably consents and submits to the nonexclusive jurisdiction of any court of the State of New York or any United States federal court sitting, in each case, in the Borough of Manhattan, City of New York, State of New York, United States of
America, and any appellate court from any thereof in any suit, action, or proceeding that may be brought in connection with the Indenture, this Eighth Supplemental Indenture or the Notes, and waives any immunity from the jurisdiction of such courts.
The Company irrevocably waives, to the fullest extent permitted by law, any objection to any such suit, action or proceeding that may be brought in such courts whether on the grounds of venue, residence or domicile or on the ground that any such
suit, action or proceeding has been brought in an inconvenient forum. The Company agrees, to the fullest extent that it may lawfully do so, that final judgment in any such suit, action or proceeding brought in such a court shall be conclusive and
binding upon the Company, and waives, to the fullest extent permitted by law, any objection to the enforcement by any competent court in the Company’s jurisdiction of organization of judgments validly obtained in any such court in New York on
the basis of such suit, action or proceeding. 
 Section 6.5 Governing Law. This Eighth Supplemental Indenture and the Notes
shall be governed by, and construed and enforced in accordance with, the laws of the State of New York. 
 Section 6.6
Severability. In case any one or more of the provisions contained in this Eighth Supplemental Indenture or in the Notes shall for any reason be held to be invalid, illegal or unenforceable in any respect, then, to the extent permitted by law,
such invalidity, illegality or unenforceability shall not affect any other provisions of this Eighth Supplemental Indenture, or of the Notes, but this Eighth Supplemental Indenture and the Notes shall be construed as if such invalid or illegal or
unenforceable provision had never been contained herein or therein. 
 Section 6.7 Counterparts. This Eighth Supplemental
Indenture may be executed in any number of counterparts each of which shall be an original, but such counterparts shall together constitute but one and the same instrument. 

Section 6.8 Conflict with Trust Indenture Act. If any provision hereof limits, qualifies or conflicts with a provision of the
Trust Indenture Act which is required under such Act to be a part of and govern this Eighth Supplemental Indenture, the latter provision shall control. If any provision of this Eighth Supplemental Indenture modifies or excludes any provision of the
Trust Indenture Act which may be so modified or excluded, the latter provision shall be deemed to apply to this Eighth Supplemental Indenture, as so modified or excluded, as the case may be. 

Section 6.9 Effect of Headings. The Article and Section headings herein are for convenience only and shall not affect the
construction hereof. 

  
 11 

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

			
	 DOVER
CORPORATION

 
			
		
	 By:
	 	 /s/ James M. Moran

	 Name:
	 	 James M. Moran

	 Title:
	 	 Vice President and
Treasurer

 
			
	
	 THE BANK OF NEW YORK MELLON, as
Trustee

 
			
		
	 By:
	 	 /s/ Laurence J. O’Brien

	 Name:
	 	 Laurence J. O’Brien

	 Title:
	 	 Vice President

  

  
 [Signature Page to
Eighth Supplemental Indenture] 

 EXHIBIT A 

Form of Note 

 This Security is a Global Security within the meaning of the Indenture hereinafter referred to and is
registered in the name of a Depositary or a nominee thereof. This Security may not be exchanged in whole or in part for a Security registered, and no transfer of this Security in whole or in part may be registered, in the name of any Person other
than such Depositary or a nominee thereof, except in the limited circumstances described in the Indenture. 
 Unless this certificate is presented by
an authorized representative of The Depository Trust Company, a New York corporation (“DTC”), to the Company or its agent for registration of transfer, exchange, or payment, and any certificate issued is registered in the name of
Cede & Co. or in such other name as is requested by an authorized representative of DTC (and any payment is made to Cede & Co. or to such other entity as is requested by an authorized representative of DTC), ANY TRANSFER, PLEDGE,
OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL inasmuch as the registered owner hereof, Cede & Co., has an interest herein. 

DOVER CORPORATION 
 2.950%
Note due 2029 
  

			
		  	CUSIP:260003 AP3
		
		  	ISIN: US260003AP32
	No. ____	  	$        

 Dover Corporation, a corporation duly organized and existing under the laws of Delaware (herein called the
“Company”, which term includes any successor Person under the Indenture hereinafter referred to), for value received, hereby promises to pay to
                    , or registered assigns, the principal sum of
$                     on November 4, 2029 and to pay interest thereon from November 4, 2019, or from the most recent Interest
Payment Date to which interest has been paid or duly provided for, semi-annually on May 4 and November 4 in each year, commencing on May 4, 2020, at the rate of 2.950% per annum, until the principal hereof is paid or made
available for payment. The interest so payable, and punctually paid or duly provided for, on any Interest Payment Date shall, as provided in such Indenture, be paid to the Person in whose name this Security (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 April 15 or October 15 (whether or not a Business Day), as the case may be, immediately preceding such Interest Payment Date. Any such
interest not so punctually paid or duly provided for shall forthwith cease to be payable to the Holder on such Regular Record Date and may either be paid to the Person in whose name this Security (or one or more Predecessor Securities ) is
registered at the close of business on a Special Record Date for the payment of such Defaulted Interest to be fixed by the Trustee, notice whereof shall be given to Holders of Securities of this series not less than 10 days prior to such Special
Record Date, or be paid at any time in any other lawful manner not inconsistent with the requirements of any securities exchange on which the Securities of this series may be listed, and upon such notice as may be required by such exchange, all as
more fully provided in said Indenture. 
 Principal of, the Redemption Price (if any), Change of Control Payments (as defined on the reverse
hereof, if any), and interest on, this Security shall be payable at the office or agency of the Company maintained for that purpose in New York, New York, 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; and 

 
provided, however, that at the option of the Company payment of interest may be made by check mailed to the address of the Person entitled thereto as such address shall appear in the Security
Register or by wire transfer to an account maintained by the Person entitled thereto as specified in the Security Register; provided, that the Company shall pay principal of (and premium, if any) and interest on this Security in global form
registered in the name of or held by The Depository Trust Company or such other Depositary as any officer of the Company may from time to time designate, or its respective nominee, by wire in immediately available funds to such Depositary or its
nominee, as the case may be, as the registered Holder of this Security in global form. 
 Reference is hereby made to the further provisions
of this Security set forth on the reverse hereof, which further provisions shall for all purposes have the same effect as if set forth at this place. 

Unless the certificate of authentication hereon has been executed by the Trustee referred to on the reverse hereof by manual signature, this
Security shall not be entitled to any benefit under the Indenture or be valid or obligatory for any purpose. 
 [Remainder of page left
intentionally blank] 

  
 2 

 IN WITNESS WHEREOF, the Company has caused this instrument to be duly executed under its
corporate seal. 
 Dated: November 4, 2019 
  

			
	DOVER CORPORATION
		
	 By:
	 	
              
           

	 Name:

	 Title:

 

			
	 Attest:
	 	  

	 Name:
	 	
	 Title:
	 	

 Trustee’s Certificate of Authentication 

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

Dated: November 4, 2019 

THE BANK OF NEW YORK MELLON, as Trustee 

 

			
	By:	 	  

		 	Authorized Signatory

 [Reverse of Security] 

This Security is one of a duly authorized issue of securities of the Company (herein called the “Securities”), issued and to be
issued in one or more series under an Indenture, dated as of February 8, 2001 (herein called the “Base Indenture”), between the Company and The Bank of New York Mellon, as Trustee (the “Trustee”, which term includes any
successor trustee under the Base Indenture), as amended and supplemented by the First Supplemental Indenture, dated as of October 13, 2005, between the Company and the Trustee (the “First Supplemental Indenture”), as further amended
and supplemented by the Second Supplemental Indenture, dated as of March 14, 2008, between the Company and the Trustee (the “Second Supplemental Indenture”), as further amended and supplemented by the Third Supplemental Indenture,
dated as of February 22, 2011, between the Company and the Trustee (the “Third Supplemental Indenture”), as further amended and supplemented by the Fourth Supplemental Indenture, dated as of December 2, 2013, among the Company,
the Trustee and The Bank of New York Mellon, London Branch, as paying agent (the “Paying Agent”) (the “Fourth Supplemental Indenture”), as further amended and supplemented by the Fifth Supplemental Indenture, dated as of
November 3, 2015, between the Company and the Trustee (the “Fifth Supplemental Indenture”), as further amended and supplemented by the Sixth Supplemental Indenture, dated as of November 9, 2016, among the Company, the Trustee and
the Paying Agent (the “Sixth Supplemental Indenture”), as further amended and supplemented by the Seventh Supplemental Indenture, dated as of November 4, 2019, among the Company, the Trustee and the Paying Agent (the “Seventh
Supplemental Indenture”), and as further amended and supplemented by the Eighth Supplemental Indenture, dated as of November 4, 2019 between the Company and the Trustee (the “Eighth Supplemental Indenture” and, together with the
Base Indenture, the First Supplemental Indenture, the Second Supplemental Indenture, the Third Supplemental Indenture, the Fourth Supplemental Indenture, the Fifth Supplemental Indenture, the Sixth Supplemental Indenture and the Seventh Supplemental
Indenture, the “Indenture”). Reference is hereby made to the Indenture for a statement of the respective rights, limitations of rights, duties and immunities thereunder of the Company, the Trustee and the Holders of the Securities, and of
the terms upon which the Securities are, and are to be authenticated and delivered. This Security is one of a series designated on the face hereof initially limited in aggregate principal amount to $300,000,000. 

The Securities of this series are subject to redemption upon not less than 10 days’ and not more than 60 days’ notice by mail, as a
whole or in part, at the election of the Company, from time to time. If the Securities of this series are redeemed before the Par Call Date, the Securities shall be redeemed at a Redemption Price equal to the greater of (1) 100% of the principal
amount of such Securities then outstanding to be redeemed, and (2) the sum of the present values of the remaining scheduled payments of principal and interest on the Securities to be redeemed that would be due if the Securities matured on the
Par Call Date (not including any portion of such payments of interest accrued to the Redemption Date) discounted to the Redemption Date on a semi-annual basis (assuming a 360-day year consisting of twelve 30-day months) at the applicable Treasury Rate, plus 20 basis points (0.20%), plus, in each case, accrued and unpaid interest on the principal amount being redeemed to, but excluding, the Redemption Date. If the
Securities of this series are redeemed on or after the Par Call Date, the Securities may be redeemed at a Redemption Price equal to 100% of the principal amount of the Securities then outstanding to be redeemed, plus accrued and unpaid interest on
the principal amount being redeemed to, but excluding, the Redemption Date. Interest installments whose Stated Maturity is on or prior to such Redemption Date shall be payable to the Holders of such Securities, or one or more Predecessor Securities,
of record at the close of business on the relevant Record Date referred to on the face hereof, all as provided in the Indenture. 

 For purposes of the redemption provisions, the following terms are applicable: 

“Comparable Treasury Issue” means the United States Treasury security selected by the Quotation Agent as having an actual or
interpolated maturity comparable to the remaining term of the Securities to be redeemed (assuming, for this purpose, that the Securities mature on the Par Call Date) that would be utilized, at the time of selection and in accordance with customary
financial practice, in pricing new issues of corporate debt securities of comparable maturity to the remaining term of such Securities (assuming, for this purpose, that the Securities mature on the Par Call Date). 

“Comparable Treasury Price” means, with respect to any Redemption Date: (i) the average of the Reference Treasury Dealer
Quotations obtained for such Redemption Date, after excluding the highest and lowest such Reference Treasury Dealer Quotations; (ii) if the Company obtains fewer than four such Reference Treasury Dealer Quotations, the average of all such
Reference Treasury Dealer Quotations; or (iii) if only one such Reference Treasury Dealer Quotation is received, such Reference Treasury Dealer Quotation. 

“Par Call Date” means August 4, 2029 (the date that is three months prior to the Notes Maturity Date). 

“Quotation Agent” means the Reference Treasury Dealer appointed by the Company. 

“Reference Treasury Dealer” means each of (1) Goldman Sachs & Co. LLC and J.P. Morgan Securities LLC (or their
respective affiliates that are Primary Treasury Dealers) and their respective successors; provided, however, that if any of the foregoing shall cease to be a primary U.S. Government securities dealer in the United States of America (a “Primary
Treasury Dealer”), the Company shall substitute therefor another Primary Treasury Dealer, and (2) one other Primary Treasury Dealer selected by the Company. 

“Reference Treasury Dealer Quotations” means, with respect to each Reference Treasury Dealer and any Redemption Date, the average,
as determined by the Company, of the bid and asked prices for the Comparable Treasury Issue (expressed in each case as a percentage of its principal amount) quoted in writing to the Company by the Reference Treasury Dealer at 3:30 p.m. (New York
City time) on the third Business Day preceding such Redemption Date. 
 “Treasury Rate” means, with respect to any Redemption
Date, the rate per annum equal to the semi-annual equivalent yield to actual or interpolated maturity (on a day count basis) of the Comparable Treasury Issue, assuming a price for the Comparable Treasury Issue (expressed as a percentage of its
principal amount) equal to the Comparable Treasury Price of such Redemption Date. 
 If less than all of the Securities are to be redeemed,
the Securities to be redeemed shall be selected by the Trustee pro rata or by lot, but consistent with any applicable listing standards. In the event of redemption of this Security in part only, a new Security or Securities of this series for the
unredeemed portion hereof (which shall not be less than the minimum authorized denomination for the Securities) shall be issued in the name of the Holder hereof upon the cancellation hereof. 

If a Change of Control Triggering Event occurs, unless the Company has exercised its option to redeem the Securities as described above, the
Company shall be required to make an offer (the “Change of Control Offer”) to each Holder of the Securities to repurchase all or any part (equal to $2,000 or an integral multiple of $1,000 in excess thereof) of that Holder’s
Securities on the terms set forth herein. In the Change of Control Offer, the Company shall be required to offer payment in cash equal to 101% of the aggregate principal amount of Securities repurchased, plus accrued and unpaid interest, if any, on
the Securities repurchased to the date of repurchase (the “Change of Control Payment”). Within 30 days following any Change of Control Triggering Event or, at the Company’s option, prior to the date of the

  
 2 

 
consummation of any Change of Control, but after public announcement of the transaction that constitutes or may constitute the Change of Control, the Company shall mail to Holders of the
Securities, and furnish the Trustee with a copy thereof, a notice describing the transaction or transactions that constitute or may constitute the Change of Control Triggering Event and offering to repurchase the Securities 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 (the “Change of Control Payment Date”), setting forth the instructions determined by the Company, consistent with
the provisions of Section 3.2 of the Eighth Supplemental Indenture, that a Holder must follow in order to have its Securities purchased, and stating that a Holder may elect to have such Securities purchased by completing the form entitled
“Option of Holder to Elect Purchase” appearing below, or a comparable form, together with any other procedures that a Holder must follow to accept a Change of Control Offer or effect withdrawal of such acceptance. 

The notice shall, if mailed prior to the date of the 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 payment date specified in the notice. 
 On the Change of Control
Payment Date, the Company shall be required, to the extent lawful: (a) to accept for payment all Securities or portions of Securities properly tendered pursuant to the Change of Control Offer; (b) to deposit with the paying agent an amount
equal to the Change of Control Payment in respect of all Securities or portions of Securities properly tendered; and (c) to deliver or cause to be delivered to the Trustee the Securities properly accepted together with an Officers’
Certificate stating the aggregate principal amount of Securities or portions of Securities being repurchased. 
 The Company shall not be
required to make the Change of Control Offer upon 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 such third
party purchases all Securities properly tendered and not withdrawn under its offer. In addition, the Company shall not repurchase any Securities 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 Securities as a result of a Change of Control Triggering Event. To the extent that the provisions of any securities laws or regulations conflict with the
Change of Control Triggering Event provisions of the Securities, the Company shall comply with those securities laws and regulations and shall not be deemed to have breached its obligations under the Indenture or the Change of Control Offer
provisions of the Securities by virtue of any such conflicts. 
 For purposes of the Change of Control Offer provisions, the following terms are applicable:

 “Change of Control” means the occurrence of any of the following: (i) the consummation of any transaction (including,
without limitation, any merger or consolidation) the result of which is that any “person” as the term is defined in Section 13(d)(3) of the Exchange Act (other than the Company or one of its subsidiaries) 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 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; or (ii) the direct or indirect sale, 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 Company’s assets and the assets of its subsidiaries, 

  
 3 

 
taken as a whole, to one or more Persons (other than the Company or one of its subsidiaries). Notwithstanding the foregoing, a transaction shall not be deemed to involve a Change of Control if
(1) the Company becomes a direct or indirect wholly-owned subsidiary of a holding company and (2)(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. 
 “Change of Control Triggering Event”
means, with respect to the Securities, the occurrence of both a Change of Control and a Rating Event. 
 “Investment Grade Rating”
means a rating equal to or higher than Baa3 (or the equivalent) by Moody’s and BBB- (or the equivalent) by S&P, and the equivalent investment grade credit rating from any additional rating agency or
rating agencies selected by the Company. 
 “Moody’s” means Moody’s Investors Service Inc. and any successor to its
rating agency business. 
 “Person” has the meaning set forth in the Indenture and includes a “person” or
“group” as these terms are used in Section 13(d)(3) of the Exchange Act. 
 “Rating Agencies” means (i) each
of Moody’s and S&P; and (ii) if either of Moody’s or S&P ceases to rate the Securities or fails to make a rating of the Securities publicly available for reasons outside of the Company’s control, a “nationally
recognized statistical rating organization” within the meaning of Section 3(a)(62) of the Exchange Act selected by the Company (as certified by a Board Resolution) as a replacement agency for Moody’s or S&P, or both of them, as
the case may be. 
 “Rating Event” means the rating on the Securities is lowered by each of the Rating Agencies and the Securities
are rated below an Investment Grade Rating by each of the Rating Agencies on any day within the 60-day period (which 60-day period shall be extended so long as the
rating of the Securities is under publicly announced consideration for a possible downgrade by any of the Rating Agencies) after the earlier of: (i) the occurrence of a Change of Control; and (ii) public notice of the occurrence of a
Change of Control or the Company’s intention to effect a Change of Control; provided, however, that a Rating Event otherwise arising by virtue of a particular reduction in rating shall not be deemed to have occurred in respect of a particular
Change of Control (and thus shall not be deemed a Rating Event for purposes of the definition of Change of Control Triggering Event) if the Rating Agencies making the reduction in rating to which this definition would otherwise apply do not announce
or publicly confirm or inform a Responsible Officer of the Trustee assigned to the Corporate Trust Office of the Trustee in writing at the Company’s request that the reduction was the result, in whole or in part, of any event or circumstance
comprised of or arising as a result of, or in respect of, the applicable Change of Control (whether or not the applicable Change of Control has occurred at the time of the Rating Event). 

“S&P” means S&P Global Ratings, a division of S&P Global Inc., and any successor to its rating agency business. 

“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 

The Securities of this series are not entitled to the benefit of any sinking fund. 

  
 4 

 The Eighth Supplemental Indenture contains provisions for defeasance and discharge at any
time of (i) the entire indebtedness of this Security or (ii) certain restrictive covenants and Events of Default with respect to this Security, in each case upon compliance with certain conditions set forth in the Indenture. 

If an Event of Default with respect to Securities of this series shall occur and be continuing, the principal of the Securities of this series
may be declared due and payable in the manner and with the effect provided in the Indenture. 
 The Indenture permits, with certain
exceptions as therein provided, the amendment thereof and the modification of the rights and obligations of the Company and the rights of the Holders of the Securities of each series to be affected under the Indenture at any time by the Company and
the Trustee with the consent of the Holders of a majority in principal amount of the Securities at the time Outstanding of each series to be affected. The Indenture also contains provisions permitting the Holders of specified percentages in
principal amount of the Securities of each series at the time Outstanding, on behalf of the Holders of all Securities of such series, to waive compliance by the Company with certain provisions of the Indenture and certain past defaults under the
Indenture and their consequences. Any such consent or waiver by the Holder of this Security shall be conclusive and binding upon such Holder and upon all future Holders of this Security and of any Security issued upon the registration of transfer
hereof or in exchange herefor or in lieu hereof, whether or not notation of such consent or waiver is made upon this Security. 
 As
provided in and subject to the provisions of the Indenture, the Holder of this Security shall not have the right to institute any proceeding with respect to the Indenture or for the appointment of a receiver or trustee or for any other remedy
thereunder, unless such Holder shall have previously given the Trustee written notice of a continuing Event of Default with respect to the Securities of this series, the Holders of not less than 25% in principal amount of the Securities of this
series at the time Outstanding shall have made written request to the Trustee to institute proceedings in respect of such Event of Default as Trustee and offered the Trustee reasonable indemnity, and the Trustee shall not have received from the
Holders of a majority in principal amount of the Securities of this series at the time Outstanding a direction inconsistent with such request, and shall have failed to institute any such proceeding, for 60 days after receipt of such notice, request
and offer of indemnity. The foregoing shall not apply to any suit instituted by the Holder of this Security for the enforcement of any payment of principal hereof or any premium or interest hereon on or after the respective due dates expressed
herein. 
 No reference herein to the Indenture and no provision of this Security or of the Indenture shall alter or impair the obligation
of the Company, which is absolute and unconditional, to pay the principal of and any premium and interest on this Security at the times, place and rate, and in the coin or currency, herein prescribed. 

As provided in the Indenture and subject to certain limitations therein set forth, the transfer of this Security is registrable in the
Security Register, upon surrender of this Security for registration of transfer at the office or agency of the Company in any place where the principal of and any premium and interest on this Security are payable, duly endorsed by, or accompanied by
a written instrument of transfer in form satisfactory to the Company and the Security Registrar duly executed by, the Holder hereof or his attorney duly authorized in writing, and thereupon one or more new Securities of this series and of like
tenor, of authorized denominations and for the same aggregate principal amount, shall be issued to the designated transferee or transferees. 

  
 5 

 The Securities of this series are issuable only in registered form without coupons in
minimum denominations of $2,000 and integral multiples of $1,000 in excess thereof. As provided in the Indenture and subject to certain limitations therein set forth, Securities of this series are exchangeable for a like aggregate principal amount
of Securities of this series and of like tenor of a different authorized denomination, as requested by the Holder surrendering the same. 

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

  
 6 

 OPTION OF HOLDER TO ELECT PURCHASE 

If you want to elect to have this Security purchased by the Company pursuant to Section 3.2 of the Eighth Supplemental Indenture, check
the box below: 
  
 ☐ 

If you want to elect to have only part of this Security purchased by the Company pursuant to Section 3.2 of the Eighth Supplemental
Indenture, state the amount below. If you tender less than all of your Securities for purchase, you must retain at least $                aggregate principal amount of
Securities. 
 $
                                 

Date:                         

 Your
Signature:                                       
                                         
     
 (Sign exactly as your name appears on the other side of this Security) 

Signature Guarantee:
                                         
                                    

Participant in a recognized Signature Guarantee Medallion Program 

(or other signature guarantor program reasonably acceptable to the Trustee)Form of Note for the Company's 2.312% Notes due November 4, 2022.

 Exhibit 4.01 

This Note is a Global Security within the meaning of the Indenture hereinafter referred to and is registered in the name of the Depository
named below or a nominee of the Depository. This Note is not exchangeable for Notes registered in the name of a Person other than the Depository or its nominee except in the limited circumstances described herein and 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 herein. 
 Unless this certificate is presented by an authorized representative of The Depository Trust Company, a
New York corporation (the “Depository”), to the Company or its agent for registration of transfer, exchange, or payment, and any certificate issued is registered in the name of Cede & Co. or in such other name as is requested by
an authorized representative of the Depository (and any payment is made to Cede & Co. or to such other entity as is requested by an authorized representative of the Depository), ANY TRANSFER, PLEDGE, OR OTHER USE HEREOF FOR VALUE OR
OTHERWISE BY OR TO ANY PERSON IS WRONGFUL inasmuch as the registered owner hereof, Cede & Co., has an interest herein. 

CITIGROUP INC. 
 2.312%
Fixed Rate / Floating Rate Callable Senior Notes due November 4, 2022 
  

			
	REGISTERED	  	REGISTERED
		
		  	CUSIP: 17308CC46
		  	ISIN: US17308CC463
		  	Common Code: 207625949
		
	No. R-00*	  	$            

 CITIGROUP INC., a Delaware corporation (the “Company”, which term includes any successor Person
under the Indenture), for value received, hereby promises to pay to Cede & Co., or registered assigns, the principal sum of $[    ] on November 4, 2022 (the “Maturity Date”) and to pay interest thereon
from and including November 4, 2019 or from the most recent Interest Payment Date to which interest has been paid or duly provided for. The Company shall pay interest (i) from November 4, 2019 to, but excluding, November 4, 2021
(the “Fixed Rate Period”) at a fixed rate of 2.312% per annum semi-annually, on May 4th and November 4th of each year (each such date, a “Fixed Rate Period Interest Payment Date”), commencing May 4, 2020 and (ii) from,
and including, November 4, 2021 (the “Floating Rate Period”), at an annual rate equal to SOFR (and defined on the reverse hereof and compounding daily over each Interest Period during the Floating Rate Period as described below) plus
0.867% quarterly, on the second business day following each Interest Period End Date (each such business day, a “Floating Rate Period Interest Payment Date” and together with any Fixed Rate Period Payment Date, an “Interest Payment
Date”), commencing February 8, 2022, until the principal hereof is paid or made available for payment. An Interest Period End Date is the 4th of each February, May, August and November,
commencing on February 4, 2022 and ending on the Maturity Date. The interest so payable, and punctually paid or duly provided for, on any Interest Payment Date will, as provided in the Indenture, be paid to

 
the Person in whose name this Note is registered at the close of business on the Record Date for such interest, which shall be the Business Day immediately preceding such Interest Payment Date.

 Any such interest not so punctually paid or duly provided for will forthwith cease to be payable to the holder on such Record Date and may either be paid
to the Person in whose name this Note is registered at the close of business on a subsequent Record Date, such subsequent Record Date to be not less than ten days prior to the date of payment of such defaulted interest, notice whereof shall be given
to holders of Notes of this series not less than ten days prior to such subsequent Record Date, or be paid at any time in any other lawful manner not inconsistent with the requirements of any securities exchange on which the Notes of this series may
be listed, and upon such notice as may be required by such exchange, all as more fully provided in the Indenture. 
 During the Fixed Rate Period, interest
hereon will be calculated on the basis of a 360-day year comprised of twelve 30-day months, and an Interest Period shall be the period from and including an Interest
Payment Date (or November 4, 2019 in the case of the first Interest Period) to and including the day immediately preceding the next Interest Payment Date. During the Fixed Rate Period, if an Interest Payment Date falls on a day that is not a
Business Day, such Interest Payment Date will be the next succeeding Business Day, and no further interest will accrue in respect of such postponement. For these purposes, “Business Day” means day on which commercial banks settle payments
and are open for general business in The City of New York. 
 During the Floating Rate Period, interest hereon will be calculated on the basis of the actual
number of days elapsed in an interest period and a 360-day year, and an Interest Period shall be the period from and including an Interest Period End Date (or November 4, 2021 in the case of the first
Interest Period during the Floating Rate Period) to, but excluding, the next succeeding Interest Period End Date; provided that the Interest Period following an election by the Company to redeem the Notes and the final Interest Period will be
the period from, and including, the immediately preceding Interest Period End Date to, but excluding, the redemption date or the Maturity Date; and provided further that SOFR for each calendar day from, and including, the Rate Cut-Off Date (as defined on the reverse hereof) to, but excluding, the redemption date or the Maturity Date will equal SOFR in respect of the Rate Cut-Off Date. In the event
that any Interest Period End Date (other than a redemption date or the Maturity Date) is not a Business Day, then such date will be postponed to the next succeeding Business Day, unless that day falls in the next calendar month, in which case the
interest period end date will be the immediately preceding Business Day. For these purposes, “Business Day” means any day on which commercial banks settle payments and are open for general business in The City of New York and a U.S.
Government Securities Business Day (as defined on the reverse hereof). 
 Dollar amounts resulting from such calculations will be rounded to the nearest
cent, with one-half cent being rounded upward. In the event that the Maturity Date or a redemption date is not a Business Day, then such date will be postponed to the next succeeding Business Day, and no
further interest will accrue with respect to such postponement. No interest will accrue on any amounts payable for the period from and after the due date for payment of such principal or interest. 

Payment of the principal of and interest on this Note will be made at the office or agency of the Trustee maintained for that purpose in The City of New York.

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

 IN WITNESS WHEREOF, the Company has caused this instrument to be duly executed under its
corporate seal. 
 Dated: November 4, 2019 
  

			
	CITIGROUP INC.
		
	By:	 	
                    

	Name:	 	
	Title:	 	

  

			
	ATTEST:
		
	By:	 	  

	Name:	 	
	Title:	 	

 This is one of the Notes of the series issued under the within-mentioned Indenture. 

Dated: November 4, 2019 
  

			
	 THE BANK OF NEW YORK MELLON,
 as
Trustee

		
	By:	 	
                    

	Name:	 	
	Title:	 	
		
	-or-	 	
	
	 CITIBANK, N.A.,
 as Authenticating
Agent

		
	By:	 	  

	Name:	 	
	Title:	 	

 This Note is one of a duly authorized issue of Securities of the Company (the “Notes”), issued and
to be issued in one or more series under the senior debt indenture, dated as of November 13, 2013 (as amended and supplemented from time to time, the “Indenture”), between the Company and The Bank of New York Mellon, as trustee (the
“Trustee”, which term includes any successor trustee under the Indenture), to which Indenture and all indentures supplemental thereto reference is hereby made for a statement of the respective rights, limitations of rights, duties and
immunities thereunder of the Company, the Trustee and the holders of the Notes and of the terms upon which the Notes are, and are to be, authenticated and delivered. This Note is one of the series designated on the face hereof, initially limited in
aggregate principal to $1,500,000,000. 
 During the Floating Rate Period, this Note will bear interest for each Interest Period at a rate determined by
Citibank, N.A., London Branch, acting as Calculation Agent. The interest rate on this Note for a particular Interest Period during the Floating Rate Period will be a per annum rate equal to SOFR (compounding daily over each Interest Period as
described below) plus 0.867%. Interest during the Floating Rate Period will be calculated by multiplying the principal amount of the Notes by an accrued interest factor equal to the sum of the interest factors calculated for each day during the
applicable Interest Period; provided that in no event will the interest payable on the Notes be less than zero. The interest factor for each such day will be computed by dividing the interest rate applicable to that day by 360. The interest
rate applicable to such day will be the sum of the Accrued Interest Compounding Factor plus 0.867%. Promptly upon determination, the Calculation Agent will inform the Trustee and the Company of the interest rate for the next Interest Period. Absent
manifest error, the determination of the interest rate by the Calculation Agent shall be binding and conclusive on the holders of Notes, the Trustee and the Company. 

For the purposes of calculating interest with respect to any Interest Period during the Floating Rate Period: 

“Accrued Interest Compounding Factor” means the result of the following formula: 

 
 

 
 where 

“do”, for any Interest Period, is the number of U.S. Government Securities Business Days in the relevant Interest Period. 

“i” is a series of whole numbers from one to do, each representing the relevant U.S. Government Securities Business Days in
chronological order from, and including, the first U.S. Government Securities Business Day in the relevant Interest Period. 

“SOFRi”, for any day “i” in the relevant Interest Period, is a reference rate equal to SOFR in respect of that day.

 “ni”, for any day “i” in the relevant Interest Period, is the number of calendar days from, and including,
such U.S. Government Securities Business Day “i” to, but excluding, the following U.S. Government Securities Business Day. 

 “d” is the number of calendar days in the relevant Interest Period. 

“U.S. Government Securities Business Day” means any day except for a Saturday, Sunday or a day on which the Securities Industry and
Financial Markets Association (SIFMA) recommends that the fixed income departments of its members be closed for the entire day for purposes of trading in U.S. government securities. 

“SOFR” means, with respect to any day, the rate determined by the Calculation Agent in accordance with the following provisions:

 (1) the Secured Overnight Financing Rate for trades made on such day that appears at approximately 3:00 p.m. (New York City time) on the
NY Federal Reserve’s Website on the U.S. Government Securities Business Day immediately following such U.S. Government Securities Business Day; or 

(2) if the rate specified in (1) above does not so appear, unless a Benchmark Transition Event and its related Benchmark Replacement Date
have occurred as described in (3) below, the Secured Overnight Financing Rate published on the NY Federal Reserve’s Website for the first preceding U.S. Government Securities Business Day for which the Secured Overnight Financing Rate was
published on the NY Federal Reserve’s Website; or 
 (3) if a Benchmark Transition Event and its related Benchmark Replacement Date have
occurred prior to the relevant interest period end date, the Calculation Agent will use the Benchmark Replacement to determine the rate and for all other purposes relating to the Notes. 

In connection with the SOFR definition above, the following definitions apply: 

“Benchmark” means, initially, SOFR; provided that if a Benchmark Transition Event and its related Benchmark Replacement Date have
occurred with respect to SOFR or the then-current Benchmark, then “Benchmark” means the applicable Benchmark Replacement. 

“Benchmark Replacement” means the first alternative set forth in the order below that can be determined by Citigroup (or one of its
affiliates) as of the Benchmark Replacement Date: 
 (1) the sum of: (a) the alternate rate of interest that has been selected or
recommended by the Relevant Governmental Body as the replacement for the then-current Benchmark for the applicable Corresponding Tenor and (b) the Benchmark Replacement Adjustment; or 

(2) the sum of: (a) the ISDA Fallback Rate and (b) the Benchmark Replacement Adjustment; or 

(3) the sum of: (a) the alternate rate of interest that has been selected by the Company (or one of its affiliates) as the replacement for
the then-current Benchmark for the applicable Corresponding Tenor giving due consideration to any industry-accepted rate of interest as a replacement for the then-current Benchmark for U.S. dollar-denominated floating rate notes at such time and
(b) the Benchmark Replacement Adjustment. 

 “Benchmark Replacement Adjustment” means the first alternative set forth in the
order below that can be determined by the Company (or one of its affiliates) as of the Benchmark Replacement Date: 
 (1) the spread
adjustment, or method for calculating or determining such spread adjustment, (which may be a positive or negative value or zero) that has been selected or recommended by the Relevant Governmental Body for the applicable Unadjusted Benchmark
Replacement; 
 (2) if the applicable Unadjusted Benchmark Replacement is equivalent to the ISDA Fallback Rate, then the ISDA Fallback
Adjustment; 
 (3) the spread adjustment (which may be a positive or negative value or zero) that has been selected by the Company (or one of
its affiliates) giving due consideration to any industry-accepted spread adjustment, or method for calculating or determining such spread adjustment, for the replacement of the then-current Benchmark with the applicable Unadjusted Benchmark
Replacement for U.S. dollar-denominated floating rate notes at such time. 
 “Benchmark Replacement Conforming Changes” means,
with respect to any Benchmark Replacement, any technical, administrative or operational changes that the Company (or one of its affiliates) decides may be appropriate to reflect the adoption of such Benchmark Replacement in a manner substantially
consistent with market practice (or, if the Company (or such affiliate) decides that adoption of any portion of such market practice is not administratively feasible or if the Company (or such affiliate) determines that no market practice for use of
the Benchmark Replacement exists, in such other manner as the Company (or such affiliate) determines is reasonably necessary). 

“Benchmark Replacement Date” means the earliest to occur of the following events with respect to the then-current Benchmark: 

(1) in the case of clause (1) or (2) of the definition of “Benchmark Transition Event,” the later of (a) the date of the
public statement or publication of information referenced therein and (b) the date on which the administrator of the Benchmark permanently or indefinitely ceases to provide the Benchmark; or 

(2) in the case of clause (3) of the definition of “Benchmark Transition Event,” the date of the public statement or publication
of information referenced therein. 
 For the avoidance of doubt, if the event giving rise to the Benchmark Replacement Date occurs on the
same day as, but earlier than, the Reference Time in respect of any determination, the Benchmark Replacement Date will be deemed to have occurred prior to the Reference Time for such determination. 

“Benchmark Transition Event” means the occurrence of one or more of the following events with respect to the then-current Benchmark:

 (1) a public statement or publication of information by or on behalf of the administrator of the Benchmark announcing that such
administrator has ceased or will cease to provide the Benchmark, permanently or indefinitely, provided that, at the time of such statement or publication, there is no successor administrator that will continue to provide the Benchmark; 

 (2) a public statement or publication of information by the regulatory supervisor for the
administrator of the Benchmark, the central bank for the currency of the Benchmark, an insolvency official with jurisdiction over the administrator for the Benchmark, a resolution authority with jurisdiction over the administrator for the Benchmark
or a court or an entity with similar insolvency or resolution authority over the administrator for the Benchmark, which states that the administrator of the Benchmark has ceased or will cease to provide the Benchmark permanently or indefinitely,
provided that, at the time of such statement or publication, there is no successor administrator that will continue to provide the Benchmark; or 

(3) a public statement or publication of information by the regulatory supervisor for the administrator of the Benchmark announcing that the
Benchmark is no longer representative. 
 “Business Day” means any weekday that is not a legal holiday in New York City and is not
a day on which banking institutions in New York City are authorized or required by law or regulation to be closed and is a U.S. Government Securities Business Day. 

“Corresponding Tenor” with respect to a Benchmark Replacement means a tenor (including overnight) having approximately the same
length (disregarding business day adjustment) as the applicable tenor for the then-current Benchmark. 
 “ISDA” means the
International Swaps and Derivatives Association, Inc. or any successor. 
 “ISDA Definitions” means the 2006 ISDA Definitions
published by the International Swaps and Derivatives Association, Inc. or any successor thereto, as amended or supplemented from time to time, or any successor definitional booklet for interest rate derivatives published from time to time. 

“ISDA Fallback Adjustment” means the spread adjustment (which may be a positive or negative value or zero) that would apply for
derivatives transactions referencing the ISDA Definitions to be determined upon the occurrence of an index cessation event with respect to the Benchmark for the applicable tenor. 

“ISDA Fallback Rate” means the rate that would apply for derivatives transactions referencing the ISDA Definitions to be effective
upon the occurrence of an index cessation date with respect to the Benchmark for the applicable tenor excluding the applicable ISDA Fallback Adjustment. 

“New York Federal Reserve” means the Federal Reserve Bank of New York. 

“New York Federal Reserve’s Website” means the website of the New York Federal Reserve, currently at http://www.newyorkfed.org,
or any successor website of the NY Federal Reserve or the website of any successor administrator of the Secured Overnight Financing Rate. 

“Rate Cut-Off Date” means the second U.S. Government Securities Business Day prior to a
redemption date or the Maturity Date. 
 “Reference Time” with respect to any determination of the Benchmark means the time
determined by Citigroup (or one of its affiliates) in accordance with the Benchmark Replacement Conforming Changes. 

 “Relevant Governmental Body” means the Federal Reserve Board and/or the New York
Federal Reserve, or a committee officially endorsed or convened by the Federal Reserve Board and/or the New York Federal Reserve or any successor thereto. 

“Unadjusted Benchmark Replacement” means the Benchmark Replacement excluding the Benchmark Replacement Adjustment. 

Upon request from any Noteholder, the Calculation Agent will provide the interest rate in effect on this Note for the current Interest Period during the
Floating Rate Period and, if it has been determined, the interest rate to be in effect for the next Interest Period during the Floating Rate Period. 
 If
an event of default (as defined in the Indenture) with respect to Notes of this series shall occur and be continuing, the principal of the Notes of this series may be declared due and payable in the manner and with the effect provided in the
Indenture. 
 Sections 12.02 and 12.03 of the Indenture containing provisions for defeasance apply to this Note. At any time the entire indebtedness of this
Note may be defeased upon compliance by the Company with certain conditions set forth in Section 12.04 of the Indenture. 
 The
Indenture contains provisions permitting the Company and the Trustee, without the consent of the holders of the Securities, to establish, among other things, the form and terms of any series of Securities issuable thereunder by one or more
supplemental indentures, and, with the consent of the holders of a majority in aggregate principal amount of Securities at the time outstanding which are affected thereby, to modify the Indenture or any supplemental indenture or the rights of the
holders of Securities of such series to be affected, provided that no such modification will (i) extend the fixed maturity of any Securities, reduce the rate or extend the time of payment of interest thereon, reduce the principal amount thereof
or the premium, if any, thereon, reduce the amount of the principal of Original Issue Discount Securities payable on any date, change the currency in which Securities are payable, or impair the right to institute suit for the enforcement of any such
payment on or after the maturity thereof, without the consent of the holder of each Security so affected, or (ii) reduce the aforesaid percentage of Securities of any series the consent of the holders of which is required for any such
modification without the consent of the holders of all Securities of such series then outstanding, or (iii) modify the rights, duties or immunities of the Trustee unless the Trustee agrees to such modification. 

No reference herein to the Indenture and no provision of this Note or of the Indenture shall alter or impair the obligation of the Company, which is absolute
and unconditional, to pay the principal of and interest on this Note at the times, place and rate, and in the coin or currency, herein prescribed. 
 This
Note is a Global Security registered in the name of a nominee of the 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 hereinafter described.
Unless and until it is exchanged in whole or in part for definitive Notes in certificated form, this Note may not be transferred except 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. 

 The Notes represented by this Global Security are exchangeable for definitive Notes in certificated form of
like tenor as such Notes in denominations of $1,000 and whole multiples of $1,000 in excess thereof only if (i) the Depository notifies the Company that it is unwilling or unable to continue as Depository for the Notes and the Company is unable
to appoint a successor depository or (ii) the Depository ceases to be a clearing agency registered under the Securities Exchange Act of 1934, as amended, or (iii) the Company in its sole discretion decides to allow the Notes to be
exchanged for definitive Notes in registered form. Any Notes that are exchangeable pursuant to the preceding sentence are exchangeable for certificated Notes issuable in authorized denominations and registered in such names as the Depository shall
direct. As provided in the Indenture and subject to certain limitations therein set forth, the transfer of definitive Notes in certificated form is registrable in the register maintained by the Company in The City of New York for such purpose, upon
surrender of the definitive Note for registration of transfer at the office or agency of the registrar, duly endorsed by, or accompanied by a written instrument of transfer in form satisfactory to the Company and the registrar duly executed by, the
holder thereof or his attorney duly authorized in writing, and thereupon one or more new Notes of this series and of like tenor, of authorized denominations and for the same aggregate principal amount, will be issued to the designated transferee or
transferees. Subject to the foregoing, this Note is not exchangeable, except for a Global Security or Global Securities of this issue of the same principal amount to be registered in the name of the Depository or its nominee. 

No service charge shall be made for any such registration of transfer or exchange, but the Company may require payment of a sum sufficient to cover any tax or
other governmental charge payable in connection therewith. 
 Prior to due presentment of this Note for registration of transfer, the Company, the Trustee
and any agent of the Company or the Trustee may treat the Person in whose name this Note is registered as the owner hereof for all purposes, whether or not this Note be overdue, and neither the Company, the Trustee nor any such agent shall be
affected by notice to the contrary. 
 The Company will pay additional amounts (“Additional Amounts”) to the beneficial owner of any Note that is
a non-United States person in order to ensure that every net payment on such Note will not be less, due to payment of U.S. withholding tax, than the amount then due and payable. For this purpose, a “net
payment” on a Note means a payment by the Company or a paying agent, including payment of principal and interest, after deduction for any present or future tax, assessment or other governmental charge of the United States. These Additional
Amounts will constitute additional interest on the Note. 
 The Company will not be required to pay Additional Amounts, however, in any of the circumstances
described in items (1) through (13) below. 
 (1)    Additional Amounts will not be payable if a payment on a Note
is reduced as a result of any tax, assessment or other governmental charge that is imposed or withheld solely by reason of the beneficial owner: 

(a) having a relationship with the United States as a citizen, resident or otherwise; 

(b) having had such a relationship in the past; or 

(c) being considered as having had such a relationship. 

(2)    Additional Amounts will not be payable if a payment on a Note is reduced as a result of any tax, assessment or
other governmental charge that is imposed or withheld solely by reason of the beneficial owner: 
 (a) being treated as present in or engaged
in a trade or business in the United States; 

 (b) being treated as having been present in or engaged in a trade or business in the United
States in the past; or 
 (c) having or having had a permanent establishment in the United States. 

(3)    Additional Amounts will not be payable if a payment on a Note is reduced as a result of any tax, assessment or
other governmental charge that is imposed or withheld in whole or in part by reason of the beneficial owner being or having been any of the following (as such terms are defined in the Internal Revenue Code of 1986, as amended): 

(a) personal holding company; 

(b) foreign private foundation or other foreign tax-exempt organization; 

(c) passive foreign investment company; 

(d) controlled foreign corporation; or 

(e) corporation which has accumulated earnings to avoid United States federal income tax. 

(4)    Additional Amounts will not be payable if a payment on a Note is reduced as a result of any tax, assessment or
other governmental charge that is imposed or withheld solely by reason of the beneficial owner owning or having owned, actually or constructively, 10 percent or more of the total combined voting power of all classes of stock of the Company
entitled to vote or by reason of the beneficial owner being a bank that has invested in a Note as an extension of credit in the ordinary course of its trade or business. 

For purposes of items (1) through (4) above, “beneficial owner” means a fiduciary, settlor, beneficiary, member or shareholder of the holder if
the holder is an estate, trust, partnership, limited liability company, corporation or other entity, or a person holding a power over an estate or trust administered by a fiduciary holder. 

(5)    Additional Amounts will not be payable to any beneficial owner of a Note that is a: 

(a) fiduciary; 
 (b) partnership;

 (c) limited liability company; or 

(d) other fiscally transparent entity 

or that is not the sole beneficial owner of the Note, or any portion of the Note. However, this exception to the obligation to pay Additional
Amounts will only apply to the extent that a beneficiary or settlor in relation to the fiduciary, or a beneficial owner or member of the partnership, limited liability company or other fiscally transparent entity, would not have been entitled to the
payment of an Additional Amount had the beneficiary, settlor, beneficial owner or member received directly its beneficial or distributive share of the payment. 

(6)    Additional Amounts will not be payable if a payment on a Note is reduced as a result of any tax, assessment or
other governmental charge that is imposed or withheld solely by reason of the failure of the beneficial owner or any other person to comply with applicable certification, identification, documentation or other information reporting requirements.
This exception to the obligation to pay Additional Amounts will only apply if compliance with such reporting requirements is required by statute or regulation of the United States or by an applicable income tax treaty to which the United States is a
party as a precondition to exemption from such tax, assessment or other governmental charge. 

 (7)    Additional Amounts will not be payable if a payment on a Note is
reduced as a result of any tax, assessment or other governmental charge that is collected or imposed by any method other than by withholding from a payment on a Note by the Company or a paying agent. 

(8)    Additional Amounts will not be payable if a payment on a Note is reduced as a result of any tax, assessment or
other governmental charge that is imposed or withheld by reason of a change in law, regulation, or administrative or judicial interpretation that becomes effective more than 15 days after the payment becomes due or is duly provided for, whichever
occurs later. 
 (9)    Additional Amounts will not be payable if a payment on a Note is reduced as a result of any tax,
assessment or other governmental charge that is imposed or withheld by reason of the presentation by the beneficial owner of a Note for payment more than 30 days after the date on which such payment becomes due or is duly provided for, whichever
occurs later. 
 (10)    Additional Amounts will not be payable if a payment on a Note is reduced as a result of any:

 (a) estate tax; 
 (b)
inheritance tax; 
 (c) gift tax; 

(d) sales tax; 
 (e) excise tax;

 (f) transfer tax; 
 (g)
wealth tax; 
 (h) personal property tax; or 

(i) any similar tax, assessment, withholding, deduction or other governmental charge. 

(11)    Additional Amounts will not be payable if a payment on a Note is reduced as a result of any tax, assessment, or
other governmental charge required to be withheld by any paying agent from a payment of principal or interest on a Note if such payment can be made without such withholding by any other paying agent. 

(12)     Additional Amounts will not be payable if a payment on a Note is reduced as a result of any withholding,
deduction, tax, duty assessment or other governmental charge that would not have been imposed but for a failure by the holder or beneficial owner of a Note (or any financial institution through which the holder or beneficial owner holds the Note or
through which payment on the Note is made) to take any action (including entering into an agreement with the Internal Revenue Service, or a governmental authority of another jurisdiction if the holder is entitled to the benefits of an
intergovernmental agreement between that jurisdiction and the United States) or to comply with any applicable certification, documentation, information or other reporting requirement or agreement concerning accounts maintained by the holder or
beneficial owner (or any such financial institution), or concerning ownership of the holder or beneficial owner, or any substantially similar requirement or agreement. 

(13)    Additional Amounts will not be payable if a payment on a Note is reduced as a result of any combination of items
(1) through (12) above. 

 Except as specifically provided herein, the Company will not be required to make any payment
of any tax, assessment or other governmental charge imposed by any government or a political subdivision or taxing authority of such government. 

As used in this Note, “United States person” means: 
  

	 	(a)	 any individual who is a citizen or resident of the United States; 

 

	 	(b)	 any corporation, partnership or other entity created or organized in or under the laws of the United States or
any political subdivision thereof; 

  

	 	(c)	 any estate if the income of such estate falls within the federal income tax jurisdiction of the United States
regardless of the source of such income; and 

  

	 	(d)	 any trust if (i) a United States court is able to exercise primary supervision over its administration and
one or more United States persons have the authority to control all of the substantial decisions of the trust; or (ii) it has a valid election in effect under applicable United States Treasury regulations to be treated as a United States
person. 

 Additionally, “non-United States person” means a person who
is not a United States person, and “United States” means the states of the United States of America and the District of Columbia, but excluding its territories and its possessions. 

Except as provided below, the Notes may not be redeemed prior to maturity. 
  

	 	(1)	 The Company may, at its option, redeem the Notes if: 

 

	 	(a)	 the Company becomes or will become obligated to pay Additional Amounts as described above;

  

	 	(b)	 the obligation to pay Additional Amounts arises as a result of any change in the laws, regulations or rulings
of the United States, or an official position regarding the application or interpretation of such laws, regulations or rulings, which change is announced or becomes effective on or after October 28, 2019; and 

 

	 	(c)	 the Company determines, in its business judgment, that the obligation to pay such Additional Amounts cannot be
avoided by the use of reasonable measures available to it, other than substituting the obligor under the Notes or taking any action that would entail a material cost to the Company. 

 

	 	(2)	 The Company may also redeem the Notes, at its option, if: 

 

	 	(a)	 any act is taken by a taxing authority of the United States on or after October 28, 2019 whether or not
such act is taken in relation to the Company or any subsidiary, that results in a substantial probability that the Company will or may be required to pay Additional Amounts as described above; 

 

	 	(b)	 the Company determines, in its business judgment, that the obligation to pay such Additional Amounts cannot be
avoided by the use of reasonable measures available to it, other than substituting the obligor under the Notes or taking any action that would entail a material cost to the Company; and 

	 	(c)	 the Company receives an opinion of independent counsel to the effect that an act taken by a taxing authority of
the United States results in a substantial probability that the Company will or may be required to pay the Additional Amounts described above, and delivers to the Trustee a certificate, signed by a duly authorized officer, stating that based on such
opinion the Company is entitled to redeem the Notes pursuant to their terms. 

 Any redemption of the Notes as set forth in clauses
(1) or (2) above shall be in whole, and not in part, and will be made at a redemption price equal to 100% of the principal amount of the Notes Outstanding plus accrued and unpaid interest thereon to the date of redemption. 

 

	 	(3)	 The Company may also redeem the Notes, at its option, in whole at any time or in part from time to time, on or
after May 4, 2020 (or, if additional notes are issued after November 5, 2019, beginning six months after the issue date of such additional notes) and prior to November 4, 2021, at a redemption price equal to the sum of (i) 100% of the
principal amount of the Notes being redeemed plus accrued and unpaid interest thereon to, but excluding the date of redemption; and (ii) the Make-Whole Amount, if any, with respect to such Notes. The Reinvestment Rate will equal the Treasury
Yield calculated to November 4, 2021, plus 0.125%. 

  

	 	•	 	 “Make-Whole Amount” means the excess, if any, of: (i) the aggregate present value as of the date
of such redemption of each dollar of principal being redeemed and the amount of interest (exclusive of interest accrued to the date of redemption) that would have been payable in respect of each such dollar if such redemption had not been made,
determined by discounting, on a semi-annual basis, such principal and interest at the Reinvestment Rate (as defined below) (determined on the third business day preceding the date that notice of such redemption is given) from the respective dates on
which such principal and interest would have been payable if such redemption had not been made, to the date of redemption, over (ii) the aggregate principal amount of the Notes being redeemed. 

 

	 	•	 	 “Reinvestment Rate” means the yield on Treasury securities at a constant maturity corresponding to the
remaining life (as of the date of redemption, and rounded to the nearest month) to November 4, 2021, of the principal being redeemed (the “Treasury Yield”), plus 0.125%. For purposes of the Notes, the Treasury Yield shall be equal to
the arithmetic mean of the yields published in the Statistical Release (as defined below) under the heading “Week Ending” for “U.S. Government Securities — Treasury Constant Maturities” with a maturity equal to such
remaining life; provided that if no published maturity exactly corresponds to such remaining life, then the Treasury Yield shall be interpolated or extrapolated on a straight-line basis from the arithmetic means of the yields for the next shortest
and next longest published maturities. For purposes of calculating the Reinvestment Rate, the most recent Statistical Release published prior to the date of determination of the Make-Whole Amount shall be used. If the format or content of the
Statistical Release changes in a manner that precludes determination of the Treasury Yield in the above manner, then the Treasury Yield shall be determined in the manner that most closely approximates the above manner, as reasonably determined by
the Company. 

  

	 	•	 	 “Statistical Release” means the statistical release designated “H.15(519)” or any successor
publication which is published weekly by the Federal Reserve and which reports yields on actively traded United States government securities adjusted to constant maturities or, if such statistical release is not published at the time of any
determination under the Indenture, then such other reasonably comparable index which shall be designated by the Company. 

	 	(4)	 The Company may also redeem the Notes, at its option, (i) in whole, but not in part, on November 4,
2021, or (ii) in whole at any time or in part from time to time, on or after October 4, 2022 at a redemption price equal to 100% of the principal amount of the Notes being redeemed plus accrued and unpaid interest thereon to, but
excluding, the date of redemption. 

 Holders shall be given not less than 15 days’ nor more than 60 days’ prior notice by the
Trustee of the date fixed for such redemption described in (1) and (2) above. Holders shall be given not less than 5 days’ nor more than 30 days’ prior notice by the Trustee of the date fixed for such redemption described in
(3) and (4) above. 
 All terms used in this Note which are defined in the Indenture shall have the meanings assigned to them in the Indenture. The
Notes are governed by the laws of the State of New York. 

 Schedule 1 

Redemptions and Amount of Securities 
  

							
	 Date of

partial

redemption
	 	 Aggregate

principal amount
 of
Securities then
 redeemed
	 	 Remaining

principal amount
 of this
Global
 Security
	  	 Authorized Signature

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