Document:

EXHIBIT 10.1

EMPLOYMENT AGREEMENT

 

THIS AGREEMENT
is made to be effective as of March 2, 2015 (the "Effective Date") by and among CITIZENS & NORTHERN CORPORATION,
a Pennsylvania business corporation (the "Corporation"), CITIZENS & NORTHERN BANK (the "Bank"),
a Pennsylvania chartered bank, and J. BRADLEY SCOVILL, an adult individual ("Executive").

 

WITNESSETH:

 

WHEREAS, the Bank is a wholly-owned subsidiary of the
Corporation; and

 

WHEREAS, the Corporation and the Bank each desire to
employ Executive and Executive desires to accept such employment, all upon the terms and conditions set forth herein.

 

AGREEMENT

 

NOW, THEREFORE,
the parties hereto, in consideration of the mutual covenants and agreements set forth herein and intending to be legally bound,
agree as follows:

 

1.           Employment.
The Corporation and the Bank each hereby employs Executive and Executive hereby accepts employment with Corporation and the Bank,
on the terms and conditions set forth in this Agreement.

 

2.           Duties
of Executive. Executive shall serve as the President and Chief Executive Officer of the Corporation and the Bank, reporting
only to the Board of Directors of the Corporation and the Bank and shall have supervision and control over, and responsibility
for, the general management and operation of the Corporation and the Bank, and shall have such other powers and duties as may from
time to time be prescribed by the Board of Directors of the Corporation and the Bank, provided such powers and duties are consistent
with the Executive’s position. Executive shall devote his full time, attention and energies to the business of the Corporation
and the Bank during the Employment Period (as defined in Section 3 of this Agreement); provided, however, that this Section 2 shall
not be construed as preventing Executive from (a) engaging in activities incident or necessary to personal investments, (b) acting
as a member of the board of directors of any non-profit association or corporation, or (c) being involved in any other activity
with the prior approval of the Board of Directors of the Corporation or the Bank. The Executive shall not engage in any business
or commercial activities, duties or pursuits which compete with the business or commercial activities of the Corporation or the
Bank, nor may the Executive serve as a director or officer or in any other capacity in a company which competes with the Corporation
or the Bank.

 

3.           Term
of Agreement.

 

(a)          Employment
Period. This Agreement shall be for a three (3) year period (the "Employment Period") beginning on the Effective
Date, and if not previously terminated pursuant to the terms of this Agreement, the Employment Period shall end March 1, 2018;
provided, however, that unless either party shall give written notice of non-renewal to the other party at least ninety(90) days
prior to March 1, 2018 (the "Renewal Date"), this Agreement will be automatically renewed for a period ending twelve
(12) months from the Renewal Date, and unless either party gives written notice of non-renewal to the other party at least ninety
(90) days prior to March 1 of each successive calendar year thereafter, the Employment Period will be automatically renewed for
successive twelve (12) month periods.

 

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(b)          Termination
for Cause. Notwithstanding the provisions of Section 3(a) of this Agreement, this Agreement may be terminated by the Corporation
or the Bank for Cause (as defined herein) upon written notice from the Board of Directors of the Corporation to Executive. As
used in this Agreement, "Cause" shall mean any of the following:

 

(i)          Executive’s
conviction of or plea of guilty or nolo contendere to a felony, a crime of falsehood or a crime involving moral turpitude, or the
actual incarceration of Executive for a period of thirty (30) consecutive days or more;

 

(ii)         Executive’s
willful continuing failure to follow the lawful instructions of the Board of Directors of the Corporation or the Bank (which instructions
must be consistent with the terms of this Agreement), after no less than 30 days from the Executive's receipt of written notice,
other than a failure resulting from Executive’s incapacity because of physical or mental illness;

 

(iii)        A
government regulatory agency recommends or orders in writing that the Corporation or the Bank terminate the employment of the Executive
with the Corporation or the Bank or relieve him of his duties as such relate to the Corporation or the Bank;

 

(iv)        Executive’s
intentional violation of any of the provisions of this Agreement;

 

(v)         conduct
on the part of the Executive bringing public discredit to the Bank;

 

(vi)        Executive’s
breach of fiduciary duty involving personal profit; or

 

(vii)       Executive’s
material violation of Bank policies and procedures.

 

If this Agreement is terminated
for Cause, all of Executive’s rights under this Agreement shall cease as of the effective date of such termination, except
that:

 

(i)          the
Bank shall pay to Executive the unpaid portion, if any, of his Annual Base Salary (as defined herein) through the date of termination
plus the value of accrued but unused vacation as of such date; and

 

(ii)         the
Bank shall provide to Executive such post-employment benefits, if any, as may be provided for under the terms of the employee benefit
plans of the Bank then in effect.

 

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(c)          Termination
for Good Reason. Notwithstanding the provisions of Section 3(a) of this Agreement, this Agreement shall terminate automatically
upon Executive’s termination of employment for Good Reason. The term "Good Reason" shall mean (i) a material reduction
in salary or benefits, including any incentive compensation plan, (ii) a reassignment which assigns full-time employment duties
to Executive at a location more than fifty (50) miles from the Corporation’s principal executive office on the date of this
Agreement, (iii) any other material breach or default by the Corporation or the Bank under any term or provision of this Agreement,
including any reduction, in any material respect and without Executive’s consent, of the authority, duties or other terms
and conditions of Executive’s employment hereunder or (iv) any failure of the Board of Directors to nominate Executive for
election as a member of the Board of Directors of the Corporation; provided that in all instances provided in this Section 3(c)
Executive has delivered written notice to the Corporation within thirty (30) days after the initial existence of any such condition
that the condition constitutes Good Reason, and the Corporation and Bank fail to cure such situation within thirty (30) days after
receipt of said notice.

 

If such
termination occurs for Good Reason, then Bank shall pay Executive such benefits as are set forth in Section 7 of this Agreement.

 

(d)          Death.
Notwithstanding the provisions of Section 3(a) of this Agreement, this Agreement shall terminate automatically upon Executive’s
death and Executive’s rights under this Agreement shall cease as of the date of such termination, except that (i) the Bank
shall pay to Executive’s spouse, personal representative, or estate the unpaid portion, if any, of his Annual Base Salary
through date of death and the balance of the payments (if any) owing pursuant to Section 19(b) below, and (ii) the Bank shall provide
to Executive’s dependents any benefits due under the Bank’s employee benefit plans, including the value of accrued
but unused vacation as of such date.

 

(e)          Disability.
If the Executive becomes disabled because of sickness, physical or mental disability, or any other reason, the Corporation and
the Bank shall have the option to terminate this Agreement by giving thirty (30) days written notice of termination to the Executive;
provided, however, that Executive shall continue to be eligible for benefits under the Bank’s long term disability insurance
plan. Executive shall be deemed to have become "disabled" at such time as he qualifies (after expiration of any applicable
waiting period) to receive benefits for partial or total disability under the Bank’s employee long term disability insurance
plan. If Executive’s employment shall be terminated by reason of his disability, the Bank shall pay Executive his then current
Annual Base Salary (less applicable taxes and withholdings) prorated through the date of termination, together with the amount
of any unreimbursed business expenses as of the date of termination and, except as otherwise provided in this Section 3(e), the
Corporation and the Bank shall have no further obligation to the Executive under this Agreement.

 

4.            Boards
of Directors.   During the term of this Agreement, the Corporation agrees to cause Executive to be elected
as a director on the Board of Directors of the Bank. As of the Effective Date, the Corporation agrees to appoint Executive as
a director to Class III of the Board of Directors of the Corporation and thereafter to nominate Executive for election as a director
on the Board of Directors of the Corporation in connection with each election of directors of the Corporation wherein his term
of office otherwise would expire. Executive agrees to serve with no additional compensation as a director on the Boards of Directors
of the Corporation and of the Bank and, if elected or appointed thereto, in one or more offices or as a director of any subsidiary
of the Corporation or the Bank. In the event Executive's employment under this Agreement would be terminated for any reason, Executive's
service as a director of the Corporation, the Bank and any affiliate or subsidiary thereof shall immediately terminate. This Section
4 shall constitute a resignation notice for such purposes.

 

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5.           Employment
Period Compensation, Benefits and Expenses.

 

(a)          Annual
Base Salary. For services performed by Executive under this Agreement, Bank shall pay Executive an annual base salary during
the Employment Period at the rate of Three Hundred Eighty Thousand Dollars ($380,000) per year, minus applicable withholdings and
deductions, payable at the same times as salaries are payable to other executive employees of the Bank ("Annual Base Salary").
The Annual Base Salary shall be reviewed annually by the Compensation Committee of the Board of Directors (or such other committee
as performs such functions, the "Compensation Committee") and the Compensation Committee may, from time to time, increase,
but shall not decrease, Executive’s Annual Base Salary, and any and all such increases shall be deemed to constitute amendments
to this Section 5(a) to reflect the increased amounts, effective as of the date established for such increases by the Board. In
reviewing adjustments to Annual Base Salary, the Compensation Committee shall consider relevant market data regarding executive
salaries at peer financial institutions and the performance of the Corporation and the Bank under the Executive’s leadership.
Executive will be eligible to participate in the annual cash Incentive Award Plan for calendar year 2015 at a target percentage
of base salary equal to thirty-five percent (35%). Participation in the Incentive Award Plan for calendar year 2015 will be pro-rated
based on Executive’s start date.

 

(b)          Bonus.
The Compensation Committee may provide for the payment of an annual bonus to the Executive as it deems appropriate to provide incentive
to the Executive and to reward the Executive for his performance. Such bonus may, but need not be, determined in accordance with
any incentive bonus programs for executive officers as approved by the Compensation Committee. The payment of any such bonuses
will not reduce or otherwise affect any other obligation of the Bank to the Executive provided for in this Agreement. Executive
will be eligible to participate in the annual cash Incentive Award Plan for calendar year 2015 at a target percentage of base salary
equal to 35%. Participation in the Incentive Award Plan for calendar year 2015 will be pro-rated based on Executive's start date.

 

(c)          Vacations,
Holidays, etc. During the term of this Agreement, Executive shall be entitled to be paid annual vacation in accordance with
the policies as established from time to time by the Board of Directors of the Bank; provided, however, that Executive's paid annual
vacation shall not be less than five (5) weeks. However, Executive shall not be entitled to receive any additional compensation
from Bank for failure to take a vacation, nor shall Executive be able to accumulate unused vacation time from one year to the next,
except to the extent authorized by the Board of Directors of Bank. The Executive shall also be entitled to all paid holidays, sick
days and personal days provided by the Bank to its regular full-time employees and senior executive officers.

 

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(d)          Automobile.
During the term of this Agreement, the Bank shall provide the Executive with exclusive use of an automobile mutually agreed upon
by Executive and Bank. This automobile shall be a luxury car or comparable sports utility vehicle with a purchase price or value
at the time of lease not exceeding $60,000. The Bank shall be responsible and shall pay for all costs associated with the operation
and maintenance of such automobile, including, without limitation, insurance coverage, repairs, maintenance and other operating
and incidental expenses, including registration, fuel and oil.

 

(e)          Country
Club Membership Fees. The Bank shall pay for Executive’s initiation fees, membership dues, capital fund assessments and
similar items necessary or appropriate to maintain a membership at a country club within the Bank’s market area as mutually
agreed upon by Bank and Executive.

 

(f)          Stock
Based Incentives. During the term of this Agreement, Executive shall be entitled to such stock based incentives as may be granted
from time to time by the Compensation Committee under the Corporation’s stock based incentive plans and as are consistent
with the Executive’s responsibilities and performance.

 

(g)          Employee
Benefit Plans. During the term of this Agreement, the Executive shall be eligible to participate in or receive benefits under
all Bank employee benefit plans including, but not limited to, any pension plan, profit-sharing plan, savings plan, life insurance
plan, medical/health insurance plan, disability insurance plan and other health and welfare benefits as made available by the Bank
to its full time employees generally, subject to and on a basis consistent with the terms, conditions and overall administration
of such plans and arrangements, and provided, further that such participation does not violate any state or federal law, rule or
regulation.

 

(h)          Business
Expenses. During the term of this Agreement, Executive shall be entitled to receive prompt reimbursement for all reasonable
expenses incurred by him, which are properly accounted for, in accordance with the policies and procedures established by the Board
of Directors of the Corporation or the Bank for its executive officers.

 

(i)          SERP.
Executive shall be eligible to participate in the Corporation’s Supplemental Executive Retirement Plan ("SERP")
and will be provided with a supplemental retirement income benefit thereunder with an approximate value when vested of One Hundred
Thousand Dollars ($100,000). Executive’s participation in the SERP shall be subject to the vesting requirements and other
terms and conditions set forth in the plan.

 

(j)          Effective
Date Bonus Payments.

 

(i)          Restricted
Stock Grant. Within ten (10) days after the Effective Date, Executive shall receive a grant of Corporation restricted common
stock equal in value at the time of grant to One Hundred Thousand Dollars ($100,000). The shares of restricted stock share vest
ratably over a three (3) year period.

 

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(ii)         Cash
Bonus. The Bank shall pay Executive a signing cash bonus in the amount of One Hundred Thousand Dollars ($100,000), Fifty Thousand
Dollars ($50,000) of which shall be paid sixty (60) days after the Effective Date and Fifty Thousand Dollars ($50,000) of which
shall be paid one hundred eighty (180) days after the Effective Date. In the event Executive voluntarily terminates employment
with the Bank, other than a termination for "Good Reason", as defined herein, within eighteen (18) months of receipt
of either $50,000 installment payment, Executive agrees to reimburse the Bank for the full amount of the cash bonus actually received
by Executive.

 

(iii)        1995
Stock Incentive Plan. Executive shall be eligible to receive an equity award under the Corporation’s 1995 Stock Incentive
Plan for calendar year 2015 equal in value to One Hundred Thousand Dollars($100,000) as of the date of grant. The equity award,
which normally would occur in January, 2016, may be comprised of a combination of stock options and restricted stock, each of which
will have a time vest and a performance vest component. For calendar years after 2015, based on approval by the Corporation's Board
of Directors, Executive will be eligible to receive such stock based incentives as are granted to Executive under the Corporation's
1995 Stock Incentive Plan consistent with Executive's responsibilities and the performance of the Corporation and Executive.

 

(iv)        Relocation
Allowance. In connection with Executive's commencement of employment with the Corporation and the Bank, the Bank will pay to
Executive a fixed relocation allowance in the amount of $35,000 to cover costs associated with the selling and buying of homes,
payment for temporary housing (including utilities and transitional moving expenses) and for payment of expenses associated with
home finding trips. In addition to the fixed relocation allowance, the Bank will reimburse Executive for actual moving costs incurred
(costs associated with packing, moving and unpacking household goods) associated with the physical move to Executive's new permanent
residence.

 

6.           Termination
of Employment Pursuant to a Change in Control - Definitions.

 

(a)          Any
of the following events occurring during the period commencing with the date of a "Change in Control" (as defined in
Section 6(b) of this Agreement) and ending on the second anniversary of the date of the Change in Control, shall constitute a "Termination
Pursuant to a Change in Control" for purposes of this Agreement:

 

(i) Executive’s
employment is terminated by the Corporation or Bank or any acquiror or successor thereof without Cause; or

 

(ii) Executive
terminates Executive’s employment for Good Reason.

 

(b)          As
used in this Agreement, "Change in Control" shall mean the occurrence immediately of any of the following:

 

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(i)          the
consummation of (A) a merger, consolidation, division or other fundamental transaction involving the Corporation or the Bank, (B)
a sale, exchange, transfer or other disposition of substantially all of the assets of the Corporation or the Bank to any entity
which is not a direct or indirect subsidiary of the Corporation, or (C) a purchase by the Corporation or the Bank of substantially
all of the assets of another entity; unless (Y) such merger, consolidation, division, sale, exchange, transfer, purchase,
disposition or other transaction is approved in advance by eighty percent (80%) or more of the members of the Board of Directors
of the Corporation who are not interested in the transaction and (Z) a majority of the members of the Board of Directors of the
legal entity resulting from or existing after any such transaction and a majority of the Board of Directors of such entity’s
parent corporation, if any, are former members of the Board of Directors of the Corporation; or

 

(ii)         any
"person" (as such term is used in Sections 13(d) and 14(d) of the Securities Exchange Act of 1934 (the "Exchange
Act")), other than the Corporation, a direct or indirect subsidiary of the Corporation, or a person who is the beneficial
owner of more than twenty-five percent (25%) of the Corporation’s outstanding securities on the date of this Agreement becomes
the "beneficial owner" (as defined in Rule 13d-3 under the Exchange Act), directly or indirectly, of securities of the
Corporation representing twenty-five percent (25%) or more of the combined voting power of Corporation’s then outstanding
securities; or

 

(iii)        during
any period of two (2) consecutive years during the term of Executive’s employment under this Agreement, individuals who at
the beginning of such period constitute the Board of Directors of the Corporation cease for any reason to constitute at least a
majority thereof, unless the election of each director who was not a director at the beginning of such period has been approved
in advance by directors representing at least two-thirds of the directors then in office who were directors at the beginning of
the period; or

 

(iv)        any
other change in control of the Corporation or the Bank similar in effect to any of the foregoing.

 

7.           Rights
in the Event of a Termination of Employment Pursuant to a Change in Control.

 

(a)          Right
to Compensation. In the event of a Termination Pursuant to a Change in Control, Executive shall be entitled to receive the
compensation and benefits set forth below:

 

(i)          Executive
shall be paid, within twenty (20) days following termination, a lump sum cash payment equal to two point ninety-nine (2.99) times
the sum of (1) the highest Annual Base Salary as defined in Section 5(a) during the immediately preceding three calendar years
and (2) the highest cash bonus and other cash incentive compensation earned by him with respect to one of the three calendar years
immediately preceding the year of termination. The amount shall be subject to federal, state, and local tax withholdings.

 

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(ii)         In
addition, for a period of thirty-six (36) months from the date of termination of employment, Executive shall be permitted to continue
participation in and the Bank shall maintain the same level of contribution for Executive’s participation in the Bank’s
life, disability, medical/health insurance and other health and welfare benefits in effect with respect to Executive during the
one (1) year prior to his termination of employment, or, if Bank is not permitted by the insurance carriers to provide such benefits
because Executive is no longer an employee, a dollar amount equal to the cost to Executive of obtaining such benefits (or substantially
similar benefits).

 

(b)          Mitigation.
Executive shall not be required to mitigate the amount of any payment provided for in this Section 7 by seeking other employment
or otherwise, nor shall the amount of payment or the benefit provided for in this Section 7 be reduced by any compensation earned
by Executive as the result of employment by another employer or by reason of Executive’s receipt of or right to receive any
retirement or other benefits after the date of termination of employment or otherwise.

 

(c)          Limitation
on Payment and Benefits.

 

(i)          Anything
in this Agreement to the contrary notwithstanding, in the event that a Change in Control occurs and it shall be determined that
any payment or distribution by the Corporation or its affiliates to or for the benefit of the Executive, whether paid or payable
or distributed or distributable pursuant to the terms of this Agreement or otherwise ("Total Payments") would otherwise
exceed the amount (the "Safe Harbor Amount") that may be received by the Executive without the imposition of an excise
tax under section 4999 of the Internal Revenue Code of 1986, as amended (the "Code") and the Department of the Treasury
(the "Department") Regulations relating thereto, then the Total Payments shall be reduced to the extent, and only to
the extent, necessary to assure that their aggregate present value, as determined in accordance with the applicable provisions
of section 280G of the Code, does not exceed the greater of the following dollar amounts (the "Benefit Limit"):

 

(A)         the
Safe Harbor Amount, or

 

(B)         the
greatest after-tax amount payable to the Executive after taking into account any excise tax imposed under section 4999 of the Code
on the Total Payments.

 

(ii)         All
determinations to be made under this Section 7(c) shall be made by an independent public accounting firm chosen by the Corporation
(the "Accounting Firm"). In determining whether such Benefit Limit is exceeded, the Accounting Firm shall make a reasonable
determination of the value to be assigned to the restrictive covenants in effect for the Executive pursuant to this Agreement,
and the amount of the Executive’s potential parachute payment under section 280G of the Code shall reduced by the value of
those restrictive covenants to the extent consistent with section 280G of the Code.

 

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(iii)        In
the event the Internal Revenue Service notifies the Executive of an inquiry with respect to the applicability of section 280G of
the Code or section 4999 of the Code to any payment by the Corporation or its affiliates, or assessment of tax under section 4999
of the Code with respect to any payment by the Corporation or its affiliates, the Executive shall provide notice to the Corporation
of such inquiry or assessment within ten (10) days, and shall take no action with respect to such inquiry or assessment until the
Corporation has responded thereto (provided such response is timely with respect to the inquiry or assessment). The Corporation
shall have the right to appoint an attorney or accountant to represent the Executive with respect to such inquiry or assessment,
and the Executive shall fully cooperate with such representative as a condition of the Agreement with respect to such inquiry or
assessment.

 

(iv)        All
of the fees and expenses of the Accounting Firm in performing the determinations referred to in Section 7(c)(ii) or any attorney
or accountant appointed to represent the Executive pursuant to Section 7(c)(iii) shall be borne solely by the Corporation.

 

(v)         To
the extent a reduction to the Total Payments is required to be made in accordance with this Section 7(c), such reduction and/or
cancellation of acceleration of equity awards shall occur in the order that provides the maximum economic benefit to the Executive.
In the event that acceleration of equity awards is to be reduced, such acceleration of vesting also shall be canceled in the order
that provides the maximum economic benefit to the Executive. Notwithstanding the foregoing, any reduction shall be made in a manner
consistent with the requirements of section 409A of the Code and where two economically equivalent amounts are subject to reduction
but payable at different times, such amounts shall be reduced on a pro rata basis, but not below zero.

 

		8.	Rights in Event of Termination of Employment Absent
Change in Control.

 

(a)          If
Executive’s employment is involuntarily terminated by the Corporation or the Bank without Cause or is terminated by Executive
for Good Reason pursuant to Section 3(c) (other than a Termination Pursuant to a Change in Control), then Bank shall pay (or cause
to be paid) to Executive, within twenty (20) days following termination, a lump sum cash payment equal to one (1) times the sum
of (1) the highest Annual Base Salary as defined in Section 5(a) during the immediately preceding three calendar years and (2)
the highest cash bonus and other cash incentive compensation earned by him with respect to one of the three calendar years immediately
preceding the year of termination. The amount shall be subject to federal, state and local tax withholdings. In addition, for a
period of one (1) year from the date of termination of employment, Executive shall be permitted to continue participation in, and
the Bank shall maintain the same level of contribution for, Executive’s participation in the Bank’s life, disability,
medical/health insurance and other health and welfare benefits in effect with respect to Executive during the one (1) year prior
to his termination of employment, or, if Bank cannot provide such benefits because Executive is no longer an employee, a dollar
amount equal to the cost of Executive of obtaining such benefits (or substantially similar benefits). In addition, if permitted
pursuant to the terms of the plan, Executive shall receive additional retirement benefits to which he would have been entitled
had his employment continued through the then remaining term of the Agreement.

 

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(b)          Executive
shall not be required to mitigate the amount of any payment provided for in this Section 8 by seeking other employment or otherwise,
nor shall the amount of payment or the benefit provided for in this Section 8 be reduced by any compensation earned by Executive
as the result of employment by another employer or by reason of Executive’s receipt of or right to receive any retirement
or other benefits after the date of termination of employment or otherwise.

 

9.           Covenant
Not to Compete.

 

(a)          Executive
hereby acknowledges and recognizes the highly competitive nature of the business of the Corporation and the Bank and accordingly
agrees that, during and for the applicable period set forth in Section 9(c) hereof, Executive shall not:

 

(i)          enter
into or be engaged (other than by the Corporation or the Bank), directly or indirectly, either for his own account or as agent,
consultant, employee, partner, officer, director, proprietor, investor (except as an investor owning less than 5% of the stock
of a publicly owned company) or otherwise of any person, firm, corporation or enterprise engaged in (1) the banking (including
bank holding company) or financial services industry, (2) starting a new bank or (3) any other activity in which the Corporation,
Bank or any of its subsidiaries are engaged during the Employment Period, in either case within a thirty-five (35) mile radius
of the legal or principal executive office of the Corporation or the Bank and any branch banking office or other office of the
Bank (the "Non-Competition Area"); or

 

(ii)         solicit,
directly or indirectly, current or former customers of the Corporation or the Bank or any of their respective subsidiaries to divert
their business from the Corporation and/or the Bank; or

 

(iii)        solicit,
directly or indirectly, any person who is employed by the Corporation or the Bank or any of their respective subsidiaries to leave
the employ of the Corporation or the Bank.

 

(b)          It
is expressly understood and agreed that, although the parties consider the restrictions contained in Section 9(a) hereof reasonable
for the purpose of preserving for the Corporation, the Bank and its subsidiaries their good will and other proprietary rights,
if a final judicial determination is made by a court having jurisdiction that the time or territory or any other restriction contained
in this Section 9(a) hereof is an unreasonable or otherwise unenforceable restriction against Executive, the provisions of Section
9(a) hereof shall not be rendered void but shall be deemed amended to apply as to such maximum time and territory and to such other
extent as such court may judicially determine or indicate to be reasonable.

 

(c)          The
provisions of this Section 9 shall be applicable commencing on the date of this Agreement and continuing for two (2) years after
the effective date of the termination of Executive’s employment. Notwithstanding the above provisions, if the Executive violates
the provisions of this Section 9 and the Bank must seek enforcement of the provisions of Section 9 and is successful in enforcing
the provisions, either pursuant to a settlement agreement, or pursuant to court order, the covenant not to compete will remain
in effect for two (2) full years following the date of the settlement agreement or court order.

 

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(d)          Executive
hereby agrees that the provisions of this Section 9 are fully assignable by the Corporation and the Bank to any successor. Executive
also acknowledges that the terms and conditions of this Section 9 will not be affected by the circumstances surrounding his termination
of employment.

 

(e)          The
Executive acknowledges and agrees that any breach of the restrictions set forth in this Section 9 will result in irreparable injury
to the Corporation and the Bank for which it shall have no meaningful remedy at law, and the Corporation and the Bank shall be
entitled to injunctive relief in order to enforce the provisions hereof. Upon obtaining any such final and nonappealable injunction,
the Corporation and the Bank shall be entitled to pursue reimbursement from the Executive and/or the Executive’s employer
of attorney’s fees and costs reasonably incurred in obtaining such final and nonappealable injunction. In addition, the Corporation
and the Bank shall be entitled to pursue reimbursement from the Executive and/or the Executive’s employer of costs reasonably
incurred in securing a qualified replacement for any employee enticed away from the Corporation and the Bank by Executive. Further,
the Corporation and the Bank shall be entitled to set off against or obtain reimbursement from Executive of any payments owed or
made to the Executive hereunder.

 

10.        Non-Disparagement.
Following the termination of the Executive’s employment, the Executive shall not make any public statements which disparage
the Corporation or Bank. Notwithstanding the foregoing, nothing in this Section shall prohibit Executive from making truthful statements
when required by order of a court or other governmental or regulatory body having jurisdiction.

 

11.        Unauthorized
Disclosure. During the term of his employment hereunder, or at any later time, the Executive shall not, without the written
consent of the Board of Directors of the Corporation and the Bank or a person authorized thereby (except as may be required pursuant
to a subpoena or other legal process), knowingly disclose to any person, other than an employee of the Corporation and the Bank
or a person to whom disclosure is reasonably necessary or appropriate in connection with the performance by the Executive of his
duties as an executive of the Corporation and the Bank, any material confidential information obtained by him while in the employ
of the Corporation and the Bank with respect to any of the Corporation and the Bank’s services, products, improvements, formulas,
designs or styles, processes, customers, methods of business or any business practices the disclosure of which could be or will
be damaging to the Corporation and the Bank; provided, however, that confidential information shall not include any information
known generally to the public (other than as a result of unauthorized disclosure by the Executive or any person with the assistance,
consent or direction of the Executive) or any information of a type not otherwise considered confidential by persons engaged in
the same business or a business similar to that conducted by the Corporation and the Bank or any information that must be disclosed
as required by law.

 

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12.        Release.
Notwithstanding any other provision of this Agreement, any severance or termination payments or benefits herein described are conditioned
on the Executive’s execution and delivery to the Corporation and Bank of an effective general release agreement in the form
attached hereto as Exhibit A, as such form may be modified by the Corporation, in a manner consistent with the requirements of
the Older Workers Benefit Protection Act and any applicable state law. Notwithstanding any provision of this Agreement to the contrary,
in no event shall the timing of the Executive’s execution of the release, directly or indirectly, result in the Executive
designating the calendar year of payment, and if a payment that is subject to execution of the release could be made in more than
one taxable year, payment shall be made in the later taxable year.

 

13.        Preemptive
Considerations. Notwithstanding anything to the contrary set forth herein:

 

(a)          If
the Executive is suspended and/or temporarily prohibited from participating in the conduct of the Corporation’s or Bank’s
affairs by a notice served under Section 8(e)(3) or (g)(1) of the Federal Deposit Insurance Act (12 U.S.C. 1818(e)(3) and (g)(1))
or any amendments or supplements thereto, the obligations of the Corporation and Bank under this Agreement shall be suspended as
of the date of service unless stayed by appropriate proceedings. If the charges in the notice are dismissed, the Corporation and
Bank may in its discretion (i) pay the Executive all or part of the compensation withheld while this Agreement’s obligations
were suspended, and (ii) reinstate (in whole or in part) any of its obligations which were suspended.

 

(b)          If
the Executive is removed and/or permanently prohibited from participating in the conduct of the Corporation’s or Bank’s
affairs by an order issued under Section 8(e)(4) or (g)(1) of the Federal Deposit Insurance Act (12 U.S.C. 1818(e)(4) or (g)(1))
or any amendments or supplements thereto, or equivalent provisions relating to a regulator with supervisory authority over the
Corporation or Bank, all obligations of the Corporation or Bank under this Agreement shall terminate as of the effective date of
the order, but vested rights of the parties shall not be affected.

 

(c)          If
the Corporation or Bank is in default (as defined in Section 3(x)(1) of the Federal Deposit Insurance Act or equivalent provisions
relating to a regulator with supervisory authority over the Corporation or Bank), all obligations under this Agreement shall terminate
as of the date of default, but this Section 13(c) shall not affect any vested rights of the parties.

 

14.        Indemnification;
Liability Insurance. The Corporation and the Bank shall indemnify the Executive, to the fullest extent permitted by Pennsylvania
law, with respect to any threatened, pending or contemplated action, suit or proceeding brought against him by reason of the fact
that he is or was a director, officer, employee or agent of the Corporation and the Bank or is or was serving at the written request
of the Corporation as a director, officer, employee or agent of another person or entity. The Executive’s right to indemnification
provided herein is not exclusive of any other rights to which Executive may be entitled under any bylaw, agreement, vote of shareholders
or otherwise, and shall continue beyond the term of this Agreement. The Corporation shall use its best efforts to obtain insurance
coverage for the Executive under an insurance policy covering officers and directors of the Corporation and its subsidiaries and
affiliates against lawsuits, arbitrations or other legal or regulatory proceedings; however, nothing herein shall be construed
to require Corporation to obtain such insurance if the Board of Directors of the Corporation determines that such coverage cannot
be obtained at a reasonable price.

 

    	12

    	 

    

  

15.        Notices.
Except as otherwise provided in this Agreement, any notice required or permitted to be given under this Agreement shall be deemed
properly given if in writing and if mailed by registered or certified mail, postage prepaid with return receipt requested, to Executive’s
address, in the case of notices to Executive, and to the principal executive office of the Corporation, in the case of notice to
the Corporation or the Bank.

 

16.        Waiver.
No provision of this Agreement may be modified, waived or discharged unless such waiver, modification or discharge is agreed to
in writing and signed by Executive and an executive officer specifically designated by the Board of Directors of the Corporation.
No waiver by either party hereto at any time of any breach by the other party hereto of, or compliance with, any condition or provision
of this Agreement to be performed by such other party shall be deemed a waiver of similar or dissimilar provisions or conditions
at the same or at any prior or subsequent time.

 

17.        Assignment.
This Agreement shall not be assignable by any party, except by Bank and the Corporation to any successor in interest to its business.

 

18.        Entire
Agreement. This Agreement contains the entire agreement of the parties relating to the subject matter of this Agreement
and supersedes and replaces any prior written or oral agreements between them respecting the within subject matter.

 

19.        Successors;
Binding Agreement.

 

(a)          The
Corporation and the Bank will require any successor (whether direct or indirect, by purchase, merger, consolidation, or otherwise)
to all or substantially all of the business and/or assets of the Corporation and/or the Bank to expressly assume and agree to perform
this Agreement in the same manner and to the same extent that the Corporation and the Bank would be required to perform it if no
such succession had taken place. As used in this Agreement, "Corporation" and "Bank" shall mean the Corporation
and the Bank, as defined previously and any successor to its respective business and/or assets as aforesaid which assumes and agrees
to perform this Agreement by operation of law or otherwise.

 

(b)          This
Agreement shall inure to the benefit of and be enforceable by Executive’s personal or legal representatives, executors, administrators,
heirs, distributees, devisees or legatees. If Executive should die: (i) after delivery of a notice of termination pursuant to Section
3(c); (ii) following a Termination Pursuant to a Change in Control; or (iii) following termination of Executive’s employment
without Cause, and any amounts would be payable to Executive under this Agreement if Executive had continued to live, all such
amounts shall be paid in accordance with the terms of this Agreement to Executive’s devisee, legatee, or other designee,
or, if there is no such designee, to Executive’s estate.

 

    	13

    	 

    

  

20.        Arbitration.
The Corporation, the Bank and Executive recognize that in the event a dispute should arise between them concerning the interpretation
or implementation of this Agreement, lengthy and expensive litigation will not afford a practical resolution of the issues within
a reasonable period of time. Consequently, with the exception of the covenant not to compete, non-disparagement and non-disclosure
provisions in Sections 9, 10 and 11, which the Corporation and/or the Bank may seek to enforce in any court of competent jurisdiction,
each party agrees that all disputes, disagreements and questions of interpretation concerning this Agreement are to be submitted
to resolution, in Wellsboro, Pennsylvania, to the American Arbitration Association (the "Association") in accordance
with the Association’s National Rules for the Resolution of Employment Disputes or other applicable rules then in effect
("Rules"). The Corporation, the Bank or Executive may initiate an arbitration proceeding at any time by giving notice
to the other in accordance with the Rules. The Corporation, the Bank and Executive may, as a matter or right, mutually agree on
the appointment of a particular arbitrator from the Association’s pool. The arbitrator shall not be bound by the rules of
evidence and procedure of the courts of the Commonwealth of Pennsylvania but shall be bound by the substantive law applicable to
this Agreement. The decision of the arbitrator, absent fraud, duress, incompetence or gross and obvious error of act, shall be
final and binding upon the parties and shall be enforceable in courts of proper jurisdiction. Following written notice of a request
for arbitration, the Corporation, Bank and Executive shall be entitled to an injunction restraining all further proceedings in
any pending or subsequently filed litigation concerning this Agreement, except as otherwise provided herein.

 

21.        Legal
Expenses. Bank will pay to the Executive all reasonable legal fees and expenses when incurred by the Executive in seeking
to obtain or enforce any right or benefit provided by this Agreement, provided he brings the action in good faith and is successful
on the merits.

 

22.        Validity.
The invalidity or unenforceability of any provision of this Agreement shall not affect the validity or enforceability of any other
provision of this Agreement, which shall remain in full force and effect.

 

23.        Applicable
Law. This Agreement shall be governed by and construed in accordance with the domestic, internal laws of the Commonwealth
of Pennsylvania, without regard to its conflicts of laws principles.

 

24.        Headings.
The section headings of this Agreement are for convenience only and shall not control or affect the meaning or construction or
limit the scope or intent of any of the provisions of this Agreement.

 

25.        409A
Safe Harbor.

 

(a)          General.
It is intended that this Agreement shall comply with the provisions of section 409A of the Code and the Department of the Treasury
(the "Department") Regulations relating thereto, or an exemption to section 409A of the Code. Any payments that qualify
for the "short-term deferral" exception or another exception under section 409A of the Code shall be paid under the applicable
exception. For purposes of the limitations on nonqualified deferred compensation under section 409A of the Code, each payment of
compensation under this Agreement shall be treated as a separate payment of compensation for purposes of applying the section 409A
of the Code deferral election rules and the exclusion under section 409A of the Code for certain short-term deferral amounts. All
payments to be made upon a termination of employment under this Agreement may only be made upon a "separation from service"
under section 409A of the Code. In no event may the Executive, directly or indirectly, designate the calendar year of any payment
under this Agreement. Within the time period permitted by the applicable Department Regulations (or such later time as may be permitted
under section 409A or any Internal Revenue Service or Department rules or other guidance issued thereunder), the Corporation may,
in consultation with the Executive, modify the Agreement in order to cause the provisions of the Agreement to comply with the requirements
of section 409A of the Code, so as to avoid the imposition of taxes and penalties on the Executive pursuant to section 409A of
the Code.

 

    	14

    	 

    

  

(b)          In-Kind
Benefits and Reimbursements. Notwithstanding anything to the contrary in this Agreement, all reimbursements and in-kind benefits
provided under this Agreement shall be made or provided in accordance with the requirements of section 409A of the Code including,
where applicable, the requirement that (i) any reimbursement is for expenses incurred during the Executive’s lifetime (or
during a shorter period of time specified in this Agreement); (ii) the amount of expenses eligible for reimbursement, or in-kind
benefits provided, during a calendar year may not affect the expenses eligible for reimbursement, or in-kind benefits to be provided,
in any other calendar year; (iii) the reimbursement of an eligible expense will be made no later than the last day of the calendar
year following the year in which the expense is incurred; and (iv) the right to reimbursement or in-kind benefits is not subject
to liquidation or exchange for another benefit.

 

(c)          Delay
of Payments. Notwithstanding any other provision of this Agreement to the contrary, if the Executive is considered a "specified
employee" for purposes of section 409A of the Code (as determined in accordance with the methodology established by the Corporation
and the Bank as in effect on the date of termination), (i) any payment that constitutes nonqualified deferred compensation within
the meaning of section 409A of the Code that is otherwise due to the Executive under this Agreement during the six-month period
following his separation from service (as determined in accordance with section 409A of the Code) shall be accumulated and paid
to Executive on the first business day of the seventh month following his separation from service (the "Delayed Payment Date")
and (ii) in the event any equity compensation awards held by the Executive that vest upon termination of the Executive’s
employment constitute nonqualified deferred compensation within the meaning of section 409A of the Code, the delivery of shares
of common stock (or cash) as applicable in settlement of such award shall be made on the earliest permissible payment date (including
the Delayed Payment Date) or event under section 409A on which the shares (or cash) would otherwise be delivered or paid. The Executive
shall be entitled to interest on any delayed cash payments from the date of termination to the Delayed Payment Date at a rate equal
to the applicable federal short-term rate in effect under Code section 1274(d) for the month in which the Executive’s separation
from service occurs. If the Executive dies during the postponement period, the amounts and entitlements delayed on account of section
409A of the Code shall be paid to the person designated by the Executive in writing for this purpose, or in the absence of any
such designation, to (i) his spouse if she survives him, or (ii) to his estate if his spouse does not survive him, on the first
to occur of the Delayed Payment Date or 30 days after the date of the Executive’s death. The foregoing shall apply only to
those payments required hereunder, if any, that do not qualify as short term deferrals or an exempt pay arrangement under section
409A.

 

    	15

    	 

    

  

26.         Recoupment
Policy.  The Executive agrees that the Executive will be subject to any compensation clawback or recoupment policies
that may be applicable to Executive as an executive of the Corporation or Bank, as in effect from time to time and as approved
by the Board of Directors or a duly authorized committee thereof, whether or not approved before or after the effective time of
this Agreement.

 

27.          Survival.
Notwithstanding anything contained herein to the contrary, Executive’s obligations under Sections 9, 10, 11 and 26 shall
continue despite the expiration of the term of this Agreement or its termination.

 

[signature page follows]

 

    	16

    	 

    

 

IN WITNESS WHEREOF, the parties have
executed this Agreement as of date first above written.

 

	ATTEST:	 	CITIZENS & NORTHERN CORPORATION
	 	 	 
	/s/ Kimberly N. Battin	 	By:	/s/ Leo F. Lambert
	Kimberly N. Battin, Secretary	 	 	Leo F. Lambert, Chariman
	 	 	 
	ATTEST:	 	CITIZENS & NOTRHERN BANK
	 	 	 
	/s/ Kimberly N. Battin	 	By:	/s/ Leo F. Lambert
	Kimberly N. Battin, Secretary	 	 	Leo F. Lambert, Chairman
	 	 	 
	WITNESS:	 	EXECUTIVE
	 	 	 
	/s/ Leo F. Lambert	 	/s/ J. Bradley Scovill
	 	 	J. Bradley Scovill

 

    	17

    	 

    

  

EXHIBIT A

Separation Agreement and General Release

 

THIS SEPARATION AGREEMENT
AND GENERAL RELEASE (this "Agreement") is made by and between                               
(the "Executive"), Citizens & Northern Corporation, a corporation organized and existing under the
laws of the Commonwealth of Pennsylvania (the "Corporation") and Citizens & Northern
Bank, a Pennsylvania chartered bank (the "Bank") .

 

WHEREAS, the Executive,
the Corporation and the Bank entered into an Employment Agreement dated ____________________________, 2015 (the "Employment
Agreement") that sets forth the terms and conditions of the Executive's employment with the Corporation and the Bank,
including the circumstances under which the Executive is eligible to receive severance pay.

 

NOW, THEREFORE, the Executive,
the Corporation and the Bank each intending to be legally held bound, hereby agree as follows:

 

1.          Consideration.
In consideration for a release of claims and other promises and covenants set forth herein, the Corporation and the Bank agree
to pay the Executive such consideration as is specified in Sections 7 and 8 of the Employment Agreement in accordance with the
terms and conditions of the Employment Agreement.

 

2.          Executive's
Release. The Executive on the Executive's own behalf and together with the Executive's heirs, assigns, executors, agents and
representatives hereby generally releases and discharges the Corporation and the Bank and their respective subsidiaries, affiliates
and the respective predecessors, successors (by merger or otherwise) and assigns of any of the foregoing, together with each and
every of the present, past and future officers, managers, directors, shareholders, members, general partners, limited partners,
employees and agents of any of the foregoing, and the heirs and executors of any of the foregoing (herein collectively referred
to as the "Releasees") from any and all suits, causes of action, complaints, obligations, demands, common
law or statutory claims of any kind, whether in law or in equity, direct or indirect, known or unknown (hereinafter "Claims"),
which the Executive ever had or now has against the Releasees, or any one of them occurring up to and including the date
of this Agreement. Notwithstanding anything herein to the contrary, the Executive's release is not and shall not be construed as
a release of any future claim by the Executive against the Corporation or the Bank. This release specifically includes, but is
not limited to:

 

(a)          any
and all Claims for wages and benefits including, without limitation, salary, stock options, stock, royalties, license fees, health
and welfare benefits, severance pay, vacation pay, and bonuses;

 

(b)          any
and all Claims for wrongful discharge, breach of contract, whether express or implied, and Claims for breach of implied covenants
of good faith and fair dealing;

 

    	18

    	 

    

  

(c)          any
and all Claims for alleged employment discrimination on the basis of race, color, religion, sex, age, national origin, veteran
status, disability and/or handicap, in violation of any federal, state or local statute, ordinance, judicial precedent or Employee
order, including but not limited to claims for discrimination under the following statutes: Title VII of the Civil Rights Act of
1964, 42 U.S.C. §2000e et seq.; the Civil Rights Act of 1866, 42 U.S.C. §1981; the Civil Rights Act of 1991; the
Age Discrimination in Employment Act, as amended, 29 U.S.C. §621 et seq.; the Older Workers Benefit Protection Act
29 U.S.C. §§ 623, 626 and 630; the Rehabilitation Act of 1972, as amended, 29 U.S.C. §701 et seq.; the Americans
with Disabilities Act, 42 U.S.C. §12101 et seq.; the Family and Medical Leave Act of 1993, 29 U.S.C. §2601, et
seq.; the Fair Labor Standards Act, as amended, 29 U.S.C. §201, et seq.; the Fair Credit Reporting Act, as amended,
15 U.S.C. §1681, et seq.; and the Employee Retirement Income Security Act of 1974, as amended, 29 U.S.C. § 1000,
et seq. ("ERISA") or any comparable state statute or local ordinance;

 

(d)          any
and all Claims under any federal or state statute relating to employee benefits or pensions;

 

(e)          any
and all Claims in tort, including but not limited to, any Claims for assault, battery, misrepresentation, defamation, interference
with contract or prospective economic advantage, intentional or negligent infliction of emotional distress, duress, loss of consortium,
invasion of privacy and negligence; and

 

(f)          any
and all Claims for attorneys' fees and costs.

 

3.          Acknowledgment.
The Executive understands that the release of Claims contained in this Agreement extends to all of the aforementioned Claims and
potential Claims which arose on or before the date of this Agreement, whether now known or unknown, suspected or unsuspected, and
that this constitutes an essential term of this Agreement. The Executive further understands and acknowledges the significance
and consequences of this Agreement and of each specific release and waiver, and expressly consents that this Agreement shall be
given full force and effect to each and all of its express terms and provisions, including those relating to unknown and uncompensated
Claims, if any, as well as those relating to any other Claims specified herein.

 

4.          Remedies.
All remedies at law or in equity shall be available to the Releasees for the enforcement of this Agreement. This Agreement may
be pleaded as a full bar to the enforcement of any Claim that the Executive may assert against the Releasees. The non- prevailing
party in any litigation shall pay for the prevailing party's costs and expenses of litigation including without limitation the
prevailing parties attorney's fees.

 

5.          No
Admission. Neither the execution of this Agreement by the Corporation and the Bank, nor the terms hereof, constitute an admission
by the Corporation or the Bank of any liability to the Executive.

 

6.          Entire
Agreement. This Agreement contains the entire agreement of the parties with respect to the subject matter hereof, and shall
be binding upon their respective heirs, executors, administrators, successors and assigns. In the event there is any inconsistency
between the terms of this Agreement and the Employment Agreement, the terms of this Agreement shall control.

 

7.          Severability.
If any term or provision of this Agreement shall be held to be invalid or unenforceable for any reason, then such term or provision
shall be ineffective to the extent of such invalidity or unenforceability without invalidating the remaining terms or provisions
hereof, and such term or provision shall be deemed modified to the extent necessary to make it enforceable.

 

    	19

    	 

    

  

8.          Executive's
Representation. The Executive represents and warrants that he or she has not assigned any claim that he or she purports to
release hereunder and that he or she has the full power and authority to enter into this Agreement and bind each of the persons
and entities that the Executive purports to bind. The Executive further represents and warrants that he or she is bound by, and
agrees to remain bound by, the Executive's post-employment obligations set forth in the Employment Agreement.

 

9.          Amendments.
Neither this Agreement nor any term hereof may be changed, waived, discharged, or terminated, except by a written agreement signed
by the parties hereto.

 

10.         Governing
Authority. This Agreement shall be governed by and construed in accordance with the laws of the Commonwealth of Pennsylvania,
without regard to the principles of conflicts of laws of any jurisdiction. The Executive agrees that the Corporation and the Bank
shall have the right to commence and maintain an action hereunder in the state and federal courts appropriate for the location
at which the Corporation maintains its corporate offices, and the Executive hereby submits to the jurisdiction and venue of such
courts.

 

11.         Fees
and Costs. The parties shall bear their own attorneys' fees and costs.

 

12.         Counterparts.
This Agreement may be executed in counterparts.

 

13.         Legally
Binding. The terms of this Agreement contained herein are contractual, and not a mere recital.

 

IN WITNESS WHEREOF, the
Executive, acknowledging that he or she is acting of his or her own free will after having had the opportunity to seek the advice
of counsel and a reasonable period of time to consider the terms of this Agreement, and the Corporation and the Bank, have caused
the execution of this Agreement as of this day and year written below.

 

	EXECUTIVE	 	WITNESS
	 	 	 	 	 
	By:	 	 	By:	 
	 	 	 	 	 
	Name:	 	 	Name:	 
	 	 	 	 	 
	Date:	 	 	Date:	 
	 	 	 
	CITIZENS & NORTHERN CORPORATION	 	CITIZENS & NORTHERN BANK
	 	 	 	 	 
	By:	 	 	By:	 
	 	 	 	 	 
	Name:	 	 	Name:	 
	 	 	 	 	 
	Title:	 	 	Title:	 
	 	 	 	 	 
	Date:	 	 	Date:	 

 

    	20EX-4.1

 Exhibit 4.1 

APPLE INC. 

Officer’s Certificate 

Pursuant to Sections 102 and 301 of the Indenture dated as of April 29, 2013 (the “Indenture”) by and between Apple Inc.
(the “Issuer”) and The Bank of New York Mellon Trust Company, N.A., as trustee (the “Trustee”), the undersigned officer does hereby certify, in connection with the issuance of (i) $500,000,000 aggregate
principal amount of Floating Rate Notes due 2020 (“Floating Rate Notes”), (ii) $1,250,000,000 aggregate principal amount of 1.55% Notes due 2020 (“2020 Notes”) (iii) $1,250,000,000 aggregate principal
amount of 2.15% Notes due 2022 (“2022 Notes”), (iv) $1,500,000,000 aggregate principal amount of 2.50% Notes due 2025 (“2025 Notes”) and (v) $2,000,000,000 aggregate principal amount of 3.45% Notes due
2045 (“2045 Notes” and, together with the Floating Rate Notes, 2020 Notes, 2022 Notes and 2025 Notes, the “Notes”), that the terms of the Notes are as follows: 

Capitalized terms used but not otherwise defined herein shall have the meanings specified in the Indenture. 

 

	1.	Floating Rate Notes due 2020 

  

			
	Title:	  	Floating Rate Notes due 2020
		
	Issuer:	  	Apple Inc.
		
	Trustee, Registrar, Transfer Agent, Authenticating Agent, and Paying Agent:	  	The Bank of New York Mellon Trust Company, N.A.
		
	Aggregate Principal Amount at Maturity.	  	$500,000,000
		
	Principal Payment Date:	  	February 7, 2020
		
	Interest:	  	Floating rate equal to three-month LIBOR plus 0.25%
		
	Date from which Interest will Accrue:	  	February 9, 2015
		
	Interest Payment Dates:	  	February 9, May 9, August 9 and November 9, beginning on May 9, 2015 and on the principal payment date; provided, that if an Interest Payment Date for this Note falls on a day that is not a Business Day the Interest Payment Date
shall be postponed to the next succeeding Business Day, unless such next succeeding Business Day would be in the following month, in which case the Interest Payment Date shall be the

			
		  	immediately preceding Business Day.
		
	Conversion:	  	None
		
	Sinking Fund:	  	None
		
	Redemption:	  	The Floating Rate Notes shall not be redeemable prior to their maturity.
		
	Denominations:	  	$2,000 and any integral multiple of $1,000 in excess thereof.
		
	Miscellaneous:	  	The terms of the Floating Rate Notes shall include such other terms as are set forth in the form of Floating Rate Notes attached hereto as Exhibit A and in the Indenture. In addition, the global notes for the Floating
Rate Notes shall include the following language: “To the extent the terms of the Indenture and this Note are inconsistent, the terms of the Indenture shall govern.”

  

	2.	2020 Notes 

  

			
	Title:	  	1.55% Notes due 2020
		
	Issuer:	  	Apple Inc.
		
	Trustee, Registrar, Transfer Agent, Authenticating Agent, and Paying Agent:	  	The Bank of New York Mellon Trust Company, N.A.
		
	Aggregate Principal Amount at Maturity.	  	$1,250,000,000
		
	Principal Payment Date:	  	February 7, 2020
		
	Interest:	  	1.55% per annum
		
	Date from which Interest will Accrue:	  	February 9, 2015
		
	Interest Payment Dates:	  	February 9 and August 9, beginning on August 9, 2015 and on the principal payment date
		
	Redemption:	  	The Issuer may at its option redeem the 2020 Notes in whole or in part, at any time or from time to time prior to their maturity, on at least 30 days, but not more than 60 days, prior notice mailed or electronically delivered to the
registered address of each holder of record of the

  
 2 

			
		  	 2020 Notes, at a redemption price, calculated by the Issuer, equal to the greater of:

 
 (i) 100% of the principal amount of the 2020 Notes being redeemed; or

 
 (ii) the sum of the present values of the remaining scheduled payments of principal and
interest on the notes to be redeemed (exclusive of interest accrued to the date of redemption) discounted to the date of redemption on a semi-annual basis (assuming a 360-day year consisting of twelve 30-day months) at a rate equal to the sum of the
applicable Treasury Rate (as defined in the 2020 Notes) plus 10 basis points,
  
 plus, in
each case, accrued and unpaid interest thereon to the date of redemption.

		
	Conversion:	  	None
		
	Sinking Fund:	  	None
		
	Denominations:	  	$2,000 and any integral multiple of $1,000 in excess thereof.
		
	Miscellaneous:	  	The terms of the 2020 Notes shall include such other terms as are set forth in the form of 2020 Notes attached hereto as Exhibit B and in the Indenture. In addition, the global notes for the 2020 Notes shall include the
following language: “To the extent the terms of the Indenture and this Note are inconsistent, the terms of the Indenture shall govern.”

  

	3.	2022 Notes 

  

			
	Title:	  	2.15% Notes due 2022
		
	Issuer:	  	Apple Inc.
		
	Trustee, Registrar, Transfer Agent, Authenticating Agent, and Paying Agent:	  	The Bank of New York Mellon Trust Company, N.A.
		
	Aggregate Principal Amount at Maturity.	  	$1,250,000,000
		
	Principal Payment Date:	  	February 9, 2022

  
 3 

			
		
	Interest:	  	2.15% per annum
		
	Date from which Interest will Accrue:	  	February 9, 2015
		
	Interest Payment Dates:	  	February 9 and August 9, beginning on August 9, 2015
		
	Redemption:	  	 The Issuer may at its option redeem the 2022 Notes in whole or in part, at any time or from time to time prior to their maturity, on at least
30 days, but not more than 60 days, prior notice mailed or electronically delivered to the registered address of each holder of record of the 2022 Notes, at a redemption price, calculated by the Issuer, equal to the greater of:

 
 (i) 100% of the principal amount of the 2022 Notes being redeemed; or

 
 (ii) the sum of the present values of the remaining scheduled payments of principal and
interest on the notes to be redeemed (exclusive of interest accrued to the date of redemption) discounted to the date of redemption on a semi-annual basis (assuming a 360-day year consisting of twelve 30-day months) at a rate equal to the sum of the
applicable Treasury Rate (as defined in the 2022 Notes) plus 10 basis points,
  
 plus, in
each case, accrued and unpaid interest thereon to the date of redemption.

		
	Conversion:	  	None
		
	Sinking Fund:	  	None
		
	Denominations:	  	$2,000 and any integral multiple of $1,000 in excess thereof.
		
	Miscellaneous:	  	The terms of the 2022 Notes shall include such other terms as are set forth in the form of 2022 Notes attached hereto as Exhibit C and in the Indenture. In addition, the global notes for the 2022 Notes shall include the
following language: “To the extent the terms of the Indenture and this Note are inconsistent, the terms of the Indenture shall govern.”

  
 4 

	4.	2025 Notes 

  

			
	Title:	  	2.50% Notes due 2025
		
	Issuer:	  	Apple Inc.
		
	Trustee, Registrar, Transfer Agent, Authenticating Agent, and Paying Agent:	  	The Bank of New York Mellon Trust Company, N.A.
		
	Aggregate Principal Amount at Maturity.	  	$1,500,000,000
		
	Principal Payment Date:	  	February 9, 2025
		
	Interest:	  	2.50% per annum
		
	Date from which Interest will Accrue:	  	February 9, 2015
		
	Interest Payment Dates:	  	February 9 and August 9, beginning on August 9, 2015
		
	Redemption:	  	 The Issuer may at its option redeem the 2025 Notes in whole or in part, at any time or from time to time prior to their maturity, on at least
30 days, but not more than 60 days, prior notice mailed or electronically delivered to the registered address of each holder of record of the 2025 Notes, at a redemption price, calculated by the Issuer, equal to the greater of:

 
 (i) 100% of the principal amount of the 2025 Notes being redeemed; or

 
 (ii) the sum of the present values of the remaining scheduled payments of principal and
interest on the notes to be redeemed (exclusive of interest accrued to the date of redemption) discounted to the date of redemption on a semi-annual basis (assuming a 360-day year consisting of twelve 30-day months) at a rate equal to the sum of the
applicable Treasury Rate (as defined in the 2025 Notes) plus 15 basis points,
  
 plus, in
each case, accrued and unpaid interest thereon to the date of redemption.

		
	Conversion:	  	None

  
 5 

			
		
	Sinking Fund:	  	None
		
	Denominations:	  	$2,000 and any integral multiple of $1,000 in excess thereof.
		
	Miscellaneous:	  	The terms of the 2025 Notes shall include such other terms as are set forth in the form of 2025 Notes attached hereto as Exhibit D and in the Indenture. In addition, the global notes for the 2025 Notes shall include the
following language: “To the extent the terms of the Indenture and this Note are inconsistent, the terms of the Indenture shall govern.”

  

	5.	2045 Notes 

  

			
	Title:	  	3.45% Notes due 2045
		
	Issuer:	  	Apple Inc.
		
	Trustee, Registrar, Transfer Agent, Authenticating Agent, and Paying Agent:	  	The Bank of New York Mellon Trust Company, N.A.
		
	Aggregate Principal Amount at Maturity.	  	$2,000,000,000
		
	Principal Payment Date:	  	February 9, 2045
		
	Interest:	  	3.45% per annum
		
	Date from which Interest will Accrue:	  	February 9, 2015
		
	Interest Payment Dates:	  	February 9 and August 9, beginning on August 9, 2015
		
	Redemption:	  	 The Issuer may at its option redeem the 2045 Notes in whole or in part, at any time or from time to time prior to their maturity, on at least
30 days, but not more than 60 days, prior notice mailed or electronically delivered to the registered address of each holder of record of the 2045 Notes, at a redemption price, calculated by the Issuer, equal to the greater of:

 
 (i) 100% of the principal amount of the 2045 Notes being redeemed; or

 
 (ii) the sum of the present values of the remaining scheduled payments of principal and
interest on the

  
 6 

			
		  	 notes to be redeemed (exclusive of interest accrued to the date of redemption) discounted to the date of redemption on a semi-annual basis
(assuming a 360-day year consisting of twelve 30-day months) at a rate equal to the sum of the applicable Treasury Rate (as defined in the 2045 Notes) plus 20 basis points,
  

plus, in each case, accrued and unpaid interest thereon to the date of redemption.

		
	Conversion:	  	None
		
	Sinking Fund:	  	None
		
	Denominations:	  	$2,000 and any integral multiple of $1,000 in excess thereof.
		
	Miscellaneous:	  	The terms of the 2045 Notes shall include such other terms as are set forth in the form of 2045 Notes attached hereto as Exhibit E and in the Indenture. In addition, the global notes for the 2045 Notes shall include the
following language: “To the extent the terms of the Indenture and this Note are inconsistent, the terms of the Indenture shall govern.”

 Subject to the covenants described in the Indenture, as amended or supplemented from time to time, the Issuer
shall be entitled, subject to authorization by the Board of Directors of the Issuer and an Officer’s Certificate, to issue additional notes from time to time under each series of notes issued hereby. Any such additional notes of a series shall
have identical terms as the Floating Rate Notes, 2020 Notes, 2022 Notes, 2025 Notes and 2045 Notes, as the case may be, issued on the issue date, other than with respect to the date of issuance and the issue price (together the “Additional
Notes”). Any Additional Notes will be issued in accordance with Section 301 of the Indenture. 
 The officer has read and
understands the provisions of the Indenture and the definitions relating thereto. The statements made in this Officer’s Certificate are based upon the examination of the provisions of the Indenture and upon the relevant books and records of the
Issuer. In such officer’s opinion, they have made such examination or investigation as is necessary to enable such officer to express an informed opinion as to whether or not the covenants and conditions of such Indenture relating to the
issuance, authentication and delivery of the Notes have been complied with. In such officer’s opinion, such covenants and conditions have been complied with. 

  
 7 

 IN WITNESS WHEREOF, the undersigned officer of the Issuer has duly executed this certificate as
of February 9, 2015. 
  

					
	APPLE INC.
		
	By:	 	/s/ Gary Wipfler
		 	Name:	 	Gary Wipfler
		 	Title:	 	Vice President and
		 		 	Corporate Treasurer

 [Signature Page to Officer’s Certificate Pursuant to the Indenture] 

 EXHIBIT A 

FORM OF FLOATING RATE NOTE DUE 2020 

UNLESS THIS NOTE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION
(“DTC”), TO THE ISSUER OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY NOTE 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 A BENEFICIAL INTEREST HEREIN. 
 TRANSFERS OF THIS GLOBAL SECURITY ARE LIMITED TO
TRANSFERS IN WHOLE, BUT NOT IN PART, TO NOMINEES OF DTC OR TO A SUCCESSOR THEREOF OR SUCH SUCCESSOR’S NOMINEE AND TRANSFERS OF PORTIONS OF THIS GLOBAL SECURITY ARE LIMITED TO TRANSFERS MADE IN ACCORDANCE WITH THE RESTRICTIONS SET FORTH IN THE
INDENTURE REFERRED TO ON THE REVERSE HEREOF. 
 THIS SECURITY IS A GLOBAL SECURITY WITHIN THE MEANING OF THE INDENTURE REFERRED TO HEREIN
AND IS REGISTERED IN THE NAME OF A DEPOSITARY OR A NOMINEE THEREOF. THIS 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. 

 APPLE INC. 

Floating Rate Note due 2020 
  

			
	No.		CUSIP No.: 037833 AW0
			ISIN No.: US037833AW07
		
			$500,000,000

 APPLE INC., a California corporation (the “Issuer”), for value received promises to pay to
CEDE & CO. or registered assigns the principal sum of 500,000,000 DOLLARS on February 7, 2020. 
 Interest Payment Dates:
February 9, May 9, August 9 and November 9, beginning on May 9, 2015, and on the principal payment date (each, an “Interest Payment Date”). 

Interest Record Dates: the Business Day preceding the Interest Payment Date (the “Interest Record Date”). 

Reference is made to the further provisions of this Note contained herein, which will for all purposes have the same effect as if set forth at
this place. 

 IN WITNESS WHEREOF, the Issuer has caused this Note to be signed manually or by facsimile by its
duly authorized officer. 
  

					
	APPLE INC.
		
	By:	 	 
		 	Name:	 	
		 	Title:	 	

 This is one of the Securities of the series designated therein and referred to in the
within-mentioned Indenture. 
 Dated: February 9, 2015 
  

			
	The Bank of New York Mellon Trust
Company, N.A., as Trustee
		
	By:	 	 
		 	Authorized Signatory

 (REVERSE OF NOTE) 

APPLE INC. 
 Floating Rate Note due
2020 
  

	 	1.	Interest 

 Apple Inc. (the “Issuer”) promises to pay interest on the principal
amount of this Note at the rate per annum described below. Cash interest on the Notes will accrue from February 9, 2015, or the most recent Interest Payment Date to which payment has been paid or provided for; provided, that if an Interest
Payment Date for this Note falls on a day that is not a Business Day the Interest Payment Date shall be postponed to the next succeeding Business Day, unless such next succeeding Business Day would be in the following month, in which case the
Interest Payment Date shall be the immediately preceding Business Day. Interest on this Note will be paid to but excluding the relevant Interest Payment Date. The Issuer will pay interest quarterly in arrears on each Interest Payment Date,
commencing May 9, 2015. Interest will be computed on the basis of the actual number of days in an interest period and a 360-day year. 

The Issuer shall pay interest on overdue principal from time to time on demand at the rate borne by the Notes and on overdue installments of
interest (without regard to any applicable grace periods) to the extent lawful. 
 The interest rate for each interest period will be
determined by the Trustee (as defined below) or its successor. The interest rate for a particular interest period will be a per annum rate equal to three-month LIBOR as determined on the interest determination date plus 0.25%. The interest
determination date for an interest period will be the second London business day preceding the first day of such interest period. 
 A
London business day is a day on which dealings in deposits in U.S. dollars are transacted in the London interbank market. 
 On any interest
determination date, LIBOR will be equal to the offered rate for deposits in U.S. dollars having an index maturity of three months, as such rate appears on the Reuters Page LIBOR 01 (or on such other page as may replace Reuters Page LIBOR 01 on that
service, or such other service or services as may be nominated for the purpose of displaying London interbank offered rates for U.S. dollar deposits by ICE Benchmark Administration Limited (“IBA”) or its successor or such other entity
assuming the responsibility of IBA or its successor in calculating LIBOR in the event IBA or its successor no longer does so) as of approximately 11:00 a.m., London time, on such interest determination date. 

If no offered rate appears on Reuters Page LIBOR 01 or such other service as described above on an interest determination date at
approximately 11:00 a.m., London time, then the Issuer (after consultation with the Trustee) will select four major reference banks in the London interbank market and the Trustee shall request each of their principal London offices to provide a
quotation of the rate at which three-month deposits in U.S. dollars in amounts of at least $1,000,000 are offered by it to prime banks in the London interbank market, on that date and at that time, that is representative of single transactions at
that time. If at least two quotations are 

 
provided, LIBOR will be the arithmetic average of the quotations provided. Otherwise, the Issuer (after consultation with the Trustee) will select three major reference banks in New York City and
shall request each of them to provide a quotation of the rate offered by them at approximately 11:00 a.m., New York City time, on the interest determination date for loans in U.S. dollars to leading European banks having an index maturity of three
months for the applicable interest period in an amount of at least $1,000,000 that is representative of single transactions at that time. If three quotations are provided, LIBOR will be the arithmetic average of the quotations provided. If the banks
selected by the Issuer (after consultation with the Trustee) are not providing quotations in the manner specified above, the rate of LIBOR for the next interest period will be set equal to the three-month LIBOR in effect prior to such interest
determination date. 
 All percentages resulting from any calculation of any interest rate for this Note will be rounded, if necessary, to
the nearest one hundred thousandth of a percentage point, with five one-millionths of a percentage point rounded upward (e.g., 3.876545% (or .03876545) would be rounded to 3.87655% (or .0387655)), and all U.S. dollar amounts will be rounded to the
nearest cent, with one-half cent being rounded upward. Each calculation of the interest rate on this Note by the Trustee will (in the absence of manifest error) be final and binding on the Holders of this Note and the Issuer. 

Upon written request from any Holder, the Trustee will provide the interest rate in effect on the Notes for the current interest period and,
if it has been determined, the interest rate to be in effect for the next interest period. 
 The interest rate on this Note will in no
event be higher than the maximum rate permitted by New York law as the same may be modified by United States law of general application. 
  

	 	2.	Paying Agent. 

 Initially, The Bank of New York Mellon Trust Company, N.A. (the
“Trustee”) will act as paying agent. The Issuer may change any paying agent without notice to the Holders. 
  

	 	3.	Indenture; Defined Terms. 

 This Note is one of the Floating Rate Notes due 2020 (the
“Notes”) issued under an indenture dated as of April 29, 2013 (the “Base Indenture”) by and between the Issuer and the Trustee, as supplemented by an Officer’s Certificate dated February 9, 2015,
issued pursuant to Section 301 of the Indenture (together with the Base Indenture, the “Indenture”). This Note is a “Security” and the Notes are “Securities” under the Indenture. 

For purposes of this Note, unless otherwise defined herein, capitalized terms herein are used as defined in the Indenture. The terms of the
Notes include those stated in the Indenture and those made part of the Indenture by reference to the Trust Indenture Act as in effect on the date on which the Indenture was qualified under the Trust Indenture Act. Notwithstanding anything to the
contrary herein, the Notes are subject to all such terms, and holders of Notes are referred to the Indenture and the Trust Indenture Act for a statement of them. 

 To the extent the terms of the Indenture and this Note are inconsistent, the terms of the
Indenture shall govern. 
  

	 	4.	Denominations; Transfer; Exchange. 

 The Notes are in registered form, without coupons, in
denominations of $2,000 and any integral multiple of $1,000 in excess thereof. A Holder shall register the transfer or exchange of Notes in accordance with the Indenture. The Issuer may require a Holder, among other things, to furnish appropriate
endorsements and transfer documents and to pay certain transfer taxes or similar governmental charges payable in connection therewith as permitted by the Indenture. 
  

	 	5.	Amendment; Supplement; Waiver. 

 Subject to certain exceptions, the Notes and the provisions of
the Indenture relating to the Notes may be amended or supplemented and any existing default or Event of Default or compliance with certain provisions may be waived with the written consent of the Holders of at least a majority in aggregate principal
amount of each series of Outstanding Securities (including the Notes) under the Indenture that is affected by such amendment, supplement or waiver (voting as a single class). Without notice to or consent of any Holder, the parties thereto may amend
or supplement the Indenture and the Notes to, among other things, cure any ambiguity, defect or inconsistency or comply with any requirements of the Commission in connection with the qualification of the Indenture under the Trust Indenture Act, or
make any other change that does not adversely affect the rights of any Holder of a Note. 
  

	 	6.	Defaults and Remedies. 

 If an Event of Default (other than certain bankruptcy Events of Default
with respect to the Issuer) under the Indenture occurs with respect to the Notes and is continuing, then the Trustee may and, at the direction of the Holders of at least 25% in principal amount of the outstanding Notes, shall by written notice,
require the Issuer to repay immediately the entire principal amount of the Outstanding Notes, together with all accrued and unpaid interest and premium, if any. If a bankruptcy Event of Default with respect to the Issuer occurs and is continuing,
then the entire principal amount of the Outstanding Notes together with all accrued and unpaid interest and premium, if any, will automatically become due immediately and payable without any declaration or other act on the part of the Trustee or any
Holder. Holders of Notes may not enforce the Indenture or the Notes except as provided in the Indenture. The Trustee is not obligated to enforce the Indenture or the Notes unless it has received indemnity as it reasonably requires. The Indenture
permits, subject to certain limitations therein provided, Holders of a majority in aggregate principal amount of the Notes then outstanding to direct the Trustee in its exercise of any trust or power. The Trustee may withhold from Holders of Notes
notice of certain continuing defaults or Events of Default if it determines that withholding notice is not opposed to their interest. 
  

	 	7.	Authentication. 

 This Note shall not be valid until the Trustee manually signs the certificate
of authentication on this Note. 

	 	8.	Abbreviations and Defined Terms. 

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

	 	9.	CUSIP Numbers. 

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

	 	10.	Governing Law. 

 The Indenture and the Notes shall be governed by, and construed in accordance
with, the law of the State of New York. 

 ASSIGNMENT FORM 

To assign this Note, fill in the form below: 
 I or we assign
and transfer this Note to 
 (Print or type assignee’s name, address and zip code) 

(Insert assignee’s soc. sec. or tax I.D. No.) 

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

 
 Date:
                                         
                        Your Signature:
                                         
                                         
       
  
  

Sign exactly as your name appears on the other side of this Note. 
  

					
	  
	 		 	   

		 		 	Signature
			
	Signature Guarantee:	 		 	
			
	   
	 		 	   

	Signature must be guaranteed	 		 	Signature

 Signatures must be guaranteed by an “eligible guarantor institution” meeting the requirements of the
Registrar, which requirements include membership or participation in the Security Transfer Agent Medallion Program (“STAMP”) or such other “signature guarantee program” as may be determined by the Registrar in addition to,
or in substitution for, STAMP, all in accordance with the United States Securities Exchange Act of 1934, as amended. 

 SCHEDULE OF EXCHANGES OF NOTES 

The following exchanges of a part of this Global Note for physical Notes or a part of another Global Note have been made: 

 

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

 EXHIBIT B 

FORM OF NOTE DUE 2020 
 UNLESS
THIS NOTE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), TO THE ISSUER OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY NOTE 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 A BENEFICIAL INTEREST HEREIN. 

TRANSFERS OF THIS GLOBAL SECURITY ARE LIMITED TO TRANSFERS IN WHOLE, BUT NOT IN PART, TO NOMINEES OF DTC OR TO A SUCCESSOR THEREOF OR SUCH
SUCCESSOR’S NOMINEE AND TRANSFERS OF PORTIONS OF THIS GLOBAL SECURITY ARE LIMITED TO TRANSFERS MADE IN ACCORDANCE WITH THE RESTRICTIONS SET FORTH IN THE INDENTURE REFERRED TO ON THE REVERSE HEREOF. 

THIS SECURITY IS A GLOBAL SECURITY WITHIN THE MEANING OF THE INDENTURE REFERRED TO HEREIN AND IS REGISTERED IN THE NAME OF A DEPOSITARY OR A
NOMINEE THEREOF. THIS 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. 

 APPLE INC. 

1.55% Note due 2020 
  

			
	No.	  	CUSIP No.: 037833 AX8
		  	ISIN No.: US037833AX89
		
		  	$500,000,000

 APPLE INC., a California corporation (the “Issuer”), for value received promises to pay to
CEDE & CO. or registered assigns the principal sum of 500,000,000 DOLLARS on February 7, 2020. 
 Interest Payment Dates:
February 9 and August 9, beginning on August 9, 2015, and on the principal payment date (each, an “Interest Payment Date”). 

Interest Record Dates: January 26 and July 26 (each, an “Interest Record Date”). 

Reference is made to the further provisions of this Note contained herein, which will for all purposes have the same effect as if set forth at
this place. 

 IN WITNESS WHEREOF, the Issuer has caused this Note to be signed manually or by facsimile by its
duly authorized officer. 
  

					
	APPLE INC.
		
	By:	 	 
		 	Name:	 	
		 	Title:	 	

 This is one of the Securities of the series designated therein and referred to in the
within-mentioned Indenture. 
 Dated: February 9, 2015 
  

			
	The Bank of New York Mellon Trust Company, N.A., as Trustee
		
	By:	 	 
		 	Authorized Signatory

 (REVERSE OF NOTE) 

APPLE INC. 
 1.55% Note due 2020

  

	 	1.	Interest 

 Apple Inc. (the “Issuer”) promises to pay interest on the principal
amount of this Note at the rate per annum described above. Cash interest on the Notes will accrue from the most recent date to which interest has been paid; or, if no interest has been paid, from February 9, 2015. Interest on this Note will be
paid to but excluding the relevant Interest Payment Date. The Issuer will pay interest semi-annually in arrears on each Interest Payment Date, commencing August 9, 2015. Interest will be computed on the basis of a 360-day year consisting of
twelve 30-day months in a manner consistent with Rule 11620(b) of the FINRA Uniform Practice Code. 
 The Issuer shall pay interest on
overdue principal from time to time on demand at the rate borne by the Notes and on overdue installments of interest (without regard to any applicable grace periods) to the extent lawful. 

 

	 	2.	Paying Agent. 

 Initially, The Bank of New York Mellon Trust Company, N.A. (the
“Trustee”) will act as paying agent. The Issuer may change any paying agent without notice to the Holders. 
  

	 	3.	Indenture; Defined Terms. 

 This Note is one of the 1.55% Notes due 2020 (the
“Notes”) issued under an indenture dated as of April 29, 2013 (the “Base Indenture”) by and between the Issuer and the Trustee, as supplemented by an Officer’s Certificate dated February 9, 2015,
issued pursuant to Section 301 of the Indenture (together with the Base Indenture, the “Indenture”). This Note is a “Security” and the Notes are “Securities” under the Indenture. 

For purposes of this Note, unless otherwise defined herein, capitalized terms herein are used as defined in the Indenture. The terms of the
Notes include those stated in the Indenture and those made part of the Indenture by reference to the Trust Indenture Act as in effect on the date on which the Indenture was qualified under the Trust Indenture Act. Notwithstanding anything to the
contrary herein, the Notes are subject to all such terms, and holders of Notes are referred to the Indenture and the Trust Indenture Act for a statement of them. 

To the extent the terms of the Indenture and this Note are inconsistent, the terms of the Indenture shall govern. 

 

	 	4.	Denominations; Transfer; Exchange. 

 The Notes are in registered form, without coupons, in
denominations of $2,000 and any integral multiple of $1,000 in excess thereof. A Holder shall register the transfer or exchange of Notes in accordance with the Indenture. The Issuer may require a Holder, among other things, to

 
furnish appropriate endorsements and transfer documents and to pay certain transfer taxes or similar governmental charges payable in connection therewith as permitted by the Indenture. The Issuer
need not issue, authenticate, register the transfer of or exchange any Notes or portions thereof for a period of fifteen (15) days before the mailing of a notice of redemption, nor need the Issuer register the transfer or exchange of any Note
selected for redemption in whole or in part except the unredeemed portion of any Note being redeemed in part. 
  

	 	5.	Amendment; Supplement; Waiver. 

 Subject to certain exceptions, the Notes and the provisions of
the Indenture relating to the Notes may be amended or supplemented and any existing default or Event of Default or compliance with certain provisions may be waived with the written consent of the Holders of at least a majority in aggregate principal
amount of each series of Outstanding Securities (including the Notes) under the Indenture that is affected by such amendment, supplement or waiver (voting as a single class). Without notice to or consent of any Holder, the parties thereto may amend
or supplement the Indenture and the Notes to, among other things, cure any ambiguity, defect or inconsistency or comply with any requirements of the Commission in connection with the qualification of the Indenture under the Trust Indenture Act, or
make any other change that does not adversely affect the rights of any Holder of a Note. 
  

	 	6.	Redemption. 

 The Issuer may at its option redeem any of the Notes in whole or in part at any
time, each at a redemption price calculated by the Issuer equal to the greater of: 
 (i) 100% of the principal amount of the Notes to be
redeemed; and 
 (ii) the sum of the present values of the remaining scheduled payments of principal and interest on the notes to be redeemed
(exclusive of interest accrued to the date of redemption) discounted to the date of redemption on a semi-annual basis (assuming a 360-day year consisting of twelve 30-day months) at a rate equal to the sum of the applicable Treasury Rate (as defined
below) plus 10 basis points, plus in each case accrued and unpaid interest thereon to the date of redemption. 
 Notwithstanding the
foregoing, installments of interest on Notes 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 record date according to the Notes and the Indenture. 
 “Comparable Treasury Issue” means the United States
Treasury security selected by an Independent Investment Banker as having a maturity comparable to the remaining term (“Remaining Life”) of the notes to be redeemed that would be utilized, at the time of selection and in accordance with
customary financial practice, in pricing new issues of corporate debt securities of comparable maturity to the remaining term of such notes. 

“Comparable Treasury Price” means, with respect to any redemption date, (1) the average of the Reference Treasury Dealer
Quotations for such redemption date, after excluding the highest and lowest Reference Treasury Dealer Quotations, or (2) if the Independent 

 
Investment Banker obtains fewer than four such Reference Treasury Dealer Quotations, the average of all such quotations. 

“Independent Investment Banker” means one of the Reference Treasury Dealers that the Issuer shall appoint to act as the
Independent Investment Banker from time to time. 
 “Reference Treasury Dealer” means (1) each of Goldman,
Sachs & Co. and Deutsche Bank Securities Inc. and their respective successors, unless any of them ceases to be a primary U.S. Government securities dealer in New York City (a “Primary Treasury Dealer”), in which case the Issuer
will substitute another Primary Treasury Dealer and (2) any other Primary Treasury Dealer the Issuer shall select. 

“Reference Treasury Dealer Quotations” means, with respect to each Reference Treasury Dealer and any redemption date, the
average, as determined by the Independent Investment Banker, of the bid and asked prices for the applicable Comparable Treasury Issue (expressed in each case as a percentage of its principal amount) quoted in writing to the Independent Investment
Banker by such Reference Treasury Dealer at 5:00 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 year equal to: (1) the yield, under the heading
which represents the average for the immediately preceding week, appearing in the most recently published statistical release designated “H.15(519)” or any successor publication which is published weekly by the Board of Governors of the
Federal Reserve System and which establishes yields on actively traded United States Treasury securities adjusted to constant maturity under the caption “Treasury Constant Maturities,” for the maturity corresponding to the applicable
Comparable Treasury Issue; provided that, if no maturity is within three months before or after the Remaining Life of the notes to be redeemed, yields for the two published maturities most closely corresponding to the applicable Comparable Treasury
Issue will be determined and the Treasury Rate will be interpolated or extrapolated from those yields on a straight line basis, rounding to the nearest month; or (2) if such release (or any successor release) is not published during the week
preceding the calculation date or does not contain such yields, the rate per year equal to the semiannual equivalent yield to maturity of the applicable Comparable Treasury Issue, calculated using a price for the applicable Comparable Treasury Issue
(expressed as a percentage of its principal amount) equal to the related Comparable Treasury Price for such redemption date. The Treasury Rate will be calculated by the Issuer on the third business day preceding the redemption date. As used in the
immediately preceding sentence and in the definition of “Reference Treasury Dealer Quotations” above, the term “business day” means any day that is not a Saturday, Sunday or other day on which commercial banks in New York City
are authorized or obligated by law or executive order to close. 
 The provisions of Article XI of the Indenture shall apply to any
redemption of the Notes. 
 Notice of any redemption will be mailed or electronically delivered at least 30 days but not more than 60 days
before the redemption date to each Holder of record of the Notes to be redeemed at its registered address. Unless the Issuer defaults in payment of the redemption price, on and after the redemption date, interest will cease to accrue on the Notes or
portions 

 
thereof called for redemption. If less than all of the Notes are to be redeemed, the Notes to be redeemed shall be selected by the applicable procedures of the Depositary, in the case of Notes
represented by a Global Note, or by lot, in the case of Notes that are not represented by a Global Note. 
  

	 	7.	Defaults and Remedies. 

 If an Event of Default (other than certain bankruptcy Events of Default
with respect to the Issuer) under the Indenture occurs with respect to the Notes and is continuing, then the Trustee may and, at the direction of the Holders of at least 25% in principal amount of the outstanding Notes, shall by written notice,
require the Issuer to repay immediately the entire principal amount of the Outstanding Notes, together with all accrued and unpaid interest and premium, if any. If a bankruptcy Event of Default with respect to the Issuer occurs and is continuing,
then the entire principal amount of the Outstanding Notes together with all accrued and unpaid interest and premium, if any, will automatically become due immediately and payable without any declaration or other act on the part of the Trustee or any
Holder. Holders of Notes may not enforce the Indenture or the Notes except as provided in the Indenture. The Trustee is not obligated to enforce the Indenture or the Notes unless it has received indemnity as it reasonably requires. The Indenture
permits, subject to certain limitations therein provided, Holders of a majority in aggregate principal amount of the Notes then outstanding to direct the Trustee in its exercise of any trust or power. The Trustee may withhold from Holders of Notes
notice of certain continuing defaults or Events of Default if it determines that withholding notice is not opposed to their interest. 
  

	 	8.	Authentication. 

 This Note shall not be valid until the Trustee manually signs the certificate
of authentication on this Note. 
  

	 	9.	Abbreviations and Defined Terms. 

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

	 	10.	CUSIP Numbers. 

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

	 	11.	Governing Law. 

 The Indenture and the Notes shall be governed by, and construed in accordance
with, the law of the State of New York. 

 ASSIGNMENT FORM 

To assign this Note, fill in the form below: 
 I or we assign
and transfer this Note to 
 (Print or type assignee’s name, address and zip code) 

(Insert assignee’s soc. sec. or tax I.D. No.) 

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

 
 Date:
                                         
                        Your Signature:
                                         
                                         
       
  
  

Sign exactly as your name appears on the other side of this Note. 
  

					
	  
	 		 	   

		 		 	Signature
			
	Signature Guarantee:	 		 	
			
	   
	 		 	   

	Signature must be guaranteed	 		 	Signature

 Signatures must be guaranteed by an “eligible guarantor institution” meeting the requirements of the
Registrar, which requirements include membership or participation in the Security Transfer Agent Medallion Program (“STAMP”) or such other “signature guarantee program” as may be determined by the Registrar in addition to,
or in substitution for, STAMP, all in accordance with the United States Securities Exchange Act of 1934, as amended. 

 SCHEDULE OF EXCHANGES OF NOTES 

The following exchanges of a part of this Global Note for physical Notes or a part of another Global Note have been made: 

 

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

 EXHIBIT C 

FORM OF NOTE DUE 2022 
 UNLESS
THIS NOTE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), TO THE ISSUER OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY NOTE 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 A BENEFICIAL INTEREST HEREIN. 

TRANSFERS OF THIS GLOBAL SECURITY ARE LIMITED TO TRANSFERS IN WHOLE, BUT NOT IN PART, TO NOMINEES OF DTC OR TO A SUCCESSOR THEREOF OR SUCH
SUCCESSOR’S NOMINEE AND TRANSFERS OF PORTIONS OF THIS GLOBAL SECURITY ARE LIMITED TO TRANSFERS MADE IN ACCORDANCE WITH THE RESTRICTIONS SET FORTH IN THE INDENTURE REFERRED TO ON THE REVERSE HEREOF. 

THIS SECURITY IS A GLOBAL SECURITY WITHIN THE MEANING OF THE INDENTURE REFERRED TO HEREIN AND IS REGISTERED IN THE NAME OF A DEPOSITARY OR A
NOMINEE THEREOF. THIS 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. 

 APPLE INC. 

2.15% Note due 2022 
  

			
	No.	  	CUSIP No.: 037833 AY6
		  	ISIN No.: US037833AY62
		
		  	$500,000,000

 APPLE INC., a California corporation (the “Issuer”), for value received promises to pay to
CEDE & CO. or registered assigns the principal sum of 500,000,000 DOLLARS on February 9, 2022. 
 Interest Payment Dates:
February 9 and August 9 (each, an “Interest Payment Date”), beginning on August 9, 2015. 
 Interest Record
Dates: January 26 and July 26 (each, an “Interest Record Date”). 
 Reference is made to the further provisions
of this Note contained herein, which will for all purposes have the same effect as if set forth at this place. 

 IN WITNESS WHEREOF, the Issuer has caused this Note to be signed manually or by facsimile by its
duly authorized officer. 
  

					
	APPLE INC.
		
	By:	 	 
		 	Name:	 	
		 	Title:	 	

 This is one of the Securities of the series designated therein and referred to in the
within-mentioned Indenture. 
 Dated: February 9 2015 
  

			
	The Bank of New York Mellon Trust Company, N.A., as Trustee
		
	By:	 	 
		 	Authorized Signatory

 (REVERSE OF NOTE) 

APPLE INC. 
 2.15% Note due 2022

  

	 	1.	Interest 

 Apple Inc. (the “Issuer”) promises to pay interest on the principal
amount of this Note at the rate per annum described above. Cash interest on the Notes will accrue from the most recent date to which interest has been paid; or, if no interest has been paid, from February 9, 2015. Interest on this Note will be
paid to but excluding the relevant Interest Payment Date. The Issuer will pay interest semi-annually in arrears on each Interest Payment Date, commencing August 9, 2015. Interest will be computed on the basis of a 360-day year consisting of
twelve 30-day months in a manner consistent with Rule 11620(b) of the FINRA Uniform Practice Code. 
 The Issuer shall pay interest on
overdue principal from time to time on demand at the rate borne by the Notes and on overdue installments of interest (without regard to any applicable grace periods) to the extent lawful. 

 

	 	2.	Paying Agent. 

 Initially, The Bank of New York Mellon Trust Company, N.A. (the
“Trustee”) will act as paying agent. The Issuer may change any paying agent without notice to the Holders. 
  

	 	3.	Indenture; Defined Terms. 

 This Note is one of the 2.15% Notes due 2022 (the
“Notes”) issued under an indenture dated as of April 29, 2013 (the “Base Indenture”) by and between the Issuer and the Trustee, as supplemented by an Officer’s Certificate dated February 9, 2015,
issued pursuant to Section 301 of the Indenture (together with the Base Indenture, the “Indenture”). This Note is a “Security” and the Notes are “Securities” under the Indenture. 

For purposes of this Note, unless otherwise defined herein, capitalized terms herein are used as defined in the Indenture. The terms of the
Notes include those stated in the Indenture and those made part of the Indenture by reference to the Trust Indenture Act as in effect on the date on which the Indenture was qualified under the Trust Indenture Act. Notwithstanding anything to the
contrary herein, the Notes are subject to all such terms, and holders of Notes are referred to the Indenture and the Trust Indenture Act for a statement of them. 

To the extent the terms of the Indenture and this Note are inconsistent, the terms of the Indenture shall govern. 

 

	 	4.	Denominations; Transfer; Exchange. 

 The Notes are in registered form, without coupons, in
denominations of $2,000 and any integral multiple of $1,000 in excess thereof. A Holder shall register the transfer or exchange of Notes in accordance with the Indenture. The Issuer may require a Holder, among other things, to

 
furnish appropriate endorsements and transfer documents and to pay certain transfer taxes or similar governmental charges payable in connection therewith as permitted by the Indenture. The Issuer
need not issue, authenticate, register the transfer of or exchange any Notes or portions thereof for a period of fifteen (15) days before the mailing of a notice of redemption, nor need the Issuer register the transfer or exchange of any Note
selected for redemption in whole or in part except the unredeemed portion of any Note being redeemed in part. 
  

	 	5.	Amendment; Supplement; Waiver. 

 Subject to certain exceptions, the Notes and the provisions of
the Indenture relating to the Notes may be amended or supplemented and any existing default or Event of Default or compliance with certain provisions may be waived with the written consent of the Holders of at least a majority in aggregate principal
amount of each series of Outstanding Securities (including the Notes) under the Indenture that is affected by such amendment, supplement or waiver (voting as a single class). Without notice to or consent of any Holder, the parties thereto may amend
or supplement the Indenture and the Notes to, among other things, cure any ambiguity, defect or inconsistency or comply with any requirements of the Commission in connection with the qualification of the Indenture under the Trust Indenture Act, or
make any other change that does not adversely affect the rights of any Holder of a Note. 
  

	 	6.	Redemption. 

 The Issuer may at its option redeem any of the Notes in whole or in part at any
time, each at a redemption price calculated by the Issuer equal to the greater of: 
 (i) 100% of the principal amount of the Notes to be
redeemed; and 
 (ii) the sum of the present values of the remaining scheduled payments of principal and interest on the notes to be redeemed
(exclusive of interest accrued to the date of redemption) discounted to the date of redemption on a semi-annual basis (assuming a 360-day year consisting of twelve 30-day months) at a rate equal to the sum of the applicable Treasury Rate (as defined
below) plus 10 basis points, plus in each case accrued and unpaid interest thereon to the date of redemption. 
 Notwithstanding the
foregoing, installments of interest on Notes 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 record date according to the Notes and the Indenture. 
 “Comparable Treasury Issue” means the United States
Treasury security selected by an Independent Investment Banker as having a maturity comparable to the remaining term (“Remaining Life”) of the notes to be redeemed that would be utilized, at the time of selection and in accordance with
customary financial practice, in pricing new issues of corporate debt securities of comparable maturity to the remaining term of such notes. 

“Comparable Treasury Price” means, with respect to any redemption date, (1) the average of the Reference Treasury Dealer
Quotations for such redemption date, after excluding the highest and lowest Reference Treasury Dealer Quotations, or (2) if the Independent 

 
Investment Banker obtains fewer than four such Reference Treasury Dealer Quotations, the average of all such quotations. 

“Independent Investment Banker” means one of the Reference Treasury Dealers that the Issuer shall appoint to act as the
Independent Investment Banker from time to time. 
 “Reference Treasury Dealer” means (1) each of Goldman,
Sachs & Co. and Deutsche Bank Securities Inc. and their respective successors, unless any of them ceases to be a primary U.S. Government securities dealer in New York City (a “Primary Treasury Dealer”), in which case the Issuer
will substitute another Primary Treasury Dealer and (2) any other Primary Treasury Dealer the Issuer shall select. 

“Reference Treasury Dealer Quotations” means, with respect to each Reference Treasury Dealer and any redemption date, the
average, as determined by the Independent Investment Banker, of the bid and asked prices for the applicable Comparable Treasury Issue (expressed in each case as a percentage of its principal amount) quoted in writing to the Independent Investment
Banker by such Reference Treasury Dealer at 5:00 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 year equal to: (1) the yield, under the heading
which represents the average for the immediately preceding week, appearing in the most recently published statistical release designated “H.15(519)” or any successor publication which is published weekly by the Board of Governors of the
Federal Reserve System and which establishes yields on actively traded United States Treasury securities adjusted to constant maturity under the caption “Treasury Constant Maturities,” for the maturity corresponding to the applicable
Comparable Treasury Issue; provided that, if no maturity is within three months before or after the Remaining Life of the notes to be redeemed, yields for the two published maturities most closely corresponding to the applicable Comparable Treasury
Issue will be determined and the Treasury Rate will be interpolated or extrapolated from those yields on a straight line basis, rounding to the nearest month; or (2) if such release (or any successor release) is not published during the week
preceding the calculation date or does not contain such yields, the rate per year equal to the semiannual equivalent yield to maturity of the applicable Comparable Treasury Issue, calculated using a price for the applicable Comparable Treasury Issue
(expressed as a percentage of its principal amount) equal to the related Comparable Treasury Price for such redemption date. The Treasury Rate will be calculated by the Issuer on the third business day preceding the redemption date. As used in the
immediately preceding sentence and in the definition of “Reference Treasury Dealer Quotations” above, the term “business day” means any day that is not a Saturday, Sunday or other day on which commercial banks in New York City
are authorized or obligated by law or executive order to close. 
 The provisions of Article XI of the Indenture shall apply to any
redemption of the Notes. 
 Notice of any redemption will be mailed or electronically delivered at least 30 days but not more than 60 days
before the redemption date to each Holder of record of the Notes to be redeemed at its registered address. Unless the Issuer defaults in payment of the redemption price, on and after the redemption date, interest will cease to accrue on the Notes or
portions 

 
thereof called for redemption. If less than all of the Notes are to be redeemed, the Notes to be redeemed shall be selected by the applicable procedures of the Depositary, in the case of Notes
represented by a Global Note, or by lot, in the case of Notes that are not represented by a Global Note. 
  

	 	7.	Defaults and Remedies. 

 If an Event of Default (other than certain bankruptcy Events of Default
with respect to the Issuer) under the Indenture occurs with respect to the Notes and is continuing, then the Trustee may and, at the direction of the Holders of at least 25% in principal amount of the outstanding Notes, shall by written notice,
require the Issuer to repay immediately the entire principal amount of the Outstanding Notes, together with all accrued and unpaid interest and premium, if any. If a bankruptcy Event of Default with respect to the Issuer occurs and is continuing,
then the entire principal amount of the Outstanding Notes together with all accrued and unpaid interest and premium, if any, will automatically become due immediately and payable without any declaration or other act on the part of the Trustee or any
Holder. Holders of Notes may not enforce the Indenture or the Notes except as provided in the Indenture. The Trustee is not obligated to enforce the Indenture or the Notes unless it has received indemnity as it reasonably requires. The Indenture
permits, subject to certain limitations therein provided, Holders of a majority in aggregate principal amount of the Notes then outstanding to direct the Trustee in its exercise of any trust or power. The Trustee may withhold from Holders of Notes
notice of certain continuing defaults or Events of Default if it determines that withholding notice is not opposed to their interest. 
  

	 	8.	Authentication. 

 This Note shall not be valid until the Trustee manually signs the certificate
of authentication on this Note. 
  

	 	9.	Abbreviations and Defined Terms. 

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

	 	10.	CUSIP Numbers. 

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

	 	11.	Governing Law. 

 The Indenture and the Notes shall be governed by, and construed in accordance
with, the law of the State of New York. 

 ASSIGNMENT FORM 

To assign this Note, fill in the form below: 
 I or we assign
and transfer this Note to 
 (Print or type assignee’s name, address and zip code) 

(Insert assignee’s soc. sec. or tax I.D. No.) 

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

 
 Date:
                                         
                        Your Signature:
                                         
                                         
       
  
  

Sign exactly as your name appears on the other side of this Note. 
  

					
	  
	 		 	   

		 		 	Signature
			
	Signature Guarantee:	 		 	
			
	   
	 		 	   

	Signature must be guaranteed	 		 	Signature

 Signatures must be guaranteed by an “eligible guarantor institution” meeting the requirements of the
Registrar, which requirements include membership or participation in the Security Transfer Agent Medallion Program (“STAMP”) or such other “signature guarantee program” as may be determined by the Registrar in addition to,
or in substitution for, STAMP, all in accordance with the United States Securities Exchange Act of 1934, as amended. 

 SCHEDULE OF EXCHANGES OF NOTES 

The following exchanges of a part of this Global Note for physical Notes or a part of another Global Note have been made: 

 

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

 EXHIBIT D 

FORM OF NOTE DUE 2025 
 UNLESS
THIS NOTE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), TO THE ISSUER OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY NOTE 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 A BENEFICIAL INTEREST HEREIN. 

TRANSFERS OF THIS GLOBAL SECURITY ARE LIMITED TO TRANSFERS IN WHOLE, BUT NOT IN PART, TO NOMINEES OF DTC OR TO A SUCCESSOR THEREOF OR SUCH
SUCCESSOR’S NOMINEE AND TRANSFERS OF PORTIONS OF THIS GLOBAL SECURITY ARE LIMITED TO TRANSFERS MADE IN ACCORDANCE WITH THE RESTRICTIONS SET FORTH IN THE INDENTURE REFERRED TO ON THE REVERSE HEREOF. 

THIS SECURITY IS A GLOBAL SECURITY WITHIN THE MEANING OF THE INDENTURE REFERRED TO HEREIN AND IS REGISTERED IN THE NAME OF A DEPOSITARY OR A
NOMINEE THEREOF. THIS 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. 

 APPLE INC. 

2.50% Note due 2025 
  

			
	No.	  	CUSIP No.: 037833 AZ3
		  	ISIN No.: US037833AZ38
		
		  	$500,000,000

 APPLE INC., a California corporation (the “Issuer”), for value received promises to pay to
CEDE & CO. or registered assigns the principal sum of 500,000,000 DOLLARS on February 9, 2025. 
 Interest Payment Dates:
February 9 and August 9 (each, an “Interest Payment Date”), beginning on August 9, 2015. 
 Interest Record
Dates: January 26 and July 26 (each, an “Interest Record Date”). 
 Reference is made to the further provisions
of this Note contained herein, which will for all purposes have the same effect as if set forth at this place. 

 IN WITNESS WHEREOF, the Issuer has caused this Note to be signed manually or by facsimile by its
duly authorized officer. 
  

			
	APPLE INC.
		
	By:	 	 
		 	 Name:
 Title:

 This is one of the Securities of the series designated therein and referred to in the
within-mentioned Indenture. 
 Dated: February 9, 2015 
  

			
	 The Bank of New York Mellon Trust

Company, N.A., as Trustee

		
	By:	 	 
		 	Authorized Signatory

 (REVERSE OF NOTE) 

APPLE INC. 
 2.50% Note due 2025

  

	 	1.	Interest 

 Apple Inc. (the “Issuer”) promises to pay interest on the principal
amount of this Note at the rate per annum described above. Cash interest on the Notes will accrue from the most recent date to which interest has been paid; or, if no interest has been paid, from February 9, 2015. Interest on this Note will be
paid to but excluding the relevant Interest Payment Date. The Issuer will pay interest semi-annually in arrears on each Interest Payment Date, commencing August 9, 2015. Interest will be computed on the basis of a 360-day year consisting of
twelve 30-day months in a manner consistent with Rule 11620(b) of the FINRA Uniform Practice Code. 
 The Issuer shall pay interest on
overdue principal from time to time on demand at the rate borne by the Notes and on overdue installments of interest (without regard to any applicable grace periods) to the extent lawful. 

 

	 	2.	Paying Agent. 

 Initially, The Bank of New York Mellon Trust Company, N.A. (the
“Trustee”) will act as paying agent. The Issuer may change any paying agent without notice to the Holders. 
  

	 	3.	Indenture; Defined Terms. 

 This Note is one of the 2.50% Notes due 2025 (the
“Notes”) issued under an indenture dated as of April 29, 2013 (the “Base Indenture”) by and between the Issuer and the Trustee, as supplemented by an Officer’s Certificate dated February 9, 2015,
issued pursuant to Section 301 of the Indenture (together with the Base Indenture, the “Indenture”). This Note is a “Security” and the Notes are “Securities” under the Indenture. 

For purposes of this Note, unless otherwise defined herein, capitalized terms herein are used as defined in the Indenture. The terms of the
Notes include those stated in the Indenture and those made part of the Indenture by reference to the Trust Indenture Act as in effect on the date on which the Indenture was qualified under the Trust Indenture Act. Notwithstanding anything to the
contrary herein, the Notes are subject to all such terms, and holders of Notes are referred to the Indenture and the Trust Indenture Act for a statement of them. 

To the extent the terms of the Indenture and this Note are inconsistent, the terms of the Indenture shall govern. 

 

	 	4.	Denominations; Transfer; Exchange. 

 The Notes are in registered form, without coupons, in
denominations of $2,000 and any integral multiple of $1,000 in excess thereof. A Holder shall register the transfer or exchange of Notes in accordance with the Indenture. The Issuer may require a Holder, among other things, to

 
furnish appropriate endorsements and transfer documents and to pay certain transfer taxes or similar governmental charges payable in connection therewith as permitted by the Indenture. The Issuer
need not issue, authenticate, register the transfer of or exchange any Notes or portions thereof for a period of fifteen (15) days before the mailing of a notice of redemption, nor need the Issuer register the transfer or exchange of any Note
selected for redemption in whole or in part except the unredeemed portion of any Note being redeemed in part. 
  

	 	5.	Amendment; Supplement; Waiver. 

 Subject to certain exceptions, the Notes and the provisions of
the Indenture relating to the Notes may be amended or supplemented and any existing default or Event of Default or compliance with certain provisions may be waived with the written consent of the Holders of at least a majority in aggregate principal
amount of each series of Outstanding Securities (including the Notes) under the Indenture that is affected by such amendment, supplement or waiver (voting as a single class). Without notice to or consent of any Holder, the parties thereto may amend
or supplement the Indenture and the Notes to, among other things, cure any ambiguity, defect or inconsistency or comply with any requirements of the Commission in connection with the qualification of the Indenture under the Trust Indenture Act, or
make any other change that does not adversely affect the rights of any Holder of a Note. 
  

	 	6.	Redemption. 

 The Issuer may at its option redeem any of the Notes in whole or in part at any
time, each at a redemption price calculated by the Issuer equal to the greater of: 
 (i) 100% of the principal amount of the Notes to be
redeemed; and 
 (ii) the sum of the present values of the remaining scheduled payments of principal and interest on the notes to be redeemed
(exclusive of interest accrued to the date of redemption) discounted to the date of redemption on a semi-annual basis (assuming a 360-day year consisting of twelve 30-day months) at a rate equal to the sum of the applicable Treasury Rate (as defined
below) plus 15 basis points, plus in each case accrued and unpaid interest thereon to the date of redemption. 
 Notwithstanding the
foregoing, installments of interest on Notes 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 record date according to the Notes and the Indenture. 
 “Comparable Treasury Issue” means the United States
Treasury security selected by an Independent Investment Banker as having a maturity comparable to the remaining term (“Remaining Life”) of the notes to be redeemed that would be utilized, at the time of selection and in accordance with
customary financial practice, in pricing new issues of corporate debt securities of comparable maturity to the remaining term of such notes. 

“Comparable Treasury Price” means, with respect to any redemption date, (1) the average of the Reference Treasury Dealer
Quotations for such redemption date, after excluding the highest and lowest Reference Treasury Dealer Quotations, or (2) if the Independent 

 
Investment Banker obtains fewer than four such Reference Treasury Dealer Quotations, the average of all such quotations. 

“Independent Investment Banker” means one of the Reference Treasury Dealers that the Issuer shall appoint to act as the
Independent Investment Banker from time to time. 
 “Reference Treasury Dealer” means (1) each of Goldman,
Sachs & Co. and Deutsche Bank Securities Inc. and their respective successors, unless any of them ceases to be a primary U.S. Government securities dealer in New York City (a “Primary Treasury Dealer”), in which case the Issuer
will substitute another Primary Treasury Dealer and (2) any other Primary Treasury Dealer the Issuer shall select. 

“Reference Treasury Dealer Quotations” means, with respect to each Reference Treasury Dealer and any redemption date, the
average, as determined by the Independent Investment Banker, of the bid and asked prices for the applicable Comparable Treasury Issue (expressed in each case as a percentage of its principal amount) quoted in writing to the Independent Investment
Banker by such Reference Treasury Dealer at 5:00 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 year equal to: (1) the yield, under the heading
which represents the average for the immediately preceding week, appearing in the most recently published statistical release designated “H.15(519)” or any successor publication which is published weekly by the Board of Governors of the
Federal Reserve System and which establishes yields on actively traded United States Treasury securities adjusted to constant maturity under the caption “Treasury Constant Maturities,” for the maturity corresponding to the applicable
Comparable Treasury Issue; provided that, if no maturity is within three months before or after the Remaining Life of the notes to be redeemed, yields for the two published maturities most closely corresponding to the applicable Comparable Treasury
Issue will be determined and the Treasury Rate will be interpolated or extrapolated from those yields on a straight line basis, rounding to the nearest month; or (2) if such release (or any successor release) is not published during the week
preceding the calculation date or does not contain such yields, the rate per year equal to the semiannual equivalent yield to maturity of the applicable Comparable Treasury Issue, calculated using a price for the applicable Comparable Treasury Issue
(expressed as a percentage of its principal amount) equal to the related Comparable Treasury Price for such redemption date. The Treasury Rate will be calculated by the Issuer on the third business day preceding the redemption date. As used in the
immediately preceding sentence and in the definition of “Reference Treasury Dealer Quotations” above, the term “business day” means any day that is not a Saturday, Sunday or other day on which commercial banks in New York City
are authorized or obligated by law or executive order to close. 
 The provisions of Article XI of the Indenture shall apply to any
redemption of the Notes. 
 Notice of any redemption will be mailed or electronically delivered at least 30 days but not more than 60 days
before the redemption date to each Holder of record of the Notes to be redeemed at its registered address. Unless the Issuer defaults in payment of the redemption price, on and after the redemption date, interest will cease to accrue on the Notes or
portions 

 
thereof called for redemption. If less than all of the Notes are to be redeemed, the Notes to be redeemed shall be selected by the applicable procedures of the Depositary, in the case of Notes
represented by a Global Note, or by lot, in the case of Notes that are not represented by a Global Note. 
  

	 	7.	Defaults and Remedies. 

 If an Event of Default (other than certain bankruptcy Events of Default
with respect to the Issuer) under the Indenture occurs with respect to the Notes and is continuing, then the Trustee may and, at the direction of the Holders of at least 25% in principal amount of the outstanding Notes, shall by written notice,
require the Issuer to repay immediately the entire principal amount of the Outstanding Notes, together with all accrued and unpaid interest and premium, if any. If a bankruptcy Event of Default with respect to the Issuer occurs and is continuing,
then the entire principal amount of the Outstanding Notes together with all accrued and unpaid interest and premium, if any, will automatically become due immediately and payable without any declaration or other act on the part of the Trustee or any
Holder. Holders of Notes may not enforce the Indenture or the Notes except as provided in the Indenture. The Trustee is not obligated to enforce the Indenture or the Notes unless it has received indemnity as it reasonably requires. The Indenture
permits, subject to certain limitations therein provided, Holders of a majority in aggregate principal amount of the Notes then outstanding to direct the Trustee in its exercise of any trust or power. The Trustee may withhold from Holders of Notes
notice of certain continuing defaults or Events of Default if it determines that withholding notice is not opposed to their interest. 
  

	 	8.	Authentication. 

 This Note shall not be valid until the Trustee manually signs the certificate
of authentication on this Note. 
  

	 	9.	Abbreviations and Defined Terms. 

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

	 	10.	CUSIP Numbers. 

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

	 	11.	Governing Law. 

 The Indenture and the Notes shall be governed by, and construed in accordance
with, the law of the State of New York. 

 ASSIGNMENT FORM 

To assign this Note, fill in the form below: 
 I or we assign and
transfer this Note to 
 (Print or type assignee’s name, address and zip code) 

(Insert assignee’s soc. sec. or tax I.D. No.) 

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

 
 Date:
                                         
                        Your Signature:
                                         
                                         
       
  
  

Sign exactly as your name appears on the other side of this Note. 
  

					
	  
	 		 	   

		 		 	Signature
			
	Signature Guarantee:	 		 	
			
	   
	 		 	   

	Signature must be guaranteed	 		 	Signature

 Signatures must be guaranteed by an “eligible guarantor institution” meeting the requirements of the
Registrar, which requirements include membership or participation in the Security Transfer Agent Medallion Program (“STAMP”) or such other “signature guarantee program” as may be determined by the Registrar in addition to,
or in substitution for, STAMP, all in accordance with the United States Securities Exchange Act of 1934, as amended. 

 SCHEDULE OF EXCHANGES OF NOTES 

The following exchanges of a part of this Global Note for physical Notes or a part of another Global Note have been made: 

 

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

 EXHIBIT E 

FORM OF NOTE DUE 2045 
 UNLESS
THIS NOTE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), TO THE ISSUER OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY NOTE 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 A BENEFICIAL INTEREST HEREIN. 

TRANSFERS OF THIS GLOBAL SECURITY ARE LIMITED TO TRANSFERS IN WHOLE, BUT NOT IN PART, TO NOMINEES OF DTC OR TO A SUCCESSOR THEREOF OR SUCH
SUCCESSOR’S NOMINEE AND TRANSFERS OF PORTIONS OF THIS GLOBAL SECURITY ARE LIMITED TO TRANSFERS MADE IN ACCORDANCE WITH THE RESTRICTIONS SET FORTH IN THE INDENTURE REFERRED TO ON THE REVERSE HEREOF. 

THIS SECURITY IS A GLOBAL SECURITY WITHIN THE MEANING OF THE INDENTURE REFERRED TO HEREIN AND IS REGISTERED IN THE NAME OF A DEPOSITARY OR A
NOMINEE THEREOF. THIS 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. 

 APPLE INC. 

3.45% Note due 2045 
  

			
	No.	  	CUSIP No.: 037833 BA7
		  	ISIN No.: US037833BA77
		
		  	$500,000,000

 APPLE INC., a California corporation (the “Issuer”), for value received promises to pay to
CEDE & CO. or registered assigns the principal sum of 500,000,000 DOLLARS on February 9, 2045. 
 Interest Payment Dates:
February 9 and August 9 (each, an “Interest Payment Date”), beginning on August 9, 2015. 
 Interest Record
Dates: January 26 and July 26 (each, an “Interest Record Date”). 
 Reference is made to the further provisions
of this Note contained herein, which will for all purposes have the same effect as if set forth at this place. 

 IN WITNESS WHEREOF, the Issuer has caused this Note to be signed manually or by facsimile by its
duly authorized officer. 
  

			
	APPLE INC.
		
	By:	 	 
		 	 Name:
 Title:

 This is one of the Securities of the series designated therein and referred to in the
within-mentioned Indenture. 
 Dated: February 9, 2015 
  

			
	 The Bank of New York Mellon Trust

Company, N.A., as Trustee

		
	By:	 	 
		 	Authorized Signatory

 (REVERSE OF NOTE) 

APPLE INC. 
 3.45% Note due 2045

  

	 	1.	Interest 

 Apple Inc. (the “Issuer”) promises to pay interest on the principal
amount of this Note at the rate per annum described above. Cash interest on the Notes will accrue from the most recent date to which interest has been paid; or, if no interest has been paid, from February 9, 2015. Interest on this Note will be
paid to but excluding the relevant Interest Payment Date. The Issuer will pay interest semi-annually in arrears on each Interest Payment Date, commencing August 9, 2015. Interest will be computed on the basis of a 360-day year consisting of
twelve 30-day months in a manner consistent with Rule 11620(b) of the FINRA Uniform Practice Code. 
 The Issuer shall pay interest on
overdue principal from time to time on demand at the rate borne by the Notes and on overdue installments of interest (without regard to any applicable grace periods) to the extent lawful. 

 

	 	2.	Paying Agent. 

 Initially, The Bank of New York Mellon Trust Company, N.A. (the
“Trustee”) will act as paying agent. The Issuer may change any paying agent without notice to the Holders. 
  

	 	3.	Indenture; Defined Terms. 

 This Note is one of the 3.45% Notes due 2045 (the
“Notes”) issued under an indenture dated as of April 29, 2013 (the “Base Indenture”) by and between the Issuer and the Trustee, as supplemented by an Officer’s Certificate dated February 9, 2015,
issued pursuant to Section 301 of the Indenture (together with the Base Indenture, the “Indenture”). This Note is a “Security” and the Notes are “Securities” under the Indenture. 

For purposes of this Note, unless otherwise defined herein, capitalized terms herein are used as defined in the Indenture. The terms of the
Notes include those stated in the Indenture and those made part of the Indenture by reference to the Trust Indenture Act as in effect on the date on which the Indenture was qualified under the Trust Indenture Act. Notwithstanding anything to the
contrary herein, the Notes are subject to all such terms, and holders of Notes are referred to the Indenture and the Trust Indenture Act for a statement of them. 

To the extent the terms of the Indenture and this Note are inconsistent, the terms of the Indenture shall govern. 

 

	 	4.	Denominations; Transfer; Exchange. 

 The Notes are in registered form, without coupons, in
denominations of $2,000 and any integral multiple of $1,000 in excess thereof. A Holder shall register the transfer or exchange of Notes in accordance with the Indenture. The Issuer may require a Holder, among other things, to

 
furnish appropriate endorsements and transfer documents and to pay certain transfer taxes or similar governmental charges payable in connection therewith as permitted by the Indenture. The Issuer
need not issue, authenticate, register the transfer of or exchange any Notes or portions thereof for a period of fifteen (15) days before the mailing of a notice of redemption, nor need the Issuer register the transfer or exchange of any Note
selected for redemption in whole or in part except the unredeemed portion of any Note being redeemed in part. 
  

	 	5.	Amendment; Supplement; Waiver. 

 Subject to certain exceptions, the Notes and the provisions of
the Indenture relating to the Notes may be amended or supplemented and any existing default or Event of Default or compliance with certain provisions may be waived with the written consent of the Holders of at least a majority in aggregate principal
amount of each series of Outstanding Securities (including the Notes) under the Indenture that is affected by such amendment, supplement or waiver (voting as a single class). Without notice to or consent of any Holder, the parties thereto may amend
or supplement the Indenture and the Notes to, among other things, cure any ambiguity, defect or inconsistency or comply with any requirements of the Commission in connection with the qualification of the Indenture under the Trust Indenture Act, or
make any other change that does not adversely affect the rights of any Holder of a Note. 
  

	 	6.	Redemption. 

 The Issuer may at its option redeem any of the Notes in whole or in part at any
time, each at a redemption price calculated by the Issuer equal to the greater of: 
 (i) 100% of the principal amount of the Notes to be
redeemed; and 
 (ii) the sum of the present values of the remaining scheduled payments of principal and interest on the notes to be redeemed
(exclusive of interest accrued to the date of redemption) discounted to the date of redemption on a semi-annual basis (assuming a 360-day year consisting of twelve 30-day months) at a rate equal to the sum of the applicable Treasury Rate (as defined
below) plus 20 basis points, plus in each case accrued and unpaid interest thereon to the date of redemption. 
 Notwithstanding the
foregoing, installments of interest on Notes 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 record date according to the Notes and the Indenture. 
 “Comparable Treasury Issue” means the United States
Treasury security selected by an Independent Investment Banker as having a maturity comparable to the remaining term (“Remaining Life”) of the notes to be redeemed that would be utilized, at the time of selection and in accordance with
customary financial practice, in pricing new issues of corporate debt securities of comparable maturity to the remaining term of such notes. 

“Comparable Treasury Price” means, with respect to any redemption date, (1) the average of the Reference Treasury Dealer
Quotations for such redemption date, after excluding the highest and lowest Reference Treasury Dealer Quotations, or (2) if the Independent 

 
Investment Banker obtains fewer than four such Reference Treasury Dealer Quotations, the average of all such quotations. 

“Independent Investment Banker” means one of the Reference Treasury Dealers that the Issuer shall appoint to act as the
Independent Investment Banker from time to time. 
 “Reference Treasury Dealer” means (1) each of Goldman,
Sachs & Co. and Deutsche Bank Securities Inc. and their respective successors, unless any of them ceases to be a primary U.S. Government securities dealer in New York City (a “Primary Treasury Dealer”), in which case the Issuer
will substitute another Primary Treasury Dealer and (2) any other Primary Treasury Dealer the Issuer shall select. 

“Reference Treasury Dealer Quotations” means, with respect to each Reference Treasury Dealer and any redemption date, the
average, as determined by the Independent Investment Banker, of the bid and asked prices for the applicable Comparable Treasury Issue (expressed in each case as a percentage of its principal amount) quoted in writing to the Independent Investment
Banker by such Reference Treasury Dealer at 5:00 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 year equal to: (1) the yield, under the heading
which represents the average for the immediately preceding week, appearing in the most recently published statistical release designated “H.15(519)” or any successor publication which is published weekly by the Board of Governors of the
Federal Reserve System and which establishes yields on actively traded United States Treasury securities adjusted to constant maturity under the caption “Treasury Constant Maturities,” for the maturity corresponding to the applicable
Comparable Treasury Issue; provided that, if no maturity is within three months before or after the Remaining Life of the notes to be redeemed, yields for the two published maturities most closely corresponding to the applicable Comparable Treasury
Issue will be determined and the Treasury Rate will be interpolated or extrapolated from those yields on a straight line basis, rounding to the nearest month; or (2) if such release (or any successor release) is not published during the week
preceding the calculation date or does not contain such yields, the rate per year equal to the semiannual equivalent yield to maturity of the applicable Comparable Treasury Issue, calculated using a price for the applicable Comparable Treasury Issue
(expressed as a percentage of its principal amount) equal to the related Comparable Treasury Price for such redemption date. The Treasury Rate will be calculated by the Issuer on the third business day preceding the redemption date. As used in the
immediately preceding sentence and in the definition of “Reference Treasury Dealer Quotations” above, the term “business day” means any day that is not a Saturday, Sunday or other day on which commercial banks in New York City
are authorized or obligated by law or executive order to close. 
 The provisions of Article XI of the Indenture shall apply to any
redemption of the Notes. 
 Notice of any redemption will be mailed or electronically delivered at least 30 days but not more than 60 days
before the redemption date to each Holder of record of the Notes to be redeemed at its registered address. Unless the Issuer defaults in payment of the redemption price, on and after the redemption date, interest will cease to accrue on the Notes or
portions 

 
thereof called for redemption. If less than all of the Notes are to be redeemed, the Notes to be redeemed shall be selected by the applicable procedures of the Depositary, in the case of Notes
represented by a Global Note, or by lot, in the case of Notes that are not represented by a Global Note. 
  

	 	7.	Defaults and Remedies. 

 If an Event of Default (other than certain bankruptcy Events of Default
with respect to the Issuer) under the Indenture occurs with respect to the Notes and is continuing, then the Trustee may and, at the direction of the Holders of at least 25% in principal amount of the outstanding Notes, shall by written notice,
require the Issuer to repay immediately the entire principal amount of the Outstanding Notes, together with all accrued and unpaid interest and premium, if any. If a bankruptcy Event of Default with respect to the Issuer occurs and is continuing,
then the entire principal amount of the Outstanding Notes together with all accrued and unpaid interest and premium, if any, will automatically become due immediately and payable without any declaration or other act on the part of the Trustee or any
Holder. Holders of Notes may not enforce the Indenture or the Notes except as provided in the Indenture. The Trustee is not obligated to enforce the Indenture or the Notes unless it has received indemnity as it reasonably requires. The Indenture
permits, subject to certain limitations therein provided, Holders of a majority in aggregate principal amount of the Notes then outstanding to direct the Trustee in its exercise of any trust or power. The Trustee may withhold from Holders of Notes
notice of certain continuing defaults or Events of Default if it determines that withholding notice is not opposed to their interest. 
  

	 	8.	Authentication. 

 This Note shall not be valid until the Trustee manually signs the certificate
of authentication on this Note. 
  

	 	9.	Abbreviations and Defined Terms. 

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

	 	10.	CUSIP Numbers. 

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

	 	11.	Governing Law. 

 The Indenture and the Notes shall be governed by, and construed in accordance
with, the law of the State of New York. 

 ASSIGNMENT FORM 

To assign this Note, fill in the form below: 
 I or we assign and
transfer this Note to 
 (Print or type assignee’s name, address and zip code) 

(Insert assignee’s soc. sec. or tax I.D. No.) 

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

 
 Date:
                                         
                        Your Signature:
                                         
                                         
       
  
  

Sign exactly as your name appears on the other side of this Note. 
  

					
	  
	 		 	   

		 		 	Signature

  

					
	Signature Guarantee:	 		 	
			
	   
	 		 	   

	Signature must be guaranteed	 		 	Signature

 Signatures must be guaranteed by an “eligible guarantor institution” meeting the requirements of the
Registrar, which requirements include membership or participation in the Security Transfer Agent Medallion Program (“STAMP”) or such other “signature guarantee program” as may be determined by the Registrar in addition to,
or in substitution for, STAMP, all in accordance with the United States Securities Exchange Act of 1934, as amended. 

 SCHEDULE OF EXCHANGES OF NOTES 

The following exchanges of a part of this Global Note for physical Notes or a part of another Global Note have been made: 

 

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

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