Document:

Form of Note

 Exhibit 4.1 
 THIS NOTE IS A GLOBAL SECURITY WITHIN THE MEANING OF THE INDENTURE HEREINAFTER REFERRED TO AND IS REGISTERED IN THE NAME OF A DEPOSITORY OR A NOMINEE OF A DEPOSITORY. THIS NOTE IS NOT EXCHANGEABLE FOR NOTES REGISTERED IN THE NAME OF A
PERSON OTHER THAN THE DEPOSITORY OR ITS NOMINEE, EXCEPT IN THE LIMITED CIRCUMSTANCES DESCRIBED IN THE INDENTURE, AND NO TRANSFER OF THIS NOTE (OTHER THAN A TRANSFER OF THIS NOTE AS A WHOLE BY THE DEPOSITORY TO A NOMINEE OF THE DEPOSITORY OR BY A
NOMINEE OF THE DEPOSITORY TO THE DEPOSITORY OR ANOTHER NOMINEE OF THE DEPOSITORY) MAY BE REGISTERED EXCEPT IN THE LIMITED CIRCUMSTANCES DESCRIBED IN THE INDENTURE. 
 Unless this Note is presented by an authorized representative of The Depository Trust Company, a New York corporation (55 Water Street, New York, New York) (“DTC”), to the Corporation or its agent for registration of transfer,
exchange or payment, and this Note is registered in the name of Cede & Co. or such other name as requested by an authorized representative of DTC, and unless any payment is made to Cede & Co., ANY TRANSFER, PLEDGE OR OTHER USE
HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL since the registered owner hereof, Cede & Co., has an interest herein. 
 THIS NOTE IS
NOT A SAVINGS ACCOUNT OR A DEPOSIT, IS NOT AN OBLIGATION OF OR GUARANTEED BY ANY BANKING OR NONBANKING AFFILIATE OF BANK OF AMERICA CORPORATION, AND IS NOT INSURED BY THE FEDERAL DEPOSIT INSURANCE CORPORATION OR ANY OTHER GOVERNMENTAL AGENCY.

  

				
	 REGISTERED
	  	$	16,000,000
		
	 NUMBER         I-    
	  	 	CUSIP 06050 MFM4

 BANK OF AMERICA CORPORATION 
 MEDIUM-TERM SENIOR NOTE, SERIES K 
 (Indexed Note) 
  

	 ̈	SEE THE ATTACHED PRINCIPAL REPAYMENT AMOUNT RIDER for a description of the 

 PRINCIPAL REPAYMENT AMOUNT and its method of calculation. 
  

	x	SEE THE ATTACHED SUPPLEMENTAL REDEMPTION AMOUNT RIDER for a description of the 

 SUPPLEMENTAL REDEMPTION AMOUNT and its method of calculation 
  

	ORIGINAL	ISSUE DATE: March 23, 2006 

	MATURITY	DATE: March 23, 2010 

	CALCULATION	AGENT: Banc of America Securities LLC (“BAS”) 

	ADDITIONAL	TERMS: See Supplemental Redemption Amount Rider 

	MINIMUM	DENOMINATIONS: $1,000 and whole multiples of $1,000. 

 BANK OF AMERICA CORPORATION, a Delaware corporation (the “Corporation,” which term includes any successor corporation under the Indenture referred to on the reverse hereof), for value received, hereby promises to pay on the
Maturity Date to CEDE & CO., as nominee for The Depository Trust Company, or its registered assigns, (i) the principal amount of SIXTEEN MILLION DOLLARS ($16,000,000), (ii) interest payments as set forth on the attached
Supplemental Redemption Amount Rider and (iii) that supplemental redemption amount (the “Supplemental Redemption Amount”) calculated according to the terms of the attached Supplemental Redemption Amount Rider. 
 Any principal, interest or Supplemental Redemption Amount not punctually paid or duly provided for shall be payable as provided in the Indenture. As used
in this Note, “Business Day” means any weekday that is not a legal holiday in New York, New York, Charlotte, North Carolina or any other place of payment of this Note and that is not a date on which banking institutions in those cities or
any other place of payment with respect to this Note are authorized or required by law or regulation to be closed; but that is not a day on which the principal securities market (or markets) on which the constituent stocks of the Nikkei 225 Index
are traded is closed. 

 The principal, interest and Supplemental Redemption Amount on this Note are payable in immediately
available funds in such coin or currency of the United States of America as at the time of payment is legal tender for payment of public and private debts at the office or agency of the Corporation designated as provided in the Indenture;
provided, however, that the principal, interest or Supplemental Redemption Amount may be paid, at the option of the Corporation, by check mailed to the person entitled thereto at his address last appearing on the registry books of the
Corporation relating to the Notes. Notwithstanding the preceding sentence, payments of the principal, interest and Supplemental Redemption Amount payable on the Maturity Date will be made by wire transfer of immediately available funds to a
designated account maintained in the United States upon (i) receipt of written notice by the Issuing and Paying Agent (as described on the reverse hereof) from the registered holder of this Note not less than one Business Day prior to the due
date of such principal and (ii) presentation of this Note to The Bank of New York, as Issuing and Paying Agent, 101 Barclay Street, New York, New York 10286 (the “Corporate Trust Office”). 
 For both this Note and Notes issued in certificated form, the payment of principal, interest or any other amounts due on or after the Maturity Date will
be made only upon the presentation and surrender of such Note at the office of the Trustee or successor thereof, and with respect to this Note, in accordance with the procedures of DTC. 
 References herein to “U.S. dollars,” “U.S.$,” or “$” are to the coin or currency of the United States at the time of
payment is legal tender for the payment of public and private debts. 
 Reference is hereby made to the further provisions of this Note set
forth on the reverse hereof and on the attached Rider, which shall have the same effect as though fully set forth at this place. 
 Unless
the certificate of authentication hereon has been executed by the Trustee or an authenticating agent on behalf of the Trustee by manual signature, this Note shall not be entitled to any benefit under the Indenture or be valid or obligatory for any
purpose. 
  

 2 

 IN WITNESS WHEREOF, the Corporation has caused this Note to be duly executed, by manual or facsimile
signature, under its corporate seal or a facsimile thereof. 
  

							
	 	 	 	 	BANK OF AMERICA CORPORATION
				
		 		 	By:	 	  

	 [SEAL]
 ATTEST:
	 	Title:	 	Senior Vice President
	 		 	
				
	 By:
	 	  
	 		 	
	 Title:
	 	Assistant Secretary	 		 	

  

 3 

 Certificate of Authentication 
 This is one of the Securities of the series designated therein referred to in the within-mentioned Indenture. 
 Dated: March 23, 2006 
  

			
	 THE BANK OF NEW YORK,
 as
Trustee

		
	By:	 	  

		 	Authorized Signatory

  

 4 

 [Reverse of Note] 
 BANK OF AMERICA CORPORATION 
 MEDIUM-TERM SENIOR NOTE, SERIES K 
 (Indexed Note) 
 SECTION 1. General.
This Note is one of a duly authorized series of Securities of the Corporation unlimited in aggregate principal amount (herein called the “Notes”) issued and to be issued under an Indenture dated as of January 1, 1995 (herein called
the “Indenture”), between the Corporation (successor in interest to NationsBank Corporation) and The Bank of New York, as Trustee (successor in interest to U.S. Bank Trust National Association, successor trustee to BankAmerica National
Trust Company, herein called the “Trustee,” which term includes any successor trustee under the Indenture), as supplemented by a First Supplemental Indenture dated as of September 18, 1998, a Second Supplemental Indenture dated as of
May 7, 2001, and a Third Supplemental Indenture dated as of July 28, 2004, to which Indenture and all indentures supplemental thereto reference is hereby made for a statement of the respective rights thereunder of the Corporation, the
Trustee, and the holders of the Notes, and the terms upon which the Notes are, and are to be, authenticated and delivered. This Note is also one of the Notes designated as the Corporation’s Senior Medium-Term Notes, Series K, initially limited
in aggregate principal amount to $10,000,000,000. The Trustee initially shall act as Security Registrar, Transfer Agent, and Issuing and Paying Agent in connection with the Notes. The Notes may bear different dates, mature at different times, bear
interest at different rates, and vary in such other ways as are provided in the Indenture. 
 SECTION 2. No Sinking Fund. This Note is
not subject to any sinking fund. 
 SECTION 3. Redemption. This Note is not redeemable prior to the Maturity Date. 
 SECTION 5. Defeasance. The provisions of Article Fourteen of the Indenture do not apply to Securities of this Series. 
 SECTION 6. Events of Default. If an Event of Default (defined in the Indenture as (a) the Corporation’s failure to pay the principal of
(or premium, if any, on) the Notes; (b) the Corporation’s failure to pay interest on the Notes within 30 calendar days after the same becomes due; (c) the Corporation’s breach of its other covenants contained in this Note or in
the Indenture, which breach is not cured within 90 calendar days after written notice by the Trustee or the holders of at least 25% in outstanding principal amount of all Securities issued under the Indenture and affected thereby; and
(d) certain events involving the bankruptcy, insolvency or liquidation of the Corporation) shall occur with respect to the Notes, the principal of all the Notes may be declared due and payable in the manner and with the effect provided in the
Indenture. 
 SECTION 7. Modifications and Waivers. The Indenture permits, with certain exceptions as therein provided, the amendment
of the Indenture and the modification of the rights and obligations of the Corporation and the rights of the holders of the Notes under the Indenture at any time by the Corporation with the consent of the holders of not less than 66 2/3% in
aggregate principal amount of the Notes then outstanding and all other Securities then outstanding under 

  

 5 

 
the Indenture and affected by such amendment and modification. The Indenture also contains provisions permitting the holders of a majority in aggregate
principal amount of the Notes then outstanding and all other Securities then outstanding under the Indenture and affected thereby, on behalf of the holders of all such Securities, to waive compliance by the Corporation with certain provisions of the
Indenture and certain past defaults under the Indenture and their consequences. Any such consent or waiver by the holder of this Note shall be conclusive and binding upon such holder and upon all future holders of this Note and of any Note issued
upon the registration of transfer hereof or in exchange herefor or in lieu hereof whether or not notation of such consent or waiver is made upon this Note. 
 No recourse shall be had for the payment of the principal of, premium on (if any), interest, or other amounts payable on this Note, or for any claim based hereon, or otherwise in respect hereof, or based on or in
respect of the Indenture or any indenture supplemental thereto, against any incorporator, stockholder, officer, or director, as such, past, present, or future, of the Corporation or any predecessor or successor corporation, whether by virtue of any
constitution, statute or rule of law, or by the enforcement of any assessment or penalty or otherwise, all such liability being, by the acceptance hereof and as part of the consideration for issue hereof, expressly waived and released. 

SECTION 8. Obligations Unconditional. No reference herein to the Indenture and no provision of this Note or of the Indenture shall alter or
impair the obligation of the Corporation, which is absolute and unconditional, to pay the principal of, premium (if any), interest, and other amounts payable on this Note at the times, place and rate, and in the coin or currency, herein prescribed.

 SECTION 9. Authorized Denominations. The Notes are issuable only as registered Notes without coupons, and unless otherwise set
forth above, only in denominations of $1,000 and whole multiples of $1,000. As provided in the Indenture, and subject to certain limitations therein set forth, Notes are exchangeable for a like aggregate principal amount of Notes of different
authorized denominations, as requested by the holder surrendering the same. 
 SECTION 10. Registration of Transfer. As provided in
the Indenture and subject to certain limitations as therein set forth, the transfer of this Note is registrable in the register maintained by the Registrar, upon surrender of this Note for registration of transfer at the office or agency of the
Corporation designated by it pursuant to the Indenture, duly endorsed by, or accompanied by a written instrument of transfer in form satisfactory to the Corporation and the Trustee or the Security Registrar requiring such written instrument of
transfer duly executed by, the registered holder hereof or his attorney duly authorized in writing, and thereupon one or more new Notes of this series, of authorized denominations and for the same aggregate principal amount, will be issued to the
designated transferee or transferees. 
 This Note is being issued by means of a book-entry system with no physical distribution of
certificates to be made except as provided in the Indenture. The book-entry system maintained by The Depository Trust Company (“DTC”) will evidence ownership of the Notes, with transfers of ownership effected on the records of DTC and its
participants pursuant to rules and procedures established by DTC and its participants. The Corporation will recognize Cede & Co., as nominee of DTC, while the registered holder of the Notes, as the owner of the Notes for 

  

 6 

 
all purposes, including payment of principal, interest, and the Supplemental Redemption Amount, notices, and voting. Transfer of principal, interest and the
Supplemental Redemption Amount to participants of DTC will be the responsibility of DTC, and transfer of principal, interest and the Supplemental Redemption Amount payable to beneficial owners of the Notes by participants of DTC will be the
responsibility of such participants and other nominees of such beneficial owners. So long as the book-entry system is in effect, the selection of any Notes to be redeemed will be determined by DTC pursuant to rules and procedures established by DTC
and its participants. The Corporation will not be responsible or liable for such transfers or payments or for maintaining, supervising, or reviewing the records maintained by DTC, its participants, or persons acting through such participants.

 This Note may be exchanged in whole, but not in part, for security-printed certificated Notes, only if (i) DTC notifies the
Corporation or the Trustee that it is unwilling or unable to continue to act as depository for this Note in global form or if at any time DTC ceases to be a clearing agency registered under the Securities Exchange Act of 1934, as amended (the
“Exchange Act”), and in either such case, a successor depository is not appointed by the Corporation within 60 calendar days, or (ii) the Corporation executes and delivers to the Trustee a written notification that this Note in global
form shall be so exchangeable, or (iii) an Event of Default occurs and is continuing with respect to this Note in global form. In any such instance, an owner of a beneficial interest in this Note will be entitled to physical delivery in
certificated form of Notes equal in principal amount to such beneficial interest and to have such Notes registered in its name. Unless otherwise set forth above, Notes so issued in certificated form will be issued in authorized denominations only
and will be issued in registered form only, without coupons. 
 No service charge shall be made for any such registration of transfer or
exchange, but the Corporation may require payment of a sum sufficient to cover any tax, assessment, or other governmental charge, including, without limitation, any withholding tax, payable in connection therewith. 
 Prior to due presentment of this Note for registration of transfer, the Corporation, the Trustee, the Issuing and Paying Agent, and any agent of the
Corporation, the Trustee or any Issuing and Paying Agent may treat the person in whose name this Note is registered as the owner hereof for all purposes. 
 SECTION 11. Defined Terms. All terms used in this Note which are not defined herein but are defined in the Indenture shall have the meanings assigned to them in the Indenture. 
 SECTION 12. Governing Law. THIS NOTE SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK, WITHOUT GIVING
EFFECT TO PRINCIPLES OF CONFLICTS OF LAWS. 
  

 7 

 ABBREVIATIONS 
 The following abbreviations, when used in the inscription on the face of the within Note, shall be construed as though they were written out in full according to applicable laws or regulations: 
  

			
	TEN COM—	  	as tenants in common
	TEN ENT—	  	as tenants by the entireties
	JT TEN—	  	as joint tenants with right of survivorship and not as tenants in common

	
	UNIF GIFT MIN
ACT—                                  as Custodian for
                                
	           (Cust)                            
                      (Minor)

	
	Under Uniform Gifts to Minors Act
	__________________________
	(State)

 Additional abbreviations may also be used though not in the above list. 
 ASSIGNMENT 
 FOR VALUE RECEIVED, the
undersigned hereby sell(s), assign(s) and transfer(s) unto 
 [PLEASE PRINT OR TYPEWRITE NAME AND ADDRESS 
 INCLUDING ZIP CODE OF ASSIGNEE] 
  

  

  

 Please Insert Social Security or Other 
 Identifying Number of Assignee:
                                        

 the within Note and all rights thereunder, hereby irrevocably constituting and appointing
                     Attorney to transfer said Note on the books of the Corporation, with full power of substitution in the premises.

  

			
	Dated:
                                	 	

 NOTICE: The signature to this assignment must correspond with the name as it appears upon the face of the within
Note in every particular, without alteration or enlargement or any change whatever and must be guaranteed. 
  

 8 

 BANK OF AMERICA CORPORATION 
 Medium-Term Senior Note, Series K 
 SUPPLEMENTAL REDEMPTION AMOUNT RIDER

 General 
 This Note is part of a
series of medium-term notes entitled “Medium-Term Notes, Series K” issued under the Indenture, as described in the Prospectus dated April 14, 2004 and Prospectus Supplement dated April 15, 2004 and is designated as the Bank of America
Corporation 1.625% Capital Protected EquitY PerformanCe LinkEd Securities “Index CYCLESTM,” due March 23, 2010, Linked to the Nikkei 225 Index. Certain capitalized terms used herein have the
meanings ascribed to them in the Prospectus and the Prospectus Supplement. 
 Interest 
 This Note bears interest from the Original Issue Date at a rate of 1.625% per annum. Interest is payable semi-annually in arrears on March 23 and
September 23 of each year, beginning September 23, 2006, and on the Maturity Date (each, an “interest payment date”). Interest is computed on the basis of a 360-day year of twelve 30-day months. 
 Each interest payment on an interest payment date will include interest accrued from, and including, the Original Issue Date or preceding interest
payment date, as the case may be, to, but excluding, that interest payment date. If an interest payment date falls on a day that is not a Business Day, the applicable payment will be made on the next Business Day as if it were the date that payment
was due, and no interest will accrue as a result of the postponement. 
 The record date for each interest payment date, including the
interest payment date scheduled to occur on the Maturity Date, will be the date that is fifteen calendar days prior to that scheduled interest payment date, whether or not that date is a Business Day. However, the principal amount of this Note will
be paid only to the holder of this Note on the Maturity Date. 
 Payment at Maturity; Supplemental Redemption Amount 
 At maturity, the Corporation will determine and pay: 
 (a) the principal amount of this Note; 
 (b) the final semi-annual payment of interest on this Note; and 
 (c) under the circumstances described below, a “Supplemental Redemption Amount” calculated by reference to the Nikkei 225 Index. 
 On March 20, 2006, which is the “pricing date” of this Note, the Calculation Agent determined the closing level of the Nikkei 225 Index to be
16,624.80, which is referred to as the “Starting Level.” The Calculation Agent will determine the “Average Level”, which is the 
  

 9 

 
arithmetic average of the closing levels of the Nikkei 225 Index on each of the four annual valuation dates set forth below (the sum of the closing level of
the Nikkei 225 Index, divided by four): 
 Annual Valuation Dates 
 1. March 20, 2007 
 2. March 20, 2008 
 3. March 20, 2009 
 4. March 20, 2010

 On the final annual valuation date, the Calculation Agent will determine the “Average Index Return” as follows: 
 (Average Level - Starting Level) 
 Starting Level 
 The result will be rounded to the nearest ten-thousandth of a decimal place and then expressed as a percentage.

 If the Average Index Return is less than or equal to the “Total Interest Percentage” (which is equal to 6.50%), then the
Supplemental Redemption Amount will equal $0.00. 
 If the Average Index Return is greater than the Total Interest Percentage, then
the Supplemental Redemption Amount for each $1,000 principal amount of this Note will equal the product of: 
 $1,000 x (Average Index
Return — Total Interest Percentage) 
 This Note is principal protected. If the Average Index Return does not exceed the Total
Interest Percentage, the holder of this Note will receive only the principal amount and the final semi-annual interest payment at maturity. 
 If any of the four annual valuation dates is not a Business Day, then the closing level of the Nikkei 225 Index on the next following Business Day will be used to calculate the Average Level. 
 Event of Default 
 Upon the occurrence of an Event of
Default (as defined in the Indenture), the holder of this Note only will be entitled to receive the principal amount of the Note, and any accrued and unpaid interest, and will not be entitled to payment of any Supplemental Redemption Amount.

  

 10 

 Market Disruption 
 Each of the following will be a “Market Disruption Event” if, in the sole opinion of the Calculation Agent, that event materially affects the Nikkei 225 Index: 
 (a) the suspension, material limitation, or absence of the trading of a material number of stocks included in the Nikkei 225 Index; 
 (b) the suspension or material limitation of the trading of stocks on one or more stock exchanges on which stocks included in the Nikkei 225 Index are
quoted; or 
 (c) a breakdown or failure in the price and trade reporting systems of the respective primary markets on which the stocks
included in the Nikkei 225 Index are quoted, as a result of which the reported trading prices for the affected stocks, during the last one-half hour before the close of trading in that market are materially inaccurate; or 
 (d) the suspension or material limitation of the trading of (a) options or futures relating to the Nikkei 225 Index on any options or futures
exchanges or (b) options or futures generally. 
 For purposes of determining whether a Market Disruption Event has occurred:

 (a) a limitation on the number of hours or days of trading will not be a Market Disruption Event if it results from an announced change in
the regular business hours of the relevant exchange; 
 (b) a limitation on trading imposed by reason of the movements in price exceeding the
levels permitted by any relevant exchange will be a Market Disruption Event; 
 (c) a decision to permanently discontinue trading in the
relevant futures or options contracts will not constitute a Market Disruption Event; and 
 (d) an absence of trading on an exchange or
quotation system will not include any time when that exchange or quotation system is closed for trading under ordinary circumstances. 
 If a
Market Disruption Event occurs or is continuing on a day that would otherwise be an annual valuation date, then the Calculation Agent instead will use the closing level of the Nikkei 225 Index on the first Business Day after that day on which no
Market Disruption Event occurs or is continuing. In no event, however, will any annual valuation date be postponed by more than five Business Days. If any annual valuation date is postponed to the last possible day, but a Market Disruption Event
occurs or is continuing on that day, that day nevertheless will be the annual valuation date, and the Calculation Agent will make a good faith estimate of the closing level of the Nikkei 225 Index based upon its assessment of the level of the Nikkei
225 Index at that time. If the final annual valuation date is postponed due to a Market Disruption Event, the maturity date for this Note also will be postponed by the same number of Business Days. 
  

 11 

 Discontinuance of the Nikkei 225 Index; Alteration of Method of Calculation 
 If Nihon Keizai Shimbun, Inc. (“NKS”) discontinues publication of the Nikkei 225 Index and NKS or another entity publishes a successor or
substitute index that the Calculation Agent determines, in its sole discretion, is comparable to the discontinued Nikkei 225 Index (the new index being referred to as a “Successor Index”), then the relevant closing levels will be
determined by reference to the Successor Index at the close of trading on the Tokyo Stock Exchange, or the relevant exchange or market for the Successor Index. 
 If the Calculation Agent selects a Successor Index, the Calculation Agent immediately will notify the Corporation and the Trustee, and the Trustee will provide written notice of a change to the holder of this Note
within three Business Days of selection. 
 If NKS discontinues publication of the Nikkei 225 Index or a Successor Index is discontinued, and
the Calculation Agent determines that no Successor Index is available, then the Calculation Agent will notify the Corporation and the Trustee and will calculate the appropriate closing levels. These calculations by the Calculation Agent will be in
accordance with the formula for and method of calculating the Nikkei 225 Index last in effect prior to that discontinuance. If a Successor Index is selected or the Calculation Agent calculates a level as a substitute for the Nikkei 225 Index, that
Successor Index or level will be substituted for the Nikkei 225 Index for all purposes. 
 If at any time the method of calculating the
Nikkei 225 Index or a Successor Index, or the level of that index, is changed in a material respect, or if the Nikkei 225 Index or a Successor Index in any other way is modified so that it does not, in the opinion of the Calculation Agent, fairly
represent the level of the Nikkei 225 Index or the Successor Index had those changes or modifications not been made, then, from and after that time, the Calculation Agent will notify the Corporation and the Trustee. The Calculation Agent will make
those calculations and adjustments as, in the good faith judgment of the Calculation Agent, may be necessary in order to arrive at a level of a stock index comparable to the Nikkei 225 Index or the Successor Index, as the case may be, as if those
changes or modifications had not been made, and calculate the closing levels with reference to the Nikkei 225 Index or the Successor Index, as adjusted. Accordingly, if the method of calculating the Nikkei 225 Index or a Successor Index is modified
so that its level is a fraction of what it would have been if it had not been modified (e.g., due to a split in the index), then the Calculation Agent will adjust the index in order to arrive at a level of the Nikkei 225 Index or the Successor Index
as if it had not been modified (e.g., as if the split had not occurred). The Calculation Agent also may determine that no adjustment is required by the modification of the method of calculation. 
  

 12 

 Role of the Calculation Agent 
 The Calculation Agent has the sole discretion to make all determinations regarding this Note, including determinations regarding the Average Level, the Average Index Return, the Supplemental Redemption Amount, Market
Disruption Events, Successor Indices, and Business Days. Absent manifest error, all determinations of the Calculation Agent will be final and binding on the holder of this Note and the Corporation, without any liability on the part of the
Calculation Agent. 
 The Corporation has initially appointed its affiliate, Banc of America Securities LLC, as the Calculation Agent, but
the Corporation may change the Calculation Agent at any time without notifying the holder of this Note. 
  

 13Restricted Stock Purchase Agreement

 Exhibit 10.1 
 UNIVERSAL HEALTH SERVICES, INC. 
 RESTRICTED STOCK PURCHASE AGREEMENT 
 This Agreement is made as of March 15, 2006, by and between Universal Health Services, Inc., a Delaware Corporation, having its principal place of
business at 367 South Gulph Road, P.O. Box 61558, King of Prussia, Pennsylvania 19406-0958 (the “Company”), and Alan B. Miller (the “Purchaser”). 
 W I T N E S S E T H: 
 WHEREAS, pursuant to the Company’s 2001 Employees’ Restricted Stock Purchase Plan, as amended (the “Plan”), the Company desires to issue and sell to Purchaser, and Purchaser desires to purchase, shares of
the Company’s Class B Common Stock, par value $.01 per share (the “Common Stock”), upon the terms and conditions set forth in this Agreement and the Plan. 
 NOW, THEREFORE, the parties hereto agree as follows: 
 1. SALE
OF SHARES. The Company hereby issues and sells to Purchaser, and Purchaser hereby purchases from the Company, 200,000 shares of Common Stock (the “Shares”), at a price of $.01 per
share, for an aggregate purchase price of $2,000.00, which amount shall be paid by Purchaser to the Company by cash or check simultaneous with his execution and delivery of this Agreement. 
 2. REPURCHASE RIGHTS. The Shares shall be subject to rights of repurchase by the Company in the manner set forth in
this Paragraph: 
 2.1 2006 EARNINGS TARGET. If the Company’s reported earnings per
diluted share from “continuing operations” (as defined below) is less than $2.60 for the 2006 fiscal year (the “2006 Earnings Target”), the Company shall have the right to repurchase the Shares from Purchaser at a price of $.01
per share. As soon as practicable following 2006 (but in no event later than March 1, 2007) and as condition to the lapse of any of the Company’s repurchase rights hereunder with respect to the Shares, the Compensation Committee (the
“Committee”) of the Company’s Board of Directors shall certify in writing whether or not the 2006 Earnings Target has been satisfied in accordance with Treas. Reg. Section 1.162-27(e)(5). For purposes hereof, “continuing
operations” shall mean the Company’s net income before taxes as reported in its audited consolidated financial statements for the 2006 fiscal year, adjusted to eliminate, with respect to such fiscal year, (a) write downs,
(b) significant litigation or claim judgments or settlements, (c) the effect of changes in tax laws, accounting principles or other laws or provisions affecting reported Company results, (d) extraordinary, unusual or non-recurring
items, (e) effects of financing activities, restructuring expenses, non-operating items and acquisition expenses, (f) gains/losses from divestitures that would be reported as discontinued operations, and (g) expenses and
insurance recoveries that are the direct result of a major casualty or natural disaster. 

 2.2 TERMINATION OF EMPLOYMENT. If at
any time prior to March 16, 2008, Purchaser’s employment with the Company shall terminate for any reason other than disability, retirement with the consent of the Committee or death, the Company shall have the right to repurchase from
Purchaser, at a price of $.01 per share, the portion of the Shares, if any, that shall not have been repurchased by the Company pursuant to Paragraph 2.1 above set forth in the following table: 
  

 2 

				
	 Termination Date
	  	Portion of Shares Subject
to Right of Repurchase	 
	 Prior to March 15, 2007
	  	100	%
		
	 March 16, 2007 until
	  	50	%
	 March 15, 2008
	  		
		
	 On or after March 16, 2008
	  	None	 

 2.3 DISABILITY OR RETIREMENT.
If, at any time prior to March 16, 2008, Purchaser’s employment with the Company shall terminate either by reason of disability (as determined by the Committee in its sole discretion) or retirement with the consent of the Committee, the
Company shall have the repurchase right set forth in Paragraph 2.2 above, except that for purposes of determining the portion of the Shares subject to repurchase, Purchaser’s employment shall be deemed to terminate as of three (3) months
after the date of such disability or retirement. 
 2.4 DEATH. In the event that Purchaser dies prior to
March 16, 2008, while still employed by the Company, the Company shall have the repurchase right set forth in Paragraph 2.2 above, except that for purposes of determining the portion of the Shares subject to repurchase, Purchaser’s
employment shall be deemed to terminate as of twelve (12) months after the date of death. 
 2.5 METHOD
OF REPURCHASE. Within thirty (30) days after the occurrence of any of the events set forth in Paragraphs 2.1 through 2.4 above (which, for purposes of Paragraph 2.1 shall be the date of the
Committee’s certification as to whether the applicable 2005 target has been satisfied), the Company shall notify Purchaser (or, in the case of Purchaser’s death, his personal representative) in the manner set forth in Paragraph 12, of the
number of Shares it wishes to repurchase. Within thirty (30) days after the giving of such notice by the Company, Purchaser (or his personal representative) shall deliver to the Company any certificates evidencing such number of Shares, and
upon such delivery the Company shall deliver to Purchaser (or his personal representative) cash or a check in an amount equal to the aggregate cash price paid by Purchaser upon the purchase of such number of Shares from the Company. Any Shares with
respect to which the Company does not timely exercise its rights of repurchase shall cease to be subject to such rights. 
 3.
NONTRANSFERABILITY. Purchaser shall not sell, assign, transfer, dispose of, pledge or otherwise hypothecate any Shares that are subject to the Company’s rights of repurchase pursuant to Paragraph 2 above.
Any attempt to do any of the foregoing will cause the immediate forfeiture of such Shares. 
 4. RIGHT OF
COMPANY TO TERMINATE EMPLOYMENT. Nothing in this Agreement shall affect in any manner whatsoever the right or power of the Company to terminate Purchaser’s
employment for any reason, with or without cause. 
 5. PAYMENT OF TAXES. In the event
Purchaser does not make an election with respect to the Shares pursuant to Section 83(b) of the Internal Revenue Code of 1986, as amended (the 
  

 3 

 “Code”), the Company shall require, at the time at which the Company’s rights of repurchase lapse with
respect to a portion of the Shares, a payment by Purchaser equal to the applicable withholding taxes imposed on the difference between the purchase price of such Shares and the fair market value of such Shares at such time, minus the portion of such
taxes, if any, that the Company withholds from Purchaser’s wages. In the event Purchaser elects, in accordance with Section 83(b) of the Code, to recognize ordinary income on the transfer of the Shares in the year the Shares are purchased,
the Company shall require, at the time of such election, an additional payment equal to the applicable withholding taxes imposed on the difference between the purchase price of such Shares and the fair market value of such Shares on the date of
purchase, minus the portion of such taxes, if any, that the Company withholds from Purchaser’s wages. Participant may satisfy the withholding obligation described under this Paragraph 5 by tendering previously-owned shares of Common Stock
having a value equal to the amount of tax to be withheld. 
 6. CASH DIVIDENDS. Purchaser shall be
entitled to receive any cash dividends that are declared and payable with respect to the Shares, subject to applicable income and employment tax withholding requirements. 
 7. LEGENDS. Any stock certificate(s) issued with respect to the Shares shall contain a legend indicating that the Shares are subject to the transfer restrictions and Company
repurchase rights contained herein. The legend will be removed if and when the Shares are no longer subject to such transfer restrictions and repurchase rights. 
 8. COMPLIANCE WITH LAW. The delivery of any certificate representing the Shares may be postponed by the Company for such period as may be required for it to comply with any
applicable federal or state securities law, or any national securities exchange listing requirements and the Company is not obligated to issue or deliver any securities if, in the opinion of counsel for the Company, the issuance of such securities
shall constitute a violation by Purchaser or the Company of any provisions of any law or of any regulations of any governmental authority or any national securities exchange. 
 9. STOCK CERTIFICATES. Promptly after the date of this Agreement, the Company shall issue one or more stock certificate(s) representing the Shares unless it elects
to recognize such issuance through book entry or another similar method. The stock certificate(s) shall be registered in Purchaser’s name and shall bear any legend required under the Plan, this Agreement or applicable law. Such stock
certificate(s) shall be held in custody by the Company (or its designated agent) until the restrictions thereon shall have lapsed. Upon the Company’s request, Purchaser shall deliver to the Company a duly signed stock power, endorsed in blank,
relating to the Shares. The Company is hereby appointed the attorney-in-fact, with full power of substitution, of Purchaser for the purpose of carrying out the provisions of this Agreement and taking any action and executing any instruments which
such attorney-in-fact may deem necessary or advisable to accomplish the purposes hereof, which appointment as attorney-in-fact is irrevocable and coupled with an interest. 
 10. ENFORCEABILITY. This Agreement shall bind and benefit Purchaser and his heirs, legal representatives and assigns, and the Company, its legal representatives, successors and
assigns, and shall be governed by the laws of the State of Delaware. 
  

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 11. INCORPORATION OF PLAN. Notwithstanding the terms
and conditions herein, any purchase of Shares pursuant to this Agreement shall be subject to and governed by all the terms and conditions of the Plan. A copy of the Plan has been delivered to Purchaser and is hereby incorporated by reference. In the
event of any discrepancy or inconsistency between this Agreement and the Plan, the terms of the Plan shall govern. 
 12.
NOTICES. All notices and other communications required or permitted to be given under this agreement shall be in writing and shall be deemed to have been duly given upon personal delivery or deposit in a United
States Post Office, by registered or certified mail with postage and fees prepaid, addressed to the other party at the address shown above, or at such other address as such party shall designate by notice to the other party given as provided in this
Paragraph 12. 
 IN WITNESS WHEREOF, the parties hereto have executed this Agreement on the day
and year first above written. 
  

	
	UNIVERSAL HEALTH SERVICES, INC.
	
	 /s/ Steve Filton

	Steve Filton
	Senior Vice President &
	Chief Financial Officer
	
	 /s/ Alan B. Miller

	Alan B. Miller

  

 5

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