Document:

Senior Note Specimen

 Exhibit 4.2 
 REGISTERED SENIOR NOTE 
 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, 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 Company 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. 
  

			
	REGISTERED	  	$250,000,000
		
	NUMBER R-4	  	CUSIP No. 754730AD1
		  	ISIN No. US754730AD12

 RAYMOND JAMES FINANCIAL, INC. 

5.625% SENIOR NOTE DUE 2024 
 RAYMOND JAMES FINANCIAL, INC., a Florida corporation (herein called the “Company,” which term includes any successor corporation under the Indenture referred to on the reverse hereof), for value
received, hereby promises to pay to Cede & Co. or its registered assigns, the principal sum of TWO HUNDRED FIFTY MILLION DOLLARS on April 1, 2024 (except to the extent redeemed or repaid prior to that date). The Company shall pay
interest on such principal amount at the rate of 5.625% per annum, until payment of such principal amount has been made or duly provided for, semi-annually in arrears on April 1 and October 1 of each year (each, an “Interest
Payment Date”). Interest shall be payable on each Interest Payment Date, commencing on October 1, 2012, and at the stated maturity or earlier redemption or repayment (the “Maturity Date”). If the Company shall default in the
payment of interest due on any Interest Payment Date, then this Note shall bear interest from the next preceding Interest Payment Date to which interest has been paid, or, if no interest has been paid on the Notes, from March 26, 2012 (the
“Original Issue Date”). 
 Interest on this Note shall accrue from the Original Issue Date until the principal amount
is paid or duly provided for. Interest (including payments for partial periods) shall be computed on the basis of a 360-day year of twelve 30-day months. Interest payable on this Note on any 

 
Interest Payment Date or the Maturity Date shall include interest accrued from, and including, the preceding Interest Payment Date in respect of which interest has been paid or duly provided for
(or from, and including, the Original Issue Date, if no interest has been paid or duly provided for) to, but excluding, such Interest Payment Date or the Maturity Date, as the case may be. If the Maturity Date or any Interest Payment Date falls on a
day which is not a Business Day (as defined below), principal of or interest payable with respect to the Maturity Date or such Interest Payment Date shall be paid on the succeeding Business Day, except that, if such Business Day is in the next
succeeding calendar year, such payment shall be made on the immediately preceding Business Day, in each case with the same force and effect as if made on the Maturity Date or such Interest Payment Date, and no additional interest shall accrue as a
result of that postponement. The interest so payable, and punctually paid or duly provided for, on any Interest Payment Date shall be paid to the person in whose name this Note (or one or more predecessor Notes evidencing all or a portion of the
same debt as this Note) is registered at the close of business on the regular record date for such Interest Payment Date, whether or not a Business Day. As long as this Note is in book-entry only form, the regular record date shall be the close of
business on the Business Day next preceding such Interest Payment Date. If, pursuant to the terms of the Indenture, this Note is no longer in book-entry only form, the record date shall be the close of business on March 15 and September 15
preceding an Interest Payment Date. “Business Day” means any weekday that is not a legal holiday in New York, New York or St. Petersburg, Florida and that is not a day on which banking institutions in those cities are authorized or
required by law or regulation to be closed. 
 The principal of and interest on this Note are payable in immediately available
funds in such coin or currency of the United States as at the time of payment is legal tender for payment of public and private debts, at the office or agency of the Company designated as provided in the Indenture. However, interest may be paid, at
the option of the Company, by check mailed to the person entitled thereto at his address last appearing on the registry books of the Company relating to the Notes. Notwithstanding the preceding sentence, payments of principal of and interest payable
on the Maturity Date shall 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 hereof not less than one Business Day prior to the due date of such principal and (ii) presentation of this Note to the Issuing and Paying Agent, at The Bank of New York Mellon Trust Company, N.A., 101 Barclay Street,
New York, New York, 10286. Any interest not punctually paid or duly provided for shall be payable as provided in such Indenture. 
 References herein to “U.S. dollars,” “U.S.$,” or “$” are to the coin or currency of the United States as at the time of payment is legal tender for the payment of public and
private debts. 
 Reference is made to the further provisions of this Note set forth on the reverse hereof, 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 (as described on the reverse hereof) or by an authenticating agent on behalf of the Trustee by manual signature, this Note shall not be entitled to any benefit under such Indenture or be valid or obligatory for any purpose. 

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

									
		 		 		 	RAYMOND JAMES FINANCIAL, INC.
				
	[SEAL]	 		 	By:	 	  

		 		 		 	Name:	 	Jeffrey P. Julien
	ATTEST:	 		 	Title:	 	Executive Vice President – Finance and Chief Financial Officer
	By:	 	  
	 		 		 	
	Name:	 	Kenneth E. Armstrong	 		 		 	
	Title:	 	Assistant Secretary	 		 		 	

 (CERTIFICATE OF AUTHENTICATION) 

Certificate of Authentication 
 This is one of the Securities of the series designated therein referred to in the within-mentioned Indenture. 
 Dated: March 26, 2012 
  

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

		 	Authorized Signatory

 (REVERSE OF NOTE) 
 RAYMOND JAMES FINANCIAL, INC. 
 5.625% SENIOR NOTE DUE 2024 

SECTION 1. General. This Note is one of a duly authorized series of Securities of the Company unlimited in aggregate principal
amount (herein called the “Notes”) issued and to be issued under an Indenture dated as of August 10, 2009 (herein called the “Indenture”), between the Company and The Bank of New York Mellon Trust Company, N.A., as Trustee
(herein called the “Trustee,” which term includes any successor trustee under the Indenture), to which Indenture and all indentures supplemental thereto reference is hereby made for a statement of the respective rights thereunder of the
Company, the Trustee, and the holders of the Notes, and the terms upon which the Notes are, and are to be, authenticated and delivered. The series of which this Note is a part also is designated as the Company’s 5.625% Senior Notes due 2024
(herein called the “Series”), initially in the principal amount of $250,000,000. The Trustee initially shall act as Security Registrar, Transfer Agent, Authenticating Agent and Issuing and Paying Agent in connection with the Notes.

 SECTION 2. No Sinking Fund. This Note is not subject to any sinking fund. 

SECTION 3. Redemption and Repayment. (a) The Company may, at its option, and subject to the terms and conditions of Article 3
of the Indenture and Section 2.6 of the Fourth Supplemental Indenture dated as of March 26, 2012 (the “Fourth Supplemental Indenture”), redeem the Notes of this Series, (i) in whole at any time or in part from time to time
prior to the Maturity Date, at a redemption price equal to the greater of (x) 100% of the principal amount of the Notes so redeemed, or (y) the sum of the present values of the remaining scheduled payments of principal and interest thereon
(not including any such portion of such payments of interest accrued as of the redemption date), discounted to the redemption date on a semi-annual basis (assuming a 360-day year consisting of twelve 30-day months) at a discount rate equal to the
Treasury Rate (as defined below), plus 50 basis points, plus an amount equal to accrued and unpaid interest thereon to the redemption date, or (ii) in whole, but not in part, at any time prior to the Maturity Date, if the Company has or will
become obligated to pay additional amounts as a result of a Tax Event, subject to the exemptions and limitations set forth in Section 5 hereof, at a redemption price equal to 100% of the principal amount of the Notes so redeemed, plus an amount
equal to accrued and unpaid interest up to, but excluding, the redemption date. Notwithstanding the foregoing, installments of interest on the Notes that are due and payable on Interest Payment Dates falling on or prior to a redemption date shall be
payable on the Interest Payment Date to the holders of the Notes as of the close of business on the relevant record date according to the Notes and the Indenture. 
 (b) Notice of any redemption shall be mailed at least 30 days but not more than 60 days before the redemption date to each holder of the Notes to be redeemed. Unless the Company defaults in payment of the
redemption price, on and after the redemption date, interest shall 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 shall be selected by the Trustee by a method the
Trustee deems appropriate. 

 (c) Prior to publishing any notice of redemption in connection with a redemption pursuant to
Section 3(a)(ii) hereof, the Company will deliver to the Trustee a certificate signed by the Chief Financial Officer or a Senior Vice President of the Company stating that the Company is entitled to redeem the Notes and that the conditions
precedent to redemption have occurred. 
 For purposes of the above: 

“Comparable Treasury Issue” means the United States Treasury security selected by the Quotation Agents as having a maturity
comparable to the remaining term of the Notes to be redeemed that would be utilized, at the time of selection in accordance with customary financial practice, in pricing new issues of corporate debt securities of comparable maturity to the remaining
term of the Notes. 
 “Comparable Treasury Price” means, with respect to any redemption date, (1) the average of
four Reference Treasury Dealer Quotations for such redemption date, after excluding the highest and lowest such Reference Dealer Quotations, (2) if more than one but fewer than four such Reference Dealer Quotations is provided, the average of
all such quotations, or (3) if only one Reference Treasury Dealer Quotation is provided, such quotation. 
 “Quotation
Agents” means the Reference Treasury Dealers appointed by the Company. 
 “Reference Treasury Dealers” means
(1) J.P. Morgan Securities LLC and Citigroup Global Markets Inc. (or their affiliates that are Primary Treasury Dealers) and their respective successors; provided, however, that if any of the foregoing shall cease to be a primary U.S.
Government securities dealer in New York City (a “Primary Treasury Dealer”), the Company shall substitute therefore another Primary Treasury Dealer, and (2) any other Primary Treasury Dealers selected by the Company. 

“Reference Treasury Dealer Quotations” means, with respect to each Reference Treasury Dealer and any redemption date the
average, as determined by the Trustee, of the bid and asked prices for the Comparable Treasury Issue (expressed in each case as a percentage of its principal amount) quoted in writing to the Trustee by such Reference Treasury Dealer at 5:00 p.m.,
New York City time, on the third Business Day preceding such redemption date. 
 “Tax Event” means any change in, or
amendment to, the laws or regulations of the United States or any political subdivision or any authority of the United States having power to tax, or any change in the application or official interpretation of such laws or regulations, which change
or amendment becomes effective on or after the Original Issue Date. 
 “Treasury Rate” means, with respect to any
redemption date, the rate per annum equal to the semi-annual equivalent yield to maturity of the Comparable Treasury Issue, assuming a price for the Comparable Treasury Issue (expressed as a percentage of its principal amount) equal to the
Comparable Treasury Price for such redemption date. 
 SECTION 4. Defeasance. The provisions of Article 14 of the
Indenture do not apply to the Notes of this Series. 

 SECTION 5. Payment of Additional Amounts. Subject to the exemptions and limitations
set forth below, the Company shall pay additional amounts to the beneficial owner of this Note that is a “Non-United States person,” as defined below, in order to ensure that every net payment on such Note shall not be less, due to payment
of United States withholding tax, than the amount then otherwise due and payable. For this purpose, a “net payment” on this Note means a payment by the Company or any paying agent, including payment of principal and interest, after
deduction for any present or future tax, assessment, or other governmental charge of the United States (other than a territory or possession). These additional amounts shall constitute additional interest on this Note. 

The Company shall not be required to pay additional amounts, however, in any of the circumstances described in items (1) through
(14) below. 
 (1) Additional amounts shall not be payable if a payment on this Note is reduced as a result of any tax,
assessment, or other governmental charge that is imposed or withheld solely by reason of the beneficial owner of this Note: 
  

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

 

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

  

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

 (2) Additional amounts shall not be payable if a payment on this Note is reduced as a result of any tax, assessment, or other governmental charge that is imposed or withheld solely by reason of the
beneficial owner of this Note: 
  

	 	(a)	being treated as present in or engaged in a trade or business in the United States; 

 

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

 

	 	(c)	having or having had a permanent establishment in the United States; or 

  

	 	(d)	having or having had a qualified business unit which has the U.S. dollar as its functional currency. 

(3) Additional amounts shall not be payable if a payment on this Note is reduced as a result of any tax, assessment, or other
governmental charge that is imposed or withheld solely by reason of the beneficial owner of this Note being or having been a: 
  

	 	(a)	personal holding company; 

  

	 	(b)	foreign personal holding company; 

  

	 	(c)	private foundation or other tax-exempt organization; 

	 	(d)	passive foreign investment company; 

  

	 	(e)	controlled foreign corporation; or 

  

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

(4) Additional amounts shall not be payable if a payment on this Note is reduced as a result of any tax, assessment, or other
governmental charge that is imposed or withheld solely by reason of the beneficial owner of this Note owning or having owned, actually or constructively, 10% or more of the total combined voting power of all classes of the Company’s stock
entitled to vote. 
 (5) Additional amounts shall not be payable if a payment on this Note is reduced as a result of any tax,
assessment, or other governmental charge that is imposed or withheld solely by reason of the beneficial owner of this Note being a bank extending credit pursuant to a loan agreement entered into in the ordinary course of business. 

For purposes of items (1) through (5) above, “beneficial owner” includes, without limitation, the holder, and a
fiduciary, settlor, partner, member, shareholder, or beneficiary of the holder if the holder is an estate, trust, partnership, limited liability company, corporation, or other entity, or a person holding a power over an estate or trust administered
by a fiduciary holder. 
 (6) Additional amounts shall not be payable to any beneficial owner of this Note that is: 

 

	 	(a)	a fiduciary; 

  

	 	(b)	a partnership; 

  

	 	(c)	a limited liability company; 

  

	 	(d)	another fiscally transparent entity; or 

  

	 	(e)	not the sole beneficial owner of this Note, or any portion of this Note. 

 However, this exception to the obligation to pay additional amounts shall only apply to the extent that a beneficiary or settlor in relation to the fiduciary, or a beneficial owner, partner or member of
the partnership, limited liability company, or other fiscally transparent entity, would not have been entitled to the payment of an additional amount had the beneficiary, settlor, partner, beneficial owner, or member received directly its beneficial
or distributive share of the payment. 
 (7) Additional amounts shall not be payable if a payment on this Note is reduced as a
result of any tax, assessment, or other governmental charge that is imposed or withheld solely by reason of the failure of the beneficial owner of this Note or any other person to comply with applicable certification, identification, documentation
or other information reporting requirements. This exception to the obligation to pay additional amounts shall apply only if 

 
compliance with such reporting requirements is required as a precondition to exemption from such tax, assessment or other governmental charge by statute or regulation of the United States or by
an applicable income tax treaty to which the United States is a party. 
 (8) Additional amounts shall not be payable if a
payment on this Note is reduced as a result of any tax, assessment, or other governmental charge that is collected or imposed by any method other than by withholding from a payment on this Note by the Company or any paying agent. 

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

 

	 	(a)	estate tax; 

  

	 	(b)	inheritance tax; 

  

	 	(c)	gift tax; 

  

	 	(d)	sales tax; 

  

	 	(e)	excise tax; 

  

	 	(f)	transfer tax; 

  

	 	(g)	wealth tax; 

  

	 	(h)	personal property tax; or 

  

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

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

(13) Additional amounts shall not be payable if a payment on this Note is reduced by any tax, assessment, or other governmental charge
that is imposed or withheld by reason of the 

 
application of section 1471 (or any successor provision) or section 1472 (or any successor provision) of the Internal Revenue Code of 1986, as amended, or any related administrative regulation or
pronouncement. 
 (14) Additional amounts shall not be payable if a payment on this Note is reduced as a result of any
combination of items (1) through (13) above. 
 A “United States person” means: 

 

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

  

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

 

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

  

	 	(d)	any trust if a U.S. court is able to exercise primary supervision over its administration and one or more United States persons have the authority to control all of the
substantial decisions of the trust. 

 A “Non-United States person” means a person who is not a United
States person, and “United States” means the United States of America, including the States and the District of Columbia, its territories, its possessions, and other areas within its jurisdiction. 

SECTION 6. Events of Default. If an Event of Default (as defined in the Fourth Supplemental Indenture as (i) an Event of
Default as defined under Section 6.01(a), (b), (c), (d) or (e) of the Indenture, or (ii) an event of default as defined in any mortgage, indenture, or instrument under which there may be issued, or by which there may be secured
or evidenced, any indebtedness of the Company or any Principal Subsidiary (as defined in the Indenture) for money borrowed, whether such indebtedness currently exists or shall be created in the future, which has occurred and has resulted in such
indebtedness becoming or being declared due and payable) 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 thereof and the modification of the rights and obligations of the Company and the rights of the holders of the Notes under the Indenture at any time by the Company 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 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 Company with certain provisions of the Indenture and certain past defaults under the
Indenture and their consequences. Any such consent or waiver by the holder of this 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 or the interest 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
Company 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 Company, which is absolute and unconditional, to pay the principal of and interest on this Note at the times, place, and rate, and
in the coin or currency, herein prescribed. 
 SECTION 9. Authorized Denominations. The Notes are issuable only as
registered Notes without coupons in the denominations of Two Thousand Dollars ($2,000) and any whole multiples of One Thousand Dollars ($1,000). As provided in the Indenture, and subject to certain limitations therein set forth, the 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 therein set forth, the transfer of this Note may be registered on the Security Register or
registry of the Company relating to the Notes, upon surrender of this Note for registration of transfer at the office or agency of the Company designated by it pursuant to the Indenture, duly endorsed by, or accompanied by a written instrument of
transfer in form satisfactory to the Company and the Trustee or the Security Registrar duly executed by, the registered holder hereof or his attorney duly authorized in writing, and thereupon one or more new Notes, of authorized denominations and
for the same aggregate principal amount, shall be issued to the designated transferee or transferees. 
 The Notes are 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 DTC shall 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 Company shall recognize Cede & Co., as nominee of DTC, while the registered holder of the Notes, as the owner of the
Notes for all purposes, including payment of principal, premium (if any) and interest, notices, and voting. Transfer of the principal, premium (if any), and interest to beneficial owners of the Notes by participants of DTC shall 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 shall be determined by DTC pursuant to rules and procedures established by DTC
and its participants. The Company shall 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.

 No service charge shall be made for any such registration of transfer or exchange, but the
Company may require payment of a sum sufficient to cover any tax, assessment, or other governmental charge, including, without limitation, any withholding tax, payable in connection therewith. 

Prior to due presentment for registration of transfer of this Note, the Company, the Trustee, the Issuing and Paying Agent, and any agent
of the Company may treat the person in whose name this Note is registered as the absolute owner hereof for the purpose of receiving payment as herein provided and for all other purposes, whether or not this Note be overdue, and neither the Company,
the Trustee, the Issuing and Paying Agent, nor any such agent of the Company shall be affected by notice to the contrary. 

SECTION 11. Authentication Date. The Notes of this Series shall be dated the date of their authentication. 

SECTION 12. 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 13. 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. 

 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 Company, 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.Amendment to Agreement with Art Peck

 Exhibit 10.91 
 AMENDMENT TO AGREEMENT 
 Gap Inc. (“Company”) and Art Peck (referred to in the
second person) hereby amend the letter agreement dated March 16, 2007, replacing the section entitled “Termination/Severance” with the following provision: 
 Termination/Severance. In the event that your employment is involuntarily terminated by the Company for reasons other than For Cause (as defined below) prior to February 13, 2015, the Company
will provide you the following after your “separation from service” within the meaning of Section 409A of the Internal Revenue Code (the “Separation from Service”), provided you sign a general release of
claims in the form requested by the Company and it becomes effective within 45 calendar days after such Separation from Service (the “Release Deadline”):
 (1) Your then current salary, at regular pay cycle intervals, for eighteen months commencing in the first regular pay cycle following the Release Deadline (the “severance period”). Payments
will cease if you accept other employment or professional relationship with a competitor of the Company (defined as another company primarily engaged in the apparel design or apparel retail business or any retailer with apparel sales in excess of
$500 million annually), or if you breach your remaining obligations to the Company (e.g., your duty to protect confidential information, agreement not to solicit Company employees). Payments will be reduced by any compensation you receive
during the severance period from other employment or professional relationship with a non-competitor.
 (2) Through
the end of the period in which you are receiving payments under paragraph (1) above, if you properly elect and maintain COBRA coverage, payment of a portion of your COBRA premium in a method as determined by the
Company. This payment may be taxable income to you and subject to tax withholding. Notwithstanding the foregoing, the Company’s payment of the monthly COBRA premium shall cease immediately if the Company determines in its discretion that paying
such monthly COBRA premium would result in the Company being in violation of, or incurring any fine, penalty, or excise tax under, applicable law (including, without limitation, any penalty imposed for violation of the nondiscrimination requirements
under the Patient Protection and Affordable Care Act or guidance issued thereunder). 
 (3) Through the end of the
period in which you are receiving payments under paragraph (1) above, reimbursement for your costs to maintain the same or comparable financial counseling program the Company provides to senior executives in effect at the time of
your Separation from Service. The amount of expenses eligible for reimbursement during a calendar year shall not affect the expenses eligible for reimbursement in any other calendar year. Reimbursement shall be made on or before the last
day of the calendar year following the calendar year in which the reimbursement is incurred but not later than the end of the second calendar year following the calendar year of your Separation from Service. 

The payments in (1) and (3) above are taxable income to you and are subject to tax withholding. If the aggregate amount that would be
payable to you under paragraphs (1) and (3) above through the date which is six months after your Separation from Service exceeds the limit under Treas. Reg. Section 1.409A-1(b)(9)(iii)(A) and you are a
“specified employee” under Treas. Reg. Section 1.409A-1(i) on the date of your Separation from Service, then the excess will be paid to you no earlier than the date which is six months after the date of such
separation (or such earlier time permitted under Section 409A(a)(2)(B)(i) of the Internal Revenue Code). This delay will only be imposed to the extent required to avoid the tax for which you would otherwise be liable under
Section 409A(a)(1)(B) of the Internal Revenue Code. Any delayed payment instead will be made on the first business day following the expiration of the six month period, as applicable (or such earlier time permitted under
Section 409A(a)(2)(B)(i) of the Internal Revenue Code). 
 The term “For Cause” shall mean a good faith determination by the
Company that your employment be terminated for any of the following reasons: (1) indictment, conviction or admission of any crimes 

 Art Peck 
 Page 2 
  

 
involving theft, fraud or moral turpitude; (2) engaging in gross neglect of duties, including willfully failing or refusing to implement or follow direction of the Company; or
(3) breaching Gap Inc.’s policies and procedures, including but not limited to the Code of Business Conduct. 
 At any time, if you
voluntarily resign your employment from Gap Inc. or your employment is terminated For Cause, you will receive no compensation, payment or benefits after your last day of employment. If your employment terminates for any reason, you will not be
entitled to any payments, benefits or compensation other than as provided in this letter. 
 EXECUTIVE 

 

									
	 /s/ Art Peck
	  		  	 11/15/2011
	  	
	Art Peck	  		  	Date	  	
				
	 THE GAP, INC.
	  		  		  	
				
	 /s/ Glenn Murphy
	  		  	 11/4/2011
	  	
	By:	 	Glenn Murphy	  		  	Date	  	
		 	Chairman and CEO

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