Document:

Seventh Supplemental Indenture

	 Aflac Incorporated Form 8-K  
	 Exhibit 4.1 

 AFLAC INCORPORATED, 
 AS ISSUER 

AND 
 THE BANK OF NEW YORK
MELLON 
 TRUST COMPANY, N.A., 
 AS TRUSTEE 
 SEVENTH SUPPLEMENTAL INDENTURE 

Dated as of July 31, 2012 

Supplement to the Fifth Supplemental Indenture 
 Dated as of February 10, 2012 
 and the Indenture 

Dated as of May 21, 2009 
  

 
 $250,000,000

 2.65% Senior Notes due 2017 

 TABLE OF CONTENTS 

 

							
	 	  	Page	 
		
	ARTICLE I ADDITIONAL 2.65% SENIOR NOTES DUE 2017	  	 	2	  
	 Section 1.01 Establishment
	  	 	2	  
	 Section 1.02 Definitions
	  	 	2	  
		
	ARTICLE II MISCELLANEOUS PROVISIONS	  	 	2	  
	 Section 2.01 Recitals by the Company
	  	 	2	  
	 Section 2.02 Ratification and Incorporation of Original Indenture
	  	 	2	  
	 Section 2.03 Executed in Counterparts
	  	 	3	  
	 Section 2.04 New York Law to Govern
	  	 	3	  

 THIS SEVENTH SUPPLEMENTAL INDENTURE is made as of the 31st day of July, 2012, by and
between AFLAC INCORPORATED, a Georgia corporation, as issuer (the “Company”), and THE BANK OF NEW YORK MELLON TRUST COMPANY, N.A., a national banking association, as trustee (the “Trustee”): 

WHEREAS, the Company has heretofore entered into a Senior Indenture, dated as of May 21, 2009 (the “Original
Indenture”), with the Trustee, as supplemented by the Fifth Supplemental Indenture, dated as of February 10, 2012, by and between the Company and the Trustee (the “Fifth Supplemental Indenture”); 

WHEREAS, the Original Indenture and the Fifth Supplemental Indenture are incorporated herein by reference and the Original
Indenture, as supplemented by the Fifth Supplemental Indenture and as further supplemented by this Seventh Supplemental Indenture, is herein called the “Indenture”; 

WHEREAS, pursuant to the Original Indenture, the Board of Directors of the Company established a new series of senior notes
designated as the 2.65% Senior Notes due 2017 (the “Initial 2017 Senior Notes”), initially limited to aggregate principal amount of $400,000,000, the terms of which are set forth in the Fifth Supplemental Indenture and have approved the
terms of the Additional 2017 Senior Notes (as defined below); 
 WHEREAS, the Original Indenture, as supplemented by the
Fifth Supplemental Indenture, provides that the aggregate principal amount of the Initial 2017 Senior Notes may be increased in the future, without the consent of the holders of the Initial 2017 Senior Notes, on the same terms and with the same
CUSIP and ISIN numbers as the Initial 2017 Senior Notes; 
 WHEREAS, the Company proposes to issue additional 2.65% Senior
Notes due 2017 (the “Additional 2017 Senior Notes”, and, collectively with the Initial 2017 Senior Notes, the “2017 Senior Notes”), and the Additional 2017 Senior Notes, together with the Initial 2017 Senior Notes, will
constitute a single series of senior notes; 
 WHEREAS, additional senior notes of other series hereafter established,
except as may be limited in the Original Indenture as at the time supplemented and modified, may be issued from time to time pursuant to the Indenture as at the time supplemented and modified, and all senior notes issued by the Company of any one
series need not be issued at the same time and, unless otherwise so provided, may be reopened for issuances of additional senior notes of such series; and 
 WHEREAS, all things necessary to authorize the execution and delivery of this Seventh Supplemental Indenture and make it a valid and binding agreement of the Company, in accordance with its terms, have been done.

 NOW THEREFORE, in consideration of the agreements and obligations set forth herein and for other good and valuable
consideration, the sufficiency of which is hereby acknowledged, the parties hereto hereby agree as follows: 

  
 1 

 ARTICLE I 
 ADDITIONAL 2.65% SENIOR NOTES DUE 2017 
 Section 1.01 Establishment. The aggregate
principal amount of the 2017 Senior Notes, initially limited to an aggregate principal amount of $400,000,000 under the Fifth Supplemental Indenture, is hereby increased by $250,000,000 to an aggregate principal amount of $650,000,000. 

There are to be authenticated and delivered Additional 2017 Senior Notes in an aggregate principal amount of $250,000,000. Except
as provided herein, the Additional 2017 Senior Notes shall have the same terms and same CUSIP numbers and ISIN numbers as the Initial 2017 Senior Notes and shall combine with the Initial 2017 Senior Notes to form a single series of senior notes
under the Indenture. No further 2017 Senior Notes shall be authenticated and delivered except as provided by Section 2.8, 2.9, 2.11, 8.5 or 12.3 of the Original Indenture and the terms of this Seventh Supplemental Indenture; provided, however,
that the aggregate principal amount of the 2017 Senior Notes may be increased in the future, without the consent of the holders of the 2017 Senior Notes (including, without limitation, without the consent of any holders of the Initial 2017 Senior
Notes or the Additional 2017 Senior Notes), on the same terms (other than the issue date, issue price, date from which interest shall accrue and the amount of interest payable on the first Interest Payment Date following the issuance of any such
Additional 2017 Senior Notes) and with the same CUSIP and ISIN numbers as the 2017 Senior Notes. The Additional 2017 Senior Notes shall be issued in fully registered form. 

The Additional 2017 Senior Notes shall be issued in the form of one or more Global Securities in substantially the form set out in
Exhibit A hereto. 
 The form of the Trustee’s Certificate of Authentication for the Additional 2017 Senior Notes
shall be substantially in the form set forth in Exhibit B hereto. 
 Each Additional 2017 Senior Note shall be dated the
date of authentication thereof and shall bear interest from February 10, 2012 at 2.65% per annum, payable semi-annually on February 15 and August 15 of each year, commencing August 15, 2012. 

Section 1.02 Definitions. Capitalized terms used herein for which no definition is provided herein shall have the meanings set forth in the
Original Indenture, as supplemented by the Fifth Supplemental Indenture. 
 ARTICLE II 

MISCELLANEOUS PROVISIONS 

Section 2.01 Recitals by the Company. The recitals in this Seventh Supplemental Indenture are made by the Company only and not by the
Trustee, and the Trustee assumes no responsibility for their correctness. The Trustee makes no representations as to the validity or sufficiency of this Seventh Supplemental Indenture or of the Initial 2017 Senior Notes or the Additional 2017 Senior
Notes. The Trustee shall not be accountable for the use or application by the Company of the 2017 Senior Notes or the proceeds thereof. All of the provisions contained in the Original Indenture in respect of the rights, privileges, immunities,
powers and duties of the Trustee shall be applicable in respect of the 2017 Senior Notes and of this Seventh Supplemental Indenture as fully and with like effect as if set forth herein in full. 

Section 2.02 Ratification and Incorporation of Original Indenture. As supplemented hereby, the Original Indenture and the Fifth Supplemental
Indenture are in all respects ratified and confirmed, and the Original Indenture, the Fifth Supplemental Indenture and this Seventh Supplemental Indenture shall be read, taken and construed as one and the same instrument. 

  
 2 

 Section 2.03 Executed in Counterparts. This Seventh Supplemental Indenture may be
simultaneously executed in several counterparts, each of which shall be deemed to be an original, and such counterparts shall together constitute but one and the same instrument. 

Section 2.04 New York Law to Govern. This Seventh Supplemental Indenture and each Additional 2017 Senior Note shall be deemed to be a
contract under the laws of the state of New York, and for all purposes shall be construed in accordance with the laws of such state, except as may be required by mandatory provisions of law. 

  
 3 

 IN WITNESS WHEREOF, each party hereto has caused this instrument to be signed in its
name and behalf by its duly authorized officers, all as of the day and year first above written. 
  

			
	 AFLAC INCORPORATED,
 as Issuer

		
	 By:
	 	 /s/ Kriss Cloninger III

			
	 Name:
	 	 Kriss Cloninger III

	 Title:
	 	 President, CFO & Treasurer

  

			
	 THE BANK OF NEW YORK MELLON TRUST COMPANY, N.A.,

as Trustee

		
	 By:
	 	 /s/ Julie H. Ramos

			
	 Name:
	 	 Julie Hoffman-Ramos

	 Title:
	 	 Vice President

 [Signature Page to Seventh Supplemental Indenture] 

 EXHIBIT A 
 2.65% Senior Note due 2017 
 THIS NOTE IS A GLOBAL SECURITY WITHIN THE MEANING
OF THE FIFTH SUPPLEMENTAL INDENTURE, AS SUPPLEMENTED BY THE SEVENTH SUPPLEMENTAL INDENTURE TO THE ORIGINAL INDENTURE HEREINAFTER REFERRED TO. UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY
(“DTC”), A NEW YORK CORPORATION, TO AFLAC INCORPORATED OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN
AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS
WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN. 
 UNLESS AND UNTIL IT IS
EXCHANGED IN WHOLE OR IN PART FOR SECURITIES IN DEFINITIVE FORM, THIS SECURITY MAY NOT BE TRANSFERRED EXCEPT AS A WHOLE BY THE DEPOSITARY TO THE NOMINEE OF THE DEPOSITARY OR BY A NOMINEE OF THE DEPOSITARY TO THE DEPOSITARY OR ANOTHER NOMINEE OF THE
DEPOSITARY OR BY THE DEPOSITARY OR ANY SUCH NOMINEE TO A SUCCESSOR DEPOSITARY OR A NOMINEE OF SUCH SUCCESSOR DEPOSITARY. 

  
 A-1 

					
	 No. 2
	  		  	 CUSIP No. 001055AH5

ISIN No. US001055AH52

 AFLAC INCORPORATED 
 2.65% Senior Notes due 2017 
  

			
	 Principal Amount:
	  	 $250,000,000

		
	 Regular Record Date:
	  	 with respect to each Interest Payment Date, the close of business on February 1 or August 1 immediately preceding such Interest Payment Date

		
	 Original Issue Date:
	  	 July 31, 2012

		
	 Stated Maturity:
	  	 February 15, 2017

		
	 Interest Payment Dates:
	  	 February 15 and August 15, commencing on August 15, 2012

		
	 Interest Rate:
	  	 2.65% per year

		
	 Authorized Denomination:
	  	 $2,000 and integral multiples of $1,000 in excess thereof

 Aflac Incorporated, a Georgia corporation (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 registered assigns, the principal sum of TWO HUNDRED AND FIFTY MILLION DOLLARS ($250,000,000) on the
Stated Maturity shown above, and to pay interest thereon, and on any overdue installment of interest thereon to the extent permitted by law, from the most recent Interest Payment Date to which interest has been paid or duly provided for or, if no
interest has been paid, from February 10, 2012, semi-annually in arrears on each Interest Payment Date as specified above, commencing on August 15, 2012, and on the Stated Maturity at the rate per year shown above until the principal
hereof or such overdue installment is paid or made available for payment. The interest so payable, and punctually paid or duly provided for, on any Interest Payment Date (other than an Interest Payment Date that is the Stated Maturity) will, as
provided in the Indenture, be paid to the Person in whose name this Note (as defined on the reverse hereof) is registered at the close of business on the Regular Record Date as specified above next preceding such Interest Payment Date, provided that
any interest payable at Stated Maturity or a Redemption Date (as defined on the reverse hereof) will be paid to the Person to whom principal is payable. Except as otherwise provided in the Indenture, any such interest that is not so punctually paid
or duly provided for will forthwith cease to be payable to the holders on such Regular Record Date and may be paid as provided in Section 2.7 of the Original Indenture. 

Payments of interest on this Note (as defined on the reverse hereof) will include interest accrued to but excluding the respective
Interest Payment Dates. Interest payments for this Note shall be computed and paid on the basis of a 360-day year consisting of twelve 30-day months. In the event that any date on which interest is payable on this Note is not a Business Day, then
payment of the interest payable on such date will be made on the next succeeding day that is a Business Day (and without any interest or other payment in respect of any such delay), except that, if such next succeeding Business Day is in the next
succeeding calendar year, payment shall be made on the immediately preceding Business Day, in each case with the same force and effect as if made on the date the payment was originally payable. 

  
 A-2 

 Payment of the principal of and interest due at the Stated Maturity of, or on a
Redemption Date (as defined on the reverse hereof) for, this Note shall be made upon surrender of this Note at the Corporate Trust Office of the Trustee. The principal of and interest on this Note shall be paid 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. Payment of interest (including interest on an Interest Payment Date) will be made, subject to such surrender where applicable, at the option of the
Company, (i) by check mailed to the address of the Person entitled thereto as such address shall appear in the Security register or (ii) by wire transfer at such place and to such account at a banking institution in the United States as
may be designated in writing to the Trustee at least 15 days prior to the date for payment by the Person entitled thereto. 
 The Senior Notes (as defined on the reverse hereof) will be unsecured obligations of the Company and will rank equally in right of payment with all the other unsecured, unsubordinated indebtedness of the Company
from time to time outstanding. The Senior Notes will rank senior to any subordinated indebtedness of the Company. 

REFERENCE IS HEREBY MADE TO THE FURTHER PROVISIONS OF THIS NOTE SET FORTH ON THE REVERSE HEREOF, WHICH FURTHER PROVISIONS SHALL FOR
ALL PURPOSES HAVE THE SAME EFFECT AS IF SET FORTH AT THIS PLACE. 
 Unless the certificate of authentication hereon has
been executed by the Trustee by manual signature, this Note shall not be entitled to any benefit under the Indenture or be valid or obligatory for any purpose. 

  
 A-3 

 IN WITNESS WHEREOF, the Company has caused this instrument to be duly executed.

  

			
	 AFLAC INCORPORATED,
 as Issuer

		
	 By:
	 	  

			
	 Name:
	 	
	 Title:
	 	

  

	
	 Attest:

	
	  

	 Name:

	 Title:

 CERTIFICATE OF AUTHENTICATION 

This is one of the 2.65% Senior Notes due 2017 referred to in the within-mentioned Indenture. 

 

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

				
	 Dated: July 31, 2012
	 		 	 By:
	 	  

		 		 	 Authorized Signatory

  
 A-4 

 (Reverse Side of Note) 

This note (the “Note”) represents one of a duly authorized issue of senior notes of the Company issued and issuable in
one or more series under a Senior Indenture dated as of May 21, 2009 (the “Original Indenture”), as supplemented by the Fifth Supplemental Indenture dated as of February 10, 2012 (the “Fifth Supplemental Indenture”) and
as further supplemented by the Seventh Supplemental Indenture, dated as of July 31, 2012 (the “Seventh Supplemental Indenture” and, together with the Original Indenture and the Fifth Supplemental Indenture, the “Indenture”),
between the Company and The Bank of New York Mellon Trust Company, N.A., as Trustee (the “Trustee,” which term includes any successor trustee under the Indenture), to which Indenture and all indentures incidental thereto reference is
hereby made for a statement of the respective rights, limitations of rights, duties and immunities thereunder of the Company, the Trustee and the holders of the Senior Notes (as defined below) issued thereunder and of the terms upon which said
Senior Notes are, and are to be, authenticated and delivered. This Senior Note is one of the series designated on the face hereof as 2.65% Senior Notes due 2017 (the “Senior Notes”), initially limited in aggregate principal amount of
$400,000,000 pursuant to the Fifth Supplemental Indenture and increased to an aggregate principal amount of $650,000,000 pursuant to the Seventh Supplemental Indenture; provided, however, that the aggregate principal amount of the Senior Notes may
be further increased in the future, without the consent of the holders of the Senior Notes, as provided in the Seventh Supplemental Indenture. Capitalized terms used herein for which no definition is provided herein shall have the meanings set forth
in the Indenture. 
 This Note is exchangeable in whole or from time to time in part for Senior Notes of this series in
definitive registered form only as provided in the Indenture. 
 If an Event of Default with respect to the Senior Notes
shall occur and be continuing, the principal of the Senior Notes may be declared due and payable in the manner, with the effect and subject to the conditions provided in the Indenture. 

The Indenture permits, with certain exceptions as therein provided, the amendment thereof and the modification of the rights and
obligations of the Company and the rights of the holders of the Senior Notes under the Indenture at any time by the Company and the Trustee with the consent of the holders of not less than a majority in aggregate principal amount of the Senior Notes
at the time Outstanding. The Indenture also contains provisions permitting the holders of specified percentages in principal amount of the Senior Notes at the time Outstanding, on behalf of the holders of all Senior Notes, 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 Senior Note issued upon the registration of transfer hereof or in exchange hereof or in lieu hereof, whether or not notation of such consent or waiver is made upon this Note. 

The Indenture contains provisions for defeasance at any time of (i) the entire indebtedness of the Company pursuant to this
Note and (ii) restrictive covenants and the related Events of Default, upon compliance by the Company with certain conditions set forth therein, which provisions apply to this Note. 

The Senior Notes will be redeemable, at the sole option of the Company, in whole at any time or in part from time to time (a
“Redemption Date”), at a redemption price (the “Redemption Price”) equal to the greater of (i) 100% of the aggregate principal amount of the Senior Notes to be redeemed and (ii) an amount equal to the sum of the present
values of the remaining scheduled payments for principal of and interest on the Senior Notes to be redeemed, not including any portion of the payments of interest accrued as of such Redemption Date, discounted to such Redemption Date on a
semi-annual basis (assuming a 360-day year consisting of twelve 30-day months) at the Treasury Rate, plus 30 basis points, plus, in the case of each of (i) and (ii), accrued and unpaid interest on the principal amount of the Senior Notes to be
redeemed to, but excluding, such Redemption Date. 
 “Treasury Rate” means (i) 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 Comparable
Treasury Issue (if no 

  
 A-5 

 maturity is within three months before or after the remaining life, yields for the two published
maturities most closely corresponding to the Comparable Treasury Issue will be determined and the Treasury Rate will be interpolated or extrapolated from such yields on a straight line basis, rounding to the nearest month), or (ii) 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 semi-annual equivalent yield to maturity of the Comparable Treasury Issue, calculated
using 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. The Treasury Rate shall be calculated on the third Business Day preceding the
Redemption Date. 
 “Comparable Treasury Issue” means the United States Treasury security selected by the
Independent Investment Banker as having a maturity comparable to the remaining term of the Senior 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 the Senior Notes. 
 “Independent
Investment Banker” means one of J.P. Morgan Securities LLC and Goldman, Sachs & Co., and their successors, appointed by the Trustee after consultation with the Company or, if such firm is unwilling or unable to select the Comparable
Treasury Issue, an independent investment banking institution of national standing appointed by the Trustee after consultation with the Company. 
 “Comparable Treasury Price” means with respect to any Redemption Date for the Senior Notes (1) the average of five Reference Treasury Dealer Quotations for such Redemption Date, after excluding the
highest and lowest of such Reference Treasury Dealer Quotations, or (2) if the Trustee obtains fewer than five such Reference Treasury Dealer Quotations, the average of all such quotations. 

“Reference Treasury Dealer” means each of J.P. Morgan Securities LLC or Goldman, Sachs & Co. or their respective
successors and three other primary U.S. government securities dealers (each a “Primary Treasury Dealer”), as specified by the Company; provided that (1) if any of J.P. Morgan Securities LLC or Goldman, Sachs & Co. or their
respective successors or any Primary Treasury Dealer as specified by the Company shall cease to be a Primary Treasury Dealer, the Company will substitute therefor another Primary Treasury Dealer and (2) if the Company fails to select a
substitute within a reasonable period of time, then the substitute will be a Primary Treasury Dealer selected by the Trustee after consultation with the Company. 

“Reference Treasury Dealer Quotations” means, with respect to the Reference Treasury Dealer and any Redemption Date, the
average, as determined by the Independent Investment Banker, 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 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. 
 Notice of any redemption will be mailed at least 30 days but no more than 60 days before the Redemption Date to each Holder of the Senior Notes to be redeemed. Notwithstanding Section 12.2 of the Original
Indenture, the notice of redemption with respect to the foregoing redemption need not set forth the Redemption Price but only the manner of calculation thereof. 

The Company shall notify the Trustee of the Redemption Price with respect to the foregoing redemption promptly after the
calculation thereof. The Trustee shall not be responsible for calculating said Redemption Price. Unless the Company defaults in payment of the Redemption Price, on and after the Redemption Date, interest will cease to accrue on the Senior Notes or
portions thereof called for redemption. 
 If less than all of the Senior Notes are to be redeemed, the Trustee shall
determine, in such manner as it deems appropriate, the principal amount of such Senior Notes held by each beneficial owner of such Senior Notes to be redeemed. The Trustee may select Senior Notes and portions of Senior Notes in amounts of $2,000 and
whole multiples of $1,000 in excess of $2,000. 
 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 time, place and rate, and in the coin or currency, herein prescribed. 

  
 A-6 

 As provided in the Indenture and subject to certain limitations therein set forth, the
transfer of this Note is registrable in the Security register, upon surrender of this Note for registration of transfer at the office or agency of the Company for such purpose, duly endorsed by, or accompanied by a written instrument of transfer in
form satisfactory to the Company or the Security registrar and duly executed by, the holder hereof or his attorney duly authorized in writing, and thereupon one or more new Senior Notes, of authorized denominations and of like tenor and for the same
aggregate principal amount, will be issued to the designated transferee or transferees. No service charge shall be made for any such exchange or registration of transfer, but the Company will require payment of a sum sufficient to cover any tax or
other governmental charge payable in connection therewith. 
 Prior to due presentment of this Note for registration of
transfer, the Company, the Trustee, any Person authorized by the Company to pay the principal of or any premium or interest on any Senior Note on behalf of the Company (“Paying Agent”) and the Security registrar may deem and treat the
Person in whose name this Note is registered as the absolute owner hereof for all purposes, whether or not this Note be overdue and notwithstanding any notice of ownership or writing thereon made by anyone other than the Security registrar, and
neither the Company nor the Trustee nor any Paying Agent nor the Security registrar shall be affected by notice to the contrary. 
 The Senior Notes are issuable only in registered form without coupons in denominations of $2,000 and integral multiples of $1,000 in excess thereof. As provided in the Indenture and subject to certain limitations
therein set forth, Senior Notes are exchangeable for a like aggregate principal amount of Senior Notes of a different authorized denomination, as requested by the holder surrendering the same upon surrender of the Senior Note or Senior Notes to be
exchanged at the office or agency of the Company. 
 No recourse shall be had for payment of the principal of or interest
on this Note, or for any claim based hereon, or otherwise in respect hereof, or based on or in respect of the Indenture, against any incorporator, as such or against any past, present or future shareholder, officer or director, as such, of the
Company or of any successor, either directly or through the Company or any successor, under any rule, law statute or constitutional provision, or by the enforcement of any assessment or by any legal or equitable proceeding or otherwise, all such
liability being expressly waived and released, by the acceptance hereof and as part of the consideration for the issuance hereof. 
 Unless the certificate of authentication hereon has been executed by 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.

 This Note shall be governed by, and construed in accordance with, the internal laws of the state of New York.

  
 A-7 

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

 

					
	 TEN COM – as tenants in common
	 		  	UNIF GIFT MIN ACT – Custodian under Uniform Gift to Minors Act
			
		 		  	  

		 		  	(State)
			
	 TEN ENT – as tenants by the entireties
	 		  	
			
	JT TEN – as joint tenants with rights of survivorship and not as tenants in common	 		  	 CUST – Custodian

		 		  	

 Additional abbreviations may also be used 
 though not on the above list. 
 FOR VALUE RECEIVED, the undersigned hereby sell(s) and transfer(s)
unto 
 PLEASE PRINT OR TYPEWRITE NAME AND ADDRESS, INCLUDING POSTAL 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 

 
  
  

 
  

 
 agent 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 written upon the face of the within instrument in every particular without alteration or
enlargement, or any change whatever.

  
 A-8 

 EXHIBIT B 
 CERTIFICATE OF AUTHENTICATION 
 This is one of the 2.65% Senior Notes due 2017
referred to in the within-mentioned Indenture. 
  

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

		
	 By:
	 	  

	 Authorized Signatory

  
 B-1EX-10.2

 Exhibit 10.2 
 WAIVER AGREEMENT 
 THIS WAIVER AGREEMENT (the
“Agreement”) is entered into as of May 14, 2012, by and among CryoLife, Inc., a Florida corporation (“CryoLife”), AuraZyme Pharmaceuticals, Inc., a Florida corporation (“AuraZyme”), CryoLife
International, Inc., a Florida corporation (“International”), Cardiogenesis Corporation, a Florida corporation (“Cardiogenesis”) (CryoLife, AuraZyme, International and Cardiogenesis are sometimes referred to herein
together as the “Borrowers” and individually as a “Borrower”), CryoLife, as Borrower Representative, the other Credit Parties party hereto, General Electric Capital Corporation, a Delaware corporation (the
“Agent”), as administrative agent for the several financial institutions from time to time party to this Agreement (collectively, the “Lenders” and individually each a “Lender”) and for itself as a
Lender and L/C Issuer, and such Lenders. 
 RECITALS 

A.        The Borrowers, the other Credit Parties signatory thereto, the Lenders
signatory thereto from time to time and Agent are parties to that certain Amended and Restated Credit Agreement, dated as of October 28, 2011 (as amended, supplemented, revised, restated, replaced or otherwise modified, the “Credit
Agreement”). Capitalized terms used in this Agreement without definition shall have the meanings ascribed to such terms in the Credit Agreement. 
 B.        The Borrowers have requested that Lenders waive certain requirements under the Credit Agreement and consent to certain actions by the Borrowers under the
Credit Agreement, and Lenders have agreed to do so, subject to the terms and conditions hereof. 
 NOW,
THEREFORE, in consideration of the premises and the mutual covenants hereinafter contained, and intending to be legally bound, the parties hereto agree as follows: 
 A.        WAIVERS AND AMENDMENTS 
 Subject to the satisfaction of the conditions precedent set forth in Section B below, the Lenders and the Agent hereby 

(i)         waive the $15,000,000 aggregate limit for all Acquisitions as
set forth in clause (g) of the definition of “Permitted Acquisition” in the Credit Agreement, solely with respect to the Acquisition (the “Hemosphere Acquisition”) of Hemosphere, Inc., a Delaware corporation
(“Hemosphere”), provided that the total consideration paid or payable (including without limitation, any deferred payment, but excluding royalties and earn-out payments that are performance based) in respect of the Hemosphere
Acquisition does not exceed $20,500,000, 
 (ii)        waive the
requirement for delivery of the certificate of a Responsible Officer of the Borrower Representative required under clause (b)(3) of the definition of “Permitted Acquisition” in the Credit Agreement solely with respect to the Hemosphere
Acquisition; 

 (iii)      agree with the Borrowers that the
consideration paid in respect of the Hemosphere Acquisition shall not be included in determining compliance with such $15,000,000 aggregate limit in clause (g) of the definition of “Permitted Acquisition” in the Credit Agreement with
respect to future Acquisitions, 
 (iv)      agree with the Borrowers that the
aggregate amount of transaction costs and expenses (including integration costs) associated with potential and completed acquisitions and other Investments (in each case, whether or not successful) that may be added back in the calculation of
Adjusted EBITDA pursuant to Exhibit A to Exhibit 4.2(b) of the Credit Agreement (w) for the twelve (12) month period ending June 30, 2012 will be $2,900,000, instead of $2,375,000, (x) for the twelve (12) month period ending
September 30, 2012 will be $2,400,000, instead of $1,625,000, (y) for the twelve (12) month period ending December 31, 2012 will be $3,000,000, instead of $1,500,000, and (z) for the twelve (12) month period ending
March 31, 2012 will be $3,000,000, instead of $1,500,000, 
 (v)      agree
with the Borrowers that the Pro Forma EBITDA of Hemosphere will be excluded from the calculation of Adjusted EBITDA pursuant to Exhibit A to Exhibit 4.2(b) of the Credit Agreement, 

(iv)      waive the requirement that CL Crown, Inc., a Delaware corporation (“CL
Crown”), join the Credit Agreement as a Borrower and the Guaranty and Security Agreement as a Grantor as required pursuant to Section 4.13 of the Credit Agreement; provided, that no later than (ten) 10 Business Days after its
formation, CL Crown shall either (a) join the Credit Agreement as a Borrower and the Guaranty and Security Agreement as a Grantor, (b) merge with and into Hemosphere, with Hemosphere being the surviving entity, substantially
contemporaneously with the joining of Hemosphere to the Credit Agreement as a Borrower and the Guaranty and Security Agreement as a Grantor, or (c) be dissolved, and 

(v)      agree that the Borrowers shall not be required to comply with the requirements of
Section 4.11 of the Credit Agreement with respect to accounts of Hemosphere held at Silicon Valley Bank until 45 days after the consummation of the Hemosphere Acquisition; provided, that until the Borrowers are in full compliance with
Section 4.11 with respect to such accounts, no more than $500,000 in the aggregate may be maintained in such accounts at any time. 
 By their countersignature to this Agreement, each Borrower and other Credit Party acknowledges and agrees to the foregoing waivers and amendments to the Credit Agreement. 

B.        CONDITIONS TO EFFECTIVENESS  

Notwithstanding any other provision of this Agreement and without affecting in any manner the rights of the Lenders
hereunder, it is understood and agreed that this Agreement shall not become effective, and the Borrower shall have no rights under this Agreement, until Agent shall have received (a) duly executed signature pages to this Agreement from the
Lenders, Borrowers, Agent and each Credit Party, and (b) an amendment fee in the amount of $35,000. 

  
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 C.        REPRESENTATIONS 

Each Credit Party hereby represents and warrants to Lenders, L/C Issuer and Agent that: 

1.        The execution, delivery and performance by such Credit Party of this
Agreement (a) are within such Credit Party’s power; (b) have been duly authorized by all necessary corporate, limited liability company or limited partnership action; (c) are not in contravention of any provision of such Credit
Party’s certificate of incorporation or bylaws or other organizational documents; (d) do not violate any law or regulation, or any order or decree of any Governmental Authority; (e) do not conflict with or result in the breach or
termination of, constitute a default under or accelerate any performance required by, any indenture, mortgage, deed of trust, lease, agreement or other instrument to which such Credit Party or any of its Subsidiaries is a party or by which such
Credit Party or any such Subsidiary or any of their respective property is bound; (f) do not result in the creation or imposition of any Lien upon any of the property of such Credit Party or any of its Subsidiaries other than those in favor of
Agent, on behalf of itself and the Lenders, pursuant to the Loan Documents; and (g) do not require the consent or approval of any Governmental Authority or any other Person. 

2.        This Agreement has been duly executed and delivered for the benefit of
or on behalf of each Credit Party and constitutes a legal, valid and binding obligation of each Credit Party, enforceable against such Credit Party in accordance with its terms except as the enforceability hereof may be limited by bankruptcy,
insolvency, reorganization, moratorium and other laws affecting creditors’ rights and remedies in general. 

3.        Both before and after giving effect to this Agreement, the
representations and warranties contained in the Credit Agreement and the other Credit Documents are true and correct in all material respects and no Default or Event of Default has occurred and is continuing as of the date hereof. 

D.  OTHER AGREEMENTS 
   1.        Continuing Effectiveness of Loan Documents.    As amended hereby, all terms of the Credit Agreement and the other
Loan Documents shall be and remain in full force and effect and shall constitute the legal, valid, binding and enforceable obligations of the Credit Parties party thereto. To the extent any terms and conditions in any of the other Loan Documents
shall contradict or be in conflict with any terms or conditions of the Credit Agreement, after giving effect to this Agreement, such terms and conditions are hereby deemed modified and amended accordingly to reflect the terms and conditions of the
Credit Agreement as modified and amended hereby. Upon the effectiveness of this Agreement such terms and conditions are hereby deemed modified and amended accordingly to reflect the terms and conditions of the Credit Agreement as modified and
amended hereby. 
   2.        Reaffirmation of Loan
Documents.    Each Credit Party consents to the execution and delivery of this Agreement by all parties hereto and the consummation of the transactions described herein, and ratifies and confirms the terms of the Credit
Agreement, Guaranty and Security Agreement and each other Loan Document to which such Credit Party is a party with respect to the indebtedness now or hereafter outstanding under the Credit Agreement as amended hereby and all promissory notes issued
thereunder. Each Credit Party acknowledges 

  
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that, notwithstanding anything to the contrary contained herein or in any other document evidencing any indebtedness of any Borrower to the Lenders or any other obligation of Borrowers, or any
actions now or hereafter taken by the Lenders with respect to any obligation of Borrowers, the Guaranty and Security Agreement (i) is and shall continue to be a primary obligation of such Credit Party, (ii) is and shall continue to be an
absolute, unconditional, continuing and irrevocable guaranty of payment, and (iii) is and shall continue to be in full force and effect in accordance with its terms. Nothing contained herein to the contrary shall release, discharge, modify,
change or affect the original liability of any Credit Party under the Guaranty and Security Agreement. 

  3.        Acknowledgment of Perfection of Security
Interest.  Each Credit Party hereby acknowledges that, as of the date hereof, the security interests and liens granted to Agent, the L/C Issuer and the Lenders under the Credit Agreement and the other Loan Documents are in full force
and effect, are properly perfected and are enforceable in accordance with the terms of the Credit Agreement and the other Loan Documents. 
   4.        Effect of Agreement.  Except as set forth expressly herein, all terms of the Credit Agreement, as amended hereby, and the
other Loan Documents shall be and remain in full force and effect and shall constitute the legal, valid, binding and enforceable obligations of the Borrowers to the Lenders, the L/C Issuer and Agent. The execution, delivery and effectiveness of this
Agreement shall not, except as expressly provided herein, operate as a waiver of any right, power or remedy of the Lenders under the Credit Agreement, nor constitute a waiver of any provision of the Credit Agreement. This Agreement shall constitute
a Loan Document for all purposes of the Credit Agreement. 

  5.        Governing Law.    This
Agreement shall be governed by, and construed in accordance with, the internal laws of the State of New York and all applicable federal laws of the United States of America. 

  6.        No Novation.    This
Agreement is not intended by the parties to be, and shall not be construed to be, a novation of the Credit Agreement and the other Loan Documents or an accord and satisfaction in regard thereto. 

  7.        Costs and Expenses.  The Borrowers agree
to pay on demand all costs and expenses of Agent in connection with the preparation, execution and delivery of this Agreement, including, without limitation, the reasonable fees and out-of-pocket expenses of outside counsel for Agent with respect
thereto. 

  8.        Counterparts.    This Agreement
may be executed by one or more of the parties hereto in any number of separate counterparts, each of which shall be deemed an original and all of which, taken together, shall be deemed to constitute one and the same instrument. Delivery of an
executed counterpart of this Agreement by facsimile transmission, Electronic Transmission or containing an E-Signature shall be as effective as delivery of a manually executed counterpart hereof. 

  
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   9.        Binding
Nature.   This Agreement shall be binding upon and inure to the benefit of the parties hereto, their respective successors, successors-in-titles, and assigns. 

  10.      Entire Understanding.  This Agreement sets forth the
entire understanding of the parties with respect to the matters set forth herein, and shall supersede any prior negotiations or agreements, whether written or oral, with respect thereto. 

[signature pages to follow] 

  
 5 

   IN WITNESS WHEREOF, this Agreement has been duly executed as of
the date first written above. 
  

							
		 	 BORROWERS:
	 	
			
		 	 CRYOLIFE, INC.
	 	
				
		 	 By:
	 	   /s/ D. Ashley Lee
	 	

							
		 	 Title:
	 	   EVP, COO and CFO
	 	

							
			
		 	 AURAZYME PHARMACEUTICALS, INC.
	 	
				
		 	 By:
	 	     /s/ D. Ashley Lee
	 	

							
		 	 Title:
	 	    VP, Finance, CFO & Treasurer
	 	

							
			
		 	 CRYOLIFE INTERNATIONAL, INC.
	 	
				
		 	 By:
	 	     /s/ D. Ashley Lee
	 	

							
		 	 Title:
	 	   Vice President, CFO & Treasurer
	 	

							
			
		 	 CARDIOGENESIS CORPORATION
	 	
				
		 	 By:
	 	     /s/ D. Ashley Lee
	 	

							
		 	 Title:
	 	     EVP, COO, CFO & Treasurer
	 	

  
  
  

 
  
  

 
  
  

[Signature Page to Waiver Agreement (Hemosphere Acquisition)] 

							
		 	 AGENT, L/C ISSUER AND LENDERS:
	 	
			
		 	 GENERAL ELECTRIC CAPITAL
	 	
		 	 CORPORATION, as Agent, L/C Issuer and sole Lender
	 	
				
		 	 By:
	 	     /s/ Andrew Moore
	 	
		 		 	 Its Duly Authorized Signatory
	 	

  
  
  

 
  
  

 
  
  

 
  
  

 
  
  

[Signature Page to Waiver Agreement (Hemosphere Acquisition)]

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