Document:

EX-4.1

 Exhibit 4.1 

MEDTRONIC GLOBAL HOLDINGS S.C.A. 

as Issuer, 
 MEDTRONIC
PUBLIC LIMITED COMPANY 
 and MEDTRONIC, INC. 

as Guarantors, 
 WELLS
FARGO BANK, NATIONAL ASSOCIATION, 
 as Trustee, 

and 
 ELAVON FINANCIAL
SERVICES DAC, UK BRANCH, 
 as Paying Agent and Calculation Agent 

SECOND SUPPLEMENTAL INDENTURE DATED AS OF MARCH 7, 2019 

TO INDENTURE 
 DATED AS
OF MARCH 28, 2017 
 Relating to 

€500,000,000 Floating Rate Senior Notes due 2021 

€1,500,000,000 0.000% Senior Notes due 2021 

€1,500,000,000 0.375% Senior Notes due 2023 

€1,500,000,000 1.125% Senior Notes due 2027 

€1,000,000,000 1.625% Senior Notes due 2031 

€1,000,000,000 2.250% Senior Notes due 2039 

 SECOND SUPPLEMENTAL INDENTURE 

SECOND SUPPLEMENTAL INDENTURE, dated as of March 7, 2019 (the “Supplemental Indenture”), to the Base Indenture (defined
below) among MEDTRONIC GLOBAL HOLDINGS S.C.A., a corporate partnership limited by shares (société en commandite par actions) incorporated and existing under the laws of the Grand Duchy of Luxembourg, having its registered office
at 3b, boulevard Prince Henry, L-1724 Luxembourg and registered with the Luxembourg trade and companies register under number B191129 (the “Company”), MEDTRONIC PUBLIC LIMITED COMPANY, a
public limited company incorporated under the laws of Ireland (“Parent”), MEDTRONIC, INC., a Minnesota corporation (“Medtronic, Inc.” and, together with Parent, the “Guarantors”), Wells Fargo Bank,
National Association, a national banking association duly organized under the laws of the United States, as Trustee (herein called the “Trustee”) and ELAVON FINANCIAL SERVICES DAC, UK BRANCH, as paying agent and calculation agent.

 RECITALS 
 WHEREAS,
the Company and the Guarantors executed and delivered to the Trustee the Indenture, dated as of March 28, 2017 (the “Base Indenture” and, together with this Supplemental Indenture, the “Indenture”), providing
for the issuance from time to time of the Company’s Securities; 
 WHEREAS, pursuant to the terms of the Base Indenture, the Company
desires to provide for the establishment of new series of its Securities to be known as its Floating Rate Senior Notes due 2021 (the “Floating Rate Notes”), 0.000% Senior Notes due 2021 (the “2021 Notes”), 0.375%
Senior Notes due 2023 (the “2023 Notes”), 1.125% Senior Notes due 2027 (the “2027 Notes”), 1.625% Senior Notes due 2031 (the “2031 Notes”) and 2.250% Senior Notes due 2039 (the “2039
Notes” and, together with the 2021 Notes, the 2023 Notes, the 2027 Notes and the 2031 Notes, the “Fixed Rate Notes”). The Fixed Rate Notes and the Floating Rate Notes are collectively referred to as the
“Notes,” to be fully and unconditionally guaranteed by the Guarantors (the “Guarantees”), the form and substance of such Notes and the terms, provisions and conditions thereof to be set forth as provided in the Base
Indenture and this Supplemental Indenture; 
 WHEREAS, the Company has requested that the Trustee and the Paying Agent execute and deliver
this Supplemental Indenture, and all requirements necessary to make this Supplemental Indenture a valid instrument in accordance with its terms, to make the Notes, when executed by the Company and authenticated and delivered by the Trustee, the
valid and legally binding obligations of the Company, to make the Guarantees, when executed by the Guarantors, the valid and legally binding obligations of the Guarantors, and all acts and things necessary have been done and performed to make this
Supplemental Indenture enforceable in accordance with its terms, and the execution and delivery of this Supplemental Indenture have been duly authorized in all respects. 
  

 WITNESSETH: 

NOW, THEREFORE, for and in consideration of the premises contained herein, each party agrees for the benefit of each other party and for the
equal and ratable benefit of the Holders of the Notes, as follows: 
 ARTICLE 1 

DEFINITIONS 
 Section 1.01.
Capitalized terms used but not defined in this Supplemental Indenture shall have the meanings ascribed to them in the Base Indenture. 

Section 1.02. References in this Supplemental Indenture to article and section numbers shall be deemed to be references to article and
section numbers of this Supplemental Indenture unless otherwise specified. 
 Section 1.03. For purposes of this Supplemental
Indenture, the following terms have the meanings ascribed to them as follows: 
 “2021 Notes” has the meaning provided in
the recitals. 
 “2023 Notes” has the meaning provided in the recitals. 

“2027 Notes” has the meaning provided in the recitals. 

“2031 Notes” has the meaning provided in the recitals. 

“2039 Notes” has the meaning provided in the recitals. 

“Base Indenture” has the meaning provided in the recitals. 

“Business Day” means any day, other than a Saturday or Sunday, (1) which is not a day on which banking institutions in
The City of New York or London are authorized or required by law, regulation or executive order to close and (2) on which the Trans-European Automated Real-Time Gross Settlement Express Transfer system, or any successor thereto, is open. 

“Calculation Agent” means Elavon Financial Services DAC, UK Branch. 

“Clearstream” means Clearstream Banking, société anonyme. 

“Company” has the meaning provided in the preamble. 

“Euro” and “€” means the single currency introduced at the third stage of the European Economic and
Monetary Union pursuant to the Treaty establishing the European Community, as amended. 
 “Euroclear” means Euroclear Bank
SA/NV, as operator of the Euroclear System. 

  
 3 

 “Fixed Rate Notes” has the meaning provided in the recitals. 

“Fixed Rate Note Interest Payment Date” has the meaning provided in Section 2.04(d). 

“Floating Rate Notes” has the meaning provided in the recitals. 

“Floating Rate Note Interest Payment Date” has the meaning provided in Section 2.04(a). 

“Guarantor” has the meaning provided in the preamble. 

“Indenture” has the meaning provided in the recitals. 

“Interest Determination Date” means the second London Business Day immediately preceding the first day of the relevant
Interest Period. 
 “Interest Payment Date” has the meaning provided in Section 2.04(d). 

“Interest Period” means, with respect to the Floating Rate Notes, the period beginning on any Floating Rate Note Interest
Payment Date (or, with respect to the initial period only, beginning on June 7, 2019) to, but excluding the next succeeding Floating Rate Note Interest Payment Date, and in the case of the last such period, from and including the Floating Rate
Note Interest Payment Date immediately preceding the maturity date to, but not including the maturity date for the Floating Rate Notes. 

“Interest Reset Date” means the first day of the relevant Interest Period. 

“Medtronic, Inc.” has the meaning provided in the preamble. 

“Notes” has the meaning provided in the recitals. 

“Parent” has the meaning provided in the preamble. 

“Paying Agent” has the meaning provided in Section 2.03(d). 

“Supplemental Indenture” has the meaning provided in the preamble. 

“Three-month EURIBOR” will be determined by the Calculation Agent in accordance with the following provisions: 

 

	 	•	 	 Three-month EURIBOR will be the offered rate for deposits in Euro having a maturity of three months, as that rate
appears on Reuters (or any successor or replacement service) Page EURIBOR01 as of 11:00 A.M., Brussels time, on the relevant Interest Determination Date. 

  

	 	•	 	 If the rate described above does not appear on Reuters (or any successor or replacement service) Page EURIBOR01,
Three-month EURIBOR will be determined on the basis of the rates, at approximately 11:00 A.M., Brussels time, on the relevant 

  
 4 

	 	 
Interest Determination Date, at which deposits of the following kind are offered to prime banks in the Euro-Zone interbank market by the principal Euro-Zone office of each of four major banks in
that market selected by the Company: Euro deposits having a maturity of three months and in a principal amount of not less than €1,000,000 that is representative for a single transaction in such market at such time. The Company will request the
principal Euro-Zone office of each of these banks to provide to the Paying Agent and the Calculation Agent a quotation in writing of its rate. If at least two quotations are provided in writing, Three-month EURIBOR for such Interest Determination
Date will be the arithmetic mean (rounded upwards) of such quotations calculated by the Calculation Agent. 

  

	 	•	 	 If fewer than two quotations are provided as described above, Three-month EURIBOR for the relevant Interest
Determination Date will be the arithmetic mean of the rates for loans of the following kind to leading Euro-Zone banks quoted in writing, at approximately 11:00 A.M., Brussels time, on such Interest Determination Date, by three major banks in the
Euro-Zone selected by the Company: loans of Euro having a maturity of three months and in a principal amount of not less than €1,000,000 that is representative for a single transaction in such market at such time. 

 

	 	•	 	 If fewer than three banks selected by the Company are quoting as described above, Three-month EURIBOR shall be
the EURIBOR in effect on such Interest Determination Date. 

  

	 	•	 	 The amount of interest for each day that the Floating Rate Notes are outstanding will be calculated by dividing
the interest rate in effect for the Floating Rate Notes for such day by 360 and multiplying the result by the principal amount of the Floating Rate Notes then outstanding. The amount of interest to be paid on the Floating Rate Notes for any Interest
Period will be calculated by adding the daily interest amount for the Floating Rate Notes for each day in such Interest Period. 

Notwithstanding the paragraph immediately above, if the Company, in its sole discretion, determines that EURIBOR has been permanently
discontinued, or the reference to EURIBOR becomes illegal, or most other similar debt obligations have converted away from EURIBOR to a new reference rate, the Calculation Agent will use, as directed by the Company, as a substitute for EURIBOR (the
“Alternate Rate”) for each future Interest Determination Date, the alternative reference rate selected by a central bank, reserve bank, monetary authority or any similar institution (including any committee or working group thereof) that
is consistent with market practice regarding a substitute for EURIBOR. As part of such substitution, the Calculation Agent will, as directed by the Company, make such adjustments to the Alternate Rate or the spread thereon, as well as the business
day convention, interest determination dates and related provisions and definitions, in each case that are consistent with market practice for the use of such Alternate Rate. If the Company determines there is no clear market consensus as to whether
any rate has replaced EURIBOR in customary market usage, the Company may appoint in its sole discretion an independent financial advisor to determine an appropriate Alternative Rate and any adjustments, and the decision of such independent financial
advisor will be binding on the Company, the Calculation Agent, the Trustee and the Holders. If the Company determines EURIBOR has been permanently discontinued, 

  
 5 

 
but for any reason an Alternate Rate has not been determined, the rate of EURIBOR for the next Interest Period will be equal to the rate on the Interest Determination Date when EURIBOR was last
available on Reuters (or any successor or replacement service) Page EURIBOR01, as determined by the Calculation Agent. 

“Trustee” has the meaning provided in the preamble. 

“U.S. Dollar” means the lawful currency of the United States of America. 

ARTICLE 2 
 GENERAL TERMS AND
CONDITIONS OF THE NOTES 
 Section 2.01. Designation and Principal Amount. The Floating Rate Notes, the 2021 Notes, the 2023
Notes, the 2027 Notes, the 2031 Notes and the 2039 Notes are hereby authorized, each unlimited in aggregate principal amount. The Floating Rate Notes, 2021 Notes, 2023 Notes, 2027 Notes, 2031 Notes and 2039 Notes issued on the date hereof pursuant
to the terms of this Indenture shall be in an aggregate principal amount of €500,000,000, €1,500,000,000, €1,500,000,000, €1,500,000,000, €1,000,000,000 and €1,000,000,000, respectively, which amounts shall be set forth
in the written order of the Company for the authentication and delivery of the Notes pursuant to Section 3.03 of the Base Indenture. In addition, the Company may, from time to time, without notice to or the consent of the Holders of the Notes,
create and issue additional Notes ranking equally and ratably with the Notes issued on the date hereof in all respects (or in all respects except for the payment of interest accruing prior to the issue date of such additional Notes or except for the
first payment of interest following the issue date of such additional Notes), so that such additional Notes shall be consolidated and form a single series with such series of Notes issued on the date hereof and shall have the same terms as to
status, redemption or otherwise as such series of Notes issued on the date hereof; provided, that if any such additional Notes are not fungible with the Notes initially issued hereunder for U.S. federal income tax purposes, such additional Notes
shall have a separate CUSIP/ISIN number. 
 Section 2.02. Maturity. The principal amount of the Floating Rate Notes shall be
payable on March 7, 2021, the principal amount of the 2021 Notes shall be payable on March 7, 2021, the principal amount of the 2023 Notes shall be payable on March 7, 2023, the principal amount of the 2027 Notes shall be payable on
March 7, 2027, the principal amount of the 2031 Notes shall be payable on March 7, 2031 and the principal amount of the 2039 Notes shall be payable on March 7, 2039. 

Section 2.03. Form and Payment. (a) The Notes shall be issued as global notes, only in fully registered book-entry form,
without coupons, in minimum denominations of €100,000 and integral multiples of €1,000 in excess thereof. 
 (b) Principal,
premium, if any, and/or interest, if any, on the global notes representing the Notes shall be made to the Paying Agent (defined below) which in turn shall make payment to Euroclear and Clearstream as the Depositary with respect to the Notes of such
series or its nominee. 

  
 6 

 (c) The global notes representing the Notes shall be deposited with, or on behalf of, the
Depositary, and shall be registered, at the request of the Depositary, in the name of the nominee of the Depositary, for Euroclear and Clearstream. 

(d) The Company initially appoints U.S. Bank National Association as Security Registrar with respect to the Notes pursuant to Section 3.05
of the Base Indenture until such time as the Security Registrar has resigned or a successor has been appointed. Elavon Financial Services DAC, UK Branch shall initially act as paying agent (the “Paying Agent”) and Calculation Agent
for the Notes. The Company may appoint and change the Paying Agent and Calculation Agent without prior notice to the Holders. 

Section 2.04. Interest. (a) Interest on the Floating Rate Notes shall accrue at a floating rate per annum, reset quarterly on
each Interest Reset Date, equal to Three-month EURIBOR, as determined on the Interest Determination Date for that Interest Period, plus 0.200% (20 basis points) per annum, as calculated by the Calculation Agent; provided, that the minimum interest
rate shall be zero and that the interest rate shall not exceed the maximum interest rate permitted by New York law or other applicable state law, as such law may be modified by United States law of general application. The interest during the
initial Interest Period at a floating rate per annum will be the Three-month EURIBOR in effect on March 5, 2019 plus 0.200% (20 basis points) per annum, as calculated by the Calculation Agent. Interest on the Floating Rate Notes shall be
payable quarterly in arrears on March 7, June 7, September 7 and December 7 of each year, commencing on June 7, 2019 (each a “Floating Rate Note Interest Payment Date”), to the Holders in whose names the
Floating Rate Notes are registered at the close of business on the Business Day immediately preceding such Floating Rate Note Interest Payment Date. Interest on the Floating Rate Notes shall be computed on the basis of a 360-day year and the actual number of days in the period for which interest is being calculated. If any Floating Rate Note Interest Payment Date (other than a maturity date or redemption date) or Interest Reset Date
would otherwise be a day that is not a Business Day, then such Floating Rate Note Interest Payment Date or Interest Reset Date shall be the next succeeding Business Day, unless the next succeeding Business Day is in the next succeeding calendar
month, in which case such Floating Rate Note Interest Payment Date or Interest Reset Date shall be the Business Day immediately preceding such Floating Rate Note Interest Payment Date or Interest Reset Date, as applicable. If the maturity date or
redemption date for the Floating Rate Notes would fall on a day that is not a Business Day, then the related payment of principal, premium, if any, and interest shall be made on the next succeeding Business Day with the same force and effect as if
made on the date such payment was due, and no interest shall accrue on the amounts so payable for the period from and after such date to the next Business Day. 

(b) All percentages resulting from any calculation of any interest rate for the Floating Rate Notes will be rounded, if necessary, to the
nearest one hundred thousandth of a percentage point, with five one-millionths of a percentage point rounded upward (e.g., 9.876545% (or .09876545) would be rounded to 9.87655% (or .0987655)), and all dollar
amounts would be rounded to the nearest cent, with one-half cent being rounded upward. 

  
 7 

 (c) All calculations made by the Calculation Agent shall, in the absence of manifest error,
be conclusive for all purposes and binding on the Company and the Holders of Floating Rate Notes. So long as Three-month EURIBOR is required to be determined with respect to the Floating Rate Notes, there will at all times be a Calculation Agent. In
the event that any then acting Calculation Agent shall be unable or unwilling to act, or that such Calculation Agent shall fail duly to establish Three-month EURIBOR for any Interest Period, or that the Company proposes to remove such Calculation
Agent, the Company shall appoint itself or another person which is a bank, trust company, investment banking firm or other financial institution to act as the Calculation Agent. 

(d) Interest on the Fixed Rate Notes shall accrue at the rate of 0.000% per annum for the 2021 Notes, 0.375% per annum for the 2023 Notes,
1.125% per annum for the 2027 Notes, 1.625% per annum for the 2031 Notes and 2.250% per annum for the 2039 Notes. Interest on the Fixed Rate Notes shall be payable annually in arrears on March 7, commencing on March 7, 2020 (each such
date, a “Fixed Rate Note Interest Payment Date” and together with the Floating Rate Note Interest Payment Date, each an “Interest Payment Date”), to the Holders in whose names the respective Fixed Rate Notes are
registered at the close of business on the Business Day (which shall for purposes of this Section 2.04(d) include only days on which Clearstream and Euroclear are open for business) immediately preceding the applicable Fixed Rate Note Interest
Payment Date. Interest on the Fixed Rate Notes shall be computed on the basis of the actual number of days in the period for which interest is being calculated and the actual number of days from and including the last date on which interest was paid
on the notes (or March 7, 2019, if no interest has been paid on the applicable series of Fixed Rate Notes), to, but excluding, the next scheduled Fixed Rate Note Interest Payment Date. If any Fixed Rate Note Interest Payment Date (other than a
maturity date or redemption date) would otherwise be a day that is not a Business Day, such Fixed Rate Interest Payment Date will be postponed to the next date that is a Business Day and no interest will accrue on the amounts payable from and after
such Fixed Rate Interest Payment Date to the next Business Day. If the maturity date or redemption date of any series of Fixed Rate Notes would fall on a day that is not a Business Day, then the related payment of principal, premium, if any, and
interest shall be made on the next succeeding Business Day with the same force and effect as if made on the date such payment was due, and no interest shall accrue on the amounts so payable for the period from and after such date to the next
Business Day. 
 Section 2.05. Issuance in Euro. (a) Principal, including any payments made upon any redemption or
repurchase of the Notes, premium, if any, and interest payments in respect of the Notes will be payable in Euros. 
 (b) Distributions of
principal, premium, if any, and interest with respect to any Global Security will be credited in euros to the extent received by Euroclear or Clearstream from the Paying Agent to the cash accounts of Euroclear or Clearstream customers in accordance
with the relevant system’s rules and procedures. 

  
 8 

 (c) If on or after the date hereof, the Euro is unavailable to the Company or, in the case
of the Guarantees, Parent or Medtronic, Inc., due to the imposition of exchange controls or other circumstances beyond the Company’s, Parent’s or Medtronic, Inc.’s control or if the Euro is no longer being used by the then member
states of the European Economic and Monetary Union that have adopted the Euro as their currency or for the settlement of transactions by public institutions of or within the international banking community, then all payments in respect of the Notes
will be made in U.S. Dollars until the Euro is again available to the Company or, in the case of the Guarantees, Parent or Medtronic, Inc., or so used. In such circumstances, the amount payable on any date in Euro will be converted by the Company
into U.S. Dollars at the rate mandated by the U.S. Federal Reserve Board as of the close of business on the second Business Day prior to the relevant Interest Payment Date or, in the event the U.S. Federal Reserve Board has not mandated a rate of
conversion, on the basis of the most recent U.S. Dollar/Euro exchange rate published in The Wall Street Journal on or prior to the second Business Day prior to the relevant payment date. Any payment in respect of the Notes so made in U.S. Dollars
will not constitute an Event of Default. Neither the Trustee, the Paying Agent nor the Calculation Agent shall have any responsibility for any calculation or conversion in connection with this Section 2.05. 

Section 2.06. Other Terms. The Notes shall be unsecured senior indebtedness of the Company and shall rank equally and ratably in
right of payment with all of the Company’s other unsecured and unsubordinated indebtedness outstanding from time to time. The Notes shall not be convertible into, or exchangeable for, any other securities of the Company, except that the Notes
shall be exchangeable for other Notes to the extent provided for in the Base Indenture. 
 ARTICLE 3 

REDEMPTION OF THE NOTES 

Section 3.01. Optional Redemption. (a) The Floating Rate Notes are not redeemable at the Company’s option except as set
forth in Section 3.02. 
 (b) The Company may redeem any series of the Fixed Rate Notes, in whole or in part, in the case of the 2021
Notes, at any time prior to their maturity, and in the case of the 2023 Notes, the 2027 Notes, the 2031 Notes and the 2039 Notes, at any time prior to the applicable Par Call Date, at a Redemption Price equal to the greater of: 

(i) 100% of the principal amount of the Notes of the series to be redeemed, and 

(ii) the sum, as determined by a Quotation Agent, of the present values of the Remaining Scheduled Payments of principal and
interest on the Notes of such series to be redeemed (excluding any portion of such payments of interest accrued as of the Redemption Date and assuming, in the case of the 2023 Notes, the 2027 Notes, the 2031 Notes and the 2039 Notes, that such Notes
matured on the applicable Par Call Date), discounted to the Redemption Date on an annual 

  
 9 

 
basis (ACTUAL/ACTUAL(ICMA)) at the Comparable Bond Rate, plus 10 basis points, in the case of the 2021 Notes, 15 basis points, in the case of the 2023 Notes, 20 basis points, in the case of the
2027 Notes, 25 basis points, in the case of the 2031 Notes, and 30 basis points, in the case of the 2039 Notes; 
 plus, in each case,
accrued and unpaid interest to, but not including, the Redemption Date. 
 (c) At any time on and after the applicable Par Call Date, the
Company may redeem the 2023 Notes, the 2027 Notes, the 2031 Notes and the 2039 Notes at the Company’s option, in whole or in part, at a Redemption Price equal to 100% of the principal amount of the Notes to be redeemed, plus accrued and unpaid
interest, if any, to, but not including, the Redemption Date. 
 (d) Notwithstanding anything to the contrary in the Base Indenture, in the
case of any redemption at the election of the Company of less than all the Notes of either series, the Company shall, at least 10 days prior to the date on which the Company mails the notice of redemption to each holder (unless a shorter notice
shall be satisfactory to the Trustee), notify the Trustee and the Paying Agent of the applicable Redemption Date, of the principal amount of Notes of such series to be redeemed and, if applicable, of the tenor of the Notes to be redeemed. 

(e) Notwithstanding anything to the contrary in the Base Indenture, (i) notice of redemption shall be delivered not less than 15 nor more
than 60 days prior to the applicable Redemption Date, to each Holder of Notes to be redeemed, at such Holder’s address appearing in the Security Register and (ii) an Officers’ Certificate specifying the actual redemption price shall
be sent to the Trustee no later than two Business Days prior to the Redemption Date. A notice of redemption may, at the discretion of the Company, be subject to one or more conditions precedent, including, but not limited to, completion of an equity
offering, a financing, or other corporate transaction, provided that if such redemption or notice is subject to satisfaction of one or more conditions precedent, such notice shall state that, in the Company’s discretion, the redemption date may
be postponed until up to 60 days following the notice of redemption, and such notice may be rescinded in the event that any or all such conditions shall not have been satisfied by the redemption date (including as it may be postponed). The Company
will give notice of such redemption to the Trustee and the Paying Agent at least 10 days prior to the date the Company mails the notice of redemption to each Holder (or such shorter time as may be acceptable to the Trustee). 

(f) Notes may be redeemed in part in the minimum authorized denomination or in any integral multiple of such amount. 

(g) For purposes of this Section 3.01, the following definitions are applicable: 

“Comparable Bond Rate” means, for any Redemption Date, the rate per annum equal to the annual equivalent yield to maturity or
interpolated yield to maturity (on a day count basis), computed as the third Business Day immediately preceding that Redemption Date, of the Comparable Government Issue, assuming a price for the Comparable Government Issue (expressed as a percentage
of its principal amount) equal to the Comparable Price for such Redemption Date. 

  
 10 

 “Comparable Government Issue” means the euro-denominated security issued by
the German federal government selected by a Quotation Agent as having an actual or interpolated maturity comparable to the remaining term of the Fixed Rate Notes to be redeemed (assuming that such Notes matured on the applicable Par Call Date) that
would be utilized, at the time of selection and in accordance with customary financial practice, in pricing new issues of corporate debt securities of comparable maturity to the remaining term of the Notes to be redeemed. 

“Comparable Price” means, with respect to any Redemption Date, (i) the average of the Reference Dealer Quotations for
such Redemption Date, after excluding the highest and lowest of the Reference Dealer Quotations, (ii) if the Company obtains fewer than four Reference Dealer Quotations, the arithmetic average of all those Reference Dealer Quotations or
(iii) if the Company obtains only one Reference Dealer Quotation, such Reference Dealer Quotation. 
 “Par Call Date”
means in the case of the 2023 Notes, February 7, 2023; in the case of the 2027 Notes, December 7, 2026; in the case of the 2031 Notes, December 7, 2030; and in the case of the 2039 Notes, December 7, 2038. 

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

“Reference Dealer” means (i) each of Barclays Bank PLC and Merrill Lynch International and their respective successors;
provided, however, that if any of the foregoing shall cease to be a broker or dealer of, and/or a market maker in, German government bonds (a “Primary Bond Dealer”), the Company shall substitute another Primary Bond Dealer and
(ii) any other Primary Bond Dealers selected by the Company. 
 “Reference Dealer Quotations” means, with respect to
each Reference Dealer and any Redemption Date, the average, as determined by the Quotation Agent, of the bid and asked prices for the Comparable Government Issue (expressed in each case as a percentage of its principal amount) quoted in writing to
the Quotation Agent by such Reference Dealer at 11:00 a.m., London time, on the third Business Day preceding such Redemption Date. 

“Remaining Scheduled Payments” means, with respect to each of the Fixed Rate Notes to be redeemed, the remaining scheduled
payments of the principal thereof and interest thereon that would be due after the related redemption date but for such redemption (assuming that the Fixed Rate Notes to be redeemed matured on the applicable Par Call Date); provided, however, that
if such Redemption Date is not an Interest Payment Date with respect to such Note, the amount of the next succeeding scheduled interest payment thereon will be reduced by the amount of interest accrued thereon to such Redemption Date. 

  
 11 

 Section 3.02. Article 15 of the Base Indenture shall apply to each series of Notes;
provided that the first sentence of Section 15.01 shall be amended by inserting “Ireland” immediately after “Luxembourg,” therein. 

ARTICLE 4 
 MISCELLANEOUS 

Section 4.01. Covenant Defeasance. Article 13 of the Base Indenture shall be applicable to the Notes. 

Section 4.02. Form of Notes. (a) The Notes and the Trustee’s certificates of authentication to be endorsed thereon are
to be substantially in the forms of Exhibits A through F attached hereto, which forms are hereby incorporated in and made a part of this Supplemental Indenture. 

(b) The terms and provisions contained in the Notes shall constitute, and are hereby expressly made, a part of this Supplemental Indenture,
and the Company, the Trustee and the Paying Agent, by their execution and delivery of this Supplemental Indenture, expressly agree to such terms and provisions and to be bound thereby. 

Section 4.03. Ratification of Base Indenture. The Base Indenture, as supplemented by this Supplemental Indenture, is in all
respects ratified and confirmed, and this Supplemental Indenture shall be deemed part of the Base Indenture in the manner and to the extent herein and therein provided. 

Section 4.04. Trust Indenture Act Controls. If any provision hereof limits, qualifies or conflicts with the duties imposed by
Section 310 through Section 317 of the Trust Indenture Act of 1939, the imposed duties shall control. 
 Section 4.05.
Listing. Upon listing of the Notes of a series on the New York Stock Exchange, the Company will use commercially reasonable efforts to maintain such listing and satisfy the requirements for such continued listing as long as the Notes of such
series are outstanding. 
 Section 4.06. Conflict with Indenture. To the extent not expressly amended or modified by this
Supplemental Indenture, the Base Indenture shall remain in full force and effect. If any provision of this Supplemental Indenture relating to the Notes is inconsistent with any provision of the Base Indenture, the provision of this Supplemental
Indenture shall control. 
 Section 4.07. Governing Law. THIS SUPPLEMENTAL INDENTURE AND THE NOTES 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 OTHERWISE BE REQUIRED BY MANDATORY PROVISIONS OF LAW. 

  
 12 

 Section 4.08. Service of Process. The Company and each Guarantor appoints
Corporation Service Company, with offices at 80 State Street, Albany, New York 12207-2543, United States, as its agent to receive service of process or other legal summons for purposes of any suit, action or proceeding based on or arising out of or
relating to this Supplemental Indenture or any Notes or Guarantees. 
 Section 4.09. Successors. All agreements of the Company
and the Guarantor in the Base Indenture, this Supplemental Indenture and the Notes shall bind their respective successors. All agreements of the Trustee in the Base Indenture and this Supplemental Indenture shall bind its successors. 

Section 4.10. Counterparts. This instrument may be executed in any number of counterparts, each of which so executed shall be
deemed to be an original, but all such counterparts shall together constitute but one and the same instrument. Signatures of the parties hereto transmitted by facsimile or PDF shall be deemed to be their original signatures for all purposes. 

Section 4.11. Trustee Disclaimer. The Trustee makes no representation as to the validity or sufficiency of this Supplemental
Indenture other than as to the validity of its execution and delivery by the Trustee. The recitals and statements herein are deemed to be those of the Company and the Guarantor and not the Trustee. 

 

  
 13 

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

			
	MEDTRONIC GLOBAL HOLDINGS S.C.A., a Luxembourg corporate partnership limited by shares (société en commandite par actions) represented by Medtronic Global Holdings GP S.à.r.l. its General
Partner, in turn acting by
		
	By:	 	 /s/ Erik De Gres

		 	Name: Erik De Gres
		 	Title: Managing Director

  

			
	Attest:
		
	By:	 	 /s/ Salvador Sens

		 	Name: Salvador Sens
		 	Title: Managing Director

 [Signature Page to Medtronic Global Holdings S.C.A. Second Supplemental Indenture] 

 
			
	MEDTRONIC PUBLIC LIMITED COMPANY
		
	By:	 	 /s/ Karen L. Parkhill

		 	Name: Karen L. Parkhill
		 	Title: Executive Vice President and Chief Financial Officer

 [Signature Page to Medtronic Global Holdings S.C.A. Second Supplemental Indenture] 

 
			
	MEDTRONIC, INC.
		
	By:	 	 /s/ Karen L. Parkhill

		 	 Name: Karen L. Parkhill
 Title: Executive Vice
President and Chief Financial Officer

 [Signature Page to Medtronic Global Holdings S.C.A. Second Supplemental Indenture] 

 
			
	WELLS FARGO BANK, NATIONAL ASSOCIATION, Trustee
		
	By:	 	 /s/ Stefan Victory

		 	Name: Stefan Victory
		 	Title: Vice President

 [Signature Page to Medtronic Global Holdings S.C.A. Second Supplemental Indenture] 

 
			
	ELAVON FINANCIAL SERVICES DAC, UK BRANCH, as Paying Agent
		
	By:	 	 /s/ Michael Leong

		 	Name: Michael Leong
		 	Title: Authorised Signatory
		
	By:	 	 /s/ Chris Hobbs

		 	Name: Chris Hobbs
		 	Title: Authorised Signatory

 [Signature Page to Medtronic Global Holdings S.C.A. Second Supplemental Indenture] 

 EXHIBIT A 

FORM OF NOTE 
 THIS
SECURITY IS A GLOBAL SECURITY WITHIN THE MEANING OF THE INDENTURE HEREINAFTER REFERRED TO AND IS REGISTERED IN THE NAME OF A DEPOSITARY OR A NOMINEE THEREOF. THIS SECURITY MAY NOT BE EXCHANGED IN WHOLE OR IN PART FOR A SECURITY REGISTERED, AND NO
TRANSFER OF THIS SECURITY IN WHOLE OR IN PART MAY BE REGISTERED, IN THE NAME OF ANY PERSON OTHER THAN SUCH DEPOSITARY OR A NOMINEE THEREOF, EXCEPT IN THE LIMITED CIRCUMSTANCES DESCRIBED IN THE INDENTURE. 

UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF EUROCLEAR BANK SA/NV (“EUROCLEAR”) AND CLEARSTREAM BANKING,
S.A. (“CLEARSTREAM” AND, TOGETHER WITH EUROCLEAR, “EUROCLEAR/CLEARSTREAM”), TO THE COMPANY OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF USB NOMINEES (UK)
LIMITED OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF EUROCLEAR/CLEARSTREAM (AND ANY PAYMENT IS MADE TO USB NOMINEES (UK) LIMITED OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF
EUROCLEAR/CLEARSTREAM), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, ELAVON FINANCIAL SERVICES DAC, UK BRANCH, HAS AN INTEREST HEREIN. TRANSFERS OF THIS
GLOBAL SECURITY SHALL BE LIMITED TO TRANSFERS IN WHOLE, BUT NOT IN PART, TO NOMINEES OF USB NOMINEES (UK) LIMITED OR TO A SUCCESSOR THEREOF OR SUCH SUCCESSOR’S NOMINEE. 

 MEDTRONIC GLOBAL HOLDINGS S.C.A. 

Floating Rate Note Due 2021 
  

					
		  		  	CUSIP No.: 58507L AE9
	No.	  		  	ISIN No.: XS1960675822
		  		  	COMMON CODE: 196067582
		  		  	€            

 Medtronic Global Holdings S.C.A., a corporate partnership limited by shares (société en
commandite par actions) incorporated and existing under the laws of the Grand Duchy of Luxembourg (herein called the “Company”, which term includes any successor corporation under the Indenture hereinafter referred to), for
value received, hereby promises to pay to USB Nominees (UK) Limited or registered assigns, the principal sum of         Euros on March 7, 2021 and to pay interest thereon from March 7, 2019 or from
the most recent Floating Rate Note Interest Payment Date to which interest has been paid or duly provided for, quarterly in arrears on March 7, June 7, September 7 and December 7 in each year, commencing June 7, 2019, at the
rate of interest equivalent to the Three-month EURIBOR plus 0.200% (20 basis points) per annum computed on the basis of a 360-day year comprised of the actual number of days in the period for which interest is
being calculated, until the principal hereof is paid or made available for payment; provided, that the minimum interest rate shall be zero and that the interest rate shall not exceed the maximum interest rate permitted by New York law or other
applicable state law, as such law may be modified by United States law of general application. The Company shall pay interest on overdue principal, and on overdue installments of interest (without regard to any applicable grace periods) to the
extent lawful, from time to time on demand at the rate borne by this Security. 
 The interest so payable, and punctually paid or duly
provided for, on any Floating Rate Note Interest Payment Date will, as provided in such Indenture, be paid to the Person in whose name this Security is registered at the close of business on the Regular Record Date for such interest, which shall be
the Business Day immediately preceding such Floating Rate Note Interest Payment Date. Any such interest not so punctually paid or duly provided for will forthwith cease to be payable to the Holder on such Regular Record Date and may either be paid
to the Person in whose name this Security is registered at the close of business on a Special Record Date for the payment of such Defaulted Interest to be fixed by the Trustee, notice whereof shall be given to Holders of Securities of this series
not less than 10 days prior to such Special Record Date, or be paid at any time in any other lawful manner not inconsistent with the requirements of any securities exchange on which the Securities of this series may be listed, and upon such notice
as may be required by such exchange, all as more fully provided in said Indenture. 
 Payment of the principal of (and premium, if any) and
any such interest on this Security will be made at the office or agency of the Paying Agent maintained for that purpose in London in Euro; provided, however, that at the option of the Company payment of interest may be made by check mailed to the
address of the Person entitled thereto as such address shall appear in the Security Register. If the Euro is unavailable to the Company due to the imposition of exchange controls or other circumstances beyond

 
its control or the Euro is no longer used by the then member states of the European Monetary Union that have adopted the Euro as their currency or for the settlement of transactions by public
institutions of or within the international banking community, then all payments in respect of the Floating Rate Notes will be made in U.S. Dollars until the Euro is again available to the Company or so used. In such circumstances, the amount
payable on any date in Euro will be converted by the Company into U.S. Dollars at the rate mandated by the U.S. Federal Reserve Board as of the close of business on the second Business Day prior to the relevant payment date or, in the event the U.S.
Federal Reserve Board has not mandated a rate of conversion, on the basis of the most recent U.S. Dollar/Euro exchange rate published in The Wall Street Journal on or prior to the second Business Day prior to the relevant payment date or, in the
event The Wall Street Journal has not published such exchange rate, the rate will be determined in the Company’s sole discretion on the basis of the most recently available market exchange rate for the Euro. For the avoidance of doubt, any such
payment in respect of the Floating Rate Notes so made in U.S. Dollars will not constitute an Event of Default. Neither the Trustee, the Paying Agent nor the Calculation Agent shall have any responsibility for any calculation or conversion in
connection with the foregoing. 
 Reference is hereby made to the further provisions of this Security set forth on the reverse hereof, which
further provisions shall for all purposes have the same effect as if set forth at this place. 
 Unless the certificate of authentication
hereon has been executed by the Trustee referred to on the reverse hereof by manual signature, this Security shall not be entitled to any benefit under the Indenture or be valid or obligatory for any purpose. 

 IN WITNESS WHEREOF, the Company has caused this instrument to be duly executed under its
corporate seal. 
  

			
	MEDTRONIC GLOBAL HOLDINGS S.C.A.
		
	By:	 	  

		 	Name:
		 	Title:

 Attest: 

 NOTATION OF GUARANTEE 

For value received, the undersigned (the “Guarantor”), to the extent set forth in and subject to the terms of the Indenture,
dated as of March 28, 2017 (the “Base Indenture”), among Medtronic Global Holdings S.C.A., a corporate partnership limited by shares (société en commandite par actions) incorporated and existing under the
laws of the Grand Duchy of Luxembourg (the “Company”), Medtronic Public Limited Company, a public limited company incorporated under the laws of Ireland (“Medtronic plc”), Medtronic, Inc., a Minnesota corporation
(“Medtronic, Inc.”), and Wells Fargo Bank, National Association, as Trustee (herein called the “Trustee”, which term includes any successor trustee under the Indenture (as defined below)), and as amended and
supplemented by the Second Supplemental Indenture, dated as of March 7, 2019 (the “Second Supplemental Indenture” and, together with the Base Indenture, the “Indenture”), among the Company, Medtronic plc,
Medtronic, Inc., the Trustee and Elavon Financial Services DAC, UK Branch, hereby fully and unconditionally guarantees, on a joint and several basis, to each Holder and to the Trustee and its successors and assigns, that the principal of and
premium, if any, and interest on the Floating Rate Notes shall be promptly paid in full when due, whether at Stated Maturity, by acceleration, redemption or otherwise, and interest on the overdue principal of and interest on the Floating Rate Notes,
if any, if lawful, and all other obligations of the Company to the Holders or the Trustee hereunder or thereunder shall be promptly paid in full or performed. 

The obligations of each Guarantor to the Holders and to the Trustee pursuant to this Notation of Guarantee and the Indenture are expressly set
forth in Article 14 of the Indenture, and reference is hereby made to the Indenture for the precise terms and limitations of this Notation of Guarantee. Each Holder of the Floating Rate Notes to which this Notation of Guarantee is endorsed, by
accepting such Floating Rate Notes, agrees to and shall be bound by such provisions. 
 All terms used in this Notation of Guarantee which
are defined in the Indenture shall have the meanings assigned to them in the Indenture. 

 IN WITNESS WHEREOF, each Guarantor has caused this Notation of Guarantee to be signed by a
duly authorized officer. 
 Dated:            , 20 

 

			
	MEDTRONIC PUBLIC LIMITED COMPANY
		
	By	 	
                 

	
	MEDTRONIC, INC.
		
	By	 	  

 This is one of the Securities of the series designated herein and referred to in the
within-mentioned Indenture. 
 Dated:            , 20 

 

			
	WELLS FARGO BANK, NATIONAL ASSOCIATION, Trustee
		
	By:	 	  

		 	Authorized Signatory

 (REVERSE OF SECURITY) 

MEDTRONIC GLOBAL HOLDINGS S.C.A. 

Floating Rate Note Due 2021 

This Security is one of a duly authorized issue of securities of the Company (herein called the “Securities”), issued and to
be issued in one or more series under an Indenture, dated as of March 28, 2017 (the “Base Indenture”), among the Company, Medtronic Public Limited Company, a public limited company incorporated under the laws of Ireland
(“Medtronic plc”), Medtronic, Inc., a Minnesota corporation (“Medtronic, Inc.”), and Wells Fargo Bank, National Association, as Trustee (herein called the “Trustee”, which term includes any
successor trustee under the Indenture (as defined below)), and as amended and supplemented by the Second Supplemental Indenture, dated as of March 7, 2019 (the “Second Supplemental Indenture” and, together with the Base
Indenture, the “Indenture”), among the Company, Medtronic plc, Medtronic, Inc., the Trustee and Elavon Financial Services DAC, UK Branch, and reference is hereby made to the Indenture for a statement of the respective rights,
limitations of rights, duties and immunities thereunder of the Company, the Trustee and the Holders of the Securities and of the terms upon which the Securities are, and are to be, authenticated and delivered. This Security is one of the series
designated on the face hereof, initially limited in aggregate principal amount to €500,000,000. The Company may at any time issue additional Securities under the Indenture in unlimited amounts having the same terms as the Securities; provided
that no additional Securities may be issued if an Event of Default has occurred and is continuing with respect to the Securities. 
 If an
Event of Default with respect to Securities of this series shall occur and be continuing, the principal of the Securities of this series may be declared due and payable in the manner and with the effect provided in the Indenture. 

The Indenture permits, with certain exceptions as therein provided, the amendment thereof and the modification of the rights and obligations
of the Company and the rights of the Holders of the Securities of each series to be affected under the Indenture at any time by the Company and the Trustee with the consent of the Holders of a majority in principal amount of the Securities at the
time Outstanding of each series to be affected. The Indenture also contains provisions permitting the Holders of specified percentages in principal amount of the Securities of each series at the time Outstanding, on behalf of the Holders of all
Securities of such series, to waive compliance by the Company with certain provisions of the Indenture and certain past defaults under the Indenture and their consequences. Any such consent or waiver by the Holder of this Security shall be
conclusive and binding upon such Holder and upon all future Holders of this Security and of any Security issued upon the registration of transfer hereof or in exchange herefor or in lieu hereof, whether or not notation of such consent or waiver is
made upon this Security. 
 As provided in and subject to the provisions of the Indenture, the Holder of this Security shall not have the
right to institute any proceeding with respect to the Indenture or for the appointment of a receiver or trustee or for any other remedy thereunder, unless such Holder shall have previously given the Trustee written notice of a continuing Event

 
of Default with respect to the Securities of this series, the Holders of not less than 25% in principal amount of the Securities of this series at the time Outstanding shall have made written
request to the Trustee to institute proceedings in respect of such Event of Default as Trustee and offered the Trustee indemnity against the costs, expenses and liabilities to be incurred in compliance with such request, and the Trustee shall not
have received from the Holders of a majority in principal amount of Securities of this series at the time Outstanding a direction inconsistent with such request, and shall have failed to institute any such proceeding, for 60 days after receipt of
such notice, request and offer of indemnity. The foregoing shall not apply to any suit instituted by the Holder of this Security for the enforcement of any payment of principal hereof or any premium or interest hereon on or after the respective due
dates expressed herein. 
 As provided in the Indenture and subject to certain limitations therein set forth, the transfer of this Security
is registrable in the Security Register, upon surrender of this Security for registration of transfer at the office or agency of the Company in any place where the principal of and any premium and interest on this Security are payable, duly endorsed
by, or accompanied by a written instrument of transfer in form satisfactory to the Company and the Security Registrar duly executed by, the Holder hereof or the Holder’s attorney duly authorized in writing, and thereupon one or more new
Securities of this series and of like tenor, of authorized denominations and for the same aggregate principal amount, will be issued to the designated transferee or transferees. 

The Securities of this series are issuable only in registered form without coupons in denominations of €100,000 or an integral multiple
of €1,000 in excess thereof. As provided in the Indenture and subject to certain limitations therein set forth, Securities of this series are exchangeable for a like aggregate principal amount of Securities of this series and of like tenor of a
different authorized denomination, as requested by the Holder surrendering the same. 
 No service charge shall be made to a Holder for any
such registration of transfer or exchange, but the Company may require payment of a sum sufficient to cover any tax or other governmental charge payable in connection therewith. 

Prior to due presentment of this Security for registration of transfer, the Company, the Trustee and any agent of the Company or the Trustee
may treat the Person in whose name this Security is registered as the owner hereof for all purposes, whether or not this Security be overdue, and neither the Company, the Trustee nor any such agent shall be affected by notice to the contrary. 

Reference is made to the Indenture. Such further provisions shall for all purposes have the same effect as though fully set forth herein. 

All terms used in this Security which are defined in the Indenture shall have the meanings assigned to them in the Indenture. 

 EXHIBIT B 

FORM OF NOTE 
 THIS
SECURITY IS A GLOBAL SECURITY WITHIN THE MEANING OF THE INDENTURE HEREINAFTER REFERRED TO AND IS REGISTERED IN THE NAME OF A DEPOSITARY OR A NOMINEE THEREOF. THIS SECURITY MAY NOT BE EXCHANGED IN WHOLE OR IN PART FOR A SECURITY REGISTERED, AND NO
TRANSFER OF THIS SECURITY IN WHOLE OR IN PART MAY BE REGISTERED, IN THE NAME OF ANY PERSON OTHER THAN SUCH DEPOSITARY OR A NOMINEE THEREOF, EXCEPT IN THE LIMITED CIRCUMSTANCES DESCRIBED IN THE INDENTURE. 

UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF EUROCLEAR BANK SA/NV (“EUROCLEAR”) AND CLEARSTREAM BANKING,
S.A. (“CLEARSTREAM” AND, TOGETHER WITH EUROCLEAR, “EUROCLEAR/CLEARSTREAM”), TO THE COMPANY OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF USB NOMINEES (UK)
LIMITED OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF EUROCLEAR/CLEARSTREAM (AND ANY PAYMENT IS MADE TO USB NOMINEES (UK) LIMITED OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF
EUROCLEAR/CLEARSTREAM), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, ELAVON FINANCIAL SERVICES DAC, UK BRANCH, HAS AN INTEREST HEREIN. TRANSFERS OF THIS
GLOBAL SECURITY SHALL BE LIMITED TO TRANSFERS IN WHOLE, BUT NOT IN PART, TO NOMINEES OF USB NOMINEES (UK) LIMITED OR TO A SUCCESSOR THEREOF OR SUCH SUCCESSOR’S NOMINEE. 

 MEDTRONIC GLOBAL HOLDINGS S.C.A. 

0.000% Senior Note Due 2021 
  

			
		  	CUSIP No.: 58507L AF6
	No.	  	ISIN No.: XS1960676127
		  	COMMON CODE: 196067612
		  	€            

 Medtronic Global Holdings S.C.A., a corporate partnership limited by shares (société en
commandite par actions) incorporated and existing under the laws of the Grand Duchy of Luxembourg (herein called the “Company”, which term includes any successor corporation under the Indenture hereinafter referred to), for
value received, hereby promises to pay to USB Nominees (UK) Limited or registered assigns, the principal sum of         Euros on March 7, 2021 and to pay interest thereon from March 7, 2019 or from
the most recent Fixed Rate Note Interest Payment Date to which interest has been paid or duly provided for, annually in arrears on March 7 in each year, commencing March 7, 2020, at the rate of 0.000% per annum, until the principal hereof
is paid or made available for payment. The Company shall pay interest on overdue principal, and on overdue installments of interest (without regard to any applicable grace periods) to the extent lawful, from time to time on demand at the rate borne
by this Security. 
 The interest so payable, and punctually paid or duly provided for, on any Fixed Rate Note Interest Payment Date will,
as provided in such Indenture, be paid to the Person in whose name this Security is registered at the close of business on the Regular Record Date for such interest, which shall be the Business Day immediately preceding such Fixed Rate Note Interest
Payment Date. Any such interest not so punctually paid or duly provided for will forthwith cease to be payable to the Holder on such Regular Record Date and may either be paid to the Person in whose name this Security is registered at the close of
business on a Special Record Date for the payment of such Defaulted Interest to be fixed by the Trustee, notice whereof shall be given to Holders of Securities of this series not less than 10 days prior to such Special Record Date, or be paid at any
time in any other lawful manner not inconsistent with the requirements of any securities exchange on which the Securities of this series may be listed, and upon such notice as may be required by such exchange, all as more fully provided in said
Indenture. 
 Payment of the principal of (and premium, if any) and any such interest on this Security will be made at the office or agency
of the Paying Agent maintained for that purpose in London in Euro; provided, however, that at the option of the Company payment of interest may be made by check mailed to the address of the Person entitled thereto as such address shall appear in the
Security Register. If the Euro is unavailable to the Company due to the imposition of exchange controls or other circumstances beyond its control or the Euro is no longer used by the then member states of the European Monetary Union that have
adopted the Euro as their currency or for the settlement of transactions by public institutions of or within the international banking community, then all payments in respect of the 2021 Notes will be made in U.S. Dollars until the Euro is again
available to the Company or so used. In such circumstances, the amount payable on any date in Euro will be converted by the Company into U.S. Dollars at the rate mandated 

 
by the U.S. Federal Reserve Board as of the close of business on the second Business Day prior to the relevant payment date or, in the event the U.S. Federal Reserve Board has not mandated a rate
of conversion, on the basis of the most recent U.S. Dollar/Euro exchange rate published in The Wall Street Journal on or prior to the second Business Day prior to the relevant payment date or, in the event The Wall Street Journal has not published
such exchange rate, the rate will be determined in the Company’s sole discretion on the basis of the most recently available market exchange rate for the Euro. For the avoidance of doubt, any such payment in respect of the 2021 Notes so made in
U.S. Dollars will not constitute an Event of Default. Neither the Trustee, the Paying Agent nor the Calculation Agent shall have any responsibility for any calculation or conversion in connection with the foregoing. 

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

 IN WITNESS WHEREOF, the Company has caused this instrument to be duly executed under its
corporate seal. 
  

			
	MEDTRONIC GLOBAL HOLDINGS S.C.A.
		
	By:	 	  

		 	Name:
		 	Title:

 Attest: 

 NOTATION OF GUARANTEE 

For value received, the undersigned (the “Guarantor”), to the extent set forth in and subject to the terms of the Indenture,
dated as of March 28, 2017 (the “Base Indenture”), among Medtronic Global Holdings S.C.A., a corporate partnership limited by shares (société en commandite par actions) incorporated and existing under the
laws of the Grand Duchy of Luxembourg (the “Company”), Medtronic Public Limited Company, a public limited company incorporated under the laws of Ireland (“Medtronic plc”), Medtronic, Inc., a Minnesota corporation
(“Medtronic, Inc.”), and Wells Fargo Bank, National Association, as Trustee (herein called the “Trustee”, which term includes any successor trustee under the Indenture (as defined below)), and as amended and
supplemented by the Second Supplemental Indenture, dated as of March 7, 2019 (the “Second Supplemental Indenture” and, together with the Base Indenture, the “Indenture”), among the Company, Medtronic plc,
Medtronic, Inc., the Trustee and Elavon Financial Services DAC, UK Branch, hereby fully and unconditionally guarantees, on a joint and several basis, to each Holder and to the Trustee and its successors and assigns, that the principal of and
premium, if any, and interest on the 2021 Notes shall be promptly paid in full when due, whether at Stated Maturity, by acceleration, redemption or otherwise, and interest on the overdue principal of and interest on the 2021 Notes, if any, if
lawful, and all other obligations of the Company to the Holders or the Trustee hereunder or thereunder shall be promptly paid in full or performed. 

The obligations of each Guarantor to the Holders and to the Trustee pursuant to this Notation of Guarantee and the Indenture are expressly set
forth in Article 14 of the Indenture, and reference is hereby made to the Indenture for the precise terms and limitations of this Notation of Guarantee. Each Holder of the 2021 Notes to which this Notation of Guarantee is endorsed, by accepting such
2021 Notes, agrees to and shall be bound by such provisions. 
 All terms used in this Notation of Guarantee which are defined in the
Indenture shall have the meanings assigned to them in the Indenture. 

 IN WITNESS WHEREOF, each Guarantor has caused this Notation of Guarantee to be signed by a
duly authorized officer. 
 Dated:            , 20 

 

			
	MEDTRONIC PUBLIC LIMITED COMPANY
		
	By	 	
                     
            

	
	MEDTRONIC, INC.
		
	By	 	  

 This is one of the Securities of the series designated herein and referred to in the
within-mentioned Indenture. 
 Dated:            , 20 

 

			
	WELLS FARGO BANK, NATIONAL ASSOCIATION, Trustee
		
	By:	 	  

		 	Authorized Signatory

 (REVERSE OF SECURITY) 

MEDTRONIC GLOBAL HOLDINGS S.C.A. 

0.000% Senior Note Due 2021 

This Security is one of a duly authorized issue of securities of the Company (herein called the “Securities”), issued and to
be issued in one or more series under an Indenture, dated as of March 28, 2017 (the “Base Indenture”), among the Company, Medtronic Public Limited Company, a public limited company incorporated under the laws of Ireland
(“Medtronic plc”), Medtronic, Inc., a Minnesota corporation (“Medtronic, Inc.”), and Wells Fargo Bank, National Association, as Trustee (herein called the “Trustee”, which term includes any
successor trustee under the Indenture (as defined below)), and as amended and supplemented by the Second Supplemental Indenture, dated as of March 7, 2019 (the “Second Supplemental Indenture” and, together with the Base
Indenture, the “Indenture”), among the Company, Medtronic plc, Medtronic, Inc., the Trustee and Elavon Financial Services DAC, UK Branch, and reference is hereby made to the Indenture for a statement of the respective rights,
limitations of rights, duties and immunities thereunder of the Company, the Trustee and the Holders of the Securities and of the terms upon which the Securities are, and are to be, authenticated and delivered. This Security is one of the series
designated on the face hereof, initially limited in aggregate principal amount to €1,500,000,000. The Company may at any time issue additional Securities under the Indenture in unlimited amounts having the same terms as the Securities; provided
that no additional Securities may be issued if an Event of Default has occurred and is continuing with respect to the Securities. 
 The
Securities of this series may be redeemed at any time prior to their maturity, as a whole or in part, at the option of the Company, upon mailing notice of such redemption not less than 15 and not more than 60 days prior to the applicable Redemption
Date to the Holders of such Securities, at a Redemption Price equal to the greater of: 
 (i) 100% of the principal amount of
the Securities being redeemed; and 
 (ii) the sum, as determined by a Quotation Agent, of the present values of the
Remaining Scheduled Payments of principal and interest on the Securities to be redeemed (excluding any portion of such payments of interest accrued as of the Redemption Date and assuming that such Securities matured on the applicable Par Call Date),
discounted to the Redemption Date on an annual basis (ACTUAL/ACTUAL(ICMA)) at the Comparable Bond Rate, plus 10 basis points; 
 plus, in each case, accrued
and unpaid interest to, but not including, the Redemption Date. 
 In the event of redemption of this Security in part only, a new Security
or Securities of this series and of like tenor for the unredeemed portion hereof will be issued in the name of the Holder hereof upon the cancellation hereof. 

 If an Event of Default with respect to Securities of this series shall occur and be
continuing, the principal of the Securities of this series may be declared due and payable in the manner and with the effect provided in the Indenture. 

The Indenture permits, with certain exceptions as therein provided, the amendment thereof and the modification of the rights and obligations
of the Company and the rights of the Holders of the Securities of each series to be affected under the Indenture at any time by the Company and the Trustee with the consent of the Holders of a majority in principal amount of the Securities at the
time Outstanding of each series to be affected. The Indenture also contains provisions permitting the Holders of specified percentages in principal amount of the Securities of each series at the time Outstanding, on behalf of the Holders of all
Securities of such series, to waive compliance by the Company with certain provisions of the Indenture and certain past defaults under the Indenture and their consequences. Any such consent or waiver by the Holder of this Security shall be
conclusive and binding upon such Holder and upon all future Holders of this Security and of any Security issued upon the registration of transfer hereof or in exchange herefor or in lieu hereof, whether or not notation of such consent or waiver is
made upon this Security. 
 As provided in and subject to the provisions of the Indenture, the Holder of this Security shall not have the
right to institute any proceeding with respect to the Indenture or for the appointment of a receiver or trustee or for any other remedy thereunder, unless such Holder shall have previously given the Trustee written notice of a continuing Event of
Default with respect to the Securities of this series, the Holders of not less than 25% in principal amount of the Securities of this series at the time Outstanding shall have made written request to the Trustee to institute proceedings in respect
of such Event of Default as Trustee and offered the Trustee indemnity against the costs, expenses and liabilities to be incurred in compliance with such request, and the Trustee shall not have received from the Holders of a majority in principal
amount of Securities of this series at the time Outstanding a direction inconsistent with such request, and shall have failed to institute any such proceeding, for 60 days after receipt of such notice, request and offer of indemnity. The foregoing
shall not apply to any suit instituted by the Holder of this Security for the enforcement of any payment of principal hereof or any premium or interest hereon on or after the respective due dates expressed herein. 

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

The Securities of this series are issuable only in registered form without coupons in denominations of €100,000 or an integral multiple
of €1,000 in excess thereof. As provided in the Indenture and subject to certain limitations therein set forth, Securities of this series are exchangeable for a like aggregate principal amount of Securities of this series and of like tenor of a
different authorized denomination, as requested by the Holder surrendering the same. 

 No service charge shall be made to a Holder for any such registration of transfer or
exchange, but the Company may require payment of a sum sufficient to cover any tax or other governmental charge payable in connection therewith. 

Prior to due presentment of this Security for registration of transfer, the Company, the Trustee and any agent of the Company or the Trustee
may treat the Person in whose name this Security is registered as the owner hereof for all purposes, whether or not this Security be overdue, and neither the Company, the Trustee nor any such agent shall be affected by notice to the contrary. 

Reference is made to the Indenture. Such further provisions shall for all purposes have the same effect as though fully set forth herein. 

All terms used in this Security which are defined in the Indenture shall have the meanings assigned to them in the Indenture. 

 EXHIBIT C 

FORM OF NOTE 
 THIS
SECURITY IS A GLOBAL SECURITY WITHIN THE MEANING OF THE INDENTURE HEREINAFTER REFERRED TO AND IS REGISTERED IN THE NAME OF A DEPOSITARY OR A NOMINEE THEREOF. THIS SECURITY MAY NOT BE EXCHANGED IN WHOLE OR IN PART FOR A SECURITY REGISTERED, AND NO
TRANSFER OF THIS SECURITY IN WHOLE OR IN PART MAY BE REGISTERED, IN THE NAME OF ANY PERSON OTHER THAN SUCH DEPOSITARY OR A NOMINEE THEREOF, EXCEPT IN THE LIMITED CIRCUMSTANCES DESCRIBED IN THE INDENTURE. 

UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF EUROCLEAR BANK SA/NV (“EUROCLEAR”) AND CLEARSTREAM BANKING,
S.A. (“CLEARSTREAM” AND, TOGETHER WITH EUROCLEAR, “EUROCLEAR/CLEARSTREAM”), TO THE COMPANY OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF USB NOMINEES (UK)
LIMITED OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF EUROCLEAR/CLEARSTREAM (AND ANY PAYMENT IS MADE TO USB NOMINEES (UK) LIMITED OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF
EUROCLEAR/CLEARSTREAM), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, ELAVON FINANCIAL SERVICES DAC, UK BRANCH, HAS AN INTEREST HEREIN. TRANSFERS OF THIS
GLOBAL SECURITY SHALL BE LIMITED TO TRANSFERS IN WHOLE, BUT NOT IN PART, TO NOMINEES OF USB NOMINEES (UK) LIMITED OR TO A SUCCESSOR THEREOF OR SUCH SUCCESSOR’S NOMINEE. 

 MEDTRONIC GLOBAL HOLDINGS S.C.A. 

0.375% Senior Note Due 2023 
  

			
		  	CUSIP No.: 58507L AG4
	No.	  	ISIN No.: XS1960678099
		  	COMMON CODE: 196067809
		  	€        

 Medtronic Global Holdings S.C.A., a corporate partnership limited by shares (société en
commandite par actions) incorporated and existing under the laws of the Grand Duchy of Luxembourg (herein called the “Company”, which term includes any successor corporation under the Indenture hereinafter referred to), for
value received, hereby promises to pay to USB Nominees (UK) Limited or registered assigns, the principal sum of Euros on March 7, 2023 and to pay interest thereon from March 7, 2019 or from the most recent Fixed Rate Note Interest Payment
Date to which interest has been paid or duly provided for, annually in arrears on March 7 in each year, commencing March 7, 2020, at the rate of 0.375% per annum, until the principal hereof is paid or made available for payment. The
Company shall pay interest on overdue principal, and on overdue installments of interest (without regard to any applicable grace periods) to the extent lawful, from time to time on demand at the rate borne by this Security. 

The interest so payable, and punctually paid or duly provided for, on any Fixed Rate Note Interest Payment Date will, as provided in such
Indenture, be paid to the Person in whose name this Security is registered at the close of business on the Regular Record Date for such interest, which shall be the Business Day immediately preceding such Fixed Rate Note Interest Payment Date. Any
such interest not so punctually paid or duly provided for will forthwith cease to be payable to the Holder on such Regular Record Date and may either be paid to the Person in whose name this Security is registered at the close of business on a
Special Record Date for the payment of such Defaulted Interest to be fixed by the Trustee, notice whereof shall be given to Holders of Securities of this series not less than 10 days prior to such Special Record Date, or be paid at any time in any
other lawful manner not inconsistent with the requirements of any securities exchange on which the Securities of this series may be listed, and upon such notice as may be required by such exchange, all as more fully provided in said Indenture. 

Payment of the principal of (and premium, if any) and any such interest on this Security will be made at the office or agency of the Paying
Agent maintained for that purpose in London in Euro; provided, however, that at the option of the Company payment of interest may be made by check mailed to the address of the Person entitled thereto as such address shall appear in the Security
Register. If the Euro is unavailable to the Company due to the imposition of exchange controls or other circumstances beyond its control or the Euro is no longer used by the then member states of the European Monetary Union that have adopted the
Euro as their currency or for the settlement of transactions by public institutions of or within the international banking community, then all payments in respect of the 2023 Notes will be made in U.S. Dollars until the Euro is again available to
the Company or so used. In such circumstances, the amount payable on any date in Euro will be converted by the Company into U.S. Dollars at the rate mandated 

 
by the U.S. Federal Reserve Board as of the close of business on the second Business Day prior to the relevant payment date or, in the event the U.S. Federal Reserve Board has not mandated a rate
of conversion, on the basis of the most recent U.S. Dollar/Euro exchange rate published in The Wall Street Journal on or prior to the second Business Day prior to the relevant payment date or, in the event The Wall Street Journal has not published
such exchange rate, the rate will be determined in the Company’s sole discretion on the basis of the most recently available market exchange rate for the Euro. For the avoidance of doubt, any such payment in respect of the 2023 Notes so made in
U.S. Dollars will not constitute an Event of Default. Neither the Trustee, the Paying Agent nor the Calculation Agent shall have any responsibility for any calculation or conversion in connection with the foregoing. 

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

 IN WITNESS WHEREOF, the Company has caused this instrument to be duly executed under its
corporate seal. 
  

			
	MEDTRONIC GLOBAL HOLDINGS S.C.A.
		
	By:	 	  

		 	Name:
		 	Title:

 Attest: 

 NOTATION OF GUARANTEE 

For value received, the undersigned (the “Guarantor”), to the extent set forth in and subject to the terms of the Indenture,
dated as of March 28, 2017 (the “Base Indenture”), among Medtronic Global Holdings S.C.A., a corporate partnership limited by shares (société en commandite par actions) incorporated and existing under the
laws of the Grand Duchy of Luxembourg (the “Company”), Medtronic Public Limited Company, a public limited company incorporated under the laws of Ireland (“Medtronic plc”), Medtronic, Inc., a Minnesota corporation
(“Medtronic, Inc.”), and Wells Fargo Bank, National Association, as Trustee (herein called the “Trustee”, which term includes any successor trustee under the Indenture (as defined below)), and as amended and
supplemented by the Second Supplemental Indenture, dated as of March 7, 2019 (the “Second Supplemental Indenture” and, together with the Base Indenture, the “Indenture”), among the Company, Medtronic plc,
Medtronic, Inc., the Trustee and Elavon Financial Services DAC, UK Branch, hereby fully and unconditionally guarantees, on a joint and several basis, to each Holder and to the Trustee and its successors and assigns, that the principal of and
premium, if any, and interest on the 2023 Notes shall be promptly paid in full when due, whether at Stated Maturity, by acceleration, redemption or otherwise, and interest on the overdue principal of and interest on the 2023 Notes, if any, if
lawful, and all other obligations of the Company to the Holders or the Trustee hereunder or thereunder shall be promptly paid in full or performed. 

The obligations of each Guarantor to the Holders and to the Trustee pursuant to this Notation of Guarantee and the Indenture are expressly set
forth in Article 14 of the Indenture, and reference is hereby made to the Indenture for the precise terms and limitations of this Notation of Guarantee. Each Holder of the 2023 Notes to which this Notation of Guarantee is endorsed, by accepting such
2023 Notes, agrees to and shall be bound by such provisions. 
 All terms used in this Notation of Guarantee which are defined in the
Indenture shall have the meanings assigned to them in the Indenture. 

 IN WITNESS WHEREOF, each Guarantor has caused this Notation of Guarantee to be signed by a
duly authorized officer. 
 Dated:         , 20 

 

			
	MEDTRONIC PUBLIC LIMITED COMPANY

 
			
		
	By	 	  

 
			
	
	MEDTRONIC, INC.

 
			
		
	By	 	  

 This is one of the Securities of the series designated herein and referred to in the
within-mentioned Indenture. 
 Dated:            , 20 

 

			
	WELLS FARGO BANK, NATIONAL ASSOCIATION, Trustee
		
	By:	 	  

		 	Authorized Signatory

 (REVERSE OF SECURITY) 

MEDTRONIC GLOBAL HOLDINGS S.C.A. 

0.375% Senior Note Due 2023 

This Security is one of a duly authorized issue of securities of the Company (herein called the “Securities”), issued and to
be issued in one or more series under an Indenture, dated as of March 28, 2017 (the “Base Indenture”), among the Company, Medtronic Public Limited Company, a public limited company incorporated under the laws of Ireland
(“Medtronic plc”), Medtronic, Inc., a Minnesota corporation (“Medtronic, Inc.”), and Wells Fargo Bank, National Association, as Trustee (herein called the “Trustee”, which term includes any
successor trustee under the Indenture (as defined below)), and as amended and supplemented by the Second Supplemental Indenture, dated as of March 7, 2019 (the “Second Supplemental Indenture” and, together with the Base
Indenture, the “Indenture”), among the Company, Medtronic plc, Medtronic, Inc., the Trustee and Elavon Financial Services DAC, UK Branch, and reference is hereby made to the Indenture for a statement of the respective rights,
limitations of rights, duties and immunities thereunder of the Company, the Trustee and the Holders of the Securities and of the terms upon which the Securities are, and are to be, authenticated and delivered. This Security is one of the series
designated on the face hereof, initially limited in aggregate principal amount to €1,500,000,000. The Company may at any time issue additional Securities under the Indenture in unlimited amounts having the same terms as the Securities; provided
that no additional Securities may be issued if an Event of Default has occurred and is continuing with respect to the Securities. 
 The
Securities of this series may be redeemed at any time prior to their maturity, as a whole or in part, at the option of the Company, upon mailing notice of such redemption not less than 15 and not more than 60 days prior to the applicable Redemption
Date to the Holders of such Securities, at a Redemption Price equal to the greater of: 
 (i) 100% of the principal amount of
the Securities being redeemed; and 
 (ii) the sum, as determined by a Quotation Agent, of the present values of the
Remaining Scheduled Payments of principal and interest on the Securities to be redeemed (excluding any portion of such payments of interest accrued as of the Redemption Date and assuming that such Securities matured on the applicable Par Call Date),
discounted to the Redemption Date on an annual basis (ACTUAL/ACTUAL(ICMA)) at the Comparable Bond Rate, plus 15 basis points; 
 plus, in each case, accrued
and unpaid interest to, but not including, the Redemption Date. 
 In addition, at any time on and after the applicable Par Call Date, the
Securities are redeemable at the Company’s option, in whole or in part, at a Redemption Price equal to 100% of the principal amount of the Securities to be redeemed, plus accrued and unpaid interest, if any, to, but not including, the
Redemption Date. 

 In the event of redemption of this Security in part only, a new Security or Securities of
this series and of like tenor for the unredeemed portion hereof will be issued in the name of the Holder hereof upon the cancellation hereof. 

If an Event of Default with respect to Securities of this series shall occur and be continuing, the principal of the Securities of this series
may be declared due and payable in the manner and with the effect provided in the Indenture. 
 The Indenture permits, with certain
exceptions as therein provided, the amendment thereof and the modification of the rights and obligations of the Company and the rights of the Holders of the Securities of each series to be affected under the Indenture at any time by the Company and
the Trustee with the consent of the Holders of a majority in principal amount of the Securities at the time Outstanding of each series to be affected. The Indenture also contains provisions permitting the Holders of specified percentages in
principal amount of the Securities of each series at the time Outstanding, on behalf of the Holders of all Securities of such series, to waive compliance by the Company with certain provisions of the Indenture and certain past defaults under the
Indenture and their consequences. Any such consent or waiver by the Holder of this Security shall be conclusive and binding upon such Holder and upon all future Holders of this Security and of any Security issued upon the registration of transfer
hereof or in exchange herefor or in lieu hereof, whether or not notation of such consent or waiver is made upon this Security. 
 As
provided in and subject to the provisions of the Indenture, the Holder of this Security shall not have the right to institute any proceeding with respect to the Indenture or for the appointment of a receiver or trustee or for any other remedy
thereunder, unless such Holder shall have previously given the Trustee written notice of a continuing Event of Default with respect to the Securities of this series, the Holders of not less than 25% in principal amount of the Securities of this
series at the time Outstanding shall have made written request to the Trustee to institute proceedings in respect of such Event of Default as Trustee and offered the Trustee indemnity against the costs, expenses and liabilities to be incurred in
compliance with such request, and the Trustee shall not have received from the Holders of a majority in principal amount of Securities of this series at the time Outstanding a direction inconsistent with such request, and shall have failed to
institute any such proceeding, for 60 days after receipt of such notice, request and offer of indemnity. The foregoing shall not apply to any suit instituted by the Holder of this Security for the enforcement of any payment of principal hereof or
any premium or interest hereon on or after the respective due dates expressed herein. 
 As provided in the Indenture and subject to certain
limitations therein set forth, the transfer of this Security is registrable in the Security Register, upon surrender of this Security for registration of transfer at the office or agency of the Company in any place where the principal of and any
premium and interest on this Security are payable, duly endorsed by, or accompanied by a written instrument of transfer in form satisfactory to the Company and the Security Registrar duly executed by, the Holder hereof or the Holder’s attorney
duly authorized in writing, and thereupon one or more new Securities of this series and of like tenor, of authorized denominations and for the same aggregate principal amount, will be issued to the designated transferee or transferees. 

 The Securities of this series are issuable only in registered form without coupons in
denominations of €100,000 or an integral multiple of €1,000 in excess thereof. As provided in the Indenture and subject to certain limitations therein set forth, Securities of this series are exchangeable for a like aggregate principal
amount of Securities of this series and of like tenor of a different authorized denomination, as requested by the Holder surrendering the same. 

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

 EXHIBIT D 

FORM OF NOTE 
 THIS
SECURITY IS A GLOBAL SECURITY WITHIN THE MEANING OF THE INDENTURE HEREINAFTER REFERRED TO AND IS REGISTERED IN THE NAME OF A DEPOSITARY OR A NOMINEE THEREOF. THIS SECURITY MAY NOT BE EXCHANGED IN WHOLE OR IN PART FOR A SECURITY REGISTERED, AND NO
TRANSFER OF THIS SECURITY IN WHOLE OR IN PART MAY BE REGISTERED, IN THE NAME OF ANY PERSON OTHER THAN SUCH DEPOSITARY OR A NOMINEE THEREOF, EXCEPT IN THE LIMITED CIRCUMSTANCES DESCRIBED IN THE INDENTURE. 

UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF EUROCLEAR BANK SA/NV (“EUROCLEAR”) AND CLEARSTREAM BANKING,
S.A. (“CLEARSTREAM” AND, TOGETHER WITH EUROCLEAR, “EUROCLEAR/CLEARSTREAM”), TO THE COMPANY OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF USB NOMINEES (UK)
LIMITED OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF EUROCLEAR/CLEARSTREAM (AND ANY PAYMENT IS MADE TO USB NOMINEES (UK) LIMITED OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF
EUROCLEAR/CLEARSTREAM), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, ELAVON FINANCIAL SERVICES DAC, UK BRANCH, HAS AN INTEREST HEREIN. TRANSFERS OF THIS
GLOBAL SECURITY SHALL BE LIMITED TO TRANSFERS IN WHOLE, BUT NOT IN PART, TO NOMINEES OF USB NOMINEES (UK) LIMITED OR TO A SUCCESSOR THEREOF OR SUCH SUCCESSOR’S NOMINEE. 

 MEDTRONIC GLOBAL HOLDINGS S.C.A. 

1.125% Senior Note Due 2027 
  

			
		  	CUSIP No.: 58507L AH2
	No.	  	ISIN No.: XS1960678255
		  	COMMON CODE: 196067825
		  	€        

 Medtronic Global Holdings S.C.A., a corporate partnership limited by shares (société en
commandite par actions) incorporated and existing under the laws of the Grand Duchy of Luxembourg (herein called the “Company”, which term includes any successor corporation under the Indenture hereinafter referred to), for
value received, hereby promises to pay to USB Nominees (UK) Limited or registered assigns, the principal sum of         Euros on March 7, 2027 and to pay interest thereon from March 7, 2019 or from
the most recent Fixed Rate Note Interest Payment Date to which interest has been paid or duly provided for, annually in arrears on March 7 in each year, commencing March 7, 2020, at the rate of 1.125% per annum, until the principal hereof
is paid or made available for payment. The Company shall pay interest on overdue principal, and on overdue installments of interest (without regard to any applicable grace periods) to the extent lawful, from time to time on demand at the rate borne
by this Security. 
 The interest so payable, and punctually paid or duly provided for, on any Fixed Rate Note Interest Payment Date will,
as provided in such Indenture, be paid to the Person in whose name this Security is registered at the close of business on the Regular Record Date for such interest, which shall be the Business Day immediately preceding such Fixed Rate Note Interest
Payment Date. Any such interest not so punctually paid or duly provided for will forthwith cease to be payable to the Holder on such Regular Record Date and may either be paid to the Person in whose name this Security is registered at the close of
business on a Special Record Date for the payment of such Defaulted Interest to be fixed by the Trustee, notice whereof shall be given to Holders of Securities of this series not less than 10 days prior to such Special Record Date, or be paid at any
time in any other lawful manner not inconsistent with the requirements of any securities exchange on which the Securities of this series may be listed, and upon such notice as may be required by such exchange, all as more fully provided in said
Indenture. 
 Payment of the principal of (and premium, if any) and any such interest on this Security will be made at the office or agency
of the Paying Agent maintained for that purpose in London in Euro; provided, however, that at the option of the Company payment of interest may be made by check mailed to the address of the Person entitled thereto as such address shall appear in the
Security Register. If the Euro is unavailable to the Company due to the imposition of exchange controls or other circumstances beyond its control or the Euro is no longer used by the then member states of the European Monetary Union that have
adopted the Euro as their currency or for the settlement of transactions by public institutions of or within the international banking community, then all payments in respect of the 2027 Notes will be made in U.S. Dollars until the Euro is again
available to the Company or so used. In such circumstances, the amount payable on any date in Euro will be converted by the Company into U.S. Dollars at the rate mandated 

 
by the U.S. Federal Reserve Board as of the close of business on the second Business Day prior to the relevant payment date or, in the event the U.S. Federal Reserve Board has not mandated a rate
of conversion, on the basis of the most recent U.S. Dollar/Euro exchange rate published in The Wall Street Journal on or prior to the second Business Day prior to the relevant payment date or, in the event The Wall Street Journal has not published
such exchange rate, the rate will be determined in the Company’s sole discretion on the basis of the most recently available market exchange rate for the Euro. For the avoidance of doubt, any such payment in respect of the 2027 Notes so made in
U.S. Dollars will not constitute an Event of Default. Neither the Trustee, the Paying Agent nor the Calculation Agent shall have any responsibility for any calculation or conversion in connection with the foregoing. 

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

 IN WITNESS WHEREOF, the Company has caused this instrument to be duly executed under its
corporate seal. 
  

			
	MEDTRONIC GLOBAL HOLDINGS S.C.A.
		
	By:	 	  

		 	Name:
		 	Title:

 Attest: 

 NOTATION OF GUARANTEE 

For value received, the undersigned (the “Guarantor”), to the extent set forth in and subject to the terms of the Indenture,
dated as of March 28, 2017 (the “Base Indenture”), among Medtronic Global Holdings S.C.A., a corporate partnership limited by shares (société en commandite par actions) incorporated and existing under the
laws of the Grand Duchy of Luxembourg (the “Company”), Medtronic Public Limited Company, a public limited company incorporated under the laws of Ireland (“Medtronic plc”), Medtronic, Inc., a Minnesota corporation
(“Medtronic, Inc.”), and Wells Fargo Bank, National Association, as Trustee (herein called the “Trustee”, which term includes any successor trustee under the Indenture (as defined below)), and as amended and
supplemented by the Second Supplemental Indenture, dated as of March 7, 2019 (the “Second Supplemental Indenture” and, together with the Base Indenture, the “Indenture”), among the Company, Medtronic plc,
Medtronic, Inc., the Trustee and Elavon Financial Services DAC, UK Branch, hereby fully and unconditionally guarantees, on a joint and several basis, to each Holder and to the Trustee and its successors and assigns, that the principal of and
premium, if any, and interest on the 2027 Notes shall be promptly paid in full when due, whether at Stated Maturity, by acceleration, redemption or otherwise, and interest on the overdue principal of and interest on the 2027 Notes, if any, if
lawful, and all other obligations of the Company to the Holders or the Trustee hereunder or thereunder shall be promptly paid in full or performed. 

The obligations of each Guarantor to the Holders and to the Trustee pursuant to this Notation of Guarantee and the Indenture are expressly set
forth in Article 14 of the Indenture, and reference is hereby made to the Indenture for the precise terms and limitations of this Notation of Guarantee. Each Holder of the 2027 Notes to which this Notation of Guarantee is endorsed, by accepting such
2027 Notes, agrees to and shall be bound by such provisions. 
 All terms used in this Notation of Guarantee which are defined in the
Indenture shall have the meanings assigned to them in the Indenture. 

 IN WITNESS WHEREOF, each Guarantor has caused this Notation of Guarantee to be signed by a
duly authorized officer. 
 Dated:         , 20 

 

			
	MEDTRONIC PUBLIC LIMITED COMPANY

 
			
		
	By	 	  

 
			
	
	MEDTRONIC, INC.

 
			
		
	By	 	  

 This is one of the Securities of the series designated herein and referred to in the
within-mentioned Indenture. 
 Dated:        , 20 

 

			
	WELLS FARGO BANK, NATIONAL ASSOCIATION, Trustee
		
	By:	 	  

		 	Authorized Signatory

 (REVERSE OF SECURITY) 

MEDTRONIC GLOBAL HOLDINGS S.C.A. 

1.125% Senior Note Due 2027 

This Security is one of a duly authorized issue of securities of the Company (herein called the “Securities”), issued and to
be issued in one or more series under an Indenture, dated as of March 28, 2017 (the “Base Indenture”), among the Company, Medtronic Public Limited Company, a public limited company incorporated under the laws of Ireland
(“Medtronic plc”), Medtronic, Inc., a Minnesota corporation (“Medtronic, Inc.”), and Wells Fargo Bank, National Association, as Trustee (herein called the “Trustee”, which term includes any
successor trustee under the Indenture (as defined below)), and as amended and supplemented by the Second Supplemental Indenture, dated as of March 7, 2019 (the “Second Supplemental Indenture” and, together with the Base
Indenture, the “Indenture”), among the Company, Medtronic plc, Medtronic, Inc., the Trustee and Elavon Financial Services DAC, UK Branch, and reference is hereby made to the Indenture for a statement of the respective rights,
limitations of rights, duties and immunities thereunder of the Company, the Trustee and the Holders of the Securities and of the terms upon which the Securities are, and are to be, authenticated and delivered. This Security is one of the series
designated on the face hereof, initially limited in aggregate principal amount to €1,500,000,000. The Company may at any time issue additional Securities under the Indenture in unlimited amounts having the same terms as the Securities; provided
that no additional Securities may be issued if an Event of Default has occurred and is continuing with respect to the Securities. 
 The
Securities of this series may be redeemed at any time prior to their maturity, as a whole or in part, at the option of the Company, upon mailing notice of such redemption not less than 15 and not more than 60 days prior to the applicable Redemption
Date to the Holders of such Securities, at a Redemption Price equal to the greater of: 
 (i) 100% of the principal amount of
the Securities being redeemed; and 
 (ii) the sum, as determined by a Quotation Agent, of the present values of the
Remaining Scheduled Payments of principal and interest on the Securities to be redeemed (excluding any portion of such payments of interest accrued as of the Redemption Date and assuming that such Securities matured on the applicable Par Call Date),
discounted to the Redemption Date on an annual basis (ACTUAL/ACTUAL(ICMA)) at the Comparable Bond Rate, plus 20 basis points; 
 plus, in each case, accrued
and unpaid interest to, but not including, the Redemption Date. 
 In addition, at any time on and after the applicable Par Call Date, the
Securities are redeemable at the Company’s option, in whole or in part, at a Redemption Price equal to 100% of the principal amount of the Securities to be redeemed, plus accrued and unpaid interest, if any, to, but not including, the
Redemption Date. 

 In the event of redemption of this Security in part only, a new Security or Securities of
this series and of like tenor for the unredeemed portion hereof will be issued in the name of the Holder hereof upon the cancellation hereof. 

If an Event of Default with respect to Securities of this series shall occur and be continuing, the principal of the Securities of this series
may be declared due and payable in the manner and with the effect provided in the Indenture. 
 The Indenture permits, with certain
exceptions as therein provided, the amendment thereof and the modification of the rights and obligations of the Company and the rights of the Holders of the Securities of each series to be affected under the Indenture at any time by the Company and
the Trustee with the consent of the Holders of a majority in principal amount of the Securities at the time Outstanding of each series to be affected. The Indenture also contains provisions permitting the Holders of specified percentages in
principal amount of the Securities of each series at the time Outstanding, on behalf of the Holders of all Securities of such series, to waive compliance by the Company with certain provisions of the Indenture and certain past defaults under the
Indenture and their consequences. Any such consent or waiver by the Holder of this Security shall be conclusive and binding upon such Holder and upon all future Holders of this Security and of any Security issued upon the registration of transfer
hereof or in exchange herefor or in lieu hereof, whether or not notation of such consent or waiver is made upon this Security. 
 As
provided in and subject to the provisions of the Indenture, the Holder of this Security shall not have the right to institute any proceeding with respect to the Indenture or for the appointment of a receiver or trustee or for any other remedy
thereunder, unless such Holder shall have previously given the Trustee written notice of a continuing Event of Default with respect to the Securities of this series, the Holders of not less than 25% in principal amount of the Securities of this
series at the time Outstanding shall have made written request to the Trustee to institute proceedings in respect of such Event of Default as Trustee and offered the Trustee indemnity against the costs, expenses and liabilities to be incurred in
compliance with such request, and the Trustee shall not have received from the Holders of a majority in principal amount of Securities of this series at the time Outstanding a direction inconsistent with such request, and shall have failed to
institute any such proceeding, for 60 days after receipt of such notice, request and offer of indemnity. The foregoing shall not apply to any suit instituted by the Holder of this Security for the enforcement of any payment of principal hereof or
any premium or interest hereon on or after the respective due dates expressed herein. 
 As provided in the Indenture and subject to certain
limitations therein set forth, the transfer of this Security is registrable in the Security Register, upon surrender of this Security for registration of transfer at the office or agency of the Company in any place where the principal of and any
premium and interest on this Security are payable, duly endorsed by, or accompanied by a written instrument of transfer in form satisfactory to the Company and the Security Registrar duly executed by, the Holder hereof or the Holder’s attorney
duly authorized in writing, and thereupon one or more new Securities of this series and of like tenor, of authorized denominations and for the same aggregate principal amount, will be issued to the designated transferee or transferees. 

 The Securities of this series are issuable only in registered form without coupons in
denominations of €100,000 or an integral multiple of €1,000 in excess thereof. As provided in the Indenture and subject to certain limitations therein set forth, Securities of this series are exchangeable for a like aggregate principal
amount of Securities of this series and of like tenor of a different authorized denomination, as requested by the Holder surrendering the same. 

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

 EXHIBIT E 

FORM OF NOTE 
 THIS
SECURITY IS A GLOBAL SECURITY WITHIN THE MEANING OF THE INDENTURE HEREINAFTER REFERRED TO AND IS REGISTERED IN THE NAME OF A DEPOSITARY OR A NOMINEE THEREOF. THIS SECURITY MAY NOT BE EXCHANGED IN WHOLE OR IN PART FOR A SECURITY REGISTERED, AND NO
TRANSFER OF THIS SECURITY IN WHOLE OR IN PART MAY BE REGISTERED, IN THE NAME OF ANY PERSON OTHER THAN SUCH DEPOSITARY OR A NOMINEE THEREOF, EXCEPT IN THE LIMITED CIRCUMSTANCES DESCRIBED IN THE INDENTURE. 

UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF EUROCLEAR BANK SA/NV (“EUROCLEAR”) AND CLEARSTREAM BANKING,
S.A. (“CLEARSTREAM” AND, TOGETHER WITH EUROCLEAR, “EUROCLEAR/CLEARSTREAM”), TO THE COMPANY OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF USB NOMINEES (UK)
LIMITED OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF EUROCLEAR/CLEARSTREAM (AND ANY PAYMENT IS MADE TO USB NOMINEES (UK) LIMITED OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF
EUROCLEAR/CLEARSTREAM), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, ELAVON FINANCIAL SERVICES DAC, UK BRANCH, HAS AN INTEREST HEREIN. TRANSFERS OF THIS
GLOBAL SECURITY SHALL BE LIMITED TO TRANSFERS IN WHOLE, BUT NOT IN PART, TO NOMINEES OF USB NOMINEES (UK) LIMITED OR TO A SUCCESSOR THEREOF OR SUCH SUCCESSOR’S NOMINEE. 

 MEDTRONIC GLOBAL HOLDINGS S.C.A. 

1.625% Senior Note Due 2031 
  

			
		  	CUSIP No.: 58507L AJ8
	No.	  	ISIN No.: XS1960678412
		  	COMMON CODE: 196067841
		  	€        

 Medtronic Global Holdings S.C.A., a corporate partnership limited by shares (société en
commandite par actions) incorporated and existing under the laws of the Grand Duchy of Luxembourg (herein called the “Company”, which term includes any successor corporation under the Indenture hereinafter referred to), for
value received, hereby promises to pay to USB Nominees (UK) Limited or registered assigns, the principal sum of         Euros on March 7, 2031 and to pay interest thereon from March 7, 2019 or from
the most recent Fixed Rate Note Interest Payment Date to which interest has been paid or duly provided for, annually in arrears on March 7 in each year, commencing March 7, 2020, at the rate of 1.625% per annum, until the principal hereof
is paid or made available for payment. The Company shall pay interest on overdue principal, and on overdue installments of interest (without regard to any applicable grace periods) to the extent lawful, from time to time on demand at the rate borne
by this Security. 
 The interest so payable, and punctually paid or duly provided for, on any Fixed Rate Note Interest Payment Date will,
as provided in such Indenture, be paid to the Person in whose name this Security is registered at the close of business on the Regular Record Date for such interest, which shall be the Business Day immediately preceding such Fixed Rate Note Interest
Payment Date. Any such interest not so punctually paid or duly provided for will forthwith cease to be payable to the Holder on such Regular Record Date and may either be paid to the Person in whose name this Security is registered at the close of
business on a Special Record Date for the payment of such Defaulted Interest to be fixed by the Trustee, notice whereof shall be given to Holders of Securities of this series not less than 10 days prior to such Special Record Date, or be paid at any
time in any other lawful manner not inconsistent with the requirements of any securities exchange on which the Securities of this series may be listed, and upon such notice as may be required by such exchange, all as more fully provided in said
Indenture. 
 Payment of the principal of (and premium, if any) and any such interest on this Security will be made at the office or agency
of the Paying Agent maintained for that purpose in London in Euro; provided, however, that at the option of the Company payment of interest may be made by check mailed to the address of the Person entitled thereto as such address shall appear in the
Security Register. If the Euro is unavailable to the Company due to the imposition of exchange controls or other circumstances beyond its control or the Euro is no longer used by the then member states of the European Monetary Union that have
adopted the Euro as their currency or for the settlement of transactions by public institutions of or within the international banking community, then all payments in respect of the 2031 Notes will be made in U.S. Dollars until the Euro is again
available to the Company or so used. In such circumstances, the amount payable on any date in Euro will be converted by the Company into U.S. Dollars at the rate mandated 

 
by the U.S. Federal Reserve Board as of the close of business on the second Business Day prior to the relevant payment date or, in the event the U.S. Federal Reserve Board has not mandated a rate
of conversion, on the basis of the most recent U.S. Dollar/Euro exchange rate published in The Wall Street Journal on or prior to the second Business Day prior to the relevant payment date or, in the event The Wall Street Journal has not published
such exchange rate, the rate will be determined in the Company’s sole discretion on the basis of the most recently available market exchange rate for the Euro. For the avoidance of doubt, any such payment in respect of the 2031 Notes so made in
U.S. Dollars will not constitute an Event of Default. Neither the Trustee, the Paying Agent nor the Calculation Agent shall have any responsibility for any calculation or conversion in connection with the foregoing. 

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

 IN WITNESS WHEREOF, the Company has caused this instrument to be duly executed under its
corporate seal. 
  

			
	MEDTRONIC GLOBAL HOLDINGS S.C.A.
		
	By:	 	  

		 	Name:
		 	Title:

 Attest: 

 NOTATION OF GUARANTEE 

For value received, the undersigned (the “Guarantor”), to the extent set forth in and subject to the terms of the Indenture,
dated as of March 28, 2017 (the “Base Indenture”), among Medtronic Global Holdings S.C.A., a corporate partnership limited by shares (société en commandite par actions) incorporated and existing under the
laws of the Grand Duchy of Luxembourg (the “Company”), Medtronic Public Limited Company, a public limited company incorporated under the laws of Ireland (“Medtronic plc”), Medtronic, Inc., a Minnesota corporation
(“Medtronic, Inc.”), and Wells Fargo Bank, National Association, as Trustee (herein called the “Trustee”, which term includes any successor trustee under the Indenture (as defined below)), and as amended and
supplemented by the Second Supplemental Indenture, dated as of March 7, 2019 (the “Second Supplemental Indenture” and, together with the Base Indenture, the “Indenture”), among the Company, Medtronic plc,
Medtronic, Inc., the Trustee and Elavon Financial Services DAC, UK Branch, hereby fully and unconditionally guarantees, on a joint and several basis, to each Holder and to the Trustee and its successors and assigns, that the principal of and
premium, if any, and interest on the 2031 Notes shall be promptly paid in full when due, whether at Stated Maturity, by acceleration, redemption or otherwise, and interest on the overdue principal of and interest on the 2031 Notes, if any, if
lawful, and all other obligations of the Company to the Holders or the Trustee hereunder or thereunder shall be promptly paid in full or performed. 

The obligations of each Guarantor to the Holders and to the Trustee pursuant to this Notation of Guarantee and the Indenture are expressly set
forth in Article 14 of the Indenture, and reference is hereby made to the Indenture for the precise terms and limitations of this Notation of Guarantee. Each Holder of the 2031 Notes to which this Notation of Guarantee is endorsed, by accepting such
2031 Notes, agrees to and shall be bound by such provisions. 
 All terms used in this Notation of Guarantee which are defined in the
Indenture shall have the meanings assigned to them in the Indenture. 

 IN WITNESS WHEREOF, each Guarantor has caused this Notation of Guarantee to be signed by a
duly authorized officer. 
 Dated:         , 20 

 

			
	MEDTRONIC PUBLIC LIMITED COMPANY
		
	By	 	              

	
	MEDTRONIC, INC.
		
	By	 	              

 This is one of the Securities of the series designated herein and referred to in the
within-mentioned Indenture. 
 Dated:        , 20 

 

			
	WELLS FARGO BANK, NATIONAL ASSOCIATION, Trustee
		
	By:	 	  

		 	Authorized Signatory

 (REVERSE OF SECURITY) 

MEDTRONIC GLOBAL HOLDINGS S.C.A. 

1.625% Senior Note Due 2031 

This Security is one of a duly authorized issue of securities of the Company (herein called the “Securities”), issued and to
be issued in one or more series under an Indenture, dated as of March 28, 2017 (the “Base Indenture”), among the Company, Medtronic Public Limited Company, a public limited company incorporated under the laws of Ireland
(“Medtronic plc”), Medtronic, Inc., a Minnesota corporation (“Medtronic, Inc.”), and Wells Fargo Bank, National Association, as Trustee (herein called the “Trustee”, which term includes any
successor trustee under the Indenture (as defined below)), and as amended and supplemented by the Second Supplemental Indenture, dated as of March 7, 2019 (the “Second Supplemental Indenture” and, together with the Base
Indenture, the “Indenture”), among the Company, Medtronic plc, Medtronic, Inc., the Trustee and Elavon Financial Services DAC, UK Branch, and reference is hereby made to the Indenture for a statement of the respective rights,
limitations of rights, duties and immunities thereunder of the Company, the Trustee and the Holders of the Securities and of the terms upon which the Securities are, and are to be, authenticated and delivered. This Security is one of the series
designated on the face hereof, initially limited in aggregate principal amount to €1,000,000,000. The Company may at any time issue additional Securities under the Indenture in unlimited amounts having the same terms as the Securities; provided
that no additional Securities may be issued if an Event of Default has occurred and is continuing with respect to the Securities. 
 The
Securities of this series may be redeemed at any time prior to their maturity, as a whole or in part, at the option of the Company, upon mailing notice of such redemption not less than 15 and not more than 60 days prior to the applicable Redemption
Date to the Holders of such Securities, at a Redemption Price equal to the greater of: 
 (i) 100% of the principal amount of
the Securities being redeemed; and 
 (ii) the sum, as determined by a Quotation Agent, of the present values of the
Remaining Scheduled Payments of principal and interest on the Securities to be redeemed (excluding any portion of such payments of interest accrued as of the Redemption Date and assuming that such Securities matured on the applicable Par Call Date),
discounted to the Redemption Date on an annual basis (ACTUAL/ACTUAL(ICMA)) at the Comparable Bond Rate, plus 25 basis points; 
 plus, in each case, accrued
and unpaid interest to, but not including, the Redemption Date. 
 In addition, at any time on and after the applicable Par Call Date, the
Securities are redeemable at the Company’s option, in whole or in part, at a Redemption Price equal to 100% of the principal amount of the Securities to be redeemed, plus accrued and unpaid interest, if any, to, but not including, the
Redemption Date. 

 In the event of redemption of this Security in part only, a new Security or Securities of
this series and of like tenor for the unredeemed portion hereof will be issued in the name of the Holder hereof upon the cancellation hereof. 

If an Event of Default with respect to Securities of this series shall occur and be continuing, the principal of the Securities of this series
may be declared due and payable in the manner and with the effect provided in the Indenture. 
 The Indenture permits, with certain
exceptions as therein provided, the amendment thereof and the modification of the rights and obligations of the Company and the rights of the Holders of the Securities of each series to be affected under the Indenture at any time by the Company and
the Trustee with the consent of the Holders of a majority in principal amount of the Securities at the time Outstanding of each series to be affected. The Indenture also contains provisions permitting the Holders of specified percentages in
principal amount of the Securities of each series at the time Outstanding, on behalf of the Holders of all Securities of such series, to waive compliance by the Company with certain provisions of the Indenture and certain past defaults under the
Indenture and their consequences. Any such consent or waiver by the Holder of this Security shall be conclusive and binding upon such Holder and upon all future Holders of this Security and of any Security issued upon the registration of transfer
hereof or in exchange herefor or in lieu hereof, whether or not notation of such consent or waiver is made upon this Security. 
 As
provided in and subject to the provisions of the Indenture, the Holder of this Security shall not have the right to institute any proceeding with respect to the Indenture or for the appointment of a receiver or trustee or for any other remedy
thereunder, unless such Holder shall have previously given the Trustee written notice of a continuing Event of Default with respect to the Securities of this series, the Holders of not less than 25% in principal amount of the Securities of this
series at the time Outstanding shall have made written request to the Trustee to institute proceedings in respect of such Event of Default as Trustee and offered the Trustee indemnity against the costs, expenses and liabilities to be incurred in
compliance with such request, and the Trustee shall not have received from the Holders of a majority in principal amount of Securities of this series at the time Outstanding a direction inconsistent with such request, and shall have failed to
institute any such proceeding, for 60 days after receipt of such notice, request and offer of indemnity. The foregoing shall not apply to any suit instituted by the Holder of this Security for the enforcement of any payment of principal hereof or
any premium or interest hereon on or after the respective due dates expressed herein. 
 As provided in the Indenture and subject to certain
limitations therein set forth, the transfer of this Security is registrable in the Security Register, upon surrender of this Security for registration of transfer at the office or agency of the Company in any place where the principal of and any
premium and interest on this Security are payable, duly endorsed by, or accompanied by a written instrument of transfer in form satisfactory to the Company and the Security Registrar duly executed by, the Holder hereof or the Holder’s attorney
duly authorized in writing, and thereupon one or more new Securities of this series and of like tenor, of authorized denominations and for the same aggregate principal amount, will be issued to the designated transferee or transferees. 

 The Securities of this series are issuable only in registered form without coupons in
denominations of €100,000 or an integral multiple of €1,000 in excess thereof. As provided in the Indenture and subject to certain limitations therein set forth, Securities of this series are exchangeable for a like aggregate principal
amount of Securities of this series and of like tenor of a different authorized denomination, as requested by the Holder surrendering the same. 

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

 EXHIBIT F 

FORM OF NOTE 
 THIS
SECURITY IS A GLOBAL SECURITY WITHIN THE MEANING OF THE INDENTURE HEREINAFTER REFERRED TO AND IS REGISTERED IN THE NAME OF A DEPOSITARY OR A NOMINEE THEREOF. THIS SECURITY MAY NOT BE EXCHANGED IN WHOLE OR IN PART FOR A SECURITY REGISTERED, AND NO
TRANSFER OF THIS SECURITY IN WHOLE OR IN PART MAY BE REGISTERED, IN THE NAME OF ANY PERSON OTHER THAN SUCH DEPOSITARY OR A NOMINEE THEREOF, EXCEPT IN THE LIMITED CIRCUMSTANCES DESCRIBED IN THE INDENTURE. 

UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF EUROCLEAR BANK SA/NV (“EUROCLEAR”) AND CLEARSTREAM BANKING,
S.A. (“CLEARSTREAM” AND, TOGETHER WITH EUROCLEAR, “EUROCLEAR/CLEARSTREAM”), TO THE COMPANY OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF USB NOMINEES (UK)
LIMITED OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF EUROCLEAR/CLEARSTREAM (AND ANY PAYMENT IS MADE TO USB NOMINEES (UK) LIMITED OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF
EUROCLEAR/CLEARSTREAM), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, ELAVON FINANCIAL SERVICES DAC, UK BRANCH, HAS AN INTEREST HEREIN. TRANSFERS OF THIS
GLOBAL SECURITY SHALL BE LIMITED TO TRANSFERS IN WHOLE, BUT NOT IN PART, TO NOMINEES OF USB NOMINEES (UK) LIMITED OR TO A SUCCESSOR THEREOF OR SUCH SUCCESSOR’S NOMINEE. 

 MEDTRONIC GLOBAL HOLDINGS S.C.A. 

2.250% Senior Note Due 2039 
  

			
		  	CUSIP No.: 58507L AK5
	No.	  	ISIN No.: XS1960678685
		  	COMMON CODE: 196067868
		  	€        

 Medtronic Global Holdings S.C.A., a corporate partnership limited by shares (société en
commandite par actions) incorporated and existing under the laws of the Grand Duchy of Luxembourg (herein called the “Company”, which term includes any successor corporation under the Indenture hereinafter referred to), for
value received, hereby promises to pay to USB Nominees (UK) Limited or registered assigns, the principal sum of         Euros on March 7, 2039 and to pay interest thereon from March 7, 2019 or from
the most recent Fixed Rate Note Interest Payment Date to which interest has been paid or duly provided for, annually in arrears on March 7 in each year, commencing March 7, 2020, at the rate of 2.250% per annum, until the principal hereof
is paid or made available for payment. The Company shall pay interest on overdue principal, and on overdue installments of interest (without regard to any applicable grace periods) to the extent lawful, from time to time on demand at the rate borne
by this Security. 
 The interest so payable, and punctually paid or duly provided for, on any Fixed Rate Note Interest Payment Date will,
as provided in such Indenture, be paid to the Person in whose name this Security is registered at the close of business on the Regular Record Date for such interest, which shall be the Business Day immediately preceding such Fixed Rate Note Interest
Payment Date. Any such interest not so punctually paid or duly provided for will forthwith cease to be payable to the Holder on such Regular Record Date and may either be paid to the Person in whose name this Security is registered at the close of
business on a Special Record Date for the payment of such Defaulted Interest to be fixed by the Trustee, notice whereof shall be given to Holders of Securities of this series not less than 10 days prior to such Special Record Date, or be paid at any
time in any other lawful manner not inconsistent with the requirements of any securities exchange on which the Securities of this series may be listed, and upon such notice as may be required by such exchange, all as more fully provided in said
Indenture. 
 Payment of the principal of (and premium, if any) and any such interest on this Security will be made at the office or agency
of the Paying Agent maintained for that purpose in London in Euro; provided, however, that at the option of the Company payment of interest may be made by check mailed to the address of the Person entitled thereto as such address shall appear in the
Security Register. If the Euro is unavailable to the Company due to the imposition of exchange controls or other circumstances beyond its control or the Euro is no longer used by the then member states of the European Monetary Union that have
adopted the Euro as their currency or for the settlement of transactions by public institutions of or within the international banking community, then all payments in respect of the 2039 Notes will be made in U.S. Dollars until the Euro is again
available to the Company or so used. In such circumstances, the amount payable on any date in Euro will be converted by the Company into U.S. Dollars at the rate mandated 

 
by the U.S. Federal Reserve Board as of the close of business on the second Business Day prior to the relevant payment date or, in the event the U.S. Federal Reserve Board has not mandated a rate
of conversion, on the basis of the most recent U.S. Dollar/Euro exchange rate published in The Wall Street Journal on or prior to the second Business Day prior to the relevant payment date or, in the event The Wall Street Journal has not published
such exchange rate, the rate will be determined in the Company’s sole discretion on the basis of the most recently available market exchange rate for the Euro. For the avoidance of doubt, any such payment in respect of the 2039 Notes so made in
U.S. Dollars will not constitute an Event of Default. Neither the Trustee, the Paying Agent nor the Calculation Agent shall have any responsibility for any calculation or conversion in connection with the foregoing. 

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

 IN WITNESS WHEREOF, the Company has caused this instrument to be duly executed under its
corporate seal. 
  

			
	MEDTRONIC GLOBAL HOLDINGS S.C.A.
		
	By:	 	  

		 	Name:
		 	Title:

 Attest: 

 NOTATION OF GUARANTEE 

For value received, the undersigned (the “Guarantor”), to the extent set forth in and subject to the terms of the Indenture,
dated as of March 28, 2017 (the “Base Indenture”), among Medtronic Global Holdings S.C.A., a corporate partnership limited by shares (société en commandite par actions) incorporated and existing under the
laws of the Grand Duchy of Luxembourg (the “Company”), Medtronic Public Limited Company, a public limited company incorporated under the laws of Ireland (“Medtronic plc”), Medtronic, Inc., a Minnesota corporation
(“Medtronic, Inc.”), and Wells Fargo Bank, National Association, as Trustee (herein called the “Trustee”, which term includes any successor trustee under the Indenture (as defined below)), and as amended and
supplemented by the Second Supplemental Indenture, dated as of March 7, 2019 (the “Second Supplemental Indenture” and, together with the Base Indenture, the “Indenture”), among the Company, Medtronic plc,
Medtronic, Inc., the Trustee and Elavon Financial Services DAC, UK Branch, hereby fully and unconditionally guarantees, on a joint and several basis, to each Holder and to the Trustee and its successors and assigns, that the principal of and
premium, if any, and interest on the 2039 Notes shall be promptly paid in full when due, whether at Stated Maturity, by acceleration, redemption or otherwise, and interest on the overdue principal of and interest on the 2039 Notes, if any, if
lawful, and all other obligations of the Company to the Holders or the Trustee hereunder or thereunder shall be promptly paid in full or performed. 

The obligations of each Guarantor to the Holders and to the Trustee pursuant to this Notation of Guarantee and the Indenture are expressly set
forth in Article 14 of the Indenture, and reference is hereby made to the Indenture for the precise terms and limitations of this Notation of Guarantee. Each Holder of the 2039 Notes to which this Notation of Guarantee is endorsed, by accepting such
2039 Notes, agrees to and shall be bound by such provisions. 
 All terms used in this Notation of Guarantee which are defined in the
Indenture shall have the meanings assigned to them in the Indenture. 

 IN WITNESS WHEREOF, each Guarantor has caused this Notation of Guarantee to be signed by a
duly authorized officer. 
 Dated:         , 20 

 

			
	MEDTRONIC PUBLIC LIMITED COMPANY

 
			
		
	By	 	  

 
			
	
	MEDTRONIC, INC.

 
			
		
	By	 	  

 This is one of the Securities of the series designated herein and referred to in the
within-mentioned Indenture. 
 Dated:        , 20 

 

			
	WELLS FARGO BANK, NATIONAL ASSOCIATION, Trustee
		
	By:	 	  

		 	Authorized Signatory

 (REVERSE OF SECURITY) 

MEDTRONIC GLOBAL HOLDINGS S.C.A. 

2.250% Senior Note Due 2039 

This Security is one of a duly authorized issue of securities of the Company (herein called the “Securities”), issued and to
be issued in one or more series under an Indenture, dated as of March 28, 2017 (the “Base Indenture”), among the Company, Medtronic Public Limited Company, a public limited company incorporated under the laws of Ireland
(“Medtronic plc”), Medtronic, Inc., a Minnesota corporation (“Medtronic, Inc.”), and Wells Fargo Bank, National Association, as Trustee (herein called the “Trustee”, which term includes any
successor trustee under the Indenture (as defined below)), and as amended and supplemented by the Second Supplemental Indenture, dated as of March 7, 2019 (the “Second Supplemental Indenture” and, together with the Base
Indenture, the “Indenture”), among the Company, Medtronic plc, Medtronic, Inc., the Trustee and Elavon Financial Services DAC, UK Branch, and reference is hereby made to the Indenture for a statement of the respective rights,
limitations of rights, duties and immunities thereunder of the Company, the Trustee and the Holders of the Securities and of the terms upon which the Securities are, and are to be, authenticated and delivered. This Security is one of the series
designated on the face hereof, initially limited in aggregate principal amount to €1,000,000,000. The Company may at any time issue additional Securities under the Indenture in unlimited amounts having the same terms as the Securities; provided
that no additional Securities may be issued if an Event of Default has occurred and is continuing with respect to the Securities. 
 The
Securities of this series may be redeemed at any time prior to their maturity, as a whole or in part, at the option of the Company, upon mailing notice of such redemption not less than 15 and not more than 60 days prior to the applicable Redemption
Date to the Holders of such Securities, at a Redemption Price equal to the greater of: 
 (i) 100% of the principal amount of
the Securities being redeemed; and 
 (ii) the sum, as determined by a Quotation Agent, of the present values of the
Remaining Scheduled Payments of principal and interest on the Securities to be redeemed (excluding any portion of such payments of interest accrued as of the Redemption Date and assuming that such Securities matured on the applicable Par Call Date),
discounted to the Redemption Date on an annual basis (ACTUAL/ACTUAL(ICMA)) at the Comparable Bond Rate, plus 30 basis points; 
 plus, in each case, accrued
and unpaid interest to, but not including, the Redemption Date. 
 In addition, at any time on and after the applicable Par Call Date, the
Securities are redeemable at the Company’s option, in whole or in part, at a Redemption Price equal to 100% of the principal amount of the Securities to be redeemed, plus accrued and unpaid interest, if any, to, but not including, the
Redemption Date. 

 In the event of redemption of this Security in part only, a new Security or Securities of
this series and of like tenor for the unredeemed portion hereof will be issued in the name of the Holder hereof upon the cancellation hereof. 

If an Event of Default with respect to Securities of this series shall occur and be continuing, the principal of the Securities of this series
may be declared due and payable in the manner and with the effect provided in the Indenture. 
 The Indenture permits, with certain
exceptions as therein provided, the amendment thereof and the modification of the rights and obligations of the Company and the rights of the Holders of the Securities of each series to be affected under the Indenture at any time by the Company and
the Trustee with the consent of the Holders of a majority in principal amount of the Securities at the time Outstanding of each series to be affected. The Indenture also contains provisions permitting the Holders of specified percentages in
principal amount of the Securities of each series at the time Outstanding, on behalf of the Holders of all Securities of such series, to waive compliance by the Company with certain provisions of the Indenture and certain past defaults under the
Indenture and their consequences. Any such consent or waiver by the Holder of this Security shall be conclusive and binding upon such Holder and upon all future Holders of this Security and of any Security issued upon the registration of transfer
hereof or in exchange herefor or in lieu hereof, whether or not notation of such consent or waiver is made upon this Security. 
 As
provided in and subject to the provisions of the Indenture, the Holder of this Security shall not have the right to institute any proceeding with respect to the Indenture or for the appointment of a receiver or trustee or for any other remedy
thereunder, unless such Holder shall have previously given the Trustee written notice of a continuing Event of Default with respect to the Securities of this series, the Holders of not less than 25% in principal amount of the Securities of this
series at the time Outstanding shall have made written request to the Trustee to institute proceedings in respect of such Event of Default as Trustee and offered the Trustee indemnity against the costs, expenses and liabilities to be incurred in
compliance with such request, and the Trustee shall not have received from the Holders of a majority in principal amount of Securities of this series at the time Outstanding a direction inconsistent with such request, and shall have failed to
institute any such proceeding, for 60 days after receipt of such notice, request and offer of indemnity. The foregoing shall not apply to any suit instituted by the Holder of this Security for the enforcement of any payment of principal hereof or
any premium or interest hereon on or after the respective due dates expressed herein. 
 As provided in the Indenture and subject to certain
limitations therein set forth, the transfer of this Security is registrable in the Security Register, upon surrender of this Security for registration of transfer at the office or agency of the Company in any place where the principal of and any
premium and interest on this Security are payable, duly endorsed by, or accompanied by a written instrument of transfer in form satisfactory to the Company and the Security Registrar duly executed by, the Holder hereof or the Holder’s attorney
duly authorized in writing, and thereupon one or more new Securities of this series and of like tenor, of authorized denominations and for the same aggregate principal amount, will be issued to the designated transferee or transferees. 

 The Securities of this series are issuable only in registered form without coupons in
denominations of €100,000 or an integral multiple of €1,000 in excess thereof. As provided in the Indenture and subject to certain limitations therein set forth, Securities of this series are exchangeable for a like aggregate principal
amount of Securities of this series and of like tenor of a different authorized denomination, as requested by the Holder surrendering the same. 

No service charge shall be made to a Holder for any such registration of transfer or exchange, but the Company may require payment of a sum
sufficient to cover any tax or other governmental charge payable in connection therewith. 
 Prior to due presentment of this Security for
registration of transfer, the Company, the Trustee and any agent of the Company or the Trustee may treat the Person in whose name this Security is registered as the owner hereof for all purposes, whether or not this Security be overdue, and neither
the Company, the Trustee nor any such agent shall be affected by notice to the contrary. 
 Reference is made to the Indenture. Such further
provisions shall for all purposes have the same effect as though fully set forth herein. 
 All terms used in this Security which are
defined in the Indenture shall have the meanings assigned to them in the Indenture.EX-4.2

 Exhibit 4.2 
  

	
	DATED MARCH 7, 2019

 ISSUER 

MEDTRONIC GLOBAL HOLDINGS S.C.A. 

PAYING AGENT 

ELAVON FINANCIAL SERVICES DAC, UK BRANCH 

CALCULATION AGENT 

ELAVON FINANCIAL SERVICES DAC, UK BRANCH  

TRANSFER AGENT 
 U.S.
BANK NATIONAL ASSOCIATION 
 REGISTRAR 

U.S. BANK NATIONAL ASSOCIATION 

- AND - 

TRUSTEE 

WELLS FARGO BANK, NATIONAL ASSOCIATION 

AGENCY AGREEMENT 

relating to Notes issued under a 

prospectus supplement dated March 4, 2019 
  

 CONTENTS 
  

					
	CLAUSE	  	PAGE	 
		
	 1.  INTERPRETATION
	  	 	2	 
		
	 2.  APPOINTMENT OF THE
REGISTRAR
	  	 	2	 
		
	 3.  APPOINTMENT OF THE
TRANSFER AGENT
	  	 	2	 
		
	 4.  APPOINTMENT OF PAYING
AGENT
	  	 	3	 
		
	 5.  APPOINTMENT OF CALCULATION
AGENT
	  	 	3	 
		
	 6.  COMPUTATION OF
INTEREST
	  	 	3	 
		
	 7.  PAYMENT
	  	 	3	 
		
	 8.  REPAYMENT
	  	 	4	 
		
	 9.  PREPAYMENT; NOTICE OF
WITHHOLDING OR DEDUCTION
	  	 	5	 
		
	 10.  RECORDS
	  	 	5	 
		
	 11.  FEES AND EXPENSES
	  	 	5	 
		
	 12.  INDEMNITY
	  	 	6	 
		
	 13.  CONDITIONS OF
APPOINTMENT
	  	 	6	 
		
	 14.  CHANGES IN PAYING
AGENT, CALCULATION AGENT OR REGISTRAR AND SPECIFIED OFFICES
	  	 	8	 
		
	 15.  NOTICES
	  	 	10	 
		
	 16.  COMMUNICATIONS
	  	 	10	 
		
	 17.  AMENDMENTS
	  	 	12	 
		
	 18.  TAXES
	  	 	12	 
		
	 19.  REGULATORY MATTERS
	  	 	12	 
		
	 20.  GOVERNING LAW AND
JURISDICTION
	  	 	14	 
		
	 21.  COUNTERPARTS
	  	 	14	 
		
	 APPENDIX 1
	  	 	6	 

  

  
 i 

 THIS AGREEMENT is made on March 7, 2019. 

BETWEEN: 
  

	 	(1)	 MEDTRONIC GLOBAL HOLDINGS S.C.A. (the “Issuer”); 

 

	 	(2)	 ELAVON FINANCIAL SERVICES DAC, a designated activity company registered in Ireland with the Companies
Registration Office, registered number 418442, with its registered office at 2nd Floor, Block E, Cherrywood Science & Technology Park, Loughlinstown, Co. Dublin, Ireland, acting through its UK Branch (registered number BR020005) from its
offices at 125 Old Broad Street, Fifth Floor, London EC2N 1AR under the trade name U.S. Bank Global Corporate Trust Services, as Paying Agent (the “Paying Agent” which expression shall include any successor paying agent appointed in
accordance with this Agreement); 

  

	 	(3)	 ELAVON FINANCIAL SERVICES DAC, a designated activity company registered in Ireland with the Companies
Registration Office, registered number 418442, with its registered office at 2nd Floor, Block E, Cherrywood Science & Technology Park, Loughlinstown, Co. Dublin, Ireland, acting through its UK Branch (registered number BR020005) from its
offices at 125 Old Broad Street, Fifth Floor, London EC2N 1AR under the trade name U.S. Bank Global Corporate Trust Services, as Calculation Agent (the “Calculation Agent” which expression shall include any successor calculation
agent appointed in accordance with this Agreement); 

  

	 	(4)	 U.S. BANK NATIONAL ASSOCIATION, a national banking association chartered under the federal laws of the United
States of America with its office for purposes of administration of the transactions contemplated by the Notes to be issued under the Indenture (each as defined below) at One Federal Street, 3rd
Floor, Boston, MA 02110, as Transfer Agent (the “Transfer Agent” which expression shall include any successor transfer agent appointed in accordance with this Agreement); 

 

	 	(5)	 U.S. BANK NATIONAL ASSOCIATION, a national banking association chartered under the federal laws of the United
States of America with its office for purposes of administration of the transactions contemplated by the Notes to be issued under the Indenture (each as defined below) at One Federal Street, 3rd
Floor, Boston, MA 02110 as Registrar (the “Registrar” which expression shall include any successor registrar appointed in accordance with this Agreement); and 

 

	 	(6)	 WELLS FARGO BANK, NATIONAL ASSOCIATION, a national banking association duly organized under the laws of the
United States of America with its office at 600 South 4th Street, 6th Floor, Minneapolis, Minnesota, as Trustee (the “Trustee”). 

WHEREAS: 
  

	 	(A)	 The Issuer has agreed to issue €500,000,000 aggregate principal amount of its Floating Rate Senior Notes
due 2021 (the “Floating Rate Notes”), €1,500,000,000 aggregate principal amount of its 0.000% Senior Notes due 2021 (the “2021 Notes”), €1,500,000,000 aggregate principal amount of its 0.375% Senior Notes
due 2023 (the “2023 Notes”), €1,500,000,000 aggregate principal amount of its 1.125% Senior Notes due 2027 (the “2027 Notes”), €1,000,000,000 aggregate principal amount of its 1.625% Senior Notes due 2031
(the “2031 Notes”) and €1,000,000,000 aggregate principal amount of its 2.250% Senior Notes due 2039 (the “2039 Notes”, and together with the Floating Rate Notes, the 2021 Notes, the 2023 Notes, the 2027 Notes
and the 2031 Notes, the “Notes”). 

  
 1 

	 	(B)	 The Notes are to be constituted by an Indenture dated as of March 28, 2017 (the “Base
Indenture”), among the Issuer, Medtronic, Inc. and Medtronic plc as guarantors (the “Guarantors”), and the Trustee, as supplemented by the Second Supplemental Indenture dated as of March 7, 2019 among the Issuer, the
Guarantors, the Trustee and the Paying Agent (the “Second Supplemental Indenture” and, together with the Base Indenture, the “Indenture”), as set out in Appendix 1. 

 

	 	(C)	 The Issuer hereby appoints the Paying Agent, the Calculation Agent, the Transfer Agent and the Registrar in
accordance with the terms of this Agreement and the Indenture. 

 IT IS
AGREED: 
  

	1.	 INTERPRETATION 

 

	1.1	 Unless the context otherwise requires: 

 

	1.2	 References in this Agreement to the payment of principal or interest in respect of any Note shall be deemed to
include any additional amounts which may become payable in respect thereof pursuant to the Notes and the Indenture. 

  

	1.3	 All references in this Agreement to an agreement, instrument or other document (including this Agreement, the
Indenture and the Notes) shall be construed as a reference to that agreement, instrument or document as the same may be amended, modified, varied, supplemented or novated from time to time. 

 

	1.4	 Except as specifically set forth in this Agreement, this Agreement is for the exclusive benefit of the parties
to this Agreement and their respective permitted successors, and shall not be deemed to give, either expressly or implicitly, any legal or equitable right, remedy, or claim to any other entity or person whatsoever. 

 

	2.	 APPOINTMENT OF THE REGISTRAR

  

	2.1	 The Issuer hereby appoints the Registrar, and the Registrar hereby agrees to act at its specified office as
registrar in relation to the Notes in accordance with the provisions of this Agreement and the Indenture and upon the terms and subject to the conditions contained in this Agreement and the Indenture. 

 

	2.2	 On the date of this Agreement, the Registrar shall provide to the Paying Agent a complete and correct copy of
the register maintained by the Registrar in respect of the holders of Notes and the outstanding principal amount of Notes held by each holder of Notes. 

  

	2.3	 The Registrar shall from time to time provide to the Paying Agent a complete and correct copy of the register
of Notes maintained by it as soon as reasonably practicable following any transfer or exchange of any Notes, and promptly on request therefor by the Paying Agent. 

 

	2.4	 The Paying Agent shall be entitled to treat as conclusive the most recent copy of the register provided to it
by the Registrar in accordance with this Agreement. 

  

	3.	 APPOINTMENT OF THE TRANSFER AGENT

  

	3.1	 The Transfer Agent is hereby appointed as the agent of the Issuer, to act as Transfer Agent for the purposes
specified in this Agreement, the Indenture and the Notes, including, inter alia, completing, authenticating, holding and delivering Notes, upon the terms and subject to the conditions specified herein, the Indenture and in the Notes, and the
Transfer Agent hereby accepts such appointment. 

  
 2 

	4.	 APPOINTMENT OF PAYING AGENT

  

	4.1	 The Issuer hereby appoints the Paying Agent, and the Paying Agent hereby agrees, to act at its specified office
as paying agent in relation to the Notes in accordance with the provisions of this Agreement and the Indenture and upon the terms and subject to the conditions contained in this Agreement and the Indenture. 

 

	4.2	 The Paying Agent is appointed hereunder for the purposes of: 

 

	 	(a)	 paying sums due on the Notes referred to in the Second Supplemental Indenture; and 

 

	 	(b)	 otherwise fulfilling its duties and obligations as set out in this Agreement and the Indenture.

  

	5.	 APPOINTMENT OF CALCULATION AGENT

  

	5.1	 The Issuer hereby appoints the Calculation Agent, and the Calculation Agent hereby agrees, to act at its
specified office as calculation agent in relation to the Notes in accordance with the provisions of this Agreement and the Indenture and upon the terms and subject to the conditions contained in this Agreement and the Indenture.

  

	5.2	 The Calculation Agent is appointed hereunder for the purposes of calculating the interest rate on the Notes in
accordance with Section 6 of this agreement. 

  

	6.	 COMPUTATION OF INTEREST 

 

	6.1	 The Calculation Agent shall, as soon as practicable after 11:00 a.m. (Brussels time) on each date which is two
London Business Days before the initial interest period and each subsequent interest period, calculate the interest rate on the Floating Rate Notes for the following interest period in accordance with the terms contained within the Floating Rate
Notes. The determination of the interest rate by the Calculation Agent shall, in the absence of manifest error, be final and binding on all parties. In no event will the interest rate on the Notes be less than 0.00% or higher than the maximum rate
permitted by applicable law, provided, however, that the Calculation Agent shall not be responsible for verifying that the rate of interest on the Notes is permitted under any applicable law. Promptly upon such determination, the Calculation Agent
will notify the Issuer and the Trustee of the interest rate for the new interest period. 

  

	6.2	 The Calculation Agent will, upon the written request of the holder of the Floating Rate Notes, provide the
interest rate then in effect with respect to the Floating Rate Notes and, if determined, the interest rate that will become effective in the next interest period. The rights of holders to receive the payments of interest on the Notes are subject to
applicable procedures of Euroclear and Clearstream, Luxembourg. The Trustee, Paying Agent, Transfer Agent and Registrar shall not be responsible for, nor incur any liability in relation to, any computation of interest made by the Calculation Agent.

  

	7.	 PAYMENT 

Subject always to the Indenture and, in particular, any restrictions on the Issuer following delivery of a notice of an Event of Default: 

 

	 	(a)	 The Issuer shall, not later than 11.00 am (London time) on each due date for the payment of principal and/or
interest and/or other amounts referred to in Articles 2 or 3 of the 

  
 3 

	 	
Second Supplemental Indenture in respect of the Notes, pay to an account specified by the Paying Agent such amount of Euros sufficient (together with any funds then held by the Paying Agent and
available for the purpose) to pay all principal and interest and/or other amounts referred to in Articles 2 or 3 of the Second Supplemental Indenture due in respect of the Notes on such date in immediately available funds; provided that if any such
date is not a Business Day such payment shall be made on the next succeeding date which is a Business Day. As used in this Agreement, “Business Day” shall have the meaning as set forth
in the Notes. 

  

	 	(b)	 The Issuer hereby authorises and directs the Paying Agent to make from funds so paid to the Paying Agent
payment of all amounts due on the Notes in accordance with the terms of the Notes, the Indenture and the provisions of this Agreement. If any payment provided for in clause 7(a) is made late but otherwise in accordance with the provisions of this
Agreement, the Paying Agent shall nevertheless make payments in respect of the Notes as aforesaid following receipt by the Paying Agent of such payment. 

  

	 	(c)	 The Paying Agent shall forthwith notify the Issuer and the Trustee if: (a) it has not, on the date on
which any payment is due to be made to the Paying Agent pursuant to clause 7(a), received the full amount payable in respect thereof on such date and (b) it receives unconditionally such full amount, together with accrued interest (if any),
after that date. Unless and until the full amount of any such principal or interest payment due to be made to the Paying Agent pursuant to clause 7(a) has been received by it, the Paying Agent will not be bound to make any payments in accordance
with clause 7(b). 

  

	 	(d)	 Without prejudice to clause 7(c), if the Paying Agent pays out on or after the due date therefor (other than as
a result of its own gross negligence or wilful misconduct) to persons entitled thereto, or becomes liable to pay out, any amounts on the assumption (which is not negated by reasonable evidence to the contrary) that the corresponding payment due from
the Issuer in accordance with clause 7(a) has been or will be made, the Issuer shall on demand reimburse the Paying Agent for the relevant amount, and pay interest to the Paying Agent on such amount from (and including) the date on which it is paid
out to (but excluding) the date of reimbursement at the rate per annum equal to the cost to the Paying Agent of funding the amount paid out, as certified by the Paying Agent and expressed as a rate per annum. 

 

	 	(e)	 Payment of only part of the amount payable in respect of a Note may only be made at the discretion of the
relevant Noteholder(s) (except as the result of a withholding or deduction for or on account of any taxes permitted by the Indenture). If at any time the Paying Agent makes a partial payment in respect of any Note presented to it, it shall inform
the Registrar of the same such that the Registrar may record the same on the register of Notes. 

  

	8.	 REPAYMENT 

Any sums paid by, or by arrangement with the Issuer to the Paying Agent pursuant to the terms of this Agreement shall not be required to be
repaid to the Issuer unless and until the Notes in respect of which such sums were paid shall have been purchased or redeemed by the Issuer or any other subsidiary of the Issuer and cancelled, but in any of these events the Paying Agent shall
(provided that all other amounts due under this Agreement shall have been duly paid) upon written request by the Issuer forthwith repay to the Issuer sums equivalent to the amounts which would otherwise have been payable on the relevant Notes
together with any fees previously paid to the Paying Agent in respect of such Notes for services that were not ultimately rendered. Notwithstanding the foregoing, the Paying Agent shall not be obliged to make any repayment

  
 4 

 
to the Issuer so long as any amounts which under this Agreement should have been paid to or to the order of the Paying Agent by the Issuer shall remain unpaid. The Paying Agent shall not,
however, be otherwise required or entitled to repay any sums properly received by it under this Agreement. 
  

	9.	 PREPAYMENT; NOTICE OF WITHHOLDING
OR DEDUCTION 

  

	9.1	 The Issuer shall provide to the Paying Agent a copy of all notices of prepayment delivered under the Indenture
in respect of the Notes that it serves on the holders of the Notes including, without limitation, details of the date(s) on which such prepayments in respect of the Notes are to be made, all amounts required to be paid by the Issuer in respect
thereof in accordance with the Indenture and the manner in which such prepayment will be effected. 

  

	9.2	 If: 

  

	 	(a)	 the Issuer, in respect of any payment; or 

 

	 	(b)	 the Paying Agent, in respect of any payment of principal of or any premium or interest on the Notes,

 is required to withhold or deduct any amount for or on account of Tax, 

 

	 	(c)	 the Issuer shall give notice thereof to the Paying Agent and the Trustee as soon as it becomes aware of such
requirement and shall give to the Paying Agent such information as the Paying Agent requires to enable it to make such deduction or withholding; and 

  

	 	(d)	 except where such requirement arises as a result of prepayment of the Notes in accordance with the Indenture or
by virtue of the relevant holder failing to satisfy any certification or other requirement in respect of its Notes, the Paying Agent shall give notice thereof to the Issuer and the Trustee as soon as it becomes aware of the requirement to withhold
or deduct. 

  

	10.	 RECORDS 

The Paying Agent shall: 
  

	 	(a)	 keep a full and complete record of all payments made by it in respect of the Notes; and 

 

	 	(b)	 make such records available at all reasonable times to the Issuer and any persons authorised by it, and the
Trustee for inspection and for the taking of copies thereof. 

  

	11.	 FEES AND EXPENSES 

 

	11.1	 The Issuer will pay to the Paying Agent, Calculation Agent, Transfer Agent and Registrar such fees and expenses
in respect of the Paying Agent, Calculation Agent, Transfer Agent and Registrar’s services under this Agreement as agreed to in the fee letter dated March 7, 2019 from the Paying Agent, Calculation Agent, Transfer Agent and Registrar to, and
countersigned by, the Issuer. 

  

	11.2	 The Issuer will also pay on demand, against presentation of such invoices and receipts as it may reasonably
require, all out-of-pocket expenses (including necessary advertising, facsimile and telex transmission, postage and insurance expenses and, subject to prior approval by
the Issuer as set forth below, the fees and expenses of legal advisers) properly incurred by the Paying Agent, Calculation Agent, Transfer Agent and Registrar in connection with the services under this Agreement, together with any applicable value
added tax or similar tax properly chargeable 

  
 5 

	 	
thereon. Payment by the Issuer to the Paying Agent, Transfer Agent, Calculation Agent, and Registrar of such properly-incurred
out-of-pocket expenses shall be a good discharge of the obligations of the Issuer in respect thereof. Where the advice of legal counsel is sought by the Paying Agent,
Calculation Agent, Transfer Agent or Registrar, the fees of any such counsel shall be agreed to by the Issuer (acting reasonably) in advance. 

  

	12.	 INDEMNITY 

 

	12.1	 The Issuer undertakes to indemnify and hold harmless, the Paying Agent, Calculation Agent, Transfer Agent,
Registrar and each of its respective directors, officers, employees or agents (each an “Indemnified Party”) on demand by such Indemnified Party against any losses, liabilities, costs, fees, expenses, claims, actions, damages or
demands (including, but not limited to, all reasonable costs, charges and expenses paid or incurred in disputing or defending the foregoing and the properly incurred fees and expenses of legal advisers) which such Indemnified Party may incur or
which may be made against it, as a result of or in connection with the appointment or the exercise of or performance of its powers and duties under this Agreement, except such as may result from its own gross negligence, wilful misconduct or fraud
or that of its directors, officers, employees or agents. 

  

	12.2	 The indemnity contained in clause 12.1 above shall survive the termination and expiry of this Agreement.

  

	13.	 CONDITIONS OF APPOINTMENT 

 

	13.1	 The Paying Agent shall (a) hold all sums received from the Issuer in accordance with this Agreement and
the Indenture for payment of principal of or any premium or interest on the Notes in trust for the benefit of persons entitled thereto until such sums shall be paid to such persons or otherwise disposed of as provided in this Agreement and the
Indenture provided that the Paying Agent may use such money as a banker in the ordinary course of business and without accounting for profits; (b) give the Trustee notice of any default by the Issuer (or any other obligor upon the Notes) in the
making of any payment of principal of or premium or interest on the Notes; and (c) at any time during the continuance of any such default, upon the written request of the Trustee, forthwith pay to the Trustee all sums held by it in trust for
payment in respect of the Notes. 

  

	13.2	 No monies held by the Paying Agent need be segregated except as required by law. 

 

	13.3	 In acting under this Agreement and in connection with the Notes, the Paying Agent, Calculation Agent, Transfer
Agent and Registrar shall act solely as agent of the Issuer and, save solely in respect of its obligations under clause 13.1 hereof, shall not have any obligations towards or relationship of agency or trust with any of the holders of the Notes or
the Trustee. 

  

	13.4	 The Paying Agent, Calculation Agent, Transfer Agent and Registrar shall be obliged to perform such duties and
only such duties as are specifically set out in this Agreement. No implied duties or obligations shall be read into such document. The Paying Agent, Calculation Agent, Transfer Agent and Registrar shall not be obliged to perform any duties
additional to or different from such duties resulting from any modification or supplement after the date hereof to any relevant documents (including, without limitation, the Indenture), unless it shall have previously agreed to perform such duties.
The Paying Agent, Calculation Agent, Transfer Agent and Registrar shall not be under any obligation to take any action hereunder which either party expects, and has thus notified the Issuer in writing, will result in any expense or liability of such
Paying Agent, Calculation Agent, Transfer Agent or Registrar, the payment of which within a reasonable time is not, in its opinion, assured to it. 

  
 6 

	13.5	 Except as ordered by a court of competent jurisdiction or as required by law, the Paying Agent shall be
entitled to treat the holder of any Note (as evidenced by the register of Notes maintained by the Registrar) as the absolute owner thereof for all purposes (whether or not it is overdue and notwithstanding any notice to the contrary or any notice of
ownership, trust or any interest in it, any writing on it, or its theft or loss) and shall not be required to obtain any proof thereof or as to the identity of the bearer or holder. 

 

	13.6	 The Paying Agent, Calculation Agent, Transfer Agent and Registrar may consult with any legal or other
professional advisers (who may be an employee of or legal adviser to the Issuer) selected by it, at the cost of the Issuer, provided that the fees of any such counsel shall be agreed to by the Issuer (acting reasonably) in advance, and the opinion
of such advisers shall be full and complete protection in respect of any action taken, omitted or suffered hereunder in accordance with the written opinion of such advisers. 

 

	13.7	 The Paying Agent, Calculation Agent, Transfer Agent and Registrar shall be protected and shall incur no
liability for or in respect of any action taken, suffered or omitted by it in reliance upon any instruction, request or order from the Issuer or upon any Note, notice, resolution, direction, consent, certificate, affidavit, statement, telex,
facsimile transmission or other document or information from any electronic or other source reasonably believed by it to be genuine and to have been signed or otherwise given or disseminated by the proper party or parties, even if it is subsequently
found not to be genuine or to be incorrect. 

  

	13.8	 The Paying Agent, Calculation Agent, Transfer Agent and Registrar, whether acting for itself or in any other
capacity, will not be precluded from becoming the owner of, or acquiring any interest in, holding or disposing of any Note or any shares or other securities of the Issuer or any of its subsidiaries, holding or associated companies (each a
“Connected Company”), with the same rights as it would have had if it were not acting as Paying Agent or from entering into or being interested in any contracts or transactions with any Connected Company or from acting on, or as
depositary, trustee or agent for, any committee or body of holders of any securities of any Connected Company and will not be liable to account for any profit. 

 

	13.9	 The Paying Agent shall not be required to make any payments to any holder of a Note if under any laws or
regulations affecting the Paying Agent, such payment is not permitted. In the event of any such laws or regulations affecting the Paying Agent coming to the attention of the Paying Agent it shall forthwith notify the Issuer and the Trustee.

  

	13.10	 The Issuer shall do or cause to be done all such acts, matters and things and shall make available all such
documents as shall be necessary or desirable to enable the Paying Agent, Calculation Agent, Transfer Agent and Registrar to fully comply with and carry out its respective duties and obligations hereunder. 

 

	13.11	 In no event shall the Paying Agent, Calculation Agent, Transfer Agent or Registrar or any of its affiliates or
any of their respective officers, directors, employees, agents, advisors or representatives (collectively, “Agent Parties”) have any liability for damages of any kind, including, without limitation, direct or indirect, special,
incidental or consequential damages, losses or expenses (whether in tort, contract or otherwise), except to the extent the liability of the Paying Agent, Calculation Agent, Transfer Agent or Registrar is found in a final non-appealable judgment by a court of competent jurisdiction to have resulted primarily from the gross negligence, wilful misconduct or fraud of the Paying Agent, Calculation Agent, Transfer Agent or Registrar or
their Agent Parties. 

  
 7 

	13.12	 Notwithstanding anything contained in this Agreement to the contrary, the Paying Agent, Calculation Agent,
Transfer Agent and the Registrar shall not incur any liability for not performing any act or fulfilling any obligation hereunder by reason of any occurrence beyond its control including, without limitation, (i) any governmental activity
(whether de jure or de facto), act of authority (whether lawful or unlawful), compliance with any governmental or regulatory order, rule, regulation or direction, curfew restriction, expropriation, compulsory acquisition, seizure, requisition,
nationalisation or the imposition of currency or currency control restrictions; (ii) any failure of or the effect of rules or operations of any funds transfer, settlement or clearing system, interruption, loss or malfunction of utilities,
communications or computer services or the payment or repayment of any cash or sums arising from the application of any law or regulation in effect now or in the future, or from the occurrence of any event in the country in which such cash is held
which may affect, limit, prohibit or prevent the transferability, convertibility, availability, payment or repayment of any cash or sums until such time as such law, regulation or event shall no longer affect, limit, prohibit or prevent such
transferability, convertibility, availability, payment or repayment (and in no event, other than as provided in the Notes, shall the Paying Agent be obliged to substitute another currency for a currency whose transferability, convertibility or
availability has been affected, limited, prohibited or prevented by such law, regulation or event or be obliged to pay any penalty interest); (iii) any strike or work stoppage, go slow, occupation of premises, other industrial action or dispute or
any breach of contract by any essential personnel; (iv) any equipment or transmission failure or failure of applicable banking or financial systems; (v) any war, armed conflict including but not limited to hostile attack, hostilities, or
acts of a foreign enemy; (vi) any riot, insurrection, civil commotion or disorder, mob violence or act of civil disobedience; (vii) any act of terrorism or sabotage; (viii) any explosion, fire, destruction of machines, equipment or
any kind of installation, prolonged breakdown of transport, radioactive contamination, nuclear fusion or fission or electric current; (ix) any epidemic, natural disaster (such as but not limited to violent storm, hurricane, blizzard,
earthquake, landslide, tidal wave, flood, damage or destruction by lightning, or drought); or (x) any other act of God. 

  

	13.13	 Pursuant to and in accordance with the procedures set forth in Article 13 of the Base Indenture (i) the
Issuer may at any time, for the purpose of obtaining the satisfaction and discharge of the Indenture or for any other purpose, direct the Paying Agent to pay to the Trustee all sums held in trust by the Paying Agent, such sums to be held by the
Trustee upon the same trusts as those upon which such sums were held by the Paying Agent; and, upon such payment by the Paying Agent to the Trustee, the Paying Agent shall be released from all further liability with respect to such money and
(ii) any money deposited with the Paying Agent in trust for the payment of the principal of or any premium or interest on the Notes remaining unclaimed for two years after such principal, premium or interest has become due and payable shall be
paid to the Issuer on the Issuer’s request and all liability of the Paying Agent with respect to such trust money shall thereupon cease. 

  

	14.	 CHANGES IN PAYING AGENT,
CALCULATION AGENT OR REGISTRAR AND SPECIFIED OFFICES 

 

	14.1	 The Issuer may at any time vary or terminate the appointment of the Paying Agent, Calculation Agent, Transfer
Agent or the Registrar and appoint additional or other paying agents, calculation agents or registrars. 

 Any variation or
termination shall be made by giving to the Paying Agent, Calculation Agent, Transfer Agent or Registrar and (if different) to the paying agent, calculation agent, transfer agent or registrar whose appointment is to be varied terminated not less than
60 days’ written notice to that effect, which notice shall expire not less than 30 days before or after any due date for any payment in respect of Notes. 

  
 8 

	14.2	 Subject to clause 14.1, the Paying Agent, Calculation Agent, Transfer Agent or Registrar may resign its
appointment hereunder at any time by giving to the Issuer not less than 60 days’ written notice to that effect, which notice shall expire not less than 30 days before or after any due date for any payments in respect of any Notes.

  

	14.3	 Notwithstanding clauses 14.1 and 14.2 no such termination of the appointment of, or resignation by, the Paying
Agent, Calculation Agent, Transfer Agent or Registrar shall take effect until a successor has been appointed on terms approved by the Issuer or the Issuer has otherwise approved such resignation without a successor being appointed.

  

	14.4	 Notwithstanding any other provisions of clause 14.1, the appointment of the Paying Agent, Calculation Agent,
Transfer Agent or Registrar shall forthwith terminate if at any time such Paying Agent, Calculation Agent, Transfer Agent or Registrar becomes incapable of acting, or is adjudged bankrupt or insolvent, or files a voluntary petition in bankruptcy or
makes an assignment for the benefit of its creditors or consents to the appointment of a receiver, administrator or other similar official of it or of all or any substantial part of its property or admits in writing its inability to pay or meet its
debts as they mature or suspends payment thereof, or if a resolution is passed or an order made for its winding up or dissolution, or if a receiver, administrator or other similar official of it or of all or any substantial part of its property is
appointed, or if any order of any court is entered approving any petition filed by or against it under the provisions of any applicable bankruptcy or insolvency law, or if any public officer takes charge or control of such Paying Agent, Calculation
Agent, Transfer Agent or Registrar or its property or affairs for the purpose of rehabilitation, conservation, administration or liquidation or there occurs any analogous event under any applicable law. 

 

	14.5	 On the date on which any such termination or resignation takes effect, the Paying Agent, Calculation Agent,
Transfer Agent or Registrar shall (i) pay to or to the order of its successor (or, if none, the Issuer) any amounts held by it in respect of the Notes which have become due and payable but which have not been presented for payment; and
(ii) deliver to its successor (or, if none, the Issuer or as the Issuer may direct) all records maintained by it, pursuant hereto. Following such termination or resignation and pending such payment and delivery, the Paying Agent, Calculation
Agent, Transfer Agent or Registrar shall hold such amounts, records and documents in trust for and subject to the order of its successor or, as the case may be, the Issuer. 

 

	14.6	 Any corporation into which any Paying Agent, Calculation Agent, Transfer Agent or Registrar may be merged or
converted or any corporation with which such Paying Agent, Calculation Agent, Transfer Agent or Registrar may be consolidated or any corporation resulting from any merger, conversion or consolidation to which such Paying Agent, Calculation Agent,
Transfer Agent or Registrar shall be a party, or any corporation, including affiliated corporations, to which the Paying Agent, Calculation Agent, Transfer Agent or Registrar shall sell or otherwise transfer: (a) all or substantially all of its
assets or (b) all or substantially all of its corporate trust business shall, on the date when the merger, conversion, consolidation or transfer becomes effective and to the extent permitted by any applicable laws, be the successor Paying
Agent, Calculation Agent, Transfer Agent or Registrar under this Agreement without any further formality, and after such effective date all references in this Agreement to such Paying Agent, Calculation Agent, Transfer Agent or Registrar shall be
deemed to be references to such corporation. Notice of any such merger, conversion, consolidation or transfer shall forthwith be given by the Paying Agent, Calculation Agent, Transfer Agent or Registrar to the Issuer and the Trustee.

  

	14.7	 The Paying Agent, Calculation Agent, Transfer Agent or Registrar may change its specified office to another
office in the same city at any time by giving to the Issuer and the Trustee not less than 60 days’ prior written notice to that effect, which notice shall expire not less than 30 days before or after any due date for any payments in respect of
any Notes, and which notice shall specify the address of the new specified office and the date upon which such change is to take effect, or to another city as mutually agreed with the Issuer. 

  
 9 

	15.	 NOTICES 

 

	15.1	 If the Issuer arranges publication of any notice to the holders of the Notes, it shall at or before the time of
such publication, send copies of each notice so published to the Paying Agent. 

  

	15.2	 The Paying Agent, Calculation Agent, Transfer Agent and Registrar shall promptly forward any written notice
received by it from any holders of the Notes to the Issuer and the Trustee. 

  

	16.	 COMMUNICATIONS 

 

	16.1	 For the purposes of this clause, the address of each party at the date of this Agreement shall be the address
set out below (including, where applicable, the details of the facsimile number, the person for whose attention the notice or communication is to be addressed and the email address): 

the Issuer: 
  

			
	MEDTRONIC GLOBAL HOLDINGS S.C.A.	  	
		
	 3b, boulevard Prince Henry
 L-1724 Luxembourg
 As may be amended from time to time in accordance with this Agreement.
	  	 Attention: Treasury Department
  

Matt Eidem
 Email: matt.r.eidem@medtronic.com

Phone: (763) 505-3215
  

Tateo Jager
 Email: tateo.jager@medtronic.com

Phone: (763) 526-3850
  

Brad Welnick
 Email: brad.m.welnick@medtronic.com

Phone: (763) 526-1051

 the Paying Agent: 
  

			
	Elavon Financial Services DAC, UK Branch	  	
		
	 125 Old Broad Street
 London

EC2N 1AR
 United Kingdom

 
 as may be amended from time to time in accordance with this Agreement.
	  	 Fax: +44 (0)207 365 2577
 Attention: MBS
Relationship Management
 Email:mbs.relationship.management@usbank.com

  
 10 

 the Calculation Agent: 
  

			
	Elavon Financial Services DAC, UK Branch	  	
		
	 125 Old Broad Street
 London

EC2N 1AR
 United Kingdom

 
 as may be amended from time to time in accordance with this Agreement.
	  	 Fax: +44 (0)207 365 2577
 Attention: MBS
Relationship Management
 Email:mbs.relationship.management@usbank.com

 the Transfer Agent: 
  

			
	U.S. Bank National Association	  	
		
	 Global Corporate Trust
 Attn: David W.
Doucette
 One Federal Street, 3rd Floor
 Boston, MA 02110

USA
  

as may be amended from time to time in accordance with this Agreement.
	  	 Fax: +1 (617) 603-6683

Email: david.doucette@usbank.com

 the Registrar: 
  

			
	U.S. Bank National Association	  	
		
	 Global Corporate Trust
 Attn: David W.
Doucette
 One Federal Street, 3rd Floor

Boston, MA 02110
 USA

 
 as may be amended from time to time in accordance with this Agreement.
	  	 Fax: +1 (617) 603-6683

Email: david.doucette@usbank.com

 the Trustee: 
  

			
	Wells Fargo Bank, National Association	 	
		
	 Corporate Trust Services
 600 South 4th Street,
6th Floor
 Minneapolis, Minnesota
  

as may be amended from time to time in accordance with the Indenture and notified by the Issuer to the Paying Agent.
	 	 Fax: +1 (612) 667-9825

Attention: Administrator for Medtronic
 Email:
david.pickett@wellsfargo.com

  
 11 

	17.	 AMENDMENTS 

 

	17.1	 For the avoidance of doubt, this Agreement may be amended in writing by the parties hereto.

  

	17.2	 The Issuer shall provide to the Paying Agent a copy of any amendment to the Indenture as soon as reasonably
practicable following such amendment taking effect. Where reference is made in this Agreement to the Indenture, such reference shall, for the purposes of the Paying Agent’s rights and obligations under this Agreement only, be deemed to refer to
the most recent version of such document provided to the Paying Agent by the Issuer. 

  

	18.	 TAXES 

 

	The	 Issuer agrees to pay any and all stamp and other documentary taxes or duties which may be payable in connection
with the execution, delivery, performance and enforcement of this Agreement. 

  

	19.	 REGULATORY MATTERS 

 

	19.1	 The Paying Agent is authorised and regulated by the Central Bank of Ireland (“CBOI”). It is
additionally authorised by the UK Prudential Regulation Authority (“PRA”) and its activities in the UK are subject to limited regulation by the UK Financial Conduct Authority (“FCA”) and the
PRA. 

  

	19.2	 In connection with the worldwide effort against the funding of terrorism and money laundering activities, the
Paying Agent, Calculation Agent, Transfer Agent and Registrar may be required under various national laws and regulations to which they are subject to obtain, verify and record information that identifies each person who opens an account with it.
For a non-individual person such as a business entity, a charity, a trust or other legal entity the Paying Agent, Calculation Agent, Transfer Agent and Registrar shall be entitled to ask for documentation to
verify such entity’s formation and legal existence as well as financial statements, licenses, identification and authorisation documents from individuals claiming authority to represent the entity or other relevant documentation.

  

	19.3	 The parties to this Agreement acknowledge and agree that the obligations of the Paying Agent, Calculation
Agent, Transfer Agent and Registrar under this Agreement are limited by and subject to compliance by them with EU and US Federal anti-money laundering statutes and regulations. If the Paying Agent, Calculation Agent, Transfer Agent and Registrar or
any of their directors know or suspect that a payment is the proceeds of criminal conduct, such person is required to report such information pursuant to the applicable authorities and such report shall not be treated as a breach by such person of
any confidentiality covenant or other restriction imposed on such person under this Agreement, by law or otherwise on the disclosure of information. The Paying Agent, Calculation Agent, Transfer Agent and Registrar shall be indemnified and held
harmless by the Issuer from and against all losses suffered by them that may arise as a result of the agents being prevented from fulfilling their obligations hereunder due to the extent doing so would not be consistent with applicable statutory
anti-money laundering requirements. 

  
 12 

	19.4	 Notwithstanding anything to the contrary in this Agreement or in any other agreement, arrangement or
understanding among any such parties, each party hereto acknowledges that any liability of any party arising under this Agreement or any such other document, to the extent such liability is unsecured or not otherwise exempted, may be subject to the
write-down and conversion powers of a Resolution Authority and agrees and consents to, and acknowledges and agrees to be bound by: 

  

	 	(a)	 the application of any Write-Down and Conversion Powers by a Resolution Authority to any such liabilities
arising hereunder which may be payable to it by any party hereto; and 

  

	 	(b)	 the effects of any Bail-in Action on any such liability, including, if
applicable: 

  

	 	1.	 a reduction in full or in part or cancellation of any such liability; 

 

	 	2.	 a conversion of all, or a portion of, such liability into shares or other instruments of ownership in such
party, its parent undertaking, or a bridge institution that may be issued to it or otherwise conferred on it, and that such shares or other instruments of ownership will be accepted by it in lieu of any rights with respect to any such liability
under this Agreement or any other agreement; or 

  

	 	3.	 the variation of the terms of such liability in connection with the exercise of the write-down and conversion
powers of any Resolution Authority. 

 For the purpose of this sub-clause 19.4 the following terms
shall have the following meanings: 
 “Bail-In Action” means the exercise of any Write-Down and
Conversion Powers by the applicable Resolution Authority. 
 “Bail-In Legislation” means, with
respect to any EEA Member Country implementing Article 55 of Directive 2014/59/EU of the European Parliament and of the Council of the European Union, the implementing law for such EEA Member Country from time to time which is described in the EU Bail-In Legislation Schedule and in relation to any other state, any analogous law or regulation from time to time which requires contractual recognition of any Write-down and Conversion Powers contained in that law
or regulation. 
 “EEA Member Country” means any of the member states of the European Union, Iceland, Liechtenstein, and Norway. 

“EU Bail-In Legislation Schedule” means the EU Bail-In
Legislation Schedule published by the Loan Market Association (or any successor person), as in effect from time to time. 
 “Resolution
Authority” means any public administrative authority or any person entrusted with public administrative authority to exercise any Write-down and Conversion Powers. 

“Write-Down and Conversion Powers” means, 
  

	 	(a)	 in relation to any Bail-In Legislation described in the EU Bail-In Legislation Schedule from time to time, the powers described as such in relation to that Bail-In Legislation in the EU Bail-In
Legislation Schedule; and 

  

	 	(b)	 any powers under the Bail-In Legislation to cancel, transfer or dilute
shares issued by a person that is a bank or investment firm or other financial institution or affiliate of a bank, investment firm or other financial institution, to cancel, reduce, modify or change the form of a liability of such a person or any
contract or instrument under which that liability arises, to convert all or part of that liability into shares, securities or obligations of that person or any other person, to provide that any such contract or instrument is to have effect as if a
right had been exercised under it or to suspend any obligation in respect of that liability or any of the powers under that Bail-In Legislation that are related to or ancillary to any of those powers; and any
similar or analogous powers under that Bail-In Legislation. 

  
 13 

	20.	 GOVERNING LAW AND JURISDICTION

  

	20.1	 This Agreement shall be construed and enforced in accordance with, and the rights of the parties shall be
governed by, the law of the State of New York. 

  

	20.2	 Each of the Paying Agent, the Calculation Agent, the Transfer Agent, the Registrar and the Issuer irrevocably
submits to the non-exclusive jurisdiction of any New York State or federal court sitting in the Borough of Manhattan, The City of New York, over any suit, action or proceeding arising out of or relating to
this Agreement. To the fullest extent permitted by applicable law, each of the Paying Agent, the Calculation Agent, the Transfer Agent, the Registrar and the Issuer irrevocably waives and agrees not to assert, by way of motion, as a defence or
otherwise, any claim that it is not subject to the jurisdiction of any such court, any objection that it may now or hereafter have to the laying of the venue of any such suit, action or proceeding brought in any such court and any claim that any
such suit, action or proceeding brought in any such court has been brought in an inconvenient forum. 

  

	20.3	 Each of the Paying Agent, the Calculation Agent, the Transfer Agent, the Registrar and the Issuer agrees, to
the fullest extent permitted by applicable law, that a final judgment in any suit, action or proceeding of the nature referred to in clause 20.2 brought in any such court shall be conclusive and binding upon it subject to rights of appeal, as the
case may be, and may be enforced in the courts of the United States of America or the State of New York (or any other courts to the jurisdiction of which it or any of its assets is or may be subject) by a suit upon such judgment.

  

	20.4	 THE PARTIES HERETO HEREBY WAIVE TRIAL BY JURY IN ANY ACTION BROUGHT ON OR WITH RESPECT TO THIS AGREEMENT.

  

	21.	 COUNTERPARTS 

This Agreement may be executed in any number of counterparts, each of which when executed and delivered shall be an original, but all of which
when taken together shall constitute a single instrument. 
 AS WITNESS the hands of the parties or
their duly authorised agents the day and year first above written. 

  
 14 

 SIGNATORIES 

ISSUER 
 MEDTRONIC GLOBAL HOLDINGS S.C.A., a

 Luxembourg corporate partnership limited by 
 shares
(société en commandite par actions) 
 represented by Medtronic Global Holdings GP 

S.à r.l. its General Partner, in turn acting by 
  

	
	By: /s/ Erik De Gres                                
	
	 Name: Erik De Gres

	 Title: Managing Director

 [Signature Page to Agency Agreement] 

 PAYING AGENT 

Elavon Financial Services DAC, UK Branch 
  

			
	By:	 	 /s/ Michael Leong

		 	Name: Michael Leong
		 	Title: Authorised Signatory

  

			
	By:	 	 /s/ Chris Hobbs

		 	Name: Chris Hobbs
		 	Title: Authorised Signatory

 [Signature Page to Agency Agreement] 

 CALCULATION AGENT 

Elavon Financial Services DAC, UK Branch 
  

			
	By:	 	 /s/ Michael Leong

		 	Name: Michael Leong
		 	Title: Authorised Signatory

  

			
	By:	 	 /s/ Chris Hobbs

		 	Name: Chris Hobbs
		 	Title: Authorised Signatory

 [Signature Page to Agency Agreement] 

			
	TRANSFER AGENT	  	
		
	U.S. BANK NATIONAL ASSOCIATION	  	

  

			
	By:	 	 /s/ David W. Doucette

		 	Name: David W. Doucette
		 	Title: Vice President

  
 [Signature Page to Agency
Agreement] 

			
	 REGISTRAR
	  	
		
	 U.S. BANK NATIONAL ASSOCIATION
	  	

  

			
	By:	 	 /s/ David W. Doucette

		 	Name: David W. Doucette
		 	Title: Vice President

 [Signature Page to Agency Agreement] 

			
	TRUSTEE	 	
		
	 WELLS FARGO BANK, NATIONAL ASSOCIATION
	 	

  

			
	By:	 	 /s/ Stefan Victory

		 	Name: Stefan Victory
		 	Title: Vice President

 [Signature Page to Agency Agreement] 

 APPENDIX 1 

Indenture 

  
 [Signature Page to Agency
Agreement]

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00293-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00293-of-00352.parquet"}]]