Document:

<PAGE>

          THIS GLOBAL NOTE IS HELD BY THE DEPOSITARY (AS DEFINED IN THE
INDENTURE GOVERNING THIS NOTE) OR ITS NOMINEE IN CUSTODY FOR THE BENEFIT OF THE
BENEFICIAL OWNERS HEREOF, AND IS NOT TRANSFERABLE TO ANY PERSON UNDER ANY
CIRCUMSTANCES EXCEPT THAT (I) THE TRUSTEE MAY MAKE SUCH NOTATIONS HEREON AS MAY
BE REQUIRED PURSUANT TO SECTION 2.01 OF THE INDENTURE, (II) THIS GLOBAL NOTE MAY
BE EXCHANGED IN WHOLE BUT NOT IN PART PURSUANT TO SECTION 2.06(a) OF THE
INDENTURE, (III) THIS GLOBAL NOTE MAY BE DELIVERED TO THE TRUSTEE FOR
CANCELLATION PURSUANT TO SECTION 2.11 OF THE INDENTURE AND (IV) THIS GLOBAL NOTE
MAY BE TRANSFERRED TO A SUCCESSOR DEPOSITARY WITH THE PRIOR WRITTEN CONSENT OF
THE COMPANY.

No. 1
                                                                    $125,000,000

CUSIP No. 983759AA9

                 7.75% CONVERTIBLE SUBORDINATED NOTE DUE 2006

                       XM Satellite Radio Holdings Inc.

          XM Satellite Radio Holdings Inc., a Delaware corporation (the
"Company"), promises to pay to Cede & Co. or registered assigns, the principal
sum of ONE HUNDRED TWENTY FIVE MILLION DOLLARS ($125,000,000), or such other
amount as is indicated on Schedule A hereof, on March 1, 2006, subject to the
further provisions of this Note set forth on the reverse hereof which further
provisions shall for all purposes have the same effect as if set forth at this
place.

Interest Payment Dates:  March 1 and September 1, commencing September 1, 2001

Record Dates:            February 15 and August 15

                    [REMAINDER OF PAGE INTENTIONALLY BLANK]
<PAGE>

          IN WITNESS WHEREOF, XM Satellite Radio Holdings Inc. has caused this
Note to be signed manually or by facsimile by two of its duly authorized
officers.

                                        Dated:_________________________________

                                        XM SATELLITE RADIO HOLDINGS INC.

                                        By:____________________________________
                                           Name:
                                           Title:

                                        By:____________________________________
                                           Name:
                                           Title:

TRUSTEE'S CERTIFICATE OF AUTHENTICATION

This is one of the 7.75% Convertible Subordinated
Notes due 2006 described in the
within-mentioned Indenture.

United States Trust Company of New York, as Trustee

By:__________________________________
   Name:
   Title:
<PAGE>

                                REVERSE OF NOTE

                       XM SATELLITE RADIO HOLDINGS INC.

                 7.75% Convertible Subordinated Note due 2006

          1.   Interest. XM SATELLITE RADIO HOLDINGS INC., a Delaware
               --------
corporation (the "Company"), is the issuer of 7.75% Convertible Subordinated
Notes due 2006 (the "Notes"). The Notes will accrue interest at a rate of 7.75%
per annum. The Company promises to pay interest on the Notes in cash
semiannually on each March 1 and September 1, commencing on September 1, 2001,
to Holders of record on the immediately preceding February 15 and August 15,
respectively. Interest on the Notes will accrue from the most recent date to
which interest has been paid, or if no interest has been paid, from March 6,
2001. Interest will be computed on the basis of a 360-day year of twelve 30-day
months. The Company will pay interest on overdue principal at the interest rate
borne by the Notes, compounded semiannually, and it shall pay interest on
overdue installments of interest (without regard to any applicable grace period)
at the same interest rate compounded semiannually.

          2.   Payments. All payments made by the Company on this Note shall be
               --------
made without deduction or withholding for or on account of, any and all present
or future taxes, duties, assessments, or governmental charges of whatever nature
unless the deduction or withholding of such taxes, duties, assessments or
governmental charges is then required by law.

          3.   Method of Payment. The Company will pay interest on the Notes
               -----------------
(except with respect to defaulted interest, which may be paid at such earlier
date as specified in the Indenture) to the Persons who are registered Holders of
Notes at the close of business on the Record Date for the next Interest Payment
Date even though Notes are canceled after the Record Date and on or before the
Interest Payment Date. Holders must surrender Notes to a Paying Agent to collect
principal and premium payments. The Company will pay principal and interest in
money of the United States that at the time of payment is legal tender for
payment of public and private debts. However, the Company may pay principal and
interest, if any, by check payable in such money. It may mail an interest check
to a Holder's address set forth in the register of Holders. If a Holder who
holds at least $5.0 million aggregate principal amount of the Notes so requests,
principal, premium, if any, and interest shall be paid by wire transfer of
immediately available funds to an account previously specified in writing by
such Holder to the Company and the Trustee.

          4.   Paying Agent, Conversion Agent and Registrar. The Trustee will
               --------------------------------------------
act as Paying Agent, Conversion Agent and Registrar in the City of New York, New
York. The Company may change any Paying Agent, Conversion Agent or Registrar
without prior notice. The Company or any of its Subsidiaries may act in any such
capacity.

          5.   Indenture. The Company issued the Notes under an Indenture,
               ----------
dated as of March 6, 2001 (the "Indenture"), between the Company and United
States Trust Company of New York, as Trustee. The terms of the Notes include
those stated in the Indenture and those made part of the Indenture by the Trust
Indenture Act of 1939 (15 U.S. Code (S)(S) 77aaa-77bbbb) (the "TIA") as in
effect on the date of the Indenture. The Notes are subject to, and qualified by,
all such terms, certain of which are summarized hereon, and Holders are referred
to the Indenture and such Act for a statement of such terms. The Notes are
unsecured general obligations of the Company limited to $125,000,000 in
aggregate principal amount and subordinated in right of payment to all existing
and future Senior Debt of the Company.

                                       1
<PAGE>

          6.   Optional Redemption. At any time on or after March 3, 2004, the
               -------------------
Company may redeem any portion of the Notes, in whole or in part, on at least 30
days but no more than 60 days' notice, at the following prices (expressed as a
percentage of the principal amount), together with accrued and unpaid interest
to, but excluding, the redemption date:

<TABLE>
<CAPTION>
          Redemption Period                                                            Redemption Price
          -----------------                                                            ----------------
          <S>                                                                          <C>
          March 3, 2004 through March 2, 2005...................................             103.100%
          March 3, 2005 through February 28, 2006...............................             101.550%
</TABLE>

and 100% of the principal amount on March 1, 2006.

          In the event the Company redeems less than all of the outstanding
Notes, the Notes to be redeemed shall be selected by the Trustee in accordance
with Section 3.02 of the Indenture.  In the event a portion of an outstanding
Note is selected for redemption and such Note is converted in part after such
selection, the converted portion of such Note shall be deemed (so far as may be)
to be the portion to be selected for redemption in accordance with Section 3.02
of the Indenture.  The Company may not give notice of any redemption if the
Company has defaulted in payment of interest and the default is continuing.

          7.   Notice of Redemption.  Notice of redemption will be mailed at
               --------------------
least 30 days but not more than 60 days before the redemption date to each
Holder of the Notes to be redeemed at such Holder's address of record.  The
Notes in denominations larger than $1,000 may be redeemed in part but only in
integral multiples of $1,000.  In the event of a redemption of less than all of
the Notes, the Notes will be chosen for redemption by the Trustee in accordance
with the Indenture.  On and after the redemption date, interest ceases to accrue
on the Notes or portions of them called for redemption.

          If this Note is redeemed subsequent to a Record Date with respect to
any Interest Payment Date specified above and on or prior to such Interest
Payment Date, then any accrued interest will be paid to the Person in whose name
this Note is registered at the close of business on such Record Date.  The above
description of redemption of Notes is qualified by reference to, and is subject
in its entirety by, the more complete description thereof contained in the
Indenture.

          8.   Mandatory Redemption.  Except as set forth in Section 9 below,
               --------------------
the Company will not be required to make mandatory redemption or repurchase
payments with respect to the Notes.  There are no sinking fund payments with
respect to the Notes.

          9.   Repurchase at Option of Holder.  If there is a Change in Control,
               ------------------------------
the Company shall be required to offer to purchase on the Purchase Date all
outstanding Notes at a purchase price equal to 100% of the aggregate principal
amount thereof, plus accrued and unpaid interest, if any, to the Purchase Date.
Holders of Notes that are subject to an offer to purchase will receive a Change
of Control Offer from the Company in accordance with Section 3.09 of the
Indenture and may elect to have such Notes or portions thereof in authorized
denominations purchased by completing the form entitled "Option of Holder to
Elect Purchase" appearing below.

          10.  Subordination.  The payment of the principal of, interest on or
               -------------
any other amounts due on the Notes is subordinated in right of payment to all
existing and future Senior Debt of the Company, as described in the Indenture.
Each Holder, by accepting a Note, agrees to such subordination and authorizes
and directs the Trustee on its behalf to take such action as may be necessary or

                                       2
<PAGE>

appropriate to effectuate the subordination so provided and appoints the Trustee
as its attorney-in-fact for such purpose.

          11.  Conversion.  The holder of any Note has the right, exercisable at
               ----------
any time after 90 days following the Issuance Date and prior to the close of
business (New York time) on the date of the Note's maturity, to convert the
principal amount thereof (or any portion thereof that is an integral multiple of
$1,000) into shares of Class A Common Stock at the initial Conversion Price of
$12.225 per share, subject to adjustment under certain circumstances as set
forth in the Indenture, except that if a Note is called for redemption, the
conversion right will terminate at the close of business on the Business Day
immediately preceding the date fixed for redemption (unless the Company shall
default in making the redemption payment when it becomes due, in which case the
conversion right shall terminate on the date such default is cured).

          To convert a Note, a holder must (1) complete and sign a conversion
notice substantially in the form set forth below, (2) surrender the Note to a
Conversion Agent, (3) furnish appropriate endorsements or transfer documents if
required by the Registrar or Conversion Agent and (4) pay any transfer or
similar tax, if required.  No payment or other adjustment shall be made for
accrued interest or dividends on any Class A Common Stock issued upon conversion
of the Notes.  If any Notes are converted during any period after any Record
Date for the payment of an installment of interest but before the next Interest
Payment Date, interest for such notes will be paid on the next Interest Payment
Date, notwithstanding such conversion, to the Holders of such Notes.  Any Notes
that are, however, delivered to the Company for conversion after any Record Date
but before the next Interest Payment Date must, except as described in the next
sentence, be accompanied by a payment equal to the interest payable on such
Interest Payment Date on the principal amount of Notes being converted.  The
payment to the Company described in the preceding sentence shall not be required
if, during that period between a Record Date and the next Interest Payment Date,
a conversion occurs on or after the date that the Company has issued a
redemption notice and prior to the date of redemption stated in such notice.  No
fractional shares will be issued upon conversion, but a cash adjustment will be
made for any fractional shares.

          A Note in respect of which a Holder has delivered an "Option of Holder
to Elect Purchase" form appearing below exercising the option of such Holder to
require the Company to purchase such Note may be converted only if the notice of
exercise is withdrawn as provided above and in accordance with the terms of the
Indenture.  The above description of conversion of the Notes is qualified by
reference to, and is subject in its entirety by, the more complete description
thereof contained in the Indenture.

          12.  Denominations, Transfer, Exchange.  The Notes are in registered
               ---------------------------------
form, without coupons, in denominations of $1,000 and integral multiples of
$1,000.  The transfer of Notes may be registered, and Notes may be exchanged, as
provided in the Indenture.  The Registrar may require a Holder, among other
things, to furnish appropriate endorsements and transfer documents and to pay
any taxes and fees required by law or permitted by the Indenture.  The Registrar
need not exchange or register the transfer of any Note or portion of a Note
selected for redemption (except the unredeemed portion of any Note being
redeemed in part).  Also, it need not exchange or register the transfer of any
Note for a period of 15 days before a selection of Notes to be redeemed.

          13.  Persons Deemed Owners.  The registered Holder of a Note shall be
               ---------------------
treated as its owner for all purposes.

                                       3
<PAGE>

          14.  Unclaimed Money.  If money for the payment of principal or
               ---------------
interest remains unclaimed for two years, the Trustee and the Paying Agent shall
pay the money back to the Company at its written request.  After that, Holders
of Notes entitled to the money must look to the Company for payment unless an
abandoned property law designates another Person and all liability of the
Trustee and such Paying Agent with respect to such money shall cease.

          15.  Defaults and Remedies.  The Notes shall have the Events of
               ---------------------
Default set forth in Section 8.01 of the Indenture.  Subject to certain
limitations in the Indenture, if an Event of Default occurs and is continuing
(other than an Event of Default arising from certain events of bankruptcy,
insolvency or reorganization set forth in the Indenture), the Trustee by notice
to the Company or the Holders of at least 25% in aggregate principal amount of
the then outstanding Notes by notice to the Company and the Trustee may declare
all the Notes to be due and payable immediately.  If an Event of Default arising
from certain events of bankruptcy, insolvency or reorganization set forth in the
Indenture occurs with respect to the Company, such principal of, premium, if
any, and interest on the Notes shall become and be due and payable immediately
without further action or notice.  If an Event of Default arising from certain
events of bankruptcy, insolvency or reorganization set forth in the Indenture
occurs with respect to any Significant Subsidiary or Significant Subsidiaries of
the Company, the Trustee by notice to the Company or the Holders of at least 25%
in aggregate principal amount of the then outstanding Notes by notice to the
Company and the Trustee may declare all the Notes to be due and payable
immediately.  The Holders of a majority in principal amount of the then
outstanding Notes by written notice to the Trustee may on behalf of all Holders
of the Notes waive an existing Default or Event of Default and its consequences
except a continuing Default or Event of Default in the payment of the principal
or interest on any Note.  Holders may not enforce the Indenture or the Notes
except as provided in the Indenture.  Subject to certain limitations set forth
in the Indenture, Holders of a majority in principal amount of the then
outstanding Notes issued under the Indenture may direct the Trustee in its
exercise of any trust or power.  The Company must furnish annually compliance
certificates to the Trustee.  The above description of Events of Default and
remedies is qualified by reference, and subject in its entirety, to the more
complete description thereof contained in the Indenture.

          16.  Amendments, Supplements and Waivers.  Subject to certain
               -----------------------------------
exceptions set forth in the Indenture, the Indenture or the Notes may be amended
or supplemented with the consent of the Holders of a majority in principal
amount of the then outstanding Notes (including consents obtained in connection
with a tender offer or exchange offer for Notes), and any existing default may
be waived with the consent of the Holders of a majority in principal amount of
the then outstanding Notes.  Without the consent of any Holder, the Indenture or
the Notes may be amended among other things, to cure any ambiguity, defect or
inconsistency, to provide for uncertificated Notes in addition to or in place of
certificated Notes, to provide for assumption of the Company's obligations to
Holders, to reduce the conversion price, to make any change that does not
adversely affect the rights of any Holder or to qualify the Indenture under the
TIA or to comply with the requirements of the SEC in order to maintain the
qualification of the Indenture under the TIA.

          17.  Trustee Dealings with the Company.  The Trustee, in its
               ---------------------------------
individual or any other capacity may become the owner or pledgee of the Notes
and may otherwise deal with the Company or an Affiliate with the same rights it
would have, as if it were not Trustee, subject to certain limitations set forth
in the Indenture and in the TIA.  Any Agent may do the same with like rights.

          18.  No Recourse Against Others.  A director, officer, employee,
               --------------------------
incorporator, agent or shareholder of the Company, as such, shall not have any
liability for any obligations of the Company under the Notes or the Indenture or
for any claim based on, in respect of or by reason of such obligations

                                       4
<PAGE>

or their creation. Each Holder of the Notes by accepting a Note waives and
releases all such liability. The waiver and release are part of the
consideration for the issue of the Notes.

          19.  Governing Law.  THIS INDENTURE AND THE SECURITIES SHALL BE
               -------------
GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK,
AS APPLIED TO CONTRACTS MADE AND PERFORMED WITHIN THE STATE OF NEW YORK.  THE
COMPANY HEREBY IRREVOCABLY SUBMITS TO THE JURISDICTION OF ANY NEW YORK STATE
COURT SITTING IN THE BOROUGH OF MANHATTAN IN THE CITY OF NEW YORK OR ANY FEDERAL
COURT SITTING IN THE BOROUGH OF MANHATTAN IN THE CITY OF NEW YORK IN RESPECT OF
ANY SUIT, ACTION OR PROCEEDING ARISING OUT OF OR RELATING TO THIS INDENTURE AND
THE SECURITIES, AND IRREVOCABLY ACCEPTS FOR ITSELF AND IN RESPECT OF ITS
PROPERTY, GENERALLY AND UNCONDITIONALLY, JURISDICTION OF THE AFORESAID COURTS.
THE COMPANY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT IT MAY EFFECTIVELY DO SO
UNDER APPLICABLE LAW, TRIAL BY JURY AND ANY OBJECTION WHICH 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.  NOTHING
HEREIN SHALL AFFECT THE RIGHT OF TIE TRUSTEE OR ANY SECURITYHOLDER TO SERVE
PROCESS IN ANY OTHER MANNER PERMITTED BY LAW OR TO COMMENCE LEGAL PROCEEDINGS OR
OTHERWISE PROCEED AGAINST THE COMPANY IN ANY OTHER JURISDICTION.

          20.  Authentication.  The Notes shall not be valid until authenticated
               --------------
by the manual signature of an authorized officer of the Trustee or an
authenticating agent.

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

          The Company will furnish to any Holder of the Notes upon written
request and without charge a copy of the Indenture.  Request may be made to:

        XM Satellite Radio Holdings Inc.
        1500 Eckington Place, NE
        Washington, DC 20002
        Attention:  [Investor Relations]

                                       5
<PAGE>

                                ASSIGNMENT FORM
                 To assign this Note, fill in the form below:

                 (I) or (we) assign and transfer this Note to

                  __________________________________________
              (Insert assignee's social security or tax I.D. no.)
                  __________________________________________
                  __________________________________________
             (Print or type assignee's name, address and zip code)

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

   Your Signature:__________________________________________________________
      (Sign exactly as your name appears on the other side of this Note)

   Date: __________________

 Signature Guarantee: * ____________________________________________

_______________________
*  Signature must be guaranteed by a commercial bank, trust company or member
   firm of the New York Stock Exchange
<PAGE>

                      OPTION OF HOLDER TO ELECT PURCHASE

                           UPON A CHANGE IN CONTROL

     If you want to elect to have this Note or a portion thereof repurchased by
     the Company upon a Change in Control pursuant to Section 3.09 or 4.06 of
     the Indenture, check the box: [ ]

     If the purchase is in part, indicate the portion (in denominations of
     $1,000 or any integral multiple thereof) to be purchased: _________________

        Your Signature:________________________________________________
      (Sign exactly as your name appears on the other side of this Note)

Date: ________________________

Signature Guarantee:**

_________________________
**  Signature must be guaranteed by a commercial bank, trust company or
    member firm of the New York Stock Exchange.
<PAGE>

                              ELECTION TO CONVERT

To XM Satellite Radio Holdings Inc.:

     The undersigned owner of this Note hereby irrevocably exercises the option
     to convert this Note, or the portion below designated, into Class A Common
     Stock of XM Satellite Radio Holdings Inc. in accordance with the terms of
     the Indenture referred to in this Note, and directs that the shares
     issuable and deliverable upon conversion, together with any check in
     payment for fractional shares, be issued in the name of and delivered to
     the undersigned, unless a different name has been indicated in the
     assignment below.  If the shares are to be issued in the name of a person
     other than the undersigned, the undersigned will pay all transfer taxes
     payable with respect thereto.

Date:__________________

          in whole ___

                              Portions of Note to be converted ($1,000 or
                              integral multiples thereof): $______________

                              __________________________________________________
                              Signature

                              Please Print or Typewrite Name and Address,
                              Including Zip Code, and Social Security or Other
                              Identifying Number

                              __________________________________________________

                              __________________________________________________

                              __________________________________________________

                              Signature Guarantee:* ____________________________

____________________________
*  Signature must be guaranteed by a commercial bank, trust company or member
   firm of the New York Stock Exchange.
<PAGE>

                                   SCHEDULE A

                         SCHEDULE OF PRINCIPAL AMOUNT

     The initial principal amount of this Global Note shall be $125,000,000.
     The following increases or decreases in the principal amount of this Global
     Note have been made:

<TABLE>
<CAPTION>
=============================================================================================================
 Amount of decrease    Amount of increase   Principal amount of       Signature of        Date of exchange
  in principal        in principal amount     this Global Note     authorized officer      following such
  amount of this      of this Global Note                         of Trustee or Notes   decrease or increase
  Global Note                                                          Custodian
<S>                  <C>                   <C>                   <C>                   <C>
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=============================================================================================================
</TABLE><PAGE>

                                                                    EXHIBIT 4.18
================================================================================

                           UNUMPROVIDENT CORPORATION

                                      AND

                           THE CHASE MANHATTAN BANK

                                  as Trustee

              __________________________________________________

                         FIRST SUPPLEMENTAL INDENTURE

                                 March 9, 2001

              __________________________________________________

               Supplement to Indenture dated as of March 9, 2001
                           (Senior Debt Securities)

================================================================================
<PAGE>

                         FIRST SUPPLEMENTAL INDENTURE

     FIRST SUPPLEMENTAL INDENTURE, dated as of March 9, 2001, by and between
UNUMPROVIDENT CORPORATION, a Delaware corporation (hereinafter called the
"Company"), having its principal office at 1 Fountain Square, Chattanooga,
Tennessee 37402 and THE CHASE MANHATTAN BANK, a New York banking corporation
(hereafter called the "Trustee"), having a Corporate Trust Office at 450 West
33rd Street, 15th Floor, New York, New York 10001, as Trustee under the
Indenture (as hereinafter defined).

                                   RECITALS

          WHEREAS, the Company and the Trustee have as of March 9, 2001 entered
into an Indenture (hereinafter called the "Indenture", all capitalized terms
used and not otherwise defined herein shall have the meanings set forth in the
Indenture) providing for the issuance by the Company from time to time of its
subordinated debt securities;

          WHEREAS, no Securities have been issued under the Indenture and there
do not currently exist any Holders;

          WHEREAS, the Company desires to issue one series of senior debt
securities under the Indenture, and has duly authorized the creation and
issuance of such debt securities and the execution and delivery of this First
Supplemental Indenture to modify the Indenture and provide certain additional
provisions as hereinafter described;

          WHEREAS, the Company and the Trustee deem it advisable to enter into
this First Supplemental Indenture for the purposes of establishing the terms of
such debt securities and providing for the rights, obligations and duties of the
Trustee with respect to such debt securities;

          WHEREAS, the execution and delivery of this First Supplemental
Indenture has been authorized by a resolution of the Pricing Committee of the
Board of Directors of the Company;

          WHEREAS, concurrent with the execution hereof, the Company has
delivered an Officers' Certificate and has caused its counsel to deliver to the
Trustee an Opinion of Counsel; and

          WHEREAS, all conditions and requirements of the Indenture necessary to
make this First Supplemental Indenture a valid, binding and legal instrument in
accordance with its terms have been performed and fulfilled by the parties
hereto and the execution and delivery thereof have been in all respects duly
authorized by the parties hereto.

          NOW, THEREFORE, THIS FIRST SUPPLEMENTAL INDENTURE WITNESSETH:

          For and in consideration of the mutual premises and agreements herein
contained, the Company and the Trustee covenant and agree, for the equal and
proportionate benefit of all Holders of the Notes, as follows:

                                       1
<PAGE>

                                  ARTICLE ONE

                             CREATION OF THE NOTES

          Section 1.1.  Designation of Series.  Pursuant to the terms hereof and
Sections 201 and 301 of the Indenture, the Company hereby creates a series of
its debt securities designated as the "7.625% Senior Notes due 2011" (the
"Notes"), which Notes shall be deemed "Securities" for all purposes under the
Indenture.

          Section 1.2.  Form of Notes.  The definitive form of the Notes shall
be substantially in the form set forth in Exhibit A attached hereto, which is
                                          ---------
incorporated herein and made part hereof.  The Notes shall bear interest, be
payable and have such other terms as are stated in the form of definitive Note
and in the Indenture, as supplemented by this First Supplemental Indenture.  The
Stated Maturity of the Notes shall be March 1, 2011.

          Section 1.3.  Limit on Amount of Series.  The Notes shall not exceed
U.S.$575,000,000 in aggregate principal amount, and may, upon the execution and
delivery of this First Supplemental Indenture or from time to time thereafter,
be executed by the Company and delivered to the Trustee for authentication, and
the Trustee shall thereupon authenticate and deliver said Notes upon the
delivery of a Company Order.

          Section 1.4.  No Sinking Fund.  No sinking fund will be provided with
respect to the Notes.

          Section 1.5.  Notes Not Convertible or Exchangeable.  The Notes will
not be convertible or exchangeable for other securities or property.

          Section 1.6.  Issuance of Notes; Selection of Depository. The Notes
shall be issued as Registered Securities in permanent global form, without
coupons.  The initial Depository for the Notes shall be DTC.

          Section 1.7.  No Additional Amounts.  No Additional Amounts shall be
payable with respect to the Notes.

                                  ARTICLE TWO

                   APPOINTMENT OF THE TRUSTEE FOR THE NOTES

          Section 2.1.  Appointment of Trustee.  Pursuant and subject to the
Indenture, the Company and the Trustee hereby constitute the Trustee as trustee
to act on behalf of the Holders of the Notes, and as the principal Paying Agent
and Security Registrar for the Notes, effective upon execution and delivery of
this First Supplemental Indenture.  By execution, acknowledgment and delivery of
this First Supplemental Indenture, the Trustee hereby accepts appointment as
trustee, Paying Agent and Security Registrar with respect to the Notes, and
agrees to perform such trusts upon the terms and conditions set forth in the
Indenture and in this First Supplemental Indenture.

                                      -2-
<PAGE>

          Section 2.2.  Rights, Powers, Duties and Obligations of the Trustee.
Any rights, powers, duties and obligations by any provisions of the Indenture
conferred or imposed upon the Trustee shall, insofar as permitted by law, be
conferred or imposed upon and exercised or performed by the Trustee with respect
to the Notes.

                                 ARTICLE THREE

                                  DEFEASANCE

          Section 3.1.  Defeasance Applicable to Notes.  Pursuant to Section
301(19) and Section 1401 of the Indenture, the Company, on or after March 1,
2010, will have (i) the option of defeasance of the Notes under Section 1402 of
the Indenture and (ii) the option of covenant defeasance under Section 1403, in
each case, upon the terms and conditions contained in Article Fourteen of the
Indenture.

                                 ARTICLE FOUR

                              REDEMPTION OF NOTES

     Pursuant to Section 301(6) and Section 1101 of the Indenture, so long as
any of the Notes are Outstanding, the following provisions shall be applicable
to the Notes:

          Section 4.1.  Optional Redemption by the Company.
                        ----------------------------------

          (a)  Each of the Notes may be redeemed at the option of the Company
(an "Optional Redemption") at any time, in whole or in part, upon notice as set
forth in Section 1104 of the Indenture, at a Redemption Price equal to the
greater of (1) 100% of the principal amount of such Notes and (2) the sum of the
present values of the remaining scheduled payments of principal and interest on
such Notes discounted to the Redemption Date semiannually from the respective
date on which such principal and interest would have been paid had such Notes
not been redeemed (assuming a 360-day year consisting of twelve 30-day months)
at the Treasury Rate plus 25 basis points, plus, in either case, accrued
interest on the Notes to the Redemption Date.

          (b)  Notwithstanding Section 1104 of the Indenture, notice of
redemption shall be sufficient if instead of setting forth a specific price with
respect to the Redemption Price, it sets forth the manner of calculation
thereof.

          (c)  If less than all of the Notes are redeemed, Notes shall be
selected for redemption pursuant to the provisions of Section 1103 of the
Indenture.

          (d)  The provisions of Sections 1105, 1106 and 1107 of the Indenture
shall apply to a redemption of the Notes.

          Section 4.2.  Certain Definitions.  For purposes hereof,
                        -------------------

                                      -3-
<PAGE>

          "Comparable Treasury Issue" means the United States Treasury security
     selected by an Independent Investment Banker as having a maturity
     comparable to the remaining term of the Notes to be redeemed that would be
     used, at the time of selection and in accordance with customary financial
     practice, in pricing new issues of corporate debt securities of comparable
     maturity to the remaining term of such Notes.

          "Comparable Treasury Price" means, with respect to any Redemption
     Date, (a) the average of the Reference Treasury Dealer Quotations for such
     Redemption Date, after excluding the highest and lowest such Reference
     Treasury Dealer Quotations, or (b) if the Trustee obtains fewer than four
     such Reference Treasury Dealer Quotations, the average of all such
     quotations.

          "Independent Investment Banker" means any of the Reference Treasury
     Dealers appointed by the Company as such.

          "Reference Treasury Dealer Quotations" means, with respect to each
     Reference Treasury Dealer and any Redemption Date, the average, as
     determined by the Trustee, of the bid and asked prices for the Comparable
     Treasury Issue (expressed in each case as a percentage of its principal
     amount) quoted in writing to the Trustee by such Reference Treasury Dealer
     at 5:00 p.m. on the third Business Day preceding such Redemption Date.

          "Reference Treasury Dealer" means each of Banc of America Securities
     LLC, Salomon Smith Barney Inc., Goldman, Sachs & Co. and Morgan Stanley &
     Co. Incorporated, and their respective successors; provided, however, that
     if any of the foregoing shall cease to be a primary U.S. Government
     securities dealer in New York City (a "Primary Treasury Dealer"), the
     Company shall replace that former dealer with another Primary Treasury
     Dealer.

          "Treasury Rate" means, with respect to any Redemption Date, the rate
     per annum equal to the semiannual equivalent yield to maturity of the
     Comparable Treasury Issue, assuming a price for the Comparable Treasury
     Issue (expressed as a percentage of its principal amount) equal to the
     Comparable Treasury Price for such Redemption Date.

          Section 4.3.  Applicability of Article.  Redemption of the Notes at
the election of the Company or otherwise, as permitted or required by any
provision of the Notes or this First Supplemental Indenture, shall be made in
accordance with such provision, Article Eleven of the Indenture and this Article
Four.

                                 ARTICLE FIVE

                                 MISCELLANEOUS

     Section 5.1.  Application of First Supplemental Indenture.  Each and
every term and condition contained in the First Supplemental Indenture that
modifies, amends or

                                      -4-
<PAGE>

supplements the terms and conditions of the Indenture shall apply only to the
Notes created hereby and not to any future series of Notes established under the
Indenture.

          Section 5.2.  Benefits of First Supplemental Indenture.  Nothing
contained in this First Supplemental Indenture shall or shall be construed to
confer upon any person other than a Holder of the Notes, the Company and the
Trustee any right or interest to avail itself or himself, as the case may be, of
any benefit under any provision of the Indenture or this First Supplemental
Indenture.

          Section 5.3.  Effective Date.  This First Supplemental Indenture shall
be effective as of the date first above written and upon the execution and
delivery hereof by each of the parties hereto.

          Section 5.4.  Governing Law.  This First Supplemental Indenture shall
be governed by, and construed in accordance with, the laws of the State of New
York.

          Section 5.5.  Counterparts.  This First Supplemental Indenture 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.

          Section 5.6.  Satisfaction and Discharge.  The Company shall be deemed
to have satisfied all of its obligations under this First Supplemental Indenture
upon compliance with the provisions of Section 1402 of the Indenture relating to
defeasance of the Notes, to the extent set forth in Section 1401.

                                      -5-
<PAGE>

          IN WITNESS WHEREOF, the parties hereto have caused this First
Supplemental Indenture to be duly executed by their respective officers hereunto
duly authorized, all as of the day and year first above written.

                              UNUMPROVIDENT CORPORATION

Dated:  March 9, 2001         By: /s/ Thomas R. Watjen
                                 -----------------------------------------------
                              Name:  Thomas R. Watjen
                              Title: Executive Vice President - Finance and
                                     Risk Management
[Corporate Seal]

Attest: /s/ Susan N. Roth
       -----------------------------------
Name:  Susan N. Roth
Title: Vice President, Corporate Secretary
       and Assistant General Counsel

                              THE CHASE MANHATTAN BANK
                               not in its individual capacity, but solely as
                               Trustee

Dated:  March 9, 2001         By: /s/ Gregory P. Shea
                                 ----------------------------
                              Name:  Gregory P. Shea
                              Title: Assistant Vice President
[Corporate Seal]

Attest: /s/ Virginia Dominguez
       -----------------------------------
       Name:  Virginia Dominguez
       Title: Trust Officer

                                      -6-
<PAGE>

                   EXHIBIT A TO FIRST SUPPLEMENTAL INDENTURE

                                 FORM OF NOTE

[THE FOLLOWING LEGEND SHALL APPEAR ON THE FACE OF EACH GLOBAL SECURITY:

     THIS NOTE IS A SECURITY IN GLOBAL FORM ("GLOBAL SECURITY") WITHIN THE
MEANING OF SECTION 203 OF THE BASE INDENTURE HEREINAFTER REFERRED TO AND IS
REGISTERED IN THE NAME OF THE DEPOSITARY OR A NOMINEE OF THE DEPOSITARY, WHICH
MAY BE TREATED BY THE COMPANY, THE TRUSTEE AND ANY AGENT THEREOF AS OWNER AND
HOLDER OF THIS NOTE FOR ALL PURPOSES.

     UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE
DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION ("DTC"), TO THE COMPANY OR ITS
AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY CERTIFICATE
ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS
REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO
CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED
REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR
OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER
HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.

     UNLESS AND UNTIL IT IS EXCHANGED IN WHOLE OR IN PART FOR NOTES IN
DEFINITIVE REGISTERED FORM IN THE LIMITED CIRCUMSTANCES REFERRED TO IN THE
INDENTURE, THIS GLOBAL SECURITY MAY NOT BE TRANSFERRED EXCEPT AS A WHOLE BY THE
DEPOSITARY TO A NOMINEE OF THE DEPOSITARY OR BY A NOMINEE OF THE DEPOSITARY TO
THE DEPOSITARY OR ANOTHER NOMINEE OF THE DEPOSITARY OR BY THE DEPOSITARY OR ANY
SUCH NOMINEE TO A SUCCESSOR DEPOSITARY OR A NOMINEE OF SUCH SUCCESSOR
DEPOSITARY.]

                                      A-1
<PAGE>

                           UNUMPROVIDENT CORPORATION

                          7.625% SENIOR NOTE DUE 2011

No. ________________                                    U.S.$___________________

CUSIP NO. 91529Y AC 0

     UNUMPROVIDENT CORPORATION, a corporation duly organized and existing under
the laws of the State of Delaware (herein called the "Company", which term
includes any successor Person under the Indenture referred to on the reverse
hereof), for value received, hereby promises to pay to ________________________,
the principal sum of ________ United States Dollars (U.S.$______ ) (which
principal amount may from time to time be increased or decreased to such other
principal amounts (which, taken together with the principal amounts of all other
Outstanding Notes under this Series of Notes, shall not exceed U.S.$575,000,000
in the aggregate at any time, all of which shall be represented hereby) by
adjustments made on the records of the Trustee hereinafter referred to in
accordance with the Indenture) on March 1, 2011 and to pay interest thereon,
from March 9, 2001, or from the most recent Interest Payment Date (as defined
below) to which interest has been paid or duly provided for, semi-annually in
arrears on March 1 and September 1 in each year (each, an "Interest Payment
Date"), commencing September 1, 2001, at the rate of 7.625% per annum, until the
principal hereof is due, and at the rate of 7.625% per annum on any overdue
principal and, to the extent permitted by law, on any overdue interest. The
interest so payable, and punctually paid or duly provided for, on any Interest
Payment Date will, as provided in the Indenture, be paid to the Person in whose
name this Note (or one or more Predecessor Securities) is registered at the
close of business on the Regular Record Date for such interest, which shall be
the February 15 or August 15 (whether or not a Business Day), as the case may
be, next preceding such 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 Note (or one or more Predecessor Securities) 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 of which shall be given to Holders
of Securities of this series not less than 10 days prior to such Special Record
Date and shall otherwise be payable, all as more fully provided in the
Indenture. Payments of principal shall be made upon the surrender of this Note
at the Corporate Trust Office of the Trustee, or at such other office or agency
of the Company as may be designated by the Company for such purpose in the
Borough of Manhattan, The City of New York or in the City of Chattanooga,
Tennessee, in such coin or currency of the United States of America as at the
time of payment shall be legal tender for the payment of public and private
debts, by Dollar check drawn on, or transfer to, a Dollar account. Payments of
interest on this Note may be made by Dollar check, drawn on a Dollar account,
mailed to the address of the Person entitled thereto as such address shall
appear in the Security Register, or, upon written application by the Holder to
the Security Registrar setting forth wire instructions not later than the
relevant Record Date, by wire transfer to a Dollar account.

                                      A-2
<PAGE>

     Reference is hereby made to the further provisions of this Note set forth
on the reverse hereof, which further provisions shall for all purposes have the
same effect as if set forth at this place.

     Unless the certificate of authentication hereon has been executed by the
Trustee referred to on the reverse hereof or an Authenticating Agent by the
manual signature of one of their respective authorized signatories, this Note
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 Note to be duly executed
and delivered under its corporate seal.

                                        UNUMPROVIDENT CORPORATION

[Corporate Seal]

                                        By:______________________________
                                           Name:
                                           Title:

Attest:

___________________________________
Name:
Title:

                   (Trustee's Certificate of Authentication)

    This is one of the Securities of the series designated therein referred to
in the within-mentioned Indenture.

                              THE CHASE MANHATTAN BANK, not in its individual
                              capacity, but solely as Trustee

                              By:______________________________________________
                                         Authorized Officer

                                      A-3
<PAGE>

                               [FORM OF REVERSE]

     This Note is one of a duly authorized issue of securities of the Company
designated as its "7.625% Senior Notes due 2011" (herein called the "Notes"),
limited in aggregate principal amount to U.S. $575,000,000, issued and to be
issued under an Indenture, dated as of March 9, 2001 (herein called the "Base
Indenture"), between the Company and The Chase Manhattan Bank, as Trustee
(herein called the "Trustee", which term includes any successor trustee under
the Base Indenture), and a First Supplemental Indenture, dated as of March 9,
2001, between the Company and the Trustee (the "First Supplemental Indenture";
the Base Indenture, as supplemented by the First Supplemental Indenture, the
"Indenture"), to which Indenture and all indentures supplemental thereto
reference is hereby made for a statement of the respective rights, limitations
of rights, duties and immunities thereunder of the Company, the Trustee and the
Holders of the Notes and of the terms upon which the Notes are, and are to be,
authenticated and delivered. As provided in the Indenture and subject to certain
limitations therein set forth, Notes are exchangeable for a like aggregate
principal amount of Notes of any authorized denominations as requested by the
Holder surrendering the same upon surrender of the Note or Notes to be
exchanged, at the Corporate Trust Office of the Trustee. The Trustee upon such
surrender by the Holder will issue the new Notes in the requested denominations.

     No sinking fund is provided for the Notes.

     Each of the Notes may be redeemed at the option of the Company (an
"Optional Redemption") at any time, in whole or in part, upon notice as set
forth in Section 1104 of the Indenture, at a Redemption Price calculated in
accordance with Section 4.1 of the First Supplemental Indenture; provided,
                                                                 --------
however, that interest installments on Notes whose Stated Maturity is on or
-------
prior to such Redemption Date will be payable to the Holders of such Notes, or
one or more Predecessor Securities, of record at the close of business on the
relevant Record Dates referred to on the face hereof, all as provided in the
Indenture.

     In the event of a redemption of the Notes, the Company will not be required
(a) to register the transfer or exchange of Notes for a period of 15 days
immediately preceding the date notice is given identifying the serial numbers of
the Notes called for such redemption or (b) to register the transfer or exchange
of any Note, or portion thereof, called for redemption.

     In any case where the due date for the payment of the principal of,
premium, if any, or interest on any Note at any Place of Payment as the case may
be, is not a Business Day, then payment of principal, premium, if any, or
interest of such Note need not be made on or by such date at such place but may
be made on or by the next succeeding Business Day, with the same force and
effect as if made on the date for such payment or the date fixed for redemption,
and, provided that so long as such payment is made on or by the next succeeding
Business Day, no interest shall accrue on the amount so payable for the period
after such date.

     [The following paragraph shall appear in each Global Security:

     In the event of a deposit or withdrawal of an interest in this Note,
including an exchange, redemption or transfer of this Note in part only, the
Trustee, as custodian of the Depositary, shall make an adjustment on its records
to reflect such deposit or withdrawal in accordance with the

                                      A-4
<PAGE>

rules and procedures of The Depository Trust Company applicable to, and as in
effect at the time of, such transaction.]

     [The following paragraph shall appear in each Note that is not a global
Security:

     In the event of redemption of this Note in part only, a new Note or Notes
for the unredeemed portion hereof will be issued in the name of the Holder
hereof.]

     If an Event of Default shall occur and be continuing, the principal of all
the Notes, together with accrued interest to the date of declaration, 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 Notes under the Indenture at any
time by the Company and the Trustee with the written consent of the Holders of
not less than a majority in principal amount of the Notes at the time
Outstanding. The Indenture also contains provisions permitting the Holders of
specified percentages in principal amount of the Notes at the time Outstanding,
on behalf of the Holders of all the Notes, to waive compliance by the Company
with certain provisions of the Indenture and certain past defaults under the
Indenture and their consequences. Any such consent or waiver by the Holder of
this Note shall be conclusive and binding upon such Holder and upon all future
Holders of this Note and of any Note issued in exchange herefor or in lieu
hereof whether or not notation of such consent or waiver is made upon this Note
or such other Note.

     As provided in and subject to the provisions of the Indenture, the Holder
of this Note 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, the Holders of not less
than 25% in principal amount of the Notes that are 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 satisfactory to it and
the Trustee shall not have received from the Holders of a majority in principal
amount of the Notes that are 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 any Holder of this Note for the
enforcement of any payment of principal hereof, or any premium of interest
hereon on or after the respective due dates expressed herein.

     No reference herein to the Indenture and no provision of this Note or of
the Indenture shall alter or impair the obligation of the Company, which is
absolute and unconditional, to pay the principal of, premium, if any, and
interest on this Note at the times, places and rate, and in the coin or
currency, herein prescribed.

     As provided in the Indenture and subject to certain limitations therein set
forth, the transfer of this Note is registrable on the Security Register upon
surrender of this Note for registration of transfer at the Corporate Trust
Office of the Trustee or at such other office or agency of the Company as may be
designated by it for such purpose in the Borough of Manhattan, The City of New
York or the City of Chattanooga, Tennessee (which shall initially

                                      A-5
<PAGE>

be an office or agency of the Trustee), or at such other offices or agencies as
the Company may designate, 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 thereof or his attorney duly authorized
in writing, and thereupon one or more new Notes, of authorized denominations and
for the same aggregate principal amount, will be issued to the designated
transferee or transferees by the Registrar. No service charge shall be made for
any such registration of transfer or exchange, but the Company may require
payment of a sum sufficient to recover any tax or other governmental charge
payable in connection therewith.

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

     No recourse for the payment of the principal (and premium, if any) or
interest on this Note and no recourse under or upon any obligation, covenant or
agreement of the Company in the Indenture or any indenture supplemental thereto
or in any Note, or because of the creation of any indebtedness represented
thereby, shall be had against any incorporator, stockholder, employee, agent,
officer or director or subsidiary, as such, past, present or future, of the
Company or of any successor corporation, either directly or through the Company
or any successor corporation, whether by virtue of any constitution, statute or
rule of law or by the enforcement of any assessment or penalty or otherwise, all
such liability being, by the acceptance hereof and as part of consideration for
the issue hereof, expressly waived and released.

     THE INDENTURE AND THIS NOTE SHALL BE GOVERNED BY AND CONSTRUED IN
ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK, UNITED STATES OF AMERICA.

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

                                      A-6
<PAGE>

                                 ABBREVIATIONS

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

     TEN COM           -   as tenants in common
     TEN ENT           -   as tenants by the entireties (Cust)
     JT TEN            -   as joint tenants with right of survivorship and not
                           as tenants in common
     UNIF GIFT MIN ACT -   _________________ Custodian _____________
                                                           (Minor)
                           under Uniform Gifts to Minors Act _________
                                                              (State)

     Additional abbreviations may also be used though not in the above list.

                                      A-7
<PAGE>

                              FORM OF ASSIGNMENT

     For value received ________________ hereby sell(s), assign(s) and
transfer(s) unto ________________ (Please insert social security or other
identifying number of assignee) the within Note, and hereby irrevocably
constitutes and appoints ____________________ as attorney to transfer the said
Note on the books of the Company, with full power of substitution in the
premises.

Dated:

__________________________                        ___________________________

__________________________                        ___________________________

                                    Signature(s)

                                    Signature(s) must be guaranteed by an
                                    Eligible Guarantor Institution with
                                    membership in an approved signature
                                    guarantee program pursuant to Rule 17Ad-15
                                    under the Securities Exchange Act of 1934.

                                      A-8

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