Document:

EX-4.1

 Exhibit 4.1 

Execution Version 
 AFLAC
INCORPORATED, 
 AS ISSUER 

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

AS TRUSTEE 

TWENTY-SEVENTH SUPPLEMENTAL INDENTURE 

Dated as of April 1, 2020 
  

 

$1,000,000,000 
 3.600%
Senior Notes due 2030 

 TABLE OF CONTENTS 

 

							
	 	 	 	  	Page	 
	ARTICLE I	  

	
	3.600% SENIOR NOTES DUE 2030	  

			
	 Section 1.01.
	 	Establishment	  	 	1	 
			
	 Section 1.02.
	 	Definitions	  	 	2	 
			
	 Section 1.03.
	 	Payment of Principal and Interest	  	 	2	 
			
	 Section 1.04.
	 	Denominations	  	 	3	 
			
	 Section 1.05.
	 	Global Securities	  	 	3	 
			
	 Section 1.06.
	 	Transfer	  	 	4	 
			
	 Section 1.07.
	 	Defeasance	  	 	4	 
			
	 Section 1.08.
	 	Redemption at the Option of the Company	  	 	4	 
			
	 Section 1.09.
	 	Notice to Trustee	  	 	5	 
			
	 Section 1.10.
	 	Selection of Senior Notes to be Redeemed; Notice of Redemption	  	 	5	 
	
	ARTICLE II	  

	
	MISCELLANEOUS PROVISIONS	  

			
	 Section 2.01.
	 	Recitals by the Company	  	 	6	 
			
	 Section 2.02.
	 	Amendment to Sections 2.05 and 2.06 of the Original Indenture Relating to the Execution of Securities and the Certificate of Authentication	  	 	6	 
			
	 Section 2.03.
	 	Ratification and Incorporation of Original Indenture	  	 	7	 
			
	 Section 2.04.
	 	Executed in Counterparts	  	 	7	 
			
	 Section 2.05.
	 	New York Law to Govern	  	 	7	 
			
	 EXHIBIT A
	 	 Form of Global Note
	  	 	A-1	 
			
	 EXHIBIT B
	 	 Form of Certificate of Authentication
	  	 	B-1	 

  
 i 

 THIS TWENTY-SEVENTH SUPPLEMENTAL INDENTURE (this “Twenty-Seventh Supplemental
Indenture”) is made as of the 1st day of April, 2020, by and between AFLAC INCORPORATED, a Georgia corporation, as issuer (the “Company”), and THE BANK OF NEW YORK MELLON TRUST COMPANY, N.A., a national banking association, as
trustee (the “Trustee”): 
 WHEREAS, the Company has heretofore entered into a Senior Indenture, dated as of May 21, 2009 (the
“Original Indenture”), with the Trustee; 
 WHEREAS, the Original Indenture is incorporated herein by reference, and the Original
Indenture, as supplemented and amended by this Twenty-Seventh Supplemental Indenture, is herein called the “Indenture”; 

WHEREAS, under the Original Indenture, a new series of senior notes may at any time be established by the Board of Directors of the Company in
accordance with the provisions of the Original Indenture and the terms of such series may be described by a supplemental indenture executed by the Company and the Trustee; 

WHEREAS, the Company proposes to create under the Indenture a new series of senior notes; 

WHEREAS, additional senior notes of other series hereafter established, except as may be limited in the Original Indenture as at the time
supplemented and amended, may be issued from time to time pursuant to the Indenture as at the time supplemented and amended, and all senior notes issued by the Company of any one series need not be issued at the same time and, unless otherwise so
provided, may be reopened for issuances of additional senior notes of such series; and 
 WHEREAS, all things necessary to authorize the
execution and delivery of this Twenty-Seventh Supplemental Indenture and make it a valid and binding agreement of the Company, in accordance with its terms, have been done. 

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

3.600% SENIOR NOTES DUE 2030 

Section 1.01. Establishment. There is hereby established a new series of senior notes to be issued under the Indenture, to be
designated as the Company’s 3.600% Senior Notes due 2030 (the “Senior Notes”). 
 There are to be authenticated and delivered
Senior Notes, initially limited in aggregate principal amount to $1,000,000,000 and no further Senior Notes shall be authenticated and delivered except as provided by Sections 2.8, 2.9, 2.11, 8.5 or 12.3 of the Original Indenture and the terms
of this Twenth-Seventh Supplemental Indenture; provided, however, that the Company 

 
may re-open this series of Senior Notes and the aggregate principal amount of the Senior Notes may be increased in the future, without the consent of the
holders of the Senior Notes, with the same ranking, interest rate, maturity date and other terms and with the same CUSIP and ISIN numbers as the Senior Notes other than with respect to: (i) the date of issuance, (ii) the issue price and
(iii) the date from which interest shall accrue and the amount of interest payable on the first Interest Payment Date (as defined below) following the issuance of any such additional Senior Notes (which terms shall be set forth in a Board
Resolution accompanying the Order pursuant to which any such additional Senior Notes are authenticated). Any such additional Senior Notes and the Senior Notes established pursuant hereto shall be considered collectively as a single class for all
purposes of the Indenture. The Senior Notes shall be issued in fully registered form. 
 The Senior Notes shall be issued in the form of one
or more Global Securities (as defined below) in substantially the form set out in Exhibit A hereto. 
 The form of the Trustee’s
Certificate of Authentication for the Senior Notes shall be substantially in the form set forth in Exhibit B hereto. 
 Each Senior
Note shall be dated the date of authentication thereof and shall bear interest from the date of original issuance thereof or from the most recent Interest Payment Date on which interest has been paid or duly provided for. 

Section 1.02. Definitions. The following defined terms used herein shall, unless the context otherwise requires, have the meanings
specified below. Capitalized terms used herein for which no definition is provided herein shall have the meanings set forth in the Original Indenture. 

“Global Security” means, with respect to any series of securities, a security authenticated and delivered under the Original
Indenture executed by the Company and held by the Trustee as custodian for the Depositary, all in accordance with the Original Indenture, which shall be registered in the name of the Depositary or its nominee. 

“Interest Payment Date” means April 1 and October 1 of each year, commencing on October 1, 2020. 

“Regular Record Date” means, with respect to each Interest Payment Date, the close of business on March 15 or September 15
immediately preceding such Interest Payment Date. 
 “Stated Maturity” means April 1, 2030. 

Section 1.03. Payment of Principal and Interest. If not previously redeemed, the principal of the Senior Notes shall be due at the
Stated Maturity. The unpaid and outstanding principal amount of the Senior Notes, and any overdue installment of interest thereon to the extent permitted by law, shall bear interest at the rate of 3.600% per year until paid or made available for
payment, such interest to accrue from the most recent Interest Payment Date on which interest has been paid or duly provided for or, if no interest has been paid, from April 1, 2020. Interest shall be paid semi-annually in arrears on each
Interest Payment Date, commencing on October 1, 2020 to the Person in whose name the Senior Notes are registered on 

  
 2 

 
the Regular Record Date for such Interest Payment Date, provided that interest payable at the Stated Maturity or on a Redemption Date (as defined below) as provided herein, will be paid to the
Person to whom principal is payable. Any such interest that is not so punctually paid or duly provided for will forthwith cease to be payable to the holders on such Regular Record Date and may be paid as provided in Section 2.7 of the Original
Indenture. 
 Payments of interest on the Senior Notes will include interest accrued to but excluding the respective Interest Payment Dates.
Interest payments for the Senior Notes shall be computed and paid on the basis of a 360-day year consisting of twelve 30-day months. In the event that any date on which
interest is payable on the Senior Notes is not a Business Day, then payment of the interest payable on such date will be made on the next succeeding day that is a Business Day (and without any interest or other payment in respect of any such delay),
except that, if such next succeeding Business Day is in the next succeeding calendar year, such payment shall be made on the immediately preceding Business Day, in each case with the same force and effect as if made on the date the payment was
originally payable. 
 Payment of the principal, premium, if any, and interest due at the Stated Maturity of, or on a Redemption Date for,
the Senior Notes shall be made upon surrender of the Senior Notes at the Corporate Trust Office of the Trustee. The principal of and interest on the Senior Notes shall be paid in such coin or currency of the United States of America as at the time
of payment is legal tender for payment of public and private debts. Payments of interest (including interest on an Interest Payment Date) will be made, subject to such surrender where applicable, at the option of the Company, (i) by check
mailed to the address of the Person entitled thereto as such address shall appear in the Security register or (ii) by wire transfer at such place and to such account at a banking institution in the United States as may be designated in writing
to the Trustee at least 15 days prior to the date for payment by the Person entitled thereto. 
 Section 1.04.
Denominations. The Senior Notes will be issued only in denominations of $2,000 and integral multiples of $1,000 in excess thereof. 

Section 1.05. Global Securities. The Senior Notes will initially be issued in the form of one or more Global Securities registered
in the name of the Depositary (which initially shall be The Depository Trust Company (“DTC”)) or its nominee. Except under the limited circumstances described below, Senior Notes represented by Global Securities will not be exchangeable
for, and will not otherwise be issuable as, Senior Notes in definitive form. The Global Securities described above may not be transferred except 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 to a successor Depositary or its nominee. 
 Owners of beneficial interests in such Global Securities
will not be considered the holders thereof for any purpose under the Indenture, and no Global Security representing a Senior Note shall be exchangeable, except for another Global Security of like denomination and tenor to be registered in the name
of the Depositary or its nominee or to a successor Depositary or its nominee. The rights of holders of such Global Securities shall be exercised only through the Depositary. 

  
 3 

 A Global Security shall be exchangeable for Senior Notes registered in the names of Persons
other than the Depositary or its nominee only as provided by Section 2.8(5) of the Original Indenture. Any Global Security that is exchangeable pursuant to the preceding sentence shall be exchangeable for Senior Notes registered in such names
as the Depositary shall direct. 
 Section 1.06. Transfer. No service charge will be made for any registration of transfer or
exchange of Senior Notes, but payment will be required of a sum sufficient to cover any tax or other governmental charge that may be imposed in connection therewith. 

Section 1.07. Defeasance. The provisions of Sections 10.4 and 10.5 of the Original Indenture will apply to the Senior Notes.

 Section 1.08. Redemption at the Option of the Company. The Senior Notes will be redeemable, at the sole option of the
Company, in whole at any time or in part from time to time (a “Redemption Date”), at a redemption price (the “Redemption Price”) as described below. The Redemption Price at any time prior to January 1, 2030 (three months
prior to the maturity date of the Senior Notes) (a “Par Call Date”) will be equal to the greater of (i) 100% of the aggregate principal amount of the Senior Notes to be redeemed and (ii) an amount equal to the sum of the present
values of the remaining scheduled payments for principal of and interest on the Senior Notes to be redeemed that would be due if the Senior Notes matured on the Par Call Date, not including any portion of the payments of interest accrued as of such
Redemption Date, discounted to such Redemption Date on a semi-annual basis (assuming a 360-day year consisting of twelve 30-day months) at the Treasury Rate, plus 45
basis points, plus, in each case (i) and (ii), accrued and unpaid interest on the principal amount of the Senior Notes to be redeemed to, but excluding, such Redemption Date. 

On or after the Par Call Date, the Redemption Price will be equal to 100% of the principal amount of the Senior Notes to be redeemed, plus
accrued and unpaid interest thereon to the Redemption Date. 
 “Treasury Rate” means (i) the yield, under the heading which
represents the average for the immediately preceding week, appearing in the most recently published statistical release designated “H.15” or any successor publication which is published weekly by the Board of Governors of the Federal
Reserve System and which establishes yields on actively traded United States Treasury securities adjusted to constant maturity under the caption “Treasury Constant Maturities,” for the maturity corresponding to the Comparable Treasury
Issue (as defined below) (if no maturity is within three months before or after the remaining life, yields for the two published maturities most closely corresponding to the Comparable Treasury Issue will be determined and the Treasury Rate will be
interpolated or extrapolated from such yields on a straight line basis, rounding to the nearest month), or (ii) if such release (or any successor release) is not published during the week preceding the calculation date or does not contain such
yields, the rate per year equal to the semi-annual equivalent yield to maturity of the Comparable Treasury Issue, calculated using a price for the Comparable Treasury Issue (expressed as a percentage of its principal amount) equal to the Comparable
Treasury Price (as defined below) for such Redemption Date. The Treasury Rate shall be calculated on the third Business Day preceding the Redemption Date. 

  
 4 

 “Comparable Treasury Issue” means the United States Treasury security selected by
the Independent Investment Banker (as defined below) as having a maturity comparable to the remaining term of the Senior Notes to be redeemed that would be utilized, at the time of selection and in accordance with customary financial practice, in
pricing new issues of corporate debt securities of comparable maturity to the remaining term of the Senior Notes (assuming, for this purpose, that the Senior Notes matured on the Par Call Date). 

“Independent Investment Banker” means one of Goldman Sachs & Co. LLC, Mizuho Securities USA LLC, Morgan Stanley &
Co. LLC, SMBC Nikko Securities America, Inc., and Wells Fargo Securities, LLC and their successors, appointed by the Company or, if such firm is unwilling or unable to select the Comparable Treasury Issue, an independent investment banking
institution of national standing appointed by the Company. 
 “Comparable Treasury Price” means with respect to any Redemption
Date for the Senior Notes (1) the average of five Reference Treasury Dealer Quotations (as defined below) for such Redemption Date, after excluding the highest and lowest of such Reference Treasury Dealer Quotations, or (2) if the Company
obtains fewer than five such Reference Treasury Dealer Quotations, the average of all such quotations. 
 “Reference Treasury
Dealer” means each of Goldman Sachs & Co. LLC, Mizuho Securities USA LLC, Morgan Stanley & Co. LLC, Wells Fargo Securities, LLC, and a primary U.S. government securities dealer (a “Primary Treasury Dealer”) selected
by SMBC Nikko Securities America, Inc., and their respective successors; provided that if any of the foregoing or their respective successors shall cease to be a Primary Treasury Dealer, the Company will substitute therefor another Primary Treasury
Dealer. 
 “Reference Treasury Dealer Quotations” means, with respect to the Reference Treasury Dealer and any Redemption Date,
the average, as determined by the Independent Investment Banker, of the bid and asked prices for the Comparable Treasury Issue (expressed, in each case, as a percentage of its principal amount) quoted in writing to the Independent Investment Banker
by such Reference Treasury Dealer at 5:00 p.m., New York City time, on the third Business Day preceding such Redemption Date. 

Notwithstanding Section 12.2 of the Original Indenture, the notice of redemption with respect to the foregoing redemption need not set
forth the Redemption Price but only the manner of calculation thereof. 
 Section 1.09. Notice to Trustee. The Company shall
notify the Trustee of the Redemption Price with respect to the foregoing redemption promptly after the calculation thereof. The Trustee shall not be responsible for calculating said Redemption Price. 

Section 1.10. Selection of Senior Notes to be Redeemed; Notice of Redemption. If less than all of the Senior Notes are to be
redeemed, the principal amount of such Senior Notes held by each beneficial owner of such Senior Notes to be redeemed shall be selected in accordance with the procedures of DTC. Senior Notes, and portions of Senior Notes, may be selected in amounts
of $2,000 and whole multiples of $1,000 in excess thereof. 

  
 5 

 ARTICLE II 

MISCELLANEOUS PROVISIONS 

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

Section 2.02. Amendment to Sections 2.05 and 2.06 of the Original Indenture Relating to the Execution of Securities and the
Certificate of Authentication. Sections 2.05 and 2.06 of the Original Indenture are amended and restated, with respect to the Senior Notes issued on the date hereof, to read as follows: 

Section 2.5 Execution of Securities. The Securities and, if applicable, each Coupon appertaining thereto shall
be signed on behalf of the Issuer by the chairman or vice chairman of its Board of Directors or its president or any executive, senior or other vice president or its treasurer, but need not, be attested. Such signatures may be the manual, facsimile
or electronic signatures of the present or any future such officers. Typographical and other minor errors or defects in any such signature shall not affect the validity or enforceability of any Security that has been duly authenticated and delivered
by the Trustee. In case any officer of the Issuer who shall have signed any of the Securities or Coupons, if any, shall cease to be such officer before the Security or Coupon so signed (or the Security to which the Coupon so signed appertains) shall
be authenticated and delivered by the Trustee or disposed of by the Issuer, such Security or Coupon nevertheless may be authenticated and delivered or disposed of as though the person who signed such Security or Coupon had not ceased to be such
officer of the Issuer; and any Security or Coupon may be signed on behalf of the Issuer by such persons as, at the actual date of the execution of such Security or Coupon, shall be the proper officers of the Issuer, although at the date of the
execution and delivery of this Indenture any such person was not such an officer. 
 Section 2.6 Certificate of
Authentication. Only such Securities as shall bear thereon a certificate of authentication substantially in the form herein before recited, executed by the Trustee by the manual, facsimile or electronic signature of one of its authorized
signatories, shall be entitled to the benefits of this Indenture or be valid or obligatory for any purpose. No Coupon shall be entitled to the benefits of this Indenture or shall be valid and obligatory for any purpose until the certificate of
authentication on the Security to which such Coupon appertains shall have been duly executed by the Trustee. The execution of such certificate by the Trustee upon any Security executed by the Issuer shall be conclusive evidence that the Security so
authenticated has been duly authenticated and delivered hereunder and that the Holder is entitled to the benefits of this Indenture. 

  
 6 

 Section 2.03. Ratification and Incorporation of Original Indenture. As
supplemented and amended hereby, the Original Indenture is in all respects ratified and confirmed, and the Original Indenture and this Twenty-Seventh Supplemental Indenture shall be read, taken and construed as one and the same instrument. 

Section 2.04. Executed in Counterparts. This Twenty-Seventh Supplemental Indenture may be simultaneously executed in several
counterparts, each of which shall be deemed to be an original, and such counterparts shall together constitute but one and the same instrument. The exchange of copies of this Twenty-Seventh Supplemental Indenture and of manual, facsimile or
electronic signature pages shall constitute effective execution and delivery of this Supplemental Indenture as to the parties hereto. 

Section 2.05. New York Law to Govern. This Twenty-Seventh Supplemental Indenture and each Senior Note shall be deemed to be a
contract under the laws of the state of New York, and for all purposes shall be construed in accordance with the laws of such state, except as may be required by mandatory provisions of law. 

  
 7 

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

			
	AFLAC INCORPORATED,
as Issuer
		
	By:	 	/s/ Max K. Brodén
		 	Name:  Max K. Brodén
		 	 Title:    Executive Vice President, Chief

 Financial Officer and Treasurer

 [Signature Page to Supplemental Indenture] 

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

			
	THE BANK OF NEW YORK MELLON TRUST COMPANY, N.A.,
	as Trustee
		
	By:	 	/s/ Manjari Purkayastha
		 	Name: Manjari Purkayastha
		 	Title: Vice President

 [Signature Page to Supplemental Indenture] 

 EXHIBIT A 

3.600% Senior Note due 2030 

THIS NOTE IS A GLOBAL SECURITY WITHIN THE MEANING OF THE TWENTY-SEVENTH SUPPLEMENTAL INDENTURE TO THE ORIGINAL INDENTURE HEREINAFTER REFERRED
TO. UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY (“DTC”), A NEW YORK CORPORATION, TO AFLAC INCORPORATED OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY
CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED
REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN. 

UNLESS AND UNTIL IT IS EXCHANGED IN WHOLE OR IN PART FOR SECURITIES IN DEFINITIVE FORM, THIS SECURITY MAY NOT BE TRANSFERRED EXCEPT AS A WHOLE
BY THE DEPOSITARY TO THE NOMINEE OF THE DEPOSITARY OR BY A NOMINEE OF THE DEPOSITARY TO THE DEPOSITARY OR ANOTHER NOMINEE OF THE DEPOSITARY OR BY THE DEPOSITARY OR ANY SUCH NOMINEE TO A SUCCESSOR DEPOSITARY OR A NOMINEE OF SUCH SUCCESSOR DEPOSITARY.

  
 A-1 

			
	No.	 	CUSIP No. 001055 BJ0
		 	ISIN No. US001055BJ00

 AFLAC INCORPORATED 

3.600% Senior Notes due 2030 
  

			
	Principal Amount:	  	$1,000,000,000
		
	Regular Record Date:	  	with respect to each Interest Payment Date, the close of business on March 15 or September 15 immediately preceding such Interest Payment Date
		
	Original Issue Date:	  	April 1, 2020
		
	Stated Maturity:	  	April 1, 2030
		
	Interest Payment Dates:	  	April 1 and October 1, commencing on October 1, 2020
		
	Interest Rate:	  	3.600% per year
		
	 Authorized Denomination:
	  	 $2,000 and integral multiples of $1,000 in excess thereof

 Aflac Incorporated, a Georgia corporation (the “Company,” which term includes any successor
corporation under the Indenture referred to on the reverse hereof), for value received, hereby promises to pay to Cede & Co., or registered assigns, the principal sum of         DOLLARS
($                ) on the Stated Maturity shown above, and to pay interest thereon, and on any overdue installment of interest thereon to the extent permitted by law,
from the most recent Interest Payment Date on which interest has been paid or duly provided for or, if no interest has been paid, from the Original Issue Date shown above, semi-annually in arrears on each Interest Payment Date as specified above,
commencing on October 1, 2020, and on the Stated Maturity at the rate per year shown above until the principal hereof or such overdue installment is paid or made available for payment. The interest so payable, and punctually paid or duly
provided for, on any Interest Payment Date (other than an Interest Payment Date that is the Stated Maturity) will, as provided in the Indenture, be paid to the Person in whose name this Note (as defined on the reverse hereof) is registered at the
close of business on the Regular Record Date as specified above next preceding such Interest Payment Date, provided that interest payable at the Stated Maturity or on a Redemption Date (as defined on the reverse hereof) will be paid to the Person to
whom principal is payable. Except as otherwise provided in the Indenture, any such interest that is not so punctually paid or duly provided for will forthwith cease to be payable to the holders on such Regular Record Date and may be paid as provided
in Section 2.7 of the Original Indenture. 
 Payments of interest on this Note (as defined on the reverse hereof) will include interest
accrued to but excluding the respective Interest Payment Dates. Interest payments for this Note shall be computed and paid on the basis of a 360-day year consisting of twelve
30-day months. In the event that any date on which interest is payable on this Note is not a Business Day, then payment of the interest payable on such date will be made on the next succeeding day that is a
Business Day (and without any interest or other payment in respect of any such delay), except that, if such next succeeding Business Day is in the next succeeding calendar year, such payment shall be made on the immediately preceding Business Day,
in each case with the same force and effect as if made on the date the payment was originally payable. 

  
 A-2 

 Payment of the principal, premium, if any, and interest due at the Stated Maturity of, or on
a Redemption Date (as defined on the reverse hereof) for, this Note shall be made upon surrender of this Note at the Corporate Trust Office of the Trustee. The principal of and interest on this Note shall be paid in such coin or currency of the
United States of America as at the time of payment is legal tender for payment of public and private debts. Payment of interest (including interest on an Interest Payment Date) will be made, subject to such surrender where applicable, at the option
of the Company, (i) by check mailed to the address of the Person entitled thereto as such address shall appear in the Security register or (ii) by wire transfer at such place and to such account at a banking institution in the United
States as may be designated in writing to the Trustee at least 15 days prior to the date for payment by the Person entitled thereto. 

The Senior Notes (as defined on the reverse hereof) will be unsecured obligations of the Company and will rank equally in right of payment
with all the other unsecured, unsubordinated indebtedness of the Company from time to time outstanding. The Senior Notes will rank senior to any subordinated indebtedness of the Company. 

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

  
 A-3 

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

 

			
	AFLAC INCORPORATED,
as Issuer

 
			
		
	By:	 	 

 
			
	Name:	 	
	Title:	 	

  

			
	Attest:
	
	 
	Name:	 	
	Title:	 	

  
 A-4 

 CERTIFICATE OF AUTHENTICATION 

This is one of the 3.600% Senior Notes due 2030 referred to in the within-mentioned Indenture. 

 

							
		 		 	THE BANK OF NEW YORK MELLON TRUST COMPANY, N.A., as Trustee
				
	Dated: April 1, 2020	 		 	By:	 	 
		 		 	Authorized Signatory

  
 A-5 

 (Reverse Side of Note) 

This note (the “Note”) represents one of a duly authorized issue of senior notes of the Company issued and issuable in one or more
series under a Senior Indenture dated as of May 21, 2009 (the “Original Indenture”), as supplemented and amended by the Twenty-Seventh Supplemental Indenture dated as of April 1, 2020 (the “Twenty-Seventh Supplemental
Indenture,” and together with the Original Indenture, the “Indenture”), between the Company and The Bank of New York Mellon Trust Company, N.A., as Trustee (the “Trustee,” which term includes any successor trustee under the
Indenture), to which Indenture and all indentures incidental thereto reference is hereby made for a statement of the respective rights, limitations of rights, duties and immunities thereunder of the Company, the Trustee and the holders of the Senior
Notes (as defined below) issued thereunder and of the terms upon which said Senior Notes are, and are to be, authenticated and delivered. The Securities represented by this Note are one of the series designated on the face hereof as 3.600% Senior
Notes due 2030 (the “Senior Notes”), initially limited in aggregate principal amount to $1,000,000,000; provided, however, that the aggregate principal amount of the Senior Notes may be increased in the future, without the consent of the
holders of the Senior Notes, as provided in the Twenty-Seventh Supplemental Indenture. Capitalized terms used herein for which no definition is provided herein shall have the meanings set forth in the Indenture. 

This Note is exchangeable in whole or from time to time in part for Senior Notes of this series in definitive registered form only as provided
in the Indenture. 
 If an Event of Default with respect to the Senior Notes shall occur and be continuing, the principal of the Senior
Notes may be declared due and payable in the manner, with the effect and subject to the conditions provided in the Indenture. 
 The
Indenture permits, with certain exceptions as therein provided, the amendment thereof and the modification of the rights and obligations of the Company and the rights of the holders of the Senior Notes under the Indenture at any time by the Company
and the Trustee with the consent of the holders of not less than a majority in aggregate principal amount of the Senior Notes at the time Outstanding. The Indenture also contains provisions permitting the holders of specified percentages in
principal amount of the Senior Notes at the time Outstanding, on behalf of the holders of all Senior Notes, to waive compliance by the Company with certain provisions of the Indenture and certain past defaults under the Indenture and their
consequences. Any such consent or waiver by the holder of this Note shall be conclusive and binding upon such holder and upon all future holders of this Note and of any Senior Note issued upon the registration of transfer hereof or in exchange
hereof or in lieu hereof, whether or not notation of such consent or waiver is made upon this Note. 
 The Indenture contains provisions for
defeasance at any time of (i) the entire indebtedness of the Company pursuant to this Note and (ii) restrictive covenants and the related Events of Default, upon compliance by the Company with certain conditions set forth therein, which
provisions apply to this Note. 

  
 A-6 

 The Senior Notes will be redeemable, at the sole option of the Company, in whole at any time
or in part from time to time (a “Redemption Date”), at a redemption price (the “Redemption Price”) as described below. The Redemption Price at any time prior to January 1, 2030 (three months prior to the maturity date of the
Senior Notes) (a “Par Call Date”) will be equal to the greater of (i) 100% of the aggregate principal amount of the Senior Notes to be redeemed and (ii) an amount equal to the sum of the present values of the remaining scheduled
payments for principal of and interest on the Senior Notes to be redeemed that would be due if the Senior Notes matured on the Par Call Date, not including any portion of the payments of interest accrued as of such Redemption Date, discounted to
such Redemption Date on a semi-annual basis (assuming a 360-day year consisting of twelve 30-day months) at the Treasury Rate, plus 45 basis points, plus, in each case,
accrued and unpaid interest on the principal amount of the Senior Notes to be redeemed to, but excluding, such Redemption Date. 
 On or
after the Par Call Date, the Redemption Price will be equal to 100% of the principal amount of the Senior Notes to be redeemed, plus accrued and unpaid interest thereon to the Redemption Date. 

“Treasury Rate” means (i) the yield, under the heading which represents the average for the immediately preceding week,
appearing in the most recently published statistical release designated “H.15” or any successor publication which is published weekly by the Board of Governors of the Federal Reserve System and which establishes yields on actively traded
United States Treasury securities adjusted to constant maturity under the caption “Treasury Constant Maturities,” for the maturity corresponding to the Comparable Treasury Issue (as defined below) (if no maturity is within three months
before or after the remaining life, yields for the two published maturities most closely corresponding to the Comparable Treasury Issue will be determined and the Treasury Rate will be interpolated or extrapolated from such yields on a straight line
basis, rounding to the nearest month), or (ii) if such release (or any successor release) is not published during the week preceding the calculation date or does not contain such yields, the rate per year equal to the semi-annual equivalent
yield to maturity of the Comparable Treasury Issue, calculated using a price for the Comparable Treasury Issue (expressed as a percentage of its principal amount) equal to the Comparable Treasury Price (as defined below) for such Redemption Date.
The Treasury Rate shall be calculated on the third Business Day preceding the Redemption Date. 
 “Comparable Treasury Issue”
means the United States Treasury security selected by the Independent Investment Banker (as defined below) as having a maturity comparable to the remaining term of the Senior Notes to be redeemed that would be utilized, at the time of selection and
in accordance with customary financial practice, in pricing new issues of corporate debt securities of comparable maturity to the remaining term of the Senior Notes (assuming, for this purpose, that the Senior Notes matured on the Par Call Date).

 “Independent Investment Banker” means one of Goldman Sachs & Co. LLC, Mizuho Securities USA LLC, Morgan
Stanley & Co. LLC, SMBC Nikko Securities America, Inc., and Wells Fargo Securities, LLC and their successors, appointed by the Company or, if such firm is unwilling or unable to select the Comparable Treasury Issue, an independent
investment banking institution of national standing appointed by the Company. 

  
 A-7 

 “Comparable Treasury Price” means with respect to any Redemption Date for the
Senior Notes (1) the average of five Reference Treasury Dealer Quotations (as defined below) for such Redemption Date, after excluding the highest and lowest of such Reference Treasury Dealer Quotations, or (2) if the Company obtains fewer
than five such Reference Treasury Dealer Quotations, the average of all such quotations. 
 “Reference Treasury Dealer” means each
of Goldman Sachs & Co. LLC, Mizuho Securities USA LLC, Morgan Stanley & Co. LLC, Wells Fargo Securities, LLC, and a primary U.S. government securities dealer (a “Primary Treasury Dealer”) selected by SMBC Nikko Securities
America, Inc., and their respective successors; provided that if any of the foregoing or their respective successors shall cease to be a Primary Treasury Dealer, the Company will substitute therefor another Primary Treasury Dealer. 

“Reference Treasury Dealer Quotations” means, with respect to the Reference Treasury Dealer and any Redemption Date, the average, as
determined by the Independent Investment Banker, of the bid and asked prices for the Comparable Treasury Issue (expressed, in each case, as a percentage of its principal amount) quoted in writing to the Independent Investment Banker by such
Reference Treasury Dealer at 5:00 p.m., New York City time, on the third Business Day preceding such Redemption Date. 
 Notice of any
redemption will be mailed at least 30 days but no more than 60 days before the Redemption Date to each holder of the Senior Notes to be redeemed. Notwithstanding Section 12.2 of the Original Indenture, the notice of redemption with
respect to the foregoing redemption need not set forth the Redemption Price but only the manner of calculation thereof. 
 The Company shall
notify the Trustee of the Redemption Price with respect to the foregoing redemption promptly after the calculation thereof. The Trustee shall not be responsible for calculating said Redemption Price. Unless the Company defaults in payment of the
Redemption Price, on and after the Redemption Date, interest will cease to accrue on the Senior Notes or portions thereof called for redemption. 

If less than all of the Senior Notes are to be redeemed, the principal amount of such Senior Notes held by each beneficial owner of such
Senior Notes to be redeemed shall be selected in accordance with the procedures of DTC. Senior Notes, and portions of Senior Notes, may be selected in amounts of $2,000 and whole multiples of $1,000 in excess thereof. 

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

As provided in the Indenture and subject to certain limitations therein set forth, the transfer of this Note is registrable in the Security
register, upon surrender of this Note for registration of transfer at the office or agency of the Company for such purpose, duly endorsed by, or accompanied by a written instrument of transfer in form satisfactory to the Company or the Security
registrar and duly executed by, the holder hereof or his attorney duly authorized in writing, and thereupon one or more new Senior Notes, of authorized denominations and of like tenor and for the same aggregate principal amount, will be issued to
the designated transferee or transferees. No service charge shall be made for any such exchange or registration of transfer, but the Company will require payment of a sum sufficient to cover any tax or other governmental charge payable in connection
therewith. 

  
 A-8 

 Prior to due presentment of this Note for registration of transfer, the Company, the
Trustee, any Person authorized by the Company to pay the principal of or any premium or interest on any Senior Note on behalf of the Company (a “Paying Agent”) and the Security registrar may deem and treat the Person in whose name this
Note is registered as the absolute owner hereof for all purposes, whether or not this Note be overdue and notwithstanding any notice of ownership or writing thereon made by anyone other than the Security registrar, and neither the Company nor the
Trustee nor any Paying Agent nor the Security registrar shall be affected by notice to the contrary. 
 The Senior Notes are issuable only
in registered form without coupons in denominations of $2,000 and integral multiples of $1,000 in excess thereof. As provided in the Indenture and subject to certain limitations therein set forth, Senior Notes are exchangeable for a like aggregate
principal amount of Senior Notes of a different authorized denomination, as requested by the holder surrendering the same upon surrender of the Senior Note or Senior Notes to be exchanged at the office or agency of the Company. 

No recourse shall be had for payment of the principal of or interest on this Note, or for any claim based hereon, or otherwise in respect
hereof, or based on or in respect of the Indenture, against any incorporator, as such or against any past, present or future shareholder, officer or director, as such, of the Company or of any successor, either directly or through the Company or any
successor, under any rule, law statute or constitutional provision, or by the enforcement of any assessment or by any legal or equitable proceeding or otherwise, all such liability being expressly waived and released, by the acceptance hereof and as
part of the consideration for the issuance hereof. 
 Unless the certificate of authentication hereon has been executed by the Trustee by
manual, facsimile or electronic signature, this Note shall not be entitled to any benefit under the Indenture or be valid or obligatory for any purpose. 

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

  
 A-9 

 ABBREVIATIONS 

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

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

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

 Additional abbreviations may also be used 

though not on the above list. 
  

	
	FOR VALUE RECEIVED, the undersigned hereby sell(s) and transfer(s) unto
	
	PLEASE PRINT OR TYPEWRITE NAME AND ADDRESS, INCLUDING POSTAL ZIP CODE OF ASSIGNEE
	 
	 
	
	(please insert Social Security or other identifying number of assignee)
	
	the within Note and all rights thereunder, hereby irrevocably constituting and appointing
	
	 
	 
	 
	agent to transfer said Note on the books of the Company, with full power of substitution in the premises.

  

			
	Dated:	 	
		 	  

		 	  
 NOTICE: The signature to this
assignment must correspond with the name as written upon the face of the within instrument in every particular without alteration or enlargement, or any change whatever.

  
 A-10 

 EXHIBIT B 

CERTIFICATE OF AUTHENTICATION 

This is one of the 3.600% Senior Notes due 2030 referred to in the within-mentioned Indenture. 

 

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

							
				
	Dated:	 		 	By:	 	 

							
		 		 	Authorized Signatory

  
 B-1Exhibit 10.1

 

“FORM OF” EXCHANGE AGREEMENT

 

THIS EXCHANGE AGREEMENT
(the “Agreement”) is made as of the 31st day of March 2020, by and between Taronis Technologies,
Inc., a Delaware corporation (the “Company”), and the signatory hereto (the “Holder”).

 

WHEREAS, on [                  ],
pursuant to that certain [                  ]
(“Agreement”) between the Company and the Holder, the Company [ describe issuances ].

 

WHEREAS, on the
date hereof, the Holder owns [                  ]
shares of Common Stock (the “Held Stock”);

 

WHEREAS, subject
to the terms and conditions set forth in this Agreement and pursuant to Section 4(a)(2) of the Securities Act of 1933, as amended
(the “Securities Act”), and in reliance on Section 3(a)(9) of the Securities Act, the Company desires to exchange
with the Holder, and the Holder desires to exchange with the Company, the Held Stock for Prepaid Common Stock Warrants (“Warrants”).

 

NOW, THEREFORE, for
good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, and in consideration of the premises
and the mutual agreements, representations and warranties, provisions and covenants contained herein, the parties hereto, intending
to be legally bound hereby, agree as follows:

 

1. Exchange. On
the Closing Date, subject to the terms and conditions of this Agreement, the Holder shall, and the Company shall, pursuant to Section
3(a)(9) of the Securities Act, exchange all of the Held Stock for Warrants exercisable into [                        ]
shares of Common Stock, the (“Exchange Securities”). Subject to the conditions set forth below, the Exchange
shall take place electronically by the remote exchange of documents, or at such other time and place as the Company and the Holder
mutually agree (the “Closing” and the “Closing Date”). At the Closing, the following transactions
shall occur (such transactions in this Section 1, the “Exchange”):

 

1.1 On the Closing Date,
in exchange for the Held Stock, the Company shall deliver the Exchange Securities to the Holder or its designee in accordance with
the Holder’s delivery instructions set forth on the Holder’s signature page hereto. Upon receipt of the Exchange Securities
in accordance with this Section 2.1, all of the Holder’s rights under the Held Stock shall be extinguished. The Holder shall
tender to the Company’s transfer agent (with all necessary endorsements) the Held Stock within five (5) Trading Days (as
defined below) of the Closing Date.

 

1.2 On the Closing Date,
the Holder shall be deemed for all corporate purposes to have become the holder of record of the Exchange Securities, irrespective
of the date such Exchange Securities are delivered to the Holder in accordance herewith. As used herein, “Trading Day”
means any day on which the Common Stock is traded on the NASDAQ Capital Market, or, if the NASDAQ Capital Market is not the principal
trading market for the Common Stock, then on the principal securities exchange or securities market on which the Common Stock is
then traded.

 

    	 	 	 

    	 

    

 

1.3 The Company and the Holder
shall execute and/or deliver such other documents and agreements as are customary and reasonably necessary to effectuate the Exchange.

 

2. Closing Conditions.

 

2.1 Conditions to Holder’s
Obligations. The obligation of the Holder to consummate the Exchange is subject to the fulfillment, to the Holder’s reasonable
satisfaction, prior to or at the Closing, of each of the following conditions:

 

(a) Representations
and Warranties. The representations and warranties of the Company contained in this Agreement shall be true and correct in
all material respects on the date hereof and on and as of the Closing Date as if made on and as of such date.

 

(b) No Actions.
No action, proceeding, investigation, regulation or legislation shall have been instituted, threatened or proposed before any court,
governmental agency or authority or legislative body to enjoin, restrain, prohibit or obtain substantial damages in respect of,
this Agreement or the consummation of the transactions contemplated by this Agreement.

 

(c) Proceedings
and Documents. All proceedings in connection with the transactions contemplated hereby and all documents and instruments incident
to such transactions shall be satisfactory in substance and form to the Holder, and the Holder shall have received all such counterpart
originals or certified or other copies of such documents as they may reasonably request.

 

2.2 Conditions to the
Company’s Obligations. The obligation of the Company to consummate the Exchange is subject to the fulfillment, to the
Company’s reasonable satisfaction, prior to or at the Closing, of each of the following conditions:

 

(a) Representations
and Warranties. The representations and warranties of the Holder contained in this Agreement shall be true and correct in all
material respects on the date hereof and on and as of the Closing Date as if made on and as of such date.

 

(b) No Actions.
No action, proceeding, investigation, regulation or legislation shall have been instituted, threatened or proposed before any court,
governmental agency or authority or legislative body to enjoin, restrain, prohibit, or obtain substantial damages in respect of,
this Agreement or the consummation of the transactions contemplated by this Agreement.

 

(c) Proceedings
and Documents. All proceedings in connection with the transactions contemplated hereby and all documents and instruments
incident to such transactions shall be satisfactory in substance and form to the Company and the Company shall have received
all such counterpart originals or certified or other copies of such documents as the Company may reasonably request.

 

    	 	 	 

    	 

    

 

3. Representations and
Warranties of the Company. The Company hereby represents and warrants to Holder that:

 

3.1 Organization, Good
Standing and Qualification. The Company is a corporation duly organized, validly existing and in good standing under the laws
of the State of Delaware. The Company is duly qualified to transact business and is in good standing in each jurisdiction in which
the failure to so qualify would have a material adverse effect on its business or properties.

 

3.2 Authorization.
All corporate action on the part of the Company, its officers, directors and stockholders necessary for the authorization, execution
and delivery of this Agreement and the performance of all obligations of the Company hereunder, and the authorization (or reservation
for issuance of), the Exchange, and the issuance of the Exchange Securities and the shares of Common Stock issuable upon exercise
of the Exchange Securities have been taken on or prior to the date hereof.

 

3.3 Valid Issuance of
the Securities. The Warrants and shares of Common Stock issuable upon exercise thereof, when issued and delivered in accordance
with the terms of this Agreement, for the consideration expressed herein, will be duly and validly issued, fully paid and non-assessable.

 

3.4 Offering. Subject
to the truth and accuracy of the Holder’s representations set forth in Section 4 of this Agreement, the offer and issuance
of the Securities as contemplated by this Agreement are exempt from the registration requirements of the Securities Act. Neither
the Company nor any authorized agent acting on its behalf will take any action hereafter that would cause the loss of such exemptions.

 

3.5 Compliance with Laws.
The Company has not violated any law or any governmental regulation or requirement which violation has had or would reasonably
be expected to have a material adverse effect on its business, and the Company has not received written notice of any such violation.

 

3.6 Consents; Waivers.
No consent, waiver, approval or authority of any nature, or other formal action, by any Person, not already obtained, is required
in connection with the execution and delivery of this Agreement by the Company or the consummation by the Company of the transactions
provided for herein and therein.

 

3.7 Acknowledgment
Regarding Holder’s Purchase of Securities. The Company acknowledges and agrees that the Holder is acting solely in
the capacity of arm’s length Holder with respect to this Agreement and the other documents entered into in connection
herewith (collectively, the “Transaction Documents”) and the transactions contemplated hereby and thereby
and that the Holder is not (i) an officer or director of the Company, (ii) an “affiliate” of the Company (as
defined in Rule 144 promulgated under the Securities Act), or (iii) to the knowledge of the Company, a “beneficial
owner” of more than 10% of the shares of Common Stock (as defined for purposes of Rule 13d-3 of the Securities Exchange
Act of 1934, as amended). The Company further acknowledges that the Holder is not acting as a financial advisor or fiduciary
of the Company (or in any similar capacity) with respect to the Transaction Documents and the transactions contemplated
hereby and thereby, and any advice given by the Holder or any of its representatives or agents in connection with the
Transaction Documents and the transactions contemplated hereby and thereby is merely incidental to the Holder’s
acceptance of the Exchange Securities. The Company further represents to the Holder that the Company’s decision to
enter into the Transaction Documents has been based solely on the independent evaluation by the Company and its
representatives.

 

    	 	 	 

    	 

    

 

3.8 Absence of Litigation.
There is no action, suit, proceeding, inquiry or investigation before or by any court, public board, government agency, self-regulatory
organization or body pending or, to the knowledge of the Company, threatened against or affecting the Company, the Exchange Securities
or any of the Company’s officers or directors in their capacities as such.

 

3.9 No Group. The
Company acknowledges that, to the Company’s knowledge, the Holder is acting independently in connection with this Agreement
and the transactions contemplated hereby, and is not acting as part of a “group” as such term is defined under Section
13(d) of the Securities Act and the rules and regulations promulgated thereunder.

 

3.10 Validity; Enforcement;
No Conflicts. This Agreement and each Transaction Document to which the Company is a party have been duly and validly authorized,
executed and delivered on behalf of the Company and shall constitute the legal, valid and binding obligations of the Company enforceable
against the Company in accordance with their respective terms, except as such enforceability may be limited by general principles
of equity or to applicable bankruptcy, insolvency, reorganization, moratorium, liquidation and other similar laws relating to,
or affecting generally, the enforcement of applicable creditors’ rights and remedies. The execution, delivery and performance
by the Company of this Agreement and each Transaction Document to which the Company is a party and the consummation by the Company
of the transactions contemplated hereby and thereby will not (i) result in a violation of the organizational documents of the Company
or (ii) conflict with, or constitute a default (or an event which with notice or lapse of time or both would become a default)
under, or give to others any rights of termination, amendment, acceleration or cancellation of, any agreement, indenture or instrument
to which the Company is a party or by which it is bound, or (iii) result in a violation of any law, rule, regulation, order, judgment
or decree (including federal and state securities or “blue sky” laws) applicable to the Company, except in the case
of clause (ii) above, for such conflicts, defaults or rights which would not, individually or in the aggregate, reasonably be expected
to have a material adverse effect on the ability of the Company to perform its obligations hereunder.

 

3.11 Disclosure. The
Company confirms that neither it nor any other Person acting on its behalf has provided the Holder or its agents or counsel with
any information that constitutes or could reasonably be expected to constitute material, nonpublic information. The Company understands
and confirms that the Holder will rely on the foregoing representations in effecting transactions in the Exchange Securities.

 

4. Representations and
Warranties of the Holder. The Holder hereby represents, warrants and covenants that:

 

4.1 Authorization.
The Holder has full power and authority to enter into this Agreement, to perform its obligations hereunder and to consummate the
transactions contemplated hereby and has taken all action necessary to authorize the execution and delivery of this Agreement,
the performance of its obligations hereunder and the consummation of the transactions contemplated hereby.

 

    	 	 	 

    	 

    

 

4.2 Accredited Investor
Status; Investment Experience. The Holder is an “accredited investor” as that term is defined in Rule 501(a)
of Regulation D. The Holder can bear the economic risk of its investment in the Exchange Securities, and has such knowledge and
experience in financial and business matters that it is capable of evaluating the merits and risks of an investment in the Securities.

 

4.3 Reliance on Exemptions.
The Holder understands that the Exchange Securities are being offered and issued to it in reliance on specific exemptions from
the registration requirements of United States federal and state securities laws and that the Company is relying in part upon the
truth and accuracy of, and the Holder’s compliance with, the representations, warranties, agreements, acknowledgments and
understandings of the Holder set forth herein in order to determine the availability of such exemptions and the eligibility of
the Holder to acquire the Exchange Securities.

 

4.4 Information. The
Holder and its advisors, if any, have been furnished with all materials relating to the business, finances and operations of the
Company and materials relating to the offer and issuance of the Exchange Securities which have been requested by the Holder. The
Holder has had the opportunity to review the Company’s filings with the Securities and Exchange Commission. The Holder and
its advisors, if any, have been afforded the opportunity to ask questions of the Company. Neither such inquiries nor any other
due diligence investigations conducted by the Holder or its advisors, if any, or its representatives shall modify, amend or affect
the Holder’s right to rely on the Company’s representations and warranties contained herein. The Holder understands
that its investment in the Exchange Securities involves a high degree of risk. The Holder has sought such accounting, legal and
tax advice as it has considered necessary to make an informed investment decision with respect to its acquisition of the Exchange
Securities. The Holder is relying solely on its own accounting, legal and tax advisors, and not on any statements of the Company
or any of its agents or representatives, for such accounting, legal and tax advice with respect to its acquisition of the Exchange
Securities and the transactions contemplated by this Agreement.

 

4.5 No Governmental Review.
The Holder understands that no United States federal or state agency or any other government or governmental agency has passed
on or made any recommendation or endorsement of the Exchange Securities or the fairness or suitability of the investment in the
Exchange Securities nor have such authorities passed upon or endorsed the merits of the offering of the Exchange Securities.

 

4.6 Validity; Enforcement;
No Conflicts. This Agreement and each Transaction Document to which the Holder is a party have been duly and validly authorized,
executed and delivered on behalf of the Holder and shall constitute the legal, valid and binding obligations of the Holder enforceable
against the Holder in accordance with their respective terms, except as such enforceability may be limited by general principles
of equity or to applicable bankruptcy, insolvency, reorganization, moratorium, liquidation and other similar laws relating to,
or affecting generally, the enforcement of applicable creditors’ rights and remedies. The execution, delivery and performance
by the Holder of this Agreement and each Transaction Document to which the Holder is a party and the consummation by the Holder
of the transactions contemplated hereby and thereby will not (i) result in a violation of the organizational documents of the Holder
or (ii) conflict with, or constitute a default (or an event which with notice or lapse of time or both would become a default)
under, or give to others any rights of termination, amendment, acceleration or cancellation of, any agreement, indenture or instrument
to which the Holder is a party, or (iii) result in a violation of any law, rule, regulation, order, judgment or decree (including
federal and state securities or “blue sky” laws) applicable to the Holder, except in the case of clause (ii) above,
for such conflicts, defaults or rights which would not, individually or in the aggregate, reasonably be expected to have a material
adverse effect on the ability of the Holder to perform its obligations hereunder.

 

    	 	 	 

    	 

    

 

4.7 Ownership of Held
Stock. The Holder owns and holds, beneficially and of record, the entire right, title, and interest in and to the Held Stock.
The Holder has full power and authority to transfer and dispose of the Held Stock to the Company free and clear of any right or
Lien. Other than the transactions contemplated by this Agreement, there is no outstanding vote, plan, pending proposal, or other
right, of any Person to acquire all or any part of the Held Stock. As used herein, “Liens” shall mean
any security or other property interest or right, claim, lien, pledge, option, charge, security interest, contingent or conditional
sale, or other title claim or retention agreement, interest or other right or claim of third parties, whether perfected or not
perfected, voluntarily incurred or arising by operation of law, and including any agreement (other than this Agreement) to grant
or submit to any of the foregoing in the future.

 

4.8 No Consideration Paid.
No commission or other remuneration has been paid by the Holder (or any of its agents or affiliates) to the Company related to
the Exchange.

 

5. Additional Covenants.

 

5.1 Tacking. Subject
to the truth and accuracy of the Holder’s representations set forth in Section 4 of this Agreement, the parties acknowledge
and agree that in accordance with Section 3(a)(9) of the Securities Act, the Exchange Securities issued in exchange for Held Stock
will tack back to the original issue date of such Held Stock for purposes of Rule 144 and the Company agrees not to take a position
to the contrary.

 

5.2 Blue Sky. The
Company shall make all filings and reports relating to the Exchange Securities required under applicable securities or “Blue
Sky” laws of the states of the United States following the date hereof, if any.

 

5.3 Fees and Expenses.
Each party shall pay the fees and expenses of its advisers, counsel, accountants and other experts, if any, and all other expenses
incurred by such party incident to the negotiation, preparation, execution, delivery and performance of this Agreement.

 

6. Miscellaneous.

 

6.1 Successors and Assigns.
Except as otherwise provided herein, the terms and conditions of this Agreement shall inure to the benefit of and be binding upon
the parties hereto and the respective successors and assigns of the parties. Nothing in this Agreement, express or implied, is
intended to confer upon any party, other than the parties hereto or their respective successors and assigns, any rights, remedies,
obligations or liabilities under or by reason of this Agreement, except as expressly provided in this Agreement.

 

    	 	 	 

    	 

    

 

6.2 Governing Law; Jurisdiction;
Jury Trial. All questions concerning the construction, validity, enforcement and interpretation of this Agreement shall be
governed by the internal laws of the State of Arizona, without giving effect to any choice of law or conflict of law provision
or rule (whether of the State of Arizona or any other jurisdictions) that would cause the application of the laws of any jurisdictions
other than the State of Arizona. Each party hereby irrevocably submits to the exclusive jurisdiction of the state or federal courts
sitting in The City of Arizona, County of Maricopa, for the adjudication of any dispute hereunder or in connection herewith or
with any transaction contemplated hereby or discussed herein, and hereby irrevocably waives, and agrees not to assert in any suit,
action or proceeding, any claim that it is not personally subject to the jurisdiction of any such court, that such suit, action
or proceeding is brought in an inconvenient forum or that the venue of such suit, action or proceeding is improper. Each party
hereby irrevocably waives personal service of process and consents to process being served in any such suit, action or proceeding
by mailing a copy thereof to such party at the address for such notices to it under this Agreement and agrees that such service
shall constitute good and sufficient service of process and notice thereof. Nothing contained herein shall be deemed to limit in
any way any right to serve process in any manner permitted by law. EACH PARTY HEREBY IRREVOCABLY WAIVES ANY RIGHT IT MAY HAVE,
AND AGREES NOT TO REQUEST, A JURY TRIAL FOR THE ADJUDICATION OF ANY DISPUTE HEREUNDER OR IN CONNECTION WITH OR ARISING OUT OF THIS
AGREEMENT OR ANY TRANSACTION CONTEMPLATED HEREBY.

 

6.3 Titles and Subtitles.
The titles and subtitles used in this Agreement are used for convenience only and are not to be considered in construing or interpreting
this Agreement.

 

6.4 Notices. Any
notices, consents, waivers or other communications required or permitted to be given under the terms of this Agreement must
be in writing and will be deemed to have been delivered: (i) upon receipt, when delivered personally; (ii) upon receipt, when
sent by facsimile (provided confirmation of transmission is mechanically or electronically generated and kept on file by the
sending party) or by electronic mail; or (iii) one Business Day after deposit with an overnight courier service, in each case
properly addressed to the party to receive the same. The addresses, facsimile numbers and email addresses for such
communications shall be:

 

If to the Company:

 

	 	Taronis
    Technologies, Inc.
	 	300
    W. Clarendon Ave. #230
	 	Phoenix,
    Arizona 85013
	 	Attn:
    Legal Department
	 	Email:
    notices@taronistech.com

 

If to the Holder, to its
address, facsimile number and email address set forth on its signature page hereto, or to such other address, facsimile number
and/or email address and/or to the attention of such other Person as the recipient party has specified by written notice given
to each other party five (5) days prior to the effectiveness of such change. Written confirmation of receipt (A) given by the recipient
of such notice, consent, waiver or other communication, (B) mechanically or electronically generated by the sender’s facsimile
machine or email containing the time, date, recipient facsimile number and an image of the first page of such transmission or (C)
provided by an overnight courier service shall be rebuttable evidence of personal service, receipt by facsimile or receipt from
an overnight courier service in accordance with clause (i), (ii) or (iii) above, respectively.

 

    	 	 	 

    	 

    

 

6.5 Finder’s Fees.
Each party represents that it neither is nor will be obligated for any finders’ fee or commission in connection with this
transaction. The Holder shall indemnify and hold harmless the Company from any liability for any commission or compensation in
the nature of a finders’ fee (and the costs and expenses of defending against such liability or asserted liability) for which
the Holder or any of its officers, partners, employees or representatives is responsible. The Company shall indemnify and hold
harmless the Holder from any liability for any commission or compensation in the nature of a finders’ fee (and the costs
and expenses of defending against such liability or asserted liability) for which the Company or any of its officers, employees
or representatives is responsible.

 

6.6 Amendments and Waivers.
Any term of this Agreement may be amended and the observance of any term of this Agreement may be waived (either generally or in
a particular instance and either retroactively or prospectively), only with the written consent of the Company and the Holder.
Any amendment or waiver effected in accordance with this paragraph shall be binding upon Holder and the Company, provided that
no such amendment shall be binding on a holder that does not consent thereto to the extent such amendment treats such party differently
than any party that does consent thereto.

 

6.7 Severability.
If one or more provisions of this Agreement are held to be unenforceable under applicable law, such provision shall be excluded
from this Agreement and the balance of the Agreement shall be interpreted as if such provision were so excluded and shall be enforceable
in accordance with its terms.

 

6.8 Entire Agreement.
This Agreement represents the entire agreement and understanding between the parties concerning the Exchange and the other matters
described herein and therein and supersedes and replaces any and all prior agreements and understandings solely with respect to
the subject matter hereof and thereof.

 

6.9 Counterparts.
This Agreement may be executed in two or more counterparts, each of which shall be deemed an original, but all of which together
shall constitute one and the same instrument.

 

6.10 Interpretation.
Unless the context of this Agreement clearly requires otherwise, (a) references to the plural include the singular, the singular
the plural, the part the whole, (b) references to any gender include all genders, (c) “including” has the inclusive
meaning frequently identified with the phrase “but not limited to” and (d) references to “hereunder” or
“herein” relate to this Agreement.

 

    	 	 	 

    	 

    

 

6.11 No Third-Party Beneficiaries.
This Agreement is intended for the benefit of the parties hereto and their respective permitted successors and assigns, and is
not for the benefit of, nor may any provision hereof be enforced by, any other Person.

 

6.12 Survival. The
representations, warranties and covenants of the Company and the Holder contained herein shall survive the Closing and delivery
of the Securities.

 

6.13 Further Assurances.
Each party shall do and perform, or cause to be done and performed, all such further acts and things, and shall execute and deliver
all such other agreements, certificates, instruments and documents, as any other party may reasonably request in order to carry
out the intent and accomplish the purposes of this Agreement and the consummation of the transactions contemplated hereby.

 

6.14 No Strict Construction.
The language used in this Agreement will be deemed to be the language chosen by the parties to express their mutual intent, and
no rules of strict construction will be applied against any party.

 

[SIGNATURES ON THE FOLLOWING PAGES]

 

    	 	 	 

    	 

    

 

IN WITNESS WHEREOF,
the parties have caused this Agreement to be duly executed and delivered as of the date provided above.

 

	 	THE
    COMPANY:
	 	 
	 	TARONIS
    TECHNOLOGIES, INC.
	 	
	 	By:	                     
	 	Name:	Scott
    Mahoney
	 	Title:
    	Chief
    Executive Officer

 

    	 	 	 

    	 

    

 

IN WITNESS WHEREOF,
the parties have caused this Agreement to be duly executed and delivered as of the date provided above.

 

HOLDER:

 

Name of Holder: _______________________________________________________________

 

Signature of Authorized Signatory of Holder:
_________________________________________

 

Name of Authorized Signatory: _____________________________________________________________________

 

Title of Authorized Signatory: ______________________________________________________________________

 

Email Address of Authorized Signatory: ______________________________________________________________

 

Address for Notice to Holder:

 

Address for Delivery of Warrants to Holder
(if not same as address for notice):

 

DWAC Instructions for Shares issued upon Exercise
of Warrants:

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