Document:

EX-4.1

 Exhibit 4.1 
  

 
  

FOURTH SUPPLEMENTAL INDENTURE 

between 
 THE J. M. SMUCKER
COMPANY, 
 as Issuer 
 and

 U.S. BANK NATIONAL ASSOCIATION, 

as Trustee 
 Dated as of
September 24, 2021 
 Supplemental to Indenture for Senior Debt Securities 

Dated as of March 20, 2015 

$500,000,000 2.125% Notes due 2032 

$300,000,000 2.750% Notes due 2041 
  

 
  

 

 TABLE OF CONTENTS 

 
  

 

							
	 	 	 	  	PAGE	 
	ARTICLE 1	  

	SCOPE OF SUPPLEMENTAL INDENTURE; GENERAL	 

			
	 Section 1.01.
	 	 Scope of Supplemental Indenture; General
	  	 	1	
	 Section 1.02.
	 	 Terms of Notes
	  	 	1	
	
	ARTICLE 2	  

	CERTAIN DEFINITIONS	 

			
	 Section 2.01.
	 	 Certain Definitions
	  	 	3	
	 Section 2.02.
	 	 Rules of Construction
	  	 	5	
	
	ARTICLE 3	  

	COVENANTS	 

			
	 Section 3.01.
	 	 Change of Control Triggering Event
	  	 	5	
	 Section 3.02.
	 	 Applicability of Covenants Contained in the Base Indenture
	  	 	6	
	
	ARTICLE 4	  

	THE NOTES	 

			
	 Section 4.01.
	 	 Form and Dating
	  	 	6	
	 Section 4.02.
	 	 Transfer and Exchange
	  	 	7	
	 Section 4.03.
	 	 Definitive Notes
	  	 	9	
	
	ARTICLE 5	  

	REDEMPTION	 

			
	 Section 5.01.
	 	 Optional Redemption
	  	 	9	
	 Section 5.02.
	 	 Applicability of Sections of the Base Indenture
	  	 	10	
	
	ARTICLE 6	  

	DEFEASANCE	 

			
	 Section 6.01.
	 	 Defeasance
	  	 	10	
	
	ARTICLE 7	  

	MODIFICATION AND WAIVER	 

			
	 Section 7.01.
	 	 Change of Control Triggering Event
	  	 	10	
	
	ARTICLE 8	  

	MISCELLANEOUS	 

			
	 Section 8.01.
	 	 Ratification of Base Indenture
	  	 	10	
	 Section 8.02.
	 	 Trustee Not Responsible for Recitals
	  	 	11	
	 Section 8.03.
	 	 New York Law to Govern
	  	 	11	
	 Section 8.04.
	 	 Counterparts
	  	 	11	
	 Section 8.05.
	 	 Effect of Headings
	  	 	11	

  

			
	 EXHIBIT A-1.
	 	 Form of 2032 Note

	 EXHIBIT A-2.
	 	 Form of 2041 Note

  

  
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 This FOURTH SUPPLEMENTAL INDENTURE, dated as of September 24, 2021(this “Fourth
Supplemental Indenture”), by and between THE J. M. SMUCKER COMPANY, an Ohio corporation (the “Company”) and U.S. BANK NATIONAL ASSOCIATION, a national banking association, as trustee (as defined in the Indenture, the
“Trustee”), to the Indenture, dated as of March 20, 2015 (the “Base Indenture” and, as supplemented by this Fourth Supplemental Indenture, the “Indenture”), by and between the Company and the
Trustee. 
 RECITALS: 

WHEREAS, the Company has duly authorized the execution and delivery of the Base Indenture to provide for the issuance from time to time of the
Company’s unsecured debentures, notes, or other evidences of indebtedness (as defined in the Indenture, the “Securities”), to be issued in one or more series; 

WHEREAS, Section 9.01 of the Base Indenture permits the Company and the Trustee to enter into indentures supplemental to the Base
Indenture to establish the form and terms of any series of Securities as provided by Section 3.01 of the Base Indenture; 
 WHEREAS,
the Company desires and has requested the Trustee to join it in the execution and delivery of this Fourth Supplemental Indenture in order to establish and provide for the issuance by the Company of each of the following new series of Securities:
2.125% Notes due 2032 (the “2032 Notes”) and 2.750% Notes due 2041 (the “2041 Notes” and together with the 2032 Notes, the “Notes”), on the terms set forth herein; 

WHEREAS, the Company now wishes to issue Notes in an initial aggregate principal amount of $800,000,000; 

WHEREAS, the conditions set forth in the Indenture for the execution and delivery of this Fourth Supplemental Indenture have been complied
with; and 
 WHEREAS, all things necessary to make this Fourth Supplemental Indenture a valid agreement of the Company and the Trustee, in
accordance with its terms, and a valid supplement to the Base Indenture have been done; 
 NOW, THEREFORE, THIS FOURTH SUPPLEMENTAL
INDENTURE WITNESSETH: 
 In consideration of the purchase and acceptance of the Notes by the Holders thereof, the Company mutually covenants
and agrees with the Trustee, for the equal and ratable benefit of the Holders of the Notes, as follows: 
 ARTICLE 1 

SCOPE OF SUPPLEMENTAL INDENTURE; GENERAL 

Section 1.01.    Scope of Supplemental Indenture; General. This Fourth Supplemental
Indenture supplements and, to the extent inconsistent therewith, replaces the provisions of the Base Indenture, to which provisions reference is hereby made. 

The changes, modifications and supplements to the Base Indenture effected by this Fourth Supplemental Indenture shall be applicable only with
respect to, and govern the terms of, the Notes (which shall be initially in the aggregate principal amount set forth below) and shall not apply to any other Securities that have been or may be issued under the Indenture unless a supplemental
indenture with respect to such other Securities specifically incorporates such changes, modifications and supplements. Pursuant to this Fourth Supplemental Indenture, there is hereby created and designated the following series of Securities under
the Indenture: the “2.125% Notes due 2032” and the “2.750% Notes due 2041”. The Notes shall be in the form of Exhibit A-1 and A-2 hereto, as
applicable, the terms of which are incorporated herein by reference. 
 The CUSIP and ISIN numbers for each series of Notes are as set forth
below: 
  

							
		 	2032 Notes	  	CUSIP: 832696 AU2	  	ISIN: US832696AU25
				
		 	2041 Notes	  	CUSIP: 832696 AV0	  	ISIN: US832696AV08

 Section 1.02.    Terms of Notes. The information
applicable to the Notes required pursuant to Section 3.01 of the Base Indenture is as follows: 
  

	 	(1)	 the title of the Notes shall be (i) a series of Securities designated the “2.125% Notes due
2032” and (ii) a series of Securities designated the “2.750% Notes due 2041”; 

	 	(2)	 the 2.125% Notes due 2032 will be initially issued in an aggregate principal amount of $500,000,000 and the
2.750% Notes due 2041 will be initially issued in an aggregate principal amount of $300,000,000. The aggregate principal amount of the Notes of each series is not limited hereby; 

 

	 	(3)	 the issue date of the Notes shall be September 24, 2021; 

 

	 	(4)	 the 2032 Notes will mature on March 15, 2032 and the 2041 Notes will mature on September 15, 2041;

  

	 	(5)	 principal and interest of the Notes are payable at the office or agency of the Trustee maintained for that
purpose in St. Paul, Minnesota; 

  

	 	(6)	 the 2032 Notes will be issued at an issuance price of 99.543% and the 2041 Notes will be issued at an issuance
price of 99.970%; 

  

	 	(7)	 the 2032 Notes will bear interest at a rate of 2.125% per annum and the 2041 Notes will bear interest at a rate
2.750% per annum; 

  

	 	(8)	 the date from which interest shall accrue and the Interest Payment Dates on which interest shall be payable
will be as set forth in the form of Note attached hereto; 

  

	 	(9)	 not applicable; 

  

	 	(10)	 the Notes will be redeemable in whole or in part, at the Company’s option at any time and from time to
time at the Redemption Prices and on the terms set forth in Article 5 below; 

  

	 	(11)	 not applicable; 

  

	 	(12)	 the Notes are to be issued initially in global form and deposited with or on behalf of the Depositary;

  

	 	(13)	 the Notes will be issuable in minimum denomination of $2,000 and integral multiples of $1,000 in excess
thereof; 

  

	 	(14)	 not applicable; 

  

	 	(15)	 interest on the Notes will be computed and paid on the basis of a
360-day year of twelve 30-day months; 

  

	 	(16)	 the form and terms of the certificates, documents, and/or conditions relating to the issuance of the Securities
in definitive form are as set forth in Article 4 of this Fourth Supplemental Indenture; 

  

	 	(17)	 not applicable; 

  

	 	(18)	 not applicable; 

  

	 	(19)	 not applicable; 

  

	 	(20)	 not applicable; 

  

	 	(21)	 not applicable; 

  

	 	(22)	 not applicable; 

  

	 	(23)	 the depository for the Notes is the Depositary and U.S. Bank National Association shall initially serve as the
trustee, paying agent, registrar and custodian with respect to the Notes; 

  

	 	(24)	 not applicable; 

  

	 	(25)	 the Events of Default set forth in Article 5 of the Base Indenture shall apply to the Notes;

  

	 	(26)	 the covenants set forth in Article 3 below and Article 10 of the Base Indenture shall apply to the Notes;

  
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	 	(27)	 the provisions of the Indenture relating to discharge and defeasance shall apply to the Notes, and the
covenants subject to Covenant Defeasance shall include all covenants set forth in the Indenture as modified by this Fourth Supplemental Indenture, except as noted in Section 4.03 of the Base Indenture; and 

 

	 	(28)	 the provisions of this Fourth Supplemental Indenture. 

ARTICLE 2 

CERTAIN DEFINITIONS 

Section 2.01.    Certain Definitions. The following definitions shall apply to the Notes.
Capitalized terms used but not defined herein have the meanings ascribed to such terms in the Base Indenture. 
 “2032
Notes” means the 2.125% Notes due 2032. 
 “2041 Notes” means the 2.750% Notes due 2041. 

“Below Investment Grade Rating Event” means, with respect to a series of Notes, the rating on the Notes of such series is
lowered by each of the Rating Agencies and the Notes of such series of Notes are rated below an Investment Grade Rating by each of the Rating Agencies on any date during the period commencing upon the first public announcement by the Company of any
Change of Control (or pending Change of Control), and ending 60 days following consummation of such Change of Control (which trigger period will be extended following consummation of a Change of Control for so long as either of the Rating Agencies
has publicly announced that it is considering the possible downgrade of the Notes of such series, and a downgrade by each of the Rating Agencies that has made such an announcement would result in a Below Investment Grade Rating Event). 

“Book-Entry Security” means a Note in the form prescribed in Section 4.01(c) evidencing all or part of a series of
Notes, issued to the Depositary for such series or its nominee, and registered in the name of such Depositary or nominee. 
 “Change
of Control” means the occurrence of any of the following: (1) the direct or indirect sale, lease, transfer, conveyance or other disposition (other than by way of merger or consolidation), in one transaction or a series of related
transactions, of all or substantially all of the assets of the Company and its Subsidiaries, taken as a whole, to any “person” (as that term is used in Section 13(d)(3) of the Exchange Act) other than the Company or one of its
Subsidiaries; (2) the adoption of a plan relating to the Company’s liquidation or dissolution; (3) the consummation of any transaction (including, without limitation, any merger or consolidation) the result of which is that any person
becomes the “beneficial owner” (as defined in Rules 13d-3 and I3d-5 under the Exchange Act), directly or indirectly, of more than 50% of the Company’s
outstanding Voting Stock, measured by voting power rather than number of shares; provided that this clause (3) will not apply to acquisitions of capital stock by the Smucker Family so long as the acquisition by the Smucker Family of such
capital stock will not result, directly or indirectly, in a “going private transaction” within the meaning of the Exchange Act; (4) the Company consolidates with, or merges with or into, any person, or any person consolidates with, or
merges with or into the Company, in any such event pursuant to a transaction in which any of the Company’s outstanding Voting Stock or the Voting Stock of such other person is converted into or exchanged for cash, securities or other property,
other than any such transaction where the shares of the Company’s Voting Stock outstanding immediately prior to such transaction constitute, or are converted into or exchanged for, a majority of the Voting Stock of the surviving person or any
direct or indirect parent company of the surviving person immediately after giving effect to such transaction; or (5) the first day on which a majority of the members of the Company’s Board of Directors cease to be Continuing Directors.
Notwithstanding the foregoing, a transaction will not be deemed to involve a Change of Control under clause (3) or (4) above if (i) the Company becomes a direct or indirect wholly owned subsidiary of a holding company or other Person and
(ii) (A) the direct or indirect holders of the Voting Stock of such holding company or other Person immediately following that transaction are substantially the same as the holders of the Company’s Voting Stock immediately prior to that
transaction or (B) immediately following that transaction no person (other than a holding company satisfying the requirements of this sentence) is the beneficial owner, directly or indirectly, of more than 50% of the Voting Stock of such holding
company or other Person. 
 “Change of Control Offer” has the meaning ascribed to such term in Section 3.01 of this
Fourth Supplemental Indenture. 
 “Change of Control Payment” has the meaning ascribed to such term in Section 3.01 of
this Fourth Supplemental Indenture. 
 “Change of Control Payment Date” has the meaning ascribed to such term in
Section 3.01 of this Fourth Supplemental Indenture. 
 “Change of Control Triggering Event” means the occurrence of
both a Change of Control and a Below Investment Grade Rating Event. 

  
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 “Clearstream” means Clearstream Banking, societe anonyme, Luxembourg. 

“Comparable Treasury Issue” means the United States Treasury security or securities selected by an Independent Investment
Banker as having an actual or interpolated maturity comparable to the remaining term of the 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 a comparable maturity to the remaining term of such Notes (assuming, for this purpose, that such Notes mature on the applicable Par Call Date). 

“Comparable Treasury Price” means, with respect to any Redemption Date for the Notes, (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 Independent Investment Banker obtains fewer than four such Reference Treasury Dealer
Quotations, the average of all such quotations. 
 “Continuing Director” means, as of any date of determination, any member
of the Company’s Board of Directors who (1) was a member of such Board of Directors on the date the Notes were issued or (2) was nominated for election, elected or appointed to such Board of Directors with the approval of a majority
of the Continuing Directors who were members of such Board of Directors at the time of such nomination, election or appointment (either by a specific vote or by approval of the Company’s proxy statement in which such member was named as a
nominee for election as a director, without objection to such nomination). 
 “Definitive Note” means a certificated
Initial Note that does not include the Global Notes Legend. 
 “Depositary” means The Depository Trust Company, its
nominees and their respective successors. 
 “Euroclear” means Euroclear Bank S.A./N.V., as operator of the Euroclear
System. 
 “Exchange Act” means the Securities Exchange Act of 1934, as amended. 

“Global Notes” has the meaning set forth in Section 4.01(b). 

“Global Notes Legend” means the legend set forth in Section 4.01(c) to this Fourth Supplemental Indenture. 

“Independent Investment Banker” means one of the Reference Treasury Dealers appointed by the Company. 

“Initial Notes” means the Notes issued pursuant to the Indenture on the date hereof. 

“Investment Grade Rating” means a rating equal to or higher than Baa3 (or the equivalent) by Moody’s and BBB- (or the equivalent) by S&P, and the equivalent investment grade credit rating from any replacement Rating Agency or Rating Agencies selected by the Company. 

“Moody’s” means Moody’s Investors Service, Inc., a subsidiary of Moody’s Corporation, and its successors. 

“Notes” has the meaning ascribed to such term in the preamble of this Fourth Supplemental Indenture. 

“Notes Custodian” means the custodian with respect to a Global Note (as appointed by the Depositary) or any successor person
thereto, who will initially be the Trustee. 
 “Original Issue Date” means September 24, 2021. 

“Par Call Date” means December 15, 2031 in the case of the 2032 Notes, or March 15, 2041 in the case of the 2041
Notes, as applicable. 
 “Participant” means members of, or participants in, the Depositary. 

“Primary Treasury Dealer” has the meaning set forth in the definition of “Reference Treasury Dealer”. 

“Rating Agencies” means each of Moody’s and S&P; provided, that if any of Moody’s or S&P ceases to
rate the Notes or fails to make a rating of the Notes publicly available for reasons outside of the control of the Company, the Company may appoint a “nationally recognized statistical rating organization” within the meaning of Rule 15c3-1(c)(2)(vi)(F) under the Exchange Act as a replacement agency for Moody’s or S&P, or either of them, as the case may be. 

  
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 “Reference Treasury Dealer” means (1) each of BofA Securities, Inc.
and J.P. Morgan Securities LLC and their respective successors; provided, however, that if any of the foregoing ceases to be a primary U.S. Government securities dealer in the United States (a “Primary Treasury
Dealer”), the Company will substitute therefor another Primary Treasury Dealer and (2) any other Primary Treasury Dealers selected by the Company. 

“Reference Treasury Dealer Quotations” means, with respect to each Reference Treasury Dealer and any Redemption Date, the
average, as determined by the 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 3:30 p.m. New York time on the third Business Day preceding such Redemption Date. 

“S&P” means S&P Global Ratings, a division of S&P Global Inc., and its successors. 

“Securities Act” means the Securities Act of 1933, as amended. 

“Smucker Family” means any of (i) Timothy P. Smucker, Richard K. Smucker and Susan Smucker Wagstaff, (ii) any
member of the immediate family, heirs, legatees, descendants and blood relatives to the fifth degree of consanguinity of any individual mentioned in clause (i) and (iii) any trust (or other entity created for estate planning purposes)
established for the benefit of any one or more of the individuals mentioned in clause (i), the members of their immediate families and the lineal descendants of any of them (and the trustees of any such trust). 

“Treasury Rate” means, with respect to any Redemption Date for the Notes, the rate per annum equal to the semiannual
equivalent yield to maturity or interpolated yield to maturity (on a day count basis) 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. 
 “Underwriters” means BofA Securities, Inc. and J.P. Morgan Securities LLC and
the other Underwriters listed on Schedule I to the Underwriting Agreement. 
 “Underwriting Agreement” means the
Underwriting Agreement dated September 21, 2021, between the Company and the Underwriters. 
 “Voting Stock” of any
specified Person as of any date means the capital stock of such Person that is at the time entitled to vote generally in the election of the board of directors of such Person. 

Section 2.02.    Rules of Construction. To the extent any provision of any Note conflicts
with the express provisions of this Fourth Supplemental Indenture, the provisions of this Fourth Supplemental Indenture shall govern and be controlling. 

ARTICLE 3 

COVENANTS 
 The
following covenants shall apply in addition to the covenants set forth in the Indenture, solely as it relates to the Notes and solely for the benefit of the Holders of the Notes: 

Section 3.01.    Change of Control Triggering Event. 

(a)    Upon the occurrence of a Change of Control Triggering Event with respect to a series of Notes, unless the Company
has exercised its right to redeem the Notes of such series pursuant to Section 5.01 of this Fourth Supplemental Indenture by giving irrevocable notice to the Trustee in accordance with the Indenture, each Holder of Notes of such series shall
have the right to require the Company to purchase all or a portion of such Holder’s Notes of such series pursuant to the offer described in this Section 3.01 (the “Change of Control Offer”), at a purchase price equal to
101% of the aggregate principal amount thereof plus accrued and unpaid interest, if any, to but not including the date of purchase (the “Change of Control Payment”), subject to the rights of Holders of Notes of such series on the
relevant record date to receive interest due on the relevant interest payment date. 
 (b)    Unless the Company has
exercised its right to redeem the Notes of a series, within 30 days following the date upon which the Change of Control Triggering Event occurs with respect to the Notes of such series, or at the Company’s option, prior to any Change of Control
but after the public announcement of the pending Change of Control, the Company shall be required to send, by first class mail, a notice to each Holder of Notes of such series, with a copy to the Trustee, which notice shall describe the terms of the
Change of Control Offer. Such notice shall state, among other things, the transaction or transactions that constitute or may constitute the Change of Control and an offer to repurchase the 

  
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Notes of such series and the purchase date, which must be no earlier than 30 days and no later than 60 days from the date such notice is mailed, other than as may be required by law (the
“Change of Control Payment Date”). The notice, if mailed prior to the date of consummation of the Change of Control, shall state that the Change of Control Offer is conditioned on the Change of Control Triggering Event occurring on
or prior to the Change of Control Payment Date. 
 (c)    On the Change of Control Payment Date, the Company shall, to
the extent lawful: 
 (i)    accept or cause a third party to accept for payment all Notes or portions of
Notes properly tendered pursuant to the Change of Control Offer; 
 (ii)    deposit or cause a third
party to deposit with the paying agent an amount equal to the Change of Control Payment in respect of all Notes or portions of Notes properly tendered; and 

(iii)    deliver or cause to be delivered to the Trustee the Notes properly accepted together with an
Officers’ Certificate stating the aggregate principal amount of Notes or portions of Notes being repurchased and that all conditions precedent to the Change of Control Offer and to the repurchase by the Company of Notes pursuant to the Change
of Control Offer have been complied with. 
 (d)    The Company shall not be required to make a Change of Control Offer
with respect to the Notes if a third party makes such an offer in the manner, at the times and otherwise in compliance with the requirements for such an offer made by the Company and such third party purchases all the Notes properly tendered and not
withdrawn under its offer. 
 (e)    The Company shall comply in all material respects with the requirements of Rule 14e-1 under the Exchange Act, and any other securities laws and regulations thereunder to the extent those laws and regulations are applicable in connection with the repurchase of the Notes as a result of a Change
of Control Triggering Event. To the extent that the provisions of any such securities laws or regulations conflict with the provisions of this Section 3.01, the Company shall comply with those securities laws and regulations and shall not be
deemed to have breached its obligations under this Section 3.01 by virtue of any such conflicts. 

Section 3.02.    Applicability of Covenants Contained in the Base Indenture. Each of the
agreements and covenants of the Company contained in Article 10 of the Base Indenture shall apply to the Notes. 
 ARTICLE 4 

THE NOTES 

Section 4.01.    Form and Dating. 

(a)    General. The 2032 Notes and the Trustee’s certificate of authentication relating thereto shall be
substantially in the form of Exhibit A-1 hereto. The 2041 Notes and the Trustee’s certificate of authentication relating thereto shall be substantially in the form of Exhibit A-2 hereto. The Notes may have notations, legends or endorsements required by law, stock exchange rule or usage. Each Note shall be dated the date of its authentication. The Notes shall be in denominations of $2,000
and integral multiples of $1,000 in excess thereof. 
 The Initial Notes issued on the date hereof will be offered and sold pursuant to the
Underwriting Agreement. The Company hereby designates the Depositary as the initial Depositary for the Global Notes. 

(b)    Global Notes. The Notes shall be issued initially in the form of one or more Notes in registered, global
form (collectively, the “Global Notes”) without interest coupons and bearing the Global Notes Legend, which shall be deposited on behalf of the purchasers of the Notes represented thereby with the Notes Custodian, and registered in
the name of the Depositary or a nominee of the Depositary, duly executed by the Company and authenticated by the Trustee as provided in the Indenture. The aggregate principal amount of the Global Notes may from time to time be increased or decreased
by adjustments made on the records of the Trustee and the Depositary or its nominee as hereinafter provided. 

(c)    Book-Entry Provisions. This Section 4.01(c) shall apply only to a Global Note deposited with or on
behalf of the Depositary. The Company shall execute and the Trustee shall, in accordance with this Section 4.01(c) and pursuant to an order of the Company, authenticate and deliver initially one or more Global Notes that (a) shall be
registered in the name of the Depositary for such Global Note or Global Notes or the nominee of such Depositary and (b) shall be delivered by the Trustee to such Depositary or pursuant to such Depositary’s instructions or held by the
Trustee as Notes Custodian. 

  
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 Participants shall have no rights under the Indenture with respect to any Global Note held
on their behalf by the Depositary or by the Trustee as Notes Custodian or under such Global Note, and the Depositary may be treated by the Company, the Trustee and any agent of the Company or the Trustee as the absolute owner of such Global Note for
all purposes whatsoever. Notwithstanding the foregoing, nothing herein shall prevent the Company, the Trustee or any agent of the Company or the Trustee from giving effect to any written certification, proxy or other authorization furnished by the
Depositary or impair, as between the Depositary and its Participants, the operation of customary practices of such Depositary governing the exercise of the rights of a holder of a beneficial interest in any Global Note. 

Any Book-Entry Security issued hereunder shall, bear a legend in substantially the following form (the “Global Notes
Legend”): 
 UNLESS AND UNTIL IT IS EXCHANGED IN WHOLE OR IN PART FOR SECURITIES IN CERTIFICATED FORM, THIS 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. 
 UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST
COMPANY, A NEW YORK CORPORATION (“DTC” OR THE “DEPOSITARY”), 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. 

(d)    Definitive Notes. Except as provided in Section 4.03, owners of beneficial interests in Global Notes
will not be entitled to receive physical delivery of certificated Notes. 

Section 4.02.    Transfer and Exchange. 

(a)    Transfer and Exchange of Definitive Notes. When Definitive Notes are presented to the Security Registrar with
a request: 
 (i)    to register the transfer of such Definitive Notes; or 

(ii)    to exchange such Definitive Notes for an equal principal amount of Definitive Notes of other
authorized denominations, the Security Registrar shall register the transfer or make the exchange as requested if its reasonable requirements for such transaction are met; provided, however, that the Definitive Notes surrendered for transfer
or exchange: 
 (A)    shall be duly endorsed or accompanied by a written instrument of transfer in form
reasonably satisfactory to the Company and the Security Registrar, duly executed by the Holder thereof or his attorney duly authorized in writing; and 

(B)    are accompanied by the following additional information and documents, as applicable: 

(1)    if such Definitive Notes are being delivered to the Security Registrar by a Holder for registration
in the name of such Holder, without transfer, a certification from such Holder to that effect (in the form set forth on the reverse side of the Initial Note); or 

(2)    if such Definitive Notes are being transferred to the Company, a certification to that effect (in
the form set forth on the reverse side of the Initial Note). 
 (b)    Restrictions on Exchange of a Definitive Note
for a Beneficial Interest in a Global Note. A Definitive Note may not be exchanged for a beneficial interest in a Global Note except upon satisfaction of the requirements set forth below. Upon receipt by the Trustee of a Definitive Note, duly
endorsed or accompanied by a written instrument of transfer in form reasonably satisfactory to the Company and the Security Registrar, together with: 

(i)    a certification in the form set forth on the reverse side of the Initial Note; and 

  
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 (ii)    written instructions directing the Trustee to
make, or to direct the Notes Custodian to make, an adjustment on its books and records with respect to such Global Note to reflect an increase in the aggregate principal amount of the Notes represented by the Global Note, such instructions to
contain information regarding the Depositary account to be credited with such increase, then the Trustee shall cancel such Definitive Note and cause, or direct the Notes Custodian to cause, in accordance with the standing instructions and procedures
existing between the Depositary and the Notes Custodian, the aggregate principal amount of Notes represented by the Global Note to be increased by the aggregate principal amount of the Definitive Note to be exchanged and shall credit or cause to be
credited to the account of the Person specified in such instructions a beneficial interest in the Global Note equal to the principal amount of the Definitive Note so canceled. If no Global Notes are then outstanding and the Global Note has not been
previously exchanged for certificated securities pursuant to Section 4.03, the Company shall issue and the Trustee shall authenticate, upon receipt of a Company Order, a new Global Note in the appropriate principal amount. 

(c)    Transfer and Exchange of Global Notes. 

(i)    The transfer and exchange of Global Notes or beneficial interests therein shall be effected through
the Depositary, in accordance with this Fourth Supplemental Indenture (including applicable restrictions on transfer set forth herein, if any) and the procedures of the Depositary and its direct and indirect participants (including, if applicable,
those of Euroclear and Clearstream) therefor, which may change from time to time. A transferor of a beneficial interest in a Global Note shall deliver a written order given in accordance with the Depositary’s procedures containing information
regarding the participant account of the Depositary to be credited with a beneficial interest in such Global Note or another Global Note and such account shall be credited in accordance with such order with a beneficial interest in the applicable
Global Note and the account of the Person making the transfer shall be debited by an amount equal to the beneficial interest in the Global Note being transferred. 

(ii)    If the proposed transfer is a transfer of a beneficial interest in one Global Note to a beneficial
interest in another Global Note, the Security Registrar shall reflect on its books and records the date and an increase in the principal amount of the Global Note to which such interest is being transferred in an amount equal to the principal amount
of the interest to be so transferred, and the Security Registrar shall reflect on its books and records the date and a corresponding decrease in the principal amount of the Global Note from which such interest is being transferred. Any beneficial
interest in one of the Global Notes that is transferred to a Person who takes delivery in the form of an interest in another Global Note will, upon transfer, cease to be an interest in such Global Note and will become an interest in such other
Global Note and, accordingly, will thereafter be subject to all transfer restrictions and other procedures applicable to beneficial interests in such other Global Note for so long as it remains such an interest. 

(iii)    Notwithstanding any other provisions of this Fourth Supplemental Indenture (other than the
provisions set forth in Section 4.03), a Global Note may not be transferred in part, and may not be transferred as a whole 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 by the Depositary or any such nominee to a successor Depositary or a nominee of such successor Depositary. 

(d)    Cancellation or Adjustment of Global Note. At such time as all beneficial interests in a Global Note have
either been exchanged for Definitive Notes, transferred, redeemed, repurchased or canceled, such Global Note shall be returned by the Depositary to the Trustee for cancellation or retained and canceled by the Trustee. At any time prior to such
cancellation, if any beneficial interest in a Global Note is exchanged for Definitive Notes, transferred in exchange for an interest in another Global Note, redeemed, repurchased or canceled, the principal amount of Notes represented by such Global
Note shall be reduced and an adjustment shall be made on the books and records of the Trustee (if it is then the Notes Custodian for such Global Note) with respect to such Global Note, by the Trustee or the Notes Custodian, to reflect such
reduction. 
 (e)    Obligations with Respect to Transfers and Exchanges of Notes. 

(i)    To permit registrations of transfers and exchanges, the Company shall execute and the Trustee shall
authenticate, upon receipt of a Company Order, Definitive Notes and Global Notes at the Security Registrar’s request. 

(ii)    No service charge shall be made for any registration of transfer or exchange, but the Company may
require payment of a sum sufficient to cover any transfer tax, assessments, or similar governmental charge payable in connection therewith (other than any such transfer taxes, assessments or similar governmental charge payable upon exchange or
transfer pursuant to Sections 3.01 or 5.01 of this Fourth Supplemental Indenture). 
 (f)    Prior to the due
presentation for registration of transfer of any Note, the Company, the Trustee, the Paying Agent or the Security Registrar may deem and treat the person in whose name a Note is registered as the absolute owner of such Note for the purpose of
receiving payment of principal of and interest on such Note and for all other purposes whatsoever, whether or not such Note is overdue, and none of the Company, the Trustee, the Paying Agent or the Security Registrar shall be affected by notice to
the contrary. 

  
 8 

 (g)    The Company shall not be required to make and the Security
Registrar need not register transfers or exchanges of Notes selected for redemption (except, in the case of Notes to be redeemed in part, the portion thereof not to be redeemed) or any Notes for a period of 15 days before the mailing of a notice of
redemption of Notes to be redeemed. 
 (h)    All Notes issued upon any transfer or exchange pursuant to the terms of
this Fourth Supplemental Indenture shall evidence the same Debt and shall be entitled to the same benefits under the Indenture as the Notes surrendered upon such transfer or exchange. 

(i)    No Obligation of the Trustee. 

(i)    The Trustee shall have no responsibility or obligation to any beneficial owner of a Global Note, a
member of, or a participant in the Depositary or any other Person with respect to the accuracy of the records of the Depositary or its nominee or of any participant or member thereof, with respect to any ownership interest in the Notes or with
respect to the delivery to any participant, member, beneficial owner or other Person (other than the Depositary) of any notice (including any notice of redemption or repurchase) or the payment of any amount, under or with respect to such Notes. All
notices and communications to be given to the Holders and all payments to be made to Holders under the Notes shall be given or made only to the registered Holders (which shall be the Depositary or its nominee in the case of a Global Note). The
rights of beneficial owners in any Global Note shall be exercised only through the Depositary subject to the applicable rules and procedures of the Depositary. The Trustee may rely and shall be fully protected in relying upon information furnished
by the Depositary with respect to its members, participants and any beneficial owners. 
 (ii)    The
Trustee shall have no obligation or duty to monitor, determine or inquire as to compliance with any restrictions on transfer imposed under this Fourth Supplemental Indenture or under applicable law with respect to any transfer of any interest in any
Note (including any transfers between or among Depositary participants, members or beneficial owners in any Global Note) other than to require delivery of such certificates and other documentation or evidence as are expressly required by, and to do
so if and when expressly required by, the terms of this Fourth Supplemental Indenture, and to examine the same to determine substantial compliance as to form with the express requirements hereof. 

Section 4.03.    Definitive Notes. 

(a)    A Global Note deposited with the Depositary or with the Trustee as Notes Custodian pursuant to Section 4.01
shall be transferred to the beneficial owners thereof in the form of Definitive Notes in an aggregate principal amount equal to the principal amount of such Global Note, in exchange for such Global Note, only if such transfer complies with
Section 4.02 and (i) the Depositary (A) notifies the Company that the Depositary is no longer willing or able to act as a depositary or clearing system for the Global Notes or (B) ceases to be a “clearing agency”
registered under the Exchange Act, and, in either event, a successor depositary or clearing system is not appointed by the Company within 90 days of such notice or becoming aware that the Depositary is no longer so registered, (ii) the Company,
in its sole discretion, determines not to have the Notes represented by a Global Note and provide written notice to the Trustee, or (iii) upon the occurrence and continuation of an Event of Default. 

(b)    Any Global Note that is transferable to the beneficial owners thereof pursuant to this Section 4.03 shall be
surrendered by the Depositary to the Trustee, to be so transferred, in whole or from time to time in part, without charge, and upon Company Order the Trustee shall authenticate and deliver, upon such transfer of each portion of such Global Note, an
equal aggregate principal amount of Definitive Notes of authorized denominations. Any portion of a Global Note transferred pursuant to this Section 4.03 shall be executed, authenticated and delivered only in denominations of $2,000 of principal
amount and any integral multiple of $1,000 in excess thereof and registered in such names as the Depositary shall direct. 

(c)    The registered Holder of a Global Note may grant proxies and otherwise authorize any Person, including Participants
and Persons that may hold interests through Participants, to take any action which a Holder is entitled to take under the Indenture or the Notes. 

(d)    In the event of the occurrence of any of the events specified in Section 4.03(a)(i), (ii) or (iii), the
Company will promptly make available to the Trustee a reasonable supply of Definitive Notes in fully registered form without interest coupons. 

ARTICLE 5 

REDEMPTION 

Section 5.01.    Optional Redemption. Each series of Notes shall be redeemable, at the
option of the Company, at any time and from time to time, in whole or in part, on not less than 10 nor more than 60 days’ prior notice mailed to the Holders of the Notes of such series, with a copy provided to the Trustee at the Redemption
Prices set forth below. 

  
 9 

 (a)    Prior to the Par Call Date, each series of Notes shall be
redeemable at a Redemption Price, to be calculated by the Company, equal to the greater of: 

(i)    100% of the principal amount of such Notes to be redeemed; and 

(ii)    the sum of the present values of the remaining scheduled payments of principal and interest on the
Notes to be redeemed (not including interest accrued to the date of redemption) to the Par Call Date for such series of Notes discounted to the Redemption Date on a semi-annual basis (assuming a 360-day year
consisting of twelve 30-day months) at the Treasury Rate plus 15 basis points with respect to the 2032 Notes and 15 basis points with respect to the 2041 Notes; plus, in each case, accrued and unpaid interest
on the Notes to be redeemed to, but excluding, the Redemption Date. 
 (b)    At any time on or after the relevant Par
Call Date, each series of Notes shall be redeemable at the Company’s option, in whole or in part, at a Redemption Price equal to 100% of the principal amount of the Notes being redeemed plus accrued and unpaid interest on the Notes to be
redeemed to, but excluding, the Redemption Date. 
 (c)    Notice of any redemption of Notes pursuant to this
Section 5.01 may, at the Company’s discretion, be given subject to one or more conditions precedent, including, but not limited to, completion of a corporate transaction that is pending (such as an equity or equity-linked offering, an
incurrence of indebtedness or an acquisition or other strategic transaction involving a change of control in the Company or another entity). If such redemption is so subject to satisfaction of one or more conditions precedent, such notice shall
describe each such condition, and such notice may be rescinded in the event that any or all such conditions shall not have been satisfied or otherwise waived on or prior to the Business Day immediately preceding the relevant Redemption Date. 

(d)    The Company shall notify Holders of any such rescission as soon as practicable after it determines that such
conditions precedent will not be able to be satisfied or the Company shall not be able or willing to waive such conditions precedent, in each case subject to the applicable procedures of the Depositary. Once notice of redemption is mailed or sent,
subject to the satisfaction of any conditions precedent provided in the notice of redemption, the Notes called for redemption will become due and payable on the Redemption Date and at the applicable Redemption Price as set forth in this
Section 5.01. 
 Section 5.02.    Applicability of Sections of the Base
Indenture. The provisions of Article 11 of the Base Indenture in respect of the Notes shall apply to any optional redemption of the Notes except when such provisions conflict with the foregoing. 

ARTICLE 6 

DEFEASANCE 

Section 6.01.    Defeasance. If the Company shall effect a defeasance or discharge of the
Notes pursuant to Article 4 of the Base Indenture, the Company shall cease to have any obligation to comply with the covenants set forth in Article 3 hereof (whether set forth specifically or by reference to provisions of the Base Indenture) and the
provisions of Article 8 of the Base Indenture. 
 ARTICLE 7 

MODIFICATION AND WAIVER 

Section 7.01.    Change of Control Triggering Event. In addition to the items listed in
Section 9.02 of the Base Indenture, no modification or amendment to the Indenture or the Notes may, without the consent of the Holder of each outstanding Note affected thereby, if a Change of Control Triggering Event occurs, limit a
Holder’s right, if any, to repayment of the Notes at the Holder’s option in connection therewith. 
 ARTICLE 8 

MISCELLANEOUS 

Section 8.01.    Ratification of Base Indenture. The Base Indenture, as supplemented by
this Fourth Supplemental Indenture, is in all respects ratified and confirmed, and this Fourth Supplemental Indenture shall be deemed part of the Base Indenture in the manner and to the extent herein and therein provided. 

  
 10 

 Section 8.02.    Trustee Not Responsible
for Recitals. The recitals contained herein shall be taken as the statements of the Company, and the Trustee assumes no responsibility for the correctness of the same. 

Section 8.03.    New York Law to Govern. This Indenture and the Notes shall be deemed to
be a contract under the laws of the State of New York, and for all purposes shall be construed in accordance with the laws of such State, except as may otherwise be required by mandatory provisions of law. 

Section 8.04.    Counterparts. This Fourth Supplemental Indenture may be executed in any
number of counterparts, each of which shall be an original; but such counterparts shall together constitute one and the same instrument. 

Section 8.05.    Effect of Headings. The Article and Section headings herein and the
Table of Contents are for convenience only and shall not affect the construction hereof. 
 [Signature Page Follows] 

  
 11 

 IN WITNESS WHEREOF, the parties hereto have caused this Fourth Supplemental Indenture to be
duly executed as of the date first above written. 
  

					
		 	THE J. M. SMUCKER COMPANY
		
	By:	 	 /s/ Tucker H. Marshall

		 	Name:	 	Tucker H. Marshall
		 	Title:	 	Chief Financial Officer

  
 [Signature Page to
Fourth Supplemental Indenture] 

 
					
		 	U.S. BANK NATIONAL ASSOCIATION, as Trustee
		
	By:	 	 /s/ Earl T. Hunt

		 	Name:	 	Earl T. Hunt
		 	Title:	 	Vice President

  
 [Signature Page to
Fourth Supplemental Indenture] 

 EXHIBIT A-1 – Form of 2.125% Notes due 2032

 THE J. M. SMUCKER COMPANY 

2.125% Notes due 2032 
  

			
	No.	 	$            

 CUSIP No. 

UNLESS AND UNTIL IT IS EXCHANGED IN WHOLE OR IN PART FOR SECURITIES IN CERTIFICATED FORM, THIS 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. 
 UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION
(“DTC” OR THE “DEPOSITARY”), 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. 
 THE J. M. SMUCKER
COMPANY 
 2.125% Notes due 2032 
  

			
	No.: [    ]	  	CUSIP No.: [    ]
		  	$[            ]

 THE J. M. SMUCKER COMPANY, an Ohio corporation (the “Company”, which term includes any
successor corporation), for value received promises to pay to CEDE & CO., or registered assigns, the principal sum of $[        ] on March 15, 2032, unless earlier redeemed as herein provided.

 Interest Payment Dates: March 15 and September 15 (each, an “Interest Payment Date”), commencing on
March 15, 2022. Interest Record Dates: March 1 and September 1 (each, an “Interest Record Date”). 
 Payment
of the principal of and interest on this Note shall be made at the office or agency of the Trustee maintained for that purpose in St. Paul, Minnesota, in such currency of the United States of America as at the time of payment is legal tender for
payment of public and private debts; provided, however, for so long as the Notes are represented in global form by one or more Global Notes, all payments of principal of and interest shall be made by wire transfer of immediately available
funds to the Depositary or its nominee, as the case may be, as the registered owner of the Global Security representing such Notes. 

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

  
 A1-1 

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

 

					
		 	THE J. M. SMUCKER COMPANY
		
	By:	 	  

		 	Name:	 	Tucker H. Marshall
		 	Title:	 	Chief Financial Officer

 This is one of the Notes of the series designated herein and referred to in the within-mentioned Indenture. 

 

					
		 	U.S. BANK NATIONAL ASSOCIATION, as Trustee
		
	By:	 	  

		 	Name:	  	Earl T. Hunt
		 	Title:	  	Vice President

 Dated: September 24, 2021 

  
 A1-2 

 [REVERSE OF NOTE] 

This Note is one of the duly authorized securities of the Company (herein called the “Notes”) issued and to be issued in one
or more series under an Indenture dated as of March 20, 2015 (the “Base Indenture”), as amended by a Fourth Supplemental Indenture dated as of September 24, 2021 (the “Fourth Supplemental Indenture” and,
together with the Base Indenture, the “Indenture”), between the Company and U.S. Bank National Association, as trustee (herein called the “Trustee,” which term includes any successor trustee under the Indenture with
respect to the series of Notes represented hereby), 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. This Note is a Global Note representing the Company’s 2.125% Notes due 2032 in the aggregate principal amount of
$500,000,000. 
 The amount of interest payable on any interest payment date shall be computed 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 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) with the same force and effect as if made on such interest payment date. 

The Notes are issuable only in fully registered form without coupons in minimum denominations of $2,000 and integral multiples of $1,000 above
that amount. As provided in the Indenture and subject to certain limitations therein set forth, Notes are exchangeable for a like aggregate principal amount of Notes and of like tenor of a different authorized denomination, as requested by the
Holder surrendering the same. 
 The Notes shall be redeemable, at the option of the Company, at any time and from time to time, in whole or
in part, on not less than 10 nor more than 60 days’ prior notice mailed to the Holders of the Notes, with a copy provided to the Trustee. Prior to the relevant Par Call Date, the Notes shall be redeemable at a Redemption Price, to be calculated
by the Company, equal to the greater of (i) 100% of the principal amount of such Notes to be redeemed and (ii) the sum of the present values of the remaining scheduled payments of principal and interest on the Notes to be redeemed (not
including interest accrued to the date of redemption) to such Par Call Date, discounted to the Redemption Date on a semi-annual basis (assuming a 360-day year consisting of twelve 30-day months) at the Treasury Rate plus 15 basis points, plus, in each case, accrued and unpaid interest on the Notes to be redeemed to, but excluding, the Redemption Date. At any time on or after the relevant Par
Call Date, the Notes shall be redeemable at a Redemption Price, to be calculated by the Company, equal to 100% of the principal amount of the Notes to be redeemed plus accrued and unpaid interest on the Notes to be redeemed to, but excluding, the
Redemption Date. 
 Notice of any redemption of Notes may, at the Company’s discretion, be given subject to one or more conditions
precedent, including, but not limited to, completion of a corporate transaction that is pending (such as an equity or equity-linked offering, an incurrence of indebtedness or an acquisition or other strategic transaction involving a change of
control in the Company or another entity). If such redemption is so subject to satisfaction of one or more conditions precedent, such notice shall describe each such condition, and such notice may be rescinded in the event that any or all such
conditions shall not have been satisfied or otherwise waived on or prior to the Business Day immediately preceding the relevant Redemption Date. 

The Company shall notify Holders of any such rescission as soon as practicable after it determines that such conditions precedent will not be
able to be satisfied or the Company shall not be able or willing to waive such conditions precedent, in each case subject to the applicable procedures of the Depositary. Once notice of redemption is mailed or sent, subject to the satisfaction of any
conditions precedent provided in the notice of redemption, the Notes called for redemption will become due and payable on the Redemption Date and at the applicable Redemption Price. 

On and after any Redemption Date, interest will cease to accrue on the Notes called for redemption. On or before the Redemption Date, the
Company shall deposit with the Trustee or with one or more paying agents an amount of money sufficient to redeem on the Redemption Date all of the Notes so called for redemption at the appropriate Redemption Price, together with accrued interest to
the date fixed for redemption. If the Company is redeeming less than all of the Notes, the Trustee shall select, in such manner as it shall deem appropriate and fair, the Notes to be redeemed in whole or in part. 

Upon the occurrence of a Change of Control Triggering Event with respect to the Notes, unless the Company has exercised its right to redeem
the Notes as described above by giving irrevocable notice to the Trustee in accordance with the Indenture, each Holder of Notes shall have the right to require the Company to purchase all or a portion of such Holder’s Notes pursuant to the
offer described below (the “Change of Control Offer”), at a purchase price equal to 101% of the aggregate principal amount thereof plus accrued and unpaid interest, if any, to but not including the date of purchase (the
“Change of Control Payment”), subject to the rights of Holders of Notes on the relevant record date to receive interest due on the relevant interest payment date. 

Unless the Company has exercised its right to redeem the Notes, within 30 days following the date upon which the Change of Control Triggering
Event occurs with respect to the Notes or at the Company’s option, prior to any Change of Control but after the public announcement of the pending Change of Control, the Company shall be required to send, by first class mail, a notice to each
Holder of Notes, with a copy to the Trustee, which notice shall describe the terms of the Change of Control Offer. Such notice shall state, among other things, the transaction or transactions that constitute or may constitute the Change of Control
and offering to repurchase the Notes if this series and the purchase date, which 

  
 A1-3 

 
must be no earlier than 30 days and no later than 60 days from the date such notice is mailed, other than as may be required by law (the “Change of Control Payment Date”). The
notice, if mailed prior to the date of consummation of the Change of Control, shall state that the Change of Control Offer is conditioned on the Change of Control Triggering Event occurring on or prior to the Change of Control Payment Date. 

On the Change of Control Payment Date, the Company shall, to the extent lawful: (i) accept or cause a third party to accept for payment
all Notes or portions of Notes properly tendered pursuant to the Change of Control Offer; (ii) deposit or cause a third party to deposit with the paying agent an amount equal to the Change of Control Payment in respect of all Notes or portions
of Notes properly tendered; and (iii) deliver or cause to be delivered to the Trustee the Notes properly accepted together with an Officer’s Certificate stating the aggregate principal amount of Notes or portions of Notes being repurchased
and that all conditions precedent to the Change of Control Offer and to the repurchase by the Company of Notes pursuant to the Change of Control Offer have been complied with. 

The Company shall not be required to make a Change of Control Offer with respect to the Notes if a third party makes such an offer in the
manner, at the times and otherwise in compliance with the requirements for such an offer made by the Company and such third party purchases all Notes properly tendered and not withdrawn under its offer. 

The Company shall comply in all material respects with the requirements of Rule 14e-1 under the
Securities Exchange Act of 1934, as amended (the “Exchange Act”), and any other securities laws and regulations thereunder to the extent those laws and regulations are applicable in connection with the purchase of the Notes as a
result of a Change of Control Triggering Event. To the extent that the provisions of any such securities laws or regulations conflict with the Change of Control Offer provisions of the Notes, the Company shall comply with those securities laws and
regulations and shall not be deemed to have breached its obligations under the Change of Control Offer provisions of the Notes by virtue of such conflicts. 

The indebtedness evidenced by this Note is, to the extent provided in the Indenture, the unsecured, unsubordinated obligation of the Company
and will rank equally in right of payment to all of the Company’s existing and future unsecured, unsubordinated indebtedness. This Note will not be guaranteed by any of the Company’s Subsidiaries. 

The Notes are initially limited to $500,000,000 aggregate principal amount. The Company may from time to time, without notice to or the
consent of the Holders of the Notes, create and issue additional Notes ranking equally and ratably with the Notes in all respects (other than the issue price, the date of the issuance, the payment of interest accruing prior to the issue date of such
additional Notes and the first payment of interest following the issue date of such additional Notes), provided that if the additional Notes are not fungible with the existing Notes for United States federal income tax purposes, the additional Notes
will have a separate CUSIP number. Any such additional Notes shall be consolidated and form a single series with the Notes initially issued, including for purposes of voting and redemptions. 

The Notes are not entitled to the benefit of any sinking fund. 

The Indenture imposes certain limitations on the ability of the Company to, among other things, merge or consolidate with any other Person,
and requires that the Company comply with certain further covenants, such as Limitations on Liens and Limitations on Sale and Leaseback as further described in the Indenture, all of which are applicable to this Note. All such covenants and
limitations are subject to a number of important qualifications and exceptions. 
 The Indenture contains provisions for the defeasance at
any time of (a) the entire indebtedness on this Note and (b) certain restrictive covenants and the related defaults and Events of Default, upon compliance by the Company with certain conditions set forth therein, which provisions apply to
this Note. 
 If an Event of Default with respect to Notes shall occur and be continuing, the principal of the Notes may (subject to the
conditions set forth in the Indenture) be declared due and payable in the manner and with the effect provided in the Indenture. 
 The
Indenture contains provisions permitting, with certain exceptions therein provided, the Company and the Trustee, without the consent of any of the Holders of the outstanding Notes, to modify and amend the Indenture for the purpose of, among other
things, curing any ambiguity, defect or inconsistency. 
 The Indenture also contains provisions permitting the Holders of a majority in
aggregate principal amount of the outstanding Notes, on behalf of the Holders of all Notes, to waive any past default or Event of Default with respect to the Notes and its consequences, except a default in the payment of the principal of or interest
on any of the Notes or in respect of a covenant or other provision which, under the terms of the Indenture, cannot be modified or amended without the consent of the Holder of each outstanding Note. 

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

  
 A1-4 

 No director, officer, employee, incorporator or stockholder, as such, of the Company or any
other obligor in respect of any Note or any Subsidiary of any thereof shall have any liability for any obligation of the Company or any other obligor in respect of any Note under the Indenture or the Notes, or for any claim based on, in respect of,
or by reason of, any such obligation or its creation. Each Holder, by accepting this Note, hereby waives and releases all such liability. The waiver and release are part of the consideration for issuance of the Notes. 

As provided in the Indenture and subject to certain limitations therein set forth, the transfer of this Security is registrable in the
Security Register, upon surrender of this Security for registration of transfer at the office or agency of the Company in any place where the principal of and any premium and interest on this Security are payable, duly endorsed by, or accompanied by
a written instrument of transfer in form satisfactory to the Company and the Security Registrar duly executed by, the Holder hereof or his attorney duly authorized in writing, and thereupon one or more new Notes and of like tenor, of authorized
denominations 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 registration of transfer or exchange, but the Company may require payment of a sum sufficient to cover any tax or other governmental charge payable in connection therewith. 

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

All capitalized terms used in this Note which are not defined herein shall have the meanings assigned to them in the Indenture. 

THIS NOTE SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK. 

*    *    * 

  
 A1-5 

 CERTIFICATE TO BE DELIVERED UPON EXCHANGE OR REGISTRATION OF TRANSFER OF SECURITIES

 This Certificate relates to $         principal amount of 2.125% Notes due 2032 held in
(check applicable space)      book-entry or      definitive form by (the “Transferor”). 
 The
Transferor (check one box below): 
  

	 	☐	 has requested the Trustee by written order to deliver in exchange for its beneficial interest in the global
Note held by the Depositary a Note or Notes in definitive, registered form of authorized denominations in an aggregate principal amount equal to its beneficial interest in such global Note (or the portion thereof indicated above); or

  

	 	☐	 has requested the Trustee by written order to exchange or register the transfer of a Note or Notes.

  
 A1-6 

 SCHEDULE OF EXCHANGES 

The following exchanges of a part of this Book-Entry Security have been made: 

 

																	
	 Date of Exchange
	  	Amount of
decrease in
Principal
Amount of 
this
Book-Entry
Security	 	  	Amount of
increase in
Principal
Amount of this
Book-Entry
Security	 	  	Principal
Amount of this
Book-Entry
Security
following such
decrease (or
increase)	 	  	Signature of
authorized
signatory of
Trustee or
Security
Custodian	 
		  				  				  				  			

  
 A1-7 

 ASSIGNMENT FORM 

To assign this Security, fill in the form below: 
 I or we
assign and transfer this Security to 
  
  

(Print or type assignee’s name, address and zip code) 
  

 
 (Insert assignee’s soc. sec. or
tax I.D. No.) 
 and irrevocably appoint
                    as agent to transfer this Security on the books of the Company. The agent may substitute another to act for him. 

 

			
	Date:	 	
                     

	
	Your Signature*:
		
	By:	 	
                     
                    

	Name:	 	  

	Title:	 	  

 Sign exactly as your name appears on the other side of this Security. 

*Signature Guaranteed:
                                         
                   
  

	*	 NOTICE: The signature to this assignment must correspond with the name as it appears upon the face of the
within Note in every particular, without alteration, enlargement or any change whatever. Such signature must be guaranteed by an “eligible guarantor institution” meeting the requirements of the Security Registrar, which requirements
include membership or participation in Security Transfer Agents Medallion Program (“STAMP”) or such other “signature guarantee program” as may be determined by the Security Registrar in addition to, or in substitution for,
STAMP, all in accordance with the Securities Exchange Act of 1934, as amended. 

  
 A1-8 

 EXHIBIT A-2 – Form of 2.750% Notes due 2041

 THE J. M. SMUCKER COMPANY 

2.750% Notes due 2041 
  

			
	No.	  	$            
		
	CUSIP No.    	  	

 UNLESS AND UNTIL IT IS EXCHANGED IN WHOLE OR IN PART FOR SECURITIES IN CERTIFICATED FORM, THIS 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. 
 UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST
COMPANY, A NEW YORK CORPORATION (“DTC” OR THE “DEPOSITARY”), 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. 

THE J. M. SMUCKER COMPANY 

2.750% Notes due 2041 
  

			
	No.: [    ]	  	CUSIP No.: [    ]
		  	$[            ]

 THE J. M. SMUCKER COMPANY, an Ohio corporation (the “Company”, which term includes any
successor corporation), for value received promises to pay to CEDE & CO., or registered assigns, the principal sum of $[        ] on September 15, 2041, unless earlier redeemed as herein
provided. 
 Interest Payment Dates: March 15 and September 15 (each, an “Interest Payment Date”), commencing on
March 15, 2022. Interest Record Dates: March 1 and September 1 (each, an “Interest Record Date”). 
 Payment
of the principal of and interest on this Note shall be made at the office or agency of the Trustee maintained for that purpose in St. Paul, Minnesota, in such currency of the United States of America as at the time of payment is legal tender for
payment of public and private debts; provided, however, for so long as the Notes are represented in global form by one or more Global Notes, all payments of principal of and interest shall be made by wire transfer of immediately available
funds to the Depositary or its nominee, as the case may be, as the registered owner of the Global Security representing such Notes. 

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

  
 A2-1 

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

 

					
	THE J. M. SMUCKER COMPANY
		
	By:	 	
                     

		 	Name:	 	Tucker H. Marshall
		 	Title:	 	Chief Financial Officer

 This is one of the Notes of the series designated herein and referred to in the within-mentioned Indenture. 

 

					
	U.S. BANK NATIONAL ASSOCIATION, as Trustee
		
	By:	 	
                     

		 	Name:	 	Earl T. Hunt
		 	Title:	 	Vice President

 Dated: September 24, 2021 

  
 A2-2 

 [REVERSE OF NOTE] 

This Note is one of the duly authorized securities of the Company (herein called the “Notes”) issued and to be issued in one
or more series under an Indenture dated as of March 20, 2015 (the “Base Indenture”), as amended by a Fourth Supplemental Indenture dated as of September 24, 2021 (the “Fourth Supplemental Indenture” and,
together with the Base Indenture, the “Indenture”), between the Company and U.S. Bank National Association, as trustee (herein called the “Trustee,” which term includes any successor trustee under the Indenture with
respect to the series of Notes represented hereby), 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. This Note is a Global Note representing the Company’s 2.750% Notes due 2041 in the aggregate principal amount of
$300,000,000. 
 The amount of interest payable on any interest payment date shall be computed 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 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) with the same force and effect as if made on such interest payment date. 

The Notes are issuable only in fully registered form without coupons in minimum denominations of $2,000 and integral multiples of $1,000 above
that amount. As provided in the Indenture and subject to certain limitations therein set forth, Notes are exchangeable for a like aggregate principal amount of Notes and of like tenor of a different authorized denomination, as requested by the
Holder surrendering the same. 
 The Notes shall be redeemable, at the option of the Company, at any time and from time to time, in whole or
in part, on not less than 10 nor more than 60 days’ prior notice mailed to the Holders of the Notes, with a copy provided to the Trustee. Prior to the relevant Par Call Date, the Notes shall be redeemable at a Redemption Price, to be calculated
by the Company, equal to the greater of (i) 100% of the principal amount of such Notes to be redeemed and (ii) the sum of the present values of the remaining scheduled payments of principal and interest on the Notes to be redeemed (not
including interest accrued to the date of redemption) to such Par Call Date, discounted to the Redemption Date on a semi-annual basis (assuming a 360-day year consisting of twelve 30-day months) at the Treasury Rate plus 15 basis points, plus, in each case, accrued and unpaid interest on the Notes to be redeemed to, but excluding, the Redemption Date. At any time on or after the relevant Par
Call Date, the Notes shall be redeemable at a Redemption Price, to be calculated by the Company, equal to 100% of the principal amount of the Notes to be redeemed plus accrued and unpaid interest on the Notes to be redeemed to, but excluding, the
Redemption Date. 
 Notice of any redemption of Notes may, at the Company’s discretion, be given subject to one or more conditions
precedent, including, but not limited to, completion of a corporate transaction that is pending (such as an equity or equity-linked offering, an incurrence of indebtedness or an acquisition or other strategic transaction involving a change of
control in the Company or another entity). If such redemption is so subject to satisfaction of one or more conditions precedent, such notice shall describe each such condition, and such notice may be rescinded in the event that any or all such
conditions shall not have been satisfied or otherwise waived on or prior to the Business Day immediately preceding the relevant Redemption Date. 

The Company shall notify Holders of any such rescission as soon as practicable after it determines that such conditions precedent will not be
able to be satisfied or the Company shall not be able or willing to waive such conditions precedent, in each case subject to the applicable procedures of the Depositary. Once notice of redemption is mailed or sent, subject to the satisfaction of any
conditions precedent provided in the notice of redemption, the Notes called for redemption will become due and payable on the Redemption Date and at the applicable Redemption Price. 

On and after any Redemption Date, interest will cease to accrue on the Notes called for redemption. On or before the Redemption Date, the
Company shall deposit with the Trustee or with one or more paying agents an amount of money sufficient to redeem on the Redemption Date all of the Notes so called for redemption at the appropriate Redemption Price, together with accrued interest to
the date fixed for redemption. If the Company is redeeming less than all of the Notes, the Trustee shall select, in such manner as it shall deem appropriate and fair, the Notes to be redeemed in whole or in part. 

Upon the occurrence of a Change of Control Triggering Event with respect to the Notes, unless the Company has exercised its right to redeem
the Notes as described above by giving irrevocable notice to the Trustee in accordance with the Indenture, each Holder of Notes shall have the right to require the Company to purchase all or a portion of such Holder’s Notes pursuant to the
offer described below (the “Change of Control Offer”), at a purchase price equal to 101% of the aggregate principal amount thereof plus accrued and unpaid interest, if any, to but not including the date of purchase (the
“Change of Control Payment”), subject to the rights of Holders of Notes on the relevant record date to receive interest due on the relevant interest payment date. 

Unless the Company has exercised its right to redeem the Notes, within 30 days following the date upon which the Change of Control Triggering
Event occurs with respect to the Notes or at the Company’s option, prior to any Change of Control but after the public announcement of the pending Change of Control, the Company shall be required to send, by first class mail, a notice to each
Holder of Notes, with a copy to the Trustee, which notice shall describe the terms of the Change of Control Offer. Such notice shall state, among other things, the transaction or transactions that constitute or may constitute the Change of Control
and offering to repurchase the Notes if this series and the purchase date, which 

  
 A2-3 

 
must be no earlier than 30 days and no later than 60 days from the date such notice is mailed, other than as may be required by law (the “Change of Control Payment Date”). The
notice, if mailed prior to the date of consummation of the Change of Control, shall state that the Change of Control Offer is conditioned on the Change of Control Triggering Event occurring on or prior to the Change of Control Payment Date. 

On the Change of Control Payment Date, the Company shall, to the extent lawful: (i) accept or cause a third party to accept for payment
all Notes or portions of Notes properly tendered pursuant to the Change of Control Offer; (ii) deposit or cause a third party to deposit with the paying agent an amount equal to the Change of Control Payment in respect of all Notes or portions
of Notes properly tendered; and (iii) deliver or cause to be delivered to the Trustee the Notes properly accepted together with an Officer’s Certificate stating the aggregate principal amount of Notes or portions of Notes being repurchased
and that all conditions precedent to the Change of Control Offer and to the repurchase by the Company of Notes pursuant to the Change of Control Offer have been complied with. 

The Company shall not be required to make a Change of Control Offer with respect to the Notes if a third party makes such an offer in the
manner, at the times and otherwise in compliance with the requirements for such an offer made by the Company and such third party purchases all Notes properly tendered and not withdrawn under its offer. 

The Company shall comply in all material respects with the requirements of Rule 14e-1 under the
Securities Exchange Act of 1934, as amended (the “Exchange Act”), and any other securities laws and regulations thereunder to the extent those laws and regulations are applicable in connection with the purchase of the Notes as a
result of a Change of Control Triggering Event. To the extent that the provisions of any such securities laws or regulations conflict with the Change of Control Offer provisions of the Notes, the Company shall comply with those securities laws and
regulations and shall not be deemed to have breached its obligations under the Change of Control Offer provisions of the Notes by virtue of such conflicts. 

The indebtedness evidenced by this Note is, to the extent provided in the Indenture, the unsecured, unsubordinated obligation of the Company
and will rank equally in right of payment to all of the Company’s existing and future unsecured, unsubordinated indebtedness. This Note will not be guaranteed by any of the Company’s Subsidiaries. 

The Notes are initially limited to $300,000,000 aggregate principal amount. The Company may from time to time, without notice to or the
consent of the Holders of the Notes, create and issue additional Notes ranking equally and ratably with the Notes in all respects (other than the issue price, the date of the issuance, the payment of interest accruing prior to the issue date of such
additional Notes and the first payment of interest following the issue date of such additional Notes), provided that if the additional Notes are not fungible with the existing Notes for United States federal income tax purposes, the additional Notes
will have a separate CUSIP number. Any such additional Notes shall be consolidated and form a single series with the Notes initially issued, including for purposes of voting and redemptions. 

The Notes are not entitled to the benefit of any sinking fund. 

The Indenture imposes certain limitations on the ability of the Company to, among other things, merge or consolidate with any other Person,
and requires that the Company comply with certain further covenants, such as Limitations on Liens and Limitations on Sale and Leaseback as further described in the Indenture, all of which are applicable to this Note. All such covenants and
limitations are subject to a number of important qualifications and exceptions. 
 The Indenture contains provisions for the defeasance at
any time of (a) the entire indebtedness on this Note and (b) certain restrictive covenants and the related defaults and Events of Default, upon compliance by the Company with certain conditions set forth therein, which provisions apply to
this Note. 
 If an Event of Default with respect to Notes shall occur and be continuing, the principal of the Notes may (subject to the
conditions set forth in the Indenture) be declared due and payable in the manner and with the effect provided in the Indenture. 
 The
Indenture contains provisions permitting, with certain exceptions therein provided, the Company and the Trustee, without the consent of any of the Holders of the outstanding Notes, to modify and amend the Indenture for the purpose of, among other
things, curing any ambiguity, defect or inconsistency. 
 The Indenture also contains provisions permitting the Holders of a majority in
aggregate principal amount of the outstanding Notes, on behalf of the Holders of all Notes, to waive any past default or Event of Default with respect to the Notes and its consequences, except a default in the payment of the principal of or interest
on any of the Notes or in respect of a covenant or other provision which, under the terms of the Indenture, cannot be modified or amended without the consent of the Holder of each outstanding Note. 

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

  
 A2-4 

 No director, officer, employee, incorporator or stockholder, as such, of the Company or any
other obligor in respect of any Note or any Subsidiary of any thereof shall have any liability for any obligation of the Company or any other obligor in respect of any Note under the Indenture or the Notes, or for any claim based on, in respect of,
or by reason of, any such obligation or its creation. Each Holder, by accepting this Note, hereby waives and releases all such liability. The waiver and release are part of the consideration for issuance of the Notes. 

As provided in the Indenture and subject to certain limitations therein set forth, the transfer of this Security is registrable in the
Security Register, upon surrender of this Security for registration of transfer at the office or agency of the Company in any place where the principal of and any premium and interest on this Security are payable, duly endorsed by, or accompanied by
a written instrument of transfer in form satisfactory to the Company and the Security Registrar duly executed by, the Holder hereof or his attorney duly authorized in writing, and thereupon one or more new Notes and of like tenor, of authorized
denominations 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 registration of transfer or exchange, but the Company may require payment of a sum sufficient to cover any tax or other governmental charge payable in connection therewith. 

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

All capitalized terms used in this Note which are not defined herein shall have the meanings assigned to them in the Indenture. 

THIS NOTE SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK. 

*    *    * 

  
 A2-5 

 CERTIFICATE TO BE DELIVERED UPON EXCHANGE OR REGISTRATION OF TRANSFER OF SECURITIES

 This Certificate relates to $         principal amount of 2.750% Notes due 2041 held in
(check applicable space)      book-entry or      definitive form by (the “Transferor”). 
 The
Transferor (check one box below): 
  

	 	☐	 has requested the Trustee by written order to deliver in exchange for its beneficial interest in the global
Note held by the Depositary a Note or Notes in definitive, registered form of authorized denominations in an aggregate principal amount equal to its beneficial interest in such global Note (or the portion thereof indicated above); or

  

	 	☐	 has requested the Trustee by written order to exchange or register the transfer of a Note or Notes.

  
 A2-6 

 SCHEDULE OF EXCHANGES 

The following exchanges of a part of this Book-Entry Security have been made: 

 

																	
	 Date of Exchange
	  	Amount of
decrease in
Principal
Amount of this
Book-Entry
Security	 	  	Amount of
increase in
Principal
Amount of this
Book-Entry
Security	 	  	Principal
Amount of this
Book-Entry
Security
following such
decrease (or
increase)	 	  	Signature of
authorized
signatory of
Trustee or
Security
Custodian	 
		  				  				  				  			

  
 A2-7 

 ASSIGNMENT FORM 

To assign this Security, fill in the form below: 
 I or we
assign and transfer this Security to 
  
  

(Print or type assignee’s name, address and zip code) 
  

 
 (Insert assignee’s soc. sec. or
tax I.D. No.) 
 and irrevocably appoint
                    as agent to transfer this Security on the books of the Company. The agent may substitute another to act for him. 

 

			
	Date:	 	
                     
                    

	
	Your Signature*:
		
	By:	 	
                     
                            

	Name:	 	  

	Title:	 	  

 Sign exactly as your name appears on the other side of this Security. 

*Signature Guaranteed:
                                         
                   
  

	*	 NOTICE: The signature to this assignment must correspond with the name as it appears upon the face of the
within Note in every particular, without alteration, enlargement or any change whatever. Such signature must be guaranteed by an “eligible guarantor institution” meeting the requirements of the Security Registrar, which requirements
include membership or participation in Security Transfer Agents Medallion Program (“STAMP”) or such other “signature guarantee program” as may be determined by the Security Registrar in addition to, or in substitution for,
STAMP, all in accordance with the Securities Exchange Act of 1934, as amended. 

  
 A2-8EX-4.1

 Exhibit 4.1 

AMERICAN TOWER CORPORATION 
 and

 U.S. BANK NATIONAL ASSOCIATION 

as Trustee 
  

 
 SUPPLEMENTAL
INDENTURE NO. 10 
 Dated as of September 27, 2021 

to 
 BASE INDENTURE 

Dated as of June 4, 2019 

$1,300,000,000 Principal Amount 

$600,000,000 1.450% SENIOR NOTES DUE 2026 

$700,000,000 2.300% SENIOR NOTES DUE 2031 

 TABLE OF CONTENTS 

 

							
	 	  	Page	 
	 Article I DEFINITIONS AND INCORPORATION BY REFERENCE
	  	 	1	 
			
	 Section 1.01.
	  	 Definitions
	  	 	1	 
			
	 Section 1.02.
	  	 Incorporation by Reference of Trust Indenture Act
	  	 	9	 
			
	 Section 1.03.
	  	 Rules of Construction
	  	 	9	 
		
	 Article II THE SECURITIES
	  	 	10	 
			
	 Section 2.01.
	  	 Form and Dating
	  	 	10	 
			
	 Section 2.02.
	  	 Execution and Authentication of Securities
	  	 	10	 
			
	 Section 2.03.
	  	 Registrar and Paying Agent
	  	 	10	 
			
	 Section 2.04.
	  	 Paying Agent to Hold Money in Trust
	  	 	11	 
			
	 Section 2.05.
	  	 Transfer and Exchange
	  	 	11	 
			
	 Section 2.06.
	  	 Outstanding Securities
	  	 	11	 
			
	 Section 2.07.
	  	 Interest Payment and Record Dates
	  	 	12	 
			
	 Section 2.08.
	  	 No Sinking Fund
	  	 	12	 
			
	 Section 2.09.
	  	 Defaulted Interest
	  	 	12	 
			
	 Section 2.10.
	  	 CUSIP and ISIN Numbers
	  	 	12	 
			
	 Section 2.11.
	  	 Global Securities
	  	 	12	 
			
	 Section 2.12.
	  	 Ranking
	  	 	12	 
			
	 Section 2.13.
	  	 Additional Securities
	  	 	12	 
		
	 Article III OPTIONAL REDEMPTION; MANDATORY REDEMPTION
	  	 	13	 
			
	 Section 3.01.
	  	 Notice to Trustee
	  	 	13	 
			
	 Section 3.02.
	  	 Optional Redemption
	  	 	13	 
			
	 Section 3.03.
	  	 Mandatory Redemption
	  	 	14	 
		
	 Article IV COVENANTS
	  	 	14	 
			
	 Section 4.01.
	  	 Additional Covenants
	  	 	14	 
		
	 Article V MISCELLANEOUS
	  	 	16	 
			
	 Section 5.01.
	  	 Conflict of Any Provision of Indenture with Trust Indenture Act
	  	 	16	 
			
	 Section 5.02.
	  	 Duplicate Originals
	  	 	16	 
			
	 Section 5.03.
	  	 New York Law to Govern
	  	 	16	 
			
	 Section 5.04.
	  	 No Adverse Interpretation of Other Agreements
	  	 	16	 
			
	 Section 5.05.
	  	 Successors and Assigns of Company Bound by Supplemental Indenture
	  	 	16	 
			
	 Section 5.06.
	  	 Severability
	  	 	16	 
			
	 Section 5.07.
	  	 Effect of Headings
	  	 	16	 

 Exhibit A-1 — Form of Global Security for the 2026 Notes 

Exhibit A-2 — Form of Global Security for the 2031 Notes 

Exhibit B — Form of Legend for Global Securities 

  
 i 

 SUPPLEMENTAL INDENTURE NO. 10 (the “Supplemental Indenture”), dated
as of September 27, 2021, between American Tower Corporation, a Delaware corporation (the “Company”), and U.S. Bank National Association, a national banking association, as trustee (the “Trustee”). 

WITNESSETH THAT: 

WHEREAS, the Company and the Trustee have executed and delivered a base indenture, dated as of June 4, 2019 (the “Base
Indenture,” and, together with this Supplemental Indenture, as amended, supplemented or otherwise modified from time to time, the “Indenture”) to provide for the future issuance of the Company’s senior debt securities
to be issued from time to time in one or more series; 
 WHEREAS, pursuant to the terms of the Base Indenture, the Company desires to
provide for the establishment of three series of its Securities, to be titled as its “1.450% Senior Notes due 2026” (the “2026 Notes”) and “2.300% Senior Notes due 2031” (the “2031 Notes”), the form and
substance of such Securities and the terms, provisions and conditions thereof to be set forth as provided in the Indenture; and 
 WHEREAS,
all acts and requirements necessary to make this Supplemental Indenture, when executed and delivered by the parties hereto, the legal, valid and binding obligation of the Company, in accordance with its terms, have been done. 

NOW, THEREFORE: 
 Each
party agrees as follows for the benefit of the other party and for the equal and ratable benefit of the Holders of the Securities. 

ARTICLE I DEFINITIONS AND INCORPORATION BY REFERENCE 

Section 1.01.    DEFINITIONS. 

Capitalized terms used herein without definition shall have the respective meanings ascribed to them in the Base Indenture. The following
definitions supplement, and, to the extent inconsistent with, replace the definitions in Article I of the Base Indenture: 

“Additional Security Board Resolution” means resolutions duly adopted by the Board of Directors of the Company and delivered
to the Trustee in an Officers’ Certificate providing for issuance of Additional Securities. 
 “Additional Security
Supplemental Indenture” means a supplement to this Indenture duly executed and delivered by the Company and the Trustee pursuant to Article 7 of the Base Indenture. 

“Additional Securities” means the Company’s Securities originally issued hereunder after the Issue Date pursuant to
Section 2.13 hereof, except for Securities authenticated and delivered upon registration of, transfer of, or in exchange for, or in lieu of other Securities pursuant to Section 3.07, 3.09, 7.05 or 9.06 of the Base Indenture, or 4.01(b)
hereof, as specified in the relevant Additional Security Board Resolutions or Additional Security Supplemental Indenture issued therefor in accordance with this Indenture. 

“Adjusted EBITDA” means, for the 12-month period preceding the calculation date, for
the Company and its Subsidiaries on a consolidated basis in accordance with GAAP, the sum of (a) Net Income, plus (b) to the extent deducted in determining Net Income, the sum of (i) Interest Expense, (ii) income tax expense,
including, without limitation, taxes paid or accrued based on income, profits or capital, including state, franchise and similar taxes and foreign withholding taxes, (iii) depreciation and amortization (including, without limitation,
amortization of goodwill and other intangible assets), (iv) extraordinary losses and non-recurring non-cash charges and expenses, (v) all other non-cash charges, expenses and interest (including, without limitation, any non-cash losses in respect of Commodity Agreements, Currency Agreements or Interest Rate
Agreements, non-cash impairment charges, non-cash valuation charges for stock option grants or vesting of restricted stock awards or any other non-cash compensation charges, and losses from the early extinguishment of Indebtedness) and (vi) non-recurring charges and

  
 1 

 
expenses, restructuring charges, transaction expenses (including, without limitation, transaction expenses incurred in connection with any merger or acquisition) and underwriters’ fees or
discounts, and severance and retention payments in connection with any merger or acquisition, in each case for such period, less extraordinary gains and cash payments (not otherwise deducted in determining net income) made during such period with
respect to non-cash charges that were added back in a prior period; provided, however, (I) with respect to any Person that became a Subsidiary, or was merged with or consolidated into the
Company or any Subsidiary, during such period, or any acquisition by the Company or any Subsidiary of the assets of any Person during such period, “Adjusted EBITDA” shall, at the option of the Company in respect of any or all of the
foregoing, also include the Adjusted EBITDA of such Person or attributable to such assets, as applicable, during such period as if such acquisition, merger or consolidation had occurred on the first day of such period and (II) with respect to
any Person that has ceased to be a Subsidiary during such period, or any material assets of the Company or any Subsidiary sold or otherwise disposed of by the Company or any Subsidiary during such period, “Adjusted EBITDA” shall exclude
the Adjusted EBITDA of such Person or attributable to such assets, as applicable, during such period as if such sale or disposition of such Subsidiary or such assets had occurred on the first day of such period. 

“Adjusted Treasury Rate” means, with respect to any redemption date: 

(1)    the yield that 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 (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 shall be determined and the Adjusted Treasury Rate shall be interpolated or extrapolated from such yields on a straight line basis, rounding to the nearest month); or 

(2)    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 annum equal to the semi-annual equivalent yield to maturity of the Comparable Treasury Issue, calculated using a price for the Comparable Treasury Issue (expressed as a percentage of its principal amount) equal
to the Comparable Treasury Price for such redemption date. 
 The Adjusted Treasury Rate shall be calculated on the third Business Day
preceding the redemption date. 
 “Beneficial Owner” has the meaning assigned to such term in Rule 13d-3 and Rule 13d-5 under the Exchange Act, except that in calculating the beneficial ownership of any particular “person” (as that term is used in
Section 13(d)(3) of the Exchange Act), such “person” will be deemed to have beneficial ownership of all securities that such “person” has the right to acquire by conversion or exercise of other securities, whether such right
is currently exercisable or is exercisable only upon the occurrence of a subsequent condition. The terms “Beneficially Owns” and “Beneficially Owned” have a corresponding meaning. 

“Capital Lease Obligation” means, at the time any determination is to be made, the amount of the liability in respect of a
capital lease that would at that time be required to be capitalized on a balance sheet in accordance with GAAP. 
 “Capital
Stock” means: 
 (1)    in the case of a corporation, corporate stock; 

(2)    in the case of an association or business entity, any and all shares, interests, participations, rights or other
equivalents (however designated) of corporate stock; 
 (3)    in the case of a partnership or limited liability
company, partnership or membership interests (whether general or limited); and 

  
 2 

 (4)    any other interest or participation that confers on a Person the
right to receive a share of the profits and losses of, or distributions of assets of, the issuing Person. 
 “Change of
Control” means the occurrence of any of the following: 
 (1)    the adoption of a plan relating to the
liquidation or dissolution of the Company; 
 (2)    any “person,” as such term is used in
Section 13(d)(3) of the Exchange Act, becomes the Beneficial Owner, directly or indirectly, of more than 50% of the voting power of the Voting Stock of the Company; provided that a transaction in which the Company becomes a Subsidiary of
another Person shall not constitute a Change of Control if (a) the stockholders of the Company immediately prior to such transaction Beneficially Own, directly or indirectly through one or more intermediaries, 50% or more of the voting power of
the outstanding Voting Stock of such other Person of whom the Company is a Subsidiary immediately following such transaction and (b) immediately following such transaction no person (as defined above) other than such other Person, Beneficially
Owns, directly or indirectly, more than 50% of the voting power of the Voting Stock of the Company; or 
 (3)    the
first day on which a majority of the members of the Board of Directors of the Company are not Continuing Directors. 
 “Change of
Control Offer” has the meaning set forth in Section 4.01(b). 
 “Change of Control Payment” has the meaning
set forth in Section 4.01(b). 
 “Change of Control Payment Date” has the meaning set forth in Section 4.01(b).

 “Change of Control Triggering Event” means the occurrence of both a Change of Control and a Ratings Decline (as defined
below). 
 “Commodity Agreement” of any Person means any commodity forward contract, commodity swap agreement, commodity
option agreement or other similar agreement or arrangement to which such Person is a party. 
 “Comparable Treasury Issue”
means the United States Treasury security selected by an Independent Investment Banker (as defined below) as having a maturity comparable to the remaining term of the Securities, calculated as if the maturity date of such Securities were the
applicable First Par Call Date (the “Remaining Life”), 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 Life of such Securities. 
 “Comparable Treasury Price” means, for any redemption date, (1) the
average of four Reference Treasury Dealer Quotations (as defined below) for such redemption date, after excluding the highest and lowest Reference Treasury Dealer Quotations, or (2) if the Independent Investment Banker obtains fewer than four
such Reference Treasury Dealer Quotations, the average of all such quotations. 
 “Continuing Directors” means a director
who either was a member of the Company’s Board of Directors on the Issue Date or who becomes a member of the Company’s Board of Directors subsequent to the Issue Date and whose appointment, election or nomination for election by the
Company’s stockholders is duly approved by a majority of the Continuing Directors on the Company’s Board of Directors at the time of such approval, either by specific vote or by approval of the proxy statement issued by the Company on
behalf of the Company’s Board of Directors in which such individual is named as nominee for director. Solely for purposes of this definition, the term “Board of Directors” shall be defined without regard to the words “or any
authorized committee of the Board of Directors of such Person or any officer of such Person duly authorized by the Board of Directors of such Person to take a specific action” in such definition. 

“Currency Agreement” of any Person means any foreign exchange contract, currency swap agreement or other similar agreement or
arrangement as to which such Person is a party. 

  
 3 

 “Default” means any event which is, or after notice or passage of time or
both would be, an Event of Default. 
 “Disqualified Stock” means any Capital Stock that, by its terms (or by the terms of
any security into which it is convertible, or for which it is exchangeable, in each case at the option of the holder of the Capital Stock), or upon the happening of any event, matures or is mandatorily redeemable, pursuant to a sinking fund
obligation or otherwise, or redeemable at the option of the holder of the Capital Stock, in whole or in part, on or prior to the Stated Maturity of the Securities. 

“DTC” means The Depository Trust Company, its nominees and successors. 

“Exchange Act” means the Securities Exchange Act of 1934, as amended, and the rules and regulations of the SEC promulgated
thereunder. 
 “Fair Market Value” means, with respect to any asset, the price that (after taking into account any
liabilities relating to such asset) would be paid in an arm’s-length transaction between an informed and willing seller under no compulsion to sell and an informed and willing buyer under no compulsion to
buy, as determined in good faith by the Board of Directors, whose determination shall be conclusive if evidenced by a Board Resolution. 

“First Par Call Date” means, with respect to the 2026 Notes, August 15, 2026 and with respect to the 2031 Notes,
June 15, 2031. 
 “Fitch” means Fitch, Inc. or any successor to the rating agency business thereof. 

“Foreign Subsidiary” means, with respect to any Person, (a) any Subsidiary of such Person that is not organized or
existing under the laws of, and whose principal business is conducted outside of, the United States, any state thereof, the District of Columbia, or any territory thereof (for purposes of this definition only, the “United States”), or
(b) any Subsidiary of such Person that is organized or existing under the laws of the United States whose only material assets are the Capital Stock of Foreign Subsidiaries meeting clause (a) of this definition. 

“GAAP” means generally accepted accounting principles set forth in the standards, statements and pronouncements of the
Financial Accounting Standards Board, or in such other statements by such other entity as may be approved by a significant segment of the accounting profession of the United States, which are in effect on the Issue Date, provided, however,
that leases shall continue to be classified and accounted for on a basis consistent with that reflected in the financial statements of the Company for the fiscal year ended December 31, 2018 for all purposes, notwithstanding any change in GAAP
relating thereto, including with respect to Accounting Standards Codification 842. 
 “Guarantee” means a guarantee (other
than by endorsement of negotiable instruments for collection in the ordinary course of business), direct or indirect, in any manner (including, without limitation, by way of a pledge of assets or through letters of credit or reimbursement agreements
in respect thereof), of all or any part of any Indebtedness. The term “Guarantee” used as a verb has a corresponding meaning. 

“Indebtedness” means, with respect to any specified Person, any indebtedness of such Person, whether or not contingent: 

(1)    in respect of borrowed money; 

(2)    evidenced by bonds, notes, debentures or similar instruments or letters of credit (or reimbursement agreements in
respect thereof); 
 (3)    in respect of banker’s acceptances; 

(4)    representing Capital Lease Obligations; 

  
 4 

 (5)     representing the balance deferred and unpaid of the purchase
price of any property, except any such balance that constitutes an accrued expense or trade payable; 
 (6)    
representing obligations under any Interest Rate Agreements, Commodity Agreements and Currency Agreements except for those entered into for the purpose of fixing, hedging or swapping interest rate, commodity price or foreign currency exchange risk;
or 
 (7)     in respect of all Disqualified Stock issued by such Person with the amount of Indebtedness represented by
such Disqualified Stock being equal to the greater of its voluntary or involuntary liquidation preference and its maximum fixed repurchase price, but excluding accrued dividends, if any; provided that (a) if the Disqualified Stock does not have
a fixed repurchase price, such maximum fixed repurchase price shall be calculated in accordance with the terms of the Disqualified Stock as if the Disqualified Stock were purchased on any date on which Indebtedness shall be required to be determined
pursuant to the applicable indenture, and (b) if the maximum fixed repurchase price is based upon, or measured by, the fair market value of the Disqualified Stock, the fair market value shall be the Fair Market Value thereof; 

if and to the extent any of the preceding items (other than letters of credit and obligations under Interest Rate Agreements, Commodity
Agreements and Currency Agreements) would appear as a liability upon a balance sheet of such Person prepared in accordance with GAAP. In addition, the term “Indebtedness” includes all Indebtedness of others secured by a Lien on any asset
of such Person whether or not such Indebtedness is assumed by such Person (the amount of such Indebtedness as of any date being deemed to be the lesser of the Fair Market Value of such property or assets as of such date or the principal amount of
such Indebtedness of such other Person so secured) and, to the extent not otherwise included, the Guarantee by such Person of any Indebtedness of any other Person. 

The amount of any Indebtedness outstanding as of any date shall be: 

(1)    the accreted value of the Indebtedness, in the case of any Indebtedness issued with original issue discount; and

 (2)    the principal amount of the Indebtedness, together with any interest on the Indebtedness that is more than 30
days past due, in the case of any other Indebtedness. 
 “Independent Investment Banker” means one of the Reference
Treasury Dealers appointed by the Company. 
 “Interest Expense” means, for any period, all cash interest expense
(including imputed interest with respect to Capital Lease Obligations and commitment fees) with respect to any Indebtedness of the Company and of its Subsidiaries’ Indebtedness on a consolidated basis during such period pursuant to the terms of
such Indebtedness. 
 “Interest Rate Agreement” of any Person means any interest rate protection agreement, interest rate
future agreement, interest rate option agreement, interest rate swap agreement, interest rate cap agreement, interest rate collar agreement, interest rate hedge agreement, option or future contract or other similar agreement or arrangement as to
which such Person is a party. 
 “Investment Grade Rating” means a rating equal to or greater than BBB- by S&P and Fitch and Baa3 by Moody’s or the equivalent thereof under any new ratings system if the ratings system of any such agency shall be modified after the date hereof, or the equivalent rating or
any other Ratings Agency selected by the Company as provided in the definition of Ratings Agency. 
 “Issue Date” means
September 27, 2021. 
 “Licenses” means, collectively, any telephone, microwave, radio transmissions, personal
communications or other license, authorization, certificate of compliance, franchise, approval or permit, whether for the construction, ownership or operation of any communications tower facilities, granted or issued by the Federal Communications
Commission (or other similar or successor agency of the federal government administering the Communications Act of 1934 or any similar or successor federal statute) and held by the Company or any of its Subsidiaries. 

  
 5 

 “Lien” means, with respect to any property or assets, including Capital
Stock, any mortgage, lien, pledge, charge, security interest or encumbrance of any kind in respect of such asset, whether or not filed, recorded or otherwise perfected under applicable law (including any conditional sale or other title retention
agreement, any lease in the nature thereof, any option or other agreement to sell or give a security interest in and any filing of or agreement to give any financing statement under the Uniform Commercial Code (or equivalent statutes) of any
jurisdiction). 
 “Moody’s” means Moody’s Investors Services, Inc. or any successor to the rating agency business
thereof. 
 “Net Income” means, for any period of determination, net income (loss) of the Company and its
Subsidiaries, on a consolidated basis, determined in accordance with GAAP. 
 “Newly Created Subsidiary” means a newly
created direct or indirect Subsidiary of the Company that is formed or organized after the Issue Date; provided that neither the Company nor any Subsidiary of the Company shall have transferred, or may in the future transfer, any assets (other than
cash or cash equivalents) to such Newly Created Subsidiary for so long as such Newly Created Subsidiary remains designated as an Unrestricted Subsidiary. 

“Original Securities” has the meaning set forth in Section 2.02. 

“Paying Agent” has the meaning set forth in Section 2.03. 

“Permitted Amount” means, on any date, an amount equal to 3.5 times Adjusted EBITDA as of the most recent fiscal quarter for
which financial statements of the Company are internally available immediately preceding such date. 
 “Permitted Liens”
means: 
 (1)    Liens in favor of the Company or its Subsidiaries; 

(2)    Liens existing on the Issue Date (other than those securing the SpectraSite ABS Facility) and renewals and
replacements thereof; 
 (3)    Liens for taxes, assessments or governmental charges or claims that are not yet
delinquent or that are being contested in good faith by appropriate proceedings promptly instituted and diligently conducted; provided that any reserve or other appropriate provision as shall be required in conformity with GAAP shall have been made
therefor; 
 (4)    Liens of carriers, warehousemen, mechanics, vendors (solely to the extent arising by operation of
law), laborers and materialmen incurred in the ordinary course of business for sums not yet due or being diligently contested in good faith, if reserves or appropriate provisions shall have been made therefor; 

(5)    Liens incurred in the ordinary course of business in connection with worker’s compensation and unemployment
insurance, social security obligations, assessments or government charges which are not overdue for more than 60 days; 

(6)    restrictions on the transfer of Licenses or assets of the Company or any of its Subsidiaries imposed by any of the
Licenses as in effect on the Issue Date or imposed by the Communications Act of 1934, any similar or successor federal statute or the rules and regulations of the Federal Communications Commission (or other similar or successor agency of the federal
government administering such Act or successor statute) thereunder, all as the same may be in effect from time to time; 

  
 6 

 (7)    Liens arising by operation of law in favor of purchasers in
connection with the sale of an asset; provided, however, that such Lien only encumbers the property being sold; 

(8)    Liens to secure performance of statutory obligations, surety or appeal bonds, performance bonds, bids or tenders;

 (9)    judgment Liens; 

(10)    Liens in connection with escrow or security deposits made in connection with any acquisition of assets; 

(11)    Liens securing Indebtedness since the Issue Date represented by Capital Lease Obligations, mortgage financings or
purchase money obligations, in each case incurred for the purpose of financing all or any part of the purchase price or cost of construction or improvement of property, plant or equipment used in any business of the Company or any Subsidiary of the
Company in an aggregate principal amount, including all Indebtedness incurred to refund, refinance or replace any other Indebtedness incurred pursuant to this clause (11), not to exceed $500.0 million at any time outstanding for the Company and
any Subsidiaries of the Company; 
 (12)    Liens securing obligations under Interest Rate Agreements, Commodity
Agreements and Currency Agreements not for speculative purposes; 
 (13)    easements, rights-of-way, zoning restrictions, licenses or restrictions on use and other similar encumbrances on the use of real property that: 

(a)     are not incurred in connection with the borrowing of money or the obtaining of advances or credit
(other than trade credit in the ordinary course of business); and 
 (b)     do not in the aggregate
materially detract from the value of the property or materially impair the use thereof in the operation of business by the Company and its Subsidiaries; 

(14)    Liens on property of the Company or a Subsidiary of the Company at the time the Company or such Subsidiary
acquired the property, including acquisition by means of a merger or consolidation with or into the Company or any Subsidiary, or an acquisition of assets, and any replacement thereof, provided, however, that such Liens are not created, incurred or
assumed in connection with or in contemplation of such acquisition, and provided further that such Liens may not extend to any other property owned by the Company or any Subsidiary of the Company; 

(15)    leases and subleases of real or personal property in the ordinary course of business (for the avoidance of doubt,
excluding sale and lease-back transactions) which do not materially interfere with the ordinary conduct of the business; and 

(16)    banker’s Liens, rights of set-off or similar rights and remedies as
to deposit accounts or other funds maintained with a depositary institution; provided that: 

(a)    such deposit account is not a dedicated cash collateral account and is not subject to restrictions
against access in excess of those set forth by regulations promulgated by the Federal Reserve Board or other applicable law; and 

(b)    such deposit account is not intended to provide collateral to the depositary institution. 

“Person” or “person” means any individual, corporation, partnership, limited liability company, joint
venture, association, joint-stock company, trust, estate, unincorporated organization or government or other agency or political subdivision thereof or any other entity. 

  
 7 

 “Ratings Agencies” means (1) S&P, Moody’s and Fitch; and
(2) if any of S&P, Moody’s and Fitch ceases to rate the Securities or ceases to make a rating on the Securities publicly available, an entity registered as a “nationally recognized statistical rating organization” (registered
as such pursuant to Rule 17g-1 of the Exchange Act) then making a rating on the Securities publicly available selected by the Company (as certified by an Officers’ Certificate), which shall be substituted
for S&P, Moody’s or Fitch, as the case may be. 
 “Ratings Decline” means the occurrence of the following on, or
within 90 days after, the date of the public notice of the occurrence of a Change of Control or of the intention by the Company or any third-party to effect a Change of Control (which period shall be extended for so long as the rating of the
securities is under publicly announced consideration for possible downgrade by any of the Ratings Agencies if such period exceeds 90 days): (1) in the event that the Securities have an Investment Grade Rating by all three Ratings Agencies, the
Securities cease to have an Investment Grade Rating by two of the three Rating Agencies, (2) in the event that the Securities have an Investment Grade Rating by only two Ratings Agencies, the Securities cease to have an Investment Grade Rating
by both such Rating Agencies, or (3) in the event that the Securities do not have an Investment Grade Rating, the rating of the Securities by two of the three Ratings Agencies (or if there are less than three Rating Agencies rating the
securities, the rating of each Rating Agency) decreases by one or more gradations (including gradations within ratings categories as well as between rating categories) or is withdrawn. 

“Reference Treasury Dealer” means any of the primary U.S. Government securities dealers in New York City. 

“Reference Treasury Dealer Quotations” means, with respect to each 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 at
5:00 p.m., New York City time, on the third Business Day preceding such redemption date. 
 “Registrar” has the meaning set
forth in Section 2.03. 
 “S&P” means Standard & Poor Rating Services, a division of The McGraw-Hill
Companies, Inc., or any successor to the rating agency business thereof. 
 “SEC” means the Securities and Exchange
Commission. 
 “Securities” means the 2026 Notes and the 2031 Notes established by this Supplemental Indenture and issued
by the Company pursuant to the Indenture. 
 “Securities Act” means the Securities Act of 1933, as amended, and the rules
and regulations of the SEC promulgated thereunder. 
 “Securities Agent” means any Registrar, Paying Agent, or co-Registrar or co-agent. 
 “SpectraSite ABS
Facility” means that certain mortgage loan more fully described in the Offering Memorandum dated March 27, 2018 regarding the $1,800,000,000 Secured Tower Revenue Securities, Series 2018-1A and 2013-2A. 
 “Stated Maturity” means, with respect to the payment of principal on the 2026
Notes, September 15, 2026 and with respect to the payment of principal on the 2031 Notes, September 15, 2031. 

“Subsidiary” means, with respect to any Person, (1) any corporation, limited liability company, association or other
business entity of which more than 50% of the voting power of the outstanding Voting Stock is owned, directly or indirectly, by such Person and one or more other Subsidiaries of such Person or (2) any partnership (A) the sole general
partner or the managing general partner of which is such Person or a Subsidiary of such Person or (B) the only general partners of which are such Person or one or more Subsidiaries of such Person (or any combination thereof). The term
“Subsidiary” with respect to the Company shall not include any Unrestricted Subsidiary. 

  
 8 

 “TIA” means the Trust Indenture Act of 1939 (15 U.S. Code §§
77aaa-77bbbb) as amended and in effect from time to time. 
 “Unrestricted Subsidiary” means (a) any Foreign
Subsidiary or Newly Created Subsidiary of the Company that is designated by the Board of Directors as an Unrestricted Subsidiary until such time as the Board of Directors may designate it to be a Subsidiary, provided that no Default or Event of
Default would occur or be existing following such designation, and (b) any subsidiary of an Unrestricted Subsidiary. Any such designation by the Board of Directors shall be evidenced to the Trustee by filing a Board Resolution with the Trustee
giving effect to such designation. At the time of designation of an Unrestricted Subsidiary as a Subsidiary, such Subsidiary shall be deemed to incur outstanding Indebtedness and grant any existing Liens. 

“Voting Stock” of any Person as of any date means the Capital Stock of such Person that is normally entitled to vote in the
election of the board of directors, managers or trustees of such Person. 
 Section 1.02.    INCORPORATION
BY REFERENCE OF TRUST INDENTURE ACT. 

Whenever this Indenture refers to a provision of the TIA, the provision is incorporated by reference in and made a part of this Indenture. 

The following TIA terms used in this Indenture have the following meanings: 

“Commission” means the SEC; 

“indenture securities” means the Securities; 

“indenture security holder” means a Securityholder or a Holder; 

“indenture to be qualified” means this Indenture; and 

“obligor” on the indenture securities means the Company or any successor. 

All other terms used in this Indenture that are defined by the TIA, defined by the TIA by reference to another statute or defined by SEC rule
under the TIA and not otherwise defined herein have the meanings so assigned to them. 
 Section 1.03.    RULES
OF CONSTRUCTION. 
 Unless the context otherwise requires: 

(i)    a term has the meaning assigned to it; 

(ii)    an accounting term not otherwise defined has the meaning assigned to it in accordance with
generally accepted accounting principles in effect from time to time; 
 (iii)    “or” is not
exclusive; 
 (iv)    “including” means “including without limitation”; 

(v)    words in the singular include the plural and in the plural include the singular; 

(vi)    provisions apply to successive events and transactions; 

  
 9 

 (vii)    “herein,” “hereof” and
other words of similar import refer to this Indenture as a whole and not to any particular Article, Section or other subdivision of this Indenture; and 

(viii)    references to currency shall mean the lawful currency of the United States of America, unless the
context requires otherwise. 
 In addition, to the extent that the terms of this Supplemental Indenture are inconsistent or conflict with
the terms of the Base Indenture, then, for purposes of the Securities, the terms of this Supplemental Indenture shall apply to the extent of such inconsistency or conflict. 

ARTICLE II THE SECURITIES 

Section 2.01.    FORM AND DATING. 

The Securities and the Trustee’s certificate of authentication shall be substantially in the form set forth in Exhibit A-1 (in the case of the 2026 Notes) and Exhibit A-2 (in the case of the 2031 Notes), which are incorporated in and form a part of this Indenture. The Securities
may have notations, legends or endorsements required by law, stock exchange rule or usage. Each Security shall be dated the date of its authentication. 

The Securities shall be issued initially in the form of one or more Global Securities, substantially in the form set forth in Exhibit A-1 (in the case of the 2026 Notes) and Exhibit A-2 (in the case of the 2031 Notes), deposited with the Trustee, as custodian for DTC (who shall be the initial
Depositary with respect to the Securities), duly executed by the Company and authenticated by the Trustee and bearing the legend set forth in Exhibit B. The aggregate principal amount of the Global Security may from time to time be increased or
decreased by adjustments made on the records of the Trustee, as custodian for the Depository, as hereinafter provided; provided, that, except as permitted by Section 2.13, in no event shall (i) the aggregate principal amount of the
Global Security or Global Securities for the 2026 Notes exceed $600,000,000 and (ii) the aggregate principal amount of the Global Security or Global Securities for the 2031 Notes exceed $700,000,000. 

Securities in the form of Physical Securities issued in exchange for Securities represented by interests in a Global Security pursuant to
Section 3.08 of the Base Indenture may be issued in the form of permanent certificated Securities in registered form in substantially the form set forth in Exhibit A-1 (in the case of the 2026 Notes)
and Exhibit A-2 (in the case of the 2031 Notes) and, if applicable, bearing any legends required hereby. 

The Securities shall be denominated in Dollars, and all cash payments due thereon shall be made in Dollars. The Securities shall be issuable
only in registered form without interest coupons and only in denominations of $2,000 principal amount and integral multiples of $1,000 in excess thereof. 

Section 2.02.    EXECUTION AND AUTHENTICATION OF
SECURITIES. 
 Upon a Company Order, the Trustee shall authenticate the 2026 Notes for original issue in the aggregate
principal amount of $600,000,000 and the 2031 Notes for original issue in the aggregate principal amount of $700,000,000 (the “Original Securities”). Each party agrees that the Securities may be executed by the Company and
authenticated by the Trustee by manual, facsimile or electronic signature (including, without limitation, DocuSign and AdobeSign and other similar applications). The signature shall be conclusive evidence that the Securities have been authenticated
under the Indenture. 
 Section 2.03.    REGISTRAR AND PAYING AGENT.

 The Company shall maintain an office or agency where Securities may be presented for registration of transfer or for exchange
(“Registrar”) and an office or agency where Securities may be presented for payment (“Paying Agent”). The Corporate Trust Office shall serve as the office or agency for the aforementioned purposes. The Registrar
shall keep a register of the Securities and of their transfer and exchange. The Company may appoint or change one or more co-Registrars, one or more additional paying agents upon reasonable prior written
notice to the Trustee and may act in any such capacity on its own behalf. The term “Registrar” includes any co-Registrar and the term “Paying Agent” includes any additional
paying agent. 

  
 10 

 The Company shall enter into an appropriate agency agreement with any Securities Agent not a
party to this Indenture. The agreement shall implement the provisions of this Indenture that relate to such Securities Agent. The Company shall notify the Trustee in writing of the name and address of any Securities Agent not a party to this
Indenture. If the Company fails to maintain a Registrar or Paying Agent, the Trustee shall act as such. 
 The Company initially appoints
the Trustee as Paying Agent and Registrar. 
 For purposes of the Securities, the Payment Office shall be the corporate trust office of the
Trustee set forth in Section 4.02 of the Base Indenture. 
 Section 2.04.    PAYING AGENT
TO HOLD MONEY IN TRUST. 
 Each Paying Agent shall hold in
trust for the benefit of the Securityholders or the Trustee all moneys held by the Paying Agent for the payment of the Securities, and shall notify the Trustee in writing of any Default by the Company in making any such payment. While any such
Default continues, the Trustee may require a Paying Agent to pay all money held by it to the Trustee. The Company at any time may require a Paying Agent to pay all money held by it to the Trustee. Upon payment over to the Trustee, the Paying Agent
shall have no further liability for such money. If the Company acts as Paying Agent, it shall segregate and hold as a separate trust fund all money held by it as Paying Agent. 

Section 2.05.    TRANSFER AND EXCHANGE. 

The Company or the Trustee, as the case may be, shall not be required to register the transfer of or exchange any Security selected for
redemption in whole or in part, in accordance with this Indenture, except the unredeemed portion of Securities being redeemed in part. 
 No
service charge shall be made for any transfer or exchange of Securities, but the Company may require payment of a sum sufficient to cover any transfer tax or similar governmental charge that may be imposed in connection with any transfer or exchange
of Securities, other than exchanges pursuant to Section 3.11 or Section 7.05 of the Base Indenture or Section 4.01(b) or Article III, not involving any transfer. 

Section 2.06.    OUTSTANDING SECURITIES. 

The Securities outstanding at any time are all the Securities authenticated by the Trustee except for those canceled by it, those delivered to
it for cancellation, those reductions in the interest in a Global Security effected by the Trustee in accordance with the provisions hereof, and those described in this Section and the Base Indenture as not outstanding. Except as set forth in
Section 3.13 of the Base Indenture, a Security does not cease to be outstanding because the Company or an affiliate of the Company holds the Security. 

If a Security is replaced pursuant to Section 3.09 of the Base Indenture, it ceases to be outstanding unless the Trustee receives proof
satisfactory to it that the replaced Security is held by a bona fide purchaser. 
 If the principal amount of any Security is
considered paid under Section 4.01 of the Base Indenture, it ceases to be outstanding and interest on it ceases to accrue. 
 If the
Paying Agent (other than the Company, a Subsidiary or an affiliate of any thereof) holds, on a redemption date or maturity date, money sufficient to pay Securities payable on that date, then on and after that date such Securities shall be deemed to
be no longer outstanding and shall cease to accrue interest. 

  
 11 

 Section 2.07.    INTEREST PAYMENT
AND RECORD DATES. 
 The Interest Payment Dates for the Securities shall be March 15
and September 15 of each calendar year, beginning with, and including, March 15, 2022. The Regular Record Date for an Interest Payment Date that falls on March 15 shall be the immediately preceding March 1 and the Regular Record
Date for an Interest Payment Date that falls on September 15 shall be the immediately preceding September 1. 

Section 2.08.    NO SINKING FUND. 

There shall be no sinking fund with respect to the Securities. 

Section 2.09.    DEFAULTED INTEREST. 

If and to the extent the Company defaults in a payment of interest on the Securities, the Company shall pay in cash the defaulted interest in
any lawful manner plus, to the extent not prohibited by applicable statute or case law, interest on such defaulted interest at the rate provided in the Securities and in this Section 2.09. The Company may pay the defaulted interest (plus
interest on such defaulted interest) to the persons who are Securityholders on a subsequent record date as provided in Section 3.05(c) of the Base Indenture. 

The Company shall pay interest (including post-petition interest in any proceeding under any Bankruptcy Law) on overdue principal on the
Securities at the rate equal to 1% per annum in excess of the then applicable interest rate on the Securities of that series to the extent lawful; it shall pay interest (including post-petition interest in any proceeding under any Bankruptcy Law) on
overdue installments of interest (without regard to any applicable grace period) on the Securities of any series at the same rate to the extent lawful. 

Section 2.10.    CUSIP AND ISIN NUMBERS. 

The Company in issuing the Securities may use one or more CUSIP and ISIN numbers, and, if so, the Trustee shall use the CUSIP and ISIN numbers
in notices of repurchase or exchange as a convenience to Holders; provided, however, that no representation is hereby deemed to be made by the Trustee as to the correctness or accuracy of the CUSIP and ISIN numbers printed on the
notice or on the Securities; provided further, that reliance may be placed only on the other identification numbers printed on the Securities, and the effectiveness of any such notice shall not be affected by any defect in, or omission of,
such CUSIP and ISIN numbers. The Company shall promptly notify the Trustee of any change in the CUSIP and ISIN numbers. 

Section 2.11.    GLOBAL SECURITIES. 

The Securities shall initially be issued in the form of one of more Global Securities, and the provisions of the Base Indenture (including, but
not limited to, Section 3.06 and Section 3.08) relating to Global Securities shall apply to the Securities. 

Section 2.12.    RANKING. 

The indebtedness of the Company arising under or in connection with this Indenture and every outstanding Security issued under this Indenture
from time to time constitutes and will constitute a senior unsecured obligation of the Company, ranking pari passu in right of payment with each other and with all other existing and future senior unsecured obligations of the Company. Unless
the context otherwise requires, the 2026 Notes shall be considered collectively to be a single class for all purposes of this Indenture and the 2031 Notes shall be considered collectively to be a single class for all purposes of this Indenture,
including without limitation waivers, amendments, redemptions and Change of Control Offers. 

Section 2.13.    ADDITIONAL SECURITIES. 

The Company may, from time to time, subject to compliance with any other applicable provisions of this Indenture, without the consent of the
Holders, create and issue pursuant to this Indenture additional securities (“Additional Securities”) having terms and conditions identical to those of the Securities, except that Additional Securities: 

(i)    may have a different issue date from the Securities; 

  
 12 

 (ii)    may have a different amount of interest payable on the first
Interest Payment Date after issuance than is payable on other Securities; and 
 (iii)    may have terms specified in
the Additional Securities Board Resolution or Additional Securities Supplemental Indenture for such Additional Securities making appropriate adjustments to Article II and Exhibit A (and related definitions) applicable to such Additional Securities
in order to conform to and ensure compliance with the Securities Act (or other applicable securities laws) and any other agreement applicable to such Additional Securities, which are not adverse in any material respect to the Holder of any
Securities (other than such Additional Securities); 
 provided, that no adjustment pursuant to this Section 2.13 shall cause
such Additional Securities to constitute, as determined pursuant to an Opinion of Counsel, a different class of securities than the Original Securities for U.S. federal income tax purposes. The Original Securities and any Additional Securities would
rank equally and ratably and would be treated as a single series of debt securities for all purposes under the Indenture. 
 ARTICLE III
OPTIONAL REDEMPTION; MANDATORY REDEMPTION 
 Section 3.01.    NOTICE TO
TRUSTEE. 
 If the Company elects to redeem Securities pursuant to the optional redemption provisions of Section 3.02
hereof, it shall furnish to the Trustee, at least 15 days but not more than 60 days before a redemption date, an Officers’ Certificate setting forth (1) the redemption date, (2) the principal amount of the 2026 Notes and/or the 2031
Notes, as applicable, to be redeemed and (3) the redemption price for each of the 2026 Notes and/or the 2031 Notes, as applicable (expressed as a percentage of the principal amount). 

Section 3.02.    OPTIONAL REDEMPTION. 

(a)     The 2026 Notes are redeemable at the Company’s election, in whole or in part, at any time and from time to
time. If the Company redeems the 2026 Notes prior to August 15, 2026 (one month prior to their maturity date), it will pay a redemption price equal to the greater of: 

(1)     100% of the principal amount of the 2026 Notes to be redeemed then outstanding; and 

(2)     as determined by an Independent Investment Banker, the sum of the present values of the remaining
scheduled payments of principal and interest on the 2026 Notes to be redeemed that would be due if such notes matured on the First Par Call Date (not including any portion of such payments of interest accrued to the date of redemption) discounted to
the redemption date on a semiannual basis (assuming a 360-day year consisting of twelve 30-day months) at the Adjusted Treasury Rate for the 2026 Notes, plus 10 basis
points; 
 plus, in either of the above cases, accrued and unpaid interest to the date of redemption on the 2026 Notes to be redeemed. 

(b)     The 2031 Notes are redeemable at the Company’s election, in whole or in part, at any time and from time to
time. If the Company redeems the 2031 Notes prior to June 15, 2031 (three months prior to their maturity date), it will pay a redemption price equal to the greater of: 

(1)     100% of the principal amount of the 2031 Notes to be redeemed then outstanding; and 

  
 13 

 (2)     as determined by an Independent Investment
Banker, the sum of the present values of the remaining scheduled payments of principal and interest on the 2031 Notes to be redeemed that would be due if such notes matured on the First Par Call Date (not including any portion of such payments of
interest accrued to the date of redemption) discounted to the redemption date on a semiannual basis (assuming a 360-day year consisting of twelve 30-day months) at the
Adjusted Treasury Rate for the 2031 Notes, plus 15 basis points; 
 plus, in either of the above cases, accrued and unpaid interest to the date of
redemption on the 2031 Notes to be redeemed. 
 (c)     If the Company redeems the 2026 Notes on or after
August 15, 2026 (one month prior to their maturity date), it will pay a redemption price equal to 100% of the principal amount of the 2026 Notes to be redeemed plus accrued interest to the redemption date. If the Company redeems the 2031 Notes
on or after June 15, 2031 (three months prior to their maturity date), it will pay a redemption price equal to 100% of the principal amount of the 2031 Notes to be redeemed plus accrued interest to the redemption date. 

(d)     If the optional redemption date is on or after a Regular Record Date and on or before the related Interest Payment
Date, the accrued and unpaid interest, if any, will be paid to the person in whose name the security is registered at the close of business on such Regular Record Date. 

(e)     Any redemption pursuant to this Section 3.02 shall be made pursuant to Section 3.01 hereof and the
provisions of Article 9 of the Base Indenture. 
 Section 3.03.    MANDATORY REDEMPTION. 

The Company shall not be required to make mandatory redemption or sinking fund payments with respect to the Securities. 

ARTICLE IV COVENANTS 

Section 4.01.    ADDITIONAL COVENANTS. 

In addition to those Covenants set forth in Article 4 of the Base Indenture, the Company shall comply with the following covenants: 

(a) Limitation on Liens. 

The Company shall not, and shall not permit any of its Subsidiaries to, allow any Lien on any of the Company’s or its Subsidiaries’
property or assets (which includes Capital Stock) securing Indebtedness, unless the Lien secures the Securities equally and ratably with, or prior to, any other Indebtedness secured by such Lien, so long as such other Indebtedness is so secured,
other than Permitted Liens. 
 Notwithstanding the foregoing, the Company may, and may permit any of its Subsidiaries to, incur Liens
securing Indebtedness without equally and ratably securing the Securities if, after giving effect to the incurrence of such Liens, the aggregate amount (without duplication) of the Indebtedness secured by Liens (other than Permitted Liens) on the
property or assets (which includes Capital Stock) of the Company and its Subsidiaries shall not exceed the Permitted Amount at the time of the incurrence of such Liens (it being understood that Liens securing SpectraSite ABS Facility shall be deemed
to be incurred pursuant to this paragraph). For the avoidance of doubt, “incur” means to create, incur, issue, assume, guarantee or otherwise become directly liable, contingently or otherwise. 

(b) Repurchase of the Securities Upon a Change of Control Triggering Event. 

Upon the occurrence of a Change of Control Triggering Event, each Holder of Securities shall have the right to require the Company to
repurchase all or any part, equal to $2,000 or an integral multiple of $1,000 

  
 14 

 
thereafter, of that Holder’s Securities, provided that any unpurchased portion of the Securities shall equal $2,000 or an integral multiple of $1,000 thereafter, pursuant to an offer
(the “Change of Control Offer”) on the terms set forth in this Indenture at an offer price in cash equal to 101% of the aggregate principal amount of Securities repurchased plus accrued and unpaid interest on the Securities up to
but excluding the applicable date of repurchase (the “Change of Control Payment”). Within 30 days following any Change of Control Triggering Event, if the Company had not, prior to the Change of Control Triggering Event, sent a
redemption notice for all the Securities in connection with an optional redemption permitted by Section 3.02 hereof, the Company shall mail or caused to be mailed a notice to each registered Holder briefly describing the transaction or
transactions that constitute a Change of Control Triggering Event and offering to repurchase Securities on the date specified in such notice (the “Change of Control Payment Date”), which date shall be no earlier than 30 days and no
later than 60 days from the date the notice is mailed, pursuant to the procedures required by this Indenture and described in such notice. 

The Company shall comply with the requirements of Rule 14e-1 under the Exchange Act and any other
securities laws and regulations thereunder to the extent such laws and regulations are applicable to any Change of Control Offer. To the extent that the provisions of any securities laws or regulations conflict with the provisions of this
Section 4.01(b), the Company shall comply with the applicable securities laws and regulations and will not be deemed to have breached its obligations under the provisions of this Section 4.01(b) by virtue of such conflict. 

On the Change of Control Payment Date, the Company shall, to the extent lawful: 

(1)     accept for payment all Securities or portions thereof properly tendered pursuant to the Change of
Control Offer; 
 (2)     deposit with the Paying Agent an amount equal to the Change of Control Payment
in respect of all Securities or portions thereof properly tendered; and 
 (3)     deliver or cause to be
delivered to the Trustee the Securities so accepted together with an Officers’ Certificate stating the aggregate principal amount of Securities or portions thereof being purchased by the Company. 

The Paying Agent will promptly mail to each registered Holder of Securities so tendered the Change of Control Payment for such Securities, and
the Trustee will promptly authenticate and mail (at the Company’s expense), or cause to be transferred by book entry, to each Holder a new Security equal in principal amount to any unpurchased portion of the Securities surrendered, if any;
provided that each such new Security shall be in a principal amount of $2,000 or an integral multiple of $1,000 thereafter. Any Security so accepted for payment shall cease to accrue interest on and after the Change of Control Payment Date.

 This Section 4.01(b) shall be applicable, except as described in this Section 4.01(b), regardless of whether or not any other
provisions of this Indenture are applicable. 
 Notwithstanding the foregoing, the Company shall not be required to make a Change of Control
Offer upon a Change of Control Triggering Event if a third party makes the Change of Control Offer in the manner, at the times and otherwise in compliance with the requirements set forth in this Section 4.01(b) applicable to a Change of Control
Offer made by the Company and purchases all Securities properly tendered and not withdrawn under the Change of Control Offer. 
 The Company
may make a Change of Control Offer in advance of a Change of Control Triggering Event, and conditional upon the occurrence of such Change of Control Triggering Event, if a definitive agreement is in place for the Change of Control Triggering Event
at the time of making the Change of Control Offer. 

  
 15 

 ARTICLE V MISCELLANEOUS 

Section 5.01.    CONFLICT OF ANY PROVISION OF
INDENTURE WITH TRUST INDENTURE ACT. 
 If and to the extent
that any provision of this Supplemental Indenture limits, qualifies or conflicts with another provision included in this Supplemental Indenture by operation of Sections 310 to 317, inclusive, of the Trust Indenture Act (an “incorporated
provision”), such incorporated provision shall control. 
 Section 5.02.    DUPLICATE
ORIGINALS. 
 The parties may sign any number of copies of this Supplemental Indenture. Each signed copy shall be an
original, but all of them together represent the same agreement. Delivery of an executed counterpart by facsimile shall be effective as delivery of a manually executed counterpart thereof. 

Section 5.03.    NEW YORK LAW TO GOVERN. 

THE INTERNAL LAW OF THE STATE OF NEW YORK SHALL GOVERN AND BE USED TO CONSTRUE THIS SUPPLEMENTAL INDENTURE AND THE SECURITIES. 

Section 5.04.    NO ADVERSE INTERPRETATION OF OTHER
AGREEMENTS. 
 This Supplemental Indenture and the Base Indenture may not be used to interpret another indenture, loan or
debt agreement of the Company or its Subsidiaries or of any other Person. Any such indenture, loan or debt agreement may not be used to interpret this Supplemental Indenture or the Base Indenture. 

Section 5.05.    SUCCESSORS AND ASSIGNS OF COMPANY
BOUND BY SUPPLEMENTAL INDENTURE. 
 All the covenants, stipulations, promises
and agreements in this Supplemental Indenture contained by or in behalf of the Company shall bind their successors and assigns, whether so expressed or not. All the covenants, stipulations, promises and agreements in this Supplemental Indenture
contained by or in behalf of the Trustee shall bind their successors and assigns, whether so expressed or not. 

Section 5.06.    SEVERABILITY. 

If any provision of this Supplemental shall be held to be invalid, illegal or unenforceable under applicable law, then the remaining provisions
hereof shall be construed as though such invalid, illegal or unenforceable provision were not contained herein. 

Section 5.07.    EFFECT OF HEADINGS. 

The Article and Section headings in this Supplemental Indenture and the Table of Contents are for convenience only and shall not affect the
construction hereof. 
 [The Remainder of This Page Intentionally Left Blank; Signature Page Follows] 

  
 16 

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

					
	AMERICAN TOWER CORPORATION
		
	By:	 	 /s/ Edmund DiSanto

		 	Name:	 	Edmund DiSanto
		 	Title:	 	Executive Vice President,
		 		 	Chief Administrative Officer,
		 		 	General Counsel and Secretary
	
	U.S. BANK NATIONAL ASSOCIATION,
AS TRUSTEE
		
	By:	 	 /s/ David W. Doucette

		 	Name:	 	David W. Doucette
		 	Title:	 	Vice President

  
 [Signature Page to
Supplemental Indenture No. 10] 

 EXHIBIT A-1 

[Face of Security] 

AMERICAN TOWER CORPORATION 

Certificate No.                      

[INSERT GLOBAL SECURITY LEGEND AS REQUIRED] 

1.450% Senior Notes due 2026 

CUSIP No. 03027XBR0 
 ISIN No.
US03027XBR08 
 American Tower Corporation, a Delaware corporation (the “Company”), for value received, hereby promises to
pay to Cede & Co., or its registered assigns, the principal sum of                  dollars ($         ) on
September 15, 2026 and to pay interest thereon, as provided on the reverse hereof, until the principal and any unpaid and accrued interest are paid or duly provided for. 

Interest Payment Dates: March 15 and September 15, with the first payment to be made on March 15, 2022. 

Regular Record Dates: March 1 and September 1. 

The provisions on the back of this certificate are incorporated as if set forth on the face hereof. 

  
 A-1-1 

 IN WITNESS WHEREOF, American Tower Corporation has caused this instrument to be duly
signed. 
  

			
	AMERICAN TOWER CORPORATION
		
	By:	 	
                     
                                        

		 	Name:
		 	Title:
		
	By:	 	  

		 	Name:
		 	Title:

 Dated
                     

  
 A-1-2 

 TRUSTEE’S CERTIFICATE OF AUTHENTICATION 

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

U.S. BANK NATIONAL ASSOCIATION, as Trustee 
  

			
	By:	 	  

		 	 Authorized Signatory

		
	Dated:	 	
                     
                                        

  
 A-1-3 

 [REVERSE OF SECURITY] 

AMERICAN TOWER CORPORATION 

1.450% Senior Notes due 2026 

(the “Securities”) 

1.     Interest. American Tower Corporation, a Delaware corporation (the “Company”), promises
to pay interest on the principal amount of this Security at the rate per annum shown above. The Company will pay interest, payable semi-annually in arrears, on March 15 and September 15 of each year, with the first payment to be
made on March 15, 2022. Interest on the Securities will accrue on the principal amount from, and including, the most recent date to which interest has been paid or provided for or, if no interest has been paid, from, and including,
September 27, 2021, in each case to, but excluding, the next Interest Payment Date or the Stated Maturity for the payment of principal on the Securities, as the case may be; provided that if there is no existing Default in the payment of
interest, the Company shall pay interest (including post-petition interest in any proceeding under any Bankruptcy Law) on overdue principal and premium, if any, from time to time on demand at a rate that is 1% per annum in excess of the rate then in
effect; it shall pay interest (including post-petition interest in any proceeding under any Bankruptcy Law) on overdue installments of interest (without regard to any applicable grace periods) from time to time on demand at the same rate to the
extent lawful. Interest shall be computed on the basis of a 360-day year of twelve 30-day months. 

2.     Maturity. The Securities will mature on September 15, 2026. 

3. Method of Payment. Except as provided in the Indenture (as defined below), the Company shall pay interest on the Securities to
the persons who are Holders of record of Securities at the close of business on the Regular Record Date set forth on the face of this Security next preceding the applicable Interest Payment Date. Holders must surrender Securities to a Paying Agent
to collect the principal amount. The Company shall pay, in money of the United States that at the time of payment is legal tender for payment of public and private debts, all amounts due in cash with respect to the Securities, which amounts shall be
paid (A) in the case this Security is a Global Security, by wire transfer of immediately available funds to the account designated by the Depository for the Securities or its nominee; and (B) in the case this Security is a Physical
Security, by mailing a check to the address of the relevant Holder set forth in the Security Register for the Securities. The Company shall pay, in cash, interest on any overdue amount (including, to the extent permitted by applicable law, overdue
interest) at the rate borne by the Securities. 
 4.     Paying Agent and Registrar. Initially, U.S. Bank
National Association (the “Trustee”) shall act as Paying Agent and Registrar. The Company may change any Paying Agent or Registrar upon prior written notice to the Trustee. The Company or any of its Subsidiaries may act in any such
capacity. 
 5.     Indenture. The Company issued the Securities under an indenture dated as of June 4,
2019 (as amended, supplemented or otherwise modified from time to time prior to the date hereof, the “Base Indenture”) between the Company and the Trustee, as amended, supplemented or otherwise modified by the Supplemental Indenture
No. 10 (the “Supplemental Indenture”), dated as of September 27, 2021, between the Company and the Trustee (the Base Indenture, as amended, supplemented or otherwise modified by the Supplemental Indenture, the
“Indenture”). The terms of the Securities include those stated in the Indenture and those made part of the Indenture by reference to the Trust Indenture Act of 1939 (15 U.S. Code §§ 77aaa-77bbbb) (the
“TIA”) as amended and in effect from time to time. The Securities are subject to all such terms, and Holders are referred to the Indenture and the TIA for a statement of such terms. To the extent any provision of this Security
conflicts with the express provisions of the Indenture, the provisions of the Indenture shall govern and be controlling. The Securities are general unsecured senior obligations of the Company. The Original Securities are limited to $600,000,000
aggregate principal amount, except as otherwise provided in the Indenture (except for Securities issued in substitution for destroyed, mutilated, lost or stolen Securities). Subject to the conditions set forth in the Indenture and without the
consent of the Holders, the Company may issue Additional Securities. All Securities, including any Additional Securities, shall be treated as a single class of securities under the Indenture. Terms used herein without definition and that are defined
in the Indenture have the meanings assigned to them in the Indenture. 

  
 A-1-4 

 6.     Optional Redemption. The Securities are redeemable at
the Company’s election, in whole or in part, at any time and from time to time. If the Company redeems the Securities prior to the First Par Call Date, the Company will pay a redemption price equal to the greater of: 

(1)     100% of the principal amount of the Securities to be redeemed then outstanding; and 

(2)     as determined by an Independent Investment Banker, the sum of the present values of the remaining scheduled
payments of principal and interest on the Securities to be redeemed that would be due if such Securities matured on the First Par Call Date (not including any portion of such payments of interest accrued to the date of redemption) discounted to the
redemption date on a semiannual basis (assuming a 360-day year consisting of twelve 30-day months) at the Adjusted Treasury Rate, plus 10 basis points; 

plus, in either of the above cases, accrued and unpaid interest to the date of redemption on the Securities to be redeemed. 

If the Company redeems the Securities on or after the First Par Call Date, the Company will pay a redemption price equal to 100% of the
principal amount of the Securities to be redeemed plus accrued interest to the redemption date. 
 If the Company selects a redemption date
that is on or after a Regular Record Date and on or before the related Interest Payment Date, the accrued and unpaid interest, if any, shall be paid to the person in whose name the Security is registered at the close of business on such Regular
Record Date. 
 The Company shall mail or cause to be mailed a notice of redemption at least 15 days, but not more than 60 days, before the
redemption date to each Holder of the Securities to be redeemed at its registered address, except that redemption notices may be mailed more than 60 days prior to a redemption date if the notice is issued in connection with a defeasance of the
Securities or a satisfaction and discharge of the Indenture. Notices of redemption may not be conditional. 
 Unless the Company defaults in
payment of the redemption price, on and after the redemption date, interest shall cease to accrue on the Securities or portions thereof called for redemption. Securities called for redemption become due on the date fixed for redemption. 

For purposes of the foregoing, the following terms have the following meanings: 

“Adjusted Treasury Rate” means, with respect to any redemption date: 

(1)     the yield that 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 (as defined below), yields for the two published maturities most closely corresponding to the Comparable Treasury Issue shall be determined and the Adjusted Treasury Rate shall be interpolated or extrapolated from such yields on a
straight line basis, rounding to the nearest month); or 
 (2)     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 annum 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 Adjusted Treasury Rate shall be calculated on the third Business Day preceding the redemption date. 

  
 A-1-5 

 “Comparable Treasury Issue” means the United States Treasury security
selected by an Independent Investment Banker (as defined below) as having a maturity comparable to the remaining term of the Securities, calculated as if the maturity date of such Securities were the First Par Call Date (the “Remaining
Life”), 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 Life of the Securities. 

“Comparable Treasury Price” means, for any redemption date, (1) the average of four Reference Treasury Dealer Quotations
(as defined below) for such redemption date, after excluding the highest and lowest Reference Treasury Dealer Quotations, or (2) if the Independent Investment Banker obtains fewer than four such Reference Treasury Dealer Quotations, the average
of all such quotations. 
 “First Par Call Date” means August 15, 2026. 

“Independent Investment Banker” means one of the Reference Treasury Dealers appointed by the Company. 

“Reference Treasury Dealer” means any of the primary U.S. Government securities dealers in New York City. 

“Reference Treasury Dealer Quotations” means, with respect to each 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 at
5:00 p.m., New York City time, on the third Business Day preceding such redemption date. 
 7.     No Mandatory
Redemption. The Company shall not be required to make mandatory redemption payments with respect to the Securities. 

8.     Repurchase at Option of Holder. Upon the occurrence of a Change of Control Triggering Event, and
subject to certain conditions set forth in the Indenture, the Company shall be required to offer to purchase all of the outstanding Securities at a purchase price equal to 101% of the principal amount thereof, plus accrued and unpaid interest, if
any, thereon to the date of repurchase.     
 9.     Notice of Redemption. Notice of
redemption shall be mailed at least 15 days but not more than 60 days before the redemption date to each Holder whose Securities are to be redeemed at its registered address, except that redemption notices may be mailed more than 60 days prior to a
redemption date if the notice is issued in connection with Article 10 or Article 11 of the Base Indenture. Securities in denominations larger than $2,000 may be redeemed in part but only in whole multiples of $1,000, unless all of the Securities
held by a Holder are to be redeemed. Unless the Company defaults in payment of the redemption price, on and after the redemption date interest shall cease to accrue on Securities or portions thereof called for redemption. 

10.     Denominations, Transfer, Exchange. The Securities are in registered form, without coupons, in
denominations of $2,000 principal amount and integral multiples of $1,000 principal amount. The transfer of Securities may be registered and Securities may be exchanged as provided in the Indenture. The Registrar may require a Holder, among other
things, to furnish appropriate endorsements and transfer documents. No service charge shall be made for any such registration of transfer or exchange, but the Company may require payment of a sum sufficient to cover any tax or similar governmental
charge that may be imposed in connection with certain transfers or exchanges. The Company shall not be required to register the transfer of or exchange any Security selected for redemption, except for the unredeemed portion of any Security being
redeemed in part. Also, the Company need not exchange or register the transfer of any Securities for a period of 15 days next preceding the first mailing of notice of redemption of Securities to be redeemed. 

11.     Persons Deemed Owners. The registered Holder of a Security shall be treated as the owner of such
Security for all purposes. 

  
 A-1-6 

 12.     Merger or Consolidation. The Company shall not
consolidate with or merge with or into, or sell, transfer, lease, convey or otherwise dispose of all or substantially all of its property or assets to, another Person (including pursuant to a statutory arrangement), whether in a single transaction
or series of related transactions, unless it complies with Article 8 of the Base Indenture. 

13.     Amendments, Supplements and Waivers. The Indenture or the Securities may be amended or supplemented as
provided in the Indenture. 
 14. Defaults and Remedies. The Events of Default relating to the Securities are defined in
Section 5.01 of the Base Indenture. If any Event of Default occurs and is continuing, the Trustee or the Holders of at least 25% in principal amount of the then outstanding Securities may declare the principal, premium, if any, interest and any
other monetary obligations on all the then outstanding Securities to be due and payable immediately. Notwithstanding the foregoing, in the case of an Event of Default arising from certain events of bankruptcy or insolvency, all outstanding
Securities shall become due and payable immediately without further action or notice. 
 Holders may not enforce the Indenture or the
Securities except as provided in the Indenture. Subject to certain limitations, Holders of a majority in aggregate principal amount of the then outstanding Securities may direct the Trustee in its exercise of any trust or power. The Trustee may
withhold from Holders of the Securities notice of any continuing Default (except a Default relating to the payment of principal, premium, if any, or interest) if it determines that withholding notice is in their interest. The Holders of a majority
in aggregate principal amount of the Securities then outstanding by notice to the Trustee may on behalf of the Holders of all of the Securities waive any existing Default and its consequences under the Indenture except a continuing Default in
payment of the principal of, premium, if any, or interest, if any, on, any of the Securities held by a non-consenting Holder. The Company is required to deliver to the Trustee annually a statement regarding
compliance with the Indenture, and the Company is required upon becoming aware of any Default or Event of Default, to deliver to the Trustee a statement specifying such Default or Event of Default. 

15.     Trustee Dealings with the Company. The Trustee, in its individual or any other capacity, may make
loans to, accept deposits from, and perform services for the Company or its affiliates, and may otherwise deal with the Company or its affiliates, as if it were not the Trustee. 

16.     No Recourse Against Others. A director, officer, employee, incorporator or stockholder, of the
Company, as such, shall not have any liability for any obligations of the Company under the Securities or the Indenture or for any claim based on, in respect of, or by reason of, such obligations or their creation. Each Holder by accepting a
Security waives and releases all such liability. The waiver and release are part of the consideration for the issuance of the Securities. 

17.     Authentication. This Security shall not be valid until authenticated by the manual, facsimile or
electronic signature of the Trustee or an authenticating agent in accordance with the Indenture. 

18.     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 U/G/M/A (= Uniform Gifts to Minors Act). 

19.     CUSIP and ISIN Numbers. Pursuant to a recommendation promulgated by the Committee on Uniform Security
Identification Procedures, the Company has caused CUSIP and ISIN numbers to be printed on the Securities and the Trustee may use CUSIP and ISIN numbers in notices of redemption as a convenience to Holders. No representation is made as to the
accuracy of such numbers either as printed on the Securities or as contained in any notice of redemption and reliance may be placed only on the other identification numbers placed thereon. 

THE COMPANY SHALL FURNISH TO ANY HOLDER UPON WRITTEN REQUEST AND WITHOUT CHARGE A COPY OF THE BASE INDENTURE OR THE SUPPLEMENTAL INDENTURE.
REQUESTS MAY BE MADE TO: 
 American Tower Corporation 

  
 A-1-7 

 
116 Huntington Avenue 
 Boston, MA 02116 

Telecopier No.: (617) 375-7575 

Attention: Investor Relations 

  
 A-1-8 

 [FORM OF ASSIGNMENT] 

I or we assign to 
 PLEASE INSERT SOCIAL SECURITY OR 

OTHER IDENTIFYING NUMBER 
  

                          
                                         
        
 (please print or type name and address) 

 

                          
                                         
        
  

                          
                                         
        
 the within Security and all rights thereunder, and hereby irrevocably constitute and appoint 

 

                          
                                         
        
 Attorney to transfer the Security on the books of the Company with full power of substitution in the
premises. 
  

	Dated: 	
                    

 NOTICE: The signature on this assignment must correspond with the name as it appears upon the face of the within
Security in every particular without alteration or enlargement or any change whatsoever and be guaranteed by a guarantor institution participating in the Securities Transfer Agents Medallion Program or in such other guarantee program acceptable to
the Trustee. 
 Signature Guarantee: 
                                         
                                  

  
 A-1-9 

 Option of Holder to Elect Purchase 

If you want to elect to have only part of the Security purchased by the Company pursuant to Section 4.01(b) of the Supplemental Indenture, state the
amount you elect to have purchased: 

$                     

Date:                      

Your Signature:
                                         
                    
 (Sign exactly as
your name appears on  
 the face of this Security) 

Tax Identification No.:
                                        

 Signature Guarantee*:
                                         
        
  

	*	 Participant in a recognized Signature Guarantee Medallion Program (or other signature guarantor acceptable to
the Trustee). 

  
 A-1-10 

 SCHEDULE A 

SCHEDULE OF EXCHANGES OF INTERESTS IN THE GLOBAL SECURITY* 

The initial principal amount of this Global Security is $        . The following exchanges of a part
of this Global Security for an interest in another Global Security or for Securities in certificated form, have been made: 
  

															
	 Date of Exchange
	  	Amount of decrease in
Principal Amount of
this Global Security	 	  	Amount of increase in
Principal Amount of
this Global Security	 	  	Principal Amount of
this Global Security
following such decrease
(or increase)	 	  	 Signature of

authorized officer of

Trustee or

Custodian

		  				  				  				  	
		  				  				  				  	
		  				  				  				  	
		  				  				  				  	
		  				  				  				  	
		  				  				  				  	
		  				  				  				  	
		  				  				  				  	
		  				  				  				  	

  

	*	 This schedule should be included only if the Security is issued in global form. 

  
 A-1-11 

 EXHIBIT A-2 

[Face of Security] 

AMERICAN TOWER CORPORATION 

Certificate No.                      

[INSERT GLOBAL SECURITY LEGEND AS REQUIRED] 

2.300% Senior Notes due 2031 

CUSIP No. 03027XBS8 
 ISIN No.
US03027XBS80 
 American Tower Corporation, a Delaware corporation (the “Company”), for value received, hereby promises to
pay to Cede & Co., or its registered assigns, the principal sum of                      dollars
($         ) on September 15, 2031 and to pay interest thereon, as provided on the reverse hereof, until the principal and any unpaid and accrued interest are paid or duly provided for. 

Interest Payment Dates: March 15 and September 15, with the first payment to be made on March 15, 2022. 

Regular Record Dates: March 1 and September 1. 

The provisions on the back of this certificate are incorporated as if set forth on the face hereof. 

  
 A-2-2 

 IN WITNESS WHEREOF, American Tower Corporation has caused this instrument to be duly signed. 

 

			
	AMERICAN TOWER CORPORATION
		
	By:	 	
                    

		 	Name:
		 	Title:
		
	By:	 	
                    

		 	Name:
		 	Title:

 Dated
                     

  
 A-2-3 

 TRUSTEE’S CERTIFICATE OF AUTHENTICATION 

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

U.S. BANK NATIONAL ASSOCIATION, as Trustee 
  

			
	By:	 	          

		 	 Authorized Signatory

		
	Dated:	 	  

  
 A-2-4 

 [REVERSE OF SECURITY] 

AMERICAN TOWER CORPORATION 

2.300% Senior Notes due 2031 

(the “Securities”) 

1.     Interest. American Tower Corporation, a Delaware corporation (the “Company”), promises
to pay interest on the principal amount of this Security at the rate per annum shown above. The Company will pay interest, payable semi-annually in arrears, on March 15 and September 15 of each year, with the first payment to be
made on March 15, 2022. Interest on the Securities will accrue on the principal amount from, and including, the most recent date to which interest has been paid or provided for or, if no interest has been paid, from, and including,
September 27, 2021, in each case to, but excluding, the next Interest Payment Date or the Stated Maturity for the payment of principal on the Securities, as the case may be; provided that if there is no existing Default in the payment of
interest, the Company shall pay interest (including post-petition interest in any proceeding under any Bankruptcy Law) on overdue principal and premium, if any, from time to time on demand at a rate that is 1% per annum in excess of the rate then in
effect; it shall pay interest (including post-petition interest in any proceeding under any Bankruptcy Law) on overdue installments of interest (without regard to any applicable grace periods) from time to time on demand at the same rate to the
extent lawful. Interest shall be computed on the basis of a 360-day year of twelve 30-day months. 

2.     Maturity. The Securities will mature on September 15, 2031. 

3.     Method of Payment. Except as provided in the Indenture (as defined below), the Company shall pay
interest on the Securities to the persons who are Holders of record of Securities at the close of business on the Regular Record Date set forth on the face of this Security next preceding the applicable Interest Payment Date. Holders must surrender
Securities to a Paying Agent to collect the principal amount. The Company shall pay, in money of the United States that at the time of payment is legal tender for payment of public and private debts, all amounts due in cash with respect to the
Securities, which amounts shall be paid (A) in the case this Security is a Global Security, by wire transfer of immediately available funds to the account designated by the Depository for the Securities or its nominee; and (B) in the case
this Security is a Physical Security, by mailing a check to the address of the relevant Holder set forth in the Security Register for the Securities. The Company shall pay, in cash, interest on any overdue amount (including, to the extent permitted
by applicable law, overdue interest) at the rate borne by the Securities. 
 4.     Paying Agent and
Registrar. Initially, U.S. Bank National Association (the “Trustee”) shall act as Paying Agent and Registrar. The Company may change any Paying Agent or Registrar upon prior written notice to the Trustee. The Company or any of
its Subsidiaries may act in any such capacity. 
 5.     Indenture. The Company issued the Securities under
an indenture dated as of June 4, 2019 (as amended, supplemented or otherwise modified from time to time prior to the date hereof, the “Base Indenture”) between the Company and the Trustee, as amended, supplemented or otherwise
modified by the Supplemental Indenture No. 10 (the “Supplemental Indenture”), dated as of September 27, 2021, between the Company and the Trustee (the Base Indenture, as amended, supplemented or otherwise modified by the
Supplemental Indenture, the “Indenture”). The terms of the Securities include those stated in the Indenture and those made part of the Indenture by reference to the Trust Indenture Act of 1939 (15 U.S. Code §§
77aaa-77bbbb) (the “TIA”) as amended and in effect from time to time. The Securities are subject to all such terms, and Holders are referred to the Indenture and the TIA for a statement of such terms. To the extent any provision of
this Security conflicts with the express provisions of the Indenture, the provisions of the Indenture shall govern and be controlling. The Securities are general unsecured senior obligations of the Company. The Original Securities are limited to
$700,000,000 aggregate principal amount, except as otherwise provided in the Indenture (except for Securities issued in substitution for destroyed, mutilated, lost or stolen Securities). Subject to the conditions set forth in the Indenture and
without the consent of the Holders, the Company may issue Additional Securities. All Securities, including any Additional Securities, shall be treated as a single class of securities under the Indenture. Terms used herein without definition and that
are defined in the Indenture have the meanings assigned to them in the Indenture. 

  
 A-2-5 

 6.     Optional Redemption. The Securities are redeemable at
the Company’s election, in whole or in part, at any time and from time to time. If the Company redeems the Securities prior to the First Par Call Date, the Company will pay a redemption price equal to the greater of: 

(1)    100% of the principal amount of the Securities to be redeemed then outstanding; and 

(2)    as determined by an Independent Investment Banker, the sum of the present values of the remaining scheduled payments
of principal and interest on the Securities to be redeemed that would be due if such Securities matured on the First Par Call Date (not including any portion of such payments of interest accrued to the date of redemption) discounted to the
redemption date on a semiannual basis (assuming a 360-day year consisting of twelve 30-day months) at the Adjusted Treasury Rate, plus 15 basis points; 

plus, in either of the above cases, accrued and unpaid interest to the date of redemption on the Securities to be redeemed. 

If the Company redeems the Securities on or after the First Par Call Date, the Company will pay a redemption price equal to 100% of the
principal amount of the Securities to be redeemed plus accrued interest to the redemption date. 
 If the Company selects a redemption date
that is on or after a Regular Record Date and on or before the related Interest Payment Date, the accrued and unpaid interest, if any, shall be paid to the person in whose name the Security is registered at the close of business on such Regular
Record Date. 
 The Company shall mail or cause to be mailed a notice of redemption at least 15 days, but not more than 60 days, before the
redemption date to each Holder of the Securities to be redeemed at its registered address, except that redemption notices may be mailed more than 60 days prior to a redemption date if the notice is issued in connection with a defeasance of the
Securities or a satisfaction and discharge of the Indenture. Notices of redemption may not be conditional. 
 Unless the Company defaults in
payment of the redemption price, on and after the redemption date, interest shall cease to accrue on the Securities or portions thereof called for redemption. Securities called for redemption become due on the date fixed for redemption. 

For purposes of the foregoing, the following terms have the following meanings: 

“Adjusted Treasury Rate” means, with respect to any redemption date: 

(1)    the yield that 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 (as defined below), yields for the two published maturities most closely corresponding to the Comparable Treasury Issue shall be determined and the Adjusted Treasury Rate shall be interpolated or extrapolated from such yields on a
straight line basis, rounding to the nearest month); or 
 (2)    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 annum 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 Adjusted Treasury Rate shall be calculated on the third Business Day preceding the redemption date. 

  
 A-2-6 

 “Comparable Treasury Issue” means the United States Treasury security
selected by an Independent Investment Banker (as defined below) as having a maturity comparable to the remaining term of the Securities, calculated as if the maturity date of such Securities were the First Par Call Date (the “Remaining
Life”), 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 Life of the Securities. 

“Comparable Treasury Price” means, for any redemption date, (1) the average of four Reference Treasury Dealer Quotations
(as defined below) for such redemption date, after excluding the highest and lowest Reference Treasury Dealer Quotations, or (2) if the Independent Investment Banker obtains fewer than four such Reference Treasury Dealer Quotations, the average
of all such quotations. 
 “First Par Call Date” means June 15, 2031. 

“Independent Investment Banker” means one of the Reference Treasury Dealers appointed by the Company. 

“Reference Treasury Dealer” means any of the primary U.S. Government securities dealers in New York City. 

“Reference Treasury Dealer Quotations” means, with respect to each 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 at
5:00 p.m., New York City time, on the third Business Day preceding such redemption date. 
 7.    No Mandatory
Redemption. The Company shall not be required to make mandatory redemption payments with respect to the Securities. 

8.    Repurchase at Option of Holder. Upon the occurrence of a Change of Control Triggering Event, and subject to
certain conditions set forth in the Indenture, the Company shall be required to offer to purchase all of the outstanding Securities at a purchase price equal to 101% of the principal amount thereof, plus accrued and unpaid interest, if any, thereon
to the date of repurchase.     
 9.    Notice of Redemption. Notice of redemption shall be
mailed at least 15 days but not more than 60 days before the redemption date to each Holder whose Securities are to be redeemed at its registered address, except that redemption notices may be mailed more than 60 days prior to a redemption date if
the notice is issued in connection with Article 10 or Article 11 of the Base Indenture. Securities in denominations larger than $2,000 may be redeemed in part but only in whole multiples of $1,000, unless all of the Securities held by a Holder are
to be redeemed. Unless the Company defaults in payment of the redemption price, on and after the redemption date interest shall cease to accrue on Securities or portions thereof called for redemption. 

10.    Denominations, Transfer, Exchange. The Securities are in registered form, without coupons, in denominations
of $2,000 principal amount and integral multiples of $1,000 principal amount. The transfer of Securities may be registered and Securities may be exchanged as provided in the Indenture. The Registrar may require a Holder, among other things, to
furnish appropriate endorsements and transfer documents. No service charge shall be made for any such registration of transfer or exchange, but the Company may require payment of a sum sufficient to cover any tax or similar governmental charge that
may be imposed in connection with certain transfers or exchanges. The Company shall not be required to register the transfer of or exchange any Security selected for redemption, except for the unredeemed portion of any Security being redeemed in
part. Also, the Company need not exchange or register the transfer of any Securities for a period of 15 days next preceding the first mailing of notice of redemption of Securities to be redeemed. 

11.    Persons Deemed Owners. The registered Holder of a Security shall be treated as the owner of such Security
for all purposes. 

  
 A-2-7 

 12.    Merger or Consolidation. The Company shall not consolidate
with or merge with or into, or sell, transfer, lease, convey or otherwise dispose of all or substantially all of its property or assets to, another Person (including pursuant to a statutory arrangement), whether in a single transaction or series of
related transactions, unless it complies with Article 8 of the Base Indenture. 
 13.    Amendments, Supplements
and Waivers. The Indenture or the Securities may be amended or supplemented as provided in the Indenture. 

14.    Defaults and Remedies. The Events of Default relating to the Securities are defined in Section 5.01 of
the Base Indenture. If any Event of Default occurs and is continuing, the Trustee or the Holders of at least 25% in principal amount of the then outstanding Securities may declare the principal, premium, if any, interest and any other monetary
obligations on all the then outstanding Securities to be due and payable immediately. Notwithstanding the foregoing, in the case of an Event of Default arising from certain events of bankruptcy or insolvency, all outstanding Securities shall become
due and payable immediately without further action or notice. 
 Holders may not enforce the Indenture or the Securities except as provided
in the Indenture. Subject to certain limitations, Holders of a majority in aggregate principal amount of the then outstanding Securities may direct the Trustee in its exercise of any trust or power. The Trustee may withhold from Holders of the
Securities notice of any continuing Default (except a Default relating to the payment of principal, premium, if any, or interest) if it determines that withholding notice is in their interest. The Holders of a majority in aggregate principal amount
of the Securities then outstanding by notice to the Trustee may on behalf of the Holders of all of the Securities waive any existing Default and its consequences under the Indenture except a continuing Default in payment of the principal of,
premium, if any, or interest, if any, on, any of the Securities held by a non-consenting Holder. The Company is required to deliver to the Trustee annually a statement regarding compliance with the Indenture,
and the Company is required upon becoming aware of any Default or Event of Default, to deliver to the Trustee a statement specifying such Default or Event of Default. 

15.    Trustee Dealings with the Company. The Trustee, in its individual or any other capacity, may make loans to,
accept deposits from, and perform services for the Company or its affiliates, and may otherwise deal with the Company or its affiliates, as if it were not the Trustee. 

16.    No Recourse Against Others. A director, officer, employee, incorporator or stockholder, of the
Company, as such, shall not have any liability for any obligations of the Company under the Securities or the Indenture or for any claim based on, in respect of, or by reason of, such obligations or their creation. Each Holder by accepting a
Security waives and releases all such liability. The waiver and release are part of the consideration for the issuance of the Securities. 

17.    Authentication. This Security shall not be valid until authenticated by the manual, facsimile or electronic
signature of the Trustee or an authenticating agent in accordance with the Indenture. 
 18.    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 U/G/M/A (= Uniform Gifts to Minors Act). 
 19.    CUSIP and ISIN Numbers. Pursuant to a
recommendation promulgated by the Committee on Uniform Security Identification Procedures, the Company has caused CUSIP and ISIN numbers to be printed on the Securities and the Trustee may use CUSIP and ISIN numbers in notices of redemption as a
convenience to Holders. No representation is made as to the accuracy of such numbers either as printed on the Securities or as contained in any notice of redemption and reliance may be placed only on the other identification numbers placed thereon.

 THE COMPANY SHALL FURNISH TO ANY HOLDER UPON WRITTEN REQUEST AND WITHOUT CHARGE A COPY OF THE BASE INDENTURE OR THE SUPPLEMENTAL
INDENTURE. REQUESTS MAY BE MADE TO: 
 American Tower Corporation 

  
 A-2-8 

 
116 Huntington Avenue 
 Boston, MA 02116 

Telecopier No.: (617) 375-7575 

Attention: Investor Relations 

  
 A-2-9 

 [FORM OF ASSIGNMENT] 

I or we assign to 
 PLEASE INSERT SOCIAL SECURITY OR 

OTHER IDENTIFYING NUMBER 
  

                          
                                         
        
 (please print or type name and address) 

 

                          
                                         
       
  

                          
                                         
        
 the within Security and all rights thereunder, and hereby irrevocably constitute and appoint 

 

                          
                                         
        
 Attorney to transfer the Security on the books of the Company with full power of substitution in the
premises. 
 Dated:                     

 NOTICE: The signature on this assignment must correspond with the name as it appears upon the face of the within Security in every
particular without alteration or enlargement or any change whatsoever and be guaranteed by a guarantor institution participating in the Securities Transfer Agents Medallion Program or in such other guarantee program acceptable to the Trustee. 

Signature Guarantee:
                                         
                                  

  
 A-2-10 

 Option of Holder to Elect Purchase 

If you want to elect to have only part of the Security purchased by the Company pursuant to Section 4.01(b) of the Supplemental Indenture, state the
amount you elect to have purchased: 

$                     

Date:                     

Your Signature:
                                         
                
 (Sign exactly as your name appears on

 the face of this Security) 

Tax Identification
No.:                                        
     
 Signature Guarantee*:
                                         
                                  

 

	*	 Participant in a recognized Signature Guarantee Medallion Program (or other signature guarantor acceptable to
the Trustee). 

  
 A-2-11 

 SCHEDULE A 

SCHEDULE OF EXCHANGES OF INTERESTS IN THE GLOBAL SECURITY* 

The initial principal amount of this Global Security is $        . The following exchanges of a part
of this Global Security for an interest in another Global Security or for Securities in certificated form, have been made: 
  

															
	 Date of Exchange
	  	Amount of decrease in
Principal Amount of
this Global Security	 	  	Amount of increase in
Principal Amount of
this Global Security	 	  	Principal Amount of
this Global Security
following such decrease
(or increase)	 	  	
Signature of
authorized officer of
Trustee or
Custodian

		  				  				  				  	
		  				  				  				  	
		  				  				  				  	
		  				  				  				  	
		  				  				  				  	
		  				  				  				  	
		  				  				  				  	
		  				  				  				  	
		  				  				  				  	

  

	*	 This schedule should be included only if the Security is issued in global form. 

  
 A-2-12

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