Document:

EX-10.1

 Exhibit 10.1 

FIRST AMENDMENT TO REVOLVING CREDIT AGREEMENT 

THIS FIRST AMENDMENT TO REVOLVING CREDIT AGREEMENT (the “Amendment”), dated as of April 15, 2019 (the “Amendment
Effective Date”), is among Paycom Payroll, LLC (the “Borrower”), the other Loan Parties party hereto, each of the banks or other lending institutions which is a party hereto (individually a “Lender” and
collectively the “Lenders”) and JPMorgan Chase Bank, N.A., individually as a Lender and as agent for itself and the other Lenders (in its capacity as agent, the “Administrative Agent”). 

RECITALS: 
 WHEREAS, the
Borrower, the other Loan Parties party thereto, the Administrative Agent, and the lenders listed on the signature pages thereto have entered into the Revolving Credit Agreement dated as of February 12, 2018 (and as the same may hereafter
be amended or otherwise modified, the “Agreement”). 
 WHEREAS, the Borrower and the other Loan Parties have requested that
the Agreement be amended to, among other things, increase the aggregate Revolving Commitment from $50,000,000 to $75,000,000 and extend the Revolving Credit Maturity Date from February 12, 2020 to April 15, 2022. 

WHEREAS, the Borrower, the other Loan Parties, the Administrative Agent and the Lenders now desire to amend the Agreement as herein set forth.

 NOW, THEREFORE, in consideration of the premises herein contained and other good and valuable consideration, the receipt and sufficiency
of which are hereby acknowledged, the parties hereto agree as follows effective as of the Amendment Effective Date unless otherwise indicated: 

ARTICLE 1. 
 Definitions

 Section 1.1. Definitions. Capitalized terms used in this Amendment, to the extent not otherwise defined herein, shall
have the same meanings as in the Agreement, as amended hereby. 
 ARTICLE 2. 

Amendments 

Section 2.1. Amendments to Section 1.01. 

(a) Section 1.01 of the Agreement is, effective as of the Amendment Effective Date, hereby amended to add the following new definitions in
their proper alphabetical order: 
 “Bankruptcy Code” means Title 11 of the United States Code entitled
“Bankruptcy”, as now and hereafter in effect, or any successor statute. 
 “Beneficial Ownership
Certification” means a certification regarding beneficial ownership as required by the Beneficial Ownership Regulation. 

“Beneficial Ownership Regulation” means 31 C.F.R. § 1010.230. 

  
 FIRST AMENDMENT TO REVOLVING CREDIT
AGREEMENT, Page 1 

 “Confirmation Agreement” means that certain Confirmation
Agreement, dated as of the First Amendment Effective Date, among the Loan Parties and the Administrative Agent. 

“Disposition” or “Dispose” means the sale, transfer, license, lease or other disposition (in
one transaction or in a series of transactions and whether effected pursuant to a Division or otherwise) of any property by any Person (including any sale and leaseback transaction and any issuance of Equity Interests by a subsidiary of such
Person), including any sale, assignment, transfer or other disposal, with or without recourse, of any notes or accounts receivable or any rights and claims associated therewith. 

“Dividing Person” has the meaning assigned to it in the definition of “Division.” 

“Division” means the division of the assets, liabilities and/or obligations of a Person (the “Dividing
Person”) among two or more Persons pursuant to a “plan of division” or similar arrangement, which may or may not include the Dividing Person and pursuant to which the Dividing Person may or may not survive. 

“Division Successor” means any Person that, upon the consummation of a Division of a Dividing Person, holds
all or any portion of the assets, liabilities and/or obligations previously held by such Dividing Person immediately prior to the consummation of such Division. A Dividing Person which retains any of its assets, liabilities and/or obligations after
a Division shall be deemed a Division Successor upon the occurrence of such Division. 
 “Extenuating
Circumstance” means any period during which the Administrative Agent has determined in its sole discretion (i) that due to unforeseen and/or nonrecurring circumstances, it is impractical and/or not feasible to submit or receive a
Borrowing Request or Interest Election Request by email or fax or through Electronic System, and (ii) to accept a Borrowing Request or Interest Election Request telephonically. 

“First Amendment Effective Date” means April 15, 2019. 

“IBA” has the meaning assigned to it in Section 1.06. 

(b) The following definitions contained in Section 1.01 of the Agreement are, effective as of the Amendment Effective Date, hereby
amended and restated in their respective entirety to read as set forth below: 
 “Bankruptcy Event” means,
with respect to any Person, when such Person becomes the subject of a voluntary or involuntary bankruptcy or insolvency proceeding, or has had a receiver, conservator, trustee, administrator, custodian, assignee for the benefit of creditors or
similar Person charged with the reorganization or liquidation of its business, appointed for it, or, in the good faith determination of the Administrative Agent, has taken any action in furtherance of, or indicating its consent to, approval of, or
acquiescence in, any such proceeding or appointment or has had any order for relief in such proceeding entered in respect thereof, provided that a Bankruptcy Event shall not result solely by virtue of any ownership interest, or the
acquisition of any ownership interest, in such Person by a Governmental Authority or instrumentality thereof, unless such ownership interest results in or provides such Person with immunity from the jurisdiction of courts within the U.S. or from the
enforcement of judgments or writs of attachment on its assets or permits such Person (or such Governmental Authority or instrumentality) to reject, repudiate, disavow or disaffirm any contracts or agreements made by such Person. 

  
 FIRST AMENDMENT TO REVOLVING CREDIT
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 “Loan Documents” means, collectively, this Agreement, each
promissory note issued pursuant to this Agreement, any Letter of Credit application, each Collateral Document, the Confirmation Agreement, the Loan Guaranty, each certificate evidencing compliance with Section 5.01(c), and each other agreement,
instrument, document and certificate identified in Section 4.01 executed and delivered to, or in favor of, the Administrative Agent or any Lender and including each other pledge, power of attorney, consent, assignment, contract, notice, letter
of credit agreement, letter of credit applications and any agreements between the Borrower and the Issuing Bank regarding the Issuing Bank’s Issuing Bank Sublimit or the respective rights and obligations between the Borrower and the Issuing
Bank in connection with the issuance of Letters of Credit, and each other written matter whether heretofore, now or hereafter executed by or on behalf of any Loan Party, or any employee of any Loan Party, and delivered to the Administrative Agent or
any Lender in connection with this Agreement or the transactions contemplated hereby. Any reference in this Agreement or any other Loan Document to a Loan Document shall include all appendices, exhibits or schedules thereto, and all amendments,
restatements, supplements or other modifications thereto, and shall refer to this Agreement or such Loan Document as the same may be in effect at any and all times such reference becomes operative. 

“Prime Rate” means the rate of interest last quoted by The Wall Street Journal as the “Prime Rate”
in the U.S. or, if The Wall Street Journal ceases to quote such rate, the highest per annum interest rate published by the Federal Reserve Board in Federal Reserve Statistical Release H.15 (519) (Selected Interest Rates) as the “bank prime
loan” rate or, if such rate is no longer quoted therein, any similar rate quoted therein (as determined by the Administrative Agent) or any similar release by the Federal Reserve Board (as determined by the Administrative Agent). Each change in
the Prime Rate shall be effective from and including the date such change is publicly announced or quoted as being effective. 

“Revolving Commitment” means, with respect to each Lender, the commitment, if any, of such Lender to make
Revolving Loans and to acquire participations in Letters of Credit and Swingline Loans hereunder, expressed as an amount representing the maximum aggregate permitted amount of such Lender’s Revolving Credit Exposure hereunder, as such
commitment may be reduced or increased from time to time pursuant to (a) Section 2.09 and (b) assignments by or to such Lender pursuant to Section 9.04. The initial amount of each Lender’s Revolving Commitment is set forth
on the Commitment Schedule, or in the Assignment and Assumption pursuant to which such Lender shall have assumed its Revolving Commitment, as applicable. The aggregate amount of the Lenders’ Revolving Commitments on the First Amendment
Effective Date is $75,000,000. 
 “Revolving Credit Maturity Date” means April 15, 2022 (if the same is
a Business Day, or if not then the immediately next succeeding Business Day), or any earlier date on which the Revolving Commitments are reduced to zero or otherwise terminated pursuant to the terms hereof. 

  
 FIRST AMENDMENT TO REVOLVING CREDIT
AGREEMENT, Page 3 

 “Sanctioned Person” means, at any time, (a) any Person
listed in any Sanctions-related list of designated Persons maintained by the Office of Foreign Assets Control of the U.S. Department of the Treasury or the U.S. Department of State, (b) any Person operating, organized or resident in a
Sanctioned Country, (c) any Person owned or controlled by any such Person or Persons described in the foregoing clauses (a) or (b), or (d) any Person otherwise the subject of any Sanctions. 

Section 2.2. Amendments to Article I. Article I of the Agreement is, effective as of the Amendment Effective Date, hereby amended
to add the following new Section 1.06 in its proper numerical order: 
 SECTION 1.06 Interest Rates; LIBOR
Notification. The interest rate on Eurodollar Loans is determined by reference to the LIBO Rate, which is derived from the London interbank offered rate. The London interbank offered rate is intended to represent the rate at which contributing
banks may obtain short-term borrowings from each other in the London interbank market. In July 2017, the U.K. Financial Conduct Authority announced that, after the end of 2021, it would no longer persuade or compel contributing banks to make rate
submissions to the ICE Benchmark Administrator (together with any successor to the ICE Benchmark Administrator, the “IBA”) for purposes of the IBA setting the London interbank offered rate. As a result, it is possible that
commencing in 2022, the London interbank offered rate may no longer be available or may no longer be deemed an appropriate reference rate upon which to determine the interest rate on Eurodollar Loans. In light of this eventuality, public and private
sector industry initiatives are currently underway to identify new or alternative reference rates to be used in place of the London interbank offered rate. In the event that the London interbank offered rate is no longer available or in certain
other circumstances as set forth in Section 2.14(c) of this Agreement, such Section 2.14(c) provides a mechanism for determining an alternative rate of interest. The Administrative Agent will notify the Borrower, pursuant to
Section 2.14, in advance of any change to the reference rate upon which the interest rate on Eurodollar Loans is based. However, the Administrative Agent does not warrant or accept any responsibility for, and shall not have any liability with
respect to, the administration, submission or any other matter related to the London interbank offered rate or other rates in the definition of “LIBO Rate” or with respect to any alternative or successor rate thereto, or replacement rate
thereof, including without limitation, whether the composition or characteristics of any such alternative, successor or replacement reference rate, as it may or may not be adjusted pursuant to Section 2.14(c), will be similar to, or produce the
same value or economic equivalence of, the LIBO Rate or have the same volume or liquidity as did the London interbank offered rate prior to its discontinuance or unavailability. 

Section 2.3. Amendments to Section 2.03. The introductory paragraph to Section 2.03 of the Agreement is, effective as of
the Amendment Effective Date, hereby amended and restated in its entirety to read as set forth below: 
 SECTION 2.03.
Requests for Borrowings. To request a Borrowing, the Borrower shall notify the Administrative Agent of such request either in writing (delivered by hand or fax) in a form approved by the Administrative Agent and signed by the Borrower or
through Electronic System (or if an Extenuating Circumstance shall exist, by telephone), if arrangements for doing so have been approved by the Administrative Agent, (a) in the case of a Eurodollar Borrowing, not later than 10:00 a.m., Oklahoma
City time, three Business Days before the date of the proposed Borrowing or (b) in the case of a CBFR 

  
 FIRST AMENDMENT TO REVOLVING CREDIT
AGREEMENT, Page 4 

 
Borrowing, not later than noon, Oklahoma City time, on the date of the proposed Borrowing; provided that any such notice of a CBFR Revolving Borrowing to finance the reimbursement of an LC
Disbursement as contemplated by Section 2.06(e) may be given not later than 9:00 a.m., Oklahoma City time, on the date of the proposed Borrowing. Each such Borrowing Request shall be irrevocable and each such telephonic Borrowing Request, if
permitted, shall be confirmed immediately upon the cessation of the Extenuating Circumstance by hand delivery, fax or a communication through Electronic System to the Administrative Agent of a written Borrowing Request in a form approved by the
Administrative Agent and signed by the Borrower. Each such written (or if permitted telephonic) Borrowing Request shall specify the following information in compliance with Section 2.01: 

Section 2.4. Amendments to Section 2.05. Clause (a) of Section 2.05 of the Agreement is, effective as of the
Amendment Effective Date, hereby amended and restated in its entirety to read as set forth below: 
 (a) Subject to the terms
and conditions set forth herein, from time to time during the Availability Period, the Swingline Lender agrees to make Swingline Loans to the Borrower, in an aggregate principal amount at any time outstanding that will not result in (i) the
aggregate principal amount of outstanding Swingline Loans exceeding the Swingline Lender’s Swingline Commitment, (ii) the Swingline Lender’s Revolving Credit Exposure exceeding its Revolving Commitment, or (iii) the Aggregate
Revolving Credit Exposure exceeding the aggregate Revolving Commitments; provided that the Swingline Lender shall not be required to make a Swingline Loan to refinance an outstanding Swingline Loan. Within the foregoing limits and subject to
the terms and conditions set forth herein, the Borrower may borrow, prepay and reborrow Swingline Loans. To request a Swingline Loan, the Borrower shall notify the Administrative Agent of such request in writing (delivered by hand or fax) or through
Electronic System, if arrangements for doing so have been approved by the Administrative Agent (or if an Extenuating Circumstance shall exist, by telephone), not later than noon, Oklahoma City time, on the day of a proposed Swingline Loan. Each such
notice shall be irrevocable and shall specify the requested date (which shall be a Business Day) and amount of the requested Swingline Loan. Each such telephonic Borrowing Request, if permitted, shall be confirmed immediately upon the cessation of
the Extenuating Circumstance by hand delivery, facsimile or a communication through Electronic System to the Administrative Agent of a written Borrowing Request in a form approved by the Administrative Agent and signed by the Borrower. The
Administrative Agent will promptly advise the Swingline Lender of any such notice received from the Borrower. The Swingline Lender shall make each Swingline Loan available to the Borrower by means of a credit to the Funding Account(s) (or, in the
case of a Swingline Loan made to finance the reimbursement of an LC Disbursement as provided in Section 2.06(e), by remittance to the Issuing Bank, and in the case of repayment of another Loan or fees or expenses as provided by
Section 2.18(c), by remittance to the Administrative Agent to be distributed to the Lenders) by 2:00 p.m., Oklahoma City time, on the requested date of such Swingline Loan. 

Section 2.5. Amendments to Section 2.08. 

(a) Clause (b) of Section 2.08 of the Agreement is, effective as of the Amendment Effective Date, hereby amended and
restated in its entirety to read as set forth below: 

  
 FIRST AMENDMENT TO REVOLVING CREDIT
AGREEMENT, Page 5 

 (b) To make an election pursuant to this Section, the Borrower shall notify
the Administrative Agent of such election either in writing (delivered by hand or fax) by delivering an Interest Election Request signed by the Borrower or through Electronic System, if arrangements for doing so have been approved by the
Administrative Agent (or if an Extenuating Circumstance shall exist, by telephone), by the time that a Borrowing Request would be required under Section 2.03 if the Borrower were requesting a Borrowing of the Type resulting from such election
to be made on the effective date of such election. Each such Interest Election Request shall be irrevocable and each such telephonic Interest Election Request, if permitted, shall be confirmed immediately upon the cessation of the Extenuating
Circumstance by hand delivery, Electronic System or fax to the Administrative Agent of a written Interest Election Request in a form approved by the Administrative Agent and signed by the Borrower. 

(b) The introductory paragraph of clause (c) of Section 2.08 of the Agreement is, effective as of the Amendment Effective Date,
hereby amended and restated in its entirety to read as set forth below: 
 (c) Each written (or if permitted, telephonic) Interest Election
Request (including requests submitted through Electronic System) shall specify the following information in compliance with Section 2.02: 

Section 2.6. Amendments to Section 2.09. Clauses (e) and (f) of Section 2.09 are, effective as of the
Amendment Effective Date, hereby amended and restated in their respective entirety to read as set forth below: 
 (e) The
Borrower shall have the right to increase the Revolving Commitments by obtaining additional Revolving Commitments, either from one or more of the Lenders or another lending institution, provided that (i) any such request for an increase shall
be in a minimum amount of $10,000,000, (ii) the Borrower may make a maximum of three (3) such requests, (iii) after giving effect thereto, the sum of the total of the additional Commitments does not exceed $50,000,000, (iv) the
Administrative Agent, the Swingline Lender and the Issuing Bank have approved the identity of any such new Lender, such approvals not to be unreasonably withheld, (v) any such new Lender assumes all of the rights and obligations of a
“Lender” hereunder, and (vi) the procedures described in Section 2.09(f) below have been satisfied. Nothing contained in this Section 2.09 shall constitute, or otherwise be deemed to be, a commitment on the part of any
Lender to increase its Revolving Commitment hereunder at any time. 
 (f) Any amendment hereto for such an increase or
addition shall be in form and substance satisfactory to the Administrative Agent and shall only require the written signatures of the Administrative Agent, the Borrower and each Lender being added or increasing its Revolving Commitment, subject only
to the approval of all Lenders if any such increase or addition would cause the Revolving Commitments to exceed $125,000,000. As a condition precedent to such an increase or addition, the Borrower shall deliver to the Administrative Agent (i) a
certificate of each Loan Party signed by an authorized officer of such Loan Party (A) certifying and attaching the resolutions adopted by such Loan Party approving or consenting to such increase, and (B) in the case of the Borrower,
certifying that, before and after giving effect to such increase or addition, (1) the representations and warranties contained in Article III and the other Loan Documents are true and correct, except to the extent that such representations and
warranties specifically refer to an earlier date, in which case they are true and correct as of such earlier date, and (2) no Default exists and (3) the Borrower is in compliance (on a pro forma basis) with the covenants contained in
Section 6.12 and (ii) legal opinions and documents consistent with those delivered on the Effective Date, to the extent requested by the Administrative Agent. 

  
 FIRST AMENDMENT TO REVOLVING CREDIT
AGREEMENT, Page 6 

 Section 2.7. Amendments to Section 2.14. Clause (c) of
Section 2.14 of the Agreement is, effective as of the Amendment Effective Date, hereby amended and restated in its entirety to read as set forth below: 

(c) If at any time the Administrative Agent determines (which determination shall be conclusive absent manifest error) that
(i) the circumstances set forth in clause (a)(i) have arisen and such circumstances are unlikely to be temporary or (ii) the circumstances set forth in clause (a)(i) have not arisen but either (w) the supervisor for the administrator
of the LIBO Screen Rate has made a public statement that the administrator of the LIBO Screen Rate is insolvent (and there is no successor administrator that will continue publication of the LIBO Screen Rate), (x) the administrator of the LIBO
Screen Rate has made a public statement identifying a specific date after which the LIBO Screen Rate will permanently or indefinitely cease to be published by it (and there is no successor administrator that will continue publication of the LIBO
Screen Rate), (y) the supervisor for the administrator of the LIBO Screen Rate has made a public statement identifying a specific date after which the LIBO Screen Rate will permanently or indefinitely cease to be published or (z) the
supervisor for the administrator of the LIBO Screen Rate or a Governmental Authority having jurisdiction over the Administrative Agent has made a public statement identifying a specific date after which the LIBO Screen Rate may no longer be used for
determining interest rates for loans, then the Administrative Agent and the Borrower shall endeavor to establish an alternate rate of interest to the LIBO Rate that gives due consideration to the then prevailing market convention for determining a
rate of interest for syndicated loans in the United States at such time, and shall enter into an amendment to this Agreement to reflect such alternate rate of interest and such other related changes to this Agreement as may be applicable.
Notwithstanding anything to the contrary in Section 9.02, such amendment shall become effective without any further action or consent of any other party to this Agreement so long as the Administrative Agent shall not have received, within five
Business Days of the date notice of such alternate rate of interest is provided to the Lenders, a written notice from the Required Lenders stating that such Required Lenders object to such amendment. Until an alternate rate of interest shall be
determined in accordance with this clause (c) (but, in the case of the circumstances described in clause (ii)(w), clause (ii)(x) or clause (ii)(y) of the first sentence of this Section 2.14(c), only to the extent the LIBO
Screen Rate for such Interest Period is not available or published at such time on a current basis), (x) any Interest Election Request that requests the conversion of any Borrowing to, or continuation of any Borrowing as, a Eurodollar Borrowing
shall be ineffective and any such Eurodollar Borrowing shall be repaid or converted into an ABR Borrowing on the last day of the then current Interest Period applicable thereto, and (y) if any Borrowing Request requests a Eurodollar Borrowing,
such Borrowing shall be made as a CBFR Borrowing; provided that, if such alternate rate of interest shall be less than zero, such rate shall be deemed to be zero for the purposes of this Agreement. 

Section 2.8. Amendments to Section 2.18. 

  
 FIRST AMENDMENT TO REVOLVING CREDIT
AGREEMENT, Page 7 

 (a) The first sentence of clause (a) of Section 2.18 of the Agreement is,
effective as of the Amendment Effective Date, hereby amended and restated in its entirety to read as set forth below: 
 The Borrower shall
make each payment or prepayment required to be made by it hereunder (whether of principal, interest, fees or reimbursement of LC Disbursements, or of amounts payable under Sections 2.15, 2.16 or 2.17, or otherwise) prior to 2:00 p.m., Oklahoma City
time, on the date when due or the date fixed for any prepayment, in immediately available funds, without set-off, recoupment or counterclaim. 

(b) The first sentence of clause (b) of Section 2.18 of the Agreement is, effective as of the Amendment Effective Date, hereby
amended and restated in its entirety to read as set forth below: 
 Any payments and any proceeds of Collateral received by the
Administrative Agent (i) not constituting either (A) a specific payment of principal, interest, fees or other sum payable under the Loan Documents (which shall be applied as specified by the Borrower), or (B) a mandatory prepayment
(which shall be applied in accordance with Section 2.11) or (ii) after an Event of Default has occurred and is continuing and the Administrative Agent so elects or the Required Lenders so direct, shall be applied ratably first, to
pay any fees, indemnities, or expense reimbursements then due to the Administrative Agent, the Swingline Lender and the Issuing Bank from the Borrower (other than in connection with Banking Services Obligations or Swap Agreement Obligations),
second, to pay any fees, indemnities, or expense reimbursements then due to the Lenders from the Borrower (other than in connection with Banking Services Obligations or Swap Agreement Obligations), third, to pay interest then due and
payable on the Loans ratably, fourth, to prepay principal on the Loans and unreimbursed LC Disbursements and to pay any amounts owing in respect of Swap Agreement Obligations and Banking Services Obligations up to and including the amount
most recently provided to the Administrative Agent pursuant to Section 2.22, ratably, fifth, to pay an amount to the Administrative Agent equal to one hundred five percent (105%) of the aggregate LC Exposure, to be held as cash
collateral for such Obligations, and sixth, to the payment of any other Secured Obligation due to the Administrative Agent or any Lender from the Borrower or any other Loan Party. 

(c) The first sentence of clause (e) of Section 2.18 of the Agreement is, effective as of the Amendment Effective Date, hereby
amended and restated in its entirety to read as set forth below: 
 Unless the Administrative Agent shall have received notice from the
Borrower prior to the date on which any payment is due to the Administrative Agent for the account of the Lenders or the Issuing Bank pursuant to the terms hereof or any other Loan Document (including any date that is fixed for prepayment by notice
from the Borrower to the Administrative Agent pursuant to Section 2.11(c), notice from the Borrower that the Borrower will not make such payment or prepayment, the Administrative Agent may assume that the Borrower has made such payment on such
date in accordance herewith and may, in reliance upon such assumption, distribute to the Lenders or the Issuing Bank, as the case may be, the amount due. 

Section 2.9. Amendments to Section 3.11. Section 3.11 of the Agreement is, effective as of the Amendment Effective Date,
hereby amended to add the following new sentence at the end of the Section: 

  
 FIRST AMENDMENT TO REVOLVING CREDIT
AGREEMENT, Page 8 

 As of the First Amendment Effective Date, to the best knowledge of the Borrower, the
information included in the Beneficial Ownership Certification provided on or prior to the First Amendment Effective Date to any Lender in connection with this Agreement is true and correct in all respects. 

Section 2.10. Amendments to Section 5.01. Clause (e) of Section 5.01 is, effective as of the Amendment Effective
Date, hereby amended and restated in its entirety to read as set forth below: 
 (e) promptly following any request therefor,
(x) such other information regarding the operations, material changes in ownership of Equity Interests, business affairs and financial condition of any Loan Party or any Subsidiary, or compliance with the terms of this Agreement, as the Lender
may reasonably request, and (y) information and documentation reasonably requested by the Administrative Agent or any Lender for purposes of compliance with applicable “know your customer” and anti-money laundering rules and
regulations, including the USA PATRIOT Act and the Beneficial Ownership Regulation. 
 Section 2.11. Amendments to
Section 5.02. Section 5.02 of the Agreement is, effective as of the Amendment Effective Date, hereby amended to (a) delete the “and” in clause (c), (b) delete the “.” in clause (d) and substitute
a “; and” in lieu thereof and (c) add a new clause (e) in its proper alphabetical order: 
 (e)
any change in the information provided in the Beneficial Ownership Certification delivered to such Lender that would result in a change to the list of beneficial owners identified in such certification. 

Section 2.12. Amendments to Section 5.08. Clause (b) of Section 5.08 is, effective as of the Amendment Effective
Date, hereby amended and restated in its entirety to read as set forth below: 
 (b) The Borrower will not request any
Borrowing or Letter of Credit, and the Borrower shall not use, and shall procure that its Subsidiaries and its or their respective directors, officers, employees and agents shall not use, the proceeds of any Borrowing or Letter of Credit (a) in
furtherance of an offer, payment, promise to pay, or authorization of the payment or giving of money, or anything else of value, to any Person in violation of any Anti-Corruption Laws, (b) for the purpose of funding, financing or facilitating
any activities, business or transaction of or with any Sanctioned Person, or in any Sanctioned Country, except to the extent permitted for a Person required to comply with Sanctions, or (c) in any manner that would result in the violation of
any Sanctions applicable to any party hereto. 
 Section 2.13. Amendments to Section 6.03. 

(a) Clause (a) of Section 6.03 of the Agreement is, effective as of the Amendment Effective Date, hereby amended and restated in its
entirety to read as set forth below: 
 (a) No Loan Party will, nor will it permit any Subsidiary to, merge into or
consolidate with any other Person, or permit any other Person to merge into or consolidate with it, or otherwise Dispose of all or a substantial part of its assets, or all or substantially all of the stock of any of its Subsidiaries (in each case,
whether now owned or hereafter acquired), or liquidate or dissolve, except that, if at the time thereof and immediately after giving effect thereto no Event of 

  
 FIRST AMENDMENT TO REVOLVING CREDIT
AGREEMENT, Page 9 

 
Default shall have occurred and be continuing, (i) any Subsidiary of the Borrower may merge into the Borrower in a transaction in which the Borrower is the surviving entity, (ii) any
Loan Party (other than the Borrower) may merge into any other Loan Party in a transaction in which the surviving entity is a Loan Party, (iii) any Subsidiary that is not a Loan Party may liquidate, divide or dissolve if the Borrower determines
in good faith that such liquidation, division or dissolution is in the best interests of the Borrower and is not materially disadvantageous to the Lenders, and (iv) any Loan Party may transfer any of its stock in any of its Subsidiaries to
another Loan Party; provided that any such merger involving a Person that is not a wholly owned Subsidiary immediately prior to such merger shall not be permitted unless also permitted by Section 6.04. 

(b) Section 6.03 of the Agreement is, effective as of the Amendment Effective Date, hereby amended to add the following new clause
(f) in its proper alphabetical order: 
 (f) No Loan Party will, nor will it permit any Subsidiary to, consummate a
Division as the Dividing Person, without the prior written consent of Administrative Agent. Without limiting the foregoing, if any Loan Party that is a limited liability company consummates a Division (with or without the prior consent of
Administrative Agent as required above), each Division Successor shall be required to comply with the obligations set forth in Section 5.14 and the other further assurances obligations set forth in the Loan Documents and become a Loan Party
under this Agreement and the other Loan Documents. 
 Section 2.14. Amendments to Section 6.05. The introductory paragraph
to Section 6.05 of the Agreement is, effective as of the Amendment Effective Date, hereby amended and restated in its entirety to read as set forth below: 

SECTION 6.05 Asset Sales. No Loan Party will, nor will it permit any Subsidiary to, sell, transfer, lease or otherwise
Dispose of any asset, including any Equity Interest owned by it, nor will the Borrower permit any Subsidiary to issue any additional Equity Interest in such Subsidiary (other than to the Borrower or another Subsidiary in compliance with
Section 6.04), except: 
 Section 2.15. Amendments to Commitment Schedule. The Commitment Schedule is, effective as of the
Amendment Effective Date, hereby amended and restated in its entirety to read as set forth in the attached Commitment Schedule. 

Section 2.16. Global Amendment to Exhibit A to Agreement, form of Assignment and Assumption. All references to a “$50,000,000
Revolving Credit Agreement” in Exhibit A to the Agreement, the form of Assignment and Assumption, are hereby deleted and “$75,000,000 Revolving Credit Agreement” is substituted in lieu thereof. 

Section 2.17. Amendment to Schedule 3.05. The table captioned “Trademarks” in part (b) of Schedule 3.05 to the
Revolving Credit Agreement is, effective as of the Amendment Effective Date, hereby amended and restated in its entirety to read as set forth in the attached Schedule 2.17. 

  
 FIRST AMENDMENT TO REVOLVING CREDIT
AGREEMENT, Page 10 

 ARTICLE 3. 

Conditions Precedent 

Section 3.1. Conditions. The effectiveness of Article 2 of this Amendment is subject to the satisfaction of the following
conditions precedent: 
 (a) The Administrative Agent (or Winstead PC) shall have received (i) from each party hereto either (A) a
counterpart of this Amendment signed on behalf of such party or (B) written evidence satisfactory to the Administrative Agent (which may include fax or other electronic transmission of a signed signature page of this Amendment) that such party
has signed a counterpart of this Amendment and (ii) to the extent not previously received, duly executed copies of the Loan Documents and such other certificates, documents, instruments and agreements as the Administrative Agent shall
reasonably request in connection with the transactions contemplated by this Amendment and the other Loan Documents, including the Confirmation Agreement, any promissory notes requested by a Lender pursuant to Section 2.10 of the Agreement
payable to the order of each such requesting Lender and a written opinion of the Loan Parties’ counsel, addressed to the Administrative Agent, the Issuing Bank and the Lenders in substantially the form of Exhibit B of the Agreement (or such
other form acceptable to the Administrative Agent), all in form and substance satisfactory to the Administrative Agent. 
 (b) The
Administrative Agent shall have received (i) a certificate of each Loan Party, dated as of the Amendment Effective Date and executed by its Secretary or Assistant Secretary, which shall (A) certify the resolutions of its Board of
Directors, members or other body authorizing the execution, delivery and performance of the Loan Documents to which it is a party, (B) identify by name and title and bear the signatures of the officers of such Loan Party authorized to sign the
Loan Documents to which it is a party and, in the case of the Borrower, its Financial Officers, and (C) contain appropriate attachments, including the charter, articles or certificate of organization or incorporation of each Loan Party
certified by the relevant authority of the jurisdiction of organization of such Loan Party and a true and correct copy of its bylaws or operating, management or partnership agreement, or other organizational or governing documents, and (ii) a
good standing certificate for each Loan Party from its jurisdiction of organization. 
 (c) The Administrative Agent shall have received a
certificate, signed by the chief financial officer of the Borrower and each other Loan Party, dated as of the Amendment Effective Date (i) stating that no Default has occurred and is continuing, (ii) stating that the representations and
warranties contained in the Loan Documents are true and correct as of such date, and (iii) certifying as to any other factual matters as may be reasonably requested by the Administrative Agent. 

(d) The Lenders and the Administrative Agent shall have received payment of all expenses required to be reimbursed for which invoices have been
presented (including the reasonable fees and expenses of legal counsel), on or before the Amendment Effective Date. 
 (e) The Administrative
Agent shall have received a solvency certificate signed by a Financial Officer dated as of the Amendment Effective Date, in form and substance reasonably satisfactory to the Administrative Agent. 

(f) (i) The Administrative Agent shall have received, all documentation and other information regarding the Borrower requested in
connection with applicable “know your customer” and anti-money laundering rules and regulations, including the USA PATRIOT Act, and (ii) to the extent the Borrower qualifies as a “legal entity customer” under the Beneficial
Ownership Regulation, any Lender that has requested a Beneficial Ownership Certification in relation to the Borrower shall have received 

  
 FIRST AMENDMENT TO REVOLVING CREDIT
AGREEMENT, Page 11 

 
such Beneficial Ownership Certification (provided that, upon the execution and delivery by such Lender of its signature page to this Amendment, the condition set forth in this clause
(ii) shall be deemed to be satisfied). 
 (g) The Administrative Agent shall have received such other documents as the Administrative
Agent, the Issuing Bank, any Lender or their respective counsel may have reasonably requested. 
 (h) The representations and warranties of
the Loan Parties set forth in the Loan Documents shall be true and correct in all material respects with the same effect as though made on and as of the Amendment Effective Date (it being understood and agreed that any representation or warranty
which by its terms is made as of a specified date shall be required to be true and correct in all material respects only as of such specified date, and that any representation or warranty which is subject to any materiality qualifier shall be
required to be true and correct in all respects). 
 (i) No Default shall have occurred and be continuing. 

(j) Availability shall not be less than zero. 

(k) No event shall have occurred and no condition shall exist which has or could be reasonably expected to have a Material Adverse Effect. 

(l) All proceedings taken in connection with the transactions contemplated by this Amendment and all documentation and other legal matters
incident thereto shall be satisfactory to Administrative Agent and its legal counsel. 
 ARTICLE 4. 

Ratifications, Representations and Warranties 

Section 4.1. Ratifications. The terms and provisions set forth in this Amendment shall modify and supersede all inconsistent terms
and provisions set forth in the Agreement and except as expressly modified and superseded by this Amendment, the terms and provisions of the Agreement and the other Loan Documents are ratified and confirmed and shall continue in full force and
effect. The Borrower, the Administrative Agent, and the Lenders party hereto agree that the Agreement as amended hereby and the other Loan Documents shall continue to be a legal, valid and binding obligation of such Loan Party, enforceable in
accordance with its terms, subject to applicable bankruptcy, insolvency, reorganization, moratorium or other laws affecting creditors’ rights generally and subject to general principles of equity, regardless of whether considered in a
proceeding in equity or at law. Each Loan Party agrees that the obligations, indebtedness and liabilities of the Loan Parties arising under this Amendment and the promissory notes executed pursuant hereto are “Obligations” and
“Secured Obligations” as defined in the Agreement. For all matters arising prior to the Amendment Effective Date (including, without limitation, the accrual and payment of interest and fees and compliance with financial covenants), the
terms of the Agreement (as unmodified by this Amendment) shall control and are hereby ratified and confirmed. 
 Section 4.2.
Representations and Warranties. Each Loan Party hereby represents and warrants to the Lenders that (and where applicable, agrees): (a) after giving effect to this Amendment, no Default has occurred and is continuing; (b) after
giving effect to this Amendment, the representations and warranties set forth in the Loan Documents are true and correct in all material respects with the same effect as though made on and as of the Amendment Effective Date (it being understood and
agreed that 

  
 FIRST AMENDMENT TO REVOLVING CREDIT
AGREEMENT, Page 12 

 
any representation or warranty which by its terms is made as of a specified date shall be required to be true and correct in all material respects only as of such specified date, and that any
representation or warranty which is subject to any materiality qualifier shall be required to be true and correct in all respects); (c) the execution, delivery and performance of this Amendment has been duly authorized by all necessary
organizational actions and, if required, actions by equity holders and does not and will not: (1) require any consent or approval of, registration or filing with, or any other action by, any Governmental Authority, except such as have been
obtained or made and are in full force and effect and except for filings necessary to perfect Liens created pursuant to the Loan Documents; (2) violate any Requirement of Law applicable to any Loan Party or any Subsidiary; (3) violate or
result in a default under any indenture, agreement or other instrument binding upon any Loan Party or any Subsidiary or the assets of any Loan Party or any Subsidiary, or give rise to a right thereunder to require any payment to be made by any Loan
Party or any Subsidiary; and (4) result in the creation or imposition of any Lien on any asset of any Loan Party or any Subsidiary, except Liens created pursuant to the Loan Documents; and (e) this Amendment constitutes a legal, valid and
binding obligation of such Loan Party, enforceable in accordance with its terms, subject to applicable bankruptcy, insolvency, reorganization, moratorium or other laws affecting creditors’ rights generally and subject to general principles of
equity, regardless of whether considered in a proceeding in equity or at law. 
 ARTICLE 5. 

Miscellaneous 

Section 5.1. Survival. All covenants, agreements, representations and warranties made by the Loan Parties in this Amendment or any
other Loan Document and in the certificates or other instruments delivered in connection with or pursuant to this Amendment, the Agreement or any other Loan Document shall be considered to have been relied upon by the other parties hereto and shall
survive the execution and delivery of the Loan Documents and the making of any Loans and issuance of any Letters of Credit, regardless of any investigation made by any such other party or on its behalf and notwithstanding that the Administrative
Agent, the Issuing Bank or any Lender may have had notice or knowledge of any Default or incorrect representation or warranty at the time any credit is extended hereunder or thereunder, and shall continue in full force and effect as long as the
principal of or any accrued interest on any Loan or any fee or any other amount payable under the Agreement is outstanding and unpaid or any Letter of Credit is outstanding and so long as the Revolving Commitments have not expired or terminated. The
provisions of Sections 2.15, 2.16, 2.17 and 9.03 and Article VIII of the Agreement shall survive and remain in full force and effect regardless of the consummation of the transactions contemplated hereby, the repayment of the Loans, the expiration
or termination of the Letters of Credit and the Revolving Commitments or the termination of this Amendment, the Agreement or any other Loan Document or any provision hereof or thereof. 

Section 5.2. Reference to Agreement. Each of the Loan Documents, including the Agreement and any and all other agreements,
documents, or instruments now or hereafter executed and delivered pursuant to the terms hereof or pursuant to the terms of the Agreement as amended hereby, are hereby amended so that any reference in such Loan Documents to the Agreement shall mean a
reference to the Agreement as amended hereby. 
 Section 5.3. Loan Document. This Amendment is a Loan Document and is subject to
the terms of the Agreement. 
 Section 5.4. Expenses of Lender. As provided in the Agreement, the Loan Parties, jointly and
severally, shall pay all reasonable out-of-pocket expenses incurred by the Administrative Agent and its Affiliates, including the reasonable fees, charges and disbursements of counsel for the Administrative Agent, in connection with the preparation
and administration of this Amendment and any other Loan Documents and any amendments, modifications or waivers of the provisions of the Loan Documents. 

  
 FIRST AMENDMENT TO REVOLVING CREDIT
AGREEMENT, Page 13 

 Section 5.5. Severability. Any provision of this Amendment held to be invalid,
illegal or unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective to the extent of such invalidity, illegality or unenforceability without affecting the validity, legality and enforceability of the remaining provisions
thereof; and the invalidity of a particular provision in a particular jurisdiction shall not invalidate such provision in any other jurisdiction. 

Section 5.6. Applicable Law. This Amendment and all other Loan Documents executed pursuant hereto shall be governed by and
construed in accordance with the internal laws of the State of Oklahoma, but giving effect to federal laws applicable to national banks. 

Section 5.7. Successors and Assigns. This Amendment shall be binding upon and inure to the benefit of the parties hereto and their
respective successors and assigns permitted hereby (including any Affiliate of the Issuing Bank that issues any Letter of Credit), except that the Borrower may not assign or otherwise transfer any of its rights or obligations hereunder or under the
Agreement without the prior written consent of each Lender (and any attempted assignment or transfer by the Borrower without such consent shall be null and void). 

Section 5.8. Counterparts. This Amendment may be executed in counterparts (and by different parties hereto on different
counterparts), each of which shall constitute an original, but all of which when taken together shall constitute a single contract. Delivery of an executed counterpart of a signature page of this Amendment by telecopy, emailed pdf. or any other
electronic means that reproduces an image of the actual executed signature page shall be effective as delivery of a manually executed counterpart of this Amendment. The words “execution,” “signed,” “signature,”
“delivery,” and words of like import in or relating to any document to be signed in connection with this Amendment and the transactions contemplated hereby or thereby shall be deemed to include Electronic Signatures, deliveries or the
keeping of records in electronic form, each of which shall be of the same legal effect, validity or enforceability as a manually executed signature, physical delivery thereof or the use of a paper-based recordkeeping system, as the case may be, to
the extent and as provided for in any applicable law, including the Federal Electronic Signatures in Global and National Commerce Act, the New York State Electronic Signatures and Records Act, or any other similar state laws based on the Uniform
Electronic Transactions Act; provided that nothing herein shall require the Administrative Agent to accept electronic signatures in any form or format without its prior written consent. 

Section 5.9. Effect of Waiver. No consent or waiver, express or implied, by the Administrative Agent or any Lender to or for any
breach of or deviation from any covenant, condition or duty by any Loan Party shall be deemed a consent or waiver to or of any other breach of the same or any other covenant, condition or duty. 

Section 5.10. Headings. The headings, captions, and arrangements used in this Amendment are for convenience only and shall not
affect the interpretation of this Amendment. 
 Section 5.11. ENTIRE AGREEMENT. THIS AMENDMENT, THE AGREEMENT AND ALL OTHER
INSTRUMENTS, DOCUMENTS AND AGREEMENTS EXECUTED AND DELIVERED IN CONNECTION WITH THE AGREEMENT, THIS AMENDMENT AND THE OTHER LOAN DOCUMENTS EMBODY THE FINAL, ENTIRE AGREEMENT AMONG THE PARTIES HERETO AND SUPERSEDE ANY AND ALL PRIOR COMMITMENTS,
AGREEMENTS, REPRESENTATIONS AND UNDERSTANDINGS, WHETHER WRITTEN OR ORAL, RELATING TO THIS AMENDMENT, AND MAY NOT BE CONTRADICTED OR VARIED BY EVIDENCE OF 

  
 FIRST AMENDMENT TO REVOLVING CREDIT
AGREEMENT, Page 14 

 
PRIOR, CONTEMPORANEOUS OR SUBSEQUENT ORAL AGREEMENTS OR DISCUSSIONS OF THE PARTIES HERETO. THERE ARE NO ORAL AGREEMENTS AMONG THE PARTIES HERETO. 

[Signatures on Following Pages.] 

  
 FIRST AMENDMENT TO REVOLVING CREDIT
AGREEMENT, Page 15 

 Executed as of the date first written above. 

 

			
	Borrower:
	
	PAYCOM PAYROLL, LLC
		
	By:	 	 /s/ Craig Boelte

	Name:	 	Craig Boelte
	Title:	 	Chief Financial Officer

  

			
	Holdings:
	
	PAYCOM SOFTWARE, INC.
		
	By:	 	 /s/ Craig Boelte

	Name:	 	Craig Boelte
	Title:	 	Chief Financial Officer

  

			
	Subsidiaries:
	
	WCAS PAYCOM HOLDINGS, INC.
		
	By:	 	 /s/ Craig Boelte

	Name:	 	Craig Boelte
	Title:	 	Chief Financial Officer

  

			
	
	WCAS CP IV BLOCKER, INC.
		
	By:	 	 /s/ Craig Boelte

	Name:	 	Craig Boelte
	Title:	 	Chief Financial Officer

  

			
	
	PAYCOM BENEFITS, LLC
		
	By:	 	 /s/ Craig Boelte

	Name:	 	Craig Boelte
	Title:	 	Chief Financial Officer

 
			
	
	PAYCOM PAYROLL HOLDINGS, LLC
		
	By:	 	 /s/ Craig Boelte

	Name:	 	Craig Boelte
	Title:	 	Chief Financial Officer

 
			
	ADMINISTRATIVE AGENT AND LENDERS:
	
	JPMORGAN CHASE BANK, N.A., individually, and as Administrative Agent, Swingline Lender and Issuing Bank
		
	By:	 	 /s/ Caleb Green

	Name:	 	 Caleb Green

	Title:	 	 Vice President

 
			
	BANK OF AMERICA, N.A.
		
	By:	 	 /s/ Lisa M. Chrzanowski

	Name:	 	 Lisa M. Chrzanowski

	Title:	 	 SVP

 
			
	WELLS FARGO BANK, N.A.
		
	By:	 	 /s/ Scott F. Hamilton

	Name:	 	 Scott F. Hamilton

	Title:	 	 Senior Vice PresidentEX-4.1

 Exhibit 4.1 

AUTOZONE, INC. 
 $300,000,000
3.125% Senior Notes due 2024 
 OFFICERS’ CERTIFICATE 

PURSUANT TO SECTION 3.2 OF THE INDENTURE 

April 18, 2019 
 A. Pursuant
to resolutions of the Board of Directors of AutoZone, Inc., a Nevada corporation (the “Company”), adopted at a duly noticed and held meeting of the Board of Directors on September 25, 2018 (the “Resolutions”), the
undersigned, Brian L. Campbell, Vice President and Treasurer of the Company, and William T. Giles, Executive Vice President and Chief Financial Officer of the Company certify that pursuant to the Resolutions and Section 3.2 of the Indenture,
dated as of August 8, 2003 (the “Indenture”), between the Company and Regions Bank, as successor in interest to The Bank of New York Mellon Trust Company, N.A., as successor in interest to Bank One Trust Company, N.A., as trustee (the
“Trustee”), there is hereby established a series of Securities (as that term is defined in the Indenture), the terms and form of which shall be as follows (capitalized terms not defined herein shall have the meanings assigned to them in
the Indenture): 
 (a) The title of the series of the Securities shall be “3.125% Senior Notes due 2024” (the “Notes”).

 (b) The Notes shall be issued at a price of 99.711% of the principal amount thereof. 

(c) The aggregate principal amount of the Notes that may be authenticated and delivered under the Indenture (except for Notes authenticated
and delivered upon registration of, transfer of, or in exchange for, or in lieu of, other Notes pursuant to Sections 3.7, 3.8, 3.11, 4.7 or 10.6 of the Indenture) initially shall be $300,000,000. The Company may, without the consent of the Holders
of the Notes, create and issue additional Notes ranking equally and ratably with the Notes and otherwise identical to the Notes in all respects, except for the payment of interest accruing prior to the issue date of such additional Notes and, in
some cases, the first payment of interest following the issue date of such additional Notes and the initial interest accrual date thereof, so that such further Notes shall form a single series with the Notes. 

(d) The principal amount of the Notes shall be payable in full on April 18, 2024, subject to and in accordance with the provisions of the
Indenture. 
 (e) The Notes shall bear interest at the rate of 3.125% per annum from April 18, 2019, or from the most recent Interest
Payment Date to which interest has been paid or duly provided for, payable semiannually on April 18 and October 18 of each year (each an “Interest Payment Date”), commencing on October 18, 2019 until the principal amount of
the Notes has been paid or duly provided for. The April 3 and October 3 (whether or not a Business Day), as the case may be, next preceding an Interest Payment Date, shall be a “Regular Record Date” for the interest payable on
such Interest Payment Date. 
 (f) The principal of and interest on the Notes shall be payable at the Corporate Trust Office of the Trustee
in Atlanta, Georgia. 

  
 1 

 (g) The Notes will be redeemable at the option of the Company, at any time in whole or from
time to time in part. If the Notes are redeemed before March 18, 2024 (one month prior to the maturity date of the Notes) (the “Par Call Date”), the redemption price will equal 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 such Notes to be redeemed that would have been due if the Notes matured on the Par Call Date (not including any
portion of such payments of interest accrued to the date of redemption) discounted to the date of redemption on a semiannual basis (assuming a 360-day year consisting of twelve
30-day months) at the Adjusted Treasury Rate, plus 15 basis points, as determined in good faith by the Company, plus accrued and unpaid interest thereof, if any, to but excluding, the date of redemption. If
the Notes are redeemed on or after the Par Call Date, the redemption price for the Notes will equal 100% of the principal amount of the Notes to be redeemed, plus accrued and unpaid interest, thereon, if any, to, but excluding the date of the
redemption. 
 Notice of any redemption will be mailed at least 30 days but not more than 60 days before the redemption date to each holder
of the Notes to be redeemed. Notwithstanding anything to the contrary in Section 4.4 of the Indenture, notice of any redemption of Notes occurring prior prior to the Par Call Date need not set forth the redemption price but only the manner of
calculation thereof. The Company shall give the Trustee notice of the amount of the redemption price for any such redemption promptly after the calculation thereof and the Trustee shall have no responsibility for such calculation. In connection with
any redemption, unless the Company defaults in payment of the redemption price, on and after the date of redemption, interest will cease to accrue on the Notes or portions of the Notes called for redemption. 

“Adjusted Treasury Rate” means, with respect to any date of redemption, the rate per year equal to the semiannual
equivalent yield to maturity of the Comparable Treasury Issue, assuming a price for the Comparable Treasury Issue (expressed as a percentage of its principal amount) equal to the Comparable Treasury Price for that date of redemption. 

“Comparable Treasury Issue” means the United States Treasury security selected by the Quotation Agent as having a
maturity comparable to the remaining term of the Notes to be redeemed that would be used, at the time of selection and under customary financial practice, in pricing new issues of corporate debt securities of comparable maturity to the remaining
term of such Notes. 
 “Comparable Treasury Price” means, with respect to any date of redemption, the average of
the Reference Treasury Dealer Quotations for such date of redemption, after excluding the highest and lowest of such Reference Treasury Dealer Quotations, or if the Quotation Agent obtains fewer than four such Reference Treasury Dealer Quotations,
the average of all Reference Treasury Dealer Quotations. 
 “Quotation Agent” means one of the Reference Treasury
Dealers appointed by the Company. 
 “Reference Treasury Dealer” means each of (i) Barclays Capital Inc.,
Merrill Lynch, Pierce, Fenner & Smith Incorporated and a Primary Treasury Dealer (defined herein) selected by SunTrust Robinson Humphrey, Inc. and their respective successors; and (ii) any other primary U.S. government securities
dealer in New York City (each, a “Primary Treasury Dealer”) the Company selects. If any of the foregoing ceases to be a Primary Treasury Dealer, the Company must substitute another Primary Treasury Dealer. 

“Reference Treasury Dealer Quotations” means, with respect to each Reference Treasury Dealer and any date of
redemption, the average, as determined by the Quotation Agent, 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 Quotation Agent by such Reference
Treasury Dealer at 5:00 p.m., New York City time, on the third Business Day preceding such date of redemption. 

  
 2 

 (h) The Notes will be issued only in registered form in minimum denominations of $2,000 and
integral multiples of $1,000 in excess thereof. 
 (i) The Notes shall be issuable in whole or in part in the form of one or more Global
Securities. Such Global Securities may be exchanged in whole or in part for individual Securities in definitive form only on the terms and conditions set forth in the Indenture. The initial Depository for such Global Securities shall be The
Depository Trust Company. 
 (j) The Notes shall be denominated in Dollars and the payment of the principal of and interest on the Notes
shall be in Dollars. 
 (k) The Notes shall be defeasible as provided in Article IX of the Indenture. 

(l) The Notes shall not be subject to any mandatory sinking fund. 

(m) If a Change of Control Triggering Event occurs with respect to the Notes, unless the Company has exercised its right to redeem the Notes
as described in Section 4.2 of the Indenture and clause (A)(g) of this Officers’ Certificate, Holders of Notes shall have the right to require the Company to make an offer to each Holder of Notes to repurchase all or any part (equal to
$2,000 or an integral multiple of $1,000 in excess thereof) of that Holder’s Notes pursuant to the offer described below (the “Change of Control Offer”) on the terms set forth in the Notes. In the Change of Control Offer, the Company
shall be required to offer payment in cash equal to 101% of the aggregate principal amount of Notes repurchased, plus accrued and unpaid interest, if any, on the Notes repurchased to the date of repurchase (the “Change of Control
Payment”). Within 30 days following any Change of Control Triggering Event or, at the Company’s option, prior to the date of the consummation of any Change of Control, but after the public announcement of the transaction that constitutes
or may constitute the Change of Control, the Company shall be required to mail a notice to the Holders of the Notes, with a copy to the Trustee, describing the transaction or transactions that constitute or may constitute the Change of Control
Triggering Event and offering to repurchase the Notes on the date specified in the applicable notice, which date will be no earlier than 30 days and no later than 60 days from the date such notice is mailed (the “Change of Control Payment
Date”), pursuant to the procedures required by the Notes and described in such notice. The notice shall, if mailed prior to the date of the consummation of the Change of Control, state that the Change of Control Offer is conditioned on the
Change of Control Triggering Event occurring on or prior to the applicable Change of Control Payment Date. The Company must comply 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
securities laws or regulations conflict with the Change of Control Triggering Event provisions of the Notes, the Company shall comply with the applicable securities laws and regulations and shall not be deemed to have breached its obligations under
the Change of Control Triggering Event provisions of the Notes by virtue of such conflicts. 
 “Capital Stock” of a
corporation means the capital stock of every class whether now or hereafter authorized, regardless of whether such capital stock shall be limited to a fixed sum or percentage with respect to the rights of the holders thereof to participate in
dividends and in the distribution of assets upon the voluntary or involuntary liquidation, dissolution or winding up of such corporation. 

“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 or more series of related transactions, of all or substantially all of the Company’s assets and the assets of its Subsidiaries, taken as a whole,
to any Person, other than the Company or one of its 

  
 3 

 
Subsidiaries, taken as a whole, to any Person, other than the Company or one of its Subsidiaries; (2) 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 13d-5 under the Exchange Act), directly or indirectly,
of more than 50% of the Company’s outstanding Voting Stock or other Voting Stock into which the Company’s Voting Stock is reclassified, consolidated, exchanged or changed, measured by voting power rather than number of shares; (3) 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; (4) the first day
on which a majority of the members of the Board of Directors are not Continuing Directors; or (5) the adoption of a plan relating to the Company’s liquidation or dissolution. Notwithstanding the foregoing, a transaction shall not be deemed
to involve a Change of Control under clause (2) above if (i) the Company becomes a direct or indirect wholly-owned subsidiary of a holding company and (ii)(A) the direct or indirect Holders of the Voting Stock of such holding company
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. 

“Change of Control Triggering Event” means the occurrence of both a Change of Control and a Rating Event. 

“Continuing Directors” means, as of any date of determination, any member of the Board of Directors who (A) was
a member of such Board of Directors on the date the Notes were issued or (B) 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 a proxy statement in which such member was named as a nominee for election as a director, without objection to such nomination). 

“Fitch” means Fitch Inc., and its successors. 

“Investment Grade Rating” means a rating equal to or higher than BBB- (or the
equivalent) by Fitch, 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., and its successors. 

“Person” has the meaning given thereto in Section 13(d)(3) of the Exchange Act. 

“Rating Agencies” means (A) each of Fitch, Moody’s and S&P; and (B) if any of Fitch, 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 Company’s control, a “nationally recognized statistical rating organization” within the meaning of Rule 15c3-1(c)(2)(vi)(F) under the Exchange Act selected by the Company (as certified by a resolution of the Board of Directors) as a replacement for Fitch, Moody’s or S&P, or all of them, as the case may be.

  
 4 

 “Rating Event” means the rating on the Notes is lowered by at
least two of the three Rating Agencies and the Notes are rated below an Investment Grade Rating by at least two of the three Rating Agencies on any day during the period (which period will be extended so long as the rating of the Notes is under
publicly announced consideration for a possible downgrade by any of the Rating Agencies) commencing 60 days prior to the first public notice of the occurrence of a Change of Control or the Company’s intention to effect a Change of Control and
ending 60 days following consummation of such Change of Control. 
 “S&P” means Standard & Poor’s
Rating Services, a division of The McGraw-Hill Corporation, Inc., and its successors. 
 “Voting Stock” means, with
respect to any specified Person that is a corporation as of any date, 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. 

(n) On the Change of Control Payment Date, the Company shall be required, to the extent lawful, to: 

(i) accept for payment all Notes or portions of Notes properly tendered pursuant to the Change of Control Offer; 

(ii) 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. 
 The paying
agent will promptly mail to each Holder of Notes properly tendered the Change of Control Payment for such Note, and the Trustee will promptly authenticate and mail (or cause to be transferred by book-entry) to each Holder a new Note equal in
principal amount to any unpurchased portion of any Notes surrendered; provided that each new Note will be in a principal amount of $2,000 or an integral multiple of $1,000 in excess thereof. The Company will not be required to make a Change of
Control Offer upon the occurrence of a Change of Control Triggering Event if a third party makes such an offer in the manner, at the times and otherwise in compliance with the requirements for an offer made by the Company and the third party
repurchases all Notes properly tendered and not withdrawn under its offer. In addition, the Company will not repurchase any Notes if there has occurred and is continuing on the Change of Control Payment Date an Event of Default under the Indenture,
other than a Default in the payment of the Change of Control Payment upon a Change of Control Triggering Event. 
 (o) Any reference to a
merger, consolidation, amalgamation, distribution, assignment, sale, transfer, disposition or similar term, shall be deemed to apply to a division of or by a limited liability company, limited partnership or trust, or an allocation of assets of a
limited liability company, limited partnership or trust (or the unwinding of such a division or allocation), as if it were a merger, consolidation, amalgamation, distribution, assignment, sale, transfer, disposition or similar term, as applicable,
to, of or with a separate Person. Any division of a limited liability company, limited partnership or trust shall constitute a separate Person hereunder (and each division of any limited liability company, limited partnership or trust that is a
subsidiary, joint venture or any other like term shall also constitute such a Person or entity). 

  
 5 

 (p) The Company shall not, and shall not permit any Subsidiary to, enter into any
arrangement with any Person providing for the leasing by the Company or any Subsidiary of any Property that has been or is to be sold or transferred by the Company or such Subsidiary to such Person more than 180 days following the Company’s or
its Subsidiary’s acquisition of such Property, with the intention of taking back a lease of such Property (a “Sale and Leaseback Transaction”) unless the terms of such sale or transfer have been determined by the Board of Directors to
be fair and arm’s length and either: 
 (i) within 12 months after the receipt of the proceeds of the sale or transfer,
the Company or any Subsidiary apply an amount equal to the greater of the net proceeds of the sale or transfer or the fair value of such Property at the time of such sale or transfer to the prepayment or retirement (other than any mandatory
prepayment or retirement) of Senior Funded Debt; or 
 (ii) the Company or such Subsidiary would be entitled, at the
effective date of the sale or transfer, to incur debt secured by a Lien on such Property in an amount at least equal to the Attributable Debt in respect of the Sale and Leaseback Transaction, without equally and ratably securing the Notes pursuant
to Section 5.8 of the Indenture. 
 The foregoing restriction in the paragraph above shall not apply to any Sale and Leaseback
Transaction (i) for a term of not more than three years including renewals; or (ii) between the Company and a Subsidiary or between Subsidiaries, provided that the lessor is the Company or a wholly owned Subsidiary. 

“Attributable Debt” in respect of a Sale and Leaseback Transaction means, at the time of determination, the present
value discounted at the rate of interest implicit in the terms of the lease (as determined in good faith by the Company) of the obligations of the lessee under such lease for net rental payments during the remaining term of the lease (including any
period for which such lease has been extended or may, at the Company’s option, be extended). 
 “Funded Debt”
means debt which matures more than one year from the date of creation, or which is extendable or renewable at the sole option of the obligor so that it may become payable more than one year from such date or which is classified, in accordance with
United States generally accepted accounting principles, as long-term debt on the consolidated balance sheet for the most recently ended fiscal quarter (or if incurred subsequent to the date of such balance sheet, would have been so classified) of
the person for which the determination is being made. Funded Debt does not include (1) obligations created pursuant to leases, (2) any debt or portion thereof maturing by its terms within one year from the time of any computation of the
amount of outstanding Funded Debt unless such debt shall be extendable or renewable at the sole option of the obligor in such manner that it may become payable more than one year from such time, or (3) any debt for which money in the amount
necessary for the payment or redemption of such debt is deposited in trust either at or before the maturity date thereof. 

“Senior Funded Debt” means all Funded Debt of the Company or its Subsidiaries (except Funded Debt, the payment of
which is subordinated to the payment of the Notes). 

  
 6 

 (q) Clause (xiii) of the definition of “Permitted Liens” in Section 1.1
of the Indenture is hereby replaced and superseded in its entirety to read as follows: 
 (xiii) Liens existing on April 21, 2016, or
any extension, amendments, renewals, refinancings, replacements or other modifications thereto. 
 (r) Clause (xviii) of the definition
of “Permitted Liens” in the Indenture is hereby replaced and superseded in its entirety to read as follows: 
 (xviii) other Liens
on Property of the Company and its Subsidiaries securing debt having an aggregate principal amount (or deemed amount, in the case of Attributable Debt) not to exceed, as of any date of incurrence of such secured debt pursuant to this clause and
after giving effect to such incurrence and the application of the proceeds therefrom, the greater of (1) $500 million and (2) 15% of the Company’s Consolidated Net Tangible Assets. 

(s) Section 7.1(e) of the Indenture is hereby amended by replacing the reference to “$35 million” set forth therein with a
reference to “$75 million.” 
 (t) The Notes shall be entitled to the benefit of the covenants in Article V of the Indenture.

 (u) The Notes constitute senior unsecured debt obligations of the Company and rank equally in right of payment among themselves and with
all other existing and future senior, unsecured and unsubordinated debt obligations of the Company. 
 (v) There shall be no Events of
Default other than those provided in Section 7.1 of the Indenture and the failure by the Company to comply with the provisions of clauses A.(m) or (n) hereof. 

(w) The Notes shall have additional terms and conditions as set forth in, and shall be substantially in the form of, Annex A attached hereto,
with such modifications thereto as may be approved by the authorized officer or officers executing the same. 
 (x) The Trustee shall be the
trustee for or on behalf of the Holders of the Notes. 
 B. The undersigned hereby approve the sale of $300,000,000 aggregate principal
amount of Notes by the Company to the Underwriters listed in Schedule I to that certain Underwriting Agreement dated April 4, 2019 and in accordance with and pursuant to the terms thereof at a net purchase price to the Company of 99.111% of the
principal amount thereof plus accrued interest, if any from April 18, 2019, and with an initial price to the public of 99.711% of the principal amount thereof plus accrued interest, if any from April 18, 2019. 

The Indenture, as supplemented by this Officers’ Certificate, is in all respects ratified and confirmed, and this Officers’
Certificate shall be deemed part of the Indenture in the manner and to the extent herein and therein provided. 
 This Officers’
Certificate may be executed in one or more counterparts, including, without limitation, facsimile counterparts, each of which so executed shall be deemed to be an original, and shall together constitute one and the same Officers’ Certificate.

 THIS OFFICERS’ CERTIFICATE AND THE SECURITIES SHALL BE GOVERNED BY THE LAWS OF THE STATE OF NEW YORK WITHOUT REGARD TO THE CONFLICT
OF LAWS PROVISIONS THEREOF. 
 (Signature page follows) 

  
 7 

 IN WITNESS WHEREOF, each of the undersigned has hereunto signed his name as of the date
first set forth above. 
  

			
	By:	 	/s/ Brian L. Campbell
	Name:	 	Brian L. Campbell
	 Title:
  
	 	 VP Treasury, Tax & Investor Relations and Treasurer

 

	By:	 	/s/ William T. Giles
	Name:	 	William T. Giles
	Title:	 	Chief Financial Officer and Executive Vice
		 	President

 [Signature Page to Officers’ Certificate Pursuant to Section 3.2 of the
Indenture] 

 ANNEX A 

Form of Note 
 THIS NOTE IS A GLOBAL
SECURITY WITHIN THE MEANING OF THE INDENTURE HEREINAFTER REFERRED TO AND IS REGISTERED IN THE NAME OF THE DEPOSITORY OR A NOMINEE OF THE DEPOSITORY. THIS NOTE IS EXCHANGEABLE FOR NOTES REGISTERED IN THE NAME OF A PERSON OTHER THAN THE DEPOSITORY OR
ITS NOMINEE ONLY IN THE LIMITED CIRCUMSTANCES DESCRIBED IN THE INDENTURE, AND MAY NOT BE TRANSFERRED EXCEPT AS A WHOLE BY THE DEPOSITORY TO A NOMINEE OF THE DEPOSITORY, BY A NOMINEE OF THE DEPOSITORY TO THE DEPOSITORY OR ANOTHER NOMINEE OF THE
DEPOSITORY OR BY THE DEPOSITORY OR ANY SUCH NOMINEE TO A SUCCESSOR DEPOSITORY OR A NOMINEE OF SUCH A SUCCESSOR DEPOSITORY. UNLESS THIS NOTE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY 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 REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY (AND ANY PAYMENT IS MADE TO CEDE & CO. OR TO
SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY), 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. 
  

			
	No. 1	  	
	 CUSIP: 053332 AX0
	  	$300,000,000

 AUTOZONE, INC. 

3.125% Senior Note due 2024 
 Original Issue
Date: April 18, 2019 
 Interest Payment Dates: April 18 and October 18 

Maturity Date: April 18, 2024 
 Interest Rate: 3.125% 

AUTOZONE, INC., a Nevada corporation (hereinafter called the “Company”, which term includes any successor corporation under the
Indenture hereinafter referred to), for value received, hereby promises to pay to CEDE & CO., or registered assigns, the principal sum of three hundred million dollars ($300,000,000) (the “Principal Amount”) on the Maturity Date
shown above, except as provided below, and to pay interest thereon at the rate per annum shown above. (Capitalized terms used herein have the meanings assigned to them in the Indenture referred to below unless otherwise indicated.) The Company will
pay interest semiannually on the Interest Payment Dates, commencing on October 18, 2019. Interest on this Note will accrue from the most recent Interest Payment Date to which interest has been paid or duly provided for or, if no interest has
been paid or duly provided for, from the Original Issue Date shown above. The interest so payable, and punctually paid or duly provided for, on any Interest Payment Date will, as provided in such Indenture, be paid to the person in whose name this
Note (or one or more predecessor Securities) is registered at the close of business on the regular record date for such interest, which shall be the April 3 or the October 3 (whether or not a Business Day), as the case may be, next
preceding such Interest Payment Date. 

 Payment of the principal of and interest on this Note will be made at the Corporate Trust
Office of the Trustee in Atlanta, Georgia in such coin or currency of the United States of America as at the time of payment is legal tender for payment of public and private debts. 

If the Company defaults in a payment of interest on this Note, it shall pay the defaulted interest, plus, to the extent permitted by law, any
interest payable on the defaulted interest, to the persons who are Securityholders of this Note on a subsequent special record date. The Company shall fix that record date and payment date. At least ten (10) days before that record date, the
Company shall mail to the Trustee and to each Securityholder a notice that states that record date, the payment date and the amount of interest and any interest thereon to be paid. The Company may pay defaulted interest and any interest thereon in
any other lawful manner. 
 This Note is one of a duly authorized issue of securities of the Company (the “Securities”), of the
Series hereinafter specified, all issued under and pursuant to an indenture, dated as of August 8, 2003, together with the Officers’ Certificate dated April 18, 2019 (the “Officers’ Certificate”), establishing the terms
of the Notes (the “Indenture”), between the Company and Regions Bank (as successor in interest to The Bank of New York Mellon Trust Company, N.A., (as successor in interest to Bank One Trust Company, N.A.)), as Trustee (the
“Trustee”), to which Indenture and all indentures supplemental thereto reference is hereby made for a description of the rights, limitations of rights, obligations, duties and immunities thereunder of the Trustee, the Company and Holders
of the Securities. The aggregate principal amount of Securities that may be authenticated and delivered under the Indenture is unlimited. The Securities may be issued in one or more Series, which different Series may be issued in various aggregate
principal amounts, may mature at different times, may bear interest, if any, at different rates, may be subject to different redemption provisions, if any, may be subject to different sinking, purchase or analogous funds, if any, may be subject to
different covenants and Events of Default and may otherwise vary as in the Indenture provided. This Note is one of a Series designated as the “3.125% Senior Notes due 2024” of the Company (herein referred to as the “Notes”),
initially issued in an aggregate principal amount of three hundred million dollars ($300,000,000). 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 and otherwise identical in all respects, except for the issue price, the issue date, the payment of interest accruing prior to the issue date of such additional Notes and, in some cases, the first payment of interest following
the issue date of such additional Notes and the initial interest accrual date thereof, so that such further Notes shall be consolidated and form a single Series with the Notes. 

The Notes constitute senior unsecured debt obligations of the Company and rank equally in right of payment among themselves and with all other
existing and future senior, unsecured and unsubordinated debt obligations of the Company. 
 In accordance with and subject to the
provisions of the Officers’ Certificate, the Holders of the Notes may require that the Company repurchase the Notes if a Change of Control Triggering Event has occurred. 

 The Notes will be redeemable at the option of the Company at any time, in whole or from time
to time in part. If the Notes are redeemed before March 18, 2024 (one month prior to the maturity date of the Notes) (the “Par Call Date”), the redemption price will equal 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 such Notes to be redeemed that would have been due if the Notes matured on the Par Call Date (not including any portion of
such payments of interest accrued to the date of redemption) discounted to the date of redemption on a semiannual basis (assuming a 360-day year consisting of twelve
30-day months) at the Adjusted Treasury Rate, plus 15 basis points, as determined in good faith by the Company, plus accrued and unpaid interest thereon, if any, to, but excluding, the date of redemption. If
the Notes are redeemed on or after the Par Call Date, the redemption price for the Notes will equal 100% of the principal amount of the Notes to be redeemed, plus accrued and unpaid interest thereon, if any, to, but excluding, the date of
redemption. 
 Notice of any redemption will be mailed at least 30 days but not more than 60 days before the redemption date to each holder
of the Notes to be redeemed. Notwithstanding anything to the contrary in Section 4.4 of the Indenture, notice of any redemption of Notes occurring prior to the Par Call Date need not set forth the redemption price but only the manner of
calculation thereof. The Company shall give the Trustee notice of the amount of the redemption price for any such redemption promptly after the calculation thereof and the Trustee shall have no responsibility for such calculation. In connection with
any redemption, unless the Company defaults in payment of the redemption price, on and after the date of redemption, interest will cease to accrue on the Notes or portions of the Notes called for redemption. 

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

“Comparable Treasury Issue” means the United States Treasury security selected by the Quotation Agent as having a maturity
comparable to the remaining term of the Notes to be redeemed that would be used, at the time of selection and under customary financial practice, in pricing new issues of corporate debt securities of comparable maturity to the remaining term of such
Notes. 
 “Comparable Treasury Price” means, with respect to any date of redemption, the average of the Reference Treasury Dealer
Quotations for such date of redemption, after excluding the highest and lowest Reference Treasury Dealer Quotations, or if the Quotation Agent obtains fewer than four Reference Treasury Dealer Quotations, the average of all Reference Treasury Dealer
Quotations. 
 “Quotation Agent” means one of the Reference Treasury Dealers appointed by the Company. 

“Reference Treasury Dealer” means each of (i) Barclays Capital Inc., Merrill Lynch, Pierce, Fenner & Smith
Incorporated and a Primary Treasury Dealer (defined herein) selected by SunTrust Robinson Humphrey, Inc. and their respective successors; and (ii) any other primary U.S. government securities dealer in New York City (each a “Primary
Treasury Dealer”) selected by the Company. If any of the foregoing ceases to be a Primary Treasury Dealer, the Company must substitute another Primary Treasury Dealer. 

 “Reference Treasury Dealer Quotations” means, with respect to each Reference
Treasury Dealer and any date of redemption, the average, as determined by the Quotation Agent, 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
Quotation Agent by the Reference Treasury Dealer at 5:00 p.m., New York City time, on the third Business Day before the date of redemption. 

The Notes will not be subject to, or have the benefit of, any sinking fund. 

In case an Event of Default (as defined in the Indenture) with respect to the Notes shall have occurred and be continuing, the principal
hereof may be declared, or shall become, due and payable, in the manner, with the effect and subject to certain conditions set forth in the Indenture. The Indenture provides that, subject to certain conditions therein set forth, any such declaration
of acceleration and its consequences may be waived by the Holders of a majority in principal amount of the outstanding Notes. 
 The
Indenture contains provisions permitting the Company and the Trustee, with the consent of the Holders of at least a majority in principal amount of the outstanding Notes to be affected thereby, as provided in the Indenture, to enter into
supplemental indentures adding any provisions to or changing in any manner or eliminating any of the provisions of the Indenture or of any supplemental indenture or modifying in any manner the rights of the Holders of the Notes; and the Indenture
also contains provisions allowing the Holders of at least a majority in principal amount of the outstanding Notes to waive compliance with any provision of the Indenture or this Note; provided, however, that no such supplemental
indenture or amendment or waiver may, without the consent of each Holder of Notes to be affected (a) reduce the amount of Notes whose Holders must consent to an amendment, supplement or waiver; (b) reduce the rate of, change the method of
determination of or extend the time for payment of interest (including default interest) on any Note; (c) reduce the principal or change the Stated Maturity of any Note; (d) make any change in the provisions concerning waivers of Events of
Default by Holders or the rights of Holders to recover the principal of or interest on any Note; (e) waive a Default or Event of Default in the payment of the principal of or interest on any Note (except a rescission of acceleration of the
Notes by the Holders of at least a majority in principal amount of the outstanding Notes and a waiver of the payment default that resulted from such acceleration); (f) make the principal of or interest on any Note payable in any currency other than
that stated in the Note; (g) make any change in Sections 7.8, 7.13, or 10.3 of the Indenture; or (h) waive a redemption payment with respect to any Note. The Indenture also provides that the Holders of not less than a majority in principal
amount of the outstanding Notes may on behalf of the Holders of all the Notes waive any past Default under the Indenture with respect to the Notes and its consequences, except a Default (i) in the payment of the principal of or interest on any
Note (provided, however, that the Holders of a majority in principal amount of the outstanding Notes may rescind an acceleration and its consequences, including any related payment default that resulted from such acceleration) or (ii) in
respect of a covenant or provision hereof which cannot be modified or amended without the consent of the Holder of each outstanding Notes affected. Upon any such waiver, such Default shall cease to exist, and any Event of Default arising therefrom
shall be deemed to have been cured, 

 
for every purpose of this Indenture; but no such waiver shall extend to any subsequent or other Default or impair any right consequent thereon. Any such waiver by the Holders of the Notes shall
be conclusive and binding upon the Holder of this Note and upon all future Holders and owners of this Note and of any Note issued upon the transfer hereof or in exchange or substitution hereof. 

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

As provided in the Indenture and subject to certain limitations therein set forth, the transfer of this Note is registrable by the Holder
hereof on the register of the Company, upon due presentment of this Note for registration of transfer at the office of the Registrar, or at the office of any co-registrar duly endorsed by, or accompanied by a
written instrument of transfer in form satisfactory to, the Company and the Registrar or any such co-registrar duly executed by, the Holder hereof or his attorney duly authorized in writing, and thereupon one
or more new Notes of authorized denominations and for an equal 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 transfer tax or similar governmental charge payable in connection therewith. 
 The Notes are issuable only as registered Notes
without coupons in denominations equal to $2,000 or an integral multiple of $1,000 in excess thereof. As provided in the Indenture and subject to certain limitations therein set forth, Notes are exchangeable for new Notes of any authorized
denominations of an equal principal amount as requested by the Holder surrendering the same. 
 Notwithstanding the other provisions of the
Indenture, payment of the principal of and interest, if any, on any Note represented by a Global Security shall be made to the Holder thereof. The Company and the Trustee understand that interest on any such Global Security will be disbursed or
credited by the Depository to the persons having beneficial ownership thereof pursuant to a book-entry or other system maintained by the Depository. 

Except as provided in the foregoing paragraph, the Company, the Trustee and any Agent shall treat a person as the Holder of such principal
amount of outstanding Notes represented by a Global Security as shall be specified in a written statement of the Depository with respect to such Global Security, for purposes of obtaining any consents, declarations, waivers or directions required to
be given by the Holders pursuant to this Indenture. 
 The Holder of this Note shall not have recourse for the payment of principal of or
interest on this Note or for any claim based on this Note or the Indenture against any director, officer, employee or stockholder, as such, of the Company. By acceptance of this Note, the Holder waives and releases all such liability. 

 THE INDENTURE AND THIS NOTE SHALL BE GOVERNED BY THE LAWS OF THE STATE OF NEW YORK WITHOUT
REGARD TO THE CONFLICT OF LAWS PROVISIONS THEREOF. 
 All terms used but not defined in this Note which are defined in the Indenture shall
have the meanings assigned to them in the Indenture. 
 Unless the certificate of authentication has been executed by manual signature of
the Trustee, this Note shall not be valid. 

 IN WITNESS WHEREOF, the Company has caused this instrument to be duly executed manually or
in facsimile. 
 Date: April 18, 2019 
  

			
	 AUTOZONE, INC.

			
		
	 By: 
	 	 

 
			
	 Name:
	 	 Brian L. Campbell

	 Title:
	 	 VP Treasury, Tax & Investor Relations and Treasurer

  

			
	 By: 
	 	 

 
			
	 Name:
	 	 William T. Giles

	 Title:
	 	Chief Financial Officer and Executive Vice President

 [Signature Page to Global Note] 

 TRUSTEE’S CERTIFICATE OF AUTHENTICATION 

This is one of the Securities of the 
 Series designated therein,
referred to 
 in the within-mentioned Indenture. 
 REGIONS
BANK, (AS SUCCESSOR IN INTEREST TO THE BANK OF NEW YORK MELLON TRUST COMPANY, N.A.), as Trustee 
  

			
		
	By:	 	 
		 	Authorized Signatory

 [Signature Page to Global Note]

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