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Document

Exhibit 10.1

AG MORTGAGE INVESTMENT TRUST, INC. MANAGER EQUITY INCENTIVE PLAN
Effective April 7, 2021

1.PURPOSES.  The purposes of this AG Mortgage Investment Trust, Inc. Manager Equity Incentive Plan (the "Plan") are to afford an incentive to AG REIT Management, LLC, a Maryland limited liability company (the "Manager") to:  (a) continue as the Manager for the AG Mortgage Investment Trust, Inc. (the "Company"); (b) increase its efforts on behalf of the Company; and (c) promote the success of the Company’s business.  The Plan provides for the grant of stock options, restricted shares of common stock, restricted stock units, stock appreciation rights, and other equity-based awards.

2.DEFINITIONS.  For purposes of the Plan, the following terms are defined as set forth below, in addition to such terms defined in Section 1 above:

a."Affiliate" means (i) any Person directly or indirectly controlling, controlled by, or under common control with such other Person, (ii) any executive officer or general partner of such other Person or (iii) any legal entity for which such Person acts as an executive officer or general partner.  For purposes of this definition, the terms "control", "controlled by" and "under common control with" mean the possession, directly or indirectly, of the power to direct or cause the direction of the management and policies of an entity, whether through the ownership of voting securities, by contract or otherwise.
b."Applicable Laws" means the requirements relating to, connected with, or otherwise implicated by the administration of long-term incentive plans under applicable state corporation laws, United States federal and state securities laws, the Code, any stock exchange or quotation system on which the Shares are listed or quoted, applicable accounting standards and the Applicable Laws of any foreign country or jurisdiction where Awards are, or will be, granted under the Plan.
c."Award" means any Option, Stock Appreciation Right, Restricted Stock, Restricted Stock Unit, or Other Share-Based Award granted to the Manager under the Plan.
d."Award Date" means the date upon which an Award is made to the Manager under the Plan, although, in the case of any Award for which the Exercise Price, Fair Market Value, or other applicable value is determined with reference to the average weighted Share price or Share price over a particular measurement period, the Award shall not be treated as granted and subject to applicable securities law or securities exchange reporting until the applicable value is determined.
e."Award Agreement" means any written agreement between the Company and the Manager that evidences and sets out the terms and conditions of an Award.
f."Board" means the Board of Directors of the Company.
g."Change of Control" means:
i.the acquisition (whether by purchase, merger, consolidation, combination or other similar transaction) by any Person of beneficial ownership (within the meaning of Rule 13d-3 promulgated under the Exchange Act) of more than 50% (on a fully diluted basis) of either (A) the then outstanding Shares, taking into account as outstanding for this purpose such Shares issuable upon the exercise of options or warrants, the conversion of convertible stock or debt, and the exercise of any similar right to acquire such Shares or (B) the combined voting power of the then outstanding voting securities of the Company entitled to vote generally in the election of directors (the "Outstanding Company Voting Securities"); provided, however, that for purposes of the Plan, the following acquisitions shall not constitute a Change of Control: (I) any acquisition by the Company or any Affiliate of the Company; (II) any acquisition by any employee benefit plan sponsored or maintained by the Company or any Affiliate of the Company; or (III) in respect of an Award held by the Manager, any acquisition by the Manager or any group of Persons including the Manager (or any entity controlled by the Manager or any group of Persons including the Manager);
ii.during any period of 24 months, individuals who, at the beginning of such period, constitute the Board (the "Incumbent Directors") cease for any reason to constitute at least a majority of the Board, provided that any person becoming a director subsequent to 
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the date hereof, whose election or nomination for election was approved by a vote of at least two-thirds of the Incumbent Directors then on the Board (either by a specific vote or by approval of the proxy statement of the Company in which such person is named as a nominee for director, without written objection to such nomination) shall be an Incumbent Director; provided, however, that no individual initially elected or nominated as a director of the Company as a result of an actual or threatened election contest, as such terms are used in Rule 14a-12 of Regulation 14A promulgated under the Exchange Act, with respect to directors or as a result of any other actual or threatened solicitation of proxies or consents by or on behalf of any person other than the Board shall be deemed to be an Incumbent Director;
iii.the sale, transfer or other disposition of all or substantially all of the business or assets of the Company and its Subsidiaries to any Person that is not an Affiliate of the Company; or
iv.the consummation of a reorganization, recapitalization, merger, consolidation, or other similar transaction involving the Company (a "Business Combination"), unless immediately following such Business Combination 50% or more of the total voting power of the entity resulting from such Business Combination (or, if applicable, the ultimate parent entity that directly or indirectly has beneficial ownership of sufficient voting securities eligible to elect a majority of the board of directors (or the analogous governing body) of such resulting entity), is held by the holders of the Outstanding Company Voting Securities immediately prior to such Business Combination.

Notwithstanding the foregoing to the contrary, to the extent Section 409A of the Code applies with respect to an Award and a payout trigger under such Award includes a Change of Control, then addition to the foregoing any such Change of Control must also constitute a change in ownership or effective control of the Company, or a change in the ownership of a substantial portion of the assets of the Company, in any case, within the meaning of Treasury Regulation 1.409A-3(i)(5).

a."Code" means the U.S. Internal Revenue Code of 1986, as amended from time to time.  Any reference to a section of the Code herein shall include any regulations or other guidance of general applicability promulgated under such section, and shall further include any successor or amended section of such section of the Code that is so referred to and any regulations thereunder.
b."Committee" means the Compensation Committee of the Company’s Board of Directors, or any successor committee with responsibility for employee compensation, or, in the absence of a committee with responsibility for employee compensation, the Board itself; provided, however, that, unless otherwise determined by the Board, the Committee shall consist solely of two or more directors, each of whom shall be a "non-employee director" within the meaning of Rule 16b-3 under the Exchange Act.
c."Company" means AG Mortgage Investment Trust, Inc., a Maryland Corporation, or any successor corporation.
d."Exchange Act" means the U.S. Securities Exchange Act of 1934, as amended from time to time, and the rules and regulations promulgated thereunder.
e."Fair Market Value" means, with respect to Shares or other property, the fair market value of such Shares or other property determined by such methods or procedures as shall be established from time to time by the Committee.  Unless otherwise determined by the Committee in good faith, the Fair Market Value of a Share as of a particular date shall mean (i) the closing sales price per Share on the national securities exchange on which the Share is principally traded, for the last preceding date on which there was a sale of Shares on such exchange; (ii) if the Shares are then traded in an over-the-counter market, the average of the closing bid and asked prices for the Shares in such over-the-counter market for the last preceding date on which there was a sale of Shares in such market; or (iii) if the Shares are not then listed on a national securities exchange or traded in an over-the-counter market, such value as the Committee, in its sole discretion, shall determine.
f."Management Agreement" means the management agreement between the Manager and the Company.
g."Manager" means AG REIT Management, LLC, or any successor entity.
h."Option" means an Award with a right, granted to the Manager under Section 5(b) below, to purchase Shares at a specified price during specified time periods.  All Options granted hereunder 
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shall be treated as non-qualified stock options which are not intended to satisfy the requirements of Code Section 422.
i."Other Share-Based Award" means an Award granted to the Manager under Section 5(f) below.
j."Person" means any natural person, corporation, partnership, association, limited liability company, estate, trust, joint venture, any federal, state, or municipal government or any bureau, department or agency thereof or any other legal entity and any fiduciary acting in such capacity on behalf of the foregoing.
k."Restricted Stock" means an Award of Shares, granted to the Manager under Section 5(d) below, that may be subject to certain restrictions and to a risk of forfeiture.
l."Restricted Stock Unit" or "RSU" means an Award with a right, granted to the Manager under Section 5(e) below, to receive Shares, cash or a combination thereof at the end of a specified restricted period, which right may be conditioned on the satisfaction of specified performance or other criteria.
m."Securities Act" means the U.S. Securities Act of 1933, as amended from time to time, and any rules or regulations promulgated thereunder.
n."Share" means a share of the Company’s common stock, par value $0.01 per share.
o."Stock Appreciation Right" or "SAR" means an Award with a right, granted to the Manager under Section 5(c) below, to be paid an amount measured by the appreciation in the Fair Market Value of Shares from the Award Date to the date of exercise of the right.
p."Subsidiary" means, with respect to the Company, any "subsidiary corporation" within the meaning of Code Section 424(f).

3.ADMINISTRATION.

a.Authority of the Committee.  The Plan shall be administered by the Committee.  The Committee may employ one or more persons to render advice with respect to any responsibility the Committee may have under the Plan.  No member of the Committee shall be liable for any action taken or determination made in good faith with respect to the Plan or any Award granted hereunder.  The Committee shall have full and final authority, in its discretion, subject to and not inconsistent with the express provisions of the Plan, to administer the Plan and to exercise all the powers and authorities either specifically granted to it under the Plan or necessary or advisable in the administration of the Plan, including, without limitation, the authority to:
i.administer and interpret the Plan;
ii.authorize the granting of Awards;
iii.determine the number of Shares to be covered by each Award;
iv.determine the terms, provisions, and conditions of each Award (which may not be inconsistent with the terms of the Plan), including determination of Fair Market Value; and whether, to what extent, and under what circumstances, an Award may be settled in cash, Shares, other securities, other Awards, or other property;
v.prescribe the form of instruments evidencing Awards; and
vi.take any other actions and make all other determinations that it deems necessary or appropriate in connection with the Plan or the administration and interpretation thereof, including correction of any defect (including but not limited to amending an Award Agreement to comply with Applicable Laws) and reconciliation of any inconsistency in the Plan or any Award Agreement in the manner and to the extent it shall deem desirable to carry out the purposes of the Plan.

The Committee may not take any action that would result in a repricing of any Option without having first obtained the consent of the Company’s shareholders.  All decisions, determinations and interpretations of the Committee shall be final and binding on all persons, including but not limited to the Company, the Manager (or any person claiming any rights under the Plan from or through the Manager) and any shareholder.

a.Limitation of Liability.  The senior officers of the Company are authorized and directed to do all things and execute and deliver all instruments, undertakings and applications as they in their absolute discretion consider necessary for the implementation of the Plan.  The Board, the Committee, and each member thereof will be entitled to, in good faith, rely or act upon any report or other information furnished to him or her by any officer or employee of the Company or any 
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Subsidiary, the Company’s independent auditors, consultants or any other agents assisting in the administration of the Plan.  The Board, the Committee, members thereof, and any officer or employee of the Company or any Subsidiary thereof acting at the direction or on behalf of the Board or the Committee will not be personally liable for any action or determination taken or made in good faith with respect to the Plan, and will, to the extent permitted by law, be fully indemnified and protected by the Company with respect to any such action or determination.

4.SHARES SUBJECT TO PLAN.

a.Subject to adjustment as provided in Section 9 below, Awards may be made under the Plan beginning on the Effective Date for up to an aggregate of 1,720,275 Shares.  At all times, the Company will reserve and keep available a sufficient number of Shares in such manner as it may consider appropriate in order to satisfy the requirements of all outstanding Awards made under the Plan and all other outstanding but unvested Awards made under the Plan that are to be settled in Shares.
b.Shares issued under the Plan may, in whole or in part, be authorized but unissued Shares or Shares that shall have been or may be reacquired by the Company in the open market, in private transactions or otherwise.  If any vested Award granted under the Plan is paid or otherwise settled without the issuance of Shares, or if Shares are surrendered to or withheld by the Company as payment of either the exercise price of an Award and/or withholding taxes in respect of an Award, the Shares that were subject to such Award shall not again be available for Awards under the Plan.  If any Shares subject to an Award are forfeited, cancelled, exchanged or surrendered or if an Award terminates or expires without a distribution of Shares to the Manager (other than as provided in the immediately preceding sentence), the Shares with respect to such Award shall, to the extent of any such forfeiture, cancellation, exchange, surrender, termination or expiration, again be available for Awards under the Plan.  Upon the exercise of any Award granted in tandem with any other Award, such related Award shall be cancelled to the extent of the number of Shares as to which the Award is exercised and, notwithstanding the foregoing, such number of Shares shall no longer be available for Awards under the Plan.
c.No fractional Shares shall be issued or delivered pursuant to the Plan or any Award, and the Committee shall determine whether cash, other securities, or other property shall be paid or transferred in lieu of any fractional Shares, or whether such fractional Shares or any rights thereto shall be canceled, terminated, or otherwise eliminated.

5.TERMS AND CONDITIONS OF AWARDS.  All Awards will be evidenced by a written agreement between the Company and the Manager setting forth the specific terms of the Award (an "Award Agreement").  Such terms and conditions shall include the following, as well as such other provisions, not inconsistent with the Plan, as may be deemed advisable by the Committee:

a.General.  Awards may be granted on the terms and conditions set forth in this Section 5.  In addition, the Committee may impose on any Award or the exercise thereof, at the Award Date or thereafter, such additional terms and conditions, not inconsistent with the provisions of the Plan, as the Committee shall determine, including terms requiring forfeiture of Awards in the event of termination of service by the Manager.  The Committee shall retain full power and discretion to accelerate, waive, or modify, at any time, any term or condition of an Award that is not mandatory under the Plan.
b.Options.  The Committee is authorized to grant Options to the Manager on the following terms and conditions:
i.Exercise Price.  The exercise price per Share purchasable under an Option shall be determined by the Committee, but in no event shall the per Share exercise price of any Option be less than 100% of the Fair Market Value of a Share on the Award Date of such Option.
ii.Time and Method of Exercise.  The Committee shall determine the time or times at which or the circumstances under which an Option may be exercised in whole or in part (including based on achievement of performance goals and/or future service requirements), the methods by which such exercise price may be paid or deemed to be paid, and the form of such payment.  Such form may include, without limitation, cash, 
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exchange of Shares previously owned by the Manager, through a "broker cashless exercise" procedure approved by the Committee (to the extent permitted by law) or a combination of the above, in any case in an amount having a combined value equal to such exercise price; provided that the Committee may require that any Shares exchanged by the Manager have been owned by the Manager for at least six months as of the date of exercise.  An Award Agreement may provide that the Manager may pay all or a portion of the aggregate exercise price by having Shares with a Fair Market Value on the date of exercise equal to the aggregate exercise price withheld by the Company.  To the extent that the Committee permits the use of a "cashless exercise" to exercise any Option, the Committee may designate a securities brokerage firm or firms through which all such exercises must be effected.  Notwithstanding anything contained herein to the contrary, in no event will the Plan permit a "reload feature," in which replacement stock options are issued to the Manager in exchange for Shares held by the Manager upon exercise of an Option.  In no event may an Option remain exercisable more than ten (10) years following the Award Date.
c.Stock Appreciation Rights.  The Committee is authorized to grant SARs to the Manager on the following terms and conditions:
i.Right Conferred.  A SAR shall confer on the Manager a right to receive an amount with respect to each Share subject thereto, upon exercise thereof, equal to the excess of:
1.the Fair Market Value of one Share on the date of exercise over
2.the Fair Market Value of one Share on the Award Date.
ii.Other Terms.  The Committee shall determine at the Award Date or thereafter, the time or times at which and the circumstances under which a SAR may be exercised in whole or in part (including based on achievement of performance goals and/or future service requirements), the method of exercise, method of settlement, form of consideration payable in settlement, method by or forms in which Shares will be delivered or deemed to be delivered to the Manager, whether or not a SAR shall be in tandem or in combination with any other Award, and any other terms and conditions of any SAR.  SARs may be either freestanding or in tandem with other Awards.  In no event may a SAR remain exercisable more than ten (10) years following the Award Date.  A SAR granted in tandem with an Option shall be exercisable only to the extent the underlying Option is exercisable.  Payment of a SAR may be made in cash, Shares, or property as specified in the Award Agreement or determined by the Committee.
d.Restricted Stock.  The Committee is authorized to grant Restricted Stock to the Manager on the following terms and conditions:
i.Grant and Restrictions.  Restricted Stock shall be subject to such restrictions on transferability, risk of forfeiture and other restrictions, if any, as the Committee may impose, which restrictions may lapse separately or in combination at such times, under such circumstances (including based on achievement of performance goals and/or future service requirements), in such installments or otherwise, as the Committee may determine on the Award Date or thereafter.  During the restricted period applicable to the Restricted Stock, the Restricted Stock may not be sold, transferred, pledged, hypothecated, margined, or otherwise encumbered by the Manager.
ii.Certificates for Shares.  Restricted Stock granted under the Plan may be evidenced in such manner as the Committee shall determine.  If certificates representing Restricted Stock are registered in the name of the Manager, the Committee may require that such certificates bear an appropriate legend referring to the terms, conditions and restrictions applicable to such Restricted Stock, that the Company retain physical possession of the certificates, and that the Manager deliver a stock power to the Company, endorsed in blank, relating to the Restricted Stock.
iii.Dividends/Distributions.  Except to the extent otherwise provided in any Award Agreement, the Manager granted Restricted Stock shall have all of the rights of a shareholder, including the right to vote the Restricted Stock and the right to receive dividends thereon (subject to any mandatory reinvestment or other requirement imposed by the Committee).  Unless otherwise determined by the Committee, dividends or distributions paid on Restricted Stock shall be paid at the dividend or distribution payment date, provided that such payments may be deferred to such date as determined 
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by the Committee, and in any event shall be payable in cash or in Shares having a Fair Market Value equal to the amount of such dividends and distributions.  Unless otherwise determined by the Committee, Shares distributed in connection with a stock split or stock dividend, and other property distributed as a dividend or distribution, shall be subject to restrictions and a risk of forfeiture to the same extent as the Restricted Stock with respect to which such Shares or other property has been distributed.
iv.Section 83(h) Election.  If the Manager makes an election pursuant to Code Section 83(b) concerning Restricted Stock, the Manager shall be required to promptly file a copy of such election with the Company.
e.Restricted Stock Units.  The Committee is authorized to grant Restricted Stock Units to the Manager on the following terms and conditions:
i.Award and Restrictions.  Settlement of an Award of Restricted Stock Units shall occur upon expiration of the restricted period specified in the Award Agreement (or, if permitted by the Committee, at a later date selected by the Manager in accordance with rules and regulations established by the Committee).  The Committee may place restrictions on Restricted Stock Units that shall lapse, in whole or in part, only upon the attainment of one or more performance goals.
ii.Dividend/Distribution Equivalents.  The Committee is authorized to grant to the Manager the right to receive dividend equivalent payments and/or distribution equivalent payments for the period prior to settlement of the Restricted Stock Unit.  Dividend equivalents or distribution equivalents may be paid currently or credited to an account for the Manager, and may be settled in cash or Shares, as determined by the Committee.  Any such settlements, and any such crediting of dividend equivalents or distribution equivalents or reinvestment in Shares, may be subject to such conditions, restrictions and contingencies as the Committee shall establish, including the reinvestment of such credited amounts in Share equivalents.  Unless otherwise determined by the Committee, any such dividend equivalents or distribution equivalents shall be paid or credited, as applicable, on the dividend payment date to the Manager as though each Restricted Stock Unit held by the Manager was a Share.
f.Other Share-Based Awards.  The Committee is authorized, subject to limitations under Applicable Laws, to grant to the Manager such other Awards that may be denominated or payable in, valued in whole or in part by reference to, or otherwise based on, or related to, Shares, as deemed by the Committee to be consistent with the purposes of the Plan, including, without limitation, rights convertible or exchangeable into Shares, purchase rights for Shares, Awards with value and payment and/or settlement contingent upon performance of the Company or any other factors designated by the Committee, and Awards valued by reference to the value of Shares or the value of securities of or the performance of specified Subsidiaries.  The Committee shall determine the terms and conditions of such Awards.  Shares delivered pursuant to an Award in the nature of a purchase right granted under this Section 5(f) shall be purchased for such consideration, paid for at such times, by such methods, and in such forms, including, without limitation, cash, Shares or a combination thereof, as the Committee shall determine.  Cash awards, as an element of or supplement to any other Award under the Plan, may also be granted pursuant to this Section 5(f).
g.Vesting.  Except as provided otherwise in an Award Agreement, Awards generally will vest over a minimum period of three (3) years or shall be subject to a performance-based vesting schedule, except in the event of a Change of Control or other special circumstances.

6.TERMINATION OF MANAGEMENT AGREEMENT.  Upon termination of the Management Agreement either (i) by the Company for Cause (as described in the Management Agreement) or (ii) by the Manager for Cause (as described in the Management Agreement or) for any reason other than pursuant to a Termination Notice (as defined in the Management Agreement) that is given in connection with a determination that the compensation payable to the Manager is not fair, all unvested Awards then held by the Manager and all accrued and unpaid dividends or dividend equivalents related thereto shall be immediately cancelled and forfeited without consideration.  Upon termination of the Management Agreement for any reason other than as enumerated in the immediately preceding sentence, any Award that was not previously vested will become fully vested and/or payable, and any performance conditions imposed with respect to the Award will be deemed to be fully achieved; provided, however, that for any Award subject to Code Section 409A, no payment may be made 
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to the Manager unless the termination of the Management Agreement also constitutes a "separation from service" within the meaning of Code Section 409A.

7.CHANGE OF CONTROL.  In the event of a Change of Control, any Award that was not previously vested will become fully vested and/or payable, and any performance conditions imposed with respect to the Award will be deemed to be fully achieved.

8.CONDITIONS UPON ISSUANCE OF SHARES.

a.The Manager will have none of the rights of a shareholder (including, but not limited to, the right to receive dividends or other distributions from the Company, voting rights, or rights under any rights offering) until such time as such Shares have been recorded on the Company’s official shareholder records as having been issued to the Manager.
b.No Shares shall be issued under this Plan or pursuant to any Award Agreement until and unless the issuance and delivery of such Shares pursuant thereto shall comply with all relevant provisions of law, including, without limitation, the Securities Act, the Exchange Act, the rules and regulations promulgated thereunder, and the rules of any stock exchange having jurisdiction over the securities of the Company.
c.The Company may, to the extent deemed necessary or advisable by the Committee, postpone the issuance or delivery of Shares until completion of such registration or qualification of such Shares or other required action under any federal or state law, rule or regulation, listing or other required action with respect to any stock exchange or automated quotation system upon which the Shares or other securities of the Company are listed or quoted, or compliance with any other obligation of the Company, as the Committee may consider appropriate, and may require the Manager to make such representations, furnish such information and comply with or be subject to such other conditions as it may consider appropriate in connection with the issuance or delivery of Shares in compliance with Applicable Laws, rules, and regulations, listing requirements, or other obligations.

9.RECAPITALIZATION.  In the event that the Committee shall determine that any dividend or other distribution (whether in the form of cash, Shares, or other property), recapitalization, Share split, reverse split, reorganization, merger, consolidation, spin-oft combination, repurchase, or share exchange, or other similar corporate transaction or event, affects the Shares such that an adjustment is appropriate in order to prevent dilution or enlargement of the rights of the Manager under the Plan, then the Committee shall make equitable changes or adjustments to any or all of:  (a) the number and kind of Shares or other property (including cash) that may thereafter be issued in connection with Awards; (b) the number and kind of Shares or other property (including cash) issued or issuable in respect of outstanding Awards; (c) the exercise price, base price or purchase price relating to any Award and (d) the performance goals, if any, applicable to outstanding Awards.  In addition, the Committee may determine that any such equitable adjustment may be accomplished by making a payment to the Award holder, in the form of cash or other property (including but not limited to Shares).

10.TRANSFER RESTRICTIONS.  Unless otherwise determined by the Committee, an Award may not be sold, pledged, assigned, hypothecated, transferred, or disposed of in any manner.  Notwithstanding the foregoing, the Manager may allocate all or a portion of any Award, or ownership or profits interests in the any Award, to the Manager’s officers or other personnel of the Manager or its Affiliates.  Any such allocation shall not affect the other applicable terms of the Plan or the Award.  To the extent that any Award is transferable, such Award shall contain such additional terms and conditions as the Committee deems appropriate.

11.CONSTRUCTION.  The Committee shall administer, construe, interpret, and exercise discretion under the Plan and each Award Agreement in a manner that is consistent and in compliance with a reasonable, good faith interpretation of all Applicable Laws, and that avoids (to the extent practicable) the classification of any Award as "nonqualified deferred compensation" for purposes of Code Section 409A, as determined by the Committee, or if an Award is subject to Code Section 409A, in a manner that complies with Code Section 409A.  The Plan will be administered and interpreted in a manner consistent with this intent, and any provision that would cause the Plan or any Award to fail to satisfy Code Section 409A will have no force and effect until amended to comply therewith (which amendment may be retroactive to the extent permitted by Code Section 409A).

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12.NO RIGHT TO CONTINUED SERVICE.  Nothing in the Plan or in any Award, Award Agreement or other agreement entered into pursuant hereto shall confer upon the Manager a right to continue to provide services to the Company or any parent, subsidiary, or Affiliate of the Company or to be entitled to any remuneration or benefits not set forth in the Plan or such Award Agreement or other agreement or to interfere with or limit in any way the right of the Company to terminate the Management Agreement in accordance with its terms.

13.SEVERABILITY.  If any provision of the Plan, an Award or an Award Agreement is determined by a court of competent jurisdiction to be invalid, illegal, or unenforceable in any jurisdiction, or as to any person or Award, such provision shall be construed or deemed to be amended to resolve the applicable infirmity, unless the Committee determines that it cannot be so construed or deemed amended without materially altering the Plan or the Award, in which case such provision shall be stricken as to such jurisdiction, person, or Award, and the remainder of the Plan and any such Award shall remain in full force and effect.

14.TERMINATION AND AMENDMENT OF THE PLAN.

a.The Board may at any time and from time to time terminate, amend, modify or suspend the Plan in whole or in part; provided, however, that unless otherwise determined by the Board, an amendment that requires shareholder approval in order for the Plan to comply with any law, regulation or stock exchange requirement shall not be effective unless approved by the requisite vote of shareholders.  The Committee may at any time and from time to time amend any outstanding Award in whole or in part.  Notwithstanding the foregoing sentences, no amendment or modification to or suspension or termination of the Plan or amendment of any Award shall affect adversely any of the rights of the Manager, without the Manager’s consent, under any Award theretofore granted under the Plan.
b.The Board may, subject to receipt of requisite regulatory approval, where required, and without further shareholder approval, in its discretion make the following amendments to the Plan:
i.amending typographical, clerical and grammatical errors;
ii.reflecting changes to applicable securities laws; and
iii.ensuring that the Shares issued under the Plan will comply with any provisions respecting income tax and other laws in force in any country or jurisdiction of which the Manager may from time to time be resident or a citizen.
c.In the event the Plan or any Award issued hereunder fails to meet the applicable requirements of Code Section 409A, then the Plan and the applicable Award Agreement shall be deemed to be modified (and shall otherwise be amended by the Committee, in its sole and absolute discretion), to the limited extent necessary to satisfy the requirements of Code Section 409A and the regulations thereunder.

15.APPLICABLE LAW.  This Plan shall be interpreted and construed in accordance with the laws of the State of Maryland without giving effect to its conflict or choice of law rules or principles that might otherwise refer construction or interpretation of this Plan to the substantive law of another jurisdiction.

16.EFFECTIVE DATE AND DURATION OF PLAN.  The Plan is effective as of April 7, 2021, subject to any required shareholder approval.  The Plan shall remain in full force and effect from the date of shareholder approval hereof and from year to year thereafter until amended or terminated in accordance with Section 14 above.  The Plan shall automatically terminate on the tenth anniversary of the date on which it was adopted.
8EX-4.2

 Exhibit 4.2 

EXECUTION VERSION 

$500,000,000 
 1.550%
SENIOR NOTES DUE 2026 
 LABORATORY CORPORATION OF AMERICA HOLDINGS 

as 
 Issuer 

AND 
 U.S. BANK NATIONAL
ASSOCIATION 
 as 

Trustee 
 FIFTEENTH
SUPPLEMENTAL INDENTURE 
 DATED AS OF May 26, 2021 

 TABLE OF CONTENTS 

 
  

 

							
	 	 	 	  	PAGE	 
	ARTICLE 1	  

	RELATION TO INDENTURE; DEFINITIONS; RULES OF CONSTRUCTION	
 

			
	Section 1.01.	 	 Scope of Supplemental Indenture
	  	 	1	 
	Section 1.02.	 	 Relation To Indenture
	  	 	1	 
	Section 1.03.	 	 Definitions
	  	 	2	 
	Section 1.04.	 	 Capitalized Terms
	  	 	6	 
	
	ARTICLE 2	  

	THE SECURITIES	  

			
	Section 2.01.	 	 Title of the Securities
	  	 	6	 
	Section 2.02.	 	 Aggregate Principal Amount
	  	 	6	 
	Section 2.03.	 	 Maturity Date
	  	 	6	 
	Section 2.04.	 	 Ranking
	  	 	7	 
	Section 2.05.	 	 Interest
	  	 	7	 
	Section 2.06.	 	 Issuance Price
	  	 	7	 
	Section 2.07.	 	 Defeasance
	  	 	7	 
	Section 2.08.	 	 Form and Dating
	  	 	7	 
	Section 2.09.	 	 Conversion
	  	 	7	 
	Section 2.10.	 	 Guarantees
	  	 	7	 
	
	ARTICLE 3	  

	OPTIONAL REDEMPTION	  

			
	Section 3.01.	 	 Optional Redemption
	  	 	8	 
	Section 3.02.	 	 Notice of Redemption
	  	 	8	 
	
	ARTICLE 4	  

	ADDITIONAL COVENANTS	  

			
	Section 4.01.	 	 Limitation on Liens
	  	 	9	 
	Section 4.02.	 	 Limitation on Sale and Leaseback Transactions
	  	 	11	 
	Section 4.03.	 	 Limitation on Subsidiary Indebtedness and Preferred Stock
	  	 	11	 
	
	ARTICLE 5	  

	OFFER TO REPURCHASE	  

			
	Section 5.01.	 	 Offer to Repurchase
	  	 	12	 
	
	ARTICLE 6	  

	EVENTS OF DEFAULT	  

			
	Section 6.01.	 	 Events of Default
	  	 	13	 

  
 i 

							
	ARTICLE 7	  

	MISCELLANEOUS	  

			
	Section 7.01.	 	 Successors and Assigns
	  	 	13	 
	Section 7.02.	 	 Effectiveness
	  	 	13	 
	Section 7.03.	 	 Ratification of Indenture
	  	 	13	 
	Section 7.04.	 	 Governing Law
	  	 	14	 
	Section 7.05.	 	 Multiple Originals
	  	 	14	 
	Section 7.06.	 	 Headings
	  	 	14	 
	Section 7.07.	 	 Electronic Signatures
	  	 	14	 
	Section 7.08.	 	 Electronic Communication
	  	 	14	 

  
 ii 

 FIFTEENTH SUPPLEMENTAL INDENTURE (this “Supplemental Indenture”), dated as of
May 26, 2021 between Laboratory Corporation of America Holdings, a Delaware corporation (or its permitted successor) (the “Company”), and U.S. Bank National Association, as Trustee under the Indenture (the “Trustee”). 

W I T N E S S E T H 
 WHEREAS,
the Company has heretofore executed and delivered to the Trustee an indenture (the “Indenture”), dated as of November 19, 2010; 

WHEREAS, the Company proposes to create under the Indenture a new series of Securities in the form of senior notes to be designated as the
1.550% Senior Notes due 2026; 
 WHEREAS, Section 2.01 of the Indenture provides that at or prior to the issuance of any Securities
within a series, the terms of the series of Securities shall be established by a supplemental indenture or an Officers’ Certificate pursuant to authority granted under resolutions of the Board of Directors of the Company; 

WHEREAS, the Company desires to provide for the establishment of a series of Securities under the Indenture, and the form of and terms thereof
as hereinafter set forth; and 
 WHEREAS, the Company has requested that the Trustee execute and deliver this Supplemental Indenture and all
conditions necessary to authorize the execution and delivery of this Supplemental Indenture and to make it a valid and binding agreement of the Company have been done or performed. 

NOW THEREFORE, in consideration of the foregoing and for good and valuable consideration, the receipt of which is hereby acknowledged, the
Company, and the Trustee mutually covenant and agree for the equal and ratable benefit of the Holders of the Securities as follows: 

ARTICLE 1 
 RELATION
TO INDENTURE; DEFINITIONS; RULES OF CONSTRUCTION 

Section 1.01.    Scope of Supplemental Indenture. The changes, modifications and supplements to the Indenture
effected by this Supplemental Indenture shall be applicable only with respect to, and shall only govern the terms of, the Notes (as defined below) and shall not apply to any other Securities that may be issued under the Indenture unless a
supplemental indenture with respect to such other Securities specifically incorporates such changes, modifications and supplements. The provisions of this Supplemental Indenture shall supersede any corresponding provisions in the Indenture. 

Section 1.02.    Relation To Indenture. This Supplemental Indenture constitutes an integral part
of the Indenture. 

  
 1 

 Section 1.03.    Definitions. For all purposes of this
Supplemental Indenture, the following terms shall have the respective meanings set forth in this Section. 
 “Acquired
Indebtedness” means Indebtedness of a Person (i) existing at the time such Person becomes a Subsidiary of the Company or (ii) assumed in connection with the acquisition of assets by such Person, in each case, other than Indebtedness
incurred in connection with, or in contemplation of, such Person becoming a Subsidiary of the Company or such acquisition, as the case may be. For purposes of Section 4.03 hereof, any Acquired Indebtedness shall not be deemed to have been
incurred until 270 days from the date (A) the Person obligated on such Acquired Indebtedness becomes a Subsidiary of the Company or (B) the acquisition of assets, in connection with which such Acquired Indebtedness was assumed, is
consummated. 
 “Adjusted Treasury Rate” means, with respect to any redemption date, (i) the yield, under the heading which
represents the average for the immediately preceding week, appearing in, or available through, the most recently published statistical release designated “H.15” or any successor publication which is published weekly by the Board of
Governors of the Federal Reserve System (or companion online data resource published by the Board of Governors of the Federal Reserve System) and which establishes yields on actively traded United States Treasury securities adjusted to constant
maturity under the caption “Treasury Constant Maturities,” for the maturity corresponding to the Comparable Treasury Issue (if no maturity is within three months before or after the remaining term of the Notes being redeemed (assuming that
the Notes matured on the Par Call Date), yields for the two published maturities most closely corresponding to the Comparable Treasury Issue shall be determined and the Adjusted Treasury Rate shall be interpolated or extrapolated from such yields on
a straight line basis, rounding to the nearest month) or (ii) if such release (or any successor release) is not published during the week preceding the calculation date or does not contain such yields, the rate per year equal to the semi-annual
equivalent yield to maturity of the Comparable Treasury Issue (expressed as a percentage of its principal amount) assuming a price for the Comparable Treasury Issue equal to the Comparable Treasury Price for such redemption date, in each case
calculated on the third Business Day preceding the redemption date, plus the make-whole spread specified in Section 3.01 of this Supplemental Indenture. 

“Attributable Debt” means, with respect to a Sale and Leaseback Transaction, an amount equal to the lesser of: (1) the fair
market value of the property (as determined in good faith by the Company’s Board of Directors); and (2) the present value of the total net amount of rent payments to be made under the lease during its remaining term, discounted at the rate
of interest set forth or implicit in the terms of the lease, compounded semi-annually. 
 “Below Investment Grade Rating Event”
means the Notes are rated below Investment Grade by both Rating Agencies on any date from the date of the public notice of an arrangement that could result in a Change of Control until the end of the 60-day
period following public notice of the occurrence of a Change of Control, which period shall be extended so long as the rating of the Notes is under publicly announced consideration for possible downgrade by either of the Rating Agencies. 

  
 2 

 “Capitalized Lease” means any obligation of a Person to pay rent or other amounts
incurred with respect to real property or equipment acquired or leased by such Person and used in its business that is required to be recorded as a capital lease in accordance with GAAP; provided that, for purposes of this definition only,
“GAAP” shall mean GAAP as in effect as of November 25, 2019 and not as in effect from time to time. 
 “Change of
Control” means the occurrence of any of the following: 
  

	 	(a)	 the direct or indirect sale, lease, transfer, conveyance or other disposition (other than by way of merger or
consolidation), in one or a series of related transactions, of all or substantially all of the properties or assets of the Company and those of its Subsidiaries, taken as a whole, to any “person” (as that term is used in
Section 13(d)(3) of the Exchange Act), other than the Company or a Subsidiary Guarantor that is a wholly owned Subsidiary of the Company; 

  

	 	(b)	 the adoption of a plan relating to the liquidation or dissolution of the Company; 

 

	 	(c)	 the consummation of any transaction (including, without limitation, any merger or consolidation) the result of
which is that any “person” (as that term is used in Section 13(d)(3) of the Exchange Act), other than the Company or a Subsidiary Guarantor that is a wholly-owned Subsidiary of the Company, 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 Voting Stock of the Company, measured by voting power rather
than number of shares; or 

  

	 	(d)	 the first day on which a majority of the members of the Board of Directors are not Continuing Directors.

 Notwithstanding the foregoing, a transaction effected to create a holding company for the Company will not be deemed to
involve a Change of Control if (1) pursuant to such transaction the Company becomes a wholly owned Subsidiary of such holding company and (2) the holders of the Voting Stock of such holding company immediately following such transaction
are the same as the holders of the Voting Stock of the Company immediately prior to such transaction. 
 “Change of Control Repurchase
Event” means the occurrence of a Change of Control and a Below Investment Grade Rating Event. 
 “Comparable Treasury Issue”
means the United States Treasury security selected by the Quotation Agent as having a maturity comparable to the remaining term from the redemption date to the Par Call Date of the Notes being redeemed that would be utilized, at the time of
selection and in accordance with customary financial practice, in pricing new issues of corporate debt securities of comparable maturity to the remaining term of the Securities. 

  
 3 

 “Comparable Treasury Price” means, with respect to any redemption date, if clause
(ii) of the Adjusted Treasury Rate is applicable, the average of three, or such lesser number as is obtained by the Trustee, Reference Treasury Dealer Quotations for such redemption date. 

“Consolidated Total Assets” means, with respect to any Person as of any date, the amount of total assets as shown on the
consolidated balance sheet of such Person for the most recent fiscal quarter for which financial statements have been filed with the Commission, prepared in accordance with GAAP, and calculated on a Pro Forma Basis. 

“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 first date that any of the Notes were issued; or

  

	 	(b)	 was nominated for election or elected to the Board of Directors with the approval of a majority of the
Continuing Directors who were members of the Board of Directors at the time of such nomination or election (either by a specific vote or by approval of the Company’s proxy statement in which such member was named as a nominee for election as a
director, without objection to such nomination). 

 “Investment Grade” means a rating of Baa3 or better by
Moody’s (or its equivalent under any successor rating categories of Moody’s) and BBB- or better by S&P (or its equivalent under any successor rating categories of S&P) (or, in each case, if
such Rating Agency ceases to rate the Notes for reasons outside of the Control of the Company, the equivalent investment grade credit rating from any Rating Agency selected by the Company as a replacement Rating Agency). 

“Make-Whole Amount” means the sum, as determined by a Quotation Agent, of the present values of the scheduled payments of principal
and interest (exclusive of interest to the redemption date) from the redemption date to the Par Call Date, in each case discounted to the redemption date on a semi-annual basis, assuming a 360-day year
consisting of twelve 30-day months, at the Adjusted Treasury Rate. 
 “Moody’s” means
Moody’s Investors Service, Inc., a subsidiary of Moody’s Corporation, and its successors. 
 “Notes” means the
$500,000,000 1.550% Senior Notes due 2026 whose CUSIP is 50540R AX0. 
 “Par Call Date” means May 1, 2026. 

  
 4 

 “Permitted Acquired Indebtedness” means any Acquired Indebtedness that remains
outstanding following the expiration of a good faith offer by the Company or a Subsidiary of the Company obligated under such Acquired Indebtedness to acquire such Acquired Indebtedness, including, without limitation, an offer to exchange such
Acquired Indebtedness for debt securities for the Company, on terms, which in the opinion of an independent investment banking firm of national reputation and standing, are consistent with market practices in existence at the time for offers of a
similar nature; provided that the initial expiration date of any such offer shall be not later than the expiration of the 270-day period referred to in the definition of “Acquired Indebtedness”;
provided further, that the amount of Acquired Indebtedness that shall constitute “Permitted Acquired Indebtedness” shall only be equal to the amount of Acquired Indebtedness that the Company or such Subsidiary of the Company has made an
offer to acquire in accordance with the foregoing; and provided further, that the foregoing offer requirement shall not apply to Acquired Indebtedness in the form of Capitalized Leases. 

“Principal Property” means any real property and any related buildings, fixtures or other improvements located in the United States
owned by the Company or its Subsidiaries (1) that is an operating property included in the list of principal properties in Item 2 (or any successor Item thereto) of the annual report on Form 10-K of the
Company filed with the Commission for the most recently ended fiscal year, or is an operating property acquired subsequent to such filing that would have been included in such Item 2 if it had been owned prior to the date of such filing or
(2) the net book value of which as of the end of the last fiscal quarter ending immediately prior to the date of determination exceeds 1% of the Consolidated Total Assets of the Company as of the same date. 

“Pro Forma Basis” means, in connection with any calculation of compliance with covenants determined by reference to Consolidated
Total Assets, the calculation thereof after giving effect on a pro forma basis to (a) any assumption, incurrence, repayment or other disposition of Indebtedness, (b) any acquisitions or dispositions that have been made by the Company or
any of its Subsidiaries or any Person or any of its Subsidiaries acquired by the Company or any of its Subsidiaries and (c) any other event that materially impacts the calculation of Consolidated Total Assets, in each case, occurring subsequent
to the date of the consolidated balance sheet used to calculate compliance and on or prior to the calculation date. 
 “Rating
Agency” means: 
 (a)    each of Moody’s and S&P; and 

(b)    if either of Moody’s or S&P ceases to rate the Notes or fails to make a rating of the Notes publicly
available for reasons outside of the Control of the Company, a “nationally recognized statistical rating organization” within the meaning of Section 3(a)(62) of the Exchange Act selected by the Company as a replacement agency for
Moody’s or S&P, or both, as the case may be. 

  
 5 

 “Reference Treasury Dealer” means BofA Securities, Inc. and its successors and
assigns, Wells Fargo Securities, LLC and its successors and assigns and a primary U.S. government securities dealer selected by KeyBanc Capital Markets Inc. 

“Restricted Subsidiary” means any Subsidiary of the Company that owns a Principal Property. 

“S&P” means Standard & Poor’s Ratings Services, a division of The McGraw-Hill Companies, Inc., and its successors.

 “Sale and Leaseback Transaction” means any arrangement with any Person providing for the leasing by the Company or any
Restricted Subsidiary of real or personal property that is to be sold or transferred by the Company or such Restricted Subsidiary to such Person or to any other Person to whom funds have been or are to be advanced by such Person on the security of
such property or rental obligations of the Company or such Restricted Subsidiary. 
 “Voting Stock”, as applied to stock of any
Person, means shares, interests, participations or other equivalents in the equity interest (however designated) in such Person having ordinary voting power for the election of a majority of the directors (or the equivalent) of such Person, other
than shares, interests, participations or other equivalents having such power only by reason of the occurrence of a contingency. 

Section 1.04.    Capitalized Terms. Capitalized terms used herein but not defined shall have the meanings
assigned to them in the Indenture. 
 ARTICLE 2 

THE SECURITIES 

There is hereby established a series of Securities pursuant to the Indenture with the following terms: 

Section 2.01.    Title of the Securities. The series of Securities shall be designated the 1.550% Senior Notes
due 2026 (the “Notes”) whose CUSIP is 50540R AX0. 
 Section 2.02.    Aggregate Principal Amount.
The Notes shall be initially issued in an aggregate principal amount of $500,000,000 (not including the Notes authenticated and delivered upon registration of, transfer of, or in exchange for, or in lieu of, other Notes pursuant to Sections 2.05,
2.06, 2.07, 2.08, 3.01 or 10.02 of the Indenture) and additional Notes may be issued from time to time without notice to or consent of the Holders, provided that if the additional Notes are not fungible with the then-outstanding Notes for U.S.
federal income tax purposes, the additional Notes shall have a separate CUSIP number. 

Section 2.03.    Maturity Date. The date on which the principal, and all accrued and unpaid interest on, the
Notes is payable is June 1, 2026, subject to the provisions of the Indenture relating to acceleration. 

  
 6 

 Section 2.04.    Ranking. The Notes shall be unsecured
senior debt of the Company and shall rank on a parity with all other unsecured and unsubordinated Indebtedness of the Company. 

Section 2.05.    Interest. The Notes shall bear interest from May 26, 2021, or from the most recent
Interest Payment Date to which interest has been paid or duly provided for, at a rate of 1.550% per annum, payable semi-annually on June 1 and December 1 of each year, commencing December 1, 2021. The Company shall pay interest to the
Person in whose name a Note is registered at the close of business on May 15 or November 15, as the case may be, preceding the Interest Payment Date. The Company shall compute interest on the basis of a
360-day year consisting of twelve 30-day months. 

Section 2.06.    Issuance Price. [Intentionally Omitted] 

Section 2.07.    Defeasance. The Notes shall be subject to defeasance under Section 10.02 of the
Indenture, provided that for purposes of Sections 10.03(6) and (7) of the Indenture, the term “Securityholders” shall refer to the beneficial owners of the Notes. 

Section 2.08.    Form and Dating. (a) The Notes shall be substantially in the form of Exhibit A hereto.
The Notes may have notations, legends or endorsements required by law, stock exchange rule or usage. Each Note shall be dated the date of its authentication. 

(a)    The terms and provisions contained in the Notes shall constitute, and are hereby expressly made, a part of this
Supplemental Indenture, and the Company and the Trustee, by their execution and delivery of this Supplemental Indenture, expressly agree to such terms and provisions and to be bound thereby. However, to the extent any provision of any Notes
conflicts with the express provisions of this Supplemental Indenture, the provisions of this Supplemental Indenture shall govern and be controlling. 

(b)    The Notes shall be issued in the form of fully-registered Global Securities. The Global Securities shall be
deposited with, or on behalf of, the Depositary and registered in the name of the Depositary or its nominee. Except as set forth in Section 2.11 of the Indenture, the Global Securities may be transferred, in whole and not in part, only by the
Depositary to its nominee or by its nominee to such Depositary or another nominee of the Depositary or by the Depositary or its nominee to a successor of the Depositary or a nominee of such successor. In addition, the Company may at any time
determine not to have the Notes represented by Global Securities, and, in such event, will issue Notes in certificated form in exchange for the Global Securities. In either instance, an owner of an interest in the Global Securities would be entitled
to physical delivery of such Notes in certificated form. Notes so issued in certificated form shall be issued in denominations of $1,000 and integral multiples of $1,000 in excess thereof and shall be issued in registered form only. 

Section 2.09.    Conversion. The Notes shall not be convertible into any shares of common stock of the Company
or other securities of the Company. 
 Section 2.10.    Guarantees. The Notes are not guaranteed by any
guarantor. 

  
 7 

 ARTICLE 3 

OPTIONAL REDEMPTION 

Section 3.01.    Optional Redemption. Prior to May 1, 2026, the Company may redeem the Notes, in whole or
in part, at any time, or from time to time, at its option at a price equal to the greater of (1) 100% of the principal amount of the Notes being redeemed plus accrued and unpaid interest to the redemption date and (2) the Make-Whole Amount for
the Notes, which shall include a make-whole spread of 0.125%. 
 On or after May 1, 2026, the Company may redeem the Notes in whole or
in part, at any time, or from time to time, at its option, at a price equal to 100% of the principal amount of the Notes to be redeemed, plus accrued and unpaid interest to the redemption date. 

Notice of any redemption of the Notes in connection with a corporate transaction that is pending (including, but not limited to, an equity
offering, an incurrence of Indebtedness or a transaction that would result in a Change of Control Repurchase Event) may, at the Company’s discretion, be given subject to one or more conditions precedent, including, but not limited to,
completion of the transaction. If such redemption is so subject to satisfaction of one or more conditions precedent, such notice (i) shall describe each such condition, (ii) shall state that, in the Company’s discretion, the
redemption date may be postponed, for up to 60 days following the notice of redemption, until such time as any or all such conditions have been satisfied (or waived by the Company) and (iii) may be rescinded in the event that any or all such
conditions shall not have been satisfied or otherwise waived by the redemption date. The Company shall notify Holders of any such rescission or postponement as soon as practicable after the Company determines that it will not be able to satisfy or
otherwise waive such conditions precedent. Once notice of redemption is mailed or sent, subject to the satisfaction of any conditions precedent provided in the notice of redemption, the Notes called for redemption will become due and payable on the
redemption date and at the applicable redemption price, plus accrued and unpaid interest to the redemption date. 

Section 3.02.    Notice of Redemption. At least 10 days but not more than 60 days before a date for redemption
of the Notes, the Company shall mail, by first-class mail, or electronically deliver, a notice of redemption to each Holder of Notes to be redeemed at such Holder’s registered address. 

The notice shall identify the Notes to be redeemed (including CUSIP numbers) and shall state: 

(i)    the redemption date; 

(ii)    a description of how the redemption price will be calculated; 

(iii)    the name and address of the Paying Agent; 

  
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 (iv)    that Notes called for redemption must be
surrendered to the Paying Agent to collect the redemption price; 
 (v)    if fewer than all the
outstanding Notes are to be redeemed, the identification and principal amounts of the Notes to be redeemed; 

(vi)    that, unless the Company defaults in making such redemption payment, interest on Notes (or portion
thereof) called for redemption ceases to accrue on and after the redemption date; and 
 (vii)    that no
representation is made as to the correctness or accuracy of the CUSIP number, if any, listed in such notice or printed on the Notes. 
 The
Trustee shall give the notice of redemption in the Company’s name and at the Company’s expense. The Company shall provide the Trustee with the information required by this Section. In such event the Company shall give the Trustee 10 days
(or such shorter notice as shall be agreed to by the Trustee) prior notice prior to the delivery of the notice. 
 ARTICLE 4 

ADDITIONAL COVENANTS 

Section 4.01.    Limitation on Liens. So long as any Notes are outstanding, the Company shall not, and shall
not permit any Restricted Subsidiary to, create, incur, assume or suffer to exist any Lien upon any Principal Property or shares of stock or Indebtedness of any Restricted Subsidiary to secure any Indebtedness, without effectively providing that the
Notes shall (so long as such other Indebtedness shall be so secured) be equally and ratably secured. 
 The foregoing limitation shall not
apply to: 
 (a)    Liens for taxes not yet due or that are being contested in good faith by appropriate proceedings,
provided that adequate reserves with respect thereto are maintained on the books of the Company or the books of the Restricted Subsidiaries, as the case may be, in conformity with GAAP; 

(b)    carriers’, warehousemen’s, mechanics’, materialmen’s, repairmen’s or other like Liens
arising in the ordinary course of business securing obligations that are not overdue for a period of more than 90 days or that are being contested in good faith by appropriate proceedings; 

(c)    pledges or deposits in connection with workers’ compensation, unemployment insurance and other social security
legislation and deposits securing liability to insurance carriers under insurance or self-insurance arrangements; 

  
 9 

 (d)    deposits to secure the performance of bids, trade contracts
(other than for borrowed money), leases, statutory obligations, surety and appeal bonds, performance bonds and other obligations of a like nature incurred in the ordinary course of business; 

(e)    easements, rights-of-way,
restrictions and other similar encumbrances incurred in the ordinary course of business that, in the aggregate, are not substantial in amount and that do not in any case materially detract from the value of the property subject thereto or materially
interfere with the ordinary conduct of the business of the Company or of such Restricted Subsidiary; 
 (f)    Liens in
existence on the first date of the issuance of the Notes; 
 (g)    Liens arising in connection with trade letters of
credit issued for the account of the Company or the account of a Restricted Subsidiary securing the reimbursement obligations in respect of such letters of credit, provided, that such Liens encumber only the property being acquired through payments
made under such letters of credit or the documents of title and shipping and insurance documents relating to such property; 

(h)    Liens on intellectual property acquired by the Company or a Restricted Subsidiary (such as software) securing the
obligation of the Company or the obligation of such Restricted Subsidiary to make royalty or similar payments to the seller of such intellectual property, provided, that such Liens encumber only the intellectual property to which such payments
relate; 
 (i)    any Lien upon any property or assets created at the time of the acquisition, purchase, lease,
improvement or development of property or assets used or held by the Company or any Restricted Subsidiary or within one year after such time to secure all or a portion of the purchase price or lease for, or the costs of improvement or development
of, such property or assets; 
 (j)    any Lien upon any property or assets existing thereon at the time of the
acquisition thereof (provided such Lien was not incurred in anticipation of such acquisition) by the Company or any Restricted Subsidiary (whether or not the obligations secured thereby are assumed by the Company or any Restricted Subsidiary); 

(k)    any Lien in favor of the Company or any Restricted Subsidiary; 

(l)    Liens in respect of judgments that do not constitute an Event of Default; 

(m)    Liens to secure any extension, renewal, refinancing or refunding (or successive extensions, renewals, refinancings
or refundings), in whole or in part, of any Indebtedness secured by Liens referred to in the foregoing clauses (f) through (l) or Liens created in connection with any amendment, consent or waiver relating to such Indebtedness, so long as such
Lien does not extend to any other property and the Indebtedness so secured does not exceed the fair market value (as determined by the Board of Directors) of the assets subject to such Liens at the time of such extension, renewal, refinancing or
refunding, or such amendment, consent or waiver, as the case may be; or 

  
 10 

 (n)    any Lien securing any Indebtedness in an amount which, together
with, without duplication, (i) all other Indebtedness secured by a Lien that is not otherwise permitted by the foregoing provisions, (ii) the Attributable Debt of any Sale and Leaseback Transaction that is not otherwise permitted under
clauses (a) through (d) in Section 4.02, and (iii) any Indebtedness incurred by a Subsidiary of the Company pursuant to clause (c) in Section 4.03 does not at the time of the incurrence of the Indebtedness so secured exceed
10% of the Consolidated Total Assets of the Company. 
 Section 4.02.    Limitation on Sale and Leaseback
Transactions. So long as any Notes are outstanding, the Company shall not, and shall not permit any Restricted Subsidiary to, enter into any Sale and Leaseback Transaction with respect to any Principal Property unless: 

(a)    the Sale and Leaseback Transaction involves a lease for a term of not more than five years; 

(b)    the Sale and Leaseback Transaction is between the Company and a Subsidiary Guarantor or between Subsidiary
Guarantors; 
 (c)    the Company or a Restricted Subsidiary would be entitled to incur Indebtedness secured by a Lien
on such property or assets involved in such Sale and Leaseback Transaction without equally and ratably securing the Notes pursuant to Section 4.01; 

(d)    the cash proceeds of such Sale and Leaseback Transaction are at least equal to the fair market value thereof or the
debt attributable thereto and the Company applies an amount equal to the greater of the net proceeds of such sale or the Attributable Debt with respect to such Sale and Leaseback Transaction within 270 days of such sale to either (or a combination)
of (x) the retirement (other than the mandatory retirement, mandatory prepayment or sinking fund payment or by payment at maturity) of the long-term debt of the Company or the long-term debt of a Restricted Subsidiary (other than long-term debt
that is subordinated to the Notes) or (y) the acquisition, purchase, improvement or development of other comparable property, including the acquisition of other businesses; or 

(e)    the Attributable Debt of the Sale and Leaseback Transaction is in an amount which, together with, without
duplication, (i) all of the Attributable Debt of the Company and its Restricted Subsidiaries under this clause (e), (ii) all other Indebtedness secured by a Lien that is not otherwise permitted by the provisions of clauses (a) through (m)
pursuant to Section 4.01, and (iii) any Indebtedness incurred by a Subsidiary of the Company pursuant to clause (c) in Section 4.03 does not at the time of such transaction exceed 10% of the Consolidated Total Assets of the
Company. 
 Section 4.03.    Limitation on Subsidiary Indebtedness and Preferred Stock. So long as any Notes
are outstanding, the Company shall not cause or permit its direct or indirect Subsidiaries to incur, create, issue, assume or permit to exist any Indebtedness or Preferred Stock (other than Permitted Indebtedness) unless the amount of such

  
 11 

 
Indebtedness or Preferred Stock, when taken together with, without duplication, (a) all other Indebtedness (other than Permitted Indebtedness) incurred pursuant to this Section 4.03,
(b) all other Indebtedness secured by a Lien that is not otherwise permitted by the provisions of clauses (a) through (m) in Section 4.01, and (c) the Attributable Debt of any Sale and Leaseback Transaction that is not
otherwise permitted by the provisions of clauses (a) through (d) in Section 4.02, does not at the time of the incurrence exceed the greater of (i) $2,041.70 million and (ii) 10% of the Consolidated Total Assets of the Company.

 ARTICLE 5 

OFFER TO REPURCHASE 

Section 5.01.    Offer to Repurchase. If a Change of Control Repurchase Event occurs, unless the Company has
exercised its right to redeem the Notes as described in Section 3.01, the Company shall make an offer to each Holder of Notes to repurchase all or any part (in multiples of $1,000 principal amount) of that Holder’s Notes at a repurchase
price in cash equal to 101% of the aggregate principal amount of Notes repurchased plus any accrued and unpaid interest on the Notes repurchased to the date of purchase. Within 30 days following any Change of Control Repurchase Event or, at the
option of the Company, prior to any Change of Control, but after the public announcement of the Change of Control, the Company will mail a notice to each Holder describing the transaction or transactions that constitute or may constitute the Change
of Control Repurchase Event and offer to repurchase Notes on the payment date specified in the notice, which date shall be no earlier than 10 days and no later than 60 days from the date such notice is mailed. The notice shall, if mailed prior to
the date of consummation of the Change of Control, state that the offer to purchase is conditioned on the Change of Control Repurchase Event occurring on or prior to the payment date specified in the notice. The Company shall comply with the
requirements of Rule 14e-1 under the Exchange Act and any other securities laws and regulations thereunder to the extent those laws and regulations are applicable in connection with the repurchase of the Notes
as a result of a Change of Control Repurchase Event. To the extent that the provisions of any securities laws or regulations conflict with the Change of Control Repurchase Event provisions of the Notes, the Company will comply with the applicable
securities laws and regulations and will not be deemed to have breached its obligations under the Change of Control Repurchase Event provisions of the Notes by virtue of such conflict. 

On the Change of Control Repurchase Event payment date, the Company shall, to the extent lawful: 

(a)    accept for payment all Notes or portions of Notes properly tendered pursuant to its offer; 

(b)    deposit with the Paying Agent an amount equal to the aggregate purchase price in respect of all Notes or portions
of Notes properly tendered; and 

  
 12 

 (c)    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 being purchased by the Company. 

The Paying Agent will promptly mail to each Holder of Notes properly tendered the purchase price for the Notes, 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 $1,000 or an
integral multiple of $1,000 in excess thereof. 
 The Company shall not be required to make an offer to repurchase the Notes upon a Change
of Control Repurchase Event if a third party makes an offer in the manner, at the times and otherwise in compliance with the requirements for an offer made by the Company and such third party purchases all Notes properly tendered and not withdrawn
under its offer. 
 ARTICLE 6 

EVENTS OF DEFAULT 

Section 6.01.    Events of Default. The following Sections 6.01(5) and 6.01(6) shall replace Sections 6.01(5)
and 6.01(6), respectively, in the Indenture: 
 (5)    any default or event of default under any Indebtedness of the
Company or any of its Subsidiaries (other than any Indebtedness of the Company or any Subsidiary to the seller of a business or asset incurred in connection with the purchase thereof) which default or event of default results in at least
$200.00 million of aggregate principal amount of such Indebtedness being declared due and payable prior to maturity; 

(6)    failure by the Company or any of its Subsidiaries to pay at maturity or otherwise when due (after giving effect to
any applicable grace period) at least $200.00 million aggregate principal amount of Indebtedness at any one time; 
 ARTICLE 7 

MISCELLANEOUS 

Section 7.01.    Successors and Assigns. All of the covenants, stipulations, promises and agreements in this
Supplemental Indenture contained by or on the behalf of the Company shall bind its successors and assigns, whether so expressed or not. 

Section 7.02.    Effectiveness. This Supplemental Indenture shall become effective upon its execution and
delivery. 
 Section 7.03.    Ratification of Indenture. The Indenture as supplemented by this Supplemental
Indenture, is in all respects ratified and confirmed, and this Supplemental Indenture shall be deemed part of the Indenture in the manner and to the extent herein and therein provided. 

  
 13 

 Section 7.04.    Governing Law. This Supplemental Indenture
shall be deemed to be a contract made under the internal laws of the State of New York, and for all purposes shall be construed in accordance with the laws of said State, but without giving effect to applicable principles of conflicts of law to the
extent that the application of the laws of another jurisdiction would be required thereby. 

Section 7.05.    Multiple Originals. The parties may sign any number of copies of this Supplemental Indenture.
Each signed copy shall be an original, but all of them together represent the same agreement. One signed copy is enough to prove this Supplemental Indenture. 

Section 7.06.    Headings. The headings of the Sections of this Supplemental Indenture have been inserted for
convenience of reference only, are not intended to be considered a part hereof and shall not modify or restrict any of the terms or provisions hereof. 

Section 7.07.     Electronic Signatures. All notices, approvals, consents, requests and any communications
hereunder must be in writing, provided that any communication sent to the Trustee hereunder must be in the form of a document that is signed manually or by way of a digital signature provided by a digital signature provider (as specified in writing
to the Trustee by the authorized representative), in English. The Company agrees to assume all risks arising out of the use of using digital signatures and electronic methods to submit communications to the Trustee, including without limitation the
risk of the Trustee acting on unauthorized instructions, and the risk of interception and misuse by third parties. 

Section 7.08.    Electronic Communication. The Company may send notices and other communications hereunder by
electronic mail. The Company agrees that the Trustee cannot determine the identity of the actual sender of such communications and that the Trustee shall conclusively presume that communications that purport to have been sent by an authorized
officer of the Company have been sent by such authorized officer. The Company shall be responsible for ensuring that only authorized officers transmit such communications to the Trustee, and the Company and the authorized officers are responsible
for safeguarding the use and confidentiality of applicable user and authorization codes, passwords and authentication keys provided by the Trustee. The Trustee shall not be liable for any losses, costs, or expenses arising directly or indirectly
from the Trustee’s reliance upon and compliance with such communications notwithstanding such communications conflict or are inconsistent with a subsequent written communication. The Company agrees (i) to assume all risks arising out of
the use of electronic mail to submit communications to the Trustee, including without limitation the risk of the Trustee acting on unauthorized instructions and the risk or interception and misuse by third parties; (ii) that it is fully
informed of the protections and risks associated with the various methods of transmitting communications to the Trustee and that there may be more secure methods of transmitting communications than the method(s) selected by the Company;
(iii) that the security procedures (if any) to be followed in connection with its transmission of communications provide to it a commercially reasonable degree of protection in light of its particular needs and circumstances; and (iv) that
it will notify the Trustee immediately upon learning of any compromise or unauthorized use of the security procedures. 

  
 14 

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

					
	LABORATORY CORPORATION OF AMERICA HOLDINGS
		
	By:	 	 /s/ Sandra van der Vaart

		 	Name:	 	Sandra van der Vaart
		 	Title:	 	Executive Vice President, Chief Legal Officer, Chief Compliance Officer and Corporate Secretary

  
 [Signature Page to
Fifteenth Supplemental Indenture] 

 
					
	U.S. BANK NATIONAL ASSOCIATION, Trustee
		
	By:	 	 /s/ Allison Lancaster-Poole

		 	Name:	 	Allison Lancaster-Poole
		 	Title:	 	Vice President

  
 [Signature Page to
Fifteenth Supplemental Indenture] 

 Exhibit A 

[FORM OF INITIAL NOTE] 
 EXCEPT AS OTHERWISE
PROVIDED IN SECTION 2.11 OF THE INDENTURE, THIS NOTE MAY BE TRANSFERRED, IN WHOLE BUT NOT IN PART, ONLY TO THE DEPOSITARY, ANOTHER NOMINEE OF THE DEPOSITARY OR TO A SUCCESSOR DEPOSITARY OR TO A NOMINEE OF SUCH SUCCESSOR DEPOSITARY 

 

			
		  	CUSIP No. 50540R AX0
		  	ISIN No. US50540RAX08
		
	No. [1]	  	
		
		  	$500,000,000
	
	1.550% Senior Note due 2026

 Laboratory Corporation of America Holdings, a Delaware corporation, promises to pay to CEDE & CO., or
registered assigns, the principal amount set forth on Schedule I hereto on June 1, 2026. 
 Interest Payment Dates: June 1 and
December 1, commencing December 1, 2021. 
 Record Dates: May 15 and November 15. 

Additional provisions of this Note are set forth on the other side of this Note. 

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

Dated:  
  

					
	LABORATORY CORPORATION OF AMERICA HOLDINGS
		
	By:	 	  

		 	Name:	 	
		 	Title:	 	
		
	By:	 	  

		 	Name:	 	
		 	Title:	 	

 TRUSTEE’S CERTIFICATE OF AUTHENTICATION 

 

					
	U.S. Bank National Association, as Trustee, certifies that this is one of the Securities referred to in the Indenture.
		
	By:	 	  

		 		 	 Authorized Signatory

 Dated:  

 [FORM OF REVERSE OF NOTE] 

1.550% Senior Note due 2026 
  

	1.	 Indenture 

This Note is one of a duly authorized series of debt securities of Laboratory Corporation of America Holdings, a Delaware corporation (such
corporation, and its successors and assigns under the Indenture hereinafter referred to, being herein called the “Company”), designated as the 1.550% Senior Notes due 2026 (the “Notes”) issued under an Indenture dated as of
November 19, 2010 (the “Base Indenture”), as supplemented by the Fifteenth Supplemental Indenture dated May 26, 2021 (the “Supplemental Indenture,” and collectively with the Base Indenture, the “Indenture”),
between the Company and the Trustee. The terms of the Notes include those stated in the Indenture and those made part of the Indenture by reference to the Trust Indenture Act of 1939 as in effect on the date of the Indenture (the “Act”).
Terms defined in the Indenture and not defined herein have the meanings ascribed thereto in the Indenture. The Notes are subject to all such terms, and Holders are referred to the Indenture and the Act for a statement of those terms. 

The Notes are general unsecured obligations of the Company. The Company shall be entitled, without notice to or consent of the Holders, to
issue additional debt securities under the Indenture on the same terms and conditions as the Notes (except for the interest accrual date and first Interest Payment Date) in accordance with the Indenture. The Notes and any additional debt securities
will be treated as a single series of debt securities for all purposes under the Indenture. The Indenture contains covenants that limit the ability of the Company and its Restricted Subsidiaries to create Liens on assets and engage in Sale and
Leaseback Transactions. The Indenture also contains a covenant that limits the ability of the Company’s Subsidiaries from incurring Indebtedness or issuing Preferred Stock. These covenants are subject to important exceptions and qualifications.

  

	2.	 Interest 

The Company promises to pay interest on the principal amount of this Note at the rate per annum shown above. The Company shall pay interest
semi-annually on June 1 and December 1 of each year, commencing December 1, 2021. Interest on the Notes shall accrue from the most recent date to which interest has been paid or, if no interest has been paid, from May 26, 2021.
Interest shall be computed on the basis of a 360-day year of twelve 30-day months. The Company shall pay interest on overdue principal at the rate borne by the Notes
plus 1% per annum, and it shall pay interest on overdue installments of interest at the same rate to the extent lawful. 
  

	3.	 Method of Payment 

The Company shall pay interest on the Notes (except Defaulted Interest) to the Persons who are Registered Holders of Notes at the close of
business on the May 15 or 

  
 4 

 
November 15 next preceding the Interest Payment Date even if the Notes are canceled after the record date and on or before the Interest Payment Date. Holders must surrender Notes to a Paying
Agent to collect principal payments. The Company shall pay principal and interest in money of the United States that at the time of payment is legal tender for payment of public and private debts. Payments in respect of the Notes represented by a
Global Security (including principal, premium and interest) will be made by wire transfer of immediately available funds to the accounts specified by The Depository Trust Company. The Company shall make all payments in respect of a certificated Note
(including principal, premium and interest) by mailing a check to the registered address of each Holder thereof; provided that payments on a certificated Note will be made by wire transfer to a U.S. dollar account maintained by the payee with a bank
in the United States if such Holder elects payment by wire transfer by giving written notice to the Trustee or the Paying Agent to such effect designating such account no later than 30 days immediately preceding the relevant due date for payment (or
such other date as the Trustee may accept in its discretion). 
  

	4.	 Paying Agent and Security Registrar 

Initially, U.S. Bank National Association, a national banking association (the “Trustee”), will act as Paying Agent and Security
Registrar. The Company may appoint and change any Paying Agent, Security Registrar or co-Security Registrar without notice. The Company or any of its domestically incorporated wholly owned Subsidiaries may act
as Paying Agent, Security Registrar or co-Security Registrar. 
  

	5.	 Optional Redemption 

In accordance with Section 3.01 of the Indenture, the Notes are subject to redemption, in whole or in part, at any time, or from time to
time, prior to May 1, 2026, at the option of the Company, at a redemption price equal to the greater of (1) 100% of the principal amount of the Notes being redeemed plus accrued and unpaid interest to the redemption date or (2) the
Make-Whole Amount for the Notes, which shall include a make-whole spread of 0.125%. 
 On or after May 1, 2026, the Notes are subject
to redemption, in whole or in part, at any time, or from time to time, at the option of the Company, at a redemption price equal to 100% of the principal amount of the Notes being redeemed, plus accrued and unpaid interest to the redemption date.

 Notice of redemption will be mailed at least 10 days but not more than 60 days before the redemption date to each Holder of Notes to be
redeemed at his registered address. Notes in denominations larger than $1,000 principal amount may be redeemed in part but only in whole multiples of $1,000. If money sufficient to pay the redemption price of, which shall include accrued interest
on, all Notes (or portions thereof) to be redeemed on the redemption date is deposited with the Paying Agent on or before the redemption date and certain other conditions are satisfied, on and after such date interest ceases to accrue on such Notes
(or such portions thereof) called for redemption. 

  
 5 

 Notice of any redemption of the Notes in connection with a corporate transaction that is
pending (including, but not limited to, an equity offering, an incurrence of Indebtedness or a transaction that would result in a Change of Control Repurchase Event) may, at the Company’s discretion, be given subject to one or more conditions
precedent, including, but not limited to, completion of the transaction. If such redemption is so subject to satisfaction of one or more conditions precedent, such notice (i) shall describe each such condition, (ii) shall state that, in
the Company’s discretion, the redemption date may be postponed, for up to 60 days following the notice of redemption, until such time as any or all such conditions have been satisfied (or waived by the Company) and (iii) may be rescinded
in the event that any or all such conditions shall not have been satisfied or otherwise waived by the redemption date. The Company shall notify Holders of any such rescission or postponement as soon as practicable after the Company determines that
it will not be able to satisfy or otherwise waive such conditions precedent. Once notice of redemption is mailed or sent, subject to the satisfaction of any conditions precedent provided in the notice of redemption, the Notes called for redemption
will become due and payable on the redemption date and at the applicable redemption price, plus accrued and unpaid interest to the redemption date. 
  

	6.	 Offer to Repurchase 

If a Change of Control Repurchase Event occurs, unless the Company has exercised its right to redeem the Notes as described in paragraph 5 of
the Note, the Company shall make an offer to each Holder of Notes to repurchase all or any part (in multiples of $1,000 principal amount) of that Holder’s Notes at a repurchase price in cash equal to 101% of the aggregate principal amount of
Notes repurchased plus any accrued and unpaid interest on the Notes repurchased to the date of purchase. Within 30 days following any Change of Control Repurchase Event or, at the option of the Company, prior to any Change of Control, but after the
public announcement of the Change of Control, the Company will mail a notice to each Holder describing the transaction or transactions that constitute or may constitute the Change of Control Repurchase Event and offer to repurchase Notes on the
payment date specified in the notice, which date shall be no earlier than 10 days and no later than 60 days from the date such notice is mailed. The notice shall, if mailed prior to the date of consummation of the Change of Control, state that the
offer to purchase is conditioned on the Change of Control Repurchase Event occurring on or prior to the payment date specified in the notice. The Company shall comply with the requirements of Rule 14e-1 under
the Securities Exchange Act of 1934 (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 Repurchase Event. To the extent that the provisions of any securities laws or regulations conflict with the Change of Control Repurchase Event provisions of this paragraph 6, the Company will comply with the applicable securities
laws and regulations and will not be deemed to have breached its obligations under the provisions of this paragraph 6 and all other provisions of the Indenture applicable to the Change of Control Repurchase Event provisions of the Notes by virtue of
such conflict. 

  
 6 

 On the Change of Control Repurchase Event payment date, the Company shall, to the extent
lawful: 
  

	 	i.	 accept for payment all Notes or portions of Notes properly tendered pursuant to its offer;

  

	 	ii.	 deposit with the Paying Agent an amount equal to the aggregate purchase price 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 being purchased by the Company. 

 The Paying Agent will
promptly mail to each Holder of Notes properly tendered the purchase price for the Notes, 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 $1,000 or an integral multiple of $1,000 in excess thereof. 

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

 

	 	(a)	 For purposes of the foregoing: 

“Below Investment Grade Rating Event” means the Notes are rated below Investment Grade by both Rating Agencies on any date from the
date of the public notice of an arrangement that could result in a Change of Control until the end of the 60-day period following public notice of the occurrence of a Change of Control, which period shall be
extended so long as the rating of the Notes is under publicly announced consideration for possible downgrade by either of the Rating Agencies. 

“Change of Control” means the occurrence of any of the following: 

 

	 	(a)	 the direct or indirect sale, lease, transfer, conveyance or other disposition (other than by way of merger or
consolidation), in one or a series of related transactions, of all or substantially all of the properties or assets of the Company and those of its Subsidiaries, taken as a whole, to any “person” (as that term is used in
Section 13(d)(3) of the Exchange Act), other than the Company or a Subsidiary Guarantor that is a wholly owned Subsidiary of the Company; 

  

	 	(b)	 the adoption of a plan relating to the liquidation or dissolution of the Company; 

  
 7 

	 	(c)	 the consummation of any transaction (including, without limitation, any merger or consolidation) the result of
which is that any “person” (as that term is used in Section 13(d)(3) of the Exchange Act), other than the Company or a Subsidiary Guarantor that is a wholly-owned Subsidiary of the Company, 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 Voting Stock of the Company, measured by voting power rather
than number of shares; or 

  

	 	(d)	 the first day on which a majority of the members of the Board of Directors are not Continuing Directors.

 Notwithstanding the foregoing, a transaction effected to create a holding company for the Company will not be deemed to
involve a Change of Control if (1) pursuant to such transaction the Company becomes a wholly owned Subsidiary of such holding company and (2) the holders of the Voting Stock of such holding company immediately following such transaction
are the same as the holders of the Voting Stock of the Company immediately prior to such transaction. 
 “Change of Control Repurchase
Event” means the occurrence of a Change of Control and a Below Investment Grade 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 first date that any of the Notes were issued; or

  

	 	(b)	 was nominated for election or elected to the Board of Directors with the approval of a majority of the
Continuing Directors who were members of the Board of Directors at the time of such nomination or election (either by a specific vote or by approval of the Company’s proxy statement in which such member was named as a nominee for election as a
director, without objection to such nomination). 

 “Investment Grade” means a rating of Baa3 or better by
Moody’s (or its equivalent under any successor rating categories of Moody’s) and BBB- or better by S&P (or its equivalent under any successor rating categories of S&P) (or, in each case, if
such Rating Agency ceases to rate the Notes for reasons outside of the Control of the Company, the equivalent investment grade credit rating from any Rating Agency selected by the Company as a replacement Rating Agency). 

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

“Rating Agency” means: 
  

	 	(a)	 each of Moody’s and S&P; and 

  
 8 

	 	(b)	 if either of Moody’s or S&P ceases to rate the Notes or fails to make a rating of the Notes publicly
available for reasons outside of the Control of the Company, a “nationally recognized statistical rating organization” within the meaning of Section 3(a)(62) of the Exchange Act selected by the Company as a replacement agency for
Moody’s or S&P, or both, as the case may be. 

 “S&P” means Standard & Poor’s Ratings
Services, a division of The McGraw-Hill Companies, Inc., and its successors. 
 “Voting Stock”, as applied to stock of any Person,
means shares, interests, participations or other equivalents in the equity interest (however designated) in such Person having ordinary voting power for the election of a majority of the directors (or the equivalent) of such Person, other than
shares, interests, participations or other equivalents having such power only by reason of the occurrence of a contingency. 
  

	7.	 Denominations; Transfer; Exchange 

The Notes are in registered form without coupons in denominations of one thousand U.S. dollars ($1,000) principal amount or any integral
multiple thereof. A Holder may transfer or exchange Notes in accordance with the Indenture. The Security Registrar may require a Holder, among other things, to furnish appropriate endorsements or transfer documents and to pay any taxes or
governmental charge in relation thereto or permitted by the Indenture. The Company shall not be required (i) to issue, exchange or register the transfer of any Notes during a period beginning at the opening of business 15 days before the day of
the mailing of a notice of redemption of less than all the outstanding Notes of the same series and ending at the close of business on the day of such mailing, nor (ii) to register the transfer of or exchange any Notes of any series or portions
thereof called for redemption. 
  

	8.	 Persons Deemed Owners 

The Registered Holder of this Note may be treated as the owner of it for all purposes. 

 

	9.	 Unclaimed Money 

Subject to any applicable abandoned property law, the Trustee and the Paying Agent shall pay to the Company upon request any money held by them
for the payment of principal or interest on the Notes that remains unclaimed for two years, and, thereafter, Securityholders entitled to the money must look to the Company for payment as general creditors. 

 

	10.	 Discharge and Defeasance 

Subject to certain conditions, the Company at any time may terminate some or all of its obligations under the Notes and the Indenture if the
Company irrevocably deposits in trust with the Trustee money or Government Obligations for the payment of principal and interest on the Notes to redemption or maturity, as the case may be and other conditions to defeasance are met. 

  
 9 

	11.	 Amendment, Waiver 

Subject to certain exceptions set forth in the Indenture, (i) the Indenture with respect to the Notes and the Notes may be amended with
the written consent of the Holders of not less than a majority in principal amount of the Notes outstanding and (ii) any default or noncompliance with any provision of the Indenture with respect to the Notes may be waived with the written
consent of the Holders of a majority in principal amount outstanding of the Notes. 
 Subject to certain exceptions set forth in the
Indenture, without the consent of any Securityholder, the Company and the Trustee shall be entitled to amend the Indenture or the Notes to cure any ambiguity, defect or inconsistency, or to comply with Article V of the Base Indenture, or to provide
for uncertificated Notes in addition to or in place of certificated Notes, or to add additional covenants or to surrender rights and powers conferred on the Company or to add additional events of defaults or to add guarantees or to make any change
that does not adversely affect the rights of any Securityholder in any material respect or to provide for the issuance of a new series of debt securities under the Indenture or to evidence the appointment of a successor Trustee. 

 

	12.	 Defaults and Remedies 

Under the Indenture, Events of Default for the Notes include (i) default for 30 days in payment of interest on the Notes;
(ii) default in payment of principal on the Notes, upon redemption pursuant to paragraph 5 of the Notes, upon acceleration or otherwise; (iii) failure by the Company to comply with other agreements in the Indenture or the Notes, in certain
cases subject to notice and lapse of time; (iv) certain accelerations of other Indebtedness of the Company or any of its Subsidiaries if the amount accelerated (or so unpaid) is at least $200.00 million; (v) failure by the Company or
any Subsidiary to pay at maturity at least $200.00 million of other Indebtedness; and (vi) certain events of bankruptcy or insolvency with respect to the Company. 

Securityholders may not enforce the Indenture or the Notes except as provided in the Indenture. The Trustee may refuse to enforce the
Indenture or the Notes unless it receives indemnity or security satisfactory to it. Subject to certain limitations, Holders of a majority in principal amount of the Notes may direct the Trustee in its exercise of any trust or power with respect to
the Notes. The Trustee may withhold from Securityholders notice of any continuing Default (except a Default in payment of principal or interest) if it determines that withholding notice is in the interest of the Holders. 

 

	13.	 Trustee Dealings with the Company 

Subject to certain limitations imposed by the Act, the Trustee in its individual or any other capacity may become the owner or pledgee of Notes
and may otherwise deal with the Company or its Affiliates with the same rights it would have if it were not Trustee. 

  
 10 

	14.	 No Recourse Against Others 

An incorporator, stockholder, officer or director, as such, of the Company or the Trustee shall not have any liability for any obligations of
the Company under the Notes or the Indenture or for any claim based on, in respect of or by reason of such obligations or their creation. By accepting a Note, each Securityholder waives and releases all such liability. The waiver and release are
part of the consideration for the issue of the Notes. 
  

	15.	 Authentication 

This Note shall not be valid until an authorized signatory of the Trustee (or an Authenticating Agent) manually signs the certificate of
authentication on the other side of this Note. 
  

	16.	 Abbreviations 

Customary abbreviations may be used in the name of a Securityholder or an assignee, such as TEN COM (=tenants in common), TEN ENT (=tenants by
the entireties), JT TEN (=joint tenants with rights of survivorship and not as tenants in common), CUST (=custodian), and U/G/M/A (=Uniform Gifts to Minors Act). 
  

	17.	 CUSIP Numbers 

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

	18.	 Governing Law 

THIS NOTE SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK BUT WITHOUT GIVING EFFECT TO APPLICABLE
PRINCIPLES OF CONFLICTS OF LAW TO THE EXTENT THAT THE APPLICATION OF THE LAWS OF ANOTHER JURISDICTION WOULD BE REQUIRED THEREBY. 

  
 11 

 ASSIGNMENT FORM 

To assign this Note, fill in the form below: 
 I or we assign
and transfer this Note to 
 (Print or type assignee’s name, address and zip code) 

(Insert assignee’s soc. sec. or tax I.D. No.) 

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

							
	  

	  
  

				
	Date:	 	  
	 	Your Signature:	 	  

	  
  

	  
  

 Sign exactly as your name appears on the face of this Note. 

  
 12 

 Option of Holder to Elect Purchase 

The undersigned elects to have this Note or the portion hereof (which is a multiple of $1,000 principal amount) designated below purchased by
the Company upon a Change of Control Repurchase Event pursuant to paragraph 6 on the reverse of this Note: 
  

			
	Date:	 	  

		
	Your Signature:	 	  

			
	
	(Sign exactly as your name appears on the face of this Note)
		
	Tax Identification No.:	 	  

		
	Signature Guarantee*:	 	  

  

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

 Principal amount to be purchased (if less than all): $        ,000 

  
 13 

 LABORATORY CORPORATION OF AMERICA HOLDINGS 

1.550% SENIOR NOTE DUE 2026 
  

			
	 No.
	  	Schedule I*

  

					
	 Date
	  	 Principal amount of this

Global Note
	  	 Notation

		  	$	  	Original issuance

  
  

	*	 To be attached to Global Note only. 

  
 14

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