Document:

EX-4.2

 Exhibit 4.2 

 
  

NINETEENTH SUPPLEMENTAL INDENTURE 

Dated as of September 20, 2021 
  

 
 between 

LOWE’S COMPANIES, INC. 
 and

 U.S. BANK NATIONAL ASSOCIATION 

as Trustee 
  

 
 Supplemental to
the Amended and Restated Indenture Dated as of December 1, 1995 
  

 
 Creating a
Series of Securities designated 1.700% Notes due September 15, 2028 
 and 

Creating a Series of Securities designated 2.800% Notes due September 15, 2041 

 NINETEENTH SUPPLEMENTAL INDENTURE, dated as of September 20, 2021 (this
“Nineteenth Supplemental Indenture”), between LOWE’S COMPANIES, INC., a corporation duly organized and existing under the laws of the State of North Carolina (the “Company”), having its principal office at 1000
Lowes Boulevard, Mooresville, North Carolina 28117, and U.S. BANK NATIONAL ASSOCIATION, a national banking association duly organized and existing under the laws of the United States, as Trustee (the “Trustee”), as successor trustee
to The Bank of New York Mellon Trust Company, N.A. 
 W I T N E S S E T H: 

WHEREAS, the Company has heretofore executed and delivered an Amended and Restated Indenture, dated as of December 1, 1995 (the
“Base Indenture”), as supplemented and amended by this Nineteenth Supplemental Indenture (the Base Indenture as Supplemented by the Nineteenth Supplemental Indenture, the “Indenture”), providing for the issuance
from time to time of its unsecured unsubordinated debentures, notes or other evidences of indebtedness (the “Securities”), to be issued in one or more series as provided in the Base Indenture; 

WHEREAS, it is provided in Section 901 of the Base Indenture that, without the consent of any Holders, the Company, when authorized by a
Board Resolution, and the Trustee may enter into indentures supplemental thereto (1) to add to, change or eliminate any of the provisions of the Indenture in respect of one or more series of Securities; provided that any such addition,
change or elimination (i) shall neither (A) apply to any Security of any series created prior to the execution of such supplemental indenture and entitled to the benefit of such provision nor (B) modify the rights of the Holder of any
such Security with respect to such provision or (ii) shall become effective only when there is no such Security Outstanding, (2) to add to the covenants of the Company for the benefit of the Holders of all or any series of Securities (and
if such covenants are to be for the benefit of less than all series of Securities, stating that such covenants are expressly being included solely for the benefit of such series) and (3) to establish the form or terms of Securities of any
series as permitted by Sections 201 and 301 of the Base Indenture; 
 WHEREAS, the Company, in the exercise of the power and authority
conferred upon and reserved to it under the provisions of the Indenture and pursuant to appropriate Board Resolutions and actions of its authorized officers, has duly determined to make, execute and deliver to the Trustee this Nineteenth
Supplemental Indenture in order to establish the form and terms of, and to provide for the creation and issuance of, two new series of Securities designated as its (i) 1.700% Notes due September 15, 2028 (the “2028 Notes”) in
an aggregate Principal Amount at Maturity of $1,000,000,000 and (ii) 2.800% Notes due September 15, 2041 (the “2041 Notes” and, together with the 2028 Notes, the “Notes”) in an aggregate Principal Amount at
Maturity of $1,000,000,000; and 
 WHEREAS, all acts and requirements necessary to make the Notes, when executed by the Company and
authenticated and delivered by the Trustee or any Authenticating Agent and issued upon the terms and subject to the conditions of the Indenture against payment therefor, the valid, binding and legal obligations of the Company and to make this
Nineteenth Supplemental Indenture a valid and legally binding supplement to the Indenture have been done. 
 NOW, THEREFORE, in order to
establish the form and terms of the series of the 

  
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2028 Notes and the series of the 2041 Notes and for and in consideration of the premises and of the covenants contained in the Indenture and for other good and valuable consideration the receipt
and sufficiency of which are hereby acknowledged, it is mutually covenanted and agreed, for the equal and proportionate benefit of all Holders, as follows: 

ARTICLE I 
 DEFINITIONS
AND OTHER PROVISIONS OF GENERAL APPLICATION 
 Section 101.    Definitions. For all purposes of the Base
Indenture and this Nineteenth Supplemental Indenture relating to the respective series of Notes created hereby, except as otherwise expressly provided or unless the context otherwise requires, the terms used in this Nineteenth Supplemental Indenture
have the meanings assigned to them in this Article. Each capitalized term that is used in this Nineteenth Supplemental Indenture but not defined herein shall have the meaning specified in the Base Indenture. 

“Business Day” means any day except a Saturday, a Sunday or a legal holiday in New York City on which banking institutions
are authorized or required by law or regulation to close. 
 “Change of Control” means the occurrence of any of the
following: (a) the consummation of any transaction (including, without limitation, any merger or consolidation) resulting in any “person” (as that term is used in Section 13(d)(3) of the Securities Exchange Act of 1934, as
amended) (other than the Company or one of its subsidiaries) becoming the beneficial owner (as defined in Rules 13d-3 and 13d-5 under the Securities Exchange Act of
1934, as amended), directly or indirectly, of more than 50% of the Voting Stock of the Company or other Voting Stock into which Voting Stock of the Company is reclassified, consolidated, exchanged or changed, measured by voting power rather than the
number of shares; or (b) the direct or indirect sale, transfer, conveyance or other disposition (other than by way of merger or consolidation), in a transaction or a series of related transactions, of all or substantially all of the assets of
the Company and the assets of its subsidiaries, taken as a whole, to one or more “persons” (as that term is defined in the Indenture) (other than the Company or one of its subsidiaries). Notwithstanding the foregoing, a transaction will
not be considered to be a Change of Control if (a) the Company becomes a direct or indirect wholly-owned subsidiary of a holding company and (b) (y) immediately following that transaction, the direct or indirect holders of the Voting Stock
of the holding company are substantially the same as the holders of Voting Stock of the Company immediately prior to that transaction or (z) immediately following that transaction, no person is the beneficial owner, directly or indirectly, of
more than 50% of the Voting Stock of the holding company. 
 “Change of Control Triggering Event” means the occurrence of
both a Change of Control and a Rating Event. 
 “Comparable Treasury Issue” means the U.S. Treasury security selected by
the Quotation Agent as having a maturity comparable to the remaining term of the Notes of that series to be redeemed that would be utilized, at the time of selection and in accordance with customary financial practice, in pricing new issues of
corporate debt securities of comparable maturity to the remaining term of the Notes of that series (assuming for this purpose that such series of Notes 

  
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matured on the applicable par call date). 
 “Comparable Treasury
Price” means, with respect to any redemption date, (i) the average of four Reference Treasury Dealer Quotations for such redemption date, after excluding the highest and lowest such Reference Treasury Dealer Quotations, or (ii) if
the Company obtains fewer than four such Reference Treasury Dealer Quotations, the average of all such quotations, or (iii) if only one Reference Treasury Dealer Quotation is received, such quotation. 

“Depositary” means, with respect to the Notes issuable in whole or in part in global form, DTC and any nominee thereof, until
a successor is appointed and becomes such pursuant to the applicable provisions of the Indenture, and thereafter “Depositary” shall mean or include such successor and any nominee thereof. 

“DTC” means The Depository Trust Company. 

“Global Note” means a Note issued in global form and deposited with or on behalf of the Depositary, substantially in the form
of one or more of the Global Notes attached hereto as Exhibit A-1 and Exhibit A-2. 

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

“Moody’s” means Moody’s Investors Service, Inc. 

“Note Interest Payment Date” has the meaning set forth in Section 203(a) of this Nineteenth Supplemental Indenture. 

“Principal Amount at Maturity” of the Notes means the principal amount at maturity as set forth on the face of each
respective Note. 
 “Quotation Agent” means any Reference Treasury Dealer appointed by the Company. 

“Rating Agencies” 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” (as defined in Section 3(a)(62) of the Securities
Exchange Act of 1934, as amended) selected by the Company as a replacement Rating Agency for a former Rating Agency. 
 “Rating
Event” means the rating on the Notes is lowered by each of the Rating Agencies and the Notes are rated below an Investment Grade Rating by each of the Rating Agencies on any day within the 60-day
period (which 60-day period will be extended so long as the rating of the Notes is under publicly announced consideration for a possible downgrade by any of the Rating Agencies) after the earlier of
(a) the occurrence of a Change of Control and (b) public notice of the occurrence of a Change of Control or the Company’s intention to effect a Change of Control; provided that a Rating Event will not be deemed to have occurred in
respect of a particular Change of Control (and thus will not be deemed a Rating Event for purposes of the definition of Change of 

  
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Control Triggering Event) if each Rating Agency making the reduction in rating does not publicly announce or confirm or inform the Trustee in writing at the request of the Company that the
reduction was the result, in whole or in part, of any event or circumstance comprised of or arising as a result of, or in respect of, the Change of Control (whether or not the applicable Change of Control has occurred at the time of the Rating
Event). 
 “Reference Treasury Dealer” means each of (i) a Primary Treasury Dealer (as defined herein) selected by
Barclays Capital Inc., (ii) a Primary Treasury Dealer selected by Goldman Sachs & Co. LLC, (iii) a Primary Treasury Dealer selected by Wells Fargo Securities, LLC, (iv) a Primary Treasury Dealer selected by U.S. Bancorp
Investments, Inc. and their respective successors; provided, however, that if any of the foregoing shall cease to be a primary U.S. Government securities dealer in New York City (a “Primary Treasury Dealer”), the Company will substitute
therefor another Primary Treasury Dealer, and (v) any other Primary Treasury Dealer selected by the Company. 
 “Reference
Treasury Dealer Quotations” means, with respect to each Reference Treasury Dealer and any redemption date, the average of the bid and asked prices for the Comparable Treasury Issue (expressed in each case as a percentage of its principal
amount) quoted in writing to the Company by such Reference Treasury Dealer at 5:00 p.m., New York City time, on the third Business Day preceding such redemption date. 

“Regular Record Date” has the meaning set forth in Section 203(b) of this Nineteenth Supplemental Indenture. 

“S&P” means Standard & Poor’s Ratings Services, a subsidiary of S&P Global, Inc. 

“Stated Maturity” has the meaning set forth in Section 202 of this Nineteenth Supplemental Indenture. 

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

“Underwriting Agreement” means the Underwriting Agreement, dated September 13, 2021, among the Company and Barclays
Capital Inc., Goldman Sachs & Co. LLC, Wells Fargo Securities, LLC and U.S. Bancorp Investments, Inc. 
 “Voting
Stock” means, with respect to any specified person (as that term is used in Section 13(d)(3) of the Securities Exchange Act of 1934, as amended) as of any date, the capital stock of such person that is at the time entitled to vote
generally in the election of the board of directors of such person. 
 Section 102.    Section References.
Each reference to a particular section set forth in this Nineteenth Supplemental Indenture shall, unless the context otherwise requires, refer to this Nineteenth Supplemental Indenture. Each reference to a particular section of the Base Indenture
shall refer to that particular section of the Base Indenture. 

  
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 ARTICLE II 

THE NOTES 

Section 201.    Title and Amount of the Notes. The Company hereby creates the 2028 Notes and the 2041 Notes,
each as a separate series of its Securities issued pursuant to the Indenture. The 2028 Notes shall be designated as the “1.700% Notes due September 15, 2028” and the 2041 Notes shall be designated as the “2.800% Notes due
September 15, 2041.” The aggregate Principal Amount at Maturity of the 2028 Notes that may be authenticated and delivered under this Nineteenth Supplemental Indenture is initially limited to $1,000,000,000 and the aggregate Principal
Amount at Maturity of the 2041 Notes that may be authenticated and delivered under this Nineteenth Supplemental Indenture is initially limited to $1,000,000,000. Each series of Notes may be reopened, without the consent of the holders of the Notes,
for issuance of additional Notes of such series. 
 Section 202.    Stated Maturity. The Stated Maturity of
the 2028 Notes shall be September 15, 2028 and the Stated Maturity of the 2041 Notes shall be September 15, 2041. 

Section 203.    Interest and Payment. The 2028 Notes shall bear interest at 1.700% per annum and the 2041
Notes shall bear interest at 2.800% per annum beginning on the date of issuance until the 2028 Notes and/or the 2041 Notes, as the case may be, are redeemed, paid or duly provided for. Interest on the Notes shall be paid semiannually in arrears on
each March 15 and September 15 (each, a “Note Interest Payment Date”), commencing March 15, 2022, to the persons in whose names the Notes are registered at the close of business on the 15th calendar day immediately preceding the interest payment date (whether or not a Business Day) (each, a “Regular Record Date”). If any interest payment date on the Notes falls on a
day that is not a Business Day, the interest payment will be postponed to the next day that is a Business Day, and no interest on that payment will accrue for the period from and after the Note Interest Payment Date. Payments of interest on the
Notes shall include interest accrued to, but excluding, the respective Note Interest Payment Dates. Interest payments for the Notes shall be computed on the basis of a 360-day year composed of twelve 30-day months. Payments of principal and interest to owners of book-entry interests shall be made to holders of the Notes on the respective Regular Record Dates in accordance with the procedures of DTC and its
participants in effect from time to time. All payments of principal and interest shall be made by the Company in immediately available funds except as set forth in the applicable Note. 

Section 204.    Optional Redemption. 

(a)    At any time prior to the date that is two months (with respect to the 2028 Notes) or six months (with respect to the
2041 Notes) prior to the applicable Stated Maturity for such series of Notes, the Notes of each series will be redeemable, in whole at any time or in part from time to time, at the Company’s option, at a redemption price, to be calculated by
the Company, equal to the greater of: 
 (i)    100% of the principal amount of the Notes to be redeemed;
or 

  
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 (ii)    the sum of the present values of the remaining
scheduled payments of principal and interest on such Notes that but for the redemption would be due after the related redemption date through the applicable par call date with respect to the series of Notes being redeemed, assuming such Notes
matured on the applicable par call date (not including any portion of such payments of interest accrued as of the date of redemption), discounted to the date of redemption on a semi-annual basis (assuming a
360-day year consisting of twelve 30-day months) at the Treasury Rate, plus 10 basis points with respect to the 2028 Notes and 15 basis points with respect to the 2041
Notes; 
 plus, in each case, accrued and unpaid interest thereon to, but excluding, the date of redemption. 

(b)    On or after the date that is two months (with respect to the 2028 Notes) or six months (with respect to the 2041
Notes) prior to the applicable maturity date for each such series of Notes, the 2028 Notes and the 2041 Notes will be redeemable, in whole at any time or in part from time to time, at the Company’s option, at par plus accrued and unpaid
interest thereon to, but excluding, the date of redemption. 
 (c)    Notwithstanding the foregoing, installments of
interest on Notes that are due and payable on Note Interest Payment Dates falling on or prior to a redemption date will be payable on the Note Interest Payment Date to the registered holders as of the close of business on the relevant record date.

 (d)    Notice of any redemption will be given at least 10 days but not more than 60 days before the Redemption Date
to each registered holder of the 2028 Notes and/or the 2041 Notes, as the case may be, to be redeemed. Unless the Company defaults in payment of the redemption price, on and after the applicable Redemption Date, interest will cease to accrue on the
Notes or portions thereof called for redemption. If less than all of the Notes of a series are to be redeemed, the Notes of that series to be redeemed shall be selected in accordance with the procedures of DTC. 

Section 205.    Change of Control Offer to Purchase. 

(a)    If a Change of Control Triggering Event occurs, holders of Notes may require the Company to repurchase all or any
part (equal to $2,000 or an integral multiple of $1,000 in excess thereof) of their Notes at a purchase price of 101% of the principal amount, plus accrued and unpaid interest, if any, on such Notes to but excluding the date of purchase (unless a
notice of redemption has been mailed within 30 days after such Change of Control Triggering Event stating that all of the Notes will be redeemed as described in Section 204). The Company will be required to mail to holders of the Notes (with a
copy to the Trustee) a notice describing the transaction or transactions constituting the Change of Control Triggering Event and offering to repurchase the Notes. The notice must be mailed within 30 days after any Change of Control Triggering Event,
and the repurchase must occur no earlier than 30 days and no later than 60 days after the date the notice is mailed. 

(b)    On the date specified for repurchase of the Notes, the Company will, to the extent lawful: 

(i)    accept for purchase all properly tendered Notes or portions of Notes; 

  
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 (ii)    deposit with the paying agent the required
payment for all properly tendered Notes or portions of Notes; and 
 (iii)     deliver to the Trustee the
repurchased Notes, accompanied by an Officers’ Certificate stating, among other things, the aggregate principal amount of repurchased Notes. 

(c)    The Company will comply with the requirements of Rule 14e-1 under the
Securities Exchange Act of 1934, as amended, and any other securities laws and regulations applicable to the repurchase of the Notes. To the extent that these requirements conflict with the provisions requiring repurchase of the Notes, the Company
will comply with such requirements instead of the repurchase provisions and will not be considered to have breached its obligations with respect to repurchasing the Notes. Additionally, if an Event of Default exists under the Indenture (which is
unrelated to the repurchase provisions of the Notes), including Events of Default arising with respect to other issues of debt securities, the Company will not be required to repurchase the Notes notwithstanding these repurchase provisions. 

(d)    The Company will not be required to comply with the obligations of this Section 205 if a third party instead
satisfies them. 
 Section 206.    Forms; Denominations. The Notes shall be Registered Securities and shall
be issued in minimum denominations of $2,000 and integral multiples of $1,000 thereafter. The certificates for the Notes shall be in substantially the forms attached hereto as Exhibit A-1 with respect to the
2028 Notes and Exhibit A-2 with respect to the 2041 Notes. 

Section 207.    Global Notes. 

(a)    Notes shall be issued initially in the form of one or more Global Notes in definitive fully registered book-entry
form without interest coupons, deposited on behalf of the purchasers of the Notes represented thereby with U.S. Bank National Association, at its Corporate Trust Office, as custodian for the Depositary and registered in the name of DTC or a nominee
thereof, duly executed by the Company and authenticated by the Trustee as provided in the Indenture. The aggregate Principal Amount at Maturity of the Global Notes may from time to time be increased or decreased by adjustments made on the records of
the Trustee and the Depositary as hereinafter provided. 
 (b)    Book-Entry Provisions. The Company will execute and
the Trustee will, in accordance with this Section 207(b) and Section 303 of the Base Indenture, authenticate and deliver initially one or more Global Notes that (x) shall be registered in the name of the Depositary, (y) shall be
delivered by the Trustee to the Depositary or pursuant to the Depositary’s instructions and (z) shall bear legends substantially to the following effect: 

“UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION
(“DTC”), TO LOWE’S COMPANIES, INC. OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR TO SUCH OTHER ENTITY OR IN SUCH OTHER NAME AS IS

  
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REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT HEREON IS MADE TO CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY
TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL, INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.” 

Section 208.    Applicability of Reports by the Company. For purposes of this Nineteenth Supplemental
Indenture, Section 704 of the Base Indenture is Amended and Restated as follows: “The Company shall file with the Trustee and the Commission, and transmit to Holders, such information, documents and other reports, and such summaries
thereof, as may be required pursuant to the Trust Indenture Act at the times and in the manner provided pursuant to such Act; provided that any such information, documents or reports filed with the Commission pursuant to Section 13 or 15(d) of
the Securities Exchange Act of 1934, as amended, shall be filed with the Trustee within 15 days after the same is filed with the Commission. To the extent information, documents or reports are filed with the Commission and required to be delivered
to the Trustee or the Holders, the availability of such information, documents or reports on the Commission’s Electronic Data Gathering Analysis and Retrieval system or any successor thereto or the Company’s website will be deemed to have
satisfied such delivery requirements to the Trustee or the Holders, as applicable. Delivery of such reports to the Trustee is for informational purposes only and the Trustee’s receipt of such reports shall not constitute actual or constructive
notice of any information contained therein or determinable from information contained therein, including the Company’s compliance with any of its covenants hereunder (as to which the Trustee is entitled to rely exclusively on Officers’
Certificates).” 
 Section 209.    Applicability of Sinking Funds. The provisions of Article Twelve of
the Base Indenture shall not apply to the Notes. 
 Section 210.    Applicability of Repayment of Securities at
Option of Holders. The provisions of Article Thirteen of the Base Indenture shall not apply to the Notes. 

Section 211.    Applicability of Conversion of Securities. The provisions of Article Fourteen of the Base
Indenture shall not apply to the Notes. 
 ARTICLE III 

MISCELLANEOUS PROVISIONS 

Section 301.    Concerning the Indenture. Except as expressly amended hereby, the Base Indenture shall
continue in full force and effect in accordance with the provisions thereof and the Base Indenture is in all respects hereby ratified and confirmed. This Nineteenth Supplemental Indenture and all its provisions shall be deemed a part of the Base
Indenture in the manner and to the extent herein and therein provided. 

  
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 Section 302.    Severability. If any provision in this
Nineteenth Supplemental Indenture shall be invalid, illegal or unenforceable, the validity, legality and enforceability of the remaining provisions shall not in any way be affected or impaired thereby. 

Section 303.    Trust Indenture Act. If any provision in this Nineteenth Supplemental Indenture limits,
qualifies or conflicts with any other provision hereof or of the Base Indenture, which provision is required to be included in the Base Indenture by any of the provisions of the Trust Indenture Act of 1939, as amended, such required provision shall
control. 
 Section 304.    Trustee. The recitals and statements herein are deemed to be those of the
Company and not of the Trustee. The Trustee makes no representations as to the validity or sufficiency of this Nineteenth Supplemental Indenture. 

Section 305.    Governing Law. This Nineteenth Supplemental Indenture shall be governed by, and construed in
accordance with, the laws of the State of New York. 
 Section 306.    Multiple Originals; Execution and
Authentication. This Nineteenth Supplemental Indenture may be executed in any number of counterparts, each of which so executed shall be deemed to be an original, but all such counterparts shall together constitute but one and the same
instrument. The execution and authentication of the Notes shall be effected by manual or electronic signature and shall be deemed original signatures for all purposes hereunder for the Notes (other than the authentication of a Note by the Trustee).

 Section 307.    Agreement Concerning Methods of Submitting Instructions or Directions Electronically or by
Facsimile. The Trustee agrees to accept and act upon instructions or directions pursuant to this Nineteenth Supplemental Indenture sent by unsecured e-mail, pdf, facsimile transmission or other similar
unsecured electronic methods; provided, however, that the Trustee shall have received an incumbency certificate listing persons designated to give such instructions or directions and containing specimen signatures of such designated
persons, which such incumbency certificate shall be amended and replaced whenever a person is to be added or deleted from the listing. If the Company elects to give the Trustee e-mail or facsimile instructions
(or instructions by a similar electronic method) and the Trustee in its discretion elects to act upon such instructions, the Trustee’s understanding of such instructions shall be deemed controlling. 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 instructions notwithstanding that such instructions conflict or are inconsistent with a subsequent written instruction. The
Company agrees to assume all risks arising out of the use of such electronic methods to submit instructions and directions to the Trustee. 

Section 308.    Waiver of Jury Trial. EACH OF THE COMPANY AND THE TRUSTEE HEREBY IRREVOCABLY WAIVES, TO THE
FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY AND ALL RIGHT TO TRIAL BY JURY IN ANY LEGAL PROCEEDING ARISING OUT OF OR RELATING TO THIS NINETEENTH SUPPLEMENTAL INDENTURE, THE NOTES OR THE TRANSACTION CONTEMPLATED HEREBY. 

Section 309.    Force Majeure. In no event shall the Trustee be responsible or liable for any failure
or delay in the performance of its obligations hereunder arising out of or caused by, directly or indirectly, forces beyond its control, including, without limitation, strikes, work stoppages, 

  
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accidents, acts of war or terrorism, civil or military disturbances, nuclear or natural catastrophes or acts of God, and interruptions, loss or malfunctions of utilities, communications or
computer (software and hardware) services; it being understood that the Trustee shall use reasonable efforts which are consistent with accepted practices in the banking industry to resume performance as soon as practicable under the circumstances.

 Section 310.    Consequential Damages. In no event shall the Trustee be responsible or liable for
special, indirect or consequential loss or damage of any kind whatsoever (including, but not limited to, loss of profit) irrespective of whether the Trustee has been advised of the likelihood of such loss or damage and regardless of the form of
action. 
 [SIGNATURES APPEAR ON FOLLOWING PAGE] 

  
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 IN WITNESS WHEREOF, the parties have caused this Nineteenth Supplemental Indenture to be
duly executed. 
  

					
	LOWE’S COMPANIES, INC.
		
	By:	 	 /s/ Ryan Grimsland

		 	Name:	 	Ryan Grimsland
		 	Title:	 	Senior Vice President, Corporate Finance & Treasurer
	
	U.S. BANK NATIONAL ASSOCIATION, as Trustee
		
	By:	 	 /s/ Paul Vaden

		 	Name:	 	Paul Vaden
		 	Title:	 	Vice President

  

  
 [Signature Page to
Nineteenth Supplemental Indenture] 

 EXHIBIT A-1 

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

LOWE’S COMPANIES, INC. 

1.700% Notes due September 15, 2028 

GLOBAL SECURITY 
  

			
	No.	 	CUSIP No. 548661 ED5 

 $ 

Original Principal Amount 

Lowe’s Companies, Inc., a corporation duly organized and existing under the laws of the State of North Carolina (herein called the
“Company,” which term includes any successor Person under the Indenture hereinafter referred to), for value received, hereby promises to pay to Cede & Co. or its registered assigns, the principal sum of
$         on September 15, 2028, at the office or agency of the Company referred to below, in such coin or currency of the United States of America as at the time of payment is legal tender for the
payment of public and private debts, and to pay interest thereon in like coin or currency from September 20, 2021, or from the most recent Note Interest Payment Date on which interest has been paid or duly provided for, semiannually in arrears
on March 15 and September 15 in each year, commencing March 15, 2022, at the rate of 1.700% per annum until the principal hereof is paid or made available for payment, and (to the extent lawful) to pay interest at the same rate per
annum on any overdue principal and premium and on any overdue installments of interest until paid. If any interest payment date falls on a day that is not a Business Day, the interest payment will be postponed to the next day that is a Business Day,
and no interest on that payment will accrue for the period from and after the interest payment date. 
 The interest so payable, and
punctually paid or duly provided for, on any Note Interest Payment Date, as provided in the Amended and Restated Indenture, dated as of December 1, 1995 (the “Base Indenture”) between the Company and U.S. Bank National Association, as
successor trustee (the “Trustee”), as supplemented by the Nineteenth Supplemental Indenture dated as of September 20, 2021, between the Company and the Trustee (the “Nineteenth Supplemental Indenture” and, the Base Indenture
as supplemented by the Nineteenth Supplemental Indenture, the 

  
 A-1-1 

 
“Indenture”) shall be paid to the Person in whose name this Note is registered at the close of business on the 15th calendar day immediately preceding the Note Interest Payment Date
(whether or not a Business Day) (the “Regular Record Date”). Any such interest not so punctually paid or duly provided for will forthwith cease to be payable to the Person in whose name this Note is registered on such Regular Record Date
and may either be paid to the Person in whose name this Note is registered at the close of business on a Special Record Date for the payment of such Defaulted Interest to be fixed in accordance with Section 307 of the Base Indenture by the
Trustee, notice whereof shall be given to the Person in whose name this Note is registered not less than ten days prior to such Special Record Date, or be paid at any time in any other lawful manner, all as more fully provided in the Indenture. 

This Note is a “book-entry” note and is being registered in the name of Cede & Co. as nominee of The Depository Trust
Company (“DTC”), a clearing agency. Subject to the terms of the Indenture, this Note will be held by a clearing agency or its nominee, and beneficial interests will be held by beneficial owners through the book-entry facilities of such
clearing agency or its nominee in minimum denominations of $2,000 and increments of $1,000 in excess thereof. 
 As long as this Note is
registered in the name of DTC or its nominee, the Trustee will make payments of principal of and interest on this Note by wire transfer of immediately available funds to DTC or its nominee. Notwithstanding the above, the final payment on this Note
will be made after due notice by the Trustee of the pendency of such payment and only upon presentation and surrender of this Note at its principal corporate trust office or such other office or agencies appointed by the Trustee for that purpose and
such other locations provided in the Indenture. 
 Payments of principal of (and premium, if any) and interest on this Note will be made at
the office or agency of the Company maintained for that purpose in the Borough of Manhattan, The City of New York, in such coin or currency of the United States of America as at the time of payment is legal tender for payments of public and private
debts; provided, however, that at the option of the Company, payment of interest may be made by check mailed to the address of the Person entitled thereto as such address shall appear in the Security Register. 

This Note is one of a duly authorized series of notes of the Company, designated 1.700% Notes due September 15, 2028 (the
“Notes”), initially limited in aggregate principal amount at any time outstanding to ONE BILLION DOLLARS ($1,000,000,000) which may be issued under the Indenture. This series of Notes may be reopened, without the consent of the holders of
the Notes, for issuance of additional Notes. Reference is hereby made to the Indenture and all indentures supplemental thereto which are applicable to the Notes for a statement of the respective rights, limitations of rights, duties, obligations and
immunities thereunder of the Company, the Trustee and the Holders of the Notes, and the terms upon which the Notes are, and are to be, authenticated and delivered. All terms used in this Note that are defined in the Indenture shall have the meanings
assigned to them in the Indenture. 
 The Notes do not have the benefit of any sinking fund obligations. 

Before the date that is two months prior to September 15, 2028, the Notes will be redeemable, in whole at any time or in part from time
to time, at the Company’s option, at a redemption price, to be calculated by the Company, equal to the greater of: 

  
 A-1-2 

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

(ii)    the sum of the present values of the remaining scheduled payments of principal and interest on such Notes (not
including any portion of such payments of interest accrued as of the date of redemption), discounted to the date of redemption on a semi-annual basis (assuming a 360-day year consisting of twelve 30-day months) at the Treasury Rate, plus 10 basis points; 
 plus accrued and unpaid interest thereon to,
but excluding, the date of redemption. 
 On or after the date that is two months prior to September 15, 2028, the Notes will be
redeemable, in whole at any time or in part from time to time, at the Company’s option, at par plus accrued and unpaid interest thereon to, but excluding, the date of redemption. 

Notwithstanding the previous two paragraphs, installments of interest on Notes that are due and payable on Note Interest Payment Dates falling
on or prior to a redemption date will be payable on the Note Interest Payment Date to the registered holders as of the close of business on the relevant record date. 

Notice of any redemption will be given at least 10 days but not more than 60 days before the Redemption Date to each registered holder of the
Notes to be redeemed. Unless the Company defaults in payment of the redemption price, on and after the Redemption Date, interest will cease to accrue on the Notes or portions thereof called for redemption. If less than all of the Notes are to be
redeemed, the Notes to be redeemed shall be selected in accordance with the procedures of DTC. 
 Upon a Change of Control Triggering Event,
the Company shall be required to make an offer to repurchase the Notes on the terms set forth in the Indenture. 
 If an Event of Default
shall occur and be continuing, the principal of all the Notes may be declared due and payable in the manner and with the effect provided in the Indenture. 

The Indenture contains provisions for defeasance at any time of (a) the entire indebtedness of the Company under this Note and
(b) certain restrictive covenants and the related defaults and Events of Default applicable to the Company, in each case, upon compliance by the Company with certain conditions set forth in the Indenture, which provisions apply to this Note.

 The Indenture permits, with certain exceptions as therein provided, the amendment thereof and the modification of the rights and
obligations of the Company and the rights of the Holders of the Notes under the Indenture at any time by the Company and the Trustee with the consent of the Holders of a majority in aggregate principal amount of the Notes at the time Outstanding.
The Indenture also contains provisions permitting the Holders of specified percentages in aggregate principal amount of the Notes at the time Outstanding, on behalf of the Holders of all Notes, to waive compliance by the Company with certain
provisions of the Indenture and certain past Defaults under the Indenture and their consequences. Any such consent or waiver by the Holder of this Note shall be conclusive and binding upon such Holder and upon all future Holders of this Note and of
any Note issued upon the registration of transfer thereof or in exchange herefor or in lieu hereof, whether or not notation of such consent or waiver is made upon this Note. 

No reference herein to the Indenture and provisions of this Note or of the Indenture shall alter or impair the obligation of the Company,
which is absolute and unconditional, to pay the principal of (and premium, if any) and interest on this Note at the times, place and rate, and in the 

  
 A-1-3 

 
coin or currency, as herein prescribed. 
 As provided in the Indenture and subject to
certain limitations on transfer of this Note by DTC or its nominee, the transfer of this Note is registrable in the Security Register, upon surrender of this Note for registration of transfer at the office or agency of the Company in the Borough of
Manhattan, The City of New York, duly endorsed by, or accompanied by a written instrument of transfer in the form attached hereto duly executed by the Holder hereof or his attorney duly authorized in writing, and thereupon one or more new Notes, of
authorized denominations and for the same aggregate principal amount, shall be issued to the designated transferee or transferees. 
 The
Notes are issuable only in registered form in minimum denominations of $2,000 and integral multiples of $1,000 thereafter. As provided in the Indenture and subject to certain limitations therein set forth, the Notes are exchangeable for a like
aggregate principal amount of Notes of different authorized denomination, as requested by the Holder surrendering the same. 
 No service
charge shall be made for any such registration of transfer or exchange of Notes, but the Company may require payment of a sum sufficient to cover any tax or other governmental charge payable in connection therewith. 

Prior to due presentment of this Note for registration of transfer, the Company, the Trustee and any agent of the Company or the Trustee may
treat the Person in whose name this Note is registered as the owner hereof for all purposes, whether or not this Note be overdue, and none of the Company, the Trustee or any such agent shall be affected by notice to the contrary. 

Interest on this Note shall be computed on the basis of a 360-day year composed of twelve 30-day months. 
 The Company shall furnish to any Holder of record of Notes, upon written request and
without charge, a copy of the Indenture. 
 The Indenture and this Note each shall be governed by and construed in accordance with the laws
of the State of New York. 
 Unless the certificate of authentication hereon has been executed by the Trustee by manual signature, this Note
shall not be entitled to any benefit under the Indenture or be valid or obligatory for any purpose. 

  
 A-1-4 

 IN WITNESS WHEREOF,
LOWE’S COMPANIES, INC. has caused this Note to be signed by a duly elected or appointed, qualified and serving officer and attested by a duly elected or appointed, qualified and
serving officer. 
  

					
	LOWE’S COMPANIES, INC.
		
	By:	 	  

		 	Name:	 	Ryan Grimsland
		 	Title:	 	Senior Vice President, Corporate Finance & Treasurer

  

					
	Dated: September 20, 2021
		
	Attest:	 	  

		 	Name:	 	Beth R. MacDonald
		 	Title:	 	Assistant Secretary

 TRUSTEE’S CERTIFICATE OF AUTHENTICATION 

THIS IS ONE OF THE SECURITIES OF
THE SERIES DESIGNATED THEREIN REFERRED TO IN THE WITHIN-MENTIONED INDENTURE. 

 

			
	U.S. BANK NATIONAL ASSOCIATION as Trustee
		
	By:	 	  

		 	Authorized Officer

 [Signature Page to Note] 

  
 A-1-5 

 ABBREVIATIONS 

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

TEN ENT - tenants by the entireties 

JT TEN - joint tenants with right of survivorship and not as tenants in common 

CUST – Custodian 
 U/G/M/A or
UNIF GIFT MIN ACT - Uniform Gifts to Minors Act 
 Additional abbreviations may also be used though not in the above list. 

  
 A-1-6 

 FORM OF TRANSFER 

FOR VALUE RECEIVED, the undersigned hereby sells, assigns and transfers unto 

	
	  

	
	  
 (Please print or typewrite name and
address of assignee)

	
	  
 (Please insert Social
Security or other identifying Number of Assignee)
  
 the within Note of
Lowe’s Companies, Inc. and does hereby irrevocably constitute and appoint
                                         
                                         
                                         
                                         
                    , Attorney, to transfer the said Note on the books of the within named Lowe’s Companies, Inc., with full power of
substitution in the premises.

  

			
	Dated: 	 	  

  

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

  

	
	  
 SIGNATURE GUARANTEED:

	The signature must be guaranteed by a member of the Securities Transfer Agents Medallion Program. Notarized or witnessed signatures are not acceptable.

  
 A-1-7 

 PAYMENT INSTRUCTIONS 

The assignee should include the following for purposes of payment: 

Payment shall be made, by wire transfer or otherwise, in immediately available funds, to
                    , for the account of
                    , account number
                    , or, if mailed by check, to
                    . Applicable reports and statements required to be physically delivered under the terms of the Indenture should be mailed
to                     . This information is provided by
                    , the assignee named above, or
                    , as its agent. 

  
 A-1-8 

 EXHIBIT A-2 

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

LOWE’S COMPANIES, INC. 

2.800% Notes due September 15, 2041 

GLOBAL SECURITY 
  

			
	No.	  	CUSIP No. 548661 EE3
		  	$
		  	Original Principal Amount

 Lowe’s Companies, Inc., a corporation duly organized and existing under the laws of the State of North
Carolina (herein called the “Company,” which term includes any successor Person under the Indenture hereinafter referred to), for value received, hereby promises to pay to Cede & Co. or its registered assigns, the principal sum of
$        on September 15, 2041, at the office or agency of the Company referred to below, in such coin or currency of the United States of America as at the time of payment is legal tender for the payment
of public and private debts, and to pay interest thereon in like coin or currency from September 20, 2021, or from the most recent Note Interest Payment Date on which interest has been paid or duly provided for, semiannually in arrears on
March 15 and September 15 in each year, commencing March 15, 2022, at the rate of 2.800% per annum until the principal hereof is paid or made available for payment, and (to the extent lawful) to pay interest at the same rate per annum
on any overdue principal and premium and on any overdue installments of interest until paid. If any interest payment date falls on a day that is not a Business Day, the interest payment will be postponed to the next day that is a Business Day, and
no interest on that payment will accrue for the period from and after the interest payment date. 
 The interest so payable, and punctually
paid or duly provided for, on any Note Interest Payment Date, as provided in the Amended and Restated Indenture, dated as of December 1, 1995 (the “Base Indenture”) between the Company and U.S. Bank National Association, as successor

  
 A-2-1 

 
trustee (the “Trustee”), as supplemented by the Nineteenth Supplemental Indenture dated as of September 20, 2021, between the Company and the Trustee (the “Nineteenth
Supplemental Indenture” and, the Base Indenture as supplemented by the Nineteenth Supplemental Indenture, the “Indenture”) shall be paid to the Person in whose name this Note is registered at the close of business on the 15th calendar
day immediately preceding the Note Interest Payment Date (whether or not a Business Day) (the “Regular Record Date”). Any such interest not so punctually paid or duly provided for will forthwith cease to be payable to the Person in whose
name this Note is registered on such Regular Record Date and may either be paid to the Person in whose name this Note is registered at the close of business on a Special Record Date for the payment of such Defaulted Interest to be fixed in
accordance with Section 307 of the Base Indenture by the Trustee, notice whereof shall be given to the Person in whose name this Note is registered not less than ten days prior to such Special Record Date, or be paid at any time in any other
lawful manner, all as more fully provided in the Indenture. 
 This Note is a “book-entry” note and is being registered in the
name of Cede & Co. as nominee of The Depository Trust Company (“DTC”), a clearing agency. Subject to the terms of the Indenture, this Note will be held by a clearing agency or its nominee, and beneficial interests will be held by
beneficial owners through the book-entry facilities of such clearing agency or its nominee in minimum denominations of $2,000 and increments of $1,000 in excess thereof. 

As long as this Note is registered in the name of DTC or its nominee, the Trustee will make payments of principal of and interest on this Note
by wire transfer of immediately available funds to DTC or its nominee. Notwithstanding the above, the final payment on this Note will be made after due notice by the Trustee of the pendency of such payment and only upon presentation and surrender of
this Note at its principal corporate trust office or such other office or agencies appointed by the Trustee for that purpose and such other locations provided in the Indenture. 

Payments of principal of (and premium, if any) and interest on this Note will be made at the office or agency of the Company maintained for
that purpose in the Borough of Manhattan, The City of New York, in such coin or currency of the United States of America as at the time of payment is legal tender for payments of public and private debts; provided, however, that at the
option of the Company, payment of interest may be made by check mailed to the address of the Person entitled thereto as such address shall appear in the Security Register. 

This Note is one of a duly authorized series of notes of the Company, designated 2.800% Notes due September 15, 2041 (the
“Notes”), initially limited in aggregate principal amount at any time outstanding to ONE BILLION ($1,000,000,000) which may be issued under the Indenture. This series of Notes may be reopened, without the consent of the holders of the
Notes, for issuance of additional Notes. Reference is hereby made to the Indenture and all indentures supplemental thereto which are applicable to the Notes for a statement of the respective rights, limitations of rights, duties, obligations and
immunities thereunder of the Company, the Trustee and the Holders of the Notes, and the terms upon which the Notes are, and are to be, authenticated and delivered. All terms used in this Note that are defined in the Indenture shall have the meanings
assigned to them in the Indenture. 
 The Notes do not have the benefit of any sinking fund obligations. 

Before the date that is six months prior to September 15, 2041, the Notes will be redeemable,

  
 A-2-2 

 
in whole at any time or in part from time to time, at the Company’s option, at a redemption price, to be calculated by the Company, equal to the greater of: 

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

(ii)    the sum of the present values of the remaining scheduled payments of principal and interest on such Notes (not
including any portion of such payments of interest accrued as of the date of redemption), discounted to the date of redemption on a semi-annual basis (assuming a 360-day year consisting of twelve 30-day months) at the Treasury Rate, plus 15 basis points; 
 plus accrued and unpaid interest thereon to,
but excluding, the date of redemption. 
 On or after the date that is six months prior to September 15, 2041, the Notes will be
redeemable, in whole at any time or in part from time to time, at the Company’s option, at par plus accrued and unpaid interest thereon to, but excluding, the date of redemption. 

Notwithstanding the previous two paragraphs, installments of interest on Notes that are due and payable on Note Interest Payment Dates falling
on or prior to a redemption date will be payable on the Note Interest Payment Date to the registered holders as of the close of business on the relevant record date. 

Notice of any redemption will be given at least 10 days but not more than 60 days before the Redemption Date to each registered holder of the
Notes to be redeemed. Unless the Company defaults in payment of the redemption price, on and after the Redemption Date, interest will cease to accrue on the Notes or portions thereof called for redemption. If less than all of the Notes are to be
redeemed, the Notes to be redeemed shall be selected in accordance with the procedures of DTC. 
 Upon a Change of Control Triggering Event,
the Company shall be required to make an offer to repurchase the Notes on the terms set forth in the Indenture. 
 If an Event of Default
shall occur and be continuing, the principal of all the Notes may be declared due and payable in the manner and with the effect provided in the Indenture. 

The Indenture contains provisions for defeasance at any time of (a) the entire indebtedness of the Company under this Note and
(b) certain restrictive covenants and the related defaults and Events of Default applicable to the Company, in each case, upon compliance by the Company with certain conditions set forth in the Indenture, which provisions apply to this Note.

 The Indenture permits, with certain exceptions as therein provided, the amendment thereof and the modification of the rights and
obligations of the Company and the rights of the Holders of the Notes under the Indenture at any time by the Company and the Trustee with the consent of the Holders of a majority in aggregate principal amount of the Notes at the time Outstanding.
The Indenture also contains provisions permitting the Holders of specified percentages in aggregate principal amount of the Notes at the time Outstanding, on behalf of the Holders of all Notes, to waive compliance by the Company with certain
provisions of the Indenture and certain past Defaults under the Indenture and their consequences. Any such consent or waiver by the Holder of this Note shall be conclusive and binding upon such Holder and upon all future Holders of this Note and of
any Note issued upon the registration of transfer thereof or in exchange herefor or in lieu hereof, whether or not notation of such consent or waiver is made upon this Note. 

  
 A-2-3 

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

As provided in the Indenture and subject to certain limitations on transfer of this Note by DTC or its nominee, the transfer of this Note is
registrable in the Security Register, upon surrender of this Note for registration of transfer at the office or agency of the Company in the Borough of Manhattan, The City of New York, duly endorsed by, or accompanied by a written instrument of
transfer in the form attached hereto duly executed by the Holder hereof or his attorney duly authorized in writing, and thereupon one or more new Notes, of authorized denominations and for the same aggregate principal amount, shall be issued to the
designated transferee or transferees. 
 The Notes are issuable only in registered form in minimum denominations of $2,000 and integral
multiples of $1,000 thereafter. As provided in the Indenture and subject to certain limitations therein set forth, the Notes are exchangeable for a like aggregate principal amount of Notes of different authorized denomination, as requested by the
Holder surrendering the same. 
 No service charge shall be made for any such registration of transfer or exchange of Notes, but the Company
may require payment of a sum sufficient to cover any tax or other governmental charge payable in connection therewith. 
 Prior to due
presentment of this Note for registration of transfer, the Company, the Trustee and any agent of the Company or the Trustee may treat the Person in whose name this Note is registered as the owner hereof for all purposes, whether or not this Note be
overdue, and none of the Company, the Trustee or any such agent shall be affected by notice to the contrary. 
 Interest on this Note shall
be computed on the basis of a 360-day year composed of twelve 30-day months. 

The Company shall furnish to any Holder of record of Notes, upon written request and without charge, a copy of the Indenture. 

The Indenture and this Note each shall be governed by and construed in accordance with the laws of the State of New York. 

Unless the certificate of authentication hereon has been executed by the Trustee by manual signature, this Note shall not be entitled to any
benefit under the Indenture or be valid or obligatory for any purpose. 

  
 A-2-4 

 IN WITNESS WHEREOF,
LOWE’S COMPANIES, INC. has caused this Note to be signed by a duly elected or appointed, qualified and serving officer and attested by a duly elected or appointed, qualified and
serving officer. 
  

					
	LOWE’S COMPANIES, INC.
		
	By:	 	
                     
    

		 	Name:	 	Ryan Grimsland
		 	Title:	 	Senior Vice President, Corporate Finance & Treasurer

 Dated: September 20, 2021 
  

					
	Attest:	 	
                    

		 	Name:	 	Beth R. MacDonald
		 	Title:	 	Assistant Secretary

 TRUSTEE’S CERTIFICATE OF AUTHENTICATION 

THIS IS ONE OF THE SECURITIES OF
THE SERIES DESIGNATED THEREIN REFERRED TO IN THE WITHIN-MENTIONED INDENTURE. 

 

			
	U.S. BANK NATIONAL ASSOCIATION as Trustee
		
	By:	 	  

		 	Authorized Officer

 [Signature Page to Note] 

  
 A-2-5 

 ABBREVIATIONS 

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

TEN ENT - tenants by the entireties 

JT TEN - joint tenants with right of survivorship and not as tenants in common 

CUST - Custodian 
 U/G/M/A or UNIF
GIFT MIN ACT - Uniform Gifts to Minors Act 
 Additional abbreviations may also be used though not in the above list. 

  
 A-2-6 

 FORM OF TRANSFER 

FOR VALUE RECEIVED, the undersigned hereby sells, assigns and transfers unto 

 

	
	  
  

 
 (Please print or typewrite name and address of
assignee)
  

	 (Please insert Social Security or other identifying Number of Assignee)

 

	the within Note of Lowe’s Companies, Inc. and does hereby irrevocably constitute and appoint
                                         
                                         
                                         
                                         
                                    , Attorney, to transfer the
said Note on the books of the within named Lowe’s Companies, Inc., with full power of substitution in the premises.

 Dated:
                                         
            
  

	
	  

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

  

	
	  

	SIGNATURE GUARANTEED:
	The signature must be guaranteed by a member of the Securities Transfer Agents Medallion Program.
	Notarized or witnessed signatures are not acceptable.

  
 A-2-7 

 PAYMENT INSTRUCTIONS 

The assignee should include the following for purposes of payment: 

Payment shall be made, by wire transfer or otherwise, in immediately available funds, to,
                     for the account of,
                     account number, or, if mailed by check, to
                    . Applicable reports and statements required to be physically delivered under the terms of the Indenture should be mailed
to                     . This information is provided by
                    , the assignee named above, or,
                     as its agent. 

  
 A-2-8EX-4.2

 Exhibit 4.2 

PIEDMONT OPERATING PARTNERSHIP, LP, as Issuer 

PIEDMONT OFFICE REALTY TRUST, INC., as Guarantor 

U.S. BANK NATIONAL ASSOCIATION, as Trustee 
  

 
 $300,000,000
2.750% SENIOR NOTES DUE 2032 
  
  

THIRD SUPPLEMENTAL 

INDENTURE DATED AS OF 

SEPTEMBER 20, 2021 

TO THE INDENTURE DATED MARCH 6, 2014 

 Exhibit 4.2 

THIS THIRD SUPPLEMENTAL INDENTURE is entered into as of September 20, 2021 (the “Third Supplemental Indenture”), by and among
PIEDMONT OPERATING PARTNERSHIP, LP, a Delaware limited partnership (the “Issuer”), PIEDMONT OFFICE REALTY TRUST, INC., a Maryland corporation, the Issuer’s sole general partner (the “General Partner,” and in the capacity as
guarantor of one or more series of Securities to be issued hereunder from time to time, the “Guarantor”) each having its principal office at 5565 Glenridge Connector, Suite 450, Atlanta, Georgia 30342, and U.S. Bank National Association,
as Trustee hereunder (the “Trustee”), having its Corporate Trust Office at One Federal Street, Boston, Massachusetts 02110. 

W I T N E S S E T H: 

WHEREAS, the Issuer has delivered to the Trustee an Indenture, dated as of March 6, 2014 (the “Base Indenture”), providing for
the issuance by the Issuer from time to time of Securities in one or more series; 
 WHEREAS, Section 301 of the Base Indenture
provides that various matters with respect to any series of Securities issued under the Base Indenture may be established in an indenture supplemental to the Base Indenture; 

WHEREAS, each of the Issuer and the Guarantor desires to execute this Third Supplemental Indenture to establish the form and to provide for
the issuance of a series of the Issuer’s senior notes designated as its 2.750% Senior Notes due 2032 (the “Notes”), in an initial aggregate principal amount of $300,000,000; 

WHEREAS, the Board of Directors of the Guarantor has duly adopted resolutions authorizing the Issuer and the Guarantor to execute and deliver
this Third Supplemental Indenture; and 
 WHEREAS, all of the other conditions and requirements necessary to make this Third Supplemental
Indenture, when duly executed and delivered, a valid and binding agreement in accordance with its terms and for the purposes herein expressed, have been performed and fulfilled. 

NOW, THEREFORE, for and in consideration of the premises and the purchase of the Series of Securities provided for herein by the Holders
thereof, it is mutually covenanted and agreed, for the equal and proportionate benefit of all Holders of Notes, as follows: 
 ARTICLE I

 RELATION TO BASE INDENTURE; DEFINITIONS 

Section 1.01.    Relation to Base Indenture. This Third Supplemental Indenture
constitutes an integral part of the Base Indenture. Notwithstanding any other provision of this Third Supplemental Indenture, all provisions of this Third Supplemental Indenture are expressly and solely for the benefit of the Holders of the Notes
and any such provisions shall not be deemed to apply to any other Securities issued under the Base Indenture and shall not be deemed to amend, modify or supplement the Base Indenture for any purpose other than with respect to the Notes. The Base
Indenture, as supplemented by this Third Supplemental Indenture is referred to herein as the “Indenture.” 

  
 1 

 Section 1.02.    Definitions. For all
purposes of this Third Supplemental Indenture, except as otherwise expressly provided for or unless the context otherwise requires: 

(1)    Capitalized terms used but not defined herein shall have the respective meanings assigned to them in
the Base Indenture; and 
 (2)    All references herein to Articles and Sections, unless otherwise
specified, refer to the corresponding Articles and Sections of this Third Supplemental Indenture as they amend or supplement the Base Indenture, and not the Base Indenture or any other document. 

“Additional Notes” means additional Notes (other than the Initial Notes) issued under the Base Indenture in accordance with
the provisions hereof, as part of the same series as the Initial Notes. 
 “Comparable Treasury Issue” means the United
States Treasury security or securities selected by an Independent Investment Banker as having an actual or interpolated maturity comparable to the remaining term of the Notes to be redeemed that would be utilized, at the time of selection and in
accordance with customary financial practice, in pricing new issues of corporate debt securities of comparable maturity to the remaining term of the Notes calculated as if the maturity date of the Notes was January 1, 2032. 

“Comparable Treasury Price” means, with respect to any Redemption Date, (1) the average of three Reference Treasury
Dealer Quotations for such Redemption Date, after excluding the highest and lowest of five Reference Treasury Dealer Quotations obtained, or (2) if fewer than five such Reference Treasury Dealer Quotations are obtained, the average of all such
Reference Treasury Dealer Quotations obtained. 
 “Consolidated EBITDA” means, for any period of time, without duplication,
consolidated net income (loss) of the Guarantor and the Subsidiaries plus amounts which have been deducted and minus amounts which have been added for, without duplication: 

(a)    Interest Expense; 

(b)    depreciation and amortization as set forth in the Consolidated Financial Statements of the
Guarantor; 
 (c)    provision for taxes based on income or profits; 

(d)    non-recurring or other unusual items, as determined by the
Guarantor in good faith (including, without limitation, all prepayment penalties and costs or fees incurred in connection with any debt financing or amendment thereto, acquisition, disposition, recapitalization or similar transaction (regardless of
whether such transaction is completed) and amounts paid in connection with casualty losses and litigation settlements and any corresponding recovery of insurance for such losses or settlements, other than amounts received pursuant to business
interruption insurance); 

  
 2 

 (e)    extraordinary items; 

(f)    noncontrolling interests, of the Guarantor and the Subsidiaries; 

(g)    non-cash swap ineffectiveness charges or income or expense
attributable to transactions involving derivative instruments that do not qualify for hedge accounting in accordance with GAAP; 

(h)    gains or losses on dispositions of depreciable real estate investments, property valuation losses
and impairment charges; 
 (i)    any impact from a change in accounting policy resulting in a non-cash charge; 
 (j)    increases in deferred taxes; and 

(k)    amortization of deferred financing costs and other deferred charges. 

For such period, amounts will be determined on a consolidated basis in accordance with GAAP (to the extent GAAP is applicable). 

“Consolidated Financial Statements” means, with respect to any Person, collectively, the consolidated financial statements
and notes to those financial statements, of that Person and its subsidiaries prepared in accordance with GAAP. 
 “Debt”
means, as of any date, without duplication, any of the Guarantor’s indebtedness or that of any Subsidiary, whether or not contingent, in respect of: 

(a)    borrowed money evidenced by bonds, notes, debentures or similar instruments whether or not such
indebtedness is secured by any Lien existing on property owned by the Guarantor or any Subsidiary; 

(b)    indebtedness for borrowed money of a Person other than the Guarantor, or a Subsidiary, which is
secured by any Lien on property owned by the Guarantor or any Subsidiary, to the extent of the lesser of (i) the amount of indebtedness so secured, and (ii) the fair market value (determined in good faith by the Board of Directors of the
Guarantor or a duly authorized committee thereof) of the property subject to such Lien; 
 (c)    the
reimbursement obligations, contingent or otherwise, in connection with any letters of credit actually issued or amounts representing the balance deferred and unpaid of the purchase price of any property or services (and, for the avoidance of doubt,
after the closing of the acquisition of any property or the completion of services under any services contract), except any such balance that constitutes an accrued expense or trade payable; or 

  
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 (d)    any lease of property by the Guarantor or any
Subsidiary as lessee which is required to be reflected on the Guarantor’s consolidated balance sheet as a financing lease in accordance with GAAP; 

provided, however, that the term “Debt” under clause (d) of this definition will not include operating lease liabilities on the balance sheet
of the Guarantor or of any Subsidiary acting as lessee in accordance with GAAP; and provided further, that the term “Debt” under this definition will not include any such indebtedness that has been the subject of an “in
substance” defeasance in accordance with GAAP. Debt also includes, to the extent not otherwise included, any obligation of the Guarantor or any Subsidiary to be liable for, or to pay, as obligor, guarantor or otherwise (other than for purposes
of collection in the ordinary course of business), indebtedness of another Person (other than the Guarantor or any of the Subsidiaries) of the type described in clauses (a)-(d) of this definition. 

“Incur” means, with respect to any Debt or other obligation of any Person, to create, assume, guarantee or otherwise become
liable in respect of the Debt or other obligation, and “Incurrence” and “Incurred” have the meanings correlative to the foregoing. Debt or any other obligation of the Guarantor or any Subsidiary will be deemed to be Incurred by
the Guarantor or such Subsidiary whenever the Guarantor or such Subsidiary shall create, assume, guarantee or otherwise become liable in respect thereof. Debt or any other obligation of a Subsidiary existing prior to the time it became a Subsidiary
will be deemed to be Incurred upon such Subsidiary becoming a Subsidiary; and Debt or other obligation of a Person existing prior to a merger or consolidation of such Person with the Guarantor or any Subsidiary in which such Person is the successor
to the Guarantor or such Subsidiary will be deemed to be Incurred upon the consummation of such merger or consolidation. Any issuance or transfer of capital stock that results in Debt constituting Intercompany Debt being held by a Person other than
the Guarantor or any Subsidiary or any sale or other transfer of any Debt constituting Intercompany Debt to a Person that is not the Guarantor or a Subsidiary, will be deemed, in each case, to be an Incurrence of Debt that is not Intercompany Debt
at the time of such issuance, transfer or sale, as the case may be. 
 “Final Maturity Date” means April 1, 2032. 

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

“Initial Notes” means the first $300,000,000 aggregate principal amount of Notes issued under this Third Supplemental
Indenture on the date hereof. 
 “Intercompany Debt” means, as of any date, Debt to which the only parties are the
Guarantor or any Subsidiary. 
 “Interest Expense” means, for any period of time, without duplication, the aggregate amount
of interest recorded in accordance with GAAP for such period of time by the Guarantor and the Subsidiaries, but excluding: (a) interest reserves funded from the proceeds of any loan; (b) amortization of deferred financing costs;
(c) prepayment penalties; and (d) non-cash swap ineffectiveness charges or charges attributable to transactions involving derivative instruments that do not qualify for hedge accounting in accordance
with GAAP; and including, without limitation or duplication, effective interest in respect of original issue discount as determined in accordance with GAAP. 

  
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 “Reference Treasury Dealer” means: (i) J.P. Morgan Securities LLC (or
an affiliate of J.P. Morgan Securities LLC that is a Primary Treasury Dealer); provided, however, that if J.P. Morgan Securities LLC shall cease to be a primary U.S. Government securities dealer in the United States (a “Primary Treasury
Dealer”), the Issuer shall substitute therefor another Primary Treasury Dealer; and (ii) any other Primary Treasury Dealer selected by the Issuer. 

“Reference Treasury Dealer Quotations” means, with respect to each Reference Treasury Dealer and any Redemption Date, the
average, as determined by the Issuer, of the bid and asked prices for the Comparable Treasury Issue (expressed as a percentage of its principal amount) quoted in writing to the Issuer (and provided to the Trustee) by such Reference Treasury Dealer
as of 3:30 p.m., New York City time, on the third Business Day immediately preceding the delivery of the notice of redemption for such Redemption Date. 

“Secured Debt” means, as of any date, that amount of Debt as of that date that is secured by a Lien on properties or other
assets of the Guarantor or any of the Subsidiaries. 
 “Total Assets” means, as of any date, without duplication, the sum
of: (1) Undepreciated Real Estate Assets; (2) cash, cash equivalents and marketable securities of the Guarantor and the Subsidiaries, determined in accordance with GAAP; (3) notes and mortgages receivable, calculated as the lesser of
(i) the aggregate amount of principal under such note or mortgage that will be due and payable to the Guarantor or the Subsidiaries and (ii) the purchase price paid by the Guarantor or the Subsidiaries to acquire such note or mortgage; and
(4) all of the Guarantor’s other assets and the assets of the Subsidiaries (excluding intangibles and accounts receivable) determined on a consolidated basis in accordance with GAAP. 

“Total Unencumbered Assets” means, as of any date, those Total Assets not securing any amount of Secured Debt; provided,
however, that all investments by the Guarantor and the Subsidiaries in unconsolidated joint ventures, unconsolidated limited partnerships, unconsolidated limited liability companies and other unconsolidated entities shall be excluded from Total
Unencumbered Assets to the extent that such investments would have otherwise been included. For the avoidance of doubt, cash held by a “qualified intermediary” in connection with proposed like-kind exchanges pursuant to Section 1031
of the Internal Revenue Code of 1986, as amended, which may be classified as “restricted” for GAAP purposes, will nonetheless be considered Total Assets not securing any amount of Secured Debt, so long as the Guarantor or a Subsidiary has
the right (i) to direct the qualified intermediary to return such cash to the Guarantor or a Subsidiary if and when the Guarantor fails to identify or acquire the proposed like-kind property or at the end of the
180-day replacement period or (ii) direct the qualified intermediary to use such cash to acquire like-kind property. 

“Treasury Rate” means, with respect to any Redemption Date for the Notes: 

 

	 	(a)	 the yield, under the heading which represents the average for the immediately preceding week, appearing in the
most recently published statistical release designated “H.15” or any successor publication which is published weekly by the Board of Governors of the 

  
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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 Final Maturity Date of the Notes, yields for the two published maturities most closely corresponding to the Comparable
Treasury Issue shall be determined and the Treasury Rate shall be interpolated or extrapolated from such yields on a straight-line basis, rounding to the nearest month); or 

 

	 	(b)	 if such release (or any successor release) is not published during the week preceding the calculation date or
does not contain such yields, the rate per annum equal to the semiannual equivalent yield to maturity of the Comparable Treasury Issue, calculated using a price for the Comparable Treasury Issue (expressed as a percentage of its principal amount)
equal to the Comparable Treasury Price for that Redemption Date. 

 “Undepreciated Real Estate Assets”
means, as of any date, the cost (original cost plus capital improvements) of real estate assets of the Guarantor and its Subsidiaries on such date, before depreciation and amortization, determined on a consolidated basis in accordance with GAAP,
provided, however, that “Undepreciated Real Estate Assets” shall not include the right of use assets associated with an operating lease in accordance with GAAP. 

“Unsecured Debt” means, as of any date, that amount of Debt as of that date that is not Secured Debt. 

ARTICLE II 
 TERMS OF THE
SECURITIES 
 Section 2.01.    Title of the Securities. The Notes shall be known
and designated as the “2.750% Senior Notes due 2032.” 

Section 2.02.    Limitation on Initial Aggregate Principal Amount; Further Issuances. The
aggregate principal amount of Notes which may be authenticated and delivered under the Base Indenture is unlimited; provided, that upon initial issuance on the date hereof the aggregate principal amount of Notes outstanding shall not exceed
$300,000,000, except for Notes issued upon a redemption in part, exchange or registration of transfer of other Notes as provided herein and except as provided in Sections 305, 306, 307 and 1107 of the Base Indenture. The Issuer may, without the
consent of or notice to the Holders of Notes, issue Additional Notes from time to time in the future with the same terms and provisions as the Initial Notes, except for any difference in issue price, Interest accrued prior to the issue date and
first Interest Payment Date of those Additional Notes; provided, that such Additional Notes shall be treated as part of the same issue as and fungible with the Initial Notes for United States federal income tax purposes and shall carry the
same right to receive accrued and unpaid Interest as the other Notes then outstanding; provided, however, that, notwithstanding the foregoing, (i) if the Additional Notes are not fungible with the Notes for United States federal income
tax purposes, the Additional Notes will have a separate CUSIP number and (ii) if the Issuer has effected legal defeasance or covenant defeasance with respect to the Notes pursuant to Section 402 of the Base Indenture or has effected
satisfaction and discharge with respect to the Notes pursuant to Section 401 of the Base Indenture, no Additional Notes may be issued. The Initial Notes and any such Additional Notes shall constitute a single

  
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series of debt securities, and in circumstances in which the Indenture provides for the Holders of Notes to vote or take any action, the Holders of Initial Notes and any such Additional
Notes will vote or take that action as a single class. 
 Section 2.03.    Maturity.
The final Maturity Date of the Notes on which the principal thereof is due and payable shall be April 1, 2032. 

Section 2.04.    Interest and Interest Rates. The principal of the Notes shall bear
Interest at the rate of 2.750% per annum from and including September 20, 2021 or from the most recent date to which Interest has been paid or duly provided for, payable semiannually in arrears on April 1 and October 1 (each, an
“Interest Payment Date” for the Notes) of each year, commencing April 1, 2022, to the Persons in whose names such Notes (or one or more Predecessor Securities) are registered at the close of business on the March 15 or
September 15, respectively, immediately prior to such Interest Payment Dates (each, a “Regular Record Date” for the Notes) regardless of whether such Regular Record Date is a Business Day. Interest on the Notes will be computed
on the basis of a 360-day year of twelve 30-day months. If any principal of, or premium, if any, or Interest on, any of the Notes is not paid when due, then such overdue
principal and, to the extent permitted by law, such overdue premium or Interest, as the case may be, shall bear interest until paid or until such payment is duly provided for at the rate of 2.750% per annum. 

Section 2.05.    Place of Payment. The City of New York is hereby designated as a Place
of Payment for the Notes. The place where the principal of and premium, if any, and Interest (including the Redemption Price) on the Notes shall be payable, where Notes may be surrendered for the registration of transfer or exchange, and where
notices or demands to or upon the Issuer or the Guarantor in respect of the Notes and the Indenture may be served shall be the office or agency maintained by the Issuer for such purpose in the City of New York, which shall initially be the Corporate
Trust Office. 
 Section 2.06.    Redemption. In lieu of the provisions of Article 11
of the Base Indenture, the provisions of Article III of this Third Supplemental Indenture shall apply to the Notes. 

Section 2.07.    No Redemption at Option of Holders; No Sinking Fund. The Notes shall not
be repayable or redeemable at the option of the Holders prior to the final maturity date of the principal thereof and shall not be subject to a sinking fund or analogous provision. 

Section 2.08.    Use of Index. Other than amounts payable upon redemption of the Notes at
the option of the Issuer prior to January 1, 2032 in accordance with Section 2.06 and Article III hereof, the amount of payments of principal of and premium, if any, and Interest on the Notes shall not be determined with reference to an
index, formula or other similar method. 
 Section 2.09.    Election of Currency.
Neither the Issuer nor the Holders of the Notes shall have any right to elect the currency in which payments of the principal of and premium, if any, and Interest on (including the Redemption Price upon redemption pursuant to Section 2.06
and Article III hereof) the Notes are made. 
 Section 2.10.    Additional Definitions;
Additional Covenants. In addition to the covenants set forth in the Base Indenture, the covenants set forth in Article IV hereof (the “Additional Covenants”) shall be and hereby are added to the Base Indenture for the benefit of the

  
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Notes and the Holders of the Notes. The Additional Covenants, together with the defined terms (the “Additional Definitions”) set forth in Article I hereof are hereby incorporated by
reference in and made part of the Base Indenture for the benefit of the Notes and the Holders of the Notes as if set forth in full therein; provided that the Additional Covenants and the Additional Definitions shall only be applicable with
respect to the Notes and the Additional Definitions and the Additional Covenants shall only be effective for so long as any of the Notes are Outstanding. 

Section 2.11.    Registered Securities; Depositary. The Notes shall be issuable only as
Registered Securities without coupons and may, but need not, bear a corporate seal. The Notes shall initially be issued in book-entry form and represented by one or more permanent Global Securities for the Notes, the initial depositary (the
“Depositary”) for the Global Securities for the Notes shall be DTC and the depositary arrangements shall be those employed by whoever shall be the Depositary with respect to the Global Securities for the Notes from time to time.
Notwithstanding the foregoing, certificated Notes in definitive form may be issued in exchange for Global Securities for the Notes under the circumstances contemplated by Section 305 of the Base Indenture. Except as provided in Section 305
of the Base Indenture, beneficial owners of interests in a Global Security shall not be entitled to have certificates registered in their names, will not receive or be entitled to receive physical delivery of certificates in definitive form and will
not be considered Holders of such Global Security. 
 Section 2.12.    Defeasance and
Covenant Defeasance. Section 402 of the Base Indenture shall apply to the Notes, provided that the Additional Covenants shall also be subject to covenant defeasance pursuant to Section 402(3) of the Base Indenture. 

Section 2.13.    Additional Amounts. The Issuer shall not be required to pay Additional
Amounts with respect to the Notes as contemplated by Section 1010 of the Base Indenture. 

Section 2.14.    Guarantee. The Notes will be subject to the Guarantee of the Guarantor
on the terms set forth in Article 15 of the Base Indenture and as endorsed on the certificates for the Notes. 

Section 2.15.    Not Convertible. The Notes shall not be convertible into or exchangeable
for Capital Stock or other securities. 
 Section 2.16.    Unsecured Obligations. The
Notes shall be unsecured. 
 Section 2.17.    Waiver of Certain Covenants. The
provisions of Section 1011 of the Base Indenture shall be applicable with respect to any term, provision or condition set forth in the Additional Covenants, in addition to any term, provision or condition set forth in Sections 1004 to 1008,
inclusive, of the Base Indenture. 
 Section 2.18.    Form of Notes. The Notes and the
Guarantees endorsed on certificates evidencing the Notes shall have such other terms and provisions as are set forth in the form of certificate evidencing the Notes and form of related Guarantee endorsed thereon attached as Annex A to this
Third Supplemental Indenture, all of which terms and provisions are incorporated by reference in and made a part of this Third Supplemental Indenture and the Base Indenture for the benefit of the Notes and the Holders of the Notes as if set forth in
full herein and therein. 

  
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 ARTICLE III 

REDEMPTION OF NOTES 

Section 3.01.    Redemption of Notes. 

(a)    The Issuer shall have the right, at its option, to redeem the Notes for cash at any time in whole or from time to
time, in part, in each case (i) prior to January 1, 2032 at a redemption price (with respect to the Notes to be redeemed on any Redemption Date, the “Redemption Price”) equal to the greater of: (x) 100% of the principal amount of
the Notes to be redeemed and (y) the sum of the present values of the remaining scheduled payments of principal of and Interest on the Notes to be redeemed that would be due after the related Redemption Date but for such redemption calculated
as if the maturity date of the Notes was January 1, 2032 (except that, if such Redemption Date is not an Interest Payment Date, the amount of the next succeeding scheduled Interest payment shall be reduced by the amount of unpaid Interest
accrued thereon to, but not including, such Redemption Date), discounted to such Redemption Date on a semiannual basis (assuming a 360-day year consisting of twelve
30-day months) at the Treasury Rate plus 25 basis points, plus in each case unpaid Interest, if any, accrued on the principal amount of the Notes being redeemed to, but not including, such Redemption Date, and
(ii) at any time on or after January 1, 2032, at a Redemption Price equal to 100% of the principal amount of the Notes to be redeemed plus unpaid Interest, if any, accrued on the principal amount of the Notes being redeemed to, but not
including, such Redemption Date; provided, however, that if the Redemption Date falls after a Record Date for the payment of Interest and on or prior to the corresponding Interest Payment Date, the Issuer will pay the full amount of accrued
and unpaid Interest due on such Interest Payment Date to the Holders of record at the close of business on the corresponding Record Date according to the terms and the provisions of the Indenture. 

(b)    Notwithstanding the foregoing, the Issuer shall not redeem the Notes pursuant to Section 3.01(a) on any date
if the principal amount of the Notes has been accelerated, and such acceleration has not been rescinded or cured on or prior to such date. 

Section 3.02.    Notice of Optional Redemption; Selection of Notes. In case the Issuer
shall desire to exercise the right to redeem all or, as the case may be, any part of the Notes pursuant to Section 3.01, it shall fix a date for redemption and it or, at its written request received by the Trustee not fewer than two Business
Days prior (or such shorter period of time as may be acceptable to the Trustee) to the date the notice of redemption is to be mailed, the Trustee in the name of and at the expense of the Issuer, shall mail or cause to be mailed a notice of such
redemption not fewer than 15 days nor more than 60 days prior to the Redemption Date to each Holder of Notes so to be redeemed in whole or in part at its last address as the same appears on the Security Register; provided that if the Issuer
makes such request of the Trustee, it shall, together with such request, also give written notice of the Redemption Date to the Trustee; provided further that the text of the notice shall be prepared by the Issuer. Each such notice of
redemption shall specify: (i) the aggregate principal amount of Notes to be redeemed, (ii) the CUSIP number or numbers and ISIN number or numbers of the Notes being redeemed, (iii) the Redemption Date (which shall be a Business Day),
(iv) the Redemption Price (or the method of calculating such Redemption Price) at which Notes are to be redeemed, (v) the place or places of payment and that payment will be made upon presentation and surrender of such Notes and (vi) that
Interest accrued and unpaid to, but excluding, the Redemption Date will be paid as specified in said notice, and that 

  
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on and after said date Interest on Notes or portions of Notes to be redeemed will cease to accrue. If fewer than all the Notes are to be redeemed, the notice of redemption shall identify the
Notes to be redeemed (including CUSIP numbers, if any). In case any Note is to be redeemed in part only, the notice of redemption shall state the portion of the principal amount thereof to be redeemed and shall state that, on and after the
Redemption Date, upon surrender of such Note, a new Note or Notes in principal amount equal to the unredeemed portion thereof will be issued. Such mailing shall be by first class mail. The notice, if mailed in the manner herein provided, shall be
conclusively presumed to have been duly given, whether or not the Holder receives such notice. In any case, failure to give such notice by mail or any defect in the notice to the Holder of any Note designated for redemption as a whole or in part
shall not affect the validity of the proceedings for the redemption of any other Note. 
 Whenever any Notes are to be redeemed, the Issuer
will give the Trustee written notice of the Redemption Date, together with an Officers’ Certificate as to the aggregate principal amount of Notes to be redeemed not fewer than 30 days (or such shorter period of time as may be acceptable to the
Trustee) prior to the Redemption Date. 
 On or prior to the Redemption Date specified in the notice of redemption given as provided in this
Section 3.02, the Issuer will deposit with the Paying Agent (other than the Issuer or the Guarantor acting as its own Paying Agent) an amount of money in immediately available funds sufficient to redeem on the Redemption Date all the Notes (or
portions thereof) so called for redemption at the appropriate Redemption Price, together with accrued and unpaid Interest, if any, on the Notes or portions thereof to be redeemed; provided that if such payment is made on the Redemption Date,
it must be received by the Paying Agent, by 10:00 a.m., New York City time, on such date. The Issuer shall be entitled to retain any interest, yield or gain on amounts deposited with the Paying Agent pursuant to this Section 3.02 in excess of
amounts required hereunder to pay the Redemption Price, together with accrued and unpaid Interest, if any, on the Notes or portions thereof to be redeemed. 

If fewer than all of the outstanding Notes are to be redeemed, the Trustee shall select the Notes or portions thereof of the Global Note or
the Notes in certificated form to be redeemed (in minimum denominations of $2,000 principal amount and integral multiples of $1,000 in excess thereof) on a pro rata basis, by lot or by another method the Trustee deems fair and appropriate, in
accordance with methods generally used at the time of selection by fiduciaries in similar circumstances; provided, however, that so long as the Depositary or its nominee is the registered owner of a Global Note, the Notes will be redeemed in
accordance with the requirements of the Depositary. 
 Section 3.03.    Payment of Notes
Called for Redemption by the Issuer. If notice of redemption has been given as provided in Section 3.02, the Notes or portion of Notes with respect to which such notice has been given shall become due and payable on the Redemption Date and
at the place or places stated in such notice at the Redemption Price, together with accrued and unpaid Interest, if any, thereon, and if the Paying Agent holds funds sufficient to pay the Redemption Price of such Notes, together with accrued and
unpaid Interest, if any, thereon, then, on and after such Redemption Date (a) such Notes will cease to be outstanding and (b) Interest on the Notes or portion of Notes so called for redemption shall cease to accrue and, except as provided
in Article 15 of the Base Indenture, such Notes shall cease to be entitled to any benefit under the 

  
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Indenture, and the Holders thereof shall have no right in respect of such Notes except the right to receive the Redemption Price thereof, together with accrued and unpaid Interest, if any,
thereon. On presentation and surrender of such Notes at a place of payment in said notice specified, the said Notes or the specified portions thereof shall be paid and redeemed by the Issuer at the Redemption Price, together with Interest accrued
thereon, if any, to, but excluding, the Redemption Date. 
 Upon presentation of any Note redeemed in part only, the Issuer shall execute
and the Trustee shall authenticate and make available for delivery to the Holder thereof, at the expense of the Issuer, a new Note or Notes, of authorized denominations, in principal amount equal to the unredeemed portion of the Notes so presented.

 Prior to the applicable Redemption Date, the Issuer shall provide to the Trustee an Officers’ Certificate that shall set forth the
applicable Redemption Price and the calculation thereof in reasonable detail. The Trustee shall be under no duty to inquire into, may conclusively presume the correctness of, and shall be fully protected in acting upon the Issuer’s calculation
of the Redemption Price. The Trustee shall provide such calculation to any Holder upon request. 
 ARTICLE IV 

ADDITIONAL COVENANTS 

Section 4.01.    Limitation on Total Debt. The Guarantor will not, and will not permit
any Subsidiary to, Incur any Debt (other than Intercompany Debt that is subordinate in right of payment to the Notes) if, immediately after giving effect to the Incurrence of such Debt and the application of the net proceeds of such additional Debt
on a pro forma basis, the aggregate principal amount of all outstanding Debt of the Guarantor and its Subsidiaries (determined on a consolidated basis in accordance with GAAP) would exceed 60% of the sum of the following (without duplication): 

(a)    Total Assets of the Guarantor and its Subsidiaries as of the end of the fiscal quarter covered in
the Guarantor’s annual or quarterly report most recently furnished to the Holders or filed with the Commission, as the case may be; and 

(b)    the aggregate purchase price of any real estate assets, notes or mortgages receivable acquired, and
the aggregate amount of any securities offering proceeds received (to the extent such proceeds were not used to acquire real estate assets, notes or mortgages receivable or used to reduce Debt), by the Guarantor or any Subsidiary since the end of
such fiscal quarter, including the proceeds obtained from the Incurrence of such additional Debt. 

Section 4.02.    Limitation on Secured Debt. The Guarantor will not, and will not permit
any Subsidiary to, Incur any Secured Debt (other than Intercompany Debt that is subordinate in right of payment to the Notes) if, immediately after giving effect to the Incurrence of such Secured Debt and the application of the proceeds from such
Debt on a pro forma basis, the aggregate principal amount of all outstanding Secured Debt of the Guarantor and its Subsidiaries (determined 

  
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on a consolidated basis in accordance with GAAP) would exceed 40% of the sum of the following (without duplication): 

(a)    Total Assets of the Guarantor and its Subsidiaries as of the end of the fiscal quarter covered in
the Guarantor’s annual or quarterly report most recently furnished to the Holders or filed with the Commission, as the case may be; and 

(b)    the aggregate purchase price of any real estate assets, notes or mortgages receivable acquired, and
the aggregate amount of any securities offering proceeds received (to the extent such proceeds were not used to acquire real estate assets, notes or mortgages receivable or used to reduce Debt), by the Guarantor or any Subsidiary since the end of
such fiscal quarter, including the proceeds obtained from the Incurrence of such additional Debt. 

Section 4.03.    Ratio of Consolidated EBITDA to Interest Expense. The Guarantor will
not, and will not permit any Subsidiary to, Incur any Debt (other than Intercompany Debt that is subordinate in right of payment to the Notes) if the ratio of Consolidated EBITDA to Interest Expense for the Guarantor for the period consisting of the
four consecutive fiscal quarters most recently ended prior to the date on which such additional Debt is to be Incurred shall have been less than 1.50:1.00 on a pro forma basis after giving effect thereto and to the application of the proceeds
therefrom (determined on a consolidated basis in accordance with GAAP), and calculated on the assumption that: 

(a)    the Debt and any other Debt Incurred by the Guarantor or any Subsidiary from the first day of such
four-quarter period had been Incurred at the beginning of that period and continued to be outstanding throughout that period, and the application of the net proceeds of that Debt (including to repay or retire other Debt, including Debt under any
revolving credit facility) had occurred at the beginning of that four-quarter period; 
 (b)    the
repayment or retirement of any other Debt of the Guarantor or any Subsidiary from the first day of such four-quarter period had occurred at the beginning of that period; provided that, except to the extent set forth in clause (a) or (c)
of this Section 4.03, in determining the amount of Debt in this calculation, the amount of Debt under any revolving credit or similar facility will be computed based upon the average daily balance of such Debt during that four-quarter period;
and 
 (c)    in the case of any acquisition or disposition of any asset or group of assets by the
Guarantor or any Subsidiary from the first day of such four-quarter period including, without limitation, by merger, or stock or asset purchase or sale, (i) the acquisition or disposition had occurred as of the first day of that period, with
the appropriate adjustments to Consolidated EBITDA and Interest Expense with respect to the acquisition or disposition being included in that pro forma calculation, and (ii) the application of the net proceeds from a disposition to repay or
refinance Debt, including, without limitation, Debt under any revolving credit facility, had occurred on the first day of that four-quarter period. 

Section 4.04.    Maintenance of Total Unencumbered Assets. The Guarantor will maintain at
all times Total Unencumbered Assets of not less than 150% of the aggregate principal amount of all outstanding Unsecured Debt of the Guarantor and its Subsidiaries (determined on a consolidated basis in accordance with GAAP). 

  
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 ARTICLE V 

MISCELLANEOUS 

Section 5.01.    Integral Part. This Third Supplemental Indenture constitutes an integral
part of the Base Indenture. 
 Section 5.02.    Adoption, Ratification and Confirmation.
The Base Indenture, as supplemented and amended by this Third Supplemental Indenture, is in all respects hereby adopted, ratified and confirmed. 

Section 5.03.    Counterparts; Effect of Headings. This Third Supplemental Indenture may
be executed in any number of counterparts, each of which when executed shall be deemed to be an original, but all such counterparts shall together constitute but one and the same Third Supplemental Indenture. The Article and Section headings herein
are for convenience only and shall not affect the construction hereof. 

Section 5.04.    Successors and Assigns. All covenants and agreements in this Third
Supplemental Indenture by the Issuer and the Guarantor shall bind their respective successors and assigns, whether so expressed or not. 

Section 5.05.    Severability. In case any provision in this Third Supplemental Indenture
shall be invalid, illegal or unenforceable, the validity, legality and enforceability of the remaining provisions shall not in any way be affected or impaired thereby. 

Section 5.06.    Governing Law. THIS THIRD SUPPLEMENTAL INDENTURE SHALL BE GOVERNED BY
AND CONSTRUED IN ACCORDANCE WITH THE LAW OF THE STATE OF NEW YORK WITHOUT REGARD, TO THE EXTENT PERMITTED BY LAW, TO CONFLICTS OF LAWS PRINCIPLES. 

Section 5.07.    Conflict with Trust Indenture Act. If any provision hereof limits,
qualifies or conflicts with another provision hereof which is required or deemed to be included in the Indenture by any of the provisions of the Trust Indenture Act, such required provision shall control. If any provision of this Third Supplemental
Indenture modifies or excludes any provision of the Trust Indenture Act that may be so modified or excluded, the latter provision shall be deemed to apply to this Third Supplemental Indenture as so modified or so excluded, as the case may be. 

Section 5.08.    Use of Electronic Communications. For the avoidance of doubt, all
notices, approvals, consents, requests and any communications hereunder or with respect to the Notes must be in writing (provided that any communication sent to Trustee hereunder must be in the form of a document that is signed manually or by way of
a digital signature provided by DocuSign or Adobe (or such other digital signature provider as specified in writing to Trustee by the authorized representative)), in English. The Issuer agrees to assume all risks arising out of using digital
signatures and electronic methods to submit communications to Trustee, including without limitation the risk of Trustee acting in good faith on unauthorized instructions, and the risk of interception and misuse by third parties. 

Section 5.09.    Trustee Makes No Representation. The recitals contained herein shall be
taken as the statements of the Issuer, and neither the Trustee nor any Authenticating Agent assumes 

  
 13 

 
any responsibility for their correctness. The Trustee makes no representations as to the validity or sufficiency of this Third Supplemental Indenture, except that the Trustee represents that it
is duly authorized to execute and deliver this Third Supplemental Indenture and perform its obligations hereunder. Neither the Trustee nor any Authenticating Agent shall be accountable for the use or application by the Issuer of the proceeds of the
Notes. All of the provisions contained in the Indenture in respect of the rights, privileges, immunities, indemnities, powers, and duties of the Trustee shall be applicable in respect of this Third Supplemental Indenture as fully and with like force
and effect as though fully set forth in full herein. 
 [Remainder of Page Intentionally Left Blank: Signatures Commence in Following
Page] 

  
 14 

 SIGNATURES 

IN WITNESS WHEREOF, the parties hereto have caused this Third Supplemental Indenture to be duly executed all as of the day and year first
above written. 
  

			
	PIEDMONT OPERATING PARTNERSHIP, LP
		
	By:	 	PIEDMONT OFFICE REALTY TRUST, INC.,
		 	its General Partner
		
	By:	 	 /s/ Robert E. Bowers

	Name:	 	Robert E. Bowers
	Title:	 	Chief Financial Officer and Executive Vice President
	
	PIEDMONT OFFICE REALTY TRUST, INC.
		
	By:	 	 /s/ Robert E. Bowers

	Name:	 	Robert E. Bowers
	Title:	 	Chief Financial Officer and Executive Vice President
	
	U.S. BANK NATIONAL ASSOCIATION, as Trustee
		
	By:	 	 /s/ Laura Cawley

	Name:	 	Laura Cawley
	Title:	 	Vice President

  
 15 

 Annex A 

Include only for Global Securities — UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW
YORK CORPORATION (“DTC”), TO THE ISSUER OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED
REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL
INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS A BENEFICIAL INTEREST HEREIN. 
 TRANSFERS OF THIS GLOBAL NOTE ARE LIMITED TO TRANSFERS IN
WHOLE, BUT NOT IN PART, TO NOMINEES OF CEDE & CO. OR TO A SUCCESSOR THEREOF OR SUCH SUCCESSOR’S NOMINEE AND TRANSFERS OF PORTIONS OF THIS GLOBAL NOTE ARE LIMITED TO TRANSFERS MADE IN ACCORDANCE WITH THE TRANSFER PROVISIONS OF THE
INDENTURE. 

  
 A-1 

 [FACE OF NOTE] 

PIEDMONT OPERATING PARTNERSHIP, LP 

2.750% SENIOR NOTES DUE 
 APRIL 1,
2032 
 CUSIP NO.: 720198AF7 

ISIN: US720198AF73 
  

			
	No. A-1	 	$[            ]

 Piedmont Operating Partnership, LP, a Delaware limited partnership (herein called the “Issuer,”
which term includes any successor under the Indenture referred to on the reverse hereof), for value received hereby promises to pay to
[                    ], or its registered assigns, the principal sum of
[                    ] DOLLARS ($[            ]), or such other amount as is set forth in
the Schedule of Increases or Decreases in Note on the other side of this Note, on April 1, 2032 at the office or agency of the Issuer maintained for that purpose in accordance with the terms of the Indenture, in such coin or currency of the
United States of America as at the time of payment shall be legal tender for the payment of public and private debts, and to pay Interest, semi-annually on April 1 and October 1 of each year, commencing April 1, 2022, on said
principal sum at said office or agency, in like coin or currency, at the rate per annum of 2.750%, from the most recent Interest Payment Date to which Interest has been paid or duly provided for, unless no Interest has been paid or duly provided for
on the Notes, in which case from September 20, 2021 until payment of said principal sum has been made or duly provided for. Principal of and Interest on any Global Note shall be paid in immediately available funds to the account of the
Depositary or its nominee. Payment of the principal of Notes not represented by a Global Note shall be made at the office or agency designated by the Issuer for such purpose. Interest on Notes not represented by a Global Note shall be paid to
Holders either by check mailed to each Holder or, upon application by a Holder to the Registrar not later than the relevant Regular Record Date, by wire transfer in immediately available funds to that Holder’s account within the United States,
which application shall remain in effect until the Holder notifies, in writing, the Registrar to the contrary. 
 Payment of the principal
of (and premium, if any) and interest on this Security will be made at the office or agency of the Issuer maintained for that purpose in The City of New York, New York, in such coin or currency of the United States of America as at the time of
payment is legal tender for payment of public and private debts. 
 Reference is hereby made to the further provisions of this Security set
forth on the reverse hereof, which further provisions shall for all purposes have the same effect as if set forth at this place. 
 Unless
the certificate of authentication hereon has been executed by the Trustee referred to on the reverse hereof by manual signature, this Security shall not be entitled to any benefit under the Indenture or be valid or obligatory for any purpose. 

  
 A-2 

 This Note shall not be valid or become obligatory for any purpose until the certificate of
authentication hereon shall have been signed manually by the Trustee or a duly authorized authenticating agent under the Indenture. 

  
 A-3 

 IN WITNESS WHEREOF, the Issuer has caused this Note to be duly executed. 

 

							
	Dated:	 		 	PIEDMONT OPERATING PARTNERSHIP, LP
		 		 	By:	 	Piedmont Office Realty Trust, Inc., as its sole
		 		 		 	general partner
				
		 		 	By:	 	
                    

		 		 	Name:	 	
		 		 	Title:	 	

  
 A-4 

 TRUSTEE’S CERTIFICATE OF AUTHENTICATION 

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

 

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

		 		 		 	Authorized Signatory

  
 A-5 

 [REVERSE SIDE OF NOTE] 

PIEDMONT OPERATING PARTNERSHIP, LP 

2.750% SENIOR NOTES DUE 2032 

This Note is one of a duly authorized issue of Notes of the Issuer, designated as its 2.750% Senior Notes due 2032 (herein called the
“Notes”), issued under and pursuant to an Indenture dated as of March 6, 2014 (the “Base Indenture”), as supplemented by a Supplemental Indenture (the “Supplemental Indenture”)
dated as of September 20, 2021 (the Base Indenture, as supplemented by the Supplemental Indenture, and as it may be further amended or supplemented from time to time, the “Indenture”) among the Issuer, the Guarantor and U.S.
Bank National Association, as trustee (herein called the “Trustee”), to which Indenture and all indentures supplemental thereto reference is hereby made for a description of the rights, limitations of rights, obligations,
duties and immunities thereunder of the Trustee, the Issuer, the Guarantor and the Holders of the Notes. Terms (whether or not capitalized) that are defined in the Indenture and used but not otherwise defined in this Note shall have the respective
meanings ascribed thereto in the Indenture. 
 If an Event of Default (other than an Event of Default specified in Section 501(6) or
501(7) of the Base Indenture) occurs and is continuing, unless the principal of all the Notes shall have already become due and payable, either the Trustee or the Holders of at least 25% in aggregate principal amount of the Notes then outstanding,
by notice in writing to the Issuer and the Guarantor (and to the Trustee if given by Holders of Notes), may declare the principal amount of and Interest accrued and unpaid on all the Notes to be immediately due and payable. If an Event of Default
specified in Section 501(6) or 501(7) of the Base Indenture occurs and is continuing, then the principal amount of and Interest accrued and unpaid on all the Notes shall be immediately due and payable without any declaration or other action on
the part of the Trustee or any Holder of Notes. 
 The Indenture contains provisions permitting the Issuer, the Guarantor and the Trustee,
with the consent of the Holders of not less than a majority in aggregate principal amount of the Notes at the time outstanding, to execute supplemental indentures adding any provisions to or changing in any manner or eliminating any of the
provisions of the Indenture or of any supplemental indenture or modifying in any manner the rights of the Holders of the Notes, subject to exceptions set forth in Section 901 and Section 902 of the Base Indenture. Subject to the provisions
of the Indenture, the Holders of not less than a majority in aggregate principal amount of the Notes at the time outstanding may, on behalf of the Holders of all of the Notes, waive any past default or Event of Default, subject to the exceptions set
forth in the Indenture. 
 No reference herein to the Indenture and no provision of this Note, the Guarantee endorsed on this Note or the
Indenture shall impair, as among the Issuer and the Holder of the Notes, the obligation of the Issuer, which is absolute and unconditional, to pay the principal of and Interest on this Note at the place, at the respective times, at the rate and in
the coin or currency herein and in the Indenture prescribed. 

  
 A-6 

 Interest on the Notes shall be computed on the basis of a
360-day year of twelve 30-day months. 
 The Notes are
issuable in fully registered form, without coupons, in minimum denominations of $2,000 principal amount and in integral multiples of $1,000 in excess thereof. 

At the office or agency of the Issuer referred to in the Indenture, and in the manner and subject to the limitations provided in the
Indenture, without payment of any service charge but with payment of a sum sufficient to cover any tax, assessment or other governmental charge that may be imposed in connection with any registration or exchange of Notes, Notes may be presented for
exchange for a like aggregate principal amount of Notes of any other authorized denominations or for registration of transfer. 
 The Issuer
shall have the right to redeem the Notes, in whole at any time and from time to time in part, at the Redemption Price and on the terms and conditions set forth in the Indenture. 

The Notes are not subject to redemption through the operation of any sinking fund. 

Except as expressly provided in Article 15 of the Base Indenture, no recourse for the payment of the principal of (including the Redemption
Price upon redemption pursuant to the Indenture) or Interest on this Note, or for any claim based hereon or otherwise in respect hereof, and no recourse under or upon any obligation, covenant or agreement of the Issuer or the Guarantor in the
Indenture or any supplemental indenture or in this Note, or because of the creation of any indebtedness represented thereby, or in the Guarantee, shall be had against any incorporator, stockholder, partner, member, manager, employee, agent, officer,
director or subsidiary, as such, past, present or future, of the Guarantor, the Issuer or any of the Guarantor’s or Issuer’s Subsidiaries or of any successor thereto, either directly or through the Guarantor, the Issuer or any of the
Guarantor’s or Issuer’s subsidiaries or of any successor thereto, whether by virtue of any constitution, statute or rule of law, or by the enforcement of any assessment or penalty or otherwise; it being expressly understood that all such
liability is hereby expressly waived and released as a condition of, and as consideration for, the execution of the Indenture and the issue of this Note. 

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

  
 A-7 

 ABBREVIATIONS 

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

			
	TEN-COM:	 	as tenants in common
		
	TEN-ENT:	 	as tenants by the entireties
		
	UNIF GIFT MIN ACT	 	Uniform Gifts to Minors Act
		
	Cust	 	Custodian
		
	JT-TEN	 	as joint tenants with right of survivorship and not under Uniform Gifts to Minors Act

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

  
 A-8 

 GUARANTEE 

Piedmont Office Realty Trust, Inc., a Maryland Corporation (hereinafter referred to as the “Guarantor,” which term includes
any successor under the Indenture, referred to below), hereby irrevocably and unconditionally guarantees on a senior basis on the terms set forth in the Indenture the Guarantee Obligations, which include (i) the due and punctual payment of the
principal of (including the Redemption Price upon redemption pursuant to the Indenture) and Interest on the 2.750% Senior Notes due 2032 (the “Notes”) of Piedmont Operating Partnership, LP, a Delaware limited partnership (the
“Issuer,” which term includes any successor thereto under the Indenture), whether at the Maturity Date, upon acceleration, upon redemption or otherwise, the due and punctual payment of Interest on any overdue principal and (to the
extent permitted by law) Interest on any overdue Interest on the Notes, and the due and punctual performance of all other obligations of the Issuer, to the Holders of the Notes or the Trustee all in accordance with the terms set forth in Article 15
of the Base Indenture, and (ii) in case of any extension of time of payment or renewal of any Notes or any such other obligations, that the same shall be promptly paid in full when due or performed in accordance with the terms of the extension
or renewal, whether at the Maturity Date, by acceleration, call for redemption or otherwise. 
 This Guarantee has been issued under and
pursuant to an Indenture dated as of March 6, 2014 (the “Base Indenture”), as supplemented by a Supplemental Indenture (the “Supplemental Indenture”) dated as of September 20, 2021 (the Base Indenture,
as supplemented by the Supplemental Indenture, and as it may be further amended or supplemented from time to time, the “Indenture”) among the Issuer, the Guarantor and U.S. Bank National Association, as Trustee (herein called the
“Trustee,” which term includes any successor thereto under the Indenture). Terms (whether or not capitalized) that are defined in the Indenture and used but not otherwise defined in this Guarantee shall have the respective meanings
ascribed thereto in the Indenture. 
 The obligations of the Guarantor to the Holders of the Notes and to the Trustee pursuant to this
Guarantee and the Indenture are expressly set forth in Article 15 of the Base Indenture and reference is hereby made to such Indenture for the precise terms of this Guarantee. 

The Guarantor hereby waives diligence, presentment, demand of payment, filing of claims with a court in the event of merger or bankruptcy of
the Issuer, any right to require a proceeding first against the Issuer, the benefit of discussion, protest or notice with respect to the Notes and all demands whatsoever. 

No past, present or future director, officer, employee, incorporator or stockholder (direct or indirect) of the Guarantor (or any such
successor entity) as such, shall have any liability for any obligations of the Guarantor under this Guarantee or the Indenture or for any claim based on, in respect of, or by reason of, such obligations or their creation. 

This is a continuing Guarantee and shall remain in full force and effect and shall be binding upon the Guarantor and its successors and
assigns until full and final payment of all of the Issuer’s obligations under the Notes and Indenture or until legally discharged in 

  
 A-9 

 
accordance with the Indenture and shall inure to the benefit of the successors and assigns of the Trustee and the Holders of the Notes, and, in the event of any transfer or assignment of rights
by any Holder of the Notes or the Trustee, the rights and privileges herein conferred upon that party shall automatically extend to and be vested in such transferee or assignee, all subject to the terms and conditions hereof. This is a Guarantee of
payment and performance and not of collection. 
 This Guarantee shall not be valid or obligatory for any purpose until the certificate of
authentication on the Note upon which this Guarantee is endorsed shall have been executed by the Trustee or a duly authorized authenticating agent under the Indenture by the manual signature of one of its authorized officers. 

The obligations of the Guarantor under this Guarantee shall be limited as provided in Article 15 of the Base Indenture to the extent necessary
to ensure that it does not constitute a fraudulent conveyance under applicable law. 
 THE TERMS OF ARTICLE 15 OF THE BASE INDENTURE ARE
INCORPORATED HEREIN BY REFERENCE. 
 This Guarantee shall be governed by, and construed in accordance with, the laws of the State of New
York. 

  
 A-10 

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

 

							
	Dated:	 		 	PIEDMONT OFFICE REALTY TRUST, INC.
				
		 		 	By:	 	
                     
                                         
      

		 		 	Name:	 	
                          
                                         
             

		 		 	Title:	 	

  
 A-11 

 ASSIGNMENT 

For value
received                    hereby sell(s) assign(s) and transfer(s)
unto                    (Please insert social security or other Taxpayer Identification Number of assignee) the within Note, and hereby irrevocably
constitutes and appoints                    attorney to transfer said Note on the books of the Issuer, with full power of substitution in the
premises. 
  

			
	Dated:
                                        
                                         
           	 	
	                                      
                                         
                         	 	
		
		 	
                     

		 	Signature(s)
		
		 	Signature(s) must be guaranteed by an “eligible guarantor institution” meeting the requirements of the Note Registrar, which requirements include membership or participation in the Security Transfer Agent
Medallion Program (“STAMP”) or such other “signature guarantee program” as may be determined by the Note Registrar in addition to, or in substitution for, STAMP, all in accordance with the Securities Exchange Act of
1934, as amended.
		
		 	
                     

		 	Signature Guarantee

 NOTICE: The signature on this Assignment must correspond with the name as written upon the face of the Note in every
particular without alteration or enlargement or any change whatsoever. 

  
 A-12 

 [Include Schedule only for a Global Note] 

SCHEDULE OF INCREASES OR DECREASES IN NOTE 

The initial principal amount of this Global Note is
[                    ] DOLLARS ($[        ]). The following increases or decreases in part of this Note have
been made: 
  

											
	 Date
	  	 Amount of

Increase in

Principal

Amount of
 this
Note
	  	Amount of
Decrease in
Principal
Amount of
this Note	 	  	 Principal

amount of this
Note following

such Increase
 or
Decrease
	  	 Signature of

Authorized

Officer or

Trustee

	
                   
 
	  	                            	  	 	                            	 	  	                            	  	                            
		  		  				  		  	
		  		  				  		  	
		  		  				  		  	

  
 A-13

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