Document:

EX-4.1

 Exhibit 4.1 

Execution Version 

FIFTH SUPPLEMENTAL INDENTURE 

FIFTH SUPPLEMENTAL INDENTURE, dated as of September 26, 2019, between HOST HOTELS & RESORTS, L.P., a Delaware limited
partnership (the “Company”), and THE BANK OF NEW YORK MELLON, as Trustee (the “Trustee”), to the Indenture, dated as of May 15, 2015, as amended and supplemented through the date of this Fifth Supplemental
Indenture (the “Indenture”). 
 RECITALS 

WHEREAS, the Company and the Trustee executed and delivered the Indenture substantially in the form of Indenture previously filed as Exhibit
4.1 to the Registration Statement (No. 333-224247) filed with the Securities and Exchange Commission (the “Commission”) on Form S-3 by the Company; 

WHEREAS, the Company desires to create a series of Securities to be issued under the Indenture, as hereby supplemented, to be known as the
3.375% Series H Senior Notes due 2029 (hereinafter, the “Series H Notes”); 
 WHEREAS, Section 9.1(i) of the Indenture
provides that the Company and the Trustee may amend or supplement the Indenture without the written consent of the Holders of the outstanding Securities to provide for the issuance of and establish the form and terms and conditions of Securities of
any Series as permitted by the Indenture; 
 WHEREAS, all acts and things prescribed by the Indenture, by law and by the organizational
documents of the Company and the Trustee necessary to make this Fifth Supplemental Indenture a valid instrument legally binding on the Company and the Trustee, in accordance with its terms, have been duly done and performed; and 

WHEREAS, all conditions precedent to amend or supplement the Indenture have been met. 

NOW, THEREFORE, to comply with the provisions of the Indenture, and in consideration of the above premises, the Company and the Trustee
covenant and agree as follows: 
 ARTICLE 1 

Section 1.01    Nature of Supplemental Indenture. This Fifth Supplemental Indenture supplements the Indenture
and does and shall be deemed to form a part of, and shall be construed in connection with and as part of, the Indenture for any and all purposes. 

Section 1.02    Establishment of New Series. Pursuant to Section 2.2 of the Indenture, there is hereby
established the Series H Notes having the terms, in addition to those set forth in the Indenture and this Fifth Supplemental Indenture, set forth in the form of Series H Note, attached to this Fifth Supplemental Indenture as Exhibit A, which
is incorporated herein as a part of this Fifth Supplemental Indenture. In addition to the initial aggregate principal amount of Series H Notes issued on the Series Issue Date, the Company may issue additional Series H Notes under the Indenture and
this Fifth Supplemental Indenture in accordance with Section 2.2 of the Indenture. 

 Section 1.03    Redemption. (a) Prior to 90 days before
their Stated Maturity (the “Par Call Date”), upon not less than 15 nor more than 60 days’ notice, the Company may redeem the Series H Notes at any time in whole or in part, at a redemption price equal to 100% of the principal
amount thereof plus the Make-Whole Premium, together with accrued and unpaid interest thereon, if any, to, but not including, the applicable redemption date (subject to the right of Holders of record on the relevant record date to receive interest
due on an interest payment date that is on or prior to the applicable redemption date). 
 (b) Notwithstanding the foregoing, within the period beginning on
or after the Par Call Date, upon not less than 15 nor more than 60 days’ notice, the Company may redeem the Series H Notes in whole or in part, at a redemption price equal to 100% of the principal amount thereof, together with accrued and
unpaid interest thereon, if any, to, but not including, the applicable redemption date (subject to the right of Holders of record on the relevant record date to receive interest due on an interest payment date that is on or prior to the applicable
redemption date). 
 (c) In connection with any redemption of the Series H Notes, any such redemption may, in the Company’s discretion, be subject to
one or more conditions precedent. In addition, if such redemption or notice is subject to satisfaction of one or more conditions precedent, such notice shall state that, in the Company’s discretion, the redemption date may be delayed beyond
such 60-day period until such time as any or all such conditions shall be satisfied (or waived by the Company in its sole discretion), or such redemption may not occur and such notice may be rescinded in the
event that any or all such conditions shall not have been satisfied by the redemption date, or by the redemption date so delayed. In addition, the Company may provide in such notice that payment of the redemption price and performance of its
obligations with respect to such redemption may be performed by another person. 
 (d) The Series H Notes will not have the benefit of any sinking fund.

 (e) Notice of a redemption of the Series H Notes made pursuant to this Section 1.03 shall be given in the manner set forth in Section 3.3 of
the Indenture; provided, however, that any such notice need not set forth the redemption price but need only set forth the calculation thereof as described in subsection (a) of this Section 1.03. The redemption price,
calculated as aforesaid, shall be set forth in an Officer’s Certificate delivered by the Company to the Trustee no later than one Business Day prior to the redemption date. 

ARTICLE 2 

Section 2.01    For all purposes of this Fifth Supplemental Indenture, except as otherwise expressly provided or
unless the context requires otherwise: 
 (a) A term defined in the Indenture and not otherwise defined herein has the same meaning when used in this Fifth
Supplemental Indenture; and 

  
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 (b) The following terms have the meanings given to them in this Section 2.01 and shall
have the meaning set forth below for the purposes of this Fifth Supplemental Indenture and the Indenture solely with respect to the Series H Notes: 

“Acquired Indebtedness” means Indebtedness of a person (1) existing at the time such person is merged or consolidated
with or into, or becomes a Subsidiary of the Company or (2) assumed by the Company or any of its Subsidiaries in connection with the acquisition of assets from that person; provided that Indebtedness of such person which is redeemed,
defeased (including the deposit of funds in a valid trust for the exclusive benefit of Holders and the Trustee thereof, sufficient to repay such Indebtedness in accordance with its terms), retired or otherwise repaid at the time of or immediately
upon consummation of the transactions by which such person is acquired shall not be included as Acquired Indebtedness. Acquired Indebtedness shall be deemed to be incurred on the date the acquired person is merged or consolidated with or into, or
becomes a Subsidiary of, the Company or the date of the related acquisition, as the case may be. 
 “Applicable Procedures”
means, with respect to any transfer or exchange of or for beneficial interests in any Global Note, the rules and procedures of the Depositary, Euroclear and Clearstream that apply to such transfer or exchange at the relevant time. 

“Capitalized Lease” means, as applied to any person, any lease of any property (whether real, personal or mixed) of which the
discounted present value of the rental obligations of such person as lessee, in conformity with GAAP, is required to be capitalized on the balance sheet of such person. 

“Capitalized Lease Obligations” means the discounted present value of the rental obligations under a Capitalized Lease as
reflected on the balance sheet of such person in accordance with GAAP. 
 “Certificated Note” means a certificated Series H
Note registered in the name of the Holder thereof and issued in accordance with Section 4.01 of this Fifth Supplemental Indenture, in the form of Exhibit A to this Fifth Supplemental Indenture, except that such Certificated Note shall
not include the information called for by footnotes 1, 2 and 3 thereof. 
 “Clearstream” means Clearstream Banking S.A., or
its successors. 
 “Consolidated EBITDA” for any period means the Company’s Consolidated Net Income and the
Consolidated Net Income of its Subsidiaries for such period, plus amounts which have been deducted and minus amounts which have been added for, without duplication: (1) interest expense on Indebtedness; (2) provision for taxes based on
income; (3) amortization of debt discount and deferred financing costs; (4) gains and losses on sales or other dispositions of depreciable properties and other investments, other than from (i) sales of inventory and
(ii) timeshare assets held for sale, in each case, in the ordinary course of business; (5) property depreciation and amortization, including any impairment charges; (6) the effect of any
non-cash items; and (7) amortization of deferred charges, all determined on a consolidated basis in accordance with GAAP. 

  
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 “Consolidated Net Income” for any period means the amount of net income, or
loss, for the Company and its Subsidiaries for such period, excluding, without duplication, (1) extraordinary items, (2) the portion of net income for the Company and its Subsidiaries allocable to
non-controlling interests in unconsolidated persons to the extent that cumulative cash dividends or distributions have not actually been received by the Company or one of its Subsidiaries and (3) the
portion of net losses for the Company and its Subsidiaries allocable to non-controlling interests in unconsolidated persons, all determined on a consolidated basis in accordance with GAAP. 

“Depositary” means, with respect to the Series H Notes issuable or issued in whole or in part in global form, The Depository
Trust Company (“DTC”), and any and all successors thereto appointed as depositary by the Company. 
 “Credit
Facility” means the credit facility established pursuant to the Fifth Amended and Restated Credit Agreement, dated as of August 1, 2019, among the Company, Bank of America, N.A., as Administrative Agent, and other agents and lenders
party thereto, together with all other agreements, instruments and documents executed or delivered pursuant thereto or in connection therewith, in each case as such agreements, instruments or documents may be amended, supplemented, extended,
renewed, replaced or otherwise modified or restructured from time to time (including by way of adding Subsidiaries of the Company as additional borrowers or guarantors thereof), whether by the same or any other agent, lender or group of lenders
(including by means of sales of debt securities to institutional investors). 
 “Euroclear” means Euroclear Bank S.A./N.V.,
or its successor, as operator of the Euroclear system. 
 “Existing Senior Notes” means amounts outstanding from time to
time of (i) the 6% Senior Notes due 2021; (ii) the 51⁄4% Senior Notes due 2022; (iii) the 43⁄4% Senior Notes due 2023; (iv) the 33⁄4% Senior Notes due 2023; (v) the 4% Senior Notes due 2025; (vi) the 41⁄2% Senior Notes due 2026; and (vii) the 37⁄8% Senior Notes due 2024, in each
case, not in excess of amounts outstanding immediately following the date hereof of the Series H Notes, less amounts retired from time to time. 

“Global Note” means a Series H Note that includes the information referred to in footnotes 1, 2 and 3 to the form of Series H
Note, attached to this Fifth Supplemental Indenture as Exhibit A, issued under the Indenture, that is deposited with or on behalf of and registered in the name of the Depositary or a nominee of the Depositary. 

“Global Note Legend” means the legend set forth in Section 4.01(f) of this Fifth Supplemental Indenture, which is
required to be placed on all Global Notes issued under the Indenture. 
 “Indirect Participant” means an entity that, with
respect to DTC, clears through or maintains a direct or indirect custodial relationship with a Participant. 
 “Interest
Expense” means, for any period, the Company’s interest expense and the interest expense of its Subsidiaries for such period, including, without duplication, (1) all amortization of debt discount, but excluding the amortization of
fees or expenses incurred in order to consummate the sale of debt securities or to establish the Credit Facility, (2) all accrued interest, (3) all capitalized interest, and (4) the interest component of Capitalized Lease Obligations,
all determined on a consolidated basis in accordance with GAAP. 

  
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 “Make-Whole Premium” means, with respect to any Series H Note at any
redemption date, the amount calculated by the Company of the excess, if any, of (a) the present value of the sum of the principal amount of the Series H Note being redeemed and all remaining interest payments thereon up to the Par Call Date
(not including any portion of such payments of interest accrued as of the redemption date), discounted on a semi-annual bond equivalent basis from the Par Call Date to the redemption date at a per annum interest rate equal to the sum of the Treasury
Yield (determined on the Business Day immediately preceding the date notice of redemption is given), plus 30 basis points, over (b) the principal amount of the Series H Note being redeemed. 

“Participant” means, with respect to the Depositary, Euroclear or Clearstream, a Person who has an account with the
Depositary, Euroclear or Clearstream, respectively (and, with respect to The Depository Trust Company, shall include Euroclear and Clearstream). 

“Paying Agent” means, until otherwise designated, the Trustee. 

“Secured Indebtedness” means any Indebtedness, including, without limitation, Acquired Indebtedness, secured by any Lien on
any of the Company’s property or assets or any of the property or assets of its Subsidiaries, whether owned on the date hereof or thereafter acquired. 

“Series Issue Date” means September 26, 2019. 

“Total Assets” means, the sum of, without duplication, Undepreciated Real Estate Assets and all other assets, excluding
intangibles, of the Company and its Subsidiaries, all determined on a consolidated basis in accordance with GAAP. 
 “Total
Unencumbered Assets” means, the sum of, without duplication, those Undepreciated Real Estate Assets which are not subject to a Lien securing Indebtedness and all other assets, excluding intangibles, of the Company and its Subsidiaries not
subject to a Lien securing Indebtedness, all determined on a consolidated basis in accordance with GAAP; provided, however, that, in determining Total Unencumbered Assets as a percentage of outstanding Unsecured Debt for purposes of
the covenant set forth in Section 3.01(d), all investments by the Company and its 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. 

“Treasury Yield” means the yield to maturity at the time of computation of United States Treasury securities with a constant
maturity (as compiled by and published in the most recent Federal Reserve Statistical Release H.15 which has become publicly available at least two Business Days prior to the date notice of redemption is given (or, if such Statistical Release
is no longer published, any publicly available source of similar data)) most nearly equal to the then remaining average life of the Series H Notes, provided that if the average life of the Series H Notes is not equal to the constant maturity
of a United States Treasury security for which a weekly average yield is given, the Treasury Yield shall be obtained by linear interpolation (calculated to the nearest one-twelfth of a year) from the weekly
average yields of United States Treasury securities for which such yields are given, except that if the average life of the Series H Notes is less than one year, the weekly average yield on actually traded United States Treasury securities adjusted
to a constant maturity of one year shall be used. 

  
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 “Undepreciated Real Estate Assets” means, as of any date, the cost (being
the original cost plus capital improvements) of the Company’s real estate assets and the real estate assets of its Subsidiaries on such date, before depreciation and amortization and impairments, all determined on a consolidated basis in
accordance with GAAP. 
 “Unsecured Debt” means, Indebtedness of the Company or any of its Subsidiaries which is not
secured by a Lien on any property or assets of the Company or any of its Subsidiaries. 
 ARTICLE 3  

The covenants set forth in this Section 3 shall apply to the Series H Notes. Except as otherwise expressly provided below, the covenants
set forth in the Indenture are in all respects ratified and confirmed and shall remain in full force and effect. 

Section 3.01    Limitation on Incurrence of Indebtedness. (a) Aggregate Debt Test. The
Company will not, and will not cause or permit any of its Subsidiaries to, incur any Indebtedness, including, without limitation, Acquired Indebtedness, if, immediately after giving effect to the incurrence of that Indebtedness and the application
of the proceeds therefrom on a pro forma basis, the aggregate principal amount of all of the Company’s outstanding Indebtedness and all of the outstanding Indebtedness of its Subsidiaries, determined on a consolidated basis in accordance with
GAAP, is greater than 65% of the sum of, without duplication: 
 (1) the Total Assets of the Company and its Subsidiaries as of the last day of the then
most recently ended fiscal quarter; and 
 (2) the aggregate purchase price of any real estate assets or mortgages receivable acquired, and the aggregate
amount of any securities offering proceeds received, to the extent the proceeds were not used to acquire real estate assets or mortgages receivable or used to reduce Indebtedness, by the Company or any of its Subsidiaries since the end of that
fiscal quarter, including the proceeds obtained from the incurrence of that additional Indebtedness, determined on a consolidated basis in accordance with GAAP. 

(b) Debt Service Test. The Company will not, and will not cause or permit any of its Subsidiaries to, incur any Indebtedness, including, without
limitation, Acquired Indebtedness, if the ratio of Consolidated EBITDA to the Interest Expense for the period consisting of the four consecutive fiscal quarters most recently ended prior to the date on which the additional Indebtedness is to be
incurred shall have been less than 1.5:1 on a pro forma basis after giving effect to the incurrence of that Indebtedness and the application of the proceeds therefrom (determined on a consolidated basis in accordance with GAAP), and calculated on
the assumption that: 
 (1) the Indebtedness and any other Indebtedness, including, without limitation, Acquired Indebtedness, incurred by the Company or
any of its Subsidiaries since the first day of the relevant four-quarter period had been incurred, and the application of the proceeds therefrom, including to repay or retire other Indebtedness, had occurred, on the first day of the period; 

  
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 (2) the repayment or retirement of any of the Company’s other Indebtedness (other than Indebtedness
repaid or retired with the proceeds of any other Indebtedness, which repayment or retirement shall be calculated pursuant to clause (1) of this Section) or any other Indebtedness of the Company’s Subsidiaries since the first day of the
relevant four-quarter period had occurred on the first day of the period; and 
 (3) in the case of any acquisition or disposition by the Company or any of
its Subsidiaries of any asset or group of assets, in any such case with a fair market value in excess of $1 million, since the first day of the relevant four-quarter period, whether by merger, stock purchase or sale or asset purchase or sale or
otherwise, that acquisition or disposition had occurred as of the first day of the period with the appropriate adjustments with respect to the acquisition or disposition being included in the pro forma calculation. 

If the Indebtedness giving rise to the need to make the calculation set forth in this Section 3.01(b) or any other Indebtedness incurred after the first
day of the relevant four-quarter period bears interest at a floating rate then, for purposes of calculating the Interest Expense, the interest rate on that Indebtedness shall be computed on a pro forma basis as if the average rate which would have
been in effect during the entire relevant four-quarter period had been the applicable rate for the entire period. 
 (c) Secured Debt Test. The
Company will not, and will not cause or permit any of its Subsidiaries to, incur Secured Indebtedness, if, immediately after giving effect to the incurrence of the Secured Indebtedness and the application of the proceeds from the Secured
Indebtedness on a pro forma basis, the aggregate principal amount, determined on a consolidated basis in accordance with GAAP, of all of the Company’s outstanding Secured Indebtedness and all outstanding Secured Indebtedness of its Subsidiaries
is greater than 40% of the sum of, without duplication: 
 (1) the Total Assets of the Company and its Subsidiaries as of the last day of the then most
recently ended fiscal quarter; and 
 (2) the aggregate purchase price of any real estate assets or mortgages receivable acquired, and the aggregate amount
of any securities offering proceeds received, to the extent those proceeds were not used to acquire real estate assets or mortgages receivable or used to reduce Indebtedness, by the Company or any of its Subsidiaries since the end of the relevant
fiscal quarter, including the proceeds obtained from the incurrence of that additional Indebtedness, determined on a consolidated basis in accordance with GAAP. 

(d) Maintenance of Total Unencumbered Assets. The Company will have at all times Total Unencumbered Assets of not less than 150% of the aggregate
principal amount of all of its outstanding Unsecured Debt and the outstanding Unsecured Debt of the Company’s Subsidiaries, determined on a consolidated basis in accordance with GAAP. 

The calculation of the ratios set forth in this Section 3.01 shall be undertaken by the Company. 

  
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 Section 3.02    Future Guarantees. The Company
shall cause each Subsidiary (including each Subsidiary that the Company acquires or creates after the date hereof) that subsequent to the date hereof guarantees any Indebtedness of the Company (hereinafter such Subsidiary, a “Future
Subsidiary Guarantor” and such guarantees, the “Guaranteed Indebtedness”) to fully and unconditionally guarantee the Company’s obligations under the Indenture and this Fifth Supplemental Indenture with respect to
payment and performance of the Series H Notes to the same extent that such Guaranteed Indebtedness is guaranteed by the Future Subsidiary Guarantors. Within 60 days of the date of such occurrence, such Future Subsidiary Guarantor shall execute or
deliver to the Trustee a supplemental indenture making such Future Subsidiary Guarantor a party to the Indenture for such purpose. If the Guaranteed Indebtedness is (A) pari passu in right of payment with the Series H Notes, then the
guarantee of such Guaranteed Indebtedness shall be pari passu in right of payment with, or subordinated in right of payment to, the guarantee of the Series H Notes required hereby or (B) subordinated in right of payment to the Series H
Notes, then the guarantee of such Guaranteed Indebtedness shall be subordinated in right of payment to the guarantee of the Series H Notes required hereby at least to the extent that the Guaranteed Indebtedness is subordinated in right of payment to
the Series H Notes. Upon the complete and unconditional release of the Future Subsidiary Guarantor from its guarantee of the Guaranteed Indebtedness, such Future Subsidiary Guarantor’s guarantee of the Series H Notes shall be automatically
released. 
 Section 3.03    Limitation on Liens. Neither the Company nor any Subsidiary shall secure
any Indebtedness under the Credit Facility or the Existing Senior Notes by a Lien or suffer to exist any Lien on their respective properties or assets securing Indebtedness under the Credit Facility or the Existing Senior Notes unless effective
provision is made to secure the Series H Notes equally and ratably with the Lien securing such Indebtedness for so long as Indebtedness under the Credit Facility or Existing Senior Notes is secured by such Lien. 

Section 3.04    Events of Default. For purposes of the Series H Notes, the following clause shall be
added as Section 6.1(g) of the Indenture: 
 “(g) a default in (a) Secured Indebtedness of the Company or any of its Subsidiaries with an
aggregate principal amount in excess of 5% of Total Assets, or (b) other Indebtedness of the Company or any of its Subsidiaries with an aggregate principal amount in excess of $150 million, in either case, (A) resulting from the
failure to pay principal or interest when due (after giving effect to any applicable extensions or grace or cure periods) or (B) as a result of which the maturity of such Indebtedness has been accelerated prior to its final stated
maturity.” 
 Section 3.05    Amendments to the Indenture. For
purposes of the Series H Notes, Section 10.8 of the Indenture is deleted in its entirety and replaced with the following text: 
 “No recourse for
the payment of the principal of, premium, if any, or interest on the Securities or for any claim based thereon or otherwise in respect thereof, and no recourse under or upon any obligation, covenant or agreement of the Company or any Subsidiary that
becomes a guarantor of the Securities, if applicable, in the Indenture, or in the Securities or because of the creation of any Indebtedness represented thereby, shall be had against any incorporator, partner, stockholder, officer, director, employee
or controlling person of the Company or any Subsidiary that becomes 

  
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a guarantor of the Securities, if applicable, or of any successor person thereof, except as an obligor or guarantor of the Securities pursuant to this Indenture. Each Holder, by accepting the
Securities, waives and releases all such liability.” 
 ARTICLE 4 

Section 4.01    For purposes of the Series H Notes, Section 2.7 of the Indenture is hereby supplemented with,
and where inconsistent replaced by, the following provisions: 
 (a) Transfer and Exchange of Global Notes. A Global Note may not be transferred as a
whole except by the Depositary to a nominee of the Depositary, by a nominee of the Depositary to the Depositary or to another nominee of the Depositary, or by the Depositary or any such nominee to a successor Depositary or a nominee of such
successor Depositary. All Global Notes will be exchanged by the Company for Certificated Notes if: 
 (1) the Company delivers to the Trustee notice from
the Depositary (A) that it is unwilling or unable to continue to act as Depositary and a successor Depositary is not appointed by the Company within 90 days after the date of such notice from the Depositary or (B) that it is no longer a
clearing agency registered under the Exchange Act and a successor Depositary is not appointed by the Company within 90 days after the date of such notice from the Depositary; 

(2) the Company, at its option, notifies the Trustee in writing that it elects to cause the issuance of Certificated Notes; or 

(3) upon request of the Trustee or Holders of a majority of the principal amount of outstanding Series H Notes if there shall have occurred and be continuing
a Default or Event of Default with respect to the Series H Notes. 
 Upon the occurrence of any of the preceding events in
(1), (2) or (3) above, Certificated Notes shall be issued in such names as the Depositary shall instruct the Trustee. Global Notes also may be exchanged or replaced, in whole or in part, as provided in Sections 2.8 and 2.11 of the Indenture. A
Global Note may not be exchanged for another Series H Note other than as provided in this Section 4.01(a), however, beneficial interests in a Global Note may be transferred and exchanged as provided in Section 4.01(b) or (c) hereof.

 (b) Transfer and Exchange of Beneficial Interests in the Global Notes. The transfer and exchange of beneficial interests in the Global Notes will
be effected through the Depositary, in accordance with the provisions of the Indenture and the Applicable Procedures. Beneficial interests in the Global Notes will be subject to restrictions on transfer comparable to those set forth herein.
Transfers of beneficial interests in the Global Notes also will require compliance with either subparagraph (1) or (2) below, as applicable, as well as one or more of the other following subparagraphs, as applicable: 

(1) Transfer of Beneficial Interests in the Same Global Note. Beneficial interests in any Global Note may be transferred to persons who take delivery
thereof in the form of a beneficial interest in the same Global Note. No written orders or instructions shall be required to be delivered to the Registrar to effect the transfers described in this Section 4.01(b)(1). 

  
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 (2) All Other Transfers and Exchanges of Beneficial Interests in Global Notes. In connection with all
transfers and exchanges of beneficial interests that are not subject to Section 4.01(b)(1) above, the transferor of such beneficial interest must deliver to the Registrar either: (A)(1) a written order from a Participant or an Indirect
Participant given to the Depositary in accordance with the Applicable Procedures directing the Depositary to credit or cause to be credited a beneficial interest in another Global Note in an amount equal to the beneficial interest to be transferred
or exchanged; and (2) instructions given in accordance with the Applicable Procedures containing information regarding the Participant account to be credited with such increase; or (B)(1) a written order from a Participant or an Indirect
Participant given to the Depositary in accordance with the Applicable Procedures directing the Depositary to cause to be issued a Certificated Note in an amount equal to the beneficial interest to be transferred or exchanged; and
(2) instructions given by the Depositary to the Registrar containing information regarding the person in whose name such Certificated Note shall be registered to effect the transfer or exchange referred to in (B)(1) above; 

(c) Transfer or Exchange of Beneficial Interests in Global Notes for Certificated Notes. If any holder of a beneficial interest in a Global Note
proposes to exchange such beneficial interest for a Certificated Note or to transfer such beneficial interest to a person who takes delivery thereof in the form of a Certificated Note, then, if the exchange or transfer complies with the requirements
of Section 4.01(a) of this Fifth Supplemental Indenture and upon satisfaction of the conditions set forth in Section 4.01(b)(2) of this Fifth Supplemental Indenture, the Trustee shall cause the aggregate principal amount of the applicable
Global Note to be reduced accordingly pursuant to Section 4.01(f) hereof, and the Company shall execute and, upon receipt of a Company Order pursuant to Section 2.3 of the Indenture, the Trustee shall authenticate and deliver to the person
designated in the instructions a Certificated Note in the appropriate principal amount. Any Certificated Note issued in exchange for a beneficial interest pursuant to this Section 4.01(c) shall be registered in such name or names and in such
authorized denomination or denominations as the holder of such beneficial interest requests through instructions to the Registrar from or through the Depositary and the Participant or Indirect Participant. The Trustee shall deliver such Certificated
Notes to the persons in whose names such Series H Notes are so registered. 
 (d) Transfer and Exchange of Certificated Notes for Beneficial Interests in
Global Notes. A Holder of a Certificated Note may exchange such Certificated Note for a beneficial interest in a Global Note or transfer such Certificated Notes to a person who takes delivery thereof in the form of a beneficial interest in a
Global Note at any time. Upon receipt of a request for such an exchange or registration of transfer, the Trustee shall cancel the applicable Certificated Note and increase or cause to be increased the aggregate principal amount of one of the Global
Notes. If any such exchange or registration of transfer from a Certificated Note to a beneficial interest in a Global Note is effected pursuant to this Section 4.01(d) at a time when a Global Note has not yet been issued, the Company shall
issue and, upon receipt of a Company Order in accordance with Section 2.3 of the Indenture, the Trustee shall authenticate one or more Global Notes in an aggregate principal amount equal to the principal amount of Certificated Notes so
transferred. 

  
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 (e) Transfer and Exchange of Certificated Notes for Certificated Notes. A Holder of Certificated
Notes may transfer such Certificated Notes to a person who takes delivery thereof in the form of a Certificated Note. Upon request by a Holder of Certificated Notes and such Holder’s compliance with the provisions of this Section 4.01(e),
the Registrar shall register the transfer or exchange of Certificated Notes. Prior to such registration of transfer or exchange, the requesting Holder must present or surrender to the Registrar the Certificated Notes duly endorsed or accompanied by
a written instruction of transfer in form satisfactory to the Registrar duly executed by such Holder or by its attorney, duly authorized in writing. Upon receipt of a request to register such a transfer, the Registrar shall register the Certificated
Notes pursuant to the instructions from the Holder thereof. 
 (f) Global Note Legend. To the extent required by the Depositary, each Global Note
shall bear a legend in substantially the following form: 
 “THIS GLOBAL NOTE IS HELD BY THE DEPOSITARY (AS DEFINED IN THE INDENTURE GOVERNING THIS
NOTE) OR ITS NOMINEE IN CUSTODY FOR THE BENEFIT OF THE BENEFICIAL OWNERS HEREOF, AND IS NOT TRANSFERABLE TO ANY PERSON UNDER ANY CIRCUMSTANCES EXCEPT THAT (1) THE TRUSTEE MAY MAKE SUCH NOTATIONS HEREON AS MAY BE REQUIRED PURSUANT TO SECTION
4.01 OF THE FIFTH SUPPLEMENTAL INDENTURE, (2) THIS GLOBAL NOTE MAY BE EXCHANGED IN WHOLE BUT NOT IN PART PURSUANT TO SECTION 4.01 OF THE FIFTH SUPPLEMENTAL INDENTURE, (3) THIS GLOBAL NOTE MAY BE DELIVERED TO THE TRUSTEE FOR CANCELLATION
PURSUANT TO SECTION 2.12 OF THE INDENTURE AND (4) THIS GLOBAL NOTE MAY BE TRANSFERRED TO A SUCCESSOR DEPOSITARY WITH THE PRIOR WRITTEN CONSENT OF THE COMPANY. 

UNLESS AND UNTIL IT IS EXCHANGED IN WHOLE OR IN PART FOR NOTES IN CERTIFICATED FORM, THIS NOTE MAY NOT BE TRANSFERRED EXCEPT AS A WHOLE BY THE DEPOSITARY TO A
NOMINEE OF THE DEPOSITARY OR BY A NOMINEE OF THE DEPOSITARY TO THE DEPOSITARY OR ANOTHER NOMINEE OF THE DEPOSITARY OR BY THE DEPOSITARY OR ANY SUCH NOMINEE TO A SUCCESSOR DEPOSITARY OR A NOMINEE OF SUCH SUCCESSOR DEPOSITARY. UNLESS THIS CERTIFICATE
IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY (55 WATER STREET, NEW YORK, NEW YORK) (“DTC”), TO THE COMPANY OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY CERTIFICATE ISSUED IS
REGISTERED IN THE NAME OF CEDE & CO. OR SUCH OTHER NAME AS MAY BE REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO. OR SUCH OTHER ENTITY AS MAY BE 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.” 

  
 11 

 (g) Cancellation and/or Adjustment of Global Notes. At such time as all beneficial interests in a
particular Global Note have been exchanged for Certificated Notes or a particular Global Note has been redeemed, repurchased or canceled in whole and not in part, each such Global Note shall be returned to or retained and canceled by the Trustee in
accordance with Section 2.12 of the Indenture. At any time prior to such cancellation, if any beneficial interest in a Global Note is exchanged for or transferred to a person who will take delivery thereof in the form of a beneficial interest
in another Global Note or for Certificated Notes, the principal amount of Series H Notes represented by such Global Note shall be reduced accordingly and an endorsement shall be made on such Global Note by the Trustee or by the Depositary at the
direction of the Trustee to reflect such reduction; and if the beneficial interest is being exchanged for or transferred to a person who shall take delivery thereof in the form of a beneficial interest in another Global Note, such other Global Note
shall be increased accordingly and an endorsement shall be made on such Global Note by the Trustee or by the Depositary at the direction of the Trustee to reflect such increase. 

(h) General Provisions Relating to Transfers and Exchanges. 

(1)    To permit registrations of transfers and exchanges, the Company shall execute and the Trustee shall authenticate
Global Notes and Certificated Notes upon receipt of a Company Order. 
 (2)    No service charge shall be made to a
Holder of a beneficial interest in a Global Note or to a Holder of a Certificated Note for any registration of transfer or exchange, but the Company may require payment of a sum sufficient to cover any transfer tax or similar governmental charge
payable in connection therewith (other than any such transfer taxes or similar governmental charge payable upon exchange or transfer pursuant to Sections 2.11 and 3.6 of the Indenture). 

(3)    The Registrar shall not be required to register the transfer of or exchange of any Note selected for redemption in
whole or in part, except the unredeemed portion of any Note being redeemed in part. 
 (4)    All Global Notes and
Certificated Notes issued upon any registration of transfer or exchange of Global Notes or Certificated Notes shall be the valid obligations of the Company, evidencing the same debt, and entitled to the same benefits under the Indenture, as the
Global Notes or Certificated Notes surrendered upon such registration of transfer or exchange. 
 (5)    Neither the
Registrar nor the Company will be required: 
 (A) to issue, to register the transfer of or to exchange any Series H Notes during a period
beginning at the opening of business on the 15th Business Day before the day of any selection of Series H Notes for redemption and ending at the close of business on the day of selection; 

(B) to register the transfer of or to exchange any Series H Note selected for redemption in whole or in part, except the unredeemed portion of
any Series H Note being redeemed in part; or 

  
 12 

 (C) to register the transfer of or to exchange a Series H Note between a record date and
the next succeeding interest payment date. 
 (6)    Prior to due presentment for the registration of a transfer of any
Series H Note, the Trustee, any Agent and the Company may deem and treat the person in whose name any Note is registered as the absolute owner of such Series H Note for the purpose of receiving payment of principal of and interest on such Series H
Notes and for all other purposes, and none of the Trustee, any Agent or the Company shall be affected by notice to the contrary. 

(7)    The Trustee shall authenticate Global Notes and Certificated Notes in accordance with the provisions of
Section 2.3 of the Indenture. 
 Notwithstanding anything herein to the contrary, as to any certifications and certificates delivered
to the Registrar pursuant to this Section 4.01 of this Fifth Supplemental Indenture, the Registrar’s duties shall be limited to confirming that any such certifications and certificates delivered to it are substantially in the form of
Exhibit A attached to this Fifth Supplemental Indenture. The Registrar shall not be responsible for confirming the truth or accuracy of representations made in any such certifications or certificates. 

ARTICLE 5 

Section 5.01    Except as specifically modified herein, the Indenture is in all respects ratified and confirmed and
shall remain in full force and effect in accordance with its terms. 
 Section 5.02    Except as otherwise
expressly provided herein, no duties, responsibilities or liabilities are assumed or shall be construed to be assumed by the Trustee by reason of this Fifth Supplemental Indenture. This Fifth Supplemental Indenture is executed and accepted by the
Trustee subject to all the terms and conditions set forth in the Indenture with the same force and effect as if those terms and conditions were repeated at length herein and made applicable to the Trustee with respect to this Fifth Supplemental
Indenture. 
 Section 5.03    The Trustee shall not be responsible in any manner whatsoever for or in respect of
the recitals contained herein, all of which recitals are made solely by the Company. The Trustee makes no representations as to the validity or sufficiency of this Fifth Supplemental Indenture. 

Section 5.04    THIS FIFTH SUPPLEMENTAL INDENTURE AND THE SERIES H NOTES, INCLUDING ANY CLAIM OR CONTROVERSY ARISING
OUT OF OR RELATING TO THIS FIFTH SUPPLEMENTAL INDENTURE OR THE SERIES H NOTES, SHALL BE GOVERNED BY THE LAWS OF THE STATE OF NEW YORK. EACH OF THE COMPANY, THE TRUSTEE, THE PAYING AGENT AND THE REGISTRAR HEREBY IRREVOCABLY SUBMITS TO THE EXCLUSIVE
GENERAL JURISDICTION OF ANY NEW YORK STATE COURT SITTING IN THE BOROUGH OF MANHATTAN IN THE CITY OF NEW YORK OR ANY FEDERAL COURT SITTING IN THE BOROUGH OF MANHATTAN IN THE CITY OF NEW YORK IN RESPECT OF ANY SUIT, ACTION OR PROCEEDING ARISING OUT OF
OR RELATING TO THE INDENTURE AND THE 

  
 13 

 
SECURITIES, AND IRREVOCABLY ACCEPTS FOR ITSELF AND (IN THE CASE OF THE COMPANY) IN RESPECT OF ITS PROPERTY, GENERALLY AND UNCONDITIONALLY, THE JURISDICTION OF THE AFORESAID COURTS. EACH OF THE
COMPANY, THE TRUSTEE, THE PAYING AGENT AND THE REGISTRAR IRREVOCABLY WAIVES, TO THE FULLEST EXTENT IT MAY EFFECTIVELY DO SO UNDER APPLICABLE LAW, ANY OBJECTION WHICH THEY MAY NOW OR HEREAFTER HAVE TO THE LAYING OF THE VENUE OF ANY SUCH SUIT, ACTION
OR PROCEEDING BROUGHT IN ANY SUCH COURT AND ANY CLAIM THAT ANY SUCH SUIT, ACTION OR PROCEEDING BROUGHT IN ANY SUCH COURT HAS BEEN BROUGHT IN AN INCONVENIENT FORUM. 

Section 5.05    EACH OF THE COMPANY, THE TRUSTEE, THE PAYING AGENT AND THE REGISTRAR 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 FIFTH SUPPLEMENTAL INDENTURE, THE SECURITIES OR THE TRANSACTION CONTEMPLATED HEREBY. 

Section 5.06    The parties may sign any number of copies of this Fifth Supplemental Indenture. Each signed copy
shall be an original, but all of such executed copies together shall represent the same agreement. 

Section 5.07    All capitalized terms used in this Fifth Supplemental Indenture which are not otherwise defined
herein, shall have the respective meanings specified in the Indenture, unless the context otherwise requires. 

Section 5.08    The Series H Notes may be issued in whole or in part in the form of one or more Global Securities,
registered in the name of Cede & Co., as nominee of DTC. 
 Section 5.09    The Trustee makes no
representation or warranty as to the validity or sufficiency of this Fifth Supplemental Indenture. 
 [Signature Pages Follow] 

  
 14 

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

			
	COMPANY
	
	HOST HOTELS & RESORTS, L.P., a Delaware limited partnership
		
	BY:	 	HOST HOTELS & RESORTS, INC.,
		 	its general partner
		
	By:	 	 /s/ Gee Lingberg

	Name:	 	Gee Lingberg
	Title:	 	Senior Vice President and Treasurer

 Signature Page to Fifth Supplemental Indenture 

			
	TRUSTEE
	
	 THE BANK OF NEW YORK MELLON,
 as
Trustee

		
	By:	 	 /s/ Francine Kincaid

	Name:	 	Francine Kincaid
	Title:	 	Vice President

 Signature Page to Fifth Supplemental Indenture 

 EXHIBIT A 

FORM OF 3.375% SERIES H SENIOR NOTE 

Unless and until it is exchanged in whole or in part for 3.375% Series H Notes in definitive form, this Security may not be transferred
except as a whole by the Depositary to a nominee of the Depositary or by a nominee of the Depositary to the Depositary or another nominee of the Depositary or by the Depositary or any such nominee to a successor Depositary or a nominee of such
successor Depositary. Unless this certificate is presented by an authorized representative of The Depository Trust Company (55 Water Street, New York, New York) (“DTC”), to the Company or its agent for registration of transfer, exchange or
payment, and any certificate issued is registered in the name of Cede & Co. or such other name as requested by an authorized representative of DTC (and any payment is made to Cede & Co. or 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.1 
 HOST HOTELS & RESORTS, L.P. 

3.375% SERIES H SENIOR NOTE DUE 2029 

CUSIP: 44107T AY2 
 ISIN: US44107TAY29 

 

							
	No.	 		  	$	  	

 Host Hotels & Resorts, L.P., a Delaware limited partnership (hereinafter called the
“Company,” which term includes any successors under the Indenture hereinafter referred to), for value received, hereby promises to pay to
                    , or registered assigns, the principal sum of $            , on
December 15, 2029. The Security is one of the 3.375% Series H Senior Notes due 2029 referred to in such Indenture (hereinafter referred to for purposes of this 3.375% Senior Note collectively as the “Series H Securities”). 

 

					
	Interest Payment Dates:	  	June 15 and December 15	  	
			
	Record Dates:	  	June 1 and December 1	  	

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

	1 	 To be used only if the Security is issued as a Global Note. 

  
 A-1 

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

Dated: 
  

			
	 HOST HOTELS & RESORTS, L.P.,

a Delaware limited partnership

	
	By its general partner,
	 HOST HOTELS & RESORTS, INC.,

a Maryland corporation

		
	By:	 	  

	Name:	 	Gee Lingberg
	Title:	 	Senior Vice President and Treasurer

  

			
	Attest:	 	  

	Name:	 	William Kelso
	Title:	 	Assistant General Counsel of Host Hotels & Resorts, Inc.
		 	the general partner of the Company

  
 A-2 

 FORM OF TRUSTEE’S CERTIFICATE OF AUTHENTICATION 

This is one of the Series H Securities of the Series designated therein referred to in the within mentioned Indenture. 

 

			
	 THE BANK OF NEW YORK MELLON,

as Trustee

		
	By:	 	  

		 	Authorized Signatory

  
 A-3 

 HOST HOTELS & RESORTS, L.P. 

3.375% Series H Senior Notes due 2029 

THIS GLOBAL NOTE IS HELD BY THE DEPOSITARY (AS DEFINED IN THE INDENTURE GOVERNING THIS NOTE) OR ITS NOMINEE IN CUSTODY FOR THE BENEFIT OF
THE BENEFICIAL OWNERS HEREOF, AND IS NOT TRANSFERABLE TO ANY PERSON UNDER ANY CIRCUMSTANCES EXCEPT THAT (1) THE TRUSTEE MAY MAKE SUCH NOTATIONS HEREON AS MAY BE REQUIRED PURSUANT TO SECTION 4.01 OF THE FIFTH SUPPLEMENTAL INDENTURE,
(2) THIS GLOBAL NOTE MAY BE EXCHANGED IN WHOLE BUT NOT IN PART PURSUANT TO SECTION 4.01 OF THE FIFTH SUPPLEMENTAL INDENTURE, (3) THIS GLOBAL NOTE MAY BE DELIVERED TO THE TRUSTEE FOR CANCELLATION PURSUANT TO SECTION 2.12 OF THE INDENTURE
AND (4) THIS GLOBAL NOTE MAY BE TRANSFERRED TO A SUCCESSOR DEPOSITARY WITH THE PRIOR WRITTEN CONSENT OF THE COMPANY. 
 UNLESS
AND UNTIL IT IS EXCHANGED IN WHOLE OR IN PART FOR NOTES IN CERTIFICATED FORM, THIS NOTE MAY NOT BE TRANSFERRED EXCEPT AS A WHOLE BY THE DEPOSITARY TO A NOMINEE OF THE DEPOSITARY OR BY A NOMINEE OF THE DEPOSITARY TO THE DEPOSITARY OR ANOTHER NOMINEE
OF THE DEPOSITARY OR BY THE DEPOSITARY OR ANY SUCH NOMINEE TO A SUCCESSOR DEPOSITARY OR A NOMINEE OF SUCH SUCCESSOR DEPOSITARY. UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY (55 WATER STREET,
NEW YORK, NEW YORK) (“DTC”), TO THE COMPANY OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR SUCH OTHER NAME AS MAY BE REQUESTED BY AN AUTHORIZED
REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO. OR SUCH OTHER ENTITY AS MAY BE 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.2 
  

	1.	 Interest. 

Host Hotels & Resorts, L.P., a Delaware limited partnership (hereinafter called the “Company,” which term includes any
successors under the Indenture hereinafter referred to), promises to pay interest on the principal amount of this Security at the rate of 3.375% per annum from September 26, 2019 or the most recently occurred Interest Payment Date from the date
of issuance of additional Series H Securities, until maturity. To the extent it is lawful, the Company promises to pay interest on any interest payment due on such principal amount but unpaid at a rate of 3.375% per annum compounded semi-annually.

  

	2 	 To be included only on Global Notes deposited with DTC as Depositary. 

  
 A-4 

 The Company will pay interest semi-annually on June 15 and December 15 of each
year (each, an “Interest Payment Date”), commencing December 15, 2019. Interest on the Series H Securities will accrue from the most recent date to which interest has been paid or, if no interest has been paid on the Series H
Securities, from the date of the original issuance. Interest will be computed on the basis of a 360-day year consisting of twelve 30-day months. 

 

	2.	 Method of Payment. 

The Company shall pay interest on the Series H Securities (except defaulted interest) to the persons who are the registered Holders at the
close of business on the Record Date immediately preceding the Interest Payment Date. Holders must surrender Securities to a Paying Agent to collect principal payments. Principal of, premium, if any, and interest on the Series H Securities will be
payable in United States Dollars at the office or agency of the Company maintained for such purpose, in the Borough of Manhattan, The City of New York or at the option of the Company, payment of interest may be made by check mailed to the Holders of
the Series H Securities at the addresses set forth upon the registry books of the Company; provided, however, Holders of Global Securities will be entitled to receive interest payments (other than at
maturity) by wire transfer of immediately available funds, if appropriate wire transfer instructions have been received in writing by the Trustee not fewer than 15 days prior to the applicable Interest Payment Date. Such wire instructions, upon
receipt by the Trustee, shall remain in effect until revoked by such Holder. No service charge will be made for any registration of transfer or exchange of Securities, but the Company may require payment of a sum sufficient to cover any tax or other
governmental charge payable in connection therewith. 
  

	3.	 Paying Agent and Registrar. 

Initially, The Bank of New York Mellon will act as Paying Agent and Registrar. The Company may change any Paying Agent, Registrar or co-Registrar without notice to the Holders. The Company or any of its Subsidiaries may, subject to certain exceptions, act as Paying Agent, Registrar or co-Registrar. 

 

	4.	 Indenture. 

The Company issued the Series H Securities under an Indenture, dated as of May 15, 2015, as supplemented (the “Indenture”),
between the Company and the Trustee. Capitalized terms herein are used as defined in the Indenture unless otherwise defined herein. The Series H Securities are unlimited in aggregate principal amount. The terms of the Series H Securities include
those stated in the Indenture and those made part of the Indenture by reference to the Trust Indenture Act of 1939, as in effect on the date of the Indenture. The Series H Securities are subject to all such terms, and Holders of the Series H
Securities are referred to the Indenture and said Act for a statement of them. The Securities are senior, general obligations of the Company. Each Holder of this Security, by 

  
 A-5 

 
accepting the same, (a) agrees to and shall be bound by the provisions of the Indenture, (b) authorizes and directs the Trustee on his behalf to take such action as may be provided in
the Indenture and (c) appoints the Trustee as his attorney-in-fact for such purpose. 
  

	5.	 Redemption. 

Prior to 90 days before their Stated Maturity (the “Par Call Date”), upon not less than 15 nor more than 60 days’ notice, the
Company may redeem the Series H Securities in whole or in part at any time at a redemption price equal to 100% of the principal amount thereof plus the Make-Whole Premium, together with accrued and unpaid interest thereon, if any, to, but not
including, the applicable redemption date (subject to the right of Holders of record on the relevant record date to receive interest due on an interest payment date that is on or prior to the applicable redemption date). Notice of a redemption of
the Series H Securities made pursuant to this paragraph 5 shall be given in the manner set forth in Section 3.3 of the Indenture; provided however, that any such notice need not set forth the redemption price but need only
set forth the calculation thereof as described in the immediately preceding sentence of this paragraph 5. The redemption price, calculated as aforesaid, shall be set forth in an Officer’s Certificate delivered by the Company to the Trustee no
later than one Business Day prior to the redemption date. 
 Notwithstanding the foregoing, within the period beginning on or after
the Par Call Date, upon not less than 15 nor more than 60 days’ notice, the Company may redeem the Series H Securities in whole or in part, at a redemption price equal to 100% of the principal amount thereof, together with accrued and unpaid
interest thereon, if any, to, but not including, the applicable redemption date (subject to the right of Holders of record on the relevant record date to receive interest due on an interest payment date that is on or prior to the applicable
redemption date). 
 In connection with any redemption of the Series H Securities, any such redemption may, in the Company’s
discretion, be subject to one or more conditions precedent. In addition, if such redemption or notice is subject to satisfaction of one or more conditions precedent, such notice shall state that, in the Company’s discretion, the redemption date
may be delayed beyond such 60-day period until such time as any or all such conditions shall be satisfied (or waived by the Company in its sole discretion), or such redemption may not occur and such notice may
be rescinded in the event that any or all such conditions shall not have been satisfied by the redemption date, or by the redemption date so delayed. In addition, the Company may provide in such notice that payment of the redemption price and
performance of its obligations with respect to such redemption may be performed by another person. 
 The Company is not prohibited
from acquiring the Series H Securities by means other than a redemption, whether pursuant to an issuer tender offer, in open market transactions, or otherwise, assuming such acquisition does not otherwise violate the terms of the Indenture. 

The Series H Securities will not have the benefit of a sinking fund. 

  
 A-6 

	6.	 Denominations; Transfer; Exchange. 

The Series H Securities are in registered form, without coupons, in denominations of $2,000 and integral multiples of $1,000. A Holder may
register the transfer of, or exchange Series H Securities in accordance with, the Indenture. The Registrar may require a Holder, among other things, to furnish appropriate endorsements and transfer documents and to pay any taxes and fees required by
law or permitted by the Indenture. The Registrar need not register the transfer of or exchange any Series H Securities (a) selected for redemption except the unredeemed portion of any Series H Security being redeemed in part or (b) for a
period beginning 15 Business Days before the mailing of a notice of an offer to repurchase or redemption and ending at the close of business on the day of such mailing. 
  

	7.	 Persons Deemed Owners. 

The registered Holder of a Series H Security may be treated as the owner of it for all purposes. 

 

	8.	 Unclaimed Money. 

If money for the payment of principal or interest remains unclaimed for two years, the Trustee and the Paying Agent(s) will pay the money
back to the Company at its written request. After that, all liability of the Trustee and such Paying Agent(s) with respect to such money shall cease. 
  

	9.	 Discharge Prior to Redemption or Maturity. 

Except as set forth in the Indenture, if the Company irrevocably deposits with the Trustee, in trust, for the benefit of the Holders, U.S.
legal tender, U.S. Government Obligations or a combination thereof, in such amounts as will be sufficient, in the opinion of a nationally recognized firm of independent public accountants, to pay the principal of, premium, if any, and interest on
such Series H Securities on the stated date for payment thereof or on the redemption date of such principal or installment of principal of, premium, if any, or interest on such Series H Securities, the Company will be discharged from certain
provisions of the Indenture and the Series H Securities (including the restrictive covenants described in paragraph 11 below, but excluding its obligation to pay the principal of, premium, if any, and interest on the Series H Securities). Upon
satisfaction of certain additional conditions set forth in the Indenture, the Company may elect to have its obligations and the obligations of any Subsidiary that becomes a guarantor, if applicable, discharged with respect to outstanding Series H
Securities. 
  

	10.	 Amendment; Supplement; Waiver. 

The Company, any Subsidiary that becomes a guarantor, if applicable, and the Trustee may enter into a supplemental indenture for certain
limited purposes without the consent of the Holders. Subject to certain exceptions, the Indenture or the Series H Securities may be amended or supplemented with the written consent of the Holders of not less than a majority in aggregate principal
amount of the Series H Securities then 

  
 A-7 

 
outstanding, and any existing Default or Event of Default or compliance with any provision may be waived with the consent of the Holders of a majority in aggregate principal amount of the Series
H Securities then outstanding. Without notice to or consent of any Holder, the parties thereto may under certain circumstances amend or supplement the Indenture or the Series H Securities to, among other things, cure any ambiguity, defect or
inconsistency, or make any other change that does not adversely affect the rights of any Holder of a Series H Security. 
  

	11.	 Restrictive Covenants. 

The Indenture imposes certain limitations on the ability of the Company and any Subsidiary to, among other things, incur additional
Indebtedness, incur Liens, merge or consolidate with any other person or transfer (by lease, assignment or otherwise) substantially all of the properties and assets of the Company. The limitations are subject to a number of important qualifications
and exceptions. The Company must periodically report to the Trustee on compliance with such limitations. 
  

	12.	 Successor. 

When a successor assumes all the obligations of its predecessor under the Series H Securities and the Indenture, the predecessor will be
released from those obligations. 
  

	13.	 Defaults and Remedies. 

If an Event of Default with respect to the Series H Securities occurs and is continuing (other than an Event of Default relating to
bankruptcy, insolvency or reorganization of the Company), then either the Trustee or the Holders of 25% in aggregate principal amount of the Series H Securities then outstanding may declare all Series H Securities to be due and payable immediately
in the manner and with the effect provided in the Indenture. Holders of the Series H Securities may not enforce the Indenture or the Series H Securities, except as provided in the Indenture. The Trustee may require indemnity satisfactory to it
before it enforces the Indenture or the Series H Securities. Subject to certain limitations, Holders of a majority in principal amount of the then outstanding Series H Securities may direct the Trustee in its exercise of any trust or power with
respect to such Series H Securities. The Trustee may withhold from Holders of the Series H Securities notice of any continuing Default or Event of Default (except a Default in payment of principal or interest) if it determines that withholding
notice is in their interest. 
  

	14.	 Trustee and Agent Dealings with Company. 

The Trustee and each Agent under the Indenture, in its individual or any other capacity, may make loans to, accept deposits from, and
perform services for the Company or any Subsidiary that becomes a guarantor of the Series H Notes, if applicable, or any of their Subsidiaries or any of their respective Affiliates, and may otherwise deal with such persons as if it were not the
Trustee or such agent. 

  
 A-8 

	15.	 No Recourse Against Others. 

No recourse for the payment of the principal of, premium, if any, or interest on the Series H Securities or for any claim based thereon or
otherwise in respect thereof, and no recourse under or upon any obligation, covenant or agreement of the Company or any Subsidiary that becomes a guarantor of the Series H Notes, if applicable, in the Indenture, or in the Series H Securities or
because of the creation of any Indebtedness represented thereby, shall be had against any incorporator, partner, stockholder, officer, director, employee or controlling person of the Company or any Subsidiary that becomes a guarantor of the Series H
Notes, if applicable, or of any successor person thereof, except as an obligor or guarantor of the Series H Securities pursuant to the Indenture. Each Holder, by accepting the Series H Securities, waives and releases all such liability. 

 

	16.	 Authentication. 

This Series H Security shall not be valid until the Trustee or authenticating agent signs the certificate of authentication on the other
side of this Series H Security. 
  

	17.	 Abbreviations and Defined Terms. 

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

 

	18.	 CUSIP Numbers. 

Pursuant to a recommendation promulgated by the Committee on Uniform Security Identification Procedures, the Company will cause CUSIP
numbers to be printed on the Series H Securities as a convenience to the Holders of the Series H Securities. No representation is made as to the accuracy of such numbers as printed on the Series H Securities and reliance may be placed only on the
other identification numbers printed hereon. 
  

	19.	 Governing Law. 

THE INDENTURE AND THE SERIES H SECURITIES, INCLUDING ANY CLAIM OR CONTROVERSY ARISING OUT OF OR RELATING TO THE SERIES H SECURITIES, SHALL
BE GOVERNED BY THE LAWS OF THE STATE OF NEW YORK. 

  
 A-9 

 [FORM OF ASSIGNMENT] 

I or we assign this Security to 
  

 
  

 
  

 
 (Print or type name, address and zip code of
assignee) 
 Please insert Social Security or other identifying number of assignee 

 
  

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

									
	Dated:	 	                                     
   	  	Signed:	 	  
	  	
		 		  		 	 (Sign exactly as name appears on

the other side of this Security)
	  	

 Signature
Guarantee**                              
           
  

	** 	 NOTICE: The Signature must be guaranteed by an Institution which is a member of one of the following recognized
signature Guarantee Programs: (i) The Securities Transfer Agent Medallion Program (STAMP); (ii) The New York Stock Exchange Medallion Program (MNSP); (iii) The Stock Exchange Medallion Program (SEMP); or (iv) in such other guarantee
program acceptable to the Trustee. 

  
 A-10 

 SCHEDULE OF EXCHANGES3 

The following exchanges of a part of this Global Security have been made: 

 

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

		 		 		  		  	
		 		 		  		  	
		 		 		  		  	
		 		 		  		  	

  

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

  
 A-11THIS
NOTE AND THE UNDERLYING SECURITIES HAVE BEEN ACQUIRED FOR INVESTMENT PURPOSES ONLY AND MAY NOT BE TRANSFERRED UNTIL (i) A REGISTRATION
STATEMENT UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “ACT”) SHALL HAVE BECOME EFFECTIVE WITH RESPECT
THERETO OR (ii) RECEIPT BY THE COMPANY OF AN OPINION OF COUNSEL REASONABLY SATISFACTORY TO THE COMPANY TO THE EFFECT THAT REGISTRATION
UNDER THE ACT IS NOT REQUIRED IN CONNECTION WITH SUCH PROPOSED TRANSFER NOR IS IN VIOLATION OF ANY APPLICABLE STATE SECURITIES
LAWS. THIS LEGEND SHALL BE ENDORSED UPON ANY NOTE ISSUED IN EXCHANGE FOR THIS NOTE.

 

DIGIPATH,
INC.

 

8%
Secured Convertible Promissory Note

 

	$400,000	September
    23, 2019 (the “Issue Date”)

 

FOR
VALUE RECEIVED, DIGIPATH, INC., a Nevada corporation (the “Company”) with its principal executive office
at 6450 Cameron Blvd., Suite 113, Las Vegas, Nevada 89118, promises to pay to the order of CSW Ventures, LP or its registered
assigns (the “Holder” or “Payee”), the principal amount of Four Hundred Thousand Dollars
($400,000) or such lesser amount as shall equal the aggregate unpaid principal amount of the loans made by Payee to the Company
hereunder (the “Principal Amount”), on September 23, 2020 (the “Maturity Date”) or such
earlier date as this Note is required or permitted to be repaid as provided hereunder, and to pay interest to the Holder on the
aggregate unconverted and then outstanding Principal Amount of this Convertible Promissory Note (this “Note”)
in accordance with the provisions hereof.

 

This
Note represents an initial loan of Two Hundred Thousand Dollars ($200,000) made on the Issue Date. An additional loan or loans
under this Note in the aggregate amount of Two Hundred Thousand Dollars ($200,000) may be made by Payee in its discretion upon
the Company’s request within 90 days of the Issue Date. The date each such loan is made shall be endorsed by Payee on its
books, and, prior to any transfer of this Note, endorsed by Payee on the schedule attached hereto or any continuation thereof.
Any failure by Payee to so endorse shall in no way mitigate or discharge the obligation of the Company to repay any loan actually
made.

 

Each
payment by the Company pursuant to this Note shall be made without set-off or counterclaim and in immediately available funds.
The Company (i) waives presentment, demand, protest or notice of any kind in connection with this Note and (ii) agrees to pay
to the Holder of this Note, on demand, all costs and expenses (including reasonable and documented legal fees and expenses) incurred
in connection with the enforcement and collection of this Note.

 

    	1

    	 

    

 

This
Note has been issued pursuant to a Securities Purchase Agreement (the “Securities Purchase Agreement”) entered into
between the Company and the Payee, and is secured by a Security Agreement (the “Security Agreement”) in favor
of Payee covering certain collateral (the “Collateral”), all as more particularly described and provided therein,
and is entitled to the benefits thereof. The Security Agreement and any and all other documents executed and delivered by the
Company to Payee under which Payee is granted liens on assets of the Company in connection with the transactions contemplated
by the Securities Purchase Agreement are collectively referred to as the “Security Documents.”

 

Unless
otherwise defined in this Note, capitalized terms used herein shall have the meanings set forth in the Note Purchase Agreement.

 

1.
Principal Repayment

 

A.
Optional Prepayment. At any time from and after the Issue Date, the Company may prepay this Note, without premium or penalty,
in whole or in part, with accrued interest to the date of such prepayment on the amount prepaid.

 

B.
Notice of Prepayment. Before the Company shall be permitted to prepay this Note pursuant to 1A hereof, the Company shall
provide ten (10) days prior notice to the Payee of its intent to make such prepayment, which notice shall state the date and amount
of such prepayment (the “Prepayment Date”). The Payee shall have the option at any time prior to the Prepayment
Date to elect to convert this Note pursuant to Section 5 below.

 

2.
Computation of Interest.

 

A.
Base Interest Rate. Subject to Sections 2B and 2C below, the outstanding Principal Amount shall bear interest at the rate
of eight (8%) percent per annum.

 

B.
Penalty Interest. Upon the occurrence and during the continuance of an Event of Default (as defined below), the rate of
interest applicable to the unpaid Principal Amount shall be increased to ten (10%) percent per annum.

 

C.
Maximum Rate. In the event that it is determined that, under the laws relating to usury applicable to the Company or the
indebtedness evidenced by this Note (“Applicable Usury Laws”), the interest charges and fees payable by the
Company in connection herewith or in connection with any other document or instrument executed and delivered in connection herewith
cause the effective interest rate applicable to the indebtedness evidenced by this Note to exceed the maximum rate allowed by
law (the “Maximum Rate”), then such interest shall be recalculated for the period in question and any excess
over the Maximum Rate paid with respect to such period shall be credited, without further agreement or notice, to the Principal
Amount outstanding hereunder to reduce said balance by such amount with the same force and effect as though the Company had specifically
designated such extra sums to be so applied to principal and the Payee had agreed to accept such extra payment(s) as a premium-free
prepayment. All such deemed prepayments shall be applied to the principal balance payable at maturity. In no event shall any agreed-to
or actual exaction as consideration for this Note exceed the limits imposed or provided by Applicable Usury Laws in the jurisdiction
in which the Company is resident applicable to the use or detention of money or to forbearance in seeking its collection in the
jurisdiction in which the Company is resident.

 

    	2

    	 

    

 

3.
Covenants of Company.

 

A.
Affirmative Covenants. The Company covenants and agrees that, so long as this Note shall be outstanding, unless it has
otherwise obtained the prior written consent of the Holder, it will perform the obligations set forth in this Section 2A:

 

(i)
Taxes and Levies. The Company (and each of its subsidiaries) will promptly pay and discharge all taxes, assessments, and
governmental charges or levies imposed upon the Company or upon its income and profits, or upon any of its property, before the
same shall become delinquent, as well as all claims for labor, materials and supplies which, if unpaid, might become a lien or
charge upon such properties or any part thereof; provided, however, that the Company shall not be required to pay
and discharge any such tax, assessment, charge, levy or claim so long as the validity thereof shall be contested in good faith
by appropriate proceedings and the Company shall set aside on its books adequate reserves in accordance with generally accepted
accounting principles with respect to any such tax, assessment, charge, levy or claim so contested;

 

(ii)
Maintenance of Existence. The Company (and each of its subsidiaries) will do or cause to be done all things reasonably
necessary to preserve and keep in full force and effect its corporate existence, rights and franchises and comply with all laws
applicable to the Company, except where the failure to comply would not have a material adverse effect on the Company;

 

(iii)
Maintenance of Property. The Company (and each of its subsidiaries) will at all times reasonably maintain, preserve, protect
and keep its property used or useful in the conduct of its business in good repair, working order and condition (ordinary wear
and tear excepted), and from time to time make all needful and proper repairs, renewals, replacements and improvements thereto
as shall be reasonably required in the conduct of its business;

 

(iv)
Insurance. The Company (and each of its subsidiaries) will, to the extent necessary for the operation of its business,
keep adequately insured by financially sound reputable insurers, all property of a character usually insured by similar corporations
and carry such other insurance as is usually carried by similar corporations;

 

(v)
Books and Records. The Company (and each of its subsidiaries) will at all times keep true and correct books, records and
accounts reflecting all of its business affairs and transactions in accordance with GAAP. Such books and records shall be open
at reasonable times and upon reasonable notice to the inspection of the Payee or its agents;

 

(vi)
Notice of Certain Events. The Company (and each of its subsidiaries) will give prompt written notice (with a description
in reasonable detail) to the Payee of the occurrence of any Event of Default or any event which, with the giving of notice or
the lapse of time, would constitute an Event of Default; and

 

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B.
Negative Covenants. The Company covenants and agrees that, so long as this Note shall be outstanding, unless it has otherwise
obtained the prior written consent of the Holder, it will perform the obligations set forth in this Section 3B:

 

(i)
Liquidation, Dissolution. The Company will not (and will not permit any of its subsidiaries to) liquidate or dissolve,
consolidate with, or merge into or with, any other corporation or other entity, except that any wholly-owned subsidiary may merge
with another wholly-owned subsidiary or with the Company (so long as the Company is the surviving corporation and no Event of
Default shall occur as a result thereof); provided, however, such prior written consent shall not be required in connection with
the consummation of any merger or change of control transaction which results in prepayment of the Note pursuant to the terms
of this Note;

 

(ii)
Sales of Assets. The Company will not (nor permit any of its subsidiaries with respect to their assets and properties),
other than in the ordinary course of business, sell, transfer, lease or otherwise dispose of, or grant options, warrants or other
rights with respect to, all or a substantial part of its properties or assets material to the Company’s business to any
person or entity; provided, however, such prior written consent shall not be required in connection with licenses or other rights
granted by the Company to a strategic partner, licensee or distributor as approved by the Board of Directors of the Company (the
“Board of Directors”);

 

(iii)
Redemptions. The Company will not redeem or repurchase any outstanding equity and/or debt securities of the Company (or
its subsidiaries);

 

(iv)
Indebtedness. Company will hereafter not create, incur, assume or suffer to exist, contingently or otherwise, any indebtedness
which is not expressly subordinate in all respects to the Notes, provided, that this covenant shall not apply to (A) capitalized
leases, purchase money indebtedness (secured solely by Liens on the equipment or assets leased or purchased), (B) accounts payable,
or (C) other accrued expenses incurred by the Company in the ordinary course of business;

 

(v)
Negative Pledge. The Company will not (nor will it permit its subsidiaries to) hereafter create, incur, assume or suffer
to exist any mortgage, pledge, hypothecation, assignment, security interest, encumbrance, lien (statutory or other), preference,
priority or other security agreement or preferential arrangement of any kind or nature whatsoever (including any conditional sale
or other title retention agreement and any financing lease) (each, a “Lien”) upon any of its property, revenues
or assets, whether now owned or hereafter acquired, except any of the following (collectively, “Permitted Liens”):

 

(a)
Liens granted to secure indebtedness incurred (i) to finance the acquisition (whether by purchase or capitalized lease) of tangible
assets or (ii) under equipment leases or purchase money indebtedness, but in each case, only on the assets acquired with the proceeds
of such indebtedness;

 

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(b)
Liens for taxes, assessments or other governmental charges or levies not at the time delinquent or thereafter payable without
penalty or being contested in good faith by appropriate proceedings and for which adequate reserves in accordance with GAAP shall
have been set aside on its books;

 

(c)
Liens of carriers, warehousemen, mechanics, materialmen and landlords incurred in the ordinary course of business for sums not
overdue or being contested in good faith by appropriate proceedings and for which adequate reserves in accordance with GAAP shall
have been set aside on its books;

 

(d)
Liens incurred in the ordinary course of business in connection with workers’ compensation, unemployment insurance or other
forms of governmental insurance or benefits, or to secure performance of tenders, statutory obligations, leases and contracts
(other than for borrowed money) entered into in the ordinary course of business or to secure obligations on surety or appeal bonds;
and

 

(e)
Judgment Liens in existence less than 30 days after notice of the entry thereof is forwarded to the Company or with respect to
which execution has been stayed.

 

(vi)
Transactions with Affiliates. The Company will not (and will not permit any of its subsidiaries to) enter into any transaction
after the Issue Date, including, without limitation, the purchase, sale, lease or exchange of property, real or personal, the
purchase or sale of any security, the borrowing or lending of any money, or the rendering of any service, with any person or entity
affiliated with the Company or any of its subsidiaries (including officers, directors and shareholders owning five (5%) percent
or more of the Company’s outstanding capital stock), except in the ordinary course of and pursuant to the reasonable requirements
of its business and upon fair and reasonable terms not less favorable than would be obtained in a comparable arms-length transaction
with any other person or entity not affiliated with the Company as determined by the Board of Directors in good faith.

 

(vii)
Dividends. The Company will not declare or pay any cash dividends or distributions on its outstanding capital stock.

 

(viii)
Proration of Payments. The Company shall not make or permit any payment on account of principal or interest payable hereunder
or any of the other Notes in excess of each Holder’s pro rate share of payments then due under the Notes.

 

4.
Events of Default.

 

If
any of the following events shall occur for any reason whatsoever (and whether such occurrence shall be voluntary or involuntary
or come about or be effected by operation by law or otherwise) (each, an “Event of Default”):

 

(i)
Non-Payment of Obligations. The Company shall default in the payment of the principal of this Note as and when the same
shall become due and payable (whether by acceleration or otherwise) or shall fail to pay accrued interest on this Note within
five (5) business days of when the same shall become due and payable (whether by acceleration or otherwise);

 

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(ii)
Non-Performance of Affirmative Covenants. The Company shall default in the due observance or performance of any covenant
set forth in Section 3A, which default shall continue uncured for thirty (30) days;

 

(iii)
Non-Performance of Negative Covenants. The Company shall default in the due observance or performance of any covenant set
forth in Section 3B, and, if capable of cure, such default shall not have been cured within thirty (30) days;

 

(iv)
Bankruptcy, Insolvency, Etc. The Company (or any of its subsidiaries) shall:

 

(a)
in any legal document admit in writing its inability to pay its debts as they become due;

 

(b)
apply for, consent to, or acquiesce in, the appointment of a trustee, receiver, sequestrator or other custodian for the Company
or any of its property, or make a general assignment for the benefit of creditors;

 

(c)
in the absence of such application, consent or acquiesce in, permit or suffer to exist the appointment of a trustee, receiver,
sequestrator or other custodian for the Company or for any part of its property;

 

(d)
permit or suffer to exist the commencement of any bankruptcy, reorganization, debt arrangement or other case or proceeding under
any bankruptcy or insolvency law, or any dissolution, winding up or liquidation proceeding, in respect of the Company, and, if
such case or proceeding is not commenced by the Company or converted to a voluntary case, such case or proceeding shall be consented
to or acquiesced in by the Company or shall result in the entry of an order for relief; or

 

(e)
take any corporate or other action authorizing, or in furtherance of, any of the foregoing;

 

(v)
Cross-Default. The Company shall default in the payment when due, after the expiration of any applicable grace period,
of any amount payable under any other obligation of the Company for money borrowed in excess of $100,000;

 

(vi)
Cross-Acceleration. Any other indebtedness for borrowed money of the Company (or any of its subsidiaries) in an aggregate
principal amount exceeding $100,000 shall be duly declared to be or shall become due and payable prior to the stated maturity
thereof or shall not be paid as and when the same becomes due and payable including any applicable grace period;

 

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(vii)
Other Breaches, Defaults. The Company shall default or be in breach of any term or provision of this Note, any other Transaction
Document (as defined in the Note Purchase Agreement), in any material respect, for a period of thirty (30) days, or any material
representation or warranty made by the Company to the Payee in any Transaction Document shall be materially false or misleading;
or

 

(viii)
Security Documents. The Security Documents shall cease to create a valid and perfected Lien in and to any material Collateral;

 

then,
and in any such event, the Holder shall, by notice to the Company, take or cause to be taken any or all of the following actions,
without prejudice to the rights of Payee to enforce its claims against the Company: (1) declare the principal of and any accrued
interest and all other amounts payable under this Note to be due and payable, whereupon the same shall become, forthwith due and
payable without presentment, demand, protest or other notice of any kind, all of which are hereby waived by the Company, (2) proceed
to enforce or cause to be enforced any remedies provided under the Security Agreement, and (3) exercise any other remedies available
at law or in equity, either by suit in equity or by action at law, or both, whether for specific performance of any covenant or
other agreement contained in this Note; provided, that upon the occurrence of any Event of Default referred to in Section 4(v)
then (without prejudice to the rights and remedies specified in clause (3) above) automatically, without notice, demand or any
other act by any Holder, the principal of and any accrued interest and all other amounts payable under this Note shall become
immediately due and payable without presentment, demand, protest or other notice of any kind, all of which are hereby expressly
waived by the Company, anything contained in this Note to the contrary notwithstanding. No remedy conferred in this Note upon
any Holder is intended to be exclusive of any other remedy, and each and every such remedy shall be cumulative and shall be in
addition to every other remedy conferred herein or now or hereinafter existing at law or in equity or by statute or otherwise.

 

5.
Conversion of Note.

 

A.
Optional Conversion. The Holder of this Note shall have the option, at any time and from time to time, prior to the date
on which the Company makes payment in full of the Principal Amount of this Note in accordance herewith, all accrued interest thereon
and all other amounts due and payable thereunder to convert all or any portion of the outstanding Principal Amount of this Note
plus all accrued and unpaid interest thereon (such Principal Amount and accrued and unpaid interest to be so converted the “Conversion
Amount”) into shares of common stock, par value $0.001 per share (“Common Stock”), of the Company
at an initial conversion price per share equal to $0.11 per share (the “Conversion Price”), subject to adjustment
as provided in subsection 5E below. The shares of Common Stock issuable upon conversion of this Note at the Conversion Price are
referred to herein as the “Conversion Shares.”

 

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B.
Conversion Limitation. Notwithstanding anything contained herein to the contrary, the Holder shall not be entitled to convert
pursuant to the terms of this Note an amount that would be convertible into that number of Conversion Shares which would exceed
the difference between the number of shares of Common Stock beneficially owned by such Holder and 4.99% of the outstanding shares
of Common Stock of the Company. For the purposes of the immediately preceding sentence, beneficial ownership shall be determined
in accordance with Section 13(d) of the Securities Exchange Act of 1934, as amended, and Regulation 13d-3 thereunder. The Holder
may void the Conversion Share limitation described in this Section 5B upon 65 days prior notice to the Company or without any
notice requirement upon an Event of Default.

 

C.
Mechanics of Conversion.

 

(i)
Before the Holder of this Note shall be entitled to convert this Note into shares of Common Stock pursuant to Section 5A, such
holder shall give written notice to the Company in the form attached hereto as Annex A (“Conversion Notice”),
at its principal corporate office, by email, facsimile or otherwise, of the election to convert the same and shall state therein
the Conversion Amount and the name or names in which the certificate or certificates for shares of Common Stock are to be issued.
On or before the third (3rd) business day following the date of receipt of a Conversion Notice, the Company shall (A) if legends
are not required to be placed on certificates of Common Stock pursuant to the then existing provisions of Rule 144 of the Securities
Act of 1933 (“Rule 144”) and provided that the Company’s transfer agent is participating in the Depository
Trust Company’s (“DTC”) Fast Automated Securities Transfer Program, credit such aggregate number of shares
of Common Stock to which the Holder shall be entitled to the Holder’s or its designee’s balance account with DTC,
or (B) if the Company’s transfer agent is not participating in the DTC Fast Automated Securities Transfer Program, issue
and deliver to the address as specified in the Conversion Notice, a certificate, registered in the name of the Holder or its designee,
for the number of shares of Common Stock to which the Holder shall be entitled which certificates shall not bear any restrictive
legends unless required pursuant the Rule 144.

 

(ii)
All Common Stock which may be issued upon conversion of the Note will, upon issuance, be duly issued, fully paid and non-assessable
and free from all taxes, liens, and charges with respect to the issuance thereof.

 

D.
Authorized Shares. At all times the Company shall have authorized and shall have reserved a sufficient number of shares
of Common Stock to provide for the conversion of the Notes at the then effective Conversion Price. Without limiting the generality
of the foregoing, if, at any time, the Conversion Price is decreased, the number of shares of Common Stock authorized and reserved
for issuance upon the conversion of this Note shall be proportionately increased.

 

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E.
Anti-Dilution Provisions. The Conversion Price in effect at any time and the number and kind of securities issuable upon
the conversion of this Note shall be subject to adjustment from time to time upon the happening of certain events as follows:

 

(i)
In case the Company shall hereafter (i) declare a dividend or make a distribution on its outstanding shares of Common Stock in
shares of Common Stock, (ii) subdivide or reclassify its outstanding shares of Common Stock into a greater number of shares, or
(iii) combine or reclassify its outstanding shares of Common Stock into a smaller number of shares, the Conversion Price in effect
at the time of the record date for such dividend or distribution or of the effective date of such subdivision, combination or
reclassification shall be adjusted so that it shall equal the price determined by multiplying the Conversion Price by a fraction,
the denominator of which shall be the number of shares of Common Stock outstanding after giving effect to such action, and the
numerator of which shall be the number of shares of Common Stock outstanding immediately prior to such action. Such adjustment
shall be made successively whenever any event listed above shall occur.

 

(ii)
Whenever the Conversion Price is adjusted pursuant to Subsection (i) above, the number of Conversion Shares issuable upon conversion
of this Note shall simultaneously be adjusted by multiplying the number of Conversion Shares initially issuable upon conversion
of this Note by the Conversion Price in effect on the date hereof and dividing the product so obtained by the Conversion Price,
as adjusted.

 

(iii)
In case of any reorganization, reclassification or change of the Common Stock (including any such reorganization, reclassification
or change in connection with a consolidation or merger in which the Company is the continuing entity), or any consolidation of
the Company with, or merger of the Company with or into, any other entity (other than a consolidation or merger in which the Company
is the continuing entity), or of any sale of the properties and assets of the Company as, or substantially as, an entirety to
any other person or entity, this Note shall thereafter be convertible into the kind and amount of stock or other securities or
property receivable upon such reorganization, reclassification, change, consolidation, merger or sale by a Holder of the number
of shares of Common Stock into which this Note would have been converted prior to such transaction. The provisions of this subsection
(iii) shall similarly apply to successive reorganizations, reclassifications, changes, consolidations, mergers or sales immediately
prior to such reorganization, reclassification, change, consolidation, merger or sale.

 

6.
Amendments and Waivers.

 

The
provisions of this Note may from time to time be amended, modified or supplemented, if such amendment, modification or supplement
is in writing and consented to by the Company and the Holder. No failure or delay on the part of the Payee in exercising any power
or right under this Note shall operate as a waiver thereof, nor shall any single or partial exercise of any such power or right
preclude any other or further exercise thereof or the exercise of any other power or right. No notice to or demand on the Company
in any case shall entitle it to any notice or demand in similar or other circumstances. No waiver or approval by the Payee shall,
except as may be otherwise stated in such waiver or approval, be applicable to subsequent transactions. No waiver or approval
hereunder shall require any similar or dissimilar waiver or approval thereafter to be granted hereunder. To the extent that the
Company makes a payment or payments to the Payee, and such payment or payments or any part thereof are subsequently for any reason
invalidated, set aside and/or required to be repaid by the Payee to a trustee, receiver or any other party under any bankruptcy
law, state or federal law, common law or equitable cause, then to the extent of such recovery, the obligation or part thereof
originally intended to be satisfied, and all rights and remedies therefor, shall be revived and continued in full force and effect
as if such payment had not been made by the Payee or such enforcement or setoff had not occurred.

 

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7.
Miscellaneous.

 

A.
Parties in Interest. All covenants, agreements and undertakings in this Note binding upon the Company or the Payee shall
bind and inure to the benefit of its successors and permitted assigns of the Company and the Payee, respectively, whether so express
or not.

 

B.
Governing Law. This Note shall be governed by and construed in accordance with the laws of the State of Nevada without
regard to the conflicts of laws principles thereof.

 

C.
Waiver of Jury Trial. THE PAYEE AND THE COMPANY HEREBY KNOWINGLY, VOLUNTARILY AND INTENTIONALLY WAIVE ANY RIGHTS THEY MAY
HAVE TO A TRIAL BY JURY IN RESPECT OF ANY LITIGATION BASED HEREON, OR ARISING OUT OF, UNDER, OR IN CONNECTION WITH THIS NOTE OR
ANY OTHER DOCUMENT OR INSTRUMENT EXECUTED AND DELIVERED IN CONNECTION HEREWITH OR ANY COURSE OF CONDUCT, COURSE OF DEALING, STATEMENTS
(WHETHER VERBAL OR WRITTEN) OR ACTIONS OF THE PAYEE OR THE COMPANY. THIS PROVISION IS A MATERIAL INDUCEMENT FOR THE PAYEE’S
PURCHASING THIS NOTE.

 

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IN
WITNESS WHEREOF, this Note has been executed and delivered on the date specified above by the duly authorized representative of
the Company.

 

	 	DIGIPATH,
    INC.
	 	 
	 	By:	/s/
    Todd Peterson
	 	Name:	Todd
    Peterson
	 	Title:	CFO

 

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ANNEX
A

 

CONVERSION
NOTICE

 

The
undersigned hereby elects to convert principal and/or interest under the 8% Senior Secured Convertible Promissory Note, originally
issued as of September 23, 2019 (the “Note”) of Digipath, Inc., a Nevada corporation (the “Company”),
into shares of common stock (the “Common Stock”), of the Company according to the conditions hereof and the
Note, as of the date written below. If shares of Common Stock are to be issued in the name of a person other than the undersigned,
the undersigned will pay all transfer taxes payable with respect thereto and is delivering herewith such certificates and opinions
as reasonably requested by the Company in accordance therewith. No fee will be charged to the holder for any conversion, except
for such transfer taxes, if any.

 

By
the delivery of this Notice of Conversion the undersigned represents and warrants to the Company that its ownership of the Common
Stock does not exceed the amounts specified under Section 5B of the Note, as determined in accordance with Section 13(d) of the
Securities Exchange Act of 1934, as amended.

 

	Conversion
    calculations:	 
		Date
    to Effect Conversion: _______________________________
	 	 
	 	Principal
Amount of Note to be Converted: __________________
	 	 
	 	Amount
    of Interest of Note to be Converted: _________________
	 	 
	 	Number
    of shares of Common Stock to be issued:
	 	____________________________________________________
	 	 
	 	Signature:
____________________________________________
	 	 
	 	Name:
    _______________________________________________
	 	 
	 	Address
    for Delivery of Common Stock Certificates: ___________
	 	____________________________________________________
	 	____________________________________________________
	 	 
	 	Or
	 	 
	 	DWAC
    Instructions:
	 	 
	 	Broker
    No: __________
	 	Account
    No: _________

 

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LOANS

 

	Date Loan Made	 	Amount of Loan	 	 	Amount Paid	 	 	Unpaid Principal Amount	 	 	Notation 

Made By
	September 23, 2019	 	$	200,000	 	 	 	—	 	 	$	200,000	 	 	N/A

 

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