Document:

Form of 2041 Notes

 Exhibit 4.3 
 UNLESS THIS SECURITY IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY TO THE COMPANY OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY SECURITY ISSUED IS
REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY (AND ANY PAYMENT HEREON IS MADE TO CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN
AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL SINCE THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN. 

TRANSFERS OF THIS SECURITY SHALL BE LIMITED TO TRANSFERS IN WHOLE, BUT NOT IN PART, TO NOMINEES OF CEDE & CO. OR TO A SUCCESSOR THEREOF OR SUCH
SUCCESSOR’S NOMINEE. 
 CSX CORPORATION 
 $250,000,000 
 5.500% NOTES DUE 2041 

 

			
	No. R-2	  	CUSIP No. 126408 GU1

 This security (the “Security”) is one of a duly authorized issue of securities (herein called the “Securities”) of CSX Corporation, a Virginia corporation (hereinafter called the
“Company,” which term includes any successor corporation under the Indenture hereinafter referred to), issued and to be issued in one or more series under an indenture, limited as to aggregate principal amount, dated as of August 1,
1990 between the Company and The Bank of New York Mellon Trust Company, N.A. (formerly known as The Bank of New York Trust Company, NA.), successor to JPMorgan Chase Bank, N.A. (formerly known as The Chase Manhattan Bank), as Trustee (herein called
the “Trustee,” which term includes any successor trustee under the Indenture (as hereinafter defined)), as supplemented by a First Supplemental Indenture dated as of June 15, 1991, a Second Supplemental Indenture dated as of
May 6, 1997, a Third Supplemental Indenture dated as of April 22, 1998, a Fourth Supplemental Indenture dated as of October 30, 2001, a Fifth Supplemental Indenture dated as of October 27, 2003, a Sixth Supplemental Indenture
dated as of September 23, 2004, a Seventh Supplemental Indenture dated as of April 25, 2007 and an Eighth Supplemental Indenture dated as of March 24, 2010, to which indenture and all indentures supplemental thereto (the indenture, as
supplemented being herein called the “Indenture”) reference is hereby made for a statement of the respective rights thereunder of the Company, the Trustee and the Holders of the Securities and of the terms upon which the Securities are,
and are to be, authenticated and delivered. This Security is one of the series designated on the face hereof, which series has been issued in an initial aggregate principal amount of $250,000,000 (TWO HUNDRED FIFTY MILLION DOLLARS). All Securities
of 

 
this series need not be issued at the same time and such series may be reopened at any time, without the consent of any Holder, for issuances of additional Securities of this series. Any such
additional Securities of this series will have the same interest rate, maturity and other terms as those initially issued. Further Securities of this series may also be authenticated and delivered as provided by Sections 304, 305, 306 or 906 of
the Indenture. This Security represents an aggregate initial principal amount of $250,000,000 (TWO HUNDRED FIFTY MILLION DOLLARS) (adjusted from time to time in accordance with the terms and provisions hereof and as set forth on Exhibit A hereto,
the “Principal Amount”) of the Securities of such series, with the Interest Payment Dates, date of original issuance, and date of Maturity specified herein and bearing interest on said Principal Amount at the interest rate specified
herein. 
 The Company, for value received, hereby promises to pay CEDE & CO, or its registered assigns, the principal
sum of $250,000,000 (TWO HUNDRED FIFTY MILLION DOLLARS) on April 15, 2041 and to pay interest (computed on the basis of a 360-day year of twelve 30-day months) thereon from April 15, 2011 or from the most recent Interest Payment Date to
which interest has been paid or duly provided for, or, if the date of this Security is an Interest Payment Date to which interest has been paid or duly provided for, then from the date hereof, semiannually in arrears on April 15 and
October 15 of each year, commencing October 15, 2011, and at Maturity at the rate of 5.500% per annum, until the principal hereof is paid or duly made available for payment. The Company shall pay interest on overdue principal and
premium, if any, and (to the extent lawful) interest on overdue installments of interest at the rate per annum borne by the Security. The interest so payable, and punctually paid or duly provided for, on any Interest Payment Date will, as provided
in such Indenture, be paid to the Person in whose name this Security (or one or more Predecessor Securities) is registered at the close of business on the Regular Record Date for such interest, which shall be the April 1 or October 1
(whether or not a Business Day), as the case may be, next preceding such Interest Payment Date. Except as otherwise provided in the Indenture, any such interest not so punctually paid or duly provided for shall forthwith cease to be payable to the
Holder on such Regular Record Date and may be paid to the Person in whose name this Security (or one or more Predecessor Securities) is registered at the close of business on a Special Record Date to be fixed by the Trustee for the payment of such
Defaulted Interest, notice whereof shall be given to the Holder of this Security not less than 10 days prior to such Special Record Date, or may be paid at any time in any other lawful manner not inconsistent with the requirements of any
securities exchange or automated quotation system on which the Securities of this series may be listed or quoted, and upon such notice as may be required by such exchange or system, all as more fully provided in such Indenture. Notwithstanding the
foregoing, interest payable on this Security at Maturity will be payable to the person to whom principal is payable. 
 This
Security is exchangeable in whole or from time to time in part for definitive Registered Securities of this series only as provided in this paragraph. If (x) the Depository with respect to the Securities of this series (the
“Depository”) notifies the Company that it is unwilling, unable or ineligible to continue as Depository for this Security or if at any time the Depository ceases to be a clearing agency registered under the Securities Exchange Act of 1934,
as amended, and a successor Depository is not appointed by the Company within 90 days, (y) the Company in its sole discretion determines that this Security shall be exchangeable for definitive Registered Securities and executes and
delivers to the Trustee a Company Order providing that this Security shall be so exchangeable or (z) there shall have happened and be continuing an 

 
Event of Default or any event which, after notice or lapse of time, or both, would become an Event of Default with respect to the Securities of the series of which this Security is a part, this
Security or any portion hereof shall, in the case of clause (x) above, be exchanged for definitive Registered Securities of this series, and in the case of clauses (y) and (z) above, be exchangeable for definitive Registered
Securities of this series, provided that the definitive Security so issued in exchange for this Security shall be in authorized denominations and be of like tenor and of an equal aggregate principal amount as the portion of the Security to be
exchanged, and provided further that, in the case of clauses (y) and (z) above, definitive Registered Securities of this series will be issued in exchange for this Security, or any portion hereof, only if such definitive Registered
Securities were requested by written notice to the Security Registrar by or on behalf of a Person who is a beneficial owner of an interest herein given through the Holder hereof. Any definitive Registered Security of this series issued in exchange
for this Security, or any portion hereof, shall be registered in the name or names of such Person or Persons as the Holder hereof shall instruct the Security Registrar. Except as provided above, owners of beneficial interests in this Security will
not be entitled to receive physical delivery of Securities in definitive form and will not be considered the Holders thereof for any purpose under the Indenture. 
 Any exchange of this Security or portion hereof for one or more definitive Registered Securities of this series will be made at the New York office of the Security Registrar or at the office of any
transfer agent designated by the Company for that purpose. Upon exchange of any portion of this Security for one or more definitive Registered Securities of this series, the Trustee shall endorse Exhibit A of this Security to reflect the reduction
of its Principal Amount by an amount equal to the aggregate principal amount of the definitive Registered Securities of this series so issued in exchange, whereupon the Principal Amount hereof shall be reduced for all purposes by the amount so
exchanged and noted. Except as otherwise provided herein or in the Indenture, until exchanged in full for one or more definitive Registered Securities of this series, this Security shall in all respects be subject to and entitled to the same
benefits and conditions under the Indenture as a duly authenticated and delivered definitive Registered Security of this series. 
 The principal and any interest in respect of any portion of this Security payable in respect of an Interest Payment Date or at the Stated Maturity thereof, in each case occurring prior to the exchange of
such portion for a definitive Registered Security or Securities of this series, will be paid, as provided herein, to the Holder hereof which will undertake in such circumstances to credit any such principal and interest received by it in respect of
this Security to the respective accounts of the Persons who are the beneficial owners of such interests on such Interest Payment Date or at Stated Maturity. If a definitive Registered Security or Registered Securities of this series are issued in
exchange for any portion of this Security after the close of business at the office or agency where such exchange occurs on (i) any Regular Record Date and before the opening of business at such office or agency on the relevant Interest Payment
Date, or (ii) any Special Record Date and before the opening of business at such office or agency on the related proposed date for payment of Defaulted Interest, then interest or Defaulted Interest, as the case may be, will not be payable on
such Interest Payment Date or proposed date for payment, as the case may be, in respect of such Registered Security, but will be payable on such Interest Payment Date or proposed date for payment, as the case maybe, only to the Holder hereof, and
the Holder hereof will undertake in such circumstances to credit such interest to the account or accounts of the Persons who were the beneficial owners of such portion of this Security on such Regular Record Date or Special Record Date, as the case
may be. 

 Payment of the principal of and any such interest on this Security will be made at the
offices of the Trustee as Paying Agent, in the Borough of Manhattan, The City of New York, or at such other office or agency of the Company as may be designated by it for such purpose in the Borough of Manhattan, The City of New York, in such coin
or currency of the United States of America as at the time of payment shall be legal tender for the payment of public and private debts by check mailed to the registered Holders thereof; provided, however, that at the option of the Holder, payment
of interest may be made by wire transfer of immediately available funds to an account of the Person entitled hereto as such account shall be provided to the Security Registrar and shall appear in the Security Register. 

The Securities shall be redeemable, in whole or in part, at the Company’s option at any time. If the Securities are redeemed prior
to the date that is six months prior to the Maturity date, the Redemption Price for the Securities to be redeemed shall equal the greater of the following amounts, plus, in each case, accrued interest thereon to the Redemption Date: 

 

	 	•	 	 100% of the principal amount of such Securities; or 

  

	 	•	 	 As determined by the Independent Investment Banker (as defined below), the sum of the present values of the remaining scheduled payments of principal
and interest on the Securities to be redeemed (not including any portion of any payments of interest accrued from the most recent Interest Payment Date to which interest has been paid to the Redemption Date) discounted to the Redemption Date on a
semiannual basis at the Adjusted Treasury Rate (as defined below) plus 25 basis points. 

 If the Securities
are redeemed on or after the date that is six months prior to the Maturity date, the redemption price for the Securities to be redeemed will equal 100% of the principal amount of such Securities, plus accrued interest to the Redemption Date.

  

	 	•	 	 The Redemption Price shall be calculated by the Independent Investment Banker assuming a 360-day year consisting of twelve 30-day months.

 “Adjusted Treasury Rate” means, with respect to any Redemption Date: 

 

	 	•	 	 the yield, under the heading which represents the average for the immediately preceding week, appearing in the most recently published statistical
release designated “H.15(519)” or any successor publication which is published weekly by the Board of Governors of the Federal Reserve System and which establishes yields on actively traded U.S. Treasury securities adjusted to constant
maturity under the caption “Treasury Constant Maturities,” for the maturity corresponding to the Comparable Treasury Issue (if no maturity is within three months before or after the remaining term of the Securities to be redeemed, yields
for the two published maturities most closely corresponding to the Comparable Treasury Issue will be determined and the Adjusted Treasury Rate will be interpolated or extrapolated from such yields on a straight line basis, rounding to the nearest
month); or 

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

 The Adjusted Treasury Rate shall be calculated on the third Business Day preceding the
Redemption Date. The Company shall notify the Trustee, in an Officers’ Certificate, of the Redemption Price no later than the second Business Day preceding the Redemption Date. The Officers’ Certificate shall set forth the Redemption Price
both as an aggregate amount for all the Securities to be redeemed and as an amount per $1,000.00 in principal amount of the Securities to be redeemed, subject to a minimum $2,000.00 denomination as set forth below. 

“Comparable Treasury Issue” means the U.S. Treasury security selected by the Independent Investment Banker as having a maturity
comparable to the remaining term of the Securities to be redeemed that would be utilized, at the time of selection and in accordance with customary financial practice, in pricing new issues of corporate debt securities of comparable maturity to the
remaining term of such Securities. 
 “Comparable Treasury Price” means, with respect to any Redemption Date,
(A) the average of five Reference Treasury Dealer Quotations for such Redemption Date, after excluding the highest and lowest such Reference Treasury Dealer Quotations, or (B) if the Independent Investment Banker obtains fewer than five
such Reference Treasury Dealer Quotations, the average of all such quotations. 
 “Independent Investment Banker”
means Credit Suisse Securities (USA) LLC or UBS Securities LLC and their successors, or if they are unwilling or unable to serve in that capacity, an independent investment and banking institution of national standing appointed by the Company.

 “Reference Treasury Dealer” means: 
  

	 	•	 	 Credit Suisse Securities (USA) LLC or UBS Securities LLC and their successors; provided that, if any ceases to be a primary U.S. Government securities
dealer in the United States (“Primary Treasury Dealer”), the Company will substitute another Primary Treasury Dealer; and 

  

	 	•	 	 Up to four other Primary Treasury Dealers selected by the Company. 

“Reference Treasury Dealer Quotation” means, with respect to each Reference Treasury Dealer and any Redemption Date, the
average, as determined by the Independent Investment Banker, of the bid and asked prices for the Comparable Treasury Issue (expressed in each case as a percentage of its principal amount) quoted in writing to the Independent Investment Banker by
such Reference Treasury Dealer at 5:00 p.m. (New York City time) on the third business day preceding such Redemption Date. 

 Notice of redemption shall be given as provided in Section 1104 of the Indenture;
provided, that such notice shall not be required to include the Redemption Price but shall instead include the manner of calculation of the Redemption Price. If the Company elects to partially redeem the Securities, the Trustee will select in a fair
and appropriate manner the Securities to be redeemed. 
 Unless the Company defaults in payment of the Redemption Price, on and
after the Redemption Date interest will cease to accrue on the Securities or portions thereof called for redemption. 
 If an
Event of Default with respect to Securities of this series shall occur and be continuing, the principal of the Securities of this series (including this Security and the interests represented hereby) may be declared due and payable in the
manner and with the effect provided in the Indenture. Upon payment (i) of the amount of principal so declared due and payable and (ii) of interest on any overdue principal and overdue interest (in each case to the extent that the payment
of such interest shall be legally enforceable), all of the Company’s obligations in respect of the payment of the principal of and any interest on the Securities of this series (including this Security and the interests represented hereby)
shall terminate. 
 If a Change of Control Repurchase Event occurs, unless the Company have exercised the Company’s right
to redeem the “Securities” as described above, the Company will be required to make an offer to each holder of the “Securities” to repurchase all or any part (equal to $2,000 or an integral multiple of $1,000 in excess
thereof) of that holder’s “Securities” at a repurchase price in cash equal to 101% of the aggregate principal amount of the “Securities” repurchased plus any accrued and unpaid interest on the “Securities”
repurchased to, but not including, the date of repurchase. Within 30 days following any Change of Control Repurchase Event or, at the Company’s option, prior to any Change of Control, but after the public announcement of the Change of
Control, the Control will mail a notice to each holder, with a copy to the Trustee, describing the transaction or transactions that constitute or may constitute the Change of Control Repurchase Event and offering to repurchase the
“Securities” on the payment date specified in the notice, which date will be no earlier than 30 days and no later than 60 days from the date such notice is mailed. The notice shall, if mailed prior to the date of consummation of
the Change of Control, state that the offer to purchase is conditioned on a Change of Control Repurchase Event occurring on or prior to the payment date specified in the notice. The Company will comply with the requirements of Rule 14e-1 under
the Exchange Act, and any other securities laws and regulations thereunder to the extent those laws and regulations are applicable in connection with the repurchase of the “Securities” as a result of a Change of Control Repurchase Event.
To the extent that the provisions of any securities laws or regulations conflict with the Change of Control Repurchase Event provisions of the “Securities”, the Company will comply with the applicable securities laws and regulations and
will not be deemed to have breached the Company’s obligations under the Change of Control Repurchase Event provisions of the “Securities” by virtue of such conflict. 

 On the repurchase date following a Change of Control Repurchase Event, the Company will, to
the extent lawful: 
  

	 	(1)	accept for payment all the “Securities” or portions of the “Securities” properly tendered pursuant to the Company’s offer;

  

	 	(2)	deposit with the paying agent an amount equal to the aggregate purchase price in respect of all the “Securities” or portions of the “Securities”
properly tendered; and 

  

	 	(3)	deliver or cause to be delivered to the Trustee the “Securities” properly accepted, together with an officers’ certificate stating the aggregate
principal amount of the “Securities” being purchased by the Company. 

 The paying agent will promptly
mail to each holder of the “Securities” properly tendered the purchase price for the “Securities”, and the Trustee will promptly authenticate and mail (or cause to be transferred by book-entry) to each holder a new note equal in
principal amount to any unpurchased portion of any “Securities” surrendered; provided that each new note will be in a principal amount of $2,000 or an integral multiple of $1,000 in excess thereof. 

The Company will not be required to make an offer to repurchase the “Securities” upon a Change of Control Repurchase Event if a
third party makes such an offer in the manner, at the times and otherwise in compliance with the requirements for an offer made by the Company and such third party purchases all the “Securities” properly tendered and not withdrawn under
its offer. 
 For purposes of the foregoing description of a repurchase at the option of holders, the following definitions are
applicable: 
 “Below Investment Grade Ratings Event” means that on any day within the 60-day period (which period
shall be extended so long as the rating of the “Securities” is under publicly announced consideration for a possible downgrade by any of the Rating Agencies) after the earlier of (1) the occurrence of a Change of Control; or
(2) public notice of the occurrence of a Change of Control or the intention by CSX to effect a Change of Control, the “Securities” are rated below Investment Grade by each of the Rating Agencies. Notwithstanding the foregoing, a Below
Investment Grade Ratings Event otherwise arising by virtue of a particular reduction in rating shall not be deemed to have occurred in respect of a particular Change of Control (and thus shall not be deemed a Below Investment Grade Ratings Event for
purposes of the definition of Change of Control Repurchase Event hereunder) if the Rating Agencies making the reduction in rating to which this definition would otherwise apply do not announce or publicly confirm or inform the Trustee in writing at
its request that the reduction was the result, in whole or in part, of any event or circumstance comprised of or arising as a result of, or in respect of, the applicable Change of Control (whether or not the applicable Change of Control shall have
occurred at the time of the ratings event). 
 “Change of Control” means the consummation of any transaction
(including, without limitation, any merger or consolidation) the result of which is that any “person” (as that term is used in Section 13(d)(3) of the Exchange Act), other than CSX or the Company’s subsidiaries,

 
becomes the beneficial owner (as defined in Rules 13d-3 and 13d-5 under the Exchange Act), directly or indirectly, of more than 50% of the combined voting power of the Company’s Voting
Stock or other Voting Stock into which the Company’s Voting Stock is reclassified, consolidated, exchanged or changed measured by voting power rather than number of shares. 

“Change of Control Repurchase Event” means the occurrence of both a Change of Control and a Below Investment Grade Ratings
Event. 
 “Fitch” means Fitch Ratings Ltd. 
 “Investment Grade” means a rating of Baa3 or better by Moody’s (or its equivalent under any successor rating categories of Moody’s); a rating of BBB- or better by S&P or Fitch (or
its equivalent under any successor rating categories of S&P and Fitch); or the equivalent Investment Grade credit rating from any additional Rating Agency or Rating Agencies selected by the Company. 

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

“Rating Agency” means (1) each of Moody’s, S&P and Fitch; and (2) if any of Moody’s, S&P or Fitch
ceases to rate the “Securities” or fails to make a rating of the “Securities” publicly available for reasons outside of the Company’s control, a “nationally recognized statistical rating organization” within the
meaning of Rule 15c3-1(c)(2)(vi)(F) under the Exchange Act, selected by the Company (as certified by a resolution of the Chief Executive Officer or Chief Financial Officer) as a replacement agency for Moody’s, S&P or Fitch, or all of
them, as the case may be. 
 “S&P” means Standard & Poor’s Ratings Services, a division of
McGraw-Hill, Inc. 
 “Voting Stock” of any specified “person” (as that term is used in Section 13(d)(3)
of the Exchange Act) as of any date means the capital stock of such person that is at the time entitled to vote generally in the election of the board of directors of such person. 

The Indenture contains provisions for defeasance at any time of (a) the entire indebtedness of the Company on this Security and
(b) certain restrictive covenants and the related defaults and Events of Default, upon compliance with certain conditions set forth therein, which provisions shall apply to this Security. 

The provisions of Article Fourteen of the Indenture apply to Securities of this series. 

The Indenture permits, with certain exceptions as therein provided, the amendment thereof and the modification of the rights and
obligations of the Company and the rights of the Holders of the Securities of each series to be affected under the Indenture at any time by the Company and the Trustee with the consent of the Holders of a majority in aggregate principal amount of
the Securities at the time Outstanding of each series affected thereby. The Indenture also contains provisions permitting the Holders of specified percentages in aggregate principal amount of the Securities of each series at the time Outstanding on
behalf of the Holders of all Securities of such series to waive compliance by the Company with certain provisions of the Indenture and certain past defaults under the Indenture and their consequences. Any such consent or waiver by the Holder of this
Security shall be conclusive and binding upon such 

 
Holder and upon all future Holders of this Security and the Persons who are beneficial owners of interests represented hereby, and of any Security issued in exchange herefor or in lieu hereof
whether or not notation of such consent or waiver is made upon this Security. 
 As set forth in, and subject to, the provisions
of the Indenture, no Holder of any Security of this series will have any right to institute any proceeding with respect to the Indenture or for any remedy thereunder, unless such Holder shall have previously given to the Trustee written notice of a
continuing Event of Default with respect to the Securities of this series, the Holders of not less than 25% in aggregate principal amount of the Outstanding Securities of this series shall have made written request, and offered reasonable indemnity,
to the Trustee to institute such proceeding as trustee, and the Trustee shall not have received from the Holders of a majority in aggregate principal amount of the Outstanding Securities of this series a direction inconsistent with such request and
shall have failed to institute such proceeding within 60 days; provided, however, that such limitations do not apply to a suit instituted by the Holder hereof for the enforcement of payment of the principal of (and premium, if any) or interest
on this Security on or after the respective due dates expressed herein. 
 No reference herein to the Indenture and no provision
of this Security or of the Indenture shall alter or impair the obligation of the Company, which is absolute and unconditional to pay the principal of (and premium, if any) and interest on this Security at the time, place and rate, and in the coin or
currency, herein prescribed. 
 As provided in the Indenture and subject to certain limitations therein and herein set forth,
the transfer of Registered Securities of the series of which this Security is a part may be registered on the Security Register of the Company, upon surrender of such Securities for registration of transfer at the office of the Security Registrar,
duly endorsed by, or accompanied by a written instrument of transfer in form satisfactory to the Company and the Security Registrar duly executed by the Holder thereof or his attorney duly authorized in writing, and thereupon one or two more new
Securities of this Series and of like tenor, of authorized denominations and for the same aggregate principal amount, will be issued to the designated transferee or transferees. 

No service charge shall be made for any such registration of transfer or exchange of Securities as provided above, but the Company may
require payment of a sum sufficient to cover any tax or other governmental charge payable in connection therewith. 
 Prior to
due presentment of this Security for registration of transfer, the Company, the Trustee and any agent of the Company or the Trustee may treat the Person in whose name this Security is registered as the owner hereof for all purposes, whether or not
this Security be overdue, and neither the Company, the Trustee nor any such agent shall be affected by notice to the contrary. 

The Securities of this series of which this Security is a part are issuable only in registered form without coupons, in denominations of
$2,000.00 and integral multiples of $1,000.00. As provided in the Indenture and subject to certain limitations therein set forth, the Securities of this series are exchangeable for a like aggregate principal amount of Securities of this series and
of like tenor of a different authorized denomination, as requested by the Holder surrendering the same. 

 The Securities of this series shall be dated the date of their authentication. 

All terms used in this Security which are defined in the Indenture shall have the meanings assigned to them in the Indenture. 

Unless the certificate of authentication hereon has been executed by or on behalf of the Trustee under the Indenture, or its successor
thereunder, by the manual signature of one of its authorized officers, this Security shall not be entitled to any benefit under the Indenture or be valid or obligatory for any purpose. 

 IN WITNESS WHEREOF, the Company has caused this instrument to be duly executed under its
corporate seal. 
  

							
	Dated: May     , 2011	 		 	CSX CORPORATION
				
		 		 	By:	 	  

		 		 		 	Name:
		 		 		 	Title:
				
	Attest:	 		 		 	

 Assistant Corporate Secretary 
 District of Columbia                     ) ss.: 

Before me, a Notary Public in and for said State and County/City, personally appeared
                                        ,
personally known to me or proved to me on the basis of satisfactory evidence to be the person whose name is subscribed to the within instrument and acknowledged to me that he executed the same in his authorized capacity, and that by his signature on
the instrument, the company on behalf of which he acted executed the instrument. 
 WITNESS my hand and official seal this day
of May, 2011, in the State and County/City aforesaid. 
  

	
	  

	 Notary Public in and for the State and
 County/City aforesaid

  

					
	My commission expires:	  	  
	  	

  

					
	Printed Name of Notary Public:	  		  	

 TRUSTEE’S CERTIFICATE OF AUTHENTICATION 

This is one of the Securities of a series issued under the Indenture described herein. 

 

							
		 		 	THE BANK OF NEW YORK MELLON
	Dated:	 		 	TRUST COMPANY, N.A.
		 		 	as Trustee
				
		 		 	By:	 	  

		 		 		 	Authorized Officer

 FORM OF TRANSFER NOTICE 

FOR VALUE RECEIVED the undersigned registered holder hereby sell(s), assign(s) and transfer(s) unto 

Insert Taxpayer Identification No. 
  

 
  
 Please print or typewrite name and address including zip code of assignee 
  

 
  
 the within Security and all rights thereunder, hereby irrevocably constituting and appointing 

                         
                                         
               attorney to transfer said Security on the books of the Security Registrar with full power of substitution in the premises. 

 

							
	Date:	 	  
	 		 	  

		 		 		 	NOTICE: The signature to this assignment must
		 		 		 	correspond with the name as written upon the face of the within-mentioned instrument in every particular, without alteration or any change whatsoever.

 EXHIBIT A 
 Schedule of ExchangesOption Cancellation Agreement--George H. Bernstein

 Exhibit 10.1 
 OPTION CANCELLATION AGREEMENT 
 THIS OPTION CANCELLATION AGREEMENT
(this “Agreement”) is made as of May 18, 2011, by and between the undersigned (the “Option Holder”) and Nobel Learning Communities, Inc., a Delaware corporation (the
“Company”). Capitalized terms used herein but not otherwise defined shall have the meaning ascribed to them in the Merger Agreement (as defined below). 
 RECITALS 
 A. The Company granted to the Option Holder options to
acquire the Company’s common stock, par value $0.001 per share (the “Common Stock”), pursuant to one or more stock option award agreements (each, an “Option Agreement” and collectively, the
“Option Agreements,” with the options under such Option Agreements being the “Options”) between the parties under the Company’s 1995 Stock Incentive Plan, the 2000 Stock Option Plan for
Consultants, the 2004 Omnibus Incentive Equity Compensation Plan and/or the 2010 Omnibus Incentive Equity Compensation Plan (collectively, the “Option Plans”). 

B. The Company is contemplating a merger transaction (the “Merger”), pursuant to which Academic Merger Sub, Inc.
(“Merger Sub”), a Delaware corporation and a wholly-owned subsidiary of Academic Acquisition Corp., a Delaware corporation (“Parent”), will be merged with and into the Company with the Company as the
surviving corporation (the “Surviving Corporation”). 
 C. To effect the Merger, the Company anticipates
entering into an Agreement and Plan of Merger (the “Merger Agreement”) by and among Parent, Merger Sub and the Company. 
 D. The date on which the Merger is consummated is hereinafter referred to as the “Effective Time”. 
 E. In connection with the Merger, the Company wishes to dispose of all rights to obtain equity interests in the Company, including the Options. 

F. The execution of this Agreement is a material inducement for Parent and Merger Sub to enter into the Merger Agreement and consummate
the Merger, and Parent and Merger Sub shall be entitled to rely on this Agreement in connection with the consummation of the Merger. 
 NOW, THEREFORE, in consideration of the premises and covenants contained herein, and other good and valuable consideration, the receipt and adequacy of which are hereby acknowledged, the Option
Holder and the Company hereby agree as follows, and Parent and Merger Sub shall be entitled to rely on the following agreements between the Option Holder and the Company: 
 1. Options. The Option Holder acknowledges and agrees that Exhibit A contains a true, correct and complete list of all of the Options held by the Option Holder under each Option Agreement,
including the applicable grant date of such Options, the number of Options granted to the Option Holder pursuant to each such Option Agreement and the exercise price or prices 

 
per share for such Options. Other than as set forth on Exhibit A, the Option Holder owns no rights, options, warrants, equity securities, or agreements of any character obligating the
Company to issue, exchange, transfer, deliver or sell, or cause to be issued, exchanged, transferred, delivered or sold, shares of capital stock or other equity interests of the Company to the Option Holder. 

2. Acceleration; Termination and Cancellation; Tender Offer. 

 

	 	a.	All of the Options held by the Option Holder will vest and become exercisable as of the Effective Time. 

 

	 	b.	With respect to each currently effective Option Agreement entered into between the parties with respect to Options that were granted under the Company’s 2000 Stock
Option Plan for Consultants or the Company’s 2010 Omnibus Incentive Equity Compensation Plan (collectively, the “2000/2010 Options”), the Option Holder hereby acknowledges and agrees to the termination of such Option
Agreements and cancellation of all of such 2000/2010 Options as of the Effective Time pursuant to Section 2.03(b) of the Merger Agreement, and further acknowledges and agrees that each such 2000/2010 Option hereby will be null and void
as of the Effective Time and that each Qualifying 2000/2010 Option (as defined below) shall be automatically converted into the right to receive the Option Cash Amount described in Section 3 below; provided, however, that
prior to the Effective Time, the 2000/2010 Options will remain in effect to the extent they would otherwise remain in effect pursuant to their existing terms. For the avoidance of doubt, the Option Holder hereby acknowledges and agrees that each
2000/2010 Option with an exercise price that exceeds $11.75 (the “Merger Consideration”) shall be cancelled as of the Effective Time without any further payment from the Company in consideration therefor.

  

	 	c.	 With respect to each currently effective Option Agreement entered into between the parties with respect to Options that were granted under the
Company’s 1995 Stock Incentive Plan or the Company’s 2004 Omnibus Incentive Equity Compensation Plan (collectively, the “1995/2004 Options”), the Option Holder hereby (i) acknowledges that the Company intends
to offer to purchase for cancellation all of the 1995/2004 Options in a tender offer (the “Tender Offer”) on substantially the same terms as set forth in this Agreement and (ii) agrees to tender such 1995/2004 Options
promptly following receipt of the Tender Offer documents from the Company. The Option Holder further acknowledges and agrees that the Tender Offer shall be consummated as of the Effective Time and, as will be provided in the Tender Offer, each such
1995/2004 Option shall be null and void as of the Effective Time and shall be automatically converted into the right to receive the consideration specified in the Tender Offer (which, with respect to each 1995/2004 Option with an exercise price that
is equal to or less than the Merger Consideration, shall 

  
 2 

	 	 
be calculated in a manner consistent with the calculations set forth in Section 3 below); provided, however, that the Option Holder hereby waives its right to receive
any consideration in the Tender Offer in respect of any 1995/2004 Option held by the Option Holder with an exercise price that exceeds the Merger Consideration; provided, further, that, as will be provided in the Tender Offer, prior to
the Effective Time, the 1995/2004 Options will remain in effect to the extent they would otherwise remain in effect pursuant to their existing terms. 

 3. Effective Time Payments. With respect to each 2000/2010 Option with an exercise price that is equal to or less than the Merger Consideration (each, a “Qualifying 2000/2010
Option”), promptly following the Effective Time, in accordance with the Company’s standard payroll procedures, the Company shall, for each Qualifying 2000/2010 Option, pay the Option Holder an amount in cash equal to the Option
Cash Amount, provided, however, that the Company shall be under no obligation to pay the Option Cash Amount in respect of any Qualifying 2000/2010 Option until such time as the Option Holder has executed and delivered this Agreement to
the Company, together with any other instruments or agreements reasonably requested by the Company. The “Option Cash Amount” shall mean the excess, if any, of the Merger Consideration over the exercise price per share of the
applicable Qualifying 2000/2010 Option; provided, however, that the Option Cash Amount shall be paid net of any applicable mandatory tax withholdings. 
 4. Representations and Warranties. By virtue of the execution and delivery of this Agreement by the Option Holder, the Option Holder hereby represents and warrants to the Company that: (a) the
Option Holder is a competent adult and/or has full and complete power, legal right and authority to execute and deliver this Agreement and to carry out its provisions; (b) the Option Holder’s true and correct mailing address and tax
identification or social security number for tax identification purposes are as indicated in this Agreement; (c) the execution, delivery and performance of this Agreement by the Option Holder does not and will not result in a violation of any
law applicable to the Option Holder or result in a breach of, conflict with or default under, any term or provision of any note, mortgage, bond, security agreement, loan agreement, guaranty, pledge or other instrument or agreement to which the
Option Holder is a party; (d) the Option Holder is the legal, record and beneficial owner of the Options and owns good, valid, legal and marketable title to such Options, free and clear of all pledges, security interests, liens, claims,
encumbrances, agreements, rights of first refusal and options of any kind whatsoever, other than spousal interest or such restrictions arising under the Securities Act of 1933, as amended, state securities laws or any of the documents and other
agreements executed as of the date hereof in connection with the consummation of the Merger; and (e) the Option Holder has had access to or the opportunity to review sufficient written and oral information about the Company and the Merger
Agreement to allow the Option Holder to make an informed decision prior to executing this Agreement. The Option Holder further acknowledges and agrees that neither the Company nor any other party has made any oral or written representation,
inducement, promise or agreement to the Option Holder in connection with the buyout of the Options, other than as expressly set forth in this Agreement or in the Merger Agreement. 

5. Waiver of Notice. In connection with the Merger, the Option Holder hereby waives any and all notice requirements set forth in
the Option Plans or otherwise. 

  
 3 

 6. Waiver and Release. The Option Holder, on behalf of the Option Holder and the
Option Holder’s heirs, executors, administrators, legal representatives, successors and assigns (the “Releasor”) hereby fully, finally and forever releases, discharges and covenants not to sue, and otherwise agrees not
to enforce any claim, cause of action, right, title or interest against, the Company, Merger Sub and Parent, and their respective affiliates, successors and assigns, and their respective past and present directors, officers and employees and each of
their respective affiliates (collectively, the “Releasees”) of, from and with respect to any and all claims, demands, covenants, actions, causes of action, fees, costs, sanctions, judgments, obligations, contracts,
agreements, debts and liabilities whatsoever, whether known or unknown, suspected or unsuspected, both at law and in equity, whether sounding in tort, intentional tort, contract, fraud, concealment, breach of statute, or conspiracy, whether or not
concealed or hidden, which the Releasor now has, ever had or may in the future have against the Releasees, by reason of any act or omission, in conduct or word, from the beginning of time up to and including the effective date of this Agreement, on
account of, arising out of or relating in any way to the Options held by the Option Holder (whether currently held or previously held); provided, however, that the Option Holder is not hereby releasing or discharging and does not
hereby release or discharge any claims, demands, obligations, rights, liabilities or causes of action, if any, arising under this Agreement or the Merger Agreement. 
 In connection herewith, the Option Holder expressly waives and relinquishes all rights and benefits afforded by Section 1542 of the Civil Code of the State of California, if applicable, and does so
understanding and acknowledging the significance of such specific waiver of Section 1542, which states as follows: 
 A
general release does not extend to claims which the creditor does not know or suspect to exist in his favor at the time of executing the release, which if known by him must have materially affected his settlement with the debtor. 

7. Exercise Restriction. Between the date you sign this Agreement and the Effective Time, you agree not to exercise any Options,
in whole or in part, or transfer any Options or any portion thereof. 
 8. Binding Effect; Benefits. This Agreement shall
be binding upon and inure to the benefit of the parties to this Agreement and their respective successors and assigns. If the Option Holder is married and the Options to be cancelled hereunder or subject to the Tender Offer constitute community
property or otherwise need spousal or other approval for the cancellation or tender to be legal, valid and binding, this Agreement is being contemporaneously herewith executed and delivered by the Option Holder’s spouse. Nothing in this
Agreement, express or implied, is intended or shall be construed to give any person other than the Option Holder or the Company or their respective successors or assigns any legal or equitable right, remedy or claim under or in respect of any
agreement or any provision contained herein; provided that Parent and Merger Sub shall be entitled to rely upon the acknowledgements and agreements set forth in this Agreement in consummating the Merger. 

9. Entire Agreement. This Agreement contains the entire agreement of the parties hereto relating to the subject matter hereof and
supersedes all prior agreements and understandings between the parties with respect to the subject matter hereof, and there are no written or oral terms or representations made by either party other than those made herein. 

  
 4 

 10. Amendment. No amendment or modification of this Agreement shall be valid or
binding unless made in writing and duly executed by the party against whom enforcement of any such amendment or modification is sought and making specific references to this Agreement. 

11. Governing Law. This Agreement and the rights and obligations of the parties hereunder shall be governed by the laws of the
State of Delaware, without regard to its conflicts of laws principles. 
 12. Counterparts. This Agreement may be
executed in any number of counterparts (including by facsimile or other electronic transmission), each of which shall be deemed to be an original and all of which together shall be deemed to be one and the same instrument. 

13. Taxation. The Option Holder shall be solely responsible for any personal tax consequences arising from this Agreement and the
holding and cancellation of, or tender of, the Options. 
 [REMAINDER OF PAGE INTENTIONALLY LEFT BLANK] 

  
 5 

 IN WITNESS WHEREOF, the Company and the Option Holder have each executed this
Agreement as of the date and year first above written. 
  

			
	NOBEL LEARNING COMMUNITIES, INC.
		
	By:	 	 /s/ Thomas Frank

	Name:	 	Thomas Frank
	Title:	 	Chief Financial Officer
	
	OPTION HOLDER:
		
	By:	 	 /s/ George H. Bernstein

		
	Name:	 	George H. Bernstein

			
	
	Social Security Number / Tax Identification Number:

			
		
	  
	 	
		
	 Address:
	 	
		
	  
	 	
	  
	 	
	  
	 	

			
	
	SPOUSAL CONSENT1
		
	By:	 	  

		
	Name:	 	  

		 	(please print)

 

	1 	 A spouse’s consent is required only if the Option Holder’s state of residence is one of the following community property states: Arizona,
California, Idaho, Louisiana, Nevada, New Mexico, Texas, Washington or Wisconsin. 

 [Signature Page to
Option Cancellation Agreement] 

 Exhibit A 

Options 
  

							
	 Option Grant Date
	  	 Option Plan
	  	 Number of Options
	  	 Exercise Price Per Option

	07/28/2003	  	1995	  	100,000	  	$4.7500
	11/16/2004	  	2004	  	25,000	  	$7.2450
	09/30/2005	  	2004	  	27,000	  	$9.3200
	09/26/2006	  	2004	  	28,000	  	$10.0700
	09/14/2007	  	2004	  	35,000	  	$14.7300
	09/12/2008	  	2004	  	50,000	  	$15.2700
	09/11/2009	  	2004	  	28,000	  	$9.8900
	09/21/2010	  	2004	  	42,000	  	$6.1700

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