Document:

Exhibit

Exhibit 10.1

Administrative Rules
of the
Compensation Committee
of the
Board of Directors
of
National Fuel Gas Company

As amended and restated
effective June 9, 2016

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TABLE OF CONTENTS

	
											
	 
	 
	 
	 
	 
	 
	 

	I.
	Meetings
	1

	 
	 
	 

	II .
	Quorum and Voting; Delegation
	2

	 
	 
	 

	III .
	Grants and Awards Under the Plans
	2

	 
	 
	 
	 

	 
	A.
	General Rules Regarding Awards Under the 1997 and 2010 Plans 
	3

	 
	 
	 
	 
	 

	 
	 
	1.
	Making of an Award
	3

	 
	 
	2.
	Contemporaneous Awards
	3

	 
	 
	3.
	Stock-based Awards
	3

	 
	 
	 
	a.
	Source
	3

	 
	 
	 
	b.
	Cash Dividends and Cash Dividend Equivalents
	3

	 
	 
	 
	 
	i.
	Stock-based Awards Other Than Restricted Stock
	3

	 
	 
	 
	 
	ii.
	Restricted Stock Awards
	4

	 
	 
	 
	c.
	Payment
	4

	 
	 
	4.
	Withholding Taxes
	4

	 
	 
	5.
	Deferral of Payment
	5

	 
	 
	 
	 

	 
	B.
	Stock Options Under the 1997 and 2010 Plans
	6

	 
	 
	 
	 
	 

	 
	 
	1.
	Designation
	6

	 
	 
	2.
	Price
	6

	 
	 
	3.
	Exercise Period/Duration
	6

	 
	 
	 
	a.
	Non-Qualified Stock Options
	6

	 
	 
	 
	b.
	Incentive Stock Options
	7

	 
	 
	4.
	Death or Other Termination of Employment
	7

	 
	 
	 
	a.
	Definitions
	7

	 
	 
	 
	b.
	Non-Qualified Stock Options Under the 1997 Plan
	7

	 
	 
	5.
	Mechanics of Exercise
	8

	 
	 
	6.
	Reload Options
	8

	 
	 
	 
	 

	 
	C.
	SARs Under the 1997 or 2010 Plan
	8

	 
	 
	 
	 

	 
	D.
	Restricted Stock, Restricted Stock Units and Performance Shares 
Under the 1997 and 2010 Plans
	9

	 
	 
	 
	 
	 

	 
	 
	1.
	Restrictions on Transferability; Vesting
	9

	 
	 
	2.
	Mechanics of Grant
	9

	 
	 
	 
	 

	 
	E.
	Suspension of Exercisability or Payment of Awards
	10

	 
	 
	 
	 
	 

ii

    

	
											
	 
	 
	1.
	Authority to Suspend
	10

	 
	 
	2.
	Delegation of Authority
	10

	 
	 
	 

	IV .
	Procedures For Exercising Stock Options and SARs
	11

	 
	 
	 
	 

	 
	A.
	Authority and Scope
	11

	 
	 
	 
	 

	 
	B.
	Notice of Exercise
	11

	 
	 
	 
	 
	 

	 
	 
	1.
	Form and Delivery
	11

	 
	 
	2.
	Exercise Date
	11

	 
	 
	 
	 

	 
	C.
	Payment of Exercise Price
	12

	 
	 
	 
	 
	 

	 
	 
	1.
	Cash Payment
	12

	 
	 
	2.
	Payment with Existing Company Stock
	12

	 
	 
	3.
	Additional Time to Pay Exercise Price
	13

	 
	 
	4.
	Cashless Exercise
	14

	 
	 
	 
	 

	 
	D.
	Restrictions Relating to Possession of Material Nonpublic Information
	14

iii

ADMINISTRATIVE
RULES OF THE
COMPENSATION COMMITTEE
OF THE
BOARD OF DIRECTORS
OF
NATIONAL FUEL GAS COMPANY

As amended and restated
effective June 9, 2016

I.    MEETINGS
Each meeting ("Meeting") of the Compensation Committee ("Committee") of the Board of Directors of National Fuel Gas Company ("Company") shall be held as indicated in a notice made in accordance with these rules.  Notice of each Meeting, stating the place, date and hour thereof, shall be given to each member of the Committee ("Member") by e-mailing, faxing, telephoning or personally delivering the same to him at least one day before the meeting, if there is no reason to believe it was not received, or by mailing the same to him at least five days before the Meeting, in all cases to the Member’s last known address or addresses as the same appears upon the records of the Company.  All such notices shall be effective when sent, including the leaving of a message recorded at, or spoken to any individual answering, the Member’s designated telephone number(s).  The attendance of any Member at a Meeting without protesting prior to the end of the Meeting the lack of notice of such meeting shall constitute a waiver of notice by that Member.
Any one or more Members of the Committee may participate in a Meeting by means of a conference telephone or similar equipment.  Participation by such means shall constitute presence in person at a Meeting. 
The Committee may also take action by unanimous written consent.

    

II.    QUORUM AND VOTING; DELEGATION
At all Meetings, a quorum shall be required for the transaction of business and shall consist of a majority of the entire Committee.  The majority vote of the Members at a Meeting at which a quorum is present shall decide any question that may come before the meeting.
Consistently with limitations imposed by the Plans (as defined below), the Committee may delegate in these rules or by resolution any or all of its authority to the Chief Executive Officer, to the Secretary and to any other officer of the Company (individually, "Delegate"), so long as the Delegate has no potential conflict of interest which would cause him or her not to exercise his or her good faith independent business judgment in respect of a delegated matter.  Subject to such limitations, the Committee hereby delegates the power to implement its decisions to appropriate officers of the Company.
III.    GRANTS AND AWARDS UNDER THE PLANS 
The following rules and regulations shall apply with respect to grants and awards made under the Company's 1997 Award and Option Plan ("1997 Plan") or the Company's 2010 Equity Compensation Plan ("2010 Plan") (as amended, each individually a "Plan;" together the "Plans"), including without limitation grants and awards of stock options, stock appreciation rights ("SARs"), shares of restricted stock ("Restricted Stock"), restricted stock units ("Restricted Stock Units") and performance shares (“Performance Shares”).  
Any capitalized term not defined in these rules shall have the same meaning as in the applicable Plan.  The following rules are intended to supplement the Plans and, to the extent that any rule is determined to be inconsistent with any Plan, the Plan shall control.
These rules may be amended by the Committee at any time and from time to time.  Except to the extent otherwise specified in the particular Award Notice or at the time these rules 

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are amended, any grant or award under the Plans shall be subject to these rules as in effect on the date of the grant or award.
		
	A.
	GENERAL RULES REGARDING AWARDS UNDER THE 1997 AND 2010 PLANS

1.    Making of An Award
An Award within the meaning of these rules occurs upon the grant by the Committee of any stock option, SAR, Restricted Stock, Restricted Stock Unit, Performance Share or other Award under a Plan.  An Award Notice within the meaning of these rules means a written notice from the Company to a Participant (including a notice provided to the recipient in an electronic form or by a link to cite of the notice) that sets forth the terms and conditions of an Award in addition to those conditions established in the applicable Plan and by the Committee's exercise of its administrative powers.
2.    Contemporaneous Awards  
Unless the Committee shall otherwise expressly provide at the time of grant, an Award of one type granted contemporaneously with an Award of any other type shall be treated as having been granted in combination, and not in the alternative, with the Award of the other type.
3.    Stock-based Awards
a.    Source.  Stock-based Awards, to the extent actually paid in Common Stock, shall reduce treasury shares (if any) first and thereafter authorized but unissued shares.  
b.    Cash Dividends and Cash Dividend Equivalents. 
(i)  Stock-based Awards Other Than Restricted Stock.  No stock-based Award other than Restricted Stock carries with it the entitlement to receive cash 

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dividends or cash dividend equivalents until such stock-based Award is exercised (in the case of a stock option or stock-settled SAR) or earned (in the case of an RSU, Performance Share or other stock-based Award).  If a stock-based Award is exercised or earned prior to or on the record date for determination of stockholders entitled to receive a cash dividend, then such stock-based Award or the securities resulting from the exercise thereof, as the case may be, shall be entitled to receive such cash dividend (or, if the shares related thereto have not been issued as of the record date, to receive a dividend equivalent in respect thereof).
(ii)  Restricted Stock Awards.  Notwithstanding clause (i) of this paragraph (b) or Section 24 of the 1997 Plan or Section 14(e) of the 2010 Plan, dividends shall be payable with respect to each outstanding Award of Restricted Stock whether or not the restrictions in such Award have been satisfied or have lapsed.
c.    Payment.  Payment of stock-based Awards shall be made with Common Stock.  
4.    Withholding Taxes
At the time a Participant is taxable with respect to stock options, SARs, Restricted Stock, Restricted Stock Units, Performance Shares or other Awards granted under the Plans, or the exercise or surrender of the same, the Company (or, if applicable, an employer other than the Company) shall have the right to withhold from amounts payable to the Participant under the Plan or from other compensation payable to the Participant in its sole discretion, or require the Participant to pay to it, an amount sufficient to satisfy all federal, state and/or local (including foreign) withholding tax requirements.  With respect to the vesting of Restricted Stock and the vesting (and settlement in shares of Common Stock) of Restricted Stock Units and Performance Shares, the Company shall withhold from amounts payable to the Participant a number of whole shares of Common Stock sufficient to satisfy all federal, state and/or local (including foreign) withholding tax requirements, provided that the Participant may, at a time 

4

    

when he or she is not in possession of material nonpublic information relating to the Company and not subject to any quarterly or other “blackout period” imposed under the Company’s Policy on Insider Trading in National Fuel Gas Company Securities, elect to pay such tax withholding amounts in cash.  With respect to the exercise of stock options or SARs, the Participant may, subject to Section IV(D) below, pay tax withholding amounts by requesting that the Company withhold from the amounts owed to the Participant a number of whole shares of Common Stock sufficient to satisfy all federal, state and/or local (including foreign) withholding tax requirements, or by delivering as payment to the Company a number of whole shares of Common Stock sufficient to satisfy such withholding tax requirements. Notwithstanding anything to the contrary herein, to the extent that any tax withholding is satisfied by the Company’s withholding and/or canceling any shares of Common Stock, the Fair Market Value of the Common Stock withheld and/or canceled may not exceed the amount required to be withheld at law by more than the value of a fraction of one share of Common Stock.
5.    Deferral of Payment 
The Committee intends to permit Participants to elect, at such time or times as the Committee shall permit, to defer the receipt of payment of Awards that are payable in cash; provided, however, that (1) under the then applicable income tax rules the Participant is not in constructive receipt of, and subject to income tax on, the payment prior to its actual receipt, (2) such deferral does not result in any of the Plans being subject to the Employee Retirement Income Security Act of 1974, as amended, (3) if the Participant is an Executive Officer (i.e., is subject to Section 16 of the Securities Exchange Act of 1934, including a retired officer who is, at the relevant time, a director), such election shall comply with Rule 16b-3 promulgated pursuant to the Securities Exchange Act of 1934, as then in effect, and (4) such election would  not result in the imposition of an additional tax under Section 409A of the Code 

5

    

on the Participant.  The Committee hereby delegates to the Chief Executive Officer, President, Treasurer, Secretary and General Counsel of the Company, and each of them, the Committee’s authority to establish the time or times at which deferral elections may be permitted in respect of any Award.  
B.    STOCK OPTIONS UNDER THE 1997 AND 2010 PLANS
1.    Designation    
The Award Notice setting forth the terms and conditions of a grant of a stock option shall indicate the applicable Plan under which the stock option is granted and whether the stock option is an incentive stock option (within the meaning of Section 422 of the Code, an “ISO”) or a non-qualified stock option (“NSO”).  The Committee hereby delegates to the Chief Executive Officer, President, Treasurer, Secretary and General Counsel of the Company, and each of them, the authority to prepare, execute and deliver Award Notices consistent with actions taken by the Committee.  The Committee hereby directs that any action taken by the Committee granting stock options without specifying whether the stock options are ISOs be interpreted as follows:  an award of stock options under the 1997 Plan or the 2010 Plan shall be deemed to be awards of NSOs only.
2.    Price 
The price at which Common Stock may be purchased upon exercise of a stock option (the “exercise price”) shall be the Fair Market Value of the Common Stock on the date of the Award.
3.    Exercise Period/Duration 
a.    Non-Qualified Stock Options.  Except as may otherwise be expressly provided in the Plan or in Section III(B)(4) of these rules, a non-qualified stock option first may be exercised twelve months after the date of grant. 

6

    

b.    Incentive Stock Options.  Except as may otherwise be expressly provided in the Plan, an ISO first may be exercised twelve months after the date of grant, or, if earlier, on the date of the optionee's death. 
4.    Death or Other Termination of Employment
a.    Definitions.  For purposes of these rules, the following terms shall have the following meanings:
(i)    For purposes of the 1997 Plan, "Disability" shall mean that the Participant is eligible to receive disability benefits under Article 3 of The National Fuel Gas Company Retirement Plan ("Retirement Plan"), as from time to time amended, or that the Participant would be eligible to receive such benefits if he or she were a participant in the Retirement Plan.
(ii)    "Subsidiary" shall mean a corporation or other business entity in which the Company directly or indirectly has an ownership interest of fifty percent (50%) or more.
b.    Non-Qualified Stock Options Under the 1997 Plan.  All NSOs outstanding under the 1997 Plan are currently exercisable.
(i)    If termination of employment occurs by reason of death, each NSO awarded under the 1997 Plan shall remain exercisable for five years from such termination or the balance of its unexpired term, whichever is less.  
(ii)    If termination of employment occurs by reason of discharge by the Company for cause, or voluntary resignation of the Participant prior to age 60, each NSO awarded under the 1997 Plan shall lapse unless extended by the Committee in its discretion.  
(iii)    If termination of employment occurs by reason of voluntary resignation (including retirement) at or after age 60, by reason of Disability, or for any other 

7

    

reason, each NSO awarded under the 1997 Plan shall remain exercisable for five years from such termination (or such greater period as the Committee deems appropriate) or the balance of its unexpired term, whichever is less.
5.    Mechanics of Exercise
To exercise a stock option, the Participant shall provide a signed exercise notice to an appropriate officer or other designee of the Company, which notice shall indicate which stock options are being exercised, how the exercise price is to be paid and any other appropriate information.  Appropriate delivery of a signed notice of exercise binds the Participant to pay the exercise price.  Part IV of these rules contains procedures for exercising stock options.
6.    Reload Options
No optionee shall be issued a new stock option automatically upon exercise of a stock option.  However, if the Award Notice provides for the issuance of such new stock option, the new stock option shall have an exercise price equal to the Fair Market Value of the Common Stock on the date the new stock option is issued and shall otherwise be subject, as nearly as possible, to the same terms and conditions as the exercised stock option. 
C.     SARs UNDER THE 1997 OR 2010 PLAN
The base price or grant price of a SAR shall be the Fair Market Value of the Common Stock on the date of the grant of the SAR.  Each SAR shall otherwise be subject to the terms and conditions imposed (i) by the Award Notice upon the SAR, (ii) by the applicable Plan, and (iii) by these rules upon SARs and NSOs, as applicable.  A SAR shall be outstanding and exercisable during the entire exercise period otherwise applicable to an NSO if the NSO had been granted on the same day as the SAR (as adjusted in accordance with Section III(B)(4) above in the event of death or other termination of employment).  All SARs outstanding under the 1997 Plan are currently exercisable.

8

    

To exercise a SAR, the Participant shall deliver a signed exercise notice to an appropriate officer or other designee of the Company, which notice shall indicate which SARs are being exercised, and any other appropriate information.  Part IV of these rules contains procedures for exercising SARs.  Any SAR not already exercised shall be deemed to be exercised at the close of business on the scheduled expiration date of such SAR, if at such time the SAR by its terms remains exercisable and, if so exercised, would result in a payment to the holder of such SAR.  If upon any such deemed exercise the payment to the holder of such SAR is to be made in shares of Common Stock, the holder of such SAR shall be deemed to have elected to pay the minimum required tax withholding in shares of Common Stock.
		
	D.
	RESTRICTED STOCK, RESTRICTED STOCK UNITS AND PERFORMANCE SHARES UNDER THE 1997 AND 2010 PLANS

1.    Restrictions on Transferability; Vesting
The restrictions on transferability and vesting and all other terms and conditions of Restricted Stock, Restricted Stock Units and Performance Shares granted under either the 1997 Plan or the 2010 Plan shall be specified in the Award Notice.  Except as otherwise provided in the applicable Plan or Award Notice, all shares of Restricted Stock and all Restricted Stock Units and Performance Shares shall be subject to the Participant's continued employment with the Company or a Subsidiary until vesting.  The Committee may accelerate the vesting of Restricted Stock, Restricted Stock Units or Performance Shares on its own motion as it deems appropriate and in the best interests of the Company.
2.    Mechanics of Grant
The Committee hereby delegates to appropriate officers of the Company the authority to establish and revise appropriate procedures with respect to the issuance of shares 

9

    

of Restricted Stock (whether represented by certificates or issued in book entry form) and the payment of dividends thereon.
E.    SUSPENSION OF EXERCISABILITY OR PAYMENT OF AWARDS
1.    Authority to Suspend
The Committee may, among other things, suspend or limit the exercisability or the payment of any Award under either Plan during any period:
(a)    for which counsel for the Company advises in writing that exercise or payment of such Award would violate federal or state securities laws or other applicable laws, rules, regulations, judgments, or orders; or
(b)    during which management is investigating an allegation that the Participant has engaged in any act which would permit the Committee to forfeit the Participant’s Award pursuant to Section 18 of the 1997 Plan or Section 14(c) of the 2010 Plan. 
Suspension of the payment of any Award may include, without limitation, suspension of the lapse of any restrictions on Restricted Stock and suspension of the expiration of any Restricted Period.
2.    Delegation of Authority
The Committee hereby delegates to the Chief Executive Officer, President, Treasurer, Secretary and General Counsel of the Company, and each of them, the Committee’s authority to suspend or limit the exercisability or the payment of any Award under either Plan during the periods described in Section III(E)(1) above.  Management shall report to the Committee at each Committee meeting any suspension actions taken or ongoing since the previous meeting, and the Committee shall adopt a resolution ratifying, continuing and/or discontinuing each such suspension.

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IV.    PROCEDURES FOR EXERCISING STOCK OPTIONS AND SARS
A.    AUTHORITY AND SCOPE
Notwithstanding any provision of any Award Notice issued before 1998, these are the exercise procedures for ISOs, NSOs and SARs issued under the 1997 Plan, the 2010 Plan, and (unless the Compensation Committee specifically orders otherwise) any other compensation plan which in the future is adopted by the Company.
B.    NOTICE OF EXERCISE
1.    Form and Delivery
A Participant holding stock options or SARs granted under any of the Plans elects to exercise stock options or SARs by delivering (by personal delivery, fax or e-mail) a Notice of Exercise to the office of the Company’s Secretary or Assistant Secretary or to a designee of such officers.  A Notice of Exercise is a writing signed by the Participant indicating that the Participant thereby elects to exercise the stock options or SARs identified in the Notice (including the quantity and either the stock option exercise price or the SAR base price), and describing the method by which the Participant will pay the exercise price of the stock options (there is no exercise price payment due in connection with the exercise of a SAR).  Appropriate delivery of a Notice of Exercise binds the Participant to pay the exercise price.  Optional forms of Notice of Exercise are attached to these rules as Exhibit A (stock options) and Exhibit B (SARs).
2.    Exercise Date
The effective date of a Notice of Exercise (the “Exercise Date”) will be the date the Notice of Exercise is received by the office of the Secretary or Assistant Secretary or by a designee of such officers; provided, however, that:

11

    

(i)    without altering the Exercise Date as determined above, a Notice of Exercise received on a trading day before trading opens that day on the New York Stock Exchange may validly designate the Fair Market Value of the Common Stock on the preceding trading day to be the applicable Fair Market Value for purposes of the exercise (such preceding trading day, the "FMV Date"); 
(ii)    a Notice of Exercise may validly designate the Exercise Date to be any date later than the date the Notice of Exercise is received; and
(iii)    if the exercise of a stock option is accomplished through a “cashless exercise” as described in Section IV(C)(4) below, the Exercise Date shall be the date the broker sells Company stock into the market regarding that exercise.
C.    PAYMENT OF EXERCISE PRICE
1.    Cash Payment
To pay the exercise price of a stock option in cash, a Participant must deliver to the Secretary or Assistant Secretary or to a designee of such officers payment in full, in cash or by check payable in immediately available U.S. funds to the Company, within three business days after the Exercise Date (except as additional time may be allowed under Section IV(C)(3) below).  For purposes of these rules, the term “business day” shall mean any day other than a Saturday, Sunday, federal holiday or day on which the Company’s principal office is closed for business.  Subject to Section IV(D) below, payment of the exercise price may be accomplished through a “cashless exercise” as described in Section IV(C)(4) below.
2.    Payment with Existing Company Stock
To pay the exercise price in shares of Company stock already owned by a Participant, the Participant must surrender to the Company shares having a total Fair Market Value of at least the total exercise price.  The Participant must, within three business days after 

12

    

the Exercise Date (except as additional time may be allowed under Section IV(C)(3) below) do one or both of the following:
		
	a.
	regarding shares in the Company’s Direct Registration System, comply with the Company’s procedures (including signature guarantee requirements) for transferring book-entry shares to the Company; or

		
	b.
	regarding shares that are evidenced by a paper stock certificate, deliver the certificate to the Secretary, Assistant Secretary or a designee of such officers.  Each certificate delivered must have a guaranteed signature either on the back or on a stock power to be attached.  The recommended procedure for mailing certificates is to mail the certificate and signed stock power separately.

3.    Additional Time to Pay Exercise Price
If the Participant’s payment of the exercise price would otherwise be required pursuant to Section IV(C)(1) or (2) above, and a Participant either
		
	a.
	is traveling away from his or her usual place of Company employment, or

		
	b.
	has a Disability as defined in the applicable Plan or these rules,

then, to the extent permitted by applicable law, the Participant may pay the exercise price on or before the first business day after the Participant’s return to his or her usual place of Company employment, but no later than the tenth business day after the Exercise Date.  However, the President, Chief Executive Officer, Treasurer or General Counsel of the Company shall have the authority to grant such additional time to pay the exercise price as is reasonably necessary to accommodate the travel or Disability of the Participant.

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4.    Cashless Exercise
The broker-assisted method of exercising stock options described in this Section IV(C)(4) (“cashless exercise”) requires no cash outlay by the Participant.  A Participant wishing to effect a cashless exercise must first establish a trading account with a registered securities broker-dealer.  Establishing that trading account will likely include the Participant’s commitment to pay the broker as described in their agreement.  Upon request by a Participant, the Secretary or Assistant Secretary will provide information that may help the Participant find a broker who has previously done cashless exercises with the Company and/or may be willing to do so at a discounted commission rate.  The Participant must provide the Secretary or Assistant Secretary with the Participant’s broker’s name, firm, address, telephone and fax numbers.
To effect a cashless exercise, the Participant must deliver a Notice of Exercise as described in Section IV(B)(1), and notify the Participant’s broker to proceed with the exercise and to notify the Company of the date the stock is sold.  The Participant’s broker will sell Company stock for the Participant’s account and pay to the Company the exercise price, plus any necessary tax withholding.  The Company will have share certificates delivered to the Participant’s broker within three business days after the Exercise Date, unless the Company elects to retain the certificates pending receipt of the exercise price.  The Participant will be required to pay the Participant’s broker according to the agreement between them, typically a few days’ interest on the exercise price plus a commission on the shares sold.
		
	D.
	RESTRICTIONS RELATING TO POSSESSION OF MATERIAL NON-PUBLIC INFORMATION

Notwithstanding anything to the contrary provided above in these rules, a Participant may not, while in possession of material nonpublic information relating to the Company, or while subject to any quarterly or other “blackout period” imposed under the 

14

    

Company’s Policy on Insider Trading in National Fuel Gas Company Securities, (i) pay the exercise price of a stock option with Company stock, (ii) pay tax withholding in connection with the exercise of a stock option by having Company stock withheld and/or canceled, (iii) exercise SARs, or (iv) effect a cashless exercise of stock options.  For a Participant subject to a quarterly or other blackout period, these prohibited transactions include any transaction with respect to which the Exercise Date or the FMV Date occurs within the blackout period.  
The restrictions set forth in this Section IV(D) shall not apply to any deemed exercise of SARs or deemed payment of tax withholding in connection therewith pursuant to a Plan or these rules, or to any transaction effected pursuant to an instruction, contract or written plan that meets the requirements of Rule 10b5-1(c) under the Securities Exchange Act of 1934, which provides a defense against insider trading liability.  An instruction, contract or written plan relating to any transactions set forth in this Section IV(D) and intended by a Participant to comply with Rule 10b5‐1 (such as a written 10b5-1 plan on a form provided by a stockbroker) must meet the requirements of Rule 10b5-1(c) and should be pre-approved by the Legal Department before the Participant enters into any transactions under that instruction, contract or written plan.

15EX-4.1

Table of Contents

 Exhibit 4.1 

ELEVENTH SUPPLEMENTAL INDENTURE 
 Dated as
of August 8, 2016 
 Between 

MICROSOFT CORPORATION, 
 as Issuer 

and 
 U.S. BANK NATIONAL ASSOCIATION,

 as Trustee 
 to 

INDENTURE 
 Dated as of May 18, 2009

 Between 
 MICROSOFT CORPORATION, as
Issuer 
 and 
 THE BANK OF NEW YORK
MELLON TRUST COMPANY, N.A., as trustee 
  
  

1.100% Notes due 2019 
 1.550% Notes due
2021 
 2.000% Notes due 2023 
 2.400%
Notes due 2026 
 3.450% Notes due 2036  

3.700% Notes due 2046
 3.950% Notes due 2056

  
  

Table of Contents

 TABLE OF CONTENTS 

 

									
	 	 	 	 	 	  	Page	 
		
	ARTICLE 1. DEFINITIONS	  	 	2	  
				
		 	Section 1.1.	 	 Definition of Terms
	  	 	2	  
		
	ARTICLE 2. TERMS AND CONDITIONS OF NOTES	  	 	2	  
				
		 	Section 2.1.	 	 Designation and Principal Amount
	  	 	2	  
				
		 	Section 2.2.	 	 Maturity
	  	 	3	  
				
		 	Section 2.3.	 	 Further Issues
	  	 	4	  
				
		 	Section 2.4.	 	 Payment
	  	 	4	  
				
		 	Section 2.5.	 	 Global Securities
	  	 	4	  
				
		 	Section 2.6.	 	 Interest
	  	 	4	  
				
		 	Section 2.7.	 	 Authorized Denominations
	  	 	6	  
				
		 	Section 2.8.	 	 Redemption and Sinking Fund
	  	 	6	  
				
		 	Section 2.9.	 	 Ranking
	  	 	6	  
				
		 	Section 2.10.	 	 Appointments
	  	 	6	  
				
		 	Section 2.11.	 	 Defeasance
	  	 	6	  
		
	ARTICLE 3. FORM OF NOTES	  	 	6	  
				
		 	Section 3.1.	 	 Form of Notes
	  	 	6	  
		
	ARTICLE 4. ORIGINAL ISSUE OF NOTES	  	 	6	  
				
		 	Section 4.1.	 	 Original Issue of Notes
	  	 	6	  
		
	ARTICLE 5. MISCELLANEOUS	  	 	6	  
				
		 	Section 5.1.	 	 Ratification of Indenture
	  	 	6	  
				
		 	Section 5.2.	 	 Trustee Not Responsible for Recitals
	  	 	6	  
				
		 	Section 5.3.	 	 Governing Law
	  	 	7	  
				
		 	Section 5.4.	 	 Separability
	  	 	7	  
				
		 	Section 5.5.	 	 Counterparts
	  	 	7	  

  
 i 

Table of Contents

					
	 EXHIBIT A – Form of 2019 Notes
	  	 	A-1	  
		
	 EXHIBIT B – Form of 2021 Notes
	  	 	B-1	  
		
	 EXHIBIT C – Form of 2023 Notes
	  	 	C-1	  
		
	 EXHIBIT D – Form of 2026 Notes
	  	 	D-1	  
		
	 EXHIBIT E – Form of 2036 Notes
	  	 	E-1	  
		
	 EXHIBIT F – Form of 2046 Notes
	  	 	F-1	  
		
	 EXHIBIT G – Form of 2056 Notes
	  	 	G-1	  

  
 ii 

Table of Contents

 ELEVENTH SUPPLEMENTAL INDENTURE, dated as of August 8, 2016 (this “Supplemental
Indenture”), between MICROSOFT CORPORATION, a corporation duly organized and existing under the laws of the State of Washington (the “Company”), and U.S. BANK NATIONAL ASSOCIATION, a national banking association duly
organized and existing under the laws of the United States, as Trustee (the “Trustee”). 
 RECITALS OF THE COMPANY 

WHEREAS, the Company executed and delivered to The Bank of New York Mellon Trust Company, N.A., a national banking association, as trustee, the
Indenture, dated as of May 18, 2009 (the “Indenture”), to provide for the issuance of the Company’s debt securities (the “Securities”), to be issued in one or more series, a First Supplemental Indenture, dated
as of May 18, 2009, a Second Supplemental Indenture, dated as of September 27, 2010, a Third Supplemental Indenture, dated as of February 9, 2011, a Fourth Supplemental Indenture, dated as of November 7, 2012, a Fifth Supplemental Indenture, dated
as of May 2, 2013, a Sixth Supplemental Indenture, dated as of May 2, 2013, a Seventh Supplemental Indenture, dated as of December 6, 2013, an Eighth Supplemental Indenture, dated as of December 6, 2013, a Ninth Supplemental Indenture, dated as of
February 12, 2015 and a Tenth Supplemental Indenture, dated as of November 3, 2015; 
 WHEREAS, pursuant to the terms of the Indenture, the Company
desires to provide for the establishment of seven new series of its Securities under the Indenture to be known as its “1.100% Notes due 2019” (the “2019 Notes”), “1.550% Notes due 2021” (the “2021
Notes”), “2.000% Notes due 2023” (the “2023 Notes”), “2.400% Notes due 2026” (the “2026 Notes”), “3.450% Notes due 2036” (the “2036 Notes”), “3.700% Notes
due 2046” (the “2046 Notes”) and “3.950% Notes due 2056” (the “2056 Notes” and, collectively with the 2019 Notes, the 2021 Notes, the 2023 Notes, the 2026 Notes, the 2036 Notes and the 2046 Notes, the
“Notes”), the form and substance and the terms, provisions and conditions thereof to be set forth as provided in the Indenture and this Supplemental Indenture; 

WHEREAS, the Board of Directors of the Company by duly adopted resolutions has authorized the proper officers of the Company to, among other things,
determine the terms of the Securities to be issued under the Indenture and execute any and all appropriate documents necessary or appropriate to effect each such issuance; 

WHEREAS, this Supplemental Indenture is being entered into pursuant to the provisions of Section 901 of the Indenture; 

WHEREAS, the Company has requested that the Trustee execute and deliver this Supplemental Indenture; and 

WHEREAS, all things necessary to make this Supplemental Indenture a valid agreement of the Company, in accordance with its terms, and to make the
Notes, when executed by the Company and authenticated and delivered by the Trustee, the valid obligations of the Company, have been performed, and the execution and delivery of this Supplemental Indenture has been duly authorized in all respects.

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 NOW, THEREFORE, THIS SUPPLEMENTAL INDENTURE WITNESSETH: 

For and in consideration of the premises and the purchase of the Notes by the Holders thereof, and for the purpose of setting forth, as provided in the
Indenture, the forms and terms of the Notes, the Company covenants and agrees, with the Trustee, as follows: 
 ARTICLE 1. 

DEFINITIONS 
 Section
1.1.    Definition of Terms.    Unless the context otherwise requires: 

(a)        each term defined in the Indenture has the same meaning when used in this Supplemental Indenture;

 (b)        the singular includes the plural, and vice versa; 

(c)        headings are for convenience of reference only and do not affect interpretation. 

ARTICLE 2. 
 TERMS AND CONDITIONS OF NOTES

 Section 2.1.    Designation and Principal Amount. 

(a)        There is hereby authorized and established a series of Securities under the Indenture, designated as
the “1.100% Notes due 2019,” which is initially limited in aggregate principal amount to $2,500,000,000 (except upon registration of transfer of, or in exchange for, or in lieu of, other 2019 Notes pursuant to Section 304, 305, 306, 906 or
1107 of the Indenture and except for any Securities which, pursuant to Section 303 of the Indenture, are deemed never to have been authenticated and delivered). 

(b)        There is hereby authorized and established a series of Securities under the Indenture, designated as
the “1.550% Notes due 2021,” which is initially limited in aggregate principal amount to $2,750,000,000 (except upon registration of transfer of, or in exchange for, or in lieu of, other 2021 Notes pursuant to Section 304, 305, 306, 906 or
1107 of the Indenture and except for any Securities which, pursuant to Section 303 of the Indenture, are deemed never to have been authenticated and delivered). 

(c)        There is hereby authorized and established a series of Securities under the Indenture, designated as
the “2.000% Notes due 2023,” which is initially limited in aggregate principal amount to $1,500,000,000 (except upon registration of transfer of, or in exchange for, or in lieu of, other 2023 Notes pursuant to Section 304, 305, 306, 906 or
1107 of the Indenture and except for any Securities which, pursuant to Section 303 of the Indenture, are deemed never to have been authenticated and delivered). 

  
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 (d)        There is hereby authorized and established a series of
Securities under the Indenture, designated as the “2.400% Notes due 2026,” which is initially limited in aggregate principal amount to $4,000,000,000 (except upon registration of transfer of, or in exchange for, or in lieu of, other 2026
Notes pursuant to Section 304, 305, 306, 906 or 1107 of the Indenture and except for any Securities which, pursuant to Section 303 of the Indenture, are deemed never to have been authenticated and delivered). 

(e)        There is hereby authorized and established a series of Securities under the Indenture, designated as
the “3.450% Notes due 2036,” which is initially limited in aggregate principal amount to $2,250,000,000 (except upon registration of transfer of, or in exchange for, or in lieu of, other 2036 Notes pursuant to Section 304, 305, 306, 906 or
1107 of the Indenture and except for any Securities which, pursuant to Section 303 of the Indenture, are deemed never to have been authenticated and delivered). 

(f)         There is hereby authorized and established a series of Securities under the Indenture,
designated as the “3.700% Notes due 2046,” which is initially limited in aggregate principal amount to $4,500,000,000 (except upon registration of transfer of, or in exchange for, or in lieu of, other 2046 Notes pursuant to Section 304,
305, 306, 906 or 1107 of the Indenture and except for any Securities which, pursuant to Section 303 of the Indenture, are deemed never to have been authenticated and delivered). 

(g)        There is hereby authorized and established a series of Securities under the Indenture, designated as
the “3.950% Notes due 2056,” which is initially limited in aggregate principal amount to $2,250,000,000 (except upon registration of transfer of, or in exchange for, or in lieu of, other 2056 Notes pursuant to Section 304, 305, 306, 906 or
1107 of the Indenture and except for any Securities which, pursuant to Section 303 of the Indenture, are deemed never to have been authenticated and delivered). 

Section 2.2.    Maturity. 

(a)        The Stated Maturity of principal of the 2019 Notes shall be August 8, 2019. 

(b)        The Stated Maturity of principal of the 2021 Notes shall be August 8, 2021. 

(c)        The Stated Maturity of principal of the 2023 Notes shall be August 8, 2023. 

(d)        The Stated Maturity of principal of the 2026 Notes shall be August 8, 2026. 

(e)        The Stated Maturity of principal of the 2036 Notes shall be August 8, 2036. 

(f)         The Stated Maturity of principal of the 2046 Notes shall be August 8, 2046. 

  
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 (g)        The Stated Maturity of principal of the 2056 Notes
shall be August 8, 2056. 
 Section 2.3.    Further Issues.    The Company may at any time and from
time to time, without the consent of the Holders of any series of the Notes, issue additional notes of any series; provided that such additional notes are fungible for U.S. federal income tax purposes with the relevant series of
Notes. Any such additional notes shall have the same ranking, interest rate, maturity date and other terms as the relevant series of Notes. Any such additional notes of a series, together with the Notes of the relevant series herein
provided for, shall constitute a single series of Securities under the Indenture. 
 Section
2.4.    Payment.    Principal of (and the applicable redemption price, if any) and interest on the Notes shall be payable in U.S. dollars in immediately available funds at the office or agency of the
Company maintained for such purpose in New York, New York, which shall initially be at an office of the Trustee located at 100 Wall Street, New York, New York 10005; provided, however, that, at the option of the Company, the Company
may pay interest by check mailed to the Holder entitled thereto at such Holder’s address as it appears on the Security Register at the close of business on the Regular Record Date for such Holder or by wire transfer to an account appropriately
designated by the Holder to the Company and the Trustee; and provided, further, that the Company will pay principal of and interest on, the Notes in global form registered in the name of or held by The Depository Trust Company
(“DTC”) or such other Depositary as any Officer of the Company may from time to time designate, or its respective nominee, by wire in immediately available funds to such Depositary or its nominee, as the case may be, as the
registered holder of such Notes in global form. 
 Section 2.5.    Global Securities.    Upon the
original issuance, the Notes will be represented by Global Securities registered in the name of Cede & Co., the nominee of DTC. The Company will deposit the Global Securities with DTC or its custodian and register the Global Securities in the
name of Cede & Co. 
 Section 2.6.    Interest. 

(a)        The 2019 Notes will bear interest (computed on the basis of a 360-day year consisting of twelve
30-day months) from August 8, 2016 at the rate of 1.100% per annum, payable semi-annually in arrears. Interest payable on each Interest Payment Date will include interest accrued from August 8, 2016, or from the most recent Interest Payment Date to
which interest has been paid or duly provided for. The Interest Payment Dates on which such interest shall be payable are February 8 and August 8, commencing on February 8, 2017; and the Regular Record Date for the interest payable on any
Interest Payment Date is the close of business on the January 24 or the July 24, as the case may be, next preceding the relevant Interest Payment Date. 

(b)        The 2021 Notes will bear interest (computed on the basis of a 360-day year consisting of twelve
30-day months) from August 8, 2016 at the rate of 1.550% per annum, payable semi-annually in arrears. Interest payable on each Interest Payment Date will include interest accrued from August 8, 2016, or from the most recent Interest Payment Date to
which interest has been paid or duly provided for. The Interest Payment Dates on which such interest shall be payable are February 8 and August 8, commencing on February 8, 2017; and the Regular Record Date for the interest payable on any
Interest Payment Date is the close of business on the January 24 or the July 24, as the case may be, next preceding the relevant Interest Payment Date. 

  
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 (c)        The 2023 Notes will bear interest (computed on the
basis of a 360-day year consisting of twelve 30-day months) from August 8, 2016 at the rate of 2.000% per annum, payable semi-annually in arrears. Interest payable on each Interest Payment Date will include interest accrued from August 8, 2016, or
from the most recent Interest Payment Date to which interest has been paid or duly provided for. The Interest Payment Dates on which such interest shall be payable are February 8 and August 8, commencing on February 8, 2017; and the
Regular Record Date for the interest payable on any Interest Payment Date is the close of business on the January 24 or the July 24, as the case may be, next preceding the relevant Interest Payment Date. 

(d)        The 2026 Notes will bear interest (computed on the basis of a 360-day year consisting of twelve
30-day months) from August 8, 2016 at the rate of 2.400% per annum, payable semi-annually in arrears. Interest payable on each Interest Payment Date will include interest accrued from August 8, 2016, or from the most recent Interest Payment Date to
which interest has been paid or duly provided for. The Interest Payment Dates on which such interest shall be payable are February 8 and August 8, commencing on February 8, 2017; and the Regular Record Date for the interest payable on any
Interest Payment Date is the close of business on the January 24 or the July 24, as the case may be, next preceding the relevant Interest Payment Date. 

(e)        The 2036 Notes will bear interest (computed on the basis of a 360-day year consisting of twelve
30-day months) from August 8, 2016 at the rate of 3.450% per annum, payable semi-annually in arrears. Interest payable on each Interest Payment Date will include interest accrued from August 8, 2016, or from the most recent Interest Payment Date to
which interest has been paid or duly provided for. The Interest Payment Dates on which such interest shall be payable are February 8 and August 8, commencing on February 8, 2017; and the Regular Record Date for the interest payable on any
Interest Payment Date is the close of business on the January 24 or the July 24, as the case may be, next preceding the relevant Interest Payment Date. 

(f)        The 2046 Notes will bear interest (computed on the basis of a 360-day year consisting of twelve
30-day months) from August 8, 2016 at the rate of 3.700% per annum, payable semi-annually in arrears. Interest payable on each Interest Payment Date will include interest accrued from August 8, 2016, or from the most recent Interest Payment Date to
which interest has been paid or duly provided for. The Interest Payment Dates on which such interest shall be payable are February 8 and August 8, commencing on February 8, 2017; and the Regular Record Date for the interest payable on any
Interest Payment Date is the close of business on the January 24 or the July 24, as the case may be, next preceding the relevant Interest Payment Date. 

(g)        The 2056 Notes will bear interest (computed on the basis of a 360-day year consisting of twelve
30-day months) from August 8, 2016 at the rate of 3.950% per annum, payable semi-annually in arrears. Interest payable on each Interest Payment Date will include interest accrued from August 8, 2016, or from the most recent Interest Payment Date to
which interest has been paid or duly provided for. The Interest Payment Dates on which such interest shall be payable are February 8 and August 8, commencing on February 8, 2017; and the Regular Record Date for the interest payable on any
Interest Payment Date is the close of business on the January 24 or the July 24, as the case may be, next preceding the relevant Interest Payment Date. 

  
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 Section 2.7.    Authorized Denominations.    The Notes
shall be issuable in denominations of $2,000 and integral multiples of $1,000 in excess thereof. 
 Section
2.8.    Redemption and Sinking Fund.    The Notes shall not be redeemable at the option of the Company or at the option of the Holders except as set forth in the Notes. The Notes shall not be
entitled to the benefit of any sinking fund. 
 Section 2.9.    Ranking.    The Notes shall be senior
unsecured debt securities of the Company, ranking equally with the Company’s other unsecured and unsubordinated debt. 
 Section
2.10.    Appointments.    The Trustee will be the Trustee, the initial Security Registrar and the initial Paying Agent for the Notes under the Indenture, as supplemented by this Supplemental
Indenture. 
 Section 2.11.    Defeasance.    The Company may elect, at its option at any time,
pursuant to Section 1301 of the Indenture, to have Section 1302 or Section 1303 of the Indenture, or both, apply to the 2019 Notes, the 2021 Notes, the 2023 Notes, the 2026 Notes, the 2036 Notes, the 2046 Notes or the 2056 Notes, or all, or any
principal amount thereof. 
 ARTICLE 3. 

FORM OF NOTES 
 Section
3.1.    Form of Notes.    The Notes and the Trustee’s Certificate of Authentication to be endorsed thereon are to be substantially in the forms set forth in Exhibits A, B, C, D, E, F and G hereto.

 ARTICLE 4. 
 ORIGINAL ISSUE OF NOTES

 Section 4.1.    Original Issue of Notes.    The Notes may, upon execution of this Supplemental
Indenture, be executed by the Company and delivered to the Trustee for authentication, and the Trustee shall, upon Company Order, authenticate and deliver such Notes as in such Company Order provided. 

ARTICLE 5. 
 MISCELLANEOUS 

Section 5.1.    Ratification of Indenture.    The Indenture, as supplemented by this Supplemental
Indenture, is in all respects ratified, confirmed and binding upon the parties hereto, and this Supplemental Indenture shall be deemed part of the Indenture in the manner and to the extent herein and therein provided; provided,
however, that the provisions of this Supplemental Indenture shall apply solely with respect to the Notes. 
 Section
5.2.    Trustee Not Responsible for Recitals.    The recitals herein contained are made by the Company and not by the Trustee, and the Trustee assumes no responsibility for the correctness
thereof. The Trustee makes no representation as to the validity or sufficiency of this Supplemental Indenture. 

  
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 Section 5.3.    Governing Law.    This Supplemental
Indenture and each Note shall be governed by, and construed in accordance with, the laws of the State of New York. 
 Section
5.4.    Separability.    In case any one or more of the provisions contained in the Indenture, this Supplemental Indenture or the Notes shall for any reason be held to be invalid, illegal or
unenforceable in any respect, such invalidity, illegality or unenforceability shall not affect any other provisions of the Indenture, this Supplemental Indenture or the Notes, but the Indenture, this Supplemental Indenture and the Notes shall be
construed as if such invalid or illegal or unenforceable provision had never been contained herein or therein. 
 Section
5.5.    Counterparts.    This Supplemental Indenture may be executed in any number of counterparts each of which shall be an original; but such counterparts shall together constitute but one and the
same instrument. 
 [Signature page follows] 

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

					
	MICROSOFT CORPORATION
		
	By:	 	  

		 	Name:	 	George H. Zinn
		 	Title:	 	 Corporate Vice President,
 Treasurer

	
	 U.S. BANK NATIONAL ASSOCIATION,

      as Trustee

		
	By:	 	  

		 	Name:	 	
		 	Title:	 	

 [Signature Page to Eleventh Supplemental Indenture] 

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 EXHIBIT A 

FORM OF 1.100% NOTE DUE 2019 

UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION
(“DTC”), NEW YORK, NEW YORK, TO THE COMPANY OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN
AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS
WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN. 
 TRANSFERS OF THIS GLOBAL SECURITY
SHALL BE LIMITED TO TRANSFERS IN WHOLE, BUT NOT IN PART, TO NOMINEES OF DTC OR TO A SUCCESSOR THEREOF OR SUCH SUCCESSOR’S NOMINEE AND TRANSFERS OF PORTIONS OF THIS GLOBAL SECURITY SHALL BE LIMITED TO TRANSFERS MADE IN ACCORDANCE WITH THE
RESTRICTIONS SET FORTH IN THE INDENTURE REFERRED TO ON THE REVERSE HEREOF. 
 THIS NOTE IS A GLOBAL SECURITY WITHIN THE MEANING
OF THE INDENTURE REFERRED TO HEREIN AND IS REGISTERED IN THE NAME OF A DEPOSITARY OR A NOMINEE THEREOF. THIS NOTE MAY NOT BE EXCHANGED IN WHOLE OR IN PART FOR A NOTE REGISTERED, AND NO TRANSFER OF THIS NOTE IN WHOLE OR IN PART MAY BE REGISTERED, IN
THE NAME OF ANY PERSON OTHER THAN SUCH DEPOSITARY OR A NOMINEE THEREOF, EXCEPT IN THE LIMITED CIRCUMSTANCES DESCRIBED IN THE INDENTURE. 

MICROSOFT CORPORATION 
 1.100% Notes due
2019 
 CUSIP No.: 594918 BN3 
 ISIN: US594918BN39 

 

	 No. A-[●] 
	 $[●] 

MICROSOFT CORPORATION, a corporation duly incorporated under the laws of the State of Washington (herein called the “Company,” which
term includes any successor Person under the Indenture hereinafter referred to), for value received, hereby promises to pay to CEDE & CO., or registered assigns, the principal sum of $[●] ([●] DOLLARS) on August 8, 2019, and to pay interest thereon from August 8, 2016 or from the most recent Interest Payment Date to which interest has been paid or duly provided for, semi-annually on
February 8 and August 8 of 

  
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each year, commencing on February 8, 2017, at the rate of 1.100% per annum, until the principal hereof is paid or made available for payment; provided that any principal and premium, and
any such installment of interest, which is overdue shall bear interest at the rate of 1.100% per annum (to the extent permitted by applicable law), from the dates such amounts are due until they are paid or made available for payment, and such
interest shall be payable on demand. The interest so payable, and punctually paid or duly provided for, on any Interest Payment Date will, as provided in such Indenture, be paid to the Person in whose name this Note (or one or more Predecessor
Securities) is registered at the close of business on the Regular Record Date for such interest, which shall be the January 24 or the July 24 (whether or not a Business Day), as the case may be, next preceding such Interest Payment Date.
Any such interest not so punctually paid or duly provided for will forthwith cease to be payable to the Holder on such Regular Record Date and may either be paid to the Person in whose name this Note (or one or more Predecessor Securities) is
registered at the close of business on a “Special Record Date” for the payment of such Defaulted Interest to be fixed by the Trustee, notice whereof shall be given to Holders of Notes of this series not less than 10 days prior to
such Special Record Date, or be paid at any time in any other lawful manner not inconsistent with the requirements of any securities exchange on which the Notes of this series may be listed, and upon such notice as may be required by such exchange,
all as more fully provided in the Indenture. 
 Reference is hereby made to the further provisions of this Note set forth on the reverse hereof, which
further provisions shall for all purposes have the same effect as if set forth at this place. 
 Unless the certificate of authentication hereon has
been executed by the Trustee referred to on the reverse hereof by manual signature, this Note shall not be entitled to any benefit under the Indenture or be valid or obligatory for any purpose. 

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

Dated: August 8, 2016 
  

			
	 MICROSOFT CORPORATION

		
	 By:
	 	  

		 	Name: George H. Zinn
		 	Title: Corporate Vice President, Treasurer

  
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 This Note is one of the Securities of the series designated therein referred to in the within-mentioned
Indenture. 
 Dated: August 8, 2016 
  

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

		 	Authorized Signatory

  
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 [REVERSE OF NOTE] 

This Note is one of a duly authorized issue of securities of the Company (herein called the “Notes”), issued under an Indenture, dated
as of May 18, 2009, between the Company and The Bank of New York Mellon Trust Company, N.A., as trustee, and an eleventh supplemental indenture relating to such series dated as of August 8, 2016 (herein, collectively called the
“Indenture,” which term shall have the meaning assigned to it in such instrument), between the Company and U.S. Bank National Association, as Trustee (herein called the “Trustee,” which term includes any successor
trustee under the Indenture), and reference is hereby made to the Indenture for a statement of the respective rights, limitations of rights, duties and immunities thereunder of the Company, the Trustee and the Holders of the Securities and of the
terms upon which the Notes are, and are to be, authenticated and delivered. This Note is one of the series designated on the face hereof, such series initially limited in aggregate principal amount to $2,500,000,000; provided that the Company
may at any time and from time to time, without the consent of any Holder, issue additional Notes of this series. 
 The Notes of this series are not
redeemable at the option of the Holders. 
 At any time prior to August 8, 2019, the Notes shall be redeemable in whole or in part, at any time or
from time to time, at the Company’s option, on at least 30 days’ but not more than 60 days’ prior notice mailed to the registered address of each Holder of Notes to be redeemed, at a redemption price (the “Make-Whole
Redemption Price”), calculated by the Company, equal to the greater of (1) 100% of the principal amount of the Notes to be redeemed and (2) the sum of the present values of each remaining scheduled payment of principal and
interest on the Notes to be redeemed (exclusive of interest accrued to the Redemption Date) discounted to the Redemption Date on a semiannual basis (assuming a 360-day year consisting of twelve 30-day months) at the Treasury Rate plus 7.5 basis
points. 
 The Make-Whole Redemption Price for any Notes redeemed pursuant to the immediately preceding paragraph shall include accrued and unpaid
interest on the principal amount of such Notes to the Redemption Date. 
 For purposes of calculating the Make-Whole Redemption Price, the following
terms shall have the following specified meanings: 
 “Comparable Treasury Issue” means the United States Treasury security or
securities selected by an Independent Investment Banker as having an actual or interpolated maturity comparable to the remaining term of the Notes 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 a comparable maturity to the remaining term of the Notes. 
 “Comparable Treasury
Price” means, with respect to any Redemption Date (A) the arithmetic average of the Reference Treasury Dealer Quotations for such Redemption Date, after excluding the highest and lowest such Reference Treasury Dealer Quotations or (B) if
the Company obtains fewer than four such Reference Treasury Dealer Quotations, the arithmetic average of all such quotations for such Redemption Date. 

  
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 “Independent Investment Banker” means one of the Reference Treasury Dealers appointed by
the Company. 
 “Reference Treasury Dealer” means J.P. Morgan Securities LLC and Merrill Lynch, Pierce, Fenner & Smith
Incorporated, or their respective affiliates, which are primary U.S. government securities dealers in the United States of America and their respective successors plus two other primary U.S. government securities dealers in the United States of
America designated by the Company; provided, however, that if any of the foregoing shall cease to be a primary U.S. government securities dealer in the United States of America (a “Primary Treasury Dealer”), the
Company shall substitute therefor another Primary Treasury Dealer. 
 “Reference Treasury Dealer Quotation” means, with respect to
each Reference Treasury Dealer and any Redemption Date, the arithmetic average, as determined by the Company, of the bid and asked prices for the applicable Comparable Treasury Issue (expressed in each case as a percentage of its principal amount)
quoted in writing to the Company by such Reference Treasury Dealer at 3:30 p.m. (New York City time) on the third Business Day preceding such Redemption Date. 

“Treasury Rate” means, with respect to any Redemption Date, the rate per annum equal to the semiannual equivalent yield to maturity or
interpolated maturity (on a day count basis) of the applicable Comparable Treasury Issue, assuming a price for such Comparable Treasury Issue (expressed as a percentage of its principal amount) equal to the applicable Comparable Treasury Price for
such Redemption Date. 
 The provisions of Article XI of the Indenture shall apply to any redemption of the Notes. 

The Notes of this series are not entitled to the benefit of any sinking fund. 

The Indenture contains provisions for defeasance at any time of the entire indebtedness of the Notes of this series or certain restrictive covenants and
Events of Default with respect to such Notes, in each case upon compliance with certain conditions set forth in the Indenture. 
 If an Event of
Default with respect to Notes of this series shall occur and be continuing, the principal of such Notes may be declared, or shall immediately become, due and payable in the manner and with the effect provided in the Indenture. 

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

  
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 As provided in and subject to the provisions of the Indenture, the Holders of the Notes of this series
shall not have the right to institute any proceeding with respect to the Indenture or for the appointment of a receiver or trustee or for any other remedy thereunder, unless such Holder shall have previously given the Trustee written notice of a
continuing Event of Default with respect to the Notes of this series, the Holders of not less than 25% in aggregate principal amount of the Notes of this series at the time Outstanding shall have made written request to the Trustee to institute
proceedings in respect of such Event of Default as Trustee and offered the Trustee reasonable indemnity, and the Trustee shall not have received from the Holders of a majority in aggregate principal amount of such Notes at the time Outstanding a
direction inconsistent with such request, and shall have failed to institute any such proceeding, for 60 days after receipt of such notice, request and offer of indemnity. The foregoing shall not apply to any suit instituted by the Holder of this
Note for the enforcement of any payment of principal hereof or any premium or interest hereon on or after the respective due dates expressed herein. 

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

As provided in the Indenture and subject to certain limitations therein set forth, the transfer of this Note is registrable in the Security Register,
upon surrender of this Note for registration of transfer at the office or agency of the Company in any place where the principal of and any premium and interest on this Note are payable, 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 hereof or his attorney duly authorized in writing, and thereupon one or more new Notes 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. 
 The Notes of this series are issuable only
in registered form without coupons in denominations of $2,000 and integral multiples of $1,000 in excess thereof. As provided in the Indenture and subject to certain limitations therein set forth, Notes of this series are exchangeable for a like
principal amount of Notes of this series and of like tenor of a different authorized denomination, as requested by the Holder surrendering the same. 

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

  
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 This Note is a Global Security and is subject to the provisions of the Indenture relating to Global
Securities, including the limitations in Section 305 thereof on transfers and exchanges of Global Securities. 
 This Note and the Indenture shall be
governed by, and construed in accordance with, the laws of the State of New York. 
 All terms used in this Note which are defined in the Indenture
shall have the meanings assigned to them in the Indenture. 

  
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 EXHIBIT B 

FORM OF 1.550% NOTE DUE 2021 

UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION
(“DTC”), NEW YORK, NEW YORK, TO THE COMPANY OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN
AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS
WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN. 
 TRANSFERS OF THIS GLOBAL SECURITY
SHALL BE LIMITED TO TRANSFERS IN WHOLE, BUT NOT IN PART, TO NOMINEES OF DTC OR TO A SUCCESSOR THEREOF OR SUCH SUCCESSOR’S NOMINEE AND TRANSFERS OF PORTIONS OF THIS GLOBAL SECURITY SHALL BE LIMITED TO TRANSFERS MADE IN ACCORDANCE WITH THE
RESTRICTIONS SET FORTH IN THE INDENTURE REFERRED TO ON THE REVERSE HEREOF. 
 THIS NOTE IS A GLOBAL SECURITY WITHIN THE MEANING
OF THE INDENTURE REFERRED TO HEREIN AND IS REGISTERED IN THE NAME OF A DEPOSITARY OR A NOMINEE THEREOF. THIS NOTE MAY NOT BE EXCHANGED IN WHOLE OR IN PART FOR A NOTE REGISTERED, AND NO TRANSFER OF THIS NOTE IN WHOLE OR IN PART MAY BE REGISTERED, IN
THE NAME OF ANY PERSON OTHER THAN SUCH DEPOSITARY OR A NOMINEE THEREOF, EXCEPT IN THE LIMITED CIRCUMSTANCES DESCRIBED IN THE INDENTURE. 

MICROSOFT CORPORATION 
 1.550% Notes due
2021 
 CUSIP No.: 594918 BP8 
 ISIN: US594918BP86 

 

			
	No. A-[●]	  	$[●]

 MICROSOFT CORPORATION, a corporation duly incorporated under the laws of the State of Washington (herein called the
“Company,” which term includes any successor Person under the Indenture hereinafter referred to), for value received, hereby promises to pay to CEDE & CO., or registered assigns, the principal sum of $[●] ([●] DOLLARS) on August 8, 2021, and to pay interest thereon from August 8, 2016 or from the most recent Interest Payment Date to which
interest has been paid or duly provided for, semi-annually on February 8 and August 8 of each year, commencing on February 8, 2017, at the rate of 1.550% per annum, until the principal 

  
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hereof is paid or made available for payment; provided that any principal and premium, and any such installment of interest, which is overdue shall bear interest at the rate of 1.550% per
annum (to the extent permitted by applicable law), from the dates such amounts are due until they are paid or made available for payment, and such interest shall be payable on demand. The interest so payable, and punctually paid or duly provided
for, on any Interest Payment Date will, as provided in such Indenture, be paid to the Person in whose name this Note (or one or more Predecessor Securities) is registered at the close of business on the Regular Record Date for such interest, which
shall be the January 24 or the July 24 (whether or not a Business Day), as the case may be, next preceding such Interest Payment Date. Any such interest not so punctually paid or duly provided for will forthwith cease to be payable to the
Holder on such Regular Record Date and may either be paid to the Person in whose name this Note (or one or more Predecessor Securities) is registered at the close of business on a “Special Record Date” for the payment of such
Defaulted Interest to be fixed by the Trustee, notice whereof shall be given to Holders of Notes of this series not less than 10 days prior to such Special Record Date, or be paid at any time in any other lawful manner not inconsistent with the
requirements of any securities exchange on which the Notes of this series may be listed, and upon such notice as may be required by such exchange, all as more fully provided in the Indenture. 

Reference is hereby made to the further provisions of this Note set forth on the reverse hereof, which further provisions shall for all purposes have
the same effect as if set forth at this place. 
 Unless the certificate of authentication hereon has been executed by the Trustee referred to on the
reverse hereof by manual signature, this Note shall not be entitled to any benefit under the Indenture or be valid or obligatory for any purpose. 

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

Dated: August 8, 2016 
  

			
	 MICROSOFT CORPORATION

		
	 By:
	 	  

		 	 Name: George H. Zinn

		 	Title: Corporate Vice President, Treasurer

  
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 This Note is one of the Securities of the series designated therein referred to in the within-mentioned
Indenture. 
 Dated: August 8, 2016 
  

			
	 U.S. BANK NATIONAL ASSOCIATION,

        as Trustee

		
	By:	 	  

		 	Authorized Signatory

  
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 [REVERSE OF NOTE] 

This Note is one of a duly authorized issue of securities of the Company (herein called the “Notes”), issued under an Indenture, dated
as of May 18, 2009, between the Company and The Bank of New York Mellon Trust Company, N.A., as trustee, and an eleventh supplemental indenture relating to such series dated as of August 8, 2016 (herein, collectively called the
“Indenture,” which term shall have the meaning assigned to it in such instrument), between the Company and U.S. Bank National Association, as Trustee (herein called the “Trustee,” which term includes any successor
trustee under the Indenture), and reference is hereby made to the Indenture for a statement of the respective rights, limitations of rights, duties and immunities thereunder of the Company, the Trustee and the Holders of the Securities and of the
terms upon which the Notes are, and are to be, authenticated and delivered. This Note is one of the series designated on the face hereof, such series initially limited in aggregate principal amount to $2,750,000,000; provided that the Company
may at any time and from time to time, without the consent of any Holder, issue additional Notes of this series. 
 The Notes of this series are not
redeemable at the option of the Holders. 
 At any time prior to July 8, 2021, the Notes shall be redeemable in whole or in part, at any time or from
time to time, at the Company’s option, on at least 30 days’ but not more than 60 days’ prior notice mailed to the registered address of each Holder of Notes to be redeemed, at a redemption price (the “Make-Whole Redemption
Price”), calculated by the Company, equal to the greater of (1) 100% of the principal amount of the Notes to be redeemed and (2) the sum of the present values of each remaining scheduled payment of principal and interest on the
Notes to be redeemed (exclusive of interest accrued to the Redemption Date) discounted to the Redemption Date on a semiannual basis (assuming a 360-day year consisting of twelve 30-day months) at the Treasury Rate plus 10 basis points. 

At any time on or after July 8, 2021, the Notes shall be redeemable in whole or in part, at any time, at the Company’s option, on at least 30
days’ but not more than 60 days’ prior notice mailed to the registered address of each Holder of Notes to be redeemed, at a redemption price (the “Final Redemption Price” and, together with the Make-Whole Redemption Price,
the “Redemption Price”) equal to 100% of the principal amount of the Notes to be redeemed. 
 The Redemption Price for any Notes
redeemed pursuant to the two preceding paragraphs shall include accrued and unpaid interest on the principal amount of such Notes to the Redemption Date. 

For purposes of calculating the Make-Whole Redemption Price, the following terms shall have the following specified meanings: 

“Comparable Treasury Issue” means the United States Treasury security or securities selected by an Independent Investment Banker as
having an actual or interpolated maturity comparable to the remaining term of the Notes 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 a
comparable maturity to the remaining term of the Notes. 

  
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 “Comparable Treasury Price” means, with respect to any Redemption Date (A) the arithmetic
average of the Reference Treasury Dealer Quotations for such Redemption Date, after excluding the highest and lowest such Reference Treasury Dealer Quotations or (B) if the Company obtains fewer than four such Reference Treasury Dealer Quotations,
the arithmetic average of all such quotations for such Redemption Date. 
 “Independent Investment Banker” means one of the Reference
Treasury Dealers appointed by the Company. 
 “Reference Treasury Dealer” means J.P. Morgan Securities LLC and Merrill Lynch, Pierce,
Fenner & Smith Incorporated, or their respective affiliates, which are primary U.S. government securities dealers in the United States of America and their respective successors plus two other primary U.S. government securities dealers in the
United States of America designated by the Company; provided, however, that if any of the foregoing shall cease to be a primary U.S. government securities dealer in the United States of America (a “Primary Treasury
Dealer”), the Company shall substitute therefor another Primary Treasury Dealer. 
 “Reference Treasury Dealer Quotation”
means, with respect to each Reference Treasury Dealer and any Redemption Date, the arithmetic average, as determined by the Company, of the bid and asked prices for the applicable Comparable Treasury Issue (expressed in each case as a percentage of
its principal amount) quoted in writing to the Company by such Reference Treasury Dealer at 3:30 p.m. (New York City time) on the third Business Day preceding such Redemption Date. 

“Treasury Rate” means, with respect to any Redemption Date, the rate per annum equal to the semiannual equivalent yield to maturity or
interpolated maturity (on a day count basis) of the applicable Comparable Treasury Issue, assuming a price for such Comparable Treasury Issue (expressed as a percentage of its principal amount) equal to the applicable Comparable Treasury Price for
such Redemption Date. 
 The provisions of Article XI of the Indenture shall apply to any redemption of the Notes. 

The Notes of this series are not entitled to the benefit of any sinking fund. 

The Indenture contains provisions for defeasance at any time of the entire indebtedness of the Notes of this series or certain restrictive covenants and
Events of Default with respect to such Notes, in each case upon compliance with certain conditions set forth in the Indenture. 
 If an Event of
Default with respect to Notes of this series shall occur and be continuing, the principal of such Notes may be declared, or shall immediately become, due and payable in the manner and with the effect provided in the Indenture. 

The Indenture permits, with certain exceptions as therein provided, the amendment thereof and the modification of the rights and obligations of the
Company and the rights of the Holders of the Notes 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 Notes at the time
Outstanding of each series to be affected. The Indenture also contains provisions permitting the Holders of specified percentages in aggregate principal 

  
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amount of the Notes of each series at the time Outstanding, on behalf of the Holders of all Notes 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 Holders of Notes of this series shall be conclusive and binding upon such Holders and upon all future Holders of this Note and of any Note issued
upon the registration of transfer hereof or in exchange herefor or in lieu hereof, whether or not notation of such consent or waiver is made upon this Note. 

As provided in and subject to the provisions of the Indenture, the Holders of the Notes of this series shall not have the right to institute any
proceeding with respect to the Indenture or for the appointment of a receiver or trustee or for any other remedy thereunder, unless such Holder shall have previously given the Trustee written notice of a continuing Event of Default with respect to
the Notes of this series, the Holders of not less than 25% in aggregate principal amount of the Notes of this series at the time Outstanding shall have made written request to the Trustee to institute proceedings in respect of such Event of Default
as Trustee and offered the Trustee reasonable indemnity, and the Trustee shall not have received from the Holders of a majority in aggregate principal amount of such Notes at the time Outstanding a direction inconsistent with such request, and shall
have failed to institute any such proceeding, for 60 days after receipt of such notice, request and offer of indemnity. The foregoing shall not apply to any suit instituted by the Holder of this Note for the enforcement of any payment of principal
hereof or any premium or interest hereon on or after the respective due dates expressed herein. 
 No reference herein to the Indenture and no
provision of this Note or of the Indenture shall alter or impair the obligation of the Company, which is absolute and unconditional, to pay the principal of and any premium and interest on this Note at the times, place and rate, and in the coin or
currency, herein prescribed. 
 As provided in the Indenture and subject to certain limitations therein set forth, the transfer of this Note is
registrable in the Security Register, upon surrender of this Note for registration of transfer at the office or agency of the Company in any place where the principal of and any premium and interest on this Note are payable, 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 hereof or his attorney duly authorized in writing, and thereupon one or more new Notes 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. 

The Notes of this series are issuable only in registered form without coupons in denominations of $2,000 and integral multiples of $1,000 in excess
thereof. As provided in the Indenture and subject to certain limitations therein set forth, Notes of this series are exchangeable for a like principal amount of Notes of this series and of like tenor of a different authorized denomination, as
requested by the Holder surrendering the same. 
 No service charge shall be made for any such registration of transfer or exchange, but the Company
may require payment of a sum sufficient to cover any tax or other governmental charge payable in connection therewith. 

  
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 Prior to due presentment of this Note for registration of transfer, the Company, the Trustee and any agent
of the Company or the Trustee may treat the Person in whose name this Note is registered as the owner hereof for all purposes, whether or not this Note be overdue, and neither the Company, the Trustee nor any such agent shall be affected by notice
to the contrary. 
 This Note is a Global Security and is subject to the provisions of the Indenture relating to Global Securities, including the
limitations in Section 305 thereof on transfers and exchanges of Global Securities. 
 This Note and the Indenture shall be governed by, and construed
in accordance with, the laws of the State of New York. 
 All terms used in this Note which are defined in the Indenture shall have the meanings
assigned to them in the Indenture. 

  
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 EXHIBIT C 

FORM OF 2.000% NOTE DUE 2023 

UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION
(“DTC”), NEW YORK, NEW YORK, TO THE COMPANY OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN
AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS
WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN. 
 TRANSFERS OF THIS GLOBAL SECURITY
SHALL BE LIMITED TO TRANSFERS IN WHOLE, BUT NOT IN PART, TO NOMINEES OF DTC OR TO A SUCCESSOR THEREOF OR SUCH SUCCESSOR’S NOMINEE AND TRANSFERS OF PORTIONS OF THIS GLOBAL SECURITY SHALL BE LIMITED TO TRANSFERS MADE IN ACCORDANCE WITH THE
RESTRICTIONS SET FORTH IN THE INDENTURE REFERRED TO ON THE REVERSE HEREOF. 
 THIS NOTE IS A GLOBAL SECURITY WITHIN THE MEANING
OF THE INDENTURE REFERRED TO HEREIN AND IS REGISTERED IN THE NAME OF A DEPOSITARY OR A NOMINEE THEREOF. THIS NOTE MAY NOT BE EXCHANGED IN WHOLE OR IN PART FOR A NOTE REGISTERED, AND NO TRANSFER OF THIS NOTE IN WHOLE OR IN PART MAY BE REGISTERED, IN
THE NAME OF ANY PERSON OTHER THAN SUCH DEPOSITARY OR A NOMINEE THEREOF, EXCEPT IN THE LIMITED CIRCUMSTANCES DESCRIBED IN THE INDENTURE. 

MICROSOFT CORPORATION 
 2.000% Notes due
2023 
 CUSIP No.: 594918 BQ6 
 ISIN: US594918BQ69 

 

			
	No. A-[●]	  	$[●]

 MICROSOFT CORPORATION, a corporation duly incorporated under the laws of the State of Washington (herein called the
“Company,” which term includes any successor Person under the Indenture hereinafter referred to), for value received, hereby promises to pay to CEDE & CO., or registered assigns, the principal sum of $[●] ([●] DOLLARS) on August 8, 2023, and to pay interest thereon from August 8, 2016 or from the most recent Interest Payment Date to which
interest has been paid or duly provided for, semi-annually on February 8 and August 8 of each year, commencing on February 8, 2017, at the rate of 2.000% per annum, until the principal 

  
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hereof is paid or made available for payment; provided that any principal and premium, and any such installment of interest, which is overdue shall bear interest at the rate of 2.000% per
annum (to the extent permitted by applicable law), from the dates such amounts are due until they are paid or made available for payment, and such interest shall be payable on demand. The interest so payable, and punctually paid or duly provided
for, on any Interest Payment Date will, as provided in such Indenture, be paid to the Person in whose name this Note (or one or more Predecessor Securities) is registered at the close of business on the Regular Record Date for such interest, which
shall be the January 24 or the July 24 (whether or not a Business Day), as the case may be, next preceding such Interest Payment Date. Any such interest not so punctually paid or duly provided for will forthwith cease to be payable to the
Holder on such Regular Record Date and may either be paid to the Person in whose name this Note (or one or more Predecessor Securities) is registered at the close of business on a “Special Record Date” for the payment of such
Defaulted Interest to be fixed by the Trustee, notice whereof shall be given to Holders of Notes of this series not less than 10 days prior to such Special Record Date, or be paid at any time in any other lawful manner not inconsistent with the
requirements of any securities exchange on which the Notes of this series may be listed, and upon such notice as may be required by such exchange, all as more fully provided in the Indenture. 

Reference is hereby made to the further provisions of this Note set forth on the reverse hereof, which further provisions shall for all purposes have
the same effect as if set forth at this place. 
 Unless the certificate of authentication hereon has been executed by the Trustee referred to on the
reverse hereof by manual signature, this Note shall not be entitled to any benefit under the Indenture or be valid or obligatory for any purpose. 

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

Dated: August 8, 2016 
  

			
	MICROSOFT CORPORATION
		
	By:	 	  

		 	Name: George H. Zinn
		 	Title: Corporate Vice President, Treasurer

  
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 This Note is one of the Securities of the series designated therein referred to in the within-mentioned
Indenture. 
 Dated: August 8, 2016 
  

			
	 U.S. BANK NATIONAL ASSOCIATION,

        as Trustee

		
	By:	 	  

		 	Authorized Signatory

  
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 [REVERSE OF NOTE] 

This Note is one of a duly authorized issue of securities of the Company (herein called the “Notes”), issued under an Indenture, dated
as of May 18, 2009, between the Company and The Bank of New York Mellon Trust Company, N.A., as trustee, and an eleventh supplemental indenture relating to such series dated as of August 8, 2016 (herein, collectively called the
“Indenture,” which term shall have the meaning assigned to it in such instrument), between the Company and U.S. Bank National Association, as Trustee (herein called the “Trustee,” which term includes any successor
trustee under the Indenture), and reference is hereby made to the Indenture for a statement of the respective rights, limitations of rights, duties and immunities thereunder of the Company, the Trustee and the Holders of the Securities and of the
terms upon which the Notes are, and are to be, authenticated and delivered. This Note is one of the series designated on the face hereof, such series initially limited in aggregate principal amount to $1,500,000,000; provided that the Company
may at any time and from time to time, without the consent of any Holder, issue additional Notes of this series. 
 The Notes of this series are not
redeemable at the option of the Holders. 
 At any time prior to June 8, 2023, the Notes shall be redeemable in whole or in part, at any time or from
time to time, at the Company’s option, on at least 30 days’ but not more than 60 days’ prior notice mailed to the registered address of each Holder of Notes to be redeemed, at a redemption price (the “Make-Whole Redemption
Price”), calculated by the Company, equal to the greater of (1) 100% of the principal amount of the Notes to be redeemed and (2) the sum of the present values of each remaining scheduled payment of principal and interest on the
Notes to be redeemed (exclusive of interest accrued to the Redemption Date) discounted to the Redemption Date on a semiannual basis (assuming a 360-day year consisting of twelve 30-day months) at the Treasury Rate plus 12.5 basis points. 

At any time on or after June 8, 2023, the Notes shall be redeemable in whole or in part, at any time, at the Company’s option, on at least 30
days’ but not more than 60 days’ prior notice mailed to the registered address of each Holder of Notes to be redeemed, at a redemption price (the “Final Redemption Price” and, together with the Make-Whole Redemption Price,
the “Redemption Price”) equal to 100% of the principal amount of the Notes to be redeemed. 
 The Redemption Price for any Notes
redeemed pursuant to the two preceding paragraphs shall include accrued and unpaid interest on the principal amount of such Notes to the Redemption Date. 

For purposes of calculating the Make-Whole Redemption Price, the following terms shall have the following specified meanings: 

“Comparable Treasury Issue” means the United States Treasury security or securities selected by an Independent Investment Banker as
having an actual or interpolated maturity comparable to the remaining term of the Notes 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 a
comparable maturity to the remaining term of the Notes. 

  
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 “Comparable Treasury Price” means, with respect to any Redemption Date (A) the arithmetic
average of the Reference Treasury Dealer Quotations for such Redemption Date, after excluding the highest and lowest such Reference Treasury Dealer Quotations or (B) if the Company obtains fewer than four such Reference Treasury Dealer Quotations,
the arithmetic average of all such quotations for such Redemption Date. 
 “Independent Investment Banker” means one of the Reference
Treasury Dealers appointed by the Company. 
 “Reference Treasury Dealer” means J.P. Morgan Securities LLC and Merrill Lynch, Pierce,
Fenner & Smith Incorporated, or their respective affiliates, which are primary U.S. government securities dealers in the United States of America and their respective successors plus two other primary U.S. government securities dealers in the
United States of America designated by the Company; provided, however, that if any of the foregoing shall cease to be a primary U.S. government securities dealer in the United States of America (a “Primary Treasury
Dealer”), the Company shall substitute therefor another Primary Treasury Dealer. 
 “Reference Treasury Dealer Quotation”
means, with respect to each Reference Treasury Dealer and any Redemption Date, the arithmetic average, as determined by the Company, of the bid and asked prices for the applicable Comparable Treasury Issue (expressed in each case as a percentage of
its principal amount) quoted in writing to the Company by such Reference Treasury Dealer at 3:30 p.m. (New York City time) on the third Business Day preceding such Redemption Date. 

“Treasury Rate” means, with respect to any Redemption Date, the rate per annum equal to the semiannual equivalent yield to maturity or
interpolated maturity (on a day count basis) of the applicable Comparable Treasury Issue, assuming a price for such Comparable Treasury Issue (expressed as a percentage of its principal amount) equal to the applicable Comparable Treasury Price for
such Redemption Date. 
 The provisions of Article XI of the Indenture shall apply to any redemption of the Notes. 

The Notes of this series are not entitled to the benefit of any sinking fund. 

The Indenture contains provisions for defeasance at any time of the entire indebtedness of the Notes of this series or certain restrictive covenants and
Events of Default with respect to such Notes, in each case upon compliance with certain conditions set forth in the Indenture. 
 If an Event of
Default with respect to Notes of this series shall occur and be continuing, the principal of such Notes may be declared, or shall immediately become, due and payable in the manner and with the effect provided in the Indenture. 

The Indenture permits, with certain exceptions as therein provided, the amendment thereof and the modification of the rights and obligations of the
Company and the rights of the Holders of the Notes 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 Notes at the time
Outstanding of each series to be affected. The Indenture also contains provisions permitting the Holders of specified percentages in aggregate principal 

  
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amount of the Notes of each series at the time Outstanding, on behalf of the Holders of all Notes 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 Holders of Notes of this series shall be conclusive and binding upon such Holders and upon all future Holders of this Note and of any Note issued
upon the registration of transfer hereof or in exchange herefor or in lieu hereof, whether or not notation of such consent or waiver is made upon this Note. 

As provided in and subject to the provisions of the Indenture, the Holders of the Notes of this series shall not have the right to institute any
proceeding with respect to the Indenture or for the appointment of a receiver or trustee or for any other remedy thereunder, unless such Holder shall have previously given the Trustee written notice of a continuing Event of Default with respect to
the Notes of this series, the Holders of not less than 25% in aggregate principal amount of the Notes of this series at the time Outstanding shall have made written request to the Trustee to institute proceedings in respect of such Event of Default
as Trustee and offered the Trustee reasonable indemnity, and the Trustee shall not have received from the Holders of a majority in aggregate principal amount of such Notes at the time Outstanding a direction inconsistent with such request, and shall
have failed to institute any such proceeding, for 60 days after receipt of such notice, request and offer of indemnity. The foregoing shall not apply to any suit instituted by the Holder of this Note for the enforcement of any payment of principal
hereof or any premium or interest hereon on or after the respective due dates expressed herein. 
 No reference herein to the Indenture and no
provision of this Note or of the Indenture shall alter or impair the obligation of the Company, which is absolute and unconditional, to pay the principal of and any premium and interest on this Note at the times, place and rate, and in the coin or
currency, herein prescribed. 
 As provided in the Indenture and subject to certain limitations therein set forth, the transfer of this Note is
registrable in the Security Register, upon surrender of this Note for registration of transfer at the office or agency of the Company in any place where the principal of and any premium and interest on this Note are payable, 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 hereof or his attorney duly authorized in writing, and thereupon one or more new Notes 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. 

The Notes of this series are issuable only in registered form without coupons in denominations of $2,000 and integral multiples of $1,000 in excess
thereof. As provided in the Indenture and subject to certain limitations therein set forth, Notes of this series are exchangeable for a like principal amount of Notes of this series and of like tenor of a different authorized denomination, as
requested by the Holder surrendering the same. 
 No service charge shall be made for any such registration of transfer or exchange, but the Company
may require payment of a sum sufficient to cover any tax or other governmental charge payable in connection therewith. 

  
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 Prior to due presentment of this Note for registration of transfer, the Company, the Trustee and any agent
of the Company or the Trustee may treat the Person in whose name this Note is registered as the owner hereof for all purposes, whether or not this Note be overdue, and neither the Company, the Trustee nor any such agent shall be affected by notice
to the contrary. 
 This Note is a Global Security and is subject to the provisions of the Indenture relating to Global Securities, including the
limitations in Section 305 thereof on transfers and exchanges of Global Securities. 
 This Note and the Indenture shall be governed by, and construed
in accordance with, the laws of the State of New York. 
 All terms used in this Note which are defined in the Indenture shall have the meanings
assigned to them in the Indenture. 

  
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 EXHIBIT D 

FORM OF 2.400% NOTE DUE 2026 

UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION
(“DTC”), NEW YORK, NEW YORK, TO THE COMPANY OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN
AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS
WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN. 
 TRANSFERS OF THIS GLOBAL SECURITY
SHALL BE LIMITED TO TRANSFERS IN WHOLE, BUT NOT IN PART, TO NOMINEES OF DTC OR TO A SUCCESSOR THEREOF OR SUCH SUCCESSOR’S NOMINEE AND TRANSFERS OF PORTIONS OF THIS GLOBAL SECURITY SHALL BE LIMITED TO TRANSFERS MADE IN ACCORDANCE WITH THE
RESTRICTIONS SET FORTH IN THE INDENTURE REFERRED TO ON THE REVERSE HEREOF. 
 THIS NOTE IS A GLOBAL SECURITY WITHIN THE MEANING
OF THE INDENTURE REFERRED TO HEREIN AND IS REGISTERED IN THE NAME OF A DEPOSITARY OR A NOMINEE THEREOF. THIS NOTE MAY NOT BE EXCHANGED IN WHOLE OR IN PART FOR A NOTE REGISTERED, AND NO TRANSFER OF THIS NOTE IN WHOLE OR IN PART MAY BE REGISTERED, IN
THE NAME OF ANY PERSON OTHER THAN SUCH DEPOSITARY OR A NOMINEE THEREOF, EXCEPT IN THE LIMITED CIRCUMSTANCES DESCRIBED IN THE INDENTURE. 

MICROSOFT CORPORATION 
 2.400% Notes due
2026 
 CUSIP No.: 594918 BR4 
 ISIN: US594918BR43 

 

			
	No. A-[●]	  	$[●]

 MICROSOFT CORPORATION, a corporation duly incorporated under the laws of the State of Washington (herein called the
“Company,” which term includes any successor Person under the Indenture hereinafter referred to), for value received, hereby promises to pay to CEDE & CO., or registered assigns, the principal sum of $[●] ([●] DOLLARS) on August 8, 2026, and to pay interest thereon from August 8, 2016 or from the most recent Interest Payment Date to which
interest has been paid or duly provided for, semi-annually on February 8 and August 8 of each year, commencing on February 8, 2017, at the rate of 2.400% per annum, until the principal 

  
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hereof is paid or made available for payment; provided that any principal and premium, and any such installment of interest, which is overdue shall bear interest at the rate of 2.400% per
annum (to the extent permitted by applicable law), from the dates such amounts are due until they are paid or made available for payment, and such interest shall be payable on demand. The interest so payable, and punctually paid or duly provided
for, on any Interest Payment Date will, as provided in such Indenture, be paid to the Person in whose name this Note (or one or more Predecessor Securities) is registered at the close of business on the Regular Record Date for such interest, which
shall be the January 24 or the July 24 (whether or not a Business Day), as the case may be, next preceding such Interest Payment Date. Any such interest not so punctually paid or duly provided for will forthwith cease to be payable to the
Holder on such Regular Record Date and may either be paid to the Person in whose name this Note (or one or more Predecessor Securities) is registered at the close of business on a “Special Record Date” for the payment of such
Defaulted Interest to be fixed by the Trustee, notice whereof shall be given to Holders of Notes of this series not less than 10 days prior to such Special Record Date, or be paid at any time in any other lawful manner not inconsistent with the
requirements of any securities exchange on which the Notes of this series may be listed, and upon such notice as may be required by such exchange, all as more fully provided in the Indenture. 

Reference is hereby made to the further provisions of this Note set forth on the reverse hereof, which further provisions shall for all purposes have
the same effect as if set forth at this place. 
 Unless the certificate of authentication hereon has been executed by the Trustee referred to on the
reverse hereof by manual signature, this Note shall not be entitled to any benefit under the Indenture or be valid or obligatory for any purpose. 

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

Dated: August 8, 2016 
  

			
	MICROSOFT CORPORATION
		
	By:	 	  

		 	Name: George H. Zinn
		 	Title: Corporate Vice President, Treasurer

  
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 This Note is one of the Securities of the series designated therein referred to in the within-mentioned
Indenture. 
 Dated: August 8, 2016 
  

			
	 U.S. BANK NATIONAL ASSOCIATION,
as Trustee

		
	By:	 	  

		 	Authorized Signatory

  
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 [REVERSE OF NOTE] 

This Note is one of a duly authorized issue of securities of the Company (herein called the “Notes”), issued under an Indenture, dated
as of May 18, 2009, between the Company and The Bank of New York Mellon Trust Company, N.A., as trustee, and an eleventh supplemental indenture relating to such series dated as of August 8, 2016 (herein, collectively called the
“Indenture,” which term shall have the meaning assigned to it in such instrument), between the Company and U.S. Bank National Association, as Trustee (herein called the “Trustee,” which term includes any successor
trustee under the Indenture), and reference is hereby made to the Indenture for a statement of the respective rights, limitations of rights, duties and immunities thereunder of the Company, the Trustee and the Holders of the Securities and of the
terms upon which the Notes are, and are to be, authenticated and delivered. This Note is one of the series designated on the face hereof, such series initially limited in aggregate principal amount to $4,000,000,000; provided that the Company
may at any time and from time to time, without the consent of any Holder, issue additional Notes of this series. 
 The Notes of this series are not
redeemable at the option of the Holders. 
 At any time prior to May 8, 2026, the Notes shall be redeemable in whole or in part, at any time or from
time to time, at the Company’s option, on at least 30 days’ but not more than 60 days’ prior notice mailed to the registered address of each Holder of Notes to be redeemed, at a redemption price (the “Make-Whole Redemption
Price”), calculated by the Company, equal to the greater of (1) 100% of the principal amount of the Notes to be redeemed and (2) the sum of the present values of each remaining scheduled payment of principal and interest on the
Notes to be redeemed (exclusive of interest accrued to the Redemption Date) discounted to the Redemption Date on a semiannual basis (assuming a 360-day year consisting of twelve 30-day months) at the Treasury Rate plus 15 basis points. 

At any time on or after May 8, 2026, the Notes shall be redeemable in whole or in part, at any time, at the Company’s option, on at least 30
days’ but not more than 60 days’ prior notice mailed to the registered address of each Holder of Notes to be redeemed, at a redemption price (the “Final Redemption Price” and, together with the Make-Whole Redemption Price,
the “Redemption Price”) equal to 100% of the principal amount of the Notes to be redeemed. 
 The Redemption Price for any Notes
redeemed pursuant to the two preceding paragraphs shall include accrued and unpaid interest on the principal amount of such Notes to the Redemption Date. 

For purposes of calculating the Make-Whole Redemption Price, the following terms shall have the following specified meanings: 

“Comparable Treasury Issue” means the United States Treasury security or securities selected by an Independent Investment Banker as
having an actual or interpolated maturity comparable to the remaining term of the Notes 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 a
comparable maturity to the remaining term of the Notes. 

  
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 “Comparable Treasury Price” means, with respect to any Redemption Date (A) the arithmetic
average of the Reference Treasury Dealer Quotations for such Redemption Date, after excluding the highest and lowest such Reference Treasury Dealer Quotations or (B) if the Company obtains fewer than four such Reference Treasury Dealer Quotations,
the arithmetic average of all such quotations for such Redemption Date. 
 “Independent Investment Banker” means one of the Reference
Treasury Dealers appointed by the Company. 
 “Reference Treasury Dealer” means J.P. Morgan Securities LLC and Merrill Lynch, Pierce,
Fenner & Smith Incorporated, or their respective affiliates, which are primary U.S. government securities dealers in the United States of America and their respective successors plus two other primary U.S. government securities dealers in the
United States of America designated by the Company; provided, however, that if any of the foregoing shall cease to be a primary U.S. government securities dealer in the United States of America (a “Primary Treasury
Dealer”), the Company shall substitute therefor another Primary Treasury Dealer. 
 “Reference Treasury Dealer Quotation”
means, with respect to each Reference Treasury Dealer and any Redemption Date, the arithmetic average, as determined by the Company, of the bid and asked prices for the applicable Comparable Treasury Issue (expressed in each case as a percentage of
its principal amount) quoted in writing to the Company by such Reference Treasury Dealer at 3:30 p.m. (New York City time) on the third Business Day preceding such Redemption Date. 

“Treasury Rate” means, with respect to any Redemption Date, the rate per annum equal to the semiannual equivalent yield to maturity or
interpolated maturity (on a day count basis) of the applicable Comparable Treasury Issue, assuming a price for such Comparable Treasury Issue (expressed as a percentage of its principal amount) equal to the applicable Comparable Treasury Price for
such Redemption Date. 
 The provisions of Article XI of the Indenture shall apply to any redemption of the Notes. 

The Notes of this series are not entitled to the benefit of any sinking fund. 

The Indenture contains provisions for defeasance at any time of the entire indebtedness of the Notes of this series or certain restrictive covenants and
Events of Default with respect to such Notes, in each case upon compliance with certain conditions set forth in the Indenture. 
 If an Event of
Default with respect to Notes of this series shall occur and be continuing, the principal of such Notes may be declared, or shall immediately become, due and payable in the manner and with the effect provided in the Indenture. 

The Indenture permits, with certain exceptions as therein provided, the amendment thereof and the modification of the rights and obligations of the
Company and the rights of the Holders of the Notes 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 Notes at the time
Outstanding of each series to be affected. The Indenture also contains provisions permitting the Holders of specified percentages in aggregate principal 

  
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amount of the Notes of each series at the time Outstanding, on behalf of the Holders of all Notes 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 Holders of Notes of this series shall be conclusive and binding upon such Holders and upon all future Holders of this Note and of any Note issued
upon the registration of transfer hereof or in exchange herefor or in lieu hereof, whether or not notation of such consent or waiver is made upon this Note. 

As provided in and subject to the provisions of the Indenture, the Holders of the Notes of this series shall not have the right to institute any
proceeding with respect to the Indenture or for the appointment of a receiver or trustee or for any other remedy thereunder, unless such Holder shall have previously given the Trustee written notice of a continuing Event of Default with respect to
the Notes of this series, the Holders of not less than 25% in aggregate principal amount of the Notes of this series at the time Outstanding shall have made written request to the Trustee to institute proceedings in respect of such Event of Default
as Trustee and offered the Trustee reasonable indemnity, and the Trustee shall not have received from the Holders of a majority in aggregate principal amount of such Notes at the time Outstanding a direction inconsistent with such request, and shall
have failed to institute any such proceeding, for 60 days after receipt of such notice, request and offer of indemnity. The foregoing shall not apply to any suit instituted by the Holder of this Note for the enforcement of any payment of principal
hereof or any premium or interest hereon on or after the respective due dates expressed herein. 
 No reference herein to the Indenture and no
provision of this Note or of the Indenture shall alter or impair the obligation of the Company, which is absolute and unconditional, to pay the principal of and any premium and interest on this Note at the times, place and rate, and in the coin or
currency, herein prescribed. 
 As provided in the Indenture and subject to certain limitations therein set forth, the transfer of this Note is
registrable in the Security Register, upon surrender of this Note for registration of transfer at the office or agency of the Company in any place where the principal of and any premium and interest on this Note are payable, 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 hereof or his attorney duly authorized in writing, and thereupon one or more new Notes 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. 

The Notes of this series are issuable only in registered form without coupons in denominations of $2,000 and integral multiples of $1,000 in excess
thereof. As provided in the Indenture and subject to certain limitations therein set forth, Notes of this series are exchangeable for a like principal amount of Notes of this series and of like tenor of a different authorized denomination, as
requested by the Holder surrendering the same. 
 No service charge shall be made for any such registration of transfer or exchange, but the Company
may require payment of a sum sufficient to cover any tax or other governmental charge payable in connection therewith. 

  
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 Prior to due presentment of this Note for registration of transfer, the Company, the Trustee and any agent
of the Company or the Trustee may treat the Person in whose name this Note is registered as the owner hereof for all purposes, whether or not this Note be overdue, and neither the Company, the Trustee nor any such agent shall be affected by notice
to the contrary. 
 This Note is a Global Security and is subject to the provisions of the Indenture relating to Global Securities, including the
limitations in Section 305 thereof on transfers and exchanges of Global Securities. 
 This Note and the Indenture shall be governed by, and construed
in accordance with, the laws of the State of New York. 
 All terms used in this Note which are defined in the Indenture shall have the meanings
assigned to them in the Indenture. 

  
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 EXHIBIT E 

FORM OF 3.450% NOTE DUE 2036 

UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION
(“DTC”), NEW YORK, NEW YORK, TO THE COMPANY OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN
AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS
WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN. 
 TRANSFERS OF THIS GLOBAL SECURITY
SHALL BE LIMITED TO TRANSFERS IN WHOLE, BUT NOT IN PART, TO NOMINEES OF DTC OR TO A SUCCESSOR THEREOF OR SUCH SUCCESSOR’S NOMINEE AND TRANSFERS OF PORTIONS OF THIS GLOBAL SECURITY SHALL BE LIMITED TO TRANSFERS MADE IN ACCORDANCE WITH THE
RESTRICTIONS SET FORTH IN THE INDENTURE REFERRED TO ON THE REVERSE HEREOF. 
 THIS NOTE IS A GLOBAL SECURITY WITHIN THE MEANING
OF THE INDENTURE REFERRED TO HEREIN AND IS REGISTERED IN THE NAME OF A DEPOSITARY OR A NOMINEE THEREOF. THIS NOTE MAY NOT BE EXCHANGED IN WHOLE OR IN PART FOR A NOTE REGISTERED, AND NO TRANSFER OF THIS NOTE IN WHOLE OR IN PART MAY BE REGISTERED, IN
THE NAME OF ANY PERSON OTHER THAN SUCH DEPOSITARY OR A NOMINEE THEREOF, EXCEPT IN THE LIMITED CIRCUMSTANCES DESCRIBED IN THE INDENTURE. 

MICROSOFT CORPORATION 
 3.450% Notes due
2036 
 CUSIP No.: 594918 BS2 
 ISIN: US594918BS26 

 

			
	No. A-[●]	  	$[●]

 MICROSOFT CORPORATION, a corporation duly incorporated under the laws of the State of Washington (herein called the
“Company,” which term includes any successor Person under the Indenture hereinafter referred to), for value received, hereby promises to pay to CEDE & CO., or registered assigns, the principal sum of $[●] ([●] DOLLARS) on August 8, 2036, and to pay interest thereon from August 8, 2016 or from the most recent Interest Payment Date to which
interest has been paid or duly provided for, semi-annually on February 8 and August 8 of each year, commencing on February 8, 2017, at the rate of 3.450% per annum, until the principal 

  
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hereof is paid or made available for payment; provided that any principal and premium, and any such installment of interest, which is overdue shall bear interest at the rate of 3.450% per
annum (to the extent permitted by applicable law), from the dates such amounts are due until they are paid or made available for payment, and such interest shall be payable on demand. The interest so payable, and punctually paid or duly provided
for, on any Interest Payment Date will, as provided in such Indenture, be paid to the Person in whose name this Note (or one or more Predecessor Securities) is registered at the close of business on the Regular Record Date for such interest, which
shall be the January 24 or the July 24 (whether or not a Business Day), as the case may be, next preceding such Interest Payment Date. Any such interest not so punctually paid or duly provided for will forthwith cease to be payable to the
Holder on such Regular Record Date and may either be paid to the Person in whose name this Note (or one or more Predecessor Securities) is registered at the close of business on a “Special Record Date” for the payment of such
Defaulted Interest to be fixed by the Trustee, notice whereof shall be given to Holders of Notes of this series not less than 10 days prior to such Special Record Date, or be paid at any time in any other lawful manner not inconsistent with the
requirements of any securities exchange on which the Notes of this series may be listed, and upon such notice as may be required by such exchange, all as more fully provided in the Indenture. 

Reference is hereby made to the further provisions of this Note set forth on the reverse hereof, which further provisions shall for all purposes have
the same effect as if set forth at this place. 
 Unless the certificate of authentication hereon has been executed by the Trustee referred to on the
reverse hereof by manual signature, this Note shall not be entitled to any benefit under the Indenture or be valid or obligatory for any purpose. 

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

Dated: August 8, 2016 
  

			
	MICROSOFT CORPORATION
		
	By:	 	  

		 	Name: George H. Zinn
		 	Title: Corporate Vice President, Treasurer

  
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 This Note is one of the Securities of the series designated therein referred to in the within-mentioned
Indenture. 
 Dated: August 8, 2016 
  

			
	 U.S. BANK NATIONAL ASSOCIATION,

        as Trustee

		
	By:	 	  

		 	Authorized Signatory

  
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 [REVERSE OF NOTE] 

This Note is one of a duly authorized issue of securities of the Company (herein called the “Notes”), issued under an Indenture, dated
as of May 18, 2009, between the Company and The Bank of New York Mellon Trust Company, N.A., as trustee, and an eleventh supplemental indenture relating to such series dated as of August 8, 2016 (herein, collectively called the
“Indenture,” which term shall have the meaning assigned to it in such instrument), between the Company and U.S. Bank National Association, as Trustee (herein called the “Trustee,” which term includes any successor
trustee under the Indenture), and reference is hereby made to the Indenture for a statement of the respective rights, limitations of rights, duties and immunities thereunder of the Company, the Trustee and the Holders of the Securities and of the
terms upon which the Notes are, and are to be, authenticated and delivered. This Note is one of the series designated on the face hereof, such series initially limited in aggregate principal amount to $2,250,000,000; provided that the Company
may at any time and from time to time, without the consent of any Holder, issue additional Notes of this series. 
 The Notes of this series are not
redeemable at the option of the Holders. 
 At any time prior to February 8, 2036, the Notes shall be redeemable in whole or in part, at any time or
from time to time, at the Company’s option, on at least 30 days’ but not more than 60 days’ prior notice mailed to the registered address of each Holder of Notes to be redeemed, at a redemption price (the “Make-Whole
Redemption Price”), calculated by the Company, equal to the greater of (1) 100% of the principal amount of the Notes to be redeemed and (2) the sum of the present values of each remaining scheduled payment of principal and
interest on the Notes to be redeemed (exclusive of interest accrued to the Redemption Date) discounted to the Redemption Date on a semiannual basis (assuming a 360-day year consisting of twelve 30-day months) at the Treasury Rate plus 20 basis
points. 
 At any time on or after February 8, 2036, the Notes shall be redeemable in whole or in part, at any time, at the Company’s option, on
at least 30 days’ but not more than 60 days’ prior notice mailed to the registered address of each Holder of Notes to be redeemed, at a redemption price (the “Final Redemption Price” and, together with the Make-Whole
Redemption Price, the “Redemption Price”) equal to 100% of the principal amount of the Notes to be redeemed. 
 The Redemption Price
for any Notes redeemed pursuant to the two preceding paragraphs shall include accrued and unpaid interest on the principal amount of such Notes to the Redemption Date. 

For purposes of calculating the Make-Whole Redemption Price, the following terms shall have the following specified meanings: 

“Comparable Treasury Issue” means the United States Treasury security or securities selected by an Independent Investment Banker as
having an actual or interpolated maturity comparable to the remaining term of the Notes 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 a
comparable maturity to the remaining term of the Notes. 

  
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 “Comparable Treasury Price” means, with respect to any Redemption Date (A) the arithmetic
average of the Reference Treasury Dealer Quotations for such Redemption Date, after excluding the highest and lowest such Reference Treasury Dealer Quotations or (B) if the Company obtains fewer than four such Reference Treasury Dealer Quotations,
the arithmetic average of all such quotations for such Redemption Date. 
 “Independent Investment Banker” means one of the Reference
Treasury Dealers appointed by the Company. 
 “Reference Treasury Dealer” means J.P. Morgan Securities LLC and Merrill Lynch, Pierce,
Fenner & Smith Incorporated, or their respective affiliates, which are primary U.S. government securities dealers in the United States of America and their respective successors plus two other primary U.S. government securities dealers in the
United States of America designated by the Company; provided, however, that if any of the foregoing shall cease to be a primary U.S. government securities dealer in the United States of America (a “Primary Treasury
Dealer”), the Company shall substitute therefor another Primary Treasury Dealer. 
 “Reference Treasury Dealer Quotation”
means, with respect to each Reference Treasury Dealer and any Redemption Date, the arithmetic average, as determined by the Company, of the bid and asked prices for the applicable Comparable Treasury Issue (expressed in each case as a percentage of
its principal amount) quoted in writing to the Company by such Reference Treasury Dealer at 3:30 p.m. (New York City time) on the third Business Day preceding such Redemption Date. 

“Treasury Rate” means, with respect to any Redemption Date, the rate per annum equal to the semiannual equivalent yield to maturity or
interpolated maturity (on a day count basis) of the applicable Comparable Treasury Issue, assuming a price for such Comparable Treasury Issue (expressed as a percentage of its principal amount) equal to the applicable Comparable Treasury Price for
such Redemption Date. 
 The provisions of Article XI of the Indenture shall apply to any redemption of the Notes. 

The Notes of this series are not entitled to the benefit of any sinking fund. 

The Indenture contains provisions for defeasance at any time of the entire indebtedness of the Notes of this series or certain restrictive covenants and
Events of Default with respect to such Notes, in each case upon compliance with certain conditions set forth in the Indenture. 
 If an Event of
Default with respect to Notes of this series shall occur and be continuing, the principal of such Notes may be declared, or shall immediately become, due and payable in the manner and with the effect provided in the Indenture. 

The Indenture permits, with certain exceptions as therein provided, the amendment thereof and the modification of the rights and obligations of the
Company and the rights of the Holders of the Notes 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 Notes at the time
Outstanding of each series to be affected. The Indenture also contains provisions permitting the Holders of specified percentages in aggregate principal 

  
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amount of the Notes of each series at the time Outstanding, on behalf of the Holders of all Notes 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 Holders of Notes of this series shall be conclusive and binding upon such Holders and upon all future Holders of this Note and of any Note issued
upon the registration of transfer hereof or in exchange herefor or in lieu hereof, whether or not notation of such consent or waiver is made upon this Note. 

As provided in and subject to the provisions of the Indenture, the Holders of the Notes of this series shall not have the right to institute any
proceeding with respect to the Indenture or for the appointment of a receiver or trustee or for any other remedy thereunder, unless such Holder shall have previously given the Trustee written notice of a continuing Event of Default with respect to
the Notes of this series, the Holders of not less than 25% in aggregate principal amount of the Notes of this series at the time Outstanding shall have made written request to the Trustee to institute proceedings in respect of such Event of Default
as Trustee and offered the Trustee reasonable indemnity, and the Trustee shall not have received from the Holders of a majority in aggregate principal amount of such Notes at the time Outstanding a direction inconsistent with such request, and shall
have failed to institute any such proceeding, for 60 days after receipt of such notice, request and offer of indemnity. The foregoing shall not apply to any suit instituted by the Holder of this Note for the enforcement of any payment of principal
hereof or any premium or interest hereon on or after the respective due dates expressed herein. 
 No reference herein to the Indenture and no
provision of this Note or of the Indenture shall alter or impair the obligation of the Company, which is absolute and unconditional, to pay the principal of and any premium and interest on this Note at the times, place and rate, and in the coin or
currency, herein prescribed. 
 As provided in the Indenture and subject to certain limitations therein set forth, the transfer of this Note is
registrable in the Security Register, upon surrender of this Note for registration of transfer at the office or agency of the Company in any place where the principal of and any premium and interest on this Note are payable, 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 hereof or his attorney duly authorized in writing, and thereupon one or more new Notes 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. 

The Notes of this series are issuable only in registered form without coupons in denominations of $2,000 and integral multiples of $1,000 in excess
thereof. As provided in the Indenture and subject to certain limitations therein set forth, Notes of this series are exchangeable for a like principal amount of Notes of this series and of like tenor of a different authorized denomination, as
requested by the Holder surrendering the same. 
 No service charge shall be made for any such registration of transfer or exchange, but the Company
may require payment of a sum sufficient to cover any tax or other governmental charge payable in connection therewith. 

  
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 Prior to due presentment of this Note for registration of transfer, the Company, the Trustee and any agent
of the Company or the Trustee may treat the Person in whose name this Note is registered as the owner hereof for all purposes, whether or not this Note be overdue, and neither the Company, the Trustee nor any such agent shall be affected by notice
to the contrary. 
 This Note is a Global Security and is subject to the provisions of the Indenture relating to Global Securities, including the
limitations in Section 305 thereof on transfers and exchanges of Global Securities. 
 This Note and the Indenture shall be governed by, and construed
in accordance with, the laws of the State of New York. 
 All terms used in this Note which are defined in the Indenture shall have the meanings
assigned to them in the Indenture. 

  
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 EXHIBIT F 

FORM OF 3.700% NOTE DUE 2046 

UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION
(“DTC”), NEW YORK, NEW YORK, TO THE COMPANY OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN
AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS
WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN. 
 TRANSFERS OF THIS GLOBAL SECURITY
SHALL BE LIMITED TO TRANSFERS IN WHOLE, BUT NOT IN PART, TO NOMINEES OF DTC OR TO A SUCCESSOR THEREOF OR SUCH SUCCESSOR’S NOMINEE AND TRANSFERS OF PORTIONS OF THIS GLOBAL SECURITY SHALL BE LIMITED TO TRANSFERS MADE IN ACCORDANCE WITH THE
RESTRICTIONS SET FORTH IN THE INDENTURE REFERRED TO ON THE REVERSE HEREOF. 
 THIS NOTE IS A GLOBAL SECURITY WITHIN THE MEANING
OF THE INDENTURE REFERRED TO HEREIN AND IS REGISTERED IN THE NAME OF A DEPOSITARY OR A NOMINEE THEREOF. THIS NOTE MAY NOT BE EXCHANGED IN WHOLE OR IN PART FOR A NOTE REGISTERED, AND NO TRANSFER OF THIS NOTE IN WHOLE OR IN PART MAY BE REGISTERED, IN
THE NAME OF ANY PERSON OTHER THAN SUCH DEPOSITARY OR A NOMINEE THEREOF, EXCEPT IN THE LIMITED CIRCUMSTANCES DESCRIBED IN THE INDENTURE. 

MICROSOFT CORPORATION 
 3.700% Notes due
2046 
 CUSIP No.: 594918 BT0 
 ISIN: US594918BT09 

 

			
	No. A-[●]	 	$[●]

 MICROSOFT CORPORATION, a corporation duly incorporated under the laws of the State of Washington (herein called the
“Company,” which term includes any successor Person under the Indenture hereinafter referred to), for value received, hereby promises to pay to CEDE & CO., or registered assigns, the principal sum of $[●] ([●] DOLLARS) on August 8, 2046, and to pay interest thereon from August 8, 2016 or from the most recent Interest Payment Date to which
interest has been paid or duly provided for, semi-annually on February 8 and August 8 of each year, commencing on February 8, 2017, at the rate of 3.700% per annum, until the principal 

  
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hereof is paid or made available for payment; provided that any principal and premium, and any such installment of interest, which is overdue shall bear interest at the rate of 3.700% per
annum (to the extent permitted by applicable law), from the dates such amounts are due until they are paid or made available for payment, and such interest shall be payable on demand. The interest so payable, and punctually paid or duly provided
for, on any Interest Payment Date will, as provided in such Indenture, be paid to the Person in whose name this Note (or one or more Predecessor Securities) is registered at the close of business on the Regular Record Date for such interest, which
shall be the January 24 or the July 24 (whether or not a Business Day), as the case may be, next preceding such Interest Payment Date. Any such interest not so punctually paid or duly provided for will forthwith cease to be payable to the
Holder on such Regular Record Date and may either be paid to the Person in whose name this Note (or one or more Predecessor Securities) is registered at the close of business on a “Special Record Date” for the payment of such
Defaulted Interest to be fixed by the Trustee, notice whereof shall be given to Holders of Notes of this series not less than 10 days prior to such Special Record Date, or be paid at any time in any other lawful manner not inconsistent with the
requirements of any securities exchange on which the Notes of this series may be listed, and upon such notice as may be required by such exchange, all as more fully provided in the Indenture. 

Reference is hereby made to the further provisions of this Note set forth on the reverse hereof, which further provisions shall for all purposes have
the same effect as if set forth at this place. 
 Unless the certificate of authentication hereon has been executed by the Trustee referred to on the
reverse hereof by manual signature, this Note shall not be entitled to any benefit under the Indenture or be valid or obligatory for any purpose. 

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

Dated: August 8, 2016 
  

			
	 MICROSOFT CORPORATION

		
	 By:
	 	  

		 	 Name: George H. Zinn

		 	Title: Corporate Vice President, Treasurer

  
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 This Note is one of the Securities of the series designated therein referred to in the within-mentioned
Indenture. 
 Dated: August 8, 2016 
  

			
	 U.S. BANK NATIONAL ASSOCIATION,

        as Trustee

		
	By:	 	  

		 	Authorized Signatory

  
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 [REVERSE OF NOTE] 

This Note is one of a duly authorized issue of securities of the Company (herein called the “Notes”), issued under an Indenture, dated
as of May 18, 2009, between the Company and The Bank of New York Mellon Trust Company, N.A., as trustee, and an eleventh supplemental indenture relating to such series dated as of August 8, 2016 (herein, collectively called the
“Indenture,” which term shall have the meaning assigned to it in such instrument), between the Company and U.S. Bank National Association, as Trustee (herein called the “Trustee,” which term includes any successor
trustee under the Indenture), and reference is hereby made to the Indenture for a statement of the respective rights, limitations of rights, duties and immunities thereunder of the Company, the Trustee and the Holders of the Securities and of the
terms upon which the Notes are, and are to be, authenticated and delivered. This Note is one of the series designated on the face hereof, such series initially limited in aggregate principal amount to $4,500,000,000; provided that the Company
may at any time and from time to time, without the consent of any Holder, issue additional Notes of this series. 
 The Notes of this series are not
redeemable at the option of the Holders. 
 At any time prior to February 8, 2046, the Notes shall be redeemable in whole or in part, at any time or
from time to time, at the Company’s option, on at least 30 days’ but not more than 60 days’ prior notice mailed to the registered address of each Holder of Notes to be redeemed, at a redemption price (the “Make-Whole
Redemption Price”), calculated by the Company, equal to the greater of (1) 100% of the principal amount of the Notes to be redeemed and (2) the sum of the present values of each remaining scheduled payment of principal and
interest on the Notes to be redeemed (exclusive of interest accrued to the Redemption Date) discounted to the Redemption Date on a semiannual basis (assuming a 360-day year consisting of twelve 30-day months) at the Treasury Rate plus 25 basis
points. 
 At any time on or after February 8, 2046, the Notes shall be redeemable in whole or in part, at any time, at the Company’s option, on
at least 30 days’ but not more than 60 days’ prior notice mailed to the registered address of each Holder of Notes to be redeemed, at a redemption price (the “Final Redemption Price” and, together with the Make-Whole
Redemption Price, the “Redemption Price”) equal to 100% of the principal amount of the Notes to be redeemed. 
 The Redemption Price
for any Notes redeemed pursuant to the two preceding paragraphs shall include accrued and unpaid interest on the principal amount of such Notes to the Redemption Date. 

For purposes of calculating the Make-Whole Redemption Price, the following terms shall have the following specified meanings: 

“Comparable Treasury Issue” means the United States Treasury security or securities selected by an Independent Investment Banker as
having an actual or interpolated maturity comparable to the remaining term of the Notes 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 a
comparable maturity to the remaining term of the Notes. 

  
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 “Comparable Treasury Price” means, with respect to any Redemption Date (A) the arithmetic
average of the Reference Treasury Dealer Quotations for such Redemption Date, after excluding the highest and lowest such Reference Treasury Dealer Quotations or (B) if the Company obtains fewer than four such Reference Treasury Dealer Quotations,
the arithmetic average of all such quotations for such Redemption Date. 
 “Independent Investment Banker” means one of the Reference
Treasury Dealers appointed by the Company. 
 “Reference Treasury Dealer” means J.P. Morgan Securities LLC and Merrill Lynch, Pierce,
Fenner & Smith Incorporated, or their respective affiliates, which are primary U.S. government securities dealers in the United States of America and their respective successors plus two other primary U.S. government securities dealers in the
United States of America designated by the Company; provided, however, that if any of the foregoing shall cease to be a primary U.S. government securities dealer in the United States of America (a “Primary Treasury
Dealer”), the Company shall substitute therefor another Primary Treasury Dealer. 
 “Reference Treasury Dealer Quotation”
means, with respect to each Reference Treasury Dealer and any Redemption Date, the arithmetic average, as determined by the Company, of the bid and asked prices for the applicable Comparable Treasury Issue (expressed in each case as a percentage of
its principal amount) quoted in writing to the Company by such Reference Treasury Dealer at 3:30 p.m. (New York City time) on the third Business Day preceding such Redemption Date. 

“Treasury Rate” means, with respect to any Redemption Date, the rate per annum equal to the semiannual equivalent yield to maturity or
interpolated maturity (on a day count basis) of the applicable Comparable Treasury Issue, assuming a price for such Comparable Treasury Issue (expressed as a percentage of its principal amount) equal to the applicable Comparable Treasury Price for
such Redemption Date. 
 The provisions of Article XI of the Indenture shall apply to any redemption of the Notes. 

The Notes of this series are not entitled to the benefit of any sinking fund. 

The Indenture contains provisions for defeasance at any time of the entire indebtedness of the Notes of this series or certain restrictive covenants and
Events of Default with respect to such Notes, in each case upon compliance with certain conditions set forth in the Indenture. 
 If an Event of
Default with respect to Notes of this series shall occur and be continuing, the principal of such Notes may be declared, or shall immediately become, due and payable in the manner and with the effect provided in the Indenture. 

The Indenture permits, with certain exceptions as therein provided, the amendment thereof and the modification of the rights and obligations of the
Company and the rights of the Holders of the Notes 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 Notes at the time
Outstanding of each series to be affected. The Indenture also contains provisions permitting the Holders of specified percentages in aggregate principal 

  
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amount of the Notes of each series at the time Outstanding, on behalf of the Holders of all Notes 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 Holders of Notes of this series shall be conclusive and binding upon such Holders and upon all future Holders of this Note and of any Note issued
upon the registration of transfer hereof or in exchange herefor or in lieu hereof, whether or not notation of such consent or waiver is made upon this Note. 

As provided in and subject to the provisions of the Indenture, the Holders of the Notes of this series shall not have the right to institute any
proceeding with respect to the Indenture or for the appointment of a receiver or trustee or for any other remedy thereunder, unless such Holder shall have previously given the Trustee written notice of a continuing Event of Default with respect to
the Notes of this series, the Holders of not less than 25% in aggregate principal amount of the Notes of this series at the time Outstanding shall have made written request to the Trustee to institute proceedings in respect of such Event of Default
as Trustee and offered the Trustee reasonable indemnity, and the Trustee shall not have received from the Holders of a majority in aggregate principal amount of such Notes at the time Outstanding a direction inconsistent with such request, and shall
have failed to institute any such proceeding, for 60 days after receipt of such notice, request and offer of indemnity. The foregoing shall not apply to any suit instituted by the Holder of this Note for the enforcement of any payment of principal
hereof or any premium or interest hereon on or after the respective due dates expressed herein. 
 No reference herein to the Indenture and no
provision of this Note or of the Indenture shall alter or impair the obligation of the Company, which is absolute and unconditional, to pay the principal of and any premium and interest on this Note at the times, place and rate, and in the coin or
currency, herein prescribed. 
 As provided in the Indenture and subject to certain limitations therein set forth, the transfer of this Note is
registrable in the Security Register, upon surrender of this Note for registration of transfer at the office or agency of the Company in any place where the principal of and any premium and interest on this Note are payable, 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 hereof or his attorney duly authorized in writing, and thereupon one or more new Notes 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. 

The Notes of this series are issuable only in registered form without coupons in denominations of $2,000 and integral multiples of $1,000 in excess
thereof. As provided in the Indenture and subject to certain limitations therein set forth, Notes of this series are exchangeable for a like principal amount of Notes of this series and of like tenor of a different authorized denomination, as
requested by the Holder surrendering the same. 
 No service charge shall be made for any such registration of transfer or exchange, but the Company
may require payment of a sum sufficient to cover any tax or other governmental charge payable in connection therewith. 

  
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 Prior to due presentment of this Note for registration of transfer, the Company, the Trustee and any agent
of the Company or the Trustee may treat the Person in whose name this Note is registered as the owner hereof for all purposes, whether or not this Note be overdue, and neither the Company, the Trustee nor any such agent shall be affected by notice
to the contrary. 
 This Note is a Global Security and is subject to the provisions of the Indenture relating to Global Securities, including the
limitations in Section 305 thereof on transfers and exchanges of Global Securities. 
 This Note and the Indenture shall be governed by, and construed
in accordance with, the laws of the State of New York. 
 All terms used in this Note which are defined in the Indenture shall have the meanings
assigned to them in the Indenture. 

  
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 EXHIBIT G 

FORM OF 3.950% NOTE DUE 2056 

UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION
(“DTC”), NEW YORK, NEW YORK, TO THE COMPANY OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN
AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS
WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN. 
 TRANSFERS OF THIS GLOBAL SECURITY
SHALL BE LIMITED TO TRANSFERS IN WHOLE, BUT NOT IN PART, TO NOMINEES OF DTC OR TO A SUCCESSOR THEREOF OR SUCH SUCCESSOR’S NOMINEE AND TRANSFERS OF PORTIONS OF THIS GLOBAL SECURITY SHALL BE LIMITED TO TRANSFERS MADE IN ACCORDANCE WITH THE
RESTRICTIONS SET FORTH IN THE INDENTURE REFERRED TO ON THE REVERSE HEREOF. 
 THIS NOTE IS A GLOBAL SECURITY WITHIN THE MEANING
OF THE INDENTURE REFERRED TO HEREIN AND IS REGISTERED IN THE NAME OF A DEPOSITARY OR A NOMINEE THEREOF. THIS NOTE MAY NOT BE EXCHANGED IN WHOLE OR IN PART FOR A NOTE REGISTERED, AND NO TRANSFER OF THIS NOTE IN WHOLE OR IN PART MAY BE REGISTERED, IN
THE NAME OF ANY PERSON OTHER THAN SUCH DEPOSITARY OR A NOMINEE THEREOF, EXCEPT IN THE LIMITED CIRCUMSTANCES DESCRIBED IN THE INDENTURE. 

MICROSOFT CORPORATION 
 3.950% Notes due
2056 
 CUSIP No.: 594918 BU7 
 ISIN: US594918BU71 

 

			
	No. A-[●]	 	$[●]

 MICROSOFT CORPORATION, a corporation duly incorporated under the laws of the State of Washington (herein called the
“Company,” which term includes any successor Person under the Indenture hereinafter referred to), for value received, hereby promises to pay to CEDE & CO., or registered assigns, the principal sum of $[●] ([●] DOLLARS) on August 8, 2056, and to pay interest thereon from August 8, 2016 or from the most recent Interest Payment Date to which
interest has been paid or duly provided for, semi-annually on February 8 and August 8 of each year, commencing on February 8, 2017, at the rate of 3.950% per annum, until the principal 

  
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hereof is paid or made available for payment; provided that any principal and premium, and any such installment of interest, which is overdue shall bear interest at the rate of 3.950% per
annum (to the extent permitted by applicable law), from the dates such amounts are due until they are paid or made available for payment, and such interest shall be payable on demand. The interest so payable, and punctually paid or duly provided
for, on any Interest Payment Date will, as provided in such Indenture, be paid to the Person in whose name this Note (or one or more Predecessor Securities) is registered at the close of business on the Regular Record Date for such interest, which
shall be the January 24 or the July 24 (whether or not a Business Day), as the case may be, next preceding such Interest Payment Date. Any such interest not so punctually paid or duly provided for will forthwith cease to be payable to the
Holder on such Regular Record Date and may either be paid to the Person in whose name this Note (or one or more Predecessor Securities) is registered at the close of business on a “Special Record Date” for the payment of such
Defaulted Interest to be fixed by the Trustee, notice whereof shall be given to Holders of Notes of this series not less than 10 days prior to such Special Record Date, or be paid at any time in any other lawful manner not inconsistent with the
requirements of any securities exchange on which the Notes of this series may be listed, and upon such notice as may be required by such exchange, all as more fully provided in the Indenture. 

Reference is hereby made to the further provisions of this Note set forth on the reverse hereof, which further provisions shall for all purposes have
the same effect as if set forth at this place. 
 Unless the certificate of authentication hereon has been executed by the Trustee referred to on the
reverse hereof by manual signature, this Note shall not be entitled to any benefit under the Indenture or be valid or obligatory for any purpose. 

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

Dated: August 8, 2016 
  

			
	MICROSOFT CORPORATION
		
	By:	 	  

		 	Name: George H. Zinn
		 	Title: Corporate Vice President, Treasurer

  
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 This Note is one of the Securities of the series designated therein referred to in the within-mentioned
Indenture. 
 Dated: August 8, 2016 
  

			
	 U.S. BANK NATIONAL ASSOCIATION,

        as Trustee

		
	By:	 	  

		 	Authorized Signatory

  
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 [REVERSE OF NOTE] 

This Note is one of a duly authorized issue of securities of the Company (herein called the “Notes”), issued under an Indenture, dated
as of May 18, 2009, between the Company and The Bank of New York Mellon Trust Company, N.A., as trustee, and an eleventh supplemental indenture relating to such series dated as of August 8, 2016 (herein, collectively called the
“Indenture,” which term shall have the meaning assigned to it in such instrument), between the Company and U.S. Bank National Association, as Trustee (herein called the “Trustee,” which term includes any successor
trustee under the Indenture), and reference is hereby made to the Indenture for a statement of the respective rights, limitations of rights, duties and immunities thereunder of the Company, the Trustee and the Holders of the Securities and of the
terms upon which the Notes are, and are to be, authenticated and delivered. This Note is one of the series designated on the face hereof, such series initially limited in aggregate principal amount to $2,250,000,000; provided that the Company
may at any time and from time to time, without the consent of any Holder, issue additional Notes of this series. 
 The Notes of this series are not
redeemable at the option of the Holders. 
 At any time prior to February 8, 2056, the Notes shall be redeemable in whole or in part, at any time or
from time to time, at the Company’s option, on at least 30 days’ but not more than 60 days’ prior notice mailed to the registered address of each Holder of Notes to be redeemed, at a redemption price (the “Make-Whole
Redemption Price”), calculated by the Company, equal to the greater of (1) 100% of the principal amount of the Notes to be redeemed and (2) the sum of the present values of each remaining scheduled payment of principal and
interest on the Notes to be redeemed (exclusive of interest accrued to the Redemption Date) discounted to the Redemption Date on a semiannual basis (assuming a 360-day year consisting of twelve 30-day months) at the Treasury Rate plus 30 basis
points. 
 At any time on or after February 8, 2056, the Notes shall be redeemable in whole or in part, at any time, at the Company’s option, on
at least 30 days’ but not more than 60 days’ prior notice mailed to the registered address of each Holder of Notes to be redeemed, at a redemption price (the “Final Redemption Price” and, together with the Make-Whole
Redemption Price, the “Redemption Price”) equal to 100% of the principal amount of the Notes to be redeemed. 
 The Redemption Price
for any Notes redeemed pursuant to the two preceding paragraphs shall include accrued and unpaid interest on the principal amount of such Notes to the Redemption Date. 

For purposes of calculating the Make-Whole Redemption Price, the following terms shall have the following specified meanings: 

“Comparable Treasury Issue” means the United States Treasury security or securities selected by an Independent Investment Banker as
having an actual or interpolated maturity comparable to the remaining term of the Notes 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 a
comparable maturity to the remaining term of the Notes. 

  
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 “Comparable Treasury Price” means, with respect to any Redemption Date (A) the arithmetic
average of the Reference Treasury Dealer Quotations for such Redemption Date, after excluding the highest and lowest such Reference Treasury Dealer Quotations or (B) if the Company obtains fewer than four such Reference Treasury Dealer Quotations,
the arithmetic average of all such quotations for such Redemption Date. 
 “Independent Investment Banker” means one of the Reference
Treasury Dealers appointed by the Company. 
 “Reference Treasury Dealer” means J.P. Morgan Securities LLC and Merrill Lynch, Pierce,
Fenner & Smith Incorporated, or their respective affiliates, which are primary U.S. government securities dealers in the United States of America and their respective successors plus two other primary U.S. government securities dealers in the
United States of America designated by the Company; provided, however, that if any of the foregoing shall cease to be a primary U.S. government securities dealer in the United States of America (a “Primary Treasury
Dealer”), the Company shall substitute therefor another Primary Treasury Dealer. 
 “Reference Treasury Dealer Quotation”
means, with respect to each Reference Treasury Dealer and any Redemption Date, the arithmetic average, as determined by the Company, of the bid and asked prices for the applicable Comparable Treasury Issue (expressed in each case as a percentage of
its principal amount) quoted in writing to the Company by such Reference Treasury Dealer at 3:30 p.m. (New York City time) on the third Business Day preceding such Redemption Date. 

“Treasury Rate” means, with respect to any Redemption Date, the rate per annum equal to the semiannual equivalent yield to maturity or
interpolated maturity (on a day count basis) of the applicable Comparable Treasury Issue, assuming a price for such Comparable Treasury Issue (expressed as a percentage of its principal amount) equal to the applicable Comparable Treasury Price for
such Redemption Date. 
 The provisions of Article XI of the Indenture shall apply to any redemption of the Notes. 

The Notes of this series are not entitled to the benefit of any sinking fund. 

The Indenture contains provisions for defeasance at any time of the entire indebtedness of the Notes of this series or certain restrictive covenants and
Events of Default with respect to such Notes, in each case upon compliance with certain conditions set forth in the Indenture. 
 If an Event of
Default with respect to Notes of this series shall occur and be continuing, the principal of such Notes may be declared, or shall immediately become, due and payable in the manner and with the effect provided in the Indenture. 

The Indenture permits, with certain exceptions as therein provided, the amendment thereof and the modification of the rights and obligations of the
Company and the rights of the Holders of the Notes 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 Notes at the time
Outstanding of each series to be affected. The Indenture also contains provisions permitting the Holders of specified percentages in aggregate principal 

  
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amount of the Notes of each series at the time Outstanding, on behalf of the Holders of all Notes 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 Holders of Notes of this series shall be conclusive and binding upon such Holders and upon all future Holders of this Note and of any Note issued
upon the registration of transfer hereof or in exchange herefor or in lieu hereof, whether or not notation of such consent or waiver is made upon this Note. 

As provided in and subject to the provisions of the Indenture, the Holders of the Notes of this series shall not have the right to institute any
proceeding with respect to the Indenture or for the appointment of a receiver or trustee or for any other remedy thereunder, unless such Holder shall have previously given the Trustee written notice of a continuing Event of Default with respect to
the Notes of this series, the Holders of not less than 25% in aggregate principal amount of the Notes of this series at the time Outstanding shall have made written request to the Trustee to institute proceedings in respect of such Event of Default
as Trustee and offered the Trustee reasonable indemnity, and the Trustee shall not have received from the Holders of a majority in aggregate principal amount of such Notes at the time Outstanding a direction inconsistent with such request, and shall
have failed to institute any such proceeding, for 60 days after receipt of such notice, request and offer of indemnity. The foregoing shall not apply to any suit instituted by the Holder of this Note for the enforcement of any payment of principal
hereof or any premium or interest hereon on or after the respective due dates expressed herein. 
 No reference herein to the Indenture and no
provision of this Note or of the Indenture shall alter or impair the obligation of the Company, which is absolute and unconditional, to pay the principal of and any premium and interest on this Note at the times, place and rate, and in the coin or
currency, herein prescribed. 
 As provided in the Indenture and subject to certain limitations therein set forth, the transfer of this Note is
registrable in the Security Register, upon surrender of this Note for registration of transfer at the office or agency of the Company in any place where the principal of and any premium and interest on this Note are payable, 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 hereof or his attorney duly authorized in writing, and thereupon one or more new Notes 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. 

The Notes of this series are issuable only in registered form without coupons in denominations of $2,000 and integral multiples of $1,000 in excess
thereof. As provided in the Indenture and subject to certain limitations therein set forth, Notes of this series are exchangeable for a like principal amount of Notes of this series and of like tenor of a different authorized denomination, as
requested by the Holder surrendering the same. 
 No service charge shall be made for any such registration of transfer or exchange, but the Company
may require payment of a sum sufficient to cover any tax or other governmental charge payable in connection therewith. 

  
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 Prior to due presentment of this Note for registration of transfer, the Company, the Trustee and any agent
of the Company or the Trustee may treat the Person in whose name this Note is registered as the owner hereof for all purposes, whether or not this Note be overdue, and neither the Company, the Trustee nor any such agent shall be affected by notice
to the contrary. 
 This Note is a Global Security and is subject to the provisions of the Indenture relating to Global Securities, including the
limitations in Section 305 thereof on transfers and exchanges of Global Securities. 
 This Note and the Indenture shall be governed by, and construed
in accordance with, the laws of the State of New York. 
 All terms used in this Note which are defined in the Indenture shall have the meanings
assigned to them in the Indenture. 

  
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