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Exhibit 10.6
THE SECURITIES REPRESENTED BY THIS CERTIFICATE HAVE BEEN ACQUIRED FOR INVESTMENT AND NOT WITH A VIEW TO, OR IN CONNECTION WITH, THE SALE AND DISTRIBUTION THEREOF, AND HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”) OR ANY STATE SECURITIES LAWS. SUCH SECURITIES MAY NOT BE SOLD OR TRANSFERRED IN THE ABSENCE OF (A) SUCH REGISTRATION, (B) AN OPINION OF COUNSEL IN A FORM REASONABLY ACCEPTABLE TO COMPANY THAT SUCH REGISTRATION IS NOT REQUIRED DUE TO AN EXEMPTION THEREFROM UNDER SAID ACT AND ANY APPLICABLE STATE SECURITIES LAWS OR (C) AYTU BIOPHARMA, INC. OTHERWISE SATISFIES ITSELF THAT SUCH TRANSACTION IS COMPLIANT WITH SUCH LAWS.
Date of Issuance: January 26, 2022
WARRANT TO PURCHASE
SHARES OF STOCK OF
AYTU BIOPHARMA, INC.
(Void after January 31, 2027)
This certifies that [•], or permitted assigns (“Holder”), for value received, is entitled to purchase from AYTU BIOPHARMA, INC., a Delaware corporation (“Company”), the Applicable Number (hereinafter defined) of fully paid and nonassessable shares of the Company’s Common Stock (the “Common Stock”), for cash, at a purchase price per share equal to the Exercise Price (hereinafter defined).  Holder may also exercise this Warrant on a cashless or “net issuance” basis as described in Section 1(b) below, and this Warrant shall be deemed to have been exercised in full on such basis on the Expiration Date (hereinafter defined), to the extent not fully exercised prior to such date.  This Warrant is issued in connection with that certain Loan and Security Agreement and Supplement thereto, both of even date herewith (as amended, restated and supplemented from time to time, the “Loan Agreement” and the “Supplement”, respectively), among Company, as borrower, and Holder, as lender (“Lender”) and Avenue Capital Management II, L.P., as Agent.  Capitalized terms used herein and not otherwise defined in this Warrant shall have the meaning(s) ascribed to them in the Loan Agreement and the Supplement, unless the context would otherwise require.
“Applicable Number” means the number of shares of Common Stock purchasable hereunder obtained by [REDACTED].
“Exercise Price” means the lower of (i) $1.21 or (ii) [REDACTED].
Subject to Section 4.3, this Warrant may be exercised at any time or from time to time up to and including 5:00 p.m. (Pacific time) on January 31, 2027 (the “Expiration Date”), upon surrender to Company at its principal office at 373 Inverness Parkway, Suite 206, Englewood, CO  80012 (or at such other location as Company may advise Holder in writing) of this Warrant properly endorsed with the Form of Subscription attached hereto duly completed and signed and upon payment in cash or by check of the aggregate Exercise Price for the number of shares for which this Warrant is being exercised determined in accordance with the provisions hereof.  The Exercise Price and the number of shares purchasable hereunder are subject to further adjustment as provided in Section 4 of this Warrant.
This Warrant is subject to the following terms and conditions:
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1.Exercise; Issuance of Certificates; Payment for Shares.
(a)Unless an election is made pursuant to clause (b) of this Section 1, this Warrant shall be exercisable at the option of Holder, at any time or from time to time, on or before the Expiration Date for all or any portion of the shares of Common Stock (but not for a fraction of a share) which may be purchased hereunder for the Exercise Price multiplied by the number of shares to be purchased.  Company agrees that the shares of Common Stock purchased under this Warrant shall be and are deemed to be issued to Holder as the record owner of such shares as of the close of business on the date on which the form of subscription shall have been delivered and payment made for such shares. Subject to the provisions of Section 2, certificates for the shares of Common Stock so purchased, together with any other securities or property to which Holder is entitled upon such exercise, shall be delivered to Holder by Company at Company’s expense within a reasonable time after the rights represented by this Warrant have been so exercised.  Except as provided in clause (b) of this Section 1, in case of a purchase of less than all the shares which may be purchased under this Warrant, Company shall cancel this Warrant and execute and deliver a new Warrant or Warrants of like tenor for the balance of the shares purchasable under this Warrant surrendered upon such purchase to Holder within a reasonable time.  Each stock certificate so delivered shall be in such denominations of Common Stock as may be requested by Holder and shall be registered in the name of such Holder or such other name as shall be designated by such Holder, subject to the limitations contained in Section 2.
(b)Holder, in lieu of exercising this Warrant by the cash payment of the Exercise Price pursuant to clause (a) of this Section 1, may elect, at any time on or before the Expiration Date, to surrender this Warrant and receive that number of shares of Common Stock computed using the following formula:
[Redacted]
Election to exercise under this Section 1(b) may be made by delivering a signed form of subscription to Company via facsimile, to be followed by delivery of this Warrant.  Notwithstanding anything to the contrary contained in this Warrant, if as of the close of business on the last business day preceding the Expiration Date this Warrant remains unexercised as to all or a portion of the shares of Common Stock purchasable hereunder, then effective as 9:00 a.m.  (Pacific time) on the Expiration Date, Holder shall be deemed, automatically and without need for notice to Company, to have elected to exercise this Warrant in full pursuant to the provisions of this Section 1(b), and upon surrender of this Warrant shall be entitled to receive that number of shares of Common Stock computed using the above formula, provided that the application of such formula as of the Expiration Date yields a positive number for “X”.
2.Limitation on Transfer.
(a)This Warrant and the Common Stock shall not be transferable except upon the conditions specified in this Section 2, which conditions are intended to ensure compliance with the provisions of the Securities Act of 1933, as amended (the “Securities Act”).  Each holder of this Warrant or the Common Stock issuable hereunder will cause any proposed transferee of the Warrant or Common Stock to agree to take and hold such securities subject to the provisions and upon the conditions specified in this Section 2.  Notwithstanding the foregoing and any other provision of this Section 2 but subject to the last sentence of Section 2(c), Holder may freely transfer all or part of this Warrant or the shares issuable upon exercise of this Warrant (or the securities issuable, directly or indirectly, upon conversion of the shares, if any) at any time to any affiliate of Lender under the Loan Agreement, by giving Company notice of the portion of the Warrant being transferred setting forth the name, address and taxpayer identification number of the transferee and surrendering this Warrant to Company for reissuance to the transferees(s) (and Holder, if applicable).
(b)Each certificate representing (i) this Warrant, (ii) the Common Stock, (iii) any other securities issued in respect to the Common Stock upon any stock split, stock dividend, recapitalization, merger, consolidation or similar event, shall (unless otherwise permitted by the provisions of this Section 2 or unless such securities have been registered under the Securities Act or sold under Rule 144) be stamped or otherwise imprinted
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with a legend substantially in the following form (in addition to any legend required under applicable state securities laws):
THE SECURITIES REPRESENTED BY THIS CERTIFICATE HAVE BEEN ACQUIRED FOR INVESTMENT AND NOT WITH A VIEW TO, OR IN CONNECTION WITH, THE SALE AND DISTRIBUTION THEREOF, AND HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OR ANY STATE SECURITIES LAWS.  SUCH SECURITIES MAY NOT BE SOLD OR TRANSFERRED IN THE ABSENCE OF (A) SUCH REGISTRATION, (B) AN OPINION OF COUNSEL IN A FORM REASONABLY ACCEPTABLE TO COMPANY THAT SUCH REGISTRATION IS NOT REQUIRED DUE TO AN EXEMPTION THEREFROM UNDER SAID ACT AND ANY APPLICABLE STATE SECURITIES LAWS OR (C) AYTU BIOPHARMA, INC. OTHERWISE SATISFIES ITSELF THAT SUCH TRANSACTION IS COMPLIANT WITH SUCH LAWS.
(c)Holder of this Warrant and each person to whom this Warrant is subsequently transferred represents and warrants to Company and agrees (by acceptance of such transfer) that it will not transfer this Warrant (or securities issuable upon exercise hereof unless a registration statement under the Securities Act was in effect with respect to such securities at the time of issuance thereof) unless (i) there is an effective registration statement under the Securities Act and applicable state securities laws covering any such transaction, (ii) pursuant to Rule 144 under the Securities Act (or any other rule under the Securities Act relating to the disposition of securities), (iii) Company receives an opinion of counsel, reasonably satisfactory to Company, that an exemption from such registration is available or (iv) the Company otherwise satisfies itself that such transaction is exempt from registration.  Notwithstanding the foregoing or any other provision of this Section 2, Holder shall not transfer this Warrant (or securities issuable upon exercise hereof, or securities issuable, directly or indirectly, upon conversion of such securities, if any) to any competitor of Company, as determined in good faith by the Board, without the prior written consent of Company.
(d)As a condition to the exercise of this Warrant and the issuance of Common Stock, if requested by the Company by reasonable notice to Holder, Holder shall agree in writing to be fully bound by any investors rights, shareholder or similar agreements applicable to holders of Common Stock (“Investor Agreements”), provided that Holder shall not be required to agree to any terms of such agreements that are inconsistent with the terms of this Warrant.
3.Shares to be Fully Paid; Reservation of Shares. Company covenants and agrees that all shares of Common Stock which may be issued upon the exercise of the rights represented by this Warrant will, upon issuance, be duly authorized, validly issued, fully paid and nonassessable and free from all preemptive rights of any stockholder and free of all taxes, liens and charges with respect to the issue thereof.  Company further covenants and agrees that during the period within which the rights represented by this Warrant may be exercised, Company will at all times have authorized and reserved, for the purpose of issue or transfer upon exercise of the subscription rights evidenced by this Warrant, a sufficient number of shares of authorized but unissued Common Stock, or other securities and property, when and as required to provide for the exercise of the rights represented by this Warrant.  Company will take all such action as may be necessary to assure that such shares of Common Stock may be issued as provided herein without violation of any applicable law or regulation, or of any requirements of any domestic securities exchange upon which the Common Stock may be listed.  Company will not take any action which would result in any adjustment of the Exercise Price (as described in Section 4 hereof) (i) if the total number of shares of Common Stock issuable after such action upon exercise of all outstanding warrants, together with all shares of Common Stock then outstanding and all shares of Common Stock then issuable upon exercise of all options and upon the conversion of all convertible securities then outstanding, would exceed the total number of shares of Common Stock then authorized by Company’s Charter or (ii) if the par value per share of the Common Stock would exceed the Exercise Price.
4.Adjustment of Exercise Price and Number of Shares.  The Exercise Price and the number of shares purchasable upon the exercise of this Warrant shall be subject to adjustment from time to time upon the occurrence of certain events described in this Section 4.  Upon each adjustment of the Exercise Price, Holder of this Warrant shall thereafter be entitled to purchase, at the Exercise Price resulting from such adjustment, the number of shares obtained by multiplying the Exercise Price in effect immediately prior to such adjustment by the number of shares purchasable
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pursuant hereto immediately prior to such adjustment, and dividing the product thereof by the Exercise Price resulting from such adjustment.
4.1Subdivision or Combination of Stock.  In case Company shall at any time subdivide its outstanding shares of Common Stock into a greater number of shares, the Exercise Price in effect immediately prior to such subdivision shall be proportionately reduced, and conversely, in case the outstanding shares of Common Stock of Company shall be combined into a smaller number of shares, the Exercise Price in effect immediately prior to such combination shall be proportionately increased.
4.2Dividends.  If at any time or from time to time the holders of Common Stock (or any shares of stock or other securities at the time receivable upon the exercise of this Warrant) shall have received or become entitled to receive,
(a)Common Stock, or any shares of stock or other securities whether or not such securities are at any time directly or indirectly convertible into or exchangeable for Common Stock, or any rights or options to subscribe for, purchase or otherwise acquire any of the foregoing by way of dividend or other distribution,
(b)any cash paid or payable including as a cash dividend, or
(c)Common Stock or other or additional stock or other securities or property (including cash) by way of spin off, split-up, reclassification, combination of shares or similar corporate rearrangement, (other than shares of Common Stock issued as a stock split, adjustments in respect of which shall be covered by the terms of Section 4.1 above),
then and in each such case, Holder hereof shall, upon the exercise of this Warrant, be entitled to receive, in addition to the number of shares of Common Stock receivable thereupon, and without payment of any additional consideration therefor, the amount of stock and other securities and property (including cash in the cases referred to in clauses (b) and (c) above) which such Holder would hold on the date of such exercise had it been the holder of record of such Common Stock as of the date on which holders of Common Stock received or became entitled to receive such shares and/or all other additional stock and other securities and property.
4.3Change of Control. In the event of a Change of Control (as hereinafter defined), this Warrant shall be automatically exchanged for a number of shares of Company’s securities, such number of shares being equal to the maximum number of shares issuable pursuant to the terms hereof (after taking into account all adjustments described herein) had Holder elected to exercise this Warrant immediately prior to the closing of such Change of Control and purchased all such shares pursuant to the cash exercise provision set forth in Section 1(a) hereof (as opposed to the cashless exercise provision set forth in Section 1(b)).  Company acknowledges and agrees that Holder shall not be required to make any payment (cash or otherwise) for such shares as further consideration for their issuance pursuant to the terms of the preceding sentence.  “Change of Control” shall mean any sale, license, or other disposition of all or substantially all of the assets of Company, any reorganization, consolidation, merger or other transaction involving Company where the holders of Company’s securities before the transaction beneficially own less than 50% of the outstanding voting securities of the surviving entity after the transaction; provided that an issuance of equity securities for the primary purpose of raising capital shall not be considered a Change of Control under this Warrant.  This Warrant shall terminate upon Holder’s receipt of the number of shares of Company’s equity securities described in this Section 4.3.
4.4 “Pay-to-Play” Exemption.
(a)The other antidilution rights applicable to the shares of Common Stock purchasable hereunder, if any, are set forth in Company’s Charter. Such antidilution rights shall not be restated, amended, modified or waived in any manner without Holder’s prior written consent if the effect of such restatement,
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amendment, modification or waiver on Holder would be more adverse to Holder with respect to the shares of Common Stock issuable upon the exercise of this Warrant than, and substantially dissimilar to, its effect on the other holders of the same class or series of Company’s Common Stock.  Company shall promptly provide Holder with any restatement, amendment, modification or waiver of the Charter with respect to any such antidilution rights promptly after the same has been made.
(b)In the event that Company’s Charter provides, or is amended to so provide, for the amendment or modification of the rights, preferences or privileges of the shares of Common Stock issuable upon the exercise of this Warrant, or the reclassification, conversion or exchange of the outstanding shares of such Common Stock, in the event that a holder of shares thereof fails to participate in an equity financing or debt financing transaction (as applicable, a “Pay-to-Play Provision”), and in the event that such Pay-to-Play Provision becomes operative in a transaction occurring after the date hereof, this Warrant shall automatically and without any action required become exercisable for that type of shares of equity securities as would have been issued or exchanged, or would have remained outstanding, in respect of the shares of Common Stock issuable hereunder had this Warrant been exercised in full prior to such event (and for that number of shares of equity securities as would have been issued or exchanged, or would have remained outstanding, in respect of the shares of Common Stock issuable hereunder had this Warrant been exercised in full prior to such event, if applicable), and had Holder participated in the equity or debt financing to the maximum extent permitted.
4.5Notice of Adjustment.  Upon any adjustment of the Exercise Price, and/or any increase or decrease in the number of shares purchasable upon the exercise of this Warrant, Company shall give written notice thereof to Holder pursuant to Section 12.  The notice, which may be substantially in the form of Exhibit “A” attached hereto, shall be signed by Company’s chief financial officer and shall state the Exercise Price resulting from such adjustment and the increase or decrease, if any, in the number of shares purchasable at such price upon the exercise of this Warrant, setting forth in reasonable detail the method of calculation and the facts upon which such calculation is based.
4.6Other Notices.  If at any time:
(a)Company shall declare any cash dividend upon its Common Stock;
(b)Company shall declare any dividend upon its Common Stock payable in stock or make any special dividend or other distribution to the holders of its Common Stock;
(c)Company shall offer for subscription pro rata to the holders of its Common Stock any additional shares of stock of any class or other rights;
(d)there shall be any capital reorganization or reclassification of the capital stock of Company, or consolidation or merger of Company with, or sale of all or substantially all of its assets to, another entity;
(e)there shall be a voluntary or involuntary dissolution, liquidation or winding-up of Company; or
(f)Company shall take or propose to take any other action, notice of which is actually provided to holders of the Common Stock;
then, in any one or more of said cases, Company shall give Holder, pursuant to Section 12, (i) at least 20 days’ prior written notice of the date on which the books of Company shall close or a record shall be taken for such dividend, distribution or subscription rights or for determining rights to vote in respect of any such reorganization, reclassification, consolidation, merger, sale, dissolution, liquidation or winding-up, or other action and (ii) in the case of any such reorganization, reclassification, consolidation, merger, sale, dissolution, liquidation or winding-up,
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 or other action, at least 20 days’ written notice of the date when the same shall take place.  Any notice given in accordance with the foregoing clause (i) shall also specify, in the case of any such dividend, distribution or subscription rights, the date on which the holders of Common Stock shall be entitled thereto.  Any notice given in accordance with the foregoing clause (ii) shall also specify the date on which the holders of Common Stock shall be entitled to exchange their Common Stock for securities or other property deliverable upon such reorganization, reclassification, consolidation, merger, sale, dissolution, liquidation or winding-up, or other action as the case may be.
4.7Certain Events.  If any change in the outstanding Common Stock of Company or any other event occurs as to which the other provisions of this Section 4 are not strictly applicable or if strictly applicable would not fairly effect the adjustments to this Warrant in accordance with the essential intent and principles of such provisions, then the Board shall make in good faith an adjustment in the number and class of shares issuable under this Warrant, the Exercise Price and/or the application of such provisions, in accordance with such essential intent and principles, so as to protect such purchase rights as aforesaid.  The adjustment shall be such as will give Holder of this Warrant upon exercise for the same aggregate Exercise Price the total number, class and kind of shares as Holder would have owned had this Warrant been exercised prior to the event and had Holder continued to hold such shares until after the event requiring adjustment.
5.Issue Tax.  The issuance of certificates for shares of Common Stock upon the exercise of this Warrant shall be made without charge to Holder of this Warrant for any issue tax in respect thereof; provided, however, that Company shall not be required to pay any tax which may be payable in respect of any transfer involved in the issuance and delivery of any certificate in a name other than that of the then Holder of this Warrant being exercised.
6.Closing of Books.   Company will at no time close its transfer books against the transfer of this Warrant or of any shares of Warrant  Stock issued or issuable upon the exercise of this Warrant in any manner which interferes with the timely exercise of this Warrant.
7.No Voting Rights; Limitation of Liability.  Nothing contained in this Warrant shall be construed as conferring upon Holder hereof the right to vote or to consent as a stockholder in respect of meetings of stockholders for the election of directors of Company or any other matters or any rights whatsoever as a stockholder of Company.  No dividends or interest shall be payable in respect of this Warrant or the interest represented hereby or the shares purchasable hereunder until, and only to the extent that, this Warrant shall have been exercised; provided, however, that if any dividends are due or paid at any time on the underlying securities for which this Warrant is exercisable, then upon exercise, the securities issued to Holder shall be deemed to have accrued dividends and be paid identical dividends from the same time as the outstanding shares for which this Warrant is exercisable were first issued (or, if later, the date of this Warrant).  No provisions hereof, in the absence of affirmative action by Holder to purchase shares of Common Stock, and no mere enumeration herein of the rights or privileges of Holder hereof, shall give rise to any liability of such Holder for the Exercise Price or as a stockholder of Company, whether such liability is asserted by Company or by its creditors.
8.Amendment of Charter.  Unless Holder consents thereto in writing, Company shall not amend its Charter prior to the exercise of this Warrant if the Common Stock would be adversely affected by such amendment in a manner that would be more adverse to Holder with respect to the shares of Common Stock issuable upon the exercise of this Warrant than, and substantially dissimilar to, such amendment’s effect on the other holders of the same class or series of Common Stock.
9.Registration Rights.  Holder shall be entitled, with respect to the shares of Common Stock issued upon exercise hereof, to all of the registration rights set forth in the Registration Rights Agreement, dated as of the Date of Issuance (as amended from time to time, the “Rights Agreement”), to the same extent and on the same terms and conditions as possessed by the “Investors” thereunder with the following exceptions and clarifications: (i) Holder will have no right to make a written request under the Rights Agreement that Company file a registration
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statement under the Securities Act; (ii) Holder will be subject to the same provisions regarding indemnification as contained in the Rights Agreement; and (iii) the registration rights are freely assignable by Holder of this Warrant in connection with a permitted transfer of this Warrant or the shares issuable upon exercise hereof. Company and Holder shall take such action as may be reasonably necessary to assure that the granting of such registration rights to Holder does not violate the provisions of the Rights Agreement or any of Company's charter documents or rights of prior grantees of registration rights.
10.Rights and Obligations Survive Exercise of Warrant.  The rights and obligations of Company, of Holder of this Warrant and of the holder of shares of Common Stock issued upon exercise of this Warrant, contained in Sections 6, 8, 9 and 19 shall survive the exercise of this Warrant.
11.Modification and Waiver.  This Warrant and any provision hereof may be changed, waived, discharged or terminated only by an instrument in writing signed by the party against which enforcement of the same is sought.
12.Notices.  Any notice, request or other document required or permitted to be given or delivered to Holder or Company shall be deemed to have been given (i) upon receipt if delivered personally or by courier (ii) upon confirmation of receipt if by telecopy or (iii) three business days after deposit in the US mail, with postage prepaid and certified or registered, to each such Holder at its address as shown on the books of Company or to Company at the address indicated therefor in the opening paragraphs of this Warrant (or at such other location as Company may advise Holder in writing).
13.Survival of Certain Obligations.  All of the obligations of Company relating to the Common Stock issuable upon the exercise of this Warrant shall survive the exercise and termination of this Warrant.  All of the covenants and agreements of Company shall inure to the benefit of and be binding upon the successors and permitted assigns of Holder.  Company will, at the time of the exercise of this Warrant, in whole or in part, upon request of Holder but at Company’s expense, acknowledge in writing its continuing obligation to Holder in respect of any rights (including, without limitation, any right to registration of the shares of Common Stock) to which Holder shall continue to be entitled after such exercise in accordance with this Warrant; provided, that the failure of Holder to make any such request shall not affect the continuing obligation of Company to Holder in respect of such rights.
14.Descriptive Headings and Governing Law.  The descriptive headings of the several sections and paragraphs of this Warrant are inserted for convenience only and do not constitute a part of this Warrant.  This Warrant shall be construed and enforced in accordance with, and the rights of the parties shall be governed by, the laws of the State of Delaware.
15.Lost Warrants or Stock Certificates.  Company agrees that upon receipt of evidence reasonably satisfactory to Company of the loss, theft, destruction, or mutilation of any Warrant or stock certificate and, in the case of any such loss, theft or destruction, upon receipt of an indemnity reasonably satisfactory to Company, or in the case of any such mutilation upon surrender and cancellation of such Warrant or stock certificate, Company at its expense will make and deliver a new Warrant or stock certificate, of like tenor, in lieu of the lost, stolen, destroyed or mutilated Warrant or stock certificate.
16.Fractional Shares.  No fractional shares shall be issued upon exercise of this Warrant.  Company shall, in lieu of issuing any fractional share, pay the holder entitled to such fraction a sum in cash equal to such fraction multiplied by the then effective Exercise Price.
17.Representations of Holder.  With respect to this Warrant, Holder represents and warrants to Company as follows:
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17.1Experience.  It is experienced in evaluating and investing in companies engaged in businesses similar to that of Company;  it understands that investment in this Warrant involves substantial risks; it has made detailed inquiries concerning Company, its business and services, its officers and its personnel; the officers of Company have made available to Holder any and all written information it has requested; the officers of Company have answered to Holder’s satisfaction all inquiries made by it; in making this investment it has relied upon information made available to it by Company; and it has such knowledge and experience in financial and business matters that it is capable of evaluating the merits and risks of investment in Company and it is able to bear the economic risk of that investment.
17.2Investment.  It is acquiring this Warrant for investment for its own account and not with a view to, or for resale in connection with, any distribution thereof.  It understands that this Warrant and the shares of Common Stock issuable upon exercise of this Warrant, have not been registered under the Securities Act, nor qualified under applicable state securities laws.
17.3Rule 144.  It acknowledges that this Warrant and the Common Stock issuable upon exercise of this Warrant must be held indefinitely unless they are subsequently registered under the Securities Act or an exemption from such registration is available.  It has been advised or is aware of the provisions of Rule 144 promulgated under the Securities Act.
17.4Access to Data.  It has had an opportunity to discuss Company’s business, management and financial affairs with Company’s management and has had the opportunity to inspect Company’s facilities.
17.5Accredited Investor. It is an “accredited investor” within the meaning of Regulation D promulgated under the Securities Act.
18.Additional Representations and Covenants of Company.  Company hereby represents, warrants and agrees as follows:
18.1Corporate Power.  Company has all requisite corporate power and corporate authority to issue this Warrant and to carry out and perform its obligations hereunder.
18.2Authorization.  All corporate action on the part of Company, its directors and stockholders necessary for the authorization, execution, delivery and performance by Company of this Warrant has been taken.  This Warrant is a valid and binding obligation of Company, enforceable in accordance with its terms.
18.3Offering.  Subject in part to the truth and accuracy of Holder’s representations set forth in Section 17 hereof, the offer, issuance and sale of this Warrant is, and the issuance of Common Stock issuable upon exercise of this Warrant, will be exempt from the registration requirements of the Securities Act, and are exempt from the qualification requirements of any applicable state securities laws; and neither Company nor anyone acting on its behalf will take any action hereafter that would cause the loss of such exemptions.
18.4Listing; Stock Issuance.  Company shall secure and maintain the listing of the Common Stock or other securities issuable upon exercise of this Warrant, upon each securities exchange or over-the-counter market upon which securities of the same class or series issued by Company are listed, if any.  Upon exercise of this Warrant, Company will use commercially reasonable efforts to cause stock certificates representing the shares of Common Stock purchased pursuant to the exercise to be issued in the names of Holder, its nominees or assignees, as appropriate at the time of such exercise.
18.5Charter Documents.  Company has provided Holder with true and complete copies of Company’s Charter, By-Laws, and each Certificate of Designation or other charter document setting, forth any rights, preferences and privileges of Company’s capital stock, each as amended and in effect on the date of issuance of this Warrant.
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18.6Reserved.
18.7Financial and Other Reports.  Until the earlier of (a) the Expiration Date, and (b) the termination of this Warrant pursuant to Section 4.3, Company shall furnish to Holder (i) promptly following delivery to the Board after the close of each fiscal year of Company, a balance sheet, together with an income statement, a cash flow statement and a statement of changes in equity, for such fiscal year, in substantially the same form as such annual financial statements are furnished to the Board; (ii) within 60 days after the close of each fiscal quarter of Company, an unaudited balance sheet, income statement and cash flow statement, each at and as of the end of such quarter.  In addition, Company agrees to provide Holder at any time and from time to time with such information as Holder may reasonably request for purposes of Holder’s compliance (as determined by Holder in its reasonable discretion) with regulatory, accounting and reporting requirements applicable to Holder (e.g., Fair Value Accounting Standard 157), including any 409A valuation reports (or equivalent reports) and budgets, as well as information with respect to whether the securities issuable upon the exercise hereof constitute “qualified small business stock” for purposes of Section 1202(c) of the Internal Revenue Code and Section 18152.5 of the California Revenue and Taxation Code.  Notwithstanding the foregoing, Company shall not be required to furnish to Holder the financial information described in this Section 18.7 in the event such financial information has been previously delivered to Lender pursuant to the Loan Agreement.
19.Nasdaq Exercise Limitation.  Notwithstanding anything to the contrary contained herein, unless any shareholder approval of the this Warrant includes approval under Nasdaq Rule 5635(b), the number of shares of Common Stock that may be acquired by the Holder upon any exercise of this Warrant (or otherwise in respect hereof) shall be limited to the extent necessary to insure that, following such exercise (or other issuance), the total number of shares of Common Stock then beneficially owned by such Holder and its affiliates and any other Persons whose beneficial ownership of Common Stock would be aggregated with the Holder’s for purposes of Section 13(d) of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), does not exceed 19.9% of the total number of issued and outstanding shares of Common Stock (including for such purpose the shares of Common Stock issuable upon such exercise) as of the date of the transaction. For such purposes, beneficial ownership shall be determined in accordance with Section 13(d) of the Exchange Act and the rules and regulations promulgated thereunder. This provision shall not restrict the number of shares of Common Stock which a Holder may receive or beneficially own in order to determine the amount of securities or other consideration that such Holder may receive in the event of a transaction as set forth in Section 4.3 of this Warrant.
20.Counterparts; Facsimile.  Holder’s execution and delivery of Holder’s counterpart signature page to this Warrant via facsimile, electronic mail (including pdf or any electronic signature complying with the U.S. federal ESIGN Act of 2000, e.g., www.docusign.com) shall constitute Holder’s effective execution and delivery of this Warrant and agreement to and acceptance of the terms hereof for all purposes.
[Remainder of this page intentionally left blank; signature page follows]
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[Signature Page to Warrant]
IN WITNESS WHEREOF, Company has caused this Warrant to be duly executed by its officer, thereunto duly authorized as of the date of issuance set forth on the first page hereof.
AYTU BIOPHARMA, INC.
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	By:
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	Name:
	Joshua Disbrow
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	Title:
	Chief Executive Officer
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AGREED AND ACCEPTED:
HOLDER:
By:
Its:
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	By:
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	Name:
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	Title:
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FORM OF SUBSCRIPTION
(To be signed only upon exercise of Warrant)
	To:
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	☐
	The undersigned, the holder of the within Warrant, hereby irrevocably elects to exercise the purchase right represented by such Warrant for, and to purchase thereunder, (1) ________________ (_____) shares1 (the “Shares”) of Stock of __________ and herewith makes payment of _____________ Dollars ($________) therefor, and requests that the certificates for such shares be issued in the name of, and delivered to, _________, whose address is ___________.

	☐
	The undersigned hereby elects to convert ______ percent (__%) of the value of the Warrant pursuant to the provisions of Section 1(b) of the Warrant.

The undersigned acknowledges that it has reviewed the representations and warranties contained in Section 17 of this Warrant and by its signature below hereby makes such representations and warranties to Company.
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	1
	Insert here the number of shares called for on the face of the Warrant (or, in the case of a partial exercise, the portion thereof as to which the Warrant is being exercised), in either case without making any adjustment for additional Common Stock or any other stock or other securities or property or cash which, pursuant to the adjustment provisions of the Warrant, may be issuable upon exercise.

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ASSIGNMENT
FOR VALUE RECEIVED, the undersigned, the holder of the within Warrant, hereby sells, assigns and transfers all of the rights of the undersigned under the within Warrant, with respect to the number of shares of Common Stock covered thereby set forth herein below, unto:
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	Name of Assignee
	Address
	No. of Shares

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EXHIBIT “A”
[On letterhead of Company]
Reference is hereby made to that certain Warrant dated January 26, 2022 issued by AYTU BIOPHARMA, INC., a Delaware corporation (the “Company”), to [•] (the “Holder”).
[IF APPLICABLE]  The Warrant provides that the actual number and type of shares of Company's capital stock issuable upon exercise of the Warrant and the initial exercise price per share are to be determined by reference to one or more events or conditions subsequent to the issuance of the Warrant.  Such events or conditions have now occurred or lapsed, and Company wishes to confirm the actual number of shares issuable and the initial exercise price.  The provisions of this Supplement to Warrant are incorporated into the Warrant by this reference, and shall control the interpretation and exercise of the Warrant.
[IF APPLICABLE]  Notice is hereby given pursuant to Section 4.5 of the Warrant that the following adjustment(s) have been made to the Warrant:  [describe adjustments, setting forth details regarding method of calculation and facts upon which calculation is based].
This certifies that Holder is entitled to purchase from Company __________________________, at the Holder’s option,  either (i) (____________) fully paid and nonassessable shares of Company’s _________ Stock at a price of _________________________ Dollars ($__________) per share or (ii) (____________) fully paid and nonassessable shares of Company’s _________ Stock at a price of _________________________ Dollars ($__________) per share.  The applicable Exercise Price and the number of shares purchasable under the Warrant remain subject to adjustment as provided in Section 4 of the Warrant.
Executed this ___ day of ________________, 20___.
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	AYTU BIOPHARMA, INC.

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​EX-4.2

 EXHIBIT 4.2 

 
  

STARBUCKS CORPORATION 

$1,500,000,000 
 $500,000,000
Floating Rate Senior Notes due 2024 
 $ 1,000,000,000 3.000% Senior Notes due 2032 

 
  

EIGHTH SUPPLEMENTAL INDENTURE 

Dated as of February 14, 2022 

To 
 INDENTURE 

Dated as of September 15, 2016 
  

 
 U.S. BANK
TRUST COMPANY, NATIONAL ASSOCIATION, as successor in interest to U.S. BANK NATIONAL ASSOCIATION 
 Trustee 

 
  

 

 TABLE OF CONTENTS 

 

							
	 	 	 	  	Page	 
	 ARTICLE 1. DEFINITIONS AND INCORPORATION BY REFERENCE
	  	 	1	 
			
	 Section 1.01
	 	Relationship with Base Indenture	  	 	1	 
	 Section 1.02
	 	Definitions	  	 	2	 
	 Section 1.03
	 	Other Definitions	  	 	8	 
		
	 ARTICLE 2. THE NOTES
	  	 	8	 
			
	 Section 2.01
	 	Form and Dating	  	 	8	 
	 Section 2.02
	 	Transfer and Exchange	  	 	9	 
	 Section 2.03
	 	Issuance of Additional Notes	  	 	14	 
		
	 ARTICLE 3. REDEMPTION AND PREPAYMENT
	  	 	14	 
			
	 Section 3.01
	 	Notice of Redemption	  	 	14	 
	 Section 3.02
	 	Notes Redeemed in Part	  	 	15	 
	 Section 3.03
	 	Optional Redemption	  	 	15	 
	 Section 3.04
	 	Mandatory Redemption	  	 	16	 
		
	 ARTICLE 4. PARTICULAR COVENANTS
	  	 	16	 
			
	 Section 4.01
	 	Liens	  	 	16	 
	 Section 4.02
	 	Offer to Purchase Upon Change of Control Triggering Event	  	 	18	 
	 Section 4.03
	 	Sale and Lease-Back Transactions	  	 	20	 
		
	 ARTICLE 5. SUCCESSORS
	  	 	21	 
			
	 Section 5.01
	 	Merger, Consolidation or Sale of Assets	  	 	21	 
		
	 ARTICLE 6. DEFAULTS AND REMEDIES
	  	 	22	 
			
	 Section 6.01
	 	Events of Default	  	 	22	 
		
	 ARTICLE 7. MISCELLANEOUS
	  	 	23	 
			
	 Section 7.01
	 	Trust Indenture Act Controls	  	 	23	 
	 Section 7.02
	 	Governing Law	  	 	23	 
	 Section 7.03
	 	Successors	  	 	23	 
	 Section 7.04
	 	Severability	  	 	23	 
	 Section 7.05
	 	Counterpart Originals	  	 	23	 
	 Section 7.06
	 	Table of Contents, Headings, Etc.	  	 	23	 
	 Section 7.07
	 	Electronic Signature	  	 	24	 
	 Section 7.08
	 	Notices	  	 	24	 

  

			
	EXHIBITS	  	
		
	Exhibit A	  	FORM OF FLOATING RATE NOTE
	Exhibit B	  	FORM OF FIXED RATE NOTE

  
 i 

 EIGHTH SUPPLEMENTAL INDENTURE dated as of February 14, 2022, by and between Starbucks
Corporation, a Washington corporation (the “Company”), and U.S. Bank Trust Company, National Association, a national banking association organized and existing under the laws of the United States of America, as trustee (the
“Trustee”), and as successor in interest to U.S. Bank National Association. 
 The Company has heretofore executed and
delivered to the Trustee an indenture, dated as of September 15, 2016 (the “Base Indenture”, and together with this Eighth Supplemental Indenture, the “Indenture”), providing for the issuance from
time to time of one or more series of the Company’s securities. 
 The Company desires and has requested the Trustee pursuant to
Section 9.01 of the Base Indenture to join with it in the execution and delivery of this Eighth Supplemental Indenture in order to supplement the Base Indenture as, and to the extent set forth herein to provide for the issuance and the terms of
the Notes (as defined below). 
 Section 9.01 of the Base Indenture provides that the Company and the Trustee, without the consent of
any holders of the Company’s Securities, may amend or waive certain terms and conditions in the Base Indenture as permitted by Sections 2.01 and 2.02 thereof. 

The execution and delivery of this Eighth Supplemental Indenture has been duly authorized by a resolution of the Board of Directors of the
Company or a duly authorized committee thereof. 
 All conditions and requirements necessary to make this Eighth Supplemental Indenture a
valid, binding and legal instrument in accordance with its terms have been performed and fulfilled by the parties hereto and the execution and delivery thereof have been in all respects duly authorized by the parties hereto. 

The Company and the Trustee agree as follows for the benefit of each other and for the equal and ratable benefit of the Holders (as defined
herein) of the Floating Rate Senior Notes due 2024 (the “Floating Rate Notes”) and 3.000% Senior Notes due 2032 (the “Fixed Rate Notes” and, together with the Floating Rate Notes, the “Notes”): 

ARTICLE 1. 
 DEFINITIONS AND
INCORPORATION BY REFERENCE 
 Section 1.01 Relationship with Base Indenture. 

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

 The Trustee accepts the amendment of the Base Indenture effected by this Eighth Supplemental
Indenture and agrees to execute the trust created by the Base Indenture as hereby amended, but only upon the terms and conditions set forth in this Eighth Supplemental Indenture, including the terms and provisions defining and limiting the
liabilities and responsibilities of the Trustee in the performance of the trust created by the Base Indenture, and without limiting the generality of the foregoing, the Trustee will not be responsible in any manner whatsoever for or with respect to
any of the recitals or statements contained herein, all of which recitals or statements are made solely by the Company, or for or with respect to (1) the validity or sufficiency of this Eighth Supplemental Indenture or any of the terms or
provisions hereof, (2) the proper authorization hereof by the Company, (3) the due execution hereof by the Company or (4) the consequences (direct or indirect and whether deliberate or inadvertent) of any amendment herein provided
for, and the Trustee makes no representation with respect to any such matters. In entering into this Eighth Supplemental Indenture, the Trustee shall be entitled to the benefit of every provision of the Indenture relating to the conduct or affecting
the liability or affording protection to the Trustee, whether or not elsewhere herein so provided. 
 Section 1.02 Definitions.
Capitalized terms used herein without definition shall have the respective meanings set forth in the Base Indenture. The following terms have the meanings given to them in this Section 1.02: 

“Additional Notes” means any Notes (other than the Initial Notes) issued under this Eighth Supplemental Indenture in
accordance with Section 2.03 hereof, as part of the same series as either series of the Initial Notes. 
 “Applicable
Procedures” means, with respect to any transfer or exchange of or for beneficial interests in any Global Note, the rules and procedures of the Depositary that apply to such transfer or exchange. 

“Attributable Debt” with regard to a Sale and Lease-Back Transaction with respect to any Principal Property means, at
the time of determination, the lesser of (1) the present value of the total net amount of lease payments required to be paid under such lease during the remaining term thereof (after deducting the amount of rent to be received under non-cancellable subleases and including any period for which such lease has been extended), discounted at the greater of (i) the weighted average interest rate per annum borne by the Notes or (ii) the
interest rate inherent in such lease, in each case, as determined by the chief financial officer, treasurer or controller of the Company, compounded semiannually, or (2) the sale price for the Principal Property so sold and leased multiplied by
a fraction the numerator of which is the remaining portion of the base term of the lease included in such Sale and Lease-Back Transaction and the denominator of which is the base term of such lease. In the case of any lease which is terminable by
the lessee upon the payment of a penalty, such net amount shall be the lesser of (x) the net amount determined assuming termination upon the first date such lease may be terminated (in which case the net amount shall also include the amount of
the penalty, but shall not include any rent that would be required to be paid under such lease subsequent to the first date upon which it may be so terminated) or (y) the net amount determined assuming no such termination. 

  
 2 

 For purposes of determining such Attributable Debt, “lease payments” are
the aggregate amount of the rent payable by the lessee with respect to the applicable period, after excluding amounts required to be paid on account-of maintenance and repairs, water rates and
similar utility charges. If and to the extent the amount of any lease payment during any future period is not definitely determinable under the lease in question, the amount of such lease payment will be estimated in such reasonable manner as the
chief financial officer, treasurer or controller of the Company may in good faith determine. 
 “Base Indenture” has
the meaning set forth in the preamble to this Eighth Supplemental Indenture, as amended, supplemented or otherwise modified from time to time in accordance with the terms thereof. 

“Below Investment Grade Rating Event” means with respect to a particular series of the Notes, the Notes are rated
below an Investment Grade Rating by each of the Rating Agencies on any date from the date of the public notice of an arrangement that could result in a Change of Control until the end of the 60-day period
following public notice of the occurrence of the Change of Control (which 60-day period shall be extended so long as the rating of such Notes is under publicly announced consideration for possible downgrade by
any of the Rating Agencies); provided that a Below Investment Grade Rating Event otherwise arising by virtue of a particular reduction in rating shall not be deemed to have occurred in respect of a particular Change of Control (and thus shall not be
deemed a Below Investment Grade Rating Event for purposes of the definition of Change of Control Triggering Event hereunder) if the Rating Agencies making the reduction in rating to which this definition would otherwise apply do not announce or
publicly confirm or inform the Trustee in writing at its request that the reduction was the result, in whole or in part, of any event or circumstance comprised of or arising as a result of, or in respect of, the applicable Change of Control (whether
or not the applicable Change of Control shall have occurred at the time of the Below Investment Grade Rating Event). 
 “Beneficial
Owner” has the meaning assigned to such term in Rule 13d-3 and Rule 13d-5 under the Exchange Act, as in effect on February 14, 2022; provided that the
right to acquire Voting Stock (so long as such Person does not have the right to direct the voting of the Voting Stock subject to such right) or any veto power in connection with the acquisition or disposition of Voting Stock will not cause a party
to be a beneficial owner. 
 “Capital Stock” means: (1) with respect to any Person that is a corporation, any
and all shares, interests, participations or other equivalents (however designated and whether or not voting) of corporate stock, including each class of Common Stock and Preferred Stock of such Person; and (2) with respect to any Person that
is not a corporation, any and all partnership, membership or other equity interests of such Person. 
 “Change of Control”
means the occurrence of one or more of the following events: (1) any sale, lease, exchange or other transfer (in one transaction or a series of related transactions) of all or substantially all of the assets of the Company and its subsidiaries
taken as a whole to any “person” (as such term is used in Section 13(d)(3) of the Exchange Act) or “group” of such related “persons” (as such terms are used in Section 13(d)(3) of the Exchange Act (whether or
not otherwise in compliance with the provisions of the Indenture); (2) the approval by the 

  
 3 

 
holders of Capital Stock of the Company of any plan or proposal for the liquidation or dissolution of the Company (whether or not otherwise in compliance with the provisions of the Indenture); or
(3) the consummation of any transaction the result of which is that any “person” (as such term is used in Section 13(d)(3) of the Exchange Act) or “group” of such related “persons” (as such terms are used in
Section 13(d)(3) of the Exchange Act shall become the Beneficial Owner, directly or indirectly, of more than 50% of the aggregate ordinary voting power of the Voting Stock of the Company. 

Notwithstanding the foregoing, a transaction will not be deemed to involve a Change of Control if (i) the Company becomes a wholly owned
subsidiary of a holding company and (ii) the holders of the Voting Stock of such holding company immediately following such transaction are substantially the same as the holders of the Company’s Voting Stock immediately prior to such
transaction. 
 “Change of Control Triggering Event” means, with respect to a particular series of Notes, the
occurrence of both a Change of Control and a Below Investment Grade Rating Event. 
 “Common Stock” of any Person
means any and all shares, interests or other participations in, and other equivalents (however designated and whether voting or non-voting) of, such Person’s common stock, and includes, without
limitation, all series and classes of such common stock. 
 “Calculation Agent” means, U.S. Bank Trust Company,
National Association or its successor. 
 “Consolidated Net Tangible Assets” means, as of any date on which the
Company effects a transaction requiring such Consolidated Net Tangible Assets to be measured hereunder, the aggregate amount of assets (less applicable reserves) after deducting therefrom: (a) all current liabilities, except for current
maturities of long-term debt and obligations under capital leases; and (b) intangible assets, to the extent included in said aggregate amount of assets, all as set forth in the Company’s most recent consolidated balance sheet and computed
in accordance with GAAP applied on a consistent basis. 
 “Credit Agreement” means the Credit Agreement, dated as of
September 16, 2021, among the Company, Bank of America, N.A., in its capacity as Administrative Agent, Swing Line Lender and L/C Issuer, Wells Fargo Bank, N.A., Citibank, N.A. and U.S. Bank National Association, as co-syndication agents and L/C Issuers, JPMorgan Chase Bank, N.A., The Bank of Nova Scotia and Morgan Stanley MUFG Loan Partners, LLC, as co-documentation agents and the other
lenders party thereto, including any related letters of credit, notes, guarantees, collateral documents, instruments and agreements executed in connection therewith, in each case, as amended, extended, restated, modified, renewed, refunded,
replaced, refinanced, supplemented, modified or otherwise changed from time to time, in which case, the credit agreement or such other agreement governing indebtedness together with all other documents and instruments related thereto shall
constitute the “Credit Agreement” under the Indenture, whether with the same or different parties thereto. 

  
 4 

 “Definitive Note” means a certificated Note registered in the name
of the Holder thereof and issued in accordance with Section 2.02 hereof, substantially in the form of Exhibit A or Exhibit B hereto except that such Note will not bear the Global Note Legend. 

“Depositary” means, with respect to the Notes, DTC and any successor thereto designated as depositary for the Notes
pursuant to Section 2.02 of this Eighth Supplemental Indenture. 
 “Eighth Supplemental Indenture” means this
Eighth Supplemental Indenture, dated as of the date hereof, by and among the Company and the Trustee, governing the Notes, as amended, supplemented or otherwise modified from time to time in accordance with the Base Indenture and the terms hereof.

 “Funded Debt” means Indebtedness, whether or not contingent, for money borrowed (including all obligations
evidenced by bonds, debentures, notes or similar instruments) owed or guaranteed by the Company or any consolidated subsidiary, and any of the debt which under GAAP would appear as debt on the consolidated balance sheet of the Company. 

“Global Note Legend” means the legend set forth in Section 2.02(f), which is required to be placed on all Global
Notes issued under this Eighth Supplemental Indenture. 
 “Global Notes” means, individually and collectively, each
of the Global Notes, in the form of Exhibit A or Exhibit B hereto issued in accordance with Section 2.01 hereof. 

“Holder” means a Person in whose name a Note is registered. 

“Indenture” means the Base Indenture, as supplemented by this Eighth Supplemental Indenture, governing the Notes, in
each case, as amended, supplemented or restated from time to time. 
 “Indirect Participant” means a Person who
holds a beneficial interest in a Global Note through a Participant. 
 “Initial Notes” means each of (1) the
first $500,000,000 aggregate principal amount of the Floating Rate Notes and (2) the first $1,000,000,000 aggregate principal amount of the Fixed Rate Notes issued under this Eighth Supplemental Indenture on the date hereof. 

“Investment Grade Rating” means a rating equal to or higher than Baa3 (or the equivalent) by Moody’s and BBB- (or the equivalent) by S&P, or, in each case, if such Rating Agency ceases to rate either series of the Notes or fails to make a rating of such series of Notes publicly available for reasons outside of the
Company’s control, the equivalent investment grade credit rating by the replacement agency selected by the Company in accordance with the procedures described below. 

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

  
 5 

 “Nonrecourse Obligation” means Indebtedness or lease payment
obligations related to (i) the acquisition of a Principal Property not previously owned by the Company or any subsidiary or (ii) the financing of a project involving the development or expansion of any Principal Property owned by the
Company or any subsidiary, as to which the obligee with respect to such Indebtedness or obligation has no recourse to the Company or any subsidiary or any of the Company’s or its subsidiaries’ assets other than such Principal Property so
acquired, developed or expanded, as applicable. 
 “Notes” has the meaning assigned to it in the preamble to this
Eighth Supplemental Indenture. The Initial Notes of each series and the Additional Notes of such series will be treated as a single class for all purposes under this Eighth Supplemental Indenture, and unless the context otherwise requires, all
references to the Notes will include the Initial Notes and any Additional Notes. 
 “Par Call Date” means in the case of
the Fixed Rate Notes, November 14, 2031 (the date that is three months prior to the maturity date of the Fixed Rate Notes. 

“Participant” means, with respect to the Depositary, a Person who has an account with the Depositary. 

“Person” means any individual, corporation, partnership, joint venture, association, joint-stock company, trust,
unincorporated organization or limited liability company, or governmental or other entity. 
 “Preferred Stock” of
any Person means any Capital Stock of such Person that has preferential rights to any other Capital Stock of such Person with respect to dividends or redemptions or upon liquidation. 

“Principal Property” means any individual facility or real property, or portion thereof, owned or hereafter acquired
by the Company or any subsidiary and located within the United States of America, which, in the good faith opinion of the Company’s Chief Executive Officer, President, or Chief Financial Officer, is of material importance to the total business
conducted by the Company and its subsidiaries taken as a whole, provided that no such individual facility or property will be deemed of material importance if its gross book value (excluding therefrom any equipment and before deducting
accumulated depreciation) is less than 1.0% of the Consolidated Net Tangible Assets of the Company. With respect to any Sale and Lease-Back Transaction or series of related Sale and Lease-Back Transactions, the determination of whether any property
is a Principal Property shall be determined by reference to all properties affected by such transaction or series of transactions. 

“Rating Agencies” means (1) each of Moody’s and S&P; and (2) if any of Moody’s or S&P
ceases to rate the Notes or fails to make a rating of the Notes publicly available for reasons outside of the Company’s control, a “nationally recognized statistical rating organization,” as defined in Section 3(a)(62) of the
Exchange Act, selected by the Company (as certified by a resolution of its Board of Directors) as a replacement agency for Moody’s or S&P, or both of them, as the case may be. 

  
 6 

 “S&P” means S&P Global Ratings, a division of S&P Global, Inc.

 “Sale and Lease-Back Transaction” means any arrangement with any Person providing for the leasing by the Company
or any subsidiary of any Principal Property, whether now owned or hereafter acquired, which Principal Property has been or is to be sold or transferred by the Company or such subsidiary to such Person and which lease is required by GAAP to be
capitalized on the balance sheet of such lessee. 
 “Significant Subsidiary” means any subsidiary that would be a
“significant subsidiary” as defined in Article 1, Rule 1-02(w)(1)(ii) or (iii) of Regulation S-X, promulgated pursuant to the Securities Act, as such
regulation is in effect on the issue date of the notes. 
 “subsidiary” means any corporation, limited liability
company or other similar type of entity in which the Company and/or one or more of its subsidiaries together own voting stock, membership interests or other capital securities having the power to elect a majority of the Board of Directors or similar
governing body of such corporation, limited liability company or other similar type of entity, directly or indirectly. For the purposes of this definition, “voting stock” means stock or other capital securities which ordinarily have
voting power for the election of directors or similar governing body, whether at all times or only so long as no senior class of stock or other capital securities have such voting power by reason of any contingency. 

“Treasury Rate” means, with respect to any redemption date, the yield determined in accordance with the following two
paragraphs. 
 The Treasury Rate shall be determined by the Company or its designee (which shall not be the Trustee) after 4:15 p.m., New
York City time (or after such time as yields on U.S. government securities are posted daily by the Board of Governors of the Federal Reserve System), on the third business day preceding the redemption date based upon the yield or yields for the most
recent day that appear after such time on such day in the most recent statistical release published by the Board of Governors of the Federal Reserve System designated as “Selected Interest Rates (Daily)—H.15” (or any successor
designation or publication) (“H.15”) under the caption “U.S. government securities–Treasury constant maturities–Nominal” (or any successor caption or heading). In determining the Treasury Rate, the Company or its
designee shall select, as applicable: (1) the yield for the Treasury constant maturity on H.15 exactly equal to the period from the redemption date to the Par Call Date (the “Remaining Life”); or (2) if there is no such
Treasury constant maturity on H.15 exactly equal to the Remaining Life, the two yields—one yield corresponding to the Treasury constant maturity on H.15 immediately shorter than and one yield corresponding to the Treasury constant maturity on
H.15 immediately longer than the Remaining Life—and will interpolate to the Par Call Date on a straight-line basis (using the actual number of days) using such yields and rounding the result to three decimal places; or (3) if there is no
such Treasury constant maturity on H.15 shorter than or longer than the Remaining Life, the yield for the single Treasury constant maturity on H.15 closest to the Remaining Life. For purposes of this paragraph, the applicable Treasury constant
maturity or maturities on H.15 shall be deemed to have a maturity date equal to the relevant number of months or years, as applicable, of such Treasury constant maturity from the redemption date. 

  
 7 

 If on the third business day preceding the redemption date H.15 is no longer published, the
Company or its designee shall calculate the Treasury Rate based on the rate per annum equal to the semi-annual equivalent yield to maturity at 11:00 a.m., New York City time, on the second business day preceding such redemption date of the United
States Treasury security maturing on, or with a maturity that is closest to, the Par Call Date, as applicable. If there is no United States Treasury security maturing on the Par Call Date but there are two or more United States Treasury securities
with a maturity date equally distant from the Par Call Date, one with a maturity date preceding the Par Call Date and one with a maturity date following the Par Call Date, the Company or its designee shall select the United States Treasury security
with a maturity date preceding the Par Call Date. If there are two or more United States Treasury securities maturing on the Par Call Date or two or more United States Treasury securities meeting the criteria of the preceding sentence, then the
Company or its designee shall select from among these two or more United States Treasury securities the United States Treasury security that is trading closest to par based upon the average of the bid and asked prices for such United States Treasury
securities at 11:00 a.m., New York City time. In determining the Treasury Rate in accordance with the terms of this paragraph, the semi-annual yield to maturity of the applicable United States Treasury security shall be based upon the average of the
bid and asked prices (expressed as a percentage of principal amount) at 11:00 a.m., New York City time, of such United States Treasury security, and rounded to three decimal places. 

“Voting Stock” of any specified Person as of any date means the Capital Stock of such Person that is at the time entitled to vote in
the election of the board of directors of such Person. 
 Section 1.03 Other Definitions. 

 

					
	 Term
	  	Defined
in Section	 
	 “Change of Control Date”
	  	 	4.02	 
	 “Change of Control Offer”
	  	 	4.02	 
	 “Change of Control Payment Date”
	  	 	4.02	 
	 “Change of Control Purchase Price”
	  	 	4.02	 
	 “DTC”
	  	 	2.02	 
	 “Event of Default”
	  	 	6.01	 
	 “Mortgage”
	  	 	4.01	 
	 “Permitted Liens”
	  	 	4.01	 

 ARTICLE 2. 

THE NOTES 
 Section 2.01
Form and Dating. 
 (a) General. The Notes and the Trustee’s certificate of authentication will be substantially in the
forms of Exhibit A and Exhibit B hereto. The Notes may have notations, legends or endorsements required by law, stock exchange rule or usage. Each Note will be dated the date of its authentication. The Notes shall be in denominations
of $2,000 with integral multiples of $1,000 thereof. 

  
 8 

 The terms and provisions contained in the Notes will constitute, and are hereby expressly
made, a part of this Eighth Supplemental Indenture and the Company and the Trustee, by their execution and delivery of this Eighth Supplemental Indenture, expressly agree to such terms and provisions and to be bound thereby. However, to the extent
any provision of any Note conflicts with the express provisions of the Base Indenture, the provisions of the Note will govern and be controlling, and to the extent any provision of the Note conflicts with the express provisions of this Eighth
Supplemental Indenture, the provisions of this Eighth Supplemental Indenture will govern and be controlling. 
 (b) Global Notes.
Notes issued in global form will be substantially in the forms of Exhibit A and Exhibit B attached hereto (including the Global Note Legend thereon). Notes issued in definitive form will be substantially in the forms of Exhibit
A and Exhibit B attached hereto (but without the Global Note Legend thereon). Each Global Note will represent such of the outstanding Notes as will be specified therein and each will provide that it will represent the aggregate principal
amount of outstanding Notes from time to time endorsed thereon and that the aggregate principal amount of outstanding Notes represented thereby may from time to time be reduced or increased, as appropriate, to reflect exchanges and redemptions. Any
endorsement of a Global Note to reflect the amount of any increase or decrease in the aggregate principal amount of outstanding Notes represented thereby will be made by the Trustee or the Custodian, at the direction of the Trustee, in accordance
with instructions given by the Holder thereof as required by Section 2.02 hereof. 
 Section 2.02 Transfer and Exchange.

 (a) Transfer and Exchange of Global Notes. A Global Note may not be transferred as a whole except by the Depositary to a nominee of
the Depositary, by a nominee of the Depositary to the Depositary or to another nominee of the Depositary, or by the Depositary or any such nominee to a successor Depositary or a nominee of such successor Depositary. All Global Notes of a series will
be exchanged by the Company for Definitive Notes if: 
 (1) the Company delivers to the Trustee notice from the Depositary
that (A) it is unwilling or unable to continue to act as Depositary and a successor Depositary is not appointed by the Company within 90 days after the date of such notice from the Depositary or (B) it is no longer a clearing agency
registered under the Exchange Act; or 
 (2) the Company in its sole discretion determines that the Global Notes of such
series (in whole but not in part) should be exchanged for Definitive Notes and delivers a written notice to such effect to the Trustee. 

Upon the occurrence of either of the preceding events in (1) or (2) above, Definitive Notes will be issued in such names and in any
approved denominations as the Depositary will instruct the Trustee. Global Notes also may be exchanged or replaced, in whole or in part, as provided in Sections 2.08 and 2.11 of the Base Indenture. Every Note authenticated and delivered in exchange
for, or in lieu of, a Global Note or any portion thereof, pursuant to this Section 2.02 or Section 2.08 or 2.11 of the Base Indenture, will be authenticated and delivered in the form of, and will be, a Global Note. A Global Note may not be
exchanged for another Note other than as provided in this Section 2.02(a); however, beneficial interests in a Global Note may be transferred and exchanged as provided in Sections 2.02(b), (c) or (g) hereof. 

  
 9 

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

(1) Transfer of Beneficial Interests in the Same Global Note. Beneficial interests in any Global Note may be transferred
to Persons who take delivery thereof in the form of a beneficial interest in a Global Note. No written orders or instructions will be required to be delivered to the Registrar to effect the transfers described in this Section 2.02(b)(1). 

(2) All Other Transfers and Exchanges of Beneficial Interests in Global Notes. In connection with all transfers and
exchanges of beneficial interests that are not subject to Section 2.02(b)(1) above, the transferor of such beneficial interest must deliver to the Registrar either: 

(i) a written order from a Participant or an Indirect Participant given to the Depositary in accordance with the Applicable
Procedures directing the Depositary to credit or cause to be credited a beneficial interest in another Global Note in an amount equal to the beneficial interest to be transferred or exchanged; and 

(ii) instructions given in accordance with the Applicable Procedures containing information regarding the Participant account
to be credited with such increase. 
 Upon satisfaction of all of the requirements for transfer or exchange of beneficial interests in
Global Notes contained in this Eighth Supplemental Indenture and the Notes or otherwise applicable under the Securities Act, the Trustee will adjust the principal amount of the relevant Global Note(s) pursuant to Section 2.02(g) hereof. 

(c) Transfer or Exchange of Beneficial Interests for Definitive Notes. 

If any holder of a beneficial interest in a Global Note proposes to exchange such beneficial interest for a Definitive Note or to transfer
such beneficial interest to a Person who takes delivery thereof in the form of a Definitive Note, then, upon satisfaction of the conditions set forth in Section 2.02(b)(2) hereof, the Trustee will cause the aggregate principal amount of the
applicable Global Note to be reduced accordingly pursuant to Section 2.02(g) hereof, and the Company will execute and, upon receipt of an Authentication Order, the Trustee will authenticate and deliver to the Person designated in the
instructions a Definitive Note in the 

  
 10 

 
appropriate principal amount. Any Definitive Note issued in exchange for a beneficial interest pursuant to this Section 2.02(c) will be registered in such name or names and in such
authorized denomination or denominations as the holder of such beneficial interest requests through instructions to the Registrar from or through the Depositary and the Participant or Indirect Participant. The Trustee will deliver such
Definitive Notes to the Persons in whose names such Notes are so registered. 
 (d) Transfer and Exchange of Definitive Notes for
Beneficial Interests. 
 A Holder of a Definitive Note may exchange such Note for a beneficial interest in a Global Note or transfer
such Definitive Notes to a Person who takes delivery thereof in the form of a beneficial interest in a Global Note at any time. Upon receipt of a request for such an exchange or transfer, the Trustee will cancel the applicable Definitive Note
and increase or cause to be increased the aggregate principal amount of one of the Global Notes. 
 If any such exchange or transfer from a
Definitive Note to a beneficial interest is effected pursuant to the previous paragraph at a time when a Global Note has not yet been issued, the Company will issue and, upon receipt of an Authentication Order, the Trustee will authenticate one or
more Global Notes in an aggregate principal amount equal to the principal amount of Definitive Notes so transferred. 
 A Holder of
Definitive Notes may transfer such Notes to a Person who takes delivery thereof in the form of a Definitive Note. 
 (e) Transfer and
Exchange of Definitive Notes for Definitive Notes. Upon request by a Holder of Definitive Notes and such Holder’s compliance with the provisions of this Section 2.02(e), the Registrar will register the transfer or exchange of
Definitive Notes. Prior to such registration of transfer or exchange, the requesting Holder will present or surrender to the Registrar the Definitive Notes duly endorsed or accompanied by
a-written instruction of transfer in form satisfactory to the Registrar duly executed by such Holder or by his attorney, duly authorized in writing. In addition, the requesting Holder will
provide any additional certifications, documents and information, as applicable, required pursuant to the following provisions of this Section 2.02(e). 

(f) Legends. The following legends will appear on the face of all Global Notes issued under this Eighth Supplemental Indenture unless
specifically stated otherwise in the applicable provisions of this Eighth Supplemental Indenture. 
 “THIS GLOBAL NOTE IS HELD BY THE
DEPOSITARY (AS DEFINED IN THE EIGHTH SUPPLEMENTAL INDENTURE GOVERNING THIS NOTE) OR ITS NOMINEE IN CUSTODY FOR THE BENEFIT OF THE BENEFICIAL OWNERS HEREOF, AND IS NOT TRANSFERABLE TO ANY PERSON UNDER ANY CIRCUMSTANCES EXCEPT THAT (I) THE
TRUSTEE MAY MAKE SUCH NOTATIONS HEREON AS MAY BE REQUIRED PURSUANT TO SECTION 2.02 OF THE EIGHTH SUPPLEMENTAL INDENTURE, (II) THIS GLOBAL NOTE MAY BE EXCHANGED IN WHOLE BUT NOT IN PART PURSUANT TO SECTION 2.02(a) OF THE EIGHTH SUPPLEMENTAL
INDENTURE, (III) THIS GLOBAL NOTE MAY BE DELIVERED TO THE TRUSTEE FOR CANCELLATION PURSUANT TO SECTION 2.12 OF THE BASE INDENTURE AND (IV) THIS GLOBAL NOTE MAY BE TRANSFERRED TO A SUCCESSOR DEPOSITARY WITH THE PRIOR WRITTEN CONSENT OF THE
COMPANY. 

  
 11 

 UNLESS AND UNTIL IT IS EXCHANGED IN WHOLE OR IN PART FOR NOTES IN DEFINITIVE FORM, THIS NOTE
MAY NOT BE TRANSFERRED EXCEPT AS A WHOLE BY THE DEPOSITARY TO A NOMINEE OF THE DEPOSITARY OR BY A NOMINEE OF THE DEPOSITARY TO THE DEPOSITARY OR ANOTHER NOMINEE OF THE DEPOSITARY OR BY THE DEPOSITARY OR ANY SUCH NOMINEE TO A SUCCESSOR DEPOSITARY OR
A NOMINEE OF SUCH SUCCESSOR DEPOSITARY. UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY (55 WATER STREET, NEW YORK, NEW YORK) (“DTC”) TO THE COMPANY OR ITS AGENT FOR REGISTRATION
OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR SUCH OTHER NAME AS MAY BE REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO. OR SUCH OTHER
ENTITY AS MAY BE REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST
HEREIN.” 
 (g) Cancellation and/or Adjustment of Global Notes. At such time as all beneficial interests in a particular Global
Note have been exchanged for Definitive Notes or a particular Global Note has been redeemed, repurchased or canceled in whole and not in part, each such Global Note will be returned to or retained and canceled by the Trustee in accordance with
Section 2.12 of the Base Indenture. At any time prior to such cancellation, if any beneficial interest in a Global Note is exchanged for or transferred to a Person who will take delivery thereof in the form of a beneficial interest in
another Global Note or for Definitive Notes, the principal amount of Notes represented by such Global Note will be reduced accordingly and an endorsement will be made on such Global Note by the Trustee or by the Depositary at the direction of the
Trustee to reflect such reduction; and if the beneficial interest is being exchanged for or transferred to a Person who will take delivery thereof in the form of a beneficial interest in another Global Note, such other Global Note will be increased
accordingly and an endorsement will be made on such Global Note by the Trustee or by the Depositary at the direction of the Trustee to reflect such increase. 

(h) General Provisions Relating to Transfers and Exchanges. 

(1) To permit registrations of transfers and exchanges, the Company will execute and, upon receipt of an Authentication Order,
the Trustee will authenticate Global Notes and Definitive Notes upon the Company’s order or at the Registrar’s request. 

  
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 (2) No service charge will be made to a holder of a beneficial interest in a
Global Note or to a Holder of a Definitive Note for any registration of transfer or exchange, but the Company or the Trustee may require payment of a sum sufficient to cover any transfer tax or similar governmental charge payable in connection
therewith (other than any such transfer taxes or similar governmental charge payable upon exchange or transfer pursuant to Section 4.02 hereof and Sections 2.11, 3.06 and 9.05 of the Base Indenture). 

(3) The Registrar will not be required to register the transfer of or exchange any Note selected for redemption in whole or in
part, except the unredeemed portion of any Note being redeemed in part. 
 (4) All Global Notes and Definitive Notes issued
upon any registration of transfer or exchange of Global Notes or Definitive Notes will be the valid obligations of the Company, evidencing the same debt, and entitled to the same benefits under this Eighth Supplemental Indenture, as the Global Notes
or Definitive Notes surrendered upon such registration of transfer or exchange. 
 (5) The Company will not be required: 

(A) to issue, to register the transfer of or to exchange any Notes during a period of 15 days before the day of any selection
of Notes for redemption under Section 3.02 of the Base Indenture and ending at the close of business on the day of selection; 

(B) to register the transfer of or to exchange any Note so selected for redemption in whole or in part, except the unredeemed
portion of any Note being redeemed in part; or 
 (C) to register the transfer of or to exchange a Note between a record date
and the next succeeding interest payment date. 
 (6) Prior to due presentment for the registration of a transfer of any
Note, the Trustee, any Agent and the Company may deem and treat the Person in whose name any Note is registered as the absolute owner of such Note for the purpose of receiving payment of principal of and interest on such Notes and for all other
purposes, and none of the Trustee, any Agent or the Company will be affected by notice to the contrary. 
 (7) The Trustee
will authenticate Global Notes and Definitive Notes in accordance with the provisions of Section 2.03 of the Base Indenture. 

(8) All certifications, certificates and Opinions of Counsel required to be submitted to the Registrar pursuant to this
Section 2.02 to effect a registration of transfer or exchange may be submitted by facsimile. 

  
 13 

 (9) The Trustee shall have no obligation or duty to monitor, determine or
inquire as to compliance with any restrictions on transfer imposed under this Eighth Supplemental Indenture or under applicable law with respect to any transfer of any interest in any Note other than to require delivery of such certificates and
other documentation or evidence as are expressly required by, and to do so if and when expressly required by the terms of, this Eighth Supplemental Indenture, and to examine the same to determine substantial compliance as to form with the express
requirements hereof. 
 (10) Neither the Trustee nor any Agent shall have any responsibility for any actions taken or not
taken by the Depositary. 
 Section 2.03 Issuance of Additional Notes. 

The Company will be entitled, upon delivery of an Officer’s Certificate and an Opinion of Counsel, to issue Additional Notes of a series
under this Eighth Supplemental Indenture which will have identical terms as the Initial Notes of such series issued on the date hereof, other than with respect to the date of issuance, and in some cases, issue price and the first interest payment
date; provided that if the Additional Notes are not fungible with the original notes for United States federal income tax purposes, the Additional Notes shall have a separate CUSIP number . The Initial Notes of each series issued on the date
hereof and any Additional Notes of such series issued will be treated as a single class for all purposes under this Eighth Supplemental Indenture. 

With respect to any Additional Notes, the Company will set forth in a resolution of its Board of Directors or an Officer’s Certificate, a
copy of each which will be delivered to the Trustee, the following information: 
 (a) the aggregate principal amount of such Additional
Notes to be authenticated and delivered pursuant to this Eighth Supplemental Indenture; and 
 (b) the issue price, the issue date and the
CUSIP number of such Additional Notes. 
 ARTICLE 3. 

REDEMPTION AND PREPAYMENT 

Section 3.01 Notice of Redemption. 

The Company shall deliver to the Trustee, at least 10 but not more than 60 days prior to the redemption date (or such shorter period as the
Trustee in its sole discretion may allow), an Officer’s Certificate requesting that the Trustee give such notice and setting forth the information to be stated in such notice as provided in Section 3.03 of the Base Indenture. Notice of
redemption shall be sent at least 10 but not more than 60 days before the redemption date to each Holder of the applicable series of Notes to be redeemed at its registered address. 

Any redemption or notice of any redemption (including the amount of Notes redeemed and conditions precedent applicable to different amounts of
Notes redeemed) may, at the Company’s discretion, be subject to one or more conditions precedent, including, but not limited to, completion of an equity offering, other offering, issuance of indebtedness or other transaction or event. Notice of
any redemption in respect thereof may be given prior to the completion thereof and may be partial as a result of only some of the conditions being satisfied. 

  
 14 

 If such redemption or notice is subject to satisfaction of one or more conditions precedent,
such notice shall state that, in the Company’s discretion, the redemption date may be delayed until such time (including more than 60 days after the date the notice of redemption was delivered) as any or all such conditions shall be satisfied
(or waived by the Company in its sole discretion), or such redemption may not occur and such notice may be rescinded in the event that any or all such conditions shall not have been satisfied (or waived by the Company in its sole discretion) by the
redemption date, or by the redemption date so delayed. In addition, the Company may provide in such notice that payment of the redemption price and performance of its obligations with respect to such redemption may be performed by another person.

 Section 3.02 Notes Redeemed in Part. 

No Notes of a principal amount of $2,000 or less shall be redeemed in part. 

Section 3.03 Optional Redemption. 

(a) At any time and from time to time, on and after February 14, 2023, some or all of the Floating Rate Notes shall be redeemable,
at the Company’s option, at a redemption price equal to 100% of the principal amount of the Floating Rate Notes to be redeemed, plus accrued and unpaid interest on the principal amount being redeemed to, but excluding, the redemption date. 

(b) At any time prior to the Par Call Date, the Fixed Rate Notes shall be redeemable, in whole at any time or in part from time to
time, at the Company’s option, at a redemption price equal to the greater of: 
 (i) 100% of the aggregate principal
amount of the Fixed Rate Notes to be redeemed; or 
 (ii) (1) the sum of the present values of the remaining scheduled
payments of principal and interest on the Fixed Rate Notes being redeemed, assuming that the Fixed Rate Notes to be redeemed matured on the Par Call 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, less (2) interest accrued to the redemption date, 

plus, in either case, accrued and unpaid interest on the Fixed Rate Notes being redeemed to, but excluding, the redemption date. 

Calculation of the foregoing shall be made by the Company or on the Company’s behalf by such Person as the Company shall designate;
provided, however, that such calculation shall not be a duty or obligation of the Trustee. 

  
 15 

 At any time and from time to time, on and after the Par Call Date, some or all of such Fixed
Rate Notes shall be redeemable, at the Company’s option, at a redemption price equal to 100% of the principal amount of the Fixed Rate Notes to be redeemed plus accrued and unpaid interest on the principal amount being redeemed to, but
excluding, the redemption date. 
 (c) Notwithstanding the foregoing, installments of interest on the Notes that are due and payable
on the applicable interest payment dates of the Notes, falling on or prior to a redemption date will be payable on such interest payment date, to the registered Holders as of the close of business on the relevant record date according to the Notes
of the applicable series. 
 (d) On and after the redemption date, interest will cease to accrue on the Notes or portions thereof called for
redemption as long as the Company has deposited with the Paying Agent funds in satisfaction of the applicable redemption price. 

Section 3.04 Mandatory Redemption. 

Except as set forth in Section 4.02, the Company is not required to make any mandatory redemption or sinking fund payments with respect to
the Notes. 
 ARTICLE 4. 

PARTICULAR COVENANTS 

Section 4.01 Liens. 

(a) The Company will not, and will not permit any of its subsidiaries to, issue, incur, create, assume or guarantee any Funded Debt secured by
a mortgage, deed of trust, security interest, pledge, lien, charge or other encumbrance (collectively, a “Mortgage”) upon any Principal Property or upon any shares of stock or Indebtedness of any subsidiary that owns any Principal
Property (whether such Principal Property, shares or Indebtedness are now existing or owed or hereafter created or acquired) without in any such case effectively providing, concurrently with the issuance, incurrence, creation, assumption or guaranty
of any such Funded Debt, or the grant of such Mortgage, that the Notes (together with, if the Company shall so determine, any other Indebtedness of or guaranty by the Company or such subsidiary ranking equally with the Notes) shall be secured
equally and ratably with (or, at the Company’s option, prior to) such Funded Debt; provided that any Mortgage created for the benefit of the Holders of the Notes pursuant to this provision shall provide by its terms that such Mortgage shall be
automatically and unconditionally released and discharged (i) upon the release and discharge of the Mortgage that resulted in such provision becoming applicable or upon such Mortgage constituting a Permitted Lien or being permitted under
Section 4.01(b) or Section 4.03(b) or (ii) at such time as such subsidiary is no longer a subsidiary of the Company. The foregoing restriction, however, will not apply to, and there shall be excluded from any computation under
Section 4.01(b) and Section 4.03(b), each of the following (and the Funded Debt secured thereby) (“Permitted Liens”): 

(1) Mortgages on property, shares of stock or Indebtedness or other assets of any Person existing at the time such Person
becomes a subsidiary; 

  
 16 

 (2) Mortgages on property, shares of stock or Indebtedness or other assets
existing at the time of acquisition thereof by the Company or a subsidiary, or Mortgages thereon to secure the payment of all or any part of the purchase price thereof or the cost of construction, installation, renovation, improvement or development
thereon or thereof, or Mortgages on property, shares of stock or Indebtedness or other assets to secure any Indebtedness incurred or guaranteed prior to, at the time of, or within 360 days after,
the latest of the acquisition thereof or, in the case of property, the completion of such construction, installation, renovation, improvement or development or the commencement of substantial commercial operation of such property for the purpose of
financing all or any part of the purchase price thereof, such construction, installation, renovation, improvement or development; 

(3) Mortgages in favor of the Company or a subsidiary to secure Funded Debt owing to the Company or to a subsidiary; 

(4) Mortgages existing on the date hereof; 

(5) Mortgages on property, shares of stock or Indebtedness or assets of a Person existing at the time such Person is merged
into or consolidated with the Company or a subsidiary or at the time of a sale, lease or other disposition of properties of such Person as an entirety or substantially as an entirety to the Company or a subsidiary; 

(6) Mortgages in favor of the United States of America or any state, territory or possession thereof (or the District of
Columbia), or any foreign government, or any department, agency, instrumentality or political subdivision of the United States of America or any state, territory or possession thereof (or the District of Columbia) or any foreign government, to
secure partial, progress, advance or other payments pursuant to any contract or statute or to secure any Indebtedness incurred or guaranteed for the purpose of financing all or any part of the purchase price or the cost of constructing or improving
the property subject to such Mortgages (including, but not limited to, Mortgages incurred in connection with pollution control or industrial revenue bonds or similar financing); 

(7) Mortgages created in connection with a project financed with, and created to secure, a Nonrecourse Obligation; or 

(8) modifications, refinancings, restructurings, extensions, renewals, refundings, or replacements, in whole or in part, of any
Mortgage referred to in the foregoing clauses (and for the avoidance of doubt, any successive extensions, renewals or replacements thereof); provided, however, that (A) the principal amount of Funded Debt secured thereby shall not
exceed the principal amount of Funded Debt, plus any fees and expenses (including any premium and defeasance costs and accrued interest or amortization of original issue discount) in connection with any such modification, refinancing, restructuring,
extension, renewal, refunding or replacement, so secured at the time of such modification, refinancing, restructuring, extension, renewal, refunding or replacement and (B) such extension, renewal, refunding, or replacement Mortgages will be
limited to all or part of the same property, shares of stock or Indebtedness or assets and improvement or development thereon or thereof which secured the Indebtedness so secured at the time of such modification, refinancing, restructuring,
extension, renewal, refunding or replacement. 

  
 17 

 (b) Notwithstanding the restrictions set forth in the first sentence of the preceding
paragraph, the Company or any subsidiary may issue, incur, create, assume or guarantee Funded Debt secured by a Mortgage which would otherwise be subject to such restrictions, without equally and ratably securing the .Notes, provided that after giving effect thereto, the aggregate amount of all Funded Debt so secured by Mortgages (not including Funded Debt secured by Permitted Liens) plus the aggregate
amount of all Attributable Debt in respect of Sale and Lease-Back Transactions relating to Principal Properties (excluding any Attributable Debt permitted to be incurred pursuant to clauses (1) through (8) of paragraph (a) of
Section 4.03 hereof) does not exceed 15 percent of the Company’s Consolidated Net Tangible Assets. 
 Section 4.02
Offer to Purchase Upon Change of Control Triggering Event. 
 (a) Upon the occurrence of a Change of Control Triggering Event (the
date of such occurrence, the “Change of Control Date”) with respect to a series of Notes, unless the Company has exercised its right to redeem such series of Notes pursuant to Section 3.03, each Holder of the Notes of
such series shall have the right to require the Company to purchase such Holder’s Notes in whole or in part at a purchase price (the “Change of Control Purchase Price”) equal to 101% of the principal amount of such Notes, plus
accrued and unpaid interest, if any, to, but not including, the date of purchase (the “Change of Control Payment Date”), pursuant to and in accordance with the offer described in this Section 4.02 (the “Change of
Control Offer”), subject to the rights of Holders of Notes of such series on the relevant record date to receive interest due on the relevant interest payment date, that is on or prior to the date of purchase. 

(b) Within 30 days following the Change of Control Date, or at the Company’s option, prior to any Change of Control but after public
announcement of the pending Change of Control, the Company shall send a notice to each Holder, with a copy to the Trustee, which notice shall govern the terms of the Change of Control Offer. Such notice shall state: 

(i) that the Change of Control Offer is being made pursuant to this Section 4.02 and that all Notes validly tendered will
be accepted for payment; 
 (ii) the Change of Control Purchase Price and the Change of Control Payment Date, which shall be
a Business Day that is no earlier than 10 days nor later than 60 days from the date such notice is sent, other than as may be required by law; 

(iii) that any Note not tendered will continue to accrue interest; 

(iv) that any Note accepted for payment pursuant to the Change of Control Offer shall cease to accrue interest after the Change
of Control Payment Date unless the Company shall default in the payment of the Change of Control Purchase Price of the Notes and the only remaining right of the Holder is to receive payment of the Change of Control Purchase Price upon surrender of
the Notes to the Paying Agent; 

  
 18 

 (v) that Holders electing to have a portion of a Note purchased pursuant to
a Change of Control Offer may only elect to have such Note purchased in integral multiples of $1,000; 
 (vi) that if a
Holder elects to have a Note purchased pursuant to the Change of Control Offer it will be required to surrender the Note, with the form entitled “Option of Holder to Elect Purchase” on the reverse of the Note completed, or
transfer by book-entry transfer, to the Paying Agent at the address specified in the notice prior to the close of business on the third Business Day prior to the Change of Control Payment Date; 

(vii) that a Holder will be entitled to withdraw its election if the Company receives, not later than the third Business Day
preceding the Change of Control Payment Date, a telegram, telex, facsimile transmission or letter setting forth the name of such Holder, the principal amount of Notes such Holder delivered for purchase, and a statement that such Holder is
withdrawing its election to have such Note purchased; and 
 (viii) that if Notes are purchased only in part a new Note of
the same type will be issued in a principal amount equal to the unpurchased portion of the Notes surrendered. 
 (c) On or before the Change
of Control Payment Date, the Company shall, to the extent lawful, accept for payment, all Notes or portions thereof validly tendered pursuant to the Change of Control Offer, and shall deliver to the Trustee an Officer’s Certificate stating that
such Notes or portions thereof were accepted for payment by the Company in accordance with the terms of this Section 4.02. The Company, the Depositary or the Paying Agent, as the case may be, shall promptly mail or deliver to each tendering
Holder an amount equal to the purchase price of the Notes tendered by such Holder and accepted by the Company for purchase, and the Company shall promptly issue a new Note, and the Trustee, upon receipt of an Authentication Order, shall authenticate
and mail or deliver such new Note to such Holder, in a principal amount equal to any unpurchased portion of the Note surrendered. Any Note not so accepted shall be promptly mailed or delivered by the Company to the Holder thereof. 

(d) The Company shall comply with the requirements of Rule 14e-1 under the Exchange Act and any other
securities laws and regulations thereunder to the extent such laws and regulations are applicable in connection with the repurchase of Notes pursuant to a Change of Control Offer. To the extent the provisions of any securities laws or regulations
conflict with the provisions under this Section 4.02, the Company shall comply with the applicable securities laws and regulations and shall not be deemed to have breached its obligations under this Section 4.02 by virtue thereof. 

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

  
 19 

 Section 4.03 Sale and Lease-Back Transactions. 

(a) The Company will not, and will not permit any of its subsidiaries to, enter into any Sale and Lease-Back Transaction with respect to any
Principal Property. The foregoing restriction, however, will not apply to, and therefore there will be excluded from any computation under subsection (b) below and under subsection (b) of Section 4.01, any Sale and Lease-Back
Transaction (and any Attributable Debt relating thereto) if: 
 (1) the Company or a subsidiary is permitted to create Funded
Debt secured by a Mortgage pursuant to any of clauses (1) through (8) inclusive under the second sentence of subsection (a) of Section 4.01 on the Principal Property involved in such Sale and Lease-Back Transaction, in an amount at
least equal to the Attributable Debt with respect to such Sale and Lease-Back Transaction, without equally and ratably securing the Notes; 

(2) the proceeds of such Sale and Lease-Back Transaction are at least equal to the fair market value of the affected Principal
Property (as determined in good faith by the Company’s Chief Executive Officer, President, Chief Financial Officer, Treasurer or Controller) and the Company or a subsidiary applies an amount equal to the net proceeds of such Sale and Lease-Back
Transaction within 360 days thereof to the prepayment or retirement of debt for borrowed money of the Company or a subsidiary (other than debt that is subordinated to the Notes or debt owed to the Company or a subsidiary); 

(3) the Company or a subsidiary apply an amount equal to the net proceeds of such Sale and Lease-Back Transaction within 360
days thereof to the purchase, construction, development, expansion or improvement of other property; 
 (4) such Sale and
Lease-Back Transaction involves a lease for a term, including renewals, of not more than three years; 
 (5) such Sale and
Lease-Back Transaction is between the Company and a subsidiary, or between subsidiaries; 
 (6) such Sale and Lease-Back
Transaction is executed at the time of, or within 12 months after the latest of the acquisition, the completion of construction or improvement, or the commencement of substantial commercial operation, of the Principal Property covered thereby; 

(7) the lease in such Sale and Lease-Back Transaction secures or relates to industrial revenue or pollution control bonds if
the Company is permitted to incur a Mortgage in connection with such industrial revenue or pollution control bonds pursuant to clause (6) of the second sentence of subsection (a) of Section 4.01; or 

(8) the lease payment in such Sale and Lease-Back Transaction is created in connection with a project financed with, and such
obligation constitutes, a Nonrecourse Obligation. 

  
 20 

 (b) Notwithstanding the restrictions in the first sentence of subsection (a), the Company or
any subsidiary may enter into any Sale and Lease-Back Transaction with respect to any Principal Property which would otherwise be subject to such restrictions, provided that after giving effect thereto, the aggregate amount of all Attributable Debt
with respect to all such Sale and Lease-Back Transactions (not including any Attributable Debt permitted to be incurred pursuant to clauses (1) through (8) of subsection (a) above) plus the aggregate amount of all secured Funded Debt
incurred pursuant to subsection (a) of Section 4.01 (excluding Funded Debt secured by Mortgages permitted by clauses (1) through (8) of the second sentence of subsection (a) thereunder) does not exceed 15 percent of the
Consolidated Net Tangible Assets. 
 ARTICLE 5. 

SUCCESSORS 
 Section 5.01
Merger, Consolidation or Sale of Assets. 
 The Company shall not, directly or indirectly, merge or consolidate with any other Person
or Persons (whether or not affiliated with the Company) or sell, convey, transfer, lease or otherwise dispose of all or substantially all of its property or assets to any other Person or Persons (whether or not affiliated with the Company), unless:

 (i) either: (a) the transaction is a merger or consolidation and the Company is the surviving entity; or (b) the successor
Person (or the Person which acquires by sale, conveyance, transfer or lease all or substantially all of the Company’s property or assets) is a corporation organized under the laws of the United States, any state thereof or the District of
Columbia and expressly assumes, by a supplemental indenture, executed and delivered to the Trustee, in form reasonably satisfactory to the Trustee, all of the Company’s obligations under the Notes and the Indenture; 

(ii) immediately after giving effect to the transaction and treating the Company’s obligations in connection with or as a result of such
transaction as having been incurred as of the time of such transaction, no Event of Default (and no event or condition which, after notice or lapse of time or both, would become an Event of Default) shall have occurred and be continuing under the
Indenture; and 
 (iii) an Officer’s Certificate and an Opinion of Counsel is delivered to the Trustee to the effect that both of the
conditions set forth in clauses (i) and (ii) above have been satisfied. 
 In the event of any of the above transactions, if there is a
successor Person as described in clause (i)(b) immediately above, then the successor will expressly assume all of the Company’s obligations under the Indenture and automatically be substituted for the Company in the Indenture and as issuer of
the Notes and may exercise the Company’s every right and power under the Notes and the Indenture. Further, if the transaction is in the form of a sale or conveyance, after any such transfer (except in the case of a lease), the Company will be
automatically and unconditionally released and discharged from all obligations and covenants under the Indenture and all Notes issued thereunder. 

  
 21 

 ARTICLE 6. 

DEFAULTS AND REMEDIES 

Section 6.01 Events of Default. 

The Notes shall not have the benefit of the Events of Default set forth in the Base Indenture. Instead, each of the following is an
“Event of Default” with respect to each series of the Notes: 
 (a) the failure to pay interest on any Notes of such
series when the same becomes due and payable and the default continues for a period of 90 days; 
 (b) failure in the payment when due of
principal of or premium, if any, on the Notes of such series; 
 (c) failure to perform any other covenant relating to the Notes of such
series (other than a covenant included in the Indenture solely for the benefit of another series of Notes), which default continues uncured for a period of 90 days after receipt by the Company of written notice given by the Trustee or Holders of
such Notes after the Company and the Trustee receive written notice from the Holders of not less than a majority in aggregate principal amount of the Notes of such series outstanding; or 

(d) the Company or any Significant Subsidiary: 

(i) commences a voluntary case in bankruptcy; 

(ii) consents to the entry of an order for relief against it in an involuntary bankruptcy case; 

(iii) consents to the appointment of a custodian of it or for all or substantially all of its property; 

(iv) makes a general assignment for the benefit of its creditors; or 

(v) generally is unable to pay its debts as they become due; or 

(e) a court of competent jurisdiction enters an order or decree under any Bankruptcy Law that: 

(i) is for relief against the Company or any Significant Subsidiary; 

(ii) appoints a custodian of the Company or any Significant Subsidiary for all or substantially all of the property of the
Company or of such Significant Subsidiary, as applicable; or 
 (iii) orders the liquidation of the Company or any
Significant Subsidiary; 
 and the order or decree remains unstayed and in effect for 90 consecutive days. 

A court of competent jurisdiction shall have the power to stay any cure period under the Indenture in the event of litigation regarding whether a default or
Event of Default relating to the Notes has occurred. 

  
 22 

 ARTICLE 7. 

MISCELLANEOUS 
 Section 7.01
Trust Indenture Act Controls. 
 If any provision of this Eighth Supplemental Indenture limits, qualifies or conflicts with the duties
imposed by TIA Section 318(c), the imposed duties will control. 
 Section 7.02 Governing Law. 

THE INTERNAL LAWS OF THE STATE OF NEW YORK WILL GOVERN AND BE USED TO CONSTRUE THIS EIGHTH SUPPLEMENTAL INDENTURE AND THE NOTES WITHOUT GIVING
EFFECT TO APPLICABLE PRINCIPLES OF CONFLICTS OF LAW TO THE EXTENT THAT THE APPLICATION OF THE LAWS OF ANOTHER JURISDICTION WOULD BE REQUIRED THEREBY. 

Section 7.03 Successors. 

All agreements of the Company in this Eighth Supplemental Indenture and the Notes will bind its successors. All agreements of the Trustee in
this Eighth Supplemental Indenture will bind its successors. 
 Section 7.04 Severability. 

In case any provision in this Eighth Supplemental Indenture or in the Notes will be invalid, illegal or unenforceable, the validity, legality
and enforceability of the remaining provisions will not in any way be affected or impaired thereby. 
 Section 7.05 Counterpart
Originals. 
 The parties may sign any number of copies of this Eighth Supplemental Indenture. Each signed copy will be an original, but
all of them together represent the same agreement. 
 Section 7.06 Table of Contents, Headings, Etc. 

The Table of Contents and Headings of the Articles and Sections of this Eighth Supplemental Indenture have been inserted for convenience of
reference only, are not to be considered a part of this Eighth Supplemental Indenture and will in no way modify or restrict any of the terms or provisions hereof. 

  
 23 

 Section 7.07 Electronic Signature 

The words “execution,” “signed,” “signature,” “delivery,” and words of like import in or relating to
the Indenture or any document to be signed in connection with the Indenture (including, without limitation, the Notes, and any Officer’s Certificate) shall be deemed to include electronic signatures, including without limitation, digital
signature provided by Docusign (or such other digital signature provider as specified in writing to Trustee by the authorized representative), each of which shall be of the same legal effect, validity or enforceability as a manually executed
signature. The Company agrees to assume all risks arising out of the use of using digital signatures and electronic methods to submit communications to Trustee, including without limitation the risk of Trustee acting on unauthorized instructions,
and the risk of interception and misuse by third parties. 
 Section 7.08 Notices. 

The information for notices to the Company and the Trustee in Section 11.02 of the Base Indenture is hereby replaced with the following: 

If to the Company: 
 Starbucks
Corporation 
 2401 Utah Avenue South 

Seattle, Washington 98134 

Facsimile No.: 206-318-7793 

Attention: Executive Vice President and General Counsel 

With a copy to: 
 Orrick,
Herrington & Sutcliffe LLP 
 51 West 52nd Street 
 New
York, NY 10019-6142 
 Attention: William Hughes, Esq. (whughes@orrick.com) 

Marsha Mogilevich, Esq. (mmogilevich@orrick.com) 

If to the Trustee: 
 U.S. Bank
Trust Company, National Association 
 1420 Fifth Avenue, 7th Floor 
 Seattle,
Washington 98101 
 Facsimile No.: 206-344-4630 

Attention: Vice President and Account Manager 

[Signatures on following page] 

  
 24 

 Dated: February 14, 2022 

 

			
	STARBUCKS CORPORATION
		
	By:	 	 /s/ Petr Filipovic

	Name: Petr Filipovic
	Title: vice president, treasurer

 Signature Page to Supplemental Indenture 

 Dated: February 14, 2022 

 

			
	U.S. BANK TRUST COMPANY, NATIONAL ASSOCIATION, as Trustee
		
	By:	 	 /s/ Thomas S. Zrust

	Name: Thomas S. Zrust
	Title: Vice President

 Signature Page to Supplemental Indenture 

 EXHIBIT A 

(Face of Note) 
 [Insert the Global Note
Legend, if applicable, pursuant to the provisions of the Eighth Supplemental Indenture] 
 CUSIP: 855244 BB4 

					
		  	Floating Rate Senior Notes due 2024	  	
	No.            	  		  	$                    

 STARBUCKS CORPORATION 

promises to pay to CEDE & CO. or registered assigns, the principal sum
of                 Dollars on February 14, 2024 
 Interest
Payment Dates: February 14, May 14, August 14 and November 14 
 Record Dates: February 1, May 1, August 1 and
November 1 
 Dated: February 14, 2022 

  
 A-1 

 
			
	STARBUCKS CORPORATION
		
	By:	 	  

		 	Name:
		 	Title:

 Date: February 14, 2022 

  
 A-2 

 This is one of the Global 

Notes referred to in the 
 within-mentioned Eighth Supplemental
Indenture: 
 Dated: February 14, 2022 
  

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

		 	Name:
		 	Title:

  
 A-3 

 (Reverse of Note) 

Floating Rate Senior Notes due 2024 

Capitalized terms used herein have the meanings assigned to them in the Indenture referred to below unless otherwise indicated. 

1. INTEREST. Starbucks Corporation, a Washington corporation (the “Company”), promises to pay interest
on the principal amount of this Note at a floating rate per annum equal to Compounded SOFR (as defined below), plus 0.420% from the date hereof until maturity. The Company will pay interest quarterly in arrears on February 14, May 14,
August 14 and November 14 of each year (each an “Interest Payment Date”), beginning on May 14, 2022. If any Interest Payment Date falls on a day that is not a Business Day, payment of interest shall be made on
the next succeeding Business Day unless that Business Day is in the next succeeding calendar month, in which case (other than in the case of the maturity date or a redemption date) payment of interest shall be made on the immediately preceding
Business Day. If an interest payment is made on the next succeeding Business Day, no interest will accrue as a result of the delay in payment. If the maturity date or a redemption date for the Floating Rate Notes falls on a day that is not a
Business Day, the payment due on such date shall be postponed to the next succeeding Business Day, and no further interest will accrue in respect of such postponement. The term “interest period”, with respect to the Floating
Rate Notes, means (i) the period from and including the most recent Interest Payment Date (or, with respect to the initial interest period only, from and including February 14, 2022) to, but excluding, the next succeeding Interest Payment
Date, (ii) in the case of the last such period, from and including the Interest Payment Date immediately preceding the maturity date to, but excluding, the maturity date or (iii) in the event of any redemption of the Floating Rate Notes,
the period from and including the Interest Payment Date immediately preceding the applicable redemption date to, but excluding, such redemption date. The Company will pay interest (including post-petition interest in any proceeding under any
Bankruptcy Law) on overdue principal at the rate equal to the then applicable interest rate on the Floating Rate Notes to the extent lawful; it will pay interest (including post-petition interest in any proceeding under any Bankruptcy Law) on
overdue installments of interest at the same rate to the extent lawful. Interest on the Floating Rate Notes shall be computed on the basis of a 360-day year and the actual number of days in the Observation
Period (as defined below). 
 On each Interest Payment Determination Date (as defined below) relating to the applicable Interest Payment
Date, the Calculation Agent shall calculate the amount of accrued interest payable on the Floating Rate Notes for each interest period by multiplying (i) the outstanding principal amount of the Floating Rate Notes by (ii) the product of
(a) the interest rate for the relevant interest period multiplied by (b) the quotient of the actual number of calendar days in such Observation Period divided by 360. In no event shall the interest on the Floating Rate Notes be less than
zero. 
 “Compounded SOFR” with respect to any interest period, shall be calculated by the Calculation Agent in
accordance with the following formula (and the resulting percentage shall be rounded, if necessary, to the nearest one hundred-thousandth of a percentage point): 

  
 A-4 

 

 
 where: 

“SOFR IndexStart” = For periods other than the
initial interest period, the SOFR Index value on the preceding Interest Payment Determination Date, and, for the initial interest period, the SOFR Index value on February 10, 2022; 

“SOFR IndexEnd” = The SOFR Index value on the
Interest Payment Determination Date relating to the applicable Interest Payment Date (or in the final interest period, relating to the maturity date, or in the case of a redemption of the Floating Rate Notes, relating to the applicable redemption
date); and 
 “dc” is the number of calendar
days in the relevant Observation Period. 
 For purposes of determining Compounded SOFR, 

“Interest Payment Determination Date” means the date that is two U.S. Government Securities Business Days before each
Interest Payment Date (or, in the final interest period, before the maturity date or, in the case of a redemption of the Floating Rate Notes, before the applicable redemption date). 

“Observation Period” means, in respect of each interest period, the period from, and including, the date that is two
U.S. Government Securities Business Days preceding the first date of such relevant interest period to, but excluding, the date that is two U.S. Government Securities Business Days preceding the Interest Payment Date for such interest period (or in
the final interest period, preceding the maturity date or, in the case of a redemption of the Floating Rate Notes, preceding the applicable redemption date). 

“SOFR Index” means, with respect to any U.S. Government Securities Business Day: 

(1) the SOFR Index value as published by the SOFR Administrator as such index appears on the SOFR Administrator’s Website at 3:00 p.m.
(New York time) on such U.S. Government Securities Business Day (the “SOFR Index Determination Time”); provided that: 

(2) if a SOFR Index value does not so appear as specified in (1) above at the SOFR Index Determination Time, then: (i) if a Benchmark
Transition Event and its related Benchmark Replacement Date have not occurred with respect to SOFR, then Compounded SOFR shall be the rate determined pursuant to the SOFR Index Unavailable Provisions set forth below; or (ii) if a Benchmark
Transition Event and its related Benchmark Replacement Date have occurred with respect to SOFR, then Compounded SOFR shall be the rate determined pursuant to the Effect of a Benchmark Transition Event provisions set forth below. 

“SOFR” means the daily secured overnight financing rate as provided by the SOFR Administrator on the SOFR
Administrator’s Website. 

  
 A-5 

 “SOFR Administrator” means the Federal Reserve Bank of New York (or
a successor administrator of SOFR). 
 “SOFR Administrator’s Website” means the website of the Federal Reserve
Bank of New York, which as of the date hereof is at http://www.newyorkfed.org, or any successor source. 
 “U.S. Government
Securities Business Day” means any day except for a Saturday, a Sunday or a day on which the Securities Industry and Financial Markets Association recommends that the fixed income departments of its members be closed for the entire day
for purposes of trading in U.S. government securities. 
 Notwithstanding anything to the contrary herein or in the Indenture, if the
Company or its designee (which shall not be the Trustee in any capacity) determines on or prior to the relevant Reference Time that a Benchmark Transition Event and its related Benchmark Replacement Date have occurred with respect to determining
Compounded SOFR, then the benchmark replacement provisions set forth below under “Effect of Benchmark Transition Event” will thereafter apply to all determinations of the rate of interest payable on the Floating Rate Notes. 

For the avoidance of doubt, in accordance with the benchmark replacement provisions, after a Benchmark Transition Event and its related
Benchmark Replacement Date have occurred, the interest rate for each interest period on the Floating Rate Notes shall be an annual rate equal to the sum of the Benchmark Replacement (as defined below) and the applicable margin. 

The terms set forth in this paragraph shall be deemed the “SOFR Index Unavailable Provisions.” If a SOFR IndexStart or
SOFR IndexEnd is not published on the associated Interest Payment Determination Date and a Benchmark Transition Event and its related Benchmark Replacement Date have not occurred with respect to SOFR, “Compounded SOFR” means, for the
applicable interest period for which such index is not available, the rate of return on a daily compounded interest investment calculated in accordance with the formula for SOFR Averages, and definitions required for such formula, published on the
SOFR Administrator’s Website at https://www.newyorkfed.org/markets/treasury-repo-reference-rates-information. For the purposes of this provision, references in the SOFR Averages compounding formula and related definitions to “calculation
period” shall be replaced with “Observation Period” and the words “that is, 30-, 90-, or 180- calendar
days” shall be removed. If SOFR does not so appear for any day, “i” in the Observation Period, SOFRi for such day “i” shall be SOFR published in respect of the first preceding U.S. Government Securities Business Day for
which SOFR was published on the SOFR Administrator’s Website. 
 Effect of Benchmark Transition Event 

Benchmark Replacement. If the Company or its designee determines that a Benchmark Transition Event and its related Benchmark Replacement
Date have occurred prior to the relevant Reference Time (as defined below) in respect of any determination of the Benchmark on any date, the Benchmark Replacement will replace the then- current Benchmark for all purposes relating to the Floating
Rate Notes in respect of such determination on such date and for all determinations on all subsequent dates. 

  
 A-6 

 Benchmark Replacement Conforming Changes. In connection with the implementation of a
Benchmark Replacement, the Company or its designee shall have the right to make Benchmark Replacement Conforming Changes from time to time, without the consent of the Holders or beneficial owners of the Floating Rate Notes. 

Decisions and Determinations. Any determination, decision or election that may be made by the Company or its designee pursuant to the
benchmark replacement provisions set forth herein, including any determination with respect to tenor, rate or adjustment or of the occurrence or non-occurrence of an event, circumstance or date and any
decision to take or refrain from taking any action or any selection: 
  

	 	•	 	 shall be conclusive and binding absent manifest error; 

 

	 	•	 	 if made by the Company, shall be made in its sole discretion; 

 

	 	•	 	 if made by its designee (which shall not be the Trustee or the Calculation Agent), shall be made after
consultation with the Company, and such designee will not make any such determination, decision or election to which the Company objects; and 

  

	 	•	 	 notwithstanding anything to the contrary herein or in the Indenture, shall become effective without consent from
the Holders of the Floating Rate Notes or any other party. 

 Any determination, decision or election pursuant to the
benchmark replacement provisions shall be made by the Company or its designee (which may be the Company’s affiliate) on the basis as set forth above. The Calculation Agent shall have no liability for not making any such determination, decision
or election. 
 “Benchmark” means, initially, Compounded SOFR, as such term is defined above; provided that if the
Company or its designee determines that a Benchmark Transition Event and its related Benchmark Replacement Date have occurred prior to the relevant Reference Time with respect to Compounded SOFR (or the published SOFR Index used in the calculation
thereof) or the then-current Benchmark, then “Benchmark” means the applicable Benchmark Replacement. 

“Benchmark Replacement” means the first alternative set forth in the order below that can be determined by the Company
or its designee as of the Benchmark Replacement Date: 
 a) the sum of: (i) an alternate rate of interest that has been selected or
recommended by the Relevant Governmental Body as the replacement for the then-current Benchmark and (ii) the Benchmark Replacement Adjustment; 

b) the sum of: (i) the ISDA Fallback Rate and (ii) the Benchmark Replacement Adjustment; or 

c) the sum of: (i) the alternate rate of interest that has been selected by the Company or its designee as the replacement for the
then-current Benchmark giving due consideration to any industry-accepted rate of interest as a replacement for the then-current Benchmark for U.S. dollar denominated floating rate notes at such time and (ii) the Benchmark Replacement
Adjustment. 

  
 A-7 

 “Benchmark Replacement Adjustment” means the first alternative set
forth in the order below that can be determined by the Company or its designee as of the Benchmark Replacement Date: 
 a) the spread
adjustment (which may be a positive or negative value or zero), or method for calculating or determining such spread adjustment, that has been selected or recommended by the Relevant Governmental Body for the applicable Unadjusted Benchmark
Replacement; 
 b) if the applicable Unadjusted Benchmark Replacement is equivalent to the ISDA Fallback Rate, the ISDA Fallback Adjustment;
or 
 c) the spread adjustment (which may be a positive or negative value or zero) that has been selected by the Company or its designee
giving due consideration to any industry-accepted spread adjustment, or method for calculating or determining such spread adjustment, for the replacement of the then- current Benchmark with the applicable Unadjusted Benchmark Replacement for U.S.
dollar denominated floating rate notes at such time. 
 “Benchmark Replacement Conforming Changes” means, with
respect to any Benchmark Replacement, any technical, administrative or operational changes (including changes to the definitions or interpretations of interest period, the timing and frequency of determining rates and making payments of interest,
the rounding of amounts or tenors, and other administrative matters) that the Company or its designee decides may be appropriate to reflect the adoption of such Benchmark Replacement in a manner substantially consistent with market practice (or, if
the Company or its designee decides that adoption of any portion of such market practice is not administratively feasible or if the Company or its designee determines that no market practice for use of the Benchmark Replacement exists, in such other
manner as the Company or its designee determines is reasonably practicable). 
 “Benchmark Replacement Date” means
the earliest to occur of the following events with respect to the then- current Benchmark (including any daily published component used in the calculation thereof): 

a) in the case of clause (a) or (b) of the definition of “Benchmark Transition Event,” the later of (a) the date of the
public statement or publication of information referenced therein and (b) the date on which the administrator of the Benchmark permanently or indefinitely ceases to provide the Benchmark (or such component); or 

b) in the case of clause (c) of the definition of “Benchmark Transition Event,” the date of the public statement or publication
of information referenced therein. 
 For the avoidance of doubt, if the event giving rise to the Benchmark Replacement Date occurs on the
same day as, but earlier than, the Reference Time in respect of any determination, the Benchmark Replacement Date shall be deemed to have occurred prior to the Reference Time for such determination. 

  
 A-8 

 For the avoidance of doubt, for purposes of the definitions of Benchmark Replacement Date
and Benchmark Transition Event, references to Benchmark also include any reference rate underlying such Benchmark. 
 “Benchmark
Transition Event” means the occurrence of one or more of the following events with respect to the then-current Benchmark (including the daily published component used in the calculation thereof): 

a) a public statement or publication of information by or on behalf of the administrator of the Benchmark (or such component) announcing that
such administrator has ceased or will cease to provide the Benchmark (or such component), permanently or indefinitely, provided that, at the time of such statement or publication, there is no successor administrator that will continue to provide the
Benchmark (or such component); 
 b) a public statement or publication of information by the regulatory supervisor for the administrator of
the Benchmark (or such component), the central bank for the currency of the Benchmark (or such component), an insolvency official with jurisdiction over the administrator for the Benchmark (or such component), a resolution authority with
jurisdiction over the administrator for the Benchmark (or such component) or a court or an entity with similar insolvency or resolution authority over the administrator for the Benchmark (or such component), which states that the administrator of
the Benchmark (or such component) has ceased or will cease to provide the Benchmark (or such component) permanently or indefinitely, provided that, at the time of such statement or publication, there is no successor administrator that will continue
to provide the Benchmark (or such component); or 
 c) a public statement or publication of information by the regulatory supervisor for the
administrator of the Benchmark announcing that the Benchmark is no longer representative. 
 “ISDA Definitions”
means the 2006 ISDA Definitions published by the International Swaps and Derivatives Association, Inc. or any successor thereto, as amended or supplemented from time to time, or any successor definitional booklet for interest rate derivatives
published from time to time. 
 “ISDA Fallback Adjustment” means the spread adjustment (which may be a positive or
negative value or zero) that would apply for derivatives transactions referencing the ISDA Definitions to be determined upon the occurrence of an index cessation event with respect to the Benchmark for the applicable tenor. 

“ISDA Fallback Rate” means the rate that would apply for derivatives transactions referencing the ISDA Definitions to
be effective upon the occurrence of an index cessation date with respect to the Benchmark for the applicable tenor excluding the applicable ISDA Fallback Adjustment. 

“Reference Time” with respect to any determination of the Benchmark means (1) if the Benchmark is Compounded
SOFR, the SOFR Index Determination Time, as such time is defined above, and (2) if the Benchmark is not Compounded SOFR, the time determined by the Company or its designee in accordance with the Benchmark Replacement Conforming Changes. 

  
 A-9 

 “Relevant Governmental Body” means the Federal Reserve Board and/or
the Federal Reserve Bank of New York, or a committee officially endorsed or convened by the Federal Reserve Board and/or the Federal Reserve Bank of New York or any successor thereto. 

“Unadjusted Benchmark Replacement” means the Benchmark Replacement excluding the Benchmark Replacement Adjustment.

 The interest rate and amount of interest to be paid on the Floating Rate Notes for each interest period shall be determined by the
Calculation Agent, which shall initially be U.S. Bank Trust Company, National Association; provided, however, that U.S. Bank Trust Company, National Association, neither in its role as Calculation Agent, Trustee nor in any other capacity, shall
serve as the Company’s designee for purposes of the Benchmark or Benchmark Replacement (each as defined above) or in making the determinations set forth in the “Effect of Benchmark Transition Event” provisions above. The Company may
change the Calculation Agent at any time without notice, and U.S. Bank Trust Company, National Association may resign as Calculation Agent at any time upon sixty (60) days’ written notice to the Company. Promptly upon determination, the
Company (or its designee) shall inform the Calculation Agent and the Trustee of the interest rate for the next interest period. None of the Trustee, the Calculation Agent, the Company’s designee or the Company shall have any liability or
responsibility, for any information used in determining or calculating any interest rate. All determinations made by the Calculation Agent, the Company or its designee shall, in the absence of manifest error, be conclusive for all purposes and
binding on the Company and the Holders of the Floating Rate Notes. So long as Compounded SOFR is required to be determined with respect to the Floating Rate Notes, there shall at all times be a Calculation Agent. In the event that any then acting
Calculation Agent shall be unable or unwilling to act, or that such Calculation Agent shall fail duly to establish Compounded SOFR for any interest period, or the Company proposes to remove such Calculation Agent, the Company shall appoint another
Calculation Agent. 
 None of the Trustee, the Paying Agent or the Calculation Agent shall be under any obligation (i) to monitor,
determine or verify the unavailability or cessation of SOFR or the SOFR Index, or whether or when there has occurred, or to give notice to any other transaction party of the occurrence of, any Benchmark Transition Event or related Benchmark
Replacement Date, (ii) to select, adopt, determine or designate any Benchmark Replacement, or other successor or replacement benchmark index, or whether any conditions to the designation of such a rate or index have been satisfied,
(iii) to select, adopt, determine or designate any Benchmark Replacement Adjustment, or other modifier to any replacement or successor index, or (iv) to determine whether or what Benchmark Replacement Conforming Changes are necessary or
advisable, if any, in connection with any of the foregoing. The Trustee, the Paying Agent and the Calculation Agent shall be entitled to rely upon any determination or designation of any Benchmark Replacement (and any Benchmark Replacement
Adjustment or Benchmark Replacement Conforming Changes, or other modifier), or other successor or replacement benchmark index, by the Company or its designee. 

  
 A-10 

 None of the Trustee, the Paying Agent or the Calculation Agent shall be liable for
(i) any inability, failure or delay on its part to perform any of its duties set forth herein as a result of the unavailability of SOFR, the SOFR Index or other applicable Benchmark Replacement, including as a result of any failure, inability,
delay, error or inaccuracy on the part of any other transaction party in providing any direction, instruction, notice or information required or contemplated by the terms set forth herein and reasonably required for the performance of such duties or
(ii) any failure or delay by the Company or its designee in performing its respective duties under the Indenture or other transaction documents as a result of the unavailability of SOFR, or any other Benchmark Replacement set forth herein or
the failure of a Benchmark Replacement to be adopted. 
 2. METHOD OF PAYMENT. The Company shall pay interest on the Floating Rate
Notes (except defaulted interest) to the Persons who are registered Holders of Floating Rate Notes at the close of business on the February 1, May 1, August 1 and November 1 preceding the Interest Payment Date, even if such
Floating Rate Notes are canceled after such record date and on or before such Interest Payment Date, except as provided in Section 2.13 of the Base Indenture with respect to defaulted interest. Principal, premium, if any, and interest on
the Floating Rate Notes shall be payable at the office or agency of the Paying Agent and Registrar within the Borough of Manhattan in the City of New York or, at the option of the Company, payment of interest may be made by check mailed to the
Holders of Floating Rate Notes at their respective addresses set forth in the register of Holders of the Floating Rate Notes; provided that all payments of principal, premium and interest with respect to Floating Rate Notes the Holders of
which have given wire transfer instructions to the Trustee shall be required to be made by wire transfer of immediately available funds to the accounts specified by the Holders thereof. Such payment shall be in such coin or currency of the
United States of America as at the time of payment is legal tender for payment of public and private debts. 
 3. PAYING AGENT AND
REGISTRAR. Initially, U.S. Bank Trust Company, National Association, the Trustee under the Indenture, will act as Paying Agent and Registrar. The Company may change any Paying Agent or Registrar without notice to any Holder. The Company
or any of its subsidiaries may act in any such capacity. 
 4. INDENTURE. This Note is one of a duly authenticated series of
securities of the Company issued and to be issued in one or more series under an indenture (the “Base Indenture”), dated as of September 15, 2016 between the Company and the Trustee, as amended by the Eighth
Supplemental Indenture (the “Eighth Supplemental Indenture” and, together with the Base Indenture, the “Indenture”), dated as of February 14, 2022, between the Company and the Trustee. The
terms of the Floating Rate Notes include those stated in the Indenture and those made part of the Indenture by reference to the Trust Indenture Act of 1939, as amended (15 U.S. Code Sections
77aaa-77bbbb). The Floating Rate Notes are subject to all such terms, and Holders are referred to the Indenture and such Act for a statement of such terms. To the extent any provision of this Note conflicts with the express provisions of the
Base Indenture, the provisions of the Note will govern and be controlling, and to the extent any provision of the Note conflicts with the Eighth Supplemental Indenture, the provisions of the Eighth Supplemental Indenture will govern and be
controlling, and to the extent any provision of the Base Indenture conflicts with the express provisions of the Eighth Supplemental Indenture, the provisions of the Eighth Supplemental Indenture will govern and be controlling. The Company shall be
entitled to issue Additional Notes pursuant to Section 2.03 of the Eighth Supplemental Indenture. 

  
 A-11 

 5. OPTIONAL REDEMPTION. 

At any time and from time to time, on and after February 14, 2023, some or all of the Floating Rate Notes shall be redeemable, at the
Company’s option, at a redemption price equal to 100% of the principal amount of the Floating Rate Notes to be redeemed, plus accrued and unpaid interest on the principal amount being redeemed to, but excluding, the redemption date. 

On and after the redemption date, interest shall cease to accrue on the Floating Rate Notes or portions thereof called for redemption as long
as the Company has deposited with the Paying Agent funds in satisfaction of the applicable redemption price. 
 6. MANDATORY REDEMPTION.
Except as set forth in paragraph 7, the Company shall not be required to make mandatory redemption payments with respect to the Floating Rate Notes. 

7. REPURCHASE AT OPTION OF HOLDER. Except as set forth in the Eighth Supplemental Indenture, upon the occurrence of a Change of
Control Triggering Event, the Company shall be required to offer to purchase all of the outstanding Floating Rate Notes at a purchase price equal to 101% of the principal amount thereof, plus accrued and unpaid interest, if any, to, but not
including, the date of purchase. 
 8. NOTICE OF REDEMPTION. Notice of redemption shall be sent at least 10 but not more than 60 days
before the redemption date to each Holder of Floating Rate Notes to be redeemed at its registered address. No Floating Rate Notes of a principal amount of $2,000 or less shall be redeemed in part. 

9. DENOMINATIONS, TRANSFER, EXCHANGE. The Floating Rate Notes are in registered form without coupons in denominations of $2,000 and
integral multiples of $1,000. The Floating Rate Notes may be transferred or exchanged as provided in the Eighth Supplemental Indenture. The Registrar and the Trustee may require a Holder, among other things, to furnish appropriate
endorsements and transfer documents and the Company may require a Holder to pay any taxes and fees required by law or permitted by the Eighth Supplemental Indenture. The Company need not exchange or transfer any Note or portion of a Note
selected for redemption, except for the unredeemed portion of any Note being redeemed in part. Also, the Company need not exchange or register the transfer of any Floating Rate Notes for a period of 15 days before a selection of Floating Rate
Notes to be redeemed or during the period between a record date and the corresponding Interest Payment Date. 
 10. PERSONS DEEMED
OWNERS. The registered Holder of a Note may be treated as its owner for all purposes. 
 11. AMENDMENT, SUPPLEMENT AND WAIVER.
The Base Indenture may be amended as provided therein. Subject to certain exceptions, the Eighth Supplemental Indenture or the Floating Rate Notes may be amended or supplemented with the consent of the Holders of at least a majority in
principal amount of the Floating Rate Notes then outstanding, including, without limitation, consents obtained in connection with a purchase of, or tender offer or exchange offer for, Floating Rate Notes, voting as a single class, and compliance
with any provision of the Indenture or the Floating Rate Notes may be waived with the consent of the Holders of a majority in principal amount of the then outstanding Floating Rate Notes, including, 

  
 A-12 

 
without limitation, consents obtained in connection with a purchase of, or tender offer or exchange offer for, Floating Rate Notes, voting as a single class. Without the consent of any Holder of
a Note, the Eighth Supplemental Indenture or the Floating Rate Notes may be amended or supplemented (i) to cure any ambiguity, defect or inconsistency; (ii) to provide for uncertificated Floating Rate Notes in addition to or in place of
certificated Floating Rate Notes; (iii) to provide for the assumption of the Company’s obligations to Holders of the Floating Rate Notes in case of a merger or consolidation or sale of all or substantially all of the Company’s assets;
(iv) to make any change that would provide any additional rights or benefits to the Holders of the Floating Rate Notes or that does not adversely affect the legal rights under the Eighth Supplemental Indenture of any such Holder; (v) to
comply with the requirements of the SEC in order to effect or maintain the qualification of the Indenture under the Trust Indenture Act; (vi) to provide for the issuance of Additional Notes in accordance with the Eighth Supplemental Indenture;
or (vii) to evidence and provide for the acceptance of appointment by a successor trustee with respect to the Floating Rate Notes. 

12. DEFAULTS AND REMEDIES. An “EVENT OF DEFAULT” occurs if: (i) default for a period of 90 days in the payment when due
of interest on the Floating Rate Notes; (ii) default in the payment when due of principal of or premium, if any, on the Floating Rate Notes; (iii) the Company fails for 90 days after receipt of notice to the Company to comply with any
covenant of the Company in the Indenture; or (iv) certain events of bankruptcy or insolvency occur with respect to the Company or any Significant Subsidiary. 

If any Event of Default occurs and is continuing, the Trustee or the Holders of at least 25% in principal amount of the then outstanding
Floating Rate Notes may declare all the Floating Rate Notes to be due and payable. Notwithstanding the foregoing, in the case of an Event of Default arising from certain events of bankruptcy or insolvency with respect to the Company or any
Significant Subsidiary, all outstanding Floating Rate Notes shall become due and payable without further action or notice. Holders may not enforce the Indenture or the Floating Rate Notes except as provided in the Indenture. Subject to certain
limitations, Holders of a majority in principal amount of the then outstanding Floating Rate Notes may direct the Trustee in its exercise of any trust or power. The Trustee may withhold from Holders of the Floating Rate Notes notice of any
continuing Default or Event of Default if it determines that withholding notice is in their interest, except a Default or Event of Default relating to the payment of principal, premium or interest. The Holders of a majority in aggregate principal
amount of the Floating Rate Notes then outstanding by notice to the Trustee may on behalf of the Holders of all of the Floating Rate Notes waive any existing Default or Event of Default and its consequences under the Indenture except a continuing
Default or Event of Default in the payment of interest on, or the principal of, the Floating Rate Notes. The Company is required to deliver to the Trustee annually a statement regarding compliance with the Indenture, and the Company is required no
later than five days after becoming aware of any Default or Event of Default to deliver to the Trustee a statement specifying such Default or Event of Default. 

13. TRUSTEE DEALINGS WITH COMPANY. The Trustee, in its individual or any other capacity, may make loans to, accept deposits from, and
perform services for the Company or its Affiliates, and may otherwise deal with the Company or its Affiliates, as if it were not the Trustee. 

  
 A-13 

 14. NO RECOURSE AGAINST OTHERS. A director, officer, employee, incorporator or
stockholder, of the Company, as such, will not have any liability for any obligations of the Company under the Floating Rate Notes or the Indenture or for any claim based on, in respect of, or by reason of, such obligations or their creation.
Each Holder of Floating Rate Notes by accepting a Note waives and releases all such liability. The waiver and release are part of the consideration for the issuance of the Floating Rate Notes. 

15. AUTHENTICATION. This Note will not be valid until authenticated by the manual signature of the Trustee or an authenticating agent.

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

17. CUSIP NUMBERS. Pursuant to a recommendation promulgated by the Committee on Uniform Security Identification Procedures, the Company
has caused CUSIP numbers to be printed on the Floating Rate Notes and the Trustee may use CUSIP numbers in notices of redemption as a convenience to Holders. No representation is made as to the accuracy of such numbers either as printed on
the Floating Rate Notes or as contained in any notice of redemption and reliance may be placed only on the other identification numbers placed thereon. The Company will furnish to any Holder upon written request and without charge a copy of
the Base Indenture and the Eighth Supplemental Indenture. Requests may be made to: 
 Starbucks Corporation 

2401 Utah Avenue South 
 Seattle,
Washington 98134 
 Facsimile No.: (206) 318-1045 

Attention: General Counsel 

  
 A-14 

 ASSIGNMENT FORM 

To assign this Note, fill in the form below: 
  

			
	(I) or (we) assign and transfer this Note to:	  	  

		  	(Insert assignee’s legal name)
	  

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

	  

	  

	  

	(Print or type assignee’s name, address and zip code)

  

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

 

			
	Date:	 	  

 
			
	Your Signature:	 	  

		 	(sign exactly as your name appears on the face of this senior note)
		
	Tax Identification No.:	 	  

		
	Signature Guarantee:	 	  

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

  
 A-15 

 Option of Holder to Elect Purchase 

If you want to elect to have this Note purchased by the Company pursuant to Section 4.02 of the Eighth Supplemental Indenture, check the
box below: 
 ☐        Section 4.02 

If you want to elect to have only part of the Note purchased by the Company pursuant to Section 4.02 of the Eighth Supplemental
Indenture, state the amount you elect to have purchased: $ 
 Date:
                                         
         
  

					
		  	Your Signature:	  	  

			
		  		  	
		  		  	(sign exactly as your name appears on the face of this senior note)
			
		  	Tax Identification No.:	  	  

			
		  	Signature Guarantee:	  	  

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

  
 A-16 

 EXHIBIT B 

(Face of Note) 
 [Insert the Global Note
Legend, if applicable, pursuant to the provisions of the Eighth Supplemental Indenture] 
 CUSIP: 855244 BC2 

 

					
		  	3.000% Senior Notes due 2032	  	
	No.                	  		  	$_____________

 STARBUCKS CORPORATION 

promises to pay to CEDE & CO. or registered assigns, the principal sum of _________ Dollars on February 14, 2032 

Interest Payment Dates: February 14 and August 14 

Record Dates: February 1 and August 1 
 Dated:
February 14, 2022 

  
 B-1 

 
			
	STARBUCKS CORPORATION
		
	By:	 	  

		 	Name:
		 	Title:

 Date: February 14, 2022 

  
 B-2 

 This is one of the Global 

Notes referred to in the 
 within-mentioned Eighth Supplemental
Indenture: 
 Dated: February 14, 2022 
  

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

		 	Name:
		 	Title:

  
 B-3 

 (Reverse of Note) 

3.000% Senior Notes due 2032 

Capitalized terms used herein have the meanings assigned to them in the Indenture referred to below unless otherwise indicated. 

1. INTEREST. Starbucks Corporation, a Washington corporation (the “Company”), promises to pay interest on
the principal amount of this Note at 3.000% per annum from the date hereof until maturity. The Company will pay interest semiannually on February 14 and August 14 of each year, or if any such day is not a Business Day, on the next
succeeding Business Day (each an “Interest Payment Date”). Interest on the Fixed Rate Notes will accrue from the most recent date to which interest has been paid or, if no interest has been paid, from the date of issuance;
provided that if there is no existing Default in the payment of interest, and if this Note is authenticated between a record date referred to on the face hereof and the next succeeding Interest Payment Date, interest will accrue from such
next succeeding Interest Payment Date; provided, further, that the first Interest Payment Date shall be August 14, 2022. The Company will pay interest (including post-petition interest in any proceeding under any Bankruptcy
Law) on overdue principal at the rate equal to the then applicable interest rate on the Fixed Rate Notes to the extent lawful; it will pay interest (including post-petition interest in any proceeding under any Bankruptcy Law) on overdue installments
of interest at the same rate to the extent lawful. Interest shall be computed on the basis of a 360-day year of twelve 30-day months. 

2. METHOD OF PAYMENT. The Company will pay interest on the Fixed Rate Notes (except defaulted interest) to the Persons who are
registered Holders of Fixed Rate Notes at the close of business on the February 1 and August 1 preceding the Interest Payment Date, even if such Fixed Rate Notes are canceled after such record date and on or before such Interest Payment
Date, except as provided in Section 2.13 of the Base Indenture with respect to defaulted interest. Principal, premium, if any, and interest on the Fixed Rate Notes shall be payable at the office or agency of the Paying Agent and
Registrar within the Borough of Manhattan in the City of New York or, at the option of the Company, payment of interest may be made by check mailed to the Holders of Fixed Rate Notes at their respective addresses set forth in the register of Holders
of the Fixed Rate Notes; provided that all payments of principal, premium and interest with respect to Fixed Rate Notes the Holders of which have given wire transfer instructions to the Trustee shall be required to be made by wire transfer of
immediately available funds to the accounts specified by the Holders thereof. Such payment shall be in such coin or currency of the United States of America as at the time of payment is legal tender for payment of public and private debts.

 3. PAYING AGENT AND REGISTRAR. Initially, U.S. Bank Trust Company, National Association, the Trustee under the Indenture, will act
as Paying Agent and Registrar. The Company may change any Paying Agent or Registrar without notice to any Holder. The Company or any of its subsidiaries may act in any such capacity. 

4. INDENTURE. This Note is one of a duly authenticated series of securities of the Company issued and to be issued in one or more series
under an indenture (the “Base Indenture”), dated as of September 15, 2016 between the Company and the Trustee, as amended by the Eighth Supplemental Indenture (the “Eighth Supplemental
Indenture” and, together with 

  
 B-4 

 
the Base Indenture, the “Indenture”), dated as of February 14, 2022, between the Company and the Trustee. The terms of the Fixed Rate Notes include those
stated in the Indenture and those made part of the Indenture by reference to the Trust Indenture Act of 1939, as amended (15 U.S. Code Sections 77aaa-77bbbb). The Fixed Rate Notes are subject
to all such terms, and Holders are referred to the Indenture and such Act for a statement of such terms. To the extent any provision of this Note conflicts with the express provisions of the Base Indenture, the provisions of the Note will govern and
be controlling, and to the extent any provision of the Note conflicts with the Eighth Supplemental Indenture, the provisions of the Eighth Supplemental Indenture will govern and be controlling, and to the extent any provision of the Base Indenture
conflicts with the express provisions of the Eighth Supplemental Indenture, the provisions of the Eighth Supplemental Indenture will govern and be controlling. The Company shall be entitled to issue Additional Notes pursuant to Section 2.03 of
the Eighth Supplemental Indenture. 
 5. OPTIONAL REDEMPTION. 

At any time prior to November 14, 2031 (three months prior to their February 14, 2032 maturity date) (the “Par Call
Date”), the Fixed Rate Notes shall be redeemable, in whole at any time or in part from time to time, at the Company’s option, at a redemption price equal to the greater of: 

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

(ii) (1) the sum of the present values of the remaining scheduled payments of principal and interest on the Fixed Rate Notes
being redeemed, assuming that the Fixed Rate Notes matured on the Par Call 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, less (2) interest accrued to the redemption date, 

plus, in either case, accrued and unpaid interest on the Fixed Rate Notes being redeemed to, but excluding, the redemption date. 

Calculation of the foregoing shall be made by the Company or on the Company’s behalf by such Person as the Company shall designate;
provided, however, that such calculation shall not be a duty or obligation of the Trustee. 
 At any time on and after
the Par Call Date, some or all of the Fixed Rate Notes shall be redeemable, at the Company’s option, at a redemption price equal to 100% of the principal amount of the Fixed Rate Notes to be redeemed plus accrued and unpaid interest on the
principal amount being redeemed to, but excluding, the redemption date. 
 On and after the redemption date, interest will cease to accrue
on the Fixed Rate Notes or portions thereof called for redemption as long as the Company has deposited with the Paying Agent funds in satisfaction of the applicable redemption price. 

6. MANDATORY REDEMPTION. Except as set forth in paragraph 7, the Company shall not be required to make mandatory redemption payments
with respect to the Fixed Rate Notes. 

  
 B-5 

 7. REPURCHASE AT OPTION OF HOLDER. 

Except as set forth in the Eighth Supplemental Indenture, upon the occurrence of a Change of Control Triggering Event, the Company shall
be required to offer to purchase all of the outstanding Fixed Rate Notes at a purchase price equal to 101% of the principal amount thereof, plus accrued and unpaid interest, if any, to, but not including, the date of purchase. 

8. NOTICE OF REDEMPTION. Notice of redemption shall be sent at least 10 but not more than 60 days before the redemption date to each
Holder of Fixed Rate Notes to be redeemed at its registered address. No Fixed Rate Notes of a principal amount of $2,000 or less shall be redeemed in part. 

9. DENOMINATIONS, TRANSFER, EXCHANGE. The Fixed Rate Notes are in registered form without coupons in denominations of $2,000 and
integral multiples of $1,000. The Fixed Rate Notes may be transferred or exchanged as provided in the Eighth Supplemental Indenture. The Registrar and the Trustee may require a Holder, among other things, to furnish appropriate
endorsements and transfer documents and the Company may require a Holder to pay any taxes and fees required by law or permitted by the Eighth Supplemental Indenture. The Company need not exchange or transfer any Note or portion of a Note
selected for redemption, except for the unredeemed portion of any Note being redeemed in part. Also, the Company need not exchange or register the transfer of any Fixed Rate Notes for a period of 15 days before a selection of Fixed Rate Notes
to be redeemed or during the period between a record date and the corresponding Interest Payment Date. 
 10. PERSONS DEEMED OWNERS.
The registered Holder of a Note may be treated as its owner for all purposes. 
 11. AMENDMENT, SUPPLEMENT AND WAIVER. The Base
Indenture may be amended as provided therein. Subject to certain exceptions, the Eighth Supplemental Indenture or the Fixed Rate Notes may be amended or supplemented with the consent of the Holders of at least a majority in principal amount
of the Fixed Rate Notes then outstanding, including, without limitation, consents obtained in connection with a purchase of, or tender offer or exchange offer for, Fixed Rate Notes, voting as a single class, and compliance with any provision of the
Indenture or the Fixed Rate Notes may be waived with the consent of the Holders of a majority in principal amount of the then outstanding Fixed Rate Notes, including, without limitation, consents obtained in connection with a purchase of, or tender
offer or exchange offer for, Fixed Rate Notes, voting as a single class. Without the consent of any Holder of a Note, the Eighth Supplemental Indenture or the Fixed Rate Notes may be amended or supplemented (i) to cure any ambiguity, defect or
inconsistency; (ii) to provide for uncertificated Fixed Rate Notes in addition to or in place of certificated Fixed Rate Notes; (iii) to provide for the assumption of the Company’s obligations to Holders of the Fixed Rate Notes in
case of a merger or consolidation or sale of all or substantially all of the Company’s assets; (iv) to make any change that would provide any additional rights or benefits to the Holders of the Fixed Rate Notes or that does not adversely
affect the legal rights under the Eighth Supplemental Indenture of any such Holder; (v) to comply with the requirements of the SEC in order to effect or maintain the qualification of the Indenture under the Trust Indenture Act; (vi) to
provide for the issuance of Additional Notes in accordance with the Eighth Supplemental Indenture; or (vii) to evidence and provide for the acceptance of appointment by a successor trustee with respect to the Fixed Rate Notes. 

  
 B-6 

 12. DEFAULTS AND REMEDIES. An “EVENT OF DEFAULT” occurs if:
(i) default for a period of 90 days in the payment when due of interest on the Fixed Rate Notes; (ii) default in the payment when due of principal of or premium, if any, on the Fixed Rate Notes; (iii) the Company fails for 90 days
after receipt of notice to the Company to comply with any covenant of the Company in the Indenture; or (iv) certain events of bankruptcy or insolvency occur with respect to the Company or any Significant Subsidiary. 

If any Event of Default occurs and is continuing, the Trustee or the Holders of at least 25% in principal amount of the then outstanding Fixed
Rate Notes may declare all the Fixed Rate Notes to be due and payable. Notwithstanding the foregoing, in the case of an Event of Default arising from certain events of bankruptcy or insolvency with respect to the Company or any Significant
Subsidiary, all outstanding Fixed Rate Notes shall become due and payable without further action or notice. Holders may not enforce the Indenture or the Fixed Rate Notes except as provided in the Indenture. Subject to certain limitations, Holders of
a majority in principal amount of the then outstanding Fixed Rate Notes may direct the Trustee in its exercise of any trust or power. The Trustee may withhold from Holders of the Fixed Rate Notes notice of any continuing Default or Event of Default
if it determines that withholding notice is in their interest, except a Default or Event of Default relating to the payment of principal, premium or interest. The Holders of a majority in aggregate principal amount of the Fixed Rate Notes then
outstanding by notice to the Trustee may on behalf of the Holders of all of the Fixed Rate Notes waive any existing Default or Event of Default and its consequences under the Indenture except a continuing Default or Event of Default in the payment
of interest on, or the principal of, the Fixed Rate Notes. The Company is required to deliver to the Trustee annually a statement regarding compliance with the Indenture, and the Company is required no later than five days after becoming aware of
any Default or Event of Default to deliver to the Trustee a statement specifying such Default or Event of Default. 
 13. TRUSTEE DEALINGS
WITH COMPANY. The Trustee, in its individual or any other capacity, may make loans to, accept deposits from, and perform services for the Company or its Affiliates, and may otherwise deal with the Company or its Affiliates, as if it were not the
Trustee. 
 14. NO RECOURSE AGAINST OTHERS. A director, officer, employee, incorporator or stockholder, of the Company, as such, will
not have any liability for any obligations of the Company under the Fixed Rate Notes or the Indenture or for any claim based on, in respect of, or by reason of, such obligations or their creation. Each Holder of Fixed Rate Notes by accepting
a Note waives and releases all such liability. The waiver and release are part of the consideration for the issuance of the Fixed Rate Notes. 

15. AUTHENTICATION. This Note will not be valid until authenticated by the manual signature of the Trustee or an authenticating agent.

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

  
 B-7 

 17. CUSIP NUMBERS. Pursuant to a recommendation promulgated by the Committee on
Uniform Security Identification Procedures, the Company has caused CUSIP numbers to be printed on the Fixed Rate Notes and the Trustee may use CUSIP numbers in notices of redemption as a convenience to Holders. No representation is made as to
the accuracy of such numbers either as printed on the Fixed Rate Notes or as contained in any notice of redemption and reliance may be placed only on the other identification numbers placed thereon. The Company will furnish to any Holder upon
written request and without charge a copy of the Base Indenture and the Eighth Supplemental Indenture. Requests may be made to: 

Starbucks Corporation 
 2401 Utah
Avenue South 
 Seattle, Washington 98134 

Facsimile No.: (206) 318-1045 

Attention: General Counsel 

  
 B-8 

 ASSIGNMENT FORM 

 

			
	 To assign this Note, fill in the form below:
	  	
	 (I) or (we) assign and transfer this Note to:
	  	  

		  	 (Insert assignee’s legal name)

  

			
	  

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

  

	
	  

	  

	  

	  

	 (Print or type assignee’s name, address and zip
code)

  

			
	and irrevocably appoint	  	  

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

 

			
	Date:	  	  

 

			
	Your Signature:	 	  

		 	(sign exactly as your name appears on the face of this senior note)
	Tax Identification No.:	 	  

	Signature Guarantee:	 	  

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

  
 B-9 

 Option of Holder to Elect Purchase 

If you want to elect to have this Note purchased by the Company pursuant to Section 4.02 of the Eighth Supplemental Indenture, check the
box below: 
 ☐ Section 4.02 

If you want to elect to have only part of the Note purchased by the Company pursuant to Section 4.02 of the Eighth Supplemental
Indenture, state the amount you elect to have purchased: $ 
  

			
	 Date:
	 	  

			
	Your Signature:	 	  

		 	(sign exactly as your name appears
		 	on the face of this senior note)
		
	Tax Identification No.:	 	  

		
	Signature Guarantee:	 	  

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

  
 B-10

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