Document:

EX-10.1

 Exhibit 10.1 

Execution Version 

TRANSITION AGREEMENT 

THIS TRANSITION AGREEMENT (the “Agreement”) is entered into as of June 5, 2014 (the “Effective Date”),
by and among Hyatt Hotels Corporation, a Delaware corporation (together with its successors and assigns, the “Company”), and Rakesh Sarna (the “Executive”). 

RECITALS 
 WHEREAS, the Executive
is currently serving as the Executive Vice President, Group President, Americas Region (“Americas Group President”) of the Company; 

WHEREAS, the Executive has informed the Company that he desires to, and the Company has agreed that the Executive will, voluntarily retire and
separate from employment with the Company on August 31, 2014 or such earlier date provided for herein; 
 WHEREAS, the Company desires
to provide for an orderly transition of the Executive’s duties and responsibilities and the Executive desires to assist the Company in realizing an orderly transition; and 

WHEREAS, in furtherance of the foregoing, the Executive and the Company have negotiated and reached an agreement with respect to all rights,
duties and obligations arising between them, including, but in no way limited to, any rights, duties and obligations that have arisen or might arise out of or are in any way related to the Executive’s continued employment with the Company and
the conclusion of that employment (other than as specifically provided in this Agreement). 
 NOW THEREFORE, in consideration of the
covenants and mutual promises recited below, the parties agree as follows: 
 1. Employment; Duties. The Executive shall cease
to act as Americas Group President as of the Effective Date. During the period beginning on the Effective Date and ending on the first to occur of: (i) August 31, 2014; (ii) a date mutually agreed to by the Executive and the Company;
(iii) the date on which the Executive resigns his employment with the Company; and (iv) the date on which the Executive’s employment is terminated by the Company for Cause (the first to occur of such dates, the “Separation
Date”), the Executive shall continue to serve the Company as an Executive Vice President. During the period from the Effective Date until the Separation Date (the “Transition Period”), the Executive shall
(a) transition such duties and responsibilities to such individuals as the President and Chief Executive Officer of the Company (“CEO”) may designate, including to the Executive’s successor; (b) provide such
assistance as may be reasonably requested by the CEO; and (c) have and perform such duties, responsibilities and authority as may be reasonably assigned by the CEO or his designee from time to time. For the purposes of this Agreement,
“Cause” means (w) the Executive’s engagement in gross negligence or willful misconduct in the performance of his material duties or material responsibilities that remains uncured for fourteen (14) days after notice to
Executive of such failure or breach; (x) the Executive’s failure after written notice to perform his duties as set forth in this Agreement that remains uncured for fourteen (14) days after notice to Executive of such failure;
(y) the Executive breaches any of the Covenants (as defined below) or Sections 8 and/or 12 hereof and, if reasonably able to be cured, fails to cure said breach within fourteen (14) days 

 
of written notice; or (z) the Executive is charged with or indicted for a felony. The Company represents that the CEO is not aware of any circumstances that would constitute Cause to
terminate Executive’s employment. The Executive represents that he is not aware of any circumstances that would constitute Cause to terminate Executive’s employment. 

2. Compensation. As compensation for the Executive’s continuing employment and service hereunder, in recognition of the
Executive’s contributions to the Company and as consideration for the Releases (as defined below), the Executive’s agreement to the Transition Period and the respective terms and conditions thereof, and the other promises of the Executive
contained in this Agreement, which shall be deemed to include the Executive’s agreement to (A) remain in the employ of the Company as described above through the Separation Date; (B) comply with the Company’s Code of Business
Conduct and Ethics and other policies relating to conduct, as in effect from time to time and applicable to its executive officers; and (C) comply with all covenants regarding confidential information, non-solicitation, non-disparagement,
intellectual property and non-competition to which the Executive has agreed as part of his employment with the Company, including, but not limited to, those in the Confidentiality, Intellectual Property, Nonsolicitation & Nondisparagement
Agreement with the Executive (as amended from time to time, the “Confidentiality Agreement,” a copy of which is attached hereto as Exhibit A), and the provisions regarding detrimental conduct contained in any Restricted Stock
Unit (“RSUs”) Award Agreements between the Executive and the Company (collectively, the “RSU Agreements”), any Restricted Stock (“RSs”) Agreement between the Executive and the Company (collectively,
the “Restricted Stock Agreements”) and/or any Stock Appreciation Rights (“SARs”) Award Agreements between the Executive and the Company (collectively, the “SAR Agreements”) (the covenants described
in the immediately preceding clauses (A) through (C) of this Section 2 are collectively referred to herein as the “Covenants”); and provided, that the Executive timely signs and returns this Agreement, complies with
Covenants and complies with Sections 6, 8 and 12 below and does not revoke the Releases, the Company will provide Executive with the following compensation and benefits: 

(a) Base Salary and Benefit Plan Participation. During the Transition Period, the Executive will (i) receive his base
salary as in effect on the Effective Date, and (ii) participate in the Company’s retirement and welfare benefit plans, perquisite programs, expense reimbursement and vacation policies, as such plans, programs and policies may be in effect
from time to time (collectively, the “Plans”). 
 (b) Benefits Upon Separation Date. Subject to the Executive
(i) not terminating his employment with the Company prior to August 31, 2014, and (ii) not being terminated by the Company for Cause, Executive shall be entitled to the following benefits: 

(i) 2014 Annual Incentive. Executive shall receive a one-time lump sum payment equal to $475,000 for 2014. Executive
acknowledges and agrees that such payment includes any and all payments that Executive may have been eligible to receive for the year ending on December 31, 2014 under any of the Company bonus or incentive plans, including without limitation
the Hyatt Hotels Corporation Executive Incentive Plan. Such payment shall be payable in 2015, at such time as the annual bonuses for 2014 are paid by the Company to its executive officers, but no later than March 15, 2015. 

  
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 (ii) Exit Bonus. Executive shall receive a lump sum payment of $712,500
(“Exit Bonus”) payable as part of the first normally scheduled payroll following the six (6) month anniversary of the Separation Date. 

(iii) Additional Consideration. As further compensation for the Executive’s continuing employment and service hereunder,
the Executive’s agreement to the Transition Period, and as further consideration for the Executive’s execution of the Releases (defined below) and the other promises and agreements set forth herein, on the first regularly scheduled payroll
following the date that the Second Release becomes effective, the Company shall pay the Executive an additional lump sum payment of $750,000; provided that if the Executive violates the Covenants or Sections 8 and/or 12 on or prior to the Separation
Date, the Company shall not be obligated to make the payment described in this Section 2(b)(iii), or if already paid, the Executive shall repay any amounts paid by the Company pursuant to this Section 2(b)(iii) within five business days of
written demand therefor by the Company. 
 (iv) Benefits Continuation. Following the Separation Date, the Executive shall
remain covered under the Company’s medical, dental, vision and life benefit plans (as in effect from time to time) (collectively, the “Hyatt Welfare Plans”) as if he were an active employee through the earlier of (A) the
first anniversary of the Separation Date, or (B) the date the Executive is eligible for coverage (regardless of whether he elects such coverage) under any other employer’s group medical, dental, vision or life plans as a result of his
employment (the “Benefit Continuation Period”). Upon expiration of the Benefit Continuation Period, the Executive shall be eligible to elect continuation coverage under the Hyatt Welfare Plans to the extent required by the
Consolidated Omnibus Budget Reconciliation Act, Section 4980B of the Internal Revenue Code and any similar state law (“COBRA”), with the last day of the Benefit Continuation Period being the date on which Executive shall be
deemed to have lost coverage as a result of his termination of employment with the Company. The Executive and the Company agree that the continuation of benefits under the Hyatt Welfare Plans during the Benefit Continuation Period is in addition to
and not concurrent with the requirements of COBRA. Notwithstanding the foregoing, in the event that the continuation of such benefits results or could reasonably be expected to result in taxes to the Company under Section 4980D of the Internal
Revenue Code, the parties agree in good faith to amend or substitute the Company’s obligation to provide a continuation of benefits in as substantially similar economic manner as possible that would not result in such taxes (including making
cash payments to Executive equal to the Company’s share of premiums that would have been paid on Executive’s behalf on the same schedule as such premiums would have been paid); provided, that if in the good faith determination of the
Company’s accountants, no such substitute or amended arrangement could avoid such taxes, the Company will not be obligated to continue such benefits, pay, reimburse or otherwise compensate Executive for such premiums and Executive’s right
to continued benefits under the Hyatt Welfare Plans shall immediately cease without compensation therefor. 
 (v)
Miscellaneous. Following the Separation Date, the Executive shall be permitted to retain the iPhone currently being used by the Executive; provided that the Executive shall be responsible for all post-Separation Date cell phone and
data charges and Executive shall allow the Company to remove all Company information and programs from all such equipment. The Company will also provide Executive and his spouse with a Courtesy Card for a period of two years following the Separation
Date. The Company will not challenge any claim by the 

  
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Executive for unemployment compensation. The Executive shall be able to exercise any vested SARs after the Separation Date in accordance with the Amended and Restated Retirement Policy regarding
Equity Vesting and Exercise dated effective as of September 18, 2013 (“Retirement Policy”), and shall be entitled to any and all other benefits provided for in the Retirement Policy subject to the terms and conditions thereof.
The Company agrees that the Executive may elect to implement a 10(b)5-1 trading plan with Morgan Stanley if permitted by and in accordance with applicable law. 

(c) Legal Fees. The Company will reimburse Executive up to a maximum of $10,000 for legal fees actually incurred in connection
with the preparation and review of this Agreement. Such reimbursement shall be made in accordance with the Company’s normal business reimbursement policies upon presentation of proper documentation, but not later than December 31 of the
year following the year in which the expense was incurred. 
 3. No Additional Entitlements. The Executive understands and
acknowledges that he will have no further entitlements, other than (a) those recited in this Agreement and the Retirement Policy, (b) accrued rights and entitlements that have vested as of the Separation Date under the Plans and
(c) rights and entitlements under the RSU Agreements, Restricted Stock Agreements, SAR Agreements, and any other outstanding award agreements granted under the Company’s Second Amended and Restated Long-Term Incentive Plan, as amended, or
any predecessor plan (collectively, the “LTIP”). The Company has provided the Executive with a benefits summary and will provide an updated benefits summary to the Executive on or before the Separation Date. The Company hereby
acknowledges that the Executive’s rights to benefits described in the benefits summary are fully vested and are not affected by anything in this Agreement. The Executive hereby acknowledges that the Executive has no interest in or claim of
right to reinstatement, reemployment or employment with the Company, and the Executive forever waives any interest in or claim of right to any continued or future employment by the Company. 

4. Withholding. All payments required to be made by the Company hereunder to the Executive shall be subject to withholding of
such amounts relating to taxes as the Company may reasonably determine it should withhold pursuant to any applicable law or regulation. Additionally, the Executive agrees and consents that, during the Benefit Continuation Period, the amount of
contributions that an active employee of the Company would be required to pay for coverage elected by the Executive under the Hyatt Welfare Plans will be withheld from the Exit Bonus. 

5. Section 409A Compliance. It is intended that any amounts payable under this Agreement and the Company’s and the
Executive’s exercise of authority or discretion hereunder shall comply with the provisions of Internal Revenue Code Section 409A and the treasury regulations and guidance thereunder (“Section 409A”) so as not to subject
the Executive to the payment of interest and tax penalty which may be imposed under Section 409A. Notwithstanding anything contained herein to the contrary, if, at the Executive’s separation from service, (a) the Executive is a
specified employee as defined in Section 409A and (b) any of the payments or benefits provided hereunder constitute deferred compensation under Section 409A, then, and only to the extent required by such provisions, the date of
payment of such payments or benefits otherwise provided shall be delayed for a period of six months following the separation 

  
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from service, and any amounts so delayed shall be paid during the seventh month following separation from service. Any reimbursement amounts payable under this Agreement shall be paid promptly
after receipt of a properly documented request for reimbursement from the Executive, provided no amount shall be paid later than December 31 of the year following the year during which the reimbursable amounts were incurred by Executive. 

6. Execution of Agreement; Release of Claims. The payments and benefits to the Executive pursuant to this Agreement are
contingent upon (a) the Executive executing and delivering to the Company this Agreement and a release of claims in the form attached to this Agreement as Exhibit B (the “Initial Release”) by 5:00 p.m. (CDT) on
June 19, 2014, (b) the Executive executing and delivering to the Company on the first business day following the Separation Date, a release of claims in substantially the same form as the Initial Release, effective as of that date (the
“Second Release” and together with the Initial Release, the “Releases”) and (c) the Executive not revoking either of the Releases. 

7. Return of Property. On or prior to the Separation Date, the Executive will return all of the Company’s property, other
than those items set forth in Section 2(b)(v). Such property includes, but is not limited to, the original and any copies of any confidential information or trade secrets, PDAs, keys, pass cards, building identity cards, mobile telephones,
tablet devices, laptop computers, corporate credit cards, customer lists, files, brochures, documents or computer disks or printouts, equipment and any other item relating to the Company and its business, provided that it would not be a violation of
this Section 7 for the Executive to retain copies of publicly-filed documents. Further, other than in the performance of the Executive’s duties, the Executive will not take, procure, or copy any property of the Company before, on, after or
in anticipation of the Separation Date. For purposes of this Section 7, “Company” shall include the Company, its subsidiaries and affiliates. 

8. Cooperation. In consideration for the promises and payments by the Company pursuant to this Agreement, at the request of the
Company, the Executive agrees to cooperate to the fullest extent reasonably possible with respect to matters involving the Company about which the Executive has or may have personal knowledge (other than the Executive’s separation or any other
claim the Executive may bring against the Company that is not released under the Releases), including any such matters which may arise after the Separation Date. For purposes of this Section 8, “Company” shall include the Company, its
subsidiaries and affiliates. 
 9. Resignations. Effective as of the Effective Date, unless otherwise requested by the Company
in writing, the Executive will, automatically and without further action on the part of the Executive or any other person or entity, resign from all offices, boards of directors (or similar governing bodies), committees of such boards of directors
(or similar governing bodies) and committees of the Company, its subsidiaries and affiliates, other than the office of Executive Vice President of the Company, from which office the Executive will automatically and without further action on the part
of the Executive or any other person or entity, resign on the Separation Date. In addition, and without limiting the effectiveness of the resignations in the immediately preceding sentence, on the Effective Date, the Executive will execute and
deliver to the Company an omnibus resignation in the form attached hereto as Exhibit C-1, which shall exclude the office of Executive Vice President of the Company, with respect to which Executive will deliver a separate written resignation
substantially in the form attached hereto as Exhibit C-2 on 

  
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the Separation Date. The Executive agrees that he shall execute any such further documents and instruments as may be reasonably necessary or appropriate to carry out the intent of this
Section 9. 
 10. Non-Reliance. The Executive represents to the Company and the Company represents to the Executive that
in executing this Agreement they do not rely and have not relied upon any representation or statement not set forth herein made by the other or by any of the other’s agents, representatives or attorneys with regard to the subject matter, basis
or effect of this Agreement, or otherwise. The Executive (a) has reviewed with his own advisors the tax and legal consequences of entering into and the payments under this Agreement, (b) is relying solely on such advisors and not on any
statements or representations of the Company, its agents or advisors, and (c) understands that he (and not the Company) shall be responsible for his own tax liability that may arise as a result of entering into and the payments under this
Agreement, other than the Company’s liability with respect to any required tax withholdings thereon. 
 11.
Assignability. The rights and benefits under this Agreement are personal to the Executive and such rights and benefits shall not be subject to assignment, alienation or transfer, except to the extent such rights and benefits are
lawfully available to the estate or beneficiaries of the Executive upon death. The Company may assign this Agreement to any parent, affiliate or subsidiary and shall require any entity which at any time becomes a successor whether by merger,
purchase, or otherwise acquires all or substantially all of the assets, stock or business of the Company, to expressly assume this Agreement. 

12. Confidentiality, Intellectual Property, Non-Solicitation and Non-Disparagement and Non-Competition. The Company and the
Executive acknowledge and agree that the provisions of the Confidentiality Agreement, and all other Covenants shall continue to apply to the Executive prior to and after the Separation Date as if fully set forth in this Agreement. In addition, and
in consideration of the compensation described in Section 2 hereof, and the Company’s commitments hereunder, the Company and the Executive also agree as follows: 

(a) Confidentiality. The Executive acknowledges and agrees that references in the Confidentiality Agreement and herein to
“affiliates” of the Company include, but are not limited to, individuals and entities known by the Executive to be member of the Pritzker family and the Pritzker family business interests, including, without limitation, The Pritzker
Organization, or directors, officers, trustees and employees of each such trust or Pritzker family business interest. For the purposes of this Agreement, the term “Pritzker family business interests” means (i) various lineal
descendants of Nicholas J. Pritzker, deceased, and spouses and adopted children of such descendants, (ii) various trusts for the benefit of the individuals described in clause (i) and trustees thereof and (iii) various entities owned
and/or controlled, directly and/or indirectly, by the individuals and trusts described in clauses (i) and (ii) above. 
 (b)
Non-Solicitation. The Executive further agrees that the provisions of Section 3 of the Confidentiality Agreement relating to non-solicitation of employees shall apply for a period of thirty-six months following the Separation
Date (the “Confirmation Date”) and shall be modified and expanded (i) to include the Executive’s agreement not to, directly or indirectly, induce, solicit, or attempt to persuade any individual who is, or at any time
during the six month period ending on the Separation Date was, employed at a 

  
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Company hotel (any such individual, a “Company Associate”), to accept employment with a company, organization or other association at which the Executive is then employed,
engaged or associated, and (ii) to require the Executive to give the Company reasonable notice (which may be given to the General Counsel or CHRO of the Company by email) in the event the Executive becomes actually aware (without an inquiry
obligation) that a Company Associate who (x) is a hotel general manager, or (y) holds the title of Vice President or above, accepts employment with a company, organization or other association at which the Executive is then employed,
engaged or associated (as so modified, the “Nonsolicitation Covenant”). Executive agrees to grant to the Company a first priority, perfected security interest in all of his right, title and interest in and to all cash
proceeds payable or shares of Class A Common Stock of the Company delivered upon exercise, settlement or vesting of the SARs, RSUs, or RSs (less any shares withheld for taxes), but solely applicable with regard to the SARs, RSUs, or RSs which
are unvested as of the Separation Date, and all proceeds received thereon (less applicable taxes), as collateral security for the performance of his obligations under the Nonsolicitation Covenant pursuant to a security agreement (or similar
agreement) and related documents, including, without limitation an escrow agreement if required by the Company, to be executed and delivered by the Executive on or before June 13, 2014; provided that (A) the Executive shall retain the
right to direct the disposition of such SARs, RSUs and RSs and the investment of cash proceeds thereon while the security arrangements are in effect, and (B) that any SARs, RSUs, RSs, cash settlement amounts and shares of Class A Common
Stock of the Company and any proceeds thereon subject to the security arrangements shall be released to the Executive on the Confirmation Date if the Executive has fulfilled his obligations under the Nonsolicitation Covenant. 

(c) Non-Disparagement. At all times prior to and after the Separation Date, the Executive will not disparage, place in a false
light or criticize, orally or in writing, the business, products, policies, decisions, directors, officers or employees of the Company to any person. The Company also agrees that none of the CEO, any executive officer who reports directly to the CEO
or the Executive Chairman will disparage, place in false light or criticize the Executive to any person or entity either orally or in writing. The Company shall advise the Company’s Board of Directors of this provision. 

(d) Non-Competition. During the period from the date hereof through twelve months after the Separation Date, the Executive
agrees he will not directly or indirectly (i) work or serve (as an employee, consultant, advisor, owner or otherwise) (x) in any business or activity which competes anywhere in the Company’s worldwide marketplace with any product or
service provided by the Company, including any product or service under active consideration by the Company, or (y) for or on behalf of any person or entity on any activity that relates to any transaction or interaction between that person or
entity and the Company; or (ii) encourage, solicit or attempt to induce any customer of the Company to reduce, restrict, terminate or modify in any manner adverse to the Company, its business relationship with the Company or to shift its
business to any other supplier of competing goods or services. 
 (e) Injunctive Relief. It is recognized and acknowledged by
the Executive that a breach of the covenants contained in this Section 12 will cause irreparable damage to the Company, its subsidiaries and affiliates and their respective goodwill, the exact amount of which will be difficult or impossible to
ascertain, and that the remedies at law for any such breach will be inadequate. Accordingly, the Executive agrees that in the event of a breach of any of the covenants contained in this Section 12, in addition to any other remedy which may be
available at law or in equity, the Company will be entitled to specific performance and injunctive relief. The Executive agrees not to raise as a defense or objection to the request or granting of such relief that any breach of this Agreement is or
would be compensable by an award of money damages, and the Executive agrees to waive any requirements for the securing or posting of any bond in connection with such remedy. The provisions of this Section 12(e) shall apply to the Company with
respect to the second sentence of Section 12(c) mutatis mutandis. 
 (f) For purposes of this Section 12,
“Company” shall include the Company, its subsidiaries and affiliates. 
 13. Entire Agreement. The Executive
acknowledges and agrees that this Agreement, together with the Exhibits hereto and the other documents, Company plans and Company policies referred to herein (including without limitation the Retirement Policy, Confidentiality Agreement, RSU
Agreements, Restricted Stock Agreements, SAR Agreements, any other outstanding award agreements under the LTIP, and all agreements thereunder or related thereto to which Executive is a party) constitute the entire agreement and understanding between
the parties and supersedes any prior agreements, written or oral, with respect to the subject matter hereof, including the termination of the Executive’s employment after the 

  
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Effective Date and all amounts to which the Executive shall be entitled whether during the Transition Period or thereafter, other than as specifically provided in this Agreement. 

14. Severability/Reasonable Alteration. In the event that any part or provision of this Agreement shall be held to be invalid or
unenforceable by a court of competent jurisdiction, the remaining provisions thereof shall nevertheless continue to be valid and enforceable as though the invalid or unenforceable part or provision had not been included therein. Further, in the
event that any part or provision hereof shall be declared by a court of competent jurisdiction to exceed the maximum time period, scope or activity restriction that such court deems reasonable and enforceable, then the parties expressly authorize
the court to modify such part or provision so that it may be enforced to the maximum extent permitted by law. 
 15. No Strict
Construction. The language used in this Agreement will be deemed to be the language chosen by the Executive and the Company to express their mutual intent, and no rule of strict construction will be applied against the Executive or the
Company. 
 16. Insurance. The Company presently maintains directors and officers liability insurance covering its directors
and officers. The Company will continue to cover the Executive under such insurance to the same extent the Company maintains such insurance from time to time for its directors and officers. 

17. Applicable Law, Venue and Jurisdiction. This Agreement shall be governed by and construed in accordance with the laws of the
State of Illinois, without regard to conflicts of laws principles, rules or statutes of any jurisdiction. The parties irrevocably agree that all actions to enforce an arbitrator’s decision pursuant to Section 19 of this Agreement may be
instituted and litigated in federal, state or local courts sitting in Chicago, Illinois and each of such parties hereby consents to the jurisdiction and venue of such court, waives any objection based on forum non conveniens and any right to
a jury trial as set forth in Section 18 of this Agreement. 
 18. Waiver of Jury Trial. EACH OF THE EXECUTIVE AND THE
COMPANY HEREBY WAIVES, RELEASES AND RELINQUISHES ANY AND ALL RIGHTS HE/IT MAY HAVE TO A TRIAL BY JURY WITH RESPECT TO ANY ACTIONS ARISING DIRECTLY OR INDIRECTLY AS A RESULT OR IN CONSEQUENCE OF THIS AGREEMENT, INCLUDING, WITHOUT LIMITATION, ANY
CLAIM OR ACTION TO REMEDY ANY BREACH OR ALLEGED BREACH HEREOF, TO ENFORCE ANY TERM HEREOF, OR IN CONNECTION WITH ANY RIGHT, BENEFIT OR OBLIGATION ACCORDED OR IMPOSED BY THIS AGREEMENT. 

19. Arbitration. Any dispute or controversy arising under or in connection with this Agreement, the Release, the
Executive’s employment by and/or relationship with the Company and the Executive’s separation from the Company shall be settled exclusively by confidential arbitration, conducted before a single neutral arbitrator in Chicago, Illinois in
accordance with the National Rules for the Resolution of Employment Disputes of the American Arbitration Association (“AAA”) then in effect, in accordance with this Section 19, except as otherwise prohibited by any nonwaivable
provision of applicable law or regulation. The parties hereby agree that the arbitrator shall construe, interpret and enforce this Agreement in accordance with its express terms, and otherwise in accordance with the governing law as set forth in
Section 17 

  
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above. Judgment may be entered on the arbitration award in any court having jurisdiction, provided, however, that the Company shall be entitled to seek a restraining order or injunction in
any court of competent jurisdiction to prevent any continuation of any violation of the provisions of this Agreement and the Executive hereby consents that such restraining order or injunction may be granted without requiring the Company to post a
bond. Unless the parties otherwise agree, a single arbitrator shall be selected in accordance with the procedures set forth in such National Rules and only individuals who are on the AAA register of arbitrators shall be selected as an arbitrator.
Within 20 days of the conclusion of the arbitration hearing, the arbitrator shall prepare written findings of fact and conclusions of law. It is mutually agreed that the written decision of the arbitrator shall be valid, binding, final and
enforceable by any court of competent jurisdiction. The Company shall pay all administrative fees, and the fees and expenses of the arbitrator. In the event action is brought pursuant to this Section 19, the arbitrator shall have authority to
award fees and costs to the prevailing party, in accordance with applicable law. If in the opinion of the arbitrator there is no prevailing party, then each party shall pay its own attorneys’ fees and expenses. 

20. Counterparts and Facsimiles. This Agreement may be executed in several counterparts, each of which shall be deemed as an
original, but all of which together shall constitute one and the same instrument; signed copies of this Agreement may be delivered by .pdf, .jpeg or fax and will be accepted as an original. 

21. Expenses. Except as expressly set forth in Section 2(c) above, each of the Company and the Executive shall bear its/his
own costs and expenses in connection with the negotiation and documentation of this Agreement. 
 22. Amendment/Waiver. This
Agreement may not be modified without the express written consent of the parties hereto. Any failure by any party to enforce any of its rights and privileges under this Agreement shall not be deemed to constitute waiver of any rights and privileges
contained herein. 
 23. Notice. Any notice to be given hereunder shall be in writing and shall be deemed given when mailed by
certified mail, return receipt requested, addressed as follows: 
 To the Executive at: 

To the most recent address provided by 

the Executive to the Company 

To the Company at: 

Hyatt Hotels Corporation 
 71
South Wacker Drive 
 12th Floor 

Chicago, Illinois 60606 
 Attn:
President and Chief Executive Officer 

  
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 And with a copy to: 

Hyatt Hotels Corporation 
 71
South Wacker Drive 
 12th Floor 

Chicago, Illinois 60606 
 Attn:
General Counsel 
 24. Company Subsidiaries, Affiliates and Divisions. For purposes of this Agreement, references to
“subsidiaries,” “affiliates” or “divisions” of the Company shall mean and include those entities or persons publicly identified by the Company to a subsidiary, affiliate or division of the Company and such other
entities or persons actually known by the Executive to be a subsidiary, affiliate or division of the Company. 
 [Signature Page Follows]

  
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 IN WITNESS WHEREOF, each of the parties hereto has duly executed this Transition Agreement as of
the date and year first set forth above. 
  

			
	HYATT HOTELS CORPORATION
		
	By:	 	/s/ Mark S. Hoplamazian
	Its:	 	President and Chief Executive Officer

  

	
	EXECUTIVE
	
	/s/ Rakesh Sarna
	Rakesh Sarna

  
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 Exhibit A 

CONFIDENTIALITY, INTELLECTUAL PROPERTY, 

NONSOLICITATION & NONDISPARAGEMENT AGREEMENT 

See Attached Agreement executed by the Executive effective as of September 25, 2007 

 CONFIDENTIALITY, INTELLECTUAL PROPERTY, 

NONSOLICITATION & NONDISPARAGEMENT AGREEMENT 

This Confidentiality, Intellectual Property, Nonsolicitation and Nondisparagement Agreement (this “Agreement”) is entered
into by and among Global Hyatt Corporation, a Delaware corporation (“Global Hyatt”), Hyatt Corporation, a Delaware corporation and subsidiary of Global Hyatt (“Employer”), and Rakesh Sarna
(“Employee”). 
 WHEREAS, Employee is currently employed by Employer; 

WHEREAS, Employee has access to confidential and proprietary information of Global Hyatt, its subsidiaries and its affiliates; 

WHEREAS, the Board of Directors of Global Hyatt has adopted the Global Hyatt Corporation Long-Term Incentive Plan (the
“LTIP”), and the Administrator of the LTIP has determined that it is in the best interest of Global Hyatt to make grants of Stock Appreciation Rights (as defined in the LTIP, the “SARs”) to Employee; and 

WHEREAS, the grant of SARs to Employee is conditioned upon Employee’s execution and delivery of this Agreement. 

NOW, THEREFORE, in consideration of Employee’s employment, the grant of SARs to Employee, the mutual promises and covenants set forth
herein, and for other good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, the parties hereto agree as follows: 

1. Employee’s employment with Employer results and will result in Employee’s exposure and access to confidential and proprietary
information including, but not limited to, financial information, investment opportunities, investment positions, business plans and strategies, business track record, acquisition information, prospect information, due diligence files, sales plans,
marketing plans, information concerning actual and prospective customers and suppliers, pricing information, personnel information, trade secrets, and other secret or confidential operational, management, personnel, financial, accounting, marketing
or tax information of Global Hyatt Corporation, its subsidiaries and affiliates, and any compilations thereof relating to the business or operations of Global Hyatt, its subsidiaries and affiliates (“Confidential Information”) which
information is of great value to Global Hyatt. Confidential Information shall not be deemed to include information that otherwise is or has become generally available to the public (without breach of this Agreement), or as to which Employee obtained
knowledge from sources other than Global Hyatt or any of its subsidiaries or affiliates, or any of the directors, managers, officers or employees thereof (provided that such source is not bound by a confidentiality agreement with Global Hyatt or any
of its subsidiaries or affiliates). 
 During Employee’s employment with Global Hyatt or any of its subsidiaries or affiliates,
Employee agrees that Employee shall at all times hold in confidence, keep 

 
secret and inviolate and not make available, divulge, disclose, or communicate in any manner whatsoever to anyone any such Confidential Information, or use any such Confidential Information for
any purpose other than in the performance of Employee’s job duties and on Global Hyatt’s or any of its subsidiaries’ or affiliates’ behalf. Following Employee’s employment with Global Hyatt or any of its subsidiaries or
affiliates, Employee shall not, at any time, make available, divulge, disclose, or communicate in any manner whatsoever to anyone any such Confidential Information, or use any such Confidential Information for any purpose unless authorized to do so
in writing by Global Hyatt’s Chief Executive Officer or unless required to do so by a governmental authority by law or subpoena or judicial process, in which case Employee will give Global Hyatt immediate advance notice of such disclosure,
including a copy of any subpoena or other document legally requiring Employee to make any otherwise prohibited disclosure, prior to making any such disclosure, so that Global Hyatt shall have the opportunity if it so desires to seek a protective
order or other appropriate remedy. 
 2. From the time that Employee became employed by Employer, up to and including the effective
termination date of Employee’s employment with Global Hyatt or any of its subsidiaries, any and all inventions, improvements, methodologies and discoveries including, but not limited to, processes, data, lists, systems, products, development
materials, operating manuals, analytical tools, and computer programs discovered, developed, or learned by Employee, in whole or in part, that relate to Global Hyatt’s business are the sole and absolute property of Global Hyatt and are
“works made for hire” as that term is defined in the copyright laws of the United States. Employee acknowledges and agrees that Global Hyatt is the sole and absolute owner of all patents, copyright, trademarks or other property rights to
all such inventions, improvements, methodologies and discoveries. To the extent that any of those items are determined not to constitute works made for hire, Employee agrees that Employee’s signature on this Agreement constitutes an assignment
(without any further consideration) to Global Hyatt for any and all of Employee’s respective copyrights and other rights, title, and interest in and to all such items. The foregoing provisions of this Section 2 do not apply to an invention
for which no equipment, supplies, facilities or trade secret information of Global Hyatt was used and which was developed entirely on Employee’s own time, unless: (a) the invention relates (i) directly to the business of Global Hyatt
or (ii) to Global Hyatt’s actual or demonstrably anticipated research and development, or (b) the invention results from any work performed by Employee for Global Hyatt. 

3. Employee agrees that while Employee is employed by Global Hyatt or any of its subsidiaries or affiliates, and for a period of one year
beginning on the date that Employee’s employment with Global Hyatt or any of its subsidiaries or affiliates terminates, regardless of the reason for such termination, Employee will not, directly or indirectly, induce, solicit, or attempt to
persuade any employee of Global Hyatt or any of its subsidiaries or affiliates to terminate his or her employment with Global Hyatt or any of its subsidiaries or affiliates. In the event that Employee is found by a court of competent jurisdiction to
have violated this Section 3, the time period in this Section that 

  
 2 

 
restricts Employee’s activity shall be extended for one day for each day that Employee is found to have been violating this Section, up to a maximum of one additional year. 

4. Employee agrees that Employee shall not, at any time, disparage Global Hyatt or any of its respective subsidiaries, affiliates, directors,
officers, or employees. 
 5. Upon Global Hyatt’s demand, but no later than the effective date of the termination of Employee’s
employment with Global Hyatt or any of its subsidiaries or affiliates, Employee will immediately return to Global Hyatt all of its property including, but not limited to, all of Global Hyatt’s, its subsidiaries’ and affiliates’
documents, files, forms, notes, records, charts, keys, credit cards, computer hardware, cell phones, personal digital assistants, blackberries and other electronic devices, computer software and all copies thereof. Employee’s duty to return
such property extends to all locations where Employee has stored or maintained such property. 
 6. Employee acknowledges and agrees that
any breach by Employee of any of the provisions of this Agreement will cause Global Hyatt to suffer immediate and irreparable harm for which damages are an inadequate remedy and are difficult to calculate. Accordingly, Employee agrees that if
Employee violates any provision of this Agreement, without limiting any other available legal or equitable remedy (including the recovery of monetary damages), Global Hyatt will be entitled to an order from a court of competent jurisdiction (without
the need to post bond or other security) to temporarily and preliminarily enjoin Employee from violating the provisions of this Agreement. Employee further agrees that should Global Hyatt successfully demonstrate in a court of competent jurisdiction
that Employee has breached any provision of this Agreement, Global Hyatt shall be entitled to recover its attorneys’ fees and costs from Employee that Global Hyatt expended in enforcing this Agreement. 

7. Employee acknowledges and agrees that this Agreement is not intended to be and shall not be construed as an express or implied employment
contract to provide services for a specific duration of time or that limits any potential basis for termination. 
 8. Global Hyatt’s
waiver of a breach by Employee of any provision of this Agreement or failure to enforce any such provision with respect to Employee shall not operate or be construed as a waiver of any subsequent breach of such provision or of any breach of any
other provision. No act or omission of Global Hyatt shall constitute a waiver of any of its rights hereunder except for a written waiver signed by Global Hyatt’s Chief Executive Officer. 

9. If for any reason any provision of this Agreement shall be deemed by a court of competent jurisdiction to be unreasonable or otherwise
unenforceable, it is the purpose and intent of Global Hyatt and Employee that the court of competent jurisdiction modify or limit such provisions or restrictions so that, as modified or limited, such prohibitions or restrictions may be enforced to
the fullest extent possible, without invalidating the remainder of such provision or the remaining provisions of this Agreement. 

  
 3 

 10. Other than as set forth in Section 9 above, this Agreement may not be amended except by
written agreement executed by both Employee and Global Hyatt’s Chief Executive Officer. 
 11. This Agreement is enforceable by Global
Hyatt and its affiliates and subsidiaries and may be assigned or transferred by Global Hyatt to, and upon such assignment or transfer, shall be binding upon and inure to the benefit of, any parent, subsidiary, affiliate, or other related entity of
Global Hyatt or any entity which at any time, whether by merger, purchase, or otherwise, acquires all or substantially all of the assets, stock or business of Global Hyatt. Employee may not assign any of Employee’s rights or obligations under
this Agreement. 
 12. This Agreement will be governed by the internal laws of the State of Illinois without regard to its conflicts or
choice of law rules. 
 13. This Agreement embodies the entire agreement and understanding between Global Hyatt and Employee with regard to
the matters .described herein and supersedes any and all prior and/or contemporaneous agreements and understandings, oral or written. The provisions of this Agreement shall survive any termination of Employee’s employment regardless of the
reason for such termination. 
 14. Employee acknowledges and agrees that Employee is entering this Agreement voluntarily and that Employee
has had an opportunity to review this Agreement with counsel. 
  

									
	AGREED TO AND ACCEPTED:	 		 	
			
	Rakesh Sarna	 		 	GLOBAL HYATT CORPORATION
					
		 	

	 		 	By:	 	

					
	Date:	 	

	 		 		 	 Name:
 Its:

					
		 		 		 	Date:	 	

				
		 		 		 	HYATT CORPORATION
					
		 		 		 	By:	 	

		 		 		 		 	 Name:
 Its:

					
		 		 		 	Date:	 	

 Exhibit B 

GENERAL RELEASE OF ALL CLAIMS 

1. For valuable consideration, the adequacy of which is hereby acknowledged, the undersigned (“Executive”), for himself, his
spouse, heirs, administrators, children, representatives, executors, successors, assigns, and all other persons claiming through Executive, if any (collectively, “Releasors”), does hereby release, waive, and forever discharge Hyatt
Hotels Corporation (“Company”), and the Company’s subsidiaries, parents, affiliates, related organizations, and equity holders, and its respective affiliates (including trustees and beneficiaries of trusts that are direct and
indirect equity holders), employees, officers, directors, attorneys, successors, and assigns of each of the foregoing (collectively, the “Releasees”) from, and does fully waive any obligations or liabilities of Releasees to
Releasors of any kind and nature that Releasors had, have, or might claim to have against Releasees at the time Executive executes this General Release of All Claims (the “General Release”) for or in respect of any and all
liability, actions, charges, causes of action, demands, damages, or claims for relief, remuneration, sums of money, accounts or expenses, and any claims under any restricted stock, restricted stock unit, stock appreciation right, or performance
share agreements between Executive and the Company, and any action arising in tort including libel, slander, defamation or intentional infliction of emotional distress, and claims under any federal, state or local statute including Title VII of the
Civil Rights Act of 1964, the Civil Rights Act of 1866 and 1871 (42 U.S.C. § 1981), the Equal Pay Act, Employee Retirement Income Security Act, Family and Medical Leave Act, the National Labor Relations Act, the Fair Labor Standards Act, the
Americans with Disabilities Act of 1990, the Older Workers Benefit Protection Act, the Age Discrimination in Employment Act, the Rehabilitation Act of 1973, the Illinois Human Rights Act, Illinois Employment Contract Act, Cook County Human Rights
Ordinance, the City of Chicago Human Rights Ordinance or the discrimination or employment laws of any state or municipality, and/or any claims under any express or implied contract which Releasors may claim existed with Releasees. This General
Release also includes a release by Executive of any claims for breach of contract, wrongful discharge and all claims for alleged physical or personal injury, emotional distress relating to or arising out of Executive’s employment with Company
or the termination of that employment; and any claims under the WARN Act or any similar law, which requires, among other things, that advance notice be given of certain work force reductions. This General Release does not apply to any claims or
rights that may arise after the date Executive signs this General Release. The foregoing release does not apply to (a) any claims or rights for compensation, benefits, indemnification and any other surviving rights now existing under the
Transition Agreement dated as of June 5, 2014 between the Company and Executive (the “Transition Agreement”), vested accrued benefits under the terms of the Plans (as defined under the Transition Agreement), the Retirement
Policy (as defined in the Transition Agreement), any outstanding awards under the LTIP (as defined under the Transition Agreement), the organizational documents of the Company or any other agreement providing for indemnification of Executive
regardless of when any claim is filed, (b) any claims or rights under directors and officers liability insurance, or (c) any claim relating to compensation under the 

 
Illinois Workers’ Compensation Act, Illinois Workers’ Occupational Disease Act, Illinois Wage Payment and Collection Act or Illinois Unemployment Insurance Act. 

2. Excluded from this General Release are any claims which cannot be waived by law, including but not limited to the right to participate in
an investigation conducted by the Equal Employment Opportunity Commission, the Illinois Department of Human Rights, the Illinois Human Rights Commission or the Illinois Department of Labor. Executive does, however, waive Executive’s right to
any monetary recovery should any agency (such as the Equal Employment Opportunity Commission) pursue any claims on Executive’s behalf. Executive represents and warrants that Executive has not filed any complaint, charge, or lawsuit against the
Releasees with any government agency or any court. 
 3. Executive agrees never to sue or otherwise bring any adversarial action against
Releasees, directly or indirectly, in any forum for any claim covered by the above waiver and release language. If Executive violates this General Release by suing or otherwise bring any adversarial action against Releasees, other than for the
matters expressly excluded from the above release and waiver as set forth in Section 1 hereof, Releasees shall be entitled to assert this General Release as a bar and shall be entitled to recover their reasonable attorneys’ fees and costs
of litigation incurred in defending against such a suit or other adversarial action. PROVIDED, HOWEVER, Executive is not waiving, releasing or giving up any rights Executive may have to test the knowing and voluntary nature of this General Release
under the Older Workers Benefit Protection Act or to workers’ compensation benefits, to vested benefits under any pension or savings plan, to continued benefits in accordance with the Consolidated Omnibus Budget Reconciliation Act of 1985, to
unemployment insurance, to file a charge with the Equal Employment Opportunity Commission or to participate in any EEOC proceeding. In the event any claim or suit is filed on Executive’s behalf, Executive waives any and all rights to receive
monetary damages or injunctive relief in favor of Executive. Executive represents and warrants that he has not assigned or transferred, in any manner, including by subrogation or operation of law, any portion of any claim, action, complaint, charge
or suit encompassed by the releases set forth in this General Release. 
 4. Executive acknowledges and recites that: 

(a) Executive has executed the Transition Agreement and this General Release knowingly and voluntarily; 

(b) Executive has read and understands the Transition Agreement and this General Release in its entirety; 

(c) Executive has been advised and directed orally and in writing (and this subsection (c) constitutes such written
direction) to seek legal counsel and any other advice he wishes with respect to the terms of the Transition Agreement and this General Release before executing it; and 

 (d) Executive’s execution of the Transition Agreement and this General
Release has not been forced by any employee or agent of the Company, and Executive has had an opportunity to negotiate about the terms of the Transition Agreement and this General Release. 

(e) Executive has been given at least twenty-one (21) days to consider the Transition Agreement and this General Release,
and if executed prior to the expiration of the twenty-one (21) day period, such execution is knowing and voluntary. 

(f) Executive understands that rights or claims under the Age Discrimination in Employment Act of 1967 (29 U.S.C. § 621,
et seq.) that may arise after the date this General Release is executed are not waived. 
 (g) The additional benefits and
other promises that Executive is to receive under the Transition Agreement are sufficient consideration for this General Release. 
 5. This
General Release shall be governed by the internal laws (and not the choice of laws) of the State of Illinois, except for the application of pre-emptive Federal law. 

6. Any dispute or controversy arising under or in connection with this General Release shall be settled exclusively by arbitration in
accordance with the provisions of Section 19 of the Transition Agreement. 
 7. Executive may revoke this General Release within seven
(7) calendar days after signing it and has been and hereby is advised that this Agreement shall not become effective or enforceable until the revocation period has expired. To be effective, such revocation must be received in writing by Robb
Webb, Chief Human Resource Officer personally at Hyatt Hotels Corporation, 71 South Wacker Drive, 12th Floor, Chicago, Illinois 60606. Revocation can be made by hand delivery, telegram, facsimile, or postmarking before the expiration of this seven
(7) days period. None of the obligations of the Company under the Transition Agreement shall be effective in the event that Executive revokes this General Release pursuant to this Section 7. 

PLEASE READ THIS AGREEMENT CAREFULLY. IT CONTAINS A RELEASE OF ALL KNOWN AND UNKNOWN CLAIMS. 

 

							
		 		 		 	EXECUTIVE:
				
	Date:	 	   
	 	  
	 	   

		 		 		 	Rakesh Sarna

 Exhibit C-1 

FORM OF OMNIBUS RESIGNATION 

June 5, 2014 
 To: Hyatt Hotels
Corporation 
 and each of its subsidiaries and affiliates 

Effective as of the date hereof, I hereby resign from all offices, boards of directors (or similar governing bodies), committees of such boards of directors
(or similar governing bodies) and other committees of the Company, its subsidiaries and affiliates on which I am currently serving, other than the office of Executive Vice President of the Company. 

 

	
	Sincerely,
	
	   

	Rakesh Sarna

 Exhibit C-2 

FORM OF EXECUTIVE VICE PRESIDENT RESIGNATION 

August 31, 2014 
 To: Hyatt Hotels
Corporation 
 Effective as of the date hereof, I hereby resign as Executive Vice President of the Company. 

 

	
	Sincerely,
	
	   

	Rakesh SarnaEX-4.1

 Exhibit 4.1 

EXECUTION COPY 
  

 
  

ELEVENTH SUPPLEMENTAL INDENTURE 

Dated as of June 5, 2014 

Supplementing that Certain 

INDENTURE 
 Dated as of
November 21, 2011 
  
  

Among 
 EXPRESS SCRIPTS HOLDING
COMPANY 
 THE GUARANTORS PARTY HERETO 

and 
 WELLS FARGO BANK, NATIONAL
ASSOCIATION, 
 as Trustee 
  

 
 1.25% SENIOR
NOTES DUE 2017 
  
  

 

 This Eleventh Supplemental Indenture, dated as of June 5, 2014 (the “Eleventh
Supplemental Indenture”), among Express Scripts Holding Company, a corporation organized and existing under the laws of the State of Delaware, having its principal office at One Express Way, St. Louis, Missouri (herein called the
“Company”), the Guarantors party hereto and Wells Fargo Bank, National Association, a national banking association, as Trustee hereunder (herein called the “Trustee”), supplements that certain Indenture, dated as of
November 21, 2011, among the Company, the Guarantors and the Trustee (the “Base Indenture” and, together with this Eleventh Supplemental Indenture, the “Indenture”). 

RECITALS OF THE COMPANY 

A. The Company, the Guarantors and the Trustee have entered into the Base Indenture, which provides for the issuance from time to time of the
Company’s unsecured debentures, notes, or other evidences of indebtedness to be issued in one or more series as provided for in the Base Indenture. 

B. The Base Indenture provides that the Securities of each series shall be in substantially the form set forth in the Base Indenture, or in
such other form as may be established by or pursuant to a Board Resolution and set forth in an Officers’ Certificate or in one or more supplemental indentures thereto, in each case with such appropriate insertions, omissions, substitutions, and
other variations as are required or permitted by the Indenture, and may have notations, legends or endorsements required by law, stock exchange or automated quotation system on which the Securities may be listed, quoted or designated for issuance,
agreements to which the Company is subject, if any, or usage or as may, consistent therewith, be determined by the officers executing such Securities, as evidenced by their execution thereof. 

C. The Company and the Trustee have agreed that the Company shall issue and deliver, and the Trustee shall authenticate, a new series of
Securities to be known as the “1.25% Senior Notes due 2017” pursuant to the terms of this Eleventh Supplemental Indenture and substantially in the form set forth in Appendix A hereto (together with the Exhibits thereto, the
“Appendix”), in each case with such appropriate insertions, omissions, substitutions, and other variations as are required or permitted by the Indenture, and with such notations, legends or endorsements required by law, stock
exchange or automated quotation system on which the Securities may be listed, quoted or designated for issuance, agreements to which the Company is subject, if any, or usage or as may, consistent herewith, be determined by the officers executing
such Securities, as evidenced by their execution of such Securities. 

 ARTICLE I 

Issuance of Securities 

SECTION 1.1. Issuance of Securities; Principal Amount; Maturity; Title. 

(1) On June 5, 2014, the Company shall issue and deliver to the Trustee, and the Trustee shall authenticate, the Initial Securities
substantially in the form set forth in the Appendix, in each case with such appropriate insertions, omissions, substitutions and other variations as are required or permitted by the Indenture, and with such notations, legends or endorsements
required by law, stock exchange or automated quotation system on which the Securities may be listed, quoted or designated for issuance, agreements to which the Company is subject, if any, or usage or as may, consistent herewith, be determined by the
officers executing such Securities, as evidenced by their execution of such Securities. 
 (2) Pursuant to the terms hereof and
Section 3.1 of the Base Indenture, the Company hereby creates a series of Securities designated as the “1.25% Senior Notes due 2017” of the Company (including both the Initial Securities and any Additional Securities (as defined
below), the “Securities”), which Securities shall be deemed “Securities” for all purposes under the Indenture. 

(3) The Initial Securities to be issued pursuant to this Eleventh Supplemental Indenture shall be issued in the aggregate principal amount of
$500,000,000 and shall mature on June 2, 2017 unless the Securities are redeemed prior to that date as described in Section 4.1 of this Eleventh Supplemental Indenture. The aggregate principal amount of Initial Securities Outstanding at
any time may not exceed $500,000,000, except for Securities issued, authenticated and delivered upon registration of transfer of, or in exchange for, or in lieu of, other Securities pursuant to Sections 3.4, 3.5, 3.6, 9.6 or 11.7 of the Base
Indenture and except for any Securities which, pursuant to Section 3.3 of the Base Indenture, are deemed never to have been authenticated and delivered; provided that the Company may without the consent of the Holders, issue additional
Securities hereunder as part of the same series and on the same terms and conditions (except for the issue date, issue price and, in some cases, the first Interest Payment Date) (and having the same Guarantors) as the Initial Securities
(“Additional Securities”). 
 (4) The Securities shall be issued only in fully registered form without coupons in minimum
denominations of $2,000 and any integral multiple of $1,000. 
 SECTION 1.2. Interest. 

(1) Interest on a Security will accrue at the per annum rate of 1.25% (the “Security Interest Rate”), from and including the
date specified on the face of such Security until the principal thereof is paid, deemed paid, or made available for payment and, in each case, will be paid on the basis of a 360-day year comprised of twelve 30-day months. 

  
 3 

 (2) The Company shall pay interest on the Securities semi-annually in arrears on December 2
and June 2 of each year (each, an “Interest Payment Date”), commencing December 2, 2014. 
 (3) Interest shall be
paid on each Interest Payment Date to the registered Holders of the Securities after the close of business on the Regular Record Date. 

(4) The Place of Payment for this Security shall be the corporate trust office of the Trustee at 7000 Central Parkway NE, Suite 550, Atlanta,
Georgia 30328. Notwithstanding the foregoing, (i) payments in respect of the Securities represented by a Global Security (including principal, premium and interest) will be made by wire transfer of immediately available funds to the accounts
specified by the Depository and (ii) the Company will make all payments in respect of a Definitive Security (including principal, premium and interest) by mailing a check to the registered address of each Holder thereof as such address appears
in the Security Register; provided, however, that payments on a Definitive Security will be made by wire transfer to a U.S. dollar account maintained by the payee with a bank in the United States if such Holder elects payment by wire
transfer by giving written notice to the Trustee or the Paying Agent to such effect designating such account no later than 30 days immediately preceding the relevant due date for payment (or such other date as the Trustee may accept in its
discretion). 
 (5) Neither the Company nor the Trustee shall impose any service charge for any transfer or exchange of a Security. However,
the Company may ask Holders of the Securities to pay any taxes or other governmental charges in connection with a transfer or exchange of Securities. 

(6) If any Interest Payment Date, Maturity Date or Redemption Date falls on a day that is not a Business Day in the City of New York, the
Company will make the required payment of principal, premium, if any, and/or interest on the next succeeding Business Day as if it were made on the date payment was due, and no interest will accrue on the amount so payable for the period from and
after that Interest Payment Date, the Maturity Date or earlier Redemption Date, as the case may be, to such next succeeding Business Day. 

SECTION 1.3. Relationship with Base Indenture. 

The terms and provisions contained in the Base Indenture will constitute, and are hereby expressly made, a part of this Eleventh Supplemental
Indenture. However, to the extent any provision of the Base Indenture conflicts with the express provisions of this Eleventh Supplemental Indenture, the provisions of this Eleventh Supplemental Indenture will govern and be controlling;
provided, however, that the forms and provisions of this Eleventh Supplemental Indenture modify and amend the terms of the Base Indenture only with respect to the Securities. 

  
 4 

 ARTICLE II 

Definitions and Other Provisions of General Application 

SECTION 2.1. Definitions. 

The terms defined in this Section 2.1 (except as herein otherwise expressly provided or unless the context of this Eleventh Supplemental
Indenture otherwise requires) for all purposes of this Eleventh Supplemental Indenture and of any indenture supplemental hereto have the respective meanings specified in this Section 2.1. All other terms used in this Eleventh Supplemental
Indenture that are defined in the Base Indenture or the Trust Indenture Act, either directly or by reference therein (except as herein otherwise expressly provided or unless the context of this Eleventh Supplemental Indenture otherwise requires),
have the respective meanings assigned to such terms in the Base Indenture or the Trust Indenture Act, as the case may be, as in force at the date of this Eleventh Supplemental Indenture as originally executed; provided that any term that is
defined in both the Base Indenture and this Eleventh Supplemental Indenture shall have the meaning assigned to such term in this Eleventh Supplemental Indenture. 

“Additional Securities” has the meaning specified in Section 1.1(3). 

“Appendix” has the meaning specified in the recitals to this Eleventh Supplemental Indenture. 

“Comparable Treasury Issue” means the United States Treasury security or securities selected by an Independent Investment
Banker as having an actual or interpolated maturity comparable to the remaining term of the Securities that would be utilized, at the time of selection and in accordance with customary financial practice, in pricing new issues of corporate debt
securities of a comparable maturity to the remaining term of the Securities. 
 “Comparable Treasury Price” means with
respect to any Redemption Date: (i) the average of five Reference Treasury Dealer Quotations for the Redemption Date, after excluding the highest and lowest such Reference Treasury Dealer Quotations, or (ii) if the Trustee obtains fewer
than five Reference Treasury Dealer Quotations, the average of all Reference Treasury Dealer Quotations for the Redemption Date so obtained. 

“Definitive Security” means a certificated Security. 

“Independent Investment Banker” means one of the Reference Treasury Dealers appointed by the Trustee after consultation with
the Company. 
 “Initial Securities” means Securities in an aggregate principal amount of up to $500,000,000 initially
issued under this Eleventh Supplemental Indenture in accordance with Section 1.1(3). 
 “Interest Payment Date” has
the meaning specified in Section 1.2(2). 

  
 5 

 “Maturity Date” means June 2, 2017. 

“Reference Treasury Dealer” means each of Citigroup Global Markets Inc., Credit Suisse Securities (USA) LLC, Deutsche Bank
Securities Inc., RBS Securities Inc. and one other primary United States government securities dealer selected by the Company (in each case, or their affiliates and their respective successors); provided that if any of the aforementioned
Reference Treasury Dealers resigns, then the respective successor will be a primary United States government securities dealer in The City of New York selected by the Company. 

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

“Regular Record Date” for interest payable in respect of any Security on any Interest Payment Date means the day that is 15
days prior to the relevant Interest Payment Date (whether or not a Business Day). 
 “Security Interest Rate” has the
meaning specified in Section 1.2(1). 
 “Securities” has the meaning specified in Section 1.1(2). 

“Treasury Rate” means, with respect to any Redemption Date, the rate per year equal to the semiannual equivalent yield to
maturity or interpolated (on a day count basis) of the Comparable Treasury Issue, assuming a price for the Comparable Treasury Issue (expressed as a percentage of its principal amount) equal to the Comparable Treasury Price for such Redemption Date.

 ARTICLE III 
 Security
Forms 
 SECTION 3.1. Form Generally. 

(1) Provisions relating to the Initial Securities are set forth in the Appendix, which is hereby incorporated in, and expressly made part of,
this Indenture. The Initial Securities and the Trustee’s certificate of authentication with respect thereto shall be substantially in the form of Exhibit 1 to the Appendix. The Securities may have notations, legends or endorsements required by
law, stock exchange or automated quotation system on which the Securities may be listed, quoted or designated for issuance, agreements to which the Company is subject, if any, or usage or as may, consistent herewith, be determined by the officers
executing such Securities (execution thereof to be conclusive evidence of such approval). Each Security shall be in fully registered form and shall be dated the date of its authentication. The terms of the Securities set forth in the Appendix are
part of the terms of this Eleventh Supplemental Indenture. The Guarantees shall be in substantially the form set forth in Exhibit 2 to the Appendix. 

  
 6 

 (2) The Securities shall be printed, lithographed, typewritten or engraved or produced by any
combination of these methods or may be produced in any other manner permitted by the rules of any automated quotation system or securities exchange (including on steel engraved borders if so required by any automated quotation system or securities
exchange upon which the Securities may be quoted or listed) on which the Securities may be quoted or listed, as the case may be, all as determined by the officers executing such Securities, as evidenced by their execution thereof. 

ARTICLE IV 
 Redemption of
Securities 
 SECTION 4.1. Optional Redemption. 

The Company may, at its option, redeem the Securities, in whole or from time to time in part, prior to the Maturity Date at a Redemption Price
equal to the greater of: (i) 100% of the aggregate principal amount of Securities to be redeemed, plus accrued and unpaid interest on the Securities to the Redemption Date; or (ii) the sum of the present values of the remaining scheduled
payments of principal of and interest on the Securities to be redeemed (exclusive of unpaid interest accrued thereon to the Redemption Date) discounted to the Redemption Date on a semi-annual basis (assuming a 360-day year comprised of twelve 30-day
months) at the Treasury Rate plus 10 basis points, plus unpaid interest on the Securities to be redeemed, accrued to the Redemption Date. 

ARTICLE V 
 Supplemental
Indentures 
 SECTION 5.1. Supplemental Indentures Without Consent of Holders. 

Section 9.1 of the Base Indenture shall not be applicable to the Securities. 

Without seeking the consent of any Holders, the Company, together with the Trustee, at any time and from time to time, may modify and amend
the Base Indenture, this Eleventh Supplemental Indenture and the terms of the Securities to: 
 (1) allow the Company’s or any
Guarantor’s successor (or successive successors) to assume the Company’s or such Guarantor’s obligations under the Base Indenture, this Eleventh Supplemental Indenture and the Securities pursuant to the provisions under Article VIII
or Section 13.15 of the Base Indenture; 

  
 7 

 (2) add to the covenants of the Company for the benefit of the Holders of the Securities or to
surrender any right or power herein conferred upon the Company under this Eleventh Supplemental Indenture, the Base Indenture or the Securities; 

(3) add any additional Events of Default; 

(4) secure the Securities; 
 (5)
provide for a successor Trustee with respect to the Securities and add to or change any of the provisions of the Base Indenture as shall be necessary to provide for or facilitate the administration of the trusts hereunder by more than one Trustee,
pursuant to the requirements of Section 6.11 of the Base Indenture; 
 (6) add or release a Guarantor as required or permitted by the
Indenture; 
 (7) cure any ambiguity, defect or inconsistency; 

(8) amend the provisions of the Base Indenture or this Eleventh Supplemental Indenture relating to the transfer or legending of the
Securities; provided that (i) compliance with the Base Indenture or this Eleventh Supplemental Indenture as so amended would not result in Securities being transferred in violation of the Securities Act or any other applicable securities
law and (ii) such amendment does not adversely affect the interests of the Holders of the Securities or owners of beneficial interests in Securities; or 

(9) make any other amendment or supplement to the Base Indenture, this Eleventh Supplemental Indenture or the Securities, as long as that
amendment or supplement does not adversely affect the interests of the Holders of any Securities in any material respect (to be evidenced by an Opinion of Counsel). 

No amendment to cure any ambiguity, defect or inconsistency in the Base Indenture, this Eleventh Supplemental Indenture or the Securities made
solely to conform the provisions of the Base Indenture, this Eleventh Supplemental Indenture or the Securities to any description of the Securities in the offering circular or prospectus therefor, to the extent that such provision in the offering
circular or prospectus was intended to be a verbatim recitation of a provision of the Base Indenture, this Eleventh Supplemental Indenture or the Securities, shall be deemed to adversely affect the interests of the Holders of any Securities. 

SECTION 5.2. Supplemental Indentures With Consent of Holders. 

Section 9.2 of the Base Indenture shall not be applicable to the Securities. 

The Company, together with the Trustee, may modify and amend this Eleventh Supplemental Indenture, the Base Indenture and the terms of the
Securities with the written consent of the Holders of at least a majority in aggregate principal amount of the Outstanding Securities; provided that no modification or amendment may, without the consent of each affected Holder of each
Security: 
 (1) change the Stated Maturity of the principal of, or any installment of or interest on, the Securities; 

  
 8 

 (2) reduce the principal amount of, or any premium, if any, or rate of interest on, the
Securities; 
 (3) reduce any amount payable upon the redemption of the Securities or, except as expressly provided elsewhere herein, change
the time at which the Securities may be redeemed pursuant to Section 4.1 hereof; 
 (4) change any Place of Payment where, or the
currency in which, any principal of, or premium, if any, or interest on, the Securities are payable; 
 (5) impair the right of any Holder
of a Security to receive payment of principal of and interest on such Holder’s Security on or after the Stated Maturity or Redemption Date or to institute suit for the enforcement of any payment on, or with respect to, any Security on or after
the Stated Maturity or Redemption Date; 
 (6) reduce the percentage in principal amount of the Outstanding Securities, the consent of whose
Holders is required for modification or amendment of the Base Indenture or this Eleventh Supplemental Indenture, for waiver of compliance with certain provisions of the Base Indenture or this Eleventh Supplemental Indenture or waiver of certain
Defaults; 
 (7) release any Guarantor from any of its obligations under its Guarantee or the Base Indenture or this Eleventh Supplemental
Indenture other than in accordance with the terms thereof or hereof; or 
 (8) modify any of the above provisions. 

In addition, any modification or amendment to, or waiver of, the provisions in the Indenture and the terms of the Securities that relate to
the items set forth in Section 10.10 of the Base Indenture shall require the written consent of at least a majority in principal amount of the Outstanding Securities. 

In addition, the Holders of at least a majority in aggregate principal amount of the Outstanding Securities may, on behalf of the Holders of
all the Securities, waive any past default under the Base Indenture or this Eleventh Supplemental Indenture and its consequences, except a default in the payment of the principal of, or premium, if any, or interest on, any Securities or in respect
of a covenant or provision that under the Base Indenture or this Eleventh Supplemental Indenture cannot be modified or amended without the consent of each Holder. In addition, the Holders of at least a majority in aggregate principal amount of the
Outstanding Securities may, on behalf of the Holders of all Securities, waive compliance with the Company’s covenants described under Sections 10.8 and 10.9 of the Base Indenture. 

  
 9 

 ARTICLE VI 

Covenants 
 SECTION 6.1.
Limitations on Liens 
 With respect to the Securities, Section 10.8 of the Base Indenture is hereby amended to replace
Section 10.8(7) with the following: 
 (7) Liens existing on the date of this Eleventh Supplemental Indenture securing Indebtedness or
other obligations of the Company or any of its Subsidiaries; 
 ARTICLE VII 

Miscellaneous. 
 SECTION
7.1. Governing Law; Waiver of Jury Trial 
 THIS ELEVENTH SUPPLEMENTAL INDENTURE, THE GUARANTEES AND THE SECURITIES SHALL BE
GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK. EACH OF THE COMPANY AND THE TRUSTEE HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY AND ALL RIGHT TO TRIAL BY JURY IN ANY LEGAL
PROCEEDING ARISING OUT OF OR RELATING TO THIS ELEVENTH SUPPLEMENTAL INDENTURE, THE GUARANTEES, THE SECURITIES OR THE TRANSACTION CONTEMPLATED HEREBY. 

SECTION 7.2. Supplemental Indenture May be Executed in Counterparts. 

This Eleventh Supplemental Indenture may be executed in any number of counterparts, each of which so executed shall be deemed to be an
original, but all such counterparts shall together constitute but one and the same instrument. The exchange of copies of this Eleventh Supplemental Indenture and of signature pages by facsimile or PDF transmission shall constitute effective
execution and delivery of this Eleventh Supplemental Indenture as to the parties hereto and may be used in lieu of the original Eleventh Supplemental Indenture for all purposes. Signatures of the parties hereto transmitted by facsimile or PDF shall
be deemed to be their original signatures for all purposes. 
 SECTION 7.3. Separability Clause. 

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

  
 10 

 IN WITNESS WHEREOF, the parties hereto have caused this Eleventh Supplemental Indenture to be
duly executed all as of the day and year first above written. 
 [Signature Pages To Follow] 

  
 11 

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

					
	EXPRESS SCRIPTS HOLDING COMPANY
		
	By:	 	/s/ George Paz
		 	Name:	 	George Paz
		 	Title:	 	Chairman and Chief Executive Officer
	
	 CURASCRIPT, INC.

ESI MAIL ORDER PROCESSING, INC.

ESI MAIL PHARMACY SERVICE, INC.

EXPRESS SCRIPTS PHARMACY, INC.

EXPRESS SCRIPTS SPECIALTY DISTRIBUTION SERVICES, INC.

EXPRESS SCRIPTS UTILIZATION MANAGEMENT CO.

		
	By:	 	/s/ Christine Houston
		 	Name:	 	Christine Houston
		 	Title:	 	President
	
	EXPRESS SCRIPTS WC, INC.
		
	By:	 	/s/ Edward B. Ignaczak
		 	Name:	 	Edward B. Ignaczak
		 	Title:	 	President
	
	 BYFIELD DRUG, INC.

CARE CONTINUUM, INC.

CFI OF NEW JERSEY, INC.

CHESAPEAKE INFUSION, INC.

CURASCRIPT PBM SERVICES, INC.

DIVERSIFIED PHARMACEUTICAL SERVICES, INC.

ESI ACQUISITION, INC.

ESI CLAIMS, INC.

EXPRESS SCRIPTS SENIOR CARE HOLDINGS, INC.

EXPRESS SCRIPTS SENIOR CARE, INC.

EXPRESS SCRIPTS SERVICES COMPANY

  
 [Signature Page to
Eleventh Supplemental Indenture] 

 
					
	 EXPRESS SCRIPTS, INC.

FRECO, INC.

HEALTHBRIDGE REIMBURSEMENT AND PRODUCT SUPPORT, INC.

HEALTHBRIDGE, INC.

iBIOLOGIC, INC.

IVTX, INC.

LYNNFIELD COMPOUNDING CENTER, INC.

LYNNFIELD DRUG, INC.

MEDCO HEALTH SOLUTIONS, INC.

NATIONAL PRESCRIPTION ADMINISTRATORS, INC.

PRIORITY HEALTHCARE CORPORATION

PRIORITY HEALTHCARE CORPORATION WEST

PRIORITY HEALTHCARE DISTRIBUTION, INC.

PRIORITY HEALTHCARE PHARMACY, INC.

PRIORITYHEALTHCARE.COM, INC.

SINUSPHARMACY, INC.

SPECIALTY INFUSION PHARMACY, INC.

SPECTRACARE HEALTH CARE VENTURES, INC.

SPECTRACARE INFUSION PHARMACY, INC.

SPECTRACARE, INC.

VALUE HEALTH, INC.

YOURPHARMACY.COM, INC.

ACCREDO CARE NETWORK, INC.

ACCREDO HEALTH GROUP, INC.

ACCREDO HEALTH, INCORPORATED

AHG OF NEW YORK, INC.

BIOPARTNERS IN CARE, INC.

HOME HEALTHCARE RESOURCES, INC.

MEDCO HEALTH SERVICES, INC.

NATIONAL RX SERVICES NO. 3, INC. OF OHIO

THERAPEASE CUISINE, INC.

TVC ACQUISITION CO., INC.

UBC LATE STAGE, INC.

UNITED BIOSOURCE HOLDINGS, INC.

UNITED BIOSOURCE PATIENT SOLUTIONS, INC.

SPECTRACARE OF INDIANA

		
	By:	 	/s/ Keith J. Ebling
		 	Name:	 	Keith J. Ebling
		 	Title:	 	President

  
 [Signature Page to
Eleventh Supplemental Indenture] 

					
	 ESI RESOURCES, INC.

ESI-GP HOLDINGS, INC.

		
	 By:
	 	/s/ Matt Dietrich
		 	Name:	 	Matt Dietrich
		 	Title:	 	President
	
	EXPRESS SCRIPTS CANADA HOLDING, CO.
		
	 By:
	 	/s/ Michael Biskey
		 	Name:	 	Michael Biskey
		 	Title:	 	President
	
	EXPRESS SCRIPTS CANADA HOLDING, LLC
	
	 By: Express Scripts Canada Holding Co.,
as sole member.

		
	 By:
	 	/s/ Michael Biskey
		 	Name:	 	Michael Biskey
		 	Title:	 	President
	
	 EXPRESS SCRIPTS ADMINISTRATORS, LLC MAH PHARMACY, L.L.C.

MEDCO CDUR, L.L.C.
 MEDCO CHP, L.L.C.

MEDCO CONTINUATION HEALTH, L.L.C.
 MEDCO EUROPE,
L.L.C.
 MEDCO EUROPE II, L.L.C.

MEDCO HEALTH NEW YORK INDEPENDENT

PRACTICE ASSOCIATION, L.L.C.
 MEDCO HEALTH PUERTO RICO,
L.L.C.
 MEDCO HEALTH SOLUTIONS OF ILLINOIS, L.L.C.

MEDCO RESEARCH INSTITUTE, L.LC. MEDCOHEALTH.COM, L.L.C.

SYSTEMED, L.L.C.

	
	 By: Medco Health Solutions, Inc., as sole member.

		
	By:	 	/s/ Keith J. Ebling
		 	Name:	 	Keith J. Ebling
		 	Title:	 	President

  
 [Signature Page to
Eleventh Supplemental Indenture] 

					
	 AIRPORT HOLDINGS, LLC
 ESI
ENTERPRISES, LLC
 ESI REALTY, LLC
 EXPRESS
SCRIPTS PHARMACEUTICAL PROCUREMENT, LLC
 ESI HRA, LLC
  

By: Express Scripts, Inc., as sole member.

		
	By:	 	/s/ Keith J. Ebling
		 	Name:	 	Keith J. Ebling
		 	Title:	 	President
	
	MOORESVILLE ON-SITE PHARMACY, LLC
	
	 By: ESI Mail Pharmacy Service, Inc.,
as sole member.

		
	By:	 	/s/ Christine Houston
		 	Name:	 	Christine Houston
		 	Title:	 	President
	
	 MEDCO OF WILLINGBORO URBAN RENEWAL, L.L.C.

	
	By: Express Scripts Pharmacy, Inc., as sole member.
		
	By:	 	/s/ Christine Houston
		 	Name:	 	Christine Houston
		 	Title:	 	President
	
	 THE VACCINE CONSORTIUM, LLC

	
	By: TVC Acquisition Co. Inc., as sole member
		
	By:	 	/s/ Keith J. Ebling
		 	Name:	 	Keith J. Ebling
		 	Title:	 	President
	
	 UNITED BIOSOURCE LLC

	
	 By: United BioSource Holdings, Inc.,
as sole member.

		
	By:	 	/s/ Keith J. Ebling
		 	Name:	 	Keith J. Ebling
		 	Title:	 	President
	
	EXPRESS SCRIPTS MSA, LLC
	
	By: Express Scripts WC, Inc., as sole member.
		
	By:	 	/s/ Edward B. Ignaczak
		 	Name:	 	Edward B. Ignaczak
		 	Title:	 	President

  
 [Signature Page to
Eleventh Supplemental Indenture] 

					
	FREEDOM SERVICE COMPANY, LLC
	
	By: Lynnfield Drug, Inc., as sole member
		
	By:	 	/s/ Keith J. Ebling
		 	Name:	 	Keith J. Ebling
		 	Title:	 	President
	
	MATRIX GPO LLC
	
	By: Priority Healthcare Corporation, as sole member.
		
	By:	 	/s/ Keith J. Ebling
		 	Name:	 	Keith J. Ebling
		 	Title:	 	President

  
 [Signature Page to
Eleventh Supplemental Indenture] 

 
					
	ESI ENTERPRISES, LLC
		
	By:	 	Express Scripts, Inc., as member
		
	By:	 	/s/ Keith J. Ebling
		 	Name:	 	Keith J. Ebling
		 	Title:	 	President
		
	By:	 	Express Scripts Specialty Distribution Services Inc., as member
		
	By:	 	/s/ Christine Houston
		 	Name:	 	Christine Houston
		 	Title:	 	President
		
	By:	 	ESI Mail Pharmacy Services, Inc., as member
		
	By:	 	/s/ Christine Houston
		 	Name:	 	Christine Houston
		 	Title:	 	President
		
	By:	 	ESI-GP Holdings, Inc., as member
		
	By:	 	/s/ Matt Dietrich
		 	Name:	 	Matt Dietrich
		 	Title:	 	President

 
					
	EXPRESS SCRIPTS PHARMACEUTICAL PROCUREMENT, LLC
		
	By:	 	Express Scripts, Inc., as member
		
	By:	 	/s/ Keith J. Ebling
		 	Name:	 	Keith J. Ebling
		 	Title:	 	President
		
	By:	 	ESI Mail Pharmacy Services, Inc., as member
		
	By:	 	/s/ Christine Houston
		 	Name:	 	Christine Houston
		 	Title:	 	President

 
					
	ESI PARTNERSHIP
		
	By:	 	Express Scripts, Inc., as partner
		
	By:	 	/s/ Keith J. Ebling
		 	Name:	 	Keith J. Ebling
		 	Title:	 	President
		
	By:	 	ESI-GP Holdings, Inc., as partner
		
	By:	 	/s/ Matt Dietrich
		 	Name:	 	Matt Dietrich
		 	Title:	 	President

 
					
	WELLS FARGO BANK, NATIONAL ASSOCIATION, as Trustee
		
	By:	 	/s/ Stefan Victory
	Name:	 	Stefan Victory
	Title:	 	Vice President

  
 [Signature Page to
Eleventh Supplemental Indenture] 

 APPENDIX 

EXHIBIT 1 
 [FORM OF FACE OF
INITIAL SECURITY] 
 [Global Securities Legend] 

UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION
(“DTC”), NEW YORK, NEW YORK, TO THE COMPANY OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED
REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO., OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC) ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL
INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN. 
 TRANSFERS OF THIS GLOBAL SECURITY SHALL BE LIMITED
TO TRANSFERS IN WHOLE, BUT NOT IN PART, TO NOMINEES OF DTC OR TO A SUCCESSOR THEREOF OR SUCH SUCCESSOR’S NOMINEE AND TRANSFERS OF PORTIONS OF THIS GLOBAL SECURITY SHALL BE LIMITED TO TRANSFERS MADE IN ACCORDANCE WITH THE RESTRICTIONS SET FORTH
IN THE INDENTURE REFERRED TO ON THE REVERSE HEREOF. 

  
 1 

 EXPRESS SCRIPTS HOLDING COMPANY 

1.25% SENIOR NOTE DUE 2017 
  

			
	No.            	  	Principal Amount (US)$                
	CUSIP NO.             	  	
	ISIN NO.             	  	

 Express Scripts Holding Company, a corporation organized and existing under the laws of the State of Delaware
(herein called the “Company”, which term includes any successor Person under the Indenture referred to on the reverse hereof), for value received, hereby promises to pay to Cede & Co., or its registered assigns, the
principal sum of              United States Dollars (U.S.$             ) on June 2, 2017 and to pay interest
thereon, from June 5, 2014, or from the most recent Interest Payment Date to which interest has been paid or duly provided for to but excluding the next Interest Payment Date, which shall be June 2 and December 2 of each year,
commencing December 2, 2014, at the per annum rate of 1.25%, or as such rate may be adjusted pursuant to the terms hereof (the “Security Interest Rate”), until the principal hereof is paid or made available for payment. 

The interest so payable, and punctually paid or duly provided for, on any Interest Payment Date will, as provided in the Indenture, be paid to
the Person in whose name this Security is registered at the close of business on the Regular Record Date for such interest, which shall be the day that is 15 days prior to the relevant Interest Payment Date (whether or not a Business Day). Except as
otherwise provided in the Indenture, any such interest not so punctually paid or duly provided for will forthwith cease to be payable to the Holder on such Regular Record Date and may either be paid to the Person in whose name this Security is
registered at the close of business on a Special Record Date for the payment of such Defaulted Interest to be fixed by the Trustee, notice of which shall be given to Holders of Securities not less than 10 days prior to the Special Record Date, or be
paid at any time in any other lawful manner not inconsistent with the requirements of any automated quotation system or securities exchange on which the Securities may be quoted or listed, and upon such notice as may be required by such exchange,
all as more fully provided in the Indenture. Interest will be computed on the basis of a 360-day year comprised of twelve 30-day months. The Company will pay interest on overdue principal at the rate borne by this Security, and it will pay interest
on overdue installments of interest at the same rate to the extent lawful. 
 The Place of Payment for this Security will be the corporate
trust office of the Trustee at 7000 Central Parkway NE, Suite 550, Atlanta, Georgia 30328, or as otherwise provided in the Indenture, in such coin or currency of the United States of America as at the time of payment shall be legal tender for the
payment of public and private debts. Payments in respect of the Securities represented by a Global Security (including principal, premium and interest) will be made by wire transfer of immediately available funds to the accounts specified by the
Depository. The Company will make all payments in respect of a Definitive Security (including principal, premium and interest) by mailing a check to the registered address of each Holder thereof as such address appears on the Security Register;
provided, however, that payments on a Definitive Security will be made by wire transfer to a U.S. dollar account maintained by the payee with a bank in the United States if such Holder elects payment by wire transfer by giving written
notice to the Trustee or the Paying Agent to such effect designating such account no later than 30 days immediately preceding the relevant due date for payment (or such other date as the Trustee may accept in its discretion). 

  
 2 

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

  
 3 

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

 

			
	EXPRESS SCRIPTS HOLDING COMPANY
		
	By:	 	 
	Name:	 	
	Title:	 	

  

			
	 Attest:

		
	 By:
	 	 
	 Name:
	 	
	 Title:
	 	

  
 4 

 CERTIFICATE OF AUTHENTICATION 

This is one of the Securities of the series designated referred to in the within-mentioned Indenture. 

Dated: 
  

			
	WELLS FARGO BANK, NATIONAL ASSOCIATION,
as Trustee
		
	By:	 	 
		 	Authorized Signatory

  
 5 

 [FORM OF REVERSE OF SECURITY] 

(1) Indenture. This Security is one of a duly authorized issue of securities of the Company designated as its “1.25% Senior
Notes due 2017” (herein called the “Securities”), issued under a Eleventh Supplemental Indenture, dated as of June 5, 2014, to an indenture, dated as of November 21, 2011 (as it may be amended or supplemented from
time to time in accordance with the terms thereof and herein with the Eleventh Supplemental Indenture, collectively, the “Indenture”), between the Company, the Guarantors and Wells Fargo Bank, National Association, as Trustee
(herein called the “Trustee,” which term includes any successor trustee under the Indenture), to which reference is hereby made for a statement of the respective rights, limitations of rights, duties and immunities thereunder of the
Company, the Guarantors, the Trustee and the Holders of the Securities and of the terms upon which the Securities are, and are to be, authenticated and delivered. The aggregate principal amount of Initial Securities Outstanding at any time may not
exceed $500,000,000 in aggregate principal amount, except for Securities issued, authenticated and delivered upon registration or transfer of, or in exchange for, or in lieu of, other Securities pursuant to Sections 3.4, 3.5, 3.6, 9.6 or 11.7 of the
Base Indenture and except for any Securities which, pursuant to Section 3.3 of the Base Indenture, are deemed never to have been authenticated and delivered. The Eleventh Supplemental Indenture pursuant to which this Security is issued provides
that Additional Securities may be issued thereunder, if certain conditions are met. 
 The Indenture contains covenants that limit the
ability of the Company and any Restricted Subsidiary to create liens on assets and to engage in sale/leaseback transactions. The Indenture also contains covenants that limit the ability of the Company to consolidate, merge or transfer all or
substantially all of its assets. These covenants are subject to important exceptions and qualifications. 
 All terms used in this Security
which are defined in the Indenture (including in the Appendix thereto) shall have the meanings assigned to them in the Indenture. In the event of a conflict or inconsistency between this Security and the Indenture, the provisions of the Indenture
shall govern. 
 (2) Optional Redemption. At any time prior to Maturity, the Company may at its option redeem all or a part of the
Securities upon not more than 60 nor less than 30 days prior notice, at a Redemption Price equal to the greater of: (i) 100% of the aggregate principal amount of any Securities being redeemed, plus accrued and unpaid interest on the Securities
to the Redemption Date; or (ii) the sum of the present values of the remaining scheduled payments of principal of and interest on the Securities to be redeemed (exclusive of unpaid interest accrued thereon to the Redemption Date) discounted to
the Redemption Date on a semi-annual basis (assuming a 360-day year comprised of twelve 30-day months) at the Treasury Rate plus 10 basis points, plus unpaid interest on the Securities to be redeemed, accrued to the Redemption Date. 

(3) Mandatory Redemption. Except as provided in Section 4 below, the Company is not required to make mandatory redemption or
sinking fund payments with respect to the Securities. 

  
 6 

 (4) Change of Control Triggering Event. In the event of a Change of Control Triggering
Event, the Holders may require the Company to purchase for cash all or a portion of their Securities at a purchase price equal to 101% of the aggregate principal amount of the Securities repurchased, plus accrued and unpaid interest, if any,
pursuant to the provisions of Section 10.10 of the Base Indenture. 
 (5) Global Security. If this Security is a Global
Security, then the transfer and exchange of this Security or beneficial interests herein shall be effected through the Depository in accordance with the Indenture (including applicable restrictions on transfer set forth therein, if any) and the
procedures of the Depository therefor. The Security Registrar shall make an adjustment on its records to reflect such deposit or withdrawal in accordance with the Depository’s Procedures. 

(6) Defaults and Remedies. If an Event of Default with respect to this Security occurs and is continuing, the principal of and any
unpaid premium and interest on (or, if this Security is an Original Issue Discount Security, such portion of the principal amount of such Securities as may be specified in the terms thereof) all Outstanding Securities may be declared due and payable
in the manner and with the effect provided in the Indenture. The Holders of at least a majority in principal amount of the Outstanding Securities may rescind or annul that acceleration if all Events of Default with respect to the Securities other
than the non-payment of accelerated principal have been cured or waived as provided in the Indenture. 
 As provided in and subject to the
provisions of the Indenture, the Holder of this Security shall not have the right to institute any proceeding with respect to the Indenture or for the appointment of a receiver or trustee or for any other remedy thereunder, unless such Holder shall
have previously given the Trustee written notice of a continuing Event of Default, and, among other things, the Holders of not less than 25% in aggregate principal amount of the Outstanding Securities shall have made a written request to the Trustee
to pursue a remedy in respect of such Event of Default as Trustee. The foregoing shall not apply to any suit instituted by the Holder of this Security for the enforcement of any amounts due on the Securities on or after the respective due dates
expressed herein. 
 (7) Discharge and Defeasance. Subject to certain conditions, the Company at any time shall be entitled to
terminate some or all of the Company’s and the Guarantors’ obligations under the Securities, the Guarantees and the Indenture if the Company deposits with the Trustee money or U.S. Government Obligations for the payment of principal and
interest on the Securities to redemption or maturity, as the case may be. 
 (8) Amendment, Supplement and Waiver. The Indenture
permits, with certain exceptions as therein provided, the amendment thereof and the modification of the rights and obligations of the Company and the rights of the Holders of the Securities under the Indenture at any time by the Company and the
Trustee with the written consent of the Holders of at least a majority in aggregate principal amount of the Outstanding Securities. The Indenture also contains provisions permitting the Holders of specified percentages in principal amount of the
Outstanding Securities, on behalf of the Holders of all such Securities, to waive compliance by the Company with certain provisions of the Indenture and certain past defaults under the Indenture and their consequences. Any such consent or waiver by
the Holder of this Security 

  
 7 

 
shall be conclusive and binding upon such Holder and upon all future Holders of this Security and of any Security issued upon the registration of transfer hereof or in exchange herefor or in lieu
hereof whether or not notation of such consent or waiver is made upon this Security or such other Security. Certain modifications or amendments to the Indenture require the consent of the Holder of each Outstanding Security affected. 

Notwithstanding any other provision of the Indenture or this Security, the Holder of this Security shall have the right, which is absolute and
unconditional, to receive payment of the principal of and any premium and (subject to Section 3.7 of the Base Indenture) interest on any such Security on the Stated Maturity date expressed herein (or, in the case of redemption, on the
Redemption Date) and to institute suit for the enforcement of any such payment, and such rights shall not be impaired without the consent of such Holder. 

(9) Denomination, Registration and Transfer. The Securities are in registered form without coupons in minimum denominations of $2,000
principal amount and integral multiples of $1,000 in excess thereof. As provided in the Indenture and subject to certain limitations therein set forth, this Security is transferable only upon surrender of this Security for registration of transfer.
Upon surrender for registration of transfer of this Security at the office or agency of the Company in a Place of Payment for this Security, the Company, if the requirements of the Indenture are met, shall execute, and the Trustee shall authenticate
and deliver, in the name of the designated transferee or transferees, one or more new Securities of authorized denominations and of like tenor and aggregate principal amount, and having endorsed thereon a Guarantee executed by the Guarantors. 

If the requirements of this Indenture are met, then, at the option of the Holder, Securities may be exchanged for other Securities, of any
authorized denominations and of like tenor and aggregate principal amount, upon surrender of the Securities to be exchanged at such office or agency. Whenever any Securities are so surrendered for exchange, the Company shall execute, and the Trustee
shall authenticate and deliver, the Securities which the Holder making the exchange is entitled to receive, and having endorsed thereon a Guarantee executed by the Guarantors. No service charge shall be made for any such registration of transfer or
exchange, but the Company may require payment of a sum sufficient to cover any tax or other governmental charge that may be imposed in connection therewith. 

Prior to due presentment of this Security for registration of transfer, the Company, the Guarantors, the Trustee and any agent of the Company,
the Guarantors or the Trustee may treat the Person in whose name such Security is registered as the owner thereof for all purposes, whether or not such Security be overdue, and none of the Company, the Guarantors or the Trustee or other such agent
shall be affected by notice to the contrary. 
 (10) Guarantee. Payment of this Security is jointly and severally and fully and
unconditionally guaranteed by the Guarantors that have become and continue to be Guarantors pursuant to the Indenture. Guarantors may be released from their obligations under the Indenture and their Guarantees under the circumstances specified under
the Indenture. 

  
 8 

 (11) No Recourse Against Others. None of the Company’s or any Guarantor’s past,
present or future directors, officers, employees or shareholders, as such, shall have any liability for any of the Company’s or any Guarantor’s obligations under the Indenture or the Securities or for any claim based on, or in respect or
by reason of, such obligations or their creation. By accepting a Security, each Holder waives and releases all such liability. This waiver and release is part of the consideration for the issuance of the Securities. 

(12) Governing Law. THE INDENTURE, THIS SECURITY AND ANY GUARANTEE SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE
WITH THE LAWS OF THE STATE OF NEW YORK. 
 The Company will furnish to any Holder upon written request and without charge to the
Securityholder a copy of the Indenture which has in it the text of this Security in larger type. Requests may be made to: 
 Express Scripts Holding Company

 One Express Scripts Way 
 St. Louis, Missouri 63121 

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

TEN COM (= tenant in common) 
 TEN ENT (= tenants by the
entireties (Cust)) 
 JT TEN (= joint tenants with right of survivorship and not as tenants in common) 

UNIF GIFT MIN ACT (= under Uniform Gifts to Minors Act ) 

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

  
 9 

 ASSIGNMENT FORM 

To assign this Security, fill in the form below: 
 I or we assign
and transfer this Security to 
 (Print or type assignee’s name, address and zip code) 

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

and irrevocably appoint
                             agent to transfer this Security 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 other side of this Security. 

Signature Guarantee: 
  

					
	 Signature must be guaranteed
	  	 	Signature	  

 Signatures must be guaranteed by an “eligible guarantor institution” meeting the requirements of the
Security 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 Security Registrar in
addition to, or in substitution for, STAMP, all in accordance with the Securities Exchange Act of 1934, as amended. 

  
 10 

 [TO BE ATTACHED TO GLOBAL SECURITIES] 

SCHEDULE OF INCREASES OR DECREASES IN GLOBAL SECURITY 

The following increases or decreases in this Global Security have been made: 

 

									
	 Date of

Exchange
	 	Amount of decrease in
Principal amount of this
Global Security	 	Amount of increase in
Principal amount of
this Global Security	 	Principal amount of this
Global Security following
such decrease or increase	 	Signature of authorized
signatory of Trustee or
Securities Custodian
		 		 		 		 	
		 		 		 		 	
		 		 		 		 	
		 		 		 		 	
		 		 		 		 	
		 		 		 		 	
		 		 		 		 	
		 		 		 		 	
		 		 		 		 	
		 		 		 		 	

  
 11 

 OPTION OF HOLDER TO ELECT PURCHASE 

If you want to elect to have this Security purchased by the Company pursuant to Section 10.10 of the Indenture, check the
box:   ̈ 

   ̈     If you want to elect to have only part of this Security
purchased by the Company pursuant to Section 10.10 of the Indenture, state the amount in principal amount: $            . 

 

					
		 	Dated:                 	  	Your Signature:
                                         
                                         
      
			
		 		  	(Sign exactly as your name appears on the other side of this Security.)
		
		 	Signature Guarantee:
                                         
                                         
                                         
                 
		 	(Signature must be guaranteed)

 Signatures must be guaranteed by an “eligible guarantor institution” meeting the requirements of the
Security 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 Security Registrar in
addition to, or in substitution for, STAMP, all in accordance with the Securities Exchange Act of 1934, as amended. 

  
 12 

 EXHIBIT 2 

FORM OF GUARANTEE 
 For value
received, each of the Guarantors (which term includes any successor Person under the Indenture) has jointly and severally and fully and unconditionally guaranteed, to the extent set forth in the Indenture, among the Company, the Guarantors and the
Trustee and subject to the provisions in the Indenture, (a) the due and punctual payment in full when due of the principal of, premium, if any, and interest on the Securities and all other amounts due and payable under the Indenture and the
Securities by the Company and (b) in case of any extension of time of payment or renewal of any Obligations (with or without notice to the Guarantor), that the same will be promptly paid in full when due or performed in accordance with the
terms of the extension or renewal, whether at Stated Maturity, by acceleration or otherwise. The obligations of the Guarantors to the Holders of Securities and to the Trustee pursuant to the Guarantee and the Indenture are expressly set forth in
Article XIII of the Indenture and reference is hereby made to the Indenture for the precise terms of the Guarantee, including provisions for the release thereof. Each Holder of a Security, by accepting the same, (a) agrees to and shall be bound
by such provisions and (b) appoints the Trustee attorney-in-fact of such Holder for the purpose of such provisions. 
  

			
	[NAME OF GUARANTOR(S)]
		
	By:	 	 
	Name:	 	 
	Title:	 	]

  
 2

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