Document:

Exhibit 4.2

 

AGREE REALTY CORPORATION

OFFICER’S CERTIFICATE

 

August 22, 2022

 

The undersigned, Joel N.
Agree, President and Chief Executive Officer of AGREE REALTY CORPORATION (the “General Partner”), a Maryland
corporation operating as a real estate investment trust, hereby certifies, on behalf of the General Partner in its own capacity and as
sole general partner of AGREE LIMITED PARTNERSHIP, a Delaware limited partnership (the “Company”), pursuant
to Sections 2.1, 2.2 and 11.5 of the Indenture, dated as of August 17, 2020 (the “Base Indenture”), by
and among the Company, the General Partner, as a guarantor, U.S. Bank Trust Company, National Association, as successor in interest to
U.S. Bank National Association, as trustee and the other parties thereto, as follows:

 

		1.	The undersigned has read Sections 2.1
                                            and 2.2 of the Base Indenture and such other sections of the Base Indenture and other documents
                                            and has made such other inquiries as he has deemed necessary to express an informed opinion
                                            as to whether or not the covenants and conditions precedent provided for in the Base Indenture
                                            relating to the issuance of the Company’s 4.800% Notes due 2032 (the “Notes”)
                                            have been complied with.

 

		2.	In the opinion of the undersigned, the
                                            covenants and conditions precedent provided for in the Base Indenture relating to the issuance
                                            of the Notes have been complied with.

 

		3.	The form of the Notes and the guarantee
                                            of the Notes by the General Partner, the Subsidiary Guarantors and any future guarantor,
                                            and the terms of the Notes, as set forth in Exhibit A-1, attached to Annex A hereto have
                                            been duly established pursuant to Sections 2.1 and 2.2 of the Base Indenture and comply with
                                            the Base Indenture, and this Officer’s Certificate is delivered in accordance with
                                            Sections 2.3 and 11.4 of the Base Indenture and complies with the requirements of such Sections.

  

[SIGNATURE ON FOLLOWING PAGE]

 

     

     

    

 

IN WITNESS WHEREOF, the undersigned
has caused this certificate to be duly executed as of the date first set forth above.

 

	 	AGREE LIMITED PARTNERSHIP,
	 	a Delaware limited partnership
	 	 
	 	By:	AGREE REALTY CORPORATION,
	 	 	Its sole general partner
	 	 
	 	By:	/s/
    Joel N. Agree
	 	 	Name: 	Joel N. Agree
	 	 	Its: 	President and Chief Executive Officer
	 	 
	 	AGREE REALTY CORPORATION,
	 	a Maryland corporation
	 	 
	 	By:	/s/
    Joel N. Agree
	 	 	Name:	Joel N. Agree
	 	 	Its:	President and Chief Executive Officer

 

[Signature page to Officer’s
Certificate to Indenture]

 

     

     

    

 

ANNEX A

 

Pursuant to Sections 2.1
and 2.2 of the Indenture, dated as of August 17, 2020 (the “Base Indenture”), among AGREE LIMITED PARTNERSHIP,
a Delaware limited partnership (the “Company”), AGREE REALTY CORPORATION, a Maryland corporation operating
as a real estate investment trust, (the “General Partner”), as a guarantor, and U.S. Bank Trust Company, National
Association, as successor in interest to U.S. Bank National Association, as trustee (the “Trustee”), the terms
of the Company’s 4.800% Notes due 2032 (the “Notes”) to be issued pursuant to the Base Indenture are
as set forth below. The Base Indenture together with, and as amended and supplemented by, the Officer’s Certificate (the “Series
Officer’s Certificate”), dated as of August 22, 2022, establishing the terms of the Notes and of which
this Annex A forms a part, is referred to herein as the “Indenture”. Certain defined terms are set forth in paragraph 17
hereof. Capitalized terms used but not otherwise defined in this Series Officer’s Certificate shall have the respective meanings
assigned to them in the Base Indenture.

 

1.    Title.
The series of Securities is hereby established under the Base Indenture and shall be known and designated as the “4.800% Notes
due 2032.”

 

2.    Aggregate
Principal Amount. The Notes shall be limited in initial aggregate principal amount to $300,000,000, except, for Notes authenticated
and delivered upon registration of transfer of, or in exchange for, or in lieu of, other Notes pursuant to Sections 2.7, 2.8, 2.11, 3.6
or 9.6 of the Base Indenture. The Company may in the future, without the consent of Holders, issue additional Notes (“Additional
Notes”) on the identical terms as the Notes of the series being offered hereby other than with respect to the date of issuance,
issue price and date of first payment of interest thereon. The Notes and any Additional Notes subsequently issued under the Indenture
would be treated as a single series with the Notes established hereunder for all purposes under the Indenture, including, without limitation,
waivers, amendments, redemptions and offers to purchase; provided, however, that if such Additional Notes will not be fungible with the
previously outstanding Notes for U.S. federal income tax purposes, such Additional Notes will have a separate CUSIP number.

 

3.    Issue
Price. The Notes will be issued at a price equal to 99.171% of the principal amount thereof.

 

4.    Maturity.
The date on which the principal of the Notes is payable is October 1, 2032 (the “Stated Maturity Date”).

 

5.    Rate
of Interest; Interest Payment Date; Regular Record Dates. The Notes shall bear interest at the rate of 4.800% per year. Interest
on the outstanding principal amount of the Notes shall accrue from August 22, 2022, and will be payable semi-annually in arrears on April
1 and October 1 of each year (each such date, an “Interest Payment Date”), commencing on April 1, 2023, to
the persons in whose names the Notes are registered in the security register at the close of business on the immediately preceding March 15 or September 15, as the case may be (a “Regular Record Date”). Interest on the Notes shall accrue from and
including the immediately preceding Interest Payment Date in respect of which interest has been paid or duly made available for payment
(or from and including the date of issue, if no interest has been paid or duly made available for payment with respect to the Notes)
to, but excluding the applicable Interest Payment Date, the Stated Maturity Date or date of earlier redemption (the Stated Maturity Date,
the date of acceleration, or the date of earlier redemption referred to collectively herein as the “Maturity Date”),
as the case may be. Interest on the Notes shall be computed on the basis of a 360-day year comprised of twelve 30-day months. If any
Interest Payment Date or the Maturity Date falls on a day that is not a Business Day, the required payment will be made on the next Business
Day as if made on the date such payment was due, and no interest will accrue on such payment for the period from and after such Interest
Payment Date or the Maturity Date, as the case may be, to the date of such payment until the next Business Day.

 

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6.    Place
of Payment. Payments of principal, premium, if any, and interest, on the Notes shall be payable, at the Corporate Trust Office
of the Trustee. Payment of principal of, premium, if any, on a definitive Note may be made only against surrender of the Note to the
Company’s paying agent. The Company may make interest payments (1) by wire transfer of funds to the person at an account maintained
within the United States, or (2) if no wire transfer is provided, the Company may make interest payments by check mailed to the address
of the person entitled to the payment as that address appears in the applicable register for those Notes. However, while any Notes are
represented by a registered Global Security, payment of principal of, premium, if any, or interest on the Notes may be made by wire transfer
to the account of the Depositary or its nominee. Any interest not so punctually paid or duly made available for payment shall be paid
in accordance with the form of Note as set forth on Exhibit A-1.

 

7.    No
Sinking Fund. The Notes are not mandatorily redeemable and are not entitled to the benefit of a sinking fund or any analogous
provisions.

 

8.    Optional
Redemption. The Company may redeem all or part of the series of Notes at any time at its option as set forth in the applicable
form of Note as set forth on Exhibit A-1 and in Article III of the Base Indenture. 

 

9.    Registered
Securities. The Notes shall be issued only as registered Securities, in minimum denominations of $2,000 and integral multiples
of $1,000. The Notes shall be issuable as registered Global Securities in book-entry form.

 

10.    Registrar;
Paying Agent; Depositary. The Trustee shall initially serve as the registrar and the paying agent for the Notes. The Depository
Trust Company shall initially serve as the Depositary for the registered Global Security representing the Notes.

 

11.    Amount
Payable Upon Acceleration. 100% of the principal of and accrued interest, if any, on the Notes shall be payable upon declaration
of acceleration pursuant to Section 6.1 of the Indenture.

 

12.    Ranking
Security. The Notes are senior unsecured obligations of the Company and rank equally with other senior unsecured indebtedness
of the Company that is not subordinated to the Notes, including the Company’s 2.900% Senior Notes due 2030, 2.000% Senior Notes
due 2028 and 2.600% Senior Notes due 2033 (collectively, the “Existing Notes”).

 

13.    Payment
Currency-Election. The principal of, premium, if any, and interest on the Notes shall not be payable in a currency other than
Dollars.

 

14.    Payment
Currency-Index. The principal of, premium, if any, and interest on the Notes shall not be determined with reference to an index
based on a coin or currency.

 

15.    Notes
in Definitive Form. Section 2.14 of the Base Indenture will govern the transferability of the Notes in definitive form.

 

16.    Events
of Default. There shall be no deletions from, modifications or additions to the Events of Default set forth in Section 6.1 of
the Base Indenture, except, with respect to the Notes, clause (g) of Section 6.1 of the Base Indenture shall be deemed deleted in its
entirety and the following shall be added as clause (g) of the Base Indenture: “failure to pay any Debt (other than Non-Recourse
Debt) (a) of the Company, the General Partner, or any Material Subsidiary or any entity in which we are the general partner or managing
member, and (b) in an outstanding principal amount in excess of $50,000,000 at final maturity or upon acceleration after the expiration
of any applicable grace period, which Debt is not discharged, or such default in payment or acceleration is not cured or rescinded, within
60 days after written notice to the Company from the Trustee (or to the Company and the Trustee from Holders of at least 25% in principal
amount of the outstanding Notes).”

 

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17.    Covenants.
There shall be the following additions, replacements, amendments and supplements, as the case may be, to the covenants of the Company
set forth in Article IV of the Base Indenture solely with respect to the Notes:

 

(a)    Limitation
on Incurrence of Total Debt. This paragraph (a) will be an addition to Article IV of the Base Indenture with respect to the Notes.
The General Partner will not, and will not permit any of its Subsidiaries to, incur any Debt if, immediately after giving effect to the
incurrence of such additional Debt and the application of the proceeds therefrom on a pro forma basis, the aggregate outstanding principal
amount of all Debt of the General Partner and its Subsidiaries on a consolidated basis determined in accordance with GAAP is greater
than 60% of the sum of (without duplication) (1) the Total Assets of the General Partner as of the end of the latest fiscal quarter covered
in the General Partner’s Annual Report on Form 10-K or Quarterly Report on Form 10-Q, as the case may be, most recently filed with
the SEC (or, if such filing is not required under the Exchange Act, furnished to the Trustee) prior to the incurrence of such additional
Debt, and (2) the aggregate purchase price of any real estate assets or mortgages receivable acquired, and the aggregate amount of any
securities offering proceeds received (to the extent such proceeds were not used to acquire real estate assets or mortgages receivable
or used to reduce Debt), in each case by the General Partner or any of its Subsidiaries since the end of such fiscal quarter, including
the proceeds obtained from the incurrence of such additional Debt.

 

(b)    Debt
Service Test. This paragraph (b) will be an addition to Article IV of the Base Indenture with respect to the Notes. The General
Partner will not, and will not permit any of its Subsidiaries to, incur any Debt if the ratio of Consolidated Income Available for Debt
Service to the Annual Service Charge for the four consecutive fiscal quarters most recently ended prior to the date on which such additional
Debt is to be incurred is less than 1.5 to 1.0, on a pro forma basis after giving effect to the incurrence of such Debt and the application
of the proceeds therefrom, and calculated on the assumptions that: (1) such Debt and any other Debt incurred by the General Partner or
its Subsidiaries since the first day of such four-quarter period and the application of the proceeds therefrom (including to refinance
other Debt since the first day of such four-quarter period) had occurred as of the first day of such period, (2) the repayment or retirement
of any other Debt (other than Debt repaid or retired with the proceeds of any other Debt, which repayment or retirement shall be calculated
pursuant to clause (1) and not this clause) by the General Partner or any of its Subsidiaries since the first day of such four-quarter
period had been repaid or retired as of the first day of such period (except that, in making such computation, the amount of Debt under
any revolving credit facility, line of credit or similar facility shall be computed based upon the average daily balance of such Debt
during such period), (3) in the case of Acquired Debt or Debt incurred by the General Partner or any of its Subsidiaries in connection
with any acquisition since the first day of such four-quarter period, the related acquisition had occurred as of the first day of such
four-quarter period with the appropriate adjustments with respect to such acquisition being included in such pro forma calculation, and
(4) in the case of any acquisition or disposition by the General Partner or any of its Subsidiaries of any asset or group of assets since
the first day of such four-quarter period, including, without limitation, by merger, stock purchase or sale, or asset purchase or sale,
such acquisition or disposition had occurred as of the first day of such period with the appropriate adjustments with respect to such
acquisition or disposition and any related repayment of Debt being included in such pro forma calculation. If the Debt giving rise to
the need to make the foregoing calculation or any other Debt incurred after the first day of the relevant four-quarter period bears interest
at a floating rate (to the extent such Debt has been hedged to bear interest at a fixed rate, only the portion of such Debt, if any,
that has not been so hedged), then, for purposes of calculating the Annual Service Charge, the interest rate on such Debt shall be computed
on a pro forma basis as if the average interest rate that would have been in effect during the entire such period had been the applicable
rate for the entire such period.

 

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(c)    Maintenance
of Total Unencumbered Assets. This paragraph (c) will be an addition to Article IV of the Base Indenture with respect to the
Notes. The General Partner and its Subsidiaries will maintain at all times Total Unencumbered Assets of not less than 150% of the aggregate
outstanding principal amount of the Unsecured Debt of the General Partner and its Subsidiaries determined on a consolidated basis in
accordance with GAAP.

 

(d)    Limitation
on Incurrence of Secured Debt. This paragraph (d) will be an addition to Article IV of the Base Indenture with respect to the
Notes. The General Partner will not, and will not permit any of its Subsidiaries to, incur any Secured Debt if, immediately after giving
effect to the incurrence of such Secured Debt and the application of the proceeds therefrom on a pro forma basis, the aggregate outstanding
principal amount of the Secured Debt of the General Partner and its Subsidiaries determined on a consolidated basis in accordance with
GAAP is greater than 40% of the sum of (without duplication) (1) the Total Assets of the General Partner and its Subsidiaries as of the
end of the latest fiscal quarter covered in the General Partner’s Annual Report on Form 10-K or Quarterly Report on Form 10-Q,
as the case may be, most recently filed with the SEC (or, if such filing is not permitted under the Exchange Act, furnished to the Trustee)
prior to the incurrence of such additional Debt, and (2) the aggregate purchase price of any real estate assets or mortgages receivable
acquired, and the aggregate amount of any securities offering proceeds received (to the extent such proceeds were not used to acquire
real estate assets or mortgages receivable or used to reduce Debt), by the General Partner or any of its Subsidiaries since the end of
such fiscal quarter, including the proceeds obtained from the incurrence of such additional Debt.

 

For purposes of the covenants
described in clauses (a)-(d) Debt shall be deemed to be “incurred” by the General Partner or any of its Subsidiaries whenever
the General Partner or such Subsidiary shall create, assume, guarantee or otherwise become liable in respect thereof. Furthermore, nothing
in clauses (a)-(d) shall prevent the incurrence of Debt by the General Partner or any of its Subsidiaries between or among the General
Partner or any of its Subsidiaries.

 

(e)    Future
Subsidiary Guarantors. This paragraph (e) will be an addition to Article IV of the Base Indenture with respect to the Notes.
Each Subsidiary of the General Partner (except for Agree NJ, LLC) that guarantees (now or in the future) other Debt of the Company or
of any Guarantor shall immediately be and become, automatically and without the execution or delivery of any instrument or other action
by any person, jointly and severally with any other Guarantors of the Notes, a Guarantor of the Notes and shall be subject to and bound
by all of the terms and provisions of the Indenture applicable to a Guarantor of the Notes; provided that the General Partner shall cause
any such Guarantor to within thirty calendar days (i) execute and deliver to the Trustee a guarantee in the form of guarantee attached
to the Notes (the “Guarantee”) to acknowledge such guarantee in accordance with Article X of the Indenture, and (ii) deliver
to the Trustee, in addition to any other documents to be delivered to the Trustee pursuant to Section 11.4 of the Indenture, an Officer’s
Certificate or Opinion of Counsel to the effect that (x) the execution of such Guarantee is authorized or permitted by the Indenture,
and (y) such Guarantee has been duly authorized, executed and delivered by, and is a valid binding obligation of such entity, enforceable
against such entity in accordance with its terms, subject to customary exceptions.

 

(f)    Maintenance
of Properties. This paragraph (f) will be an addition to Article IV of the Base Indenture with respect to the Notes. Each of
the General Partner and the Company shall cause its material properties used or useful in the conduct of its business or the business
of any Subsidiary of the Company to be maintained and kept in good condition, repair and working order, normal wear and tear, casualty
and condemnation excepted, and supplied with all necessary equipment and will require it to cause to be made all necessary repairs, renewals,
replacements, betterments and improvements to those properties, as in its judgment may be necessary so that the business carried on in
connection with those properties may be properly and advantageously conducted at all times; provided, that the Company and its Subsidiaries
shall not be prevented from (1) removing permanently any property that has been condemned or suffered casualty loss, (2) discontinuing
any maintenance or operation of any property if, in Company’s reasonable judgment, such removal is not disadvantageous in any material
respect to the Holders of the Notes or (3) selling or otherwise disposing of these properties for value in the ordinary course of business.

 

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(g)    Payment
of Taxes and Other Claims. This paragraph (g) will be an addition to Article IV of the Base Indenture with respect to the Notes.
The General Partner and the Company shall pay or discharge (or, if applicable, cause to be transferred to bond or other security) or
cause to be paid or discharged, before the same shall become delinquent, all material taxes, assessments and governmental charges levied
or imposed on each of the General Partner, the Company and its Subsidiaries or upon the income, profits or property of each of the General
Partner, the Company and its Subsidiaries; provided, that General Partner and the Company shall not be required to pay or discharge (or
transfer to bond or other security) or cause to be paid or discharged any material tax, assessment or charge, (a) the applicability or
validity of which it is contesting in good faith through appropriate proceedings and for which it has established adequate reserves in
accordance with GAAP or (b) where the failure to effect such payment is not, in the General Partner or the Company’s reasonable
judgment, adverse in any material respect to the Holders of the Notes.

 

(h)    Insurance.
This paragraph (h) will be in addition to Article IV of the Base Indenture with respect to the Notes. The General Partner and the Company
shall, and shall cause the Subsidiaries to, keep in force upon all of its properties and operations policies of insurance with financially
sound and reputable carriers in such amounts and covering all risks as shall be customary in the industry, in accordance with prevailing
market conditions and availability.

 

(i)    Certain
Definitions. As used herein (and to the extent any such definitions conflict with definitions included in the Base Indenture,
the definitions included here shall control with respect to the Notes):

 

“Acquired Debt”
means Debt of a person (i) existing at the time such person becomes a Subsidiary or (ii) assumed in connection with the acquisition
of assets from such person, in each case, other than Debt incurred in connection with, or in contemplation of, such person becoming a
Subsidiary or such acquisition. Acquired Debt shall be deemed to be incurred on the date of the related acquisition of assets from any
person or the date the acquired person becomes a Subsidiary.

 

“Annual Service
Charge” for any period means, without duplication, amount that is payable for interest expense on, and the amortization during
such period of any original issue discount of, the General Partner’s and its Subsidiaries’ Debt in such period.

 

“Consolidated Income
Available for Debt Service” for any period means Earnings from Operations of the General Partner and its Subsidiaries plus
amounts which have been deducted, and minus amounts which have been added, for the following (without duplication):

 

		(1)	interest expense on Debt of the General
                                            Partner and its Subsidiaries,

 

		(2)	provision for taxes of the General Partner
                                            and its Subsidiaries based on income,

 

		(3)	amortization of debt discount, premium and
                                            other deferred financing charges,

 

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		(4)	provision for gains and losses and depreciation
                                            and amortization,

 

		(5)	the effect of any noncash charge resulting
                                            from a change in accounting principles in determining Earnings from Operations for such period,

 

		(6)	gains and losses resulting from the extinguishment
                                            of debt, and

 

		(7)	all other non-cash charges.

 

“Debt”
of the General Partner or any of its Subsidiaries means any indebtedness of the General Partner or any of its Subsidiaries, excluding
any accrued expense or trade payable, whether or not contingent, in respect of:

 

		(1)	borrowed money evidenced by bonds, notes,
                                            debentures or similar instruments,

 

		(2)	indebtedness secured by any Lien existing
                                            on property owned by the General Partner or any of its Subsidiaries, but only to the extent
                                            of the lesser of (x) the amount of indebtedness so secured and (y) the fair market
                                            value of the property subject to such Lien existing on property owned by the General Partner
                                            or any of its Subsidiaries,

 

		(3)	the reimbursement obligations, contingent
                                            or otherwise, in connection with any letters of credit actually issued and called or amounts
                                            representing the balance deferred and unpaid of the purchase price of any property or services,
                                            or all conditional sale obligations or obligations under any title retention agreement, or

 

		(4)	any lease of property by the General Partner
                                            or any of its Subsidiaries as lessee that is reflected on the General Partner’s consolidated
                                            balance sheet and classified as a finance lease in accordance with GAAP,

 

and to the extent, in the case of items of indebtedness
under clauses (1) and (3) immediately above, that any such items (other than letters of credit) would appear as a liability on the General
Partner’s consolidated balance sheet in accordance with GAAP, and also includes, to the extent not otherwise included, any obligation
by the General Partner or any of its Subsidiaries to be liable for, or to pay, as obligor, guarantor or otherwise (other than for purposes
of collection in the ordinary course of business), Debt of another person (other than the General Partner or any of its Subsidiaries);
provided, however, that the term “Debt” shall not include Permitted Non-Recourse Guarantees of the General Partner or any
of its Subsidiaries until such time as they become primary obligations of, and payments are due and required to be made thereunder by,
the General Partner or any of its Subsidiaries.

 

“Earnings from Operations”
for any period means net income excluding gains and losses on sales of investments, net, as reflected in the financial statements of
the General Partner and its Subsidiaries for such period determined on a consolidated basis in accordance with GAAP.

 

“Lien”
means any mortgage, lien, charge, encumbrance, trust deed, deed of trust, deed to secure debt, security agreement, pledge, security interest,
security agreement or other encumbrance of any kind.

 

“Non-Recourse Debt”
means Debt of a joint venture or Subsidiary of the General Partner (or an entity in which the Company is a general partner or managing
member) that is directly or indirectly secured by real estate assets or other real estate-related assets (including Capital Stock) of
such joint venture or Subsidiary (or an entity in which the Company is a general partner or managing member that is the borrower) and
is non-recourse to the General Partner or any of its Subsidiaries (other than pursuant to a Permitted Non-Recourse Guarantee and other
than with respect to the joint venture or Subsidiary of the General Partner (or entity in which the Company is the general partner or
managing member that is the borrower)); provided further that, if any such Debt is partially recourse to the General Partner or any of
its Subsidiaries (other than pursuant to a Permitted Non-Recourse Guarantee and other than with respect to the joint venture or Subsidiary
of the General Partner (or entity in which the Company is the general partner or managing member) that is the borrower) and therefore
does not meet the criteria set forth above, only the portion of such Debt that does meet the criteria set forth above shall constitute
 “Non-Recourse Debt.”

 

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“Permitted Non-Recourse
Guarantees” means customary completion or budget guarantees, indemnities or other customary guarantees provided to lenders
(including by means of separate indemnification agreements, carve-out guarantees or pledges of the equity interests in the borrower )
under such Non-Recourse Debt in the ordinary course of business of the General Partner or any of its Subsidiaries in financing transactions
that are directly or indirectly secured by real estate assets or other real estate-related assets (including Capital Stock) of a joint
venture or Subsidiary of the General Partner (or an entity in which the Company is the general partner or managing member), in each case
that is the borrower in such financing, but is non-recourse to the General Partner or any of its other Subsidiaries, except for such
completion or budget guarantees, indemnities or other guarantees (including by means of separate indemnification agreements or carve-out
guarantees or pledges of the equity interests in the borrower) as are consistent with customary industry practice (such as environmental
indemnities and recourse triggers based on violation of transfer restrictions and other customary exceptions to non-recourse liability).

 

“Secured Debt”
means Debt secured by a Lien on any property or assets of the General Partner or any of its Subsidiaries.

 

“Subsidiary Guarantors”
means, as of any date, all Subsidiaries of the General Partner, if any, that guarantee the obligations of the Company under the Indenture
and the Notes in accordance with the provisions of this Annex A and the Indenture, and “Subsidiary Guarantor” means any one
of the Subsidiary Guarantors; provided that upon the release or discharge of such Subsidiary Guarantor from its guarantee in accordance
with paragraph 18 of this Annex A and Article X of the Base Indenture, such Subsidiary shall cease to be a Subsidiary Guarantor.

 

“Total Assets”
means, as of any date, the sum of (i) Undepreciated Real Estate Assets and (ii) all of the General Partner’s and its
Subsidiaries’ other assets, but excluding accounts receivables, right of use assets relating to operating leases and non-real estate
intangibles, determined on a consolidated basis in accordance with GAAP.

 

“Total Unencumbered
Assets” means the sum of the General Partner’s and its Subsidiaries’ Undepreciated Real Estate Assets and the value
determined on a consolidated basis in accordance with GAAP of all of the General Partner’s and its Subsidiaries’ other assets,
other than accounts receivables, right of use assets relating to operating leases and non-real estate intangibles, in each case not subject
to any Lien of any kind for borrowed money; provided, however, that “Total Unencumbered Assets” does not include investments
in unconsolidated joint ventures, unconsolidated limited partnerships, unconsolidated limited liability companies and other unconsolidated
entities.

 

“Undepreciated Real
Estate Assets” as of any date means the cost (original cost plus capital improvements) of real estate assets and related intangibles
of the General Partner and its Subsidiaries on such date, before depreciation and amortization charges determined on a consolidated basis
in accordance with GAAP.

 

“Unsecured Debt”
means Debt of the types described in clauses (1) and (3) of the definition thereof that is not secured by any Lien upon any of the properties
of the General Partner or any of its Subsidiaries.

 

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18.    Guarantee.
The Notes are guaranteed by the Guarantors as provided in Article X of the Indenture. The General Partner and the Subsidiaries listed
on Schedule I are hereby designated as “Guarantors” under the Indenture with respect to the Notes on the original issue date.
Each other Subsidiary of the General Partner shall become a Guarantor of the Notes as provided in the Indenture and paragraph 17(e) of
this Annex A. Each Guarantor’s guarantee of the Notes shall be in the form of the Guarantee, is an unsecured obligation of such
Guarantor and ranks equally with other unsecured indebtedness of such Guarantor that is not subordinated to its Guarantee of the Notes.
Other than in accordance with Section 10.4 of the Base Indenture, the General Partner shall not be released from its Guarantee of the
Notes so long as any Notes of such series remain outstanding.

 

(a)       Any
Subsidiary Guarantor shall be automatically and unconditionally released: (i) upon the sale or other disposition (including by way of
consolidation or merger), in one transaction or a series of related transactions, of a majority of the total voting power of the Capital
Stock or other interests of such Subsidiary Guarantor (other than to the Company or any Affiliate of the Company); or (ii) upon the sale
or disposition of all or substantially all the property of such Subsidiary Guarantor (other than to the Company or any Affiliate of the
Company); or (iii) if at any time when no Event of Default has occurred and is continuing with respect to the Notes, such Subsidiary
Guarantor no longer guarantees (or which guarantee is being simultaneously released or will be immediately released after the release
of the Subsidiary Guarantor) any other Debt of the Company or of any Guarantor.

 

(b)       The
applicable Guarantees also will be automatically released if the Company exercises its legal defeasance or its covenant defeasance option
with respect to the Notes as set forth in Article VIII of the Base Indenture, or if the Company’s obligations under the Base Indenture
with respect to the Notes are discharged as set forth in Section 8.4 thereof.

 

19.    Conversion
and Exchange. The Notes shall not be convertible into or exchangeable into any other security.

 

20.    Satisfaction
and Discharge; Covenant Defeasance. Article VIII of the Base Indenture shall apply to the Notes. In addition to the other sections
of the Indenture subject to the covenant defeasance provisions set forth in Article VIII of the Base Indenture, the covenants set forth
in paragraph 17 of this Annex A shall be subject to the covenant defeasance provisions set forth in Article VIII of the Base Indenture.

 

21.    Discount
Securities. The Notes are not Discount Securities.

 

22.    Modification,
Amendment and Waiver. The terms and provisions of the Notes may be modified, amended, supplemented or waived as set forth in
the Indenture.

 

23.    Other
Terms. The Notes shall have the other terms, and the Notes shall be substantially in the form, set forth in Exhibit A-1. In case
of any conflict between this Annex A and the Notes, the form of the Notes shall control. In the case of any conflict between, on the
one hand, this Annex A and/or the Notes, and on the other hand, the Base Indenture, this Annex A and/or the Notes shall control.

 

    A-8

     

    

 

Exhibit A-1

 

[FORM OF 2032 NOTE]

 

THIS NOTE IS A GLOBAL SECURITY WITHIN THE MEANING
OF THE INDENTURE HEREINAFTER REFERRED TO AND IS REGISTERED IN THE NAME OF A DEPOSITARY OR A NOMINEE THEREOF, WHICH MAY BE TREATED BY
THE ISSUER, THE TRUSTEE AND ANY AGENT THEREOF AS OWNER AND HOLDER OF THIS SECURITY FOR ALL PURPOSES. TRANSFERS OF THIS GLOBAL SECURITY
SHALL BE LIMITED TO TRANSFERS IN WHOLE, BUT NOT IN PART, TO NOMINEES OF THE DEPOSITARY 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.

 

UNLESS THIS GLOBAL NOTE IS PRESENTED BY AN AUTHORIZED
REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), TO THE ISSUER OR ITS AGENT FOR REGISTRATION
OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY GLOBAL NOTE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS
REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY
AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL
INASMUCH THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.

 

AGREE LIMITED PARTNERSHIP

4.800% Notes due 2032

 

CUSIP No. 008513 AD5

ISIN No. US008513AD57

No. [ ]     $[
]

 

AGREE LIMITED
PARTNERSHIP, a Delaware limited partnership (hereinafter referred to as “Issuer,” which term includes any
successor thereof under the Indenture (as defined on the reverse hereof)), for value received, hereby promises to pay to CEDE &
CO., or its registered assigns, the principal sum of [ ] ($[ ]) on October 1, 2032 (the “Stated Maturity
Date” with respect to the principal of this Note), unless previously redeemed on any call for redemption in accordance
with the provisions set forth on the reverse hereof (the Stated Maturity Date, the date on which the principal becomes due following
acceleration or any call for redemption is referred herein as the “Maturity Date” with respect to
principal repayable or repurchased on such date) and to pay interest thereon semi-annually in arrears on April 1 and October 1 of
each year (each, an “Interest Payment Date”), commencing on April 1, 2023, at the rate of 4.800% per
annum, until payment of said principal has been made or duly provided for. Interest on this Note payable on an Interest Payment Date
will accrue from and including the immediately preceding Interest Payment Date in respect of which interest has been paid or duly
made available for payment, or from and including August 22, 2022, if no interest has been paid or duly made available for payment,
to but excluding the applicable Interest Payment Date or the Maturity Date, as the case may be. Interest on this Note will be
computed on the basis of a 360-day year consisting of twelve 30-day months.

 

Capitalized terms used but
not otherwise defined herein shall have the respective meanings assigned to them in the Indenture.

 

    A-9

     

    

 

The interest so payable
and punctually paid or duly made available for payment on any Interest Payment Date will be paid to the Holder in which name this
Note is registered in the security register at the close of business on the “Regular Record Date” for such
payment, which shall be the March 15 and September 15, as the case may be, immediately preceding such Interest Payment Date
(regardless of whether such day is a Business Day (as defined below)). Any such interest not so punctually paid or duly made
available for payment shall forthwith cease to be payable to the Holder on such Regular Record Date, and shall be paid to the person
in whose name this Note is registered at the close of business on a subsequent special record date for the payment of such defaulted
interest (which shall be not more than 5 Business Days prior to the date of the payment of such defaulted interest) established by
notice given by mail by or on behalf of the Issuer to the Holders of the Notes not less than 15 calendar days preceding such
subsequent special record date, or may be paid at any time in any other lawful manner, all as more fully provided in the
Indenture.

 

The principal of, and premium,
if any, with respect to, this Note payable on the Maturity Date will be paid against presentation and surrender of this Note at the Corporate
Trust Office of the Trustee or other office or agency of the Issuer maintained for that purpose in the Borough of Manhattan, The City
of New York. The Issuer hereby initially designates the Corporate Trust Office of the Trustee (as defined on the reverse hereof) as the
office to be maintained by it where Notes may be presented for payment, registration of transfer or exchange and where notices or demands
to or upon the Issuer in respect of the Notes or the Indenture may be served.

 

If any Interest Payment Date
or the Maturity Date falls on a day that is not a Business Day, the payment required to be made on such date will, instead, be made on
the next Business Day with the same force and effect as if it were made on the date such payment was due, and no interest shall accrue
on the amount so payable for the period from and after such Interest Payment Date or the Maturity Date, as the case may be. “Business
Day” means, unless otherwise provided by Board Resolution, supplemental indenture to the Indenture or Officer’s Certificate
delivered pursuant to Section 2.2 of the Base Indenture, any day except Saturday, Sunday or a legal holiday in The City of New York (or
in connection with any payment, the place of payment) on which banking institutions are authorized or required by law, regulation or
executive order to close.

 

Payments of principal, premium,
if any, and interest in respect of this Note will be made in such coin or currency of the United States of America as at the time of
payment is legal tender for the payment of public and private debts (i) in the case of payments on the Maturity Date, in immediately
available funds, and (ii) in the case of payments of interest on an Interest Payment Date other than the Maturity Date, (a) by wire transfer
of immediately available funds to an account maintained by the payee with a bank located in the United States of America, or (b) if no
wire transfer is provided, by check mailed to the Holder entitled thereto at the applicable address appearing in the security register;
provided, however, that so long as Cede & Co. is the Holder of this Note, payments of interest on an Interest Payment Date may be
made in immediately available funds.

 

Reference is made to the
further provisions of this Note set forth on the reverse hereof. Such further provisions shall for all purposes have the same effect
as though fully set forth at this place.

 

This Note shall not be entitled
to the benefits of the Indenture or the Guarantee or be valid or become obligatory for any purpose until the certificate of authentication
hereon shall have been executed by manual signature by the Trustee.

 

    A-10

     

    

 

IN WITNESS WHEREOF, the Issuer has caused this
instrument to be duly executed, manually, electronically or by facsimile by an authorized signatory.

 

Date: _______________

 

	 	AGREE LIMITED PARTNERSHIP
	 	 
	 	By:	AGREE REALTY CORPORATION, its sole
    general partner
	 	  
	 	By:	                  
	 	 	Name:	                 
	 	 	Title:	 

 

    A-11

     

    

 

TRUSTEE’S CERTIFICATE OF AUTHENTICATION

 

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

 

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

 

    A-12

     

    

 

[FORM OF REVERSE OF 2032 NOTE]

AGREE LIMITED PARTNERSHIP

 

4.800% Notes due 2032

 

This Note is one of a duly
authorized issue of Securities of the Issuer (hereinafter called the “Securities”) of the series hereinafter
specified, all issued or to be issued under and pursuant to an Indenture (the “Base Indenture”), dated as of
August 17, 2020, duly executed and delivered by the Issuer, AGREE REALTY CORPORATION (the “General Partner”),
to U.S. Bank Trust Company, National Association, as successor in interest to U.S. Bank National Association, as trustee (the “Trustee,”
which term includes any successor trustee under the Indenture with respect to the series of Securities of which this Note is a part),
together with the Officer’s Certificate dated as of August 22, 2022 amending and supplementing the Base Indenture and establishing
the terms of the Notes (collectively with the Base Indenture, the “Indenture”) and reference is hereby made
to the Indenture, and all modifications and amendments and indentures supplemental thereto relating to the Notes, made for a description
of the rights, limitations of rights, obligations, duties, and immunities thereunder of the Trustee, the Issuer, the Guarantor(s) and
the Holders of the Notes and the terms upon which the Notes are authenticated and delivered. This Note is one of a series of Securities
designated as the 4.800% Notes due 2032 (collectively, the “Notes”) of the Issuer, limited (except as permitted
under the Indenture) in aggregate principal amount to $300,000,000.

 

Payments of principal, premium,
if any, and interest in respect of the Notes will be fully and unconditionally guaranteed by the Guarantor(s).

 

Optional Redemption.
Prior to July 1, 2032 (the “Par Call Date”), the Issuer may redeem the Notes at any time at its option in whole
or from time to time in part, at a redemption price equal to the greater of: (a) 100% of the principal amount of the Notes to be redeemed,
and (b) the sum of the present values of the remaining scheduled payments of principal of and interest on the Notes to be redeemed (exclusive
of interest accrued to the applicable redemption date), assuming that the Notes matured and that accrued and unpaid interest on the Notes
was payable on the Par Call Date, discounted to such redemption date on a semi-annual basis, assuming a 360-day year consisting of twelve
30-day months, at the Treasury Rate plus 35 basis points (determined on the third Business Day preceding the date the notice of redemption
is given) from the respective dates on which such principal and interest would have been payable if such redemption had not been made,
plus, in the case of both clauses (a) and (b) above, accrued and unpaid interest on the principal amount of the Notes to be redeemed
to but excluding such redemption date.

 

On and after the Par Call
Date, the Issuer may redeem the Notes at any time in whole or from time to time in part at its option at a redemption price equal to
100% of the principal amount of the Notes to be redeemed, plus accrued and unpaid interest on the principal amount of the Notes to be
redeemed to the applicable redemption date.

 

As used herein (and to the
extent any such definitions conflict with definitions included in the Base Indenture, the definitions included here shall control with
respect to the Notes):

 

“Treasury Rate”
means, with respect to any redemption date, the yield determined by the Issuer in accordance with the following two paragraphs.

 

The Treasury Rate shall be
determined by the Issuer after 4:15 p.m., New York City time (or after such time as yields on U.S. government securities are posted daily
by the Board of Governors of the Federal Reserve System), on the third Business Day preceding the date the notice of redemption is given
based upon the yield or yields for the most recent day that appears or appear, as applicable, after such time on such day in the most
recent statistical release published by the Board of Governors of the Federal Reserve System designated as “Selected Interest Rates
(Daily) — H.15” (or any successor designation or publication) (“H.15”) under the caption “U.S. government
securities — Treasury constant maturities — Nominal” (or any successor caption or heading) (“H.15 TCM”).
In determining the Treasury Rate, we shall select, as applicable: (1) the yield for the Treasury constant maturity on H.15 exactly equal
to the period from the redemption date to the Par Call Date (the “Remaining Life”); or (2) if there is no such Treasury constant
maturity on H.15 exactly equal to the Remaining Life, the two yields — one yield corresponding to the Treasury constant maturity
on H.15 immediately shorter than and one yield corresponding to the Treasury constant maturity on H.15 immediately longer than the Remaining
Life — and shall interpolate to the Par Call Date on a straight-line basis (using the actual number of days) using such yields
and rounding the result to three decimal places; or (3) if there is no such Treasury constant maturity on H.15 shorter than or longer
than the Remaining Life, the yield for the single Treasury constant maturity on H.15 closest to the Remaining Life. For purposes of this
paragraph, the applicable Treasury constant maturity or maturities on H.15 shall be deemed to have a maturity date equal to the relevant
number of months or years, as applicable, of such Treasury constant maturity from the redemption date.

 

    A-13

     

    

 

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

 

Notice of redemption will
be mailed or sent by electronic transmission (or in the case of the Global Note, given pursuant to the applicable procedures of the Depository
Trust Company) at least 10 but not more than 60 calendar days before the redemption date to each Holder of record of the Notes to be
redeemed at its last registered address and the Trustee (if the notice is to be delivered by the Issuer). The notice of redemption for
the Notes will state, among other things, the aggregate principal amount of Notes to be redeemed, the redemption date, the redemption
price and the place or places that payment will be made upon presentation and surrender of Notes to be redeemed. Unless the Issuer defaults
in payment of the redemption price, interest, if any, will cease to accrue on any Notes that have been called for redemption at the redemption
date, on and after the redemption date (unless the Issuer defaults in payment of the redemption price) such Notes shall cease to be entitled
to any benefit or security under the Indenture and the Holders of such Notes shall have no right in respect of such Notes except the
right to receive the redemption price thereof.

 

    A-14

     

    

 

Miscellaneous. In
case an Event of Default with respect to this Note shall have occurred and be continuing, the principal hereof may be (and, in certain
cases, shall be) declared, and upon such declaration shall become, due and payable, in the manner, with the effect, and subject to the
conditions, provided in the Indenture.

 

The Indenture permits, with
certain exceptions as therein provided, the amendment thereof and the modification of the rights and obligations of the Issuer and, if
applicable, the Guarantors, and the rights of the Holders of the Securities under the Indenture at any time by the Issuer and, if applicable,
the Guarantors, and the Trustee with the consent of the Holders of a majority in the aggregate principal amount of Securities of each
series (voting as separate classes) issued under the Indenture at the time outstanding and affected thereby. Furthermore, provisions
in the Indenture permit the Holders of a majority in the aggregate outstanding principal amount of Securities of any series, in certain
instances, to waive, on behalf of all of the Holders of Securities of such series, certain past defaults under the Indenture and their
consequences. Any such waiver by the Holder of this Note shall be conclusive and binding upon such Holder and upon all future Holders
of this Note and other Notes issued upon the registration of transfer hereof or in exchange hereof, or in lieu hereof, whether or not
notation of such consent or waiver is made upon this Note.

 

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

 

The Indenture contains provisions
for defeasance and discharge and for defeasance at any time of certain restrictive covenants and Events of Default with respect to the
Notes upon compliance with certain conditions set forth in the Indenture.

 

This Note is issuable only
in definitive registered form, without coupons, in denominations of $2,000 and integral multiples of $1,000 in excess thereof. This Note
may be exchanged for a like aggregate principal amount of Notes of other authorized denominations at the office or agency of the Issuer
in The City of New York, in the manner and subject to the limitations provided herein and in the Indenture, but without the payment of
any charge except for any tax or other governmental charge imposed in connection therewith.

 

The Issuer shall not pay
Additional Amounts on this Note held by a person that is not a U.S. person in respect of taxes or similar charges withheld or deducted.

 

The Issuer, the Guarantor(s)
or the Trustee and any authorized agent of the Issuer, the Guarantor(s) or the Trustee may deem and treat the person in whose name this
Note is registered as the Holder and absolute owner of this Note (whether or not this Note shall be overdue and notwithstanding any notation
of ownership or other writing hereon), for the purpose of receiving payment of, or on account of, the principal of, or premium, if any,
with respect to, or subject to the provisions on the face hereof, interest on, this Note and for all other purposes, and none of the
Issuer, the Guarantor(s) or the Trustee or any authorized agent of the Issuer, the Guarantor(s) or the Trustee shall be affected by any
notice to the contrary.

 

THE INDENTURE AND THIS NOTE
SHALL BE DEEMED TO BE A CONTRACT UNDER THE LAWS OF THE STATE OF NEW YORK, AND FOR ALL PURPOSES SHALL BE GOVERNED BY AND CONSTRUED IN
ACCORDANCE WITH THE LAWS OF SUCH STATE.

 

    A-15

     

    

 

ASSIGNMENT FORM

 

	FOR
    VALUE RECEIVED, the undersigned hereby sell(s), assign(s) and transfer(s) unto:
	 
	 
	Please
    insert social security number or other identifying number of assignee:
	 
	 
	Please
    print or type name and address (including zip code) of assignee:
	 
	 
	 
	 
	 
	the
    within Note and all rights thereunder, hereby irrevocably constituting and appointing                 
    attorney to transfer said Note of AGREE Limited Partnership (the “Issuer”) on the books of the Issuer, with full power
    of substitution in the premises.
	 
	 
	Dated:
    _________
	 
	Signature
    Guaranteed
	 
	 
	NOTICE:
    Signature must be guaranteed by an eligible Guarantor Institution (banks, stockbrokers, savings and loan associations and credit
    unions) with membership in an approved signature guarantee medallion program pursuant to Securities and Exchange Commission Rule
    17Ad-15.
	 
	 
	NOTICE:
    The signature to this Assignment must correspond with the name as written upon the face of the within Note in every particular, without
    alteration or enlargement or any change whatever.

 

    A-16

     

    

 

FORM OF GUARANTEE

 

The guarantor listed below
(hereinafter referred to as the “Guarantor,” which term includes any successors or assigns under an Indenture (the
 “Base Indenture”), dated as of August 17, 2020, duly executed and delivered by AGREE LIMITED PARTNERSHIP, a
Delaware limited partnership (the “Issuer”), AGREE REALTY CORPORATION, a Maryland Corporation (the “General
Partner”), and U.S. Bank Trust Company, National Association, as successor in interest to U.S. Bank National Association,
as trustee (the “Trustee”), together with the Officer’s Certificate dated as of August 22, 2022, amending
and supplementing the Base Indenture and establishing the terms of the Notes (defined below) (collectively with the Base Indenture, the
 “Indenture”) hereby agrees to, irrevocably and unconditionally, jointly and severally with any other Guarantors
of the Notes, guarantee on a senior unsecured basis (i) the due and punctual payment of the principal of, premium, if any, and interest,
if any, on the 4.800% Notes due 2032 (the “Notes”) of the Issuer, whether at Stated Maturity, by declaration
of acceleration, call for redemption or otherwise, and interest on the overdue principal and premium, if any, and interest on any interest
on the Notes, if any, if lawful, and all other obligations of the Issuer, to the Holders (as defined in the Indenture) of the Notes or
the Trustee all in accordance with the terms set forth in Article X of the Indenture, and (ii) in case of any extension of time
of payment or renewal of any Notes or any of such other obligations, 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, or by declaration of acceleration, call for redemption
or otherwise.

 

The obligations of the Guarantors
to the Holders of the Notes and to the Trustee pursuant to this Guarantee and the Indenture are expressly set forth in Article X of the
Indenture and reference is hereby made to such Indenture for the precise terms of this Guarantee. The
Guarantor acknowledges that it has received and reviewed a copy of the Indenture and all other documents it deems necessary to review
in order to enter into this Guarantee, and acknowledges and agrees to perform all obligations and duties required of a Guarantor pursuant
to the Indenture.

  

The Guarantor hereby waives
diligence, presentment, demand of payment, filing of claims with a court in the event of insolvency or bankruptcy of the Issuer, any
right to require a proceeding first against the Issuer, protest, notice and all demands whatsoever.

 

This is a continuing Guarantee
and shall remain in full force and effect and shall be binding upon the Guarantor and its successors and assigns until full and final
payment of all of the Issuer’s obligations under the Notes and Indenture or until legally discharged in accordance with the terms
regarding release set forth in Article X of the Indenture and shall inure to the benefit of the successors and assigns of the Trustee
and the Holders of the Notes, and, in the event of any transfer or assignment of rights by any Holder of the Notes or the Trustee, the
rights and privileges herein conferred upon that party shall automatically extend to and be vested in such transferee or assignee, all
subject to the terms and conditions hereof. This is a Guarantee of payment and performance and not of collectability.

 

This Guarantee shall not
be valid or obligatory for any purpose until the certificate of authentication on the Note upon which this Guarantee is noted shall have
been signed, in the name and on behalf of the Trustee under the Indenture, manually or by facsimile or other electronic imaging means
by one of the authorized officers of the Trustee under the Indenture or as otherwise permitted under the Indenture.

 

The obligations of the Guarantor
under this Guarantee shall be limited to the extent necessary to insure that it does not constitute a fraudulent conveyance under applicable
law.

 

THE TERMS OF ARTICLE X OF
THE INDENTURE ARE INCORPORATED HEREIN BY REFERENCE. Capitalized terms used herein have the same meanings given in the Indenture unless
otherwise indicated.

 

    A-17

     

    

 

IN WITNESS WHEREOF, the Guarantor
has caused this instrument to be duly executed, manually, electronically or by facsimile by an authorized signatory.

 

Date: _______________

 

	 	[NAME
                                            OF GUARANTOR]
	 	 
	 	By:	        
	 	 	Name:	 
	 	 	Title:	 

 

    A-18

     

    

 

SCHEDULE OF EXCHANGES OF INTERESTS IN THE GLOBAL
SECURITY

 

The following exchanges of a part of this Global
Security for an interest in another Global Security or for a definitive registered Note, or exchanges of a part of another Global Security
or definitive registered Note for an interest 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 

    Custodian	 
	 	 	 	 	 	 	 	 	 	 

 

    Ex. A-1EX-4.2

 Exhibit 4.2 

Execution Version 

SUPPLEMENTAL INDENTURE NO. 5 

SUPPLEMENTAL INDENTURE NO. 5, dated as of August 22, 2022 (this “Supplemental Indenture”), between GLOBAL
PAYMENTS INC., a Georgia corporation (the “Company”), and U.S. BANK TRUST COMPANY, NATIONAL ASSOCIATION, a national banking association, as trustee (the “Trustee”). 

RECITALS OF THE COMPANY 

WHEREAS, the Company and the Trustee (as successor to U.S. Bank National Association) are parties to an Indenture, dated as of August 14,
2019 (the “Base Indenture” and, as supplemented by this Supplemental Indenture, the “Indenture”), relating to the issuance from time to time by the Company of its Securities on terms to be specified at the time of
issuance; 
 WHEREAS, Section 9.1(7) of the Base Indenture provides that the Company may enter into a supplemental indenture to provide
for the issuance of any additional Securities under the Base Indenture; 
 WHEREAS, the Company desires to issue four separate series of
Securities and has duly authorized the creation and issuance of such Securities and the execution and delivery of this Supplemental Indenture to modify the Base Indenture and provide certain additional provisions as hereinafter described; 

WHEREAS, the parties hereto deem it advisable to enter into this Supplemental Indenture for the purpose of establishing the terms of such
Securities and providing for the rights, obligations and duties of the Trustee with respect to such Securities; and 
 WHEREAS, all
conditions and requirements of the Base Indenture necessary to make this Supplemental Indenture a valid, binding and legal instrument in accordance with its terms have been performed and fulfilled by the parties hereto. 

NOW, THEREFORE, for and in consideration of the premises and other good and valuable consideration, receipt of which is hereby acknowledged by
the parties hereto, the parties hereto agree as follows: 
 ARTICLE I 

DEFINITIONS 

Section 1.01    Definitions. 

(a)    For all purposes of this Supplemental Indenture, except as otherwise expressly provided or unless the context
otherwise requires: 
 “Consolidated Total Assets” means, as of any date of determination, the total assets as reflected on
the Company’s most recent consolidated balance sheet prepared in accordance with generally accepted accounting principles applied on a consistent basis (calculated on a pro forma basis to give effect to any acquisitions and dispositions made
subsequent to the date of such consolidated balance sheet and prior to or concurrent with the determination of Consolidated Total Assets). 

 “Definitive Note” means a certificated Senior Note. 

“EVO” means EVO Payments, Inc., a Delaware corporation. 

“EVO Acquisition” means the acquisition by the Company and its subsidiaries of EVO and its subsidiaries. 

“EVO Merger Agreement” means that certain Agreement and Plan of Merger, dated as of August 1, 2022, among EVO, the
Company and Falcon Merger Sub Inc., a Delaware corporation and a wholly owned subsidiary of the Company, as the same may be amended or modified or any provision thereunder waived. 

“Lien” means a mortgage, security interest, pledge or lien or other similar encumbrance. 

“Mandatorily Redeemable Notes” means the 4.950% Senior Notes due 2027 and the 5.300% Senior Notes due 2029. 

“Notes Custodian” means the custodian with respect to a Global Note (as appointed by the Depository), or any successor Person
thereto and shall initially be the Trustee. 
 “Permitted Liens” means: 

(1)    Liens on property to secure the payment of all or any part of the cost of acquisition, construction,
development or improvement of such property, or to secure indebtedness incurred to provide funds for any such purpose, provided that the commitment of the creditor to extend the credit secured by any such Lien shall have been obtained not later than
365 days after the later of (a) the completion of the acquisition, construction, development or improvement of such property or (b) the placing in operation of such property; 

(2)    Liens in favor of the Company or any of its Subsidiaries; 

(3)    any Lien (x) existing on property of a Person at the time of its consolidation with or merger
into the Company or a Subsidiary or (y) existing on any property acquired by the Company or any Subsidiary at the time such property is so acquired (whether or not the indebtedness secured thereby shall have been assumed); provided that
in each such case, (A) such Lien was not created or assumed in contemplation of such consolidation or merger or such Person’s becoming a Subsidiary or such acquisition of property and (B) such Lien shall extend solely to the property
so acquired and improvements thereon or in the case of an acquisition of a Subsidiary, the assets of the Subsidiary, and in each case, proceeds thereof; 

  
 -2- 

 (4)    Liens on property in favor of the United States
of America or any state thereof, or in favor of any other country, or any department, agency, instrumentality or political subdivision thereof (including, without limitation, security interests to secure indebtedness of the pollution control or
industrial revenue type) in order to permit the Company or any of the Subsidiaries to perform a contract or to secure indebtedness incurred for the purpose of financing all or any part of the purchase price for the cost of constructing or improving
the property subject to such security interests or which is required by law or regulation as a condition to the transaction of any business or the exercise of any privilege, franchise or license; 

(5)    Liens securing obligations arising under or related to (i) the transfer of cash or other
property with respect to any credit or debit card charge, check or other instrument, electronic funds transfer, or other type of paper-based or electronic payment, transfer, or charge transaction for which a Person acts as a processor, remitter,
funds recipient or funds transmitter in the ordinary course of its business (each such transaction, a “Settlement”) and (ii) any payment or reimbursement obligation in respect of the transfer, or contractual undertaking
(including by automated clearing house transaction) to effect a transfer, of cash or other property to effect a Settlement (including, for the avoidance of doubt, any agreement with a bank or financial institution providing for short term financing
for the purpose of funding any Settlement); and 
 (6)    Liens securing Securitized Indebtedness and
receivables factoring, discounting, facilities or securitizations. 
 “Principal Property” means the real property,
fixtures, machinery and equipment relating to any facility that is real property located within the territorial limits of the United States of America (excluding its territories and possessions and Puerto Rico) owned by the Company or any of its
Subsidiaries, except for any facility that (i) has a net book value, on the date of determination as to whether a property is a principal property is being made, of less than 2% of Consolidated Total Assets or (ii) in the opinion of the
board of directors of the Company, is not of material importance to the business conducted by the Company and the Subsidiaries, taken as a whole. 

“Restricted Subsidiary” means (i) any Subsidiary that constitutes a “significant subsidiary” (as such term is
defined in Regulation S-X, promulgated pursuant to the Securities Act of 1933, as amended, as such regulation is in effect on the date of this Supplemental Indenture), and (ii) any other Subsidiary that
holds any Principal Property, in each case excluding (A) any Subsidiary which is not organized under the laws of any state of the United States of America, (B) any Subsidiary which conducts the major portion of its business outside the
United States of America and (C) any Subsidiary of any of the foregoing. 
 “Securitized Indebtedness” means, with
respect to any Person as of any date, the reasonably expected liability of such Person for the repayment of, or otherwise relating to, all accounts receivable, general intangibles, chattel paper or other financial assets and related rights and
assets sold or otherwise transferred by such Person, or any Subsidiary or Affiliate thereof, on or prior to such date. 
 “Stated
Maturity” means, with respect to each series of Senior Notes, the relevant date set forth in Section 2.03. 

  
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 (b)    The terms defined in this Section have the meanings assigned to
them in this Section and include the plural as well as the singular. 
 (c)    Terms used herein without definition
shall have the meanings specified in the Base Indenture. 
 (d)    All references to Articles and Sections, unless
otherwise specified, refer to the corresponding Articles and Sections of this Supplemental Indenture. 
 (e)    The
terms “herein,” “hereof,” “hereunder” and other words of similar import refer to this Supplemental Indenture as a whole and not to any particular Article, Section or other subdivision. 

Section 1.02    Index of Defined Terms. 

 

					
	 Term
	  	 Section
	 
	 2027 Senior Notes
	  	 	2.01(a)	 
	 2027 Senior Notes Interest Payment Date
	  	 	2.04(b)(i)	 
	 2027 Senior Notes Regular Record Date
	  	 	2.04(b)(i)	 
	 2029 Senior Notes
	  	 	2.01(b)	 
	 2029 Senior Notes Interest Payment Date
	  	 	2.04(b)(ii)	 
	 2029 Senior Notes Regular Record Date
	  	 	2.04(b)(ii)	 
	 2032 Senior Notes
	  	 	2.01(c)	 
	 2032 Senior Notes Interest Payment Date
	  	 	2.04(b)(iii)	 
	 2032 Senior Notes Regular Record Date
	  	 	2.04(b)(iii)	 
	 2052 Senior Notes
	  	 	2.01(d)	 
	 2052 Senior Notes Interest Payment Date
	  	 	2.04(b)(iv)	 
	 2052 Senior Notes Regular Record Date
	  	 	2.04(b)(iv)	 
	 Additional Senior Notes
	  	 	2.02(c)	 
	 Agent Members
	  	 	2.10(c)(ii)	 
	 Applicable Par Call Date
	  	 	2.14(e)	 
	 Base Indenture
	  	 	Recitals	 
	 Change of Control
	  	 	2.13(h)	 
	 Change of Control Offer
	  	 	2.13(a)	 
	 Change of Control Payment
	  	 	2.13(a)	 
	 Change of Control Payment Date
	  	 	2.13(b)(ii)	 
	 Change of Control Repurchase Event
	  	 	2.13(h)	 
	 Company
	  	 	Preamble	 
	 Global Notes
	  	 	2.10(b)	 
	 H.15
	  	 	2.14(e)	 
	 H.15 TCM
	  	 	2.14(e)	 
	 Indenture
	  	 	Recitals	 
	 Interest Payment Date
	  	 	2.04(b)(iv)	 
	 Investment Grade
	  	 	2.13(h)	 
	 Moody’s
	  	 	2.13(h)	 
	 Rating Agency
	  	 	2.13(h)	 

  
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	 Rating Event
	  	 	2.13(h)	 
	 Regular Record Date
	  	 	2.04(b)(iv)	 
	 Remaining Life
	  	 	2.14(e)	 
	 S&P
	  	 	2.13(h)	 
	 Senior Notes
	  	 	2.01(d)	 
	 Special Mandatory Redemption
	  	 	2.15(a)	 
	 Special Mandatory Redemption Date
	  	 	2.15(b)	 
	 Special Mandatory Redemption Event
	  	 	2.15(a)	 
	 Special Mandatory Redemption Price
	  	 	2.15(a)	 
	 Supplemental Indenture
	  	 	Preamble	 
	 Treasury Rate
	  	 	2.14(e)	 
	 Trustee
	  	 	Preamble	 
	 Voting Stock
	  	 	2.13(h)	 

 ARTICLE II 

THE SENIOR NOTES 

Section 2.01    Title of Securities. There shall be: 

(a)    a series of Securities designated the “4.950% Senior Notes due 2027” of the Company (the “2027
Senior Notes”); 
 (b)    a series of Securities designated the “5.300% Senior Notes due 2029” of the
Company (the “2029 Senior Notes”); 
 (c)    a series of Securities designated the “5.400% Senior
Notes due 2032” of the Company (the “2032 Senior Notes”); and 
 (d)    a series of Securities
designated the “5.950% Senior Notes due 2052” of the Company (the “2052 Senior Notes” and, together with the 2027 Senior Notes, the 2029 Senior Notes and the 2032 Senior Notes, the “Senior Notes”). 

Section 2.02    Limitation of Aggregate Principal Amount. 

(a)    (i) The 2027 Senior Notes will be initially issued in an aggregate principal amount of $500,000,000, (ii) the 2029
Senior Notes will be initially issued in an aggregate principal amount of $500,000,000, (iii) the 2032 Senior Notes will be initially issued in an aggregate principal amount of $750,000,000, and (iv) the 2052 Senior Notes will be
initially issued in an aggregate principal amount of $750,000,000. 
 (b)    In the case of each series of Senior Notes,
the aggregate principal amount specified in this Section shall be subject to the amount of such series that is authenticated and delivered upon registration of transfer of, or in exchange for, or in lieu of, such series pursuant to Section
3.4, 3.5, 3.6, 9.6, 11.6 or 13.3 of the Base Indenture and the amount of such series which, pursuant to Section 3.3 of the Base Indenture, is deemed never to have been authenticated and delivered
thereunder. 

  
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 (c)    The Company may from time to time, without notice to or the
consent of the Holders of any series of Senior Notes, create and issue additional Senior Notes of a series having the same terms as, and ranking equally and ratably with, the applicable series of Senior Notes in all respects (except for the issue
date, the public offering price and, if applicable, the payment of interest accruing prior to the issue date of such additional Senior Notes and the first applicable Interest Payment Date) (“Additional Senior Notes”); provided,
however, that if such Additional Senior Notes are not fungible with the Senior Notes of the applicable series for U.S. federal income tax purposes, such Additional Senior Notes will have a separate CUSIP number. Such Additional Senior Notes may be
consolidated and form a single series with, and will have the same terms as to ranking, redemption, waivers, amendments or otherwise as, the applicable series of Senior Notes, and will vote together as one class on all matters with respect to the
applicable series of Senior Notes. 
 Section 2.03    Principal Payment Date. 

(a)    The principal amount of the 2027 Senior Notes outstanding (together with any accrued and unpaid interest) shall be
payable in a single installment on August 15, 2027, which date shall be the Stated Maturity of the 2027 Senior Notes. 

(b)    The principal amount of the 2029 Senior Notes outstanding (together with any accrued and unpaid interest) shall be
payable in a single installment on August 15, 2029, which date shall be the Stated Maturity of the 2029 Senior Notes. 

(c)    The principal amount of the 2032 Senior Notes outstanding (together with any accrued and unpaid interest) shall be
payable in a single installment on August 15, 2032, which date shall be the Stated Maturity of the 2032 Senior Notes. 

(d)    The principal amount of the 2052 Senior Notes outstanding (together with any accrued and unpaid interest) shall be
payable in a single installment on August 15, 2052, which date shall be the Stated Maturity of the 2052 Senior Notes. 

Section 2.04    Interest on the Senior Notes. 

(a)    (i) The 2027 Senior Notes will bear interest at the rate of 4.950% per annum, (ii) the 2029 Senior Notes will
bear interest at the rate of 5.300% per annum, (iii) the 2032 Senior Notes will bear interest at the rate of 5.400% per annum, and (iv) the 2052 Senior Notes will bear interest at the rate of 5.950% per annum, in each case, accruing from
August 22, 2022, or from the most recent Interest Payment Date through which interest has been paid or duly provided for with respect to the applicable series of Senior Notes. 

(b)    Interest on the Senior Notes will be payable semi-annually: 

(i)    with respect to the 2027 Senior Notes, on each February 15 and August 15
(each such date, a “2027 Senior Notes Interest Payment Date”), beginning on February 15, 2023, until the principal amount has been paid or made available for payment, to Holders at the close of business on
February 1 or August 1 (whether or not a Business Day), as the case may be, immediately preceding the applicable 2027 Senior Notes Interest Payment Date (each such date, a “2027 Senior Notes Regular Record
Date”). 

  
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 (ii)    with respect to the 2029 Senior Notes, on each
February 15 and August 15 (each such date, a “2029 Senior Notes Interest Payment Date”), beginning on February 15, 2023, until the principal amount has been paid or made available for payment, to Holders at the close of
business on February 1 or August 1 (whether or not a Business Day), as the case may be, immediately preceding the applicable 2029 Senior Notes Interest Payment Date (each such date, a “2029 Senior Notes Regular Record
Date”). 
 (iii)    with respect to the 2032 Senior Notes, on each February 15 and
August 15 (each such date, a “2032 Senior Notes Interest Payment Date”), beginning on February 15, 2023, until the principal amount has been paid or made available for payment, to Holders at the close of
business on February 1 or August 1 (whether or not a Business Day), as the case may be, immediately preceding the applicable 2032 Senior Notes Interest Payment Date (each such date, a “2032 Senior Notes Regular Record
Date”). 
 (iv)    with respect to the 2052 Senior Notes, on each February 15 and
August 15 (each such date, a “2052 Senior Notes Interest Payment Date,” and, together with each 2027 Senior Notes Interest Payment Date, 2029 Senior Notes Interest Payment Date and 2032 Senior Notes Interest Payment
Date, an “Interest Payment Date”), beginning on February 15, 2023, until the principal amount has been paid or made available for payment, to Holders at the close of business on February 1 or August 1
(whether or not a Business Day), as the case may be, immediately preceding the applicable 2052 Senior Notes Interest Payment Date (each such date, a “2052 Senior Notes Regular Record Date,” and, together with each 2027 Senior Notes
Regular Record Date, 2029 Senior Notes Regular Record Date and 2032 Senior Notes Regular Record Date, a “Regular Record Date”). 

(c)    If any Interest Payment Date, Stated Maturity, Special Mandatory Redemption Date or Redemption Date falls on a day
that is not a Business Day, the payment due on such date will be made on the next Business Day, and no interest will accrue for the period from and after such Interest Payment Date, Stated Maturity, Special Mandatory Redemption Date or Redemption
Date. 
 (d)    Interest on the Senior Notes will be calculated on the basis of a 360-day year consisting of twelve
30-day months. The amount of interest payable for any period shorter than a full monthly period shall be computed on the basis of the actual number of calendar days elapsed in such period. 

Section 2.05    Place of Payment. The place where the Senior Notes may be presented or surrendered for
payment, where the Senior Notes may be surrendered for registration of transfer or exchange and where notices and demand to or upon the Company in respect of the Senior Notes and the Indenture may be served, shall be the Corporate Trust Office of
the Trustee or the Paying Agent’s office maintained for that purpose in the Borough of Manhattan, City of New York. 

  
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 Section 2.06    Sinking Fund Obligations. The Company has no
obligation to redeem or purchase any Senior Notes pursuant to any sinking fund, amortization or analogous requirement. 

Section 2.07    Denomination. The Senior Notes of each series will be issued in the form of one or more fully
registered global securities, without coupons, in minimum denominations of $2,000 and integral multiples of $1,000 in excess thereof. 

Section 2.08    Currency. Principal and interest on the Senior Notes shall be payable in such coin or currency
of the United States of America that at the time of payment is legal tender for payment of public and private debts. 

Section 2.09    Securities Registrar and Paying Agent for the Senior Notes. The Trustee shall serve initially
as the Securities Registrar and the Paying Agent for the Senior Notes. 
 Section 2.10    Form of Senior Notes;
Book Entry Provisions. 
 (a)    Each series of the Senior Notes shall be substantially in the form of
Annex I attached hereto (other than, with respect to any Additional Senior Notes of any series of the Senior Notes, changes related to the issue date, the public offering price and, if applicable, the payment of interest accruing prior
to the issue date of such Additional Senior Notes and the first applicable Interest Payment Date). The Senior Notes may have notations, legends or endorsements required by law, stock exchange or other rules or usage to which the Company is subject.
Each Senior Note shall be dated the date of its authentication. 
 (b)    The Senior Notes of each series designated
herein shall be issued initially in the form of one or more global notes of such series (the “Global Notes”), which shall be held by the Trustee as Notes Custodian for the Depository, and registered in the name of Cede &
Co., the Depository’s nominee, duly executed by the Company and authenticated by the Trustee as hereinafter provided. The aggregate principal amount of outstanding Senior Notes of each series may from time to time be increased or
decreased by adjustments made on the records of the Trustee and the Depository or its nominee as hereinafter provided. 

(c)    This Section 2.10(c) shall apply only to a Global Note deposited with or on behalf of the Depository.

 (i)    The Company shall execute and the Trustee shall, in accordance with this
Section 2.10(c), authenticate and deliver initially one or more Global Notes that (A) shall be registered in the name of the Depository for such Global Note or the nominee of such Depository and (B) shall be
delivered by the Trustee to such Depository or pursuant to such Depository’s instructions or held by the Trustee as Notes Custodian for the Depository. 

  
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 (ii)    Members of, or participants in, the Depository
(“Agent Members”) shall have no rights under the Indenture with respect to any Global Note held on their behalf by the Depository or by the Trustee as the Notes Custodian of the Depository or under such Global Note, and the Company,
the Trustee and any agent of the Company or the Trustee shall be entitled to treat the Depository as the absolute owner of such Global Note for all purposes whatsoever. Notwithstanding the foregoing, nothing herein shall prevent the Company, the
Trustee or any agent of the Company or the Trustee from giving effect to any written certification, proxy or other authorization furnished by the Depository or impair, as between the Depository and its Agent Members, the operation of customary
practices of such Depository governing the exercise of the rights of a Holder of a beneficial interest in any Global Note. 

(d)    Except as provided in Section 2.11 or 2.12, owners of beneficial interests in Global Notes shall
not be entitled to receive physical delivery of Definitive Notes. 
 (e)    The terms and provisions contained in the
Senior Notes shall constitute, and are expressly made, a part of this Supplemental Indenture and, to the extent applicable, the Company and the Trustee, by their execution and delivery of this Supplemental Indenture, expressly agree to such terms
and provisions and agree to be bound thereby. If there is any conflict between the terms of the Senior Notes and this Supplemental Indenture, the terms of this Supplemental Indenture shall govern. 

(f)    The Senior Notes may be presented for registration of transfer and exchange at the offices of the Securities
Registrar. 
 Section 2.11    Special Transfer Provisions. 

(a)    Transfer and Exchange of Definitive Notes. When Definitive Notes are presented to the Securities Registrar
with a request: 
 (i)     to register the transfer of such Definitive Notes; or 

(ii)    to exchange such Definitive Notes for an equal principal amount of Definitive Notes of other
authorized denominations, the Securities Registrar shall register the transfer or make the exchange as requested if its reasonable requirements for such transaction are met; provided, however, that the Definitive Notes surrendered for transfer or
exchange: 
 (A)    shall be duly endorsed or accompanied by a written instrument of transfer in form reasonably
satisfactory to the Company and the Securities Registrar, duly executed by the Holder thereof or its attorney duly authorized in writing; and 

(B)    are accompanied by the following additional information and documents, as applicable: (x) if such
Definitive Notes are being delivered to the Securities Registrar by a Holder for registration in the name of such Holder, without transfer, a certification from such Holder to that effect; or (y) if such Definitive Notes are being
transferred to the Company, a certification to that effect. 

  
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 (b)    Restrictions on Transfer of a Definitive Note for a Beneficial
Interest in a Global Note. A Definitive Note may not be exchanged for a beneficial interest in a Global Note except upon satisfaction of the requirements set forth below. Upon receipt by the Trustee of a Definitive Note, duly endorsed or
accompanied by a written instrument of transfer in form reasonably satisfactory to the Company and the Securities Registrar, together with written instructions directing the Trustee to make, or to direct the Notes Custodian to make, an adjustment on
its books and records with respect to such Global Note to reflect an increase in the aggregate principal amount of the Senior Notes represented by the Global Note, such instructions to contain information regarding the Depository account to be
credited with such increase, then the Trustee shall cancel such Definitive Note and cause, or direct the Notes Custodian to cause, in accordance with the standing instructions and procedures existing between the Depository and the Notes Custodian,
the aggregate principal amount of Senior Notes represented by the Global Note to be increased by the aggregate principal amount of the Definitive Note to be exchanged and shall credit or cause to be credited to the account of the Person specified in
such instructions a beneficial interest in the Global Note equal to the principal amount of the Definitive Note so canceled. If no Global Notes are then outstanding and the Global Note has not been previously exchanged for certificated
securities pursuant to Section 2.12, the Company shall issue and the Trustee shall authenticate, upon receipt of a Company order, a new Global Note in the appropriate principal amount. 

(c)    Transfer and Exchange of Global Notes. 

(i)    The transfer and exchange of Global Notes or beneficial interests therein shall be effected through
the Depository, in accordance with this Supplemental Indenture (including applicable restrictions on transfer set forth herein, if any) and the procedures of the Depository therefor. A transferor of a beneficial interest in a Global Note shall
deliver a written order given in accordance with the Depository’s procedures containing information regarding the participant account of the Depository to be credited with a beneficial interest in such Global Note or another Global Note and
such account shall be credited in accordance with such order with a beneficial interest in the applicable Global Note and the account of the Person making the transfer shall be debited by an amount equal to the beneficial interest in the Global Note
being transferred. 
 (ii)    If the proposed transfer is a transfer of a beneficial interest in one
Global Note to a beneficial interest in another Global Note, the Securities Registrar shall reflect on its books and records the date and an increase in the principal amount of the Global Note to which such interest is being transferred in an amount
equal to the principal amount of the interest to be so transferred, and the Securities Registrar shall reflect on its books and records the date and a corresponding decrease in the principal amount of the Global Note from which such interest is
being transferred. 
 (iii)    Notwithstanding any other provisions of this Supplemental Indenture (other
than the provisions set forth in Section 2.12), a Global Note may not be transferred as a whole except by the Depository to a nominee of the Depository or by a nominee of the Depository to the Depository or another nominee of the Depository
or by the Depository or any such nominee to a successor Depository or a nominee of such successor Depository. 

  
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 (d)    Cancellation or Adjustment of Global Note. At such time as
all beneficial interests in a Global Note have either been exchanged for Definitive Notes, transferred, redeemed, repurchased or canceled, such Global Note shall be returned by the Depository to the Trustee for cancellation or retained and canceled
by the Trustee. At any time prior to such cancellation, if any beneficial interest in a Global Note is exchanged for Definitive Notes, transferred in exchange for an interest in another Global Note, redeemed, repurchased or canceled, the
principal amount of Notes represented by such Global Note shall be reduced and an adjustment shall be made on the books and records of the Trustee (if it is then the Notes Custodian for such Global Note) with respect to such Global Note, by the
Trustee or the Notes Custodian, to reflect such reduction. 
 (e)    Obligations with Respect to Transfers and
Exchanges of Notes. 
 (i)    To permit registrations of transfers and exchanges, the Company shall
execute and the Trustee shall authenticate, Definitive Notes and Global Notes at the Securities Registrar’s request. 

(ii)    No service charge shall be made for any registration of transfer or exchange, but the Company may
require payment of a sum sufficient to cover any transfer tax, assessments, or similar governmental charge payable in connection therewith (other than any such transfer taxes, assessments or similar governmental charge payable upon exchange or
transfer pursuant to Section 9.6 or 11.6 of the Base Indenture). 
 (f)    Prior to the due presentation
for registration of transfer of any Senior Note, the Company, the Trustee, the Paying Agent or the Securities Registrar may deem and treat the person in whose name a Senior Note is registered as the absolute owner of such Senior Note for the purpose
of receiving payment of principal of and interest on such Senior Note and for all other purposes whatsoever, whether or not such Senior Note is overdue, and none of the Company, the Trustee, the Paying Agent or the Securities Registrar shall be
affected by notice to the contrary. 
 (g)    All Senior Notes issued upon any transfer or exchange pursuant to the
terms of this Supplemental Indenture shall evidence the same debt and shall be entitled to the same benefits under the Indenture as the Senior Notes surrendered upon such transfer or exchange. 

(h)    No Obligation of the Trustee. 

(i)    The Trustee shall have no responsibility or obligation to any beneficial owner of a Global Note, a
member of, or a participant in the Depository or any other Person with respect to the accuracy of the records of the Depository or its nominee or of any participant or member thereof, with respect to any ownership interest in the Senior Notes or
with respect to the delivery to any participant, member, beneficial owner or other Person (other than the Depository) of any notice (including any notice of redemption or repurchase) or the payment of any amount, under or with respect to such Senior
Notes. All notices and communications to be given to the Holders and all payments to be made to Holders under the Senior Notes shall be given or made only to the registered Holders (which shall be the Depository or its nominee in the case of a
Global Note). The rights of beneficial owners in any Global Note shall be exercised only through the Depository subject to the applicable rules and procedures of the Depository. The Trustee may rely and shall be fully protected in relying upon
information furnished by the Depository with respect to its members, participants and any beneficial owners. 

  
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 (ii)    The Trustee shall have no obligation or duty to
monitor, determine or inquire as to compliance with any restrictions on transfer imposed under this Supplemental Indenture or under applicable law with respect to any transfer of any interest in any Senior Note (including any transfers between or
among Depository participants, members or beneficial owners in any Global Note) other than to require delivery of such certificates and other documentation or evidence as are expressly required by, and to do so if and when expressly required by, the
terms of this Supplemental Indenture, and to examine the same to determine substantial compliance as to form with the express requirements hereof. 

Section 2.12    Definitive Notes. 

(a)    A Global Note deposited with the Depository or with the Trustee as Notes Custodian for the Depository pursuant to
Section 2.10 hereof shall be transferred to the beneficial owners thereof in the form of Definitive Notes in an aggregate principal amount equal to the principal amount of such Global Note, in exchange for such Global Note, only if such
transfer complies with Section 2.11 hereof and if (i) such Depository notifies the Company that it is unwilling or unable to continue as Depository for the applicable series of Senior Notes or at any time ceases to be a clearing agency
registered as such under the Exchange Act and a successor depository is not appointed by the Company within 90 days, (ii) the Company executes and delivers to the Trustee a Company Order that this Global Security shall be so exchangeable or
transferable or (iii) there shall have occurred and be continuing an Event of Default with respect to the applicable series of Senior Notes and the Depository notifies the Trustee of its decision to exchange any Global Securities of such
series for Securities registered in the names of Persons other than the Depository. 
 (b)    Any Global Note that is
transferable to the beneficial owners thereof pursuant to this Section shall be surrendered by the Depository to the Trustee at the Corporate Trust Office of the Trustee, to be so transferred, in whole or from time to time in part, without charge,
and the Trustee shall authenticate and deliver, upon such transfer of each portion of such Global Note, an equal aggregate principal amount of Definitive Notes of authorized denominations. Any portion of a Global Note transferred pursuant to this
Section shall be executed, authenticated and delivered only in denominations of $2,000 principal amount or any integral multiple of $1,000 in excess thereof and registered in such names as the Depository shall direct.  

(c)    Subject to the provisions of Section 2.12(b) hereof, the registered Holder of a Global Note shall be
entitled to grant proxies and otherwise authorize any Person, including Agent Members and Persons that may hold interests through Agent Members, to take any action which a Holder is entitled to take under the Indenture or the Senior Notes. 

(d)    In the event of the occurrence of one of the events specified in Section 2.12(a) hereof, the Company shall
promptly make available to the Trustee a reasonable supply of Definitive Notes in definitive, fully registered form without interest coupons. In the 

  
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event that the Definitive Notes are not issued to each such beneficial owner promptly after the Securities Registrar has received a request from the Holder of a Global Note to issue such
Definitive Note, the Company expressly acknowledges, with respect to the right of any Holder to pursue a remedy pursuant to Article V of the Base Indenture (as modified herein), the right of any beneficial Holder of Senior Notes to pursue
such remedy with respect to the portion of the Global Note that represents such beneficial Holder’s Senior Notes as if such Definitive Notes had been issued. 

(e)    The Securities Registrar shall retain for a period of two years copies of all letters, notices and other written
communications received pursuant to Section 2.10 or this Section 2.12. The Company shall have the right to inspect and make copies of all such letters, notices or other written communications at any reasonable time upon the giving of
reasonable notice to the Securities Registrar. 
 Section 2.13    Change of Control Offer. 

(a)    If a Change of Control Repurchase Event occurs, unless the Company has exercised its right to redeem all of the
Senior Notes on or prior to the date that is 30 days following such Change of Control Repurchase Event, each Holder will have the right to require the Company to repurchase all or any part (equal to $2,000 and integral multiples of $1,000 in excess
thereof) of such Holder’s Senior Notes (the “Change of Control Offer”) at a purchase price in cash equal to 101% of the principal amount of the Senior Notes of such series plus accrued and unpaid interest, if any, to, but
excluding, the date of repurchase (subject to the right of Holders of record on the relevant Regular Record Date to receive interest due on the relevant Interest Payment Date) (the “Change of Control Payment”); provided that
after giving effect to the repurchase, any notes that remain outstanding shall have a denomination of $2,000 or integral multiples of $1,000 in excess thereof. 

(b)    Within 30 days following any Change of Control Repurchase Event, or, at the Company’s option,
prior to any Change of Control but after any public announcement of the transaction that constitutes or may constitute the Change of Control, unless the Company has exercised its right to redeem all of the Senior Notes, the Company will mail with a
copy to the Trustee or cause the Trustee to mail a notice by first-class mail (or otherwise deliver in accordance with the applicable procedures of the Depository) to each Holder, stating: 

(i)    that such Change of Control Repurchase Event has occurred (or, in the case of a notice provided
prior to a Change of Control but after a public announcement of the transaction that constitutes or may constitute a Change of Control, that such Change of Control Repurchase Event is expected to occur) and that such Holder has the right to require
the Company to repurchase such Holder’s Senior Notes at a purchase price in cash equal to 101% of the outstanding principal amount of the Senior Notes plus accrued and unpaid interest, if any, to, but excluding, the date of repurchase (subject
to the right of Holders of record on the relevant Regular Record Date to receive interest due on the relevant Interest Payment Date); 

  
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 (ii)    the date of repurchase (which shall be no
earlier than 15 days nor (except to the extent that such notice is conditioned on the occurrence of the Change of Control Repurchase Event) later than 60 days from the date the Change of Control Offer is mailed, other than as may be required by
law), which date, in a notice conditioned on the occurrence of a Change of Control Repurchase Event, may be designated by reference to the date that such condition is satisfied, rather than a specific date (the “Change of Control Payment
Date”); 
 (iii)    the procedures determined by the Company, consistent with the Indenture,
that a holder must follow in order to have its notes repurchased; and 
 (iv)    the notice will, if
mailed or otherwise delivered prior to the date of consummation of the Change of Control, state that the offer to purchase is conditioned on the Change of Control Repurchase Event occurring. 

(c)    If the Change of Control Payment Date is on or after a Regular Record Date and on or before the related Interest
Payment Date, any accrued and unpaid interest, if any, will be paid to the Person in whose name a Senior Note is registered at the close of business on such Regular Record Date, and no additional interest will be payable to Holders who tender
pursuant to the Change of Control Offer. 
 (d)    The Company will not be required to make the Change of Control Offer
upon a Change of Control Repurchase Event if a third party makes the Change of Control Offer in the manner, at the times and otherwise in compliance with the requirements set forth in the Indenture applicable to a Change of Control Offer made by the
Company and repurchases all Senior Notes validly tendered and not withdrawn under the Change of Control Offer. 

(e)    In connection with any Change of Control Offer for any series of Senior Notes, if Holders of not less than 90% in
aggregate principal amount of the outstanding Senior Notes of such series validly tender and do not withdraw such Senior Notes in such tender offer and the Company, or any third party making such tender offer in lieu of the Company as described
above, purchases all such Senior Notes validly tendered and not withdrawn by such Holders, the Company or such third party will have the right, upon not less than 15 but not more than 60 days’ notice mailed, or delivered electronically if such
notes are held by DTC, by the Company to each holder of such Senior Notes (provided, that such notice is given not more than 30 days following the repurchase date pursuant to such Change of Control Offer), to redeem all the Senior Notes of such
series that remain outstanding following such purchase at a price in cash equal to 101% of the outstanding principal amount of the Senior Notes plus accrued and unpaid interest, if any, to, but excluding, the applicable Redemption Date (subject to
the right of Holders of record on the relevant Regular Record Date to receive interest due on the relevant Interest Payment Date). 

(f)    The Company will comply, to the extent applicable, with the requirements of Rule 14e-1 under the Exchange Act in
connection with the repurchase of Senior Notes pursuant to the Change of Control Offer. To the extent that the provisions of any securities laws or regulations conflict with provisions of the Indenture, the Company will comply with the applicable
securities laws and regulations and will not be deemed to have breached its obligations described in the Indenture by virtue of the conflict. 

  
 -14- 

 (g)    On the Change of Control Payment Date, the Company will, to the
extent lawful: 
 (i)    accept for payment all Senior Notes or portions of Senior Notes (equal to $2,000
and integral multiples of $1,000 in excess thereof) properly tendered and not properly withdrawn pursuant to the Change of Control Offer; 

(ii)    deposit with the Paying Agent an amount equal to the Change of Control Payment in respect of all
Senior Notes or portions of Senior Notes so tendered; and 
 (iii)    deliver or cause to be delivered to
the Trustee the Senior Notes so accepted together with an Officer’s Certificate stating the aggregate principal amount of Senior Notes or portions of Senior Notes being repurchased by the Company. 

(h)    For the purposes of this Section, the following terms have the following meanings: 

“Change of Control” means: 

(i)    the consummation of any transaction (including any merger or consolidation) the result of which is
that any “person” or “group” (as such terms are used in Sections 13(d) and 14(d) of the Exchange Act) becomes the “beneficial owner” (as defined in Rules 13d-3 and 13d-5 under the Exchange Act), directly or indirectly,
of more than 50% of the total voting power of the Company’s Voting Stock; 
 (ii)    the Company
consolidates with, or merges with or into, any Person, or any Person consolidates with, or merges with or into, the Company, in any such event pursuant to a transaction in which any of the Company’s outstanding Voting Stock or the outstanding
Voting Stock of such other Person is converted into or exchanged for cash, securities or other property, other than any such transaction where the shares of the Company’s Voting Stock outstanding immediately prior to such transaction
constitute, or are converted into or exchanged for, a majority of the Voting Stock of the surviving Person immediately after giving effect to such transaction; 

(iii)    the direct or indirect sale, lease, transfer, conveyance or other disposition (other than by way
of merger or consolidation), in one or a series of related transactions, of all or substantially all of the assets of the Company and its Subsidiaries taken as a whole to any “person” (as such term is used in Sections 13(d) and 14(d) of
the Exchange Act) other than to the Company or its Subsidiaries; or 
 (iv)    the adoption by the
Company’s stockholders of a plan or proposal for the Company’s liquidation or dissolution. 
 Notwithstanding the foregoing, a
transaction will not be considered to be a Change of Control if (a) the Company becomes a direct or indirect wholly-owned subsidiary of a Person and (b) immediately following that transaction, (1) the direct or indirect holders of the
Voting Stock of such Person are substantially the same as the holders of the Company’s 

  
 -15- 

 
Voting Stock immediately prior to that transaction or (2) no “person” or “group” (as such terms are used in Sections 13(d) and 14(d) of the Exchange Act) is the
beneficial owner, directly or indirectly, of more than a majority of the Voting Stock of such Person. 
 “Change of Control
Repurchase Event” means the occurrence of both a Change of Control and a Rating Event. 
 “Investment Grade” means
a rating of Baa3 or better by Moody’s (or its equivalent under any successor rating category of Moody’s); and a rating of BBB- or better by S&P (or its equivalent under any successor rating
category of S&P). 
 “Moody’s” means Moody’s Investors Service, Inc. and its successors. 

“Rating Agency” means each of S&P and Moody’s or, to the extent S&P or Moody’s does not make a rating on
the Senior Notes publicly available, a “nationally recognized statistical rating organization” (as such term is defined in Section 3(a)(62) of the Exchange Act) or “organizations,” as the case may be, selected by the
Company, which shall be substituted for S&P or Moody’s, as the case may be. 
 “Rating Event” means, with respect
to any series of Senior Notes, the ratings of such series of Senior Notes are decreased from Investment Grade by each of the Rating Agencies to below Investment Grade by each of the Rating Agencies on any date during the period commencing on the
date of the first public notice by the Company of any arrangement that could result in a Change of Control and ending 60 days following public notice by the Company of the consummation of such Change of Control (which period shall be extended
so long as the rating of the notes is under publicly announced consideration for a possible downgrade by either Rating Agency as a result of such Change of Control); provided that a Rating Event otherwise arising by virtue of a particular
reduction in rating shall not be deemed to have occurred in respect of a particular Change of Control (and thus shall not be deemed a Rating Event for purposes of the definition of Change of Control Repurchase Event hereunder) if the Rating Agency
or Rating Agencies making the reduction in rating to which this definition would otherwise apply do not announce or publicly confirm that the reduction was the result, in whole or in part, of any event or circumstance comprised of or arising as a
result of, or in respect of, the applicable Change of Control (whether or not the applicable Change of Control shall have occurred at the time of the Rating Event). For the avoidance of doubt, the Trustee assumes no responsibility or obligation to
monitor the ratings of the Senior Notes of any series by any of the Ratings Agencies. 
 “S&P” means S&P Global
Ratings, a division of S&P Global Inc., and its successors. 
 “Voting Stock” of any specified Person as of any date
means the capital stock of such Person that is at the time entitled to vote generally in the election of the board of directors of such Person. 

  
 -16- 

 Section 2.14    Optional Redemption. 

(a)    Prior to the Applicable Par Call Date, the Company may redeem the Senior Notes of any series at the Company’s
option, in whole or in part, at any time and from time to time at a Redemption Price (expressed as a percentage of principal amount and rounded to three decimal places) equal to the greater of: 

(i)    (a) the sum of the present values of the remaining scheduled payments of principal and interest on
the Senior Notes of such series discounted to the relevant Redemption Date (assuming such Senior Notes matured on the Applicable Par Call Date) on a semi-annual basis (assuming a 360-day year consisting of
twelve 30-day months) at the Treasury Rate plus (A) 35 basis points for the 2027 Senior Notes, (B) 40 basis points for the 2029 Senior Notes, (C) 40 basis points for the 2032 Senior Notes, and (D) 45 basis
points for the 2052 Senior Notes less (b) interest accrued and unpaid to the relevant Redemption Date; and 

(ii)    100% of the principal amount of the Senior Notes to be redeemed; 

plus, in either case, accrued and unpaid interest thereon to, but excluding, the Redemption Date. 

(b)    On or after the Applicable Par Call Date for a series of Senior Notes, the Company may redeem the Senior Notes of
such series, in whole or in part, at any time and from time to time, at a Redemption Price equal to 100% of the principal amount of such Senior Notes being redeemed plus accrued and unpaid interest thereon to, but excluding, the relevant Redemption
Date. 
 (c)    The first paragraph of Section 11.3 of the Base Indenture shall not apply to the Senior Notes,
and the following shall apply in lieu thereof: 
 In the case of a partial redemption, selection of the Senior Notes for redemption will be
made pro rata, by lot or by such other method as the Trustee in its sole discretion deems appropriate and fair, subject to the applicable procedures of DTC (or any successor Depositary). No Senior Notes of a principal amount of $2,000 or less will
be redeemed in part. For so long as the Senior Notes are held by DTC (or another Depositary), the redemption of the Senior Notes shall be done in accordance with the policies and procedures of such Depositary. 

(d)    The first paragraph of Section 11.4 of the Base Indenture shall not apply to the Senior Notes, and the
following shall apply in lieu thereof: 
 Notice of redemption shall be given by first-class mail, postage prepaid, or electronically
delivered (or otherwise transmitted) in accordance with the applicable procedures of the Depositary at least 10 days but not more than 60 days prior to the Redemption Date, to each Holder of Securities to be redeemed, at the address
of such Holder as it appears in the Securities Register. 
 (e)    For purposes of this Section, the following
terms have the following meanings: 
 “Applicable Par Call Date” means, with respect to the 2027 Senior Notes,
July 15, 2027 (one month prior to the Stated Maturity of such Senior Notes), with respect to the 2029 Senior Notes, June 15, 2029 (two months prior to the Stated Maturity of such Senior Notes), with respect to the 2032 Senior Notes,
May 15, 2032 (three months prior to the Stated Maturity of such Senior Notes), and with respect to the 2052 Senior Notes, February 15, 2052 (six months prior to the Stated Maturity of such Senior Notes). 

  
 -17- 

 “Treasury Rate” means, with respect to any Redemption Date for a series of
Senior Notes, the yield applicable to such series of Senior Notes determined by the Company in accordance with the following two paragraphs. 

The Treasury Rate applicable to a series of Senior Notes shall be determined by the Company after 4:15 p.m., New York City time (or after such
time as yields on U.S. government securities are posted daily by the Board of Governors of the Federal Reserve System), on the third Business Day preceding the relevant Redemption Date based upon the yield or yields for the most recent day that
appear after such time on such day in the most recent statistical release published by the Board of Governors of the Federal Reserve System designated as “Selected Interest Rates (Daily) – H.15” (or any successor designation or
publication) (“H.15”) under the caption “U.S. government securities–Treasury constant maturities–Nominal” (or any successor caption or heading) (“H.15 TCM”). In determining the applicable
Treasury Rate, the Company shall select, as applicable: (1) the yield for the Treasury constant maturity on H.15 exactly equal to the period from the relevant Redemption Date to the Applicable Par Call Date (the “Remaining
Life”); or (2) if there is no such Treasury constant maturity on H.15 exactly equal to the Remaining Life, the two yields – one yield corresponding to the Treasury constant maturity on H.15 immediately shorter than and one yield
corresponding to the Treasury constant maturity on H.15 immediately longer than the Remaining Life – and shall interpolate to the Applicable Par Call Date on a straight-line basis (using the actual number of days) using such yields and rounding
the result to three decimal places; or (3) if there is no such Treasury constant maturity on H.15 shorter than or longer than the Remaining Life, the yield for the single Treasury constant maturity on H.15 closest to the Remaining Life. For
purposes of this paragraph, the applicable Treasury constant maturity or maturities on H.15 shall be deemed to have a maturity date equal to the relevant number of months or years, as applicable, of such Treasury constant maturity from the relevant
Redemption Date. 
 If on the third Business Day preceding the relevant Redemption Date H.15 TCM is no longer published, the Company shall
calculate the applicable Treasury Rate based on the rate per annum equal to the semi-annual equivalent yield to maturity at 11:00 a.m., New York City time, on the second Business Day preceding such Redemption Date of the United States Treasury
security maturing on, or with a maturity that is closest to, the Applicable Par Call Date, as applicable. If there is no United States Treasury security maturing on the Applicable Par Call Date but there are two or more United States Treasury
securities with a maturity date equally distant from the Applicable Par Call Date, one with a maturity date preceding the Applicable Par Call Date and one with a maturity date following the Applicable Par Call Date, the Company shall select the
United States Treasury security with a maturity date preceding the Applicable Par Call Date. If there are two or more United States Treasury securities maturing on the Applicable Par Call Date or two or more United States Treasury securities meeting
the criteria of the preceding sentence, the Company shall select from among these two or more United States Treasury securities the United States Treasury security that is trading closest to par based upon the average of the bid and asked prices for
such United States Treasury securities at 11:00 a.m., New York City time. In determining the applicable Treasury Rate in accordance with the terms of this paragraph, the semi-annual yield to maturity of the applicable United States Treasury security
shall be based upon the average of the bid and asked prices (expressed as a percentage of principal amount) at 11:00 a.m., New York City time, of such United States Treasury security, and rounded to three decimal places. 

  
 -18- 

 The Company’s actions and determinations in determining the Redemption Price shall be
conclusive and binding for all purposes, absent manifest error. 
 Section 2.15    Special Mandatory
Redemption. 
 (a)    In the event that (x) the EVO Acquisition is not consummated on or prior to
November 1, 2023 or such later date as the parties to the EVO Merger Agreement may agree as the “End Date” thereunder or (y) the Company notifies the Trustee that the Company will not pursue the consummation of the EVO
Acquisition (any such event being a “Special Mandatory Redemption Event”), the Company will be required to redeem the Mandatorily Redeemable Notes then outstanding (such redemption, the “Special Mandatory
Redemption”) at a Redemption Price equal to 101% of the principal amount of the Mandatorily Redeemable Notes plus accrued and unpaid interest, if any, to, but excluding, the Special Mandatory Redemption Date (as defined below) (the
“Special Mandatory Redemption Price”). For purposes of the foregoing, the EVO Acquisition will be deemed consummated if the closing under the EVO Merger Agreement occurs, including after giving effect to any amendments or
modifications to the EVO Merger Agreement or waivers thereunder acceptable to us. 
 (b)    In the event that the
Company becomes obligated to redeem the Mandatorily Redeemable Notes pursuant to the Special Mandatory Redemption, the Company will promptly, and in any event not more than ten Business Days after the Special Mandatory Redemption Event, deliver
notice to the Trustee of the Special Mandatory Redemption and the date upon which the Mandatorily Redeemable Notes will be redeemed (the “Special Mandatory Redemption Date,” which date shall be no later than the tenth Business Day
following the date of such notice, unless some longer minimum period may be required by DTC (or any successor depositary)) together with a notice of Special Mandatory Redemption for the Trustee to deliver to each registered Holder of Mandatorily
Redeemable Notes. The Trustee will then reasonably promptly, in accordance with the Trustee’s and DTC’s (or any successor depositary’s) procedures, mail, or electronically deliver, according to the procedures of DTC (or any successor
depositary), such notice of Special Mandatory Redemption to each registered Holder of Mandatorily Redeemable Notes. Unless the Company defaults in payment of the Special Mandatory Redemption Price of any series of Mandatorily Redeemable Notes, on
and after such Special Mandatory Redemption Date, interest will cease to accrue on such Mandatorily Redeemable Notes. 

(c)    Notwithstanding the foregoing, installments of interest on any series of Mandatorily Redeemable Notes that are due
and payable on interest payment dates falling on or prior to the Special Mandatory Redemption Date will be payable on such interest payment dates to the registered holders as of the close of business on the relevant record dates in accordance with
the applicable notes and the Indenture. 
 (d)    Upon the consummation of the EVO Acquisition, the foregoing provisions
regarding the Special Mandatory Redemption will cease to apply. 

  
 -19- 

 ARTICLE III 

AMENDMENT TO BASE INDENTURE 

Section 3.01    Amendment to Article X of the Base Indenture. 

Solely as it relates to the Senior Notes, Article X of the Base Indenture is hereby amended by adding the following immediately after
Section 10.5 thereto: 
 Section 10.6    Limitation on Liens. 

(a)    The Company will not (nor will it permit any of its Restricted Subsidiaries to) incur, issue, permit to exist,
assume or guarantee any indebtedness for borrowed money if such indebtedness (in the case of an incurrence, issuance, permission to exist or assumption thereof by the Company or any of the Restricted Subsidiaries) or any such guarantee (in the case
of a guarantee by the Company or any of its Restricted Subsidiaries) is or becomes secured by a Lien on any of the Company’s or the Restricted Subsidiaries’ Principal Properties or on any stock or indebtedness for borrowed money of any of
the Company’s Restricted Subsidiaries, whether now owned or hereafter acquired, without effectively providing that the Senior Notes (together with, if the Company shall so determine, any other indebtedness or obligations of the Company or any
of the Restricted Subsidiaries ranking equally with the Senior Notes and then existing or thereafter created) shall be secured equally and ratably with (or prior to) such indebtedness for borrowed money or guarantee (as applicable) until such time
as such indebtedness or guarantee (as applicable) is no longer secured by such Lien, except for any such indebtedness or guarantee to the extent secured by: 

(i)    Liens existing as of the issue date of the Senior Notes or that the Company or any of the Restricted
Subsidiaries have agreed to pursuant to the terms of agreements existing as of the issue date of the Senior Notes; 

(ii)    Liens granted after the issue date of the Senior Notes, created in favor of the Holders of the
Senior Notes; 
 (iii)    Liens which are incurred to extend, renew or refinance (or in connection with
any successive extension, renewal or refinancing of) indebtedness for borrowed money or a guarantee of indebtedness for borrowed money which is secured by Liens permitted to be incurred under clauses (i), (ii) or (iv) of this Section or
paragraphs (1), (3), (4) or (5) of the definition of “Permitted Liens,” in each case so long as (A) such Liens are limited to all or part of substantially the same property which secured the Liens extended, renewed
or replaced plus improvements on such property, and (B) the amount of such indebtedness secured is not increased (other than by the amount equal to any costs and expenses (including any premiums, fees or penalties) incurred in connection
with any extension, renewal or refinancing); 
 (iv)    Liens created in substitution of any Liens
permitted by clauses (i) through (iii) of this Section or paragraphs (1), (3), (4) or (5) of the definition of “Permitted Liens,” provided that, (A) based on a good faith determination of a senior officer of the

  
 -20- 

 
Company, the assets encumbered by such substitute or replacement Lien are substantially similar in nature to the assets encumbered by the otherwise permitted Lien that is being replaced and
(B) the amount of such indebtedness secured is not increased (other than by the amount equal to any costs and expenses (including any premiums, fees or penalties) incurred in connection with any extension, renewal or refinancing); and 

(v)    Permitted Liens. 

(b)    Notwithstanding the foregoing, the Company and any of the Restricted Subsidiaries may incur, issue, permit to
exist, assume or guarantee any indebtedness for borrowed money without securing the Senior Notes equally and ratably with (or prior to) such indebtedness or guarantee if, at the time of such incurrence, issuance, permission to exist, assumption or
guarantee, after giving effect thereto and to the retirement of any indebtedness that is being retired substantially concurrently, the aggregate amount of all such outstanding indebtedness for borrowed money or guarantees thereof secured by Liens
upon any Principal Properties or stock or indebtedness for borrowed money of any of the Restricted Subsidiaries, other than Liens described in clauses (i) through (v) above, does not at such time exceed 10% of Consolidated Total
Assets. 
 ARTICLE IV 

MISCELLANEOUS 

Section 4.01    Integral Part; Effect of Supplement on Indenture. This Supplemental Indenture constitutes an
integral part of the Base Indenture. Except for the amendments and supplements made by this Supplemental Indenture (which only apply to the Senior Notes), the Base Indenture shall remain in full force and effect as executed. 

Section 4.02    Adoption, Ratification and Confirmation. The Indenture is in all respects hereby adopted,
ratified and confirmed. 
 Section 4.03    Trustee Not Responsible for Recitals. The recitals in this
Supplemental Indenture are made by the Company, and the Trustee assumes no responsibility for the correctness of such recitals. The Trustee makes no representations as to the validity or sufficiency of this Supplemental Indenture. 

Section 4.04    Counterparts. This Supplemental Indenture may be executed in several counterparts, each of which
shall be an original and all of which shall constitute but one and the same instrument. The exchange of copies of this Supplemental Indenture and of signature pages by facsimile or PDF transmission shall constitute effective execution and delivery
of this Supplemental Indenture as to the parties hereto and may be used in lieu of the original 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. 

  
 -21- 

 Section 4.05    Governing Law. This Supplemental Indenture and
the Senior Notes shall be governed by and construed in accordance with the laws of the State of New York, without regard to conflicts of law principles thereof.  

Section 4.06    Electronic Signatures. All notices, approvals, consents, requests and any communications
hereunder must be in writing (provided that any communication sent to the Trustee hereunder must be in the form of a document that is signed manually or by way of a digital signature provided by DocuSign (or such other digital signature provider as
specified in writing to the Trustee by the authorized representative)), in English. The Company agrees to assume all risks arising out of the use of using digital signatures and electronic methods to submit communications to the Trustee, including,
without limitation and subject to the provisions of Section 6.3 of the Base Indenture, the risk of the Trustee acting on unauthorized instructions, and the risk of interception and misuse by third parties. 

[Signature page follows] 

  
 -22- 

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

			
	GLOBAL PAYMENTS INC.
		
	By:	 	 /s/ Josh Whipple

	Name:	 	Josh Whipple
	Title:	 	Senior Executive Vice President and
Chief Financial Officer

 Attest: 
  

			
	By:	 	 /s/ David L. Green

	Name:	 	David L. Green
	Title:	 	Senior Executive Vice President,
General Counsel and Corporate Secretary

  
 [Signature Page to
Supplemental Indenture No. 5] 

 
			
	U.S. BANK TRUST COMPANY, NATIONAL ASSOCIATION,
as Trustee
		
	By:	 	 /s/ David Ferrell

	Name:	 	David Ferrell
	Title:	 	Vice President

  

			
	Attest:
		
	By:	 	 /s/ Jack Ellerin

	Name:	 	Jack Ellerin
	Title:	 	Vice President

  

  
 [Signature Page to
Supplemental Indenture No. 5] 

 ANNEX I 

FORM OF SENIOR NOTES 
 FORM
OF FACE OF SECURITY 
 THIS SECURITY IS A GLOBAL SECURITY WITHIN THE MEANING OF THE INDENTURE HEREINAFTER REFERRED TO AND IS REGISTERED IN
THE NAME OF A DEPOSITARY OR A NOMINEE THEREOF. THIS SECURITY MAY NOT BE EXCHANGED IN WHOLE OR IN PART FOR A SECURITY REGISTERED, AND NO TRANSFER OF THIS SECURITY IN WHOLE OR IN PART MAY BE REGISTERED, IN THE NAME OF ANY PERSON OTHER THAN SUCH
DEPOSITARY OR A NOMINEE THEREOF, EXCEPT IN THE LIMITED CIRCUMSTANCES DESCRIBED IN THE INDENTURE. 
 UNLESS THIS CERTIFICATE IS PRESENTED BY
AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), TO THE COMPANY OR ITS AGENT FOR REGISTRATION OR TRANSFER, EXCHANGE OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF
CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE OR
OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER, CEDE & CO., HAS AN INTEREST HEREIN. 

  
 Annex I-1 

 GLOBAL PAYMENTS INC. 

(TITLE OF SECURITY) 
 No. $ 

GLOBAL PAYMENTS INC., a corporation organized and existing under the laws of Georgia (hereinafter called the “Company,” which
term includes any successor corporation under the Indenture hereinafter referred to), for value received, hereby promises to pay to [●], or registered assigns, the principal sum of [●] Dollars, or such other principal amount as may be
set forth in the records of the Securities Registrar hereinafter referred to in accordance with the Indenture, on August 15, [●] (the “Stated Maturity”). The Company further promises to pay interest on said principal sum
from [●], or from the most recent interest payment date (each such date, an “Interest Payment Date”) on which interest has been paid or duly provided for, semiannually in arrears on February 15 and August 15 of each
year, commencing February 15, 2023, at the rate of [●]% per annum, until the principal hereof is paid or duly provided for or made available for payment. In the event that any date on which interest is payable on this Security is not a
Business Day, then a payment of the interest payable on such date will be made on the next succeeding day that is a Business Day (and without any interest or other payment in respect of any such delay), with the same force and effect as if made on
the date the payment was originally payable. A “Business Day” shall mean any day that is not a Saturday, a Sunday or a day on which banking institutions are authorized or required to be closed in the State of New York. The interest
installment 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 (or one or more Predecessor Securities) is registered at the close
of business on the Regular Record Date for such interest installment, which shall be the February 1 or August 1 (whether or not a Business Day), as the case may be, next preceding such Interest Payment Date. Any such interest installment
not so punctually paid or duly provided for shall 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 (or one or more Predecessor Securities) is registered at the
close of business on a Special Record Date for the payment of such Defaulted Interest to be fixed by the Trustee, notice whereof shall be given to Holders of Securities of this series not less than 10 days prior to such Special Record Date, or be
paid at any time in any other lawful manner not inconsistent with the requirements of any securities exchange on which the Securities of this series may be listed, and upon such notice as may be required by such exchange, all as more fully provided
in said Indenture. 
 Payment of the principal of (and premium, if any) and interest on this Security will be made at the office or agency
of the Company maintained for that purpose in the United States of America, in such coin or currency of the United States of America as at the time of payment is legal tender for payment of public and private debts. 

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. 

  
 Annex I-2 

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

 

			
	GLOBAL PAYMENTS INC.
		
	By:	 	  

	Name:	 	Josh Whipple
	Title:	 	Senior Executive Vice President and
Chief Financial Officer

 Attest: 
  

			
	By:	 	  

	Name:	 	David L. Green
	Title:	 	Senior Executive Vice President,
General Counsel and Corporate Secretary

  
 Annex I-3 

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

			
	 U.S. BANK TRUST COMPANY, NATIONAL ASSOCIATION

Not in its individual capacity but solely as Trustee

		
	By:	 	  

		 	AUTHORIZED SIGNATORY

 Date of Authentication: 

  
 Annex I-4 

 FORM OF REVERSE OF SECURITY 

This Security is one of a duly authorized issue of securities of the Company (herein called the “Securities”), issued and to
be issued in one or more series under a Base Indenture, dated as of August 14, 2019 (the “Base Indenture”), as supplemented by a Supplemental Indenture No. 5, dated as of August 22, 2022 (the “Supplemental
Indenture” and, together with the Base Indenture, the “Indenture”), between the Company and U.S. Bank Trust Company, National Association (as successor to U.S. Bank National Association), as Trustee (herein called the
“Trustee,” which term includes any successor trustee under the Indenture), to which Indenture and all indentures supplemental thereto reference is hereby made for a statement of the respective rights, limitations of rights, duties
and immunities thereunder of the Trustee, the Company and the Holders of the Securities, and of the terms upon which the Securities are, and are to be, authenticated and delivered. 

All terms used in this Security are defined in the Indenture. 

Optional Redemption 

(a)    Prior to [●], the Company may redeem the Securities of this series at the Company’s option, in whole or
in part, at any time and from time to time at a Redemption Price (expressed as a percentage of principal amount and rounded to three decimal places) equal to the greater of: 

(i)    (a) the sum of the present values of the remaining scheduled payments of principal and interest on
the Securities of such series discounted to the relevant Redemption Date (assuming such Securities matured on the Applicable Par Call Date) on a semi-annual basis (assuming a 360-day year consisting of twelve
30-day months) at the Treasury Rate plus [●] basis points; and 

(ii)    100% of the principal amount of the Securities of this series to be redeemed; 

plus, in either case, accrued and unpaid interest thereon to, but excluding, the Redemption Date. 

(b)    On or after [●], the Company may redeem the Securities of this series, in whole or in part, at any time and
from time to time, at a Redemption Price equal to 100% of the principal amount of the Securities of this series being redeemed plus accrued and unpaid interest thereon to, but excluding, the relevant Redemption Date. 

(c)    In the case of a partial redemption, selection of the Securities of this series for redemption will be made pro
rata, by lot or by such other method as the Trustee in its sole discretion deems appropriate and fair, subject to the applicable procedures of DTC (or any successor Depositary). No Securities of this series of a principal amount of $2,000 or less
will be redeemed in part. If any Security of this series is to be redeemed in part only, the notice of redemption that relates to such Security will state the portion of the principal amount of such Security to be redeemed. A new note in a principal
amount equal to the unredeemed portion of the Security will be issued in the name of the Holder of such Security upon surrender for cancellation of the original Security. For so long as the Securities of this series are held by DTC (or another
Depositary), the redemption of the Securities of this series shall be done in accordance with the policies and procedures of such Depositary. 

  
 Annex I-5 

 (d)    Notice of redemption shall be given by first-class mail, postage
prepaid, or electronically delivered (or otherwise transmitted) in accordance with the applicable procedures of the Depositary at least 10 days but not more than 60 days prior to the Redemption Date, to
each Holder of Securities to be redeemed, at the address of such Holder as it appears in the Securities Register. 

[Special Mandatory Redemption 

(a)    In the event that (x) the EVO Acquisition is not consummated on or prior to November 1, 2023 or
such later date as the parties to the EVO Merger Agreement may agree as the “End Date” thereunder or (y) the Company notifies the Trustee that the Company will not pursue the consummation of the EVO Acquisition (any such event
being a “Special Mandatory Redemption Event”), the Company will be required to redeem the Securities of this series then outstanding (such redemption, the “Special Mandatory Redemption”) at a Redemption Price equal
to 101% of the principal amount of such Securities plus accrued and unpaid interest, if any, to, but excluding, the Special Mandatory Redemption Date (as defined below) (the “Special Mandatory Redemption Price”). For purposes of the
foregoing, the EVO Acquisition will be deemed consummated if the closing under the EVO Merger Agreement occurs, including after giving effect to any amendments or modifications to the EVO Merger Agreement or waivers thereunder acceptable to us. 

(b)    In the event that the Company becomes obligated to redeem the Securities of this series pursuant to the Special
Mandatory Redemption, the Company will promptly, and in any event not more than ten Business Days after the Special Mandatory Redemption Event, deliver notice to the Trustee of the Special Mandatory Redemption and the date upon which the Securities
of this series will be redeemed (the “Special Mandatory Redemption Date,” which date shall be no later than the tenth Business Day following the date of such notice, unless some longer minimum period may be required by DTC (or any
successor depositary)) together with a notice of Special Mandatory Redemption for the Trustee to deliver to each registered Holder of Securities of this series. The Trustee will then reasonably promptly, in accordance with the Trustee’s and
DTC’s (or any successor depositary’s) procedures, mail, or electronically deliver, according to the procedures of DTC (or any successor depositary), such notice of Special Mandatory Redemption to each registered Holder of Securities of
this series. Unless the Company defaults in payment of the Special Mandatory Redemption Price of the Securities of this series, on and after such Special Mandatory Redemption Date, interest will cease to accrue on such Securities. 

(c)    Notwithstanding the foregoing, installments of interest on any Securities of this series that are due and payable
on interest payment dates falling on or prior to the Special Mandatory Redemption Date will be payable on such interest payment dates to the registered holders as of the close of business on the relevant record dates in accordance with the
applicable Securities and the Indenture. 

  
 Annex I-6 

 (d)    Upon the consummation of the EVO Acquisition, the foregoing
provisions regarding the Special Mandatory Redemption will cease to apply.]1 
 The
Indenture permits, with certain exceptions as therein provided, the Company and the Trustee at any time to enter into a supplemental indenture or indentures for the purpose of modifying in any manner the rights and obligations of the Company and of
the Holders of the Securities, with the consent of the Holders of not less than a majority in principal amount of the Outstanding Securities of each series to be affected by such supplemental indenture. The Indenture also contains provisions
permitting Holders of specified percentages in principal amount of the Securities of each series at the time Outstanding, on behalf of the Holders of all Securities of such series, to waive compliance by the Company with certain provisions of the
Indenture and certain past defaults under the Indenture and their consequences. Any such consent or waiver by the Holder of this Security shall be conclusive and binding upon such Holder and upon all future Holders of this Security and 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. 

The Indenture contains provisions for defeasance at any time of the entire indebtedness of this Security or certain restrictive covenants and
Events of Default with respect to this Security, in each case upon compliance with certain conditions set forth in the Indenture. 
 As
provided in and subject to the provisions of the Indenture, if an Event of Default with respect to the Securities of this series at the time Outstanding occurs and is continuing, the principal amount of all the Securities of this series may be
declared due in the manner and with the effect 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 with respect to the Securities of this series, the Holders of not less than 25% in principal amount of the Securities of this series at the time Outstanding shall have made a written request to
the Trustee to institute proceedings in respect of such Event of Default as Trustee and offered the Trustee security or indemnity satisfactory to the Trustee, and the Trustee shall not have received from the Holders of a majority in principal amount
of Securities of this series at the time Outstanding a direction inconsistent with such request, and shall have failed to institute any such proceeding for 60 days after receipt of such notice, request and offer of indemnity. The foregoing shall not
apply to any suit instituted by the Holder of this Security for the enforcement of any payment or delivery of principal, or any premium or interest hereon on or after the respective due dates expressed herein. 

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

 

	1 	 To be inserted only in series of Senior Notes to which Special Mandatory Redemption applies.

  
 Annex I-7 

 As provided in the Indenture and subject to certain limitations therein set forth, the
transfer of this Security is registrable in the Securities Register, upon surrender of this Security for registration of transfer at the office or agency of the Company maintained under Section 10.2 of the Base Indenture duly endorsed by, or
accompanied by a written instrument of transfer in form satisfactory to the Company and the Securities Registrar duly executed by, the Holder hereof or his attorney duly authorized in writing, and thereupon one or more new Securities of this series,
of authorized denominations and for the same aggregate principal amount, will be issued to the designated transferee or transferees. No service charge shall be made for any such registration of transfer or exchange, but the Company may require
payment of a sum sufficient to cover any tax or other governmental charge payable in connection therewith. 
 Prior to due presentment of
this Security for registration of transfer, the Company, the Trustee and any agent of the Company or the Trustee shall treat the Person in whose name this Security is registered as the owner hereof for all purposes, whether or not this Security be
overdue, and neither the Company, the Trustee nor any such agent shall be affected by notice to the contrary. 
 The Securities of this
series are issuable only in registered form without coupons in minimum denominations of $2,000 and any integral multiples of $1,000 in excess thereof. As provided in the Indenture and subject to certain limitations therein set forth, Securities of
this series are exchangeable for a like aggregate principal amount of Securities of such series of a different authorized denomination, as requested by the Holder surrendering the same. 

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

The Indenture and this Security shall be governed by and construed in accordance with the laws of the State of New York, without regard to
conflicts of law principles thereof. 

  
 Annex I-8

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