Document:

Exhibit 10.1

 

Consulting Agreement

 

This
Consulting Agreement (this “Agreement”) is entered into as of this 01 day of March 2017 (“Effective
Date”), by and between Mr. Ronald Law, Ph.D., J.D. residing at 23733 N. Lookout Pointe Road, Lake Barrington, IL 60010,
U.S.A. (“Consultant”) and Oramed Ltd., Company Number 513976712, a company incorporated under the laws of the
State of Israel, with an address at Hi-Tech Park 2/4 Givat Ram, Jerusalem, Israel 91390 (the “Company”).

 

WHEREAS,
the Company is in need of certain consulting services to aid it in furthering the development of one or more of pharmaceutical
products; and

 

WHEREAS,the
Company wishes to obtain consulting services of Chief Strategy Officer (“CSO”) from the Consultant and the
Consultant wishes to provide the Company with such consulting services as an external consultant to the Company and pursuant to
the terms and conditions of this Agreement; and

 

WHEREAS,
Consultant possesses significant knowledge and expertise in the field, and is capable of providing such services to the Company;
and

 

WHEREAS,
the Company is desirous of retaining Consultant as a consultant to perform certain services described herein;

 

IT
IS, THEREFORE, AGREED BETWEEN the Company and the Consultant that the Company will engage the Consultant who shall serve in
the role of the Consulting Chief Strategy Officer of the Company, subject to the following mutual terms and conditions, as evidenced
by their execution hereof:

 

1.             Engagement.
The Company hereby engages Consultant and Consultant hereby agrees to render to the Company the services in accordance with the
terms and provisions hereof (the “Services”). Consultant represents that it is entitled to enter into this
Agreement and to assume all of the obligations pursuant hereto, that there is no contractual, medical problems or other impediment
to his entering into this Agreement, fulfilling his obligations hereunder or to it engagement with the Company and that in entering
into this Agreement it is not in breach of any other agreement or obligation to which he is or was a party.

 

2.             Term.
Unless terminated earlier in accordance with the provisions hereof, the term of this Agreement shall commence on March 20,
2017 (the "Commencement Date") and shall continue until terminated by either party as provided herein (the “Term”).

 

	3. 	Services.

 

		3.1	Scope
                                         of Services- from the Commencement Date, the Consultant shall provide the Company with
                                         his services as required by the nature of the Consultant's position in the Company, however
                                         no less than 95 hours per month. The Consultant shall provide the services not from the
                                         Company's Israeli offices, but it is hereby agreed that the Services may involve international
                                         and local travel as required to discharge its responsibilities hereunder. It is hereby
                                         agreed that due to the terms, conditions and circumstances of such engagement and the
                                         Consultant's duties in the Company, and that the Company is not able to supervise the
                                         service hours of the Consultant, such engagement is required a special degree of trust.

 

     

     

    

 

		3.4	Consultant
                                         shall perform the duties and responsibilities under this Agreement to the best of his
                                         qualifications and skills, in a diligent, trustworthy, businesslike and efficient manner,
                                         to promoting the business and affairs of the Company. The Consultant further undertakes
                                         to comply with the policies and working arrangements of the Company, to loyally and fully
                                         comply with the decisions of the Company, its management, to follow the Company procedures
                                         as established from time to time. The Consultant agrees and undertakes to inform the
                                         CEO immediately after becoming aware of any matter that may in any way raise a conflict
                                         of interest between the Consultant and the Company.

 

		3.5	The
                                         engagement hereunder is not, and will not be construed as, exclusive and shall not limit
                                         Company from engaging the services of any third party, which are equal or similar to
                                         the Services rendered hereunder by Consultant.

 

Consultant
undertakes to notify the Company immediately and without delay regarding any matter or subject in respect of which he had or has
a personal interest or which might create a conflict of interest with his position in the Company.

 

	4. 	Duties. The Consultant's services
    hereunder shall be provided on the basis of the following terms and conditions:

 

		4.1	Reporting
                                         to the CEO and the Company’s and Parent’s Board of Directors (the “Board”),
                                         the Executive shall serve as the Consulting Chief Strategy Officer, of the Company;

 

		4.2	The
                                         Consultant shall provide the Company consulting service regarding operations in all aspects
                                         of the Company, subject to any applicable law and to instructions provided by the CEO
                                         from time to time, including but not be limited to:
	 	 	 

		●	Clinical
                                         Development - responsibility for helping to shape – along with the Company’s
                                         Chief Medical and Technology Officer – the clinical plans for the Company's key
                                         assets.  The CSO will be solely responsible for the implementation of the clinical
                                         trials.
	 	 	 

		●	Business
                                         Development - the CSO will work along with the CEO and Chief Operating Officer on shaping
                                         and implementing the Company’s Business Development strategy.
	 	 	 

		●	Investor
                                         Relations - the CSO will work on investor outreach when requested to do so by the CEO.

 

    	 	2	 

     

    

 

		4.3	The
                                         Consultant shall faithfully, honestly and diligently serve the Company and as part of
                                         his services may be required to provide services to the Parent and cooperate with the
                                         Company and the Parent and utilize his professional skill and care to ensure that all
                                         services rendered hereunder are to the satisfaction of the Company and the Parent, acting
                                         reasonably, and the Consultant shall provide any other services not specifically mentioned
                                         herein, but which by reason of the Consultant's capability the Consultant knows or ought
                                         to know to be necessary to ensure that the best interests of the Company and the Parent
                                         are maintained; and

 

		4.4	The
                                         Consultant shall assume, obey, implement and execute such duties, directions, responsibilities,
                                         procedures, policies and lawful orders as may be determined or given from time to time
                                         by the Board, and/or CEO.

 

Consultant
undertakes not to make improper use of computer, computer devices, internet and/or e-mails, including (but not limited to) use
of illegal software or the receipt and/or transfer of pornographic material, and/or any other material that is not connected with
his work and may be harmful to the Company, other employees or any other third party, as further detailed in the Company's policies
as may be amended from time.

 

5.           Fees.
In consideration for the Services provided by Consultant subject to the terms herein, the Company shall pay to Consultant:
(i) Fees. A fee of $10,000 (ten thousand US dollars) per month; (ii) Option Grant. Subject to the sole discretion
and determination of the Board of directors of Oramed Pharmaceutical Inc ("Oramed") and/or its compensation committee
as applicable and to the terms and provisions of Oramed's Second Amended and Restated 2008 Stock Incentive Plan ("Plan"),
the Consultant shall be granted during the second quarter of 2017 an option ("Option") to purchase into 37,152
shares of common stock, par value $0.012 per share, of Oramed ("Shares"). The exercise or “strike”
price of the Options shall be the fair market price as of the date of grant of the Options but not less than $6.00. The Options
shall vest in 24 consecutive equal installments during the 24 months following March 20, 2017, such that the first installment
will be on March 31, 2017. The Consultant undertakes to take all actions and to sign all documents required, at the discretion
of the Company, in order to give effect to and enforce the above terms and conditions.

 

Any
tax liability in connection with the Fees and the Options (including with respect to the grant, exercise, sale of the Options
or the shares receivable upon their exercise) shall be borne solely by the Consultant. Subject to the approval by Oramed's board
of directors or compensation committee, as applicable, in the case of a substantial change in the holdings of the Company by a
buyout or dilution of more than 35% of issued shares or the sale or licensing of the Company’s lead candidate drug, all
the unvested Options shall be deemed to have fully vested immediately upon such event.

 

Consultant
shall not receive any payment and/or benefit from any third party, directly or indirectly in connection with his engagement with
the Company. In the event Consultant breaches this Subsection, without derogating from any of the Company’s rights by law
or contract, such benefit or payment shall become the sole property of the Company and the Company may set off such amount from
any sums due to Consultant.

 

    	 	3	 

     

    

 

For
the removal of doubt it is clarified that, other than the consideration in this Section 5, Consultant shall not be entitled to
any further compensation or any reimbursement of expenses in connection with the discharge of his responsibilities hereunder,
unless preapproved in writing by the Company. Consultant shall bear any and all taxes in connection with any payments made to
Consultant pursuant to this Agreement. In the event that pursuant to any law or regulation, tax is required to be withheld at
source from any payment made to Consultant, Company shall withhold said tax at the rate set forth in the certification issued
by the appropriate taxing authority and provided to Company by Consultant, or in the absence of such certification, at the rate
determined by said law or regulation.

 

6.             Confidentiality.
Consultant hereby covenants and agrees that, during period that the Consultant provides services to the Company and thereafter
, he will not communicate, disclose or otherwise make available to any person or entity (other than the Company), or use for his
own account or for the benefit of any other person or entity, any information or materials proprietary to the Company and its
affiliates, subsidiaries, related corporations and parent company now or hereafter existing (collectively, for Section 6 shall
be defined as the "Company") that relate to the Company’s business or affairs which is of a confidential nature,
including, but not limited to, trade secrets, information or materials relating to existing or proposed pharmaceutical products
(in all and various stages of development), “know-how”, marketing techniques and materials, marketing and development
plans, personnel information, business plans, strategies, forecasts and financial information, budgets, projections, product plans
and pricing all Company IPR (as defined below in Section 7), customer and supplier information, including identities, product
sales and purchase history or forecasts and agreements; and any other information which is not known to the public (collectively,
“Proprietary Information”). Proprietary Information includes any and all such information and materials, whether
or not obtained by Consultant with the knowledge and permission of the Company, whether or not developed, devised or otherwise
created in whole or in part by Consultant’s efforts. Consultant shall not disclose to any third party Proprietary Information.

 

The
Consultant undertakes not to make any use, including duplication, production, sale, transfer, imitation and distribution, of all
or any of the Confidential Information, without the prior written consent of the Company.

 

The
Consultant will not use or disclose any confidential information or trade secrets, if any, of any former employer or any third
party or any information in respect of which the Consultant has confidentiality obligations, and the Consultant will not bring
onto the premises of the Company any such information, unless express written consent was provided by such former employer or
third party.

 

Consultant
further recognizes and acknowledges that the Company has received and in the future will receive from third parties their confidential
or proprietary information subject to certain limited purposes. Consultant agrees to hold all such confidential or proprietary
information in the strictest confidence and not to disclose it to any person or entity or to use it except as necessary in carrying
out Consultant’s services for the Company consistent with the Company’s agreement with the third party, all in a fashion
consistent with the Consultant’s undertakings Section 6 of this Agreement.

 

    	 	4	 

     

    

 

Consultant
agrees that the Company shall be entitled to equitable relief, including injunction and specific performance, in the event of
any breach of any of the provisions of this Section 6 and Section 7 below, in addition to all other remedies available to the
Company at law or in equity.

 

	7.	Intellectual Property. 

 

7.1       Ownership
of Intellectual Property. Consultant agrees that any and all Proprietary Information and Intellectual Property Rights (as
defined below) ,deliverables and work products, whether patentable or not, provided by the Consultant to the Company in connection
with the Services, created, made, discovered, conceived, learned or reduced to practice by Consultant, whether alone or jointly
with one or more employees, consultants or other agents of the Company, while providing the Services and in connection therewith
or in connection with the Company, its business (actual and/or contemplated) including, without limitation, products, knowhow
and technology ("Company IPR"), shall belong solely to the Company. All Company IPR is and shall be deemed works
made for hire for the Company pursuant to any applicable law upon their creation. Consultant undertakes to immediately inform
and deliver to the Company, written notice of any Company IPR conceived and/or invented by Consultant and/or by any employees,
personnel of the Company and/or successors who are subordinate to Consultant, immediately upon the discovery thereof. "Intellectual
Property Rights" shall mean, without limitation, all worldwide (a) know how, ideas, technology, inventions; (b) patents,
patent applications and patent rights; (c) rights associated with works of authorship, including copyrights, copyrights applications,
copyrights restrictions, mask work rights, mask work applications and mask work registrations; (d) rights relating to the protection
of trade secrets and confidential information; (e) moral rights; (f) rights analogous to those set forth herein and any other
proprietary rights relating to intangible property; and (g) divisions, continuations, renewals, reissues and extensions of the
foregoing (as applicable) now existing or hereafter filed, issued, or acquired

 

7.2       Assignment.
Consultant irrevocably and unconditionally assigns and agrees to assign in the future to the Company and/or its designees all
Company IPR and all modifications, enhancements and/or derivatives thereof. At the Company's request, Consultant agrees to execute
any and all documents as shall be necessary to perfect Company and/or its designees right, title and interest in and to the Company
IPR for no additional consideration provided that Consultant shall not be required to bear any expenses as a result of such assignment.
Consultant shall assist the Company, without limitation by immediately executing verifying and delivering such documents and performing
such other acts as the Company may reasonably request for use in applying for, obtaining, perfecting, evidencing, sustaining,
assigning and enforcing Company and/or its designees right, title and interest in and to Company IPR including without limitation
assignment documents. Without derogating from Consultant's obligation as set forth above, Consultant hereby appoints the Company’s
officers and its duly authorized agents as its attorney in fact to sign any such documents in his name and on his behalf, in the
event Consultant is unable or unwilling to execute any such document. 

 

    	 	5	 

     

    

 

7.3       Waiver.
Consultant hereby irrevocably quitclaims, waives, releases and forever discharges any claims and/or demands whatsoever, whether
in law, in equity or otherwise, in connection with Company IPR, including without limitation, in respect of any moral rights and/or
rights to receive any royalties whatsoever in connection therewith including, inter alia, under Sections 132 and 134 of
the Israeli Patent Law- 1967 and/or any and all other applicable laws and regulations.

 

7.4       Third
Party Information. Consultant hereby represents and warrants that upon execution of this Agreement, Consultant does not possess,
and has not created, and does not have any right, title and/or interest in and to any Intellectual Property Rights related to
and/or similar to Company's business. Consultant hereby undertakes not to incorporate any information, material and/or products
that belong to a third party, including without limitation, to any former employer or that was developed by Consultant for a third
party into Company IPR, without the express prior written consent of the Company.

 

7.5       Indemnity.
If Consultant breaches any of the undertakings hereto, Consultant shall be liable to indemnify, compensate and hold the Company
harmless in respect of all damages and/or expenses incurred by the Company as a result of such breach, including trial costs and
legal fees and applicable taxes, and such being without derogating from any other relief and/or remedy available to the Company
by virtue of any law.

 

8.             Duties
and Warranties. The Company and the Consultant acknowledge and agree that Consultant shall be acting as an independent contractor
in performing the Services and not as an employee, agent or joint venturer of or with the Company. The parties acknowledge that,
except as otherwise agreed to by Consultant and the Company, any taxes that may be due and owing with respect to the compensation
to Consultant hereunder shall be the sole responsibility of Consultant.

 

Consultant
hereby represents and warrants to the Company that (a) this Agreement constitutes Consultant’s legal and binding obligation,
enforceable against him in accordance with its terms, (b) his execution and performance of this Agreement does not and will not
breach any other agreement, arrangements, understanding, obligation of confidentiality, employment relationship to which he is
a party or by which he is bound or any law, rule or regulation, (c) during the Term, he will not enter into any agreement, either
written or oral, in conflict with this Agreement or his obligations hereunder and (d) any and all Services performed by Consultant
hereunder and/or work product shall not infringe upon any Intellectual Proprietary Right of any third party, including, without
limitation, any former employer.

 

Consultant
acknowledges and agrees that personal information related to him and Consultant's terms of engagement with the Company, as shall
be received and held by the Company will be held and managed by the Company and that the Company shall be entitled to transfer
such information to third parties, in Israel or abroad. The information will be collected, retained, used, and transferred for
legitimate business purposes and to the reasonable and necessary scope only. Without derogating from the generality of the above,
such purposes may include human resources management, business management and customer relations, assessment of potential transactions
and relating to such transition, compliance with law and other requests and requirements from government authorities and audit,
compliance checks and internal investigations.

 

    	 	6	 

     

    

 

9.             Amendment.
No amendment to this Agreement shall be valid unless the amendment is written and is signed by both parties to this Agreement.

 

10.           Termination.
Either party may terminate this Agreement upon the delivery of 30 days (the "Prior Notice") prior written
notice ("Prior Written Notice").

 

During
the Notice Period, Consultant shall continue to perform his duties until the conclusion of the Notice Period. Nevertheless, the
Company shall be entitled, but not obligated, at any time prior to the expiration of the Notice Period, at its sole discretion:
to waive Consultant's actual work during the Notice Period, or to reduce the scope of his work hours, while continuing to pay
Consultant his regular Fees (as described in Section 5(i) above) and benefit as described in this Agreement until the completion
of the Notice Period; or to terminate this engagement at any time prior to the expiration of the Notice Period, and pay a cash
equivalent to the Fees (as described in Section 5(i) above) for the remainder of the Noticed Period as a payment in lieu of prior
notice.

 

Notwithstanding
the foregoing, the Company may, at any time following the Commencement Date, terminate the engagement between the parties immediately
by provision of a written notice (and without the Prior Written Notice referred to above), in which case the termination date
of such engagement shall be the effective date of such notice of immediate termination, in any of the following circumstances:
Commission of a criminal offence, breach of trust or action adverse to the Company, its monies, property, assets or employees
by the Consultant; Breach of any of undertakings with respect Proprietary Information, Intellectual Property, Non-Disclosure and
Non Compete undertaking as set forth in this Agreement; Consultant is unable, due to any reason, to provide the Services for a
period of 30 consecutive days without any prior agreement from the Company.

 

Upon
the termination of such engagement for any reason, the Company shall have no further obligations (payment or otherwise) to the
Consultant (except payment for services that provided to the Company).

 

Sections
6-8 and 10- 16 shall survive termination of the Agreement.

 

The
Consultant undertakes that immediately upon the termination of its engagement with the Company, for any reason, the Consultant
shall deliver and/or return to the Company all the documents, letters, notes, reports and other papers in its possession and relating
to the engagement with the Company or any affiliate of the Company and the fulfillment of it duties, as well as any equipment
and other property belonging to the Company that was placed at its disposal, including any computer equipment, telephone equipment,
other equipment. Consultant shall have no lien on any of the Company’s assets, equipment or any other material in their
possession.

  

    	 	7	 

     

    

 

11.           Non-Competition.
In addition to any other obligation Consultant may have towards the Company, Consultant agrees that as long as it directly
or indirectly provides Services to the Company and for a period of twelve months thereafter, Consultant will not, directly or
indirectly: (i) Engage whether as an employee, partner, joint venture, investor, director, consultant or otherwise, in any business
activity which directly or indirectly competes with any of the products or services being developed, marketed, distributed, developed,
sold or otherwise provided by the Company and/or Company IPR; and/or (ii) solicit, induce, recruit, hire or encourage any employee
or consultant of the Company to leave such position, or attempt to do any of the foregoing, either for themselves or for any other
person or entity, or contact any customers of the Company for the purpose of selling or marketing to those customers any products
or services which are the same as or substantially similar to, or competitive with, the products or services sold and/or provided
by the Company in relation to its business at such date, or otherwise interfere in any manner with the contractual or employment
relationship between the Company and any of its employees, consultants, suppliers or customers.

 

12.
          Status. The relationship between Consultant and Company is that of an independent
contractor and customer, and Consultant performs and shall continue to perform all actions legally required to establish and maintain
Consultant’s status as an independent contractor. The parties expressly declare and confirm that there will be no employer
- Consultant relationship between Company and Consultant. Consultant undertakes to maintain a proper set of accounting books as
required by law, and to pay all required taxes and make other compulsory payments in accordance with the law. The Consultant agrees
that it or any one on his behalf will not be entitled to any of the benefits that the Company may make available to its employees,
such as manager insurance/pension fund/group insurance, profit sharing or retirement benefits. Furthermore, Consultant agrees
that no title that the Consultant shall carry while acting in the capacity of a consultant of the Company, nor any conduct by
the Company or the Consultant, shall derogate from this Section 12. In the event that the relationship between Company and Consultant
shall be claimed, regarded or determined by any third party, including any governmental and/or judicial and/or tax authority at
any time hereafter as an employer-Consultant relationship, Consultant shall reimburse and indemnify Company for any expense and/or
payment incurred by Company or demanded of Company in consequence of the raising of such claim or demand and/or as a result of
such determination, immediately upon Company’s first demand. If, for any reason whatsoever a competent authority, including
a judicial body, determines that the Consultant is the Company’s employee and thus entitled to the benefits of an employee,
the following provisions shall apply: In lieu of the consideration that was paid to the Consultant from the commencement of this
Agreement the Consultant shall be deemed only entitled to gross consideration equal to 50% of the consideration paid under this
Agreement (the “Adjusted Consideration”) from the date of the commencement of this Agreement. The Consultant undertakes
to immediately refund to the Company any amount paid from the Commencement Date of this Agreement in excess of the Adjusted Consideration,
such being linked to the Israeli consumer price index (the base index – the index known on the date of each payment
made under this Agreement; the new index – the index known on the date of actual refund by the Consultant) (the “Surplus
Sum”).

 

The
Company will be entitled to set off the said Surplus Sum (or any part of it) against the sum that is owed to the Consultant in
accordance with this Agreement, or in accordance with a competent authority’s decision, and this without derogating from
the rights of the Company to receive the Surplus Sum.

 

    	 	8	 

     

    

 

13.           Severability.
In the event that any of the provisions of this Agreement shall be held to be invalid, illegal, or unenforceable in any circumstances,
the remaining provisions shall nevertheless remain in full force and effect and shall be construed as if the unenforceable portion
or portions were deleted.

 

14.           Assignment.
This Agreement shall be binding upon and inure to the benefit of the parties and their respective successors and permitted
assigns. Neither this Agreement nor any of the obligations of Consultant hereunder may be directly or indirectly assigned or delegated
without the prior written consent of the Company. Any attempt by Consultant to assign or delegate any rights, duties or obligations
which may arise under this Agreement without the prior written consent of the Company shall be void.

 

15.           Governing
Law. The validity, interpretation and construction of this Agreement and each part thereof shall be governed by the laws of
the State of Israel, without regard to the conflicts of laws provisions thereof. The exclusive jurisdiction and venue of any action
with respect to the subject matter of this Agreement shall be the competent courts residing in Tel Aviv and each of the parties
hereto submits itself to the exclusive jurisdiction and venue of such courts for the purpose of any such action.

 

16.           Counterparts.
This Agreement may be executed in any number of counterparts, each of which may be deemed an original and all of which constitute
one and the same instrument.

 

    	 	9	 

     

    

 

IN
WITNESS WHEREOF, the parties have executed this Consulting Agreement as of the date first above written.

 

	Oramed
    Ltd. 	 	Consultant
	 	 	 	 
	By:
    	/s/
    Nadav Kidron	 	/s/
    Ronald Law
	 	Nadav
    Kidron, CEO	 	Ronald
    Law

 

 

10EX-4.1

 Exhibit 4.1 

[Form of Note] 
 (FACE OF
NOTE) 
 THIS SECURITY IS A GLOBAL SECURITY WITHIN THE MEANING OF THE INDENTURE HEREINAFTER REFERRED TO AND IS REGISTERED IN THE NAME OF A DEPOSITORY OR
A NOMINEE OF A DEPOSITORY. UNLESS AND UNTIL IT IS EXCHANGED IN WHOLE OR IN PART FOR SECURITIES IN DEFINITIVE FORM IN ACCORDANCE WITH THE PROVISIONS OF THE INDENTURE AND THE TERMS OF THE SECURITIES, THIS GLOBAL SECURITY MAY NOT BE TRANSFERRED EXCEPT
AS A WHOLE 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. 
 AT&T INC. 

5.500% Global Notes due 2047 

ISIN NO. [•] 
 No. I-[•] 

$1,430,000,000 
 AT&T Inc., a
corporation duly organized and existing under the laws of the State of Delaware (herein called “AT&T”, which term includes any successor Person under the Indenture hereinafter referred to), for value received, hereby promises to pay to
The Bank of New York Depository (Nominee) Limited (the “Depository”), or registered assigns, the principal sum of One Billion Four Hundred Thirty Million Dollars ($1,430,000,000) on June 15, 2047 (the “Maturity Date”), and
to pay interest on said principal sum from March 21, 2017 or from the most recent Interest Payment Date to which interest has been paid or duly provided for, semiannually in arrears on June 15 and December 15 in each year, commencing
on December 15, 2017 (each an “Interest Payment Date”) and on the Maturity Date, at the interest rate of 5.500% per annum, until the principal hereof is paid or made available for payment. The interest so payable, and punctually
paid or duly provided for, on any Interest Payment Date will, as provided in such Indenture, be paid to the Person in whose name this Note (or one or more Predecessor Notes) is registered at the close of business on the Regular Record Date for such
interest, which shall be the close of business on the fifteenth day preceding the respective Interest Payment Date (each, a “Regular Record Date”). Any such interest not so punctually paid or duly provided for will forthwith cease to be
payable to the Holder on such Regular Record Date and may either be paid to the Person in whose name this Note (or one or more Predecessor Notes) is registered at the close of business on a special record date for the payment of such Defaulted
Interest to be fixed by the Trustee, notice whereof shall be given to Holders of Notes not less than 15 days prior to such special record date, or be paid at any time in any other lawful manner not inconsistent with the requirements of any
securities exchange on which the Notes may be listed, and upon such notice as may be required by such exchange, all as more fully provided in said Indenture. 

 Any money that AT&T deposits with the Trustee or any Paying Agent for the payment of
principal or any interest on this Note that remains unclaimed for two years after the date upon which the principal and interest are due and payable, will be repaid to AT&T upon AT&T’s request unless otherwise required by mandatory
provisions of any applicable unclaimed property law. After that time, unless otherwise required by mandatory provisions of any unclaimed property law, the Holder of this Note will be able to seek any payment to which such Holder may be entitled to
collect only from AT&T. 
 If the Notes are issued in definitive form, payment of the principal and interest on this Note due at the
Maturity Date or upon redemption will be made at the Maturity Date or upon redemption, as the case may be, upon presentation of this Note, in immediately available funds, at the office of The Bank of New York Mellon, London Branch, the Paying Agent
for the Notes, currently located at One Canada Square, London E14 5AL. The Transfer Agent and Registrar for the Notes is The Bank of New York Mellon Trust Company, N.A., currently located at 601 Travis Street, 16th Floor, Houston, Texas 77002. 
 Payment of interest on this Note due on an Interest
Payment Date, other than interest at maturity or upon redemption, may be paid by check mailed to the address of the Holder entitled thereto as such address shall appear in the Note register. Notwithstanding the foregoing, (1) the Depository as
Holder of the Notes or (2) a Holder of more than U.S.$5,000,000 in aggregate principal amount of Notes in definitive form is entitled to require the Paying Agent to make payments of interest, other than interest due at maturity or upon
redemption, by wire transfer of immediately available funds into an account maintained by the Holder, by sending appropriate wire transfer instructions as long as the Paying Agent receives the instructions not less than ten days prior to the
applicable Interest Payment Date. The principal and interest payable in U.S. dollars on any of the Notes at maturity, or upon redemption will be paid by wire transfer of immediately available funds against presentation of a Note at the office of the
Paying Agent. 
 Reference is hereby made to the further provisions of this Note set forth on the reverse hereof, which further
provisions shall for all purposes have the same effect as if set forth at this place. 
 Unless the certificate of authentication hereon
has been executed by the Trustee referred to on the reverse hereof by manual signature, this Note shall not be entitled to any benefit under the Indenture or be valid or obligatory for any purpose. 

  
 2 

 IN WITNESS WHEREOF, AT&T INC. has caused this instrument to be signed in its corporate name,
manually or by facsimile, by its duly authorized officers and has caused its corporate seal to be imprinted hereon. 
  

									
	Dated: March 21, 2017	 		 	AT&T INC.
				
	[SEAL]	 		 		 	
		 		 		 	By:	 	  

		 		 		 		 	John J. Stephens
		 		 		 		 	 Senior Executive Vice President and Chief

Financial Officer

					
		 		 		 	By:	 	  

		 		 		 		 	George B. Goeke
		 		 		 		 	Senior Vice President and Treasurer

 Trustee’s Certificate of Authentication 

This is one of the 5.500% Global Notes due 2047 
 of the series
designated herein referred to 
 in the within-mentioned Indenture. 

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

  

									
	By:	 	  
	 		 		 	Dated: March 21, 2017
		 	Authorized Signatory	 		 		 	

 REVERSE OF NOTE 

This Note is one of a duly authorized issue of debt securities of AT&T of the series specified on the face hereof, issued under and
pursuant to an Indenture, dated as of May 15, 2013, between AT&T and The Bank of New York Mellon Trust Company, N.A., as Trustee (the “Trustee,” which term includes any successor Trustee under the Indenture), to which indenture
and all indentures supplemental thereto (collectively, the “Indenture”) reference is hereby made for a description of the rights, limitations of rights, obligations, duties and immunities thereunder of the Trustee, AT&T and the Holders
of the Notes and of the terms upon which the Notes are, and are to be, authenticated and delivered. The Notes will be issued in fully registered form only and in minimum denominations of $100,000 and integral multiples of $1,000 thereafter. This
Note is one of the series designated on the face hereof initially limited in aggregate principal amount to $1,430,000,000. 
 The Indenture
permits, with certain exceptions as therein provided, the amendment thereof and the modification of the rights and obligations of AT&T and the rights of the Holders of the Notes under the Indenture at any time by AT&T and the Trustee with
the consent of the Holders of a majority in principal amount of the Notes at the time outstanding. The Indenture also contains provisions permitting the Holders of specified percentages in principal amount of the Notes at the time outstanding to
waive compliance by AT&T 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 Note shall be conclusive and binding upon such Holder and
upon all future Holders of this Note and of any Note issued upon the registration of transfer hereof or in exchange herefor or in lieu hereof, whether or not notation of such consent or waiver is made upon this Note. 

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

Principal and interest payments in respect of the Notes are payable by AT&T in U.S. dollars. Interest will be computed on the basis of the
number of days in the period for which interest is being calculated and the actual number of days from and including the last date on which interest was paid on the Notes (or March 21, 2017 if no interest has been paid on the Notes), to but
excluding the next scheduled interest payment date (such number of days being calculated on the basis of a year of 360 days with 12 30-day months). This payment convention is referred to as 30/360. 

Payment of Additional Amounts 

AT&T will, subject to the exceptions and limitations set forth below, pay as additional interest on this Note such additional amounts
(“Additional Amounts”) as are necessary so that the net payment by AT&T or its Paying Agent of the principal of and interest on this Note to a 

 
person that is a United States Alien, after deduction for any present or future tax, assessment or governmental charge of the United States or a political subdivision or taxing authority thereof
or therein, imposed by withholding with respect to the payment, will not be less than the amount that would have been payable in respect of this Note had no withholding or deduction been required. As used herein, “United States Alien”
means any person who, for United States federal income tax purposes, is a foreign corporation, a non-resident alien individual, a non-resident alien fiduciary of a foreign estate or trust, or a foreign partnership one or more of the members of which
is, for United States federal income tax purposes, a foreign corporation, a non-resident alien individual or a non-resident alien fiduciary of a foreign estate or trust. 

The foregoing obligation to pay Additional Amounts shall not apply: 

(1) to any tax, assessment or governmental charge that is imposed or withheld solely because the beneficial owner, or a
fiduciary, settlor, beneficiary or member of the beneficial owner if the beneficial owner is an estate, trust or partnership, or a person holding a power over an estate or trust administered by a fiduciary holder: 

(a) is or was present or engaged in a trade or business in the United States, has or had a permanent establishment in the
United States, or has any other present or former connection with the United States or any political subdivision or taxing authority thereof or therein; 

(b) is or was a citizen or resident or is or was treated as a resident of the United States; 

(c) is or was a foreign or domestic personal holding company, a passive foreign investment company or a controlled foreign
corporation with respect to the United States or is or was a corporation that has accumulated earnings to avoid United States federal income tax; 

(d) is or was a bank receiving interest described in Section 881(c)(3)(A) of the Internal Revenue Code of 1986, as amended
(the “Code”); or 
 (e) is or was an actual or constructive owner of 10% or more of the total combined voting power
of all classes of stock of AT&T entitled to vote; 
 (2) to any Holder that is not the sole beneficial owner of the
Notes, or a portion thereof, or that is a fiduciary or partnership, but only to the extent that the beneficial owner, a beneficiary or settlor with respect to the fiduciary, or a member of the partnership would not have been entitled to the payment
of an additional amount had such beneficial owner, beneficiary, settlor or member received directly its beneficial or distributive share of the payment; 

(3) to any tax, assessment or governmental charge that is imposed or withheld solely because the beneficial owner or any other
person failed to comply with 

  
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certification, identification or information reporting requirements concerning the nationality, residence, identity or connection with the United States of the Holder or beneficial owner of the
Notes, if compliance is required by statute, by regulation of the United States Treasury Department or by an applicable income tax treaty to which the United States is a party as a precondition to exemption from such tax, assessment or other
governmental charge; 
 (4) to any tax, assessment or governmental charge that is imposed other than by deduction or
withholding by AT&T or a Paying Agent from the payment; 
 (5) to any tax, assessment or governmental charge that is
imposed or withheld solely because of a change in law, regulation, or administrative or judicial interpretation that is announced or becomes effective after the day on which the payment becomes due or is duly provided for, whichever occurs later;

 (6) to an estate, inheritance, gift, sales, excise, transfer, wealth or personal property tax or any similar tax,
assessment or governmental charge; 
 (7) to any tax, assessment or other governmental charge any paying agent (which term
may include us) must withhold from any payment of principal of or interest on any Note, if such payment can be made without such withholding by any other paying agent; or 

(8) in the case of any combination of the above items. 

In addition, any amounts to be paid on this Note will be paid net of any deduction or withholding imposed or required pursuant to Sections
1471 through 1474 of the Code, any current or future regulations or official interpretations thereof, any agreement entered into pursuant to Section 1471(b) of the Code, or any fiscal or regulatory legislation, rules or practices adopted
pursuant to any intergovernmental agreement entered into in connection with the implementation of such Sections of the Code, and no additional amounts will be required to be paid on account of any such deduction or withholding. 

The Notes are subject in all cases to any tax, fiscal or other law or regulation or administrative or judicial interpretation applicable.
Except as specifically provided under this section entitled “Payment of Additional Amounts” and under the heading “Redemption Upon a Tax Event”, AT&T shall not have to make any payment with respect to any tax, assessment or
governmental charge imposed by any government or a political subdivision or taxing authority. 
 Any reference in the terms of the Notes to
any amounts in respect of the Notes shall be deemed also to refer to any Additional Amounts which may be payable under this provision. 

  
 3 

 Optional Redemption by AT&T 

AT&T has the option to redeem all, but not less than all, of the Notes then outstanding on each June 15 on or after June 15, 2020
(each, a “Redemption Date”). Any redemption described in this paragraph must be on not less than 10 nor more than 40 days’ notice and will be at a redemption price equal to 100% of the principal amount of the Notes being redeemed plus
accrued and unpaid interest to the date of redemption. AT&T will calculate the redemption price in connection with any redemption hereunder. 

On and after the redemption date, interest will cease to accrue on the Notes redeemed, unless AT&T defaults in the payment of the
redemption price and accrued interest. On or before the redemption date, AT&T will deposit with a Paying Agent or the Trustee money sufficient to pay the redemption price of and accrued interest on the Notes to be redeemed on that date. 

Redemption Upon a Tax Event 

If (a) AT&T becomes or will become obligated to pay Additional Amounts as a result of any change in, or amendment to, the laws (or any
regulations or rulings promulgated thereunder) of the United States (or any political subdivision or taxing authority thereof or therein), or any change in, or amendments to, any official position regarding the application or interpretation of such
laws, regulations or rulings, which change or amendment is announced or becomes effective, on or after March 2, 2017 or (b) a taxing authority of the United States takes an action on or after March 2, 2017, whether or not with respect
to AT&T or any of its affiliates, that results in a substantial probability that AT&T will or may be required to pay such Additional Amounts, then AT&T may, at its option, redeem, as a whole, but not in part, the Notes on any Interest
Payment Date on not less than 10 nor more than 40 calendar days’ prior notice, at a redemption price equal to 100% of their principal amount, together with interest accrued thereon to the date fixed for redemption. No redemption pursuant to
(b) above may be made unless AT&T shall have received an opinion of independent counsel to the effect that an act taken by a taxing authority of the United States results in a substantial probability that AT&T will or may be required to
pay the Additional Amounts and AT&T shall have delivered to the Trustee a certificate, signed by a duly authorized officer, stating that based on such opinion, AT&T is entitled to redeem the Notes pursuant to their terms. 

Registrar and Paying Agent 

The Paying Agent for the Notes is The Bank of New York Mellon, London Branch currently located at One Canada Square, London E14 5AL
(“Paying Agent”). In addition, AT&T shall maintain in the Borough of Manhattan, The City of New York, an office or agency where Notes may be surrendered for registration of transfer or exchange (“Registrar”). AT&T has
initially appointed an affiliate of the Trustee, The Bank of New York Mellon, London Branch, as its Paying Agent. AT&T may vary or terminate the appointment of any of its paying or transfer agencies, and may appoint additional paying or transfer
agencies. 

  
 4 

 Further Issues 

AT&T reserves the right from time to time, without notice to or the consent of the Holders of the Notes, to create and issue further notes
ranking equally and ratably with the Notes in all respects, or in all respects except for the payment of interest accruing prior to the issue date or except for the first payment of interest following the issue date of those further notes. Any
further Notes will have the same terms as to status, redemption or otherwise as, and, to the extent permitted by applicable authorities in the Republic of China and subject to the receipt of all necessary regulatory and listing approvals from such
authorities, including but not limited to the Taipei Exchange and the Taiwan Securities Association, will be fungible for United States federal income tax purposes with, the Notes. Any further Notes shall be issued pursuant to a resolution of the
board of directors of AT&T, a supplement to the Indenture, or under an officers’ certificate pursuant to the Indenture. 
 Notes
in Definitive Form 
 If (1) an Event of Default has occurred with regard to the Notes represented by this Note and has not been
cured or waived in accordance with the Indenture, or (2) the Depository is at any time unwilling or unable to continue as depository and a successor depository is not appointed by AT&T within 90 days, AT&T may issue notes in definitive
form in exchange for this Note. In either instance, an owner of a beneficial interest in the Notes will be entitled to the physical delivery in definitive form in exchange for this Note, equal in principal amount to such beneficial interest and to
have such Notes registered in its name. 
 Notes so issued in definitive form will be issued as registered notes in minimum denominations of
$100,000 and integral multiples of $1,000, unless otherwise specified by AT&T. 
 Notes so issued in definitive form may be transferred
by presentation for registration to the Registrar at its New York office and must be duly endorsed by the Holder or the Holder’s attorney duly authorized in writing, or accompanied by a written instrument or instruments of transfer in form
satisfactory to AT&T or the Trustee duly executed by the Holder or his attorney duly authorized in writing. 
 AT&T may require
payment of a sum sufficient to cover any tax or other governmental charge that may be imposed in connection with any exchange or registration of transfer of definitive Notes. 

Default 
 In case an Event
of Default, as defined in the Indenture, shall have occurred and be continuing, the principal hereof may 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. 

  
 5 

 Miscellaneous 

For purposes of the Notes, the term “Business Day” means any day other than a Saturday or Sunday or a day on which banking
institutions in the City of New York or the City of Taipei are authorized or required by law or executive order to close. 
 No director,
officer, employee or stockholder, as such, of AT&T shall have any liability for any obligations of AT&T under this Note, the Indenture or for any claim based on, in respect of or by reason of such obligations or their creation. Each Holder
by accepting this Note waives and releases all such liability. The waiver and release are part of the consideration for the issue of this Note. 

The Notes are the unsecured and unsubordinated obligations of AT&T and will rank pari passu with all other evidences of
indebtedness issued in accordance with the Indenture. 
 Notices to Holders of the Notes will be given only to the depository, in accordance
with its applicable policies as in effect from time to time. 
 Prior to due presentment of this Note for registration of transfer,
AT&T, the Trustee and any agent of AT&T or the Trustee may treat the Person in whose name this Note is registered as the owner hereof for all purposes, whether or not this Note be overdue, and neither AT&T, the Trustee nor any such agent
shall be affected by notice to the contrary. 
 All terms used in this Note which are defined in the Indenture shall have the meanings
assigned to them in the Indenture. 
 The Indenture and this Note shall be governed by and construed in accordance with the laws of the
State of New York. 

  
 6

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