Document:

Exhibit 4.1

 

PRUDENTIAL PLC 

as Issuer

 

CITIBANK, N.A. 

as Senior Trustee

 

SECOND SUPPLEMENTAL INDENTURE

 

DATED AS OF

 

MARCH 24, 2022

 

TO THE 

SENIOR INDENTURE

 

DATED AS OF APRIL 14, 2020

 

3.625% NOTES DUE 2032

 

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SECOND SUPPLEMENTAL INDENTURE,
dated as of March 24, 2022 (the “Second Supplemental Indenture”), by and between Prudential plc, a public limited company
duly organized and existing under the laws of England and Wales, and having its principal office at 1 Angel Court, London EC2R 7AG, England
(hereinafter called the “Issuer”), and Citibank, N.A., a national banking association having its principal office at the Corporate
Trust Office, as Senior Trustee (hereinafter called the “Senior Trustee”).

 

RECITALS OF THE ISSUER

 

WHEREAS, the Issuer and the
Senior Trustee entered into a Senior Indenture dated as of April 14, 2020 (the “Base Indenture”), providing for the issuance
from time to time by the Issuer of Securities (as defined in the Base Indenture);

 

WHEREAS, pursuant to Section 9.01(12)
of the Base Indenture, the Issuer, when authorized by a Board Resolution, and the Senior Trustee may, without the consent of any Holders,
enter into supplemental indentures to establish the terms of a series of Securities to be issued under the Base Indenture pursuant to,
and in accordance with, Section 3.01 thereof;

 

WHEREAS, pursuant to this
Second Supplemental Indenture, the Issuer desires to issue a new series of Securities under the Base Indenture to be titled the 3.625%
Notes due 2032 (the “Notes”) and has duly authorized the creation and issuance of the Notes and the execution and delivery
of this Second Supplemental Indenture to modify the Base Indenture and provide certain additional provisions as hereinafter set forth
(the Base Indenture, as amended and supplemented by the Second Supplemental Indenture, is hereinafter referred to as the “Indenture”);

 

WHEREAS, the Issuer deems
it advisable to enter into this Second Supplemental Indenture for the purposes of establishing the terms of the Notes and providing for
the rights, obligations and duties of the Senior Trustee with respect to the Notes;

 

WHEREAS, concurrently with
the execution hereof, the Issuer has delivered an Officers’ Certificate and has caused its counsel to deliver to the Senior Trustee
an Opinion of Counsel; and

 

WHEREAS, all conditions and
requirements of the Base Indenture necessary to make this Second Supplemental Indenture a valid, binding and legal instrument in accordance
with its terms have been performed and fulfilled by the parties hereto and the execution and delivery thereof have been in all respects
duly authorized by the parties hereto.

 

NOW, THEREFORE, THIS SECOND SUPPLEMENTAL INDENTURE WITNESSETH:

 

For and in consideration of
the mutual premises and agreements herein contained, the Issuer and the Senior Trustee covenant and agree, for the equal and proportionate
benefit of all Holders of the Notes, as follows:

 

ARTICLE I

 

DEFINITIONS

 

 

Section 1.1 Definition of Terms.

 

Unless otherwise provided herein or unless the context otherwise
requires:

 

(a) a term defined in the
Base Indenture has the same meaning when used in this Second Supplemental Indenture, except as the context may otherwise require;

 

(b) a term defined anywhere in this Second Supplemental
Indenture has the same meaning throughout;

  

 (c) the singular includes the plural and vice versa;

 

 (d) headings are for convenience of reference only and do not affect interpretation; and

 

(e) solely with respect to the Notes and
this Second Supplemental Indenture, the following definitions shall be added to Section 1.01 of the Base Indenture and replace
any existing definitions (if applicable) in the Base Indenture, except as the context otherwise requires:

 

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“Corporate Trust
Office” means the office of the Senior Trustee at which at any particular time its corporate trust business shall be principally
administered, which office of Citibank, N.A., at the issue date of the Notes, is located at (a) for note transfer/surrender purposes,
480 Washington Boulevard, 30th Floor, Jersey City, New Jersey 07310, Facsimile (973) 461-7191 or
(973) 461-7192, Attention: Agency & Trust – Prudential plc, and (b) for all other purposes, 388 Greenwich Street,
New York, New York 10013, Facsimile : (212) 816-5527, Attention: Agency & Trust – Prudential plc, or such other address
as the Senior Trustee may designate from time to time by notice to the Holders and the Issuer, or the principal corporate trust officer
of any successor Senior Trustee (or such other address as such successor Senior Trustee may designate from time to time by notice to the
Holders and the Issuer).

  

“Depositary” has the meaning set forth
in Section 2.8.

 

“Global Note” means, individually
and collectively, each of the Notes in the form of global Securities registered in the name of the Depositary or its nominee, substantially
in the form of Exhibit A attached hereto.

 

“Group” means the Issuer and its Subsidiaries,
as constituted at any particular time.

 

“HKIA” means the Hong Kong Insurance Authority.

 

“Interest Payment Date” means March 24
and September 24 of each year.

 

“Issue Date” means March 24, 2022.

 

“Maturity Date” means March 24, 2032.

 

“Record Date” means with respect
to each Interest Payment Date, the close of business on the preceding March 9 or September 9, as the case may be (whether or
not a Business Day).

 

"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 Redemption Date based upon the yield or yields for the most recent day that appear
after such time on such day in the most recent statistical release published by the Board of Governors of the Federal Reserve System designated
as “Selected Interest Rates (Daily) - H.15” (or any successor designation or publication) ("H.15") under the caption
 “U.S. government securities–Treasury constant maturities–Nominal” (or any successor caption or heading). In determining
the Treasury Rate, the Issuer 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.

 

If on the third Business Day preceding the Redemption
Date H.15 or any successor designation or publication is no longer published, the Issuer shall calculate the Treasury Rate based on the
rate per annum equal to the semi-annual equivalent yield to maturity at 11:00 a.m., New York City time, on the second Business Day preceding
such Redemption Date of the United States Treasury security maturing on, or with a maturity that is closest to, the Par Call Date, as
applicable. If there is no United States Treasury security maturing on the Par Call Date but there are two or more United States Treasury
securities with a maturity date equally distant from the Par Call Date, one with a maturity date preceding the Par Call Date and one with
a maturity date following the Par Call Date, the Issuer 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, the Issuer 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.

 

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ARTICLE II

 

CREATION OF THE NOTES

 

 

Section 2.1 Designation of Series.

 

Pursuant to the terms hereof
and Sections 2.01 and 3.01 of the Base Indenture, the Issuer hereby creates a new series of its Securities designated as the 3.625% Notes
due 2032 and such Notes shall be deemed “Securities” for all purposes under the Indenture.

 

Section 2.2 Form of Notes.

 

The Notes shall be in the
form of one or more Global Notes substantially in the form set forth in Exhibit A hereto, which exhibit is incorporated herein and
made part hereof.

 

Section 2.3 Payment of Interest.

 

(a) The Notes will bear
interest at the fixed rate of 3.625% per annum. Interest on the Notes will be payable semi-annually in arrears on each Interest Payment
Date, commencing on September 24, 2022, to the Persons in whose names the Notes were registered at the close of business on the preceding
Record Date.

 

(b) If any Interest
Payment Date falls on a day that is not a Business Day, the interest payment will be postponed until the next succeeding Business Day,
and no interest will accrue for the period from and after such Interest Payment Date to such next succeeding Business Day. If the Maturity
Date falls on a day that is not a Business Day, the payment of interest and principal will be made on the next succeeding Business Day,
and no interest on such payment will accrue for the period from and after the Maturity Date to such next succeeding Business Day.

 

Section 2.4 Initial Amount of Notes.

 

(a) The Notes initially
will be issued in the aggregate principal amount of $350,000,000 and may, upon execution of this Second Supplemental Indenture, be executed
by the Issuer and delivered to the Senior Trustee for authentication, and upon receipt of an Issuer Order, the Senior Trustee shall thereupon
authenticate and deliver said Notes in accordance with an Issuer Order.

 

(b) The Issuer may issue
from time to time, without giving notice to or seeking the consent of the Holders of the Notes, additional notes having the same ranking
and the same interest rate, maturity and other terms as the Notes, except for the initial public offering price, the Issue Date and, if
applicable, the initial Interest Payment Date. Any additional notes having such similar terms, together with the Notes, will constitute
a single series of Securities for all purposes under the Indenture; provided that if such additional notes are not fungible with
the Notes for U.S. federal income tax purposes, such additional notes will have a separate CUSIP number, ISIN number or other identifier.

 

Section 2.5 Minimum Denomination.

 

The Notes shall be issuable
only in fully registered form without coupons, in minimum denominations of $2,000 and any integral multiple of $1,000 in excess thereof.

 

Section 2.6 No Collateral Support or Sinking Fund.

 

There is no collateral support
with respect to the Notes, and the Notes are not entitled to the benefit of any mandatory redemption or sinking fund.

 

Section 2.8 Issuance of Notes and Payment.

 

(a) The Notes designated
herein shall be issued initially in the form of one or more fully registered global Securities, which shall be held by the Senior Trustee
as custodian for the Depository Trust Company, New York, New York (the “Depositary”) and deposited with Cede & Co.,
the Depositary’s nominee, duly executed by the Issuer and authenticated by the Senior Trustee.

 

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(b) Principal of, premium,
if any, and interest on the Notes will be payable, and the Notes will be exchangeable and transferable, at the Corporate Trust Office;
provided, however, that payment of interest may be made at the option of the Issuer by check mailed to the Person entitled
to it as shown on the Security Register.

 

(c) All payment obligations under the Notes shall
be payable in Dollars.

 

Section 2.9 Satisfaction and Discharge.

 

Article IV of the Base Indenture shall not apply to
the Notes.

 

ARTICLE III

 

APPOINTMENT OF THE SENIOR TRUSTEE FOR THE NOTES

 

 

Section 3.1 Appointment of Senior Trustee.

 

Pursuant and subject to the
Indenture, the Issuer hereby appoints the Senior Trustee as trustee to act on behalf of the Holders of the Notes, and as the principal
Paying Agent and Security Registrar for the Notes, effective upon execution and delivery of this Second Supplemental Indenture. By execution,
acknowledgment and delivery of this Second Supplemental Indenture, the Senior Trustee hereby accepts appointment as Senior Trustee, Paying
Agent and Security Registrar with respect to the Notes, and agrees to perform such obligations upon the terms and conditions set forth
in the Base Indenture and in this Second Supplemental Indenture. In acting hereunder and in connection with the Notes, the Paying Agent
and the Security Registrar shall act solely as agents of the Issuer and will not thereby assume any obligations towards or relationship
of agency or trust for or with any Holder.

 

Section 3.2 Rights, Powers, Duties and Obligations
of the Senior Trustee.

 

Any rights, protections, powers,
privileges, duties, benefits, indemnities and obligations by any provisions of the Indenture conferred or imposed upon the Senior Trustee
in each of its capacities under the Base Indenture shall, insofar as permitted by law, be deemed incorporated herein by this reference
and shall be deemed applicable to all actions taken, suffered or omitted by the Senior Trustee in each of its capacities hereunder, and
each agent, custodian and other Person employed to act under this Supplemental Indenture.

 

ARTICLE IV

 

SUBSTITUTION OF THE ISSUER

 

 

Section 4.1 Substitution of the Issuer.

 

The Senior Trustee, upon receipt
of (a) an Officers’ Certificate stating that the proposed substitution of the Issuer will not be materially prejudicial to
the interests of the Holders of the Notes and (b) an Opinion of Counsel confirming that the Holders of the Outstanding Notes will
not recognize income, gain or loss for United States federal income tax purposes as a result of such substitution and will be subject
to United States federal income tax on the same amounts, in the same manner and at the same times as would have been the case if such
substitution had not occurred, may but shall not be obligated to agree with the Issuer, without the consent of the Holders of the Notes,
to the substitution in place of the Issuer as principal debtor under the Indenture and the Notes of:

 

		(i)	any Subsidiary of the Issuer;

 

		(ii)	any successor in business of the Issuer;

 

		(iii)	any direct or indirect holding company of the Issuer; or

 

		(iv)	any other Subsidiary of such holding company;

 

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provided
that except where the new principal debtor is the successor in business or holding company of the Issuer, the obligations of
such new principal debtor under the Indenture and the Notes shall be unconditionally and irrevocably guaranteed by the Issuer or its holding
company; and provided further that the obligations of the Issuer or, as the case may be, its holding company under such guarantee
shall be unsubordinated on a basis equivalent to that described herein; and provided further, without prejudice to the generality
of the foregoing, if the substituted Issuer is incorporated, domiciled or resident in a territory other than the United Kingdom, undertakings
or covenants are given by the substitute Issuer in terms corresponding to the provisions in this Indenture as regards Additional Amounts
with the substitution for the references to the United Kingdom of references to the territory in which the substitute Issuer is incorporated,
domiciled or resident and/or to the taxing jurisdiction of which, or of any political subdivision or authority of or in which, the substitute
Issuer is otherwise subject generally.

 

ARTICLE V

 

REDEMPTION OF THE NOTES

 

 

Section 5.1 Optional Redemption.

 

(a)  Prior to December 24,
2031 (three months prior to the Maturity Date) (the "Par Call Date"), the Issuer may redeem the Notes at its 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 thereon
discounted to the Redemption Date (assuming the Notes matured on the Par Call Date) on a semi-annual basis (assuming a 360-day year consisting
of twelve 30-day months) at the Treasury Rate plus 25 basis points less (b) interest accrued to the date of redemption, and

 

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

 

plus, in either case, accrued and unpaid
interest thereon and Additional Amounts, if any, to the Redemption Date.

 

(b)  On or after the
Par Call Date, the Issuer may redeem the Notes, 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 Notes being redeemed plus accrued and unpaid interest thereon and Additional Amounts, if any, to the
Redemption Date.

 

(c)  The Issuer’s
actions and determinations in determining the Redemption Price shall be conclusive and binding for all purposes, absent manifest error.
Neither the Trustee nor any Paying Agent will have any obligation to calculate any Redemption Price or any component thereof in respect
of the Notes and the Trustee and each Paying Agent will be entitled to receive and conclusively rely upon an Officers’ Certificate
delivered by the Issuer that specifies any Redemption Price.

 

(d)  Notice of any redemption
will be mailed or electronically delivered (or otherwise transmitted in accordance with the depositary’s procedures) at least 10
days but not more than 60 days before the Redemption Date to each holder of Notes to be redeemed. The notice of redemption for such Notes
will be prepared in accordance with Section 11.04 of the Base Indenture and will include the Redemption Date, the manner in which
the Redemption Price will be calculated, including the portion thereof representing any accrued and unpaid interest and Additional Amounts,
if any, and the place or places where payment will be made upon presentation and surrender of Notes to be redeemed.

 

(e)  In the case of a
partial redemption, selection of the Notes for redemption will be made pro rata, by lot or by such other method as the Trustee
deems appropriate and fair. No Notes of a principal amount of $2,000 or less will be redeemed in part. If any Note is to be redeemed in
part only, the notice of redemption that relates to the Note will state the portion of the principal amount of the Note to be redeemed.
A new Note in a principal amount equal to the unredeemed portion of the Note will be issued in the name of the holder of the Note upon
surrender for cancellation of the original Note. For so long as the Notes are held by DTC (or another depositary), the redemption of the
Notes shall be done in accordance with the policies and procedures of the depositary.

 

(f)  Unless the Issuer
defaults in payment of the Redemption Price, on and after the Redemption Date interest will cease to accrue on the Notes or portions thereof
called for redemption.

 

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ARTICLE VI

 

MISCELLANEOUS

 

 

Section 6.1 Application of Second Supplemental Indenture.

 

Each and every term and condition
contained in this Second Supplemental Indenture that modifies, amends or supplements the terms and conditions of the Base Indenture with
respect to the Notes shall apply only to the Notes created hereby and not to any past or future series of Securities issued under the
Base Indenture.

 

Section 6.2 Benefits of Second Supplemental Indenture.

 

Nothing contained in this
Second Supplemental Indenture shall or shall be construed to confer upon any Person other than a Holder of Notes, the Issuer and the Senior
Trustee any right or interest to avail itself or himself, as the case may be, of any benefit under any provision of the Base Indenture
or this Second Supplemental Indenture related to the Notes.

 

Section 6.3 Effective Date.

 

This Second Supplemental Indenture
shall be effective as of the date first above written and upon the execution and delivery hereof by each of the parties hereto.

 

Section 6.4 Governing Law.

 

This Second Supplemental Indenture
and each Note shall be governed by and construed in accordance with the laws of the State of New York.

 

Section 6.5 Appointment of Agent for Service.

 

By the execution and delivery
of this Second Supplemental Indenture, the Issuer designates and appoints Cogency Global Inc. at 122 East 42nd Street, 18th Floor, New
York, NY 10168, as its authorized agent upon which process may be served in any suit or proceeding arising out of or relating to the Notes
or this Second Supplemental Indenture which may be instituted in any Federal or New York State Court located in the Borough of Manhattan,
City and State of New York, but for that purpose only, and agrees that service of process upon Cogency Global Inc. and written notice
of said service given by the Person serving the same to it, addressed as provided in Section 1.05 of the Base Indenture, shall be
deemed in every respect effective service of process upon it in any such suit or proceeding in any Federal or State court in such Borough,
City and State. The Issuer hereby submits (for the purposes of any such suit or proceedings) to the jurisdiction of any such court in
which any such suit or proceeding is so instituted, and irrevocably waives, to the fullest extent it may lawfully do so, any objection
it may have now or hereafter to the laying of the venue of any such suit, action or proceeding in any such court and irrevocably waives,
to the fullest extent it may lawfully do so, any claim that any such suit, action or proceeding brought in any such court has been brought
in an inconvenient forum. Such submission and waiver shall be irrevocable so long as any of the Notes remain Outstanding and such appointment
shall be irrevocable until the appointment with due care of a reputable successor by the Issuer and such successor’s acceptance
of such appointment. Upon such acceptance, the Issuer shall notify the Senior Trustee of the name and address of such successor. The Issuer
further agrees to take any and all action, including the execution and filing of any and all such documents and instruments, as may be
necessary to continue such designation and appointment of Cogency Global Inc. or its successor in full force and effect so long as any
of the Notes shall be Outstanding. The Senior Trustee shall not be obligated and shall have no responsibility with respect to any failure
by the Issuer to take any such action.

 

The Issuer agrees, to the
fullest extent that it lawfully may do so, that final judgment in any such suit, action or proceeding brought in such a court shall be
conclusive and binding upon the Issuer and may be enforced in the courts of England and Wales (or any other courts to the jurisdiction
of which the Issuer is subject) by a suit upon such judgment, provided that service of process is effected upon the Issuer in the manner
specified in the foregoing paragraph or as otherwise permitted by law; provided, however, that the Issuer does not waive, and the foregoing
provisions of this sentence shall not constitute or be deemed to constitute a waiver of, (i) any right to appeal any such judgment,
to seek any stay or otherwise to seek reconsideration or review of any such judgment, (ii) any stay of execution or levy pending
an appeal from, or a suit, action or proceeding for reconsideration of, any such judgment, or (iii) any other right or remedy of
the Issuer to the extent not expressly waived in accordance with this Section.

 

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Notwithstanding the foregoing,
any actions arising out of or relating to the Notes or this Second Supplemental Indenture may be instituted by any party hereto and, subject
to the limitations set forth in Article Five of the Base Indenture, by the Holder of any Notes in any competent court in England
and Wales.

 

Nothing in this Section shall
affect the right of the Senior Trustee or any Holder of any Notes to serve process in any manner permitted by applicable law or limit
the right of the Senior Trustee or any Holder of any Notes to bring proceedings against the Issuer in the courts of any other jurisdiction
or jurisdictions.

 

Section 6.6 Counterparts.

 

This Second Supplemental Indenture
may be executed in any number of counterparts, each of which so executed shall be deemed to be an original, but all such counterparts
shall together constitute but one and the same instrument. Counterparts may be delivered via facsimile, electronic mail (including any
electronic signature covered by the U.S. federal ESIGN Act of 2000, Uniform Electronic Transactions Act, the Electronic Signatures and
Records Act or other applicable law) or other transmission method and any counterpart so delivered shall be deemed to have been duly and
validly delivered and be valid and effective for all purposes.

 

Section 6.7 Ratification of Base Indenture.

 

The Base Indenture, as supplemented
by this Second Supplemental Indenture, is in all respects ratified and confirmed, and this Second Supplemental Indenture shall be deemed
part of the Base Indenture in the manner and to the extent herein and therein provided.

 

Section 6.8 Validity and Sufficiency.

 

The Senior Trustee shall not
be responsible in any manner whatsoever for or in respect of the validity or sufficiency of this Second Supplemental Indenture or for
or in respect of the recitals contained herein, all of which are made solely by the Issuer.

 

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IN WITNESS WHEREOF, each party hereto
has executed this Second Supplemental Indenture as of the day and year first before written.

 

	 	PRUDENTIAL PLC, as Issuer
	 	 	 	 
	 	By:	/s/ Mark FitzPatrick
	 	 	Name:	 Mark FitzPatrick
	 	 	Title:	 Group Chief Financial Officer and Chief Operating Officer, and Director of Prudential plc

  

	CITIBANK, N.A., as Senior Trustee	 
	 	 	 	 
	By:	/s/ Keri-anne Marshall	 
	 	Name:	Keri-anne Marshall	 
	 	Title:	Senior Trust Officer	 

 

[Signature Page to Second Supplemental Indenture]

 

    

    

    

 

EXHIBIT A

 

[THIS NOTE IS A GLOBAL SECURITY WITHIN THE MEANING
OF THE INDENTURE HEREINAFTER REFERRED TO AND IS REGISTERED IN THE NAME OF THE DEPOSITORY TRUST COMPANY OR A NOMINEE THEREOF. UNLESS AND
UNTIL IT IS EXCHANGED IN WHOLE OR IN PART FOR SECURITIES IN DEFINITIVE REGISTERED FORM IN ACCORDNACE WITH THE TERMS HEREOF AND
OF THE INDENTURE, TRANSFERS OF THIS GLOBAL SECURITY SHALL BE LIMITED TO TRANSFERS IN WHOLE, BUT NOT IN PART, TO NOMINEES OF THE DEPOSITORY
TRUST COMPANY OR TO A SUCCESSOR THEREOF OR SUCH SUCCESSOR’S NOMINEE OR TO THE DEPOSITORY TRUST COMPANY OR A SUCCESSOR THEREOF BY
A NOMINEE OF THE DEPOSITORY TRUST COMPANY OR A SUCCESSOR THEREOF AND TRANSFERS OF PORTIONS OF THIS GLOBAL SECURITY SHALL BE LIMITED TO
TRANSFERS MADE IN ACCORDANCE WITH THE RESTRICTIONS SET FORTH IN THE INDENTURE.]

 

[UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED
REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY (55 WATER STREET, NEW YORK, NEW YORK) TO THE ISSUER OR ITS AGENT FOR REGISTRATION OF TRANSFER,
EXCHANGE OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR SUCH OTHER ENTITY AS REQUESTED BY
AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY AND ANY PAYMENT HEREON IS MADE TO CEDE & CO. OR TO SUCH OTHER ENTITY
AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR
OTHERWISE BY OR TO ANY PERSON IS WRONGFUL SINCE THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.]

 

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No.

CUSIP: 74435KAB1

ISIN: US74435KAB17

Issue Date: March 24, 2022

 

PRUDENTIAL PLC

 

3.625% NOTES DUE 2032

 

Prudential plc, a public limited
company duly organized and existing under the laws of England and Wales (the “Issuer,” which term includes any successor Person
under the Indenture hereinafter referred to), for value received, hereby promises to pay to                  , or registered assigns, the principal sum
of                  DOLLARS, as such amount may be increased or decreased as set forth on the Schedule of Increases or Decreases in the Global Note annexed
hereto, on March 24, 2032 (such date is hereinafter referred to as the “Maturity Date”), and to pay interest thereon,
from March 24, 2022, or from the most recent date to which interest has been paid or duly provided for, at the interest rate set
forth in the Indenture to, but excluding, the relevant Interest Payment Date (as defined below), until the Maturity Date or earlier redemption.

 

Interest on this Note will
be payable semi-annually in arrears on March 24 and September 24 of each year, commencing on September 24, 2022, to Holders
of record on the immediately preceding March 9 or September 9, respectively. Unless previously redeemed in full prior to such
time, on the Maturity Date, the Issuer will repay this Note at its principal amount, together with accrued and unpaid interest on this
Note to, but excluding, the Maturity Date, and any Additional Amounts thereon.

 

Principal of, premium, if
any, and interest on this Note will be payable, and this Note will be exchangeable and transferable, at the Corporate Trust Office; provided,
however, that payment of interest may be made at the option of the Issuer by check mailed to the Person entitled to it as shown
on the Security Register.

 

Interest on the Notes will be computed on the basis of a
360-day year comprising twelve 30-day months.

 

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 fully set forth at this place.

 

Unless the certificate of
authentication hereon has been executed by the Senior Trustee referred to on the reverse hereof by the manual signature of one of its
authorized signatories, this Note shall not be entitled to any benefit under the Indenture or be valid or obligatory for any purpose.

 

[Remainder of Page Intentionally Left Blank; Signature
Pages Follow]

 

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

 

	 	Dated:
	 	 	 
	 	Prudential plc
	 	 	 
	 	By:	
	 	 	Name:
	 	 	Title:

 

SENIOR TRUSTEE’S CERTIFICATE OF AUTHENTICATION

 

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

 

	 	Dated:
	 	 	 
	 	CITIBANK, N.A., as Senior Trustee
	 	 	 
	 	By:	
	 	 	Authorized Signatory

 

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[REVERSE OF NOTE]

 

This Note is one of a duly
authorized issue of securities of the Issuer designated as its “3.625% Notes due 2032” (herein sometimes referred to as the
 “Notes”), initially issued in the aggregate principal amount of $350,000,000, issued under and pursuant to a Senior Indenture,
dated as of April 14, 2020 (the “Base Indenture”), duly executed and delivered by and between the Issuer, as issuer,
and Citibank, N.A., as senior trustee (the “Senior Trustee”), as supplemented by the Second Supplemental Indenture, dated
as of March 24, 2022, duly executed and delivered by and between the Issuer and the Senior Trustee (the “Second Supplemental
Indenture”) (such Base Indenture as amended and supplemented by the Second Supplemental Indenture, the “Indenture”),
to which the Indenture and all subsequent indentures supplemental thereto relating to the Notes reference is hereby made for a statement
of the respective rights, limitations of rights, duties and immunities thereunder of the Issuer, the Senior Trustee and the Holders of
the Notes and of the terms upon which the Notes are, and are to be, authenticated and delivered.

 

The Notes are issuable only
in fully registered form without coupons, in minimum denominations of $2,000 and any integral multiple of $1,000 in excess thereof.

 

Prior to December 24,
2031 (three months prior to the Maturity Date) (the "Par Call Date"), the Issuer may redeem the Notes at its 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 thereon discounted to the Redemption Date (assuming the Notes matured on the Par Call Date) on a semi-annual basis (assuming
a 360-day year consisting of twelve 30-day months) at the Treasury Rate plus 25 basis points less (b) interest accrued to the date
of redemption, and (ii) 100% of the principal amount of the Notes to be redeemed, plus, in either case, accrued and unpaid interest
thereon and Additional Amounts, if any, to the Redemption Date.

 

On or after the Par Call Date,
the Issuer may redeem the Notes, 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 Notes being redeemed plus accrued and unpaid interest thereon and Additional Amounts, if any, to the Redemption Date.

 

The Notes may be redeemed
at the Issuer’s option and sole discretion, in whole, but not in part, at any time upon the occurrence of a Tax Event. In a redemption
of Notes following the occurrence of a Tax Event, the Notes will be redeemed at a Redemption Price equal to 100% of the principal amount
thereof, together with accrued and unpaid interest on the Notes to, but excluding, the Redemption Date, and any Additional Amounts thereon.

 

There is no collateral support
with respect to the Notes, and the Notes are not entitled to the benefit of any mandatory redemption or sinking fund.

 

The Indenture permits, with
certain exceptions as therein provided, the amendment thereof and the modification of the rights and obligations of the Issuer and the
rights of the Holders of the Notes at any time by the Issuer and the Senior Trustee with the written consent of the Holders of not less
than a majority in principal amount of the Notes at the time Outstanding. The Indenture also contains, with certain exceptions as therein
provided, provisions permitting Holders of not less than a majority in principal amount of the Notes at the time Outstanding, on behalf
of the Holders of all the Notes, to waive compliance by the Issuer with certain provisions of the Indenture. 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
in exchange herefor or in lieu hereof whether or not notation of such consent or waiver is made upon this Note or such other Note.

 

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

 

As provided in the
Indenture and subject to certain limitations therein set forth, the transfer of this Note is registrable on the Security Register
upon surrender of this Note for registration of transfer at the Corporate Trust Office of the Senior Trustee or at such other office
or agency of the Issuer as may be designated by it for such purpose in the Borough of Manhattan, the City of New York (which shall
initially be an office or agency of the Senior Trustee), or at such other offices or agencies as the Issuer may designate, duly
endorsed by, or accompanied by a written instrument of transfer in form satisfactory to the Security Registrar duly executed by, the
Holder thereof or his attorney duly authorized in writing, and thereupon one or more new Notes, of authorized denominations and for
the same aggregate principal amount, will be issued to the designated transferee or transferees by the Security Registrar. No
service charge shall be made for any such registration of transfer or exchange, but the Issuer may require payment of a sum
sufficient to recover any tax or other governmental charge payable in connection therewith.

 

    13

    

    

 

Prior to due presentation
of this Note for registration of transfer, the Issuer, the Senior Trustee and any agent of the Issuer or the Senior Trustee may treat
the Person in whose name this Note is registered as the owner thereof for all purposes, whether or not such Note be overdue, and none
of the Issuer, the Senior Trustee or any such agent shall be affected by notice to the contrary.

 

No recourse for the payment
of the principal of (and premium, if any on) or interest on this Note and no recourse under or upon any obligation, covenant or agreement
of the Issuer in the Indenture or any indenture supplemental thereto or in any Note, or because of the creation of any indebtedness represented
thereby, shall be had against any incorporator, stockholder, employee, agent, officer or director or subsidiary, as such, past, present
or future, of the Issuer or any successor entity thereof, either directly or through the Issuer or any successor entity, whether by virtue
of any constitution, statute or rule of law or by the enforcement of any assessment or penalty or otherwise, all such liability being,
by the acceptance hereof and as part of consideration for the issue hereof, expressly waived and released.

 

This Note is a Global Note
and is subject to the provisions of the Indenture relating to Global Notes, including the limitations in Section 2.03 of the Base
Indenture on transfers and exchanges of Global Notes.

 

The Second Supplemental Indenture
and each Note shall be governed by and construed in accordance with the laws of the State of New York.

 

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

 

ABBREVIATIONS

 

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

 

	TEN COM	- as tenants in common	UNIF GIFT MIN ACT	 
	 			(Cust)
	 	 	 	 
	TEN ENT	- as tenants by the entireties	Custodian for:	 
	 			(Minor)
	 	 	 	 
	JT TEN	- as joint tenants with rights of survivorship and not as tenants in common	Under Uniform Gifts to Minors Act of:	 
	 			(State)

 

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

 

    14

    

    

 

ASSIGNMENT

 

FOR VALUE RECEIVED, the undersigned assigns and transfers
this Note to:

 

 

 

 

 

(Insert assignee’s social security or tax identification
number)

 

 

 

 

 

 

(Insert address and zip code of assignee)

 

and irrevocably appoint _______ agent to transfer
this Note on the Security Register. The agent may substitute another to act for him or her.

 

Dated:

 

Signed:

 

Signature Guarantee:

 

(Sign exactly as your name appears on the other side of this Note)

 

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

 

SCHEDULE OF INCREASES OR DECREASES IN GLOBAL NOTE

 

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

 

	 	 	 	 	Stated Amount of	 	Signature of	 	 
	Amount of Decrease	 	Amount of Increase	 	the Global Note	 	Authorized	 	 
	in Stated Amount of	 	in Stated Amount of	 	Following Such	 	Signatory of Senior	 	 
	the Global Note	 	the Global Note	 	Decrease/Increase	 	Trustee	 	Date

 

    15Document

Exhibit 4.2

Description of Securities
of
Hibbett, Inc.

The following description of the securities of Hibbett, Inc., a Delaware corporation (“us,” “our,” “we,” “Hibbett” or the “Company”), is a summary of the rights of our common stock, par value $0.01 per share (“Common Stock”), and preferred stock, par value $0.01 per share (“Preferred Stock ”), and certain provisions of our certificate of incorporation (“Certificate of Incorporation”), bylaws (“Bylaws”), and the Delaware General Corporation Law (the “DGCL”), as currently in effect. This summary does not purport to be complete and is qualified in its entirety by the provisions of our Certificate of Incorporation, which is incorporated by reference as Exhibit 3.1 and Exhibit 3.2, and our Bylaws, which are incorporated by reference as Exhibit 3.3, in each case to the Annual Report on Form 10-K of which this Exhibit 4.2 is a part. We encourage you to read our Certificate of Incorporation and Bylaws and the applicable provisions of the DGCL for additional information.

Authorized Capital Stock

Pursuant to the Certificate of Incorporation, our authorized capital stock consists of 81,000,000 shares, consisting of 80,000,000 shares of Common Stock, and 1,000,000 shares of Preferred Stock. All outstanding shares of our Common Stock are fully paid and nonassessable. There are no outstanding shares of Preferred Stock.

Common Stock

Voting Rights: Each outstanding share of our Common Stock is entitled to one vote on all matters submitted to a vote of shareholders. Our board of directors (the “Board”) consists of three classes, with the term of office of one class expiring each year. Accordingly, each of our directors is elected by a plurality vote to serve for a term of three years. The holders of our outstanding Common Stock do not have the right to cumulate their votes with respect to the election of directors or any other matters.

Dividends: Subject to the rights of holders of outstanding shares of Preferred Stock, if any, the holders of Common Stock are entitled to receive dividends, if any, as may be declared from time to time by the Board in its discretion out of funds legally available for the payment of dividends.

Liquidation: In the event of a liquidation, dissolution or winding-up of Hibbett, the holders of Common Stock are entitled to share equally and ratably in the assets of Hibbett, if any, remaining after the payment of all debts and liabilities of Hibbett and the liquidation preference of any outstanding Preferred Stock.

Other Rights and Preferences: Our Common Stock has no preemptive rights and no redemption, sinking fund or conversion provisions. Holders of Common Stock may act by unanimous written consent.

Preferred Stock

The Board is granted the authority to, from time to time, issue the Preferred Stock as Preferred Stock of one or more series and in connection with the creation of any such series to fix by resolution the designation, voting powers, preferences, and relative, participating, optional, or other special rights of such series, and the qualifications, limitations, or restrictions thereof. The rights, preferences, privileges and restrictions or qualifications of different series of Preferred Stock may differ with respect to dividend rates, amounts payable on liquidation, voting rights, conversion rights, redemption provisions, sinking fund provisions and other matters. The issuance of Preferred Stock could decrease the amount of earnings and assets available for distribution to holders of Common Stock, adversely affect the rights and powers, including voting rights, of holders of Common Stock, and have the effect of delaying, deterring or preventing a change in control of us.

No shares of our Preferred Stock are currently issued and outstanding and we currently have no plans to issue any of the 1,000,000 authorized shares of Preferred Stock.

Our Certificate of Incorporation and Bylaws Contain Provisions That May Have an Anti-Takeover Effect

Certain provisions of our Certificate of Incorporation and Bylaws may be deemed to have anti-takeover effects and may discourage, delay or prevent a takeover attempt. These provisions, among other things:

a.classify our Board into three classes, each of which serves for different three-year periods;
b.provide that a director may be removed by stockholders only for cause by a vote of the holders of not less than a majority of our shares entitled to vote;

c.provide that all vacancies on our Board, including any vacancies resulting from an increase in the number of directors, may be filled by a majority of the remaining directors, even if the number is less than a quorum;
d.provide that special meetings of the common stockholders may only be called by the Board, the Chairman of the Board or upon the demand of the holders of a majority of the total voting power of all outstanding securities of the Company entitled to vote at any such special meeting; and
e.call for a vote of the holders of not less than two-thirds of the shares entitled to vote in order to amend the foregoing provisions and certain other provisions of our Certificate of Incorporation and Bylaws.

In addition, our Board, without further action of the stockholders, is permitted to issue and fix the terms of Preferred Stock, which may have rights senior to those of Common Stock.

Delaware Anti-Takeover Statutes

In addition to certain of the Certificate of Incorporation and Bylaws provisions discussed above, certain provisions of the DGCL may make it more difficult for someone to acquire us through a tender offer, proxy contest or otherwise.

Section 203 of the DGCL provides that, subject to certain stated exceptions, an “interested stockholder” is any person (other than the corporation and any direct or indirect majority-owned subsidiary) who owns 15% or more of the outstanding voting stock of the corporation or is an affiliate or associate of the corporation and was the owner of 15% or more of the outstanding voting stock of the corporation at any time within the three-year period immediately prior to the date of determination, and the affiliates and associates of such person. A corporation may not engage in a business combination with any interested stockholder for a period of three years following the time that such stockholder became an interested stockholder unless:

a.prior to such time the board of directors of the corporation approved either the business combination or transaction which resulted in the stockholder becoming an interested stockholder;
b.upon consummation of the transaction which resulted in the stockholder becoming an interested stockholder, the interested stockholder owned at least 85% of the voting stock of the corporation outstanding at the time the transaction commenced, excluding shares owned by (i) persons who are directors and also officers and (ii) employee stock plans in which participants do not have the right to determine confidentially whether shares held subject to the plan will be tendered in a tender or exchange offer; or
c.at or subsequent to such time, the business combination is approved by the board of directors and authorized at an annual or special meeting of stockholders, and not by written consent, by the affirmative vote of at least 66 2/3% of the outstanding voting stock which is not owned by the interested stockholder.

The effect of these provisions may make a change in control of our business more difficult by delaying, deferring or preventing a tender offer or other takeover attempt that a stockholder might consider in its best interest. This includes attempts that might result in the payment of a premium to stockholders over the market price for their shares. These provisions also may promote the continuity of our management by making it more difficult for a person to remove or change the incumbent members of the board of directors.

Market Listing

Our Common Stock is listed on the Nasdaq Global Select Market under the trading symbol “HIBB”.

Transfer Agent and Registrar

The transfer agent and registrar for our Common Stock is Computershare, Inc. 

End of Exhibit 4.2

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