Document:

osur-ex102_142.htm

 

Exhibit 10.2

 

EMPLOYMENT AGREEMENT

This Employment Agreement (this “Agreement”) is entered into as of May 11, 2020 (the “Effective Date”), between Lisa A. Nibauer (“Employee”) and OraSure Technologies, Inc. (“OraSure” or the “Company”).  

 

WHEREAS, the parties wish to set forth the terms of their relationship and to enter into this Agreement and a confidentiality agreement of even date herewith (the “Confidentiality Agreement”).

NOW, THEREFORE, in consideration of the mutual promises made herein, intending to be legally bound, the parties hereby agree as follows:

 

1.Services.

1.1Employment.  Subject to the terms hereof, the Company agrees to employ Employee as the Company’s Executive Vice President, Business Unit Leader, Infectious Disease (the “Position”), and Employee hereby accepts such employment in accordance with the terms and conditions of this Agreement.  Employee shall begin her employment with the Company on the Effective Date.  

1.2Duties.  Upon the Effective Date, Employee shall have such powers and duties that are (a) commensurate with the Position, (b) set forth in Exhibit A attached to this Agreement, and (c) otherwise determined from time to time by the Board of Directors of OraSure (the “Board of Directors”) or the Chief Executive officer of OraSure (the “CEO”).  Employee’s primary place of work shall be the Company’s headquarters, at its present location in Bethlehem, Pennsylvania. Subject to the provisions of Section 6 hereof, Employee’s position and duties may be changed and Employee’s primary place of work may be relocated from time to time during the Term (as defined below) of this Agreement, and such changes shall not be considered a material change in circumstance that would invalidate the provisions of this Agreement which, in any event, shall survive such change or changes.  

1.3Outside Activities.  Employee shall obtain the consent of the Board of Directors or the CEO before she engages, either directly or indirectly, in any other professional or business activities that may require an appreciable portion of Employee’s time.

1.4Direction of Services.  Employee shall at all times report directly to, and discharge her duties in consultation with and under the supervision and direction of, the CEO.

2.Term.  The initial term of this Agreement shall begin as of the Employment Date and end on the third anniversary of the Employment Date, unless Employee’s employment is sooner terminated in accordance with Section 6 below (the “Initial Term”).  Thereafter, this Agreement shall automatically renew and Employee’s employment shall continue for successive one-year terms (each, a “Renewal Term” and together with the Initial Term, the “Term”) unless 

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the Company gives Employee written notice of the Company’s intent not to renew this Agreement at least 90 days before the expiration of the Initial Term or any Renewal Term, or Employee’s employment under this Agreement is terminated in accordance with Section 6 below.

3.Compensation and Expenses.

3.1Salary.  As compensation for services under this Agreement, the Company shall pay to Employee a base salary of $410,000 per annum.  Such salary will be subject to review by the Board of Directors on an annual basis and may be increased from time to time in the discretion of the Board of Directors.  Any reduction shall be subject to the provisions of Good Reason (as defined below) and Section 6 below.  Payment shall be made in accordance with the Company’s normal payroll practices as in effect from time to time, less all amounts required by law or authorized by Employee to be withheld or deducted.  For all purposes under this Agreement, the term “salary” shall mean the regular annual base salary of Employee payable under this Section 3.1, as increased.

3.2Bonus.  In addition to the salary described in Section 3.1 above, Employee shall be entitled to participate in the incentive plan established by OraSure each year for the payment of cash bonuses to senior executive officers of OraSure and its subsidiaries (each, a “Bonus Plan”), on such terms as may be approved by the Board of Directors or its compensation committee (the “Compensation Committee”) in its sole discretion each Bonus Plan.  With respect to each Bonus Plan, (a) Employee shall have a target bonus amount as determined by the Board of Directors or Compensation Committee which is at least equal to 40% of Employee’s salary and (b) cash bonuses payable to Employee shall be determined in the same manner as the cash bonuses paid to other senior executive officers of the Company under the applicable Bonus Plan with respect to the same time period.  Notwithstanding the foregoing, Employee’s bonus for performance during 2020 shall not be less than $80.000.  

3.3Long-Term Incentive Awards.  Employee shall be entitled to participate in the Long-Term Incentive Policy or comparable long-term incentive equity policy or plan that may from time to time be adopted by the Board of Directors or the Compensation Committee, in its sole discretion (an “LTIP”) and, with respect to each LTIP, (a) Employee shall be entitled to annual awards ranging from between 95% to 155% of her salary (with the target set at a minimum of 125% of her salary), as determined by the Board of Directors or its Compensation Committee and (b) equity awards or other benefits provided to Employee under any such LTIP shall be determined in the same manner as the awards or other benefits provided under such policies or plans to other senior executive officers of the Company with respect to the same time period.  All equity awards granted to Employee on or after the Effective Date, including the award provided for in Section 4, shall, to the extent then unvested, immediately vest (i) in the event of a Change of Control (as defined herein) or (ii) in the event Employee’s employment is terminated for Good Reason (as defined herein) pursuant to Section 6.4 or without Cause (as defined herein) pursuant to Section 6.5 during a Change of Control Period (as defined herein), and 50% of such awards shall, to the extent then unvested, immediately vest in the event Employee’s employment is terminated for death or Disability (as defined herein) pursuant to Section 6.1, Good Reason pursuant to Section 6.4 or without Cause pursuant to Section 6.5 during any period other than a Change of Control Period (as defined herein).

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3.4Employee Benefits.  Employee shall be entitled to receive or participate in any additional benefits, including without limitation medical and dental insurance programs, qualified and non-qualified profit sharing or pension plans, disability plans, medical reimbursement plans, and life insurance programs, which may from time to time be made available by the Company to other senior executive officers of the Company.  The Company may change or discontinue such benefits at any time in its sole discretion; provided that the benefits provided to Employee shall be determined in the same manner as the benefits provided to other senior executive officers of the Company under such plans with respect to the same time period.  

3.5Expenses.  The Company shall reimburse Employee for all reasonable and necessary expenses incurred in carrying out her duties under this Agreement, subject to compliance with the Company’s reasonable policies relating to expense reimbursement.  Expenses subject to reimbursement under this Section 3.5 shall include, but not be limited to, the cost of business-related travel, lodging and meals and the fees and expenses incurred by Employee to maintain her membership in professional associations and obtain continuing professional education reasonably required in connection with Employee’s performance of her duties under this Agreement.  All reimbursements under this Section 3.5 will be made as soon as practicable after submission of any required documentation, in compliance with the Company’s reasonable policies relating to expense reimbursement.

3.6Fees.  From and after the Employment Date, all compensation earned by Employee, other than pursuant to this Agreement, as a result of services performed on behalf of the Company or as a result of or arising out of any work done by Employee in any way related to the scientific or business activities of the Company shall belong to the Company.  Employee shall pay or deliver such compensation to the Company promptly upon receipt.  For the purposes of this provision, “compensation” shall include, but is not limited to, all professional and nonprofessional fees, lecture fees, expert testimony fees, publishing fees, royalties, and any related income, earnings, or other things of value; and “scientific or business activities of the Company” shall include, but not be limited to, any project or projects in which the Company is involved and any subject matter that is directly or indirectly researched, tested, developed, promoted, or marketed by the Company.

4.Onboarding Compensation.  On or as soon as practicable after the Effective Date, Employee shall be granted  an equity award under the Company’s Stock Award Plan having an aggregate value of $500,000 and consisting of (i) 50% time-vested restricted stock and (ii) 50% performance-vested restricted units.  The foregoing award shall contain terms substantially similar to the annual equity awards provided to executives under the LTIP in February 2020 for performance during 2019. In addition, Employee shall receive a sign-on bonus in the amount of $50,000, less applicable withholdings, which shall be paid within thirty (30) days after the Effective Date.

5.Confidentiality Agreement.  Employee’s compliance with the terms of the Confidentiality Agreement is a material requirement of this Agreement.  Any breach of the Confidentiality Agreement that is materially detrimental to the Company and that, if capable of being cured, is not cured within 30 days of written notice thereof from the Company to Employee shall constitute a material breach of this Agreement.  Notwithstanding the foregoing, (i) nothing in this Agreement or the Confidentiality Agreement shall prohibit the Employee from reporting 

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possible violations of law or a regulation to any governmental agency or entity or self-regulatory organization or making disclosures that are protected under law, including the whistleblower provisions of U.S. federal law or regulation; and (ii) in accordance with the U.S. Defend Trade Secrets Act of 2016, Employee shall not be held criminally or civilly liable under any U.S. federal or state trade secret law for the disclosure of a trade secret that:  (A) is made (i) in confidence to a U.S. federal, state, or local government official, either directly or indirectly, or to an attorney; and (ii) solely for the purpose of reporting or investigating a suspected violation of law; or (B) is made in a complaint or other document filed in a lawsuit or other proceeding, if such filing is made under seal.

6.Termination.

6.1Termination Upon Death or Disability.  Employee’s employment under this Agreement shall terminate immediately upon Employee’s death or Disability.  The term “Disability” means Employee is (a) unable to engage in any substantial gainful activity by reason of any medically determinable physical or mental impairment that can be expected to result in death or can be expected to last for a continuous period of not less than twelve (12) months; or (b) by reason of any medically determinable physical or mental impairment that can be expected to result in death or can be expected to last for a continuous period of not less than twelve (12) months, receiving income replacement benefits for a period of not less than three (3) months under an accident and health plan covering employees of the Company.

6.2Termination by Employee. Employee may terminate her employment under this Agreement by ninety (90) days’ written notice to the Company.

6.3Termination by the Company for Cause. Employee’s employment under this Agreement may be terminated by the Company at any time for Cause.  Only the following actions, failures, or events by or affecting Employee shall constitute “Cause” for termination of Employee by the Company:  (i) willful and continued failure by Employee to substantially perform her duties provided herein after a written demand for substantial performance is delivered to Employee by the CEO or the Board of Directors, which demand identifies with reasonable specificity the manner in which Employee has not substantially performed her duties, and Employee’s failure to comply with such demand within a reasonable time, which shall not be less than thirty (30) days after Employee’s receipt of such demand; (ii) the engaging by Employee in gross misconduct or gross negligence materially injurious to the Company, which if capable of being cured, is not cured within 30 days of written notice thereof from the CEO or the Board of Directors to Employee; (iii) the commission of any act in direct competition with or materially detrimental to the best interests of the Company, which if capable of being cured, is not cured within 30 days of written notice thereof from the CEO or the Board of Directors to Employee; or(iv) Employee’s conviction of having committed a felony.  Notwithstanding the foregoing, Employee shall not be deemed to have been terminated by the Company for Cause unless and until there shall have been delivered to her a copy of a resolution duly adopted by the affirmative vote of not less than a majority of the entire membership of the Board of Directors finding that, in the good faith opinion of the Board of Directors, the Company has Cause for the termination of the employment of Employee as set forth in any of clauses (i) through (iv) above and specifying the particulars thereof in reasonable detail.  

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6.4Termination by Employee With Good Reason.  Employee may terminate her employment under this Agreement for Good Reason; provided that (i) Employee gives written notice to the Board of Directors within sixty (60) days of the event constituting Good Reason; (ii) the Company has not cured the event giving rise to such notice within thirty (30) days of receipt of Employee’s notice; and (iii) Employee resigns her employment within thirty (30) days following the expiration of such cure period.  The term “Good Reason” shall mean any of the following actions that are taken without Employee’s prior written consent:  (a) a material breach of this Agreement by the Company (or its successor); (b) a material diminution in Employee’s base compensation or authority, duties or responsibilities; (c) a material change in Employee’s reporting obligation from the CEO to another employee of the Company; or (d) a relocation of Employee’s principal worksite that increases Employee’s one-way commute by more than 30 miles.

6.5Termination by the Company Without Cause.  The Company may terminate Employee’s employment under this Agreement without Cause by ninety (90) days’ written notice to Employee.  In the event the Company fails to renew this Agreement pursuant to Section 2, such failure shall be deemed to be a termination of Employee’s employment by the Company without Cause.

6.6Definitions.  For purposes of this Agreement, the term “Change of Control Period” shall mean the period which begins sixty (60) days prior to the occurrence of a Change of Control and ends eighteen (18) months thereafter.  For purposes of this Agreement, the term “Change of Control” shall mean a change of control of a nature that would be required to be reported in response to Item 6(e) of Schedule 14A of Regulation 14A pursuant to the U.S. Securities Exchange Act of 1934 (the “Exchange Act”); provided, however, that a change of control shall only be deemed to have occurred at such time as (i) any person, or more than one person acting as a group within the meaning of Section 409A of the Internal Revenue Code (the “Code”) and the regulations issued thereunder, acquires ownership of stock of the Company that, together with stock held by such person or group, constitutes more than fifty percent (50%) of the total fair market value or total voting power of the stock of the Company; (ii) any person, or more than one person acting as a group within the meaning of Code Section 409A and the regulations issued thereunder, acquires (or has acquired during the twelve (12) month period ending on the date of the most recent acquisition) ownership of stock of the Company possessing thirty percent (30%) or more of the total voting power of the Company’s stock; (iii) a majority of the members of the Board of Directors is replaced during any twelve (12) month period by directors whose appointment or election is not endorsed by a majority of the members of the Board of Directors before the date of the appointment or election; or (iv) a person, or more than one person acting as a group within the meaning of Code Section 409A and the regulations issued thereunder, acquires (or has acquired during the 12-month period ending on the date of the most recent acquisition) assets from the Company that have a total gross fair market value equal to or more than 40 percent of the total gross fair market value of all the assets of the Company immediately before such acquisition or acquisitions.

6.7Compensation Upon Termination.

6.7.1Termination Upon Death or Disability, by Employee (Other Than for Good Reason) or for Cause.  

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In the event of a termination of Employee’s employment under Sections 6.1, 6.2 or 6.3, all salary and benefits shall cease on the date of termination, subject to the terms of any benefit plans then in force and applicable to Employee, and the Company shall have no further liability or obligation hereunder by reason of such termination, save and except as stated herein.  In the event of a termination of Employee’s employment under Sections 6.1, 6.2 or 6.3, Employee or her estate, as applicable, shall be paid all salary earned under Section 3.1 through the date of termination on the next regularly scheduled payroll date following the termination date  (“Accrued Salary and Benefits”).  With respect to terminations under Sections 6.1 and 6.2 only, Employee or her estate, as applicable, shall receive, in addition to the foregoing, any bonus that has been approved by the Board of Directors or Compensation Committee prior to the date of termination but not yet paid (the “Accrued Bonus”), payable at the time that cash bonuses are or would otherwise be payable to other officers of the Company in respect of such year.  In the event of a termination under Sections 6.1 or 6.2 that occurs after June 30 in any given year, Employee or her estate, as applicable, shall receive a prorated portion of any cash bonus, at Employee’s target bonus percentage of base salary (subject to adjustment for bonus pool funding as determined by the Board of Directors), for the calendar year in which termination occurs (calculated based on the number of days in the calendar year that have passed prior to Employee’s termination), payable at the time that cash bonuses are or would otherwise be payable to other officers of the Company in respect of such year (the “Prorated Bonus”).  For greater certainty, in the event a termination under Sections 6.1 or 6.2 occurs on or before June 30 in any given year, Employee or her estate, as applicable, shall not receive a Prorated Bonus. The Accrued Salary and Benefits and Prorated Bonus (if any) are herein referred to collectively as the “Accrued Obligations.”  

6.7.2Termination Without Cause or Upon Good Reason.  In the event of a termination of Employee’s employment under Sections 6.4 or 6.5 of this Agreement, the following shall occur: 

(i)shall receive the Accrued Obligations;

(ii)Employee shall receive:  (A) if such termination does not occur during a Change of Control Period, a lump sum payment (less applicable withholdings) equivalent to twelve (12) months of Employee’s annual salary; or (B) if such termination occurs during a Change of Control Period, a lump sum payment (less applicable withholdings) equivalent to twenty-four (24) months of the Employee’s annual salary; 

(iii)Employee shall receive, as a component of severance, a cash bonus for the calendar year in which termination occurs equal to Employee’s target bonus for such year established pursuant to Section 3.2; 

(iv)if Employee validly elects to receive continuation coverage under OraSure’s group health plan pursuant to the Consolidated Omnibus Budget Reconciliation Act of 1985 (“COBRA”), and if such termination is for Good Reason pursuant to Section 6.4 or without Cause pursuant to Section 6.5 and does not occur during a Change of Control Period, the Company shall reimburse Employee for the applicable premium otherwise payable for COBRA continuation coverage for such coverage for a period of twelve (12) months after the date of termination, but only with respect to the portion of such premium that exceeds the monthly amount charged to active employees of the Company for the same coverage.  If such termination is for 

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Good Reason pursuant to Section 6.4 or without Cause pursuant to Section 6.5 and occurs during a Change of Control Period, the Company shall reimburse Employee for the applicable premium otherwise payable for COBRA continuation coverage for such coverage for a period for the shorter of either (x) twenty-four (24) months after the date of termination; or (y) the date Employee is no longer eligible for COBRA, but only with respect to the portion of such premium that exceeds the monthly amount charged to active employees of the Company for the same coverage; and 

(v) Employee shall receive accelerated vesting as described in Section 3.3 herein.

The amounts payable under clauses (ii), (iii) and (iv) are collectively referred to as “severance.”  Subject to Section 6.8, all severance payments will be made (or commence) under this Section 6.7.2 on the 90th day after termination of employment hereunder.  As a condition to receipt of severance under this Section 6.7.2, within forty-five (45) days following termination of Employee’s employment, Employee shall sign, deliver and not revoke a release agreement, in the form and substance set forth in Exhibit B  hereto, releasing all claims related to Employee’s employment, other than those that cannot be released as a matter of law.  The severance shall be in lieu of and not in addition to any other severance arrangement maintained by the Company, and shall be offset by any monies Employee may owe to the Company.  The Company’s obligation to pay the amounts stated in clauses (ii), (iii) and (iv) of this Section 6.7.2 shall terminate if, during the period commencing on termination of employment and continuing until all severance payments have been made by the Company, Employee fails to comply with Sections 9 or 13 of this Agreement or with the Confidentiality Agreement.

6.7.3Parachute Payment.  In the event that (i) Employee becomes entitled to any payments or benefits hereunder or otherwise from the Company or any of its affiliates which constitute a “parachute payment” as defined in Code Section 280G (the “Total Payments”) and (ii) Employee is subject to an excise tax imposed under Code Section 4999 (the “Excise Tax”), then, if it would be economically advantageous for Employee, the Total Payments shall be reduced by an amount (including zero) that results in the receipt by Employee on an after tax basis (including the applicable U.S. federal, state and local income taxes, and the Excise Tax) of the greatest Total Payments, notwithstanding that some or all of the portion of the Total Payments may be subject to the Excise Tax.  If a reduction in Total Payments is required pursuant to the preceding sentence, the reduction will occur in the manner (the “Reduction Method”) that results in the greatest economic benefit for Employee.  If more than one method of reduction will result in the same economic benefit, the items so reduced will be reduced pro rata (the “Pro Rata Reduction Method”).  Notwithstanding the foregoing, if the Reduction Method or the Pro Rata Reduction Method would result in any portion of the Total Payments being subject to taxes pursuant to Code Section 409A (as defined below) that would not otherwise be subject to taxes pursuant to Section 409A, then the Reduction Method and/or the Pro Rata Reduction Method, as the case may be, will be modified so as to avoid the imposition of taxes pursuant to Section 409A as follows:  (A) as a first priority, the modification will preserve to the greatest extent possible, the greatest economic benefit for Employee as determined on an after-tax basis; (B) as a second priority, Payments that are contingent on future events (e.g., being terminated without Cause), will be reduced (or eliminated) before Payments that are not contingent on future events; and (C) as a third priority, Payments that are “deferred compensation” within the meaning of Section 409A will be reduced (or eliminated) before Payments that are not deferred compensation within the meaning 

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of Section 409A.  All calculations hereunder shall be performed by a nationally recognized independent accounting firm selected by the Company, with the full cost of such firm being borne by the Company.  Any determinations made by such firm shall be final and binding on Employee and the Company.  

 

6.8Section 409A.  This Agreement is intended to comply with Section 409A of the Internal Revenue Code of 1986, as amended (“Code Section 409A”) (to the extent applicable) and the parties hereto agree to interpret, apply and administer this Agreement in the least restrictive manner necessary to comply therewith and without resulting in any increase in the amounts owed hereunder by the Company.  Notwithstanding any other provision of this Agreement to the contrary, if Employee is a “specified employee” within the meaning of Section 409A of the Internal Revenue Code, as amended (the “Code”) at the time of Employee’s termination of employment and any payment under this Section 6 would otherwise subject Employee to any tax, interest or penalty imposed under Code Section 409A (or any regulation promulgated thereunder) if the payment or benefit would commence as set forth in this Section 6, then the payment due under this Section 6 shall not be made (or commence) until the first day which is at least six (6) months after the date of the Employee’s termination of employment. All payments, which would have otherwise been required to be made to Employee over such six (6) month period, shall be paid to Employee in one lump sum payment as soon as administratively feasible after the first day which is at least six months after the date of Employee’s termination of employment with the Company.  For purposes of the application of Code Section 409A, each payment in a series of payments will be deemed a separate payment.  Notwithstanding anything herein to the contrary, except to the extent any expense, reimbursement or in-kind benefit provided to the Employee does not constitute “nonqualified deferred compensation” within the meaning of Code Section 409A, and its implementing regulations and guidance, (i) the amount of expenses eligible for reimbursement or in-kind benefits provided to the Employee during any calendar year will not affect the amount of expenses eligible for reimbursement or in-kind benefits provided to the Employee in any other calendar year, (ii) the reimbursements for expenses for which the Employee is entitled to be reimbursed shall be made on or before the last day of the calendar year following the calendar year in which the applicable expense is incurred and (iii) the right to payment or reimbursement or in-kind benefits hereunder may not be liquidated or exchanged for any other benefit.

7.Indemnification.  The Company agrees that if Employee is made a party (or is threatened to be made a party to) any action, suit, or proceeding, whether civil, criminal, administrative, or investigative (a “Proceeding”), by reason of her service (including past service) as an officer, director, employee, agent, or the like of the Company, or is or was serving at the request of the Company as an officer, director, employee, agent, or the like of another entity, including, without limitation, as a fiduciary of an employee benefit plan sponsored or established by the Company (any such service for a subsidiary, affiliate, joint venture or other entity in which the Company has an ownership or other financial interest, or as a fiduciary of any employee benefit plan sponsored by the Company or any such other entity, shall be presumed to be at the request of the Company), whether or not the basis of such Proceeding is an act or omission alleged to have occurred while Employee was acting in an official capacity as a director, officer, employee, agent, or the like, then Employee shall be indemnified and held harmless by the Company to the fullest extent authorized by applicable law (including for all reasonable attorneys’ fees and costs incurred 

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by Employee), and such indemnification shall continue even if Employee has ceased to be a director, officer, employee, agent, or the like of the Company for any reason.

8.Insurance.  During the Term and for a period of six (6) years thereafter (regardless of the reason for the termination of Employee’s employment), the Company shall maintain suitable directors and officers insurance coverage for Employee in her respective roles and shall name Employee as an additional insured under such insurance policies, which policies shall be no less favorable to Employee than such insurance policies that cover OraSure’s directors during such time period.

9.Non-Competition.  In consideration of the severance payable hereunder, during the Term and for a period of one (1) year thereafter, Employee agrees that, unless she obtains written agreement from the CEO or the Board of Directors, Employee covenants to not:

 

(a)recruit, solicit, or hire any executive or employee of the Company;

(b)induce or solicit any current or prospective customer, client, or supplier of the Company to cease being a customer, client or supplier or divert Company business

away from any customer, client, or supplier of the Company; or

(c)own, manage, control, work for, or provide services to any entity which competes with the Company in the market for rapid point-of-care, oral fluid diagnostic testing in the United States (the “Protected Business”);  provided, however, that this Section 9:  (i) shall not prevent Employee from accepting a position with and working for any other entity which competes with the Company in the Protected Business, if such business is diversified, Employee is employed in a department, division or other unit of the business that is not engaged in the Protected Business and Employee does not, directly or indirectly, provide any assistance, services, advice, consultation or information with respect to rapid point-of-care, oral fluid diagnostic testing to the department, division or unit of the business engaged in the Business; and (ii) shall not prevent Employee from purchasing or owning less than five percent (5%) of the stock or other securities of any entity, provided that such stock or other securities are traded on any national or regional securities exchange or are actively traded in the over-the-counter market and registered under Section 12(g) of the Securities Exchange Act of 1934, as amended.  The parties acknowledge that the non-competition agreement set forth in this Section 9 is intended to replace and supersede the non-competition provision set forth on page 1 of the Confidentiality Agreement executed contemporaneously herewith.

 

10.Remedies.  The respective rights and duties of the Company and Employee under this Agreement are in addition to, and not in lieu of, those rights and duties afforded to and imposed upon them by law or at equity.

 

11.Severability of Provisions.  The provisions of this Agreement are severable, and if any provision hereof is held invalid or unenforceable, it shall be enforced to the maximum extent permissible, and the remaining provisions of the Agreement shall continue in full force and effect.

12.Non-Waiver.  Failure by either party at any time to require performance of any provision of this Agreement shall not limit the right of the party failing to require performance to 

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enforce the provision.  No provision of this Agreement may be waived by either party except by a writing signed by that party.  A waiver of any breach of a provision of this Agreement shall be construed narrowly and shall not be deemed to be a waiver of any succeeding breach of that provision or a waiver of that provision itself or of any other provision.

13.Non-Disparagement.  Both during and after her employment, Employee agrees not to disparage the Company or any of the stockholders, directors, officers, or employees of the Company.   The Company agrees not to disparage, and will not direct its directors, officers and employees to disparage, Employee.  Employee and the Company agree not to make any statement or engage in any conduct that might affect adversely the business or professional reputation of the other party or, in the case of the Company, any of the stockholders, directors, officers or employees of the Company.  Any breach of this Section 13 by a director, officer or employee of the Company shall be deemed to be a breach by the Company.

14.Other Agreements.  Employee represents, warrants and, where applicable, covenants to the Company that:

(a)There are no restrictions, agreements or understandings whatsoever to which Employee is a party which would prevent or make unlawful Employee’s execution of this Agreement or Employee’s employment hereunder, or which is or would be inconsistent or in conflict with this Agreement or Employee’s employment hereunder, or would prevent, limit or impair in any way the performance by Employee of her obligations hereunder;

(b)Employee’s execution of this Agreement and Employee’s employment hereunder shall not constitute a breach of any contract, agreement or understanding, oral or written, to which Employee is a party or by which Employee is bound; and

(c)Employee is free to execute this Agreement and to be employed by the Company as an employee pursuant to the provisions set forth herein.

15.Successors and Assigns.  This Agreement shall inure to the benefit of and be binding upon the Company and Employee and their respective successors, executors, administrators, heirs and/or permitted assigns; provided, however, that neither Employee nor the Company may make any assignments of this Agreement or any interest herein, by operation of law or otherwise, without the prior written consent of the other party, except that, without such consent, the Company may assign this Agreement to any successor to all or substantially all the business or assets of the Company by means of liquidation, dissolution, merger, consolidation, transfer of assets, or otherwise and Employee may transfer this Agreement by will or the laws of descent and distribution.  The Company will require any successor (whether direct or indirect, by merger, consolidation, transfer of assets, or otherwise) acquiring all or substantially all of the business and/or assets of the Company (whether such assets are held directly or indirectly) to assume expressly and agree to perform this Agreement in the same manner and to the same extent that the Company would be required to perform it if no such succession had taken place. As used in this Agreement, “Company” shall mean the Company as hereinbefore defined and any successor to its business and/or assets as aforesaid which assumes and agrees to perform this Agreement by operation of law, or otherwise.

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16.Non-exclusivity of Rights.  Nothing in this Agreement shall prevent or limit Employee’s continuing or further participation in any benefit, bonus, incentive, stock-based or other plan or program provided by the Company and for which Employee may qualify.  Except as otherwise provided herein, amounts and benefits which are vested benefits or which Employee is otherwise entitled to receive at or subsequent to the date of termination shall be payable in accordance with such plan or program.

17.Entire Agreement; Amendments.  This Agreement and the Confidentiality Agreement contain the entire agreement and understanding of the parties hereto relating to the subject matter hereof and thereof, and supersede all prior and contemporaneous discussions, agreements and understandings of every nature relating to the employment of Employee by the Company.  This Agreement may not be changed or modified, except by an agreement in writing signed by each of the parties hereto.

18.Consent to Suit.  Any legal proceeding arising out of or relating to this Agreement shall be instituted in the United States District Court for the Eastern District of Pennsylvania, or if such court does not have jurisdiction or will not accept jurisdiction, in any court of general jurisdiction in the county in Pennsylvania in which the Company maintains its principal place of business, and Employee and the Company hereby consent to the personal and exclusive jurisdiction of such court and hereby waive any objection that Employee or the Company may have to personal jurisdiction, venue, and any claim or defense of inconvenient forum.  

19.Cooperation.  Employee further agrees that during and after her employment with the Company, subject to reimbursement of her reasonable expenses, she will cooperate fully with the Company and its counsel with respect to any matter (including, without limitation, litigation, investigations, or governmental proceedings) in which the Employee was in any way involved during her employment with the Company.  Employee shall render such cooperation in a timely manner on reasonable notice from the Company, so long as the Company, following Employee’s termination of employment, exercises commercially reasonable efforts to schedule and limit its need for Employee’s cooperation under this paragraph so as not to interfere with Employee’s other personal and professional commitments

 

20.Counterparts and Facsimiles.  This Agreement may be executed, including execution by facsimile signature, in one or more counterparts, each of which shall be deemed an original, and all of which together shall be deemed to be one and the same instrument.

 

21.Governing Law.  This Agreement shall be governed by, and enforced in accordance with, the laws of the Commonwealth of Pennsylvania without regard to the application of the principles of conflicts of laws.

The parties have executed this Employment Agreement as of the date stated above.

 

ORASURE TECHNOLOGIES, INC.

 

 

/s/ Lisa A. NibauerBy:  /s/ Stephen S. Tang

-11- 

 

Lisa A. Nibauer        Stephen S. Tang

 

Title:  President and Chief Executive Officer

 

-12- 

 

EXHIBIT A

Specific Duties of Employee as 

Executive Vice President, Business Unit Leader, Infectious Disease

 

Employee, as the Executive Vice President, Business Unit Leader, Infectious Disease of the Company or the surviving entity in the event of a Change of Control, shall have duties commonly performed by the head executive in charge of a company’s business and operations, including (i) oversight of the commercial, operational and financial performance of the Company’s infectious disease business; (ii) development and implementation of financial and business plans; (iii) development of short and long term business strategies for the infectious disease business; (iv) assisting in identifying and evaluating new products and technologies and product improvements and enhancements to be developed or acquired by the Company or such surviving entity; and (v) assistance to the CEO of OraSure in developing strategic business plans and in planning and evaluating mergers, acquisitions and other strategic matters.

 

 

  

 

 

EXHIBIT B 

RELEASE AGREEMENT

THIS RELEASE AGREEMENT (the “Agreement”) is entered into on this __ day of ___________, 20__, by and between Lisa A. Nibauer (“Executive”) and OraSure Technologies, Inc., a Delaware corporation, together with each and every of its predecessors, successors (by merger or otherwise), parents, subsidiaries, affiliates, divisions and related entities, directors, officers, Executives, attorneys and agents, whether present or former (collectively “OraSure”);

WHEREAS, Executive is entitled to receive severance under an Employment Agreement (“Employment Agreement”), dated ___________, 2020 between Employee and OraSure; and

WHEREAS, Executive agrees to execute this Agreement as consideration for such severance; and

WHEREAS, capitalized terms not otherwise defined in this Agreement shall have the meanings set forth in the Employment Agreement.

NOW, THEREFORE, the parties agree as follows, in consideration of the mutual covenants and obligations contained herein, and intending to be legally held bound:

1.Employment Termination; Consideration.  Executive’s employment with OraSure shall terminate on ______________ (the “Termination Date”).  In consideration for Executive’s receipt of severance as provided in the foregoing Employment Agreement, Executive is willing to enter into this Agreement and provide the release set forth herein.

2.Executive’s Release.  Executive, on behalf of Executive, Executive’s heirs, executors, successors, assigns and representatives hereby unconditionally and irrevocably releases settles and forever discharges OraSure, together with each and every one of its predecessors, successors (by merger or otherwise), parents, subsidiaries, affiliates, divisions and related entities, and all of their directors, officers, executives, attorneys and agents, and benefit plans (and the administrators, fiduciaries and agents of such plans), whether present or former (collectively the “Releasees”), from any and all suits, causes of action, complaints, obligations, demands, or claims of any kind, whether in law or in equity, direct or indirect, known or unknown, suspected or unsuspected (hereinafter “Claims”), which the Executive ever had or now has arising out of or relating to any matter, thing or event occurring up to and including the date of this Agreement.  Except as otherwise expressly provided in this Agreement, the Claims released by Executive specifically include, but are not limited to:

a.any and all claims for wages and benefits including, without limitation, salary, stock, options, commissions, royalties, license fees, health and welfare benefits, separation pay, vacation pay, incentives, and bonuses (collectively “wage related claims”) other than wage related claims that cannot be released as a matter of law;

  

 

 

b.any and all claims for wrongful discharge, breach of contract (whether express or implied), or for breach of the implied covenant of good faith and fair dealing;

c.any and all claims for alleged employment discrimination on the basis of age, race, color, religion, sex, national origin, veteran status, disability and/or handicap and any and all other claims in violation of any federal, state or local statute, ordinance, judicial precedent or executive order, including but not limited to claims under the following statutes: Title VII of the Civil Rights Act of 1964, as amended, 42 U.S.C. §2000e et seq., the Civil Rights Act of 1866, 42 U.S.C. §1981, the Age Discrimination in Employment Act,  29 U.S.C. §621 et seq., the Older Workers Benefit Protection Act, 29 U.S.C. §626(f) (together with the Age Discrimination in Employment Act, the “ADEA”), the Americans with Disabilities Act, 42 U.S.C. §12101 et seq., the Family and Medical Leave Act of 1993, the Fair Labor Standards Act, the Employee Retirement Income Security Act of 1974, or any comparable statute of any other state, country, or locality except as required by law, but excluding claims for vested benefits under OraSure’s pension plans;

d.any and all claims under any foreign, federal, state or local statute or law;

e.any and all claims in tort (including but not limited to any claims for misrepresentation, defamation, interference with contract or prospective economic advantage, intentional or negligent infliction of emotional distress, duress, loss of consortium, invasion of privacy and negligence);

f.any and all claims for attorneys’ fees and costs; and

g.any and all other claims for damages of any kind.

It is the intention of Executive and OraSure that the language relating to the description of released claims in this Section shall be accorded the broadest possible interpretation.  Notwithstanding the foregoing, nothing contained in this paragraph shall apply to, or shall release OraSure from, (i) any obligation of OraSure under this Agreement or the Employment Agreement; (ii) any accrued or vested benefit of Executive pursuant to any employee benefit plan of OraSure, including any benefit not yet due and payable; (iii) any obligation of OraSure under existing stock options, restricted stock or other stock awards; or (iv) any right to indemnification under this Agreement, the By-Laws or Certificate of Incorporation of OraSure or any subsidiary or any insurance policy maintained by the Company or any subsidiary or other entity.  Further, Executive does not waive any rights or claims under the ADEA or otherwise that may arise after the date of Executive’s execution of this Agreement.

3.Acknowledgment.  Executive understands that her release in Section 2 extends to all of the aforementioned Claims and potential Claims which arose on or before the date of this Agreement, whether now known or unknown, suspected or unsuspected, and that this constitutes an essential term of this Agreement.  Executive further understands and acknowledges the significance and consequence of this Agreement and of each specific release and waiver, and expressly consents that this Agreement shall be given full force and effect according to each and all of its express terms and provisions, including those relating to unknown and unsuspected 

-2- 

 

claims, demands, obligations, and causes of action, if any, as well as those relating to any other claims, demands, obligations or causes of action hereinabove specified.  

4.Remedies.  All remedies at law or in equity shall be available to OraSure for the enforcement of this Agreement.  This Agreement may be pleaded as a full bar to the enforcement of any claim that Executive may assert against OraSure in violation of this Agreement.

5.Promise Not To Sue.

a.Executive agrees and covenants not to file, initiate, or join any lawsuit (individually, with others, or as part of a class), in any forum, pleading, raising, or asserting any claim(s) barred or released by this Agreement.  If Executive does so, and the action is found to be barred in whole or in part by this Agreement, Executive agrees to pay the attorneys’ fees and costs, or the proportions thereof, incurred by the applicable Releasees in defending against those claims that are found to be barred by this Agreement.  While this Agreement will serve to release any ADEA claims, the attorneys’ fees/cost shifting provision set forth in this paragraph will not apply to any claims challenging the validity of the release contained in this Agreement under the ADEA.

b.Notwithstanding any of the foregoing to the contrary, nothing in this Agreement or otherwise shall prohibit Executive from (a) reporting possible violations of federal law or regulation to any governmental agency or entity or self-regulatory organization (including but not limited to the Department of Justice, the Securities and Exchange Commission, Congress and any agency Inspector General), or making other disclosures that are protected under the whistleblower provisions of federal law or regulations (it being understood that Executive does not need the prior authorization of OraSure to make any such reports or disclosures or to notify OraSure that Executive has made such reports or disclosures), or (b) providing truthful testimony or statements to the extent, but only to the extent, required by applicable law, rule, regulation, legal process or by any court, arbitrator, mediator or administrative, regulatory, judicial or legislative body (including any committee thereof) with apparent jurisdiction (provided, however, that in such event, except as set forth in the foregoing clause (a) above, Executive will give OraSure prompt written notice thereof prior to such disclosure so that OraSure may seek appropriate protection for such information). However, Executive acknowledges and agrees that Executive shall not seek or accept and waives any rights to any relief obtained on Executive’s behalf in any proceeding by any government agency (including the Equal Employment Opportunity Commission), private party, class, or otherwise with respect to any claims covered by the release in Section 2 of this Agreement.

6.No Admissions.  Neither the execution of this Agreement by the Company, nor the terms hereof, constitute or should be construed to constitute any admission or evidence of any wrongdoing, liability or violation of any federal, state or local law or the common law on the part of the Company.  

7.Confidentiality.  To the extent not otherwise made public by OraSure and except as permitted by this Section, Executive shall not disclose or publicize the terms or fact of this Agreement, directly or indirectly, to any person or entity, except to Executive’s attorney and 

-3- 

 

spouse, provided that Executive’s attorney and spouse agree to keep the information confidential, and to others as required by law.  Executive is specifically prohibited from disclosing the facts or terms of this Agreement to any former or present executive of OraSure except as required by law. Executive further agrees that in the event Executive receives a subpoena, order, or other legal process seeking disclosure of the information referred to in this Agreement, within five (5) business days of such receipt then Executive shall immediately notify OraSure’s General Counsel of such subpoena, request or order and cooperate with OraSure in any efforts to oppose such disclosure.

8.Non-Disparagement.  Executive agrees not to disparage or encourage others to disparage OraSure, as well as any of the other Releasees, their products, missions or businesses or any of the Releasees’ officers, directors, attorneys, and employees, and Executive agrees not to initiate any contact with or respond to any inquiry by the press or other media regarding the Releasees.  For the purpose of this Agreement, "disparage" includes, without limitation, comments or statements to any person or entity, including but not limited to the press and/or media, employees, contractors, or advisors of OraSure or any entity with which OraSure has a business relationship, which would adversely affect in any manner (a) the conduct of the business of OraSure or any of the Releasees (including but not limited to any business plans or prospects) or (b) the reputation of OraSure, OraSure's officers, directors or any of the Releasees. For the avoidance of doubt, nothing in this Agreement precludes Executive from supplying truthful information to any governmental authority or in response to any lawful subpoena or other legal process.

9.Entire Agreement.  This Agreement, together with the terms of the Employment Agreement and the Confidentiality Agreement, contain the entire agreement of the parties with respect to the subject matter hereof, supersede any prior agreements or understandings with respect to the subject matter hereof, and shall be binding upon their respective heirs, executors, administrators, successors and assigns.  The Executive agrees that the obligations contained in this Agreement and the other agreements referenced herein are in addition to, and not in lieu of, any obligations Executive may have.

10.Severability.  If any term or provision of this Agreement shall be held to be invalid or unenforceable for any reason, the validity or enforceability of the remaining terms or provisions shall not be affected, and such term or provision shall be deemed modified to the extent necessary to make it enforceable.

11.Advice of Counsel; Revocation Period.  Executive is hereby advised to seek the advice of counsel.  Executive acknowledges that she is acting of her own free will, that she has been afforded a reasonable time to read and review the terms of this Agreement, and that Executive is voluntarily entering into this Agreement with full knowledge and understanding of its provisions and effects. Executive understands and agrees that she is waiving rights or claims, including, but not limited to, possible claims under the ADEA, in exchange for consideration in addition to anything of value to which Executive is already entitled.  Executive agrees that this Agreement shall not be deemed void or avoidable by claims of duress, deception, mistake of fact, or otherwise.  Nor shall the principle of construction whereby all ambiguities are to be construed against the drafter be employed in the interpretation of this Agreement.  There is absolutely no agreement or reservation that is not clearly expressed in this Agreement.  This Agreement should not be 

-4- 

 

construed for or against any party. Executive further acknowledges that she has been given at least twenty-one (21) days within which to consider this Agreement and that if Executive decides to execute this Agreement before the twenty-one (21) day period has expired, Executive does so voluntarily and waives the opportunity to use the full review period. Executive acknowledges and agrees that changes made to this Agreement, whether or not material, do not restart the aforementioned twenty-one (21) day period.  Executive also acknowledges that she has seven (7) days following her execution of this Agreement to revoke acceptance of this Agreement, with the Agreement not becoming effective until the revocation period has expired without Executive having revoked.  Executive acknowledges that to be effective any revocation must be in writing, signed by the Executive, and received by OraSure prior to the expiration of the revocation date.  If Executive chooses to revoke her acceptance of this Agreement, she should provide written notice to:

General Counsel

OraSure Technologies, Inc.

220 East First Street

Bethlehem, Pennsylvania 18015

 

12.Amendments.  Neither this Agreement nor any term hereof may be orally changed, waived, discharged, or terminated, and may be amended only by a written agreement between the parties hereto.

13.Governing Law.  This Agreement shall be governed by the laws of the Commonwealth of Pennsylvania, without regard to the conflict of law principles of any jurisdiction.

14.Legally Binding.  The terms of this Agreement contained herein are contractual, and not a mere recital.

IN WITNESS WHEREOF, the parties, acknowledging that they are acting of their own free will, have caused the execution of this Agreement as of this day and year written below.

 

OraSure Technologies, Inc.

 

 

By:____________________________________                                                                             

Name:  ____________________________________ 

Title:____________________________________

Dated:____________________________________

 

__________________________________________

Lisa A. Nibauer

Dated:____________________________________

-5-Exhibit 4.2

 

ASTRAZENECA PLC

 

OFFICERS’ CERTIFICATE

 

In connection with the issuance of the
$1,200,000,000 0.700% Fixed Rate Notes due 2026 (the “2026 Notes”), the $1,300,000,000 1.375% Fixed
Rate Notes due 2030 (the “2030 Notes”) and the $500,000,000 2.125% Fixed Rate Notes due 2050 (the “2050
Notes”, together with the 2026 Notes and the 2030 Notes, the “Notes” or the “Securities”)
of AstraZeneca PLC (the “Issuer”) pursuant to the Indenture, dated as of April 1, 2004 (the “Indenture”),
between the Issuer and The Bank of New York Mellon as successor Trustee (section references herein being to the Indenture), and
pursuant to the authorization of the Board of Directors of the Issuer at its meetings held on April 28, 2020 and the authorization
of the Issuer’s Finance Committee by written resolution dated July 31, 2020, the undersigned hereby confirms that, to the
extent not otherwise provided for in the Indenture, the following forms, terms and conditions of the Notes were established as
required pursuant to Section 2.01 and Section 2.08 of the Indenture:

 

	Title of Notes	
0.700%
Fixed Rate Notes due 2026

1.375%
Fixed Rate Notes due 2030

2.125%
Fixed Rate Notes due 2050

         

	Initial Aggregate Principal Amount of Notes	
2026
Notes: U.S.$1,200,000,000

2030
Notes: U.S.$1,300,000,000

2050
Notes: U.S.$500,000,000

         

	Price to Public	 
	 	
2026
Notes: 99.595% of the Principal Amount per 2026 Note, plus accrued interest, if any, from August 6, 2020

         

2030
Notes: 99.712% of the Principal Amount per 2030 Note, plus accrued interest, if any, from August 6, 2020

         

2050
Notes: 97.906% of the Principal Amount per 2050 Note, plus accrued interest, if any, from August 6, 2020

         

	Issue Date	
2026
Notes: August 6, 2020

2030
Notes: August 6, 2020

2050
Notes: August 6, 2020

         

	Form of Notes	The Notes will be issued in the form of global notes that will be deposited with The Depository Trust Company, New York, New York (“DTC”) on the closing date. Seven global notes will be issued to DTC, which will be executed and delivered in substantially the form of Notes set forth in Exhibits A, B and C hereto.  In certain circumstances described in the Indenture, Notes may be issued in definitive form.

                                 

	Maturity	
2026
Notes: April 8, 2026

2030
Notes: August 6, 2030

2050
Notes: August 6, 2050

         

	Interest Rate for Notes	
2026
Notes: 0.700% per annum, accruing from August 6, 2020

2030
Notes: 1.375% per annum, accruing from August 6, 2020

2050
Notes: 2.125% per annum, accruing from August 6, 2020

         

	Interest Periods for Notes	The first interest period for the Notes will be the period from and including the original issue
date to but excluding the first Interest Payment Date (as defined below). Thereafter, the interest periods for the Notes will
be the periods from and including the Interest Payment Dates to but excluding the immediately succeeding Interest

    C-2 

     

    

	 	Payment Date (together with the first interest period, each a “Interest
    Period”). The final Interest Period will be the period from and including the Interest Payment Date immediately
    preceding the maturity date to the maturity date, or the redemption date. Payment Date (as defined below). Thereafter, the
    interest periods for the Notes will be the periods from and including the Interest Payment Dates to but excluding the
    immediately succeeding Interest Payment Date (together with the first interest period, each a “Interest
    Period”). The final Interest Period will be the period from and including the Interest Payment Date immediately
    preceding the maturity date to the maturity date, or the redemption date.
	 	 
	Interest Payment Dates	
        Interest on the 2026 Notes shall be payable semi-annually
        in arrears on April 8 and October 8, commencing April 8, 2021 (each, a “2026 Interest Payment Date”).

         

        Interest on the 2030 Notes shall be payable semi-annually
        in arrears on February 6 and August 6, commencing February 6, 2021 (each, a “2030 Interest Payment Date”).

         

        Interest on the 2050 Notes shall be payable semi-annually
        in arrears on February 6 and August 6, commencing February 6, 2021 (each, a “2050 Interest Payment Date”, and
        together with each 2026 Interest Payment Date and each 2030 Interest Payment Date, each an “Interest Payment Date”).

         

	 	Notwithstanding the above, if an Interest Payment Date would fall on a day that is not a business day (as defined below), the Interest Payment Date will be postponed to the next succeeding day that is a business day, but no additional interest shall be paid unless the issuer fails to make payment on such date.
	 	 
	Regular Record Dates for Interest	Interest shall be paid to the holder in whose name the Notes are registered at the close of business on the 15th calendar day preceding the Interest Payment Date, whether or not such day is a business day.
	 	 
	Business day	Any day which is not, in London, England or New York, New York, or the place of payment of amounts payable in respect of the Notes, a Saturday, a Sunday, a legal holiday or a day on which banking institutions are authorized or obligated by law, regulation or executive order to close.
	 	 
	Place of Payment, Registration of Transfer and Exchange, Paying Agent	
        The Bank of New York Mellon

        240 Greenwich Street

        New York, NY 10286

        

        United States

         

	Trustee	The Bank of New York Mellon
	 	 
	Notice and Demands to Issuer	
        1 Francis Crick Avenue 

        Cambridge Biomedical Campus 

        Cambridge CB2 0AA

        England, United Kingdom

        Attn: The Company Secretary

         

	Redemption Provisions:	 
	Optional Tax Redemption for any series of Notes	Optional, in whole but not in part, at the option of the Issuer, at any time in accordance with the terms set forth in the relevant form of Notes set forth in Exhibits A, B and C hereto.

    C-3 

     

    

	Optional Redemption for any series of Notes	Optional, in whole or in part, from time to time as follows: (i) prior to the applicable Par Call Date (as set forth below), at a redemption price equal to the greater of (A) 100% of the principal amount of such Notes to be redeemed, and (B) as determined by the Quotation Agent (as defined below), the sum of the present values of the remaining scheduled payments of principal and interest on such Notes to be redeemed (assuming for this purpose that such series of Notes matured on the applicable Par Call Date and not including any portion of such payments of interest accrued as of the date of redemption) discounted to the date of redemption on a semiannual basis (assuming a 360-day year consisting of twelve 30-day months) at the Treasury Rate plus the Make Whole Spread (as set forth below) and (ii) on or after the applicable Par Call Date, at a redemption price equal to 100% of the principal amount of the Notes to be redeemed, plus, in each case, accrued interest thereon to but excluding the date of redemption.
	 	 
	 	“Treasury Rate” means, with respect to any redemption date, the rate per annum equal to the semiannual equivalent yield to maturity of the Comparable Treasury Issue, assuming a price for the Comparable Treasury Issue (expressed as a percentage of its principal amount) equal to the Comparable Treasury Price for such redemption date.
	 	 
	 	“Comparable Treasury Issue” means the United States Treasury security selected by the Quotation Agent as having a maturity comparable to the remaining term of the applicable series of Notes to be redeemed that would be utilized, at the time of selection and in accordance with customary financial practice, in pricing new issues of corporate debt securities of comparable maturity to the remaining term of such series of Notes (assuming for this purpose that such series of Notes matured on the applicable Par Call Date).
	 	 
	 	“Comparable Treasury Price” means, with respect to any redemption date, (i) the average, as determined by the Quotation Agent, of the Reference Treasury Dealer Quotations for such redemption date, after excluding the highest and lowest such Reference Treasury Dealer Quotations, or (ii) if the Quotation Agent obtains fewer than three such Reference Treasury Dealer Quotations, the average of all such Quotations.
	 	 
	 	“Quotation Agent” means the Reference Treasury Dealer appointed by the Issuer.
	 	 
	 	“Reference Treasury Dealer” means (i) each of BofA Securities, Inc., HSBC Securities (USA) Inc. and Mizuho Securities USA LLC, and their respective successors or affiliates; provided, however, that if the foregoing shall cease to be a primary U.S. Government securities dealer in New York City (a “Primary Treasury Dealer”), the Issuer shall substitute therefor another Primary Treasury Dealer; and (ii) any other Primary Treasury Dealer selected by the Issuer.
	 	 
	 	“Reference Treasury Dealer Quotations” means, with respect to each Reference Treasury Dealer and any redemption date, the average, as determined by the Quotation Agent, of the bid and asked prices for the Comparable Treasury Issue (expressed in each case as a percentage of its principal amount) quoted in writing to

    C-4 

     

    

	 	the Trustee by such Reference Treasury Dealer at 3:30 p.m., New York City time, on the third business day preceding such redemption date.
	 	 
	 	“Make-Whole Spread” means, with respect to, (i) the 2026 Notes, 10 basis points, (ii) the 2030 Notes, 15 basis points and (iii) the 2050 Notes, 15 basis points.
	 	 
	 	“Par Call Date” means, with respect to, (i) the 2026 Notes, March 8, 2026, (ii) the 2030 Notes, May 6, 2030 and (iii) the 2050 Notes, February 6, 2050.
	 	 
	Redemption Notices	Notice of any redemption will be given to DTC at least 15 days but not more than 60 days prior to the redemption date to the Holders.  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.
	 	 
	Defeasance and Discharge of the Notes (Section 9.03)	Applicable. Section 9.03(iii) of the Indenture, is amended and replaced with “the Issuer shall have delivered to the Trustee an Officers’ Certificate and an Opinion of Counsel each stating that all conditions precedent provided for relating to the defeasance, have been complied with and an Opinion of Counsel to the effect that the Holders of the debt securities of that series will not recognize gain or loss for U.S. federal income tax purposes as a result of the defeasance and will be subject to the same U.S. federal income tax as would be the case if the defeasance did not occur.”
	 	 
	Further Issuances	The Issuer may, at its option, at any time and without the consent of the then existing Holders, reopen any series of Notes and issue additional Notes in one or more transactions after the date of the Prospectus Supplement (as defined below) with terms (other than the issuance date and, possibly, first interest Payment Date, original interest accrual date and issue price) identical to the original series of Notes. These additional Notes will be deemed to have been part of the applicable original series of Notes and will provide the Holders of these additional Notes the right to vote together with Holders of the applicable original series of Notes; provided, however, that if these additional Notes are not fungible with the applicable original series of Notes for U.S. federal income tax purposes, these additional Notes will have a different CUSIP or other identifying number.
	 	 
	Sinking Fund	None.
	 	 
	Additional Amounts	Pursuant to the relevant form of Notes set forth in Exhibits A, B and C hereto, the Issuer may, subject to certain exceptions, be obligated to pay additional amounts.
	 	 
	Electronic Execution	The words “execution,” “signed,” “signature,” “delivery,” and words of like import in or relating to the Indenture or any document to be signed in connection with the Indenture (including the certificate of authentication, certificate of the Trustee and the Securities (as defined in the Indenture)) shall be deemed to include electronic signatures (e.g., by DocuSign or Adobe Sign), deliveries or the keeping of records in electronic form, each of which shall be of the same legal effect, validity or enforceability as a manually executed signature, physical delivery thereof or the use of a paper-

    C-5 

     

    

	 	based recordkeeping system, as the case may be, and the parties hereto and thereto consent to conduct the transactions contemplated hereunder by electronic means.
	 	 
	Other Terms of the Notes	The other terms of the Notes shall be substantially as set forth in the Indenture, the relevant form of Notes attached hereto as Exhibits A, B and C, the Prospectus dated November 8, 2019 (the “Prospectus”) relating to the Notes and the Prospectus Supplement dated August 3, 2020 to the Prospectus (the “Prospectus Supplement”).
	 	 

    C-6 

     

    

Each of the undersigned hereby certifies
that:

 

1.       He
has read the provisions of the Indenture setting forth covenants and conditions to the Trustee’s authentication and delivery
of the Securities and the definitions in the Indenture relating thereto.

 

2.       He
has examined the resolutions of the Board of Directors and the Finance Committee of the Issuer adopted prior to the date hereof
relating to the authorization, issuance, authentication and delivery of the Securities, such other corporate records of the Issuer,
as applicable, and such other documents deemed necessary as a basis for the opinion hereinafter expressed.

 

3.       In
his opinion, such examination is sufficient to enable him to express an informed opinion as to whether or not the covenants and
conditions referred to above have been complied with.

 

4.       He
is of the opinion that the covenants and conditions referred to above have been complied with.

 

    C-7 

     

    

IN WITNESS WHEREOF, each of the undersigned
has hereunto signed his name.

 

Dated: August 6, 2020

 

	/s/ Jonathan Slade
	Name:	 Jonathan Slade
	Title:	Group Treasurer

	/s/ Matthew Bowden
	Name:	Matthew Bowden
	Title:	Deputy Company Secretary

 

	 

 

     

     

    

Exhibit A

 

 

 

 

     

     

    

THIS SECURITY IS A GLOBAL REGISTERED SECURITY WITHIN THE
MEANING OF THE INDENTURE HEREINAFTER REFERRED TO AND IS REGISTERED IN THE NAME OF A DEPOSITARY OR A NOMINEE THEREOF. THIS SECURITY
MAY NOT BE EXCHANGED IN WHOLE OR IN PART FOR A SECURITY REGISTERED, AND NO TRANSFER OF THIS SECURITY IN WHOLE OR IN PART MAY BE
REGISTERED, IN THE NAME OF ANY PERSON OTHER THAN SUCH DEPOSITARY OR A NOMINEE THEREOF, EXCEPT IN THE LIMITED CIRCUMSTANCES DESCRIBED
IN THE INDENTURE.

 

ASTRAZENECA PLC

 

0.700% Notes due 2026

 

No. 001

U.S.$500,000,000

 

CUSIP No. 046353AV0 

ISIN No. US046353AW81

 

ASTRAZENECA PLC, a public limited company
incorporated under the laws of England and Wales (herein called the “Issuer”, which term includes any successor
Person under the Indenture hereinafter referred to), for value received, hereby promises to pay to Cede & Co., or registered
assigns, the principal sum of Five Hundred Million United States Dollars on August 6, 2026 and to pay interest thereon from August
6, 2020 or from the most recent Interest Payment Date (as defined below) to which interest has been paid or duly provided for,
semiannually in arrears on April 8 and October 8 in each year, commencing April 8, 2021 (each, an “Interest Payment Date”),
at the rate of 0.700% 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 Security (or one or more Predecessor Securities) is registered at the close of business on the Regular Record Date
(as defined below) for such interest which shall be the 15th calendar day preceding such Interest Payment Date (whether
or not such day is a Business Day (as defined below)), as the case may be. Any such interest not so punctually paid or duly provided
for will forthwith cease to be payable to the Holder on such Regular Record Date and may either be paid to the Person in whose
name this Security (or one or more Predecessor Securities) is registered at the close of business on a subsequent record date (the
“Special Record Date”) for the payment of such defaulted interest to be fixed by the Trustee (which shall not
be less than five Business Days prior to the date of payment of such defaulted interest), notice whereof shall be given to Holders
of Securities of this series 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 Securities of this series may be listed, and upon such notice as may be required by such exchange, all as more fully
provided in said Indenture.

 

Payment of the principal of (and premium,
if any) and any such interest on this Security will be made at the office or agency of the Issuer maintained for that purpose in
New York City, in such coin or currency of the United States of America as at the time of payment is legal tender for payment of
public and private debts; provided, however, that at the option of the Issuer payment of interest may be made by
check mailed to the address of the Person entitled thereto as such address shall appear in the Security Register.

 

Reference is hereby made to the further
provisions of this Security set forth on the reverse hereof, which further provisions shall for all purposes have the same effect
as if set forth at this place.

 

Unless the certificate of authentication
hereon has been executed by the Trustee by manual signature of an authorized signatory, this Security shall not be entitled to
any benefit under the Indenture or be valid or obligatory for any purpose.

 

     

     

    

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

 

Dated: August 6, 2020

 

	 	ASTRAZENECA PLC
	 	 
	 	 
	 	By: 	/s/ Jonathan Slade
	 	 	Name:	Jonathan Slade

	 	 	Title:	Group Treasurer

 

	 	 
	 	By: 	/s/ Matthew Bowden
	 	 	Name:	Matthew Bowden

	 	 	Title:	Deputy Company Secretary

 

	 

 

 

[Signature
page to Global Note]

 

     

     

    

 

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

 

Dated: August 6, 2020

 

 

 

	 	THE BANK OF NEW YORK MELLON
	 	As Trustee
	 	 
	 	 
	 	By: 	/s/ Leslie Morales
	 	 	Leslie Morales
	 	 		

 

 

 

     

     

    

This Security is one of a duly authorized
issue of securities of the Issuer (herein called the “Securities”), issued and to be issued in one or more series
under an Indenture, dated as of April 1, 2004 (herein called the “Indenture” which term shall have the meaning
assigned to it in such instrument), among the Issuer and The Bank of New York Mellon (formerly known as The Bank of New York),
as successor Trustee (herein called the “Trustee”, which term includes any other successor trustee under the
Indenture) to JPMorgan Chase Bank, and reference is hereby made to the Indenture and to the Officers’ Certificate delivered
pursuant to Section 2.08 of the Indenture with respect to this security for a statement of the respective rights, limitations of
rights, duties and immunities thereunder of the Issuer, the Trustee and the Holders of the Securities and of the terms upon which
the Securities are, and are to be, authenticated and delivered. This Security is one of the series designated on the face hereof,
initially limited in aggregate principal amount to U.S.$1,200,000,000.

 

The Securities of this series are subject
to redemption, as a whole or in part, from time to time, at the election of the Issuer, upon not less than 15 nor more than 60
days’ notice, as follows: (i) prior to March 8, 2026 (the “Par Call Date”), at a Redemption Price equal
to the greater of (A) 100% of the principal amount of the Securities to be redeemed, and (B) as determined by the Quotation Agent
(as defined below), the sum of the present values of the remaining scheduled payments of principal and interest thereon (assuming
for this purpose that such series of Notes matured on the Par Call Date and not including any portion of such payments of interest
accrued as of the date of redemption) discounted to the date of redemption on a semiannual basis (assuming a 360-day year consisting
of twelve 30-day months) at the Treasury Rate plus 10 basis points, and (ii) on or after the Par Call Date, at a redemption price
equal to 100% of the principal amount of the Securities to be redeemed; plus, in each of cases (A) and (B) above, accrued interest
thereon to but excluding the date of redemption.

 

“Business Day” means any day which is
not, in London, England or New York, New York, or the place of payment of amounts payable in respect of the Securities, a Saturday,
a Sunday, a legal holiday or a day on which banking institutions are authorized or obligated by law, regulation or executive order
to close.

 

“Comparable Treasury Issue” means the
United States Treasury security selected by the Quotation Agent as having an actual or interpolated maturity comparable to the
remaining term of the Securities to be redeemed that would be utilized, at the time of selection and in accordance with customary
financial practice, in pricing new issues of corporate debt securities of comparable maturity to the remaining term of such Securities
(assuming for this purpose that such Securities matured on the Par Call Date).

 

     

     

    

“Comparable Treasury Price” means, with
respect to any redemption date, (i) the average, as determined by the Quotation Agent, of the Reference Treasury Dealer Quotations
for such redemption date, after excluding the highest and lowest such Reference Treasury Dealer Quotations, or (ii) if the Quotation
Agent obtains fewer than three such Reference Treasury Dealer Quotations, the average of all such Quotations.

 

“Quotation Agent” means the Reference
Treasury Dealer appointed by the Issuer.

 

“Reference Treasury Dealer” means (i)
each of BofA Securities, Inc., HSBC Securities (USA) Inc. and Mizuho Securities USA LLC, and their respective successors or affiliates;
provided, however, that if the foregoing shall cease to be a primary U.S. Government securities dealer in New York City
(a “Primary Treasury Dealer”), the Issuer shall substitute therefor another Primary Treasury Dealer; and (ii) any other
Primary Treasury Dealer selected by the Issuer.

 

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

 

“Treasury Rate” means, with respect to
any redemption date, the rate per annum equal to the semiannual equivalent yield to maturity of the Comparable Treasury Issue,
assuming a price for the Comparable Treasury Issue (expressed as a percentage of its principal amount) equal to the Comparable
Treasury Price for such redemption date.

 

The Indenture contains provisions to the
effect that, in the event of various tax law changes and other limited circumstances that require the Issuer to pay Additional
Amounts (as defined below), the Issuer may redeem all, but not less than all, of the Securities of a series at a price equal to
100% of the principal amount of the Securities plus accrued interest thereon to but excluding the date of redemption, which provisions
apply to this Security.

 

In the event of redemption of this Security
in part only, a new Security or Securities of this series and of like tenor for the unredeemed portion hereof will be issued in
the name of the Holder hereof upon the cancellation hereof.

 

     

     

    

The Indenture contains provisions for defeasance
at any time of the entire indebtedness on this Security upon compliance by the Issuer with certain conditions set forth thereon,
which provisions apply to this Security.

 

If an Event of Default with respect to Securities
of this series shall occur and be continuing, the principal of the Securities of this series may be declared due and payable in
the manner and with the effect provided in the Indenture.

 

The Issuer may, at its option, at any time
and without the consent of the Holders, reopen the Securities of this series and issue additional Securities in one or more transactions
with terms (other than the issuance date and, possibly, first Interest Payment Date, original interest accrual date and issue price)
identical to the Securities of this series. These additional Securities will be deemed to have been part of the Securities of this
series and will provide the Holders of these additional Securities the right to vote together with Holders of the Securities of
this series; provided, however, that if these additional Securities are not fungible with the Securities of this series for U.S.
federal income tax purposes, these additional Securities will have a different CUSIP or other identifying number.

 

Any amounts to be paid by the Issuer under
this Security of principal, premium and interest in respect of this Security will be paid without deduction or withholding for
any and all present and future taxes, levies, duties, assessments, imposts or other governmental charges of whatever nature imposed,
assessed, levied or collected by or for the account of the government of any jurisdiction in which the Issuer is resident for tax
purposes (presently, the United Kingdom) or any political subdivision or taxing authority of such jurisdiction, unless such withholding
or deduction is required by law. If such deduction or withholding is at any time required, the Issuer will pay such additional
amounts (“Additional Amounts”) as will result in the receipt of such amounts as would have been received by
the Holder had no such withholding or deduction been required, provided that the Issuer will not have to pay Additional Amounts
if:

 

(i)       the
tax, levy, impost or other governmental charge would not have been imposed, assessed, levied or collected but for the Holder’s
(or beneficial owner’s) connection to the jurisdiction in which the Issuer is resident for tax purposes, other than by merely
holding this Security or by receiving principal, premium, if any, or interest, if any, on this Security, or enforcing this Security.
These connections include where the Holder or beneficial owner:

 

		·	is or has been a domiciliary, national or resident of such jurisdiction;

 

		·	is or has been engaged in a trade or business in such jurisdiction;

 

		·	has or had a permanent establishment in such jurisdiction; or

 

		·	is or has been physically present in such jurisdiction;

 

     

     

    

			

 

(ii)       the
tax, levy, impost or other governmental charge would not have been imposed, assessed, levied or collected but for presentation
of this Security for payment, if presentation is required, more than 30 days after this Security became due or payment was provided
for;

 

(iii)       
the tax, levy, impost or other governmental charge is an estate, inheritance, gift, sale, transfer, personal property or similar
tax, levy, impost or other governmental charge;

 

(iv)       
the tax, levy, impost or other governmental charge is payable in a manner that does not involve deduction or withholding from payments
on or in respect of this Security;

 

(v)       the
tax, levy, impost or other governmental charge would not have been imposed or withheld but for the failure of the Holder or beneficial
owner, upon a reasonable request, addressed to the Holder, to comply with any certification, identification or other reporting
requirement concerning the Holder’s or the beneficial owner’s nationality, residence, identity or connection with any
jurisdiction in which the Issuer is resident for tax purposes, if compliance is required by any treaty, statute, regulation or
administrative practice of such jurisdiction as a condition to relief or exemption from such tax, levy, impost or other governmental
charge;

 

(vi)       
the tax, levy, impost or other governmental charge is required by Sections 1471 through 1474 of the Internal Revenue Code of 1986,
as amended (“FATCA”), any current or future U.S. Treasury Regulations or rulings promulgated thereunder, any
intergovernmental agreement between the United States and any other jurisdiction to implement FATCA (an “IGA”),
any law, regulation or other official guidance enacted in any jurisdiction implementing FATCA or an IGA, or any agreement with
the U.S. Internal Revenue Service under or with respect to FATCA; or

 

(vii) any combination of the taxes referred
to in (i) through (vi) above.

 

In addition, no payments of Additional
Amounts will be made with respect to any payment on this Security if the Holder of this Security is a fiduciary, partnership or
a person other than the sole beneficial owner of any payment, and, by the laws of the jurisdiction in which the Issuer is resident
for tax purposes, that payment would be required for tax purposes to be included in income of a beneficiary or settlor with respect
to the fiduciary, a member of that partnership or a beneficial owner who would not have been entitled to the Additional Amounts
had that beneficiary, settlor, member or beneficial owner been the Holder of this Security.

 

The Issuer will remit the full amount of
any taxes withheld to the applicable taxing authorities in accordance with the applicable law. The Issuer will also provide the
Trustee with documentation reasonably satisfactory to the Trustee

 

     

     

    

evidencing
the payment of any taxes in respect of which the Issuer has paid Additional Amounts. The Issuer will provide copies of such documentation
to the Holder of this Security upon request.

 

Any reference in the Indenture or this
Security to principal, premium or interest in respect of this Security will be deemed also to refer to any Additional Amounts that
may be payable with respect to such principal, premium or interest under the obligations referred to herein.

 

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 Securities of each series to be affected under the Indenture at any time by the Issuer and the Trustee with the
consent of the Holders of a majority in principal amount of the Securities at the time Outstanding of each series to be affected.
The Indenture also contains provisions permitting the Holders of specified percentages in principle amount of the Securities of
each series at the time Outstanding, on behalf of the Holders of all Securities of such series to waive compliance by the Issuer
with certain provisions of the Indenture and certain past defaults under the Indenture and their consequences. Any such consent
or waiver by the Holder of this Security shall be conclusive and binding upon such Holder and upon all future Holders of this Security
and of any Security issued upon the registration of transfer hereof or in exchange herefor or in lieu hereof, whether or not notation
of such consent or waiver is made upon this Security.

 

As set forth in, and subject to, the provisions
of the Indenture, no Holder of any Security of this series will have any right to institute any proceeding with respect to the
Indenture, this Security or for any remedy thereunder, unless such Holder shall have previously given to the Trustee written notice
of a continuing Event of Default with respect to the Securities of this series, the Holders of not less than 25% in principal amount
of the Outstanding Securities of this series shall have made written request, and offered reasonable indemnity, to the Trustee
to institute such proceeding as trustee, and the Trustee shall not have received from the Holders of a majority in principal of
the Outstanding Securities of this series a direction inconsistent with such request and shall have failed to institute such proceeding
within 60 days; provided, however, that such limitations do not apply to a suit instituted by the Holder hereof for
the enforcement of payment of the principal (and premium, if any) or any interest on this Security on or after the respective due
dates expressed herein.

 

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

 

     

     

    

The Securities of this series are issuable
only in registered form without coupons in denominations of U.S.$2,000 and integral multiples of U.S.$1,000 in excess thereof.

 

No service charge shall be made for any
registration of transfer or exchange, but the Issuer or the Trustee may require payment of a sum sufficient to cover any tax or
other governmental charge payable in connection therewith.

 

Prior to due presentation of this Security
for registration of transfer, the Issuer, the Trustee and any agent of the Issuer or the Trustee may treat the Person in whose
name this Security is registered as the owner hereof for all purposes, whether or not this Security be overdue, and neither of
the Issuer nor the Trustee nor any such agent shall be affected by notice to the contrary.

 

This Security shall be governed by and
construed in accordance with the laws of the State of New York.

 

Unless otherwise defined herein, all terms
used in this Security which are defined in the Indenture shall have the meanings assigned to them in the Indenture.

 

     

     

    

SCHEDULE OF PRINCIPAL AMOUNT

 

The initial principal amount of this Security
shall be U.S.$500,000,000. The following decreases/increases in the principal amount of this Security have been made:

 

	
        Date
        of Decrease/Increase

         
	
        Decrease
        in Principal Amount

         
	
        Increase
        in Principal Amount

         
	
        Total
        Principal Amount Following such Decrease/Increase

         
	
        Notation
Made by or on Behalf of Trustee 

         

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

     

     

    

THIS SECURITY IS A GLOBAL REGISTERED SECURITY WITHIN THE
MEANING OF THE INDENTURE HEREINAFTER REFERRED TO AND IS REGISTERED IN THE NAME OF A DEPOSITARY OR A NOMINEE THEREOF. THIS SECURITY
MAY NOT BE EXCHANGED IN WHOLE OR IN PART FOR A SECURITY REGISTERED, AND NO TRANSFER OF THIS SECURITY IN WHOLE OR IN PART MAY BE
REGISTERED, IN THE NAME OF ANY PERSON OTHER THAN SUCH DEPOSITARY OR A NOMINEE THEREOF, EXCEPT IN THE LIMITED CIRCUMSTANCES DESCRIBED
IN THE INDENTURE.

 

ASTRAZENECA PLC

 

0.700% Notes due 2026

 

No. 002

U.S.$500,000,000

 

CUSIP No. 046353AV0

ISIN No. US046353AW81

 

ASTRAZENECA PLC, a public limited company
incorporated under the laws of England and Wales (herein called the “Issuer”, which term includes any successor
Person under the Indenture hereinafter referred to), for value received, hereby promises to pay to Cede & Co., or registered
assigns, the principal sum of Five Hundred Million United States Dollars on August 6, 2026 and to pay interest thereon from August
6, 2020 or from the most recent Interest Payment Date (as defined below) to which interest has been paid or duly provided for,
semiannually in arrears on April 8 and October 8 in each year, commencing April 8, 2021 (each, an “Interest Payment Date”),
at the rate of 0.700% 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 Security (or one or more Predecessor Securities) is registered at the close of business on the Regular Record Date
(as defined below) for such interest which shall be the 15th calendar day preceding such Interest Payment Date (whether
or not such day is a Business Day (as defined below)), as the case may be. Any such interest not so punctually paid or duly provided
for will forthwith cease to be payable to the Holder on such Regular Record Date and may either be paid to the Person in whose
name this Security (or one or more Predecessor Securities) is registered at the close of business on a subsequent record date (the
“Special Record Date”) for the payment of such defaulted interest to be fixed by the Trustee (which shall not
be less than five Business Days prior to the date of payment of such defaulted interest), notice whereof shall be given to Holders
of Securities of this series 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 Securities of this series may be
listed, and upon such notice as may be required by such exchange, all as more fully provided in said Indenture.

 

Payment of the principal of (and premium,
if any) and any such interest on this Security will be made at the office or agency of the Issuer maintained for that purpose in
New York City, in such coin or currency of the United States of America as at the time of payment is legal tender for payment of
public and private debts; provided, however, that at the option of the Issuer payment of interest may be made by
check mailed to the address of the Person entitled thereto as such address shall appear in the Security Register.

 

Reference is hereby made to the further
provisions of this Security set forth on the reverse hereof, which further provisions shall for all purposes have the same effect
as if set forth at this place.

 

Unless the certificate of authentication
hereon has been executed by the Trustee by manual signature of an authorized signatory, this Security shall not be entitled to
any benefit under the Indenture or be valid or obligatory for any purpose.

 

     

     

    

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

 

Dated: August 6, 2020

 

	 	ASTRAZENECA PLC
	 	 
	 	 
	 	By: 	/s/ Jonathan Slade
	 	 	Name:	Jonathan Slade

	 	 	Title:	Group Treasurer

 

	 	 
	 	By: 	/s/ Matthew Bowden
	 	 	Name:	Matthew Bowden

	 	 	Title:	Deputy Company Secretary

 

	 

 

 

[Signature
page to Global Note]

 

     

     

    

 

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

 

Dated: August 6, 2020

 

 

 

	 	THE BANK OF NEW YORK MELLON
	 	As Trustee
	 	 
	 	 
	 	By: 	/s/ Leslie Morales
	 	 	Leslie Morales
	 	 		

 

 

 

 

 

     

     

    

 

 

This Security is one of a duly authorized
issue of securities of the Issuer (herein called the “Securities”), issued and to be issued in one or more series
under an Indenture, dated as of April 1, 2004 (herein called the “Indenture” which term shall have the meaning
assigned to it in such instrument), among the Issuer and The Bank of New York Mellon (formerly known as The Bank of New York),
as successor Trustee (herein called the “Trustee”, which term includes any other successor trustee under the
Indenture) to JPMorgan Chase Bank, and reference is hereby made to the Indenture and to the Officers’ Certificate delivered
pursuant to Section 2.08 of the Indenture with respect to this security for a statement of the respective rights, limitations of
rights, duties and immunities thereunder of the Issuer, the Trustee and the Holders of the Securities and of the terms upon which
the Securities are, and are to be, authenticated and delivered. This Security is one of the series designated on the face hereof,
initially limited in aggregate principal amount to U.S.$1,200,000,000.

 

The Securities of this series are subject
to redemption, as a whole or in part, from time to time, at the election of the Issuer, upon not less than 15 nor more than 60
days’ notice, as follows: (i) prior to March 8, 2026 (the “Par Call Date”), at a Redemption Price equal
to the greater of (A) 100% of the principal amount of the Securities to be redeemed, and (B) as determined by the Quotation Agent
(as defined below), the sum of the present values of the remaining scheduled payments of principal and interest thereon (assuming
for this purpose that such series of Notes matured on the Par Call Date and not including any portion of such payments of interest
accrued as of the date of redemption) discounted to the date of redemption on a semiannual basis (assuming a 360-day year consisting
of twelve 30-day months) at the Treasury Rate plus 10 basis points, and (ii) on or after the Par Call Date, at a redemption price
equal to 100% of the principal amount of the Securities to be redeemed; plus, in each of cases (A) and (B) above, accrued interest
thereon to but excluding the date of redemption.

 

“Business Day” means any day which is
not, in London, England or New York, New York, or the place of payment of amounts payable in respect of the Securities, a Saturday,
a Sunday, a legal holiday or a day on which banking institutions are authorized or obligated by law, regulation or executive order
to close.

 

“Comparable Treasury Issue” means the
United States Treasury security selected by the Quotation Agent as having an actual or interpolated maturity comparable to the
remaining term of the Securities to be redeemed that would be utilized, at the time of selection and in accordance with customary
financial practice, in pricing new issues of corporate debt securities of comparable maturity to the remaining term of such Securities
(assuming for this purpose that such Securities matured on the Par Call Date).

 

     

     

    

“Comparable Treasury Price” means, with
respect to any redemption date, (i) the average, as determined by the Quotation Agent, of the Reference Treasury Dealer Quotations
for such redemption date, after excluding the highest and lowest such Reference Treasury Dealer Quotations, or (ii) if the Quotation
Agent obtains fewer than three such Reference Treasury Dealer Quotations, the average of all such Quotations.

 

“Quotation Agent” means the Reference
Treasury Dealer appointed by the Issuer.

 

“Reference Treasury Dealer” means (i)
each of BofA Securities, Inc., HSBC Securities (USA) Inc. and Mizuho Securities USA LLC, and their respective successors or affiliates;
provided, however, that if the foregoing shall cease to be a primary U.S. Government securities dealer in New York City
(a “Primary Treasury Dealer”), the Issuer shall substitute therefor another Primary Treasury Dealer; and (ii) any other
Primary Treasury Dealer selected by the Issuer.

 

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

 

“Treasury Rate” means, with respect to
any redemption date, the rate per annum equal to the semiannual equivalent yield to maturity of the Comparable Treasury Issue,
assuming a price for the Comparable Treasury Issue (expressed as a percentage of its principal amount) equal to the Comparable
Treasury Price for such redemption date.

 

The Indenture contains provisions to the
effect that, in the event of various tax law changes and other limited circumstances that require the Issuer to pay Additional
Amounts (as defined below), the Issuer may redeem all, but not less than all, of the Securities of a series at a price equal to
100% of the principal amount of the Securities plus accrued interest thereon to but excluding the date of redemption, which provisions
apply to this Security.

 

In the event of redemption of this Security
in part only, a new Security or Securities of this series and of like tenor for the unredeemed portion hereof will be issued in
the name of the Holder hereof upon the cancellation hereof.

 

     

     

    

The Indenture contains provisions for defeasance
at any time of the entire indebtedness on this Security upon compliance by the Issuer with certain conditions set forth thereon,
which provisions apply to this Security.

 

If an Event of Default with respect to Securities
of this series shall occur and be continuing, the principal of the Securities of this series may be declared due and payable in
the manner and with the effect provided in the Indenture.

 

The Issuer may, at its option, at any time
and without the consent of the Holders, reopen the Securities of this series and issue additional Securities in one or more transactions
with terms (other than the issuance date and, possibly, first Interest Payment Date, original interest accrual date and issue price)
identical to the Securities of this series. These additional Securities will be deemed to have been part of the Securities of this
series and will provide the Holders of these additional Securities the right to vote together with Holders of the Securities of
this series; provided, however, that if these additional Securities are not fungible with the Securities of this series for U.S.
federal income tax purposes, these additional Securities will have a different CUSIP or other identifying number.

 

Any amounts to be paid by the Issuer under
this Security of principal, premium and interest in respect of this Security will be paid without deduction or withholding for
any and all present and future taxes, levies, duties, assessments, imposts or other governmental charges of whatever nature imposed,
assessed, levied or collected by or for the account of the government of any jurisdiction in which the Issuer is resident for tax
purposes (presently, the United Kingdom) or any political subdivision or taxing authority of such jurisdiction, unless such withholding
or deduction is required by law. If such deduction or withholding is at any time required, the Issuer will pay such additional
amounts (“Additional Amounts”) as will result in the receipt of such amounts as would have been received by
the Holder had no such withholding or deduction been required, provided that the Issuer will not have to pay Additional Amounts
if:

 

(i)       the
tax, levy, impost or other governmental charge would not have been imposed, assessed, levied or collected but for the Holder’s
(or beneficial owner’s) connection to the jurisdiction in which the Issuer is resident for tax purposes, other than by merely
holding this Security or by receiving principal, premium, if any, or interest, if any, on this Security, or enforcing this Security.
These connections include where the Holder or beneficial owner:

 

		·	is or has been a domiciliary, national or resident of such jurisdiction;

 

		·	is or has been engaged in a trade or business in such jurisdiction;

 

		·	has or had a permanent establishment in such jurisdiction; or

 

		·	is or has been physically present in such jurisdiction;

 

     

     

    

			

 

(ii)       the
tax, levy, impost or other governmental charge would not have been imposed, assessed, levied or collected but for presentation
of this Security for payment, if presentation is required, more than 30 days after this Security became due or payment was provided
for;

 

(iii)       
the tax, levy, impost or other governmental charge is an estate, inheritance, gift, sale, transfer, personal property or similar
tax, levy, impost or other governmental charge;

 

(iv)       
the tax, levy, impost or other governmental charge is payable in a manner that does not involve deduction or withholding from payments
on or in respect of this Security;

 

(v)       the
tax, levy, impost or other governmental charge would not have been imposed or withheld but for the failure of the Holder or beneficial
owner, upon a reasonable request, addressed to the Holder, to comply with any certification, identification or other reporting
requirement concerning the Holder’s or the beneficial owner’s nationality, residence, identity or connection with any
jurisdiction in which the Issuer is resident for tax purposes, if compliance is required by any treaty, statute, regulation or
administrative practice of such jurisdiction as a condition to relief or exemption from such tax, levy, impost or other governmental
charge;

 

(vi)       
the tax, levy, impost or other governmental charge is required by Sections 1471 through 1474 of the Internal Revenue Code of 1986,
as amended (“FATCA”), any current or future U.S. Treasury Regulations or rulings promulgated thereunder, any
intergovernmental agreement between the United States and any other jurisdiction to implement FATCA (an “IGA”),
any law, regulation or other official guidance enacted in any jurisdiction implementing FATCA or an IGA, or any agreement with
the U.S. Internal Revenue Service under or with respect to FATCA; or

 

(vii) any combination of the taxes referred
to in (i) through (vi) above.

 

In addition, no payments of Additional
Amounts will be made with respect to any payment on this Security if the Holder of this Security is a fiduciary, partnership or
a person other than the sole beneficial owner of any payment, and, by the laws of the jurisdiction in which the Issuer is resident
for tax purposes, that payment would be required for tax purposes to be included in income of a beneficiary or settlor with respect
to the fiduciary, a member of that partnership or a beneficial owner who would not have been entitled to the Additional Amounts
had that beneficiary, settlor, member or beneficial owner been the Holder of this Security.

 

The Issuer will remit the full amount of
any taxes withheld to the applicable taxing authorities in accordance with the applicable law. The Issuer will also provide the
Trustee with documentation reasonably satisfactory to the Trustee

 

     

     

    

evidencing
the payment of any taxes in respect of which the Issuer has paid Additional Amounts. The Issuer will provide copies of such documentation
to the Holder of this Security upon request.

 

Any reference in the Indenture or this
Security to principal, premium or interest in respect of this Security will be deemed also to refer to any Additional Amounts that
may be payable with respect to such principal, premium or interest under the obligations referred to herein.

 

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 Securities of each series to be affected under the Indenture at any time by the Issuer and the Trustee with the
consent of the Holders of a majority in principal amount of the Securities at the time Outstanding of each series to be affected.
The Indenture also contains provisions permitting the Holders of specified percentages in principle amount of the Securities of
each series at the time Outstanding, on behalf of the Holders of all Securities of such series to waive compliance by the Issuer
with certain provisions of the Indenture and certain past defaults under the Indenture and their consequences. Any such consent
or waiver by the Holder of this Security shall be conclusive and binding upon such Holder and upon all future Holders of this Security
and of any Security issued upon the registration of transfer hereof or in exchange herefor or in lieu hereof, whether or not notation
of such consent or waiver is made upon this Security.

 

As set forth in, and subject to, the provisions
of the Indenture, no Holder of any Security of this series will have any right to institute any proceeding with respect to the
Indenture, this Security or for any remedy thereunder, unless such Holder shall have previously given to the Trustee written notice
of a continuing Event of Default with respect to the Securities of this series, the Holders of not less than 25% in principal amount
of the Outstanding Securities of this series shall have made written request, and offered reasonable indemnity, to the Trustee
to institute such proceeding as trustee, and the Trustee shall not have received from the Holders of a majority in principal of
the Outstanding Securities of this series a direction inconsistent with such request and shall have failed to institute such proceeding
within 60 days; provided, however, that such limitations do not apply to a suit instituted by the Holder hereof for
the enforcement of payment of the principal (and premium, if any) or any interest on this Security on or after the respective due
dates expressed herein.

 

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

 

     

     

    

The Securities of this series are issuable
only in registered form without coupons in denominations of U.S.$2,000 and integral multiples of U.S.$1,000 in excess thereof.

 

No service charge shall be made for any
registration of transfer or exchange, but the Issuer or the Trustee may require payment of a sum sufficient to cover any tax or
other governmental charge payable in connection therewith.

 

Prior to due presentation of this Security
for registration of transfer, the Issuer, the Trustee and any agent of the Issuer or the Trustee may treat the Person in whose
name this Security is registered as the owner hereof for all purposes, whether or not this Security be overdue, and neither of
the Issuer nor the Trustee nor any such agent shall be affected by notice to the contrary.

 

This Security shall be governed by and
construed in accordance with the laws of the State of New York.

 

Unless otherwise defined herein, all terms
used in this Security which are defined in the Indenture shall have the meanings assigned to them in the Indenture.

 

     

     

    

SCHEDULE OF PRINCIPAL AMOUNT

 

The initial principal amount of this Security
shall be U.S.$500,000,000. The following decreases/increases in the principal amount of this Security have been made:

 

	
        Date
        of Decrease/Increase

         
	
        Decrease
        in Principal Amount

         
	
        Increase
        in Principal Amount

         
	
        Total
        Principal Amount Following such Decrease/Increase

         
	
        Notation
        Made by or on Behalf of Trustee

         

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

     

     

    

THIS SECURITY IS A GLOBAL REGISTERED SECURITY WITHIN THE
MEANING OF THE INDENTURE HEREINAFTER REFERRED TO AND IS REGISTERED IN THE NAME OF A DEPOSITARY OR A NOMINEE THEREOF. THIS SECURITY
MAY NOT BE EXCHANGED IN WHOLE OR IN PART FOR A SECURITY REGISTERED, AND NO TRANSFER OF THIS SECURITY IN WHOLE OR IN PART MAY BE
REGISTERED, IN THE NAME OF ANY PERSON OTHER THAN SUCH DEPOSITARY OR A NOMINEE THEREOF, EXCEPT IN THE LIMITED CIRCUMSTANCES DESCRIBED
IN THE INDENTURE.

 

ASTRAZENECA PLC

 

0.700% Notes due 2026

 

No. 003

U.S.$200,000,000

 

CUSIP No. 046353AV0

ISIN No. US046353AV09

 

ASTRAZENECA PLC, a public limited company
incorporated under the laws of England and Wales (herein called the “Issuer”, which term includes any successor
Person under the Indenture hereinafter referred to), for value received, hereby promises to pay to Cede & Co., or registered
assigns, the principal sum of Two Hundred Million United States Dollars on August 6, 2026 and to pay interest thereon from August
6, 2020 or from the most recent Interest Payment Date (as defined below) to which interest has been paid or duly provided for,
semiannually in arrears on April 8 and October 8 in each year, commencing April 8, 2021 (each, an “Interest Payment Date”),
at the rate of 0.700% 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 Security (or one or more Predecessor Securities) is registered at the close of business on the Regular Record Date
(as defined below) for such interest which shall be the 15th calendar day preceding such Interest Payment Date (whether
or not such day is a Business Day (as defined below)), as the case may be. Any such interest not so punctually paid or duly provided
for will forthwith cease to be payable to the Holder on such Regular Record Date and may either be paid to the Person in whose
name this Security (or one or more Predecessor Securities) is registered at the close of business on a subsequent record date (the
“Special Record Date”) for the payment of such defaulted interest to be fixed by the Trustee (which shall not
be less than five Business Days prior to the date of payment of such defaulted interest), notice whereof shall be given to Holders
of Securities of this series 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 Securities of this series may be
listed, and upon such notice as may be required by such exchange, all as more fully provided in said Indenture.

 

Payment of the principal of (and premium,
if any) and any such interest on this Security will be made at the office or agency of the Issuer maintained for that purpose in
New York City, in such coin or currency of the United States of America as at the time of payment is legal tender for payment of
public and private debts; provided, however, that at the option of the Issuer payment of interest may be made by
check mailed to the address of the Person entitled thereto as such address shall appear in the Security Register.

 

Reference is hereby made to the further
provisions of this Security set forth on the reverse hereof, which further provisions shall for all purposes have the same effect
as if set forth at this place.

 

Unless the certificate of authentication
hereon has been executed by the Trustee by manual signature of an authorized signatory, this Security shall not be entitled to
any benefit under the Indenture or be valid or obligatory for any purpose.

 

     

     

    

 

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

 

Dated: August 6, 2020

 

 

	 	ASTRAZENECA PLC
	 	 
	 	 
	 	By: 	/s/ Jonathan Slade
	 	 	Name:	Jonathan Slade

	 	 	Title:	Group Treasurer

 

	 	 
	 	By: 	/s/ Matthew Bowden
	 	 	Name:	Matthew Bowden

	 	 	Title:	Deputy Company Secretary

 

	 

 

 

[Signature
page to Global Note]

 

     

     

    

 

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

 

Dated: August 6, 2020

 

 

 

	 	THE BANK OF NEW YORK MELLON
	 	As Trustee
	 	 
	 	 
	 	By: 	/s/ Leslie Morales
	 	 	Leslie Morales
	 	 		

 

 

 

 

     

     

    

 

This Security is one of a duly authorized
issue of securities of the Issuer (herein called the “Securities”), issued and to be issued in one or more series
under an Indenture, dated as of April 1, 2004 (herein called the “Indenture” which term shall have the meaning
assigned to it in such instrument), among the Issuer and The Bank of New York Mellon (formerly known as The Bank of New York),
as successor Trustee (herein called the “Trustee”, which term includes any other successor trustee under the
Indenture) to JPMorgan Chase Bank, and reference is hereby made to the Indenture and to the Officers’ Certificate delivered
pursuant to Section 2.08 of the Indenture with respect to this security for a statement of the respective rights, limitations of
rights, duties and immunities thereunder of the Issuer, the Trustee and the Holders of the Securities and of the terms upon which
the Securities are, and are to be, authenticated and delivered. This Security is one of the series designated on the face hereof,
initially limited in aggregate principal amount to U.S.$1,200,000,000.

 

The Securities of this series are subject
to redemption, as a whole or in part, from time to time, at the election of the Issuer, upon not less than 15 nor more than 60
days’ notice, as follows: (i) prior to March 8, 2026 (the “Par Call Date”), at a Redemption Price equal
to the greater of (A) 100% of the principal amount of the Securities to be redeemed, and (B) as determined by the Quotation Agent
(as defined below), the sum of the present values of the remaining scheduled payments of principal and interest thereon (assuming
for this purpose that such series of Notes matured on the Par Call Date and not including any portion of such payments of interest
accrued as of the date of redemption) discounted to the date of redemption on a semiannual basis (assuming a 360-day year consisting
of twelve 30-day months) at the Treasury Rate plus 10 basis points, and (ii) on or after the Par Call Date, at a redemption price
equal to 100% of the principal amount of the Securities to be redeemed; plus, in each of cases (A) and (B) above, accrued interest
thereon to but excluding the date of redemption.

 

“Business Day” means any day which is
not, in London, England or New York, New York, or the place of payment of amounts payable in respect of the Securities, a Saturday,
a Sunday, a legal holiday or a day on which banking institutions are authorized or obligated by law, regulation or executive order
to close.

 

“Comparable Treasury Issue” means the
United States Treasury security selected by the Quotation Agent as having an actual or interpolated maturity comparable to the
remaining term of the Securities to be redeemed that would be utilized, at the time of selection and in accordance with customary
financial practice, in pricing new issues of corporate debt securities of comparable maturity to the remaining term of such Securities
(assuming for this purpose that such Securities matured on the Par Call Date).

 

“Comparable Treasury Price” means, with
respect to any redemption date, (i) the average, as determined by the Quotation Agent, of the Reference Treasury Dealer Quotations
for such redemption date, after excluding the highest and lowest such Reference Treasury Dealer Quotations, or (ii) if the Quotation
Agent obtains fewer than three such Reference Treasury Dealer Quotations, the average of all such Quotations.

 

     

     

    

“Quotation Agent” means the Reference
Treasury Dealer appointed by the Issuer.

 

“Reference Treasury Dealer” means (i)
each of BofA Securities, Inc., HSBC Securities (USA) Inc. and Mizuho Securities USA LLC, and their respective successors or affiliates;
provided, however, that if the foregoing shall cease to be a primary U.S. Government securities dealer in New York City
(a “Primary Treasury Dealer”), the Issuer shall substitute therefor another Primary Treasury Dealer; and (ii) any other
Primary Treasury Dealer selected by the Issuer.

 

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

 

“Treasury Rate” means, with respect to
any redemption date, the rate per annum equal to the semiannual equivalent yield to maturity of the Comparable Treasury Issue,
assuming a price for the Comparable Treasury Issue (expressed as a percentage of its principal amount) equal to the Comparable
Treasury Price for such redemption date.

 

The Indenture contains provisions to the
effect that, in the event of various tax law changes and other limited circumstances that require the Issuer to pay Additional
Amounts (as defined below), the Issuer may redeem all, but not less than all, of the Securities of a series at a price equal to
100% of the principal amount of the Securities plus accrued interest thereon to but excluding the date of redemption, which provisions
apply to this Security.

 

In the event of redemption of this Security
in part only, a new Security or Securities of this series and of like tenor for the unredeemed portion hereof will be issued in
the name of the Holder hereof upon the cancellation hereof.

 

The Indenture contains provisions for defeasance
at any time of the entire indebtedness on this Security upon compliance by the Issuer with certain conditions set forth thereon,
which provisions apply to this Security.

 

If an Event of Default with respect to Securities
of this series shall occur and be continuing, the principal of the Securities of this series may be declared due and payable in
the manner and with the effect provided in the Indenture.

 

The Issuer may, at its option, at any time
and without the consent of the Holders, reopen the Securities of this series and issue additional Securities in one or more transactions
with terms (other than the issuance date and, possibly, first Interest Payment Date, original interest accrual date and issue price)
identical to the Securities of this series. These additional Securities will be deemed to have been part of the Securities of this
series and will provide the Holders of these additional Securities the right to vote together with Holders of the Securities of
this series;

 

     

     

    

provided,
however, that if these additional Securities are not fungible with the Securities of this series for U.S. federal income tax purposes,
these additional Securities will have a different CUSIP or other identifying number.

 

Any amounts to be paid by the Issuer under
this Security of principal, premium and interest in respect of this Security will be paid without deduction or withholding for
any and all present and future taxes, levies, duties, assessments, imposts or other governmental charges of whatever nature imposed,
assessed, levied or collected by or for the account of the government of any jurisdiction in which the Issuer is resident for tax
purposes (presently, the United Kingdom) or any political subdivision or taxing authority of such jurisdiction, unless such withholding
or deduction is required by law. If such deduction or withholding is at any time required, the Issuer will pay such additional
amounts (“Additional Amounts”) as will result in the receipt of such amounts as would have been received by
the Holder had no such withholding or deduction been required, provided that the Issuer will not have to pay Additional Amounts
if:

 

(i)       the
tax, levy, impost or other governmental charge would not have been imposed, assessed, levied or collected but for the Holder’s
(or beneficial owner’s) connection to the jurisdiction in which the Issuer is resident for tax purposes, other than by merely
holding this Security or by receiving principal, premium, if any, or interest, if any, on this Security, or enforcing this Security.
These connections include where the Holder or beneficial owner:

 

		·	is or has been a domiciliary, national or resident of such jurisdiction;

 

		·	is or has been engaged in a trade or business in such jurisdiction;

 

		·	has or had a permanent establishment in such jurisdiction; or

 

		·	is or has been physically present in such jurisdiction;

 

(ii)       the
tax, levy, impost or other governmental charge would not have been imposed, assessed, levied or collected but for presentation
of this Security for payment, if presentation is required, more than 30 days after this Security became due or payment was provided
for;

 

(iii)       
the tax, levy, impost or other governmental charge is an estate, inheritance, gift, sale, transfer, personal property or similar
tax, levy, impost or other governmental charge;

 

(iv)       
the tax, levy, impost or other governmental charge is payable in a manner that does not involve deduction or withholding from payments
on or in respect of this Security;

 

(v)       the
tax, levy, impost or other governmental charge would not have been imposed or withheld but for the failure of the Holder or beneficial
owner, upon a reasonable request, addressed to the Holder, to comply with any certification, identification or other reporting
requirement concerning the Holder’s or the beneficial owner’s nationality, residence, identity or connection with any
jurisdiction in which the Issuer is resident for tax purposes, if compliance is required by any treaty, statute, regulation or
administrative practice of such jurisdiction as a condition to relief or exemption from such tax, levy, impost or other governmental
charge;

 

(vi)       
the tax, levy, impost or other governmental charge is required by Sections 1471 through 1474 of the Internal Revenue Code of 1986,
as amended (“FATCA”), any current or future U.S.

 

     

     

    

Treasury
Regulations or rulings promulgated thereunder, any intergovernmental agreement between the United States and any other jurisdiction
to implement FATCA (an “IGA”), any law, regulation or other official guidance enacted in any jurisdiction implementing
FATCA or an IGA, or any agreement with the U.S. Internal Revenue Service under or with respect to FATCA; or

 

(vii) any combination of the taxes referred
to in (i) through (vi) above.

 

In addition, no payments of Additional
Amounts will be made with respect to any payment on this Security if the Holder of this Security is a fiduciary, partnership or
a person other than the sole beneficial owner of any payment, and, by the laws of the jurisdiction in which the Issuer is resident
for tax purposes, that payment would be required for tax purposes to be included in income of a beneficiary or settlor with respect
to the fiduciary, a member of that partnership or a beneficial owner who would not have been entitled to the Additional Amounts
had that beneficiary, settlor, member or beneficial owner been the Holder of this Security.

 

The Issuer will remit the full amount of
any taxes withheld to the applicable taxing authorities in accordance with the applicable law. The Issuer will also provide the
Trustee with documentation reasonably satisfactory to the Trustee evidencing the payment of any taxes in respect of which the Issuer
has paid Additional Amounts. The Issuer will provide copies of such documentation to the Holder of this Security upon request.

 

Any reference in the Indenture or this
Security to principal, premium or interest in respect of this Security will be deemed also to refer to any Additional Amounts that
may be payable with respect to such principal, premium or interest under the obligations referred to herein.

 

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 Securities of each series to be affected under the Indenture at any time by the Issuer and the Trustee with the
consent of the Holders of a majority in principal amount of the Securities at the time Outstanding of each series to be affected.
The Indenture also contains provisions permitting the Holders of specified percentages in principle amount of the Securities of
each series at the time Outstanding, on behalf of the Holders of all Securities of such series to waive compliance by the Issuer
with certain provisions of the Indenture and certain past defaults under the Indenture and their consequences. Any such consent
or waiver by the Holder of this Security shall be conclusive and binding upon such Holder and upon all future Holders of this Security
and of any Security issued upon the registration of transfer hereof or in exchange herefor or in lieu hereof, whether or not notation
of such consent or waiver is made upon this Security.

 

As set forth in, and subject to, the provisions
of the Indenture, no Holder of any Security of this series will have any right to institute any proceeding with respect to the
Indenture, this Security or for any remedy thereunder, unless such Holder shall have previously given to the Trustee written notice
of a continuing Event of Default with respect to the Securities of this series, the Holders of not less than 25% in principal amount
of the Outstanding Securities of this series shall have made written request, and offered reasonable indemnity, to the Trustee
to institute such proceeding as trustee, and the Trustee shall not have received from the Holders of a majority in principal of
the Outstanding Securities of this series a direction inconsistent with such request and shall have failed to institute such proceeding
within 60 days; provided,

 

     

     

    

however, that such limitations do not apply to a suit
instituted by the Holder hereof for the enforcement of payment of the principal (and premium, if any) or any interest on this Security
on or after the respective due dates expressed herein.

 

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

 

The Securities of this series are issuable
only in registered form without coupons in denominations of U.S.$2,000 and integral multiples of U.S.$1,000 in excess thereof.

 

No service charge shall be made for any
registration of transfer or exchange, but the Issuer or the Trustee may require payment of a sum sufficient to cover any tax or
other governmental charge payable in connection therewith.

 

Prior to due presentation of this Security
for registration of transfer, the Issuer, the Trustee and any agent of the Issuer or the Trustee may treat the Person in whose
name this Security is registered as the owner hereof for all purposes, whether or not this Security be overdue, and neither of
the Issuer nor the Trustee nor any such agent shall be affected by notice to the contrary.

 

This Security shall be governed by and
construed in accordance with the laws of the State of New York.

 

Unless otherwise defined herein, all terms
used in this Security which are defined in the Indenture shall have the meanings assigned to them in the Indenture.

 

     

     

    

SCHEDULE OF PRINCIPAL AMOUNT

 

The initial principal amount of this Security
shall be U.S.$200,000,000. The following decreases/increases in the principal amount of this Security have been made:

 

	
        Date
        of Decrease/Increase

         
	
        Decrease
        in Principal Amount

         
	
        Increase
        in Principal Amount

         
	
        Total
        Principal Amount Following such Decrease/Increase

         
	
        Notation
        Made by or on Behalf of Trustee

         

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

     

     

    

Exhibit B

 

 

 

 

 

 

     

     

    

THIS SECURITY IS A GLOBAL REGISTERED SECURITY WITHIN THE
MEANING OF THE INDENTURE HEREINAFTER REFERRED TO AND IS REGISTERED IN THE NAME OF A DEPOSITARY OR A NOMINEE THEREOF. THIS SECURITY
MAY NOT BE EXCHANGED IN WHOLE OR IN PART FOR A SECURITY REGISTERED, AND NO TRANSFER OF THIS SECURITY IN WHOLE OR IN PART MAY BE
REGISTERED, IN THE NAME OF ANY PERSON OTHER THAN SUCH DEPOSITARY OR A NOMINEE THEREOF, EXCEPT IN THE LIMITED CIRCUMSTANCES DESCRIBED
IN THE INDENTURE.

 

ASTRAZENECA PLC

 

1.375% Notes due 2030

 

No. 001

U.S.$500,000,000

 

CUSIP No. 046353AW8

ISIN No. US046353AV09

 

ASTRAZENECA PLC, a public limited company
incorporated under the laws of England and Wales (herein called the “Issuer”, which term includes any successor
Person under the Indenture hereinafter referred to), for value received, hereby promises to pay to Cede & Co., or registered
assigns, the principal sum of Five Hundred Million United States Dollars on August 6, 2030 and to pay interest thereon from August
6, 2020 or from the most recent Interest Payment Date (as defined below) to which interest has been paid or duly provided for,
semiannually in arrears on February 6 and August 6 in each year, commencing February 6, 2021 (each, an “Interest Payment
Date”), at the rate of 1.375% 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 Security (or one or more Predecessor Securities) is registered at the close of business on the
Regular Record Date (as defined below) for such interest which shall be the 15th calendar day preceding such Interest
Payment Date (whether or not such day is a Business Day (as defined below)), as the case may be. Any such interest not so punctually
paid or duly provided for will forthwith cease to be payable to the Holder on such Regular Record Date and may either be paid to
the Person in whose name this Security (or one or more Predecessor Securities) is registered at the close of business on a subsequent
record date (the “Special Record Date”) for the payment of such defaulted interest to be fixed by the Trustee
(which shall not be less than five Business Days prior to the date of payment of such defaulted interest), notice whereof shall
be given to Holders of Securities of this series 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 Securities of this series may be listed,
and upon such notice as may be required by such exchange, all as more fully provided in said Indenture.

 

Payment of the principal of (and premium,
if any) and any such interest on this Security will be made at the office or agency of the Issuer maintained for that purpose in
New York City, in such coin or currency of the United States of America as at the time of payment is legal tender for payment of
public and private debts; provided, however, that at the option of the Issuer payment of interest may be made by
check mailed to the address of the Person entitled thereto as such address shall appear in the Security Register.

 

Reference is hereby made to the further
provisions of this Security set forth on the reverse hereof, which further provisions shall for all purposes have the same effect
as if set forth at this place.

 

Unless the certificate of authentication
hereon has been executed by the Trustee by manual signature of an authorized signatory, this Security shall not be entitled to
any benefit under the Indenture or be valid or obligatory for any purpose.

 

     

     

    

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

 

Dated: August 6, 2020

 

	 	ASTRAZENECA PLC
	 	 
	 	 
	 	By: 	/s/ Jonathan Slade
	 	 	Name:	Jonathan Slade

	 	 	Title:	Group Treasurer

 

	 	 
	 	By: 	/s/ Matthew Bowden
	 	 	Name:	Matthew Bowden

	 	 	Title:	Deputy Company Secretary

 

	 

 

 

[Signature
page to Global Note]

 

     

     

    

 

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

 

Dated: August 6, 2020

 

 

 

	 	THE BANK OF NEW YORK MELLON
	 	As Trustee
	 	 
	 	 
	 	By: 	/s/ Leslie Morales
	 	 	Leslie Morales
	 	 		

 

 

     

     

    

 

This Security is one of a duly authorized
issue of securities of the Issuer (herein called the “Securities”), issued and to be issued in one or more series
under an Indenture, dated as of April 1, 2004 (herein called the “Indenture” which term shall have the meaning
assigned to it in such instrument), among the Issuer and The Bank of New York Mellon (formerly known as The Bank of New York),
as successor Trustee (herein called the “Trustee”, which term includes any other successor trustee under the
Indenture) to JPMorgan Chase Bank, and reference is hereby made to the Indenture and to the Officers’ Certificate delivered
pursuant to Section 2.08 of the Indenture with respect to this security for a statement of the respective rights, limitations of
rights, duties and immunities thereunder of the Issuer, the Trustee and the Holders of the Securities and of the terms upon which
the Securities are, and are to be, authenticated and delivered. This Security is one of the series designated on the face hereof,
initially limited in aggregate principal amount to U.S.$1,300,000,000.

 

The Securities of this series are subject
to redemption, as a whole or in part, from time to time, at the election of the Issuer, upon not less than 15 nor more than 60
days’ notice, as follows: (i) prior to May 6, 2030 (the “Par Call Date”), at a Redemption Price equal
to the greater of (A) 100% of the principal amount of the Securities to be redeemed, and (B) as determined by the Quotation Agent
(as defined below), the sum of the present values of the remaining scheduled payments of principal and interest thereon (assuming
for this purpose that such series of Notes matured on the Par Call Date and not including any portion of such payments of interest
accrued as of the date of redemption) discounted to the date of redemption on a semiannual basis (assuming a 360-day year consisting
of twelve 30-day months) at the Treasury Rate plus 15 basis points, and (ii) on or after the Par Call Date, at a redemption price
equal to 100% of the principal amount of the Securities to be redeemed; plus, in each of cases (A) and (B) above, accrued interest
thereon to but excluding the date of redemption.

 

“Business Day” means any day which is
not, in London, England or New York, New York, or the place of payment of amounts payable in respect of the Securities, a Saturday,
a Sunday, a legal holiday or a day on which banking institutions are authorized or obligated by law, regulation or executive order
to close.

 

“Comparable Treasury Issue” means the
United States Treasury security selected by the Quotation Agent as having an actual or interpolated maturity comparable to the
remaining term of the Securities to be redeemed that would be utilized, at the time of selection and in accordance with customary
financial practice, in pricing new issues of corporate debt securities of comparable maturity to the remaining term of such Securities
(assuming for this purpose that such Securities matured on the Par Call Date).

 

     

     

    

“Comparable Treasury Price” means, with
respect to any redemption date, (i) the average, as determined by the Quotation Agent, of the Reference Treasury Dealer Quotations
for such redemption date, after excluding the highest and lowest such Reference Treasury Dealer Quotations, or (ii) if the Quotation
Agent obtains fewer than three such Reference Treasury Dealer Quotations, the average of all such Quotations.

 

“Quotation Agent” means the Reference
Treasury Dealer appointed by the Issuer.

 

“Reference Treasury Dealer” means (i)
each of BofA Securities, Inc., HSBC Securities (USA) Inc. and Mizuho Securities USA LLC, and their respective successors or affiliates;
provided, however, that if the foregoing shall cease to be a primary U.S. Government securities dealer in New York City
(a “Primary Treasury Dealer”), the Issuer shall substitute therefor another Primary Treasury Dealer; and (ii) any other
Primary Treasury Dealer selected by the Issuer.

 

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

 

“Treasury Rate” means, with respect to
any redemption date, the rate per annum equal to the semiannual equivalent yield to maturity of the Comparable Treasury Issue,
assuming a price for the Comparable Treasury Issue (expressed as a percentage of its principal amount) equal to the Comparable
Treasury Price for such redemption date.

 

The Indenture contains provisions to the
effect that, in the event of various tax law changes and other limited circumstances that require the Issuer to pay Additional
Amounts (as defined below), the Issuer may redeem all, but not less than all, of the Securities of a series at a price equal to
100% of the principal amount of the Securities plus accrued interest thereon to but excluding the date of redemption, which provisions
apply to this Security.

 

In the event of redemption of this Security
in part only, a new Security or Securities of this series and of like tenor for the unredeemed portion hereof will be issued in
the name of the Holder hereof upon the cancellation hereof.

 

     

     

    

The Indenture contains provisions for defeasance
at any time of the entire indebtedness on this Security upon compliance by the Issuer with certain conditions set forth thereon,
which provisions apply to this Security.

 

If an Event of Default with respect to Securities
of this series shall occur and be continuing, the principal of the Securities of this series may be declared due and payable in
the manner and with the effect provided in the Indenture.

 

The Issuer may, at its option, at any time
and without the consent of the Holders, reopen the Securities of this series and issue additional Securities in one or more transactions
with terms (other than the issuance date and, possibly, first Interest Payment Date, original interest accrual date and issue price)
identical to the Securities of this series. These additional Securities will be deemed to have been part of the Securities of this
series and will provide the Holders of these additional Securities the right to vote together with Holders of the Securities of
this series; provided, however, that if these additional Securities are not fungible with the Securities of this series for U.S.
federal income tax purposes, these additional Securities will have a different CUSIP or other identifying number.

 

Any amounts to be paid by the Issuer under
this Security of principal, premium and interest in respect of this Security will be paid without deduction or withholding for
any and all present and future taxes, levies, duties, assessments, imposts or other governmental charges of whatever nature imposed,
assessed, levied or collected by or for the account of the government of any jurisdiction in which the Issuer is resident for tax
purposes (presently, the United Kingdom) or any political subdivision or taxing authority of such jurisdiction, unless such withholding
or deduction is required by law. If such deduction or withholding is at any time required, the Issuer will pay such additional
amounts (“Additional Amounts”) as will result in the receipt of such amounts as would have been received by
the Holder had no such withholding or deduction been required, provided that the Issuer will not have to pay Additional Amounts
if:

 

(i)       the
tax, levy, impost or other governmental charge would not have been imposed, assessed, levied or collected but for the Holder’s
(or beneficial owner’s) connection to the jurisdiction in which the Issuer is resident for tax purposes, other than by merely
holding this Security or by receiving principal, premium, if any, or interest, if any, on this Security, or enforcing this Security.
These connections include where the Holder or beneficial owner:

 

		·	is or has been a domiciliary, national or resident of such jurisdiction;

 

		·	is or has been engaged in a trade or business in such jurisdiction;

 

		·	has or had a permanent establishment in such jurisdiction; or

 

		·	is or has been physically present in such jurisdiction;

 

     

     

    

			

 

(ii)       the
tax, levy, impost or other governmental charge would not have been imposed, assessed, levied or collected but for presentation
of this Security for payment, if presentation is required, more than 30 days after this Security became due or payment was provided
for;

 

(iii)       
the tax, levy, impost or other governmental charge is an estate, inheritance, gift, sale, transfer, personal property or similar
tax, levy, impost or other governmental charge;

 

(iv)       
the tax, levy, impost or other governmental charge is payable in a manner that does not involve deduction or withholding from payments
on or in respect of this Security;

 

(v)       the
tax, levy, impost or other governmental charge would not have been imposed or withheld but for the failure of the Holder or beneficial
owner, upon a reasonable request, addressed to the Holder, to comply with any certification, identification or other reporting
requirement concerning the Holder’s or the beneficial owner’s nationality, residence, identity or connection with any
jurisdiction in which the Issuer is resident for tax purposes, if compliance is required by any treaty, statute, regulation or
administrative practice of such jurisdiction as a condition to relief or exemption from such tax, levy, impost or other governmental
charge;

 

(vi)       
the tax, levy, impost or other governmental charge is required by Sections 1471 through 1474 of the Internal Revenue Code of 1986,
as amended (“FATCA”), any current or future U.S. Treasury Regulations or rulings promulgated thereunder, any
intergovernmental agreement between the United States and any other jurisdiction to implement FATCA (an “IGA”),
any law, regulation or other official guidance enacted in any jurisdiction implementing FATCA or an IGA, or any agreement with
the U.S. Internal Revenue Service under or with respect to FATCA; or

 

(vii) any combination of the taxes referred
to in (i) through (vi) above.

 

In addition, no payments of Additional
Amounts will be made with respect to any payment on this Security if the Holder of this Security is a fiduciary, partnership or
a person other than the sole beneficial owner of any payment, and, by the laws of the jurisdiction in which the Issuer is resident
for tax purposes, that payment would be required for tax purposes to be included in income of a beneficiary or settlor with respect
to the fiduciary, a member of that partnership or a beneficial owner who would not have been entitled to the Additional Amounts
had that beneficiary, settlor, member or beneficial owner been the Holder of this Security.

 

The Issuer will remit the full amount of
any taxes withheld to the applicable taxing authorities in accordance with the applicable law. The Issuer will also provide the
Trustee with documentation reasonably satisfactory to the Trustee

 

     

     

    

evidencing
the payment of any taxes in respect of which the Issuer has paid Additional Amounts. The Issuer will provide copies of such documentation
to the Holder of this Security upon request.

 

Any reference in the Indenture or this
Security to principal, premium or interest in respect of this Security will be deemed also to refer to any Additional Amounts that
may be payable with respect to such principal, premium or interest under the obligations referred to herein.

 

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 Securities of each series to be affected under the Indenture at any time by the Issuer and the Trustee with the
consent of the Holders of a majority in principal amount of the Securities at the time Outstanding of each series to be affected.
The Indenture also contains provisions permitting the Holders of specified percentages in principle amount of the Securities of
each series at the time Outstanding, on behalf of the Holders of all Securities of such series to waive compliance by the Issuer
with certain provisions of the Indenture and certain past defaults under the Indenture and their consequences. Any such consent
or waiver by the Holder of this Security shall be conclusive and binding upon such Holder and upon all future Holders of this Security
and of any Security issued upon the registration of transfer hereof or in exchange herefor or in lieu hereof, whether or not notation
of such consent or waiver is made upon this Security.

 

As set forth in, and subject to, the provisions
of the Indenture, no Holder of any Security of this series will have any right to institute any proceeding with respect to the
Indenture, this Security or for any remedy thereunder, unless such Holder shall have previously given to the Trustee written notice
of a continuing Event of Default with respect to the Securities of this series, the Holders of not less than 25% in principal amount
of the Outstanding Securities of this series shall have made written request, and offered reasonable indemnity, to the Trustee
to institute such proceeding as trustee, and the Trustee shall not have received from the Holders of a majority in principal of
the Outstanding Securities of this series a direction inconsistent with such request and shall have failed to institute such proceeding
within 60 days; provided, however, that such limitations do not apply to a suit instituted by the Holder hereof for
the enforcement of payment of the principal (and premium, if any) or any interest on this Security on or after the respective due
dates expressed herein.

 

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

 

     

     

    

The Securities of this series are issuable
only in registered form without coupons in denominations of U.S.$2,000 and integral multiples of U.S.$1,000 in excess thereof.

 

No service charge shall be made for any
registration of transfer or exchange, but the Issuer or the Trustee may require payment of a sum sufficient to cover any tax or
other governmental charge payable in connection therewith.

 

Prior to due presentation of this Security
for registration of transfer, the Issuer, the Trustee and any agent of the Issuer or the Trustee may treat the Person in whose
name this Security is registered as the owner hereof for all purposes, whether or not this Security be overdue, and neither of
the Issuer nor the Trustee nor any such agent shall be affected by notice to the contrary.

 

This Security shall be governed by and
construed in accordance with the laws of the State of New York.

 

Unless otherwise defined herein, all terms
used in this Security which are defined in the Indenture shall have the meanings assigned to them in the Indenture.

 

     

     

    

SCHEDULE OF PRINCIPAL AMOUNT

 

The initial principal amount of this Security
shall be U.S.$500,000,000. The following decreases/increases in the principal amount of this Security have been made:

 

	
        Date
        of Decrease/Increase

         
	
        Decrease
        in Principal Amount

         
	
        Increase
        in Principal Amount

         
	
        Total
        Principal Amount Following such Decrease/Increase

         
	
        Notation
        Made by or on Behalf of Trustee

         

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

     

     

    

THIS SECURITY IS A GLOBAL REGISTERED SECURITY WITHIN THE
MEANING OF THE INDENTURE HEREINAFTER REFERRED TO AND IS REGISTERED IN THE NAME OF A DEPOSITARY OR A NOMINEE THEREOF. THIS SECURITY
MAY NOT BE EXCHANGED IN WHOLE OR IN PART FOR A SECURITY REGISTERED, AND NO TRANSFER OF THIS SECURITY IN WHOLE OR IN PART MAY BE
REGISTERED, IN THE NAME OF ANY PERSON OTHER THAN SUCH DEPOSITARY OR A NOMINEE THEREOF, EXCEPT IN THE LIMITED CIRCUMSTANCES DESCRIBED
IN THE INDENTURE.

 

ASTRAZENECA PLC

 

1.375% Notes due 2030

 

No. 002

U.S.$500,000,000

 

CUSIP No. 046353AW8

ISIN No. US046353AW81

 

ASTRAZENECA PLC, a public limited company
incorporated under the laws of England and Wales (herein called the “Issuer”, which term includes any successor
Person under the Indenture hereinafter referred to), for value received, hereby promises to pay to Cede & Co., or registered
assigns, the principal sum of Five Hundred Million United States Dollars on August 6, 2030 and to pay interest thereon from August
6, 2020 or from the most recent Interest Payment Date (as defined below) to which interest has been paid or duly provided for,
semiannually in arrears on February 6 and August 6 in each year, commencing February 6, 2021 (each, an “Interest Payment
Date”), at the rate of 1.375% 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 Security (or one or more Predecessor Securities) is registered at the close of business on the
Regular Record Date (as defined below) for such interest which shall be the 15th calendar day preceding such Interest
Payment Date (whether or not such day is a Business Day (as defined below)), as the case may be. Any such interest not so punctually
paid or duly provided for will forthwith cease to be payable to the Holder on such Regular Record Date and may either be paid to
the Person in whose name this Security (or one or more Predecessor Securities) is registered at the close of business on a subsequent
record date (the “Special Record Date”) for the payment of such defaulted interest to be fixed by the Trustee
(which shall not be less than five Business Days prior to the date of payment of such defaulted interest), notice whereof shall
be given to Holders of Securities of this series 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 Securities
of this series may be listed, and upon such notice as may be required by such exchange, all as more fully provided in said Indenture.

 

Payment of the principal of (and premium,
if any) and any such interest on this Security will be made at the office or agency of the Issuer maintained for that purpose in
New York City, in such coin or currency of the United States of America as at the time of payment is legal tender for payment of
public and private debts; provided, however, that at the option of the Issuer payment of interest may be made by
check mailed to the address of the Person entitled thereto as such address shall appear in the Security Register.

 

Reference is hereby made to the further
provisions of this Security set forth on the reverse hereof, which further provisions shall for all purposes have the same effect
as if set forth at this place.

 

Unless the certificate of authentication
hereon has been executed by the Trustee by manual signature of an authorized signatory, this Security shall not be entitled to
any benefit under the Indenture or be valid or obligatory for any purpose.

 

     

     

    

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

 

Dated: August 6, 2020

 

	 	ASTRAZENECA PLC
	 	 
	 	 
	 	By: 	/s/ Jonathan Slade
	 	 	Name:	Jonathan Slade

	 	 	Title:	Group Treasurer

 

	 	 
	 	By: 	/s/ Matthew Bowden
	 	 	Name:	Matthew Bowden

	 	 	Title:	Deputy Company Secretary

 

	 

 

 

[Signature
page to Global Note]

 

     

     

    

 

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

 

Dated: August 6, 2020

 

	 	THE BANK OF NEW YORK MELLON
	 	As Trustee
	 	 
	 	 
	 	By: 	/s/ Leslie Morales
	 	 	Leslie Morales
	 	 		

 

 

 

 

     

     

    

 

This Security is one of a duly authorized
issue of securities of the Issuer (herein called the “Securities”), issued and to be issued in one or more series
under an Indenture, dated as of April 1, 2004 (herein called the “Indenture” which term shall have the meaning
assigned to it in such instrument), among the Issuer and The Bank of New York Mellon (formerly known as The Bank of New York),
as successor Trustee (herein called the “Trustee”, which term includes any other successor trustee under the
Indenture) to JPMorgan Chase Bank, and reference is hereby made to the Indenture and to the Officers’ Certificate delivered
pursuant to Section 2.08 of the Indenture with respect to this security for a statement of the respective rights, limitations of
rights, duties and immunities thereunder of the Issuer, the Trustee and the Holders of the Securities and of the terms upon which
the Securities are, and are to be, authenticated and delivered. This Security is one of the series designated on the face hereof,
initially limited in aggregate principal amount to U.S.$1,300,000,000.

 

The Securities of this series are subject
to redemption, as a whole or in part, from time to time, at the election of the Issuer, upon not less than 15 nor more than 60
days’ notice, as follows: (i) prior to May 6, 2030 (the “Par Call Date”), at a Redemption Price equal
to the greater of (A) 100% of the principal amount of the Securities to be redeemed, and (B) as determined by the Quotation Agent
(as defined below), the sum of the present values of the remaining scheduled payments of principal and interest thereon (assuming
for this purpose that such series of Notes matured on the Par Call Date and not including any portion of such payments of interest
accrued as of the date of redemption) discounted to the date of redemption on a semiannual basis (assuming a 360-day year consisting
of twelve 30-day months) at the Treasury Rate plus 15 basis points, and (ii) on or after the Par Call Date, at a redemption price
equal to 100% of the principal amount of the Securities to be redeemed; plus, in each of cases (A) and (B) above, accrued interest
thereon to but excluding the date of redemption.

 

“Business Day” means any day which is
not, in London, England or New York, New York, or the place of payment of amounts payable in respect of the Securities, a Saturday,
a Sunday, a legal holiday or a day on which banking institutions are authorized or obligated by law, regulation or executive order
to close.

 

“Comparable Treasury Issue” means the
United States Treasury security selected by the Quotation Agent as having an actual or interpolated maturity comparable to the
remaining term of the Securities to be redeemed that would be utilized, at the time of selection and in accordance with customary
financial practice, in pricing new issues of corporate debt securities of comparable maturity to the remaining term of such Securities
(assuming for this purpose that such Securities matured on the Par Call Date).

 

     

     

    

“Comparable Treasury Price” means, with
respect to any redemption date, (i) the average, as determined by the Quotation Agent, of the Reference Treasury Dealer Quotations
for such redemption date, after excluding the highest and lowest such Reference Treasury Dealer Quotations, or (ii) if the Quotation
Agent obtains fewer than three such Reference Treasury Dealer Quotations, the average of all such Quotations.

 

“Quotation Agent” means the Reference
Treasury Dealer appointed by the Issuer.

 

“Reference Treasury Dealer” means (i)
each of BofA Securities, Inc., HSBC Securities (USA) Inc. and Mizuho Securities USA LLC, and their respective successors or affiliates;
provided, however, that if the foregoing shall cease to be a primary U.S. Government securities dealer in New York City
(a “Primary Treasury Dealer”), the Issuer shall substitute therefor another Primary Treasury Dealer; and (ii) any other
Primary Treasury Dealer selected by the Issuer.

 

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

 

“Treasury Rate” means, with respect to
any redemption date, the rate per annum equal to the semiannual equivalent yield to maturity of the Comparable Treasury Issue,
assuming a price for the Comparable Treasury Issue (expressed as a percentage of its principal amount) equal to the Comparable
Treasury Price for such redemption date.

 

The Indenture contains provisions to the
effect that, in the event of various tax law changes and other limited circumstances that require the Issuer to pay Additional
Amounts (as defined below), the Issuer may redeem all, but not less than all, of the Securities of a series at a price equal to
100% of the principal amount of the Securities plus accrued interest thereon to but excluding the date of redemption, which provisions
apply to this Security.

 

In the event of redemption of this Security
in part only, a new Security or Securities of this series and of like tenor for the unredeemed portion hereof will be issued in
the name of the Holder hereof upon the cancellation hereof.

 

     

     

    

The Indenture contains provisions for defeasance
at any time of the entire indebtedness on this Security upon compliance by the Issuer with certain conditions set forth thereon,
which provisions apply to this Security.

 

If an Event of Default with respect to Securities
of this series shall occur and be continuing, the principal of the Securities of this series may be declared due and payable in
the manner and with the effect provided in the Indenture.

 

The Issuer may, at its option, at any time
and without the consent of the Holders, reopen the Securities of this series and issue additional Securities in one or more transactions
with terms (other than the issuance date and, possibly, first Interest Payment Date, original interest accrual date and issue price)
identical to the Securities of this series. These additional Securities will be deemed to have been part of the Securities of this
series and will provide the Holders of these additional Securities the right to vote together with Holders of the Securities of
this series; provided, however, that if these additional Securities are not fungible with the Securities of this series for U.S.
federal income tax purposes, these additional Securities will have a different CUSIP or other identifying number.

 

Any amounts to be paid by the Issuer under
this Security of principal, premium and interest in respect of this Security will be paid without deduction or withholding for
any and all present and future taxes, levies, duties, assessments, imposts or other governmental charges of whatever nature imposed,
assessed, levied or collected by or for the account of the government of any jurisdiction in which the Issuer is resident for tax
purposes (presently, the United Kingdom) or any political subdivision or taxing authority of such jurisdiction, unless such withholding
or deduction is required by law. If such deduction or withholding is at any time required, the Issuer will pay such additional
amounts (“Additional Amounts”) as will result in the receipt of such amounts as would have been received by
the Holder had no such withholding or deduction been required, provided that the Issuer will not have to pay Additional Amounts
if:

 

(i)       the
tax, levy, impost or other governmental charge would not have been imposed, assessed, levied or collected but for the Holder’s
(or beneficial owner’s) connection to the jurisdiction in which the Issuer is resident for tax purposes, other than by merely
holding this Security or by receiving principal, premium, if any, or interest, if any, on this Security, or enforcing this Security.
These connections include where the Holder or beneficial owner:

 

		·	is or has been a domiciliary, national or resident of such jurisdiction;

 

		·	is or has been engaged in a trade or business in such jurisdiction;

 

		·	has or had a permanent establishment in such jurisdiction; or

 

		·	is or has been physically present in such jurisdiction;

 

     

     

    

			

 

(ii)       the
tax, levy, impost or other governmental charge would not have been imposed, assessed, levied or collected but for presentation
of this Security for payment, if presentation is required, more than 30 days after this Security became due or payment was provided
for;

 

(iii)       
the tax, levy, impost or other governmental charge is an estate, inheritance, gift, sale, transfer, personal property or similar
tax, levy, impost or other governmental charge;

 

(iv)       
the tax, levy, impost or other governmental charge is payable in a manner that does not involve deduction or withholding from payments
on or in respect of this Security;

 

(v)       the
tax, levy, impost or other governmental charge would not have been imposed or withheld but for the failure of the Holder or beneficial
owner, upon a reasonable request, addressed to the Holder, to comply with any certification, identification or other reporting
requirement concerning the Holder’s or the beneficial owner’s nationality, residence, identity or connection with any
jurisdiction in which the Issuer is resident for tax purposes, if compliance is required by any treaty, statute, regulation or
administrative practice of such jurisdiction as a condition to relief or exemption from such tax, levy, impost or other governmental
charge;

 

(vi)       
the tax, levy, impost or other governmental charge is required by Sections 1471 through 1474 of the Internal Revenue Code of 1986,
as amended (“FATCA”), any current or future U.S. Treasury Regulations or rulings promulgated thereunder, any
intergovernmental agreement between the United States and any other jurisdiction to implement FATCA (an “IGA”),
any law, regulation or other official guidance enacted in any jurisdiction implementing FATCA or an IGA, or any agreement with
the U.S. Internal Revenue Service under or with respect to FATCA; or

 

(vii) any combination of the taxes referred
to in (i) through (vi) above.

 

In addition, no payments of Additional
Amounts will be made with respect to any payment on this Security if the Holder of this Security is a fiduciary, partnership or
a person other than the sole beneficial owner of any payment, and, by the laws of the jurisdiction in which the Issuer is resident
for tax purposes, that payment would be required for tax purposes to be included in income of a beneficiary or settlor with respect
to the fiduciary, a member of that partnership or a beneficial owner who would not have been entitled to the Additional Amounts
had that beneficiary, settlor, member or beneficial owner been the Holder of this Security.

 

The Issuer will remit the full amount of
any taxes withheld to the applicable taxing authorities in accordance with the applicable law. The Issuer will also provide the
Trustee with documentation reasonably satisfactory to the Trustee

 

     

     

    

evidencing
the payment of any taxes in respect of which the Issuer has paid Additional Amounts. The Issuer will provide copies of such documentation
to the Holder of this Security upon request.

 

Any reference in the Indenture or this
Security to principal, premium or interest in respect of this Security will be deemed also to refer to any Additional Amounts that
may be payable with respect to such principal, premium or interest under the obligations referred to herein.

 

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 Securities of each series to be affected under the Indenture at any time by the Issuer and the Trustee with the
consent of the Holders of a majority in principal amount of the Securities at the time Outstanding of each series to be affected.
The Indenture also contains provisions permitting the Holders of specified percentages in principle amount of the Securities of
each series at the time Outstanding, on behalf of the Holders of all Securities of such series to waive compliance by the Issuer
with certain provisions of the Indenture and certain past defaults under the Indenture and their consequences. Any such consent
or waiver by the Holder of this Security shall be conclusive and binding upon such Holder and upon all future Holders of this Security
and of any Security issued upon the registration of transfer hereof or in exchange herefor or in lieu hereof, whether or not notation
of such consent or waiver is made upon this Security.

 

As set forth in, and subject to, the provisions
of the Indenture, no Holder of any Security of this series will have any right to institute any proceeding with respect to the
Indenture, this Security or for any remedy thereunder, unless such Holder shall have previously given to the Trustee written notice
of a continuing Event of Default with respect to the Securities of this series, the Holders of not less than 25% in principal amount
of the Outstanding Securities of this series shall have made written request, and offered reasonable indemnity, to the Trustee
to institute such proceeding as trustee, and the Trustee shall not have received from the Holders of a majority in principal of
the Outstanding Securities of this series a direction inconsistent with such request and shall have failed to institute such proceeding
within 60 days; provided, however, that such limitations do not apply to a suit instituted by the Holder hereof for
the enforcement of payment of the principal (and premium, if any) or any interest on this Security on or after the respective due
dates expressed herein.

 

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

 

     

     

    

The Securities of this series are issuable
only in registered form without coupons in denominations of U.S.$2,000 and integral multiples of U.S.$1,000 in excess thereof.

 

No service charge shall be made for any
registration of transfer or exchange, but the Issuer or the Trustee may require payment of a sum sufficient to cover any tax or
other governmental charge payable in connection therewith.

 

Prior to due presentation of this Security
for registration of transfer, the Issuer, the Trustee and any agent of the Issuer or the Trustee may treat the Person in whose
name this Security is registered as the owner hereof for all purposes, whether or not this Security be overdue, and neither of
the Issuer nor the Trustee nor any such agent shall be affected by notice to the contrary.

 

This Security shall be governed by and
construed in accordance with the laws of the State of New York.

 

Unless otherwise defined herein, all terms
used in this Security which are defined in the Indenture shall have the meanings assigned to them in the Indenture.

 

     

     

    

SCHEDULE OF PRINCIPAL AMOUNT

 

The initial principal amount of this Security
shall be U.S.$500,000,000. The following decreases/increases in the principal amount of this Security have been made:

 

	
        Date
        of Decrease/Increase

         
	
        Decrease
        in Principal Amount

         
	
        Increase
        in Principal Amount

         
	
        Total
        Principal Amount Following such Decrease/Increase

         
	
        Notation
        Made by or on Behalf of Trustee

         

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

     

     

    

THIS SECURITY IS A GLOBAL REGISTERED SECURITY WITHIN THE
MEANING OF THE INDENTURE HEREINAFTER REFERRED TO AND IS REGISTERED IN THE NAME OF A DEPOSITARY OR A NOMINEE THEREOF. THIS SECURITY
MAY NOT BE EXCHANGED IN WHOLE OR IN PART FOR A SECURITY REGISTERED, AND NO TRANSFER OF THIS SECURITY IN WHOLE OR IN PART MAY BE
REGISTERED, IN THE NAME OF ANY PERSON OTHER THAN SUCH DEPOSITARY OR A NOMINEE THEREOF, EXCEPT IN THE LIMITED CIRCUMSTANCES DESCRIBED
IN THE INDENTURE.

 

ASTRAZENECA PLC

 

1.375% Notes due 2030

 

No. 003

U.S.$300,000,000

 

CUSIP No. 046353AW8

ISIN No. US046353AV09

 

ASTRAZENECA PLC, a public limited company
incorporated under the laws of England and Wales (herein called the “Issuer”, which term includes any successor
Person under the Indenture hereinafter referred to), for value received, hereby promises to pay to Cede & Co., or registered
assigns, the principal sum of Three Hundred Million United States Dollars on August 6, 2030 and to pay interest thereon from August
6, 2020 or from the most recent Interest Payment Date (as defined below) to which interest has been paid or duly provided for,
semiannually in arrears on February 6 and August 6 in each year, commencing February 6, 2021 (each, an “Interest Payment
Date”), at the rate of 1.375% 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 Security (or one or more Predecessor Securities) is registered at the close of business on the
Regular Record Date (as defined below) for such interest which shall be the 15th calendar day preceding such Interest
Payment Date (whether or not such day is a Business Day (as defined below)), as the case may be. Any such interest not so punctually
paid or duly provided for will forthwith cease to be payable to the Holder on such Regular Record Date and may either be paid to
the Person in whose name this Security (or one or more Predecessor Securities) is registered at the close of business on a subsequent
record date (the “Special Record Date”) for the payment of such defaulted interest to be fixed by the Trustee
(which shall not be less than five Business Days prior to the date of payment of such defaulted interest), notice whereof shall
be given to Holders of Securities of this series 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 Securities
of this series may be listed, and upon such notice as may be required by such exchange, all as more fully provided in said Indenture.

 

Payment of the principal of (and premium,
if any) and any such interest on this Security will be made at the office or agency of the Issuer maintained for that purpose in
New York City, in such coin or currency of the United States of America as at the time of payment is legal tender for payment of
public and private debts; provided, however, that at the option of the Issuer payment of interest may be made by
check mailed to the address of the Person entitled thereto as such address shall appear in the Security Register.

 

Reference is hereby made to the further
provisions of this Security set forth on the reverse hereof, which further provisions shall for all purposes have the same effect
as if set forth at this place.

 

Unless the certificate of authentication
hereon has been executed by the Trustee by manual signature of an authorized signatory, this Security shall not be entitled to
any benefit under the Indenture or be valid or obligatory for any purpose.

 

     

     

    

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

 

Dated: August 6, 2020

 

 

	 	ASTRAZENECA PLC
	 	 
	 	 
	 	By: 	/s/ Jonathan Slade
	 	 	Name:	Jonathan Slade

	 	 	Title:	Group Treasurer

 

	 	 
	 	By: 	/s/ Matthew Bowden
	 	 	Name:	Matthew Bowden

	 	 	Title:	Deputy Company Secretary

 

	 

 

 

[Signature
page to Global Note]

 

     

     

    

 

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

 

Dated: August 6, 2020

 

	 	THE BANK OF NEW YORK MELLON
	 	As Trustee
	 	 
	 	 
	 	By: 	/s/ Leslie Morales
	 	 	Leslie Morales
	 	 		

 

 

 

     

     

    

 

This Security is one of a duly authorized
issue of securities of the Issuer (herein called the “Securities”), issued and to be issued in one or more series
under an Indenture, dated as of April 1, 2004 (herein called the “Indenture” which term shall have the meaning
assigned to it in such instrument), among the Issuer and The Bank of New York Mellon (formerly known as The Bank of New York),
as successor Trustee (herein called the “Trustee”, which term includes any other successor trustee under the
Indenture) to JPMorgan Chase Bank, and reference is hereby made to the Indenture and to the Officers’ Certificate delivered
pursuant to Section 2.08 of the Indenture with respect to this security for a statement of the respective rights, limitations of
rights, duties and immunities thereunder of the Issuer, the Trustee and the Holders of the Securities and of the terms upon which
the Securities are, and are to be, authenticated and delivered. This Security is one of the series designated on the face hereof,
initially limited in aggregate principal amount to U.S.$1,300,000,000.

 

The Securities of this series are subject
to redemption, as a whole or in part, from time to time, at the election of the Issuer, upon not less than 15 nor more than 60
days’ notice, as follows: (i) prior to May 6, 2030 (the “Par Call Date”), at a Redemption Price equal
to the greater of (A) 100% of the principal amount of the Securities to be redeemed, and (B) as determined by the Quotation Agent
(as defined below), the sum of the present values of the remaining scheduled payments of principal and interest thereon (assuming
for this purpose that such series of Notes matured on the Par Call Date and not including any portion of such payments of interest
accrued as of the date of redemption) discounted to the date of redemption on a semiannual basis (assuming a 360-day year consisting
of twelve 30-day months) at the Treasury Rate plus 15 basis points, and (ii) on or after the Par Call Date, at a redemption price
equal to 100% of the principal amount of the Securities to be redeemed; plus, in each of cases (A) and (B) above, accrued interest
thereon to but excluding the date of redemption.

 

“Business Day” means any day which is
not, in London, England or New York, New York, or the place of payment of amounts payable in respect of the Securities, a Saturday,
a Sunday, a legal holiday or a day on which banking institutions are authorized or obligated by law, regulation or executive order
to close.

 

“Comparable Treasury Issue” means the
United States Treasury security selected by the Quotation Agent as having an actual or interpolated maturity comparable to the
remaining term of the Securities to be redeemed that would be utilized, at the time of selection and in accordance with customary
financial practice, in pricing new issues of corporate debt securities of comparable maturity to the remaining term of such Securities
(assuming for this purpose that such Securities matured on the Par Call Date).

 

“Comparable Treasury Price” means, with
respect to any redemption date, (i) the average, as determined by the Quotation Agent, of the Reference Treasury Dealer Quotations
for such redemption date, after excluding the highest and lowest such Reference Treasury Dealer Quotations, or (ii) if the Quotation
Agent obtains fewer than three such Reference Treasury Dealer Quotations, the average of all such Quotations.

 

     

     

    

“Quotation Agent” means the Reference
Treasury Dealer appointed by the Issuer.

 

“Reference Treasury Dealer” means (i)
each of BofA Securities, Inc., HSBC Securities (USA) Inc. and Mizuho Securities USA LLC, and their respective successors or affiliates;
provided, however, that if the foregoing shall cease to be a primary U.S. Government securities dealer in New York City
(a “Primary Treasury Dealer”), the Issuer shall substitute therefor another Primary Treasury Dealer; and (ii) any other
Primary Treasury Dealer selected by the Issuer.

 

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

 

“Treasury Rate” means, with respect to
any redemption date, the rate per annum equal to the semiannual equivalent yield to maturity of the Comparable Treasury Issue,
assuming a price for the Comparable Treasury Issue (expressed as a percentage of its principal amount) equal to the Comparable
Treasury Price for such redemption date.

 

The Indenture contains provisions to the
effect that, in the event of various tax law changes and other limited circumstances that require the Issuer to pay Additional
Amounts (as defined below), the Issuer may redeem all, but not less than all, of the Securities of a series at a price equal to
100% of the principal amount of the Securities plus accrued interest thereon to but excluding the date of redemption, which provisions
apply to this Security.

 

In the event of redemption of this Security
in part only, a new Security or Securities of this series and of like tenor for the unredeemed portion hereof will be issued in
the name of the Holder hereof upon the cancellation hereof.

 

The Indenture contains provisions for defeasance
at any time of the entire indebtedness on this Security upon compliance by the Issuer with certain conditions set forth thereon,
which provisions apply to this Security.

 

If an Event of Default with respect to Securities
of this series shall occur and be continuing, the principal of the Securities of this series may be declared due and payable in
the manner and with the effect provided in the Indenture.

 

The Issuer may, at its option, at any time
and without the consent of the Holders, reopen the Securities of this series and issue additional Securities in one or more transactions
with terms (other than the issuance date and, possibly, first Interest Payment Date, original interest accrual date and issue price)
identical to the Securities of this series. These additional Securities will be deemed to have been part of the Securities of this
series and will provide the Holders of these additional Securities the right to vote together with Holders of the Securities of
this series; provided, however, that if these additional Securities are not fungible with the Securities of this

 

     

     

    

series
for U.S. federal income tax purposes, these additional Securities will have a different CUSIP or other identifying number.

 

Any amounts to be paid by the Issuer under
this Security of principal, premium and interest in respect of this Security will be paid without deduction or withholding for
any and all present and future taxes, levies, duties, assessments, imposts or other governmental charges of whatever nature imposed,
assessed, levied or collected by or for the account of the government of any jurisdiction in which the Issuer is resident for tax
purposes (presently, the United Kingdom) or any political subdivision or taxing authority of such jurisdiction, unless such withholding
or deduction is required by law. If such deduction or withholding is at any time required, the Issuer will pay such additional
amounts (“Additional Amounts”) as will result in the receipt of such amounts as would have been received by
the Holder had no such withholding or deduction been required, provided that the Issuer will not have to pay Additional Amounts
if:

 

(i)       the
tax, levy, impost or other governmental charge would not have been imposed, assessed, levied or collected but for the Holder’s
(or beneficial owner’s) connection to the jurisdiction in which the Issuer is resident for tax purposes, other than by merely
holding this Security or by receiving principal, premium, if any, or interest, if any, on this Security, or enforcing this Security.
These connections include where the Holder or beneficial owner:

 

		·	is or has been a domiciliary, national or resident of such jurisdiction;

 

		·	is or has been engaged in a trade or business in such jurisdiction;

 

		·	has or had a permanent establishment in such jurisdiction; or

 

		·	is or has been physically present in such jurisdiction;

 

(ii)       the
tax, levy, impost or other governmental charge would not have been imposed, assessed, levied or collected but for presentation
of this Security for payment, if presentation is required, more than 30 days after this Security became due or payment was provided
for;

 

(iii)       
the tax, levy, impost or other governmental charge is an estate, inheritance, gift, sale, transfer, personal property or similar
tax, levy, impost or other governmental charge;

 

(iv)       
the tax, levy, impost or other governmental charge is payable in a manner that does not involve deduction or withholding from payments
on or in respect of this Security;

 

(v)       the
tax, levy, impost or other governmental charge would not have been imposed or withheld but for the failure of the Holder or beneficial
owner, upon a reasonable request, addressed to the Holder, to comply with any certification, identification or other reporting
requirement concerning the Holder’s or the beneficial owner’s nationality, residence, identity or connection with any
jurisdiction in which the Issuer is resident for tax purposes, if compliance is required by any treaty, statute, regulation or
administrative practice of such jurisdiction as a condition to relief or exemption from such tax, levy, impost or other governmental
charge;

 

(vi)       
the tax, levy, impost or other governmental charge is required by Sections 1471 through 1474 of the Internal Revenue Code of 1986,
as amended (“FATCA”), any current or future U.S. Treasury Regulations or rulings promulgated thereunder, any
intergovernmental agreement between the United States and any other jurisdiction to implement FATCA (an “IGA”),
any law, regulation or other official guidance enacted in any jurisdiction implementing FATCA or an

 

     

     

    

IGA,
or any agreement with the U.S. Internal Revenue Service under or with respect to FATCA; or

 

(vii) any combination of the taxes referred
to in (i) through (vi) above.

 

In addition, no payments of Additional
Amounts will be made with respect to any payment on this Security if the Holder of this Security is a fiduciary, partnership or
a person other than the sole beneficial owner of any payment, and, by the laws of the jurisdiction in which the Issuer is resident
for tax purposes, that payment would be required for tax purposes to be included in income of a beneficiary or settlor with respect
to the fiduciary, a member of that partnership or a beneficial owner who would not have been entitled to the Additional Amounts
had that beneficiary, settlor, member or beneficial owner been the Holder of this Security.

 

The Issuer will remit the full amount of
any taxes withheld to the applicable taxing authorities in accordance with the applicable law. The Issuer will also provide the
Trustee with documentation reasonably satisfactory to the Trustee evidencing the payment of any taxes in respect of which the Issuer
has paid Additional Amounts. The Issuer will provide copies of such documentation to the Holder of this Security upon request.

 

Any reference in the Indenture or this
Security to principal, premium or interest in respect of this Security will be deemed also to refer to any Additional Amounts that
may be payable with respect to such principal, premium or interest under the obligations referred to herein.

 

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 Securities of each series to be affected under the Indenture at any time by the Issuer and the Trustee with the
consent of the Holders of a majority in principal amount of the Securities at the time Outstanding of each series to be affected.
The Indenture also contains provisions permitting the Holders of specified percentages in principle amount of the Securities of
each series at the time Outstanding, on behalf of the Holders of all Securities of such series to waive compliance by the Issuer
with certain provisions of the Indenture and certain past defaults under the Indenture and their consequences. Any such consent
or waiver by the Holder of this Security shall be conclusive and binding upon such Holder and upon all future Holders of this Security
and of any Security issued upon the registration of transfer hereof or in exchange herefor or in lieu hereof, whether or not notation
of such consent or waiver is made upon this Security.

 

As set forth in, and subject to, the provisions
of the Indenture, no Holder of any Security of this series will have any right to institute any proceeding with respect to the
Indenture, this Security or for any remedy thereunder, unless such Holder shall have previously given to the Trustee written notice
of a continuing Event of Default with respect to the Securities of this series, the Holders of not less than 25% in principal amount
of the Outstanding Securities of this series shall have made written request, and offered reasonable indemnity, to the Trustee
to institute such proceeding as trustee, and the Trustee shall not have received from the Holders of a majority in principal of
the Outstanding Securities of this series a direction inconsistent with such request and shall have failed to institute such proceeding
within 60 days; provided, however, that such limitations do not apply to a suit instituted by the Holder hereof for
the enforcement of payment of the principal (and premium, if any) or any interest on this Security on or after the respective due
dates expressed herein.

 

     

     

    

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

 

The Securities of this series are issuable
only in registered form without coupons in denominations of U.S.$2,000 and integral multiples of U.S.$1,000 in excess thereof.

 

No service charge shall be made for any
registration of transfer or exchange, but the Issuer or the Trustee may require payment of a sum sufficient to cover any tax or
other governmental charge payable in connection therewith.

 

Prior to due presentation of this Security
for registration of transfer, the Issuer, the Trustee and any agent of the Issuer or the Trustee may treat the Person in whose
name this Security is registered as the owner hereof for all purposes, whether or not this Security be overdue, and neither of
the Issuer nor the Trustee nor any such agent shall be affected by notice to the contrary.

 

This Security shall be governed by and
construed in accordance with the laws of the State of New York.

 

Unless otherwise defined herein, all terms
used in this Security which are defined in the Indenture shall have the meanings assigned to them in the Indenture.

 

     

     

    

SCHEDULE OF PRINCIPAL AMOUNT

 

The initial principal amount of this Security
shall be U.S.$300,000,000. The following decreases/increases in the principal amount of this Security have been made:

 

	
        Date
        of Decrease/Increase

         
	
        Decrease
        in Principal Amount

         
	
        Increase
        in Principal Amount

         
	
        Total
        Principal Amount Following such Decrease/Increase

         
	
        Notation
        Made by or on Behalf of Trustee

         

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

     

     

    

Exhibit C

 

 

 

 

     

     

    

THIS SECURITY IS A GLOBAL REGISTERED SECURITY WITHIN THE
MEANING OF THE INDENTURE HEREINAFTER REFERRED TO AND IS REGISTERED IN THE NAME OF A DEPOSITARY OR A NOMINEE THEREOF. THIS SECURITY
MAY NOT BE EXCHANGED IN WHOLE OR IN PART FOR A SECURITY REGISTERED, AND NO TRANSFER OF THIS SECURITY IN WHOLE OR IN PART MAY BE
REGISTERED, IN THE NAME OF ANY PERSON OTHER THAN SUCH DEPOSITARY OR A NOMINEE THEREOF, EXCEPT IN THE LIMITED CIRCUMSTANCES DESCRIBED
IN THE INDENTURE.

 

ASTRAZENECA PLC

 

2.125% Notes due 2050

 

No. 001

U.S.$500,000,000

 

CUSIP No. 046353AX6

ISIN No. US046353AX64

 

ASTRAZENECA PLC, a public limited company
incorporated under the laws of England and Wales (herein called the “Issuer”, which term includes any successor
Person under the Indenture hereinafter referred to), for value received, hereby promises to pay to Cede & Co., or registered
assigns, the principal sum of Five Hundred Million United States Dollars on August 6, 2050 and to pay interest thereon from August
6, 2020 or from the most recent Interest Payment Date (as defined below) to which interest has been paid or duly provided for,
semiannually in arrears on February 6 and August 6 in each year, commencing February 6, 2021 (each, an “Interest Payment
Date”), at the rate of 2.125% 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 Security (or one or more Predecessor Securities) is registered at the close of business on the
Regular Record Date (as defined below) for such interest which shall be the 15th calendar day preceding such Interest
Payment Date (whether or not such day is a Business Day (as defined below)), as the case may be. Any such interest not so punctually
paid or duly provided for will forthwith cease to be payable to the Holder on such Regular Record Date and may either be paid to
the Person in whose name this Security (or one or more Predecessor Securities) is registered at the close of business on a subsequent
record date (the “Special Record Date”) for the payment of such defaulted interest to be fixed by the Trustee
(which shall not be less than five Business Days prior to the date of payment of such defaulted interest), notice whereof shall
be given to Holders of Securities of this series 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 Securities
of this series may be listed, and upon such notice as may be required by such exchange, all as more fully provided in said Indenture.

 

Payment of the principal of (and premium,
if any) and any such interest on this Security will be made at the office or agency of the Issuer maintained for that purpose in
New York City, in such coin or currency of the United States of America as at the time of payment is legal tender for payment of
public and private debts; provided, however, that at the option of the Issuer payment of interest may be made by
check mailed to the address of the Person entitled thereto as such address shall appear in the Security Register.

 

Reference is hereby made to the further
provisions of this Security set forth on the reverse hereof, which further provisions shall for all purposes have the same effect
as if set forth at this place.

 

Unless the certificate of authentication
hereon has been executed by the Trustee by manual signature of an authorized signatory, this Security shall not be entitled to
any benefit under the Indenture or be valid or obligatory for any purpose.

 

     

     

    

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

 

Dated: August 6, 2020

 

 

	 	ASTRAZENECA PLC
	 	 
	 	 
	 	By: 	/s/ Jonathan Slade
	 	 	Name:	Jonathan Slade

	 	 	Title:	Group Treasurer

 

	 	 
	 	By: 	/s/ Matthew Bowden
	 	 	Name:	Matthew Bowden

	 	 	Title:	Deputy Company Secretary

 

	 

 

 

[Signature
page to Global Note]

 

     

     

    

 

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

 

Dated: August 6, 2020

 

 

	 	THE BANK OF NEW YORK MELLON
	 	As Trustee
	 	 
	 	 
	 	By: 	/s/ Leslie Morales
	 	 	Leslie Morales
	 	 		

 

 

 

 

 

 

 

     

     

    

 

This Security is one of a duly authorized
issue of securities of the Issuer (herein called the “Securities”), issued and to be issued in one or more series
under an Indenture, dated as of April 1, 2004 (herein called the “Indenture” which term shall have the meaning
assigned to it in such instrument), among the Issuer and The Bank of New York Mellon (formerly known as The Bank of New York),
as successor Trustee (herein called the “Trustee”, which term includes any other successor trustee under the
Indenture) to JPMorgan Chase Bank, and reference is hereby made to the Indenture and to the Officers’ Certificate delivered
pursuant to Section 2.08 of the Indenture with respect to this security for a statement of the respective rights, limitations of
rights, duties and immunities thereunder of the Issuer, the Trustee and the Holders of the Securities and of the terms upon which
the Securities are, and are to be, authenticated and delivered. This Security is one of the series designated on the face hereof,
initially limited in aggregate principal amount to U.S.$500,000,000.

 

The Securities of this series are subject
to redemption, as a whole or in part, from time to time, at the election of the Issuer, upon not less than 15 nor more than 60
days’ notice, as follows: (i) prior to February 6, 2050 (the “Par Call Date”), at a Redemption Price equal
to the greater of (A) 100% of the principal amount of the Securities to be redeemed, and (B) as determined by the Quotation Agent
(as defined below), the sum of the present values of the remaining scheduled payments of principal and interest thereon (assuming
for this purpose that such series of Notes matured on the Par Call Date and not including any portion of such payments of interest
accrued as of the date of redemption) discounted to the date of redemption on a semiannual basis (assuming a 360-day year consisting
of twelve 30-day months) at the Treasury Rate plus 15 basis points, and (ii) on or after the Par Call Date, at a redemption price
equal to 100% of the principal amount of the Securities to be redeemed; plus, in each of cases (A) and (B) above, accrued interest
thereon to but excluding the date of redemption.

 

“Business Day” means any day which is
not, in London, England or New York, New York, or the place of payment of amounts payable in respect of the Securities, a Saturday,
a Sunday, a legal holiday or a day on which banking institutions are authorized or obligated by law, regulation or executive order
to close.

 

“Comparable Treasury Issue” means the
United States Treasury security selected by the Quotation Agent as having an actual or interpolated maturity comparable to the
remaining term of the Securities to be redeemed that would be utilized, at the time of selection and in accordance with customary
financial practice, in pricing new issues of corporate debt securities of comparable maturity to the remaining term of such Securities
(assuming for this purpose that such Securities matured on the Par Call Date).

 

“Comparable Treasury Price” means, with
respect to any redemption date, (i) the average, as determined by the Quotation Agent, of the Reference Treasury Dealer Quotations
for such redemption date, after excluding the highest and lowest such Reference Treasury Dealer Quotations, or (ii) if the Quotation
Agent obtains fewer than three such Reference Treasury Dealer Quotations, the average of all such Quotations.

 

     

     

    

“Quotation Agent” means the Reference
Treasury Dealer appointed by the Issuer.

 

“Reference Treasury Dealer” means (i)
each of BofA Securities, Inc., HSBC Securities (USA) Inc. and Mizuho Securities USA LLC, and their respective successors or affiliates;
provided, however, that if the foregoing shall cease to be a primary U.S. Government securities dealer in New York City
(a “Primary Treasury Dealer”), the Issuer shall substitute therefor another Primary Treasury Dealer; and (ii) any other
Primary Treasury Dealer selected by the Issuer.

 

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

 

“Treasury Rate” means, with respect to
any redemption date, the rate per annum equal to the semiannual equivalent yield to maturity of the Comparable Treasury Issue,
assuming a price for the Comparable Treasury Issue (expressed as a percentage of its principal amount) equal to the Comparable
Treasury Price for such redemption date.

 

The Indenture contains provisions to the
effect that, in the event of various tax law changes and other limited circumstances that require the Issuer to pay Additional
Amounts (as defined below), the Issuer may redeem all, but not less than all, of the Securities of a series at a price equal to
100% of the principal amount of the Securities plus accrued interest thereon to but excluding the date of redemption, which provisions
apply to this Security.

 

In the event of redemption of this Security
in part only, a new Security or Securities of this series and of like tenor for the unredeemed portion hereof will be issued in
the name of the Holder hereof upon the cancellation hereof.

 

The Indenture contains provisions for defeasance
at any time of the entire indebtedness on this Security upon compliance by the Issuer with certain conditions set forth thereon,
which provisions apply to this Security.

 

If an Event of Default with respect to Securities
of this series shall occur and be continuing, the principal of the Securities of this series may be declared due and payable in
the manner and with the effect provided in the Indenture.

 

The Issuer may, at its option, at any time
and without the consent of the Holders, reopen the Securities of this series and issue additional Securities in one or more transactions
with terms (other than the issuance date and, possibly, first Interest Payment Date, original interest accrual date and issue price)
identical to the Securities of this series. These additional Securities will be deemed to have been part of the Securities of this
series and will provide the Holders of these additional Securities the right to vote together with Holders of the Securities of
this series; provided, however, that if these additional Securities are not fungible with the Securities of this

 

     

     

    

series
for U.S. federal income tax purposes, these additional Securities will have a different CUSIP or other identifying number.

 

Any amounts to be paid by the Issuer under
this Security of principal, premium and interest in respect of this Security will be paid without deduction or withholding for
any and all present and future taxes, levies, duties, assessments, imposts or other governmental charges of whatever nature imposed,
assessed, levied or collected by or for the account of the government of any jurisdiction in which the Issuer is resident for tax
purposes (presently, the United Kingdom) or any political subdivision or taxing authority of such jurisdiction, unless such withholding
or deduction is required by law. If such deduction or withholding is at any time required, the Issuer will pay such additional
amounts (“Additional Amounts”) as will result in the receipt of such amounts as would have been received by
the Holder had no such withholding or deduction been required, provided that the Issuer will not have to pay Additional Amounts
if:

 

(i)       the
tax, levy, impost or other governmental charge would not have been imposed, assessed, levied or collected but for the Holder’s
(or beneficial owner’s) connection to the jurisdiction in which the Issuer is resident for tax purposes, other than by merely
holding this Security or by receiving principal, premium, if any, or interest, if any, on this Security, or enforcing this Security.
These connections include where the Holder or beneficial owner:

 

		·	is or has been a domiciliary, national or resident of such jurisdiction;

 

		·	is or has been engaged in a trade or business in such jurisdiction;

 

		·	has or had a permanent establishment in such jurisdiction; or

 

		·	is or has been physically present in such jurisdiction;

 

(ii)       the
tax, levy, impost or other governmental charge would not have been imposed, assessed, levied or collected but for presentation
of this Security for payment, if presentation is required, more than 30 days after this Security became due or payment was provided
for;

 

(iii)       
the tax, levy, impost or other governmental charge is an estate, inheritance, gift, sale, transfer, personal property or similar
tax, levy, impost or other governmental charge;

 

(iv)       
the tax, levy, impost or other governmental charge is payable in a manner that does not involve deduction or withholding from payments
on or in respect of this Security;

 

(v)       the
tax, levy, impost or other governmental charge would not have been imposed or withheld but for the failure of the Holder or beneficial
owner, upon a reasonable request, addressed to the Holder, to comply with any certification, identification or other reporting
requirement concerning the Holder’s or the beneficial owner’s nationality, residence, identity or connection with any
jurisdiction in which the Issuer is resident for tax purposes, if compliance is required by any treaty, statute, regulation or
administrative practice of such jurisdiction as a condition to relief or exemption from such tax, levy, impost or other governmental
charge;

 

(vi)       
the tax, levy, impost or other governmental charge is required by Sections 1471 through 1474 of the Internal Revenue Code of 1986,
as amended (“FATCA”), any current or future U.S. Treasury Regulations or rulings promulgated thereunder, any
intergovernmental agreement between the United States and any other jurisdiction to implement FATCA (an “IGA”),
any law, regulation or other official guidance enacted in any jurisdiction implementing FATCA or an

 

     

     

    

IGA,
or any agreement with the U.S. Internal Revenue Service under or with respect to FATCA; or

 

(vii) any combination of the taxes referred
to in (i) through (vi) above.

 

In addition, no payments of Additional
Amounts will be made with respect to any payment on this Security if the Holder of this Security is a fiduciary, partnership or
a person other than the sole beneficial owner of any payment, and, by the laws of the jurisdiction in which the Issuer is resident
for tax purposes, that payment would be required for tax purposes to be included in income of a beneficiary or settlor with respect
to the fiduciary, a member of that partnership or a beneficial owner who would not have been entitled to the Additional Amounts
had that beneficiary, settlor, member or beneficial owner been the Holder of this Security.

 

The Issuer will remit the full amount of
any taxes withheld to the applicable taxing authorities in accordance with the applicable law. The Issuer will also provide the
Trustee with documentation reasonably satisfactory to the Trustee evidencing the payment of any taxes in respect of which the Issuer
has paid Additional Amounts. The Issuer will provide copies of such documentation to the Holder of this Security upon request.

 

Any reference in the Indenture or this
Security to principal, premium or interest in respect of this Security will be deemed also to refer to any Additional Amounts that
may be payable with respect to such principal, premium or interest under the obligations referred to herein.

 

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 Securities of each series to be affected under the Indenture at any time by the Issuer and the Trustee with the
consent of the Holders of a majority in principal amount of the Securities at the time Outstanding of each series to be affected.
The Indenture also contains provisions permitting the Holders of specified percentages in principle amount of the Securities of
each series at the time Outstanding, on behalf of the Holders of all Securities of such series to waive compliance by the Issuer
with certain provisions of the Indenture and certain past defaults under the Indenture and their consequences. Any such consent
or waiver by the Holder of this Security shall be conclusive and binding upon such Holder and upon all future Holders of this Security
and of any Security issued upon the registration of transfer hereof or in exchange herefor or in lieu hereof, whether or not notation
of such consent or waiver is made upon this Security.

 

As set forth in, and subject to, the provisions
of the Indenture, no Holder of any Security of this series will have any right to institute any proceeding with respect to the
Indenture, this Security or for any remedy thereunder, unless such Holder shall have previously given to the Trustee written notice
of a continuing Event of Default with respect to the Securities of this series, the Holders of not less than 25% in principal amount
of the Outstanding Securities of this series shall have made written request, and offered reasonable indemnity, to the Trustee
to institute such proceeding as trustee, and the Trustee shall not have received from the Holders of a majority in principal of
the Outstanding Securities of this series a direction inconsistent with such request and shall have failed to institute such proceeding
within 60 days; provided, however, that such limitations do not apply to a suit instituted by the Holder hereof for
the enforcement of payment of the principal (and premium, if any) or any interest on this Security on or after the respective due
dates expressed herein.

 

     

     

    

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

 

The Securities of this series are issuable
only in registered form without coupons in denominations of U.S.$2,000 and integral multiples of U.S.$1,000 in excess thereof.

 

No service charge shall be made for any
registration of transfer or exchange, but the Issuer or the Trustee may require payment of a sum sufficient to cover any tax or
other governmental charge payable in connection therewith.

 

Prior to due presentation of this Security
for registration of transfer, the Issuer, the Trustee and any agent of the Issuer or the Trustee may treat the Person in whose
name this Security is registered as the owner hereof for all purposes, whether or not this Security be overdue, and neither of
the Issuer nor the Trustee nor any such agent shall be affected by notice to the contrary.

 

This Security shall be governed by and
construed in accordance with the laws of the State of New York.

 

Unless otherwise defined herein, all terms
used in this Security which are defined in the Indenture shall have the meanings assigned to them in the Indenture.

 

     

     

    

SCHEDULE OF PRINCIPAL AMOUNT

 

The initial principal amount of this Security
shall be U.S.$500,000,000. The following decreases/increases in the principal amount of this Security have been made:

 

	
        Date
        of Decrease/Increase

         
	
        Decrease
        in Principal Amount

         
	
        Increase
        in Principal Amount

         
	
        Total
        Principal Amount Following such Decrease/Increase

         
	
        Notation
        Made by or on Behalf of Trustee

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