Document:

exv10w1

Exhibit 10.1

VIA PHARMACEUTICALS, INC.

CONSULTING AGREEMENT

This Consulting Agreement (“Agreement”) is entered into as of January 29, 2009 by and between VIA
Pharmaceuticals, Inc. (the “Company”) and Adeoye Olukotun, MD (“Consultant”). The Company desires
to retain Consultant as an independent contractor to perform consulting services for the Company,
and Consultant is willing to perform such services, on the terms described below. In consideration
of the mutual promises contained herein, the parties agree as follows:

          1. Services and Compensation. Consultant agrees to perform for the Company the services
described in Exhibit A (the “Services”), and the Company agrees to pay Consultant the
compensation described in Exhibit A for Consultant’s performance of the Services.

          2. Confidentiality.

               A. Definition. “Confidential Information” means any non-public information that relates to
the actual or anticipated business or research and development of the Company, technical data,
trade secrets or know-how, including, but not limited to, research, product plans or other
information regarding Company’s products or services and markets therefore, customer lists and
customers (including, but not limited to, customers of the Company on whom Consultant called or
with whom Consultant became acquainted during the term of this Agreement), software, developments,
inventions, processes, formulas, technology, designs, drawing, engineering, hardware configuration
information, marketing, finances or other business information. Confidential Information does not
include information that (i) is known to Consultant at the time of disclosure to Consultant by the
Company as evidenced by written records of Consultant, (ii) has become publicly known and made
generally available through no wrongful act of Consultant or (iii) has been rightfully received by
Consultant from a third party who is authorized to make such disclosure.

               B. Nonuse and Nondisclosure. Consultant will not, during or subsequent to the term of this
Agreement, (i) use the Confidential Information for any purpose whatsoever other than the
performance of the Services on behalf of the Company or (ii) disclose the Confidential Information
to any third party. Consultant agrees that all Confidential Information will remain the sole
property of the Company. Consultant also agrees to take all reasonable precautions to prevent any
unauthorized disclosure of such Confidential Information.

               C. Former Client Confidential Information. Consultant agrees that Consultant will not, during
the term of this Agreement, improperly use or disclose any proprietary information or trade secrets
of any former or current employer of Consultant or other person or entity with which Consultant has
an agreement or duty to keep in confidence information acquired by Consultant, if any. Consultant
also agrees that Consultant will not bring onto the Company’s premises any unpublished document or
proprietary information belonging to any such employer, person or entity unless consented to in
writing by such employer, person or entity.

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               D. Third Party Confidential Information. Consultant recognizes that the Company has received
and in the future will receive from third parties their confidential or proprietary information
subject to a duty on the Company’s part to maintain the confidentiality of such information and to
use it only for certain limited purposes. Consultant agrees that, during the term of this
Agreement and thereafter, Consultant owes the Company and such third parties a duty to hold all
such confidential or proprietary information in the strictest confidence and not to disclose it to
any person, firm or corporation or to use it except as necessary in carrying out the Services for
the Company consistent with the Company’s agreement with such third party.

               E. Return of Materials. Upon the termination of this Agreement, or upon Company’s earlier
request, Consultant will deliver to the Company all of the Company’s property, including but not
limited to all electronically stored information and passwords to access such property, or
Confidential Information that Consultant may have in Consultant’s possession or control.

          3. Ownership.

               A. Assignment. Consultant agrees that all copyrightable material, notes, records, drawings,
designs, inventions, improvements, developments, discoveries and trade secrets conceived,
discovered, developed or reduced to practice by Consultant, solely or in collaboration with others,
during the term of this Agreement that relate in any manner to the business of the Company that
Consultant may be directed to undertake, investigate or experiment with or that Consultant may
become associated with in work, investigation or experimentation in the Company’s line of business
in performing the Services under this Agreement (collectively, “Inventions”), are the sole property
of the Company. Consultant also agrees to assign (or cause to be assigned) and hereby assigns fully
to the Company all Inventions and any copyrights, patents, mask work rights or other intellectual
property rights relating to all Inventions.

               B. Further Assurances. Consultant agrees to assist Company, or its designee, at the Company’s
expense, in every proper way to secure the Company’s rights in Inventions and any copyrights,
patents, mask work rights or other intellectual property rights relating to all Inventions in any
and all countries, including the disclosure to the Company of all pertinent information and data
with respect to all Inventions, the execution of all applications, specifications, oaths,
assignments and all other instruments that the Company may deem necessary in order to apply for and
obtain such rights and in order to assign and convey to the Company, its successors, assigns and
nominees the sole and exclusive right, title and interest in and to all Inventions, and any
copyrights, patents, mask work rights or other intellectual property rights relating to all
Inventions. Consultant also agrees that Consultant’s obligation to execute or cause to be executed
any such instrument or papers shall continue after the termination of this Agreement.

               C. Pre-Existing Materials. Subject to Section 3.A, Consultant agrees that if, in the course
of performing the Services, Consultant incorporates into any Invention developed under this
Agreement any pre-existing invention, improvement, development, concept, discovery or other
proprietary information owned by Consultant or in which Consultant has an interest, (i) Consultant
will inform Company, in writing before incorporating such invention, improvement, development,
concept, discovery or other proprietary information into any

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Invention, and (ii) the
Company is hereby granted a nonexclusive, royalty-free, perpetual, irrevocable, worldwide
license to make, have made, modify, use and sell such item as part of or in connection with such
Invention. Consultant will not incorporate any invention, improvement, development, concept,
discovery or other proprietary information owned by any third party into any Invention without
Company’s prior written permission.

               D. Attorney-in-Fact. Consultant agrees that, if the Company is unable because of Consultant’s
unavailability, dissolution, mental or physical incapacity, or for any other reason, to secure
Consultant’s signature for the purpose of applying for or pursuing any application for any United
States or foreign patents or mask work or copyright registrations covering the Inventions assigned
to the Company in Section 3.A, then Consultant hereby irrevocably designates and appoints the
Company and its duly authorized officers and agents as Consultant’s agent and attorney-in-fact, to
act for and on Consultant’s behalf to execute and file any such applications and to do all other
lawfully permitted acts to further the prosecution and issuance of patents, copyright and mask work
registrations with the same legal force and effect as if executed by Consultant.

          4. Conflicting Obligations.

               A. Conflicts. Consultant certifies that Consultant has no outstanding agreement or obligation
that is in conflict with any of the provisions of this Agreement or that would preclude Consultant
from complying with the provisions of this Agreement. Consultant will not enter into any such
conflicting agreement during the term of this Agreement. Consultant’s violation of this Section
4.A will be considered a material breach under Section 6.B.

               B. Substantially Similar Designs. In view of Consultant’s access to the Company’s trade
secrets and proprietary know-how, Consultant agrees that Consultant will not, without Company’s
prior written approval, design identical or substantially similar designs as those developed under
this Agreement for any third party during the term of this Agreement and for a period of 12 months
after the termination of this Agreement. Consultant acknowledges that the obligations in this
Section 4 are ancillary to Consultant’s nondisclosure obligations under Section 2.

          5. Reports. Consultant also agrees that Consultant will, from time to time during the term of
this Agreement or any extension thereof, keep the Company advised as to Consultant’s progress in
performing the Services under this Agreement. Consultant further agrees that Consultant will, as
requested by the Company, prepare written reports with respect to such progress. The Company and
Consultant agree that the time required to prepare such written reports will be considered time
devoted to the performance of the Services.

          6. Term and Termination.

               A. Term. Unless terminated earlier as provided in Section 6.B., the term of this Agreement
shall be for 12 months from the Agreement’s effective date.

               B. Termination. Either party may terminate this Agreement upon giving the other party 14
days’ prior written notice of such termination pursuant to Section 10.E of this Agreement. The
Company may terminate this Agreement immediately and without prior notice

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if Consultant refuses to or is unable to perform the Services or is in breach of any material
provision of this Agreement.

               C. Survival. Upon such termination, all rights and duties of the Company and Consultant
toward each other shall cease except:

                    (1) The Company will pay, within 30 days after the effective date of termination, all amounts
owing to Consultant for Services completed and accepted by the Company prior to the termination
date and related expenses, if any, submitted in accordance with the Company’s policies and in
accordance with the provisions of Section 1 of this Agreement; and

                    (2) Section 2 (Confidentiality), Section 3 (Ownership), Section 4 (Conflicting Obligations),
Section 7 (Independent Contractor; Benefits), Section 8 (Nonsolicitation) and Section 9
(Arbitration and Equitable Relief) will survive termination of this Agreement.

          7. Independent Contractor; Benefits.

               A. Independent Contractor. It is the express intention of the Company and Consultant that
Consultant perform the Services as an independent contractor to the Company. Nothing in this
Agreement shall in any way be construed to constitute Consultant as an agent, employee or
representative of the Company. Without limiting the generality of the foregoing, Consultant is not
authorized to bind the Company to any liability or obligation or to represent that Consultant has
any such authority. Consultant agrees to furnish (or reimburse the Company for) all tools and
materials necessary to accomplish this Agreement and shall incur all expenses associated with
performance, except as expressly provided in Exhibit A. Consultant acknowledges and agrees
that Consultant is obligated to report as income all compensation received by Consultant pursuant
to this Agreement. Consultant agrees to and acknowledges the obligation to pay all self-employment
and other taxes on such income.

               B. Benefits. The Company and Consultant agree that Consultant will receive no
Company-sponsored benefits from the Company. If Consultant is reclassified by a state or federal
agency or court as Company’s employee, Consultant will become a reclassified employee and will
receive no benefits from the Company, except those mandated by state or federal law, even if by the
terms of the Company’s benefit plans or programs of the Company in effect at the time of such
reclassification, Consultant would otherwise be eligible for such benefits.

          8. Nonsolicitation. From the date of this Agreement until 12 months after the termination of
this Agreement (the “Restricted Period”), Consultant will not, without the Company’s prior written
consent, directly or indirectly, solicit or encourage any employee or contractor of the Company or
its affiliates to terminate employment with, or cease providing services to, the Company or its
affiliates. During the Restricted Period, Consultant will not, whether for Consultant’s own
account or for the account of any other person, firm, corporation or other business organization,
intentionally interfere with any person who is or during the period of Consultant’s engagement by
the Company was a partner, supplier, customer or client of the Company or its affiliates.

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          9. Arbitration and Equitable Relief.

               A. Arbitration. Consultant agrees that any and all controversies, claims or disputes with
anyone (including the Company and any employee, officer, director, shareholder or benefit plan of
the Company, in its capacity as such or otherwise) arising out of, relating to or resulting from
Consultant’s performance of the Services under this Agreement or the termination of this Agreement,
including any breach of this Agreement, shall be subject to binding arbitration under the
Arbitration Rules set forth in California Code of Civil Procedure Section 1280 through 1294.2,
including Section 1283.05 (the “Rules”) and pursuant to California law. CONSULTANT AGREES TO
ARBITRATE, AND THEREBY AGREES TO WAIVE ANY RIGHT TO A TRIAL BY JURY WITH RESPECT TO, ALL DISPUTES
ARISING FROM OR RELATED TO THIS AGREEMENT, INCLUDING BUT NOT LIMITED TO: ANY STATUTORY CLAIMS UNDER
STATE OR FEDERAL LAW, CLAIMS UNDER TITLE VII OF THE CIVIL RIGHTS ACT OF 1964, THE AMERICANS WITH
DISABILITIES ACT OF 1990, THE AGE DISCRIMINATION IN EMPLOYMENT ACT OF 1967, THE OLDER WORKERS
BENEFIT PROTECTION ACT, THE CALIFORNIA FAIR EMPLOYMENT AND HOUSING ACT, THE CALIFORNIA LABOR CODE,
CLAIMS OF HARASSMENT, DISCRIMINATION OR WRONGFUL TERMINATION AND ANY STATUTORY CLAIMS. Consultant
understands that this Agreement to arbitrate also applies to any disputes that the Company may have
with Consultant.

               B. Procedure. Consultant agrees that any arbitration will be administered by the American
Arbitration Association (“AAA”), and that a neutral arbitrator will be selected in a manner
consistent with its National Rules for the Resolution of Employment Disputes. Consultant agrees
that the arbitrator will have the power to decide any motions brought by any party to the
arbitration, including discovery motions, motions for summary judgment and/or adjudication and
motions to dismiss and demurrers, prior to any arbitration hearing. Consultant agrees that the
arbitrator will issue a written decision on the merits. Consultant also agrees that the arbitrator
will have the power to award any remedies, including attorneys’ fees and costs, available under
applicable law. Consultant understands that the Company will pay for any administrative or hearing
fees charged by the arbitrator or AAA, except that Consultant shall pay the first $200.00 of any
filing fees associated with any arbitration Consultant initiates. Consultant agrees that the
arbitrator will administer and conduct any arbitration in a manner consistent with the Rules and
that, to the extent that the AAA’s National Rules for the Resolution of Employment Disputes
conflict with the Rules, the Rules will take precedence.

               C. Remedy. Except as provided by the Rules, arbitration will be the sole, exclusive and final
remedy for any dispute between the Company and Consultant. Accordingly, except as provided for by
the Rules, neither the Company nor Consultant will be permitted to pursue court action regarding
claims that are subject to arbitration. Notwithstanding the foregoing, the arbitrator will not
have the authority to disregard or refuse to enforce any lawful Company policy, and the arbitrator
shall not order or require the Company to adopt a policy not otherwise required by law which the
Company has not adopted.

               D. Availability of Injunctive Relief. In addition to the right under the Rules to petition
the court for provisional relief, Consultant agrees that any party may also petition the court for
injunctive relief where either party alleges or claims a violation of Sections 2

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(Confidentiality), 3 (Ownership) or 4 (Conflicting Obligations) of this Agreement or any other
agreement regarding trade secrets, confidential information, nonsolicitation or Labor Code §2870.
In the event either the Company or Consultant seeks injunctive relief, the prevailing party will be
entitled to recover reasonable costs and attorneys’ fees.

               E. Administrative Relief. Consultant understands that this Agreement does not prohibit
Consultant from pursuing an administrative claim with a local, state or federal administrative body
such as the Department of Fair Employment and Housing, the Equal Employment Opportunity Commission
or the workers’ compensation board. This Agreement does, however, preclude Consultant from
pursuing court action regarding any such claim.

               F. Voluntary Nature of Agreement. Consultant acknowledges and agrees that Consultant is
executing this Agreement voluntarily and without any duress or undue influence by the Company or
anyone else. Consultant further acknowledges and agrees that Consultant has carefully read this
Agreement and has asked any questions needed to understand the terms, consequences and binding
effect of this Agreement and fully understand it, including that Consultant is waiving its right to
a jury trial. Finally, Consultant agrees that Consultant has been provided an opportunity to seek
the advice of an attorney of its choice before signing this Agreement.

          10. Miscellaneous.

               A. Governing Law. This Agreement shall be governed by the laws of California without regard
to California’s conflicts of law rules.

               B. Assignability. Except as otherwise provided in this Agreement, Consultant may not sell,
assign or delegate any rights or obligations under this Agreement.

               C. Entire Agreement. This Agreement constitutes the entire agreement between the parties with
respect to the subject matter of this Agreement and supersedes all prior written and oral
agreements between the parties regarding the subject matter of this Agreement.

               D. Headings. Headings are used in this Agreement for reference only and shall not be
considered when interpreting this Agreement.

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               E. Notices. Any notice or other communication required or permitted by this Agreement to be
given to a party shall be in writing and shall be deemed given if delivered personally or by
commercial messenger or courier service, or mailed by U.S. registered or certified mail (return
receipt requested), or sent via facsimile (with receipt of confirmation of complete transmission)
to the party at the party’s address or facsimile number written below or at such other address or
facsimile number as the party may have previously specified by like notice. If by mail, delivery
shall be deemed effective 3 business days after mailing in accordance with this Section 10(E).

	 	 	 	 	 	 	 	 	 
	 
	 	 	 	(1)	 	If to the Company, to:
	 	 
	 
	 	 	 	 	 	 	 	 
	 

	 	 	 	 	 	750 Battery Street, Suite 330	 	 
	 

	 	 	 	 	 	San Francisco, CA 94111	 	 
	 

	 	 	 	 	 	Attention: Chief Executive Officer	 	 
	 

	 	 	 	 	 	Telephone: (415) 283-2200	 	 
	 

	 	 	 	 	 	Facsimile: (415) 283-2201	 	 

                  (2) If to Consultant, to the address for notice on the signature page
to this Agreement or, if no such address is provided, to the last address of Consultant
provided by Consultant to the Company.

               F. Attorneys’ Fees. In any court action at law or equity that is brought by one of the
parties to this Agreement to enforce or interpret the provisions of this Agreement, the prevailing
party will be entitled to reasonable attorneys’ fees, in addition to any other relief to which that
party may be entitled.

               G. Severability. If any provision of this Agreement is found to be illegal or unenforceable,
the other provisions shall remain effective and enforceable to the greatest extent permitted by
law.

(Remainder of page intentionally left blank.)

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

	 	 	 	 	 	 	 	 	 
	CONSULTANT	 	VIA PHARMACEUTICALS, INC.	 	 
	 
	 	 	 	 	 	 	 	 
	By:
	/s/ Oye Olukotun	 	By:	/s/ Lawrence K. Cohen	 	 
	 
	
 
	 	 	
 

	 	 
	Name:
	 	Oye Olukotun, MD	 	Name: 	Lawrence K. Cohen, Ph.D.	 	 
	 
	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 
	 

	 	 	 	Title:	Chief Executive Officer	 	 
	 
	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 
	Address for Notice:	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 
	 

	 	125 Hopewell-Wertsville Road	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 
	 

	 	Hopewell, NJ 08525	 	 	 	 	 	 
	 	 	 	 	 	 	 

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EXHIBIT A

Services and Compensation

1. Contact. Consultant’s principal Company contact:

Name: Lawrence K. Cohen, Ph.D.

Title: Chief Executive Officer

2. Services. The Services shall include, but shall not be limited to, the following:

	 	§	 	Provide support to CEO and SVP, R&D in discussions with thought leaders in the
cardiovascular community within large biotechnology and large pharmaceuticals
companies, including participation where required in meetings to discuss
development potential of VIA-2291.
	 
	 	§	 	Continue acting in the capacity of Chief Medical Officer of the Company with
regards to such medical and clinical matters as may come up from time to time and
require consulting.
	 
	 	§	 	Participate in strategy discussions with Board members, investors and others in
the financial community regarding clinical trial results, next steps in development
of VIA-2291 and implications to financing of VIA.
	 
	 	§	 	Assist in analysis of clinical trial results of ongoing VIA-2291 trials, as
requested.
	 
	 	§	 	Provide support, guidance and critique as requested for development strategies
for recently in-licensed Roche assets.
	 
	 	§	 	Provide support for Clinical Advisory Board meetings, including providing input
to agendas as requested and participation in conference calls and meetings as
needed.

3. Compensation.

               A. The Company will pay Consultant $2,500 per day up to a maximum of 25 days.

An initial Purchase Order will be issued authorizing Consultant to perform Services for
12 months pursuant to this Agreement. Thereafter, a new Purchase Order(s) will be
issued authorizing future Services to be performed.

               B. The Company will reimburse Consultant for all reasonable expenses incurred by
Consultant in performing the Services pursuant to this Agreement, if Consultant receives
written consent from an authorized agent of the Company prior to

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               incurring such expenses and submits receipts for such expenses to the Company in
accordance with Company policy.

               Consultant shall submit to the Company a written invoice monthly and no later than 10 days
after the prior month for Services referencing the Purchase Order Number and expenses monthly, and
such statement shall be subject to the approval of the contact person listed above or other
designated agent of the Company. Payment by Company to be made within 30 days of receipt of
invoice.

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Exhibit 4.1

(FACE OF NOTE)

THIS SECURITY IS A GLOBAL SECURITY WITHIN THE MEANING OF THE INDENTURE HEREINAFTER REFERRED TO AND
IS REGISTERED IN THE NAME OF A DEPOSITORY OR A NOMINEE OF A DEPOSITORY. UNLESS AND UNTIL IT IS
EXCHANGED IN WHOLE OR IN PART FOR SECURITIES IN DEFINITIVE FORM IN ACCORDANCE WITH THE PROVISIONS
OF THE INDENTURE AND THE TERMS OF THE SECURITIES, THIS GLOBAL SECURITY MAY NOT BE TRANSFERRED
EXCEPT AS A WHOLE BY THE DEPOSITORY TO A NOMINEE OF THE DEPOSITORY OR BY A NOMINEE OF THE
DEPOSITORY TO THE DEPOSITORY OR ANOTHER NOMINEE OF THE DEPOSITORY OR BY THE DEPOSITORY OR ANY SUCH
NOMINEE TO A SUCCESSOR DEPOSITORY OR A NOMINEE OF SUCH SUCCESSOR DEPOSITORY.

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

AT&T INC.

4.85% Global Notes due 2014

CUSIP NO. 00206RAQ5

ISIN NO. US00206RAQ56

No. R-1

$500,000,000

     AT&T Inc., a corporation duly organized and existing under the laws of the State of Delaware
(herein called “AT&T”, which term includes any successor Person under the Indenture hereinafter
referred to), for value received, hereby promises to pay to Cede & Co., or registered assigns, the
principal sum of Five Hundred Million Dollars ($500,000,000) on February 15, 2014 (the “Maturity
Date”), and to pay interest on said principal sum from February 3, 2009 or from the most recent
Interest Payment Date to which interest has been paid or duly provided for, semiannually in arrears
on February 15 and August 15 in each year, commencing on August 15, 2009 (each an “Interest Payment
Date”) and on the Maturity Date, at the interest rate of 4.85% per annum, until the principal
hereof is paid or made available for payment. The interest so payable, and punctually paid or duly
provided for, on any Interest Payment Date will, as

 

 

provided in such Indenture, be paid to the Person in whose name this Note (or one or more
Predecessor Notes) is registered at the close of business on the Regular Record Date for such
interest, which shall be the close of business on February 1 or August 1, as the case may be (each,
a “Regular Record Date”), next preceding such Interest Payment Date. Any such interest not so
punctually paid or duly provided for will forthwith cease to be payable to the Holder on such
Regular Record Date and may either be paid to the Person in whose name this Note (or one or more
Predecessor Notes) is registered at the close of business on a Special Record Date for the payment
of such Defaulted Interest to be fixed by the Trustee, notice whereof shall be given to Holders of
Notes not less than 15 days prior to such Special Record Date, or be paid at any time in any other
lawful manner not inconsistent with the requirements of any securities exchange on which the Notes
may be listed, and upon such notice as may be required by such exchange, all as more fully provided
in said Indenture.

     Any money that AT&T deposits with the Trustee or any Paying Agent for the payment of principal
or any interest on this Note that remains unclaimed for two years after the date upon which the
principal and interest are due and payable, will be repaid to AT&T upon AT&T’s request unless
otherwise required by mandatory provisions of any applicable unclaimed property law. After that
time, unless otherwise required by mandatory provisions of any unclaimed property law, the Holder
of this Note will be able to seek any payment to which such Holder may be entitled to collect only
from AT&T.

     If the Notes are issued in definitive form, payment of the principal and interest on this Note
due at the Maturity Date or upon redemption will be made at the Maturity Date or upon redemption,
as the case may be, upon presentation of this Note, in immediately available funds, at the office
of The Bank of New York Mellon, the Paying and Transfer Agent and Registrar for the Notes,
currently located at 101 Barclay Street, New York, New York 10286.

     Payment of interest on this Note due on an Interest Payment Date, other than interest at
maturity or upon redemption, may be paid by check mailed to the address of the Holder entitled
thereto as such address shall appear in the Note register. Notwithstanding the foregoing, (1) the
Depository as Holder of the Notes or (2) a Holder of more than U.S.$5,000,000 in aggregate
principal amount of Notes in definitive form is entitled to require the Paying Agent to make
payments of interest, other than interest due at maturity or upon redemption, by wire transfer of
immediately available funds into an account maintained by the Holder in the United States, by
sending appropriate wire transfer instructions as long as the Paying Agent receives the
instructions not less than ten days prior to the applicable Interest Payment Date.

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

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

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

	 	 	 	 	 	 	 
	Dated: February 3, 2009	 	AT&T INC.	 	 
	 
	 	 	 	 	 	 
	[SEAL]
	 	 	 	 	 	 
	 
	 	 	 	 	 	 
	 

	 	By:
	 	/s/ Richard G. Lindner	 	 
	 

	 	 	 	 	 	 
	 

	 	 	 	Richard G. Lindner	 	 
	 

	 	 	 	Senior Executive Vice President
and Chief Financial Officer	 	 
	 
	 	 	 	 	 	 
	 

	 	By:
	 	/s/ Jonathan P. Klug	 	 
	 

	 	 	 	 	 	 
	 

	 	 	 	Jonathan P. Klug	 	 
	-

	 	 	 	Senior Vice President
and Treasurer	 	 

Trustee’s Certificate of Authentication

This is one of the 4.85% Global Notes due 2014
of the series designated herein referred to
in the within-mentioned Indenture.

THE BANK OF NEW YORK MELLON, as Trustee

	 	 	 	 	 
	 	 	 
	 	By:  	               /s/ Beata Harvin
 	 
	 	 	Authorized Signatory 	 
	 	 	 	 
	 

 

 

REVERSE OF NOTE

     This Note is one of a duly authorized issue of debt securities of AT&T of the series specified
on the face hereof, issued under and pursuant to an Indenture, dated as of November 1, 1994,
between AT&T and The Bank of New York Mellon, as Trustee (the “Trustee,” which term includes any
successor Trustee under the Indenture), to which indenture and all indentures supplemental thereto
(collectively, the “Indenture”) reference is hereby made for a description of the rights,
limitations of rights, obligations, duties and immunities thereunder of the Trustee, AT&T and the
Holders of the Notes and of the terms upon which the Notes are, and are to be, authenticated and
delivered. The Notes will be issued in fully registered form only and in denominations of $2,000
and integral multiples of $1,000.

     The Indenture permits, with certain exceptions as therein provided, the amendment thereof and
the modification of the rights and obligations of AT&T and the rights of the Holders of the Notes
under the Indenture at any time by AT&T and the Trustee with the consent of the Holders of a
majority in principal amount of the Notes at the time outstanding. The Indenture also contains
provisions permitting the Holders of specified percentages in principal amount of the Notes at the
time outstanding to waive compliance by AT&T with certain provisions of the Indenture and certain
past defaults under the Indenture and their consequences. Any such consent or waiver by the Holder
of this Note shall be conclusive and binding upon such Holder and upon all future Holders of this
Note and of any Note issued upon the registration of transfer hereof or in exchange herefor or in
lieu hereof, whether or not notation of such consent or waiver is made upon this Note.

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

     Registrar and Paying Agent

     AT&T shall maintain in the Borough of Manhattan, The City of New York, an office or agency
where Notes may be surrendered for registration of transfer or exchange (“Registrar”) and an office
or agency where Notes may be presented for payment or for exchange (“Paying Agent”). AT&T has
initially appointed the Trustee, The Bank of New York Mellon, as its Registrar and Paying Agent.
AT&T may vary or terminate the appointment of any of its paying or transfer agencies, and may
appoint additional paying or transfer agencies.

     Optional Redemption by AT&T

     The Notes will be redeemable, as a whole or in part, at AT&T’s option, at any time on at least
30 days’, but not more than 60 days’, prior notice mailed to the registered address of each Holder
of the Notes. The redemption price will be equal to the greater of (1) 100% of the principal
amount of the Notes to be redeemed or (2) the sum of the present values of the Remaining Scheduled
Payments (as defined below) discounted to the redemption date, on a

 

 

semiannual basis (assuming a 360-day year consisting of twelve 30-day months), at a rate equal
to the sum of the Treasury Rate (as defined below) and 45 basis points. In either case, accrued
interest will be payable to the redemption date.

     “Treasury Rate” means, with respect to any redemption date, the rate per annum equal to the
semiannual equivalent yield to maturity or interpolation (on a day count basis) of the interpolated
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 or securities selected
by an Independent Investment Banker as having an actual or interpolated maturity comparable to the
remaining term of the 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
a comparable maturity to the remaining term of such Notes.

     “Independent Investment Banker” means one of the Reference Treasury Dealers, appointed by the
Trustee after consultation with AT&T.

     “Comparable Treasury Price” means, with respect to any redemption date, (1) the average of the
Reference Treasury Dealer Quotations for such redemption date after excluding the highest and
lowest of such Reference Treasury Dealer Quotations, or (2) if the Trustee obtains fewer than three
such Reference Treasury Dealer Quotations, the average of all such quotations.

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

     “Reference Treasury Dealer” means each of Banc of America Securities LLC, Citigroup Global
Markets Inc., Goldman, Sachs & Co. and J.P. Morgan Securities Inc. and their respective affiliates
and, at the option of the Company, one other nationally recognized investment banking firm that is
a primary U.S. Government Securities dealer in the United States (a “Primary Treasury Dealer”);
provided, however, that if any of the foregoing shall cease to be a Primary Treasury Dealer, we
will substitute therefor another Primary Treasury Dealer.

     “Remaining Scheduled Payments” means, with respect to each Note to be redeemed, the remaining
scheduled payments of principal of and interest on the Note that would be due after the related
redemption date but for the redemption. If that redemption date is not an interest payment date
with respect to a Note, the amount of the next succeeding scheduled interest payment on the Note
will be reduced by the amount of interest accrued on the Note to the redemption date.

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     On and after the redemption date, interest will cease to accrue on the Notes or any portion of
the Notes called for redemption, unless AT&T defaults in the payment of the redemption price and
accrued interest. On or before the redemption date, AT&T will deposit with a Paying Agent or the
Trustee money sufficient to pay the redemption price of and accrued interest on the Notes to be
redeemed on that date. If less than all of the Notes of any series are to be redeemed, the Notes
to be redeemed shall be selected by the Trustee by lot or by such other method as the Trustee in
its sole discretion deems to be fair and appropriate.

     Payment of Additional Amounts

     AT&T will, subject to certain exceptions and limitations set forth below, pay as additional
interest on the Notes such additional amounts (“Additional Amounts”) as are necessary so that the
net payment by AT&T or a Paying Agent of the principal of and interest on this Note to a person
that is a United States Alien Holder, after deduction for any present or future tax, assessment or
governmental charge of the United States or a political subdivision or taxing authority thereof or
therein, imposed by withholding with respect to the payment, will not be less than the amount that
would have been payable in respect of the Notes had no withholding or deduction been required;
provided, however, that the foregoing obligation to pay additional amounts shall not apply:

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

     (a) is or was present or engaged in trade or business in the United States or
has or had a permanent establishment in the United States;

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

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

     (d) is or was a “10-percent shareholder” of AT&T;

     (2) to any Holder that is not the sole beneficial owner of the Notes, or a portion
thereof, or that is a fiduciary or partnership, but only to the extent that the beneficial
owner, a beneficiary or settlor with respect to the fiduciary, or a member of the
partnership would not have been entitled to the payment of an additional amount had such
beneficial owner, beneficiary, settlor or member received directly its beneficial or
distributive share of the payment;

3

 

     (3) to any tax, assessment or governmental charge that is imposed or withheld solely
because the beneficial owner or any other person failed to comply with certification,
identification or information reporting requirements concerning the nationality, residence,
identity or connection with the United States of the Holder or beneficial owner of the
Notes, if compliance is required by statute, by regulation of the United States Treasury
Department or by an applicable income tax treaty to which the United States is a party as a
precondition to exemption from such tax, assessment or other governmental charge;

     (4) to any tax, assessment or governmental charge that is imposed other than by
deduction or withholding by AT&T or a Paying Agent from the payment;

     (5) to any tax, assessment or governmental charge that is imposed or withheld solely
because of a change in law, regulation, or administrative or judicial interpretation that
becomes effective after the day on which the payment becomes due or is duly provided for,
whichever occurs later;

     (6) to an estate, inheritance, gift, sales, excise, transfer, wealth or personal
property tax or any similar tax, assessment or governmental charge;

     (7) to any tax, assessment or other governmental charge any paying agent (which term
may include us) must withhold from any payment of principal of or interest on any note, if
such payment can be made without such withholding by any other paying agent; or

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

Except as specifically provided herein, AT&T shall not be required to make any payment with respect
to any tax, assessment or governmental charge imposed by any government or a political subdivision
or taxing authority thereof or therein.

     “United States Alien Holder” means (a) a nonresident alien individual, (b) a foreign
corporation, (c) a foreign partnership or (d) an estate or trust that in either case is not subject
to United States federal income tax on a net income basis or income or gain from a Note.

     Redemption Upon a Tax Event

     If (a) AT&T becomes or will become obligated to pay Additional Amounts as a result of any
change in, or amendment to, the laws (or any regulations or rulings promulgated thereunder) of the
United States (or any political subdivision or taxing authority thereof or therein), or any change
in, or amendment to, any official position regarding the application or interpretation of such
laws, regulations or rulings, which change or amendment is announced or becomes effective on or
after January 29, 2009, or (b) a taxing authority of the United States takes an action on or after
January 29, 2009, whether or not with respect to AT&T or any of its affiliates, that results in a
substantial probability that AT&T will or may be required to pay such Additional

4

 

Amounts, then AT&T may, at its option, redeem, as a whole, but not in part, the Notes on any
interest payment date on not less than 30 nor more than 60 calendar days’ prior notice, at a
redemption price equal to 100% of their principal amount, together with interest accrued thereon to
the date fixed for redemption. However, AT&T may determine, in its business judgment, that the
obligation to pay these Additional Amounts cannot be avoided by the use of reasonable measures
available to it, not including substitution of the obligor under the Notes. No redemption pursuant
to (b) above may be made unless AT&T shall have received an opinion of independent counsel to the
effect that an act taken by a taxing authority of the United States results in a substantial
probability that AT&T will or may be required to pay the Additional Amounts and AT&T shall have
delivered to the Trustee a certificate, signed by a duly authorized officer stating, that based on
such opinion, AT&T is entitled to redeem the Notes pursuant to their terms.

     Further Issues

     AT&T reserves the right from time to time, without notice to or the consent of the Holders of
the Notes, to create and issue further notes ranking equally and ratably with the Notes in all
respects, or in all respects except for the payment of interest accruing prior to the issue date or
except for the first payment of interest following the issue date of those further notes. Any
further notes will have the same terms as to status, redemption or otherwise as the Notes. Any
further notes shall be issued pursuant to a resolution of the board of directors of AT&T, a
supplement to the Indenture, or under an officers’ certificate pursuant to the Indenture.

     Notes in Definitive Form

     If (1) an Event of Default has occurred with regard to the Notes represented by this Note and
has not been cured or waived in accordance with the Indenture, or (2) the Depository is at any time
unwilling or unable to continue as depository and a successor depository is not appointed by AT&T
within 90 days, AT&T may issue notes in definitive form in exchange for this Note. In either
instance, an owner of a beneficial interest in the Notes will be entitled to the physical delivery
in definitive form in exchange for this Note, equal in principal amount to such beneficial interest
and to have such Notes registered in its name.

     Notes so issued in definitive form will be issued as registered notes in minimum denominations
of $2,000 and integral multiples of $1,000, unless otherwise specified by AT&T.

     Notes so issued in definitive form may be transferred by presentation for registration to the
Registrar at its New York office and must be duly endorsed by the Holder or the Holder’s attorney
duly authorized in writing, or accompanied by a written instrument or instruments of transfer in
form satisfactory to AT&T or the Trustee duly executed by the Holder or his attorney duly
authorized in writing.

     AT&T may require payment of a sum sufficient to cover any tax or other governmental charge
that may be imposed in connection with any exchange or registration of transfer of definitive
Notes.

5

 

     Default

     In case an Event of Default, as defined in the Indenture, shall have occurred and be
continuing, the principal hereof may be declared, and upon such declaration shall become, due and
payable, in the manner, with the effect and subject to the conditions provided in the Indenture.

     Miscellaneous

     For purposes of the Notes, a Business Day means a Business Day in The City of New York and
London.

     No director, officer, employee or stockholder, as such, of AT&T shall have any liability for
any obligations of AT&T under this Note, the Indenture or for any claim based on, in respect of or
by reason of such obligations or their creation. Each Holder by accepting this Note waives and
releases all such liability. The waiver and release are part of the consideration for the issue of
this Note.

     The Notes are the unsecured and unsubordinated obligations of AT&T and will rank pari
passu with all other evidences of indebtedness issued in accordance with the Indenture.

     Notices to Holders of the Notes will be published in authorized newspapers in The City of New
York and in London. AT&T is deemed to have given the notice on the date of each publication or, if
published more than once, on the date of the first publication.

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

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

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

6

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