Document:

EX-4.2

 Exhibit 4.2 

AON CORPORATION 
 AON
GLOBAL HOLDINGS PLC 
  
  

THIRD INDENTURE SUPPLEMENT 

DATED AS OF FEBRUARY 28, 2022 

TO 
 THE AMENDED AND
RESTATED INDENTURE 
 DATED AS OF APRIL 1, 2020 

 
  

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

TRUSTEE 
  

 
 DEBT SECURITIES 

 THIS THIRD INDENTURE SUPPLEMENT (the “Third Indenture Supplement”), is
dated as of February 28, 2022, among Aon Corporation, a corporation duly organized and existing under the laws of the State of Delaware (hereinafter sometimes called the “Company” , which term includes any successor Person
under the Indenture hereinafter referred to), Aon Global Holdings plc, a public limited company duly organized and existing under the laws of England and Wales (hereinafter sometimes called “AGH” or the “Co-Issuer”, which term includes any successor Person under the Indenture hereinafter referred to, and, together with the Company, the “Issuers”), Aon plc, a public limited company duly
organized and existing under the laws of Ireland (hereinafter sometimes called “Aon Ireland”), Aon Global Limited, a private limited company duly organized and existing under the laws of England and Wales and prior to its re-registration, a public limited company formed under the laws of England and Wales named Aon plc (hereinafter sometimes called the “Aon UK” and, together with Aon Ireland, the
“Guarantors” and each, a “Guarantor”), and The Bank of New York Mellon Trust Company, N.A., a national banking association duly incorporated and existing under the laws of the United States of America (hereinafter
sometimes called the “Trustee”, which term shall include any successor trustee appointed pursuant to Article Seven of the Base Indenture), and is a supplemental indenture amending and restating the Base Indenture (as defined below).

 WITNESSETH: 

WHEREAS, the Company, AGH, the Guarantors and the Trustee executed and delivered an Amended and Restated Indenture, dated as of April 1,
2020 (the “Base Indenture” and together with this Third Indenture Supplement, the “Indenture”), to provide for the issuance from time to time for its lawful purposes debt securities (hereinafter called
“Securities” or, in the singular, “Security”) evidencing its unsecured indebtedness. 
 WHEREAS,
Section 10.01 of the Base Indenture provides that a supplemental indenture may be entered into by the Company, AGH, Aon Ireland and Aon UK when authorized by or pursuant to a Board Resolution, and the Trustee without the consent of any Holders
to make provisions to establish the form or terms of Securities of any series as permitted by Sections 2.01 and 2.03 of the Base Indenture. 

WHEREAS, solely with respect to the application of such provisions to the Offered Securities, the Company, the
Co-Issuer and the Guarantors, desire to (i) effect that the Issuers co-issue the Notes, (ii) effect such guarantee by Aon Ireland and Aon UK,
(iii) establish the form and terms of the Notes without the consent of any Holders as permitted by Sections 2.01 and 2.03 of the Base Indenture and (iv) execute a supplemental indenture to the Base Indenture pursuant to Section 10.01
thereof by amending and restating herein the Base Indenture in relevant part. 
 WHEREAS, each of the Company, the Co-Issuer, Aon Ireland and Aon UK represents that all acts and things necessary to present a valid and binding supplemental indenture and agreement according to its terms have been done and performed, and the
execution of this Indenture as a supplemental indenture to the Base Indenture by each of the Company, the Co-Issuer, Aon Ireland and Aon UK has in all respects been duly authorized, and each of the Company,
the Co-Issuer, Aon Ireland and Aon UK, in the exercise of legal rights and power in it vested, is executing this Indenture. 

 NOW, THEREFORE, for and in consideration of the foregoing premises, the Issuers, the
Guarantors and the Trustee mutually covenant and agree for the equal and proportionate benefit of the respective Holders from time to time of the Notes as follows: 

ARTICLE I 
 DEFINED TERMS 

SECTION 1.01. Defined Terms. Except as otherwise expressly provided in this Third Indenture Supplement or in the respective forms of
Note attached as Exhibit A and Exhibit B hereto or otherwise clearly required by the context hereof or thereof, all capitalized terms used and not defined in this Third Indenture Supplement that are defined in the Base Indenture shall
have the meanings assigned to them in the Base Indenture. For all purposes of this Third Indenture Supplement only: 
 “2027 Par
Call Date” means with respect to the 2027 Notes, April 28, 2027 (the date that is one month prior to the stated maturity date for the 2027 Notes). 

“2052 Par Call Date” means with respect to the 2052 Notes, August 28, 2051 (the date that is six months prior to the
stated maturity date for the 2052 Notes). 
 “Base Indenture” has the meaning set forth in the recitals hereof. 

“Board of Directors”, with respect to the Issuers, shall mean the board of directors (or comparable governing body) of each
such Issuer, the executive committee of each such Issuer or any other committee duly authorized to exercise the powers and authority of the board of directors (or comparable governing body) of each such Issuer with respect to this Indenture. 

“Closing Date” means February 28, 2022. 

“Co-Issuer” means the Person named as the
“Co-Issuer” set forth in the preamble hereof, until a successor Person shall have become such pursuant to the applicable provisions of this Indenture, and thereafter
“Co-Issuer” shall mean such successor Person. 
 “Company” (i) with
respect to the provisions set out in the Third Indenture Supplement, has the meaning set forth in the preamble hereof, until a successor Person shall have become such pursuant to the applicable provisions of the Indenture, and thereafter
“Company” shall mean such successor Person and (ii) with respect to the Base Indenture and only in the context where the Third Indenture Supplement has not expressly amended and restated a provision of the Base Indenture, the term
“Company” shall mean (a) the Person named as the “Company” in the first paragraph of the Base Indenture until a successor Person shall have become such pursuant to the applicable provisions of this Indenture, and thereafter
“Company” shall mean such successor Person and (b) the Person named as the “AGH” in the first paragraph of the Base Indenture, acting in its capacity as a co-issuer in accordance with
this Third Indenture Supplement, until a successor Person shall have become such pursuant to the applicable provisions of this Indenture, and thereafter “Company” shall include such successor Person. 

“Global Securities Legend” means the legend set forth on the respective forms of Note attached as Exhibit A and
Exhibit B hereto. 
 “Guarantors” has the meaning set forth in the recitals hereof. 

“Indenture” has the meaning set forth in the recitals hereof. 

“Interest Payment Date” has the meaning set forth in Section 2.02 hereof. 

  
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 “Notes” means (i) a new series of Securities to be co-issued by the Company and the Co-Issuer to be known as $600,000,000 aggregate principal amount of 2.850% senior notes due 2027 (the “2027 Notes”,
substantially in the form attached hereto as Exhibit A) and (ii) a new series of Securities to be co-issued by the Company and the Co-Issuer to be known as
$900,000,000 aggregate principal amount of 3.900% senior notes due 2052 (the “2052 Notes”, substantially in the form attached hereto as Exhibit B, and the 2052 Notes, together with the 2027 Notes, the
“Notes”), in each case fully and unconditionally guaranteed as to payment of principal and interest by Aon Ireland and Aon UK, each series designated in Section 2.01 hereof that are authenticated and delivered under the
Indenture. For all purposes of this Third Indenture Supplement, the term “Notes”, with respect to the 2027 Notes and the 2052 Notes, shall include the Notes of each such series initially issued on the Closing Date and any other Notes of
each such series issued after the Closing Date. For purposes of the Indenture, the 2027 Notes shall constitute a single series of Securities under the Indenture and shall vote together to the extent so provided in the Indenture, and the 2052 Notes
shall constitute a single series of Securities under the Indenture and shall vote together to the extent so provided in the Indenture. 

“Original Indenture” has the meaning set forth in the recitals hereof. 

“Par Call Date” means either the 2027 Par Call Date or the 2052 Par Call Date, as applicable. 

“Regular Record Date” has the meaning set forth in Section 2.02 hereof. 

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

If on the third business day preceding the redemption date H.15 is no longer published, the Issuers shall calculate the Treasury Rate based on
the rate per annum equal to the semi-annual equivalent yield to maturity at 11:00 a.m., New York City time, on the second business day preceding such redemption date of the United States Treasury security maturing on, or with a maturity that is
closest to, the Par Call Date, as applicable. If there is no United States Treasury 

  
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security maturing on the Par Call Date but there are two or more United States Treasury securities with a maturity date equally distant from the Par Call Date, one with a maturity date preceding
the Par Call Date and one with a maturity date following the Par Call Date, the Issuers shall select the United States Treasury security with a maturity date preceding the Par Call Date. If there are two or more United States Treasury securities
maturing on the Par Call Date or two or more United States Treasury securities meeting the criteria of the preceding sentence, the Issuers shall select from among these two or more United States Treasury securities the United States Treasury
security that is trading closest to par based upon the average of the bid and asked prices for such United States Treasury securities at 11:00 a.m., New York City time. In determining the Treasury Rate in accordance with the terms of this paragraph,
the semi-annual yield to maturity of the applicable United States Treasury security shall be based upon the average of the bid and asked prices (expressed as a percentage of principal amount) at 11:00 a.m., New York City time, of such United States
Treasury security, and rounded to three decimal places. 
 “Trustee” has the meaning set forth in the preamble hereof. 

The parties hereto acknowledge that certain terms are defined in both the Base Indenture and in this Third Indenture Supplement. The parties hereto hereby
agree that, unless otherwise expressly stated or the context otherwise requires, any term which is defined in either the Base Indenture or this Third Indenture Supplement, when used with respect to or in the respective certificates evidencing the
Notes, shall have the meaning set forth in this Third Indenture Supplement. 
 ARTICLE II 

TERMS OF THE NOTES 
 SECTION
2.01. Establishment of the Notes. 
 (a) There is hereby authorized and established a series of Securities designated the 2.850%
senior notes due 2027, limited in aggregate principal amount to $600,000,000 (except for 2027 Notes authenticated and delivered upon registration of transfer of, or in exchange for, or in lieu of, other 2027 Notes pursuant to Sections 2.05, 2.06,
2.07, 3.03, 6.01 or 10.04 of the Indenture); provided that the Issuers may, from time to time, without notice to or consent of Holders or beneficial owners of the Outstanding 2027 Notes, create and issue additional notes of this series of Securities
so as to increase the aggregate principal amount of 2027 Notes Outstanding in compliance with the procedures set forth in the Indenture, including Sections 2.03 and 2.04 thereof, by issuing additional Securities having the same ranking, interest
rate, maturity and other terms (except for the issue date, public offering price and, in some cases, the first Interest Payment Date and the date from which interest shall begin to accrue) as the 2027 Notes then Outstanding; provided, further, that
any such additional Securities will constitute part of the same series as the 2027 Notes issued on the Closing Date; and provided, further, that if the Issuers issue such additional Securities that are not fungible for U.S. federal income tax
purposes with the 2027 Notes issued on the Closing Date, the additional Securities will have a separate CUSIP number. 
 (b) There is hereby
authorized and established a series of Securities designated the 3.900% senior notes due 2052, limited in aggregate principal amount to $900,000,000 (except for 2052 Notes authenticated and delivered upon registration of transfer of, or in exchange
for, or in lieu of, other 2052 Notes pursuant to Sections 2.05, 2.06, 2.07, 3.03, 6.01 or 10.04 of the Indenture); provided that the Issuers may, from time to time, without notice to or consent of Holders or beneficial owners of the Outstanding 2052
Notes, create and issue additional notes of this series of Securities so as to increase the 

  
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aggregate principal amount of 2052 Notes Outstanding in compliance with the procedures set forth in the Indenture, including Sections 2.03 and 2.04 thereof, by issuing additional Securities
having the same ranking, interest rate, maturity and other terms (except for the issue date, public offering price and, in some cases, the first Interest Payment Date and the date from which interest shall begin to accrue) as the 2052 Notes then
Outstanding; provided, further, that any such additional Securities will constitute part of the same series as the 2052 Notes issued on the Closing Date; and provided, further, that if the Issuers issue such additional Securities that are not
fungible for U.S. federal income tax purposes with the 2052 Notes issued on the Closing Date, the additional Securities will have a separate CUSIP number. 

(c) The form and terms of the Notes have been established pursuant to authority duly granted by the Board Resolutions of the Company, adopted
on February 21, 2022 (the “Company Board Resolutions”), and the Board Resolutions of AGH, adopted on February 22, 2022 (together, the “Co-Issuer Board Resolutions”
and together, the “Board Resolutions”), in accordance with Section 2.03 of the Indenture, and the Corporate Secretary of the Company has certified that the Board Resolutions have been duly adopted by the Board of Directors of
the Company and are in full force and effect on the date of such certification and the Corporate Secretary of the Co-Issuer has certified that the Board Resolutions have been duly adopted by the Board of
Directors of the Co-Issuer and are in full force and effect on the date of such certification. 

SECTION 2.02. Terms of the Notes. The following terms relate to the Notes: 

(a) The Notes hereby established are (i) a series of Securities having the title “2.850% senior notes due 2027 with full and
unconditional guarantees as to payment of principal and interest by Aon plc and Aon Global Limited” and (ii) a series of Securities having the title “3.900% senior notes due 2052 with full and unconditional guarantees as to payment of
principal and interest by Aon plc and Aon Global Limited” in and pursuant to authority duly granted by the Board Resolutions the terms and provisions of the Notes as provided for in Section 2.01 of the Indenture with the further terms and
provisions as set forth in the form of the 2027 Notes attached hereto as Exhibit A and the form of the 2052 Notes attached hereto as Exhibit B. 

(b) The initial aggregate principal amount of the 2027 Notes that may be issued, authenticated and delivered under the Indenture (except for
2027 Notes authenticated and delivered upon registration of, transfer of, or in exchange for, or in lieu of, other 2027 Notes or 2027 Notes authenticated and delivered as Additional Securities pursuant to Section 2.01 of the Base Indenture) is
$600,000,000. The initial aggregate principal amount of the 2052 Notes that may be issued, authenticated and delivered under the Indenture (except for 2052 Notes authenticated and delivered upon registration of, transfer of, or in exchange for, or
in lieu of, other 2052 Notes or 2052 Notes authenticated and delivered as Additional Securities pursuant to Section 2.01 of the Base Indenture) is $900,000,000. 

(c) The Stated Maturity on which the principal of the 2027 Notes shall be due and payable (unless earlier redeemed) shall be May 28,
2027. The Stated Maturity on which the principal of the 2052 Notes shall be due and payable (unless earlier redeemed) shall be February 28, 2052. 

(d) The principal of the 2027 Notes shall bear interest at the rate of 2.850% per annum, which interest shall accrue from the most recent 2027
Interest Payment Date with respect to the 2027 Notes to which interest has been paid or duly provided for in respect of the 2027 Notes, and if no interest has been paid or duly provided for, from and including February 28, 2022, payable
semi-annually in arrears on May 28 and November 28 (each, a “2027 Interest Payment Date”) in each year, commencing November 28, 2022 to the Persons in whose names the 2027 Notes are registered at the close of business

  
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on the May 13 or November 13 immediately preceding such 2027 Interest Payment Dates (each, a “2027 Regular Record Date”) regardless of whether such 2027 Regular Record
Date is a Business Day. The initial interest period for the 2027 Notes is a long coupon, during which interest shall accrue from and including February 28, 2022 to but excluding November 28, 2022. The principal of the 2052 Notes shall bear
interest at the rate of 3.900% per annum, which interest shall accrue from the most recent 2052 Interest Payment Date with respect to the 2052 Notes to which interest has been paid or duly provided for in respect of the 2052 Notes, and if no
interest has been paid or duly provided for, from and including February 28, 2022, payable semi-annually in arrears on February 28 and August 28 (each, a “2052 Interest Payment Date”) in each year, commencing
August 28, 2022 to the Persons in whose names the 2052 Notes are registered at the close of business on the February 13 or August 13 immediately preceding such 2052 Interest Payment Dates (each, a “2052 Regular Record
Date”) regardless of whether such 2052 Regular Record Date is a Business Day. 
 (e) Interest on each series of the Notes shall be
calculated on the basis of a 360-day year of twelve 30-day months. 

(f) Prior to the 2027 Par Call Date, and prior to the 2052 Par Call Date, the Issuers may redeem the 2027 Notes and/or the 2052 Notes at their
option, in whole or in part, at any time and from time to time, at a redemption price (expressed as a percentage of the principal amount and rounded to three decimal places) equal to the greater of: 

(i) (a) the sum of the present values of the remaining scheduled payments of principal and interest on the Notes of such series being
redeemed discounted to the redemption date (assuming the Notes of such series being redeemed matured on the applicable Par Call Date) on a semi-annual basis (assuming a 360-day year consisting of twelve 30-day months) at the Treasury Rate, plus 15 basis points (0.150%), in the case of the 2027 Notes, and plus 30 basis points (0.300%), in the case of the 2052 Notes less, (b) interest accrued to the date of
redemption, and 
 (ii) 100% of the principal amount of the Notes of such series being redeemed; and 

plus, in either case, accrued and unpaid interest on the principal amount of the Notes of such series being redeemed to the redemption date. 

(g) On or after the Par Call Date, the Issuers may redeem the 2027 Notes and/or the 2052 Notes, in whole or in part, at any time and from time
to time, at a redemption price equal to 100% of the principal amount of the Notes of such series being redeemed plus accrued and unpaid interest thereon to the redemption date. 

Notwithstanding the foregoing, installments of interest on Notes being redeemed that are due and payable on interest payment dates falling on
or prior to a redemption date will be payable on the interest payment date to the registered holders as of the close of business on the relevant record date according to such Notes and the Indenture. 

(h) All payments of interest and principal, including payments made upon any redemption or repurchase of the Notes, will be payable in
U.S. Dollars. 

  
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 (i) The Notes are designated, pursuant to Section 2.01 of the Indenture, as being
entitled to the benefits of the Guarantees of Aon Ireland and Aon UK, and Article Fifteen of the Base Indenture shall apply, and inure to the benefit of, the Notes. 

(j) Each series of Notes is subject to redemption at the option of the Issuers as provided in the respective forms of Note of each series
attached hereto as Exhibit A or Exhibit B, as the case may be, and in the Indenture. 
 (k) Each series of Notes shall have
such other terms and provisions as are set forth in the respective forms of Notes of each series attached hereto as Exhibit A or Exhibit B, as the case may be, (all of which are incorporated by reference in and made a part of this
Third Indenture Supplement as if set forth in full at this place). 
 SECTION 2.03. Denominations. Each series of Notes shall be
issued in registered form without interest coupons and only in minimum denominations of $2,000 and integral multiples of $1,000 in excess thereof. 

SECTION 2.04. Form. Each series of Notes will be represented by one or more Global Securities. The 2027 Notes shall be in substantially
the form set forth in Exhibit A hereto and the 2052 Notes shall be in substantially the form set forth in Exhibit B hereto, in each case with such changes therein as may be authorized by any
officer of the Company and the Co-Issuer executing such Notes by manual or facsimile signature, such approval to be conclusively evidenced by the execution thereof by such applicable officer. 

The terms and provisions contained in the Notes shall constitute, and are hereby expressly made, a part of this Third Indenture Supplement,
and the Company, the Co-Issuer and the Trustee, by their execution and delivery of this Third Indenture Supplement, expressly agree to such terms and provisions and to be bound thereby. However, to the extent
any provision of any Note conflicts with the express provisions of this Third Indenture Supplement, the provisions of this Third Indenture Supplement shall govern and be controlling. 

Each series of Notes shall be issued as registered Securities without coupons. 

ARTICLE III 
 AMENDMENTS TO
INDENTURE FOR THE BENEFIT 
 OF HOLDERS OF THE 2027 NOTES AND THE 2052 NOTES 

SECTION 3.01. Amendment to Section 4.01 - Payment of Principal, Premium and Interest. Section 4.01 of the Base
Indenture is deleted in its entirety and is hereby replaced and superseded with the following provision: 

“Section 4.01. Payment of Principal, Premium and Interest. The Issuers will
duly and punctually pay or cause to be paid the principal of and premium, if any, and interest, if any, on each series of Notes, at the place, at the respective times and in the manner provided in the terms of the applicable series of Notes and in
this Indenture. The interest on the applicable series of Notes shall be payable only to or upon the written order of the Holders thereof and at the option of the Issuers may be paid by wire transfer, other electronic means or mailing checks for
such interest payable to or upon the order of such Holders at their last addresses as they appear on the Security Register for such Notes. 

  
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 SECTION 3.02. Amendment to Section 4.02 - Offices for Notices and
Payments, etc. Section 4.02 of the Base Indenture each reference to “the Company” is deleted and is hereby replaced with “the Issuers”. 

SECTION 3.03. Amendment to Section 4.03 - Provisions as to Paying Agent. In Section 4.03 of the Base Indenture
each reference to “the Company” is deleted and is hereby replaced with “the Issuers”; provided that Section 4.03(b) is deleted in its entirety and is hereby replaced and superseded with the following provision: 

“(b) If either the Company or the Co-Issuer shall act as its own paying agent, it
will, on or before each due date of the principal of and premium, if any, and interest, if any, on the Securities of any series set aside, segregate and hold in trust for the benefit of the Holders of the Securities of such series entitled thereto a
sum sufficient to pay such principal, premium, or interest so becoming due. The applicable Issuer will promptly notify the Trustee of any failure to take such action.” 

SECTION 3.04. Amendment to Section 4.04 - Statement by Officers as to Default. Section 4.04 of the Base
Indenture shall be deleted in its entirety and is hereby replaced and superseded with the following provision: 

“Section 4.04. Statement by Officers as to Default. 

(a) Either the Company or the Co-Issuer will deliver to the Trustee, on or before
a date not more than four months after the end of each fiscal year of the Company or the Co-Issuer, as applicable, ending after the date hereof, an Officers’ Certificate of the Company or the Co-Issuer, as applicable, which shall include the statements provided for in Section 16.04 and stating whether or not to the best knowledge of the signers thereof either the Company or the Co-Issuer is in default in the performance or observance of any of the terms, provisions and conditions of this Indenture to be performed or observed by it and specifying all such defaults and the nature thereof of
which it may have knowledge. 
 (b) The Company and the Co-Issuer, as
applicable, will deliver to the Trustee, as soon as practicable upon becoming aware of any default (which word has the meaning of the word “default” as used in Section 6.07) or Event of Default with respect to a particular series of
Securities that has occurred and is continuing, a written notice setting forth the details of such default or Event of Default.” 

  
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 SECTION 3.05. Amendment to Section 4.05 - Payment of Additional
Amounts. Section 405 of the Base Indenture is deleted in its entirety and is hereby replaced and superseded with the following provision: 

“Section 4.05. Payment of Additional Amounts.  

(a) All payments made by any Guarantor (including any successor in interest to any of the foregoing) in respect of its
Guarantee shall be made free and clear of and without withholding or deduction for or on account of any present or future income, stamp or other tax, duty, levy, impost, assessment or other governmental charge of any nature whatsoever imposed or
levied by or on behalf of the government of the United Kingdom or Ireland, as applicable, or, in each case, by any authority or agency therein or thereof having the power to tax (collectively, “Taxes”), unless such Guarantor is
required to withhold or deduct Taxes by law. 
 If a Guarantor is required to withhold or deduct any amount for or on
account of Taxes from any payment made with respect to its Guarantee, such Guarantor shall pay such additional amounts (the “Additional Amounts”) as may be necessary in order that the net amounts received in respect of such payments
by the beneficial owner, the Trustee or any Agent, as the case may be, after such withholding or deduction (including any such deduction or withholding from such Additional Amounts), shall not be less than the amounts that would have been received
in respect of such payments on the Guarantees in the absence of such withholding or deduction; provided however that no such Additional Amounts will be payable with respect to Taxes: 

(1) that would not have been so imposed or levied but for the existence of any present or former connection between the relevant Holder or
beneficial owner of the Notes (or between a fiduciary, settlor, beneficiary, member or shareholder of, or possessor of a power over, such Holder or beneficial owner, if such Holder or beneficial owner is an estate, trust, partnership or
corporation), and the United Kingdom or Ireland, as applicable, or, in each case, any political subdivision or territory or possession thereof or therein or area subject to its jurisdiction, including, without limitation, such Holder or beneficial
owner (or such fiduciary, settlor, beneficiary, member, shareholder or possessor) being or having been a citizen or resident thereof or treated as a resident thereof or domiciled thereof or a national thereof or being or having been present or
engaged in trade or business therein or having or having had a permanent establishment therein; 
 (2) that are estate, inheritance, gift,
sales, transfer, personal property, wealth or similar taxes, duties, assessments or other governmental charges; 
 (3) payable other than by
withholding from payments in respect of a Guarantee; 
 (4) that would not have been so imposed but for the failure of the applicable
recipient of such payment to comply with any certification, identification, information, documentation or other reporting requirement to the extent: 

(i) such compliance is required by applicable law or administrative practice or an applicable treaty as a precondition to
exemption from, or reduction in, the rate of deduction or withholding of such Taxes; and 
 (ii) at least thirty
(30) days before the first payment date with respect to which such Additional Amounts shall be payable, such Guarantor has notified such recipient in writing that such recipient is required to comply with such requirement; 

(5) that would not have been imposed but for the presentation of a Note (where presentation is required) for payment on a date more than
thirty (30) days after the date on which such payment became due and payable or the date on which payment thereof was duly provided for, whichever occurred later; 

  
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 (6) that are imposed or withheld pursuant to Sections 1471 through 1474 of the U.S.
Internal Revenue Code of 1986, as amended (the “Code”), as of the issue date of the Notes (or any amended or successor version of such sections), any regulations promulgated thereunder, any official interpretations thereof, and any
similar law or regulation adopted pursuant to an intergovernmental agreement between a non-U.S. jurisdiction and the United States with respect to the foregoing or any agreements entered into pursuant to
Section 1471(b)(1) of the Code; 
 (7) that would not have been imposed if presentation for payment of the relevant Notes or a
Guarantee (where presentation is required), had been made to a paying agent other than the paying agent to which the presentation was made; or 

(8) any combination of the foregoing clauses (1) through (8); 

nor shall Additional Amounts be paid with respect to any payment in respect of a Guarantee, to any such Holder or beneficial owner who is a
fiduciary or a partnership or a beneficial owner who is other than the sole beneficial owner of such payment to the extent a beneficiary or settlor with respect to such fiduciary or a member of such partnership or a beneficial owner would not have
been entitled to such Additional Amounts had it been the Holder of the Note. 
 (b) For avoidance of doubt, no
Additional Amounts shall be paid with respect to or on account of any present or future income, stamp or other tax, duty, levy, impost, assessment or other governmental charge of any nature whatsoever imposed or levied by or on behalf of the
government of the United States or the United Kingdom relating to payments by the Issuers under the Notes. 
 (c) All
references in this Indenture, other than in Articles Twelve or Thirteen of the Base Indenture, to the payment of the principal of or premium, if any, or interest, if any, on or the net proceeds received on the sale or exchange of, any Notes or any
payment made under a Guarantee shall be deemed to include Additional Amounts to the extent that, in that context, Additional Amounts are, were or would be payable in respect thereof. 

(d) The obligations of each Guarantor to pay Additional Amounts if and when due will survive the termination of this
Indenture and the payment of all other amounts in respect of the Notes.” 
 SECTION 3.06. Amendment to
Section 11.01 - Company and Guarantors May Consolidate, etc., on Certain Terms. Section 11.01 of the Base Indenture is deleted in its entirety and is hereby replaced and superseded with the following provision: 

“Section 11.01. Company, the Co-Issuer and
Guarantors May Consolidate, etc., Only on Certain Terms. So long as any Securities shall be Outstanding, none of the Company, the Co-Issuer or, with respect to any series of Securities to which the
provisions of Article Fifteen shall apply, any Guarantor shall consolidate with or merge or convert into any other Person or convey, transfer or lease its properties and assets substantially as an entirety to any Person unless: 

(a) (1) The Company, the Co-Issuer or such Guarantor, as the case may be, is the
surviving entity, or (2) the Person formed by such consolidation or conversion or into which the Company, the Co-Issuer or such Guarantor, as applicable, is merged or converted or the Person which
acquires by conveyance or transfer, or which leases, the properties and assets of the Company, the Co-Issuer or such Guarantor, as the case may be, substantially as an entirety: 

  
 -10- 

 (i) expressly assumes, by an indenture supplemental hereto, executed
and delivered to the Trustee, in form satisfactory to the Trustee, in the case of the Company and/or the Co-Issuer, the due and punctual payment of the principal of and premium, if any, and interest, if any,
on all the Securities and the performance of every covenant of this Indenture on the part of the Company and/or the Co-Issuer, as applicable, to be performed or observed or, in the case of such Guarantor, with
respect to any series of Securities to which the provisions of Article Fifteen shall apply, the due and punctual payment of all payment obligations under the Guarantee and the performance of every other covenant of this Indenture on the part of such
Guarantor to be performed or observed and which supplemental indenture shall provide for conversion or exchange rights in accordance with the provisions of the Securities of any series that are convertible or exchangeable into Shares or other
securities, if any such Securities are then outstanding; and 
 (ii) in the case of the Company, is a corporation or
other entity organized and existing under the laws of the United States, any State thereof or the District of Columbia. 

(b) immediately after giving effect to such transaction and treating any indebtedness which becomes an obligation of the
Company, the Co-Issuer or such Guarantor, as applicable, as a result of such transaction as having been incurred by the Company, the Co-Issuer or such Guarantor, as
applicable, at the time of such transaction, no Event of Default, and no event which, after notice or lapse of time or both, would become an Event of Default, shall have happened and be continuing; and 

(c) the Company and/or the Co-Issuer, as applicable, has delivered to the Trustee an
Officers’ Certificate of the Company, the Co-Issuer or such Guarantor has delivered to the Trustee an Officers’ Certificate of such Guarantor, as the case may be, and, in either case, an Opinion of
Counsel, each stating that such consolidation, merger, conversion, conveyance, transfer or lease and, if a supplemental indenture is required in connection with such transaction, such supplemental indenture comply with this Article and that all
conditions precedent herein provided for relating to such transaction have been complied with.” 
 SECTION 3.07. Amendment to
Section 11.02 - Successor Person Substituted. Section 11.02 of the Base Indenture is deleted in its entirety and is hereby replaced and superseded with the following provision: 

“Section 11.02. Successor Person Substituted. So long as any Notes shall be
outstanding, upon any consolidation, merger or conversion, or any conveyance, transfer or lease of the properties and assets of the Company, the Co-Issuer or any Guarantor substantially as an entirety, in
accordance with Section 11.01, the successor Person formed by such consolidation or into which the Company, the Co-Issuer or such Guarantor, as applicable, is merged or converted or to which such
conveyance, transfer or lease is made shall succeed to, and be substituted for, and may exercise every right and power of, the Company, the Co-Issuer or such Guarantor, as the case may be, under this Indenture
with the same effect as if such successor Person had been named as the Company, the Co-Issuer or a Guarantor, as the case may be, herein, and thereafter, except in the case of a lease, the predecessor Person
shall be relieved of all obligations and covenants under this Indenture and the Notes.” 

  
 -11- 

 ARTICLE IV 

MISCELLANEOUS 
 SECTION 4.01.
Ratification. This Third Indenture Supplement shall be deemed part of the Base Indenture in the manner and to the extent herein provided. Except as expressly amended hereby, the Base Indenture is in all respects ratified and confirmed and all
the terms, conditions and provisions thereof shall remain in full force and effect. 
 SECTION 4.02. Provisions Binding on
Successors. All the covenants, stipulations, promises and agreements in this Third Indenture Supplement contained by or on behalf of the Company, the Co-Issuer or the Guarantors shall bind their respective
successors and assigns, whether so expressed or not. 
 SECTION 4.03. Counterparts. This Third Indenture Supplement may be executed
in any number of counterparts, each of which so executed shall be deemed an original, but all of such counterparts shall together constitute but one and the same instrument. 

SECTION 4.04. Governing Law. This Third Indenture Supplement shall be governed by and construed in accordance with the laws of the
State of New York, without regard to the principles of conflicts of laws. 
 SECTION 4.05. Separability. In case any one or more of
the provisions contained in this Third Indenture Supplement or in the Notes of either series shall for any reason be held to be invalid, illegal or unenforceable in any respect, such invalidity, illegality or unenforceability shall not affect any
other provisions of this Third Indenture Supplement or of such Notes, but this Third Indenture Supplement and such Notes shall be construed as if such invalid or illegal or unenforceable provision had never been contained herein or therein. 

SECTION 4.06. Governing Law. This Third Indenture Supplement shall be governed by and construed in accordance with the laws of the
State of New York, without regard to the principles of conflicts of laws. 
 SECTION 4.07. Trustee. The Trustee makes no
representation as to the validity or sufficiency of this Third Indenture Supplement. The recitals contained herein shall be taken as the statements of the Company, the Co-Issuer and the Trustee assumes no
responsibility for their correctness. The Trustee shall have the right to accept and act upon instructions, including funds transfer instructions (“Instructions”) given pursuant to this Indenture and delivered using Electronic
Means; provided, however, that the Company and the Co-Issuer shall provide to the Trustee an incumbency certificate listing officers with the authority to provide such Instructions (“Authorized
Officers”) and containing specimen signatures of such Authorized Officers, which incumbency certificate shall be amended by the Company and the Co-Issuer whenever a person is to be added or deleted
from the listing. If the Company or the Co-Issuer elects to give the Trustee Instructions using Electronic Means and the Trustee in its discretion elects to act upon such Instructions, the Trustee’s
understanding of such Instructions shall be deemed controlling. The Each of the Company and the Co-Issuer understands and agrees that the Trustee cannot determine the identity of the actual sender of such
Instructions and that the Trustee shall conclusively presume that directions that purport to have been sent by an Authorized Officer listed on the incumbency certificate provided to the Trustee have been sent by such Authorized Officer. The Company

  
 -12- 

 
and the Co-Issuer shall be responsible for ensuring that only Authorized Officers transmit such Instructions to the Trustee and that the Company and the Co-Issuer and all Authorized Officers are solely responsible to safeguard the use and confidentiality of applicable user and authorization codes, passwords and/or authentication keys upon receipt by the Company and
the Co-Issuer. The Trustee shall not be liable for any losses, costs or expenses arising directly or indirectly from the Trustee’s reliance upon and compliance with such Instructions notwithstanding such
directions conflict or are inconsistent with a subsequent written instruction. Each of the Company and the Co-Issuer agrees: (i) to assume all risks arising out of the use of Electronic Means to submit
Instructions to the Trustee, including without limitation the risk of the Trustee acting on unauthorized Instructions, and the risk of interception and misuse by third parties; (ii) that it is fully informed of the protections and risks
associated with the various methods of transmitting Instructions to the Trustee and that there may be more secure methods of transmitting Instructions than the method(s) selected by the Company or the
Co-Issuer, as the case may be; (iii) that the security procedures (if any) to be followed in connection with its transmission of Instructions provide to it a commercially reasonable degree of protection
in light of its particular needs and circumstances; and (iv) to notify the Trustee immediately upon learning of any compromise or unauthorized use of the security procedures. The Trustee may execute this Third Indenture Supplement and any other
documents delivered pursuant hereto (including authentication of the Notes) via Electronic Means. 
 “Electronic Means” shall mean the
following communications methods: S.W.1.F.T., e-mail, facsimile transmission, secure electronic transmission containing applicable authorization codes, passwords and/or authentication keys issued by the
Trustee, or another method or system specified by the Trustee as available for use in connection with its services hereunder. 

[Signature Pages Follow] 

  
 -13- 

 IN WITNESS WHEREOF, each of the parties hereto has caused this Third Indenture Supplement to
be duly signed, all as of the day and year first above written. 
  

			
	AON CORPORATION, A CORPORATION DULY ORGANIZED AND EXISTING
UNDER THE LAWS OF THE STATE OF DELAWARE
		
	BY:	 	 /S/ JULIE CHO

		 	NAME: JULIE CHO
		 	TITLE: VICE PRESIDENT AND SECRETARY
	
	AON GLOBAL HOLDINGS PLC, A PUBLIC LIMITED COMPANY DULY
ORGANIZED AND EXISTING UNDER THE LAWS OF ENGLAND AND WALES
		
	BY:	 	 /S/ PELAGIA KATSAOUNI-DODD

		 	NAME: PELAGIA KATSAOUNI-DODD 
		 	TITLE: DIRECTOR
	
	AON PLC, A PUBLIC LIMITED COMPANY DULY ORGANIZED AND
EXISTING UNDER THE LAWS OF IRELAND
		
	BY:	 	 /S/ PAUL HAGY

		 	NAME: PAUL HAGY
		 	TITLE: TREASURER
	
	AON GLOBAL LIMITED, A PRIVATE LIMITED COMPANY DULY ORGANIZED
AND EXISTING UNDER THE LAWS OF ENGLAND AND WALES
		
	BY:	 	 /S/ ROGIER SPARREBOOM

		 	NAME: ROGIER SPARREBOOM
		 	TITLE: DIRECTOR

 [Company Signature Page to the Indenture Supplement] 

 
			
	THE BANK OF NEW YORK MELLON TRUST COMPANY, N.A.
		
	BY:	 	 /s/ Lawrence M. Kusch

		 	NAME: Lawrence M. Kusch
		 	TITLE: Vice President

 [Trustee Signature Page to the Indenture Supplement] 

 EXHIBIT A 

FORM OF 2027 NOTE 
 Unless this
Security is presented by an authorized representative of The Depository Trust Company (55 Water Street, New York, New York) to the issuer or its agent for registration of transfer, exchange or payment, and any Security issued upon registration of
transfer of, or in exchange for, or in lieu of, this Security is registered in the name of Cede & Co. or such other name as requested by an authorized representative of The Depository Trust Company and any payment hereon is made to
Cede & Co., ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL since the registered owner hereof, Cede & Co., has an interest herein. 

AON CORPORATION 
 AON
GLOBAL HOLDINGS PLC 
 $600,000,000 2.850% Senior Notes due 2027 

with full and unconditional guarantees 

as to payment of principal and interest by 

Aon plc and Aon Global Limited 
  

			
	No. [1]/[2]	  	$500,000,000

 CUSIP No. 03740L AD4 

AON CORPORATION 
 AON
GLOBAL HOLDINGS PLC 
 Aon Corporation, a Delaware corporation (herein called the “Company,” which term includes any
successor Person under the Indenture hereinafter referred to) and Aon Global Holdings plc, a public limited company formed under the laws of England and Wales (hereinafter called the “Co-Issuer,” which term includes any successor
Person under the Indenture hereinafter referred to, and, together with the Company, the “Issuers”), for value received, hereby, jointly and severally, promise to pay to Cede & Co., as nominee for The Depository Trust Company, or
registered assigns, the principal sum of FIVE HUNDRED MILLION DOLLARS ($500,000,000) on May 28, 2027 and, subject to Section 16.05 of said Indenture, to pay interest thereon from February 28, 2022 or from the most recent Interest Payment Date to
which interest has been paid or duly provided for, semi-annually in arrears on each May 28 and November 28, commencing November 28, 2022 (each, an “Interest Payment Date”), at the rate of 2.850% per annum, until the principal hereof
is paid or made available for payment. The initial interest period is a long coupon. Interest during the initial interest period accrues from and including February 28, 2022 to but excluding November 28, 2022. 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
for such interest, which shall be May 13 or November 13 (whether or not a Business Day), as the case may be, immediately 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 Security (or one or more predecessor Securities) is registered at the close of business on a subsequent record date for the payment of such
defaulted interest established by the Company and the Co-Issuer, notice whereof shall be given to Holders of Securities of this series not less than 15 days prior to such subsequent record date, such record date to be not less than 5 days preceding
the date of payment of such defaulted interest, 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. 

  
 A-1 

 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 Company maintained for that purpose in the City of Chicago or the Borough of Manhattan, The City of New York, 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 Company or the Co-Issuer payment of interest may be made by wire transfer, other electronic means or
mailing checks to the address of the Holder entitled thereto as such address shall appear in the Security Register. 
 The Securities of
this series are subject to redemption and repurchase at the option of the Issuers prior to the stated maturity as described in the Indenture and on the reverse hereof. 

Reference is hereby made to the further provisions of this Security set forth on the reverse hereof, which further provisions shall for all
purposes have the same effect as if set forth at this place. 
 Unless the certificate of authentication hereon has been executed by the
Trustee referred to herein by manual or electronic signature, this Security shall not be entitled to any benefit under the Indenture or be valid or obligatory for any purpose. 

NOTICE TO HOLDER 
 THE HOLDER OF
THIS SECURITY IS HEREBY NOTIFIED, AND BY ITS ACCEPTANCE HEREOF ACKNOWLEDGES, THAT (1) THE COMPANY, THE CO-ISSUER AND A GUARANTOR, IN RESPECT OF ITS GUARANTEE, SHALL WITHHOLD OR DEDUCT FOR OR ON ACCOUNT OF
ANY PRESENT OR FUTURE INCOME, STAMP OR OTHER TAX, DUTY, LEVY, IMPOST, ASSESSMENT OR OTHER GOVERNMENTAL CHARGE OF ANY NATURE WHATSOEVER IMPOSED OR LEVIED BY OR ON BEHALF OF THE GOVERNMENT OF THE UNITED STATES OR BY ANY AUTHORITY OR AGENCY THEREIN OR
THEREOF HAVING THE POWER TO TAX (COLLECTIVELY, “UNITED STATES TAXES”) AS REQUIRED BY LAW OF THE UNITED STATES AND (2) IF THE COMPANY, THE CO-ISSUER OR A GUARANTOR (OR WITHHOLDING AGENT FOR THE
COMPANY, THE CO-ISSUER OR GUARANTOR) IS SO REQUIRED TO WITHHOLD OR DEDUCT ANY AMOUNT FOR OR ON ACCOUNT OF UNITED STATES TAXES FROM ANY PAYMENT, NO ADDITIONAL AMOUNTS SHALL BE PAID TO A HOLDER OR BENEFICIAL
OWNER FOR OR WITH RESPECT TO THE AMOUNT SO WITHHELD OR DEDUCTED. 

  
 A-2 

 IN WITNESS WHEREOF, the Company and the Co-Issuer
have caused this instrument to be duly executed. 
 Dated: February 28, 2022 

 

			
	AON CORPORATION, A CORPORATION DULY ORGANIZED AND EXISTING
UNDER THE LAWS OF THE STATE OF DELAWARE
		
	By:	 	  

		 	Name: Paul Hagy
		 	Title: Senior Vice President and Treasurer
	
	AON GLOBAL HOLDINGS PLC, A PUBLIC LIMITED COMPANY DULY
ORGANIZED AND EXISTING UNDER THE LAWS OF ENGLAND AND WALES
		
	By:	 	  

		 	Name: Pelagia Katsaouni-Dodd
		 	Title: Director

 Attest: 
  

	
	  

	Name: Julie Cho
	Title: Vice President and Secretary

 [Company Signature Page to the Note] 

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

							
		 		 	THE BANK OF NEW YORK MELLON TRUST COMPANY, N.A., as Trustee
				
	Dated: February 28, 2022	 		 	By:	 	  

		 		 		 	Authorized Officer

 [Trustee Signature Page to the Note] 

 This Security is one of a duly authorized series of securities of the Company and the Co-Issuer entitled “2.850% Senior Notes due 2027” (herein called the “Securities”) issued and to be issued in one or more series under the Amended and Restated Indenture, dated
April 1, 2020, as supplemented by the Third Indenture Supplement, dated February 28, 2022, among the Company, the Co-Issuer, the Guarantors and The Bank of New York Mellon Trust Company, N.A., as
Trustee (herein called the “Trustee,” which term includes any successor trustee under the Indenture, as defined below) (together, the “Indenture”), to which Indenture and all indentures supplemental thereto
reference is hereby made for a statement of the respective rights, limitations of rights, duties and immunities thereunder of the Company, the Co-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. The Securities of this series will initially be issued in the aggregate principal amount of $600,000,000. The Issuers may, from time to time, without the written
consent of or notice to Holders of the Securities of this series, create and issue under the Indenture additional securities having the same terms and conditions as the Securities of this series (other than the issue date, the issue price and, to
the extent applicable, the first date from which interest on such additional securities shall accrue and the first interest payment date for such additional securities) and such additional securities shall be consolidated with and form a single
series with the Securities of this series. 
 Prior to April 28, 2027 (one month prior to the Securities’ maturity date) (the
“Par Call Date”), the Issuers may redeem the Securities at their option, in whole or in part, at any time and from time to time, at a redemption price (expressed as a percentage of the principal amount and rounded to three decimal
places) equal to the greater of (i) (a) the sum of the present values of the remaining scheduled payments of principal and interest on the Securities being redeemed discounted to the redemption date (assuming the Securities being redeemed
matured on the applicable Par Call Date) on a semi-annual basis (assuming a 360-day year consisting of twelve 30-day months) at the Treasury Rate, plus 15 basis points
(0.150%) less, (b) interest accrued to the date of redemption, and (ii) 100% of the principal amount of the Securities being redeemed; and plus, in either case, accrued and unpaid interest on the principal amount of the Securities being
redeemed to the redemption date. 
 On or after the Par Call Date, the Issuers may redeem the Securities, in whole or in part, at any time
and from time to time, at a redemption price equal to 100% of the principal amount of the Securities being redeemed plus accrued and unpaid interest thereon to the redemption date. 

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

  
 A-5 

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

Notice of any redemption will be mailed or electronically delivered (or otherwise transmitted in accordance with the depositary’s
procedures) at least 10 days but not more than 60 days before the redemption date to each Holder of Securities to be redeemed. In the case of a partial redemption, selection of the Securities for redemption will be made pro rata, by lot or by such
other method as the Trustee in its sole discretion deems appropriate and fair. Notice of any redemption will be sent at least 10 days but not more than 60 days before the redemption date to each Holder of Securities to be redeemed. Unless the
Issuers and the Guarantors default in payment of the redemption price, on and after the redemption date, interest will cease to accrue on the Securities or portions thereof called for redemption. In the case of a partial redemption, selection of the
Securities for redemption will be made pro rata, by lot or by such other method as the Trustee in its sole discretion deems appropriate and fair. 

The Issuers’ actions and determinations in determining the redemption price shall be conclusive and binding for all purposes, absent
manifest error. 
 Notwithstanding the foregoing, installments of interest on Securities being redeemed that are due and payable on Interest
Payment Dates falling on or prior to a redemption date will be payable on the Interest Payment Date to the registered Holders as of the close of business on the Regular Record Date according to the Securities and the Indenture. 

All payments made by a Guarantor with respect to its Guarantee shall be made free and clear of and without withholding or deduction for or on
account of any present or future income, stamp or other tax, duty, levy, impost, assessment or other governmental charge of any nature whatsoever imposed or levied by or on behalf of the government of the United Kingdom or Ireland, as applicable,
or, in each case, by any authority or agency therein or thereof having the power to tax (collectively, “Taxes”), unless such Guarantor is required to withhold or deduct Taxes by law. 

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

The Indenture contains provisions for defeasance at any time of the entire indebtedness of this Security or certain restrictive covenants and
Events of Default with respect to this Security, in each case upon compliance with certain conditions set forth therein. 

  
 A-6 

 The Indenture permits, with certain exceptions as therein provided, the amendment thereof
and the modification of the rights and obligations of the Company and the Co-Issuer and the rights of the Holders of the Securities of each series to be affected under the Indenture at any time by the Company,
the Co-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 principal amount of the Securities of each series at the time Outstanding, on behalf of the Holders of all Securities of such series, to waive compliance by the Company and the Co-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. 

No reference herein to the Indenture and no provision of this Security or of the Indenture shall alter or impair the obligation of the Company
and the Co-Issuer, which is joint and several, 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. 
 As provided in the Indenture and subject to certain limitations therein set forth, the transfer of this Security is
registerable in the Security Register, upon surrender of this Security for registration of transfer at the office or agency of the Company or the Co-Issuer in any place where the principal of and any premium
and interest on this Security are payable, duly endorsed by, or accompanied by a written instrument of transfer in form satisfactory to the Company, the Co-Issuer and the Security Registrar duly executed by,
the Holder hereof or his attorney duly authorized in writing, and thereupon one or more new Securities of this series and of like tenor, of authorized denominations and for the same aggregate principal amount, will be issued to the designated
transferee or transferees. 
 The Securities of this series are issuable only in registered form without coupons in denominations of $2,000
and integral multiples of $1,000. As provided in the Indenture and subject to certain limitations therein set forth, Securities of this series are exchangeable for a like aggregate principal amount of Securities of this series and of like tenor of a
different authorized denomination, as requested by the Holder surrendering the same. 
 No service charge shall be made for any such
registration of transfer or exchange, but the Issuers may require payment of a sum sufficient to cover any tax or other governmental charge payable in connection therewith. 

Prior to due presentment of this Security for registration of transfer, the Company, the Co-Issuer,
the Trustee and any agent of the Company, the Co-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 none of the Company, the Co-Issuer, the Trustee or any such agent shall be affected by notice to the contrary. 

Interest on this Security shall be computed on the basis of a 360-day year consisting of twelve 30-day months. 
 All terms used but not defined in this Security which are defined in the Indenture shall
have the meanings assigned to them in the Indenture. 
 This Security shall be governed by and construed in accordance with the laws of the
State of New York without giving effect to the conflict of laws provisions thereof. 

  
 A-7 

 ASSIGNMENT 

I or we assign and transfer this Security to: 
  

                       
                                         
         
 (Insert assignee’s social security or tax I.D. number) 

 

                       
                                         
         
 (Print or type name, address and zip code of assignee) 

and irrevocably appoint: 
 as agent to transfer this Security on
the books of the Company and the Co-Issuer. The agent may substitute another to act for him. 
  

									
	Date:                          	  		  	Your Signature:	  	  

		  		  		  		  	(Sign exactly as your name appears on the face of this Security)

 Signature 

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

  
 A-8 

 NOTATION OF GUARANTEE 

For value received, the undersigned Guarantor (which term includes any successor Person under the Indenture), subject to the provisions in the Indenture and
the terms of the Securities of this series, has fully, unconditionally and irrevocably guaranteed to and for the benefit of each Holder and the Trustee the due and prompt payment in full of all amounts which may at any time be or become from time to
time due and payable by the Company and the Co-Issuer under the Indenture or otherwise with respect to the Securities of this series registered in such Holder’s name, at their stated due dates or when
otherwise due in accordance with the terms thereof. The obligations of the Guarantor to the Holders of Securities and to the Trustee pursuant to the Guarantee under the Indenture are expressly set forth in Article Fifteen of the Indenture and
reference is hereby made to the Indenture for the precise terms of the Guarantee. Each Holder of a Security, by accepting the same, (a) agrees to and shall be bound by such provisions and (b) appoints the Trustee attorney-in-fact of such Holder for the purpose of such provisions. 
  

			
	Aon plc, a public limited company duly organized and existing under the laws of Ireland
		
	By:	 	  

		 	Name: Paul Hagy
		 	Title: Senior Vice President and Treasurer

 [Signature Page to the Notation of Guarantee] 

 NOTATION OF GUARANTEE 

For value received, the undersigned Guarantor (which term includes any successor Person under the Indenture), subject to the provisions in the
Indenture and the terms of the Securities of this series, has fully, unconditionally and irrevocably guaranteed to and for the benefit of each Holder and the Trustee the due and prompt payment in full of all amounts which may at any time be or
become from time to time due and payable by the Company and the Co-Issuer under the Indenture or otherwise with respect to the Securities of this series registered in such Holder’s name, at their stated
due dates or when otherwise due in accordance with the terms thereof. The obligations of the Guarantor to the Holders of Securities and to the Trustee pursuant to the Guarantee under the Indenture are expressly set forth in Article Fifteen of the
Indenture and reference is hereby made to the Indenture for the precise terms of the Guarantee. Each Holder of a Security, by accepting the same, (a) agrees to and shall be bound by such provisions and (b) appoints the Trustee attorney-in-fact of such Holder for the purpose of such provisions. 
  

			
	Aon Global Limited, a private limited company duly organized and existing under the laws of England and Wales
		
	By:	 	  

		 	Name: Rogier Sparreboom
		 	Title: Director

 [Signature Page to the Notation of Guarantee] 

 EXHIBIT B 

FORM OF 2052 NOTE 
 Unless this
Security is presented by an authorized representative of The Depository Trust Company (55 Water Street, New York, New York) to the issuer or its agent for registration of transfer, exchange or payment, and any Security issued upon registration of
transfer of, or in exchange for, or in lieu of, this Security is registered in the name of Cede & Co. or such other name as requested by an authorized representative of The Depository Trust Company and any payment hereon is made to
Cede & Co., ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL since the registered owner hereof, Cede & Co., has an interest herein. 

AON CORPORATION 
 AON
GLOBAL HOLDINGS PLC 
 $900,000,000 3.900% Senior Notes due 2052 

with full and unconditional guarantees 

as to payment of principal and interest by 

Aon plc and Aon Global Limited 
  

					
	 No. [1]/[2]
	  	$	500,000,000	 

 CUSIP No. 03740L AE2 

AON CORPORATION 
 AON
GLOBAL HOLDINGS PLC 
 Aon Corporation, a Delaware corporation (herein called the “Company,” which term includes any
successor Person under the Indenture hereinafter referred to) and Aon Global Holdings plc, a public limited company formed under the laws of England and Wales (hereinafter called the
“Co-Issuer,” which term includes any successor Person under the Indenture hereinafter referred to, and, together with the Company, the “Issuers”), for value received, hereby,
jointly and severally, promise to pay to Cede & Co., as nominee for The Depository Trust Company, or registered assigns, the principal sum of FIVE HUNDRED MILLION DOLLARS ($500,000,000) on February 28, 2052 and, subject to
Section 16.05 of said Indenture, to pay interest thereon from February 28, 2022 or from the most recent Interest Payment Date to which interest has been paid or duly provided for, semi-annually in arrears on each February 28 and
August 28, commencing August 28, 2022 (each, an “Interest Payment Date”), at the rate of 3.900% 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 for such
interest, which shall be February 13 or August 13 (whether or not a Business Day), as the case may be, immediately 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 Security (or one or more predecessor Securities) is registered at the close of business on a subsequent record date for the payment of such
defaulted interest established by the Company and the Co-Issuer, notice whereof shall be given to Holders of Securities of this series not less than 15 days prior to such subsequent record date, such record
date to be not less than 5 days preceding the date of payment of such defaulted interest, 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. 

  
 B-1 

 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 Company maintained for that purpose in the City of Chicago or the Borough of Manhattan, The City of New York, 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 Company or the Co-Issuer payment of interest may be made by wire transfer, other electronic means or
mailing checks to the address of the Holder entitled thereto as such address shall appear in the Security Register. 
 The Securities of
this series are subject to redemption and repurchase at the option of the Issuers prior to the stated maturity as described in the Indenture and on the reverse hereof. 

Reference is hereby made to the further provisions of this Security set forth on the reverse hereof, which further provisions shall for all
purposes have the same effect as if set forth at this place. 
 Unless the certificate of authentication hereon has been executed by the
Trustee referred to herein by manual or electronic signature, this Security shall not be entitled to any benefit under the Indenture or be valid or obligatory for any purpose. 

NOTICE TO HOLDER 
 THE HOLDER OF
THIS SECURITY IS HEREBY NOTIFIED, AND BY ITS ACCEPTANCE HEREOF ACKNOWLEDGES, THAT (1) THE COMPANY, THE CO-ISSUER AND A GUARANTOR, IN RESPECT OF ITS GUARANTEE, SHALL WITHHOLD OR DEDUCT FOR OR ON ACCOUNT OF
ANY PRESENT OR FUTURE INCOME, STAMP OR OTHER TAX, DUTY, LEVY, IMPOST, ASSESSMENT OR OTHER GOVERNMENTAL CHARGE OF ANY NATURE WHATSOEVER IMPOSED OR LEVIED BY OR ON BEHALF OF THE GOVERNMENT OF THE UNITED STATES OR BY ANY AUTHORITY OR AGENCY THEREIN OR
THEREOF HAVING THE POWER TO TAX (COLLECTIVELY, “UNITED STATES TAXES”) AS REQUIRED BY LAW OF THE UNITED STATES AND (2) IF THE COMPANY, THE CO-ISSUER OR A GUARANTOR (OR WITHHOLDING AGENT FOR THE
COMPANY, THE CO-ISSUER OR GUARANTOR) IS SO REQUIRED TO WITHHOLD OR DEDUCT ANY AMOUNT FOR OR ON ACCOUNT OF UNITED STATES TAXES FROM ANY PAYMENT, NO ADDITIONAL AMOUNTS SHALL BE PAID TO A HOLDER OR BENEFICIAL
OWNER FOR OR WITH RESPECT TO THE AMOUNT SO WITHHELD OR DEDUCTED. 

  
 B-2 

 IN WITNESS WHEREOF, the Company and the Co-Issuer
have caused this instrument to be duly executed. 
 Dated: February 28, 2022 

 

			
	AON CORPORATION, A CORPORATION DULY ORGANIZED AND EXISTING
UNDER THE LAWS OF THE STATE OF DELAWARE
	
	By: ___________________________________
	      	 	Name: Paul Hagy
		 	Title: Senior Vice President and Treasurer
	
	AON GLOBAL HOLDINGS PLC, A PUBLIC LIMITED COMPANY DULY
ORGANIZED AND EXISTING UNDER THE LAWS OF ENGLAND AND WALES
	
	By: ___________________________________
		 	Name: Pelagia Katsaouni-Dodd
		 	Title: Director

 Attest: 
  

	
	      

	Name: Julie Cho
	Title: Vice President and Secretary

 [Company Signature Page to the Note] 

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

					
		 	THE BANK OF NEW YORK MELLON TRUST COMPANY, N.A., as Trustee
			
	Dated: February 28, 2022	 	By:	  	  

		 		  	Authorized Officer

 [Trustee Signature Page to the Note] 

 This Security is one of a duly authorized series of securities of the Company and the Co-Issuer entitled “3.900% Senior Notes due 2052” (herein called the “Securities”) issued and to be issued in one or more series under the Amended and Restated Indenture, dated
April 1, 2020, as supplemented by the Third Indenture Supplement, dated February 28, 2022, among the Company, the Co-Issuer, the Guarantors and The Bank of New York Mellon Trust Company, N.A., as
Trustee (herein called the “Trustee,” which term includes any successor trustee under the Indenture, as defined below) (together, the “Indenture”), to which Indenture and all indentures supplemental thereto
reference is hereby made for a statement of the respective rights, limitations of rights, duties and immunities thereunder of the Company, the Co-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. The Securities of this series will initially be issued in the aggregate principal amount of $900,000,000. The Issuers may, from time to time, without the written
consent of or notice to Holders of the Securities of this series, create and issue under the Indenture additional securities having the same terms and conditions as the Securities of this series (other than the issue date, the issue price and, to
the extent applicable, the first date from which interest on such additional securities shall accrue and the first interest payment date for such additional securities) and such additional securities shall be consolidated with and form a single
series with the Securities of this series. 
 Prior to August 28, 2051 (six months prior to the Securities’ maturity date) (the
“Par Call Date”), the Issuers may redeem the Securities at their option, in whole or in part, at any time and from time to time, at a redemption price (expressed as a percentage of the principal amount and rounded to three decimal
places) equal to the greater of (i) (a) the sum of the present values of the remaining scheduled payments of principal and interest on the Securities being redeemed discounted to the redemption date (assuming the Securities being redeemed
matured on the applicable Par Call Date) on a semi-annual basis (assuming a 360-day year consisting of twelve 30-day months) at the Treasury Rate, plus 30 basis points
(0.300%) less, (b) interest accrued to the date of redemption, and (ii) 100% of the principal amount of the Securities being redeemed; and plus, in either case, accrued and unpaid interest on the principal amount of the Securities being
redeemed to the redemption date. 
 On or after the Par Call Date, the Issuers may redeem the Securities, in whole or in part, at any time
and from time to time, at a redemption price equal to 100% of the principal amount of the Securities being redeemed plus accrued and unpaid interest thereon to the redemption date. 

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

  
 B-5 

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

Notice of any redemption will be mailed or electronically delivered (or otherwise transmitted in accordance with the depositary’s
procedures) at least 10 days but not more than 60 days before the redemption date to each Holder of Securities to be redeemed. In the case of a partial redemption, selection of the Securities for redemption will be made pro rata, by lot or by such
other method as the Trustee in its sole discretion deems appropriate and fair. Notice of any redemption will be sent at least 10 days but not more than 60 days before the redemption date to each Holder of Securities to be redeemed. Unless the
Issuers and the Guarantors default in payment of the redemption price, on and after the redemption date, interest will cease to accrue on the Securities or portions thereof called for redemption. In the case of a partial redemption, selection of the
Securities for redemption will be made pro rata, by lot or by such other method as the Trustee in its sole discretion deems appropriate and fair. 

The Issuers’ actions and determinations in determining the redemption price shall be conclusive and binding for all purposes, absent
manifest error. 
 Notwithstanding the foregoing, installments of interest on Securities being redeemed that are due and payable on Interest
Payment Dates falling on or prior to a redemption date will be payable on the Interest Payment Date to the registered Holders as of the close of business on the Regular Record Date according to the Securities and the Indenture. 

All payments made by a Guarantor with respect to its Guarantee shall be made free and clear of and without withholding or deduction for or on
account of any present or future income, stamp or other tax, duty, levy, impost, assessment or other governmental charge of any nature whatsoever imposed or levied by or on behalf of the government of the United Kingdom or Ireland, as applicable,
or, in each case, by any authority or agency therein or thereof having the power to tax (collectively, “Taxes”), unless such Guarantor is required to withhold or deduct Taxes by law. 

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

The Indenture contains provisions for defeasance at any time of the entire indebtedness of this Security or certain restrictive covenants and
Events of Default with respect to this Security, in each case upon compliance with certain conditions set forth therein. 

  
 B-6 

 The Indenture permits, with certain exceptions as therein provided, the amendment thereof
and the modification of the rights and obligations of the Company and the Co-Issuer and the rights of the Holders of the Securities of each series to be affected under the Indenture at any time by the Company,
the Co-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 principal amount of the Securities of each series at the time Outstanding, on behalf of the Holders of all Securities of such series, to waive compliance by the Company and the Co-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. 

No reference herein to the Indenture and no provision of this Security or of the Indenture shall alter or impair the obligation of the Company
and the Co-Issuer, which is joint and several, 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. 
 As provided in the Indenture and subject to certain limitations therein set forth, the transfer of this Security is
registerable in the Security Register, upon surrender of this Security for registration of transfer at the office or agency of the Company or the Co-Issuer in any place where the principal of and any premium
and interest on this Security are payable, duly endorsed by, or accompanied by a written instrument of transfer in form satisfactory to the Company, the Co-Issuer and the Security Registrar duly executed by,
the Holder hereof or his attorney duly authorized in writing, and thereupon one or more new Securities of this series and of like tenor, of authorized denominations and for the same aggregate principal amount, will be issued to the designated
transferee or transferees. 
 The Securities of this series are issuable only in registered form without coupons in denominations of $2,000
and integral multiples of $1,000. As provided in the Indenture and subject to certain limitations therein set forth, Securities of this series are exchangeable for a like aggregate principal amount of Securities of this series and of like tenor of a
different authorized denomination, as requested by the Holder surrendering the same. 
 No service charge shall be made for any such
registration of transfer or exchange, but the Issuers may require payment of a sum sufficient to cover any tax or other governmental charge payable in connection therewith. 

Prior to due presentment of this Security for registration of transfer, the Company, the Co-Issuer,
the Trustee and any agent of the Company, the Co-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 none of the Company, the Co-Issuer, the Trustee or any such agent shall be affected by notice to the contrary. 

Interest on this Security shall be computed on the basis of a 360-day year consisting of twelve 30-day months. 
 All terms used but not defined in this Security which are defined in the Indenture shall
have the meanings assigned to them in the Indenture. 
 This Security shall be governed by and construed in accordance with the laws of the
State of New York without giving effect to the conflict of laws provisions thereof. 

  
 B-7 

 ASSIGNMENT 

I or we assign and transfer this Security to: 
  

 
 (Insert
assignee’s social security or tax I.D. number) 
  

 
 (Print or type
name, address and zip code of assignee) 
 and irrevocably appoint: 

as agent to transfer this Security on the books of the Company and the Co-Issuer. The agent may substitute another to
act for him. 
  

			
	 Date:

                          
                                         
     
	  	 Your
 Signature:
_______________________________

	  	  
 (Sign exactly as your name appears on the face of
this Security)

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

  
 B-8 

 NOTATION OF GUARANTEE 

For value received, the undersigned Guarantor (which term includes any successor Person under the Indenture), subject to the provisions in the Indenture and
the terms of the Securities of this series, has fully, unconditionally and irrevocably guaranteed to and for the benefit of each Holder and the Trustee the due and prompt payment in full of all amounts which may at any time be or become from time to
time due and payable by the Company and the Co-Issuer under the Indenture or otherwise with respect to the Securities of this series registered in such Holder’s name, at their stated due dates or when
otherwise due in accordance with the terms thereof. The obligations of the Guarantor to the Holders of Securities and to the Trustee pursuant to the Guarantee under the Indenture are expressly set forth in Article Fifteen of the Indenture and
reference is hereby made to the Indenture for the precise terms of the Guarantee. Each Holder of a Security, by accepting the same, (a) agrees to and shall be bound by such provisions and (b) appoints the Trustee attorney-in-fact of such Holder for the purpose of such provisions. 
  

	
	Aon plc, a public limited company duly organized and existing under the laws of Ireland
	
	By: ___________________________________
	        Name: Paul Hagy
	        Title: Senior Vice President and Treasurer

 [Signature Page to the Notation of Guarantee] 

 NOTATION OF GUARANTEE 

For value received, the undersigned Guarantor (which term includes any successor Person under the Indenture), subject to the provisions in the
Indenture and the terms of the Securities of this series, has fully, unconditionally and irrevocably guaranteed to and for the benefit of each Holder and the Trustee the due and prompt payment in full of all amounts which may at any time be or
become from time to time due and payable by the Company and the Co-Issuer under the Indenture or otherwise with respect to the Securities of this series registered in such Holder’s name, at their stated
due dates or when otherwise due in accordance with the terms thereof. The obligations of the Guarantor to the Holders of Securities and to the Trustee pursuant to the Guarantee under the Indenture are expressly set forth in Article Fifteen of the
Indenture and reference is hereby made to the Indenture for the precise terms of the Guarantee. Each Holder of a Security, by accepting the same, (a) agrees to and shall be bound by such provisions and (b) appoints the Trustee attorney-in-fact of such Holder for the purpose of such provisions. 
  

					
	Aon Global Limited, a private limited company duly organized and existing under the laws of England and Wales
		
	By:	 	      

		 	Name:	 	Rogier Sparreboom
		 	Title:	 	Director

 [Signature Page to the Notation of Guarantee]EX-4.1

 Exhibit 4.1 

MOODY’S CORPORATION 

as Issuer 
 and 

COMPUTERSHARE TRUST COMPANY, N.A. 

as successor to 
 WELLS
FARGO BANK, NATIONAL ASSOCIATION, 
 as Trustee 
  

 
 SIXTEENTH
SUPPLEMENTAL INDENTURE 
 Dated as of February 25, 2022 

to 
 INDENTURE 

Dated as of August 19, 2010 
  

 
 3.750% Senior
Notes due 2052 

 TABLE OF CONTENTS 

 

					
	 	  	Page	 
	 ARTICLE 1.

DEFINITIONS
	  			
	 Section 1.1. Definition of Terms
	  	 	1	 
		
	ARTICLE 2.	  			
	GENERAL TERMS AND CONDITIONS OF THE NOTES	  			
	 Section 2.1. Designation and Principal Amount
	  	 	5	 
	 Section 2.2. Maturity
	  	 	5	 
	 Section 2.3. Further Issues
	  	 	5	 
	 Section 2.4. Form of Payment
	  	 	5	 
	 Section 2.5. Global Securities and Denomination of Notes
	  	 	5	 
	 Section 2.6. Interest
	  	 	5	 
	 Section 2.7. Redemption
	  	 	5	 
	 Section 2.8. Limitations on Liens
	  	 	6	 
	 Section 2.9. Limitations on Sale and Leaseback Transactions
	  	 	7	 
	 Section 2.10. Merger, Consolidation or Sale of Assets
	  	 	8	 
	 Section 2.11. Events of Default
	  	 	8	 
	 Section 2.12. Appointment of Agents
	  	 	8	 
	 Section 2.13. Change of Control
	  	 	8	 
	 Section 2.14. Defeasance Upon Deposit of Moneys or U.S. Government Obligations
	  	 	10	 
		
	ARTICLE 3.	  			
	FORM OF NOTES	  			
	 Section 3.1. Form of Notes
	  	 	10	 
		
	ARTICLE 4.	  			
	ORIGINAL ISSUE OF NOTES	  			
	 Section 4.1. Original Issue of Notes
	  	 	10	 
		
	ARTICLE 5.	  			
	MISCELLANEOUS	  			
	 Section 5.1. Ratification of Indenture
	  	 	10	 
	 Section 5.2. Trustee Not Responsible for Recitals
	  	 	10	 
	 Section 5.3. Governing Law
	  	 	10	 
	 Section 5.4. Separability
	  	 	10	 
	 Section 5.5. Counterparts Originals
	  	 	11	 
	 EXHIBIT A – Form of Notes
	  	 	A-1	 

  
 ii 

 SIXTEENTH SUPPLEMENTAL INDENTURE, dated as of February 25, 2022 (this
“Supplemental Indenture”), between Moody’s Corporation, a corporation duly organized and existing under the laws of the State of Delaware, having its principal office at 7 World Trade Center at 250 Greenwich Street, New York, New York
10007 (the “Company”), and Computershare Trust Company, N.A. as successor to Wells Fargo Bank, National Association, a national banking association, organized and in good standing under the laws of the United States, as trustee (the
“Trustee”). 
 WHEREAS, the Company executed and delivered the indenture, dated as of August 19, 2010, to the Trustee
(the “Base Indenture,” and, as hereby supplemented, the “Indenture”), to provide for the issuance of the Company’s debt Securities to be issued in one or more series; 

WHEREAS, pursuant to the terms of the Base Indenture, the Company desires to provide for the establishment of a new series of its notes
under the Base Indenture to be known as its “3.750% Senior Notes due 2052” (the “Notes”), the form and substance and the terms, provisions and conditions thereof to be set forth as provided in the Base Indenture and this
Supplemental Indenture; 
 WHEREAS, the Board of Directors, pursuant to resolutions duly adopted on February 7, 2022, has duly
authorized the issuance of the Notes, and has authorized the proper officers of the Company to execute any and all appropriate documents necessary or appropriate to effect each such issuance; 

WHEREAS, this Supplemental Indenture is being entered into pursuant to the provisions of Section 3.01 and
Section 14.01 of the Base Indenture; 
 WHEREAS, the Company has requested that the Trustee execute and
deliver this Supplemental Indenture; and 
 WHEREAS, all things necessary to make this Supplemental Indenture a valid agreement of the
Company, in accordance with its terms, and to make the Notes, when executed by the Company and authenticated and delivered by the Trustee, the valid obligations of the Company, have been performed, and the execution and delivery of this Supplemental
Indenture has been duly authorized in all respects; 
 NOW THEREFORE, in consideration of the premises and the purchase and acceptance
of the Notes by the Holders thereof, and for the purpose of setting forth, as provided in the Base Indenture, the forms and terms of the Notes, the Company covenants and agrees, with the Trustee, as follows: 

  
 1 

 ARTICLE 1. 

DEFINITIONS 

Section 1.1. Definition of Terms. Unless the context otherwise requires: 

(a) each term defined in the Base Indenture has the same meaning when used in this Supplemental Indenture, unless otherwise defined in this
Supplemental Indenture; 
 (b) the singular includes the plural and vice versa; 

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

(d) a reference to a Section or Article is to a Section or Article of this Supplemental Indenture unless otherwise indicated; and 

(e) the following terms have the meanings given to them in this Section 1.1(e): 

(i) “Attributable Debt” means an amount equal to the lesser of (a) the fair market value of the property (as
determined by the Board of Directors of the Company) or (b) the present value of the total net amount of payments to be made under the lease during its remaining term, discounted at the interest rate set forth or implicit in the terms of the
lease, compounded semi-annually. 
 (ii) “Base Indenture” shall have the meaning assigned to it in the recitals.

 (iii) “Business Day” means any day, other than a Saturday or Sunday, that is not a day on which banking
institutions in The City of New York are authorized or required by law or executive order to close. 
 (iv) “Change of
Control” means the occurrence of any one of the following: (1) the direct or indirect sale, lease, transfer, conveyance or other disposition (other than by way of merger or consolidation), in one or a series of related transactions, of all
or substantially all of the assets of the Company and its Subsidiaries taken as a whole to any “person” (as that term is used in Section 13(d)(3) of the Exchange Act) other than to the Company or one of its Subsidiaries; (2) the
consummation of any transaction (including without limitation, any merger or consolidation) the result of which is that any “person” (as that term is used in Section 13(d)(3) of the Exchange Act) becomes the “beneficial
owner” (as defined in Rules 13d-3 and 13d-5 under the Exchange Act), directly or indirectly, of more than 50% of the outstanding Voting Stock of the Company,
measured by voting power rather than number of shares; (3) the Company consolidates with, or merges with or into, any Person, or any Person consolidates with, or merges with or into, the Company, in any such event pursuant to a transaction in
which any of the outstanding Voting Stock of the Company or such other Person is converted into or exchanged for cash, securities or other property, other than any such transaction where the shares of the Voting Stock of the Company outstanding
immediately prior to such transaction constitute, or are converted into or exchanged for, a majority of the Voting Stock of the surviving Person immediately after giving effect to such transaction; (4) the first day on which the majority of the
members of the Board of Directors of the Company cease to be Continuing Directors; or (5) the adoption of a plan relating to the liquidation or dissolution of the Company. 

  
 2 

 (v) “Change of Control Offer” shall have the meaning assigned to
it in Section 2.13. 
 (vi) “Change of Control Payment Date” shall have the meaning
assigned to it in Section 2.13. 
 (vii) “Change of Control Triggering Event” means the
notes cease to be rated Investment Grade by S&P or Fitch or, if S&P or Fitch and another “nationally recognized statistical rating organization” (as defined in Section 3(a)(62) of the Exchange Act) shall provide a rating of
the notes, by S&P or Fitch and any such other rating organization, on any date during the period (the “Trigger Period”) commencing 60 days prior to the first public announcement by the Company of any Change of Control (or pending
Change of Control) and ending 60 days following consummation of such Change of Control (which Trigger Period will be extended following consummation of a Change of Control for so long as S&P, Fitch or such other rating organization shall have
publicly announced that it is considering a possible ratings change). Notwithstanding the foregoing, no Change of Control Triggering Event will be deemed to have occurred in connection with any particular Change of Control unless and until such
Change of Control has actually been consummated. 
 (viii) “Consolidated Total Assets” means the total assets of
the Company and its consolidated subsidiaries, as set forth on the Company’s most recent consolidated balance sheet, as determined under GAAP. 

(ix) “Continuing Director” means as of any date of determination, any member of the Board of Directors of the Company
who: (1) was a member of such Board of Directors on the date of the Indenture; or (2) was nominated for election or elected to such Board of Directors with the approval of a majority of the Continuing Directors who were members of such
Board of Directors at the time of such nomination or election. 
 (x) “DTC” means The Depository Trust Company.

 (xi) “Event of Default” shall have the meaning assigned to it in Section 2.11. 

(xii) “Fitch” means Fitch Ratings, a part of the Fitch Group, and its successors. 

(xiii) “Indenture” shall have the meaning assigned to it in the recitals. 

(xiv) “Investment Grade” means a rating of BBB- or better by S&P or Fitch
(or its equivalent under any successor rating category of S&P or Fitch); and an equivalent rating of another “nationally recognized statistical rating organization” that shall provide a rating of the notes. 

  
 3 

 (xv) “Lien” shall have the meaning assigned to it in
Section 2.8. 
 (xvi) “Net Revenue” means with respect to any Person for any period, the
net revenue of such Person and its consolidated subsidiaries, determined on a consolidated basis in accordance with GAAP for such period. 

(xvii) “Notes” shall have the meaning assigned to it in the recitals. 

(xviii) “Permitted Liens” shall have the meaning assigned to it in Section 2.8. 

(xix) “Person” means any individual, corporation, partnership, limited liability company, joint venture, association,
joint-stock company, trust, unincorporated organization or government or political subdivision thereof. 
 (xx)
“Registrar” shall have the meaning assigned to it in the recitals. 
 (xxi) “Restricted Subsidiary” means
any Subsidiary (a) the Total Assets of which exceed 10% of Consolidated Total Assets as of the end of the most recently completed fiscal year or (b) the Net Revenue of which exceeds 10% of the Net Revenue of the Company and its
consolidated subsidiaries as of the end of the most recently completed fiscal year. 
 (xxii) “Sale/Leaseback
Transaction” shall have the meaning assigned to it in Section 2.9. 
 (xxiii)
“Subsidiary” means with respect to any Person, any corporation, association, partnership or other business entity of which more than 50% of the total voting power of shares of capital stock or other interests (including partnership
interests) entitled (without regard to the occurrence of any contingency) to vote in the election of directors, managers or trustees thereof is at the time owned or controlled, directly or indirectly, by (a) such Person, (b) such Person
and one or more Subsidiaries of such Person or (c) one or more Subsidiaries of such Person. 
 (xxiv)
“S&P” means S&P Global Ratings and its successors. 
 (xxv) “Total Assets” means at any date as
to any Person, the total assets of such Person and its consolidated subsidiaries at such date, determined on a consolidated basis in accordance with GAAP. 

(xxvi) “Trigger Period” shall have the meaning assigned to it in Section 1.1(e)(vi). 

(xxvii) “Trustee” shall have the meaning assigned to it in the recitals. 

  
 4 

 (xxviii) “Voting Stock” of any specified Person as of any date means the capital
stock of such Person that is at the time entitled to vote generally in the election of the board of directors of such Person. 
 ARTICLE
2. 
 GENERAL TERMS AND CONDITIONS OF THE NOTES 

Section 2.1. Designation and Principal Amount. There is hereby authorized and established a new series of Securities under the
Base Indenture designated as the “3.750% Senior Notes due 2052,” which are not limited in aggregate principal amount. The initial aggregate principal amount of the Notes to be issued under this Supplemental Indenture shall be $500,000,000.
Any additional amounts of Notes to be issued shall be set forth in a Company Order. 
 Section 2.2. Maturity. The stated
maturity of principal for the Notes shall be February 25, 2052. 
 Section 2.3. Further Issues. The Company may from time
to time, without the consent of the Holders of Notes, issue additional Notes, provided that if the additional Notes are not fungible, for U.S. federal income tax purposes, with the Notes, the additional Notes will have a separate CUSIP. Any such
additional Notes shall have the same ranking, interest rate, maturity date and other terms as the Notes. Any such additional Notes, together with the Notes herein provided for, shall constitute a single series of Securities under the Indenture. 

Section 2.4. Form of Payment. Principal of, premium, if any, and interest on the Notes shall be payable in U.S. dollars. 

Section 2.5. Global Securities and Denomination of Notes. Upon the original issuance, the Notes shall be represented by one or
more Global Securities. The Company shall issue the Notes in minimum denominations of $2,000 and in integral multiples of $1,000 in excess thereof and shall deposit the Global Securities with the Trustee as custodian for DTC in New York, New York,
and register the Global Securities in the name of DTC or its nominee. 
 Section 2.6. Interest. 

(a) The Notes shall bear interest (computed on the basis of a 360-day year consisting of twelve 30-day months) from February 25, 2022 at the rate of 3.750% per annum payable semi-annually in arrears; interest payable on each Interest Payment Date shall include interest accrued from February 25, 2022,
or from the most recent Interest Payment Date to which interest has been paid or duly provided for; the Interest Payment Dates on which such interest shall be payable are February 25 and August 25, commencing on August 25, 2022; and
the record date for the interest payable on the Interest Payment Date is the date that is 15 calendar days immediately before the Interest Payment Date. 

Section 2.7. Redemption. The Notes are subject to redemption at the option of the Company as set forth in the form of Note
attached hereto as Exhibit A. 

  
 5 

 Section 2.8. Limitations on Liens. 

(a) The Company will not, and will not permit any Restricted Subsidiary to, create, assume, incur or guarantee any Indebtedness secured by a
mortgage, security interest, pledge, lien, charge or other encumbrance upon any of its or its Restricted Subsidiaries’ properties or assets (a “Lien”), whether owned on the date of issuance of the Notes or thereafter acquired, unless
the Notes are at least equally and ratably secured with such secured Indebtedness (together with, if the Company so determines, any other Indebtedness of or guaranty by the Company or such Restricted Subsidiary then existing or thereafter created
that is not subordinated to the Notes) for so long as such other Indebtedness is so secured (and any Lien created for the benefit of the holders of the Notes and any other debt securities of any series issued pursuant to the Indenture and having the
benefit of this Section 2.8 shall provide by its terms that such Lien will be automatically released and discharged upon the release and discharge of the Lien securing such other Indebtedness); provided, however,
that the above restrictions shall not apply to the following (the “Permitted Liens”): 
 (i) Liens on property
or other assets of any Person existing at the time such Person becomes a Restricted Subsidiary, provided that such Lien was not incurred in anticipation of such Person becoming a Restricted Subsidiary; 

(ii) Liens on property or other assets existing at the time of acquisition by the Company or any Restricted Subsidiary,
provided that such Lien was not incurred in anticipation of such acquisition; 
 (iii) Liens on property or assets to secure
any Indebtedness incurred prior to, at the time of, or within 270 days after, the acquisition of such property or in the case of real property, the completion of construction, the completion of improvements or the beginning of substantial commercial
operation of such real property for the purpose of financing all or any part of the purchase price of such real property, the construction thereof or the making of improvements thereto; 

(iv) Liens in the Company’s favor or in favor of a Restricted Subsidiary; 

(v) Liens existing on the date of issuance of the Notes; 

(vi) Liens on property or other assets of a Person existing at the time the Person is merged into or consolidated with the
Company or any Restricted Subsidiary or at the time of a sale, lease or other disposition of the properties of a Person as an entirety or substantially as an entirety to either the Company or any Restricted Subsidiary, provided that such Lien was
not incurred in anticipation of the merger or consolidation or sale, lease or other disposition; 
 (vii) Liens arising in
connection with the financing of accounts receivable by the Company or any Restricted Subsidiary; provided that the uncollected amount of account receivables subject at any time to any such financing shall not exceed $150,000,000; and 

  
 6 

 (viii) extensions, renewals or replacements (or successive extensions,
renewals or replacements) in whole or in part of any Lien referred to in this Section 2.8 without increase of the principal of the Indebtedness (plus any premium or fee payable in connection with any such extension, renewal
or replacement) secured by the Lien; provided, however, that any Permitted Liens shall not extend to or cover any property of the Company or that of any Restricted Subsidiary, as the case may be, other than the property specified in this
Section 2.8 and improvements to this property. 
 (b) Notwithstanding the foregoing, the Company and any
Restricted Subsidiary may create, assume, incur or guarantee Indebtedness secured by a Lien without equally and ratably securing the Notes; provided, that at the time of such creation, assumption, incurrence or guarantee, after giving effect thereto
and to the retirement of any Indebtedness that is concurrently being retired, the sum of (i) the aggregate amount of all outstanding Indebtedness secured by Liens other than Permitted Liens, and (ii) the Attributable Debt of all the
Company’s Sale/Leaseback Transactions permitted by Section 2.9(c) does not at such time exceed 5% of Consolidated Total Assets. 

Section 2.9. Limitations on Sale and Leaseback Transactions. 

(a) The Company will not, and will not permit any Restricted Subsidiary to, enter into any arrangement relating to property now owned or
hereafter acquired whereby either the Company transfers, or any Restricted Subsidiary transfers, such property to a Person and either the Company or any Restricted Subsidiary leases it back from such Person (a “Sale/Leaseback
Transaction”), unless: 
 (i) the Company or such Restricted Subsidiary could, at the time of entering into such
arrangement, incur Indebtedness secured by a Lien on the property involved in the transaction in an amount at least equal to the Attributable Debt with respect to such Sale/Leaseback Transaction, without equally and ratably securing the Notes as
described in Section 2.8; or 
 (ii) the net proceeds of the Sale/Leaseback Transaction are at
least equal to such property’s fair market value, as determined by the Company’s Board of Directors, and the proceeds are applied within 180 days of the effective date of the Sale/Leaseback Transaction to the repayment of senior
indebtedness of the Company or any Restricted Subsidiary. 
 (b) The restrictions set forth in (a) above will not apply to a
Sale/Leaseback Transaction: (i) entered into prior to the date of issuance of the Notes; (ii) that exists at the time any Person that owns property or assets becomes a Restricted Subsidiary; (iii) between the Company and a Restricted
Subsidiary or between Restricted Subsidiaries; (iv) involving leases for a period of no longer than three years; or (v) in which the lease for the property or asset is entered into within 270 days after the date of acquisition, completion
of construction or commencement of full operations of such property or asset, whichever is latest. 

  
 7 

 (c) Notwithstanding the restrictions contained above, the Company and its Restricted
Subsidiaries may enter into a Sale/Leaseback Transaction; provided that at the time of such transaction, after giving effect thereto, the aggregate amount of all Attributable Debt with respect to Sale/Leaseback Transactions existing at such time
that could not have been entered into pursuant to the restrictions in (a) above, together with the aggregate amount of all outstanding Indebtedness secured by Liens as permitted by Section 2.8(b), does not at such time
exceed 5% of Consolidated Total Assets. 
 Section 2.10. Merger, Consolidation or Sale of Assets.
Section 6.04 of the Base Indenture shall be revised in its entirety to read: 
 (a) The Company will be permitted
to consolidate or merge with another entity or to sell all or substantially all of its assets to another entity, subject to the Company’s meeting all of the following conditions: (i) any successor or purchaser is a corporation, limited
liability company, partnership or trust organized under the laws of the United States of America, any State or the District of Columbia; (ii) immediately following the consolidation, merger, sale or conveyance, the resulting, surviving or
transferee entity (if other than the Company) would not be in default in the performance of any covenant in the Indenture; and (iii) the Company delivers a supplemental indenture by which the surviving entity (if other than the Company)
expressly assumes the Company’s obligations under the Indenture. 
 (b) In the event that the Company consolidates or merges with
another entity or sells all or substantially all of its assets to another entity, the surviving entity (if other than the Company) will be substituted for the Company under the Indenture, and the Company will be discharged from all of its
obligations under the Indenture. 
 Section 2.11. Events of Default. 

(a) The term “Event of Default” as used in this Supplemental Indenture with respect to the Notes shall include the following
described event in addition to those set forth in Section 7.01 of the Base Indenture: 
 (i) The
Company or a Restricted Subsidiary fail to pay the principal of any Indebtedness when due at maturity in an aggregate amount of $50 million or more, or a default occurs that results in the acceleration of the maturity of the Company’s or
any of the Restricted Subsidiaries’ Indebtedness in an aggregate amount of $50 million or more; 
 Section 2.12.
Appointment of Agents. The Trustee shall initially be the Registrar and Paying Agent for the Notes. 
 Section 2.13. Change
of Control. 
 (a) Upon the occurrence of a Change of Control Triggering Event, unless the Company has exercised its right to redeem the
Notes as provided in Article Four of the Base Indenture, each Holder of Notes will have the right to require the Company to purchase all or a portion of such Holder’s Notes pursuant to the offer described in this
Section 2.13 (the “Change of Control Offer”), at a purchase price equal to 101% of the principal amount thereof plus accrued and unpaid interest, if any, to the date of purchase, subject to the rights of Holders
of Notes on the relevant record date to receive interest due on the relevant Interest Payment Date. 

  
 8 

 (b) Within 30 days following the date upon which the Change of Control Triggering Event
occurred, or at the Company’s option, prior to any Change of Control but after the public announcement of the pending Change of Control, the Company will be required to send, by first class mail, a notice to each Holder of Notes, with a copy to
the trustee, which notice will govern the terms of the Change of Control Offer. Such notice will state, among other things, the purchase date, which must be no earlier than 30 days nor later than 60 days from the date such notice is mailed, other
than as may be required by law (the “Change of Control Payment Date”). The notice, if mailed prior to the date of consummation of the Change of Control, will state that the Change of Control Offer is conditioned on the Change of Control
being consummated on or prior to the Change of Control Payment Date. Holders of Notes electing to have Notes purchased pursuant to a Change of Control Offer will be required to surrender their Notes, with the form entitled “Option of Holder to
Elect Purchase” on the reverse of the Note completed, to the Paying Agent at the address specified in the notice, or transfer their Notes to the Paying Agent by book-entry transfer pursuant to the applicable procedures of the Paying Agent,
prior to the close of business on the third Business Day prior to the Change of Control Payment Date. 
 (c) The Company will not be
required to make a Change of Control Offer if a third party makes such an offer in the manner, at the times and otherwise in compliance with the requirements for such an offer made by the Company and such third party purchases all Notes properly
tendered and not withdrawn under its offer. 
 (d) Holders will not be entitled to require the Company to purchase their Notes in the event
of a takeover, recapitalization, leveraged buyout or similar transaction that is not a Change of Control. In addition, Holders may not be entitled to require the Company to purchase their Notes in certain circumstances involving a significant change
in the composition of the Company’s Board of Directors, including in connection with a proxy contest where the Company’s Board of Directors does not approve a dissident slate of directors but approves them as required by clause (4) of
Section 1.1(e)(iv). 
 (e) Notwithstanding this Section 2.13, a transaction will not be
deemed to involve a Change of Control under clause (2) of Section 1.1(e)(iv) if (i) the Company becomes a direct or indirect wholly-owned subsidiary of a holding company and (ii) (A) the direct or indirect
holders of the Voting Stock of such holding company immediately following that transaction are substantially the same as the holders of the Company’s Voting Stock immediately prior to that transaction or (B) immediately following that
transaction no person (other than a holding company satisfying the requirements of this sentence) is the beneficial owner, directly or indirectly, of more than 50% of the Voting Stock of such holding company. 

(f) The Company will comply with the requirements of Rule 14e-1 under the Exchange Act and any other
securities laws and regulations thereunder to the extent those laws and regulations are applicable in connection with the repurchase of the Notes as a result of a Change of Control. To the extent that the provisions of any securities laws or
regulations conflict with the Change of Control provisions of the Indenture, the Company will comply with the applicable securities laws and regulations and will not be deemed to have breached its obligations under the Change of Control provisions
of the Indenture by virtue of such compliance. 

  
 9 

 Section 2.14. Defeasance Upon Deposit of Moneys or U.S. Government Obligations.
At the Company’s option, either (a) the Company shall be deemed to have been Discharged from its obligations with respect to the Notes on the first day after the applicable conditions set forth in Section 12.03 of
the Base Indenture have been satisfied or (b) the Company shall cease to be under any obligation to comply with any term, provision or condition set forth in Section 10.02 of the Base Indenture and Sections 2.8,
2.9 and 2.10 of this Supplemental Indenture with respect to the Notes at any time after the applicable conditions set forth in Section 12.03 of the Base Indenture have been satisfied. 

ARTICLE 3. 
 FORM OF
NOTES 
 Section 3.1. Form of Notes. The Notes and the Trustee’s Certificate of Authentication to be endorsed
thereon are to be substantially in the form set forth in Exhibit A hereto. 
 ARTICLE 4. 

ORIGINAL ISSUE OF NOTES 

Section 4.1. Original Issue of Notes. The Notes may, upon execution of this Supplemental Indenture, be executed by the Company and
delivered to the Trustee for authentication, and the Trustee shall, upon receipt of a Company Order, authenticate and deliver such Notes as in such Company Order provided. 

ARTICLE 5. 

MISCELLANEOUS 

Section 5.1. Ratification of Indenture. The Base Indenture, as supplemented by this Supplemental Indenture, is in all respects
ratified and confirmed, and this Supplemental Indenture shall be deemed part of the Base Indenture in the manner and to the extent herein and therein provided; provided that the provisions of this Supplemental Indenture apply solely with respect to
the Notes. 
 Section 5.2. Trustee Not Responsible for Recitals. The recitals herein contained are made by the Company and not
by the Trustee, and the Trustee assumes no responsibility for the correctness thereof. The Trustee makes no representation as to the validity or sufficiency of this Supplemental Indenture. 

Section 5.3. Governing Law. This Supplemental Indenture and each Note shall be deemed to be contracts made under the law of the
State of New York, and for all purposes shall be governed by and construed in accordance with the law of said State. 
 Section 5.4.
Separability. In case any provision in this Supplemental Indenture or in the Notes shall be invalid, illegal or unenforceable, the validity, legality and enforceability of the remaining provisions shall not in any way be affected or impaired
thereby. 

  
 10 

 Section 5.5. Counterparts Originals. This Supplemental Indenture may be executed
in any number of counterparts, each of which so executed shall be deemed to be an original, but all such counterparts shall together constitute but one and the same instrument. 

This Supplemental Indenture shall be valid, binding, and enforceable against a party when executed and delivered by an authorized individual
on behalf of the party by means of (i) an original manual signature, (ii) a faxed, scanned, or photocopied manual signature, or (iii) any other electronic signature permitted by the federal Electronic Signatures in Global and National
Commerce Act, state enactments of the Uniform Electronic Transactions Act, and/or any other relevant electronic signatures law, including any relevant provisions of the Uniform Commercial Code (collectively, “Signature Law”), in each case
to the extent applicable. Each faxed, scanned, or photocopied manual signature, or other electronic signature, shall for all purposes have the same validity, legal effect, and admissibility in evidence as an original manual signature. Each party
hereto shall be entitled to conclusively rely upon, and shall have no liability with respect to, any faxed, scanned, or photocopied manual signature, or other electronic signature, of any other party and shall have no duty to investigate, confirm or
otherwise verify the validity or authenticity thereof. 
 This Supplemental Indenture may be executed in any number of counterparts, each of
which shall be deemed to be an original, but such counterparts shall, together, constitute one and the same instrument. For the avoidance of doubt, original manual signatures shall be used for execution or indorsement of writings when required under
the Uniform Commercial Code or other Signature Law due to the character or intended character of the writings. 
 [Signature Page
Follows] 
  

  
 11 

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

					
	MOODY’S CORPORATION
		
	By:	 	 /s/ John J. Goggins

		 	Name:	 	John J. Goggins
		 	Title:	 	Executive Vice President and General Counsel
	
	COMPUTERSHARE TRUST COMPANY, N.A.
		
	By:	 	 /s/ Scott Little

		 	 Name: Scott Little
 Title: Vice
President

 [Signature Page to Sixteenth Supplemental Indenture] 

 EXHIBIT A 

[FORM OF FACE OF NOTE] 
 THIS NOTE IS A GLOBAL
SECURITY WITHIN THE MEANING OF THE INDENTURE HEREINAFTER REFERRED TO AND IS REGISTERED IN THE NAME OF THE DEPOSITARY OR A NOMINEE OF THE DEPOSITARY, WHICH MAY BE TREATED BY THE COMPANY, THE TRUSTEE AND ANY AGENT THEREOF AS OWNER AND HOLDER OF THIS
NOTE FOR ALL PURPOSES. 
 UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY (55 WATER STREET, NEW YORK,
NEW YORK) (“DTC”) TO THE COMPANY 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 HEREON 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 SINCE THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN. 
 TRANSFERS OF THIS GLOBAL SECURITY SHALL BE LIMITED TO TRANSFERS
IN WHOLE, BUT NOT IN PART, BY THE DEPOSITARY TO A NOMINEE OF THE DEPOSITARY, OR BY A NOMINEE OF THE DEPOSITARY TO THE DEPOSITARY OR ANOTHER NOMINEE OF THE DEPOSITARY, OR BY THE DEPOSITARY OR ANY SUCH NOMINEE TO A SUCCESSOR DEPOSITARY OR A NOMINEE OF
SUCH SUCCESSOR DEPOSITARY. 

  
 A-1 

 CUSIP No. 615369 AY1 

MOODY’S CORPORATION 

3.750% SENIOR NOTES DUE 2052 
  

	 No. R-1 
	 $500,000,000 

  

 
 Principal
and Interest. Moody’s Corporation, a corporation duly organized and existing under the laws of the State of Delaware (herein called the “Company,” 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 25, 2052 and to pay interest thereon from February 25, 2022 or from
the most recent Interest Payment Date to which interest has been paid or duly provided for, semi-annually in arrears on February 25 and August 25 in each year, commencing August 25, 2022 at the rate of 3.750% per annum, until the
principal hereof is paid or made available for payment. 
 Method of Payment. The interest so payable, and punctually paid or duly
provided for, on any Interest Payment Date shall, as provided in such Indenture, be paid to the Person in whose name this Note (or one or more Predecessor Securities) is registered at the close of business on the Record Date for such interest, which
shall be the date that is 15 calendar days before the Interest Payment Date. Any such interest not so punctually paid or duly provided for shall forthwith cease to be payable to the Holder on such Record Date and may either be paid to the Person in
whose name this Note (or one or more Predecessor Securities) is registered at the close of business on a Special Record Date for the payment of such Defaulted Interest to be fixed by the Trustee, notice thereof having been given to Holders of Notes
not less than 10 days prior to such Special Record Date, all as more fully provided in said Indenture. Payment of the principal of (and premium, if any) and any such interest on this Note shall be made at the Corporate Trust Office in U.S. Dollars.

 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. 
 Authentication. 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. 

  
 A-2 

 IN WITNESS WHEREOF, the Company has caused this instrument to be duly
executed as of the date set forth below. 
 Dated: February 25, 2022 

 

					
	MOODY’S CORPORATION
		
	By:	 	  

		 	Name:	 	John J. Goggins
		 	Title:	 	Executive Vice President and General Counsel

 TRUSTEE’S CERTIFICATE OF AUTHENTICATION 

Dated: February 25, 2022 
 COMPUTERSHARE TRUST COMPANY,
N.A. 
 as successor to Wells Fargo, 

National Association, 
 as
Trustee, certifies 
 that this is one of 

the Securities referred 
 to in
the Indenture. 
  

			
	By:	 	  

		 	Authorized Signatory

  
 A-3 

 [FORM OF REVERSE OF NOTE] 

Indenture. This Note is one of a duly authorized issue of Securities of the Company (herein called the “Note” or
collectively, the “Notes”), issued and to be issued under an Indenture, dated as of August 19, 2010, as supplemented by a Sixteenth Supplemental Indenture dated February 25, 2022 (as so supplemented, herein called the
“Indenture”), between the Company and Computershare Trust Company, N.A. as successor to Wells Fargo Bank, National Association, as Trustee (herein called the “Trustee,” which term includes any successor trustee under the
Indenture), to which Indenture and all indentures supplemental thereto reference is hereby made for a statement of the respective rights, limitations of rights, duties and immunities thereunder of the Company, the Trustee and the Holders of the
Notes and of the terms upon which the Notes are, and are to be, authenticated and delivered. This Note is one of the series designated on the face hereof, initially limited in aggregate principal amount to $500,000,000. 

Optional Redemption. The Notes are subject to redemption at the Company’s option, in whole or in part, at any time prior to
August 25, 2051, at a redemption price equal to the greater of (i) (a) the sum of the present values of the remaining scheduled payments of principal and interest thereon discounted to the redemption date (assuming the Notes matured on
August 25, 2051 (the “Par Call Date”)) on a semi-annual basis (assuming a 360-day year consisting of twelve 30-day months) at the Treasury Rate plus 25
basis points less (b) interest accrued to the date of redemption, and (ii) 100% of the principal amount of the Notes to be redeemed. 

plus, in either case, accrued and unpaid interest thereon to, but excluding, the redemption date. 

On or after the Par Call Date, the Company may redeem the Notes, in whole or in part, at any time and from time to time, at a redemption price
equal to 100% of the principal amount of the Notes being redeemed plus accrued and unpaid interest thereon to, but excluding, the redemption date. 

For purposes of determining the optional redemption price, the following definitions are applicable: 

“Treasury Rate” means, with respect to any redemption date, the yield determined by us in accordance with the following two
paragraphs. 
 The Treasury Rate shall be determined by the Company after 4:15 p.m., New York City time (or after such time as yields on
U.S. government securities are posted daily by the Board of Governors of the Federal Reserve System), on the third Business Day preceding the redemption date based upon the yield or yields for the most recent day that appear after such time on such
day in the most recent statistical release published by the Board of Governors of the Federal Reserve System designated as “Selected Interest Rates (Daily)—H.15” (or any successor designation or publication) (“H.15”) under
the caption “U.S. government securities–Treasury constant maturities–Nominal” (or any successor caption or heading). In determining the Treasury Rate, the Company shall select, as applicable: (1) the yield for the Treasury
constant maturity on H.15 exactly equal to the period from the redemption date to the Par Call Date (the “Remaining 

  
 A-4 

 
Life”); or (2) if there is no such Treasury constant maturity on H.15 exactly equal to the Remaining Life, the two yields—one yield corresponding to the Treasury constant maturity
on H.15 immediately shorter than and one yield corresponding to the Treasury constant maturity on H.15 immediately longer than the Remaining Life—and shall interpolate to the Par Call Date on a straight-line basis (using the actual number of
days) using such yields and rounding the result to three decimal places; or (3) if there is no such Treasury constant maturity on H.15 shorter than or longer than the Remaining Life, the yield for the single Treasury constant maturity on H.15
closest to the Remaining Life. For purposes of this paragraph, the applicable Treasury constant maturity or maturities on H.15 shall be deemed to have a maturity date equal to the relevant number of months or years, as applicable, of such Treasury
constant maturity from the redemption date. 
 If on the third Business Day preceding the redemption date H.15 or any successor designation
or publication is no longer published, the Company shall calculate the Treasury Rate based on the rate per annum equal to the semi-annual equivalent yield to maturity at 11:00 a.m., New York City time, on the second Business Day preceding such
redemption date of the United States Treasury security maturing on, or with a maturity that is closest to, the Par Call Date, as applicable. If there is no United States Treasury security maturing on the Par Call Date but there are two or more
United States Treasury securities with a maturity date equally distant from the Par Call Date, one with a maturity date preceding the Par Call Date and one with a maturity date following the Par Call Date, the Company shall select the United States
Treasury security with a maturity date preceding the Par Call Date. If there are two or more United States Treasury securities maturing on the Par Call Date or two or more United States Treasury securities meeting the criteria of the preceding
sentence, the Company shall select from among these two or more United States Treasury securities the United States Treasury security that is trading closest to par based upon the average of the bid and asked prices for such United States Treasury
securities at 11:00 a.m., New York City time. In determining the Treasury Rate in accordance with the terms of this paragraph, the semi-annual yield to maturity of the applicable United States Treasury security shall be based upon the average of the
bid and asked prices (expressed as a percentage of principal amount) at 11:00 a.m., New York City time, of such United States Treasury security, and rounded to three decimal places. 

The Company’s actions and determinations in determining the redemption price shall be conclusive and binding for all purposes, absent
manifest error. 
 Notice of any redemption will be mailed or electronically delivered (or otherwise transmitted in accordance with the
depositary’s procedures) at least 10 days but not more than 60 days before the redemption date to each holder of Notes to be redeemed. 

In the case of a partial redemption of Notes not represented by a global Notes, selection of the Notes for redemption will be made pro rata,
by lot or by such other method as the Trustee in its sole discretion deems appropriate and fair. No Notes of a principal amount of $2,000 or less will be redeemed in part. If any Note is to be redeemed in part only, the notice of redemption that
relates to the Note will state the portion of the principal amount of the Note to be redeemed. A new Note in a principal amount equal to the unredeemed portion of the Note will be issued in the name of the holder of the Note upon surrender for
cancellation of the original Note. For so long as the Notes are held in global form on the depositary (or another depositary), the redemption of the Notes shall be done in accordance with the policies and procedures of the depositary. 

  
 A-5 

 Unless the Company 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. 
 The Company may at any time, and from time to
time, purchase the Notes at any price or prices in the open market or otherwise. 
 Defaults and Remedies. If an Event of Default
with respect to Notes shall occur and be continuing, the principal of the Notes may be declared due and payable in the manner and with the effect provided in the Indenture. 

Amendment, Modification and Waiver. The Indenture permits, with certain exceptions as therein provided, the amendment thereof and the
modification of the rights and obligations of the Company and the rights of the Holders of the Notes at any time by the Company and the Trustee with the consent of the Holders of a majority in aggregate principal amount of the Notes at the time
Outstanding. The Indenture also contains provisions permitting the Holders of a majority in aggregate principal amount of the Notes at the time Outstanding, on behalf of the Holders of all Notes, to waive compliance by the Company with certain
provisions of the Indenture and certain past defaults under the Indenture and their consequences. Any such consent or waiver by the Holder of this 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. 

Restrictive Covenants. The Indenture does not limit the incurrence of additional debt by the Company or any of its Subsidiaries;
however, it does limit the creation of certain Liens and the entry into sale and leaseback transactions by the Company or any of its Restricted Subsidiaries. The limitations are subject to a number of important qualifications and exceptions. Once a
year, the Company must report to the Trustee on its compliance with these limitations. 
 Denominations, Transfer and Exchange. The
Notes are issuable only in registered form without coupons in minimum denominations of $2,000 and in integral multiples of $1,000 in excess thereof. As provided in the Indenture and subject to certain limitations therein set forth, Notes are
exchangeable for a like aggregate principal amount of Notes of any different authorized denomination or denominations, as requested by the Holder surrendering the same. 

As provided in the Indenture and subject to certain limitations therein set forth, including Section 3.06 of the Base Indenture, the
transfer of this Note is registerable in the Register, upon surrender of this Note for registration of transfer at the Registrar accompanied by a written request for transfer in form satisfactory to the Company and the Registrar duly executed by the
Holder hereof or his attorney duly authorized in writing, and thereupon one or more new Notes of any different authorized denomination or denominations and for the same aggregate principal amount, shall be issued to the designated transferee or
transferees. 

  
 A-6 

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

Persons Deemed Owners. Prior to due presentment of this Note for registration of transfer, the Company, the Trustee and any agent of
the Company or the Trustee may treat the Person in whose name this Note is registered as the owner hereof for the purpose of receiving payment of principal of and premium, if any, and (subject to Section 3.08 of the Base Indenture) interest, if
any, on such Note and for all other purposes whatsoever, whether or not this Note be overdue, and neither the Company, the Trustee nor any agent shall of the Company or the Trustee shall be affected by notice to the contrary. 

Defined Terms. All terms used in this Note and not defined herein shall have the meanings assigned to them in the Indenture. 

  
 A-7 

 OPTION OF HOLDER TO ELECT PURCHASE 

If you want to elect to have this Note purchased by the Company pursuant to the provisions hereof, check the box: ☐ 

If you want to elect to have only part of the Note purchased by the Company pursuant to the provisions hereof, state the amount you elect to
have 
 purchased: $
                                         
                                    

Date:
                                        
                                         
        
 Your 

Signature:
                                     
                                         
                        

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

Tax 
 Identification 

No.:                      
                                         
                                         
      
 Signature Guarantee*:
                                      
                       
  

 

	*	 Participant in a recognized Signature Guarantee Medallion Program (or other signature guarantor acceptable to
the Trustee) 

  
 A-8

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