Document:

EX-10.3

 Exhibit 10.3 

Execution Version 

AMENDMENT NO. 1 TO AMENDED AND RESTATED INTERCREDITOR AGREEMENT 

AMENDMENT NO. 1 TO AMENDED AND RESTATED INTERCREDITOR AGREEMENT (this “Amendment”) dated as of
December 11, 2019, by and between CANTOR FITZGERALD SECURITIES, as agent (in such capacity, with its successors and assigns, and as defined in the Amended and Restated Intercreditor Agreement, the “ABL Agent”), DELAWARE TRUST
COMPANY, as administrative agent and collateral agent (in such capacities with its successors and assigns, and as defined in the Amended and Restated Intercreditor Agreement, the “Term Agent”), and the ABL Lenders and Term Lenders
party hereto. 
 WITNESSETH: 

WHEREAS, the ABL Agent and the Term Agent (among others) entered into that certain Amended and Restated Intercreditor
Agreement, dated as of June 29, 2016 (the “Amended and Restated Intercreditor Agreement”; capitalized terms used but not defined herein shall have the meanings ascribed to such terms in the Amended and Restated Intercreditor
Agreement),1 and each Loan Party acknowledged and consented to such Amended and Restated Intercreditor Agreement; and 

WHEREAS, the ABL Agent and the Term Agent have agreed to amend the Amended and Restated Intercreditor Agreement as provided
herein, each at the direction of the Required Lenders, under and as defined in the respective Loan Documents; 
 NOW,
THEREFORE, in consideration of the premises and the mutual covenants herein contained, the parties hereto agree as follows: 

Section 1. Amendment to Amended and Restated Intercreditor Agreement. The definition of “ABL Obligations
Cap” in Section 1.2 of the Amended and Restated Intercreditor Agreement is hereby amended by deleting the number $30,000,000 therefrom and inserting in lieu thereof the number $40,000,000. 

Section 2. Miscellaneous. 

2.1 Continuing Effect. Expect as specifically provided herein, the Amended and Restated Intercreditor Agreement shall
remain in full force and effect in accordance with its terms and is hereby ratified and confirmed in all respects. This Amendment shall form a part of the Amended and Restated Intercreditor Agreement for all purposes. 

2.2 No Waiver. This Amendment is limited as specified and the execution, delivery and effectiveness of this Amendment
shall not operate as a modification, acceptance or waiver of any provision of the Amended and Restated Intercreditor Agreement, except as specifically set forth herein. 

 

	1 	 The Amended and Restated Intercreditor Agreement, dated as of June 29, 2016, is by and between the ABL
Agent, the Term Agent, and Wilmington Savings Fund Society, FSB as Existing Noteholder Agent and Additional Noteholder Agent. As of the date hereof, the obligations relating to the Existing Notes and Additional Notes have been indefeasibly paid in
cash or otherwise satisfied in full. As a result, Wilmington Savings Fund Society, FSB as Existing Noteholder Agent and Additional Noteholder Agent is not required to be a party hereto. In addition, to the extent there is any conflict between the
Amended and Restated Intercreditor Agreement and that certain Intercreditor Agreement, dated as of September 26, 2018 (the “2018 Intercreditor Agreement”), Section 10.18 of the 2018 Intercreditor Agreement provides that
the 2018 Intercreditor Agreement shall control. As a result, this Amendment is being entered into in an abundance of caution to the extent the Amended and Restated Intercreditor Agreement has not been terminated according to its terms.

  
 1 

 2.3 Governing Law. THIS AMENDMENT SHALL BE CONSTRUED IN ACCORDANCE
WITH AND GOVERNED BY THE LAW OF THE STATE OF NEW YORK, EXCEPT AS OTHERWISE REQUIRED BY MANDATORY PROVISIONS OF LAW AND EXCEPT TO THE EXTENT THAT REMEDIES PROVIDED BY THE LAWS OF ANY JURISDICTION OTHER THAN THE STATE OF NEW YORK ARE GOVERNED BY THE
LAWS OF SUCH JURISDICTION. 
 2.4 Captions. Captions and section headings appearing herein are included solely for
convenience of reference and are not intended to affect the interpretation of any provision of this Amendment. 
 2.5
Counterparts. This Amendment may be executed by one or more of the parties to this Amendment on any number of separate counterparts, and all of said counterparts taken together shall be deemed to constitute one and the same instrument.
Delivery of an executed counterpart to this Amendment by facsimile transmission or by electronic mail in pdf format shall be as effective as delivery of a manually executed counterpart hereof. 

2.6 Consent of the Required Holders. 

(a) Each of the ABL Lenders party hereto (which collectively constitute the Required Lenders, as defined in the ABL Credit
Agreement) hereby (i) authorizes and directs the ABL Agent to execute and deliver this Amendment, and (ii) acknowledges and agrees that (x) the foregoing directed action constitutes a direction from the Required Lenders under
Section 17 of the ABL Credit Agreement, (y) Sections 11.3, 17.3, 17.5, and 19.9 of the ABL Credit Agreement and all other rights, protections, privileges, immunities, exculpations, and indemnities afforded to the ABL Agent under the Loan
Documents (as defined in the ABL Credit Agreement) shall apply to any and all actions taken or not taken by the ABL Agent in accordance with such direction, and (z) the ABL Agent may conclusively rely upon (and shall be fully protected in
relying upon) the Register (as defined in the ABL Credit Agreement) in determining such ABL Lender’s ownership of the Advances (as defined in the ABL Credit Agreement) and unused Commitments (as defined in the ABL Credit Agreement) on and as of
the date hereof. Each undersigned ABL Lender hereby severally represents and warrants to the ABL Agent that, on and as of the date hereof, it is duly authorized to enter into this Amendment. 

(b) Each of the Term Lenders party hereto (which collectively constitute the Required Lenders, as defined in the Term Credit
Agreement) hereby (i) authorizes and directs the Term Agent to execute and deliver this Amendment, and (ii) acknowledges and agrees that (x) the foregoing directed action constitutes a direction from the Required Lenders under
Section 17 of the Term Credit Agreement, (y) Sections 11.3, 17.3, 17.5, and 19.9 of the Term Credit Agreement and all other rights, protections, privileges, immunities, exculpations, and indemnities afforded to the Term Agent under the
Loan Documents (as defined in the Term Credit Agreement) shall apply to any and all actions taken or not taken by the Term Agent in accordance with such direction, and (z) the Term Agent may conclusively rely upon (and shall be fully protected
in relying upon) the Register (as defined in the Term Credit Agreement) in determining such Term Lender’s ownership of the Advances (as defined in the Term Credit Agreement) and unused Commitments (as defined in the Term Credit Agreement) on
and as of the date hereof. Each undersigned Term Lender hereby severally represents and warrants to the Term Agent that, on and as of the date hereof, it is duly authorized to enter into this Amendment. Each of the Term Lenders party hereto further
acknowledges and consents to (i) Amendment No. 5 to Third Amended and Restated Credit and Security Agreement, dated on or about the date hereof 

  
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(the “Fifth Amendment”), the form of which is attached as Exhibit A hereto and (ii) the Series F Warrant Agreement (as defined in the Fifth Amendment) and the
issuance of the Fifth Amendment Warrants (as defined in the Fifth Amendment) and Holdings’ shares of common stock pursuant thereto. 

2.7 Rights of Agents. The ABL Agent and Term Agent shall have all of the rights, protections, privileges, immunities,
exculpations, and indemnities as set forth in the ABL Credit Agreement and Term Credit Agreement respectively, as if set forth herein. 

[THE REMAINDER OF THIS PAGE IS INTENTIONALLY LEFT BLANK] 

  
 3 

 IN WITNESS WHEREOF, the parties hereto have caused this Amendment to
be duly executed by their respective authorized officers as of the day and year first above written. 
  

			
	 CANTOR FITZGERALD SECURITIES, as ABL Agent

		
	 By:
	 	  

	 Name:
	 	
	 Title:
	 	
	
	 DELAWARE TRUST COMPANY, as Term Agent

		
	 By:
	 	 /s/ Benjamin Hancock

	 Name:
	 	 Benjamin Hancock

	 Title:
	 	 Assistant Vice President

  

			
	 Agreed to and acknowledged by:

	
	 SAEXPLORATION HOLDINGS, INC.

		
	 By:
	 	 /s/ Michael J. Faust

	 Name:
	 	 Michael J. Faust

	 Title:
	 	 Chief Executive Officer

	
	 SAEXPLORATION, INC.

		
	 By:
	 	 /s/ Michael J. Faust

	 Name:
	 	 Michael J. Faust

	 Title:
	 	 Interim Chief Executive Officer

	
	 SAEXPLORATION SUB, INC.

		
	 By:
	 	 /s/ Michael J. Faust

	 Name:
	 	 Michael J. Faust

	 Title:
	 	 Interim Chief Executive Officer

  
 [SIGNATURE
PAGE TO AMENDMENT NO. 1 TO AMENDED AND RESTATED INTERCREDITOR AGREEMENT] 

			
	 SAEXPLORATION SEISMIC SERVICES (US), LLC

		
	 By:
	 	 /s/ Michael J. Faust

	 Name:
	 	 Michael J. Faust

	 Title:
	 	 Interim Chief Executive Officer

	
	 NES, LLC.

		
	 By:
	 	 /s/ Michael J. Faust

	 Name:
	 	 Michael J. Faust

	 Title:
	 	 Interim Chief Executive Officer

	
	 SAEXPLORATION ACQUISITIONS (US), LLC

		
	 By:
	 	 /s/ Michael J. Faust

	 Name:
	 	 Michael J. Faust

	 Title:
	 	 Interim Chief Executive Officer

  
 [SIGNATURE
PAGE TO AMENDMENT NO. 1 TO AMENDED AND RESTATED INTERCREDITOR AGREEMENT] 

 
			
	 ABL AGENT:

	
	 CANTOR FITZGERALD SECURITIES, as Agent

		
	 By:
	 	 /s/ James Buccola

	 Name: James Buccola

	 Title: Head of Fixed Income

  
 [SIGNATURE
PAGE TO AMENDMENT NO. 1 TO AMENDED AND RESTATED INTERCREDITOR AGREEMENT] 

 
					
	 ABL LENDERS:

		
	     
	 	 HIGHBRIDGE MSF INTERNATIONAL LTD.

		 	 By: Highbridge Capital Management, LLC, as Trading Manager and not in its individual capacity

			
		 	 By:
	 	 /s/ Jason Hempel

		 		 	 Name: Jason Hempel

		 		 	 Title: Managing Director

		
		 	 HIGHBRIDGE TACTICAL CREDIT MASTER FUND, L.P.

		 	 By: Highbridge Capital Management, LLC, as Trading Manager and not in its individual capacity

			
		 	 By:
	 	 /s/ Jason Hempel

		 		 	 Name: Jason Hempel

		 		 	 Title: Managing Director

  
 [SIGNATURE
PAGE TO AMENDMENT NO. 1 TO AMENDED AND RESTATED INTERCREDITOR AGREEMENT] 

 
			
	 ABL LENDERS:

	
	 WHITEBOX ASYMMETRIC PARTNERS, L.P.

		
	 By:
	 	 /s/ Mark Strefling

		 	 Name: Mark Strefling

		 	 Title: Partner & CEO

	
	 WHITEBOX MULTI-STRATEGY PARTNERS, L.P.

	 By: Whitebox Advisors LLC its investment manager

		
	 By:
	 	 /s/ Mark Strefling

		 	 Name: Mark Strefling

		 	 Title: Partner & CEO

	
	 WHITEBOX CREDIT PARTNERS, L.P.

	 By: Whitebox Advisors LLC its investment manager

		
	 By:
	 	 /s/ Mark Strefling

		 	 Name: Mark Strefling

		 	 Title: Partner & CEO

  
 [SIGNATURE
PAGE TO AMENDMENT NO. 1 TO AMENDED AND RESTATED INTERCREDITOR AGREEMENT] 

 
			
	 TERM LENDER:

	
	 WBOX 2015-7 LTD.

		
	 By:
	 	 /s/ Mark Strefling

		 	 Name: Mark Strefling

		 	 Title: Partner & CEO

  
 [SIGNATURE
PAGE TO AMENDMENT NO. 1 TO AMENDED AND RESTATED INTERCREDITOR AGREEMENT] 

 
					
	ABL AND TERM LENDERS:
		
		 	 BLUE MOUNTAIN CREDIT ALTERNATIVES MASTER FUND L.P.

			
		 	 By:
	 	 /s/ David O’Mara

		 		 	 Name: David O’Mara

		 		 	 Title: Deputy General Counsel

		
		 	BLUEMOUNTAIN KICKING HORSE FUND L.P.
			
		 	 By:
	 	 /s/ David O’Mara

	     
	 		 	 Name: David O’Mara

		 		 	 Title: Deputy General Counsel

		
		 	 BLUEMOUNTAIN MONTENVERS MASTER FUND SCA SICAV-SIF

			
		 	 By:
	 	 /s/ David O’Mara

		 		 	 Name: David O’Mara

		 		 	 Title: Deputy General Counsel

		
		 	BLUEMOUNTAIN GUADALUPE PEAK FUND L.P.
			
		 	 By:
	 	 /s/ David O’Mara

		 		 	 Name: David O’Mara

		 		 	 Title: Deputy General Counsel

  
 [SIGNATURE
PAGE TO AMENDMENT NO. 1 TO AMENDED AND RESTATED INTERCREDITOR AGREEMENT] 

 
			
	BLUEMOUNTAIN SUMMIT TRADING L.P.
		
	 By:
	 	 /s/ David O’Mara

		 	 Name: David O’Mara

		 	 Title: Deputy General Counsel

  
 [SIGNATURE
PAGE TO AMENDMENT NO. 1 TO AMENDED AND RESTATED INTERCREDITOR AGREEMENT] 

 
					
	ABL AND TERM LENDER:
		
	    	 	JOHN PECORA
			
		 	 By:
	 	 /s/ John Pecora

  
 [SIGNATURE
PAGE TO AMENDMENT NO. 1 TO AMENDED AND RESTATED INTERCREDITOR AGREEMENT] 

 
					
	ABL AND TERM LENDER:
	
	AMZAK CAPITAL MANAGEMENT, LLC
			
	     
	 	 By:
	 	 /s/ Samuel Barker

		 	 Name: Samuel Barker

		 	 Title: Senior Fixed Income Analyst

  
 [SIGNATURE
PAGE TO AMENDMENT NO. 1 TO AMENDED AND RESTATED INTERCREDITOR AGREEMENT] 

 
					
	ABL LENDER:
	
	DUPONT PENSION TRUST
			
	     
	 	 By:
	 	 /s/ Kris Kowal

		 	 Name: Kris Kowal

		 	 Title: Managing Director

  
 [SIGNATURE
PAGE TO AMENDMENT NO. 1 TO AMENDED AND RESTATED INTERCREDITOR AGREEMENT] 

 
					
	ABL LENDER:
		
	    	 	JEFF HASTINGS
			
		 	 By:
	 	 /s/ Jeff Hastings

  
 [SIGNATURE
PAGE TO AMENDMENT NO. 1 TO AMENDED AND RESTATED INTERCREDITOR AGREEMENT]EX-4.1

 Exhibit 4.1 

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

4.250% Global Notes due 2050 

ISIN NO. [●] 
 No. I-[●] 
 $1,265,000,000 

AT&T Inc., a corporation duly organized and existing under the laws of the State of Delaware (herein called “AT&T”, which
term includes any successor Person under the Indenture hereinafter referred to), for value received, hereby promises to pay to The Bank of New York Depository (Nominee) Limited (the “Depository”), or registered assigns, the principal sum
of One Billion Two Hundred Sixty Five Million Dollars ($1,265,000,000) on March 1, 2050 (the “Maturity Date”), and to pay interest on said principal sum from December 12, 2019 or from the most recent Interest Payment Date to
which interest has been paid or duly provided for, semiannually in arrears on March 1 and September 1 in each year, commencing on March 1, 2020 (each an “Interest Payment Date”) and on the Maturity Date, at the interest rate
of 4.250% per annum, until the principal hereof is paid or made available for payment. The interest so payable, and punctually paid or duly provided for, on any Interest Payment Date will, as provided in such Indenture, be paid to the Person in
whose name this Note (or one or more Predecessor Notes) is registered at the close of business on the Regular Record Date for such interest, which shall be the close of business on the fifteenth day preceding the respective Interest Payment Date
(each, a “Regular Record Date”). Any such interest not so punctually paid or duly provided for will forthwith cease to be payable to the Holder on such Regular Record Date and may either be paid to the Person in whose name this Note (or
one or more Predecessor Notes) is registered at the close of business on a special record date for the payment of such Defaulted Interest to be fixed by the Trustee, notice whereof shall be given to Holders of Notes not less than 15 days prior to
such special record date, or be paid at any time in any other lawful manner not inconsistent with the requirements of any securities exchange on which the Notes may be listed, and upon such notice as may be required by such exchange, all as more
fully provided in said Indenture. 

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

  
 2 

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

							
	Dated: December 12, 2019	 		 	AT&T INC.
				
	 [SEAL]
  
	 		 	By:	 	 
		 		 		 	George B. Goeke 

		 		 		 	Senior Vice President and Treasurer
				
		 		 	By:	 	 
		 		 		 	 Jeston B. Dumas
 Vice President and Assistant
Treasurer

 Trustee’s Certificate of Authentication 

This is one of the 4.250% Global Notes due 2050 
 of the series
designated herein referred to 
 in the within-mentioned Indenture. 

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

  

							
	By:	 	 	 		 	Dated: December 12, 2019
		 	Authorized Signatory	 		 	

 REVERSE OF NOTE 

This Note is one of a duly authorized issue of debt securities of AT&T of the series specified on the face hereof, issued under and
pursuant to an Indenture, dated as of May 15, 2013, between AT&T and The Bank of New York Mellon Trust Company, N.A., as Trustee (the “Trustee,” which term includes any successor Trustee under the Indenture), to which indenture
and all indentures supplemental thereto (collectively, the “Indenture”) reference is hereby made for a description of the rights, limitations of rights, obligations, duties and immunities thereunder of the Trustee, AT&T and the Holders
of the Notes and of the terms upon which the Notes are, and are to be, authenticated and delivered. The Notes will be issued in fully registered form only and in minimum denominations of $100,000 and integral multiples of $1,000 thereafter. This
Note is one of the series designated on the face hereof initially limited in aggregate principal amount to $1,265,000,000. 
 The Indenture
permits, with certain exceptions as therein provided, the amendment thereof and the modification of the rights and obligations of AT&T and the rights of the Holders of the Notes under the Indenture at any time by AT&T and the Trustee with
the consent of the Holders of a majority in principal amount of the Notes at the time outstanding. The Indenture also contains provisions permitting the Holders of specified percentages in principal amount of the Notes at the time outstanding to
waive compliance by AT&T with certain provisions of the Indenture and certain past defaults under the Indenture and their consequences. Any such consent or waiver by the Holder of this Note shall be conclusive and binding upon such Holder and
upon all future Holders of this Note and of any Note issued upon the registration of transfer hereof or in exchange herefor or in lieu hereof, whether or not notation of such consent or waiver is made upon this Note. 

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

Principal and interest payments in respect of the Notes are payable by AT&T in U.S. dollars. Interest will be computed on the basis of the
number of days in the period for which interest is being calculated and the actual number of days from and including the last date on which interest was paid on the Notes (or December 12, 2019 if no interest has been paid on the Notes), to but
excluding the next scheduled interest payment date (such number of days being calculated on the basis of a year of 360 days with 12 30-day months). This payment convention is referred to as 30/360. 

 Payment of Additional Amounts 

AT&T will, subject to the exceptions and limitations set forth below, pay as additional interest on this Note such additional amounts
(“Additional Amounts”) as are necessary so that the net payment by AT&T or its Paying Agent of the principal of and interest on this Note to a person that is a United States Alien, after deduction for any present or future tax,
assessment or governmental charge of the United States or a political subdivision or taxing authority thereof or therein, imposed by withholding with respect to the payment, will not be less than the amount that would have been payable in respect of
this Note had no withholding or deduction been required. As used herein, “United States Alien” means any person who, for United States federal income tax purposes, is a foreign corporation, a
non-resident alien individual, a non-resident alien fiduciary of a foreign estate or trust, or a foreign partnership one or more of the members of which is, for United
States federal income tax purposes, a foreign corporation, a non-resident alien individual or a non-resident alien fiduciary of a foreign estate or trust. 

The foregoing obligation to pay Additional Amounts shall not apply: 

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

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

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

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

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

  
 2 

 (3) to any tax, assessment or governmental charge that is imposed or
withheld solely because the beneficial owner or any other person failed to comply with certification, identification or information reporting requirements concerning the nationality, residence, identity or connection with the United States of the
Holder or beneficial owner of the Notes, if compliance is required by statute, by regulation of the United States Treasury Department or by an applicable income tax treaty to which the United States is a party as a precondition to exemption from
such tax, assessment or other governmental charge; 
 (4) to any tax, assessment or governmental charge that is imposed other
than by deduction or withholding by AT&T or a Paying Agent from the payment; 
 (5) to any tax, assessment or
governmental charge that is imposed or withheld solely because of a change in law, regulation, or administrative or judicial interpretation that is announced or becomes effective after the day on which the payment becomes due or is duly provided
for, whichever occurs later; 
 (6) to an estate, inheritance, gift, sales, excise, transfer, wealth or personal property tax
or any similar tax, assessment or governmental charge; 
 (7) to any tax, assessment or other governmental charge any paying
agent (which term may include us) must withhold from any payment of principal of or interest on any Note, if such payment can be made without such withholding by any other paying agent; or 

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

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

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

  
 3 

 Optional Redemption by AT&T 

AT&T has the option to redeem all, but not less than all, of the Notes then outstanding on each March 1 on or after March 1, 2025
(each, a “Redemption Date”). In addition, on the first Redemption Date on which we opt to redeem Notes, we also have the option to instead only redeem 50% of the aggregate principal amount of the Notes then outstanding. If we opt to redeem
50% of the aggregate principal amount of the Notes then outstanding on a Redemption Date, any remaining Notes can be redeemed at our option on a future Redemption Date in whole but not in part. Any redemption described in this paragraph must be on
not less than 10 nor more than 40 days’ notice and will be at a redemption price equal to 100% of the principal amount of the Notes being redeemed plus accrued and unpaid interest to the date of redemption. AT&T will calculate the
redemption price in connection with any redemption hereunder. 
 On and after the redemption date, interest will cease to accrue on the
Notes redeemed, unless AT&T defaults in the payment of the redemption price and accrued interest. On or before the redemption date, AT&T will deposit with a Paying Agent or the Trustee money sufficient to pay the redemption price of and
accrued interest on the Notes to be redeemed on that date. 
 Redemption Upon a Tax Event 

If (a) AT&T becomes or will become obligated to pay Additional Amounts as a result of any change in, or amendment to, the laws (or any
regulations or rulings promulgated thereunder) of the United States (or any political subdivision or taxing authority thereof or therein), or any change in, or amendments to, any official position regarding the application or interpretation of such
laws, regulations or rulings, which change or amendment is announced or becomes effective, on or after December 3, 2019 or (b) a taxing authority of the United States takes an action on or after December 3, 2019, whether or not with
respect to AT&T or any of its affiliates, that results in a substantial probability that AT&T will or may be required to pay such Additional Amounts, then AT&T may, at its option, redeem, as a whole, but not in part, the Notes on any
Interest Payment Date on not less than 10 nor more than 40 calendar days’ prior notice, at a redemption price equal to 100% of their principal amount, together with interest accrued thereon to the date fixed for redemption. No redemption
pursuant to (b) above may be made unless AT&T shall have received an opinion of independent counsel to the effect that an act taken by a taxing authority of the United States results in a substantial probability that AT&T will or may be
required to pay the Additional Amounts and AT&T shall have delivered to the Trustee a certificate, signed by a duly authorized officer, stating that based on such opinion, AT&T is entitled to redeem the Notes pursuant to their terms. 

Registrar and Paying Agent 

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

  
 4 

 Further Issues 

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

  
 5 

 Default 

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

Miscellaneous 
 For
purposes of the Notes, the term “Business Day” means any day other than a Saturday or Sunday or a day on which banking institutions in the City of New York or the City of Taipei are authorized or required by law or executive order to
close. 
 No director, officer, employee or stockholder, as such, of AT&T shall have any liability for any obligations of AT&T under
this Note, the Indenture or for any claim based on, in respect of or by reason of such obligations or their creation. Each Holder by accepting this Note waives and releases all such liability. The waiver and release are part of the consideration for
the issue of this Note. 
 The Notes are the unsecured and unsubordinated obligations of AT&T and will rank pari passu
with all other evidences of indebtedness issued in accordance with the Indenture. 
 Notices to Holders of the Notes will be given only to
the depository, in accordance with its applicable policies as in effect from time to time. 
 Prior to due presentment of this Note for
registration of transfer, AT&T, the Trustee and any agent of AT&T or the Trustee may treat the Person in whose name this Note is registered as the owner hereof for all purposes, whether or not this Note be overdue, and neither AT&T, the
Trustee nor any such agent shall be affected by notice to the contrary. 
 All terms used in this Note which are defined in the Indenture
shall have the meanings assigned to them in the Indenture.  
 The Indenture and this Note shall be governed by and construed in
accordance with the laws of the State of New York. 

  
 6

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