Document:

Document

Exhibit 10.3
FIRST AMENDMENT TO THE PARTIES’ 
COMMERCIAL AGREEMENT

    This First Amendment to the Commercial Agreement (“Amendment”) is entered into and effective this 13th day of May, 2022 (the “Effective Date”), by and between Caret Holdings, Inc. (“Company”), Carvana, LLC (“Dealer”), Carvana Insurance Services, LLC (“CIS”), and Carvana Group, LLC (“Parent”) (collectively, the entities Parent, CIS, and Dealer shall be referred to as “Carvana”).  Carvana and Company shall be referred to as the Parties, and each a Party.

    WHEREAS, Carvana and Company entered into the Commercial Agreement dated October 1, 2021, as amended or modified from time to time (the “Agreement”); and

    WHEREAS, Carvana and Company wish to modify the Agreement to provide for the amended terms and conditions, as described herein.

    NOW, THEREFORE, in consideration of the promises, mutual covenants, and agreements as described in the Agreement and this Amendment, and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the Parties hereto agree as follows:

1.Schedule 2 to the Commercial Agreement

The original Schedule 2 to the Commercial Agreement shall be deleted in its entirety, and replaced with a revised and amended Schedule 2 which is attached hereto as Exhibit A.  

2.Schedule 3.1 to the Commercial Agreement

The defined term for “Attributable Auto Policies” set forth in Schedule 3.1 of the Commercial Agreement shall be deleted in its entirety and replaced with the following revised defined term:

“Attributable Auto Policies” means the number of new Company Policies, for which the policies have become effective, excluding brokered automobile insurance policies, attributed to Carvana in a given calendar month pursuant to Section 1(a) of Schedule 3. If a Carvana Customer returns their vehicle to Carvana and cancels their Company policy within seven (7) calendar days of the return of said vehicle to Carvana, that policy does not count towards Attributable Auto Policies.

3.Schedule 5 to the Commercial Agreement

Section 6 of Schedule 5 to the Commercial Agreement (Agency Agreement) shall deleted in its entirety and replaced with the following:

“To the extent CIS possesses or otherwise stores, processes, or transmits cardholder data on behalf of Company, or to the extent that CIS could impact the security of Company's 

cardholder data environment, CIS acknowledges responsibility for reasonably securing such data, which in no event shall be less than industry standard. CIS will provide materials and/or affirmations to Company demonstrating compliance, to the extent relevant, with the most current version of Payment Card Industry (PCI) Data Security Standard (DSS) published by the PCI Security Standards Council (PCI SSC), as may be applicable to or required of CIS as Company's service provider to assist with Company's provision of evidence of PCI DSS compliance. If CIS becomes aware that CIS, Agents, or Sub-Producers is not, or will not likely be, in compliance with applicable PCI DSS requirements, or CIS's materials and/or affirmations related thereto, for any reason, CIS will report in writing to Company within one (1) calendar day the non-compliance or likely non-compliance.”

[Signature page to follow]

    

IN WITNESS WHEREOF, the Parties acknowledge their receipt, review, understanding, and acceptance of this Addendum, effective as of the Effective Date.

															
				Caret Holdings, Inc.
				By: Daniel Rosenthal
				
				By: /s/ Daniel Rosenthal                      

				Name: Daniel Rosenthal

				Title: CROO

				Date: 5/17/2022

															
				Carvana, LLC
				By: Paul Breaux
				
				By: /s/ Paul Breaux                      

				Name: Paul Breaux

				Title: General Counsel

				Date: 5/13/2022

															
				Carvana Insurance Services, LLC
				By: Paul Breaux
				
				By: /s/ Paul Breaux                      

				Name: Paul Breaux

				Title: General Counsel

				Date: 5/13/2022

															
				Carvana Group, LLC
				By: Paul Breaux
				
				By: /s/ Paul Breaux                      

				Name: Paul Breaux

				Title: General Counsel

				Date: 5/13/2022EX-4.1

 Exhibit 4.1 

APPLE INC. 
 Officer’s Certificate

 Pursuant to Sections 102 and 301 of the Indenture, dated as of October 28, 2021 (the “Indenture”), by
and between Apple Inc., a corporation duly organized and existing under the laws of the State of California (the “Issuer”), and The Bank of New York Mellon Trust Company, N.A., a national banking association duly organized and
existing under the laws of the United States, as trustee (the “Trustee”), the undersigned officer does hereby certify, in connection with the issuance of (i) $1,000,000,000 aggregate principal amount of 3.250% Notes due 2029 (the
“2029 Notes”), (ii) $1,500,000,000 aggregate principal amount of 3.350% Notes due 2032 (the “2032 Notes”), (iii) $1,750,000,000 aggregate principal amount of 3.950% Notes due 2052 (the “2052 Notes”)
and (iv) $1,250,000,000 aggregate principal amount of 4.100% Notes due 2062 (the “2062 Notes” and, together with the 2029 Notes, the 2032 Notes and the 2052 Notes, the “Notes”), that the terms of the Notes are as
follows: 
 Capitalized terms used but not otherwise defined herein shall have the meanings specified in the Indenture. 

 

	 1.
	 2029 Notes 

  

			
	 Title:
	  	 3.250% Notes due 2029

		
	 Issuer:
	  	 Apple Inc.

		
	 Trustee, Security Registrar and Paying Agent:
	  	 The Bank of New York Mellon Trust Company, N.A.

		
	 Aggregate Principal Amount.
	  	 $1,000,000,000

		
	 Original Issue Date:
	  	 August 8, 2022

		
	 Maturity Date:
	  	 August 8, 2029

		
	 Interest:
	  	 3.250% per annum

		
	 Date from which Interest will Accrue:
	  	 From the most recent date to which interest has been paid; or, if no interest has been paid, from August 8,
2022

		
	 Interest Payment Dates:
	  	 Interest on the 2029 Notes will be paid semi-annually in arrears on August 8 and February 8, beginning on
February 8, 2023, and on the maturity date; provided, that if an Interest Payment Date for the 2029 Notes falls on a day that is not a Business Day, the Interest Payment Date shall be postponed to the next succeeding Business
Day.

			
		
	 Redemption:
	  	 Prior to June 8, 2029, the Issuer may, at its option, redeem the 2029 Notes, at any time in whole or from time to time in part, on
at least 10 days, but not more than 60 days, prior notice mailed or electronically delivered to the registered address of each holder of record of the 2029 Notes, at a redemption price as calculated by the Issuer and its consolidated subsidiaries
(together, the “Company”) (expressed as a percentage of principal amount and rounded to three decimal places), equal to the greater of:
  

(i) 100% of the principal amount of the 2029 Notes being redeemed; and

 
 (ii) the sum of the present values of the remaining scheduled
payments of principal and interest on the 2029 Notes being redeemed (assuming the 2029 Notes matured on June 8, 2029), exclusive of interest accrued to, but excluding, the date of redemption, discounted to the date of redemption on a
semi-annual basis (assuming a 360-day year consisting of twelve 30-day months) at the applicable Treasury Rate (as defined in the 2029 Notes) plus 10 basis points,

 
 plus, in each case, accrued and unpaid interest thereon to, but
excluding, the date of redemption.
  
 On or after June 8, 2029,
the Issuer may, at its option, redeem the 2029 Notes, at any time in whole or from time to time in part, prior to their maturity, on at least 10 days, but not more than 60 days, prior notice mailed or electronically delivered to the registered
address of each holder of record of the 2029 Notes, at a redemption price equal to 100% of the principal amount of the 2029 Notes being redeemed, plus accrued and unpaid interest thereon to, but excluding, the date of redemption.

		
	 Conversion:
	  	 None

		
	 Sinking Fund:
	  	 None

  
 2 

			
	 Denominations:
	  	 $2,000 and any integral multiple of $1,000 in excess thereof.

		
	 Miscellaneous:
	  	 The terms of the 2029 Notes shall include such other terms as are set forth in the form of 2029 Notes attached hereto as Exhibit
A and in the Indenture. In addition, the global notes for the 2029 Notes shall include the following language: “To the extent the terms of the Indenture and this Note are inconsistent, the terms of the Indenture shall
govern.”

		
	 CUSIP/ISIN:
	  	 037833 EN6 / US037833EN61

  

	 2.
	 2032 Notes 

  

			
	 Title:
	  	 3.350% Notes due 2032

		
	 Issuer:
	  	 Apple Inc.

		
	 Trustee, Security Registrar and Paying Agent:
	  	 The Bank of New York Mellon Trust Company, N.A.

		
	 Aggregate Principal Amount.
	  	 $1,500,000,000

		
	 Original Issue Date:
	  	 August 8, 2022

		
	 Maturity Date:
	  	 August 8, 2032

		
	 Interest:
	  	 3.350% per annum

		
	 Date from which Interest will Accrue:
	  	 From the most recent date to which interest has been paid; or, if no interest has been paid, from August 8, 2022

		
	 Interest Payment Dates:
	  	 Interest on the 2032 Notes will be paid semi-annually in arrears on August 8 and February 8, beginning on February 8,
2023, and on the maturity date; provided, that if an Interest Payment Date for the 2032 Notes falls on a day that is not a Business Day, the Interest Payment Date shall be postponed to the next succeeding Business Day.

  
 3 

			
	 Redemption: 
	  	 Prior to May 8, 2032, the Issuer may, at its option, redeem the 2032 Notes, at any time in whole or from time to time in part, on
at least 10 days, but not more than 60 days, prior notice mailed or electronically delivered to the registered address of each holder of record of the 2032 Notes, at a redemption price as calculated by the Company (expressed as a percentage of
principal amount and rounded to three decimal places), equal to the greater of:
  

(i) 100% of the principal amount of the 2032 Notes being redeemed; and

 
 (ii) the sum of the present values of the remaining scheduled
payments of principal and interest on the 2032 Notes being redeemed (assuming the 2032 Notes matured on May 8, 2032), exclusive of interest accrued to, but excluding, the date of redemption, discounted to the date of redemption on a semi-annual
basis (assuming a 360-day year consisting of twelve 30-day months) at the applicable Treasury Rate (as defined in the 2032 Notes) plus 12.50 basis points,

 
 plus, in each case, accrued and unpaid interest thereon to, but
excluding, the date of redemption.
  
 On or after May 8, 2032,
the Issuer may, at its option, redeem the 2032 Notes, at any time in whole or from time to time in part, prior to their maturity, on at least 10 days, but not more than 60 days, prior notice mailed or electronically delivered to the registered
address of each holder of record of the 2032 Notes, at a redemption price equal to 100% of the principal amount of the 2032 Notes being redeemed, plus accrued and unpaid interest thereon to, but excluding, the date of redemption.

		
	 Conversion:
	  	 None

		
	 Sinking Fund:
	  	 None

		
	 Denominations:
	  	 $2,000 and any integral multiple of $1,000 in excess thereof.

		
	 Miscellaneous:
	  	 The terms of the 2032 Notes shall include such other terms as are set forth in the form of 2032 Notes attached hereto as
Exhibit B and in the Indenture. In addition, the global notes for the 2032 Notes shall include the following language: “To the extent the terms of the Indenture and this Note are inconsistent, the terms of the Indenture shall
govern.”

		
	 CUSIP/ISIN:
	  	 037833 EP1 / US037833EP10

  
 4 

	 3.
	 2052 Notes 

  

			
	 Title:
	  	 3.950% Notes due 2052

		
	 Issuer:
	  	 Apple Inc.

		
	 Trustee, Security Registrar and Paying Agent:
	  	 The Bank of New York Mellon Trust Company, N.A.

		
	 Aggregate Principal Amount.
	  	 $1,750,000,000

		
	 Original Issue Date:
	  	 August 8, 2022

		
	 Maturity Date:
	  	 August 8, 2052

		
	 Interest:
	  	 3.950% per annum

		
	 Date from which Interest will Accrue:
	  	 From the most recent date to which interest has been paid; or, if no interest has been paid, from August 8, 2022

		
	 Interest Payment Dates:
	  	 Interest on the 2052 Notes will be paid semi-annually in arrears on August 8 and February 8, beginning on February 8,
2023, and on the maturity date; provided, that if an Interest Payment Date for the 2052 Notes falls on a day that is not a Business Day, the Interest Payment Date shall be postponed to the next succeeding Business Day.

		
		  	 Prior to February 8, 2052, the Issuer may, at its option, redeem the 2052 Notes, at any time in whole or from time to time in
part, on at least 10 days, but not more than 60 days, prior notice mailed or electronically delivered to the registered address of each holder of record of the 2052 Notes, at a redemption price as calculated by the Company (expressed as a percentage
of principal amount and rounded to three decimal places), equal to the greater of:
  

(i) 100% of the principal amount of the 2052 Notes being redeemed; and

 

  
 5 

			
	 Redemption:
	  	 (ii) the sum of the present values of the remaining scheduled payments of principal and interest on the 2052 Notes being redeemed
(assuming the 2052 Notes matured on February 8, 2052), exclusive of interest accrued to, but excluding, the date of redemption, discounted to the date of redemption on a semi-annual basis (assuming a
360-day year consisting of twelve 30-day months) at the applicable Treasury Rate (as defined in the 2052 Notes) plus 20 basis points,

 
 plus, in each case, accrued and unpaid interest thereon to, but
excluding, the date of redemption.
  
 On or after February 8,
2052, the Issuer may, at its option, redeem the 2052 Notes, at any time in whole or from time to time in part, prior to their maturity, on at least 10 days, but not more than 60 days, prior notice mailed or electronically delivered to the registered
address of each holder of record of the 2052 Notes, at a redemption price equal to 100% of the principal amount of the 2052 Notes being redeemed, plus accrued and unpaid interest thereon to, but excluding, the date of redemption.

		
	 Conversion:
	  	 None

		
	 Sinking Fund:
	  	 None

		
	 Denominations:
	  	 $2,000 and any integral multiple of $1,000 in excess thereof.

		
	 Miscellaneous:
	  	 The terms of the 2052 Notes shall include such other terms as are set forth in the form of 2052 Notes attached hereto as Exhibit
C and in the Indenture. In addition, the global notes for the 2052 Notes shall include the following language: “To the extent the terms of the Indenture and this Note are inconsistent, the terms of the Indenture shall
govern.”

		
	 CUSIP/ISIN:
	  	 037833 EQ9 / US037833EQ92

  
 6 

	 4.
	 2062 Notes 

  

			
		
	 Title:
	  	 4.100% Notes due 2062

		
	 Issuer:
	  	 Apple Inc.

		
	 Trustee, Security Registrar and Paying Agent:
	  	 The Bank of New York Mellon Trust Company, N.A.

		
	 Aggregate Principal Amount.
	  	 $1,250,000,000

		
	 Original Issue Date:
	  	 August 8, 2022

		
	 Maturity Date:
	  	 August 8, 2062

		
	 Interest:
	  	 4.100% per annum

		
	 Date from which Interest will Accrue:
	  	 From the most recent date to which interest has been paid; or, if no interest has been paid, from August 8, 2062

		
	 Interest Payment Dates:
	  	 Interest on the 2062 Notes will be paid semi-annually in arrears on August 8 and February 8, beginning on February 8,
2023, and on the maturity date; provided, that if an Interest Payment Date for the 2062 Notes falls on a day that is not a Business Day, the Interest Payment Date shall be postponed to the next succeeding Business Day.

		
	 Redemption: 
	  	 Prior to February 8, 2062, the Issuer may, at its option, redeem the 2062 Notes, at any time in whole or from time to time in
part, on at least 10 days, but not more than 60 days, prior notice mailed or electronically delivered to the registered address of each holder of record of the 2062 Notes, at a redemption price as calculated by the Company (expressed as a percentage
of principal amount and rounded to three decimal places), equal to the greater of:
  

(i) 100% of the principal amount of the 2062 Notes being redeemed; and

 
 (ii) the sum of the present values of the remaining scheduled
payments of principal and interest on the 2062 Notes being redeemed (assuming the 2062 Notes matured on February 8, 2062), exclusive of interest accrued to, but excluding, the date of redemption, discounted to the date of redemption on a
semi-annual basis (assuming a 360-day year consisting of twelve 30-day months) at the applicable Treasury Rate (as defined in the 2062 Notes) plus 20 basis points,

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

  
 7 

			
		  	 On or after February 8, 2062, the Issuer may, at its option, redeem the 2062 Notes, at any time in whole or from time to time
in part, prior to their maturity, on at least 10 days, but not more than 60 days, prior notice mailed or electronically delivered to the registered address of each holder of record of the 2062 Notes, at a redemption price equal to 100% of the
principal amount of the 2062 Notes being redeemed, plus accrued and unpaid interest thereon to, but excluding, the date of redemption.

		
	 Conversion:
	  	 None

		
	 Sinking Fund:
	  	 None

		
	 Denominations:
	  	 $2,000 and any integral multiple of $1,000 in excess thereof.

		
	 Miscellaneous:
	  	 The terms of the 2062 Notes shall include such other terms as are set forth in the form of 2062 Notes attached hereto as
Exhibit D and in the Indenture. In addition, the global notes for the 2062 Notes shall include the following language: “To the extent the terms of the Indenture and this Note are inconsistent, the terms of the Indenture shall
govern.”

		
	 CUSIP/ISIN:
	  	 037833 ER7 / US037833ER75

 Subject to the covenants described in the Indenture, as amended or supplemented from time to time, the
Issuer shall be entitled, subject to authorization by the Board of Directors of the Issuer and an Officer’s Certificate, to issue additional notes from time to time under each series of notes issued hereby. Any such additional notes of a series
shall have identical terms as the 2029 Notes, the 2032 Notes, the 2052 Notes and the 2062 Notes, as the case may be, issued on the issue date, other than with respect to the date of issuance, the date interest begins to accrue and, in certain
circumstances, the first interest payment date (together, the “Additional Notes”); provided that the Additional Notes shall have a separate CUSIP number unless: (i) the Additional Notes are issued within thirteen days of the
issuance of the Outstanding Notes of the original series, (ii) the Additional Notes are issued pursuant to a “qualified reopening” of the Outstanding Notes of the original series for U.S. federal income tax purposes or (iii) the
Additional Notes are, and the Outstanding Notes of the original series were, issued without original issue discount for U.S. federal income tax purposes. Any Additional Notes will be issued in accordance with Section 301 of the Indenture. 

  
 8 

 The Officer has read and understands the provisions of the Indenture and the
definitions relating thereto. The statements made in this Officer’s Certificate are based upon the examination of the provisions of the Indenture and upon the relevant books and records of the Issuer. In such Officer’s opinion, they have
made such examination or investigation as is necessary to enable such Officer to express an informed opinion as to whether or not the covenants and conditions precedent of such Indenture relating to the issuance, authentication and delivery of the
Notes have been complied with. In such Officer’s opinion, such covenants and conditions precedent have been complied with. 
 [Signature Page
Follows] 

  
 9 

 IN WITNESS WHEREOF, the undersigned officer of the Issuer has duly executed this
certificate as of August 8, 2022. 
  

			
	 APPLE INC.

		
	 By:
	 	 /s/ Mike Shapiro

		 	 Name: Mike Shapiro

		 	 Title: Corporate Treasurer

 [Signature Page to Officer’s Certificate Pursuant to the Indenture] 

 EXHIBIT A 

FORM OF NOTE DUE 2029 
 UNLESS THIS
NOTE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), TO THE ISSUER OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY NOTE ISSUED IS REGISTERED IN
THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY
TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS A BENEFICIAL INTEREST HEREIN. 

TRANSFERS OF THIS GLOBAL SECURITY ARE LIMITED TO TRANSFERS IN WHOLE, BUT NOT IN PART, TO NOMINEES OF DTC OR TO A SUCCESSOR THEREOF OR
SUCH SUCCESSOR’S NOMINEE AND TRANSFERS OF PORTIONS OF THIS GLOBAL SECURITY ARE LIMITED TO TRANSFERS MADE IN ACCORDANCE WITH THE RESTRICTIONS SET FORTH IN THE INDENTURE REFERRED TO ON THE REVERSE HEREOF. 

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

 APPLE INC. 

3.250% Note due 2029 
  

			
	 No.
	  	CUSIP No.: 037833 EN6
		  	ISIN No.: US037833EN61
		
		  	$[•]

 APPLE INC., a California corporation (the “Issuer”), for value received promises to pay
to CEDE & CO. or registered assigns the principal sum listed on the Schedule of Exchanges of Notes on August 8, 2029. 

Interest Payment Dates: August 8 and February 8, beginning on February 8, 2023 and on the maturity date (each, an
“Interest Payment Date”). 
 Interest Record Dates: July 25 and January 25 (each, an “Interest
Record Date”). 
 Reference is made to the further provisions of this Note contained herein, which will for all purposes have
the same effect as if set forth at this place. 

 IN WITNESS WHEREOF, the Issuer has caused this Note to be signed manually or by
facsimile by its duly authorized officer. 
  

			
	 APPLE INC.

		
	 By:
	 	 
		 	 Name: Mike Shapiro

		 	 Title: Corporate Treasurer

 This is one of the Securities of the series designated therein and referred to in the
within-mentioned Indenture. 
 Dated: August 8, 2022 

 

					
	 The Bank of New York Mellon Trust Company, N.A., as Trustee

		
	 By:
	 	 
		 	 Authorized Signatory

 (REVERSE OF NOTE) 

APPLE INC. 
 3.250% Note due 2029 

1. Interest 
 Apple
Inc. (the “Issuer”) promises to pay interest on the principal amount of this Note at the rate per annum described above. Cash interest on the Notes will accrue from August 8, 2022 or the most recent Interest Payment Date to
which payment has been paid. Interest on this Note will be paid to, but excluding, the relevant Interest Payment Date. The Issuer will pay interest semi-annually in arrears on each Interest Payment Date, commencing February 8, 2023, to Holders
of record at the close of business on the immediately preceding Interest Record Date; provided, that if an Interest Payment Date for this Note falls on a day that is not a Business Day, the Interest Payment Date shall be postponed to the next
succeeding Business Day. Interest on the Notes will be computed on the basis of a 360-day year consisting of twelve 30-day months in a manner consistent with Rule
11620(b) of the FINRA Uniform Practice Code. 
 The Issuer shall pay interest on overdue principal from time to time on demand at the
rate borne by the Notes and on overdue installments of interest (without regard to any applicable grace periods) to the extent lawful. 

2. Paying Agent and Security Registrar. 

Initially, The Bank of New York Mellon Trust Company, N.A. (the “Trustee”) will act as Paying Agent and Security
Registrar. The Issuer may change any Paying Agent and Security Registrar without notice to the Holders. 
 3. Indenture; Defined
Terms. 
 This Note is one of the 3.250% Notes due 2029 (the “Notes”) issued under an indenture, dated as of
October 28, 2021 (the “Base Indenture”), by and between the Issuer and the Trustee, as supplemented by an Officer’s Certificate, dated August 8, 2022, issued pursuant to Section 301 of the Indenture (together
with the Base Indenture, the “Indenture”). This Note is a “Security” and the Notes are “Securities” under the Indenture. 

For purposes of this Note, unless otherwise defined herein, capitalized terms herein are used as defined in the Indenture. The terms of
the Notes include those stated in the Indenture and those made part of the Indenture by reference to the Trust Indenture Act as in effect on the date on which the Indenture was qualified under the Trust Indenture Act. Notwithstanding anything to the
contrary herein, the Notes are subject to all such terms, and Holders of Notes are referred to the Indenture and the Trust Indenture Act for a statement of them. 

 4. Denominations; Transfer; Exchange. 

The Notes are in registered form, without coupons, in denominations of $2,000 and any integral multiple of $1,000 in excess thereof. A
Holder shall register the transfer or exchange of Notes in accordance with the Indenture. The Issuer may require a Holder, among other things, to furnish appropriate endorsements and transfer documents and to pay certain transfer taxes or similar
governmental charges payable in connection therewith as permitted by the Indenture. The Issuer need not issue, authenticate, register the transfer of or exchange any Notes or portions thereof for a period of fifteen (15) days before the mailing
of a notice of redemption, nor need the Issuer register the transfer or exchange of any Note selected for redemption in whole or in part, except the unredeemed portion of any Note being redeemed in part. 

5. Amendment; Supplement; Waiver. 

Subject to certain exceptions, the Notes and the provisions of the Indenture relating to the Notes may be amended or supplemented and
any existing default or Event of Default or compliance with certain provisions may be waived with the written consent of the Holders of at least a majority in aggregate principal amount of each series of Outstanding Securities (including the Notes)
under the Indenture that is affected by such amendment, supplement or waiver (voting as a single class). Without notice to or consent of any Holder of the Notes, the parties thereto may amend or supplement the Indenture and the Notes to, among other
things, cure any ambiguity, defect or inconsistency or comply with any requirements of the Commission in connection with the qualification of the Indenture under the Trust Indenture Act, or make any other change that does not adversely affect the
interests of the Holders of the Notes in any material respect. 
 6. Redemption. 

Prior to June 8, 2029, the Issuer may, at its option, redeem any of the Notes, at any time in whole or from time to time in part,
each at a redemption price as calculated by the Issuer and its consolidated subsidiaries (expressed as a percentage of principal amount and rounded to three decimal places), equal to the greater of: 

(i) 100% of the principal amount of the Notes being redeemed; and 

(ii) the sum of the present values of the remaining scheduled payments of principal and interest on the Notes being redeemed (assuming
such Notes matured on June 8, 2029), exclusive of interest accrued to, but excluding, the date of redemption, discounted to the date of redemption on a semi-annual basis (assuming a 360-day year
consisting of twelve 30-day months) at the applicable Treasury Rate (as defined below) plus 10 basis points, plus, in each case, accrued and unpaid interest on the principal amount being redeemed to, but
excluding, the date of redemption. 
 On or after June 8, 2029, the Issuer may, at its option, redeem any of the Notes, at any
time in whole or from time to time in part, each at a redemption price equal to 100% of the principal amount of the Notes being redeemed, plus accrued and unpaid interest on the principal amount being redeemed to, but excluding, the date of
redemption. 
 Notwithstanding the foregoing, installments of interest on the Notes 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 the Notes and the Indenture. 

 “Par Call Date” means June 8, 2029 (two months prior to the
maturity date of the Notes). 
 “Treasury Rate” means, with respect to any redemption date, the yield determined by
the Issuer in accordance with the following two paragraphs. 
 The Treasury Rate shall be determined by the Issuer after 4:15 p.m.,
New York City time (or after such time as yields on U.S. government securities are posted daily by the Board of Governors of the Federal Reserve System), on the third business day preceding the redemption date based upon the yield or yields for the
most recent day that appear after such time on such day in the most recent statistical release published by the Board of Governors of the Federal Reserve System designated as “Selected Interest Rates (Daily) - H.15” (or any successor
designation or publication) (“H.15”) under the caption “U.S. government securities–Treasury constant maturities–Nominal” (or any successor caption or heading). In determining the Treasury Rate, the Issuer shall
select, as applicable: (1) the yield for the Treasury constant maturity on H.15 exactly equal to the period from the redemption date to the Par Call Date (the “Remaining Life”); or (2) if there is no such Treasury constant
maturity on H.15 exactly equal to the Remaining Life, the two yields – one yield corresponding to the Treasury constant maturity on H.15 immediately shorter than and one yield corresponding to the Treasury constant maturity on H.15 immediately
longer than the Remaining Life – and shall interpolate to the Par Call Date on a straight-line basis (using the actual number of days) using such yields and rounding the result to three decimal places; or (3) if there is no such Treasury
constant maturity on H.15 shorter than or longer than the Remaining Life, the yield for the single Treasury constant maturity on H.15 closest to the Remaining Life. For purposes of this paragraph, the applicable Treasury constant maturity or
maturities on H.15 shall be deemed to have a maturity date equal to the relevant number of months or years, as applicable, of such Treasury constant maturity from the redemption date. 

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

The Issuer’s actions and determinations in determining the redemption price shall be conclusive and binding for all purposes,
absent manifest error. 

 The provisions of Article XI of the Indenture shall apply to any redemption of the
Notes. 
 Notice of any redemption will be mailed or electronically delivered at least 10 days but not more than 60 days before the
redemption date to each Holder of record of the Notes to be redeemed at its registered address. The notice of redemption for the Notes will state, among other things, the amount of Notes to be redeemed, the redemption date, the manner in which the
redemption price will be calculated and the place or places that payments will be made upon presentation and surrender of the Notes to be redeemed. Unless the Issuer defaults in payment of the redemption price, on and after the redemption date,
interest will cease to accrue on the Notes or portions thereof called for redemption. If less than all of the Notes are to be redeemed, the Notes to be redeemed will be selected by the applicable procedures of the Depositary, in the case of Notes
represented by a Global Note, or by lot, in the case of Notes that are not represented by a Global Note. 
 7. Defaults and Remedies.

 If an Event of Default (other than certain bankruptcy Events of Default with respect to the Issuer) under the Indenture occurs with
respect to the Notes and is continuing, then the Trustee may and, at the direction of the Holders of at least 33% in principal amount of the Outstanding Notes, shall by written notice, require the Issuer to repay immediately the entire principal
amount of the Outstanding Notes, together with all accrued and unpaid interest and premium, if any. If a bankruptcy Event of Default with respect to the Issuer occurs and is continuing, then the entire principal amount of the Outstanding Notes
together with all accrued and unpaid interest and premium, if any, will automatically become due immediately and payable without any declaration or other act on the part of the Trustee or any Holder of the Notes. Holders of Notes may not enforce the
Indenture or the Notes except as provided in the Indenture. The Trustee is not obligated to enforce the Indenture or the Notes unless it has received indemnity as it reasonably requires. The Indenture permits, subject to certain limitations therein
provided, Holders of a majority in aggregate principal amount of the Notes then Outstanding to direct the Trustee in its exercise of any trust or power. The Trustee may withhold from Holders of Notes notice of certain continuing defaults or Events
of Default if it determines that withholding notice is not opposed to their interest. 
 8. Authentication. 

This Note shall not be valid until the Trustee manually signs the certificate of authentication on this Note. 

9. Abbreviations and Defined Terms. 

Customary abbreviations may be used in the name of a Holder of a Note or an assignee, such as: TEN COM (= tenants in common), TEN
ENT (= tenants by the entireties), JT TEN (= joint tenants with right of survivorship and not as tenants in common), CUST (= Custodian), and U/G/M/A (= Uniform Gifts to Minors Act). 

 10. CUSIP Numbers/ISIN. 

Pursuant to a recommendation promulgated by the Committee on Uniform Security Identification Procedures, the Issuer has caused CUSIP
numbers/ISIN to be printed on the Notes as a convenience to the Holders of Notes. No representation is made as to the accuracy of such numbers as printed on the Notes and reliance may be placed only on the other identification numbers printed
hereon. 
 11. Governing Law. 

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

 ASSIGNMENT FORM 

To assign this Note, fill in the form below: 
 I or
we assign and transfer this Note to 
 (Print or type assignee’s name, address and zip code) 

(Insert assignee’s soc. sec. or tax I.D. No.) 

and irrevocably appoint                  agent to transfer this Note on
the books of the Issuer. The agent may substitute another to act for him. 
  

 
 Date: ___________________ Your Signature:
__________________________ 
  
  

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

					
		 		 	 
	  
	 		 	 Signature

	 Signature Guarantee:
	 		 	  

			
	   
	 		 	   

	 Signature must be guaranteed
	 		 	 Signature

 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 United States Securities Exchange Act of 1934, as amended. 

 SCHEDULE OF EXCHANGES OF NOTES 

The initial principal amount of this Global Note is $[•]. 

The following exchanges of a part of this Global Note for physical Notes or a part of another Global Note have been made: 

 

									
	 Date of Exchange
	  	Amount of decrease in
principal amount of this
Global Note	  	Amount of increase in
principal amount of this
Global Note	  	Principal amount of this
Global Note
following such decrease
(or increase)	  	Signature of authorized
officer of Trustee

 EXHIBIT B 

FORM OF NOTE DUE 2032 
 UNLESS THIS
NOTE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), TO THE ISSUER OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY NOTE ISSUED IS REGISTERED IN
THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY
TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS A BENEFICIAL INTEREST HEREIN. 

TRANSFERS OF THIS GLOBAL SECURITY ARE LIMITED TO TRANSFERS IN WHOLE, BUT NOT IN PART, TO NOMINEES OF DTC OR TO A SUCCESSOR THEREOF OR
SUCH SUCCESSOR’S NOMINEE AND TRANSFERS OF PORTIONS OF THIS GLOBAL SECURITY ARE LIMITED TO TRANSFERS MADE IN ACCORDANCE WITH THE RESTRICTIONS SET FORTH IN THE INDENTURE REFERRED TO ON THE REVERSE HEREOF. 

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

 APPLE INC. 

3.350% Note due 2032 
  

			
	 No.
	  	CUSIP No.: 037833 EP1
		  	ISIN No.: US037833EP10
		
		  	$[•]

 APPLE INC., a California corporation (the “Issuer”), for value received promises to pay
to CEDE & CO. or registered assigns the principal sum listed on the Schedule of Exchanges of Notes on August 8, 2032. 

Interest Payment Dates: August 8 and February 8, beginning on February 8, 2023 and on the maturity date (each, an
“Interest Payment Date”). 
 Interest Record Dates: July 25 and January 25 (each, an “Interest
Record Date”). 
 Reference is made to the further provisions of this Note contained herein, which will for all purposes have
the same effect as if set forth at this place. 

 IN WITNESS WHEREOF, the Issuer has caused this Note to be signed manually or by
facsimile by its duly authorized officer. 
  

			
	 APPLE INC.

		
	 By:
	 	 
		 	 Name: Mike Shapiro

		 	 Title: Corporate Treasurer

 This is one of the Securities of the series designated therein and referred to in the
within-mentioned Indenture. 
 Dated: August 8, 2022 

 

			
	 The Bank of New York Mellon Trust Company, N.A., as Trustee

		
	 By:
	 	 
		 	 Authorized Signatory

 (REVERSE OF NOTE) 

APPLE INC. 
 3.350% Note due 2032 

1. Interest 
 Apple
Inc. (the “Issuer”) promises to pay interest on the principal amount of this Note at the rate per annum described above. Cash interest on the Notes will accrue from August 8, 2022 or the most recent Interest Payment Date to
which payment has been paid. Interest on this Note will be paid to, but excluding, the relevant Interest Payment Date. The Issuer will pay interest semi-annually in arrears on each Interest Payment Date, commencing February 8, 2023, to Holders
of record at the close of business on the immediately preceding Interest Record Date; provided, that if an Interest Payment Date for this Note falls on a day that is not a Business Day, the Interest Payment Date shall be postponed to the next
succeeding Business Day. Interest on the Notes will be computed on the basis of a 360-day year consisting of twelve 30-day months in a manner consistent with Rule
11620(b) of the FINRA Uniform Practice Code. 
 The Issuer shall pay interest on overdue principal from time to time on demand at the
rate borne by the Notes and on overdue installments of interest (without regard to any applicable grace periods) to the extent lawful. 

2. Paying Agent and Security Registrar. 

Initially, The Bank of New York Mellon Trust Company, N.A. (the “Trustee”) will act as Paying Agent and Security
Registrar. The Issuer may change any Paying Agent and Security Registrar without notice to the Holders. 
 3. Indenture; Defined
Terms. 
 This Note is one of the 3.350% Notes due 2032 (the “Notes”) issued under an indenture, dated as of
October 28, 2021 (the “Base Indenture”), by and between the Issuer and the Trustee, as supplemented by an Officer’s Certificate, dated August 8, 2022, issued pursuant to Section 301 of the Indenture (together
with the Base Indenture, the “Indenture”). This Note is a “Security” and the Notes are “Securities” under the Indenture. 

For purposes of this Note, unless otherwise defined herein, capitalized terms herein are used as defined in the Indenture. The terms of
the Notes include those stated in the Indenture and those made part of the Indenture by reference to the Trust Indenture Act as in effect on the date on which the Indenture was qualified under the Trust Indenture Act. Notwithstanding anything to the
contrary herein, the Notes are subject to all such terms, and Holders of Notes are referred to the Indenture and the Trust Indenture Act for a statement of them. 

 4. Denominations; Transfer; Exchange. 

The Notes are in registered form, without coupons, in denominations of $2,000 and any integral multiple of $1,000 in excess thereof. A
Holder shall register the transfer or exchange of Notes in accordance with the Indenture. The Issuer may require a Holder, among other things, to furnish appropriate endorsements and transfer documents and to pay certain transfer taxes or similar
governmental charges payable in connection therewith as permitted by the Indenture. The Issuer need not issue, authenticate, register the transfer of or exchange any Notes or portions thereof for a period of fifteen (15) days before the mailing
of a notice of redemption, nor need the Issuer register the transfer or exchange of any Note selected for redemption in whole or in part, except the unredeemed portion of any Note being redeemed in part. 

5. Amendment; Supplement; Waiver. 

Subject to certain exceptions, the Notes and the provisions of the Indenture relating to the Notes may be amended or supplemented and
any existing default or Event of Default or compliance with certain provisions may be waived with the written consent of the Holders of at least a majority in aggregate principal amount of each series of Outstanding Securities (including the Notes)
under the Indenture that is affected by such amendment, supplement or waiver (voting as a single class). Without notice to or consent of any Holder of the Notes, the parties thereto may amend or supplement the Indenture and the Notes to, among other
things, cure any ambiguity, defect or inconsistency or comply with any requirements of the Commission in connection with the qualification of the Indenture under the Trust Indenture Act, or make any other change that does not adversely affect the
interests of the Holders of the Notes in any material respect. 
 6. Redemption. 

Prior to May 8, 2032, the Issuer may, at its option, redeem any of the Notes, at any time in whole or from time to time in part,
each at a redemption price as calculated by the Issuer and its consolidated subsidiaries (expressed as a percentage of principal amount and rounded to three decimal places), equal to the greater of: 

(i) 100% of the principal amount of the Notes being redeemed; and 

(ii) the sum of the present values of the remaining scheduled payments of principal and interest on the Notes being redeemed (assuming
such Notes matured on May 8, 2032), exclusive of interest accrued to, but excluding, the date of redemption, discounted to the date of redemption on a semi-annual basis (assuming a 360-day year consisting
of twelve 30-day months) at the applicable Treasury Rate (as defined below) plus 12.50 basis points, plus, in each case, accrued and unpaid interest on the principal amount being redeemed to, but excluding,
the date of redemption. 
 On or after May 8, 2032, the Issuer may, at its option, redeem any of the Notes, at any time in whole
or from time to time in part, each at a redemption price equal to 100% of the principal amount of the Notes being redeemed, plus accrued and unpaid interest on the principal amount being redeemed to, but excluding, the date of redemption. 

Notwithstanding the foregoing, installments of interest on the Notes 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 the Notes and the Indenture. 

 “Par Call Date” means May 8, 2032 (three months prior to the
maturity date of the Notes). 
 “Treasury Rate” means, with respect to any redemption date, the yield determined by
the Issuer in accordance with the following two paragraphs. 
 The Treasury Rate shall be determined by the Issuer after 4:15 p.m.,
New York City time (or after such time as yields on U.S. government securities are posted daily by the Board of Governors of the Federal Reserve System), on the third business day preceding the redemption date based upon the yield or yields for the
most recent day that appear after such time on such day in the most recent statistical release published by the Board of Governors of the Federal Reserve System designated as “Selected Interest Rates (Daily)—H.15” (or any successor
designation or publication) (“H.15”) under the caption “U.S. government securities–Treasury constant maturities–Nominal” (or any successor caption or heading). In determining the Treasury Rate, the Issuer shall
select, as applicable: (1) the yield for the Treasury constant maturity on H.15 exactly equal to the period from the redemption date to the Par Call Date (the “Remaining Life”); or (2) if there is no such Treasury constant
maturity on H.15 exactly equal to the Remaining Life, the two yields – one yield corresponding to the Treasury constant maturity on H.15 immediately shorter than and one yield corresponding to the Treasury constant maturity on H.15 immediately
longer than the Remaining Life – and shall interpolate to the Par Call Date on a straight-line basis (using the actual number of days) using such yields and rounding the result to three decimal places; or (3) if there is no such Treasury
constant maturity on H.15 shorter than or longer than the Remaining Life, the yield for the single Treasury constant maturity on H.15 closest to the Remaining Life. For purposes of this paragraph, the applicable Treasury constant maturity or
maturities on H.15 shall be deemed to have a maturity date equal to the relevant number of months or years, as applicable, of such Treasury constant maturity from the redemption date. 

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

The Issuer’s actions and determinations in determining the redemption price shall be conclusive and binding for all purposes,
absent manifest error. 

 The provisions of Article XI of the Indenture shall apply to any redemption of the
Notes. 
 Notice of any redemption will be mailed or electronically delivered at least 10 days but not more than 60 days before the
redemption date to each Holder of record of the Notes to be redeemed at its registered address. The notice of redemption for the Notes will state, among other things, the amount of Notes to be redeemed, the redemption date, the manner in which the
redemption price will be calculated and the place or places that payments will be made upon presentation and surrender of the Notes to be redeemed. Unless the Issuer defaults in payment of the redemption price, on and after the redemption date,
interest will cease to accrue on the Notes or portions thereof called for redemption. If less than all of the Notes are to be redeemed, the Notes to be redeemed will be selected by the applicable procedures of the Depositary, in the case of Notes
represented by a Global Note, or by lot, in the case of Notes that are not represented by a Global Note. 
 7. Defaults and Remedies.

 If an Event of Default (other than certain bankruptcy Events of Default with respect to the Issuer) under the Indenture occurs with
respect to the Notes and is continuing, then the Trustee may and, at the direction of the Holders of at least 33% in principal amount of the Outstanding Notes, shall by written notice, require the Issuer to repay immediately the entire principal
amount of the Outstanding Notes, together with all accrued and unpaid interest and premium, if any. If a bankruptcy Event of Default with respect to the Issuer occurs and is continuing, then the entire principal amount of the Outstanding Notes
together with all accrued and unpaid interest and premium, if any, will automatically become due immediately and payable without any declaration or other act on the part of the Trustee or any Holder of the Notes. Holders of Notes may not enforce the
Indenture or the Notes except as provided in the Indenture. The Trustee is not obligated to enforce the Indenture or the Notes unless it has received indemnity as it reasonably requires. The Indenture permits, subject to certain limitations therein
provided, Holders of a majority in aggregate principal amount of the Notes then Outstanding to direct the Trustee in its exercise of any trust or power. The Trustee may withhold from Holders of Notes notice of certain continuing defaults or Events
of Default if it determines that withholding notice is not opposed to their interest. 
 8. Authentication. 

This Note shall not be valid until the Trustee manually signs the certificate of authentication on this Note. 

9. Abbreviations and Defined Terms. 

Customary abbreviations may be used in the name of a Holder of a Note or an assignee, such as: TEN COM (= tenants in common), TEN
ENT (= tenants by the entireties), JT TEN (= joint tenants with right of survivorship and not as tenants in common), CUST (= Custodian), and U/G/M/A (= Uniform Gifts to Minors Act). 

 10. CUSIP Numbers/ISIN. 

Pursuant to a recommendation promulgated by the Committee on Uniform Security Identification Procedures, the Issuer has caused CUSIP
numbers/ISIN to be printed on the Notes as a convenience to the Holders of Notes. No representation is made as to the accuracy of such numbers as printed on the Notes and reliance may be placed only on the other identification numbers printed
hereon. 
 11. Governing Law. 

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

 ASSIGNMENT FORM 

To assign this Note, fill in the form below: 
 I or
we assign and transfer this Note to 
 (Print or type assignee’s name, address and zip code) 

(Insert assignee’s soc. sec. or tax I.D. No.) 

and irrevocably appoint                  agent to transfer this Note on
the books of the Issuer. The agent may substitute another to act for him. 
  

 
 Date: ___________________ Your Signature:
__________________________ 
  
  

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

					
		 		 	 Signature

	 Signature Guarantee:
	 		 	
			
	 	 		 	 
	 Signature must be guaranteed
	 		 	 Signature

 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 United States Securities Exchange Act of 1934, as amended. 

 SCHEDULE OF EXCHANGES OF NOTES 

The initial principal amount of this Global Note is $[•]. 

The following exchanges of a part of this Global Note for physical Notes or a part of another Global Note have been made: 

 

									
	 Date of Exchange
	  	 Amount of decrease in
principal amount of this
Global
Note
	  	 Amount of increase in
principal amount of this
Global
Note
	  	 Principal amount of
this Global Note
following such decrease
(or
increase)
	  	 Signature of authorized
officer of Trustee

 EXHIBIT C 

FORM OF NOTE DUE 2052 
 UNLESS THIS
NOTE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), TO THE ISSUER OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY NOTE ISSUED IS REGISTERED IN
THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY
TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS A BENEFICIAL INTEREST HEREIN. 

TRANSFERS OF THIS GLOBAL SECURITY ARE LIMITED TO TRANSFERS IN WHOLE, BUT NOT IN PART, TO NOMINEES OF DTC OR TO A SUCCESSOR THEREOF OR
SUCH SUCCESSOR’S NOMINEE AND TRANSFERS OF PORTIONS OF THIS GLOBAL SECURITY ARE LIMITED TO TRANSFERS MADE IN ACCORDANCE WITH THE RESTRICTIONS SET FORTH IN THE INDENTURE REFERRED TO ON THE REVERSE HEREOF. 

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

 APPLE INC. 

3.950% Note due 2052 
  

			
	 No.
	  	CUSIP No.: 037833 EQ9
		  	ISIN No.: US037833EQ92
		
		  	$[•]

 APPLE INC., a California corporation (the “Issuer”), for value received promises to pay
to CEDE & CO. or registered assigns the principal sum listed on the Schedule of Exchanges of Notes on August 8, 2052. 

Interest Payment Dates: August 8 and February 8, beginning on February 8, 2023 and on the maturity date (each, an
“Interest Payment Date”). 
 Interest Record Dates: July 25 and January 25 (each, an “Interest
Record Date”). 
 Reference is made to the further provisions of this Note contained herein, which will for all purposes have
the same effect as if set forth at this place. 

 IN WITNESS WHEREOF, the Issuer has caused this Note to be signed manually or by
facsimile by its duly authorized officer. 
  

			
	 APPLE INC.

		
	 By:
	 	 
		 	 Name: Mike Shapiro

		 	 Title: Corporate Treasurer

 This is one of the Securities of the series designated therein and referred to in the
within-mentioned Indenture. 
 Dated: August 8, 2022 

 

			
	 The Bank of New York Mellon Trust Company, N.A., as Trustee

		
	 By:
	 	 
		 	 Authorized Signatory

 (REVERSE OF NOTE) 

APPLE INC. 
 3.950% Note due 2052 

1. Interest 
 Apple
Inc. (the “Issuer”) promises to pay interest on the principal amount of this Note at the rate per annum described above. Cash interest on the Notes will accrue from August 8, 2022 or the most recent Interest Payment Date to
which payment has been paid. Interest on this Note will be paid to, but excluding, the relevant Interest Payment Date. The Issuer will pay interest semi-annually in arrears on each Interest Payment Date, commencing February 8, 2023, to Holders
of record at the close of business on the immediately preceding Interest Record Date; provided, that if an Interest Payment Date for this Note falls on a day that is not a Business Day, the Interest Payment Date shall be postponed to the next
succeeding Business Day. Interest on the Notes will be computed on the basis of a 360-day year consisting of twelve 30-day months in a manner consistent with Rule
11620(b) of the FINRA Uniform Practice Code. 
 The Issuer shall pay interest on overdue principal from time to time on demand at the
rate borne by the Notes and on overdue installments of interest (without regard to any applicable grace periods) to the extent lawful. 

2. Paying Agent and Security Registrar. 

Initially, The Bank of New York Mellon Trust Company, N.A. (the “Trustee”) will act as Paying Agent and Security
Registrar. The Issuer may change any Paying Agent and Security Registrar without notice to the Holders. 
 3. Indenture; Defined
Terms. 
 This Note is one of the 3.950% Notes due 2052 (the “Notes”) issued under an indenture, dated as of
October 28, 2021 (the “Base Indenture”), by and between the Issuer and the Trustee, as supplemented by an Officer’s Certificate, dated August 8, 2022, issued pursuant to Section 301 of the Indenture (together
with the Base Indenture, the “Indenture”). This Note is a “Security” and the Notes are “Securities” under the Indenture. 

For purposes of this Note, unless otherwise defined herein, capitalized terms herein are used as defined in the Indenture. The terms of
the Notes include those stated in the Indenture and those made part of the Indenture by reference to the Trust Indenture Act as in effect on the date on which the Indenture was qualified under the Trust Indenture Act. Notwithstanding anything to the
contrary herein, the Notes are subject to all such terms, and Holders of Notes are referred to the Indenture and the Trust Indenture Act for a statement of them. 

 4. Denominations; Transfer; Exchange. 

The Notes are in registered form, without coupons, in denominations of $2,000 and any integral multiple of $1,000 in excess thereof. A
Holder shall register the transfer or exchange of Notes in accordance with the Indenture. The Issuer may require a Holder, among other things, to furnish appropriate endorsements and transfer documents and to pay certain transfer taxes or similar
governmental charges payable in connection therewith as permitted by the Indenture. The Issuer need not issue, authenticate, register the transfer of or exchange any Notes or portions thereof for a period of fifteen (15) days before the mailing
of a notice of redemption, nor need the Issuer register the transfer or exchange of any Note selected for redemption in whole or in part, except the unredeemed portion of any Note being redeemed in part. 

5. Amendment; Supplement; Waiver. 

Subject to certain exceptions, the Notes and the provisions of the Indenture relating to the Notes may be amended or supplemented and
any existing default or Event of Default or compliance with certain provisions may be waived with the written consent of the Holders of at least a majority in aggregate principal amount of each series of Outstanding Securities (including the Notes)
under the Indenture that is affected by such amendment, supplement or waiver (voting as a single class). Without notice to or consent of any Holder of the Notes, the parties thereto may amend or supplement the Indenture and the Notes to, among other
things, cure any ambiguity, defect or inconsistency or comply with any requirements of the Commission in connection with the qualification of the Indenture under the Trust Indenture Act, or make any other change that does not adversely affect the
interests of the Holders of the Notes in any material respect. 
 6. Redemption. 

Prior to February 8, 2052, the Issuer may, at its option, redeem any of the Notes, at any time in whole or from time to time in
part, each at a redemption price as calculated by the Issuer and its consolidated subsidiaries (expressed as a percentage of principal amount and rounded to three decimal places), equal to the greater of: 

(i) 100% of the principal amount of the Notes being redeemed; and 

(ii) the sum of the present values of the remaining scheduled payments of principal and interest on the Notes being redeemed (assuming
such Notes matured on February 8, 2052), exclusive of interest accrued to, but excluding, the date of redemption, discounted to the date of redemption on a semi-annual basis (assuming a 360-day year
consisting of twelve 30-day months) at the applicable Treasury Rate (as defined below) plus 20 basis points, plus, in each case, accrued and unpaid interest on the principal amount being redeemed to, but
excluding, the date of redemption. 
 On or after February 8, 2052, the Issuer may, at its option, redeem any of the Notes, at
any time in whole or from time to time in part, each at a redemption price equal to 100% of the principal amount of the Notes being redeemed, plus accrued and unpaid interest on the principal amount being redeemed to, but excluding, the date of
redemption. 
 Notwithstanding the foregoing, installments of interest on the Notes 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 the Notes and the Indenture. 

 “Par Call Date” means February 8, 2052 (six months prior to the
maturity date of the Notes). 
 “Treasury Rate” means, with respect to any redemption date, the yield determined by
the Issuer in accordance with the following two paragraphs. 
 The Treasury Rate shall be determined by the Issuer after 4:15 p.m.,
New York City time (or after such time as yields on U.S. government securities are posted daily by the Board of Governors of the Federal Reserve System), on the third business day preceding the redemption date based upon the yield or yields for the
most recent day that appear after such time on such day in the most recent statistical release published by the Board of Governors of the Federal Reserve System designated as “Selected Interest Rates (Daily)—H.15” (or any successor
designation or publication) (“H.15”) under the caption “U.S. government securities–Treasury constant maturities–Nominal” (or any successor caption or heading). In determining the Treasury Rate, the Issuer shall
select, as applicable: (1) the yield for the Treasury constant maturity on H.15 exactly equal to the period from the redemption date to the Par Call Date (the “Remaining Life”); or (2) if there is no such Treasury constant
maturity on H.15 exactly equal to the Remaining Life, the two yields – one yield corresponding to the Treasury constant maturity on H.15 immediately shorter than and one yield corresponding to the Treasury constant maturity on H.15 immediately
longer than the Remaining Life – and shall interpolate to the Par Call Date on a straight-line basis (using the actual number of days) using such yields and rounding the result to three decimal places; or (3) if there is no such Treasury
constant maturity on H.15 shorter than or longer than the Remaining Life, the yield for the single Treasury constant maturity on H.15 closest to the Remaining Life. For purposes of this paragraph, the applicable Treasury constant maturity or
maturities on H.15 shall be deemed to have a maturity date equal to the relevant number of months or years, as applicable, of such Treasury constant maturity from the redemption date. 

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

The Issuer’s actions and determinations in determining the redemption price shall be conclusive and binding for all purposes,
absent manifest error. 

 The provisions of Article XI of the Indenture shall apply to any redemption of the
Notes. 
 Notice of any redemption will be mailed or electronically delivered at least 10 days but not more than 60 days before the
redemption date to each Holder of record of the Notes to be redeemed at its registered address. The notice of redemption for the Notes will state, among other things, the amount of Notes to be redeemed, the redemption date, the manner in which the
redemption price will be calculated and the place or places that payments will be made upon presentation and surrender of the Notes to be redeemed. Unless the Issuer defaults in payment of the redemption price, on and after the redemption date,
interest will cease to accrue on the Notes or portions thereof called for redemption. If less than all of the Notes are to be redeemed, the Notes to be redeemed will be selected by the applicable procedures of the Depositary, in the case of Notes
represented by a Global Note, or by lot, in the case of Notes that are not represented by a Global Note. 
 7. Defaults and Remedies.

 If an Event of Default (other than certain bankruptcy Events of Default with respect to the Issuer) under the Indenture occurs with
respect to the Notes and is continuing, then the Trustee may and, at the direction of the Holders of at least 33% in principal amount of the Outstanding Notes, shall by written notice, require the Issuer to repay immediately the entire principal
amount of the Outstanding Notes, together with all accrued and unpaid interest and premium, if any. If a bankruptcy Event of Default with respect to the Issuer occurs and is continuing, then the entire principal amount of the Outstanding Notes
together with all accrued and unpaid interest and premium, if any, will automatically become due immediately and payable without any declaration or other act on the part of the Trustee or any Holder of the Notes. Holders of Notes may not enforce the
Indenture or the Notes except as provided in the Indenture. The Trustee is not obligated to enforce the Indenture or the Notes unless it has received indemnity as it reasonably requires. The Indenture permits, subject to certain limitations therein
provided, Holders of a majority in aggregate principal amount of the Notes then Outstanding to direct the Trustee in its exercise of any trust or power. The Trustee may withhold from Holders of Notes notice of certain continuing defaults or Events
of Default if it determines that withholding notice is not opposed to their interest. 
 8. Authentication. 

This Note shall not be valid until the Trustee manually signs the certificate of authentication on this Note. 

9. Abbreviations and Defined Terms. 

Customary abbreviations may be used in the name of a Holder of a Note or an assignee, such as: TEN COM (= tenants in common), TEN ENT
(= tenants by the entireties), JT TEN (= joint tenants with right of survivorship and not as tenants in common), CUST (= Custodian), and U/G/M/A (= Uniform Gifts to Minors Act). 

 

 10. CUSIP Numbers/ISIN. 

Pursuant to a recommendation promulgated by the Committee on Uniform Security Identification Procedures, the Issuer has caused CUSIP
numbers/ISIN to be printed on the Notes as a convenience to the Holders of Notes. No representation is made as to the accuracy of such numbers as printed on the Notes and reliance may be placed only on the other identification numbers printed
hereon. 
 11. Governing Law. 

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

 ASSIGNMENT FORM 

To assign this Note, fill in the form below: 
 I or
we assign and transfer this Note to 
 (Print or type assignee’s name, address and zip code) 

(Insert assignee’s soc. sec. or tax I.D. No.) 

and irrevocably
appoin                             agent to transfer this Note on the books of the Issuer. The agent may
substitute another to act for him. 
  
  

Date: _____________________ Your Signature: __________________________ 
  

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

					
		 		 	 
		 		 	 Signature

	 Signature Guarantee:
	 		 	
	 	 		 	 
	 Signature must be guaranteed
	 		 	 Signature

 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 United States Securities Exchange Act of 1934, as amended. 

 SCHEDULE OF EXCHANGES OF NOTES 

The initial principal amount of this Global Note is $[•]. 

The following exchanges of a part of this Global Note for physical Notes or a part of another Global Note have been made: 

 

									
	 Date of Exchange
	 	 Amount of decrease in
principal amount of this
Global
Note
	 	 Amount of increase in
principal amount of this
Global
Note
	  	 Principal amount of

this Global Note
 following such
decrease (or
increase)
	  	 Signature of
authorized officer
of
Trustee

 EXHIBIT D 

FORM OF NOTE DUE 2062 
 UNLESS THIS
NOTE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), TO THE ISSUER OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY NOTE ISSUED IS REGISTERED IN
THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY
TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS A BENEFICIAL INTEREST HEREIN. 

TRANSFERS OF THIS GLOBAL SECURITY ARE LIMITED TO TRANSFERS IN WHOLE, BUT NOT IN PART, TO NOMINEES OF DTC OR TO A SUCCESSOR THEREOF OR
SUCH SUCCESSOR’S NOMINEE AND TRANSFERS OF PORTIONS OF THIS GLOBAL SECURITY ARE LIMITED TO TRANSFERS MADE IN ACCORDANCE WITH THE RESTRICTIONS SET FORTH IN THE INDENTURE REFERRED TO ON THE REVERSE HEREOF. 

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

 APPLE INC. 

4.100% Note due 2062 
  

			
	 No.
	  	CUSIP No.: 037833 ER7
		  	ISIN No.: US037833ER75
		
		  	$[•]

 APPLE INC., a California corporation (the “Issuer”), for value received promises to pay
to CEDE & CO. or registered assigns the principal sum listed on the Schedule of Exchanges of Notes on August 8, 2062. 

Interest Payment Dates: August 8 and February 8, beginning on February 8, 2023 and on the maturity date (each, an
“Interest Payment Date”). 
 Interest Record Dates: July 25 and January 25 (each, an “Interest
Record Date”). 
 Reference is made to the further provisions of this Note contained herein, which will for all purposes have
the same effect as if set forth at this place. 

 IN WITNESS WHEREOF, the Issuer has caused this Note to be signed manually or by
facsimile by its duly authorized officer. 
  

			
	 APPLE INC.

		
	 By:
	 	 
		 	 Name: Mike Shapiro

		 	 Title: Corporate Treasurer

 This is one of the Securities of the series designated therein and referred to in the
within-mentioned Indenture. 
 Dated: August 8, 2022 

 

			
	 The Bank of New York Mellon Trust Company, N.A., as Trustee

		
	 By:
	 	 
		 	 Authorized Signatory

 (REVERSE OF NOTE) 

APPLE INC. 
 4.100% Note due 2062 

1. Interest 
 Apple
Inc. (the “Issuer”) promises to pay interest on the principal amount of this Note at the rate per annum described above. Cash interest on the Notes will accrue from August 8, 2022 or the most recent Interest Payment Date to
which payment has been paid. Interest on this Note will be paid to, but excluding, the relevant Interest Payment Date. The Issuer will pay interest semi-annually in arrears on each Interest Payment Date, commencing February 8, 2023, to Holders
of record at the close of business on the immediately preceding Interest Record Date; provided, that if an Interest Payment Date for this Note falls on a day that is not a Business Day, the Interest Payment Date shall be postponed to the next
succeeding Business Day. Interest on the Notes will be computed on the basis of a 360-day year consisting of twelve 30-day months in a manner consistent with Rule
11620(b) of the FINRA Uniform Practice Code. 
 The Issuer shall pay interest on overdue principal from time to time on demand at the
rate borne by the Notes and on overdue installments of interest (without regard to any applicable grace periods) to the extent lawful. 

2. Paying Agent and Security Registrar. 

Initially, The Bank of New York Mellon Trust Company, N.A. (the “Trustee”) will act as Paying Agent and Security
Registrar. The Issuer may change any Paying Agent and Security Registrar without notice to the Holders. 
 3. Indenture; Defined
Terms. 
 This Note is one of the 4.100% Notes due 2062 (the “Notes”) issued under an indenture, dated as of
October 28, 2021 (the “Base Indenture”), by and between the Issuer and the Trustee, as supplemented by an Officer’s Certificate, dated August 8, 2022, issued pursuant to Section 301 of the Indenture (together
with the Base Indenture, the “Indenture”). This Note is a “Security” and the Notes are “Securities” under the Indenture. 

For purposes of this Note, unless otherwise defined herein, capitalized terms herein are used as defined in the Indenture. The terms of
the Notes include those stated in the Indenture and those made part of the Indenture by reference to the Trust Indenture Act as in effect on the date on which the Indenture was qualified under the Trust Indenture Act. Notwithstanding anything to the
contrary herein, the Notes are subject to all such terms, and Holders of Notes are referred to the Indenture and the Trust Indenture Act for a statement of them. 

 4. Denominations; Transfer; Exchange. 

The Notes are in registered form, without coupons, in denominations of $2,000 and any integral multiple of $1,000 in excess thereof. A
Holder shall register the transfer or exchange of Notes in accordance with the Indenture. The Issuer may require a Holder, among other things, to furnish appropriate endorsements and transfer documents and to pay certain transfer taxes or similar
governmental charges payable in connection therewith as permitted by the Indenture. The Issuer need not issue, authenticate, register the transfer of or exchange any Notes or portions thereof for a period of fifteen (15) days before the mailing
of a notice of redemption, nor need the Issuer register the transfer or exchange of any Note selected for redemption in whole or in part, except the unredeemed portion of any Note being redeemed in part. 

5. Amendment; Supplement; Waiver. 

Subject to certain exceptions, the Notes and the provisions of the Indenture relating to the Notes may be amended or supplemented and
any existing default or Event of Default or compliance with certain provisions may be waived with the written consent of the Holders of at least a majority in aggregate principal amount of each series of Outstanding Securities (including the Notes)
under the Indenture that is affected by such amendment, supplement or waiver (voting as a single class). Without notice to or consent of any Holder of the Notes, the parties thereto may amend or supplement the Indenture and the Notes to, among other
things, cure any ambiguity, defect or inconsistency or comply with any requirements of the Commission in connection with the qualification of the Indenture under the Trust Indenture Act, or make any other change that does not adversely affect the
interests of the Holders of the Notes in any material respect. 
 6. Redemption. 

Prior to February 8, 2062, the Issuer may, at its option, redeem any of the Notes, at any time in whole or from time to time in
part, each at a redemption price as calculated by the Issuer and its consolidated subsidiaries (expressed as a percentage of principal amount and rounded to three decimal places), equal to the greater of: 

(i) 100% of the principal amount of the Notes being redeemed; and 

(ii) the sum of the present values of the remaining scheduled payments of principal and interest on the Notes being redeemed (assuming
such Notes matured on February 8, 2062), exclusive of interest accrued to, but excluding, the date of redemption, discounted to the date of redemption on a semi-annual basis (assuming a 360-day year
consisting of twelve 30-day months) at the applicable Treasury Rate (as defined below) plus 20 basis points, plus, in each case, accrued and unpaid interest on the principal amount being redeemed to, but
excluding, the date of redemption. 
 On or after February 8, 2062, the Issuer may, at its option, redeem any of the Notes, at
any time in whole or from time to time in part, each at a redemption price equal to 100% of the principal amount of the Notes being redeemed, plus accrued and unpaid interest on the principal amount being redeemed to, but excluding, the date of
redemption. 
 Notwithstanding the foregoing, installments of interest on the Notes 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 the Notes and the Indenture. 

 “Par Call Date” means February 8, 2062 (six months prior to the
maturity date of the Notes). 
 “Treasury Rate” means, with respect to any redemption date, the yield determined by
the Issuer in accordance with the following two paragraphs. 
 The Treasury Rate shall be determined by the Issuer after 4:15 p.m.,
New York City time (or after such time as yields on U.S. government securities are posted daily by the Board of Governors of the Federal Reserve System), on the third business day preceding the redemption date based upon the yield or yields for the
most recent day that appear after such time on such day in the most recent statistical release published by the Board of Governors of the Federal Reserve System designated as “Selected Interest Rates (Daily)—H.15” (or any successor
designation or publication) (“H.15”) under the caption “U.S. government securities–Treasury constant maturities–Nominal” (or any successor caption or heading). In determining the Treasury Rate, the Issuer shall
select, as applicable: (1) the yield for the Treasury constant maturity on H.15 exactly equal to the period from the redemption date to the Par Call Date (the “Remaining Life”); or (2) if there is no such Treasury constant
maturity on H.15 exactly equal to the Remaining Life, the two yields – one yield corresponding to the Treasury constant maturity on H.15 immediately shorter than and one yield corresponding to the Treasury constant maturity on H.15 immediately
longer than the Remaining Life – and shall interpolate to the Par Call Date on a straight-line basis (using the actual number of days) using such yields and rounding the result to three decimal places; or (3) if there is no such Treasury
constant maturity on H.15 shorter than or longer than the Remaining Life, the yield for the single Treasury constant maturity on H.15 closest to the Remaining Life. For purposes of this paragraph, the applicable Treasury constant maturity or
maturities on H.15 shall be deemed to have a maturity date equal to the relevant number of months or years, as applicable, of such Treasury constant maturity from the redemption date. 

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

The Issuer’s actions and determinations in determining the redemption price shall be conclusive and binding for all purposes,
absent manifest error. 

 The provisions of Article XI of the Indenture shall apply to any redemption of the
Notes. 
 Notice of any redemption will be mailed or electronically delivered at least 10 days but not more than 60 days before the
redemption date to each Holder of record of the Notes to be redeemed at its registered address. The notice of redemption for the Notes will state, among other things, the amount of Notes to be redeemed, the redemption date, the manner in which the
redemption price will be calculated and the place or places that payments will be made upon presentation and surrender of the Notes to be redeemed. Unless the Issuer defaults in payment of the redemption price, on and after the redemption date,
interest will cease to accrue on the Notes or portions thereof called for redemption. If less than all of the Notes are to be redeemed, the Notes to be redeemed will be selected by the applicable procedures of the Depositary, in the case of Notes
represented by a Global Note, or by lot, in the case of Notes that are not represented by a Global Note. 
 7. Defaults and Remedies.

 If an Event of Default (other than certain bankruptcy Events of Default with respect to the Issuer) under the Indenture occurs with
respect to the Notes and is continuing, then the Trustee may and, at the direction of the Holders of at least 33% in principal amount of the Outstanding Notes, shall by written notice, require the Issuer to repay immediately the entire principal
amount of the Outstanding Notes, together with all accrued and unpaid interest and premium, if any. If a bankruptcy Event of Default with respect to the Issuer occurs and is continuing, then the entire principal amount of the Outstanding Notes
together with all accrued and unpaid interest and premium, if any, will automatically become due immediately and payable without any declaration or other act on the part of the Trustee or any Holder of the Notes. Holders of Notes may not enforce the
Indenture or the Notes except as provided in the Indenture. The Trustee is not obligated to enforce the Indenture or the Notes unless it has received indemnity as it reasonably requires. The Indenture permits, subject to certain limitations therein
provided, Holders of a majority in aggregate principal amount of the Notes then Outstanding to direct the Trustee in its exercise of any trust or power. The Trustee may withhold from Holders of Notes notice of certain continuing defaults or Events
of Default if it determines that withholding notice is not opposed to their interest. 
 8. Authentication. 

This Note shall not be valid until the Trustee manually signs the certificate of authentication on this Note. 

9. Abbreviations and Defined Terms. 

Customary abbreviations may be used in the name of a Holder of a Note or an assignee, such as: TEN COM (= tenants in common),
TEN ENT (= tenants by the entireties), JT TEN (= joint tenants with right of survivorship and not as tenants in common), CUST (= Custodian), and U/G/M/A (= Uniform Gifts to Minors Act). 

 10. CUSIP Numbers/ISIN. 

Pursuant to a recommendation promulgated by the Committee on Uniform Security Identification Procedures, the Issuer has caused CUSIP
numbers/ISIN to be printed on the Notes as a convenience to the Holders of Notes. No representation is made as to the accuracy of such numbers as printed on the Notes and reliance may be placed only on the other identification numbers printed
hereon. 
 11. Governing Law. 

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

 ASSIGNMENT FORM 

To assign this Note, fill in the form below: 
 I or
we assign and transfer this Note to 
 (Print or type assignee’s name, address and zip code) 

(Insert assignee’s soc. sec. or tax I.D. No.) 

and irrevocably appoint                  agent to transfer this Note on
the books of the Issuer. The agent may substitute another to act for him. 
  

	
	 

 Date: ___________________ Your Signature: __________________________ 

 
  

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

					
		 		  	 
		 		  	 Signature

	 Signature Guarantee:
	 		  	
			
	 	 		  	 
	 Signature must be guaranteed
	 		  	 Signature

 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 United States Securities Exchange Act of 1934, as amended. 

 SCHEDULE OF EXCHANGES OF NOTES 

The initial principal amount of this Global Note is $[•]. 

The following exchanges of a part of this Global Note for physical Notes or a part of another Global Note have been made: 

 

									
	 Date of Exchange
	 	 Amount of decrease in
principal amount of this
Global
Note
	 	 Amount of increase in
principal amount of this
Global
Note
	  	 Principal amount of

this Global Note
following such
decrease (or increase)
	  	 Signature of
authorized officer
of
Trustee

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