Document:

Document

Exhibit 10.1

Certain information in the marked exhibit below has been omitted because it is both not material and is of the type that the registrant treats as private or confidential. Omissions are designated as “[Redacted].”

AIRCRAFT TIME SHARING AGREEMENT

Dated as of September 19, 2022,

between

CHUBB INA HOLDINGS INC.
as Time Share Lessor,

and

Evan G. Greenberg,
as Time Share Lessee,

concerning Aircraft identified in Exhibit A

*     *     *

INSTRUCTIONS FOR COMPLIANCE WITH 
“TRUTH IN LEASING” REQUIREMENTS UNDER FAR § 91.23

Within 24 hours after execution of this Agreement: 
mail a copy of the executed document to the 
following address via certified mail, return receipt requested:

Federal Aviation Administration
Aircraft Registration Branch
ATTN: Technical Section
P.O. Box 25724
Oklahoma City, Oklahoma 73125

At least 48 hours prior to the first flight to be conducted under this Agreement: 
provide notice of the departure airport and proposed time of 
departure of the first flight, by facsimile, to the Flight Standards
District Office located nearest the departure airport.

Carry a copy of this Agreement in the aircraft at all times.

*     *     *     

This AIRCRAFT TIME SHARING AGREEMENT (the “Agreement”) is made and effective as of September 19, 2022, (the “Effective Date”), by and between the CHUBB INA HOLDINGS INC., a Delaware corporation (“Time Share Lessor”), and EVAN G. GREENBERG (“Time Share Lessee”).

W I T N E S S E T H :

WHEREAS, title to the Aircraft described and referred to herein is held by Owner;

WHEREAS, Recovery Services International Inc. (the “Trustor”) has a leasehold interest in the Aircraft described and referred to herein pursuant to an Aircraft Operating Lease Agreement by and between Owner and Trustor dated as of September 19, 2017 (G650ER), an Aircraft Lease Agreement by and between Trustor and Time Share Lessor dated as of September 13, 2016 (G450); and, an Aircraft Lease Agreement by and between Trustor and Time Share Lessor dated as of August 12, 2008 (G550) (as such agreements have been and may be amended, supplemented and restated from time to time, the “Trust Agreement”);

WHEREAS, Time Share Lessor has a leasehold interest in the Aircraft described and referred to herein pursuant to an Aircraft Lease Agreement by and between Trustor and Time Share Lessor dated as of September 19, 2017, within the scope of and incidental to its own business;

WHEREAS, Time Share Lessee desires to lease the Aircraft, with a flight crew, on a non-exclusive basis, from Time Share Lessor on a time sharing basis as defined in 14 C.F.R. Section 375.37(d) (“Section 375.37(d)”); 

WHEREAS, Time Share Lessor is willing to lease the Aircraft, with a flight crew, on a non-exclusive basis, to Time Share Lessee on a time sharing basis; and 

WHEREAS, during the Term of this Agreement, the Aircraft will be subject to use by Time Share Lessor and may be subject to use by one or more other third-parties.

NOW, THEREFORE, in consideration of the mutual promises herein contained and other good and valid consideration, the receipt and sufficiency of which are hereby acknowledged, the parties agree as follows:

1.    Definitions.  The following terms shall have the following meanings for all purposes of this Agreement:

“Aircraft” means the Airframe, the engines, the Parts, and the Aircraft Documents.  The engines shall be deemed part of the “Aircraft” whether or not from time to time attached to the Airframe or removed from the Airframe.

“Aircraft Documents” means all flight records, maintenance records, historical records, modification records, overhaul records, manuals, logbooks, authorizations, drawings and data relating to the Airframe, any engine, or any Part, or that are required by Applicable Law to be created or maintained with respect to the maintenance and/or operation of the Aircraft.

“Airframe” means the airframes listed in Exhibit A, together with any and all Parts (including, but not limited to, landing gear and auxiliary power units but excluding engines) so long as such Parts shall be either incorporated or installed in or attached to the Airframe.

“Applicable Law” means, without limitation, all applicable laws, treaties, international agreements, decisions and orders of any court, arbitration or governmental agency or authority and rules, regulations, orders, directives, licenses and permits of any governmental body, instrumentality, agency or authority, including, without limitation, the FAR and 49 U.S.C. § 41101, et seq., as amended.

“Business Day” means any day of the year in which banks are not authorized or required to close in the Commonwealth of Pennsylvania.

“DOT” means the United States Department of Transportation or any successor agency.

“FAA” means the Federal Aviation Administration or any successor agency.

“FAR” means collectively the Aeronautics Regulations of the FAA and the DOT, as codified at Title 14, Parts 1 to 399 of the United States Code of Federal Regulations.

“Flight Hour” means one (1) hour of use of the Aircraft in flight operations, as recorded on the Aircraft hour meter and measured in one-tenth (1/10th) of an hour increments.

“Operating Base” means Philadelphia Northeast Airport (PNE).

“Operational Control” has the same meaning given the term in Section 1.1 of the FAR.

“Operator” means Chubb INA Holdings Inc., the Time Share Lessor. 

“Owner” shall mean TVPX Aircraft Solutions Inc., a corporation organized and existing under the laws of Utah, not in its individual capacity but solely as owner trustee under the Trust.

“Parts” means all appliances, components, parts, instruments, appurtenances, accessories, furnishings or other equipment of whatever nature (other than complete engines) which may from time to time be incorporated or installed in or attached to the Airframe or any engine and includes replacement parts.

“Pilot in Command” has the same meaning given the term in Section 1.1 of the FAR.

“Schedule Keeper” means the person designated to maintain the scheduling log of the Aircraft.  The name, address, telephone number, and other contact information for the Schedule Keeper are set forth in Section 28.

“Taxes” means all taxes of every kind (excluding any tax measured by or assessed against a taxpayer’s income, including, without limitation, any income tax, gross income tax, net income tax, or capital gains tax, and any tax measured by or assessed against the Aircraft’s value, including, without limitation, any personal property or ad valorem tax) assessed or levied by any federal, state, county, local, airport, district, foreign, or other governmental authority, including, without limitation, sales taxes, use taxes, retailer taxes, federal air transportation excise taxes, federal aviation fuel excise taxes, and other similar duties, fees, and excise taxes.

“Term” means the entire period from the Effective Date to the date this Agreement is terminated pursuant to Section 3.

“Trust Agreement” has the same meaning given the term in the Recitals. 

“Trustor” has the same meaning given to the term in the Recitals. 

2.        Agreement to Lease.  Time Share Lessor agrees to lease the Aircraft to Time Share Lessee from time to time on an “as needed and as available” basis, and to provide a fully qualified flight crew for all Time Share Lessee’s flights, in accordance with the terms and conditions of this Agreement.  Nothing contained herein shall obligate or entitle Time Share Lessee to any minimum usage of the Aircraft.

3.         Term.    

3.1       Initial Term.   The initial term of this Agreement shall commence on the Effective Date and continue for a period of one (1) year.  

3.2       Renewal.   At the end of the initial one (1) year term or any subsequent one (1) year term, this Agreement shall automatically be renewed for an additional one (1) year term.  

3.3      Termination.    Each party shall have the right to terminate this Agreement at any time with or without cause on thirty (30) days prior written notice to the other party. 

4.         Applicable Regulations.     The parties hereto intend that this Agreement shall constitute, and this Agreement shall be interpreted as, a Time Sharing Agreement as defined in Section 375.37(d).  The parties agree that for all flights under this Agreement, the Aircraft shall be operated under the pertinent provisions of Subpart F of Part 91 of the FAR.  If any provision of this Agreement is determined to be inconsistent with any of the requirements of the provisions of Subpart F of Part 91 of the FAR, such provision shall be deemed amended in any respect necessary to bring it into compliance with such requirements.

5.         Non-Exclusivity.  Time Share Lessee acknowledges that the Aircraft is leased to Time Share Lessee hereunder on a non-exclusive basis, and that the Aircraft will also be subject to use by Time Share Lessor, and may also be subject to non-exclusive leases and lease to others during the Term.

6.         Flight Charges.  Time Share Lessee shall pay Time Share Lessor for each flight conducted under this Agreement an amount not to exceed the maximum amount of expense reimbursement permitted in accordance with Section 375.37(d), which expenses include and are limited to:

6.1          fuel, oil, lubricants, and other additives;
6.2          travel expenses of the crew, including food, lodging and ground transportation;
6.3          hangar and tie down costs away from the Aircraft’s Operating Base;
6.4          insurance obtained for the specific flight;
6.5          landing fees, airport taxes and similar assessments;
6.6          customs, foreign permit, and similar fees directly related to the flight;
6.7          in-flight food and beverages;
6.8          passenger ground transportation;
6.9          flight planning and weather contract services; and
6.10        an additional charge equal to 100% of the expenses listed in Section 6.1.

The Time Share Lessor may charge the Time Share Lessee any amount less than the maximum amount provided herein.

7.        Invoices and Payment.     Time Share Lessor will initially pay all expenses related to the operation of the Aircraft when and as such expenses are incurred, provided that within thirty (30) days after the last day of any calendar month during which any flight for the account of Time Share Lessee has been conducted, Time Share Lessor shall provide an invoice to Time Share Lessee for an amount determined in accordance with Section 6 above.  Time Share Lessee shall remit the full amount of any such invoice, together with any applicable Taxes under Section 8, to Time Share Lessor promptly within thirty (30) days following Time Share Lessee’s receipt of the invoice date.  

8.         Taxes.  Time Share Lessee agrees to pay when due and assume liability for, and indemnify and hold harmless Time Share Lessor concerning all claims of any kind whatsoever asserted by any person in the nature of taxes which are incurred by Time Share Lessee (or his guests) through his (or their) use of the Aircraft under this Agreement or otherwise resulting from this Agreement. Without limiting the generality of the foregoing, Time Share Lessee and Time Share Lessor specifically acknowledge that all Time Share Lessee’s flights will be subject to commercial air transportation excise taxes pursuant to Section 4261 of the Internal Revenue Code, regardless of whether any such flight is considered “noncommercial” under the FAR, which Time Share Lessor agrees to collect and remit for the benefit of Time Share Lessee and Time Share Lessor agrees to pay when due.

9.          Scheduling Flights.  

9.1     Submitting Flight Requests.    Time Share Lessee shall submit requests for flight time and  proposed flight schedules to the Schedule Keeper.

9.2       Approval of Flight Requests.   Each use of the Aircraft by Time Share Lessee shall be subject to the Schedule Keeper’s prior approval.  Schedule Keeper may approve or deny any flight scheduling request based on the availability of the Aircraft or otherwise in its discretion.    

9.3       Subordinated Use of Aircraft.   Time Share Lessee’s rights to schedule use of the Aircraft during the Term of this Agreement shall at all times be subordinate to the Aircraft use requirements of Time Share Lessor and any other person or entity to whom Time Share Lessor has leased an interest in the Aircraft, and Time Share Lessor and each such other lessee shall at all times be entitled to preempt any scheduled, unscheduled, and anticipated use of the Aircraft by Time Share Lessee, notwithstanding any prior approval by Schedule Keeper of a request by Time Share Lessee to schedule a flight.    

10.      Title and Registration.  Time Share Lessor has an exclusive leasehold interest in the Aircraft and is the beneficial owner of the Aircraft pursuant to the Trust.  Time Share Lessee acknowledges that title to the Aircraft shall remain vested in Owner.  Time Share Lessee undertakes, to the extent permitted by Applicable Law, to do all such further acts, deeds, assurances or things as, in the reasonable opinion of Time Share Lessor may be necessary or desirable in order to protect or preserve Time Share Lessor’s leasehold interest in the Aircraft and Owner’s title to the Aircraft.        

11.      Aircraft Maintenance.  During the Term of this Agreement, Time Share Lessor shall, at its sole cost, (i) keep (or cause to be kept) the Aircraft in good and efficient working order, condition and repair, ordinary wear and tear excepted, (ii) maintain, service, inspect, repair and overhaul (or cause to be maintained, serviced, inspected, repaired or overhauled) the Aircraft or any part thereof (including without limitation, any parts, accessories or components incorporated therein or attached thereto) as may be necessary to enable the airworthiness certificate of the Aircraft to be maintained in good standing at all times under the applicable rules and regulations of the FAA or other governmental authority having jurisdiction over the Aircraft, (iii) comply with all applicable airworthiness directives and orders of the FAA, and the Aircraft manufacturer’s recommended maintenance program and mandatory service bulletins, and (iv) cause all maintenance procedures required hereunder to be undertaken by properly trained, licensed and certified maintenance sources and maintenance personnel.  Time Share Lessor shall 

be solely responsible for maintenance, preventive maintenance and required or otherwise necessary inspections of the Aircraft and shall take such requirements into account in scheduling the Aircraft.  No period of maintenance, preventative maintenance, or inspection shall be delayed or postponed for the purpose of scheduling the Aircraft, unless said maintenance or inspection can be safely conducted later in compliance with all Applicable Laws and regulations, and within the sound discretion of the Pilot in Command. 

12.       Flight Crews; Aircraft Operation; Compliance with Law.  

12.1     Flight Crew. Time Share Lessor shall provide, at its sole cost, to Time Share Lessee a qualified flight crew for each flight conducted in accordance with this Agreement, who in all cases shall (i) be fully qualified and properly certificated and trained, (ii) hold all licenses, certificates, ratings, type ratings or endorsements appropriate to the Aircraft, purpose of flight, condition of flight or as otherwise required by the FARs, and (iii) meet all currency of flight and other requirements specified by the FAA and the insurance policies for the Aircraft and be included under the insurance coverage for the Aircraft.  The members of the flight crew may be either employees or independent contractors of Time Share Lessor.  In either event, the flight crew shall be and remain under the exclusive command and control of Time Share Lessor in all phases of all flights conducted hereunder.  

12.2.   Operation of Aircraft.  For all Time Share Lessee’s flights under this Agreement, Time Share Lessor shall operate the Aircraft in accordance with the provisions of Part 91 of the FARs and agrees not to operate or locate the Aircraft (nor allow the Aircraft to be operated or located) (i) in any area excluded from coverage by any insurance policy in effect with respect to the Aircraft, (ii) in any area to which travel or flights are restricted or prohibited by law or in violation of any United States export control law, or (iii) in areas that are war zones or recognized as threatened or actual areas of hostilities.

12.3.   Compliance with Law, Etc.  For all Time Share Lessee’s flights under this Agreement, Time Share Lessor shall use, operate and maintain the Aircraft (i) in compliance with all laws or regulations of governmental bodies having jurisdiction over Time Share Lessor or the Aircraft including, without limitation, the FARs, and (ii) in compliance with the Aircraft’s flight manual, manufacturer’s recommended maintenance program and operating procedures, airworthiness certificate, license or registration relating to the Aircraft issued by any governmental body, and the insurance policies in effect with respect to the Aircraft.  Time Share Lessor shall, at its sole cost, maintain in full force and effect all authorizations required for the operation of the Aircraft by Time Share Lessor hereunder.  

13.    Operational Control.    THE PARTIES EXPRESSLY AGREE THAT TIME SHARE LESSOR SHALL HAVE AND MAINTAIN SOLE OPERATIONAL CONTROL OF THE AIRCRAFT AND EXCLUSIVE POSSESSION, COMMAND AND CONTROL OF THE AIRCRAFT FOR ALL FLIGHTS OPERATED UNDER THIS AGREEMENT, AND THAT THE INTENT OF THE PARTIES IS THAT THIS AGREEMENT CONSTITUTE A “TIME SHARING AGREEMENT” AS SUCH TERM IS DEFINED IN SECTION 375.37(d).  TIME SHARE LESSOR shall exercise exclusive authority over initiating, conducting, or terminating any flight conducted ON BEHALF OF TIME SHARE LESSEE pursuant to this Agreement.

14.     Authority of Pilot In Command.  Notwithstanding that Time Share Lessor shall have Operational Control of the Aircraft during any flight conducted pursuant to this Agreement, Time Share Lessor and Time Share Lessee expressly agree that the Pilot in Command, in his or her sole discretion, may terminate any flight, refuse to commence any flight, or take any other flight-related action which in the judgment of the Pilot in Command is necessary to ensure the safety of the Aircraft, the flight crew, the passengers, and persons and property on the ground. The Pilot in Command shall have final and complete authority to postpone or cancel any flight for any reason or condition that in his or her judgment would compromise the safety of the flight. No such action of the Pilot in Command shall create or support any liability of Time Share Lessor to Time Share Lessee for loss, injury, damage or delay. 

15.      Passengers and Baggage.   Time Share Lessee may carry on the Aircraft on all flights under this Agreement such passengers and baggage/cargo as Time Share Lessee in its sole but reasonable discretion shall determine; provided, however, that the passengers to be carried on such flights shall be limited to those permitted under the pertinent provisions of Part 91 of the FAR, and that the number of such passengers shall in no event exceed the number of passenger seats legally available in the Aircraft and the total load, including fuel and oil in such quantities as the Pilot in Command shall determine to be required, shall not exceed the maximum allowable load for the Aircraft.

16.      Prohibited Items.   Time Share Lessee shall not cause or permit to be carried on board the Aircraft and shall not cause or permit any passenger to carry on board the Aircraft, any contraband, prohibited dangerous goods, or prohibited controlled substances on the Aircraft at any time.  

17.       Damage to Aircraft.          Time Share Lessee shall be solely responsible for, and shall pay the costs of, repairs of any damage (normal wear and tear excepted) to the Aircraft that may be caused by Time Share Lessee’s passengers, baggage, or cargo.

18.      Force Majeure.  Time Share Lessor shall not be liable for delay or failure to furnish the Aircraft and/or flight crew pursuant to this Agreement when such failure is caused by government regulation or authority, mechanical difficulty, war, civil commotion, strikes or labor disputes, weather conditions, acts of God or other unforeseen or unanticipated circumstances.

19.     Insurance.      Time Share Lessor shall maintain or cause to be maintained (i) comprehensive aviation liability insurance, including bodily injury and property damage, contractual liability and war risk insurance, and (ii) all risks aircraft hull insurance, including confiscation, expropriation and war risk insurance, on the Aircraft (covering ground, flight and any other exposure) in an amount equal to the full replacement value of the Aircraft.

20.       No Assignments.   Neither this Agreement nor any party’s interest herein shall be assignable to any other party whatsoever. 

21.      Modification.  This Agreement may not be modified, altered, or amended except by written agreement executed by both parties.

22.     Entire Agreement.  This Agreement constitutes the entire agreement of the parties as of the Effective Date and supersedes all prior or independent, oral or written agreements, understandings, statements, representations, commitments, promises, and warranties made with respect to the subject matter of this Agreement.  

23.      Prohibited or Unenforceable Provisions.  Any provision of this Agreement which is prohibited or unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective to the extent of such prohibition or unenforceability without invalidating the remaining provisions hereof, and any such prohibitions or unenforceability in any jurisdiction.  To the extent permitted by Applicable Law, each of Time Share Lessor and Time Share Lessee hereby waives any provision of Applicable Law which renders any provision hereof prohibited or unenforceable in any respect.

24.     Binding Effect.  This Agreement, including all agreements, covenants, representations and warranties, shall be binding upon and inure to the benefit of, and may be enforced by Time Share Lessor, Time Share Lessee, and each of their respective agents, servants, heirs, representatives and successors. 

25.      Headings.    The section headings in this Agreement are for convenience of reference only and shall not modify, define, expand, or limit any of the terms or provisions hereof.

26.      Amendments.          No term or provision of this Agreement may be changed, waived, discharged, or terminated orally, but only by an instrument in writing signed by both parties.

27.      No Waiver.  No delay or omission in the exercise or enforcement or any right or remedy hereunder by either party shall be construed as a waiver of such right or remedy.  All remedies, rights, undertakings, obligations, and agreements contained herein shall be cumulative and not mutually exclusive, and in addition to all other rights and remedies which either party possesses at law or in equity.

28.     Notices.  All communications, declarations, demands, consents, directions, approvals, instructions, requests and notices required or permitted by this Agreement shall be in writing and shall be deemed to have been duly given or made when delivered personally or transmitted electronically by e-facsimile, receipt acknowledged, or in the case of documented overnight delivery service or registered or certified mail, return receipt requested, delivery charge or postage prepaid, on the date shown on the receipt therefor, in each case at the address set forth below:

             If to Time Share Lessor:  Chubb INA Holdings, Inc.
                                                                c/o ACE American Insurance Company
                                                                436 Walnut Street
                                                                Philadelphia PA 19106-3703
                                                                Attn: General Counsel
                                                                Tel: [Redacted]
                                                                Email: [Redacted]

If to Time Share Lessee:  Evan G. Greenberg                                                              
                                                   Chubb
                                                  1133 Avenue of the Americas
                                                  New York, NY 10036                                        
                                                  Email: [Redacted]

 If to Schedule Keeper:      Chubb INA Holdings, Inc.
                                                   Attn: Debra Marano                                           
                                                    Philadelphia Northeast Airport
                                                   11501 Norcom Road
                                                    Philadelphia PA 19154
                                                    Tel: [Redacted]
                                                    Email: [Redacted]

29.      Governing Law.    This Agreement has been negotiated and delivered in the Commonwealth of Pennsylvania and shall in all respects be governed by, and construed in accordance with, the laws of the Commonwealth of Pennsylvania, including all matters of construction, validity and performance, without giving effect to its conflict of laws provisions.

30.      Jurisdiction and Venue.    Exclusive jurisdiction and venue over any and all disputes between the parties arising under this Agreement shall be in, and for such purpose each party hereby submits to the jurisdiction of, the state and federal courts serving the Commonwealth of Pennsylvania.

31.       No Agent Relationship.    Nothing contained in this Agreement shall be deemed or construed by the parties hereto or by any third party to create the relationship of principal and agent, partnership, joint venture or any association between Time Share Lessor and Time Share Lessee.

32.      Counterparts.   This Agreement may be executed by the parties hereto in two (2) or more separate counterparts, each and all of which when so executed and delivered shall be an original, and all of which shall together constitute but one and the same instrument.

33.        Truth In Leasing.   

TIME SHARE LESSOR HEREBY CERTIFIES THAT, DURING THE TWELVE (12) MONTH PERIOD PRECEDING THE DATE OF THIS AGREEMENT, THE AIRCRAFT HAS BEEN INSPECTED AND MAINTAINED IN ACCORDANCE WITH THE PROVISIONS OF FAR 91.409.

THE PARTIES HERETO CERTIFY THAT DURING THE TERM OF THIS AGREEMENT AND FOR OPERATIONS CONDUCTED HEREUNDER, THE AIRCRAFT WILL BE MAINTAINED AND INSPECTED IN ACCORDANCE WITH THE PROVISIONS OF FAR 91.409.

TIME SHARE LESSOR ACKNOWLEDGES THAT WHEN IT OPERATES THE AIRCRAFT ON BEHALF OF TIME SHARE LESSEE UNDER THIS AGREEMENT, TIME SHARE LESSOR SHALL BE KNOWN AS, CONSIDERED, AND IN FACT WILL BE THE OPERATOR OF THE AIRCRAFT AND SOLELY RESPONSIBLE FOR OPERATIONAL CONTROL OF THE AIRCRAFT.  EACH PARTY HERETO CERTIFIES THAT IT UNDERSTANDS THE EXTENT OF ITS RESPONSIBILITIES, SET FORTH HEREIN, FOR COMPLIANCE WITH APPLICABLE FEDERAL AVIATION REGULATIONS.

AN EXPLANATION OF FACTORS BEARING ON OPERATIONAL CONTROL AND PERTINENT FEDERAL AVIATION REGULATIONS CAN BE OBTAINED FROM THE NEAREST FEDERAL AVIATION ADMINISTRATION FLIGHT STANDARDS DISTRICT OFFICE.

THE PARTIES HERETO CERTIFY THAT A TRUE COPY OF THIS AGREEMENT SHALL BE CARRIED ON THE AIRCRAFT AT ALL TIMES AND SHALL BE MADE AVAILABLE FOR INSPECTION UPON REQUEST BY AN APPROPRIATELY CONSTITUTED IDENTIFIED REPRESENTATIVE OF THE ADMINISTRATOR OF THE FAA.

IN WITNESS WHEREOF, the parties have executed this Aircraft Time Sharing Agreement as of the date and year first written above.

TIME SHARE LESSOR:

Chubb INA Holdings Inc.

By:         /s/ Joseph Wayland
Print:      Joseph Wayland
Title:      General Counsel 

TIME SHARE LESSEE:

By:         /s/ Evan G. Greenberg
Print:      Evan G. Greenberg  

EXHIBIT A

[Redacted]EX-4.1

 Exhibit 4.1 

UNITEDHEALTH GROUP INCORPORATED 

$500,000,000 5.000% Notes due October 15, 2024 

Officers’ Certificate and Company Order 

Pursuant to the Indenture, dated as of February 4, 2008 (the “Indenture”), between UnitedHealth Group Incorporated, a
Delaware corporation (the “Company”), and U.S. Bank Trust Company, National Association, as trustee (the “Trustee”), and resolutions adopted by the Company’s Board of Directors on October 30, 2007, this
Officers’ Certificate and Company Order is being delivered to the Trustee to establish the terms of a series of Securities in accordance with Section 301 of the Indenture, to establish the form of the Securities of such series in
accordance with Section 201 of the Indenture, to request the authentication and delivery of the Securities of such series pursuant to Section 303 of the Indenture and to comply with the provisions of Section 102 of the Indenture. This
Officers’ Certificate and Company Order shall be treated for all purposes under the Indenture as a supplemental indenture thereto. 

All conditions precedent provided for in the Indenture relating to (i) the establishment of a series of Securities, (ii) the
establishment of the form of Securities of such series and (iii) the procedures for authentication and delivery of such series of Securities have been complied with. 

Capitalized terms used herein and not otherwise defined herein shall have the meanings assigned to them in the Indenture. 

 

	A.	 Establishment of a Series of Securities pursuant to Section 301 of the Indenture.

 There is hereby established pursuant to Section 301 of the Indenture a series of Securities which shall have the
following terms: 
  

	 	(1)	 The Securities shall bear the title “5.000% Notes due October 15, 2024” (referred to herein as
the “Notes”). 

  

	 	(2)	 The aggregate principal amount of the Notes to be issued pursuant to this Officers’ Certificate and
Company Order shall be limited to $500,000,000 except for (a) Notes authenticated and delivered upon registration of, transfer of, or in exchange for, or in lieu of, other Notes pursuant to Section 304, 305, 306, or 1007 of the
Indenture, (b) Notes which, pursuant to Section 303 of the Indenture, are deemed never to have been authenticated and delivered thereunder and (c) any Securities of this series which are issued in the manner contemplated by paragraph
19(a) hereof. 

  

	 	(3)	 Interest shall be payable to the Person in whose name a Note (or any Predecessor Security) is registered at the
close of business on the Regular Record Date (as defined below) immediately preceding each Interest Payment Date (as defined below). In the event that any Interest Payment Date, the date of maturity or any date of repurchase or Redemption Date falls
on a date that is not a Business Day (as defined below), the related payment of principal and interest shall be postponed to the next succeeding Business Day, but the payment made on such date will be treated as being made on

	 	
the date that the payment was first due and the holders of the Notes shall not be entitled to any further interest or other payments with respect to such postponement. “Business
Day” shall mean any day other than a Saturday, a Sunday or a day on which banking institutions in New York, New York or Minneapolis, Minnesota are authorized or required by law, regulation or executive order to close. 

 

	 	(4)	 The Stated Maturity of the Notes shall be October 15, 2024. 

 

	 	(5)	 The Notes shall bear interest at the rate of 5.000% per annum (based upon a
360-day year of twelve 30-day months), from October 28, 2022 or from the most recent Interest Payment Date to which interest has been paid or duly provided for, as the
case may be, payable semi-annually in arrears on April 15 and October 15 in each year, commencing April 15, 2023, until the principal thereof is paid or made available for payment. Each such April 15 and October 15
shall be an “Interest Payment Date” for the Notes, and each April 1 and October 1 (whether or not a Business Day), as the case may be, immediately preceding an Interest Payment Date for the Notes shall be the
“Regular Record Date” for the interest payable on such Interest Payment Date. 

 The provision related to
interest on overdue principal in Section 501 of the Indenture shall not be applicable to the Notes. 
  

	 	(6)	 Principal of (and premium, if any) and interest on the Notes will be payable, and, except as provided in
Section 305 of the Indenture with respect to a Global Security (as defined below), the transfer of the Notes will be registrable and Notes will be exchangeable for notes bearing identical terms and provisions at the corporate trust office of
U.S. Bank Trust Company, National Association, in St. Paul, Minnesota. The method of such payment shall be by wire transfer for Notes held in book-entry form or at the option of the Company by check mailed to the Person entitled thereto as shown on
the Security Register. 

  

	 	(7)	 The Notes will be subject to redemption, in whole or in part, at any time and from time to time before
October 15, 2024 (their Stated Maturity), at the option of the Company at a Redemption Price equal to the greater of (i) 100% of the principal amount of the Notes to be redeemed and (ii) the sum of the present values of the
remaining scheduled payments of principal and interest on the Notes to be redeemed (excluding the portion of any such interest accrued to the Redemption Date) discounted to the Redemption Date on a semi-annual basis (assuming a 360-day year consisting of twelve 30-day months) at the Treasury Yield (as defined below), plus 10 basis points, plus, in each case, accrued and unpaid interest thereon
to, but not including, the Redemption Date. 

 For this purpose, the following terms have the following meanings: 

 

	 	•	 	 “Treasury Yield” means, with respect to any Redemption Date, the rate per year equal to the
semi-annual equivalent yield to maturity or interpolated (on a day-count basis) yield to maturity of the applicable Comparable Treasury Issue, assuming a price for such Comparable Treasury Issue (expressed as
a percentage of its principal amount) equal to the applicable Comparable Treasury Price for such Redemption Date. 

  
 2 

	 	•	 	 “Comparable Treasury Issue” means the United States Treasury security selected by an Independent
Investment Banker appointed by the Trustee after consultation with the Company as having an actual or interpolated maturity comparable to the remaining term of the Notes being redeemed. If the Independent Investment Banker, after consultation with
the Company, is unable to select such a security, then another security would be utilized in accordance with customary financial practice in pricing new issues of corporate debt securities of comparable maturity to the remaining term of the Notes
being redeemed. 

  

	 	•	 	 “Comparable Treasury Price” means, with respect to any Redemption Date, (i) the average of
the Reference Treasury Dealer Quotations for such Redemption Date, after excluding the highest and lowest such Reference Treasury Dealer Quotations for such Redemption Date, or (ii) if the Trustee obtains fewer than four such Reference Treasury
Dealer Quotations, the average of all such Reference Treasury Dealer Quotations. 

  

	 	•	 	 “Independent Investment Banker” means any of BofA Securities, Inc., Barclays Capital Inc.,
Citigroup Global Markets Inc., J.P. Morgan Securities LLC, U.S. Bancorp Investments, Inc., Wells Fargo Securities, LLC or their respective successors or, if such firms are unwilling or unable to select the Comparable Treasury Issue, one of the
remaining Reference Treasury Dealers appointed by the Trustee after consultation with the Company. 

  

	 	•	 	 “Reference Treasury Dealer” means each of (i) BofA Securities, Inc., Barclays Capital Inc.,
Citigroup Global Markets Inc., J.P. Morgan Securities LLC, Wells Fargo Securities, LLC, one Primary Treasury Dealer selected by U.S. Bancorp Investments, Inc. or their affiliates; (ii) any other primary U.S. Government securities dealer in the
United States (a “Primary Treasury Dealer”) designated by, and not affiliated with, BofA Securities, Inc., Barclays Capital Inc., Citigroup Global Markets Inc., J.P. Morgan Securities LLC, U.S. Bancorp Investments, Inc. or Wells Fargo
Securities, LLC; provided, however, in the case of (i) and (ii), that if any of the foregoing shall cease to be a Primary Treasury Dealer, the Company will appoint another Primary Treasury Dealer as a substitute for such entity; and
(iii) any other Primary Treasury Dealer selected by the Trustee. 

  
 3 

	 	•	 	 “Reference Treasury Dealer Quotations” means, with respect to each Reference Treasury Dealer and
any Redemption Date, the average, as determined by the Trustee, of the bid and asked prices for the applicable Comparable Treasury Issue (expressed, in each case, as a percentage of its principal amount) quoted in writing to the Trustee by such
Reference Treasury Dealer at 5:00 p.m. on the third Business Day preceding such Redemption Date. 

 A notice of redemption
may provide that it is subject to certain conditions that will be specified in the notice. If those conditions are not met, the redemption notice will be of no effect and the Company will not be obligated to redeem the Notes. 

A partial redemption of the Notes may be effected on a pro rata basis (and in such manner as complies with applicable legal and stock exchange
requirements, if any) or in such method as the Trustee, in the exercise of its reasonable discretion, deems fair and appropriate. The Trustee may provide for the selection for redemption of portions in amounts of $1,000 or whole multiples of $1,000;
except that if all of the Notes of a Holder are to be redeemed, the entire outstanding amount of Notes held by such Holder, even if not a multiple of $1,000, shall be redeemed. 

Notice of any redemption will be mailed at least 10 days but not more than 60 days before the Redemption Date to each Holder of the Notes to be
redeemed. 
 Unless any Note called for redemption shall not be paid upon surrender thereof for redemption, on and after the Redemption Date
interest will cease to accrue on the Notes or portions thereof called for redemption. 
  

	 	(8)	 The Company shall not be obligated to redeem or purchase any Notes pursuant to any sinking fund or analogous
provisions. 

  

	 	(9)	 If a Change of Control Triggering Event (as defined below) occurs, unless the Company has exercised its option
to redeem all the Notes of this series, the Company shall be required to make an offer (a “Change of Control Offer”) to each Holder of the Notes of this series to repurchase all or any part (equal to $2,000 or an integral multiple
of $1,000 in excess thereof) of that Holder’s Notes on the terms set forth herein. In a Change of Control Offer, the Company shall be required to offer payment in cash equal to 101% of the aggregate principal amount of Notes of this series
repurchased, plus accrued and unpaid interest, if any, on the Notes of this series repurchased to, but not including, the date of repurchase (a “Change of Control Payment”). Within 30 days following any Change of Control Triggering
Event or, at the Company’s option, prior to any Change of Control, but after public announcement of the transaction that constitutes or may constitute the Change of Control, a notice shall be transmitted to Holders of the Notes of this series
describing the transaction that constitutes or may constitute the Change of Control Triggering Event and offering to repurchase such Notes on the date specified in the notice, which date shall be no earlier than 30 days and no later than 60 days
from the date such notice is transmitted (a “Change of Control Payment Date”). The notice shall, if transmitted prior to the date of consummation of the Change of Control, state that the Change of Control Offer is conditioned on the
Change of Control Triggering Event occurring on or prior to the Change of Control Payment Date. 

  
 4 

 In order to accept the Change of Control Offer, the Holder must deliver to the Paying Agent,
at least five Business Days prior to the Change of Control Payment Date, the Holder’s Note together with the form entitled “Election Form” (which form is annexed to the Note) duly completed, or a telegram, telex, facsimile
transmission or a letter from a member of a national securities exchange, or the Financial Industry Regulatory Authority or a commercial bank or trust company in the United States setting forth: 

 

	 	(i)	 the name of the Holder of the Note; 

 

	 	(ii)	 the principal amount of the Note; 

 

	 	(iii)	 the principal amount of the Note to be repurchased; 

 

	 	(iv)	 the certificate number or a description of the tenor and terms of the Note; 

 

	 	(v)	 a statement that the Holder is accepting the Change of Control Offer; and 

 

	 	(vi)	 a guarantee that the Note, together with the form entitled “Election Form” duly completed, will be
received by the Paying Agent at least five Business Days prior to the Change of Control Payment Date. 

 Any exercise by a
Holder of its election to accept the Change of Control Offer shall be irrevocable. The Change of Control Offer may be accepted for less than the entire principal amount of the Note, but in that event the principal amount of the Note remaining
outstanding after repurchase must be equal to $2,000 or an integral multiple of $1,000 in excess thereof. 
 On the Change of Control Payment
Date, the Company shall, to the extent lawful: 
  

	 	(i)	 accept for payment all Notes of this series or portions of such Notes properly tendered pursuant to the Change
of Control Offer; 

  

	 	(ii)	 deposit with the Paying Agent an amount equal to the Change of Control Payment in respect of all Notes of this
series or portions of such Notes properly tendered; and 

  

	 	(iii)	 deliver or cause to be delivered to the Trustee the Notes of this series properly accepted together with an
Officers’ Certificate stating the aggregate principal amount of Notes of this series or portions of such Notes being repurchased. 

  
 5 

 The Company shall not be required to make a Change of Control Offer upon the occurrence of a
Change of Control Triggering Event if a third party makes such an offer in the manner, at the times and otherwise in compliance with the requirements for an offer made by the Company and the third party purchases all Notes of this series properly
tendered and not withdrawn under its offer. In addition, the Company shall not repurchase any Notes of this series if there has occurred and is continuing on the Change of Control Payment Date an Event of Default under the Indenture, other than a
default in the payment of the Change of Control Payment upon a Change of Control Triggering Event. 
 The Company shall comply with the
requirements of Rule 14e-1 under the Securities Exchange Act of 1934, as amended (the “Exchange Act”), and any other securities laws and regulations thereunder to the extent those laws and
regulations are applicable in connection with the repurchase of the Notes of this series as a result of a Change of Control Triggering Event. To the extent that the provisions of any such securities laws or regulations conflict with the Change of
Control Offer provisions of the Notes of this series, the Company shall comply with those securities laws and regulations and shall not be deemed to have breached its obligations under the Change of Control Offer provisions of the Notes of this
series by virtue of any such conflict. 
 For purposes of the Change of Control Offer provisions of the Notes of this series, the following
terms have the following meanings: 
  

	 	•	 	 “Change of Control” means the occurrence of any of the following: (1) the direct or
indirect sale, lease, transfer, conveyance or other disposition (other than by way of merger or consolidation), in one or more series of related transactions, of all or substantially all of the assets of the Company and its Subsidiaries, taken as a
whole, to any person, other than the Company or a Subsidiary; (2) the consummation of any transaction (including, without limitation, any merger or consolidation) the result of which is that any person becomes the beneficial owner (as defined
in Rules 13d-3 and 13d-5 under the Exchange Act), directly or indirectly, of more than 50% of the Company’s outstanding Voting Stock or other Voting Stock into
which the Company’s Voting Stock is reclassified, consolidated, exchanged or changed, measured by voting power rather than number of shares; (3) the Company consolidates with, or merges with or into, any person, or any person consolidates
with, or merges with or into, the Company, in any such event pursuant to a transaction in which any of the Company’s outstanding Voting Stock or the Voting Stock of such other person is converted into or exchanged for cash, securities or other
property, other than any such transaction where the shares of the Company’s Voting Stock outstanding immediately prior to such transaction constitute, or are converted into or exchanged for, a majority of the Voting Stock of the surviving
person or any direct or indirect parent company of the surviving person immediately after giving effect to such transaction; (4) the first day on which a majority of the members of the Company’s Board of Directors are not Continuing
Directors; or (5) the adoption of a plan relating to the Company’s liquidation 

  
 6 

	 	 
or dissolution. Notwithstanding the foregoing, a transaction shall not be deemed to involve a Change of Control under clause (2) above if (i) the Company becomes a direct or indirect
wholly-owned subsidiary of a holding company and (ii)(A) the direct or indirect holders of the Voting Stock of such holding company immediately following that transaction are substantially the same as the holders of the Company’s Voting Stock
immediately prior to that transaction or (B) immediately following that transaction no person (other than a holding company satisfying the requirements of this sentence) is the beneficial owner, directly or indirectly, of more than 50% of the
Voting Stock of such holding company. The term “person,” as used in this definition, has the meaning given thereto in Section 13(d)(3) of the Exchange Act. 

 

	 	•	 	 “Change of Control Triggering Event” means the occurrence of both a Change of Control and a
Rating Event. 

  

	 	•	 	 “Continuing Directors” means, as of any date of determination, any member of the Company’s
Board of Directors who (1) was a member of such Board of Directors on the date the Notes of this series were issued or (2) was nominated for election, elected or appointed to such Board of Directors with the approval of a majority of the
Continuing Directors who were members of such Board of Directors at the time of such nomination, election or appointment (either by a specific vote or by approval of the Company’s proxy statement in which such member was named as a nominee for
election as a director). 

  

	 	•	 	 “Fitch” means Fitch Ratings, Inc., and its successors. 

 

	 	•	 	 “Investment Grade Rating” means a rating equal to or higher than
BBB- (or the equivalent) by Fitch, Baa3 (or the equivalent) by Moody’s and BBB- (or the equivalent) by S&P, and the equivalent investment grade credit rating
from any replacement Rating Agency or Rating Agencies selected by the Company. 

  

	 	•	 	 “Moody’s” means Moody’s Investors Service, Inc., and its successors.

  

	 	•	 	 “Rating Agencies” means (1) each of Fitch, Moody’s and S&P; and (2) if any of
Fitch, Moody’s or S&P ceases to rate the Notes of this series or fails to make a rating of such Notes publicly available for reasons outside of the Company’s control, a “nationally recognized statistical rating organization”
within the meaning of Section 3(a)(62) of the Exchange Act selected by the Company (as certified by a resolution of the Company’s Board of Directors) as a replacement agency for Fitch, Moody’s or S&P, or all of them, as the case
may be. 

  
 7 

	 	•	 	 “Rating Event” means the rating on the Notes of this series is lowered by each of the three
Rating Agencies and the Notes of this series are rated below an Investment Grade Rating by each of the three Rating Agencies on any day during the period (which period shall be extended so long as the rating of the Notes of this series is under
publicly announced consideration for a possible downgrade by any of the Rating Agencies) commencing on the date of the first public notice of the occurrence of a Change of Control or the Company’s intention to effect a Change of Control and
ending 60 days following consummation of such Change of Control. 

  

	 	•	 	 “S&P” means S&P Global Ratings, a division of S&P Global Inc., and its successors.

  

	 	•	 	 “Voting Stock” means, with respect to any specified “person” (as that term is used in
Section 13(d)(3) of the Exchange Act) as of any date, the capital stock of such person that is at the time entitled to vote generally in the election of the board of directors of such person. 

 

	 	(10)	 The Notes shall not be convertible into shares of Common Stock of the Company or exchangeable for any other
securities. 

  

	 	(11)	 The Trustee shall be the Security Registrar and the Paying Agent. 

 

	 	(12)	 The amount of payments of principal of and any premium or interest on the Notes will not be determined with
reference to an index. 

  

	 	(13)	 The Notes shall be subject to the covenants and definitions set forth in the Indenture. 

 

	 	(14)	 The Notes will be issued only in fully registered form and the minimum initial purchase amounts of the Notes
shall be $2,000 and any whole multiples of $1,000 in excess thereof. 

  

	 	(15)	 The Notes shall be subject to the Events of Default specified in Section 701, paragraphs (i) through
(vii), of the Indenture. 

  

	 	(16)	 The portion of the principal amount of the Notes which shall be payable upon declaration of acceleration of
maturity thereof shall not be less than the principal amount thereof. 

  

	 	(17)	 The Notes shall be “Global Securities” as defined in the Indenture, and shall be deposited with, or
on behalf of, The Depository Trust Company, New York, New York, as Depositary, registered in the name of a nominee of the Depositary. So long as the Depositary or its nominee is the registered holder of any Global Security, the Depositary or its
nominee, as the case may be, shall be considered the sole Holder of the Notes represented by such Global Security for all purposes under the Indenture. The forms and terms of the Notes and the Trustee’s certificate of authentication shall be
substantially as set forth on Exhibit B hereto. The terms and provisions contained in the form of Notes set forth on Exhibit B hereto shall constitute, and are hereby expressly made, a part of the Indenture as supplemented by this
Officers’ Certificate and Company Order. 

  
 8 

	 	(18)	 The defeasance provisions set forth in Article IX of the Indenture shall apply to the Notes.

  

	 	(19)	 The following additional terms shall apply to the Notes: 

 

	 	(a)	 Further Issuances. The Company may, so long as no Event of Default has occurred, without the consent of
the Holders of the Notes, issue additional notes with the same terms as the Notes in accordance with the corporate authority existing at the time of such additional issuance, and such additional notes shall be considered part of the same series
under the Indenture as the Notes and will vote together with the Notes as one class on all matters with respect to the Notes, except that if the additional notes are not fungible for U.S. federal income tax purposes with the Notes, the additional
notes will be issued under a separate CUSIP number. 

  

	 	(b)	 Transfer and Exchange. 

 

	 	(i)	 The transfer and exchange of Global Securities or beneficial interests therein shall be effected through the
Depositary, in accordance with this Officers’ Certificate and Company Order (including applicable restrictions on transfer set forth herein, if any) and the procedures of the Depositary therefor. A transferor of a beneficial interest in a
Global Security shall deliver to the Security Registrar a written order given in accordance with the Depositary’s procedures containing information regarding the participant account of the Depositary to be credited with a beneficial interest in
the Global Security. The Security Registrar shall, in accordance with such instructions, instruct the Depositary to credit to the account of the Person specified in such instructions a beneficial interest in the Global Security and to debit the
account of the Person making the transfer the beneficial interest in the Global Security being transferred. Each Holder of a Security agrees to indemnify the Company and the Trustee against any liability that may result from the transfer, exchange
or assignment of such Holder’s Security in violation of any provision of the Indenture and/or applicable United States federal or state securities law. 

  

	 	(ii)	 Each Global Security shall bear the global security legend set forth on Exhibit A hereto.

  

	 	(20)	 The CUSIP number for the global Note is 91324P EM0 and the ISIN number for the global Note is
US91324PEM05. 

  
 9 

	B.	 Establishment of Forms of Securities Pursuant to Section 201 of Indenture.

 It is hereby established, pursuant to Section 201 of the Indenture, that the Global Security representing the
Notes shall be substantially in the form attached as Exhibit B hereto. 
  

	C.	 Order for the Authentication and Delivery of Securities Pursuant to Section 303 of the
Indenture. 

 It is hereby ordered pursuant to Section 303 of the Indenture that the Trustee authenticate, in the
manner provided by the Indenture, the Notes in the aggregate principal amount of $500,000,000 registered in the name of Cede & Co., which Notes have been heretofore duly executed by the proper officers of the Company and delivered to you as
provided in the Indenture, and to deliver said authenticated Notes to or on behalf of The Depository Trust Company on or before 10:30 a.m., Central Time, on October 28, 2022. 

 

	D.	 Other Matters. 

The Company has provided to the Trustee true and correct copies of resolutions adopted by the Board of Directors of the Company on
October 30, 2007, January 18, 2008 and February 8, 2017; such resolutions have not been further amended, modified or rescinded and remain in full force and effect except as otherwise provided therein; and such resolutions (together
with this Officers’ Certificate and Company Order) are the only resolutions or other action adopted by the Company’s Board of Directors or any committee thereof or by any officers of the Company relating to the offering and sale of the
Notes. 
 The undersigned Senior Vice President and Treasurer being an Authorized Representative as defined in the resolutions of the Board
of Directors of the Company adopted on October 30, 2007 certifies that (i) he has approved the terms of the Notes as set forth in this Officers’ Certificate and Company Order, (ii) he has approved and ratified the terms and form
of the Underwriting Agreement (the “Underwriting Agreement”) and the Pricing Agreement (the “Pricing Agreement”), each dated October 25, 2022, by and among the Company and BofA Securities, Inc., Barclays
Capital Inc., Citigroup Global Markets Inc., J.P. Morgan Securities LLC, U.S. Bancorp Investments, Inc. and Wells Fargo Securities, LLC, as representatives of the underwriters named in Schedule I to the Pricing Agreement, and (iii) he has
approved and ratified the Indenture, all in accordance with the authority of such officer pursuant to such resolutions. 
 The undersigned
have read the pertinent sections of the Indenture including the related definitions contained therein. The undersigned have examined the resolutions adopted by the Board of Directors of the Company. In the opinion of the undersigned, the undersigned
have made such examination or investigation as is necessary to enable the undersigned to express an informed opinion as to whether or not the conditions precedent to (i) the establishment of the Notes, (ii) the establishment of the form of
the Notes and (iii) the authentication of the Notes contained in the Indenture have been complied with. In the opinion of the undersigned, such conditions have been complied with. 

  
 10 

 Simpson Thacher & Bartlett LLP, Kuai H. Leong, Deputy General Counsel for the
Company, and Hogan Lovells US LLP are entitled to rely on this Officers’ Certificate and Company Order in connection with the opinions they are rendering pursuant to Sections 10(b), 10(c), and 10(d), respectively, of the Underwriting Agreement.

 [SIGNATURE PAGE TO FOLLOW] 

  
 11 

 IN WITNESS WHEREOF, the undersigned have executed this Officers’ Certificate and
Company Order this 28th day of October, 2022. 
  

			
	UNITEDHEALTH GROUP INCORPORATED
		
	By:	 	/s/ Peter M. Gill
	Name:	 	Peter M. Gill
	Title:	 	Senior Vice President and Treasurer
		
	By:	 	/s/ Faraz A. Choudhry
	Name:	 	Faraz A. Choudhry
	Title:	 	Assistant Corporate Secretary

 EXHIBIT A 

FORM OF LEGENDS 
 Global Security
Legend 
 THIS NOTE IS A GLOBAL SECURITY WITHIN THE MEANING OF THE INDENTURE HEREINAFTER REFERRED TO BELOW AND IS REGISTERED IN THE NAME
OF A DEPOSITARY OR A NOMINEE OF A DEPOSITARY. THIS NOTE IS EXCHANGEABLE FOR NOTES REGISTERED IN THE NAME OF A PERSON OTHER THAN THE DEPOSITARY OR ITS NOMINEE ONLY IN THE LIMITED CIRCUMSTANCES DESCRIBED IN THE INDENTURE, AND NO TRANSFER OF THIS NOTE
(OTHER THAN A TRANSFER OF THIS NOTE AS A WHOLE BY THE DEPOSITARY TO A NOMINEE OF THE DEPOSITARY OR BY A NOMINEE OF THE DEPOSITARY TO THE DEPOSITARY OR ANOTHER NOMINEE OF THE DEPOSITARY) MAY BE REGISTERED EXCEPT IN THE LIMITED CIRCUMSTANCES DESCRIBED
IN THE INDENTURE. 
 UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY (55 WATER STREET,
NEW YORK, NEW YORK) TO THE ISSUER OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR SUCH OTHER NAME AS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF THE
DEPOSITORY TRUST COMPANY AND ANY PAYMENT IS MADE TO CEDE & CO., ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL SINCE THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.

 EXHIBIT B 

FORM OF GLOBAL SECURITY 

[See attached] 

 THIS NOTE IS A GLOBAL SECURITY WITHIN THE MEANING OF THE INDENTURE HEREINAFTER REFERRED TO BELOW AND IS
REGISTERED IN THE NAME OF A DEPOSITARY OR A NOMINEE OF A DEPOSITARY. THIS NOTE IS EXCHANGEABLE FOR NOTES REGISTERED IN THE NAME OF A PERSON OTHER THAN THE DEPOSITARY OR ITS NOMINEE ONLY IN THE LIMITED CIRCUMSTANCES DESCRIBED IN THE INDENTURE, AND NO
TRANSFER OF THIS NOTE (OTHER THAN A TRANSFER OF THIS NOTE AS A WHOLE BY THE DEPOSITARY TO A NOMINEE OF THE DEPOSITARY OR BY A NOMINEE OF THE DEPOSITARY TO THE DEPOSITARY OR ANOTHER NOMINEE OF THE DEPOSITARY) MAY BE REGISTERED EXCEPT IN THE LIMITED
CIRCUMSTANCES DESCRIBED IN THE INDENTURE. 
 UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY (55 WATER
STREET, NEW YORK, NEW YORK) TO THE ISSUER OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR SUCH OTHER NAME AS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF
THE DEPOSITORY TRUST COMPANY AND ANY PAYMENT IS MADE TO CEDE & CO., ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL SINCE THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST
HEREIN. 
  

					
	REGISTERED	  	 UNITEDHEALTH GROUP

INCORPORATED
	  	$[    ]
	No. [    ]	  	 5.000% Notes due

October 15, 2024
	  	 CUSIP No. 91324P EM0
 ISIN No.
US91324PEM05

 UNITEDHEALTH GROUP INCORPORATED, a Delaware corporation (hereinafter called the “Company,”
which term includes any successor corporation under the Indenture referred to on the reverse side hereof), for value received, hereby promises to pay to CEDE & CO., or registered assigns, the principal sum of [    ]
($[    ]) on October 15, 2024 (the “Stated Maturity”), and to pay interest thereon from October 28, 2022 or from the most recent date to which interest has been paid or duly provided for,
semi-annually in arrears on April 15 and October 15 in each year (each, an “Interest Payment Date”), commencing April 15, 2023, and at maturity, at the rate of 5.000% per annum, until the principal hereof is paid or duly
made available for payment. Interest on this Note shall be calculated on the basis of a 360-day year consisting of twelve 30-day months. The interest so payable and
punctually paid or duly provided for on any Interest Payment Date shall, as provided in the Indenture, be paid to the Person in whose name this Note (or one or more Predecessor Securities) is registered at the close of business on the “Regular
Record Date” for such interest, which shall be the April 1 or October 1 (whether or not a Business Day, as hereinafter defined) immediately preceding each such Interest Payment Date. Any such interest which is payable, but is not
punctually paid or duly provided for, on any Interest Payment Date shall forthwith cease to be payable to the registered Holder hereof on the relevant Regular Record Date by virtue of having been such Holder, and may be paid (i) to the Person
in whose name this Note (or one or more Predecessor Securities) is registered at the close of business on a Special Record Date for the payment of such Defaulted Interest to be fixed by the Trustee, notice whereof shall be given to the Holder of
this Note not less than 10 days prior to such Special Record Date, or (ii) in any other lawful manner not inconsistent with the requirements of any securities exchange on which this Note may be listed, and upon such notice as may be required by
such exchange, if, after notice given by the Company to the Trustee of the proposed payment pursuant to this clause (ii), such manner of payment shall be deemed practicable by the Trustee. In the event that any Interest Payment Date, the date of
maturity or any date of repurchase or Redemption Date falls on a date that is not a Business Day, the related payment of principal and interest shall be postponed to the next succeeding Business Day, but the payment made on such date will be treated
as being made on the date that 

 
the payment was first due and the Holder of this Note shall not be entitled to any further interest or other payments with respect to such postponement. “Business Day” shall mean any
day other than a Saturday, a Sunday or a day on which banking institutions in New York, New York or Minneapolis, Minnesota are authorized or required by law, regulation or executive order to close. 

Payment of the principal of and the interest on this Note will be made at the corporate trust office of U.S. Bank Trust Company, National
Association, in St. Paul, Minnesota, in such coin or currency of the United States of America as at the time of payment is legal tender for payment of public and private debts. The method of such payment shall be by wire transfer for a Note held in
book-entry form or at the option of the Company by check mailed to the Person entitled thereto as shown on the Security Register. Payment of the principal of and interest on this Note due at maturity will be made in immediately available funds upon
presentation of this Note. 
 Reference is hereby made to the further provisions of this Note set forth on the reverse side hereof, which
further provisions shall for all purposes have the same effect as if set forth at this place. 
 Unless the certificate of authentication
hereon has been executed by or on behalf of the Trustee under the Indenture by the manual signature of one of its authorized signatories, this Note shall not be entitled to any benefits under the Indenture or be valid or obligatory for any purpose.

 [SIGNATURE PAGE TO FOLLOW] 

  
 2 

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

Dated: October 28, 2022 
  

			
	UNITEDHEALTH GROUP INCORPORATED
		
	By:	 	 
		 	Name:   Peter M. Gill
		 	Title:     Senior Vice President and Treasurer
		
	Attest:	 	 
		 	Name:   Faraz A. Choudhry
		 	Title:     Assistant Corporate Secretary

 TRUSTEE’S CERTIFICATE OF 

AUTHENTICATION 
 This is one of the
Securities of the 
 series designated herein and issued 

pursuant to the within-mentioned 
 Indenture. 

Dated: October 28, 2022 
  

			
	 U.S. BANK TRUST COMPANY, NATIONAL ASSOCIATION,

as Trustee

		
	By:	 	 
		 	Authorized Signatory

 UnitedHealth Group Incorporated 

5.000% Notes due October 15, 2024 

 [REVERSE SIDE OF NOTE] 

This Note is one of a duly authorized issue of securities of the Company (herein called the “Notes”) issued and to be issued in one
or more series under an indenture, dated as of February 4, 2008, between the Company and U.S. Bank Trust Company, National Association, as trustee (the “Trustee,” which term includes any successor trustee), as further supplemented by
an Officers’ Certificate and Company Order, dated October 28, 2022, pursuant to Section 301 of the indenture (together, the “Indenture”) between the Company and the Trustee, to which Indenture and all indentures supplemental
thereto reference is hereby made for a statement of the respective rights, limitations of rights, duties and immunities thereunder of the Company, the Trustee and the Holders of the Notes, and the terms upon which the Notes are, and are to be,
authenticated and delivered. This Note is one of the series designated on the face hereof, limited in initial aggregate principal amount to $500,000,000; provided, however, that the Company may, so long as no Event of Default has occurred and
is continuing, without the consent of the Holders of the Notes of this series, issue additional notes with the same terms as the Notes of this series, and such additional notes shall be considered part of the same series under the Indenture as the
Notes of this series. 
 Optional Redemption 

This Note is redeemable, in whole or in part, at any time and from time to time before October 15, 2024 (its Stated Maturity), at the
option of the Company at a Redemption Price equal to the greater of (i) 100% of the principal amount of this Note to be redeemed and (ii) the sum of the present values of the remaining scheduled payments of principal and interest on this Note
to be redeemed (excluding the portion of any such interest accrued to the Redemption Date) discounted to the Redemption Date on a semi-annual basis (assuming a 360-day year consisting of twelve 30-day months) at the Treasury Yield (as defined below), plus 10 basis points, plus, in each case, accrued and unpaid interest thereon to, but not including, the Redemption Date. 

For this purpose, the following terms have the following meanings: 
  

	 	•	 	 “Treasury Yield” means, with respect to any Redemption Date, the rate per year equal to the semi-annual
equivalent yield to maturity or interpolated (on a day-count basis) yield to maturity of the applicable Comparable Treasury Issue, assuming a price for such Comparable Treasury Issue (expressed as a percentage
of its principal amount) equal to the applicable Comparable Treasury Price for such Redemption Date. 

  

	 	•	 	 “Comparable Treasury Issue” means the United States Treasury security selected by an Independent
Investment Banker appointed by the Trustee after consultation with the Company as having an actual or interpolated maturity comparable to the remaining term of this Note being redeemed. If the Independent Investment Banker, after consultation with
the Company, is unable to select such a security, then another security would be utilized in accordance with customary financial practice in pricing new issues of corporate debt securities of comparable maturity to the remaining term of this Note
being redeemed. 

  

	 	•	 	 “Comparable Treasury Price” means, with respect to any Redemption Date, (i) the average of the
Reference Treasury Dealer Quotations for such Redemption Date, after excluding the highest and lowest such Reference Treasury Dealer Quotations for such Redemption Date, or (ii) if the Trustee obtains fewer than four such Reference Treasury
Dealer Quotations, the average of all such Reference Treasury Dealer Quotations. 

  
 4 

	 	•	 	 “Independent Investment Banker” means any of BofA Securities, Inc., Barclays Capital Inc., Citigroup
Global Markets Inc., J.P. Morgan Securities LLC, U.S. Bancorp Investments, Inc., Wells Fargo Securities, LLC or their respective successors or, if such firms are unwilling or unable to select the Comparable Treasury Issue, one of the remaining
Reference Treasury Dealers appointed by the Trustee after consultation with the Company. 

  

	 	•	 	 “Reference Treasury Dealer” means each of (i) BofA Securities, Inc., Barclays Capital Inc.,
Citigroup Global Markets Inc., J.P. Morgan Securities LLC, Wells Fargo Securities, LLC, one Primary Treasury Dealer selected by U.S. Bancorp Investments, Inc. or their affiliates; (ii) any other primary U.S. Government securities dealer in the
United States (a “Primary Treasury Dealer”) designated by, and not affiliated with, BofA Securities, Inc., Barclays Capital Inc., Citigroup Global Markets Inc., J.P. Morgan Securities LLC, U.S. Bancorp Investments, Inc. or Wells Fargo
Securities, LLC; provided, however, in the case of (i) and (ii), that if any of the foregoing shall cease to be a Primary Treasury Dealer, the Company will appoint another Primary Treasury Dealer as a substitute for such entity; and
(iii) any other Primary Treasury Dealer selected by the Trustee. 

  

	 	•	 	 “Reference Treasury Dealer Quotations” means, with respect to each Reference Treasury Dealer and any
Redemption Date, the average, as determined by the Trustee, of the bid and asked prices for the applicable Comparable Treasury Issue (expressed, in each case, as a percentage of its principal amount) quoted in writing to the Trustee by such
Reference Treasury Dealer at 5:00 p.m. on the third Business Day preceding such Redemption Date. 

 A notice of redemption
may provide that it is subject to certain conditions that will be specified in the notice. If those conditions are not met, the redemption notice will be of no effect and the Company will not be obligated to redeem this Note. 

A partial redemption of the Notes may be effected on a pro rata basis (and in such manner as complies with applicable legal and stock exchange
requirements, if any) or in such method as the Trustee, in the exercise of its reasonable discretion, deems fair and appropriate. The Trustee may provide for the selection for redemption of portions in amounts of $1,000 or whole multiples of $1,000;
except that if all of the Notes of a Holder are to be redeemed, the entire outstanding amount of Notes held by such Holder, even if not a multiple of $1,000, shall be redeemed. 

Notice of any redemption will be mailed at least 10 days but not more than 60 days before the Redemption Date to each Holder of the Notes to
be redeemed. 
 Unless any Note called for redemption shall not be paid upon surrender thereof for redemption, on and after the Redemption
Date interest will cease to accrue on the Notes or portions thereof called for redemption. 
 This Note will not be entitled to any sinking
fund. 
 Change of Control Offer 

If a Change of Control Triggering Event (as defined herein) occurs, unless the Company has exercised its option to redeem all the Notes of this
series, the Company shall be required to make an offer (a “Change of Control Offer”) to each Holder of the Notes of this series to repurchase all or any part (equal to $2,000 or an integral multiple of $1,000 in excess thereof) of that
Holder’s Notes on the terms set forth herein. In a Change of Control Offer, the Company shall be required to offer payment in cash equal to 101% of the aggregate principal amount of Notes of this series repurchased, plus accrued and unpaid
interest, if any, on the Notes of this series repurchased to, but not including, the date of repurchase (a “Change of Control Payment”). Within 30 days following any Change of Control Triggering Event or, at the Company’s option,
prior to any Change of Control, 

  
 5 

 
but after public announcement of the transaction that constitutes or may constitute the Change of Control, a notice shall be transmitted to Holders of the Notes of this series describing the
transaction that constitutes or may constitute the Change of Control Triggering Event and offering to repurchase such Notes on the date specified in the notice, which date shall be no earlier than 30 days and no later than 60 days from the date such
notice is transmitted (a “Change of Control Payment Date”). The notice shall, if transmitted prior to the date of consummation of the Change of Control, state that the Change of Control Offer is conditioned on the Change of Control
Triggering Event occurring on or prior to the Change of Control Payment Date. 
 In order to accept the Change of Control Offer, the Holder
must deliver to the Paying Agent, at least five Business Days prior to the Change of Control Payment Date, this Note together with the form entitled “Election Form” (which form is annexed hereto) duly completed, or a telegram, telex,
facsimile transmission or a letter from a member of a national securities exchange, or the Financial Industry Regulatory Authority or a commercial bank or trust company in the United States setting forth: 

(i) the name of the Holder of this Note; 

(ii) the principal amount of this Note; 

(iii) the principal amount of this Note to be repurchased; 

(iv) the certificate number or a description of the tenor and terms of this Note; 

(v) a statement that the Holder is accepting the Change of Control Offer; and 

(vi) a guarantee that this Note, together with the form entitled “Election Form” duly completed, will be received by the Paying
Agent at least five Business Days prior to the Change of Control Payment Date. 
 Any exercise by a Holder of its election to accept the
Change of Control Offer shall be irrevocable. The Change of Control Offer may be accepted for less than the entire principal amount of this Note, but in that event the principal amount of this Note remaining outstanding after repurchase must be
equal to $2,000 or an integral multiple of $1,000 in excess thereof. 
 On the Change of Control Payment Date, the Company shall, to the
extent lawful: 
 (i) accept for payment all Notes of this series or portions of such Notes properly tendered pursuant to the Change of
Control Offer; 
 (ii) deposit with the Paying Agent an amount equal to the Change of Control Payment in respect of all Notes of this series
or portions of such Notes properly tendered; and 
 (iii) deliver or cause to be delivered to the Trustee the Notes of this series properly
accepted together with an Officers’ Certificate stating the aggregate principal amount of Notes of this series or portions of such Notes being repurchased. 

The Company shall not be required to make a Change of Control Offer upon the occurrence of a Change of Control Triggering Event if a third
party makes such an offer in the manner, at the times and otherwise in compliance with the requirements for an offer made by the Company and the third party purchases all Notes of this series properly tendered and not withdrawn under its offer. In
addition, the Company shall not repurchase any Notes of this series if there has occurred and is continuing on the Change of Control Payment Date an Event of Default under the Indenture, other than a default in the payment of the Change of Control
Payment upon a Change of Control Triggering Event. 

  
 6 

 The Company shall comply with the requirements of Rule
14e-1 under the Securities Exchange Act of 1934, as amended (the “Exchange Act”), and any other securities laws and regulations thereunder to the extent those laws and regulations are applicable in
connection with the repurchase of the Notes of this series as a result of a Change of Control Triggering Event. To the extent that the provisions of any such securities laws or regulations conflict with the Change of Control Offer provisions of the
Notes of this series, the Company shall comply with those securities laws and regulations and shall not be deemed to have breached its obligations under the Change of Control Offer provisions of the Notes of this series by virtue of any such
conflict. 
 For purposes of the Change of Control Offer provisions of the Notes of this series, the following terms are applicable: 

 

	 	•	 	 “Change of Control” means the occurrence of any of the following: (1) the direct or indirect sale,
lease, transfer, conveyance or other disposition (other than by way of merger or consolidation), in one or more series of related transactions, of all or substantially all of the assets of the Company and its Subsidiaries, taken as a whole, to any
person, other than the Company or a Subsidiary; (2) the consummation of any transaction (including, without limitation, any merger or consolidation) the result of which is that any person becomes the beneficial owner (as defined in Rules 13d-3 and 13d-5 under the Exchange Act), directly or indirectly, of more than 50% of the Company’s outstanding Voting Stock or other Voting Stock into which the
Company’s Voting Stock is reclassified, consolidated, exchanged or changed, measured by voting power rather than number of shares; (3) the Company consolidates with, or merges with or into, any person, or any person consolidates with, or
merges with or into, the Company, in any such event pursuant to a transaction in which any of the Company’s outstanding Voting Stock or the Voting Stock of such other person is converted into or exchanged for cash, securities or other property,
other than any such transaction where the shares of the Company’s Voting Stock outstanding immediately prior to such transaction constitute, or are converted into or exchanged for, a majority of the Voting Stock of the surviving person or any
direct or indirect parent company of the surviving person immediately after giving effect to such transaction; (4) the first day on which a majority of the members of the Company’s Board of Directors are not Continuing Directors; or
(5) the adoption of a plan relating to the Company’s liquidation or dissolution. Notwithstanding the foregoing, a transaction shall not be deemed to involve a Change of Control under clause (2) above if (i) the Company becomes a
direct or indirect wholly-owned subsidiary of a holding company and (ii)(A) the direct or indirect holders of the Voting Stock of such holding company immediately following that transaction are substantially the same as the holders of the
Company’s Voting Stock immediately prior to that transaction or (B) immediately following that transaction no person (other than a holding company satisfying the requirements of this sentence) is the beneficial owner, directly or
indirectly, of more than 50% of the Voting Stock of such holding company. The term “person,” as used in this definition, has the meaning given thereto in Section 13(d)(3) of the Exchange Act. 

 

	 	•	 	 “Change of Control Triggering Event” means the occurrence of both a Change of Control and a Rating
Event. 

  

	 	•	 	 “Continuing Directors” means, as of any date of determination, any member of the Company’s Board
of Directors who (1) was a member of such Board of Directors on the date the Notes of this series were issued or (2) was nominated for election, elected or appointed to such Board of Directors with the approval of a majority of the
Continuing Directors who were members of such Board of Directors at the time of such nomination, election or appointment (either by a specific vote or by approval of the Company’s proxy statement in which such member was named as a nominee for
election as a director). 

  

	 	•	 	 “Fitch” means Fitch Ratings, Inc., and its successors. 

  
 7 

	 	•	 	 “Investment Grade Rating” means a rating equal to or higher than
BBB- (or the equivalent) by Fitch, Baa3 (or the equivalent) by Moody’s and BBB- (or the equivalent) by S&P, and the equivalent investment grade credit rating
from any replacement Rating Agency or Rating Agencies selected by the Company. 

  

	 	•	 	 “Moody’s” means Moody’s Investors Service, Inc., and its successors. 

 

	 	•	 	 “Rating Agencies” means (1) each of Fitch, Moody’s and S&P; and (2) if any of Fitch,
Moody’s or S&P ceases to rate the Notes of this series or fails to make a rating of such Notes publicly available for reasons outside of the Company’s control, a “nationally recognized statistical rating organization” within
the meaning of Section 3(a)(62) of the Exchange Act selected by the Company (as certified by a resolution of the Company’s Board of Directors) as a replacement agency for Fitch, Moody’s or S&P, or all of them, as the case may be.

  

	 	•	 	 “Rating Event” means the rating on the Notes of this series is lowered by each of the three Rating
Agencies and the Notes of this series are rated below an Investment Grade Rating by each of the three Rating Agencies on any day during the period (which period shall be extended so long as the rating of the Notes of this series is under publicly
announced consideration for a possible downgrade by any of the Rating Agencies) commencing on the date of the first public notice of the occurrence of a Change of Control or the Company’s intention to effect a Change of Control and ending 60
days following consummation of such Change of Control. 

  

	 	•	 	 “S&P” means S&P Global Ratings, a division of S&P Global Inc., and its successors.

  

	 	•	 	 “Voting Stock” means, with respect to any specified “person” (as that term is used in
Section 13(d)(3) of the Exchange Act) as of any date, the capital stock of such person that is at the time entitled to vote generally in the election of the board of directors of such person. 

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

The Indenture contains provisions for defeasance at any time of the Company’s obligations in respect of (i) the entire indebtedness
of this Note or (ii) certain restrictive covenants with respect to this Note, in each case upon compliance with certain conditions set forth therein. 

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

No reference herein to the Indenture and no provision of this Note or of the Indenture shall alter or impair the obligation of the Company,
which is absolute and unconditional, to pay the principal of (and premium, if any)and interest on this Note, at the time, place and rate, and in the coin or currency, herein and in the Indenture prescribed. 

  
 8 

 As provided in the Indenture and subject to certain limitations set forth therein and in
this Note, the transfer of this Note is registrable in the registry books of the Company, upon surrender of this Note for registration of transfer at the office or agency of the Company where the principal of (and premium, if any) and interest on
this Note are payable, duly endorsed, or accompanied by a written instrument of transfer in form satisfactory to the Company and the Trustee, duly executed by the Holder hereof or by his attorney duly authorized in writing, and thereupon one or more
new Notes, of authorized denominations and for the same aggregate principal amount, will be issued to the designated transferee or transferees. 

The Notes of this series are issuable only in fully registered form without coupons in minimal initial purchase amounts of $2,000 and whole
multiples of $1,000 in excess thereof. As provided in the Indenture and subject to certain limitations therein set forth, Notes of this series are exchangeable for a like aggregate principal amount of Notes of this series which are of like tenor for
any authorized denomination, as requested by the Holder surrendering the same. 
 No service charge shall be made for any such registration
of transfer or exchange, but the Company may require payment of a sum sufficient to cover any tax or other governmental charge payable in connection therewith, other than in certain cases provided in the Indenture. 

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

This Note shall be governed by and construed in accordance with the laws of the State of New York, without regard to its conflicts of laws
provisions. 
 All capitalized terms used in this Note which are not defined herein shall have the meanings assigned to them in the
Indenture. 

  
 9 

 ASSIGNMENT FORM 

I or we assign and transfer this Note to 
  

 
  

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

(Insert Social Security or other identifying number of assignee or transferee) 

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

 

									
	Dated:	 	 	 		 	Signed:	 	 
		 		 		 		 	(Sign exactly as name appears on the other side of this Note)

  

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

  

  
 10 

 SCHEDULE OF EXCHANGES OF INTERESTS IN THE GLOBAL SECURITY 

Initial Principal Amount at maturity of Global Security: [    ] ($[    ]). 

The following exchanges of a part of this Global Security for an interest in another Global Security or for a certificated note, or exchanges of a part of
another Global Security or certificated note for an interest in this Global Security, have been made: 
  

									
	 Date of Exchange
	  	 Amount of decrease

in
Principal Amount of
this Global Security
	  	 Amount of increase
in
Principal Amount of
this Global
Security
	  	 Principal Amount of
this Global Security
following
such
decrease
(or increase)
	  	 Signature of
authorized officer
of
Trustee or
Note
Custodian

  

  
 11 

 ELECTION FORM 

TO BE COMPLETED ONLY IF THE HOLDER 

ELECTS TO ACCEPT THE CHANGE OF CONTROL OFFER 
  

 
 The undersigned
hereby irrevocably requests and instructs the Company to repurchase the within Note (or the portion thereof specified below), pursuant to its terms, on the Change of Control Payment Date specified in the Change of Control Offer, for the Change of
Control Payment specified in the within Note, to the undersigned,____________________________________, at ____________________________________ __________________________________________ (please print or typewrite name and address of the
undersigned). 
 For this election to accept the Change of Control Offer to be effective, the Company must receive, at the address of the
Paying Agent set forth below or at such other place or places of which the Company shall from time to time notify the Holder of the within Note, either (i) this Note with this “Election Form” form duly completed, or (ii) a
telegram, telex, facsimile transmission or a letter from a member of a national securities exchange or the Financial Industry Regulatory Authority or a commercial bank or a trust company in the United States setting forth (a) the name of the
Holder of the Note, (b) the principal amount of the Note, (c) the principal amount of the Note to be repurchased, (d) the certificate number or description of the tenor and terms of the Note, (e) a statement that the option to
elect repurchase is being exercised, and (f) a guarantee stating that the Note to be repurchased, together with this “Election Form” duly completed will be received by the Paying Agent five Business Days prior to the Change of Control
Payment Date. The address of the Paying Agent is U.S. BANK TRUST COMPANY, NATIONAL ASSOCIATION, 60 Livingston Avenue, EP-MN-WS3C, St. Paul, MN 55107-2292. 

If less than the entire principal amount of the within Note is to be repurchased, specify the portion thereof (which principal amount must be
$2,000 or an integral multiple of $1,000 in excess thereof) which the Holder elects to have repurchased: $__________________________. 

  
 12

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