Document:

Blue Shield License Agreement

 Exhibit 10.15 
 BLUE SHIELD LICENSE AGREEMENT 
 (Includes revisions, if any, adopted by
Member Plans through their November 18, 2010 meeting) 
 This agreement by and between Blue Cross and Blue Shield
Association (“BCBSA”) and The Blue Shield Plan, known as                  “Plan”). 

Preamble 
 WHEREAS, the Plan and/or its predecessor(s) in interest (collectively the “Plan”) had the right to use the BLUE SHIELD and BLUE SHIELD Design service marks (collectively the “Licensed
Marks”) for health care plans in its service area, which was essentially local in nature; 
 WHEREAS, the Plan was desirous
of assuring nationwide protection of the Licensed Marks, maintaining uniform quality controls among Plans, facilitating the provision of cost effective health care services to the public and otherwise benefiting the public; 

WHEREAS, to better attain such ends, the Plan and the predecessor of BCBSA executed the Agreement(s) Relating to the Collective Service
Mark “Blue Shield”; and 
 WHEREAS, BCBSA and the Plan desire to supercede said Agreement(s) to reflect their current
practices and to assure the continued integrity of the Licensed Marks and of the BLUE SHIELD system; 
 NOW, THEREFORE, in
consideration of the foregoing and the mutual agreements hereinafter set forth and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties agree as follows: 

 Agreement 

1. BCBSA hereby grants to the Plan, upon the terms and conditions of this License Agreement, the right to use BLUE SHIELD in its trade
and/or corporate name (the “Licensed Name”), and the right to use the Licensed Marks, in the sale, marketing and administration of health care plans and related services in the Service Area set forth and defined in paragraph 5 below. As
used herein, health care plans and related services shall include acting as a nonprofit health care plan, a for-profit health care plan, or mutual health insurer operating on a not-for-profit or for-profit basis, under state law; financing access to
health care services; when working with a bank that holds the relevant license to use the Licensed Name and Marks, offering: (i) tax- favored savings accounts for medical expenses and means for accessing such accounts, such as debit cards or
checks, that are provided solely to support access to such tax-favored savings accounts, all pursuant to such license, or (ii) prepaid rewards cards that are provided for completion of a wellness program, all pursuant to such license; providing
health care management and administration; administering, but not underwriting, non-health portions of Worker’s Compensation insurance; delivering health care services, except hospital services (as defined in the Guidelines to Membership
Standards Applicable to Regular Members); and performing the Eligibility and Enrollment functions of HR administration for all benefit plans offered by a group account to its members, including benefit plans not provided by the Plan, provided that
the Plan has contracted to provide Health Coverage under the Licensed Marks to the account (as the terms “Health Coverage,” “Eligibility” and “Enrollment” are defined in Exhibit 4, Paragraph 2.t.). 

2. The Plan may use the Licensed Marks and Name in connection with the offering of: a) health care plans and related services in the
Service Area through Controlled Affiliates, provided that each such Controlled Affiliate is separately licensed to use the Licensed Marks and Name under the terms and conditions contained in the Agreement attached as Exhibit 1 hereto (the
“Controlled Affiliate License Agreement”); and: b) insurance coverages offered by life insurers under the applicable law in the Service Area, other than those which the Plan may offer in its own name, provided through Controlled
Affiliates, provided that each such Controlled Affiliate is separately licensed to use the Licensed Marks and Name under the terms and conditions contained in the Agreement attached as Exhibit 1A hereto (the “Controlled Affiliate License
Agreement Applicable to Life Insurance Companies”) or the Agreement attached as Exhibit 1A1 hereto (the “Controlled Affiliate Trademark License Agreement for Life and Disability Insurance Products”) and further provided that the
offering of such services does not and will not dilute or tarnish the unique value of the Licensed Marks and Name; and c) administration and underwriting of Workers’ Compensation Insurance Controlled Affiliates, provided that each such
Controlled Affiliate is separately licensed to use the Licensed Marks and Name under the terms and conditions contained in the Agreement attached as Exhibit 1 hereto (the “Controlled Affiliate License.”); and d) regional Medicare Advantage
PPO Products in cooperation with one or more other Plans through jointly-held Controlled Affiliates, provided that each such Controlled Affiliate is separately licensed to use the Licensed Marks and Name under the terms and conditions contained in
the Agreement attached as Exhibit 1B hereto (the “Controlled Affiliate License Agreement Applicable to Regional Medicare Advantage PPO Products”); and e) regional Medicare Part D Prescription Drug Plan products in cooperation with one or
more other Plans through jointly-held Controlled Affiliates, provided that each such Controlled Affiliate is separately licensed to use the Licensed Marks and Name under the terms and conditions contained in the Agreement attached as Exhibit 1C
hereto (the “Controlled Affiliate License Agreement Applicable to Regional Medicare Part D Prescription Drug Plan Products”). As used herein, a Controlled Affiliate is defined as an entity organized and operated in such a manner that it is
subject to the bona fide control of a Plan or Plans and, if the entity meets the standards of subparagraph B but not subparagraph A of this paragraph, the 

  
 Amended as
of November 18, 2010 

 
entity, its owners, and persons with authority to select or appoint members or board members, other than a Plan or Plans, have received written approval of BCBSA. Absent written approval by BCBSA
of an alternative method of control, bona fide control with respect to the Controlled Affiliate Licenses authorized in clauses a) through c) of this Paragraph 2 shall mean that a Plan or Plans authorized to use the Licensed Marks in the Service Area
of the Controlled Affiliate pursuant to this License Agreement(s) with BCBSA, other than such Controlled Affiliate’s License Agreement(s), (for purposes of subparagraphs 2.A. and 2.B., the “Controlling Plan(s)”), must have:

  

	 	A.	The legal authority, directly or indirectly through wholly-owned subsidiaries: (a) to select members of the Controlled Affiliate’s governing body having more than
50% voting control thereof; (b) to exercise control over the policy and operations of the Controlled Affiliate; (c) to prevent any change in the articles of incorporation, bylaws or other establishing or governing documents of the
Controlled Affiliate with which the Controlling Plan(s) do(es) not concur. In addition, a Plan or Plans directly or indirectly through wholly-owned subsidiaries shall own more than 50% of any for-profit Controlled Affiliate; or

  

	 	B.	The legal authority directly or indirectly through wholly-owned subsidiaries (a) to select members of the Controlled Affiliate’s governing body having not less
than 50% voting control thereof; (b) to prevent any change in the articles of incorporation, bylaws or other establishing or governing documents of the Controlled Affiliate with which the Controlling Plan(s) do(es) not concur; (c) to
exercise control over the policy and operations of the Controlled Affiliate at least equal to that exercised by persons or entities (jointly or individually) other than the Controlling Plan(s). Notwithstanding anything to the contrary in
(a) through (c) hereof, the Controlled Affiliate’s establishing or governing documents must also require written approval by the Controlling Plan(s) before the Controlled Affiliate can: 

 

	 	1.	Change its legal and/or trade name; 

  

	 	2.	Change the geographic area in which it operates; 

  

	 	3.	Change any of the types of businesses in which it engages; 

  

	 	4.	Create, or become liable for by way of guarantee, any indebtedness, other than indebtedness arising in the ordinary course of business; 

 

	 	5.	Sell any assets, except for sales in the ordinary course of business or sales of equipment no longer useful or being replaced; 

 

	 	6.	Make any loans or advances except in the ordinary course of business; 

  

					
		  		  	Amended as of June 11, 1998
		  	-2-	  	

	 	7.	Enter into any arrangement or agreement with any party directly or indirectly affiliated with any of the owners of the Controlled Affiliate or persons or entities with
the authority to select or appoint members or board members of the Controlled Affiliate, other than the Plan or Plans (excluding owners of stock holdings of under 5% in a publicly traded Controlled Affiliate); 

 

	 	8.	Conduct any business other than under the Licensed Marks and Name; 

  

	 	9.	Take any action that any Controlling Plan or BCBSA reasonably believes will adversely affect the Licensed Marks or Names. 

In addition, a Plan or Plans directly or indirectly through wholly owned subsidiaries shall own at least 50% of any for-profit Controlled
Affiliate. With respect to the Controlled Affiliate License Agreements authorized in clauses d) and e) of this Paragraph 2, and absent written approval by BCBSA of an alternative method of control, bona fide control shall mean that the Controlled
Affiliate is organized and operated in such a manner that it meets the following requirements: 
  

	 	C.	The Controlled Affiliate is owned or controlled by two or more Plans authorized to use the Licensed Marks pursuant to this License Agreement with BCBSA (for purposes of
this subparagraph 2.C. through subparagraph 2.E., the “Controlling Plans”); 

  

	 	D.	Each Controlling Plan is authorized pursuant to this Agreement to use the Licensed Marks in a geographic area in the Region (as that term is defined in such Controlled
Affiliate License Agreements) and every geographic area in the Region is so licensed to at least one of the Controlling Plans; and 

  

	 	E.	The Controlling Plans must have the legal authority directly or indirectly through wholly-owned subsidiaries (a) to select members of the Controlled
Affiliate’s governing body having not less than 100% voting control thereof; (b) to prevent any change in the articles of incorporation, bylaws or other establishing or governing documents of the Controlled Affiliate with which the
Controlling Plans do not concur; and (c) to exercise control over the policy and operations of the Controlled Affiliate. Notwithstanding anything to the contrary in (a) through (c) of this subparagraph E., the Controlled
Affiliate’s establishing or governing documents must also require written approval by each of the Controlling Plans before the Controlled Affiliate can: 

 

	 	1.	Change its legal and/or trade names; 

  

					
		  		  	Amended as of March 17, 2005
		  	-2a-	  	
		  		  	(The next page is page 3)

	 	2.	Change the geographic area in which it operates (except such approval shall not be required with respect to business of the Controlled Affiliate conducted under the
Licensed Marks within the Service Area of one of the Controlling Plans pursuant to a separate controlled affiliate license agreement with BCBSA sponsored by such Controlling Plan); 

 

	 	3.	Change any of the type(s) of businesses in which it engages (except such approval shall not be required with respect to business of the Controlled Affiliate conducted
under the Licensed Marks within the Service Area of one of the Controlling Plans pursuant to a separate controlled affiliate license agreement with BCBSA sponsored by such Controlling Plan); 

 

	 	4.	Take any action that any Controlling Plan or BCBSA reasonably believes will adversely affect the Licensed Marks and Name. 

In addition, the Controlling Plans directly or indirectly through wholly-owned subsidiaries shall own 100% of any for-profit Controlled
Affiliate. 
 3. The Plan may engage in activities not required by BCBSA to be directly licensed through Controlled Affiliates
and may indicate its relationship thereto by use of the Licensed Name as a tag line, provided that the engaging in such activities does not and will not dilute or tarnish the unique value of the Licensed Marks and Name and further provided that such
tag line use is not in a manner likely to cause confusion or mistake. Consistent with the avoidance of confusion or mistake, each tag line use of the Plan’s Licensed Name: (a) shall be in the style and manner specified by BCBSA from
time-to-time; (b) shall not include the design service marks; (c) shall not be in a manner to import more than the Plan’s mere ownership of the Controlled Affiliate; and (d) shall be restricted to the Service Area. No rights are
hereby created in any Controlled Affiliate to use the Licensed Name in its own name or otherwise. At least annually, the Plan shall provide BCBSA with representative samples of each such use of its Licensed Name pursuant to the foregoing conditions.

 4. The Plan recognizes the importance of a comprehensive national network of independent BCBSA licensees which are committed
to strengthening the Licensed Marks and Name. The Plan further recognizes that its actions within its Service Area may affect the value of the Licensed Marks and Name nationwide. The Plan agrees (a) to maintain in good standing its membership
in BCBSA; (b) promptly to pay its dues to BCBSA, said dues to represent the royalties for this License Agreement; (c) materially to comply with all applicable laws; (d) to comply with the Membership Standards Applicable to Regular
Members of BCBSA, a current copy of which is attached as Exhibit 2 hereto; and (e) reasonably to permit BCBSA, upon a written, good faith request and during reasonable business hours, to inspect the Plan’s books and records necessary to
ascertain compliance herewith. As to other Plans and third parties, BCBSA shall maintain the confidentiality of all documents and information furnished by the Plan pursuant hereto, or pursuant to the Membership Standards, and clearly designated by
the Plan as containing proprietary information of the Plan. 

  

					
		  		  	Amended as of March 17, 2005
		  	-3-	  	

 5. The rights hereby granted are exclusive to the Plan within the geographical area(s)
served by the Plan on June 30, 1972, and/or as to which the Plan has been granted a subsequent license, which is hereby defined as the “Service Area,” except that BCBSA reserves the right to use the Licensed Marks in said Service
Area, and except to the extent that said Service Area may overlap areas served by one or more other licensed Blue Shield Plans as of said date or subsequent license, as to which overlapping areas the rights hereby granted are nonexclusive as to such
other Plan or Plans only. 
 6. Except as expressly provided by BCBSA with respect to National Accounts, Government Programs and
certain other necessary and collateral uses, the current rules and regulations governing which are attached as Exhibit 3 and Exhibit 4 hereto, and are contained in other documents referenced herein, or as expressly provided herein, the Plan may not
use the Licensed Marks and Name outside the Service Area or in connection with other goods and services, nor may the Plan use the Licensed Marks or Name in a manner which is intended to transfer in the Service Area the goodwill associated therewith
to another mark or name. Nothing herein shall be construed to prevent the Plan from engaging in lawful activity anywhere under other marks and names not confusingly similar to the Licensed Marks and Name, provided that engaging in such activity does
and will not dilute or tarnish the unique value of the Licensed Marks and Name. In addition to any and all remedies available hereunder, BCBSA may impose monetary fines on the Plan for the Plan’s use of the Licensed Marks and Names outside the
Service Area, and provided that the procedure used in imposing a fine is consistent with procedures specifically prescribed by BCBSA from time to time in regulations of general application. In the case of regional Medicare Advantage PPO and regional
Medicare Part D Prescription Drug Plan products offered by consenting and participating Plans in a region that includes the Service Areas, or portions thereof, of more than one Plan, such fine may be imposed jointly on the consenting and
participating Plans for use of the Licensed Marks and Name in any geographic area of the region in which a Plan having exclusive rights to the Licensed Marks and Name does not consent to and participate in such offering, provided that the basis for
imposition of such fine is consistent with rules specifically prescribed by BCBSA from time to time in regulations of general application. 
 7. The Plan agrees that it will display the Licensed Marks and Name only in such form, style and manner as shall be specifically prescribed by BCBSA from time-to-time in regulations of general application
in order to prevent impairment of the distinctiveness of the Licensed Marks and Name and the goodwill pertaining thereto. The Plan shall cause to appear on all materials on or in connection with which the Licensed Marks or Name are used such
legends, markings and notices as BCBSA may reasonably request in order to give appropriate notice of service mark or other proprietary rights therein or pertaining thereto. 

  

					
		  		  	Amended as of November 16, 2006
		  	-3a-	  	

 8. BCBSA agrees that: (a) it will not grant any other license effective during the term
of this License Agreement for the use of the Licensed Marks or Name which is inconsistent with the rights granted to the Plan hereunder; and (b) it will not itself use the Licensed Marks in derogation of the rights of the Plan or in a manner to
deprive the Plan of the full benefits of this License Agreement, provided that BCBSA shall have the right to use the Licensed Marks in conjunction with any national offering under the Federal Employees Health Benefits Program in the manner set forth
in Exhibit 4, Paragraph 4 (including subparagraphs) to this License Agreement. The Plan agrees that it will not attack the title of BCBSA in and to the Licensed Marks or Name or attack the validity of the Licensed Marks or of this License Agreement.
The Plan further agrees that all use by it of the Licensed Marks and Name or any similar mark or name shall inure to the benefit of BCBSA, and the Plan shall cooperate with BCBSA in effectuating the assignment to BCBSA of any service mark or
trademark registrations of the Licensed Marks or any similar mark or name held by the Plan or a Controlled Affiliate of the Plan, all or any portion of which registration consists of the Licensed Marks. 

9. (a). Should the Plan fail to comply with the provisions of paragraphs 2-4, 6, 7 and/or 12, and not cure such failure within thirty
(30) days of receiving written notice thereof (or commence curing such failure within such thirty day period and continue diligent efforts to complete the curing of such failure if such curing cannot reasonably be completed within such thirty
day period), BCBSA shall have the right to issue a notice that the Plan is in a state of noncompliance. Except as to the termination of a Plan’s License Agreement or the merger of two or more Plans, disputes as to noncompliance, and all other
disputes between or among BCBSA, the Plan, other Plans and/or Controlled Affiliates, shall be submitted promptly to mediation and mandatory dispute resolution pursuant to the rules and regulations of BCBSA, a current copy of which is attached as
Exhibit 5 hereto, and shall be timely presented and resolved. The mandatory dispute resolution panel shall have authority to issue orders for specific performance and assess monetary penalties. If a state of noncompliance as aforesaid is undisputed
by the Plan or is found to exist by a mandatory dispute resolution panel and is uncured as provided above, BCBSA shall have the right to seek judicial enforcement of the License Agreement. Except, however, as provided in paragraphs 9(d)(iii),
15(a)(i)-(viii), and 15(a)(x) below, no Plan’s license to use the Licensed Marks and Name may be finally terminated for any reason without the affirmative vote of three-fourths of the Plans and three-fourths of the total then current weighted
vote of all the Plans. 

  

					
		  		  	Amended as of March 16, 2006
		  	-4-	  	

 (b). Notwithstanding any other provision of this License Agreement, a
Plan’s license to use the Licensed Marks and Name may be forthwith terminated by the affirmative vote of three-fourths of the Plans and three-fourths of the total then current weighted vote of all the Plans at a special meeting expressly called
by BCBSA for the purpose on ten (10) days written notice to the Plan advising of the specific matters at issue and granting the Plan an opportunity to be heard and to present its response to Member Plans for: (i) failure to comply with any
minimum capital or liquidity requirement under the Membership Standard on Financial Responsibility; or (ii) impending financial insolvency; or (iii) the pendency of any action instituted against the Plan seeking its dissolution or
liquidation or its assets or seeking appointment of a trustee, interim trustee, receiver or other custodian for any of its property or business or seeking the declaration or establishment of a trust for any of its property of business, unless this
License Agreement has been earlier terminated under paragraph 15(a); or (iv) such other reason as is determined in good faith immediately and irreparably to threaten the integrity and reputation of BCBSA, the Plans and/or the Licensed Marks.

 (c). To the extent not otherwise provided therein, neither: (i) the Membership Standards Applicable to
Regular Members of BCBSA; nor (ii) the rules and regulations governing Government Programs and certain other uses; nor (iii) the rules and regulations governing mediation and mandatory dispute resolution, may be amended unless and until
each such amendment is first adopted by the affirmative vote of three-fourths of the Plans and of three-fourths of the total then current weighted vote of all the Plans. The rules and regulations governing National Accounts and other national
programs required by the Membership Standards Applicable to Regular Members of BCBSA (Exhibit 2) are contained, in addition to those set forth in Exhibit 3, in the following documents, as amended from time to time: (1) the Transfer Program
Policies and Provisions; (2) the Inter-Plan Programs Policies and Provisions; (3) Inter-Plan Medicare Advantage Program Policies and Provisions. The voting requirements specified in rules and regulations governing such national programs
may not be amended unless and until each such amendment is first adopted by the affirmative vote of three-fourths of the Plans and of three-fourths of the total then current weighted vote of all the Plans. 

  

					
		  		  	Amended as of November 15, 2007
		  	-4a-	  	

 (d). The Plan may operate as a for-profit company on the following
conditions: 
 (i) The Plan shall discharge all responsibilities which it has to the Association and to other
Plans by virtue of this Agreement and the Plan’s membership in BCBSA. 
 (ii) The Plan shall not use the
licensed Marks and Name, or any derivative thereof, as part of its legal name or any symbol used to identify the Plan in any securities market. The Plan shall use the licensed Marks and Name as part of its trade name within its service area for the
sale, marketing and administration of health care and related services in the service area. 
 (iii) The
Plan’s license to use the Licensed Marks and Name shall automatically terminate effective: (a) thirty days after the Plan knows, or there is an SEC filing indicating that, any Institutional Investor, has become the Beneficial Owner of
securities representing 10% or more of the voting power of the Plan (“Excess Institutional Voter”), unless such Excess Institutional Voter shall cease to be an Excess Institutional Voter prior to such automatic termination becoming
effective; (b) thirty days after the Plan knows, or there is an SEC filing indicating that, any Noninstitutional Investor has become the Beneficial Owner of securities representing 5% or more of the voting power of the Plan (“Excess
Noninstitutional Voter”) unless such Excess Noninstitutional Voter shall cease to be an Excess Noninstitutional Voter prior to such automatic termination becoming effective; (c) thirty days after the Plan knows, or there is an SEC filing
indicating that, any Person has become the Beneficial Owner of 20% or more of the Plan’s then outstanding common stock or other equity securities which (either by themselves or in combination) represent an ownership interest of 20% or more
pursuant to determinations made under paragraph 9(d)(iv) below (“Excess Owner”), unless such Excess Owner shall cease to be an Excess Owner prior to such automatic termination becoming effective; (d) ten business days after
individuals who at the time the Plan went public constituted the Board of Directors of the Plan (together with any new directors whose election to the Board was approved by a vote of 2/3 of the directors then still in office who were directors at
the time the Plan went public or whose election or nomination was previously so approved) (the “Continuing Directors”) cease for any reason to constitute a majority of the Board of Directors; or (e) ten business days after the Plan
consolidates with or merges with or into any person or conveys, assigns, transfers or sells all or substantially all of its assets to any person other than a merger in which the Plan is the surviving entity and immediately after which merger, no
person is an Excess Institutional Voter, an Excess Noninstitutional Voter or an Excess Owner: provided that, if requested by the affected Plan in a writing received by BCBSA prior to such automatic termination becoming effective, the provisions of
this paragraph 9(d)(iii) may be waived, in whole or in part, 

  

					
		  		  	Amended as of September 17, 1997
		  	-5-	  	

 
upon the affirmative vote of a majority of the disinterested Plans and a majority of the total then current weighted vote of the disinterested Plans. Any waiver so granted may be conditioned upon
such additional requirements (including but not limited to imposing new and independent grounds for termination of this License) as shall be approved by the affirmative vote of a majority of the disinterested Plans and a majority of the total then
current weighted vote of the disinterested Plans. If a timely waiver request is received, no automatic termination shall become effective until the later of: (1) the conclusion of the applicable time period specified in paragraphs
9(d)(iii)(a)-(d) above, or (2) the conclusion of the first Member Plan meeting after receipt of such a waiver request. 
 In the event
that the Plan’s license to use the Licensed Marks and Name is terminated pursuant to this Paragraph 9(d)(iii), the license may be reinstated in BCBSA’s sole discretion if, within 30 days of the date of such termination, the Plan
demonstrates that the Person referred to in clause (a), (b) or (c) of the preceding paragraph is no longer an Excess Institutional Voter, an Excess Noninstitutional Voter or an Excess Owner. 

(iv) The Plan shall not issue any class or series of security other than (i) shares of common stock having identical
terms or options or derivatives of such common stock, (ii) non-voting, non-convertible debt securities or (iii) such other securities as the Plan may approve, provided that BCBSA receives notice at least thirty days prior to the issuance
of such securities, including a description of the terms for such securities, and BCBSA shall have the authority to determine how such other securities will be counted in determining whether any Person is an Excess Institutional Voter, Excess
Noninstitutional Voter or an Excess Owner. 
 (v) For purposes of paragraph 9(d)(iii), the following definitions
shall apply: 
 (a) “Affiliate” and “Associate” shall have the respective meanings ascribed
to such terms in Rule 12b-2 of the General Rules and Regulations under the Securities Exchange Act of 1934, as amended and in effect on November 17, 1993 (the “Exchange Act”). 

(b) A Person shall be deemed the “Beneficial Owner” of and shall be deemed to “beneficially own” any
securities: 
 (i) which such Person or any of such Person’s Affiliates or Associates beneficially owns,
directly or indirectly; 

  

					
		  		  	Amended as of September 17, 1997
		  	-5a-	  	

 (ii) which such Person or any of such Person’s Affiliates or Associates
has (A) the right to acquire (whether such right is exercisable immediately or only after the passage of time) pursuant to any agreement, arrangement or understanding, or upon the exercise of conversion rights, exchange rights, warrants or
options, or otherwise; or (B) the right to vote pursuant to any agreement, arrangement or understanding; provided, however, that a Person shall not be deemed the Beneficial Owner of, or to beneficially own, any security if the agreement,
arrangement or understanding to vote such security (1) arises solely from a revocable proxy or consent given to such Person in response to a public proxy or consent solicitation made pursuant to, and in accordance with, the applicable rules and
regulations promulgated under the Exchange Act and (2) is not also then reportable on Schedule 13D under the Exchange Act (or any comparable or successor report); or 

(iii) which are beneficially owned, directly or indirectly, by any other Person (or any Affiliate or Associate thereof)
with which such Person (or any of such Person’s Affiliates or Associates) has any agreement, arrangement or understanding (other than customary agreements with and between underwriters and selling group members with respect to a bona fide
public offering of securities) relating to the acquisition, holding, voting (except to the extent contemplated by the proviso to (b)(ii)(B) above) or disposing of any securities of the Plan. 

Notwithstanding anything in this definition of Beneficial Ownership to the contrary, the phrase “then outstanding,” when used
with reference to a Person’s Beneficial Ownership of securities of the Plan, shall mean the number of such securities then issued and outstanding together with the number of such securities not then actually issued and outstanding which such
Person would be deemed to own beneficially hereunder. 
 (c) A Person shall be deemed an “Institutional
Investor” if (but only if) such Person (i) is an entity or group identified in the SEC’s Rule 13d-1(b)(1)(ii) as constituted on June 1, 1997, and (ii) every filing made by such Person with the SEC under Regulation 13D-G (or
any successor Regulation) with respect to such Person’s Beneficial Ownership of Plan securities shall have contained a certification identical to the one required by item 10 of SEC Schedule 13G as constituted on June 1, 1997. 

(d) “Noninstitutional Investor” means any Person who is not an Institutional Investor. 

(e) “Person” shall mean any individual, firm, partnership, corporation, trust, association, joint venture or
other entity, and shall include any successor (by merger or otherwise) of such entity. 

  

					
		  		  	Amended as of September 17, 1997
		  	-5b-	  	
		  		  	(The next page is page 6)

 10. This License Agreement shall remain in effect: (a) until terminated as provided
herein; or (b) until this and all such other License Agreements are terminated by the affirmative vote of three-fourths of the Plans and three-fourths of the total then current weighted vote of all the Plans; (c) until terminated by the
Plan upon eighteen (18) months written notice to BCBSA or upon a shorter notice period approved by BCBSA in writing at its sole discretion. 
 11. Except as otherwise provided in paragraph 15 below or by the affirmative vote of three-fourths of the Plans and three-fourths of the total then current weighted vote of all the Plans, or unless this
and all such other License Agreements are simultaneously terminated by force of law, the termination of this License Agreement for any reason whatsoever shall cause the reversion to BCBSA of all rights in and to the Licensed Marks and Name, and the
Plan agrees that it will promptly discontinue all use of the Licensed Marks and Name, will not use them thereafter, and will promptly, upon written notice from BCBSA, change its corporate name so as to eliminate the Licensed Name therefrom.

 12. The license hereby granted to Plan to use the Licensed Marks and Name is and shall be personal to the Plan so licensed
and shall not be assignable by any act of the Plan, directly or indirectly, without the written consent of BCBSA. Said license shall not be assignable by operation of law, nor shall Plan mortgage or part with possession or control of this license or
any right hereunder, and the Plan shall have no right to grant any sublicense to use the Licensed Marks and Name. 
 13. BCBSA
shall maintain appropriate service mark registrations of the Licensed Marks and BCBSA shall take such lawful steps and proceedings as may be necessary or proper to prevent use of the Licensed Marks by any person who is not authorized to use the
same. Any actions or proceedings undertaken by BCBSA under the provisions of this paragraph shall be at BCBSA’s sole cost and expense. BCBSA shall have the sole right to determine whether or not any legal action shall be taken on account of
unauthorized use of the Licensed Marks, such right not to be unreasonably exercised. The Plan shall report any unlawful usage of the Licensed Marks to BCBSA in writing and agrees, free of charge, to cooperate fully with BCBSA’s program of
enforcing and protecting the service mark rights, trade name rights and other rights in the Licensed Marks. 
 14. The Plan
hereby agrees to save, defend, indemnify and hold BCBSA and any other Plan(s) harmless from and against all claims, damages, liabilities and costs of every kind, nature and description which may arise exclusively and directly as a result of the
activities of the Plan. BCBSA hereby agrees to save, defend, indemnify and hold the Plan and any other Plan(s) harmless from and against all claims, damages, liabilities and costs of every kind, nature and description which may arise exclusively and
directly as a result of the activities of BCBSA. 

  

					
		  		  	Amended as of June 16, 2005
		  	-6-	  	

 15. (a). This Agreement shall automatically terminate upon the occurrence of any of the
following events: (i) a voluntary petition shall be filed by the Plan or by BCBSA seeking bankruptcy, reorganization, arrangement with creditors or other relief under the bankruptcy laws of the United States or any other law governing
insolvency or debtor relief, or (ii) an involuntary petition or proceeding shall be filed against the Plan or BCBSA seeking bankruptcy, reorganization, arrangement with creditors or other relief under the bankruptcy laws of the United States or
any other law governing insolvency or debtor relief and such petition or proceeding is consented to or acquiesced in by the Plan or BCBSA or is not dismissed within sixty (60) days of the date upon which the petition or other document
commencing the proceeding is served upon the Plan or BCBSA respectively, or (iii) an order for relief is entered against the Plan or BCBSA in any case under the bankruptcy laws of the United States, or the Plan or BCBSA is adjudged bankrupt or
insolvent (as that term is defined in the Uniform Commercial Code as enacted in the state of Illinois) by any court of competent jurisdiction, or (iv) the Plan or BCBSA makes a general assignment of its assets for the benefit of creditors, or
(v) any government or any government official, office, agency, branch, or unit assumes control of the Plan or delinquency proceedings (voluntary or involuntary) are instituted, or (vi) an action is brought by the Plan or BCBSA seeking its
dissolution or liquidation of its assets or seeking the appointment of a trustee, interim trustee, receiver or other custodian for any of its property or business, or (vii) an action is instituted by any governmental entity or officer against
the Plan or BCBSA seeking its dissolution or liquidation of its assets or seeking appointment of a trustee, interim trustee, receiver or other custodian for any of its property or business and such action is consented to or acquiesced in by the Plan
or BCBSA or is not dismissed within one hundred thirty (130) days of the date upon which the pleading or other document commencing the action is served upon the Plan or BCBSA respectively, provided that if the action is stayed or its
prosecution is enjoined, the one hundred thirty (130) day period is tolled for the duration of the stay or injunction, and provided further, that the Association’s Board of Directors may toll or extend the 130 day period at any time prior
to its expiration, or (viii) a trustee, interim trustee, receiver or other custodian for any of the Plan’s or BCBSA’s property or business is appointed, or the Plan or BCBSA is ordered dissolved or liquidated, or (ix) the Plan
shall fail to pay its dues and shall not cure such failure within thirty (30) days of receiving written notice thereof, or (x) if, due to regulatory action, the Plan together with any applicable Controlled Affiliate becomes unable to do
business using the Names and Marks in any State or portion thereof included in its Service Area, provided that: (i) automatic termination shall not occur prior to the exhaustion by any such Plan of its rights to appeal or challenge such
regulatory action; and (ii) in the event the Plan is licensed to do business using the Names and Marks in multiple States or portions of States, the termination of its License Agreement shall be solely limited to the State(s) or portions
thereof in which the regulatory action applies. By not appealing or challenging such regulatory action within the time prescribed by law or regulation, and in any event no later than 120 days after such action is taken, a Plan shall be deemed to
have exhausted its rights to appeal or challenge, and automatic termination shall proceed. 

  

					
		  		  	
		  	-7-	  	

 Notwithstanding any other provision of this Agreement, a declaration or a request for declaration of the
existence of a trust over any of the Plan’s or BCBSA’s property or business shall not in itself be deemed to constitute or seek appointment of a trustee, interim trustee, receiver or other custodian for purposes of subparagraphs 15(a)(vii)
and (viii) of this Agreement. 

  

					
		  		  	Amended as of September 14, 2004
		  	-7a-	  	

 (b). BCBSA, or the Plans (as provided and in addition to the rights
conferred in Paragraph 10(b) above), may terminate this Agreement immediately upon written notice upon the occurrence of either of the following events: (a) the Plan or BCBSA becomes insolvent (as that term is defined in the Uniform
Commercial Code enacted in the state of Illinois), or (b) any final judgment against the Plan or BCBSA remains unsatisfied or unbonded of record for a period of sixty (60) days or longer. 

(c). If this License Agreement is terminated as to BCBSA for any reason stated in subparagraphs 15(a) and (b) above,
the ownership of the Licensed Marks shall revert to each of the Plans. 
 (d). Upon termination of this License
Agreement or any Controlled Affiliate License Agreement of a Larger Controlled Affiliate, as defined in Exhibit 1 to this License Agreement, the following conditions shall apply, except that, in the event of a partial termination of this Agreement
pursuant to Paragraph 15 (a)(x)(ii) of this Agreement, the notices, national account listing, payment and audit right listed below shall be applicable solely with respect to the geographic area for which the Plan’s license to use the Licensed
Names and Marks is terminated: 
  

	 	(i)	The terminated entity shall send a notice through the U.S. mails, with first class postage affixed, to all individual and group customers, providers, brokers and agents
of products or services sold, marketed, underwritten or administered by the terminated entity or its Controlled Affiliates under the Licensed Marks and Name. The form and content of the notice shall be specified by BCBSA and shall, at a minimum,
notify the recipient of the termination of the license, the consequences thereof, and instructions for obtaining alternate products or services licensed by BCBSA, subject to any conflicting state law and state regulatory requirements. This notice
shall be mailed within 15 days after termination or, if termination is pursuant to paragraph 10(c) of this Agreement, within 15 days after the written notice to BCBSA described in paragraph 10(c). 

 

	 	(ii)	The terminated entity shall deliver to BCBSA within five days of a request by BCBSA a listing of national accounts in which the terminated entity is involved (in a
Control, Participating or Servicing capacity), identifying the national account and the terminated entity’s role therein. For those accounts where the terminated entity is the Control Plan, the Plan must also indicate the Participating and
Servicing Plans in the national account syndicate. 

  

					
		  		  	Amended as of June 16, 2005
		  	-8-	  	

	 	(iii)	 Unless the cause of termination is an event stated in paragraph 15(a) or (b) above respecting BCBSA, the Plan and its Licensed Controlled
Affiliates shall be jointly liable for payment to BCBSA of an amount equal to the Re-Establishment Fee (described below) multiplied by the number of Licensed Enrollees of the terminated entity and its Licensed Controlled Affiliates; provided that if
any other Plan is permitted by BCBSA to use marks or names licensed by BCBSA in the Service Area established by this Agreement, the Re-Establishment Fee shall be multiplied by a fraction, the numerator of which is the number of Licensed Enrollees of
the terminated entity and its Licensed Controlled Affiliates and the denominator of which is the total number of Licensed Enrollees in the Service Area. The Re-Establishment Fee shall be indexed to a base fee of $80. The Re-Establishment Fee through
December 31, 2005 shall be $80. The Re-Establishment Fee for calendar years after December 31, 2005 shall be adjusted on January 1 of each calendar year up to and including January 1, 2010 and shall be the base fee multiplied by
100% plus the cumulative percentage increase or decrease in the Plans’ gross administrative expense (standard BCBSA definition) per Licensed Enrollee since December 31, 2004. The adjustment shall end on January 1, 2011, at which time
the Re-Establishment Fee shall be fixed at the then-current amount and no longer automatically adjusted. For example, if the Plans’ gross administrative expense per Licensed Enrollee was $278.60, $285.00 and $290.00 for calendar year end 2004,
2005 and 2006, respectively, the January 1, 2007 Re-Establishment Fee would be $83.27 (100% of the base fee plus $1.84 for calendar year 2005 and $1.43 for calendar year 2006). Licensed Enrollee means each and every person and covered dependent
who is enrolled as an individual or member of a group receiving products or services sold, marketed or administered under marks or names licensed by BCBSA as determined at the earlier of (a) the end of the last fiscal year of the terminated
entity which ended prior to termination or (b) the fiscal year which ended before any transactions causing the termination began. Notwithstanding the foregoing, the amount payable pursuant to this subparagraph (d)(iii) shall be due only

  

					
		  		  	Amended as of June 16, 2005
		  	-8a-	  	

	 	 
to the extent that, in BCBSA’s opinion, it does not cause the net worth of the Plan to fall below 100% of the Health Risk-Based Capital formula or its equivalent under any successor formula,
as set forth in the applicable financial responsibility standards established by BCBSA (provided such equivalent is approved for purposes of this sub paragraph by the affirmative vote of three-fourths of the Plans and three-fourths of the total then
current weighted vote of all the Plans), measured as of the date of termination and adjusted for the value of any transactions not made in the ordinary course of business. This payment shall not be due in connection with transactions exclusively by
or among Plan or their affiliates, including reorganizations, combinations or mergers, where the BCBSA Board of Directors determines that the license termination does not result in a material diminution in the number of Licensed Enrollees or the
extent of their coverage. At least 50% of the Re-Establishment Fee shall be awarded to the Plan (or Plans) that receive the new license(s) for the service area(s) at issue; provided, however, that such award shall not become due or payable until all
disputes, if any, regarding the amount of and BCBSA’s right to such Re-Establishment Fee have been finally resolved; and provided further that the award shall be based on the final amount actually received by BCBSA. The Board of Directors shall
adopt a resolution which it may amend from time to time that shall govern BCBSA’s use of its portion of the award. In the event that the terminated entity’s license is reinstated by BCBSA or is deemed to have remained in effect without
interruption by a court of competent jurisdicition, BCBSA shall reimburse the Plan (and/or its Licensed Controlled Affiliates, as the case may be) for payments made under this subparagraph only to the extent that such payments exceed the amounts due
to BCBSA pursuant to subparagraph 15(d)(vi) and any costs associated with reestablishing the Service Area, including any payments made by BCBSA to a Plan or Plans (or their Licensed Controlled Affiliates) for purposes of replacing the terminated
entity. 

  

	 	(iv)	 The terminated entity shall comply with all financial settlement procedures set forth in BCBSA’s License Termination Contingency Plan, as amended
from time 

  

					
		  		  	Amended as of June 16, 2005
		  	-8b-	  	

	 	 
to time and shall work diligently and in good faith with BCBSA, any Alternative Control Licensee or Replacement Licensee and any existing or potential new account for Blue-branded products and
services to minimize the disruption of termination, and honor, to the fullest extent possible, the desire of accounts to continue to receive or obtain Blue-branded products and services through a new Licensee (“Transition”). Such diligence
and good faith on the part of the terminated entity shall include, but not be limited to: (a) working cooperatively with BCBSA to protect the Names and Marks from potential harm; (b) cooperating with BCBSA’s use of the Names and Marks
in the terminated entity’s former service area during the termination and Transition; (c) transmitting, upon the request of an existing Blue account or of BCBSA with consent and on behalf of an existing Blue account, all member and
account-data relating to the Federal Employee Program to BCBSA, and all member and account data relating to other programs to an Alternative Control Licensee or Replacement Licensee; (d) working with BCBSA and the Alternative Control or
Replacement Licensee with respect to potential new Blue accounts headquartered in the terminated entity’s former service area; (e) continuing to service Blue accounts during the Transition; (f) continuing to comply with National
Programs, Federal Employee Program and NASCO policies and procedures and all voluntary BCBSA programs, policies and performance standards, such as Away From Home Care, including being responsible for payment of all penalties for non-compliance duly
levied in conformity with the License Agreements, Membership Standards, or the Federal Employee Program agreements, that may arise during the Transition; (g) maintaining and providing access to its provider networks, as defined by Federal
Employee Program agreements and National Account Program Policies and Provisions, and Inter-Plan Programs Policies and Provisions, and making those networks and discounts available to members and providers who participate in National Programs and
the Federal Employee Program during the Transition; (h) maintaining its technical connections and processing capabilities during the Transition; and (i) working diligently to conclude all financial settlements and account reconciliations
as negotiated in the termination transition agreement. 

  

					
		  		  	Amended as of November 16, 2006
		  	-8c-	  	

	 	(v)	Notwithstanding any other provision in this Agreement, BCBSA shall have the right, with the approval of its Board of Directors, to assess additional fines against the
terminated entity during the Transition in the event it fails to maintain and provide access to provider networks as defined by Federal Employee Program agreements, National Account Program Policies and Provisons, and Inter-Plans Programs Policies
and Provisions, and/or pass on applicable discounts. Such fines shall be in addition to any other assessments, fees or liquidated damages payable herein, or under existing policies and programs and shall be imposed to make whole BCBSA and/or the
Plans. Terminated entity shall pay any such fines to BCBSA no later than 30 days after they are approved by the Board of Directors. 

  

	 	(vi)	BCBSA shall have the right to examine and audit and/or hire at terminated entity’s expense a third-party auditor to examine and audit the books and records of the
terminated entity and its Licensed Controlled Affiliates to verify compliance with the terms and requirements of this paragraph 15(d). 

  

	 	(vii)	Subsequent to termination of this Agreement, the terminated entity and its affiliates, agents, and employees shall have an ongoing and continuing obligation to protect
all BCBSA and Blue Licensee data that was acquired or accessed during the period this Agreement was in force, including but not limited to all confidential processes, pricing, provider, discount and other strategic and competitively sensitive
information (“Blue Information”) from disclosure, and shall not, either alone or with another entity, disclose such Blue Information or use it in any manner to compete without the express written permission of BCBSA.

  

	 	(viii)	As to a breach of 15 (d) (i), (ii), (iii), (iv), (vi), or (vii) the parties agree that the obligations are immediately enforceable in a court of competent
jurisdiction. As to a breach of 15 (d) (i), (ii), (iv), (vi), or (vii) by the Plan, the parties agree there is no adequate remedy at law and BCBSA is entitled to obtain specific performance. 

  

					
		  		  	Amended as of November 16, 2006
		  	-8d-	  	

	 	(ix)	In the event that the terminated entity’s license is reinstated by BCBSA or is deemed to have remained in effect without interruption by a court of competent
jurisdiction, the Plan and its Licensed Controlled Affiliates shall be jointly liable for reimbursing BCBSA the reasonable costs incurred by BCBSA in connection with the termination and the reinstatement or court action, and any associated legal
proceedings, including but not limited to: outside legal fees, consulting fees, public relations fees, advertising costs, and costs incurred to develop, lease or establish an interim provider network. Any amount due to BCBSA under this subparagraph
may be waived in whole or in part by the BCBSA Board of Directors in its sole discretion. 

 (e).
BCBSA shall be entitled to enjoin the Plan or any related party in a court of competent jurisdiction from entry into any transaction which would result in a termination of this License Agreement unless the License Agreement has been terminated
pursuant to paragraph 10 (d) of this Agreement upon the required six (6) month written notice. 
 (f).
BCBSA acknowledges that it is not the owner of assets of the Plan. 

  

					
		  		  	Amended as of June 16, 2005
		  	-8e-	  	

 16. This Agreement supersedes any and all other agreements between the parties with respect
to the subject matter herein, and contains all of the covenants and agreements of the parties as to the licensing of the Licensed Marks and Name. This Agreement may be amended only by the affirmative vote of three-fourths of the Plans and
three-fourths of the total then current weighted vote of all the Plans as officially recorded by the BCBSA Corporate Secretary. 

17. If any provision or any part of any provision of this Agreement is judicially declared unlawful, each and every other provision, or
any part of any provision, shall continue in full force and effect notwithstanding such judicial declaration. 
 18. No waiver
by BCBSA or the Plan of any breach or default in performance on the part of BCBSA or the Plan or any other licensee of any of the terms, covenants or conditions of this Agreement shall constitute a waiver of any subsequent breach or default in
performance of said terms, covenants or conditions. 
 19a. All notices provided for hereunder shall be in writing and shall be
sent in duplicate by regular mail to BCBSA or the Plan at the address currently published for each by BCBSA and shall be marked respectively to the attention of the President and, if any, the General Counsel, of BCBSA or the Plan. 

 

  

					
		  		  	Amended as of November 20, 1997
		  	-8f-	  	

 19b. Except as provided in paragraphs 9(b), 9(d)(iii), 15(a), and 15(b) above, this
Agreement may be terminated for a breach only upon at least 30 days’ written notice to the Plan advising of the specific matters at issue and granting the Plan an opportunity to be heard and to present its response to the Member Plans.

 19c. For all provisions of this Agreement referring to voting, the term ‘Plans’ shall mean all entities licensed
under the Blue Cross License Agreement and/or the Blue Shield License Agreement, and in all votes of the Plans under this Agreement the Plans shall vote together. For weighted votes of the Plans, the Plan shall have a number of votes equal to the
number of weighted votes (if any) that it holds as a Blue Cross Plan plus the number of weighted votes (if any) that it holds as a Blue Shield Plan. For all other votes of the Plans, the Plan shall have one vote. For all questions requiring an
affirmative three-fourths weighted vote of the Plans, the requirement shall be deemed satisfied with a lesser weighted vote unless the greater of: (i) 6/52 or more of the Plans (rounded to the nearest whole number, with 0.5 or multiples thereof
being rounded to the next higher whole number) fail to cast weighted votes in favor of the question; or (ii) three (3) of the Plans fail to cast weighted votes in favor of the question. Notwithstanding the foregoing provision, if there are
thirty-nine (39) Plans, the requirement of an affirmative three-fourths weighted vote shall be deemed satisfied with a lesser weighted vote unless four (4) or more Plans fail to cast weighted votes in favor of the question. 

  

					
		  		  	 Amended as of June 16, 2005

 
 (The next page is page 9)

		  	-8g-	  	

 20. Nothing herein contained shall be construed to constitute the parties hereto as partners
or joint venturers, or either as the agent of the other, and Plan shall have no right to bind or obligate BCBSA in any way, nor shall it represent that it has any right to do so. BCBSA shall have no liability to third parties with respect to any
aspect of the business, activities, operations, products, or services of the Plan. 
 21. This Agreement shall be governed,
construed and interpreted in accordance with the laws of the State of Illinois. 
 IN WITNESS WHEREOF, the parties have caused this License
Agreement to be executed, effective as of the date of last signature written below. 
  

			
	BLUE CROSS AND BLUE SHIELD ASSOCIATION
		
	By	 	 
		
	Title	 	 
		
	Date	 	 
	
	Plan:
		
	By	 	 
		
	Title	 	 
		
	Date	 	 

  

					
		  		  	
		  	-9-	  	

 EXHIBIT 1 
 BLUE SHIELD 
 CONTROLLED AFFILIATE LICENSE AGREEMENT 

(Includes revisions adopted by Member Plans through their November 18, 2010 meeting) 

This Agreement by and among Blue Cross and Blue Shield Association (“BCBSA”) and
                     (“Controlled Affiliate”), a Controlled Affiliate of the Blue Shield Plan(s), known as
                     (“Plan”), which is also a Party signatory hereto. 

WHEREAS, BCBSA is the owner of the BLUE SHIELD and BLUE SHIELD Design service marks; 

WHEREAS, Plan and Controlled Affiliate desire that the latter be entitled to use the BLUE SHIELD and BLUE SHIELD Design service marks
(collectively the “Licensed Marks”) as service marks and be entitled to use the term BLUE SHIELD in a trade name (“Licensed Name”); 
 NOW THEREFORE, in consideration of the foregoing and the mutual agreements hereinafter set forth and for other good and valuable consideration, the receipt and sufficiency of which are hereby
acknowledged, the parties hereby agree as follows: 
  

	 	1.	GRANT OF LICENSE 

Subject to the terms and conditions of this Agreement, BCBSA hereby grants to Controlled Affiliate the right to use the Licensed Marks and
Name in connection with, and only in connection with: (i) health care plans and related services, as defined in BCBSA’s License Agreement with Plan, and administering the non-health portion of workers’ compensation insurance, and
(ii) underwriting the indemnity portion of workers’ compensation insurance, provided that Controlled Affiliate’s total premium revenue comprises less than 15 percent of the sponsoring Plan’s net subscription revenue. 

This grant of rights is non-exclusive and is limited to the Service Area served by the Plan. Controlled Affiliate may use the Licensed Marks and Name in
its legal name on the following conditions: (i) the legal name must be approved in advance, in writing, by BCBSA; (ii) Controlled Affiliate shall not do business outside the Service Area under any name or mark; and (iii) Controlled
Affiliate shall not use the Licensed Marks and Name, or any derivative thereof, as part of any name or symbol used to identify itself in any securities market. Controlled Affiliate may use the Licensed Marks and Name in its Trade Name only with the
prior, written, consent of BCBSA. 
  

	 	2.	QUALITY CONTROL 

A. Controlled Affiliate agrees to use the Licensed Marks and Name only in connection with the licensed services and further agrees to be
bound by the conditions regarding quality control shown in attached Exhibit A as they may be amended by BCBSA from time-to-time. 

  

					
		  		  	Amended as of November 16, 2000
		  		  	

 B. Controlled Affiliate agrees to comply with all applicable federal, state and local laws.

 C. Controlled Affiliate agrees that it will provide on an annual basis (or more often if reasonably required by Plan or by
BCBSA) a report or reports to Plan and BCBSA demonstrating Controlled Affiliate’s compliance with the requirements of this Agreement including but not limited to the quality control provisions of this paragraph and the attached Exhibit A.

 D. Controlled Affiliate agrees that Plan and/or BCBSA may, from time-to- time, upon reasonable notice, review and inspect the
manner and method of Controlled Affiliate’s rendering of service and use of the Licensed Marks and Name. 
 E. As used
herein, a Controlled Affiliate is defined as an entity organized and operated in such a manner, that it meets the following requirements: 
 (1)
A Plan or Plans authorized to use the Licensed Marks in the Service Area of the Controlled Affiliate pursuant to separate License Agreement(s) with BCBSA, other than such Controlled Affiliate’s License Agreement(s), (the “Controlling
Plan(s)”), must have the legal authority directly or indirectly through wholly-owned subsidiaries to select members of the Controlled Affiliate’s governing body having not less than 50% voting control thereof and to: 

(a) prevent any change in the articles of incorporation, bylaws or other establishing or governing documents of the Controlled Affiliate
with which the Controlling Plan(s) do(es) not concur; 
 (b) exercise control over the policy and operations of the Controlled
Affiliate at least equal to that exercised by persons or entities (jointly or individually) other than the Controlling Plan(s); and 

Notwithstanding anything to the contrary in (a) through (b) hereof, the Controlled Affiliate’s establishing or governing documents must
also require written approval by the Controlling Plan(s) before the Controlled Affiliate can: 
  

	 	(i)	change its legal and/or trade names; 

  

	 	(ii)	change the geographic area in which it operates; 

  

	 	(iii)	change any of the type(s) of businesses in which it engages; 

  

					
		  		  	
		  	2	  	

	 	(iv)	create, or become liable for by way of guarantee, any indebtedness, other than indebtedness arising in the ordinary course of business; 

 

	 	(v)	sell any assets, except for sales in the ordinary course of business or sales of equipment no longer useful or being replaced; 

 

	 	(vi)	make any loans or advances except in the ordinary course of business; 

  

	 	(vii)	enter into any arrangement or agreement with any party directly or indirectly affiliated with any of the owners or persons or entities with the authority to select or
appoint members or board members of the Controlled Affiliate, other than the Plan or Plans (excluding owners of stock holdings of under 5% in a publicly traded Controlled Affiliate); 

 

	 	(viii)	conduct any business other than under the Licensed Marks and Name; 

  

	 	(ix)	take any action that any Controlling Plan or BCBSA reasonably believes will adversely affect the Licensed Marks and Name. 

In addition, a Plan or Plans directly or indirectly through wholly owned subsidiaries shall own at least 50% of any for-profit Controlled Affiliate.

 Or 
 (2) A Plan or
Plans authorized to use the Licensed Marks in the Service Area of the Controlled Affiliate pursuant to separate License Agreement(s) with BCBSA, other than such Controlled Affiliate’s License Agreement(s), (the “Controlling Plan(s)”),
have the legal authority directly or indirectly through wholly-owned subsidiaries to select members of the Controlled Affiliate’s governing body having more than 50% voting control thereof and to: 

 

	 	(a)	prevent any change in the articles of incorporation, bylaws or other establishing or governing documents of the Controlled Affiliate with which the Controlling Plan(s)
do(es) not concur; 

  

	 	(b)	exercise control over the policy and operations of the Controlled Affiliate. 

 In addition, a Plan or Plans directly or indirectly through wholly-owned subsidiaries shall own more than 50% of any for-profit Controlled Affiliate. 

  

					
		  		  	
		  	3	  	

	 	3.	SERVICE MARK USE 

A. Controlled Affiliate recognizes the importance of a comprehensive national network of independent BCBSA licensees which are committed
to strengthening the Licensed Marks and Name. The Controlled Affiliate further recognizes that its actions within its Service Area may affect the value of the Licensed Marks and Name nationwide. 

B. Controlled Affiliate shall at all times make proper service mark use of the Licensed Marks and Name, including but not limited to use
of such symbols or words as BCBSA shall specify to protect the Licensed Marks and Name and shall comply with such rules (generally applicable to Controlled Affiliates licensed to use the Licensed Marks and Name) relative to service mark use, as are
issued from time-to-time by BCBSA. Controlled Affiliate recognizes and agrees that all use of the Licensed Marks and Name by Controlled Affiliate shall inure to the benefit of BCBSA. 

C. Controlled Affiliate may not directly or indirectly use the Licensed Marks and Name in a manner that transfers or is intended to
transfer in the Service Area the goodwill associated therewith to another mark or name, nor may Controlled Affiliate engage in activity that may dilute or tarnish the unique value of the Licensed Marks and Name. 

D. If Controlled Affiliate meets the standards of 2E(1) but not 2E(2) above and any of Controlled Affiliate’s advertising or
promotional material is reasonably determined by BCBSA and/or the Plan to be in contravention of rules and regulations governing the use of the Licensed Marks and Name, Controlled Affiliate shall for ninety (90) days thereafter obtain prior
approval from BCBSA of advertising and promotional efforts using the Licensed Marks and Name, approval or disapproval thereof to be forthcoming within five (5) business days of receipt of same by BCBSA or its designee. In all advertising and
promotional efforts, Controlled Affiliate shall observe the Service Area limitations applicable to Plan. 
 E. Notwithstanding
any other provision in the Plan’s License Agreement with BCBSA or in this Agreement, Controlled Affiliate shall use its best efforts to promote and build the value of the Licensed Marks and Name. 

  

					
		  		  	
		  	4	  	

	 	4.	SUBLICENSING AND ASSIGNMENT 

 Controlled Affiliate shall not, directly or indirectly, sublicense, transfer, hypothecate, sell, encumber or mortgage, by operation of law or otherwise, the rights granted hereunder and any such act shall
be voidable at the sole option of Plan or BCBSA. This Agreement and all rights and duties hereunder are personal to Controlled Affiliate. 
  

	 	5.	INFRINGEMENT 

Controlled Affiliate shall promptly notify Plan and Plan shall promptly notify BCBSA of any suspected acts of infringement, unfair
competition or passing off that may occur in relation to the Licensed Marks and Name. Controlled Affiliate shall not be entitled to require Plan or BCBSA to take any actions or institute any proceedings to prevent infringement, unfair competition or
passing off by third parties. Controlled Affiliate agrees to render to Plan and BCBSA, without charge, all reasonable assistance in connection with any matter pertaining to the protection of the Licensed Marks and Name by BCBSA. 

 

	 	6.	LIABILITY INDEMNIFICATION 

 Controlled Affiliate and Plan hereby agree to save, defend, indemnify and hold BCBSA harmless from and against all claims, damages, liabilities and costs of every kind, nature and description (except
those arising solely as a result of BCBSA’s negligence) that may arise as a result of or related to Controlled Affiliate’s rendering of services under the Licensed Marks and Name. 

 

	 	7.	LICENSE TERM 

 A.
Except as otherwise provided herein, the license granted by this Agreement shall remain in effect for a period of one (1) year and shall be automatically extended for additional one (1) year periods unless terminated pursuant to the
provisions herein. 
 B. This Agreement and all of Controlled Affiliate’s rights hereunder shall immediately terminate
without any further action by any party or entity in the event that: (i) the Plan ceases to be authorized to use the Licensed Marks and Name; or (ii) pursuant to Paragraph 15(a)(x) of the Blue Cross License Agreement the Plan ceases to be
authorized to use the Licensed Names and Marks in the geographic area served by the Controlled Affiliate provided, however, that if the Controlled Affiliate is serving more than one State or portions thereof, the termination of this Agreement shall
be limited to the State(s) or portions thereof in which the Plan’s license to use the Licensed Marks and Names is terminated. By not appealing or challenging such regulatory action within the time prescribed by law or regulation, and in any
event no later than 120 days after such action is taken, a Plan shall be deemed to have exhausted its rights to appeal or challenge, and automatic termination shall proceed. 

  

					
		  		  	Amended as of September 14, 2004
		  	5	  	

 C. Notwithstanding any other provision of this Agreement, this license to use the Licensed
Marks and Name may be forthwith terminated by the Plan or the affirmative vote of the majority of the Board of Directors of BCBSA present and voting at a special meeting expressly called by BCBSA for the purpose on ten (10) days written notice
to the Plan advising of the specific matters at issue and granting the Plan an opportunity to be heard and to present its response to the Board for: (1) failure to comply with any applicable minimum capital or liquidity requirement under the
quality control standards of this Agreement; or (2) failure to comply with the “Organization and Governance” quality control standard of this Agreement; or (3) impending financial insolvency; or (4) for a Smaller Controlled
Affiliate (as defined in Exhibit A), failure to comply with any of the applicable requirements of Standards 2, 3, 4, 5 or 7 of attached Exhibit A; or (5) the pendency of any action instituted against the Controlled Affiliate seeking its
dissolution or liquidation of its assets or seeking appointment of a trustee, interim trustee, receiver or other custodian for any of its property or business or seeking the declaration or establishment of a trust for any of its property or
business, unless this Controlled Affiliate License Agreement has been earlier terminated under paragraph 7(e); or (6) failure by a Controlled Affiliate that meets the standards of 2E(1) but not 2E(2) above to obtain BCBSA’s written consent
to a change in the identity of any owner, in the extent of ownership, or in the identity of any person or entity with the authority to select or appoint members or board members, provided that as to publicly traded Controlled Affiliates this
provision shall apply only if the change affects a person or entity that owns at least 5% of the Controlled Affiliate’s stock before or after the change; or (7) such other reason as is determined in good faith immediately and irreparably
to threaten the integrity and reputation of BCBSA, the Plans, any other licensee including Controlled Affiliate and/or the Licensed Marks and Name. 
 D. Except as otherwise provided in Paragraphs 7(B), 7(C) or 7(E) herein, should Controlled Affiliate fail to comply with the provisions of this Agreement and not cure such failure within thirty
(30) days of receiving written notice thereof (or commence a cure within such thirty day period and continue diligent efforts to complete the cure if such curing cannot reasonably be completed within such thirty day period) BCBSA or the Plan
shall have the right to issue a notice that the Controlled Affiliate is in a state of noncompliance. If a state of noncompliance as aforesaid is undisputed by the Controlled Affiliate or is found to exist by a mandatory dispute resolution panel and
is uncured as provided above, BCBSA shall have the right to seek judicial enforcement of the Agreement or to issue a notice of termination thereof. Notwithstanding any other provisions of this Agreement, any disputes as to the termination of this
License pursuant to Paragraphs 7(B), 7(C) or 7(E) of this Agreement shall not be subject to mediation and mandatory dispute resolution. All other disputes between BCBSA, the Plan and/or Controlled Affiliate shall be submitted promptly to mediation
and mandatory dispute resolution. The mandatory dispute resolution panel shall have authority to issue orders for specific performance and assess monetary penalties. Except, however, as provided in Paragraphs 7(B) and 7(E) of this Agreement, this
license to use the Licensed Marks and Name may not be finally terminated for any reason without the affirmative vote of a majority of the present and voting members of the Board of Directors of BCBSA. 

  

					
		  		  	
		  	6	  	

 E. This Agreement and all of Controlled Affiliate’s rights hereunder shall immediately
terminate without any further action by any party or entity in the event that: 
 (1) Controlled Affiliate shall no longer
comply with item 2(E) above; 
 (2) Appropriate dues, royalties and other payments for Controlled Affiliate pursuant to
paragraph 9 hereof, which are the royalties for this License Agreement, are more than sixty (60) days in arrears to BCBSA; or 
 (3) Any of the following events occur: (i) a voluntary petition shall be filed by Controlled Affiliate seeking bankruptcy, reorganization, arrangement with creditors or other relief under the
bankruptcy laws of the United States or any other law governing insolvency or debtor relief, or (ii) an involuntary petition or proceeding shall be filed against Controlled Affiliate seeking bankruptcy, reorganization, arrangement with
creditors or other relief under the bankruptcy laws of the United States or any other law governing insolvency or debtor relief and such petition or proceeding is consented to or acquiesced in by Controlled Affiliate or is not dismissed within sixty
(60) days of the date upon which the petition or other document commencing the proceeding is served upon the Controlled Affiliate, or (iii) an order for relief is entered against Controlled Affiliate in any case under the bankruptcy laws
of the United States, or Controlled Affiliate is adjudged bankrupt or insolvent as those terms are defined in the Uniform Commercial Code as enacted in the State of Illinois by any court of competent jurisdiction, or (iv) Controlled Affiliate
makes a general assignment of its assets for the benefit of creditors, or (v) any government or any government official, office, agency, branch, or unit assumes control of Controlled Affiliate or delinquency proceedings (voluntary or
involuntary) are instituted, or (vi) an action is brought by Controlled Affiliate seeking its dissolution or liquidation of its assets or seeking the appointment of a trustee, interim trustee, receiver or other custodian for any of its property
or business, or (vii) an action is instituted by any governmental entity or officer against Controlled Affiliate seeking its dissolution or liquidation of its assets or seeking the appointment of a trustee, interim trustee, receiver or other
custodian for any of its property or business and such action is consented to or acquiesced in by Controlled Affiliate or is not dismissed within one hundred thirty (130) days of the date upon which the pleading or other document commencing the
action is served upon the Controlled Affiliate, provided that if the action is stayed or its prosecution is enjoined, the one hundred thirty (130) day period is tolled for the duration of the stay or injunction, and provided further, that the
Association’s Board of Directors may toll or extend the 130 day period at any time prior to its expiration, or (viii) a trustee, interim trustee, receiver or other custodian for any of Controlled Affiliate’s property or business is
appointed or the Controlled Affiliate is ordered dissolved or liquidated. Notwithstanding any other provision of this Agreement, a declaration or a request for declaration of the existence of a trust over any of the Controlled Affiliate’s
property or business shall not in itself be deemed to constitute or seek appointment of a trustee, interim trustee, receiver or other custodian for purposes of subparagraphs 7(e)(3)(vii) and (viii) of this Agreement. 

  

					
		  		  	Amended as of March 18, 2004
		  	7	  	

 F. Upon termination of this Agreement for cause or otherwise, Controlled Affiliate agrees
that it shall immediately discontinue all use of the Licensed Marks and Name, including any use in its trade name. 
 G. Upon
termination of this Agreement, Controlled Affiliate shall immediately notify all of its customers that it is no longer a licensee of BCBSA and, if directed by the Association’s Board of Directors, shall provide instruction on how the customer
can contact BCBSA or a designated licensee to obtain further information on securing coverage. The notification required by this paragraph shall be in writing and in a form approved by BCBSA. The BCBSA shall have the right to audit the terminated
entity’s books and records to verify compliance with this paragraph. 
 H. In the event this Agreement terminates pursuant
to 7(b) hereof, or in the event the Controlled Affiliate is a Larger Controlled Affiliate (as defined in Exhibit A), upon termination of this Agreement, the provisions of Paragraph 7.G. shall not apply and the following provisions shall apply,
except that, in the event of a partial termination of this Agreement pursuant to Paragraph 7(B)(ii) of this Agreement, the notices, national account listing, payment, and audit right listed below shall be applicable solely with respect to the
geographic area for which the Plan’s license to use the Licensed Names and Marks is terminated: 
 (1) The Controlled
Affiliate shall send a notice through the U.S. mails, with first class postage affixed, to all individual and group customers, providers, brokers and agents of products or services sold, marketed, underwritten or administered by the Controlled
Affiliate under the Licensed Marks and Name. The form and content of the notice shall be specified by BCBSA and shall, at a minimum, notify the recipient of the termination of the license, the consequences thereof, and instructions for obtaining
alternate products or services licensed by BCBSA, subject to any conflicting state law and state regulatory requirements. This notice shall be mailed within 15 days after termination. 

(2) The Controlled Affiliate shall deliver to BCBSA within five days of a request by BCBSA a listing of national accounts in which the
Controlled Affiliate is involved (in a control, participating or servicing capacity), identifying the national account and the Controlled Affiliate’s role therein. 
 (3) Unless the cause of termination is an event respecting BCBSA stated in paragraph 15(a) or (b) of the Plan’s license agreement with BCBSA to use the Licensed Marks and Name, the Controlled
Affiliate, the Plan, and any other Licensed Controlled Affiliates of the Plan shall be jointly liable for payment to BCBSA of an amount equal to the Re-Establishment Fee (described below) multiplied by the number of Licensed Enrollees of the
Controlled Affiliate; provided that if any other Plan is permitted by BCBSA to use marks or names licensed by BCBSA in the Service Area established by this Agreement, the Re-Establishment Fee shall be multiplied by a fraction, the numerator of which
is the number of Licensed Enrollees of the Controlled Affiliate, the Plan, and any other Licensed Controlled Affiliates and the denominator of which is the total number of Licensed Enrollees in the Service Area. 

  

					
		  		  	Amended as of June 16, 2005
		  	8	  	

 The Re-Establishment Fee shall be indexed to a base fee of $80. The Re-Establishment Fee through
December 31, 2005 shall be $80. The Re-Establishment Fee for calendar years after December 31, 2005 shall be adjusted on January 1 of each calendar year up to and including January 1, 2010 and shall be the base fee multiplied by
100% plus the cumulative percentage increase or decrease in the Plans’ gross administrative expense (standard BCBSA definition) per Licensed Enrollee since December 31, 2004. The adjustment shall end on January 1, 2011, at which time
the Re-Establishment Fee shall be fixed at the then-current amount and no longer automatically adjusted. For example, if the Plans’ gross administrative expense per Licensed Enrollee was $278.60, $285.00 and $290.00 for calendar year end 2004,
2005 and 2006, respectively, the January 1, 2007 Re-Establishment Fee would be $83.27 (100% of base fee plus $1.84 for calendar year 2005 and $1.43 for calendar year 2006. Licensed Enrollee means each and every person and covered dependent who
is enrolled as an individual or member of a group receiving products or services sold, marketed or administered under marks or names licensed by BCBSA as determined at the earlier of (i) the end of the last fiscal year of the terminated entity
which ended prior to termination or (ii) the fiscal year which ended before any transactions causing the termination began. Notwithstanding the foregoing, the amount payable pursuant to this subparagraph H. (3) shall be due only to the
extent that, in BCBSA’s opinion, it does not cause the net worth of the Controlled Affiliate, the Plan or any other Licensed Controlled Affiliates of the Plan to fall below 100% of the Health Risk-Based Capital formula, or its equivalent under
any successor formula, as set forth in the applicable financial responsibility standards established by BCBSA (provided such equivalent is approved for purposes of this sub paragraph by the affirmative vote of three-fourths of the Plans and
three-fourths of the total then current weighted vote of all the Plans); measured as of the date of termination, and adjusted for the value of any transactions not made in the ordinary course of business. This payment shall not be due in connection
with transactions exclusively by or among Plans or their affiliates, including reorganizations, combinations or mergers, where the BCBSA Board of Directors determines that the license termination does not result in a material diminution in the
number of Licensed Enrollees or the extent of their coverage. At least 50% of the Re-Establishment Fee shall be awarded to the Plan (or Plans) that receive the new license(s) for the service area(s) at issue; provided, however, that such award shall
not become due or payable until all disputes, if any, regarding the amount of and BCBSA’s right to such Re-Establishment Fee have been finally resolved; and provided further that the award shall be based on the final amount actually received by
BCBSA. The Board of Directors shall adopt a resolution which it may amend from time to time that shall govern BCBSA’s use of its portion of the award. In the event that the Controlled Affiliate’s license is reinstated by BCBSA or is deemed
to have remained in effect without interruption by a court of competent jurisdiction, BCBSA shall reimburse the Controlled Affiliate (and/or the Plan or its other Licensed Controlled Affiliates, as the case may be) for payments made under this
subparagraph 7.H.(3) only to the extent that such payments exceed the amounts due to BCBSA pursuant to paragraph 7.M. and any cost associated with reestablishing the Service Area, including any payments made by BCBSA to a Plan or Plans (or their
Licensed Controlled Affiliates) for purposes of replacing the Controlled Affiliate. 

  

					
		  		  	Amended as June 16, 2005
		  	9	  	

 (4) BCBSA shall have the right to examine and audit and/or hire at terminated entity’s
expense a third party auditor to examine and audit the books and records of the Controlled Affiliate, the Plan, and any other Licensed Controlled Affiliates of the Plan to verify compliance with this paragraph 7.H. 

(5) Subsequent to termination of this Agreement, the terminated entity and its affiliates, agents, and employees shall have an ongoing
and continuing obligation to protect all BCBSA and Blue Licensee data that was acquired or accessed during the period this Agreement was in force, including but not limited to all confidential processes, pricing, provider, discount and other
strategic and competitively sensitive information (“Blue Information”) from disclosure, and shall not, either alone or with another entity, disclose such Blue Information or use it in any manner to compete without the express written
permission of BCBSA. 
 (6) As to a breach of 7.H.(1), (2), (3), (4) or (5) the parties agree that the obligations are
immediately enforceable in a court of competent jurisdiction. As to a breach of 7.H.(1), (2) or (4) by the Controlled Affiliate, the parties agree there is no adequate remedy at law and BCBSA is entitled to obtain specific performance.

 I. This Agreement shall remain in effect until terminated by the Controlled Affiliate upon not less than eighteen
(18) months written notice to the Association or upon a shorter notice period approved by BCBSA in writing at its sole discretion, or until terminated as otherwise provided herein. 

J. In the event the Controlled Affiliate is a Smaller Controlled Affiliate (as defined in Exhibit A), the Controlled Affiliate agrees to
be jointly liable for the amount described in H.3.and M. hereof upon termination of the BCBSA license agreement of any Larger Controlled Affiliate of the Plan. 
 K. BCBSA shall be entitled to enjoin the Controlled Affiliate or any related party in a court of competent jurisdiction from entry into any transaction which would result in a termination of this
Agreement unless the Plan’s license from BCBSA to use the Licensed Marks and Names has been terminated pursuant to 10(d) of the Plan’s license agreement upon the required 6 month written notice. 

L. BCBSA acknowledges that it is not the owner of assets of the Controlled Affiliate. 

M. In the event that the Plan has more than 50 percent voting control of the Controlled Affiliate under Paragraph 2(E)(2) above and is a
Larger Controlled Affiliate (as defined in Exhibit A), then the vote called for in Paragraphs 7(C) and 7(D) above shall require the affirmative vote of three-fourths of the Plans and three-fourths of the total then current weighted vote of all the
Plans. 

  

					
		  		  	Amended as of June 16, 2005
		  	10	  	

 N. In the event this Agreement terminates and is subsequently reinstated by BCBSA or is
deemed to have remained in effect without interruption by a court of competent jurisdicition, the Controlled Affiliate, the Plan, and any other Licensed Controlled Affiliates of the Plan shall be jointly liable for reimbursing BCBSA the reasonable
costs incurred by BCBSA in connection with the termination and the reinstatement or court action, and any associated legal proceedings, including but not limited to: outside legal fees, consulting fees, public relations fees, advertising costs, and
costs incurred to develop, lease or establish an interim provider network. Any amount due to BCBSA under this subparagraph may be waived in whole or in part by the BCBSA Board of Directors in its sole discretion. 

 

	 	8.	DISPUTE RESOLUTION 

The parties agree that any disputes between them or between or among either of them and one or more Plans or Controlled Affiliates of
Plans that use in any manner the Blue Shield and Blue Shield Marks and Name are subject to the Mediation and Mandatory Dispute Resolution process attached to and made a part of Plan’s License from BCBSA to use the Licensed Marks and Name as
Exhibit 5 as amended from time-to-time, which documents are incorporated herein by reference as though fully set forth herein. 
  

	 	9.	LICENSE FEE 

Controlled Affiliate will pay to BCBSA a fee for this License determined pursuant to the formula(s) set forth in Exhibit B. 

 

	 	10.	JOINT VENTURE 

Nothing contained in the Agreement shall be construed as creating a joint venture, partnership, agency or employment relationship between
Plan and Controlled Affiliate or between either and BCBSA. 

  

					
		  		  	Amended as of September 20, 2007
		  	11	  	

	 	11.	NOTICES AND CORRESPONDENCE 

 Notices regarding the subject matter of this Agreement or breach or termination thereof shall be in writing and shall be addressed in duplicate to the last known address of each other party, marked
respectively to the attention of its President and, if any, its General Counsel. 
  

	 	12.	COMPLETE AGREEMENT 

This Agreement contains the complete understandings of the parties in relation to the subject matter hereof. This Agreement may only be
amended by the affirmative vote of three-fourths of the Plans and three-fourths of the total then current weighted vote of all the Plans as officially recorded by the BCBSA Corporate Secretary. 

 

	 	13.	SEVERABILITY 

 If
any term of this Agreement is held to be unlawful by a court of competent jurisdiction, such findings shall in no way affect the remaining obligations of the parties hereunder and the court may substitute a lawful term or condition for any unlawful
term or condition so long as the effect of such substitution is to provide the parties with the benefits of this Agreement. 
  

	 	14.	NONWAIVER 

 No
waiver by BCBSA of any breach or default in performance on the part of Controlled Affiliate or any other licensee of any of the terms, covenants or conditions of this Agreement shall constitute a waiver of any subsequent breach or default in
performance of said terms, covenants or conditions. 
  

	 	14A.	VOTING 

 For all provisions of this
Agreement referring to voting, the term ‘Plans’ shall mean all entities licensed under the Blue Cross License Agreement and/or the Blue Shield License Agreement, and in all votes of the Plans under this Agreement the Plans shall vote
together. For weighted votes of the Plans, the Plan shall have a number of votes equal to the number of weighted votes (if any) that it holds as a Blue Cross Plan plus the number of weighted votes (if any) that it holds as a Blue Shield Plan. For
all other votes of the Plans, the Plan shall have one vote. For all questions requiring an affirmative three-fourths weighted vote of the Plans, the requirement shall be deemed satisfied with a lesser weighted vote unless the greater of:
(i) 6/52 or more of the Plans (rounded to the nearest whole number, with 0.5 or multiples thereof being rounded to the next higher whole number) fail to cast weighted votes in favor of the question; or (ii) three (3) of the Plans fail
to cast weighted votes in favor of the question. Notwithstanding the foregoing provision, if there are thirty-nine (39) Plans, the requirement of an affirmative three-fourths weighted vote shall be deemed satisfied with a lesser weighted vote
unless four (4) or more Plans fail to cast weighted votes in favor of the question. 

  

					
		  		  	Amended as of June 16, 2005
		  	12	  	

 THIS PAGE IS INTENTIONALLY BLANK. 

  
 13 

	 	15.	GOVERNING LAW 

This Agreement shall be governed by, and construed and interpreted in accordance with, the laws of the State of Illinois. 

 

	 	16.	HEADINGS 

 The
headings inserted in this agreement are for convenience only and shall have no bearing on the interpretation hereof. 
 IN
WITNESS WHEREOF, the parties have caused this License Agreement to be executed and effective as of the date of last signature written below. 
  

			
	Controlled Affiliate:
		
	By:	 	 
		
	Date:	 	 
	
	Plan:
		
	By:	 	 
		
	Date:	 	 
	
	BLUE CROSS AND BLUE SHIELD ASSOCIATION
		
	By:	 	 
		
	Date:	 	 

  
 14 

 EXHIBIT A 
 CONTROLLED AFFILIATE LICENSE STANDARDS 
 November 2010 

PREAMBLE 
 The standards for licensing
Controlled Affiliates are established by BCBSA and are subject to change from time-to-time upon the affirmative vote of three-fourths (3/4) of the Plans and three-fourths (3/4) of the total weighted vote. Each licensed Plan is required to
use a standard Controlled Affiliate license form provided by BCBSA and to cooperate fully in assuring that the licensed Controlled Affiliate maintains compliance with the license standards. 
 The Controlled Affiliate License provides a flexible vehicle to accommodate the potential range of health and workers’ compensation related products and services Plan Controlled Affiliates provide.
The Controlled Affiliate License collapses former health Controlled Affiliate licenses (HCC, HMO, PPO, TPA, and IDS) into a single license using the following business-based criteria to provide a framework for license standards: 

 

	 	•	 	 Percent of Controlled Affiliate controlled by parent: Greater than 50 percent or 50 percent? 

 

	 	•	 	 Risk assumption: yes or no? 

  

	 	•	 	 Medical care delivery: yes or no? 

  

	 	•	 	 Size of the Controlled Affiliate: If the Controlled Affiliate has health or workers’ compensation administration business, does such business
constitute 15 percent or more of the parent’s and other licensed health subsidiaries’ member enrollment? 

  
 Amended as
of September 19, 2002 
 15 

 EXHIBIT A (continued) 

 

 For purposes of definition: 

 

	 	•	 	 A “smaller Controlled Affiliate:” (1) comprises less than fifteen percent (15%) of Plan’s and its licensed Controlled
Affiliates’ total member enrollment (as reported on the BCBSA Quarterly Enrollment Report, excluding rider and freestanding coverage, and treating an entity seeking licensure as licensed);* or (2) underwrites the indemnity portion of
workers’ compensation insurance and has total premium revenue less than 15 percent of the sponsoring Plan’s net subscription revenue. 

  

	 	•	 	 A “larger Controlled Affiliate” comprises fifteen percent (15%) or more of Plan’s and its licensed Controlled Affiliates’
total member enrollment (as reported on the BCBSA Quarterly Enrollment Report, excluding rider and freestanding coverage, and treating an entity seeking licensure as licensed.)* 

Changes in Controlled Affiliate status: 
 If
any Controlled Affiliate’s status changes regarding: its Plan ownership level, its risk acceptance or direct delivery of medical care, the Controlled Affiliate shall notify BCBSA within thirty (30) days of such occurrence in writing
and come into compliance with the applicable standards within six (6) months. 
 If a smaller Controlled Affiliate’s health and
workers’ compensation administration business reaches or surpasses fifteen percent (15%) of the total member enrollment of the Plan and licensed Controlled Affiliates, the Controlled Affiliate shall: 

  
 Amended as
of September 19, 2002 
 16 

 EXHIBIT A (continued) 

 

	1.	Within thirty (30) days, notify BCBSA of this fact in writing, including evidence that the Controlled Affiliate meets the minimum liquidity and capital (BCBSA
“Health Risk-Based Capital (HRBC)” as defined by the NAIC and state-established minimum reserve) requirements of the larger Controlled Affiliate Financial Responsibility standard; and 

 

	2.	Within six (6) months after reaching or surpassing the fifteen percent (15%) threshold, demonstrate compliance with all license requirements for a larger
Controlled Affiliate. 

 If a Controlled Affiliate that underwrites the indemnity portion of workers’ compensation insurance
receives a change in rating or proposed change in rating, the Controlled Affiliate shall notify BCBSA within 30 days of notification by the external rating agency. 

 

	*	For purposes of this calculation, 

 The
numerator equals: 
 Applicant Controlled Affiliate’s member enrollment, as defined in BCBSA’s Quarterly Enrollment Report (excluding
rider and freestanding coverage). 
 The denominator equals: 
 Numerator PLUS Plan and all other licensed Controlled Affiliates’ member enrollment, as reported in BCBSA’s Quarterly Enrollment Report (excluding rider and freestanding coverage). 

  
 Amended as
of September 19, 2002 
 17 

 EXHIBIT A (continued) 

 

 STANDARDS FOR LICENSED CONTROLLED AFFILIATES 

As described in Preamble section of Exhibit A to the Affiliate License Agreement, each controlled affiliate seeking licensure must answer four questions.
Depending on the controlled affiliate’s answers, certain standards apply: 
 1. What percent of the controlled affiliate is controlled by
the parent Plan? 
  

					
	More than 50%	  	50%	  	 100% and
Primary Business is
 Government Non-Risk

	ò	  	ò	  	ò

	Standard 1A, 4	  	Standard 1B, 4	  	Standard 4*, 10A

 

	*	Applicable only if using the names and marks. 

 IN ADDITION, 
 2. Is risk being assumed? 

 

											
	 	  	Yes	  	 	  	 	  	No	  	 
	

	  	ò
	  	

	  	

	  	ò
	  	

	 Controlled Affiliate underwrites any indemnity portion of workers’
compensation insurance

ò
 Standards 7A-7E, 12
	  	 Controlled Affiliate comprises < 15% of total member enrollment of Plan and its licensed affiliates, and does not underwrite the
indemnity portion of workers’ compensation insurance
  

ò
	  	 Controlled Affiliate comprises > 15% of total member enrollment of Plan and its licensed affiliates, and does not underwrite
the indemnity portion of workers’ compensation insurance
  

ò
	  	 Controlled Affiliate comprises < 15% of total member enrollment of Plan and its licensed affiliates

 
 ò
	  	 Controlled Affiliate comprises > 15% of total member enrollment of Plan and its licensed affiliates

ò
 Standard 6H
	  	 Controlled Affiliate’s Primary Business is Government Non-Risk

 
 ò
  
 Standard 10B

	 	  	Standard 2 (Guidelines 1.1,1.2) and Standard 11	  	Standard 6H	  	Standard 2 (Guidelines 1.1,1.3) and Standard 11	  	 	  	 

 IN ADDITION, 
 3. Is medical care being directly provided? 

 

			
	Yes	  	No
	ò	  	ò

	Standard 3A	  	Standard 3B

IN ADDITION, 
 4. If the
controlled affiliate has health or workers’ compensation administration business, does such business comprise 15% or more of the total member enrollment of Plan and its licensed controlled affiliates? 

 

									
	Yes	  	 	  	 	  	No	  	 
	ò
	  	

	  	

	  	ò
	  	

	Standards 6A-6J	  	 Controlled Affiliate is not a former primary licensee and elects to participate in BCBSA national programs

ò
	  	 Controlled Affiliate is a former primary licensee
 ò
	  	 Controlled Affiliate is not a former primary licensee and does not elect to participate in BCBSA national programs

ò
	  	 Controlled Affiliate’s Primary Business is Government Non-Risk

ò

	 	  	Standards 5,8,9B,12	  	Standards 5,8,9A,11,12	  	Standards 5,8,12	  	Standards 8, 10(C),12

  
 18 

 EXHIBIT A (continued) 

 

 Standard 1 - Organization and Governance 

 

	1A.)	The Standard for more than 50% Plan control is: 

A Controlled Affiliate shall be organized and operated in such a manner that a licensed Plan or Plans authorized to use the Licensed Marks in the Service
Area of the Controlled Affiliate pursuant to separate License Agreement(s) with BCBSA, other than such Controlled Affiliate’s License Agreement(s), (the “Controlling Plan(s)”), have the legal authority, directly or indirectly through
wholly-owned subsidiaries: 1) to select members of the Controlled Affiliate’s governing body having more than 50% voting control thereof; and 2) to prevent any change in the articles of incorporation, bylaws or other establishing or governing
documents of the Controlled Affiliate with which the Controlling Plan(s) do(es) not concur; and 3) to exercise control over the policy and operations of the Controlled Affiliate. In addition, a Plan or Plans directly or indirectly through
wholly-owned subsidiaries shall own more than 50% of any for-profit Controlled Affiliate. 
  

	1B.)	The Standard for 50% Plan control is: 

 A
Controlled Affiliate shall be organized and operated in such a manner that a licensed Plan or Plans authorized to use the Licensed Marks in the Service Area of the Controlled Affiliate pursuant to separate License Agreement(s) with BCBSA, other than
such Controlled Affiliate’s License Agreement(s), (the “Controlling Plan(s)”), have the legal authority, directly or indirectly through wholly-owned subsidiaries: 

 

	1)	to select members of the Controlled Affiliate’s governing body having not less than 50% voting control thereof; and 

 

	2)	to prevent any change in the articles of incorporation, bylaws or other establishing or governing documents of the Controlled Affiliate with which the Controlling
Plan(s) do(es) not concur; and 

  

	3)	to exercise control over the policy and operations of the Controlled Affiliate at least equal to that exercised by persons or entities (jointly or individually) other
than the Controlling Plan(s). 

  
 19 

 EXHIBIT A (continued) 

 

 Notwithstanding anything to the contrary in 1) through 3) hereof, the Controlled Affiliate’s
establishing or governing documents must also require written approval by the Controlling Plan(s) before the Controlled Affiliate can: 
  

	 	•	 	 change the geographic area in which it operates 

  

	 	•	 	 change its legal and/or trade names 

  

	 	•	 	 change any of the types of businesses in which it engages 

 

	 	•	 	 create, or become liable for by way of guarantee, any indebtedness, other than indebtedness arising in the ordinary course of business

  

	 	•	 	 sell any assets, except for sales in the ordinary course of business or sales of equipment no longer useful or being replaced

  

	 	•	 	 make any loans or advances except in the ordinary course of business 

 

	 	•	 	 enter into any arrangement or agreement with any party directly or indirectly affiliated with any of the owners or persons or entities with the
authority to select or appoint members or board members of the Controlled Affiliate, other than the Plan or Plans (excluding owners of stock holdings of under 5% in a publicly traded Controlled Affiliate) 

 

	 	•	 	 conduct any business other than under the Licensed Marks and Name 

 

	 	•	 	 take any action that any Controlling Plan or BCBSA reasonably believes will adversely affect the Licensed Marks and Name. 

In addition, a Plan or Plans directly or indirectly through wholly-owned subsidiaries shall own at least 50% of any for-profit Controlled Affiliate.

  
 20 

 EXHIBIT A (continued) 

 

 Standard 2 - Financial Responsibility 
 A Controlled Affiliate shall be operated in a manner that provides reasonable financial assurance that it can fulfill all of its contractual obligations to its customers. If a risk-assuming Controlled
Affiliate ceases operations for any reason, Blue Cross and/or Blue Cross Plan coverage will be offered to all Controlled Affiliate subscribers without exclusions, limitations or conditions based on health status. If a nonrisk-assuming Controlled
Affiliate ceases operations for any reason, sponsoring Plan(s) will provide for services to its (their) customers. The requirements of the preceding two sentences shall apply to all lines of business unless a line of business is specially exempted
from the requirement(s) by the BCBSA Board of Directors. 
 Standard 3 - State Licensure/Certification 

 

	3A.) 	The Standard for a Controlled Affiliate that employs, owns or contracts on a substantially exclusive basis for medical services is: 

A Controlled Affiliate shall maintain unimpaired licensure or certification for its medical care providers to operate under applicable state laws.

  

	3B.) 	The Standard for a Controlled Affiliate that does not employ, own or contract on a substantially exclusive basis for medical services is: 

A Controlled Affiliate shall maintain unimpaired licensure or certification to operate under applicable state laws. 

Standard 4 - Certain Disclosures 
 A
Controlled Affiliate shall make adequate disclosure in contracting with third parties and in disseminating public statements of 1) the structure of the Blue Cross and Blue Shield System; and 2) the independent nature of every licensee; and 3) the
Controlled Affiliate’s financial condition. 
 Standard 5 - Reports and Records for Certain Smaller Controlled Affiliates

 For a smaller Controlled Affiliate that does not underwrite the indemnity portion of workers’ compensation insurance, the Standard
is: 

  
 Amended as
of June 16, 2005 
 21 

 EXHIBIT A (continued) 

 

 A Controlled Affiliate and/or its licensed Plan(s) shall furnish, on a timely and accurate basis,
reports and records relating to these Standards and the License Agreements between BCBSA and Controlled Affiliate. 
 Standard 6 - Other
Standards for Larger Controlled Affiliates 
 Standards 6(A) - (I) that follow apply to larger Controlled Affiliates. 

Standard 6(A): Board of Directors 
 A
Controlled Affiliate Governing Board shall act in the interest of its Corporation in providing cost-effective health care services to its customers. A Controlled Affiliate shall maintain a governing Board, which shall control the Controlled
Affiliate, composed of a majority of persons other than providers of health care services, who shall be known as public members. A public member shall not be an employee of or have a financial interest in a health care provider, nor be a member of a
profession which provides health care services. 
 Standard 6(B): Responsiveness to Customers 

A Controlled Affiliate shall be operated in a manner responsive to customer needs and requirements. 

Standard 6(C): Participation in National Programs 
 A Controlled Affiliate shall effectively and efficiently participate in each national program as from time to time may be adopted by the Member Plans for the purposes of providing portability of
membership between the licensees and ease of claims processing for customers receiving benefits outside of the Controlled Affiliate’s Service Area. 
 Such programs are applicable to licensees, and include: 
  

	1.	Transfer Program; 

  

	2.	BlueCard Program; 

  
 22 

 EXHIBIT A (continued) 

 

	3.	Inter-Plan Teleprocessing System (ITS); 

  

	4.	National Account Programs; 

  

	5.	Business Associate Agreement for Blue Cross and Blue Shield Licensees, effective April 14, 2003; and 

 

	6.	Inter-Plan Medicare Advantage Program. 

Standard 6(D): Financial Performance Requirements 
 In addition to requirements under the national programs listed in Standard 6C: Participation in National Programs, a Controlled Affiliate shall take such action as required to ensure its financial
performance in programs and contracts of an inter-licensee nature or where BCBSA is a party. 
 Standard 6(E): Cooperation with Plan Performance
Response Process 
 A Controlled Affiliate shall cooperate with BCBSA’s Board of Directors and its Plan Performance and Financial Standards
Committee in the administration of the Plan Performance Response Process and in addressing Controlled Affiliate performance problems identified thereunder. 
 Standard 6(F): Independent Financial Rating 
 A Controlled Affiliate shall obtain a rating of its
financial strength from an independent rating agency approved by BCBSA’s Board of Directors for such purpose. 
 Standard 6(G): Local and
National Best Efforts 
 Notwithstanding any other provision in the Plan’s License Agreement with BCBSA or in this License Agreement,
during each year, a Controlled Affiliate shall use its best efforts to promote and build the value of the Blue Shield Mark. 
 Standard 6(H):
Financial Responsibility 
 A Controlled Affiliate shall be operated in a manner that provides reasonable financial assurance that it can
fulfill all of its contractual obligations to its customers. 

  
 Amended as
of November 15, 2007 
 23 

 EXHIBIT A (continued) 

 

 Standard 6(I): Reports and Records 
 A Controlled Affiliate shall furnish to BCBSA on a timely and accurate basis reports and records relating to compliance with these Standards and the License Agreements between BCBSA and Controlled
Affiliate. Such reports and records are the following: 
  

	A)	BCBSA Controlled Affiliate Licensure Information Request; and 

  

	B)	Biennial trade name and service mark usage material, including disclosure material; and 

 

	C)	Changes in the ownership and governance of the Controlled Affiliate, including changes in its charter, articles of incorporation, or bylaws, changes in a Controlled
Affiliate’s Board composition, or changes in the identity of the Controlled Affiliate’s Principal Officers, and changes in risk acceptance, contract growth, or direct delivery of medical care; and 

 

	D)	Quarterly Financial Report, Semi-annual “Health Risk-Based Capital (HRBC) Report” as defined by the NAIC, Annual Financial Forecast, Annual Certified Audit
Report, Insurance Department Examination Report, Annual Statement filed with State Insurance Department (with all attachments), and 

  

	E)	Quarterly Enrollment Report. 

  
 Amended as
of March 14, 2002 
 24 

 EXHIBIT A (continued) 

 

 Standard 6(J): Control by Unlicensed Entities Prohibited 

No Controlled Affiliate shall cause or permit an entity other than a Plan or a Licensed Controlled Affiliate thereof to obtain control of the Controlled
Affiliate or to acquire a substantial portion of its assets related to licensable services. 
 Standard 7 - Other Standards for Risk-Assuming
Workers’ Compensation Controlled Affiliates 
 Standards 7(A) - (E) that follow apply to Controlled Affiliates that underwrite the
indemnity portion of workers’ compensation insurance. 
 Standard 7 (A): Financial Responsibility 

A Controlled Affiliate shall be operated in a manner that provides reasonable financial assurance that it can fulfill all of its contractual obligations
to its customers. 
 Standard 7(B): Reports and Records 
 A Controlled Affiliate shall furnish, on a timely and accurate basis, reports and records relating to compliance with these Standards and the License Agreements between BCBSA and the Controlled Affiliate.
Such reports and records are the following: 
  

	A.	BCBSA Controlled Affiliate Licensure Information Request; and 

  

	B.	Biennial trade name and service mark usage materials, including disclosure materials; and 

 

	C.	Annual Certified Audit Report, Annual Statement as filed with the State Insurance Department (with all attachments), Annual NAIC’s Risk-Based Capital Worksheets
for Property and Casualty Insurers, Annual Financial Forecast; and 

  

	D.	Quarterly Financial Report, Quarterly Estimated Risk-Based Capital for Property and Casualty Insurers, Insurance Department Examination Report, Quarterly Enrollment
Report; and 

  

  
 Amended as
of September 19, 2002 
 25 

 EXHIBIT A (continued) 

 

	E.	Notification of all changes and proposed changes to independent ratings within 30 days of receipt and submission of a copy of all rating reports; and

  

	F.	Changes in the ownership and governance of the Controlled Affiliate including changes in its charter, articles of incorporation, or bylaws, changes in a Controlled
Affiliate’s Board composition, Plan control, state license status, operating area, the Controlled Affiliate’s Principal Officers or direct delivery of medical care. 

 Standard 7(C): Loss Prevention 
 A Controlled Affiliate shall apply loss prevention protocol to
both new and existing business. 
 Standard 7(D): Claims Administration 
 A Controlled Affiliate shall maintain an effective claims administration process that includes all the necessary functions to assure prompt and proper resolution of medical and indemnity claims.

 Standard 7(E): Disability and Provider Management 
 A Controlled Affiliate shall arrange for the provision of appropriate and necessary medical and rehabilitative services to facilitate early intervention by medical professionals and timely and appropriate
return to work. 
  

  
 Amended as
of November 16, 2000 
 26 

 EXHIBIT A (continued) 

 

 Standard 8 - Cooperation with Controlled Affiliate License Performance Response Process Protocol

 A Controlled Affiliate and its Sponsoring Plan(s) shall cooperate with BCBSA’s Board of Directors and its Plan Performance and
Financial Standards Committee in the administration of the Controlled Affiliate License Performance Response Process Protocol (ALPRPP) and in addressing Controlled Affiliate compliance problems identified thereunder. 

Standard 9(A) - Participation in National Programs by Smaller Controlled Affiliates that were former Primary Licensees 

A smaller controlled affiliate that formerly was a Primary Licensee shall effectively and efficiently participate in certain national programs from time
to time as may be adopted by Member Plans for the purposes of providing ease of claims processing for customers receiving benefits outside of the Controlled Affiliate’s service area and be subject to certain relevant financial and reporting
requirements. 
  

	A.	National program requirements include: 

  

	 	•	 	 BlueCard Program; 

  

	 	•	 	 Inter-Plan Teleprocessing System (ITS); 

  

	 	•	 	 Transfer Program; 

  

	 	•	 	 National Account Programs. 

  

	B.	Financial Requirements include: 

  

	 	•	 	 Standard 6(D): Financial Performance Requirements and Standard 6(H): Financial Responsibility; or 

 

	 	•	 	 A financial guarantee covering the Controlled Affiliate’s Inter-Plan Programs obligations in a form, and from a guarantor, acceptable to BCBSA.

  

  
 Amended as
of November 15, 2007 
 27 

 EXHIBIT A (continued) 

 

 Standard 9(A) - Participation in National Programs by Smaller Controlled Affiliates that were former
Primary Licensees 
  

	C.	Reporting requirements include: 

  

	 	•	 	 The Semi-annual Health Risk-Based Capital (HRBC) Report. 

  

  
 Amended as
of June 13, 2002 
 28 

 Exhibit A (continued) 

 

 Standard 9(B) - Participation in National Programs by Smaller Controlled Affiliates 

A smaller controlled affiliate that voluntarily elects to participate in national programs in accordance with BlueCard and other relevant Policies and
Provisions shall effectively and efficiently participate in national programs from time to time as may be adopted by Member Plans for the purposes of providing ease of claims processing for customers receiving benefits outside of the controlled
affiliate’s service area and be subject to certain relevant financial and reporting requirements. 
  

	A.	National program requirements include: 

  

	 	•	 	 BlueCard Program; 

  

	 	•	 	 Inter-Plan Teleprocessing System (ITS); 

  

	 	•	 	 National Account Programs. 

  

	B.	Financial Requirements include: 

  

	 	•	 	 Standard 6(D): Financial Performance Requirements and Standard 6(H): Financial Responsibility; or 

 

	 	•	 	 A financial guarantee covering the Controlled Affiliate’s Inter-Plan Programs obligations in a form, and from a guarantor, acceptable to BCBSA.

  
 Amended as
of November 15, 2007 
 29 

 EXHIBIT A (continued) 

 

 Standard 10 - Other Standards for Controlled Affiliates Whose Primary Business is Government Non-Risk

 Standards 10(A) - (C) that follow apply to Controlled Affiliates whose primary business is government non-risk. 

Standard 10(A) - Organization and Governance 

A Controlled Affiliate shall be organized and operated in such a manner that it is 1) wholly owned by a licensed Plan or Plans and 2) the sponsoring
licensed Plan or Plans have the legal ability to prevent any change in the articles of incorporation, bylaws or other establishing or governing documents of the Controlled Affiliate with which it does not concur. 

  
 30 

 EXHIBIT A (continued) 

 

 Standard 10(B) - Financial Responsibility 
 A Controlled Affiliate shall be operated in a manner that provides reasonable financial assurance that it can fulfill all of its contractual obligations to its customers. 

Standard 10(C):- Reports and Records 
 A
Controlled Affiliate shall furnish, on a timely and accurate basis, reports and records relating to compliance with these Standards and the License Agreements between BCBSA and the Controlled Affiliate. Such reports and records are the following:

  

	A.	BCBSA Affiliate Licensure Information Request; and 

  

	B.	Biennial trade name and service mark usage materials, including disclosure material; and 

 

	C.	Annual Certified Audit Report, Annual Statement (if required) as filed with the State Insurance Department (with all attachments), Annual NAIC Risk-Based Capital
Worksheets (if required) as filed with the State Insurance Department (with all attachments), and Insurance Department Examination Report (if applicable)*; and 

 

	D.	Changes in the ownership and governance of the Controlled Affiliate, including changes in its charter, articles of incorporation, or bylaws, changes in the Controlled
Affiliate’s Board composition, Plan control, state license status, operating area, the Controlled Affiliate’s Principal Officers or direct delivery of medical care. 

  
 31 

 EXHIBIT A (continued) 

 

 Standard 11 - Participation in Inter-Plan Medicare Advantage Program 

A smaller controlled affiliate for which this standard applies pursuant to the Preamble section of Exihibit A of the Controlled Affiliate License
Agreement shall effectively and efficiently participate in certain national programs from time to time as may be adopted by Member Plans for the purposes of providing ease of claims processing for customers receiving benefits outside of the
controlled affiliate’s service area. 
 National program requirements include: 

 

	 	A.	Inter-Plan Medicare Advantage Program. 

  
 Amended as
of November 15, 2007 
 32 

 EXHIBIT A (continued) 

 

 Standard 12: Participation in Master Business Associate Agreement by Smaller Controlled Affiliate
Licensees 
 Effective April 14, 2003, all smaller controlled affiliates shall comply with the terms of the Business Associate Agreement
for Blue Cross and Blue Shield Licensees to the extent they perform the functions of a business associate or subcontractor to a business associate, as defined by the Business Associate Agreement. 

  
 Amended as
of September 19, 2002 
 33 

 EXHIBIT B 
 ROYALTY FORMULA FOR SECTION 9 OF THE 
 CONTROLLED AFFILIATE LICENSE AGREEMENT 

Controlled Affiliate will pay BCBSA a fee for this license in accordance with the following formula: 

FOR RISK AND GOVERNMENT NON-RISK PRODUCTS: 
 For Controlled Affiliates not underwriting the indemnity portion of workers’ compensation insurance: 
 An amount equal to its pro rata share of each sponsoring Plan’s dues payable to BCBSA computed with the addition of the Controlled Affiliate’s members using the Marks on health care plans and
related services as reported on the Quarterly Enrollment Report with BCBSA. The payment by each sponsoring Plan of its dues to BCBSA, including that portion described in this paragraph, will satisfy the requirement of this paragraph, and no separate
payment will be necessary. 
 For Controlled Affiliates underwriting the indemnity portion of workers’ compensation insurance: 

An amount equal to 0.35 percent of the gross revenue per annum of Controlled Affiliate arising from products using the marks; plus, an annual fee of
$5,000 per license for a Controlled Affiliate subject to Standard 7. 
 For Controlled Affiliates whose primary business is government non-risk:

 An amount equal to its pro-rata share of each sponsoring Plan’s dues payable to BCBSA computed with the addition of the Controlled
Affiliate’s government non-risk beneficiaries. 

  

					
		  		  	Amended as of June 14, 2007
		  	34	  	

 EXHIBIT B (continued) 

 

 FOR NONRISK PRODUCTS: 
 For third-party administrative business, an amount equal to its pro rata share of each sponsoring Plan’s dues payable to BCBSA computed with the addition of the Controlled Affiliate’s members
using the Marks on health care plans and related services as reported on the Quarterly Enrollment Report with BCBSA. The payment by each sponsoring Plan of its dues to BCBSA, including that portion described in this paragraph, will satisfy the
requirement of this paragraph, and no separate payment will be necessary. 
 For non-third party administrative business (e.g., case management,
provider networks, etc.), an amount equal to 0.24 percent of the gross revenue per annum of Controlled Affiliate arising from products using the marks; plus: 
  

	1)	An annual fee of $5,000 per license for a Controlled Affiliate subject to Standard 6 D. 

 

	2)	An annual fee of $2,000 per license for all other Controlled Affiliates. 

 The foregoing shall be reduced by one-half where both a BLUE CROSS®
and BLUE SHIELD® License are issued to the same Controlled Affiliate. In the event that any license period is
greater or less than one (1) year, any amounts due shall be prorated. Royalties under this formula will be calculated, billed and paid in arrears. 

  

					
		  		  	Amended as of June 14, 2007
		  	35	  	

 EXHIBIT 1A 
 CONTROLLED AFFILIATE LICENSE AGREEMENT 
 APPLICABLE TO LIFE INSURANCE
COMPANIES 
 (Includes revisions adopted by Member Plans through their November 18, 2010 meeting) 

This agreement by and among Blue Cross and Blue Shield Association
(“BCBSA”)                                      
                      (“Controlled Affiliate”), a Controlled Affiliate of the Blue Shield Plan(s), known
as                                        
                     (“Plan”). 

WHEREAS, BCBSA is the owner of the BLUE SHIELD and BLUE SHIELD Design service marks; 
 WHEREAS, the Plan and the Controlled Affiliate desire that the latter be entitled to use the BLUE SHIELD and BLUE SHIELD Design service marks (collectively the “Licensed Marks”) as service marks
and be entitled to use the term BLUE SHIELD in a trade name (“Licensed Name”); 
 NOW, THEREFORE, in consideration of the foregoing
and the mutual agreements hereinafter set forth and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereby agree as follows: 

1. GRANT OF LICENSE 
 Subject to the terms and conditions of this Agreement, BCBSA hereby grants to the Controlled Affiliate the exclusive right to use the licensed Marks and Names in connection with and only in connection
with those life insurance and related services authorized by applicable state law, other than health care plans and related services (as defined in the Plan’s License Agreements with BCBSA) which services are not separately licensed to
Controlled Affiliate by BCBSA, in the Service Area served by the Plan, except that BCBSA reserves the right to use the Licensed Marks and Name in said Service Area, and except to the extent that said Service Area may overlap the area or areas served
by one or more other licensed Blue Shield Plans as of the date of this License as to which overlapping areas the rights hereby granted are non-exclusive as to such other Plan or Plans and their respective Licensed Controlled Affiliates only.
Controlled Affiliate cannot use the Licensed Marks or Name outside the Service Area or in its legal or trade name; provided, however, that if and only for so long as Controlled Affiliate also holds a Blue Shield Affiliate License Agreement
applicable to health care plans and related services, Controlled Affiliate may use the Licensed Marks and Name in its legal and trade name according to the terms of such license agreement. 

  

					
		  		  	Amended as of June 12, 2003
		  	-1-	  	

 2. QUALITY CONTROL 

A. Controlled Affiliate agrees to use the Licensed Marks and Name only in relation to the sale, marketing and rendering of authorized
products and further agrees to be bound by the conditions regarding quality control shown in Exhibit A as it may be amended by BCBSA from time-to-time. 
 B. Controlled Affiliate agrees that Plan and/or BCBSA may, from time-to-time, upon reasonable notice, review and inspect the manner and method of Controlled Affiliate’s rendering of service and use
of the Licensed Marks and Name. 
 C. Controlled Affiliate agrees that it will provide on an annual basis (or more often if
reasonably required by Plan or by BCBSA) a report to Plan and BCBSA demonstrating Controlled Affiliate’s compliance with the requirements of this Agreement including but not limited to the quality control provisions of Exhibit A. 

D. As used herein, a Controlled Affiliate is defined as an entity organized and operated in such a manner that it is subject to the bona
fide control of a Plan or Plans. Absent written approval by BCBSA of an alternative method of control, bona fide control shall mean the legal authority, directly or indirectly through wholly-owned subsidiaries: (a) to select members of the
Controlled Affiliate’s governing body having not less than 51% voting control thereof; (b) to exercise operational control with respect to the governance thereof; and (c) to prevent any change in its articles of incorporation, bylaws
or other governing documents deemed inappropriate. In addition, a Plan or Plans shall own at least 51 % of any for-profit Controlled Affiliate. If the Controlled Affiliate is a mutual company, the Plan or its designee(s) shall have and
maintain, in lieu of the requirements of items (a) and (c) above, proxies representing 51% of the votes at any meeting of the policyholders and shall demonstrate that there is no reason to believe this such proxies shall be revoked by
sufficient policyholders to reduce such percentage below 51%. 
 3. SERVICE MARK USE 

Controlled Affiliate shall at all times make proper service mark use of the Licensed Marks, including but not limited to use of such
symbols or words as BCBSA shall specify to protect the Licensed Marks, and shall comply with such rules (applicable to all Controlled Affiliates licensed to use the Marks) relative to service mark use, as are issued from time-to-time by BCBSA. If
there is any public reference to the affiliation between the Plan and the Controlled Affiliate, all of the Controlled Affiliate’s licensed services in the Service Area of the Plan shall be rendered under the Licensed Marks. Controlled Affiliate
recognizes and agrees that all use of the Licensed Marks by Controlled Affiliate shall inure to the benefit of BCBSA. 

  

					
		  		  	
		  	-2-	  	

 4. SUBLICENSING AND ASSIGNMENT 

Controlled Affiliate shall not sublicense, transfer, hypothecate, sell, encumber or mortgage, by operation of law or otherwise, the rights
granted hereunder and any such act shall be voidable at the option of Plan or BCBSA. This Agreement and all rights and duties hereunder are personal to Controlled Affiliate. 
 5. INFRINGEMENTS 
 Controlled Affiliate shall promptly notify Plan
and BCBSA of any suspected acts of infringement, unfair competition or passing off which may occur in relation to the Licensed Marks. Controlled Affiliate shall not be entitled to require Plan or BCBSA to take any actions or institute any
proceedings to prevent infringement, unfair competition or passing off by third parties. Controlled Affiliate agrees to render to Plan and BCBSA, free of charge, all reasonable assistance in connection with any matter pertaining to the protection of
the Licensed Marks by BCBSA. 
 6. LIABILITY INDEMNIFICATION 

Controlled Affiliate hereby agrees to save, defend, indemnify and hold Plan and BCBSA harmless from and against all claims, damages,
liabilities and costs of every kind, nature and description which may arise as a result of Controlled Affiliate’s rendering of health care services under the Licensed Marks. 

7. LICENSE TERM 
 The license granted by this Agreement shall remain in effect for a period of one (1) year and shall be automatically extended for additional one (1) year periods upon evidence satisfactory to
the Plan and BCBSA that Controlled Affiliate meets the then applicable quality control standards, unless one of the parties hereto notifies the other party of the termination hereof at least sixty (60) days prior to expiration of any license
period. 
 This Agreement may be terminated by the Plan or by BCBSA for cause at any time provided that Controlled Affiliate has
been given a reasonable opportunity to cure and shall not effect such a cure within thirty (30) days of receiving written notice of the intent to terminate (or commence a cure within such thirty day period and continue diligent efforts to
complete the cure if such curing cannot reasonably be completed within such thirty day period). By way of example and not for purposes of limitation, Controlled Affiliate’s failure to abide by the quality control provisions of Paragraph 2,
above, shall be considered a proper ground for cancellation of this Agreement. 

  

					
		  		  	
		  	-3-	  	

 This Agreement and all of Controlled Affiliate’s rights hereunder shall immediately
terminate without any further action by any party or entity in the event that: 
 A. Controlled Affiliate shall no longer comply
with Standard No. 1 (Organization and Governance) of Exhibit A or, following an opportunity to cure, with the remaining quality control provisions of Exhibit A, as it may be amended from time-to-time; or 

B. Plan ceases to be authorized to use the Licensed Marks; or 
 C. Appropriate dues for Controlled Affiliate pursuant to item 8 hereof, which are the royalties for this License Agreement are more than sixty (60) days in arrears to BCBSA. 

Upon termination of this Agreement for cause or otherwise, Controlled Affiliate agrees that it shall immediately discontinue all use of
the Licensed Marks including any use in its trade name. 
 In the event of any disagreement between Plan and BCBSA as to whether
grounds exist for termination or as to any other term or condition hereof, the decision of BCBSA shall control, subject to provisions for mediation or mandatory dispute resolution in effect between the parties. 

Upon termination of this Agreement, Licensed Controlled Affiliate shall immediately notify all of its customers that it is no longer a
licensee of the Blue Cross and Blue Shield Association and provide instruction on how the customer can contact the Blue Cross and Blue Shield Association or a designated licensee to obtain further information on securing coverage. The written
notification required by this paragraph shall be in writing and in a form approved by the Association. The Association shall have the right to audit the terminated entity’s books and records to verify compliance with this paragraph. 

  

					
		  		  	
		  	-4a-	  	

	 	8.	DUES 

 Controlled
Affiliate will pay to BCBSA a fee for this license in accordance with the following formula: 
  

	 	•	 	 An annual fee of five thousand dollars ($5,000) per license, plus 

 

	 	•	 	 .05% of gross revenue per year from branded group products, plus 

 

	 	•	 	 .5% of gross revenue per year from branded individual products plus 

 

	 	•	 	 .14% of gross revenue per year from branded individual annuity products. 

The foregoing percentages shall be reduced by one-half where both a BLUE CROSS® and BLUE SHIELD® license are issued to the same entity. In the event that any License period is greater or less than one (1) year, any amounts due shall be prorated. Royalties
under this formula will be calculated, billed and paid in arrears. 
 Plan will promptly and timely transmit to BCBSA all dues
owed by Controlled Affiliate as determined by the above formula and if Plan shall fail to do so, Controlled Affiliate shall pay such dues directly. 

  

					
		  		  	Amended as of November 20, 1997
		  	-4b-	  	

 9. JOINT VENTURE 

Nothing contained in this Agreement shall be construed as creating a joint venture, partnership, agency or employment relationship between
Plan and Controlled Affiliate or between either and BCBSA. 
 9A. VOTING 

For all provisions of this Agreement referring to voting, the term ‘Plans’ shall mean all entities licensed under the Blue Cross
License Agreement and/or the Blue Shield License Agreement, and in all votes of the Plans under this Agreement the Plans shall vote together. For weighted votes of the Plans, the Plan shall have a number of votes equal to the number of weighted
votes (if any) that it holds as a Blue Cross Plan plus the number of weighted votes (if any) that it holds as a Blue Shield Plan. For all other votes of the Plans, the Plan shall have one vote. For all questions requiring an affirmative
three-fourths weighted vote of the Plans, the requirement shall be deemed satisfied with a lesser weighted vote unless the greater of: (i) 6/52 or more of the Plans (rounded to the nearest whole number, with 0.5 or multiples thereof being
rounded to the next higher whole number) fail to cast weighted votes in favor of the question; or (ii) three (3) of the Plans fail to cast weighted votes in favor of the question. Notwithstanding the foregoing provision, if there are
thirty-nine (39) Plans, the requirement of an affirmative three-fourths weighted vote shall be deemed satisfied with a lesser weighted vote unless four (4) or more Plans fail to cast weighted votes in favor of the question. 

10. NOTICES AND CORRESPONDENCE 
 Notices regarding the subject matter of this Agreement or breach or termination thereof shall be in writing and shall be addressed in duplicate to the last known address of each other party, marked
respectively to the attention of its President and, if any, its General Counsel. 

  

					
		  		  	 Amended as of June 16, 2005

 
 (The next page is page 5)

		  	-4c-	  	

 11. COMPLETE AGREEMENT 

This Agreement contains the complete understandings of the parties in relation to the subject matter hereof. This Agreement may only be
amended by a writing executed by all parties. 
 12. SEVERABILITY 

If any term of this Agreement is held to be unlawful by a court of competent jurisdiction, such finding shall in no way effect the
remaining obligations of the parties hereunder and the court may substitute a lawful term or condition for any unlawful term or condition so long as the effect of such substitution is to provide the parties with the benefits of this Agreement.

 13. NONWAIVER 
 No waiver by BCBSA of any breach or default in performance on the part of the Controlled Affiliate or any other licensee of any of the terms, covenants or conditions of this Agreement shall constitute a
waiver of any subsequent breach or default in performance of said terms, covenants or conditions. 
 14. GOVERNING LAW

 This Agreement shall be governed by, and construed and interpreted in accordance with, the laws of the State of Illinois.

  

					
		  		  	
		  	-5-	  	

 IN WITNESS WHEREOF, the parties have caused this License Agreement to be executed, effective as of the date
of last signature written below. 
  

			
	BLUE CROSS AND BLUE SHIELD ASSOCIATION
		
	By:	 	 
		
	Date:	 	 
	
	Controlled Affiliate
		
	By:	 	 
		
	Date:	 	 
	
	Plan
		
	By:	 	 
		
	Date:	 	 

  

					
		  		  	
		  	-6-	  	

 EXHIBIT A 
 CONTROLLED AFFILIATE LICENSE STANDARDS 
 LIFE INSURANCE COMPANIES 

Page 1 of 2 
  

 PREAMBLE 
 The standards for licensing Life Insurance Companies (Life and Health Insurance companies, as defined by state statute) are established by BCBSA and are subject to change from time-to-time upon the
affirmative vote of three-fourths (3/4) of the Plans and three-fourths (3/4) of the total weighted vote of all Plans. Each Licensed Plan is required to use a standard controlled affiliate license form provided by BCBSA and to cooperate
fully in assuring that the licensed Life Insurance Company maintains compliance with the license standards. 
 An organization meeting the
following standards shall be eligible for a license to use the Licensed Marks within the service area of its sponsoring Licensed Plan to the extent and the manner authorized under the Controlled Affiliate License applicable to Life Insurance
Companies and the principal license to the Plan. 
 Standard 1 - Organization and Governance 

The LIC shall be organized and operated in such a manner that it is controlled by a licensed Plan or Plans which have, directly or indirectly: 1) not less
than 51% of the voting control of the LIC; and 2) the legal ability to prevent any change in the articles of incorporation, bylaws or other establishing or governing documents of the LIC with which it does not concur; and 3) operational control of
the LIC. 
 If the LIC is a mutual company, the Plan or its designee(s) shall have and maintain, in lieu of the requirements of items 1 and 2
above, proxies representing at least 51% of the votes at any policyholder meeting and shall demonstrate that there is no reason to believe such proxies shall be revoked by sufficient policyholders to reduce such percentage below 51%. 

Standard 2 - State Licensure 
 The LIC
must maintain unimpaired licensure or certificate of authority to operate under applicable state laws as a life and health insurance company in each state in which the LIC does business. 
 Standard 3 - Records and Examination 
 The LIC and its sponsoring licensed Plan(s) shall
maintain and furnish, on a timely and accurate basis, such records and reports regarding the LIC as may be required in order to establish compliance with the license agreement. 

  
 -1-

 EXHIBIT A 
 CONTROLLED AFFILIATE LICENSE STANDARDS 
 LIFE INSURANCE COMPANIES 

Page 2 of 2 
  

 LIC and its sponsoring licensed Plan(s) shall permit BCBSA to examine the affairs of the LIC and shall
agree that BCBSA’s board may submit a written report to the chief executive officer(s) and the board(s) of directors of the sponsoring Plan(s). 
 Standard 4 - Mediation 
 The LIC and its sponsoring Plan(s) shall agree to use the
then-current BCBSA mediation and mandatory dispute resolution processes, in lieu of a legal action between or among another licensed controlled affiliate, a licensed Plan or BCBSA. 
 Standard 5 - Financial Responsibility 
 The LIC shall maintain adequate financial resources
to protect its customers and meet its business obligations. 
 Standard 6 - Cooperation with Affiliate License Performance Response Process
Protocol 
 The LIC and its Sponsoring Plan(s) shall cooperate with BCBSA’s Board of Directors and its Plan Performance and Financial
Standards Committee in the administration of the Affiliate License Performance Response Process Protocol (ALPRPP) and in addressing LIC compliance problems identified thereunder. 

  
 -2-

 Exhibit 1B  
 BLUE SHIELD 
 CONTROLLED AFFILIATE LICENSE AGREEMENT 

APPLICABLE TO REGIONAL MEDICARE ADVANTAGE PPO PRODUCTS 
 (Adopted by Member Plans at their November 18, 2010) 
 This Agreement
by and among Blue Cross and Blue Shield Association (“BCBSA”) and                      (“Controlled Affiliate”), a
Controlled Affiliate of the Blue Cross Plan(s), known as                      (“Controlling Plans”), each of which is also a Party
signatory hereto. 
 WHEREAS, BCBSA is the owner of the BLUE SHIELD and BLUE SHIELD Design service marks; 

WHEREAS, under the Medicare Modernization Act, companies may apply to and be awarded a contract by the Centers for Medicare and Medicaid
Services (“CMS”) to offer Medicare Advantage PPO products in geographic regions designated by CMS (hereafter “regional MAPPO products”). 
 WHEREAS, some of the CMS-designated regions include the Service Areas, or portions thereof, of more than one Plan. 
 WHEREAS, the Controlling Plans and Controlled Affiliate desire that the latter be entitled to use the BLUE SHIELD and BLUE SHIELD Design service marks (collectively the “Licensed Marks”) as
service marks and be entitled to use the term BLUE SHIELD in a trade name (“Licensed Name”) to offer regional MAPPO products in a region that includes the Service Areas, or portions thereof, of more than one Controlling Plan; 

NOW THEREFORE, in consideration of the foregoing and the mutual agreements hereinafter set forth and for other good and valuable
consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereby agree as follows: 
  

	1.	GRANT OF LICENSE 

Subject to the terms and conditions of this Agreement, BCBSA hereby grants to Controlled Affiliate the right to use the Licensed Marks and
Name in connection with, and only in connection with the sale, marketing and administration of regional MAPPO products and related services. 
 This grant of rights is non-exclusive and is limited to the following states:
                     (the “Region”). Controlled Affiliate may use the Licensed

  

					
		  	-1-	  	

 
Marks and Name in its legal name on the following conditions: (i) the legal name must be approved in advance, in writing, by BCBSA; (ii) Controlled Affiliate shall not do business
outside the Region under any name or mark except business conducted in the Service Area of a Controlling Plan provided that Controlled Affiliate is separately licensed by BCBSA to use the Licensed Marks and Name in connection with health care plans
and related services in the Service Area of such Controlling Plan; and (iii) Controlled Affiliate shall not use the Licensed Marks and Name, or any derivative thereof, as part of any name or symbol used to identify itself in any securities
market. Controlled Affiliate may use the Licensed Marks and Name in its Trade Name only with the prior, written, consent of BCBSA. 
  

	 	2.	QUALITY CONTROL 

A. Controlled Affiliate agrees to use the Licensed Marks and Name only in connection with the licensed services and further agrees to be
bound by the conditions regarding quality control shown in attached Exhibit A as they may be amended by BCBSA from time-to-time. 
 B. Controlled Affiliate agrees to comply with all applicable federal, state and local laws. 
 C. Controlled Affiliate agrees that it will provide on an annual basis (or more often if reasonably required by the Controlling Plans or by BCBSA) a report or reports to the Controlling Plans and BCBSA
demonstrating Controlled Affiliate’s compliance with the requirements of this Agreement including but not limited to the quality control provisions of this paragraph and the attached Exhibit A. 

D. Controlled Affiliate agrees that the Controlling Plans and/or BCBSA may, from time-to-time, upon reasonable notice, review and inspect
the manner and method of Controlled Affiliate’s rendering of service and use of the Licensed Marks and Name. 
 E. As used
herein, a Controlled Affiliate is defined as an entity organized and operated in such a manner, that it meets the following requirements: 
 (1) Controlled Affiliate is owned or controlled by two or more Controlling Plans; 

(2) Each Controlling Plan is authorized pursuant to a separate Blue Shield License Agreement to use the Licensed Marks in a geographic
area in the Region and every geographic area in the Region is so licensed to at least one of the Controlling Plans; and 

  

					
		  	-2-	  	

 (3) The Controlling Plans must have the legal authority directly or indirectly through
wholly-owned subsidiaries: 
 (a) to select members of the Controlled Affiliate’s governing body having not less than 100%
voting control thereof; 
 (b) to prevent any change in the articles of incorporation, bylaws or other establishing or governing
documents of the Controlled Affiliate with which the Controlling Plans do not concur; 
 (c) to exercise control over the policy
and operations of the Controlled Affiliate; and 
 Notwithstanding anything to the contrary in (a) through (c) hereof, the Controlled
Affiliate’s establishing or governing documents must also require written approval by each of the Controlling Plans before the Controlled Affiliate can: 
  

	 	(i)	change its legal and/or trade names; 

  

	 	(ii)	change the geographic area in which it operates (except such approval shall not be required with respect to business of the Controlled Affiliate conducted under the
Licensed Marks within the Service Area of one of the Controlling Plans pursuant to a separate controlled affiliate license agreement with BCBSA sponsored by such Controlling Plan); 

 

	 	(iii)	change any of the type(s) of businesses in which it engages (except such approval shall not be required with respect to business of the Controlled Affiliate conducted
under the Licensed Marks within the Service Area of one of the Controlling Plans pursuant to a separate controlled affiliate license agreement with BCBSA sponsored by such Controlling Plan); 

 

	 	(iv)	take any action that any Controlling Plan or BCBSA reasonably believes will adversely affect the Licensed Marks and Name. 

In addition, the Controlling Plans directly or indirectly through wholly owned subsidiaries shall own 100% of any for-profit Controlled Affiliate.

  

					
		  	-3-	  	

	 	3.	SERVICE MARK USE 

A. Controlled Affiliate recognizes the importance of a comprehensive national network of independent BCBSA licensees which are committed
to strengthening the Licensed Marks and Name. The Controlled Affiliate further recognizes that its actions within the Region may affect the value of the Licensed Marks and Name nationwide. 

B. Controlled Affiliate shall at all times make proper service mark use of the Licensed Marks and Name, including but not limited to use
of such symbols or words as BCBSA shall specify to protect the Licensed Marks and Name and shall comply with such rules (generally applicable to Controlled Affiliates licensed to use the Licensed Marks and Name) relative to service mark use, as are
issued from time-to-time by BCBSA. Controlled Affiliate recognizes and agrees that all use of the Licensed Marks and Name by Controlled Affiliate shall inure to the benefit of BCBSA. 

C. Controlled Affiliate may not directly or indirectly use the Licensed Marks and Name in a manner that transfers or is intended to
transfer in the Region the goodwill associated therewith to another mark or name, nor may Controlled Affiliate engage in activity that may dilute or tarnish the unique value of the Licensed Marks and Name. 

D. Controlled Affiliate shall use its best efforts to promote and build the value of the Licensed Marks and Name in connection with the
sale, marketing and administration of regional MAPPO products and related services. 
  

	 	4.	SUBLICENSING AND ASSIGNMENT 

 Controlled Affiliate shall not, directly or indirectly, sublicense, transfer, hypothecate, sell, encumber or mortgage, by operation of law or otherwise, the rights granted hereunder and any such act shall
be voidable at the sole option of any Controlling Plan or BCBSA. This Agreement and all rights and duties hereunder are personal to Controlled Affiliate. 

  

					
		  	-4-	  	

	 	5.	INFRINGEMENT 

Controlled Affiliate shall promptly notify the Controlling Plans and the Controlling Plans shall promptly notify BCBSA of any suspected
acts of infringement, unfair competition or passing off that may occur in relation to the Licensed Marks and Name. Controlled Affiliate shall not be entitled to require the Controlling Plans or BCBSA to take any actions or institute any proceedings
to prevent infringement, unfair competition or passing off by third parties. Controlled Affiliate agrees to render to the Controlling Plans and BCBSA, without charge, all reasonable assistance in connection with any matter pertaining to the
protection of the Licensed Marks and Name by BCBSA. 
  

	 	6.	LIABILITY INDEMNIFICATION 

 Controlled Affiliate and the Controlling Plans hereby agree to save, defend, indemnify and hold BCBSA harmless from and against all claims, damages, liabilities and costs of every kind, nature and
description (except those arising solely as a result of BCBSA’s negligence) that may arise as a result of or related to Controlled Affiliate’s rendering of services under the Licensed Marks and Name. 

 

	 	7.	LICENSE TERM 

 A.
Except as otherwise provided herein, the license granted by this Agreement shall remain in effect for a period of one (1) year and shall be automatically extended for additional one (1) year periods unless terminated pursuant to the
provisions herein. 
 B. This Agreement and all of Controlled Affiliate’s rights hereunder shall immediately terminate
without any further action by any party or entity in the event that: (i) any one of the Controlling Plans ceases to be authorized to use the Licensed Marks and Name; or (ii) pursuant to Paragraph 15(a)(x) of the Blue Shield License
Agreement any one of the Controlling Plans ceases to be authorized to use the Licensed Names and Marks in the Region. 
 C.
Notwithstanding any other provision of this Agreement, this license to use the Licensed Marks and Name may be forthwith terminated by the Controlling Plans or the affirmative vote of the majority of the Board of Directors of BCBSA present and voting
at a special meeting expressly called by BCBSA for the purpose on ten (10) days written notice to the Controlling Plans advising of the specific matters at issue and granting the Controlling Plans an opportunity to be heard and to present their
response to the Board for: (1) failure to comply with any applicable minimum capital or liquidity requirement under the quality control standards of this 

  

					
		  	-5-	  	

 
Agreement; or (2) failure to comply with the “Organization and Governance” quality control standard of this Agreement; or (3) impending financial insolvency; or
(4) failure to comply with any of the applicable requirements of Standards 2, 3, 4, or 5 of attached Exhibit A; or (5) the pendency of any action instituted against the Controlled Affiliate seeking its dissolution or liquidation of its
assets or seeking appointment of a trustee, interim trustee, receiver or other custodian for any of its property or business or seeking the declaration or establishment of a trust for any of its property or business, unless this Controlled Affiliate
License Agreement has been earlier terminated under paragraph 7(E); or (6) such other reason as is determined in good faith immediately and irreparably to threaten the integrity and reputation of BCBSA, the Plans (including the Controlling
Plans), any other licensee including Controlled Affiliate and/or the Licensed Marks and Name. 
 D. Except as otherwise provided
in Paragraphs 7(B), 7(C) or 7(E) herein, should Controlled Affiliate fail to comply with the provisions of this Agreement and not cure such failure within thirty (30) days of receiving written notice thereof (or commence a cure within such
thirty day period and continue diligent efforts to complete the cure if such curing cannot reasonably be completed within such thirty day period) BCBSA or the Controlling Plans shall have the right to issue a notice that the Controlled Affiliate is
in a state of noncompliance. If a state of noncompliance as aforesaid is undisputed by the Controlled Affiliate or is found to exist by a mandatory dispute resolution panel and is uncured as provided above, BCBSA shall have the right to seek
judicial enforcement of the Agreement or to issue a notice of termination thereof. Notwithstanding any other provisions of this Agreement, any disputes as to the termination of this License pursuant to Paragraphs 7(B), 7(C) or 7(E) of this Agreement
shall not be subject to mediation and mandatory dispute resolution. All other disputes between or among BCBSA, any of the Controlling Plans and/or Controlled Affiliate shall be submitted promptly to mediation and mandatory dispute resolution. The
mandatory dispute resolution panel shall have authority to issue orders for specific performance and assess monetary penalties. Except, however, as provided in Paragraphs 7(B) and 7(E) of this Agreement, this license to use the Licensed Marks and
Name may not be finally terminated for any reason without the affirmative vote of a majority of the present and voting members of the Board of Directors of BCBSA. 
 E. This Agreement and all of Controlled Affiliate’s rights hereunder shall immediately terminate without any further action by any party or entity in the event that: 

(1) Controlled Affiliate shall no longer comply with item 2(E) above; 

(2) Appropriate dues, royalties and other payments for Controlled Affiliate pursuant to paragraph 9 hereof, which are the royalties for
this License Agreement, are more than sixty (60) days in arrears to BCBSA; or 

  

					
		  	-6-	  	

 (3) Any of the following events occur: (i) a voluntary petition shall be filed by
Controlled Affiliate seeking bankruptcy, reorganization, arrangement with creditors or other relief under the bankruptcy laws of the United States or any other law governing insolvency or debtor relief, or (ii) an involuntary petition or
proceeding shall be filed against Controlled Affiliate seeking bankruptcy, reorganization, arrangement with creditors or other relief under the bankruptcy laws of the United States or any other law governing insolvency or debtor relief and such
petition or proceeding is consented to or acquiesced in by Controlled Affiliate or is not dismissed within sixty (60) days of the date upon which the petition or other document commencing the proceeding is served upon the Controlled Affiliate,
or (iii) an order for relief is entered against Controlled Affiliate in any case under the bankruptcy laws of the United States, or Controlled Affiliate is adjudged bankrupt or insolvent as those terms are defined in the Uniform Commercial Code
as enacted in the State of Illinois by any court of competent jurisdiction, or (iv) Controlled Affiliate makes a general assignment of its assets for the benefit of creditors, or (v) any government or any government official, office,
agency, branch, or unit assumes control of Controlled Affiliate or delinquency proceedings (voluntary or involuntary) are instituted, or (vi) an action is brought by Controlled Affiliate seeking its dissolution or liquidation of its assets or
seeking the appointment of a trustee, interim trustee, receiver or other custodian for any of its property or business, or (vii) an action is instituted by any governmental entity or officer against Controlled Affiliate seeking its dissolution
or liquidation of its assets or seeking the appointment of a trustee, interim trustee, receiver or other custodian for any of its property or business and such action is consented to or acquiesced in by Controlled Affiliate or is not dismissed
within one hundred thirty (130) days of the date upon which the pleading or other document commencing the action is served upon the Controlled Affiliate, provided that if the action is stayed or its prosecution is enjoined, the one hundred
thirty (130) day period is tolled for the duration of the stay or injunction, and provided further, that the Association’s Board of Directors may toll or extend the 130 day period at any time prior to its expiration, or (viii) a
trustee, interim trustee, receiver or other custodian for any of Controlled Affiliate’s property or business is appointed or the Controlled Affiliate is ordered dissolved or liquidated. Notwithstanding any other provision of this Agreement, a
declaration or a request for declaration of the existence of a trust over any of the Controlled Affiliate’s property or business shall not in itself be deemed to constitute or seek appointment of a trustee, interim trustee, receiver or other
custodian for purposes of subparagraphs 7(E)(3)(vii) and (viii) of this Agreement. 
 F. Upon termination of this Agreement
for cause or otherwise, Controlled Affiliate agrees that it shall immediately discontinue all use of the Licensed Marks and Name, including any use in its trade name, except to the extent that it continues to be authorized to use the Licensed Marks
within the Service Area of one of the Controlling Plans pursuant to a separate controlled affiliate license agreement with BCBSA sponsored by such Controlling Plan. 

  

					
		  	-7-	  	

 G. Upon termination of this Agreement, Controlled Affiliate shall immediately notify all of
its customers to whom it provides products or services under the Licensed Marks pursuant to this Agreement that it is no longer a licensee of BCBSA and, if directed by the Association’s Board of Directors, shall provide instruction on how the
customer can contact BCBSA or a designated licensee to obtain further information on securing coverage. The notification required by this paragraph shall be in writing and in a form approved by BCBSA. The BCBSA shall have the right to audit the
terminated entity’s books and records to verify compliance with this paragraph. 
 H. In the event this Agreement
terminates pursuant to 7(B) hereof, upon termination of this Agreement the provisions of Paragraph 7(G) shall not apply and the following provisions shall apply, except that, in the event that Controlled Affiliate is separately licensed by BCBSA to
use the Licensed Marks in the Service Area of a Controlling Plan and termination of this Agreement is due to a partial termination of such Controlling Plan’s license pursuant to Paragraph 15(a)(x)(ii) of the Blue Shield License Agreement, the
notices, national account listing, payment, and audit right listed below shall be applicable solely with respect to the Region and the geographic area for which the Controlling Plan’s license to use the Licensed Names and Marks is terminated:

 (1) The Controlled Affiliate shall send a notice through the U.S. mails, with first class postage affixed, to all individual
and group customers, providers, brokers and agents of products or services sold, marketed, underwritten or administered by the Controlled Affiliate under the Licensed Marks and Name. The form and content of the notice shall be specified by BCBSA and
shall, at a minimum, notify the recipient of the termination of the license, the consequences thereof, and instructions for obtaining alternate products or services licensed by BCBSA. This notice shall be mailed within 15 days after termination.

 (2) The Controlled Affiliate shall deliver to BCBSA within five days of a request by BCBSA a listing of national accounts in
which the Controlled Affiliate is involved (in a control, participating or servicing capacity), identifying the national account and the Controlled Affiliate’s role therein. 

(3) Unless the cause of termination is an event respecting BCBSA stated in paragraph 15(a) or (b) of the Plan’s license
agreement with BCBSA to use the Licensed Marks and Name, the Controlled Affiliate, the Controlling Plans, and any other Licensed Controlled Affiliates of the Controlling Plans shall be jointly liable for payment to BCBSA of an amount equal to $25
multiplied by the number of Licensed Enrollees of the Controlled Affiliate; provided that if any Plan other than a Controlling Plan is permitted by BCBSA to use marks or names licensed by BCBSA in a geographic area in the Region, the payment for
Licensed Enrollees in such 

  

					
		  	-8-	  	

 
geographic area shall be multiplied by a fraction, the numerator of which is the number of Licensed Enrollees of the Controlled Affiliate, the Controlling Plans, and any other Licensed Controlled
Affiliates of the Controlling Plans in such geographic area and the denominator of which is the total number of Licensed Enrollees in such geographic area. Licensed Enrollee means each and every person and covered dependent who is enrolled as an
individual or member of a group receiving products or services sold, marketed or administered under marks or names licensed by BCBSA as determined at the earlier of (i) the end of the last fiscal year of the terminated entity which ended prior
to termination or (ii) the fiscal year which ended before any transactions causing the termination began. Notwithstanding the foregoing, the amount payable pursuant to this subparagraph H. (3) shall be due only to the extent that, in
BCBSA’s opinion, it does not cause the net worth of the Controlled Affiliate, the Controlling Plans or any other Licensed Controlled Affiliates of the Controlling Plans to fall below 100% of the Health Risk-Based Capital formula, or its
equivalent under any successor formula, as set forth in the applicable financial responsibility standards established by BCBSA (provided such equivalent is approved for purposes of this subparagraph by the affirmative vote of three-fourths of the
Plans and three-fourths of the total then current weighted vote of all the Plans); measured as of the date of termination, and adjusted for the value of any transactions not made in the ordinary course of business. This payment shall not be due in
connection with transactions exclusively by or among Plans (including the Controlling Plans) or their affiliates, including reorganizations, combinations or mergers, where the BCBSA Board of Directors determines that the license termination does not
result in a material diminution in the number of Licensed Enrollees or the extent of their coverage. In the event that the Controlled Affiliate’s license is reinstated by BCBSA or is deemed to have remained in effect without interruption by a
court of competent jurisdiction, BCBSA shall reimburse the Controlled Affiliate (and/or the Controlling Plans or their other Licensed Controlled Affiliates, as the case may be) for payments made under this subparagraph 7.H.(3) only to the extent
that such payments exceed the amounts due to BCBSA pursuant to paragraph 7.K. and any costs associated with reestablishing the terminated Controlling Plan’s Service Area or the Region, including any payments made by BCBSA to a Plan or Plans
(including the other Controlling Plans), or their Licensed Controlled Affiliates, for purposes of replacing the Controlled Affiliate. 
 (4) BCBSA shall have the right to audit the books and records of the Controlled Affiliate, the Controlling Plans, and any other Licensed Controlled Affiliates of the Controlling Plans to verify compliance
with this paragraph 7.H. 
 (5) As to a breach of 7.H.(1), (2), (3) or (4), the parties agree that the obligations are
immediately enforceable in a court of competent jurisdiction. As to a breach of 7.H.(1), (2) or (4) by the Controlled Affiliate, the parties agree there is no adequate remedy at law and BCBSA is entitled to obtain specific performance.

  

					
		  	-9-	  	

 I. BCBSA shall be entitled to enjoin the Controlled Affiliate or any related party in a
court of competent jurisdiction from entry into any transaction which would result in a termination of this Agreement unless a Controlling Plan’s license from BCBSA to use the Licensed Marks and Names has been terminated pursuant to 10(d) of
such Controlling Plan’s license agreement upon the required 6 month written notice. 
 J. BCBSA acknowledges that it is not
the owner of assets of the Controlled Affiliate. 
 K. In the event this Agreement terminates and is subsequently reinstated by
BCBSA or is deemed to have remained in effect without interruption by a court of competent jurisdiction, the Controlled Affiliate, the Controlling Plans, and any other Licensed Controlled Affiliates of the Controlling Plans shall be jointly liable
for reimbursing BCBSA the reasonable costs incurred by BCBSA in connection with the termination and the reinstatement or court action, and any associated legal proceedings, including but not limited to: outside legal fees, consulting fees, public
relations fees, advertising costs, and costs incurred to develop, lease or establish an interim provider network. Any amount due to BCBSA under this subparagraph may be waived in whole or in part by the BCBSA Board of Directors in its sole
discretion. 
  

	 	8.	DISPUTE RESOLUTION 

The parties agree that any disputes between or among them or between or among any of them and one or more Plans or Controlled Affiliates
of Plans that use in any manner the Blue Shield and Blue Shield Marks and Name are subject to the Mediation and Mandatory Dispute Resolution process attached to and made a part of each Controlling Plan’s License from BCBSA to use the Licensed
Marks and Name as Exhibit 5 as amended from time-to-time, which documents are incorporated herein by reference as though fully set forth herein. 
  

	 	9.	LICENSE FEE 

Controlled Affiliate will pay to BCBSA a fee for this License determined pursuant to the formula(s) set forth in Exhibit B. 

 

	 	10.	JOINT VENTURE 

Nothing contained in this Agreement shall be construed as creating a joint venture, partnership, agency or employment relationship between
the Controlling Plans and Controlled Affiliate or between either and BCBSA. 

  

					
		  	-10-	  	

	 	11.	NOTICES AND CORRESPONDENCE 

 Notices regarding the subject matter of this Agreement or breach or termination thereof shall be in writing and shall be addressed in duplicate to the last known address of each other party, marked
respectively to the attention of its President and, if any, its General Counsel. 
  

	 	12.	COMPLETE AGREEMENT 

This Agreement contains the complete understandings of the parties in relation to the subject matter hereof. This Agreement may only be
amended by the affirmative vote of three-fourths of the Plans and three-fourths of the total then current weighted vote of all the Plans as officially recorded by the BCBSA Corporate Secretary. 

 

	 	13.	SEVERABILITY 

 If
any term of this Agreement is held to be unlawful by a court of competent jurisdiction, such findings shall in no way affect the remaining obligations of the parties hereunder and the court may substitute a lawful term or condition for any unlawful
term or condition so long as the effect of such substitution is to provide the parties with the benefits of this Agreement. 
  

	 	14.	NONWAIVER 

 No
waiver by BCBSA of any breach or default in performance on the part of Controlled Affiliate or any other licensee of any of the terms, covenants or conditions of this Agreement shall constitute a waiver of any subsequent breach or default in
performance of said terms, covenants or conditions. 
  

	 	14A.	VOTING 

 For all
provisions of this Agreement referring to voting, the term ‘Plans’ shall mean all entities licensed under the Blue Cross License Agreement and/or the Blue Shield License Agreement, and in all votes of the Plans under this Agreement the
Plans shall vote together. For weighted votes of the Plans, the Plan shall have a number of votes equal to the number of weighted votes (if any) that it holds as a Blue Cross Plan plus the number of weighted votes (if any) that it holds as a Blue
Shield Plan. For all other votes of the Plans, the Plan shall have one vote. For all questions requiring an affirmative three-fourths weighted vote of the Plans, the requirement shall be deemed satisfied with a lesser weighted vote unless the
greater of: (i) 6/52 or more of the Plans (rounded to the nearest whole number, with 

  

					
		  	-11-	  	

 
0.5 or multiples thereof being rounded to the next higher whole number) fail to cast weighted votes in favor of the question; or (ii) three (3) of the Plans fail to cast weighted votes
in favor of the question. Notwithstanding the foregoing provision, if there are thirty-nine (39) Plans, the requirement of an affirmative three-fourths weighted vote shall be deemed satisfied with a lesser weighted vote unless four (4) or
more Plans fail to cast weighted votes in favor of the question. 
  

	 	15.	GOVERNING LAW 

This Agreement shall be governed by, and construed and interpreted in accordance with, the laws of the State of Illinois. 

 

	 	16.	HEADINGS 

 The
headings inserted in this agreement are for convenience only and shall have no bearing on the interpretation hereof. 

  

					
		  	-12-	  	

 IN WITNESS WHEREOF, the parties have caused this License Agreement to be executed and effective as of the
date of last signature written below. 
  

			
	Controlled Affiliate:
		
	By:	 	 
		
	Date:	 	 
	
	Controlling Plan:
		
	By:	 	 
		
	Date:	 	 
	
	Controlling Plan:
		
	By:	 	 
		
	Date:	 	 
	
	BLUE CROSS AND BLUE SHIELD ASSOCIATION
		
	By:	 	 
		
	Date:	 	 

  

					
		  	-13-	  	

 EXHIBIT A 
 CONTROLLED AFFILIATE LICENSE STANDARDS 
 APPLICABLE TO REGIONAL MEDICARE 

ADVANTAGE PPO PRODUCTS 
 November 2010

 PREAMBLE 
 The standards
for licensing Controlled Affiliates for Medicare Advantage PPO Products are established by BCBSA and are subject to change from time-to-time upon the affirmative vote of three-fourths (3/4) of the Plans and three-fourths (3/4) of the total
weighted vote. Each Controlling Plan is required to use a standard Controlled Affiliate license form provided by BCBSA and to cooperate fully in assuring that the licensed Controlled Affiliate maintains compliance with the license standards.

 Standard 1 - Organization and Governance 
 A Controlled Affiliate is defined as an entity organized and operated in such a manner, that it meets the following requirements: 
 (1) Controlled Affiliate is owned or controlled by two or more Controlling Plans; 

(2) Each Controlling Plan is authorized pursuant to a separate Blue Shield License Agreement to use the Licensed Marks in a geographic
area in the Region and every geographic area in the Region is so licensed to at least one of the Controlling Plans; and 
 (3)
The Controlling Plans must have the legal authority directly or indirectly through wholly-owned subsidiaries: 

(a) to select members of the Controlled Affiliate’s governing body having not less than 100% voting control thereof;

 (b) prevent any change in the articles of incorporation, bylaws or other establishing or governing documents
of the Controlled Affiliate with which the Controlling Plans do not concur; 
 (c) exercise control over the
policy and operations of the Controlled Affiliate; and 

  

					
		  	-14-	  	

 EXHIBIT A (continued) 

 

 Notwithstanding anything to the contrary in (a) through (c) hereof, the Controlled
Affiliate’s establishing or governing documents must also require written approval by each of the Controlling Plans before the Controlled Affiliate can: 
  

	 	(i)	change its legal and/or trade names; 

  

	 	(ii)	change the geographic area in which it operates (except such approval shall not be required with respect to business of the Controlled Affiliate conducted under the
Licensed Marks within the Service Area of one of the Controlling Plans pursuant to a separate controlled affiliate license agreement with BCBSA sponsored by such Controlling Plan); 

 

	 	(iii)	change any of the type(s) of businesses in which it engages (except such approval shall not be required with respect to business of the Controlled Affiliate conducted
under the Licensed Marks within the Service Area of one of the Controlling Plans pursuant to a separate controlled affiliate license agreement with BCBSA sponsored by such Controlling Plan); 

 

	 	(iv)	take any action that any Controlling Plan or BCBSA reasonably believes will adversely affect the Licensed Marks and Name. 

In addition, the Controlling Plans directly or indirectly through wholly-owned subsidiaries shall own 100% of any for-profit Controlled Affiliate.

 Standard 2 - Financial Responsibility 
 A Controlled Affiliate shall be operated in a manner that provides reasonable financial assurance that it can fulfill all of its contractual obligations to its customers. 

Standard 3 - State Licensure/Certification 
 A Controlled Affiliate shall maintain appropriate and unimpaired licensure and certifications. 

  
 -15-

 EXHIBIT A (continued) 

 

 Standard 4 - Certain Disclosures 
 A Controlled Affiliate shall make adequate disclosure in contracting with third parties and in disseminating public statements of: 

 

	 	a.	the structure of the Blue Cross and Blue Shield System; and 

  

	 	b.	the independent nature of every licensee. 

Standard 5 - Reports and Records for Controlled Affiliates 
 A Controlled Affiliate and/or its Controlling Plans shall furnish, on a timely and accurate basis, reports and records relating to these Standards and the License Agreements between BCBSA and Controlled
Affiliate. 
 Standard 6 - Best Efforts 
 During each year, a Controlled Affiliate shall use its best efforts to promote and build the value of the Blue Shield Marks. 
 Standard 7 - Participation in Certain National Programs 
 A Controlled Affiliate shall
effectively and efficiently participate in certain national programs from time to time as may be adopted by Member Plans for the purposes of providing ease of claims processing for customers receiving benefits outside of the Controlled
Affiliate’s service area. 
 National program requirements include: 

 

	 	a.	Inter-Plan Teleprocessing System (ITS); and 

  

	 	b.	Inter-Plan Medicare Advantage Program. 

Standard 8 - Participation in Master Business Associate Agreement 
 Controlled Affiliates shall comply with the terms of the Business Associate Agreement for Blue Cross and Blue Shield Licensees to the extent they perform the functions of a business associate or
subcontractor to a business associate, as defined by the Business Associate Agreement. 

  
 Amended as
of November 15, 2007 
 -16- 

 EXHIBIT B 
 ROYALTY FORMULA FOR SECTION 9 OF THE 
 CONTROLLED AFFILIATE LICENSE AGREEMENTS

 APPLICABLE TO REGIONAL MEDICARE ADVANTAGE PPO PRODUCTS 
 Controlled Affiliate will pay BCBSA a fee for this license in accordance with the following formula: 
 An amount equal to its pro rata share of each Controlling Plan dues payable to BCBSA computed with the addition of the Controlled Affiliate’s members using the Marks on regional MAPPO products and
related services as reported on the Quarterly Enrollment Report with BCBSA. The payment by each Controlling Plan of its dues to BCBSA, including that portion described in this paragraph, will satisfy the requirement of this paragraph, and no
separate payment will be necessary. 

  

					
		  		  	Amended as of June 14, 2007
		  	-17-	  	

 Exhibit 1C 
 BLUE SHIELD 
 CONTROLLED AFFILIATE LICENSE AGREEMENT 

APPLICABLE TO REGIONAL MEDICARE PART D PRESCRIPTION DRUG PLAN 

PRODUCTS 

(Adopted by Member Plans at their November 18, 2010) 
 This Agreement by and among Blue Cross and Blue Shield Association (“BCBSA”) and
                     (“Controlled Affiliate”), a Controlled Affiliate of the Blue Cross Plan(s), known as
                     (“Controlling Plans”), each of which is also a Party signatory hereto. 

WHEREAS, BCBSA is the owner of the BLUE SHIELD and BLUE SHIELD Design service marks; 

WHEREAS, under the Medicare Modernization Act, companies may apply to and be awarded a contract by the Centers for Medicare and Medicaid
Services (“CMS”) to offer Medicare Part D Prescription Drug Plan products in geographic regions designated by CMS (hereafter “regional PDP products”). 
 WHEREAS, some of the CMS-designated regions include the Service Areas, or portions thereof, of more than one Plan. 
 WHEREAS, the Controlling Plans and Controlled Affiliate desire that the latter be entitled to use the BLUE SHIELD and BLUE SHIELD Design service marks (collectively the “Licensed Marks”) as
service marks and be entitled to use the term BLUE SHIELD in a trade name (“Licensed Name”) to offer regional PDP products in a region that includes the Service Areas, or portions thereof, of more than one Controlling Plan; 

NOW THEREFORE, in consideration of the foregoing and the mutual agreements hereinafter set forth and for other good and valuable
consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereby agree as follows: 
  

	 	1.	GRANT OF LICENSE 

Subject to the terms and conditions of this Agreement, BCBSA hereby grants to Controlled Affiliate the right to use the Licensed Marks and
Name in connection with, and only in connection with the sale, marketing and administration of regional PDP products and related services. 
 This grant of rights is non-exclusive and is limited to the following states:
                     (the “Region”). Controlled Affiliate may use the Licensed

  

					
		  	-1-	  	

 
Marks and Name in its legal name on the following conditions: (i) the legal name must be approved in advance, in writing, by BCBSA; (ii) Controlled Affiliate shall not do business
outside the Region under any name or mark except business conducted in the Service Area of a Controlling Plan provided that Controlled Affiliate is separately licensed by BCBSA to use the Licensed Marks and Name in connection with health care plans
and related services in the Service Area of such Controlling Plan; and (iii) Controlled Affiliate shall not use the Licensed Marks and Name, or any derivative thereof, as part of any name or symbol used to identify itself in any securities
market. Controlled Affiliate may use the Licensed Marks and Name in its Trade Name only with the prior, written, consent of BCBSA. 
  

	 	2.	QUALITY CONTROL 

A. Controlled Affiliate agrees to use the Licensed Marks and Name only in connection with the licensed services and further agrees to be
bound by the conditions regarding quality control shown in attached Exhibit A as they may be amended by BCBSA from time-to-time. 
 B. Controlled Affiliate agrees to comply with all applicable federal, state and local laws. 
 C. Controlled Affiliate agrees that it will provide on an annual basis (or more often if reasonably required by the Controlling Plans or by BCBSA) a report or reports to the Controlling Plans and BCBSA
demonstrating Controlled Affiliate’s compliance with the requirements of this Agreement including but not limited to the quality control provisions of this paragraph and the attached Exhibit A. 

D. Controlled Affiliate agrees that the Controlling Plans and/or BCBSA may, from time-to-time, upon reasonable notice, review and inspect
the manner and method of Controlled Affiliate’s rendering of service and use of the Licensed Marks and Name. 
 E. As used
herein, a Controlled Affiliate is defined as an entity organized and operated in such a manner, that it meets the following requirements: 
 (1) Controlled Affiliate is owned or controlled by two or more Controlling Plans; 

(2) Each Controlling Plan is authorized pursuant to a separate Blue Shield License Agreement to use the Licensed Marks in a geographic
area in the Region and every geographic area in the Region is so licensed to at least one of the Controlling Plans; and 

  

					
		  	-2-	  	

 (3) The Controlling Plans must have the legal authority directly or indirectly through
wholly-owned subsidiaries: 
 (a) to select members of the Controlled Affiliate’s governing body having not less than 100%
voting control thereof; 
 (b) to prevent any change in the articles of incorporation, bylaws or other establishing or governing
documents of the Controlled Affiliate with which the Controlling Plans do not concur; 
 (c) to exercise control over the policy
and operations of the Controlled Affiliate; and 
 Notwithstanding anything to the contrary in (a) through (c) hereof, the Controlled
Affiliate’s establishing or governing documents must also require written approval by each of the Controlling Plans before the Controlled Affiliate can: 
  

	 	(i)	change its legal and/or trade names; 

  

	 	(ii)	change the geographic area in which it operates (except such approval shall not be required with respect to business of the Controlled Affiliate conducted under the
Licensed Marks within the Service Area of one of the Controlling Plans pursuant to a separate controlled affiliate license agreement with BCBSA sponsored by such Controlling Plan); 

 

	 	(iii)	change any of the type(s) of businesses in which it engages (except such approval shall not be required with respect to business of the Controlled Affiliate conducted
under the Licensed Marks within the Service Area of one of the Controlling Plans pursuant to a separate controlled affiliate license agreement with BCBSA sponsored by such Controlling Plan); 

 

	 	(iv)	take any action that any Controlling Plan or BCBSA reasonably believes will adversely affect the Licensed Marks and Name. 

In addition, the Controlling Plans directly or indirectly through wholly owned subsidiaries shall own 100% of any for-profit Controlled Affiliate.

  

					
		  		  	
		  	-3-	  	

	 	3.	SERVICE MARK USE 

A. Controlled Affiliate recognizes the importance of a comprehensive national network of independent BCBSA licensees which are committed
to strengthening the Licensed Marks and Name. The Controlled Affiliate further recognizes that its actions within the Region may affect the value of the Licensed Marks and Name nationwide. 

B. Controlled Affiliate shall at all times make proper service mark use of the Licensed Marks and Name, including but not limited to use
of such symbols or words as BCBSA shall specify to protect the Licensed Marks and Name and shall comply with such rules (generally applicable to Controlled Affiliates licensed to use the Licensed Marks and Name) relative to service mark use, as are
issued from time-to-time by BCBSA. Controlled Affiliate recognizes and agrees that all use of the Licensed Marks and Name by Controlled Affiliate shall inure to the benefit of BCBSA. 

C. Controlled Affiliate may not directly or indirectly use the Licensed Marks and Name in a manner that transfers or is intended to
transfer in the Region the goodwill associated therewith to another mark or name, nor may Controlled Affiliate engage in activity that may dilute or tarnish the unique value of the Licensed Marks and Name. 

D. Controlled Affiliate shall use its best efforts to promote and build the value of the Licensed Marks and Name in connection with the
sale, marketing and administration of regional PDP products and related services. 
  

	 	4.	SUBLICENSING AND ASSIGNMENT 

 Controlled Affiliate shall not, directly or indirectly, sublicense, transfer, hypothecate, sell, encumber or mortgage, by operation of law or otherwise, the rights granted hereunder and any such act shall
be voidable at the sole option of any Controlling Plan or BCBSA. This Agreement and all rights and duties hereunder are personal to Controlled Affiliate. 

  

					
		  		  	
		  	-4-	  	

	 	5.	INFRINGEMENT 

Controlled Affiliate shall promptly notify the Controlling Plans and the Controlling Plans shall promptly notify BCBSA of any suspected
acts of infringement, unfair competition or passing off that may occur in relation to the Licensed Marks and Name. Controlled Affiliate shall not be entitled to require the Controlling Plans or BCBSA to take any actions or institute any proceedings
to prevent infringement, unfair competition or passing off by third parties. Controlled Affiliate agrees to render to the Controlling Plans and BCBSA, without charge, all reasonable assistance in connection with any matter pertaining to the
protection of the Licensed Marks and Name by BCBSA. 
  

	 	6.	LIABILITY INDEMNIFICATION 

 Controlled Affiliate and the Controlling Plans hereby agree to save, defend, indemnify and hold BCBSA harmless from and against all claims, damages, liabilities and costs of every kind, nature and
description (except those arising solely as a result of BCBSA’s negligence) that may arise as a result of or related to Controlled Affiliate’s rendering of services under the Licensed Marks and Name. 

 

	 	7.	LICENSE TERM 

 A.
Except as otherwise provided herein, the license granted by this Agreement shall remain in effect for a period of one (1) year and shall be automatically extended for additional one (1) year periods unless terminated pursuant to the
provisions herein. 
 B. This Agreement and all of Controlled Affiliate’s rights hereunder shall immediately terminate
without any further action by any party or entity in the event that: (i) any one of the Controlling Plans ceases to be authorized to use the Licensed Marks and Name; or (ii) pursuant to Paragraph 15(a)(x) of the Blue Shield License
Agreement any one of the Controlling Plans ceases to be authorized to use the Licensed Names and Marks in the Region. 
 C.
Notwithstanding any other provision of this Agreement, this license to use the Licensed Marks and Name may be forthwith terminated by the Controlling Plans or the affirmative vote of the majority of the Board of Directors of BCBSA present and voting
at a special meeting expressly called by BCBSA for the purpose on ten (10) days written notice to the Controlling Plans advising of the specific matters at issue and granting the Controlling Plans an opportunity to be heard and to present their
response to the Board for: (1) failure to comply with any applicable minimum capital or liquidity requirement under the quality control standards of this 

  

					
		  		  	
		  	-5-	  	

 
Agreement; or (2) failure to comply with the “Organization and Governance” quality control standard of this Agreement; or (3) impending financial insolvency; or
(4) failure to comply with any of the applicable requirements of Standards 2, 3, 4, or 5 of attached Exhibit A; or (5) the pendency of any action instituted against the Controlled Affiliate seeking its dissolution or liquidation of its
assets or seeking appointment of a trustee, interim trustee, receiver or other custodian for any of its property or business or seeking the declaration or establishment of a trust for any of its property or business, unless this Controlled Affiliate
License Agreement has been earlier terminated under paragraph 7(E); or (6) such other reason as is determined in good faith immediately and irreparably to threaten the integrity and reputation of BCBSA, the Plans (including the Controlling
Plans), any other licensee including Controlled Affiliate and/or the Licensed Marks and Name. 
 D. Except as otherwise provided
in Paragraphs 7(B), 7(C) or 7(E) herein, should Controlled Affiliate fail to comply with the provisions of this Agreement and not cure such failure within thirty (30) days of receiving written notice thereof (or commence a cure within such
thirty day period and continue diligent efforts to complete the cure if such curing cannot reasonably be completed within such thirty day period) BCBSA or the Controlling Plans shall have the right to issue a notice that the Controlled Affiliate is
in a state of noncompliance. If a state of noncompliance as aforesaid is undisputed by the Controlled Affiliate or is found to exist by a mandatory dispute resolution panel and is uncured as provided above, BCBSA shall have the right to seek
judicial enforcement of the Agreement or to issue a notice of termination thereof. Notwithstanding any other provisions of this Agreement, any disputes as to the termination of this License pursuant to Paragraphs 7(B), 7(C) or 7(E) of this Agreement
shall not be subject to mediation and mandatory dispute resolution. All other disputes between or among BCBSA, any of the Controlling Plans and/or Controlled Affiliate shall be submitted promptly to mediation and mandatory dispute resolution. The
mandatory dispute resolution panel shall have authority to issue orders for specific performance and assess monetary penalties. Except, however, as provided in Paragraphs 7(B) and 7(E) of this Agreement, this license to use the Licensed Marks and
Name may not be finally terminated for any reason without the affirmative vote of a majority of the present and voting members of the Board of Directors of BCBSA. 
 E. This Agreement and all of Controlled Affiliate’s rights hereunder shall immediately terminate without any further action by any party or entity in the event that: 

(1) Controlled Affiliate shall no longer comply with item 2(E) above; 

(2) Appropriate dues, royalties and other payments for Controlled Affiliate pursuant to paragraph 9 hereof, which are the royalties for
this License Agreement, are more than sixty (60) days in arrears to BCBSA; or 

  

					
		  		  	
		  	-6-	  	

 (3) Any of the following events occur: (i) a voluntary petition shall be filed by
Controlled Affiliate seeking bankruptcy, reorganization, arrangement with creditors or other relief under the bankruptcy laws of the United States or any other law governing insolvency or debtor relief, or (ii) an involuntary petition or
proceeding shall be filed against Controlled Affiliate seeking bankruptcy, reorganization, arrangement with creditors or other relief under the bankruptcy laws of the United States or any other law governing insolvency or debtor relief and such
petition or proceeding is consented to or acquiesced in by Controlled Affiliate or is not dismissed within sixty (60) days of the date upon which the petition or other document commencing the proceeding is served upon the Controlled Affiliate,
or (iii) an order for relief is entered against Controlled Affiliate in any case under the bankruptcy laws of the United States, or Controlled Affiliate is adjudged bankrupt or insolvent as those terms are defined in the Uniform Commercial Code
as enacted in the State of Illinois by any court of competent jurisdiction, or (iv) Controlled Affiliate makes a general assignment of its assets for the benefit of creditors, or (v) any government or any government official, office,
agency, branch, or unit assumes control of Controlled Affiliate or delinquency proceedings (voluntary or involuntary) are instituted, or (vi) an action is brought by Controlled Affiliate seeking its dissolution or liquidation of its assets or
seeking the appointment of a trustee, interim trustee, receiver or other custodian for any of its property or business, or (vii) an action is instituted by any governmental entity or officer against Controlled Affiliate seeking its dissolution
or liquidation of its assets or seeking the appointment of a trustee, interim trustee, receiver or other custodian for any of its property or business and such action is consented to or acquiesced in by Controlled Affiliate or is not dismissed
within one hundred thirty (130) days of the date upon which the pleading or other document commencing the action is served upon the Controlled Affiliate, provided that if the action is stayed or its prosecution is enjoined, the one hundred
thirty (130) day period is tolled for the duration of the stay or injunction, and provided further, that the Association’s Board of Directors may toll or extend the 130 day period at any time prior to its expiration, or (viii) a
trustee, interim trustee, receiver or other custodian for any of Controlled Affiliate’s property or business is appointed or the Controlled Affiliate is ordered dissolved or liquidated. Notwithstanding any other provision of this Agreement, a
declaration or a request for declaration of the existence of a trust over any of the Controlled Affiliate’s property or business shall not in itself be deemed to constitute or seek appointment of a trustee, interim trustee, receiver or other
custodian for purposes of subparagraphs 7(E)(3)(vii) and (viii) of this Agreement. 
 F. Upon termination of this Agreement
for cause or otherwise, Controlled Affiliate agrees that it shall immediately discontinue all use of the Licensed Marks and Name, including any use in its trade name, except to the extent that it continues to be authorized to use the Licensed Marks
within the Service Area of one of the Controlling Plans pursuant to a separate controlled affiliate license agreement with BCBSA sponsored by such Controlling Plan. 

  

					
		  		  	
		  	-7-	  	

 G. Upon termination of this Agreement, Controlled Affiliate shall immediately notify all of
its customers to whom it provides products or services under the Licensed Marks pursuant to this Agreement that it is no longer a licensee of BCBSA and, if directed by the Association’s Board of Directors, shall provide instruction on how the
customer can contact BCBSA or a designated licensee to obtain further information on securing coverage. The notification required by this paragraph shall be in writing and in a form approved by BCBSA. The BCBSA shall have the right to audit the
terminated entity’s books and records to verify compliance with this paragraph. 
 H. In the event this Agreement
terminates pursuant to 7(B) hereof, upon termination of this Agreement the provisions of Paragraph 7(G) shall not apply and the following provisions shall apply, except that, in the event that Controlled Affiliate is separately licensed by BCBSA to
use the Licensed Marks in the Service Area of a Controlling Plan and termination of this Agreement is due to a partial termination of such Controlling Plan’s license pursuant to Paragraph 15(a)(x)(ii) of the Blue Shield License Agreement, the
notices, national account listing, payment, and audit right listed below shall be applicable solely with respect to the Region and the geographic area for which the Controlling Plan’s license to use the Licensed Names and Marks is terminated:

 (1) The Controlled Affiliate shall send a notice through the U.S. mails, with first class postage affixed, to all individual
and group customers, providers, brokers and agents of products or services sold, marketed, underwritten or administered by the Controlled Affiliate under the Licensed Marks and Name. The form and content of the notice shall be specified by BCBSA and
shall, at a minimum, notify the recipient of the termination of the license, the consequences thereof, and instructions for obtaining alternate products or services licensed by BCBSA. This notice shall be mailed within 15 days after termination.

 (2) The Controlled Affiliate shall deliver to BCBSA within five days of a request by BCBSA a listing of national accounts in
which the Controlled Affiliate is involved (in a control, participating or servicing capacity), identifying the national account and the Controlled Affiliate’s role therein. 

(3) Unless the cause of termination is an event respecting BCBSA stated in paragraph 15(a) or (b) of the Plan’s license
agreement with BCBSA to use the Licensed Marks and Name, the Controlled Affiliate, the Controlling Plans, and any other Licensed Controlled Affiliates of the Controlling Plans shall be jointly liable for payment to BCBSA of an amount equal to $25
multiplied by the number of Licensed Enrollees of the Controlled Affiliate; provided that if any Plan other than a Controlling Plan is permitted by BCBSA to use marks or names licensed by BCBSA in a geographic area in the Region, the payment for
Licensed Enrollees in such 

  

					
		  		  	
		  	-8-	  	

 geographic area shall be multiplied by a fraction, the numerator of which is the number of Licensed
Enrollees of the Controlled Affiliate, the Controlling Plans, and any other Licensed Controlled Affiliates of the Controlling Plans in such geographic area and the denominator of which is the total number of Licensed Enrollees in such geographic
area. Licensed Enrollee means each and every person and covered dependent who is enrolled as an individual or member of a group receiving products or services sold, marketed or administered under marks or names licensed by BCBSA as determined at the
earlier of (i) the end of the last fiscal year of the terminated entity which ended prior to termination or (ii) the fiscal year which ended before any transactions causing the termination began. Notwithstanding the foregoing, the amount
payable pursuant to this subparagraph H. (3) shall be due only to the extent that, in BCBSA’s opinion, it does not cause the net worth of the Controlled Affiliate, the Controlling Plans or any other Licensed Controlled Affiliates of the
Controlling Plans to fall below 100% of the Health Risk-Based Capital formula, or its equivalent under any successor formula, as set forth in the applicable financial responsibility standards established by BCBSA (provided such equivalent is
approved for purposes of this subparagraph by the affirmative vote of three-fourths of the Plans and three-fourths of the total then current weighted vote of all the Plans); measured as of the date of termination, and adjusted for the value of any
transactions not made in the ordinary course of business. This payment shall not be due in connection with transactions exclusively by or among Plans (including the Controlling Plans) or their affiliates, including reorganizations, combinations or
mergers, where the BCBSA Board of Directors determines that the license termination does not result in a material diminution in the number of Licensed Enrollees or the extent of their coverage. In the event that the Controlled Affiliate’s
license is reinstated by BCBSA or is deemed to have remained in effect without interruption by a court of competent jurisdiction, BCBSA shall reimburse the Controlled Affiliate (and/or the Controlling Plans or their other Licensed Controlled
Affiliates, as the case may be) for payments made under this subparagraph 7.H.(3) only to the extent that such payments exceed the amounts due to BCBSA pursuant to paragraph 7.K. and any costs associated with reestablishing the terminated
Controlling Plan’s Service Area or the Region, including any payments made by BCBSA to a Plan or Plans (including the other Controlling Plans), or their Licensed Controlled Affiliates, for purposes of replacing the Controlled Affiliate.

 (4) BCBSA shall have the right to audit the books and records of the Controlled Affiliate, the Controlling Plans, and any
other Licensed Controlled Affiliates of the Controlling Plans to verify compliance with this paragraph 7.H. 
 (5) As to a
breach of 7.H.(1), (2), (3) or (4), the parties agree that the obligations are immediately enforceable in a court of competent jurisdiction. As to a breach of 7.H.(1), (2) or (4) by the Controlled Affiliate, the parties agree there is
no adequate remedy at law and BCBSA is entitled to obtain specific performance. 

  

					
		  		  	
		  	-9-	  	

 I. BCBSA shall be entitled to enjoin the Controlled Affiliate or any related party in a
court of competent jurisdiction from entry into any transaction which would result in a termination of this Agreement unless a Controlling Plan’s license from BCBSA to use the Licensed Marks and Names has been terminated pursuant to 10(d) of
such Controlling Plan’s license agreement upon the required 6 month written notice. 
 J. BCBSA acknowledges that it is not
the owner of assets of the Controlled Affiliate. 
 K. In the event this Agreement terminates and is subsequently reinstated by
BCBSA or is deemed to have remained in effect without interruption by a court of competent jurisdiction, the Controlled Affiliate, the Controlling Plans, and any other Licensed Controlled Affiliates of the Controlling Plans shall be jointly liable
for reimbursing BCBSA the reasonable costs incurred by BCBSA in connection with the termination and the reinstatement or court action, and any associated legal proceedings, including but not limited to: outside legal fees, consulting fees, public
relations fees, advertising costs, and costs incurred to develop, lease or establish an interim provider network. Any amount due to BCBSA under this subparagraph may be waived in whole or in part by the BCBSA Board of Directors in its sole
discretion. 
  

	 	8.	DISPUTE RESOLUTION 

The parties agree that any disputes between or among them or between or among any of them and one or more Plans or Controlled Affiliates
of Plans that use in any manner the Blue Shield and Blue Shield Marks and Name are subject to the Mediation and Mandatory Dispute Resolution process attached to and made a part of each Controlling Plan’s License from BCBSA to use the Licensed
Marks and Name as Exhibit 5 as amended from time-to-time, which documents are incorporated herein by reference as though fully set forth herein. 
  

	 	9.	LICENSE FEE 

Controlled Affiliate will pay to BCBSA a fee for this License determined pursuant to the formula(s) set forth in Exhibit B. 

 

	 	10.	JOINT VENTURE 

Nothing contained in this Agreement shall be construed as creating a joint venture, partnership, agency or employment relationship between
the Controlling Plans and Controlled Affiliate or between either and BCBSA. 

  

					
		  		  	
		  	-10-	  	

	 	11.	NOTICES AND CORRESPONDENCE 

 Notices regarding the subject matter of this Agreement or breach or termination thereof shall be in writing and shall be addressed in duplicate to the last known address of each other party, marked
respectively to the attention of its President and, if any, its General Counsel. 
  

	 	12.	COMPLETE AGREEMENT 

This Agreement contains the complete understandings of the parties in relation to the subject matter hereof. This Agreement may only be
amended by the affirmative vote of three-fourths of the Plans and three-fourths of the total then current weighted vote of all the Plans as officially recorded by the BCBSA Corporate Secretary. 

 

	 	13.	SEVERABILITY 

 If
any term of this Agreement is held to be unlawful by a court of competent jurisdiction, such findings shall in no way affect the remaining obligations of the parties hereunder and the court may substitute a lawful term or condition for any unlawful
term or condition so long as the effect of such substitution is to provide the parties with the benefits of this Agreement. 
  

	 	14.	NONWAIVER 

 No
waiver by BCBSA of any breach or default in performance on the part of Controlled Affiliate or any other licensee of any of the terms, covenants or conditions of this Agreement shall constitute a waiver of any subsequent breach or default in
performance of said terms, covenants or conditions. 
  

	 	14A.	VOTING 

 For all
provisions of this Agreement referring to voting, the term ‘Plans’ shall mean all entities licensed under the Blue Cross License Agreement and/or the Blue Shield License Agreement, and in all votes of the Plans under this Agreement the
Plans shall vote together. For weighted votes of the Plans, the Plan shall have a number of votes equal to the number of weighted votes (if any) that it holds as a Blue Cross Plan plus the number of weighted votes (if any) that it holds as a Blue
Shield Plan. For all other votes of the Plans, the Plan shall have one vote. For all questions requiring an affirmative three-fourths weighted vote of the Plans, the requirement shall be deemed satisfied with a lesser weighted vote unless the
greater of: (i) 6/52 or more of the Plans (rounded to the nearest whole number, with 

  

					
		  		  	
		  	-11-	  	

 
0.5 or multiples thereof being rounded to the next higher whole number) fail to cast weighted votes in favor of the question; or (ii) three (3) of the Plans fail to cast weighted votes
in favor of the question. Notwithstanding the foregoing provision, if there are thirty-nine (39) Plans, the requirement of an affirmative three-fourths weighted vote shall be deemed satisfied with a lesser weighted vote unless four (4) or
more Plans fail to cast weighted votes in favor of the question. 
  

	 	15.	GOVERNING LAW 

This Agreement shall be governed by, and construed and interpreted in accordance with, the laws of the State of Illinois. 

 

	 	16.	HEADINGS 

 The
headings inserted in this agreement are for convenience only and shall have no bearing on the interpretation hereof. 

  

					
		  		  	
		  	-12-	  	

 IN WITNESS WHEREOF, the parties have caused this License Agreement to be executed and effective as of the
date of last signature written below. 
  

			
	Controlled Affiliate:
		
	By:	 	 
		
	Date:	 	 
	
	Controlling Plan:
		
	By:	 	 
		
	Date:	 	 
	
	Controlling Plan:
		
	By:	 	 
		
	Date:	 	 
	
	BLUE CROSS AND BLUE SHIELD ASSOCIATION
		
	By:	 	 
		
	Date:	 	 

  

					
		  		  	
		  	-13-	  	

 EXHIBIT A 
 CONTROLLED AFFILIATE LICENSE STANDARDS 
 APPLICABLE TO REGIONAL MEDICARE 

PART D PRESCRIPTION DRUG PLAN PRODUCTS 

November 2010 
 PREAMBLE

 The standards for licensing Controlled Affiliates for Medicare Part D Prescription Drug Plan Products are established by BCBSA and are
subject to change from time-to-time upon the affirmative vote of three-fourths (3/4) of the Plans and three-fourths (3/4) of the total weighted vote. Each Controlling Plan is required to use a standard Controlled Affiliate license form
provided by BCBSA and to cooperate fully in assuring that the licensed Controlled Affiliate maintains compliance with the license standards. 

Standard 1 - Organization and Governance 

A Controlled Affiliate is defined as an entity organized and operated in such a manner, that it meets the following requirements: 

(1) Controlled Affiliate is owned or controlled by two or more Controlling Plans; 

(2) Each Controlling Plan is authorized pursuant to a separate Blue Shield License Agreement to use the Licensed Marks in a geographic
area in the Region and every geographic area in the Region is so licensed to at least one of the Controlling Plans; and 
 (3)
The Controlling Plans must have the legal authority directly or indirectly through wholly-owned subsidiaries: 

(a) to select members of the Controlled Affiliate’s governing body having not less than 100% voting control thereof;

 (b) prevent any change in the articles of incorporation, bylaws or other establishing or governing documents
of the Controlled Affiliate with which the Controlling Plans do not concur; 
 (c) exercise control over the
policy and operations of the Controlled Affiliate; and 

  

					
		  		  	
		  	-14-	  	

 EXHIBIT A (continued) 

 

 Notwithstanding anything to the contrary in (a) through (c) hereof, the Controlled
Affiliate’s establishing or governing documents must also require written approval by each of the Controlling Plans before the Controlled Affiliate can: 
  

	 	(i)	change its legal and/or trade names; 

  

	 	(ii)	change the geographic area in which it operates (except such approval shall not be required with respect to business of the Controlled Affiliate conducted under the
Licensed Marks within the Service Area of one of the Controlling Plans pursuant to a separate controlled affiliate license agreement with BCBSA sponsored by such Controlling Plan); 

 

	 	(iii)	change any of the type(s) of businesses in which it engages (except such approval shall not be required with respect to business of the Controlled Affiliate conducted
under the Licensed Marks within the Service Area of one of the Controlling Plans pursuant to a separate controlled affiliate license agreement with BCBSA sponsored by such Controlling Plan); 

 

	 	(iv)	take any action that any Controlling Plan or BCBSA reasonably believes will adversely affect the Licensed Marks and Name. 

In addition, the Controlling Plans directly or indirectly through wholly-owned subsidiaries shall own 100% of any for-profit Controlled Affiliate.

 Standard 2 - Financial Responsibility 
 A Controlled Affiliate shall be operated in a manner that provides reasonable financial assurance that it can fulfill all of its contractual obligations to its customers. 

Standard 3 - State Licensure/Certification 
 A Controlled Affiliate shall maintain appropriate and unimpaired licensure and certifications. 

  
 -15-

 EXHIBIT A (continued) 

 

 Standard 4 - Certain Disclosures 
 A Controlled Affiliate shall make adequate disclosure in contracting with third parties and in disseminating public statements of: 

 

	 	a.	the structure of the Blue Cross and Blue Shield System; and 

  

	 	b.	the independent nature of every licensee. 

Standard 5 - Reports and Records for Controlled Affiliates 
 A Controlled Affiliate and/or its Controlling Plans shall furnish, on a timely and accurate basis, reports and records relating to these Standards and the License Agreements between BCBSA and Controlled
Affiliate. 
 Standard 6 - Best Efforts 
 During each year, a Controlled Affiliate shall use its best efforts to promote and build the value of the Blue Shield Marks. 
 Standard 7 - Participation in Master Business Associate Agreement 
 Controlled Affiliates
shall comply with the terms of the Business Associate Agreement for Blue Cross and Blue Shield Licensees to the extent they perform the functions of a business associate or subcontractor to a business associate, as defined by the Business Associate
Agreement. 

  

					
		  	-16-	  	

 EXHIBIT B 
 ROYALTY FORMULA FOR SECTION 9 OF THE 
 CONTROLLED AFFILIATE LICENSE AGREEMENTS

 APPLICABLE TO REGIONAL MEDICARE PART D PRESCRIPTION DRUG PLAN 
 PRODUCTS 
 Controlled Affiliate will pay BCBSA a fee for this license in accordance with the
following formula: 
 An amount equal to its pro rata share of each Controlling Plan dues payable to BCBSA computed with the addition of the
Controlled Affiliate’s members using the Marks on regional PDP products and related services as reported on the Quarterly Enrollment Report with BCBSA. The payment by each Controlling Plan of its dues to BCBSA, including that portion described
in this paragraph, will satisfy the requirement of this paragraph, and no separate payment will be necessary. 

  

					
		  		  	Amended as of June 14, 2007
		  	-17-	  	

 EXHIBIT 2 
 Membership Standards 
 Page 1 of 5 
  

 Preamble 
 The Membership Standards apply to all organizations seeking to become or to continue as Regular Members of the Blue Cross and Blue Shield Association. Any organization seeking to become a Regular Member
must be found to be in substantial compliance with all Membership Standards at the time membership is granted and the organization must be found to be in substantial compliance with all Membership Standards for a period of two (2) years
preceding the date of its application. If Membership is sought by an entity which controls or is controlled by one or more Plans, such compliance shall be determined on the basis of compliance by such Plan or Plans. 

The Regular Member Plans shall have authority to interpret these Standards. 
 A Regular Member Plan that operates as a “Shell Holding Company” is defined as an entity that assumes no underwriting risk and has less than 1% of the consolidated enterprise assets (excludes
investments in subsidiaries) and less than 5% of the consolidated enterprise net general and administrative expenses. 
 A Regular Member Plan
that operates as a “Hybrid Holding Company” is defined as an entity that assumes no underwriting risk and has either more than 1% of the consolidated enterprise assets (excludes investments in subsidiaries) or more than 5% of the
consolidated enterprise net general and administrative expenses. 
  

			
	Standard 1:	  	 A Plan shall maintain a governing Board, which shall control the Plan and ensure that the Plan follows appropriate practices of
corporate governance. A Plan’s Board shall not be controlled by any special interest group, shall make an annual determination that a majority of its directors are independent, and shall act in the best interest of its Corporation and its
customers. The Board shall be composed of a majority of persons other than providers of health care services, who shall be known as public members. A public member shall not be an employee of or have a financial interest in a health care provider,
nor be a member of a profession which provides health care services.

  
 Amended as
of March 15, 2007 

 EXHIBIT 2 
 Membership Standards 
 Page 2 of 5 
  

			
	Standard 2:	  	A Plan shall furnish to the Association on a timely and accurate basis reports and records relating to compliance with these Standards and the License Agreements between the
Association and the Plans. Such reports and records are the following:
		
		  	 A.     BCBSA Membership Information Request;

		
		  	 B.     Biennial trade name and service mark usage material, including disclosure material under Standard
7;

		
		  	 C.     Changes in the governance of the Plan, including changes in a Plan’s Charter, Articles of
Incorporation, or Bylaws, changes in a Plan’s Board composition, or changes in the identity of the Plan’s Principal Officers;

		
		  	 D.     Quarterly Financial Report, Semi-annual “Health Risk- Based Capital (HRBC) Report” as
defined by the NAIC, Annual Financial Forecast, Annual Certified Audit Report, Insurance Department Examination Report, Annual Statement filed with State Insurance Department (with all attachments), Plan, Subsidiary and Affiliate Report;
and

		
		  	 •     Plans that are a Shell Holding Company as defined in the Preamble hereto are required to
furnish only a calendar year-end “Health Risk-Based Capital (HRBC) Report” as defined by the NAIC.

  
 Amended as
of November 15, 2001 

 EXHIBIT 2 
 Membership Standards 
 Page 3 of 5 
  

			
		  	 E.     Quarterly Enrollment Report, Member Touchpoint Measures Index (MTM) (current version) through
12/31/2010, MTM Index (first revised version) starting 1/1/2011 through 12/31/2011, and MTM Index (second revised version) starting 1/1/2012 and thereafter.

		
		  	 •     Plans that are a Shell Holding Company as defined in the Preamble hereto are not required to
furnish a Quarterly Enrollment Report.

		
		  	 •    For purposes of MTM reporting only, a Plan shall file a separate MTM report for each Geographic
Market.

		
	 Standard 3:
	  	A Plan shall be operated in a manner that provides reasonable financial assurance that it can fulfill its contractual obligations to its customers.
		
	 Standard 4:
	  	A Plan shall be operated in a manner responsive to customer needs and requirements.
		
	 Standard 5:
	  	A Plan shall effectively and efficiently participate in each national program as from time to time may be adopted by the Member Plans for the purposes of providing portability of
membership between the Plans and ease of claims processing for customers receiving benefits outside of the Plan’s Service Area.
		
		  	Such programs are applicable to Blue Cross and Blue Shield Plans, and include:
		
		  	 A.     Transfer Program;

		
		  	 B.     Inter-Plan Teleprocessing System (ITS);

		
		  	 C.     BlueCard Program;

		
		  	 D.     National Account Programs;

		
		  	 E.     Business Associate Agreement for Blue Cross and Blue Shield Licensees, effective April 14, 2003;
and

		
		  	 F.      Inter-Plan Medicare Advantage Program.

  
 Amended as
of November 18, 2010 

 EXHIBIT 2 
 Membership Standards 
 Page 4 of 5 
  

			
	 Standard 6:
	  	In addition to requirements under the national programs listed in Standard 5: Participation in National Programs, a Plan shall take such action as required to ensure its financial
performance in programs and contracts of an inter-Plan nature or where the Association is a party.
		
	 Standard 7:
	  	A Plan shall make adequate disclosure in contracting with third parties and in disseminating public statements of (i) the structure of the Blue Cross and Blue Shield System, (ii)
the independent nature of every Plan, and (iii) the Plan’s financial condition.
		
	 Standard 8:
	  	A Plan shall cooperate with the Association’s Board of Directors and its Plan Performance and Financial Standards Committee in the administration of the Plan Performance
Response Process and in addressing Plan performance problems identified thereunder.
		
	 Standard 9:
	  	A Plan shall obtain a rating of its financial strength from an independent rating agency approved by the Association’s Board of Directors for such purpose.
		
	 Standard 10:
	  	Notwithstanding any other provision in this License Agreement, during each year, a Plan and its Controlled Affiliate(s) engaged in providing licensable services (excluding Life
Insurance and Charitable Foundation Services) shall use their best efforts to promote and build the value of the Blue Shield Marks.
		
	 Standard 11:
	  	Neither a Plan nor any Larger Controlled Affiliate shall cause or permit an entity other than a Plan or a Licensed Controlled Affiliate thereof to obtain control of the Plan or
Larger Controlled Affiliate or to acquire a substantial portion of its assets related to licensable services.

  
 Amended as
of June 16, 2005 

 EXHIBIT 2 
 Membership Standards 
 Page 5 of 5 
  

			
	 Standard 12:
	  	No provider network, or portion thereof, shall be rented or otherwise made available to a National Competitor if the Licensed Marks or Names are used in any way with such
network.
		
		  	A provider network may be rented or otherwise made available, provided there is no use of the Licensed Marks or Names with respect to the network being
rented.

  
 Amended as
of March 18, 2004 

 EXHIBIT 3 
 GUIDELINES WITH RESPECT TO USE OF 
 LICENSED NAME AND MARKS IN CONNECTION WITH NATIONAL
ACCOUNTS 
 Page 1 of 3 
  

 1. The strength of the Blue Cross/Blue Shield National Accounts mechanism, and the continued provision
of cost effective, quality health care benefits to National Accounts, are predicated on locally managed provider networks coordinated on a national scale in a manner consistent with effective service to National Account customers and consistent with
the preservation of the integrity of the Blue Cross/Blue Shield system and the Licensed Marks. These guidelines shall be interpreted in keeping with such ends. 
 2. A National Account is an entity with employee and/or retiree locations in more than one Plan’s Service Area. Unless otherwise agreed, a National Account is deemed located in the Service Area in
which the corporate headquarters of the National Account is located. A local plant, office or division headquarters of an entity may be deemed a separate National Account when that local plant, office or division headquarters 1) has employee
locations in more than one Service Area, and 2) has independent health benefit decision-making authority for the employees working at such local plant, office or division headquarters and for employees working at other locations outside the Service
Area. In such a case, the local plant, office or division headquarters is a National Account that is deemed located in the Service Area in which such local plant, office or division headquarters is located. The Control Plan of a National Account is
the Plan in whose Service Area the National Account is located. A participating (“Par”) Plan is a Plan in whose Service Area the National Account has employee and/or retiree locations, but in which the National Account is not located. In
the event that a National Account parent company consolidates health benefit-decision making for itself and its wholly-owned subsidiary companies, the parent company and the subsidiary companies shall be considered one National Account. The Control
Plan for such a National Account shall be the Plan in whose Service Area the parent company headquarters is located. 
 3. The National Account
Guidelines enunciated herein below shall be applicable only with respect to the business of new National Accounts acquired after January 1, 1991. 
 4. Control Plans shall utilize National Account identification cards complying with then currently effective BCBSA graphic standards in connection with all National Accounts business to facilitate
administration thereof, to minimize subscriber and provider confusion, and to reflect a commitment to cooperation among Plans. 

  
 Amended as
of June 12, 2003 

 Exhibit 3 
 Page 2 of 3 
  

 5. Disputes among Plans and/or BCBSA as to the interpretation or implementation of these Guidelines or
as to other National Accounts issues shall be submitted to mediation and mandatory dispute resolution as provided in the License Agreement. For two years from the effective date of the License Agreement, however, such disputes shall be subject to
mediation only, with the results of such mediation to be collected and reported in order to establish more definitive operating parameters for National Accounts business and to serve as ground rules for future binding dispute resolution. 

6. The Control Plan may use the BlueCard Program (as defined by IPPC) to deliver benefits to employees and non-Medicare eligible retirees in a
Participating Plan’s service area if an alternative arrangement with the Participating Plan cannot be negotiated. The Participating Plan’s minimum servicing requirement for those employees and non-Medicare retirees in its service area is
to deliver benefits using the BlueCard Program. Account delivery is subject to the policies, provisions and procedures of the BlueCard Program. 

7. For provider payments in a Participating Plan’s area (on non-BlueCard claims), payment to the provider may be made by the Participating Plan or
the Control Plan at the Participating Plan’s option. If the Participating Plan elects to pay the provider, it may not withhold payment of a claim verified by the Control Plan or its designated processor, and payment must be in conformity with
service criteria established by the Board of Directors of BCBSA (or an authorized committee thereof) to assure prompt payment, good service and minimum confusion with providers and subscribers. The Control Plan, at the Participating Plan’s
request, will also assure that measures are taken to protect the confidentiality of the data pertaining to provider reimbursement levels and profiles. 

  
 Amended as
of June 14, 1996 

 Exhibit 3 
 Page 3 of 3 
  

 8. The Control Plan, in its financial agreements with a National Account, is expected to reasonably
reflect the aggregate amount of differentials passed along to the Control Plan by all Participating Plans in a National Account. 
 9. Other
than in contracting with health care providers or soliciting such contracts in areas contiguous to a Plan’s Service Area in order to serve its subscribers or those of its licensed Controlled Affiliate residing or working in its Service Area, a
Control Plan may not use the Licensed Marks and/or Name, as a tag line or otherwise, to negotiate directly with providers outside its Service Area. 

  
 Amended as
of March 13, 2003 

 EXHIBIT 4 
 GOVERNMENT PROGRAMS AND CERTAIN OTHER USES 
 Page 1 of 13 

 

 1. A Plan and its licensed Controlled Affiliate may use the Licensed Marks and Name in bidding on and
executing a contract to serve a Government Program, and in thereafter communicating with the Government concerning the Program. With respect, however, to such contracts entered into after the 1st day of January, 1991, the Licensed Marks and Name
will not be used in communications or transactions with beneficiaries or providers in the Government Program located outside a Plan’s Service Area, unless the Plan can demonstrate to the satisfaction of BCBSA’s governing body that such a
restriction on use of the Licensed Marks and Name will jeopardize its ability to procure the contract for the Government Program. As to both existing and future contracts for Government Programs, Plans will discontinue use of the Licensed Marks and
Name as to beneficiaries and Providers outside their Service Area as expenditiously as circumstances reasonably permit. Effective January 1, 1995, except as provided in the first sentence above, all use by a Plan of the Licensed Marks and Name
in Government Programs outside of the Plan’s Service Area shall be discontinued. Incidental communications outside a Plan’s Service Area with resident or former resident beneficiaries of the Plan, and other categories of necessary
incidental communications approved by BCBSA, are not prohibited. For purposes of this Paragraph 1, the term “Government Programs” shall mean Medicare Part A, Medicare Part B and other non-risk government programs. 

2. In connection with activity otherwise in furtherance of the License Agreement, a Plan and its Controlled Affiliates that are licensed to use the
Licensed Marks and Name in its Service Area pursuant to the Controlled Affiliate License Agreements authorized in clauses a) through c) of Paragraph 2 of the Plan’s License Agreement with BCBSA may use the Licensed Marks and Name outside the
Plan’s Service Area in the following circumstances which are deemed legitimate and necessary and not likely to cause consumer confusion: 
  

	 	a.	sending letterhead, envelopes, and similar items solely for administrative purposes (e.g., not for purposes of marketing, advertising, promoting, selling or soliciting
the sale of health care plans and related services); 

  

	 	b.	distributing business cards other than in marketing and selling; 

  

	 	c.	contracting with health care providers or soliciting such contracts in areas contiguous to the Plan’s Service Area in order to serve its subscribers or those of
such licensed Controlled Affiliates residing or working in its service area; 

  
 Amended as
of March 17, 2005 

 EXHIBIT 4 
 Page 2 of 13 
  

	 	d.	issuing a small sign containing the legal name or trade name of the Plan or such licensed Controlled Affiliates for display by a provider to identify the latter as a
participating provider of the Plan or Controlled Affiliate; 

  

	 	e.	advertising in publications or electronic media solely to persons for employment; 

 

	 	f.	advertising in print, electronic or other media which serve, as a substantial market, the Service Area of the Plan or licensed Controlled Affiliate, provided that no
Plan or Controlled Affiliate may advertise outside its Service Area on the national broadcast and cable networks and that advertisements in national print media are limited to the smallest regional edition encompassing the Service Area;

  

	 	g.	advertising by direct mail where the addressee’s zip code plus 4 includes, at least in part, the Plan’s Service Area or that of a licensed Controlled
Affiliate. 

  

	 	h.	negotiating rates with a health care provider for services to a specific member, provided that all of the following conditions are met: 

 

	 	(1)	the health care provider does not have a contract, applicable to the services rendered or to be rendered, with the Licensee (or any of the Licensees in the case of
overlapping Service Areas) in whose Service Area the health care provider is located; and 

  

	 	(2)	the Plan or Controlled Affiliate reasonably determines that the member did/does not have a reasonable opportunity to access a participating provider whose contract
applies to the services rendered or to be rendered; and 

  

	 	(3)	at least one of the following circumstances exists: 

  

	 	(i)	the member received emergency services and the Plan or Controlled Affiliate knows or reasonably anticipates that the charges on the claim will meet or exceed $5,000; or

  
 Amended as
of June 19, 2008 

 EXHIBIT 4 
 Page 3 of 13 
  

	 	(ii)	a provider, in consultation pre- or post- treatment with the Plan or Controlled Affiliate, makes/made a treatment recommendation or referral to a non-par provider or to
a par provider whose contract does not apply to the services to be rendered; or 

  

	 	(iii)	the member inadvertently accessed a non-par provider or non-contracted services in the course of receiving services from a par provider (e.g., the member sees a non-par
consulting specialist in a participating hospital); and 

  

	 	(4)	the Licensee (and in the case of overlapping Service Areas, all of the Licensees) in whose Service Area the health care provider is located consent(s) in advance.

  
 Amended as
of June 19, 2008 

 EXHIBIT 4 
 Page 4 of 13 
  

	 	i.	contracting with a pharmacy management organization (“Pharmacy Intermediary”) to gain access to a national or regional pharmacy network to provide
self-administered prescription drugs to deliver a pharmacy benefit for all of the Plan’s or licensed Controlled Affiliate’s members nationwide, provided, however, that the Pharmacy Intermediary may not use the Licensed Marks or Name in
contracting with the pharmacy providers in such network; 

  

	 	j.	contracting with the corporate owner of a national or regional retail pharmacy chain to gain access to the pharmacies in the chain to provide self-administered
prescription drugs to deliver a pharmacy benefit for all of the Plan’s or licensed Controlled Affiliate’s members nationwide, provided that (1) the Plan and the Controlled Affiliate may not contract directly with pharmacists or
pharmacy stores outside the Plan’s Service Area, and (2) neither the Plan’s or the Controlled Affiliate’s name nor the Licensed Marks or Name may be posted or otherwise displayed at or by any pharmacy store outside the
Plan’s Service Area; 

  

	 	k.	contracting with a dental management organization (“Dental Intermediary”) to gain access to a national or regional dental network to deliver a routine dental
benefit for all of the Plan’s or licensed Controlled Affiliate’s members nationwide, provided, however, that the Dental Intermediary may not use the Licensed Marks or Name in contracting with the dental providers in such network;

  

	 	l.	contracting with a vision management organization (“Vision Intermediary”) to gain access to a national or regional vision network to deliver a routine vision
benefit for all of the Plan’s or licensed Controlled Affiliate’s members nationwide, provided, however, that the Vision Intermediary may not use the Licensed Marks or Name in contracting with the vision providers in such network;

  

	 	m.	contracting with an independent clinical laboratory for analysis and clinical assessment of specimens that are collected within the Plan’s Service Area;

  
 Amended as
of March 17, 2005 

 EXHIBIT 4 
 Page 5 of 13 
  

	 	n.	contracting with a durable medical equipment or home medical equipment company for durable medical equipment and supplies and home medical equipment and supplies that
are shipped to a location within the Plan’s Service Area; 

  

	 	o.	contracting with a speciality pharmaceutical company for non-routine biological therapeutics that are ordered by a health care professional located within the
Plan’s Service Area; 

  

	 	p.	contracting with a company that operates provider sites in the Plan’s Service Area, provided that the contract is solely for services rendered at a site (e.g.,
hospital, mobile van) that is within the Plan’s Service Area; 

  

	 	q.	contracting with a company that makes health care professionals available in the Plan’s Service Area (e.g., traveling home health nurse), provided that the
contract is solely for services rendered by health care professionals who are located within the Plan’s Service Area. 

  

	 	r.	entering into a license agreement between and among BCBSA, the Plan and a debit card issuer located outside the Plan’s Service Area, and entering into a
corresponding operating agreement or agreements, in order to offer a debit card bearing the Licensed Marks and Name to eligible persons as defined by the aforementioned license agreement. 

 

	 	s.	in conjunction with contracting with a National Account as Control Licensee or Alternate Control Licensee (as those terms are defined in the Inter-Plan Programs
Policies and Provisions (“IP Policies”)) to offer Blue-branded Health Coverage to the National Account, offering Blue-branded Health and Wellness Programs to all members of the National Account, including members who have not enrolled in
the Blue-branded Health Coverage (“non-Blue Health Coverage members”), provided that: 

  

	 	(i)	the Plan and/or licensed Controlled Affiliate has no contact or interaction with providers outside of the Plan’s Service Area regarding such non-Blue Health
Coverage members, except as specifically provided in the IP Policies; and 

  
 Amended as
of March 19, 2009 

 EXHIBIT 4 
 Page 6 of 13 
  

	 	(ii)	if in accordance with IP Policies another Licensee is soliciting or servicing under the Brands a local plant, office or division of the account that is outside of the
Plan’s Service Area, the Plan and/or licensed Controlled Affiliate may not offer Blue-branded Health and Wellness Programs to any employees working at such local plant, office or division without the consent of such other Licensee; and

  

	 	(iii)	if the Plan and/or licensed Controlled Affiliate provides an information card to the non-Blue Health Coverage members, the card may not display the Symbols in the
masthead, must contain a prominent disclosure conveying that it is not a health insurance card, and otherwise must be designed so that it is dissimilar to a Blue member identification card. 

For purposes of this subparagraph s, the following definitions apply: 

“Health and Wellness Program” shall mean a program that includes at least one of the following elements or a related
element: 
  

	 	•	 	 Health Risk Assessment and/or Preventive Screenings 

  

	 	•	 	 Exercise and Fitness Programs 

  

	 	•	 	 Health and Wellness Events (e.g., attendance at a health fair, a 5K walk) 

 

	 	•	 	 Nutrition and Weight Management 

  

	 	•	 	 Health Education (e.g., smoking cessation classes) 

  

	 	•	 	 Prenatal and Parenting Education 

  

	 	•	 	 Disease or Chronic Condition Management 

 The above listing is intended to represent examples of the types of programs that may be offered, and other programs, including those offered through different media such as the internet or
telephonically, may also be deemed Health and Wellness programs. 
 “Health Coverage” shall mean providing or
administering medical, surgical, hospital, major medical, or catastrophic coverage, or any HMO, PPO, POS or other managed care plan for the foregoing services. 

  
 Amended as
of November 13, 2008 

 EXHIBIT 4 
 Page 7 of 13 
  

	 	t.	in conjunction with contracting with a National Account as Control Licensee or Alternate Control Licensee to offer Blue-branded Health Coverage to the National Account,
performing the Eligibility and Enrollment functions of HR administration for all benefit plans offered by the National Account to its members, including benefit plans that are not underwritten or administered by the Plan, provided that:

  

	 	(i)	in performing such functions, the Plan and/or licensed Controlled Affiliate does not use the Brands in any communications with health care providers outside of the
Plan’s Service Area, and otherwise limits its use of the Brands outside of the Service Area to communications with the account’s members, the other benefit plan providers with which the account has contracted and other reasonably necessary
communications to perform such functions; and 

  

	 	(ii)	if in accordance with IP Policies another Licensee is soliciting or servicing under the Brands a local plant, office or division of the account that is outside of the
Plan’s Service Area, the Plan and/or licensed Controlled Affiliate may not perform Eligibility and Enrollment functions for employees working at such local plant, office or division without the consent of such other Licensee;

 For purposes of this subparagraph t, the following definitions apply: 

“Health Coverage” has the meaning set forth in subparagraph s. 

“Eligibility” means services that manage the account’s eligibility data and determine or process determinations relating to
eligibility for benefit plans offered by the account to its employees, including such services as: 
  

	 	•	 	 monitoring and auditing data to ensure that only entitled individuals are enrolled in each such benefit plan; 

 

	 	•	 	 review of eligibility documentation (e.g. marriage licenses, birth certificates, student status verification letters, employment records);

  

	 	•	 	 identification of key member segments such as over-age dependents, part-time employees, employees reaching certain milestones (e.g. Medicare-eligible,
retirees); 

  
 Amended as
of November 18, 2010 

 EXHIBIT 4 
 Page 8 of 13 
  

	 	•	 	 termination of coverage for those individuals found to be ineligible for coverage under a benefit plan, and, if applicable, generation of a COBRA
event; and 

  

	 	•	 	 management of “hour-banking” for union environments in which union members can bank hours to remain eligible for benefits.

 “Enrollment” means services that enroll eligible individuals and their spouses/dependents or
terminate or change their enrollment in the account’s benefit plans on an ongoing basis and during open enrollment periods, including such services as: 
  

	 	•	 	 the coordination of each step in open enrollment process from project planning and system set-up to the generation of confirmation statements;

  

	 	•	 	 ongoing enrollment support for new hires and changes due to life events and work status adjustments; 

 

	 	•	 	 evidence of insurability (EOI) administration for life and disability coverage; 

 

	 	•	 	 transmission of eligibility/enrollment information to the account’s benefit plan providers; 

 

	 	•	 	 review and reconciliation of error reports received from the account’s benefit plan providers; and 

 

	 	•	 	 transmission of information to the account’s payroll system (e.g., benefit deductions, employee demographic data). 

  
 Amended as
of November 18, 2010 

 EXHIBIT 4 
 Page 9 of 13 
  

 3. In connection with activity otherwise in furtherance of the License Agreement, a Controlled Affiliate
that is licensed to use the Licensed Marks and Name pursuant to a Controlled Affiliate License Agreement authorized in clauses d) or e) of Paragraph 2 of the Plan’s License Agreement with BCBSA may use the Licensed Marks and Name outside the
Region (as that term is defined in such respective Controlled Affiliate License Agreements) in the following circumstances which are deemed legitimate and necessary and not likely to cause consumer confusion: 

 

	 	a.	sending letterhead, envelopes, and similar items solely for administrative purposes (e.g., not for purposes of marketing, advertising, promoting, selling or soliciting
the sale of health care plans and related services); 

  

	 	b.	distributing business cards other than in marketing and selling; 

  

	 	c.	contracting with health care providers or soliciting such contracts in areas contiguous to the Region in order to serve its subscribers residing in the Region, provided
that the Controlled Affiliate may not use the names of any of its Controlling Plans in connection with such contracting unless the provider is located in a geographic area that is also contiguous to such Controlling Plan’s Service Area;

  

	 	d.	issuing a small sign containing the legal name or trade name of the Controlled Affiliate for display by a provider to identify the latter as a participating provider of
the Controlled Affiliate, provided that the Controlled Affiliate may not use the names of any of its Controlling Plans on such signs unless the provider is located in a geographic area that is also contiguous to such Controlling Plan’s Service
Area; 

  

	 	e.	advertising in publications or electronic media solely to persons for employment; 

  
 Amended as
of March 17, 2005 

 EXHIBIT 4 
 Page 10 of 13 
  

	 	f.	advertising in print, electronic or other media which serve, as a substantial market, the Region, provided that the Controlled Affiliate may not advertise outside its
Region on the national broadcast and cable networks and that advertisements in national print media are limited to the smallest regional edition encompassing the Region, and provided further that any such advertising by the Controlled Affiliate may
not reference the name of any of its Controlling Plans unless the respective Controlling Plan is authorized under paragraph 2 of this Exhibit 4 to advertise in such media; 

 

	 	g.	advertising by direct mail where the addressee’s zip code plus 4 includes, at least in part, the Region, provided that such advertising by the Controlled Affiliate
may not reference the name of any of its Controlling Plans unless the respective Controlling Plan is authorized under paragraph 2 of this Exhibit 4 to send direct mail to such zip code plus 4. 

 

	 	h.	[Intentionally left blank, pending review by the Inter-Plan Programs Committee of the applicability of the case management rule to such Controlled Affiliates.]

  

	 	i.	contracting with a pharmacy management organization (“Pharmacy Intermediary”) to gain access to a national or regional pharmacy network to provide
self-administered prescription drugs to deliver a pharmacy benefit for the Controlled Affiliate’s regional Medicare Advantage PPO or regional Medicare Part D Prescription Drug members enrolled under the Licensed Marks pursuant to such
respective Controlled Affiliate License Agreements, provided, however, that the Pharmacy Intermediary may not use the Licensed Marks or Name in contracting with the pharmacy providers in such network; 

 

	 	j.	 contracting with the corporate owner of a national or regional retail pharmacy chain to gain access to the pharmacies in the chain to provide
self-administered prescription drugs to deliver a pharmacy benefit to the Controlled Affiliate’s regional Medicare Advantage PPO 

  
 Amended as
of March 17, 2005 

 EXHIBIT 4 
 Page 11 of 13 
  

	 	 
or regional Medicare Part D Prescription Drug members enrolled under the Licensed Marks pursuant to such respective Controlled Affiliate License Agreements, provided that (1) the Controlled
Affiliate may not contract directly with pharmacists or pharmacy stores outside the Region, and (2) neither the Controlled Affiliate’s name nor the Licensed Marks or Name may be posted or otherwise displayed at or by any pharmacy store
outside the Region; 

  

	 	k.	contracting with a dental management organization (“Dental Intermediary”) to gain access to a national or regional dental network to deliver a routine dental
benefit for the Controlled Affiliate’s regional Medicare Advantage PPO members enrolled under the Licensed Marks pursuant to such Controlled Affiliate License Agreement, provided, however, that the Dental Intermediary may not use the Licensed
Marks or Name in contracting with the dental providers in such network; 

  

	 	l.	contracting with a vision management organization (“Vision Intermediary”) to gain access to a national or regional vision network to deliver a routine vision
benefit for the Controlled Affiliate’s regional Medicare Advantage members enrolled under the Licensed Marks pursuant to such Controlled Affiliate License Agreement, provided, however, that the Vision Intermediary may not use the Licensed Marks
or Name in contracting with the vision providers in such network; 

  

	 	m.	contracting with an independent clinical laboratory for analysis and clinical assessment of specimens that are collected within the Controlled Affiliate’s Region;

  

	 	n.	contracting with a durable medical equipment or home medical equipment company for durable medical equipment and supplies and home medical equipment and supplies that
are shipped to a location within the Controlled Affiliate’s Region; 

  

	 	o.	contracting with a specialty pharmaceutical company for non-routine biological therapeutics that are ordered by a health care professional located within the Region;

  
 Amended as
of March 17, 2005 

 EXHIBIT 4 
 Page 12 of 13 
  

	 	p.	contracting with a company that operates provider sites in the Region, provided that the contract is solely for services rendered at a site (e.g., hospital, mobile van)
that is within the Region; 

  

	 	q.	contracting with a company that makes health care professionals available in the Region (e.g., traveling home health nurse), provided that the contract is solely for
services rendered by health care professionals who are located within the Region. 

 4. BCBSA shall retain the right to use the
Licensed Marks in conjunction with the Federal Employee Program and with any other national offering made to federal employees pursuant to the Federal Employees Health Benefits Program (FEHBP), including the right to license such use to its vendors,
but ony in the following manner. 
  

	 	a.	the Licensed Marks may only be used by BCBSA with the term “Federal Employee Program”, “Federal”, “FEP”, or similar language identifying
the program as a benefit program for federal employees; 

  

	 	b.	the Licensed Marks may not be used by BCBSA with the name(s) of a specific Plan or Plans and; 

 

	 	c.	any use by BCBSA in conjunction with a new national FEHBP program proposed after the enactment of this amendment will require the approval of the BCBSA Board of
Directors. 

  
 Amended as
of March 16, 2006 

 EXHIBIT 4 
 Page 13 of 13 
  

 5. Where required by applicable state or local law or regulation, a Plan may submit documents that
contain the Brands to, and file forms that contain the Brands with, state or local regulators in a state not included in its Service Area, provided that it gives reasonable advance notice to the local Plan of its intent to submit such documents or
file such forms. Notwithstanding, in no event may a Plan use the Brands to register, or to obtain or maintain a license, a certificate of authority, or an equivalent document authorizing it to act as a risk-bearing entity or third party
administrator in a state not included in its Service Area. If the local Plan advises BCBSA that it believes its License Agreement has been or would be violated by any submission or filing, BCBSA shall determine whether such submission or filing is
required by state or local law or regulation and violates the License Agreement, subject to the Plan’s rights to obtain an independent review of such determination under Paragraph 9(a) and Exhibit 5 of its License Agreement. For purposes of
this paragraph, “local Plan” is defined as each Plan whose Service Area includes all or part of the state in which the foregoing applicable state or local law or regulation has been enacted. 

  
 Amended as
of November 18, 2010 

 EXHIBIT 5 
 Page 1 of 23 
  

 MEDIATION AND MANDATORY DISPUTE RESOLUTION (MMDR) RULES 

The Blue Cross and Blue Shield Plans (“Plans”) and the Blue Cross Blue Shield Association (“BCBSA”) recognize and
acknowledge that the Blue Cross and Blue Shield system is a unique nonprofit and for-profit system offering cost effective health care financing and services. The Plans and BCBSA desire to utilize Mediation and Mandatory Dispute Resolution
(“MMDR”) to avoid expensive and time-consuming litigation that may otherwise occur in the federal and state judicial systems. Even MMDR should be viewed, however, as methods of last resort, all other procedures for dispute resolution
having failed. Except as otherwise provided in the License Agreements, the Plans, their Controlled Affiliates and BCBSA agree to submit all disputes to MMDR pursuant to these Rules and in lieu of litigation. 

 

	1.	Initiation of Proceedings 

  

	 	A.	Pre-MMDR Efforts 

 Before
filing a Complaint to invoke the MMDR process, the CEO of a complaining party, or his/her designated representative, shall undertake good faith efforts with the other side(s) to try to resolve any dispute. 

 

	 	B.	Complaint 

 To commence a
proceeding, the complaining party (or parties) shall provide by certified mail, return receipt requested, a written Complaint to the BCBSA Corporate Secretary (which shall also constitute service on BCBSA if it is a respondent) and to any Plan(s)
and/or Controlled Affiliate(s) named therein. The Complaint shall contain: 
  

	 	i.	identification of the complaining party (or parties) requesting the proceeding; 

 

	 	ii.	identification of the respondent(s); 

  

	 	iii.	identification of any other persons or entities who are interested in a resolution of the dispute; 

 

	 	iv.	a full statement describing the nature of the dispute; 

  

	 	v.	identification of all of the issues that are being submitted for resolution; 

  
 Amended as
of November 21, 1996 

 EXHIBIT 5 
 Page 2 of 23 
  

	 	vi.	the remedy sought; 

  

	 	vii.	a statement as to whether the complaining party (or parties) elect(s) first to pursue Mediation; 

 

	 	viii.	any request, if applicable, that the matter be handled on an expedited basis and the reasons therefor; and 

 

	 	ix.	a statement signed by the CEO of the complaining party affirming that the CEO has undertaken efforts, or has directed efforts to be undertaken, to resolve the dispute
before resorting to the MMDR process. 

 The complaining party (or parties) shall file and serve with the Complaint copies of all
documents which the party (or parties) intend(s) to offer at the Arbitration Hearing and a statement identifying the witnesses the party (or parties) intend(s) to present at the Hearing, along with a summary of each witness’ expected testimony.

  

	 	C.	Answer 

 Within twenty
(20) days after receipt of the Complaint, each respondent shall serve on BCBSA and on the complaining party (or parties): 
  

	 	i.	a full Answer to the aforesaid Complaint; 

  

	 	ii.	a statement of any Counterclaims against the complaining party (or parties), providing with respect thereto the information specified in Paragraph 1.B., above;

  

	 	iii.	a statement as to whether the respondent elects to first pursue Mediation; and 

 

	 	iv.	any request, if applicable, that the matter be handled on an expedited basis and the reasons therefor. 

The respondent(s) shall file and serve with the Answer or by the date of the Initial Conference set forth in Paragraph 3.C., below, copies of all
documents which the respondent(s) intend(s) to offer at the Arbitration Hearing and a statement identifying the witnesses the party (or parties) intend(s) to present at the Hearing, along with a summary of each witness’ expected testimony.

  
 Amended as
of September 20, 2007 

 EXHIBIT 5 
 Page 3 of 23 
  

	 	D.	Reply To Counterclaim 

Within ten (10) days after receipt of any Counterclaim, the complaining party (or parties) shall serve on BCBSA and on the responding
party (or parties) a Reply to the Counterclaim. Such Reply must provide the same information required by Paragraph 1.C., above. 
  

	2.	Mediation 

 To
facilitate the mediation of disputes between or among BCBSA, the Plans and/or their Controlled Affiliates, the BCBSA Board has provided for Mediation under these Rules. Mediation may be pursued in lieu of or in an effort to obviate the Mandatory
Dispute Resolution process, and all parties are strongly urged, but not required, to exhaust the mediation procedure provided for herein. In the event any party refuses to proceed with Mediation, the parties shall proceed immediately to Mandatory
Dispute Resolution, as provided in Section 3. 
  

	 	A.	Selection of Mediators 

If all parties agree to pursue Mediation, they shall promptly attempt to agree upon: (i) the number of mediators desired, not to
exceed three mediators; and (ii) the selection of experienced mediator(s) from an independent entity to mediate all disputes set forth in the Complaint and Answer (and Counterclaim and Reply, if any). In the event the parties are unable to
agree upon the selection or number of mediators, both within five (5) days of the service of the Answer or Reply to Counterclaim, whichever is later, the BCBSA Corporate Secretary shall immediately refer the matter to a nationally recognized
professional ADR organization (such as CPR or JAMS) for mediation by a single mediator to be selected by the ADR organization. 
  

	 	B.	Binding Decision 

 Before
the Mediation Hearing described below, the BCBSA Corporate Secretary shall contact the parties to determine whether they wish to be bound by any recommendation of the selected mediator(s) for resolution of the disputes. If all wish to be bound, the
Corporate Secretary will send appropriate documentation to them for their signatures before the Mediation Hearing begins. 

  
 Amended as
of September 20, 2007 

 EXHIBIT 5 
 Page 4 of 23 
  

	 	C.	Mediation Procedure 

 The
Mediator(s) shall apply the mediation procedures and processes provided for herein (not the rules of the ADR organization with which they are affiliated) and shall promptly advise the parties of a scheduled Mediation Hearing date. Unless a party
requests an expedited procedure, or unless all parties to the proceeding agree to one or more extensions of time, the Mediation Hearing set forth below shall be completed within forty (40) days of BCBSA’s receipt of the Complaint. The
selected mediator(s), unless the parties otherwise agree, shall adhere to the following procedure: 
  

	 	i.	Each party must be represented by its CEO or other representative who has been delegated full authority to resolve the dispute. However, parties may send additional
representatives as they see fit. 

  

	 	ii.	Each party will be given one-half hour to present its case, beginning with the complaining party (or parties), followed by the other party or parties. The parties are
free to structure their presentations as they see fit, using oral statements or direct examination of witnesses. However, neither cross-examination nor questioning of opposing representatives will be permitted. At the close of each presentation, the
selected mediator(s) will be given an opportunity to ask questions of the presenters and witnesses. All parties must be present throughout the Mediation Hearing. The selected mediator(s) may extend the time allowed for each party’s presentation
at the Mediation Hearing. The selected mediator(s) may meet in executive session, outside the presence of the parties, or may meet with the parties separately, to discuss the controversy. 

 

	 	iii.	After the close of the presentations, the parties will attempt to negotiate a settlement of the dispute. If the parties desire, the selected mediators, or any one or
more of the selected mediator(s), will sit in on the negotiations. 

  
 Amended as
of September 20, 2007 

 EXHIBIT 5 
 Page 5 of 23 
  

	 	iv.	After the close of the presentations, the selected mediator(s) may meet privately to agree upon a recommendation for resolution of the dispute which would be submitted
to the parties for their consideration and approval. If the parties have previously agreed to be bound by the results of this procedure, this recommendation shall be binding upon the parties. 

 

	 	v.	The purpose of the Mediation Hearing is to assist the parties to settle their grievances short of mandatory dispute resolution. As a result, the Mediation Hearing has
been designed to be as informal as possible. Rules of evidence shall not apply. There will be no transcript of the proceedings, and no party may make a tape recording of the Mediation Hearing. 

 

	 	vi.	In order to facilitate a free and open discussion, the Mediation proceeding shall remain confidential. A “Stipulation to Confidentiality” which prohibits
future use of settlement offers, all position papers or other statements furnished to the selected mediator(s), and decisions or recommendations in any Mediation proceeding shall be executed by each party. 

 

	 	vii.	Upon request of the selected mediator(s), or one of the parties, BCBSA staff may also submit documentation at any time during the proceedings. 

 

	 	D.	Notice of Termination of Mediation 

 If the Mediation cannot be completed within the prescribed or agreed time period due to the lack of cooperation of any party, as determined by the selected mediator(s), or if the Mediation does not result
in a final resolution of all disputes at the Mediation Hearing or within ten (10) days after the Mediation Hearing, any party or any one of the selected mediator(s) shall so notify the BCBSA Corporate Secretary, who shall promptly issue a
Notice of Termination of Mediation to all parties, to the selected mediator(s), and to the MDR Administrator. Such notice shall serve to bring the Mediation to an end and to initiate Mandatory Dispute Resolution. Upon agreement of all parties and
the mediator(s), the Mediation process may continue at the same time the MDR process is invoked. In such case, the Notice of Termination of Mediation described above serves to initiate the MDR proceeding, but does not terminate mediation
proceedings, which may proceed simultaneous with the MDR proceeding. 

  
 Amended as
of September 20, 2007 

 EXHIBIT 5 
 Page 6 of 23 
  

	3.	Mandatory Dispute Resolution (MDR) 

 If any party elects not to first pursue Mediation, or if a Notice of Termination of Mediation is issued as set forth in Paragraph 2.D., above, then the unresolved disputes set forth in any Complaint and
Answer (and Counterclaim and Reply, if any) shall be subject to mandatory binding arbitration (herein referred to as “MDR”). 
  

	 	A.	MDR Administrator 

 The
Administrator for purposes of Mandatory Arbitration shall be an independent nationally recognized entity such as CPR or JAMS, specializing in alternative dispute resolution. In the event the parties pursued Mediation with CPR, JAMS or a similar
organization, that organization also shall serve as the MDR Administrator, unless all parties notify the BCBSA Corporate Secretary in writing within two (2) days of receiving the Notice of Termination of Mediation that they wish to pursue MDR
with another nationally recognized organization serving as MDR Administrator. 
 In the event the parties (i) did not
pursue Mediation, (ii) pursued mediation with a Mediator not affiliated with an ADR organization that offers a panel of arbitrators, or (iii) all parties that pursued Mediation notified the BCBSA Corporate Secretary that they wish to have
an MDR Administrator that is different from the organization with which their mediator was affiliated, they shall promptly attempt to agree on a nationally recognized ADR entity that supplies a panel of arbitrators. If they reach such agreement
within five (5) days of the Notice of Termination of Mediation or receipt of the Answer or Reply to Counterclaim (whichever is later), the parties shall promptly inform the BCBSA Corporate Secretary of their agreed upon ADR organization. In the
event the parties are unable to reach agreement on an MDR Administrator within that timeframe, the BCBSA Corporate Secretary shall immediately refer the matter to CPR, JAMS or a similar organization for MDR. 

Any person who served as a Mediator shall not serve as an arbitrator for the same or similar dispute for purposes of MDR. 

 

	 	B.	Rules for MDR 

 The rules
controlling all aspects of MDR shall be exclusively those provided for herein. The rules promulgated or otherwise used by the MDR Administrator organization shall not apply. 

  
 Amended as
of September 20, 2007 

 EXHIBIT 5 
 Page 7 of 23 
  

	 	C.	Initial Conference 

Within seven (7) days after a Notice of Termination has issued, or the matter has otherwise been referred to an MDR Administrator, or
within five (5) days after the time for filing and serving the Answer or Reply to any Counterclaim (whichever is later) if the parties elect first not to mediate, the parties shall confer with the Administrator to discuss selecting a dispute
resolution panel (“the Panel”). This conference (the “Initial Conference”) may be by telephone. The parties are encouraged to agree to the composition of the Panel and to present that agreement to the Administrator at the Initial
Conference. If the parties do not agree on the composition of the Panel by the time of the Initial Conference, or by any extension thereof agreed to by all parties and the Administrator, then the Panel Selection Process set forth in subparagraph D,
below, shall be followed. 
  

	 	D.	Panel Selection Process 

The Administrator shall designate, prior to the Initial Conference, at least seven potential arbitrators. Each party shall be permitted to
strike any designee for cause and the Administrator shall determine the sufficiency thereof in its sole discretion. The Administrator will designate a replacement for any designee so stricken. Each party shall then be permitted one peremptory strike
from the list of designees. The Administrator shall set the dates for exericising all strikes, which shall be set to encourage the prompt selection of arbitrators. 
 After the parties exercise any designee strikes for cause and their peremptory strike against any designee of their choice, the parties shall each rank the remaining panel members in order of preference
and provide the Administrator, without serving on any other party, their ranked list. The Administrator shall not disclose any party’s ranked list to members of the panel or to other parties. 

From the remaining designees, and after considering opportunities to maximize, so far as possible, the collectively stated arbitrator
preferences provided by the parties on their ranked lists, the Administrator shall select a three member Panel. The Panel Selection Process shall be completed no later than ten (10) days after the Initial Conference. 

Each Arbitrator shall be compensated at his or her normal hourly rate or, in the absence of an established rate, at a reasonable hourly
rate to be promptly fixed by the Administrator for all time spent in connection with the proceedings and shall be reimbursed for any travel and other reasonable expenses. 

  
 Amended as
of September 20, 2007 

 EXHIBIT 5 
 Page 8 of 23 
  

	 	E.	Duties Of The Arbitrators 

The Panel shall promptly designate a Presiding Arbitrator for the purposes reflected below, but shall retain the power to review and
modify any ruling or other action of said Presiding Arbitrator. Each Arbitrator shall be an independent Arbitrator, shall be governed by the Code of Ethics for Arbitrators in Commercial Disputes, and shall at or prior to the commencement of any
Arbitration Hearing take an oath to that effect. Each Arbitrator shall promptly disclose in writing to the Panel and to the parties any circumstances, whenever arising, that might cause doubt as to such Arbitrator’s compliance, or ability to
comply, with said Code of Ethics, and, absent resignation by such Arbitrator, the remaining Arbitrators shall determine in their sole discretion whether the circumstances so disclosed constitute grounds for disqualification and for replacement. With
respect to such circumstances arising or coming to the attention of a party after an Arbitrator’s selection, a party may likewise request the Arbitrator’s resignation or a determination as to disqualification by the remaining Arbitrators.
With respect to a sole Arbitrator, the determination as to disqualification shall be made by the Administrator. 
 There shall
be no ex parte communication between the parties or their counsel and any member of the Panel. 
  

	 	F.	Panel’s Jurisdiction And Authority 

 The Panel’s jurisdiction and authority shall extend to all disputes between or among the Plans, their Controlled Affiliates, and/or BCBSA, except for those disputes excepted from these MMDR
procedures as set forth in the License Agreements. 
 With the exception of punitive or treble damages, the Panel shall have
full authority to award the relief it deems appropriate to resolve the parties’ disputes, including monetary awards and injunctions, mandatory or prohibitory. The Panel has no authority to award punitive or treble damages except that the Panel
may allocate or assess responsibility for punitive or treble damages assessed by another tribunal. Subject to the above limitations, the Panel may, by way of example, but not of limitation: 

  
 Amended as
of September 20, 2007 

 EXHIBIT 5 
 Page 9 of 23 
  

	 	i.	 interpret or construe the meaning of any terms, phrase or provision in any license between BCBSA and a Plan or a Controlled Affiliate relating to the
use of the BLUE CROSS® or BLUE SHIELD® service marks. 

  

	 	ii.	 determine whether BCBSA, a Plan or a Controlled Affiliate has violated the terms or conditions of any license between the BCBSA and a Plan or a
Controlled Affiliate relating to the use of the BLUE CROSS® or BLUE SHIELD® service marks. 

  

	 	iii.	decide challenges as to its own jurisdiction. 

  

	 	iv.	issue such orders for interim relief as it deems appropriate pending Hearing and Award in any Arbitration. 

It is understood that the Panel is expected to resolve issues based on governing principles of law, preserving to the maximum extent
legally possible the continued integrity of the Licensed Marks and the BLUE CROSS/BLUE SHIELD system. The Panel shall apply federal law to all issues which, if asserted in the United States District Court, would give rise to federal question
jurisdiction, 28 U.S.C. § 1331. The Panel shall apply Illinois law to all issues involving interpretation, performance or construction of any License Agreement or Controlled Affiliate License Agreement unless the agreement otherwise provides.
As to other issues, the Panel shall choose the applicable law based on conflicts of law principles of the State of Illinois. 
  

	 	G.	Administrative Conference 

Within five (5) days of the Panel being selected, the Presiding Arbitrator shall confer with the parties and the other members of the
Panel and shall schedule, in writing, a conference in which the parties and the Panel shall participate (the “Administrative Conference”). The Administrative Conference shall take place no later than fifteen (15) days after the Panel
is selected. At the Administrative Conference the parties and the Panel shall discusss the scheduling of the Arbitration Hearing and any other matter appropriate to be considered, including but not limited to: any written discovery in the form of
requests for production of documents or requests to admit facts; the identity of any witness whose deposition a party may desire and a showing of exceptional good cause for the taking 

  
 Amended as
of September 20, 2007 

 EXHIBIT 5 
 Page 10 of 23 
  

 
of any such deposition; the desirability of bifurcation or other separation of the issues; the need for and the type of record of conferences and hearings, including the need for transcripts; the
need for expert witnesses and how expert testimony should be presented; the appropriateness of motions to dismiss and/or for full or partial summary judgment; consideration of stipulations; the desirability of presenting any direct testimony in
writing; and the necessity for any on-site inspection by the Panel. If the parties agree, the Administrative Conference may be by telephone. 
  

	 	H.	Discovery 

  

	 	i.	Requests for Production of Documents: All requests for the production of documents must be served no later than five (5) days after the date of the
Initial Conference. Within twenty (20) days after receipt of a request for production of documents, a party shall (a) serve responses and objections to the request, (b) produce all responsive, non-privileged documents to the
requesting party, and (c) to the extent any responsive documents are withheld on the grounds of attorney-client privilege or work product, produce a log identifying such documents in the manner specified in Fed. R. Civ. P. 26(b)(5). If, after
reviewing a privilege log, the requesting party believes attorney-client privilege or work product protection was improperly claimed by the producing party with respect to any document, the requesting party may ask the Presiding Arbitrator to
conduct an in-camera inspection of the same. With respect to documentary and other discovery produced in any MDR proceeding by BCBSA, the fact that a party’s CEO or other senior officers may serve on the BCBSA Board of Directors, BCBSA Board
Committees or other BCBSA work groups, task forces and the like, shall not be a basis for defeating an otherwise valid claim of attorney-client privilege or work product protection over such documentary or other discovery materials by BCBSA.

  

	 	ii.	Requests for Admissions: Requests for Admissions may be served up to twenty-one (21) days prior to the discovery cut-off set by the Presiding
Arbitrator. A party served with Requests For Admissions must respond within twenty (20) days of receipt of said request. The good faith use of and response to Requests for Admissions is encouraged, and the Panel shall have full discretion, with
reference to the Federal Rules of Civil Procedure, in awarding appropriate sanctions with respect to abuse of the procedure. 

  
 Amended as
of September 20, 2007 

 EXHIBIT 5 
 Page 11 of 23 
  

	 	iii.	 Depositions: As a general rule, the parties will not be permitted to take party or non-party deposition testimony for discovery purposes.
The Presiding Arbitrator, in his or her sole discretion, shall have the authority to permit a party to take such deposition testimony upon a showing of exceptional good cause. The parties will be permitted to take de bene esse deposition1 testimony to the fullest extent permitted by law of any witness who
cannot be compelled to testify at the Arbitration Hearing. No deposition, for discovery purposes or otherwise, shall exceed three (3) hours, excluding objections and colloquy of counsel. Depositions may be recorded in any manner recognized by
the Federal Rules of Civil Procedure and the parties shall specify in each notice of deposition or request for permission to take deposition testimony the manner in which such deposition shall be recorded. 

 

	 	iv.	Expert witness(es): If a party intends to present the testimony of an expert witness during the oral hearing, it shall provide all other parties with a
written statement setting forth the information required to be provided by Fed. R. Civ. P. 26(a)(2)(B) ten (10) days prior to the discovery cut-off set by the Presiding Arbitrator. If a party intends to present the testimony of a rebuttal
expert witness during the Arbitration Hearing, it shall provide all other parties with a written statement setting forth the information required to be provided by Fed. R. Civ. P. 26(a)(2)(B) within twenty (20) days after the date on which the
written statement of the expert witness whose testimony is to be rebutted was produced. 

  

	 	v.	Discovery cut-off: The Presiding Arbitrator shall determine the date on which the discovery period will end, but the discovery period shall not exceed
thirty (30) days from the date of the Administrative Conference without the agreement of all parties. 

  

	1	 As used in these Rules, “de bene esse deposition” means a deposition that is not taken for discovery purposes, but is taken for the purpose
of reading part or all of the deposition transcript into the record at the Arbitration Hearing, to the extent permitted by the Panel, because the witness cannot be compelled to testify at the Arbitration Hearing or has exercised a right provided
under these Rules to provide deposition testimony in lieu of testimony at the Arbitration Hearing. 

  
 Amended as
of September 20, 2007 

 EXHIBIT 5 
 Page 12 of 23 
  

	 	vi.	Additional discovery: Any additional discovery will be at the discretion of the Presiding Arbitrator. 

 

	 	vii.	Discovery Disputes: Any discovery disputes shall be raised by motion to the Presiding Arbitrator, who is authorized to resolve all such disputes, and
whose resolution will be binding on the parties unless modified by the Arbitration Panel. Prior to raising any discovery dispute with the Presiding Arbitrator, the parties shall meet and confer, telephonically or in person, in an attempt to resolve
or narrow the dispute. If a party refuses to comply with a decision resolving a discovery dispute, the Panel, in keeping with Fed. R. Civ. P. 37, may refuse to allow that party to support or oppose designated claims or defenses, prohibit that party
from introducing designated matters into evidence or, in extreme cases, decide an issue submitted for resolution adversely to that party. 

  

	 	viii.	Extensions: The time for responding to discovery requests may be extended by the Presiding Arbitrator for good and sufficient cause shown. Any request for
such an extension shall be made in writing. 

  

	 	I.	Panel Suggested Settlement/Mediation 

 At any point during the proceedings, the Panel at the request of any party or on its own initiative, may suggest that the parties explore settlement and that they do so at or before the conclusion of the
Arbitration Hearing, and the Panel shall give such assistance in settlement negotiations as the parties may request and the Panel may deem appropriate. Alternatively, the Panel may direct the parties to endeavor to mediate their disputes as provided
above, or to explore a mini-trial proceeding, or to have an independent party render a neutral evaluation of the parties’ respective positions. The Panel shall enter such sanctions as it deems appropriate with respect to any party failing to
pursue in good faith such Mediation or other alternate dispute resolution methods. 

  
 Amended as
of September 20, 2007 

 EXHIBIT 5 
 Page 13 of 23 
  

	 	J.	Subpoenas on Third Parties 

Pursuant to, and consistent with, the Federal Arbitration Act, 9 U.S.C. § 9 et seq., and subject to Paragraph 3.G(iii) above,
a party may request the issuance of a subpoena on any third party, including but not limited to any third party Blue Plan or any officer, employee or director of a third party Blue Plan, to compel deposition testimony or the production of documents,
and, if good and sufficient cause is shown, the Panel shall issue such a subpoena. 
  

	 	K.	Arbitration Hearing 

 An
Arbitration Hearing will be held within thirty (30) days after the Administrative Conference if no discovery is taken, or within thirty (30) days after the close of discovery, unless all parties and the Panel agree to extend the
Arbitration Hearing date, or unless the parties agree in writing to waive the Arbitration Hearing. The parties may mutually agree on the location of the Arbitration Hearing. If the parties fail to agree, the Arbitration Hearing shall be held in
Chicago, Illinois, or at such other location determined by the Presiding Arbitrator to be most convenient to the participants. The Panel will determine the date(s) and time(s) of the Arbitration Hearing(s) after consultation with all parties and
shall provide reasonable notice thereof to all parties or their representatives. 
  

	 	L.	Arbitration Hearing Memoranda 

 Twenty (20) days prior to the Arbitration Hearing, each party shall submit to the other party (or parties) and to the Panel an Arbitration Hearing Memorandum which sets forth the applicable law and
any argument as to any relevant issue. The Arbitration Hearing Memorandum will supplement, and not repeat, the allegations, information and documents contained in or with the Complaint, Answer, Counterclaim and Reply, if any. Ten (10) days
prior to the Arbitration Hearing, each party shall submit to each other party a list of all expert and fact witnesses (but not including rebuttal fact witness) that such party intends to have testify at the Arbitration Hearing and a brief summary of
the testimony each such witness is expected to give. In addition, no later than five (5) days prior to the Arbitration, each party may submit to each other party and to the Panel a Response Arbitration Hearing Memorandum which sets forth any
response to another party’s Arbitration Hearing Memorandum. 

  
 Amended as
of September 20, 2007 

 EXHIBIT 5 
 Page 14 of 23 
  

	 	M.	Notice For Testimony 

 Ten
(10) days prior to the Arbitration Hearing, any party may serve a Notice on any other party (or parties) requesting the attendance at the Arbitration Hearing of any officer, employee or director of the other party (or parties) for the purpose
of providing noncumulative testimony. If a party fails to produce one of its officers, employees or directors whose noncumulative testimony during the Arbitration Hearing is reasonably requested by an adverse party, the Panel may refuse to allow
that party to support or oppose designated claims or defenses, prohibit that party from introducing designated matters into evidence or, in extreme cases, decide an issue submitted for mandatory dispute resolution adversely to that party; provided,
however, that a party may refuse to produce a director to testify if, within two (2) days of receiving a notice requesting the attendance of such director at the Arbitration Hearing, the party agrees to make the director available for a de bene
esse deposition at a mutually convenient time at any location within fifty (50) miles of the director’s primary residence chosen by the party requesting the director’s testimony. This Rule may not be used for the purpose of burdening
or harassing any party, and the Presiding Arbitrator may impose such orders as are appropriate so as to prevent or remedy any such burden or harassment. 
 Pursuant to, and consistent with, the Federal Arbitration Act, 9 U.S.C. § 9 et seq., twenty (20) days or more prior to the Arbitration Hearing, a party may request the issuance of a
subpoena on any third party, including but not limited to any third party Blue Plan, BCBSA or any officer, employee or director of a third party Blue Plan or BCBSA for the purpose of providing noncummulative testimony at the Arbitration Hearing,
and, if good and sufficient cause is shown, the Panel shall issue such a subpoena; provided however, that a director of a third party Blue Plan or BCBSA may refuse to testify if, within two (2) days of receiving a subpoena requesting the
attendance of such director at the Arbitration Hearing, the director agrees to make him/herself available for a de bene esse deposition at a mutually convenient time at any location within fifty (50) miles of the director’s primary
residence chosen by the party requesting the director’s testimony. Each Blue Plan agrees to waive, on its own behalf and on behalf of its directors and officers, any objection it otherwise might have to any such subpoena based on service, venue
or extraterritoriality. 

  
 Amended as
of September 20, 2007 

 EXHIBIT 5 
 Page 15 of 23 
  

	 	N.	Arbitration Hearing Procedures 

  

	 	i.	Attendance at Arbitration Hearing: Any person having a direct interest in the proceeding is entitled to attend the Arbitration Hearing. The Presiding
Arbitrator shall otherwise have the power to require the exclusion of any witness, other than a party or other essential person, during the testimony of any other witness. It shall be discretionary with the Presiding Arbitrator to determine the
propriety of the attendance of any other person. 

  

	 	ii.	Confidentiality: The Panel and all parties shall maintain the privacy of the Arbitration Proceeding. The parties and the Panel shall treat the Arbitration
Hearing and any discovery or other proceedings or events related thereto, including any award resulting therefrom, as confidential except as otherwise necessary in connection with a judicial challenge to or enforcement of an award or unless
otherwise required by law. 

  

	 	iii.	Stenographic Record: Any party, or if the parties do not object, the Panel, may request that a stenographic or other record be made of any Arbitration
Hearing or portion thereof. The costs of the recording and/or of preparing the transcript shall be borne by the requesting party and by any party who receives a copy thereof. If the Panel requests a recording and/or a transcript, the costs thereof
shall be borne equally by the parties. 

  

	 	iv.	Oaths: The Panel may require witnesses to testify under oath or affirmation administered by any duly qualified person and, if requested by any party,
shall do so. 

  

	 	v.	Order of Arbitration Hearing: An Arbitration Hearing shall be opened by the recording of the date, time, and place of the Arbitration Hearing, and the
presence of the Panel, the parties, and their representatives, if any. The Panel may, at the beginning of the Arbitration Hearing, ask for statements clarifying the issues involved. 

  
 Amended as
of September 20, 2007 

 EXHIBIT 5 
 Page 16 of 23 
  

 Unless otherwise agreed, the complaining party (or parties) shall then present evidence
to support their claim(s). The respondent(s) shall then present evidence supporting their defenses and Counterclaims, if any. The complaining party (or parties) shall then present evidence supporting defenses to the Counterclaims, if any, and
rebuttal. 
 Witnesses for each party shall submit to questions by adverse parties and/or the Panel. 

The Panel has the discretion to vary these procedures, but shall afford a full and equal opportunity to all parties for the presentation
of any material and relevant evidence. 
  

	 	vi.	Evidence: The parties may offer such evidence as is relevant and material to the dispute and shall produce such evidence as the Panel may deem necessary
to an understanding and resolution of the dispute. Unless good cause is shown, as determined by the Panel or agreed to by all other parties, no party shall be permitted to offer evidence at the Arbitration Hearing which was not disclosed prior to
the Arbitration Hearing by that party. The Panel may receive and consider the evidence of witnesses by affidavit upon such terms as the Panel deems appropriate. 

 The Panel shall be the judge of the relevance and materiality of the evidence offered, and conformity to legal rules of evidence, other than enforcement of the attorney-client privilege and the work
product protection, shall not be necessary. The Federal Rules of Evidence shall be considered by the Panel in conducting the Arbitration Hearing but those rules shall not be controlling. All evidence shall be taken in the presence of the Panel and
all of the parties, except where any party is in default or has waived the right to be present. 
 Settlement offers by any
party in connection with Mediation or MDR proceedings, decisions or recommendations of the selected mediators, and a party’s position papers or statements furnished to the selected mediators shall not be admissible evidence or considered by the
Panel without the consent of all parties. 

  

 EXHIBIT 5 
 Page 17 of 23 
  

	 	vii.	Closing of Arbitration Hearing: The Presiding Arbitrator shall specifically inquire of all parties whether they have any further proofs to offer or
witnesses to be heard. Upon receiving negative replies or if he or she is satisfied that the record is complete, the Presiding Arbitrator shall declare the Arbitration Hearing closed with an appropriate notation made on the record. Subject to being
reopened as provided below, the time within which the Panel is required to make the award shall commence to run, in the absence of contrary agreement by the parties, upon the closing of the Arbitration Hearing. 

With respect to complex disputes, the Panel may, in its sole discretion, defer the closing of the Arbitration Hearing for a period of up
to thirty (30) days after the presentation of proofs in order to permit the parties to submit post-hearing briefs and argument, as the Panel deems appropriate, prior to making an award. 

For good cause, the Arbitration Hearing may be reopened for up to thirty (30) days on the Panel’s initiative, or upon
application of a party, at any time before the award is made 
  

	 	O.	Awards 

 An Award must be
in writing and shall be made promptly by the Panel and, unless otherwise agreed by the parties or specified by law, no later than thirty (30) days from the date of closing the Arbitration Hearing. If all parties so request, the Award shall
contain findings of fact and conclusions of law. The Award, and all other rulings and determinations by the Panel, may be by a majority vote. 
 Parties shall accept as legal delivery of the Award the placing of the Award or a true copy thereof in the mail addressed to a party or its representative at its last known address or personal service of
the Award on a party or its representative. 
 Awards are binding only on the parties to the Arbitration and are not binding on
any non-parties to the Arbitration and may not be used or cited as precedent in any other proceeding. 

  
 Amended as
of September 20, 2007 

 EXHIBIT 5 
 Page 18 of 23 
  

 After the expiration of twenty (20) days from initial delivery, the Award (with
corrections, if any) shall be final and binding on the parties, and the parties shall undertake to carry out the Award without delay. 
 Proceedings to confirm, modify or vacate an Award shall be conducted in conformity with and controlled by the Federal Arbitration Act. 9 U.S.C. § 1, et seq. 

 

	 	P.	Return of Documents 

Within sixty (60) days after the Award and the conclusion of any judicial proceedings with respect thereto, each party and the Panel
shall return any documents produced by any other party, including all copies thereof. If a party receives a discovery request in any other proceeding which would require it to produce any documents produced to it by any other party in a proceeding
hereunder, it shall not produce such documents without first notifying the producing party and giving said party reasonable time to respond, if appropriate, to the discovery request. 

 

	4.	Miscellaneous 

  

	 	A.	Expedited Procedures 

 Any
party to a Mediation may direct a request for an expedited Mediation Hearing to the Chairman of the Mediation Committee, to the selected Mediators, and to all other parties at any time. The Chairman of the Mediation Committee, or at his or her
direction, the then selected Mediators, shall grant any request which is supported by good and sufficient reasons. If such a request is granted, the Mediation shall be completed within as short a period as practicable, as determined by the Chairman
of the Mediation Committee or, at his or her direction, the then selected Mediators. 
 Any party to an Arbitration may direct a
request for expedited proceedings to the Administrator, to the Panel, and to all other parties at any time. The Administrator, or the Presiding Arbitrator if the Panel has been selected, shall grant any such request which is supported by good and
sufficient reasons. If such a request is granted, the Arbitration shall be completed within as short a time as practicable, as determined by the Administrator and/or the Presiding Arbitrator. 

  

 EXHIBIT 5 
 Page 19 of 23 
  

	 	B.	Temporary or Preliminary Injunctive Relief 

 Any party may seek temporary or preliminary injunctive relief with the filing of a Complaint or at any time thereafter. If such relief is sought prior to the time that an Arbitration Panel has been
selected, then the Administrator shall select a single Arbitrator who is a lawyer who has no interest in the subject matter of the dispute, and no connection to any of the parties, to hear and determine the request for temporary or preliminary
injunction. If such relief is sought after the time that an Arbitration Panel has been selected, then the Arbitration Panel will hear and determine the request. The request for temporary or preliminary injunctive relief will be determined with
reference to the temporary or preliminary injunction standards set forth in Fed. R. Civ. P. 65. 
  

	 	C.	Defaults and Proceedings in the Absence of a Party 

 Whenever a party fails to comply with the MDR Rules in a manner deemed material by the Panel, the Panel shall fix a reasonable time for compliance and, if the party does not comply within said period, the
Panel may enter an Order of default or afford such other relief as it deems appropriate. Arbitration may proceed in the event of a default or in the absence of any party who, after due notice, fails to be present or fails to obtain an extension. An
Award shall not be made solely on the default or absence of a party, but the Panel shall require the party who is present to submit such evidence as the Panel may require for the making of findings, determinations, conclusions, and Awards.

  

	 	D.	Notice 

 Each party shall
be deemed to have consented that any papers, notices, or process necessary or proper for the initiation or continuation of a proceeding under these rules or for any court action in connection therewith may be served on a party by mail addressed to
the party or its representative at its last known address or by personal service, in or outside the state where the MDR proceeding is to be held. 
 The Corporate Secretary and the parties may also use facsimile transmission, telex, telegram, or other written forms of electronic communication to give the notices required by these rules. 

  

 EXHIBIT 5 
 Page 20 of 23 
  

	 	E.	Expenses 

 The expenses of
witnesses shall be paid by the party causing or requesting the appearance of such witnesses. All expenses of the MDR proceeding, including compensation, required travel and other reasonable expenses of the Panel, and the cost of any proof produced
at the direct request of the Panel, shall be borne equally by the parties and shall be paid periodically on a timely basis, unless they agree otherwise or unless the Panel in the Award assesses such expenses, or any part thereof against any party
(or parties). In exceptional cases, the Panel may award reasonable attorneys’ fees as an item of expense, and the Panel shall promptly determine the amount of such fees based on affidavits or such other proofs as the Panel deems sufficient.

  

	 	F.	Disqualification or Disability of A Panel Member 

 In the event that any Arbitrator of a Panel with more than one Arbitrator should become disqualified, resign, die, or refuse or be unable to perform or discharge his or her duties after the commencement
of MDR but prior to the rendition of an Award, and the parties are unable to agree upon a replacement, the remaining Panel member(s): 
  

	 	i.	shall designate a replacement, subject to the right of any party to challenge such replacement for cause. 

 

	 	ii.	shall decide the extent to which previously held hearings shall be repeated. 

 If the remaining Panel members consider the proceedings to have progressed to a stage as to make replacement impracticable, the parties may agree, as an alternative to the recommencement of the Mandatory
Dispute Resolution process, to resolution of the dispute by the remaining Panel members. 
 In the event that a single
Arbitrator should become disqualified, resign, die, or refuse or be unable to perform or discharge his or her duties after the commencement of MDR but prior to the rendition of an Award, and the parties are unable to agree upon a replacement, the
Administrator shall appoint a successor, subject to the right of any party to challenge such successor for cause, and the successor shall decide the extent to which previously held proceedings shall be repeated. 

  

 EXHIBIT 5 
 Page 21 of 23 
  

	 	G.	Extensions of Time 

Subject to the provisions of Paragraph 3.H.(viii), any time limit set forth in these Rules may be extended upon agreement of the parties
and approval of: (1) the Mediator if the proceeding is then in Mediation; (2) the Administrator if the proceeding is in Arbitration, but no Arbitration Panel has been selected; or (3) the Arbitration Panel, if the proceeding is in
Arbitration and the Arbitration Panel has been selected. 
  

	 	H.	Intervention 

 The Plans,
their Controlled Affiliates, and BCBSA, to the extent subject to MMDR pursuant to their License Agreements, shall have the right to move to intervene in any pending Arbitration. A written motion for intervention shall be made to: (1) the
Administrator, if the proceeding is in Arbitration, but no Arbitration Panel has been selected; or (2) the Arbitration Panel, if the proceeding is in Arbitration and the Arbitration Panel has been selected. The written motion for intervention
shall be delivered to the BCBSA Corporate Secretary (which shall also constitute service on the BCBSA if it is a respondent) and to any Plan(s) and/or Controlled Affiliate(s) which are parties to the proceeding. Any party to the proceeding can
submit written objections to the motion to intervene. The motion for intervention shall be granted upon good cause shown. Intervention also may be allowed by stipulation of the parties to the Arbitration proceeding. Intervention shall be allowed
upon such terms as the Arbitration Panel decides. 
  

	 	I.	BCBSA Assistance In Resolution of Disputes 

 The resources and personnel of the BCBSA may be requested by any member Plan at any time to try to resolve disputes with another Plan. 

 

	 	J.	Neutral Evaluation 

 The
parties can voluntarily agree at any time to have an independent party render a neutral evaluation of the parties’ respective positions. 

  
 Amended as
of September 20, 2007 

 EXHIBIT 5 
 Page 22 of 23 
  

	 	K.	Recovery of Attorney Fees and Expenses  

  

	 	i.	Motions to Compel 

Nothwithstanding any other provisions of these Rules, any Party subject to the License Agreements (for purposes of this Section K and all
of its sub-sections only hereinafter referred to collectively and individually as a “Party”) that initiates a court action or administrative proceeding solely to compel adherence to these Rules shall not be determined to have violated
these Rules by initiating such action or proceeding. 
  

	 	ii	Recovery of Fees, Expenses and Costs 

 The Arbitration Panel may, in its sole discretion, award a Party its reasonable attorneys’ fees, expenses and costs associated with a filing to compel adherence to these Rules and/or reasonable
attorneys’ fees, expenses and costs incurred in responding to an action filed in violation of these Rules; provided, however, that neither fees, expenses, nor costs shall be awarded by the Arbitration Panel if the Party from which the award is
sought can demonstrate to the Arbitration panel, in its sole discretion, that it did not violate these Rules or that it had reasonable grounds for believing that its action did not violate these Rules. 

 

	 	iii	Requests for Reimbursement 

 For
purposes of this Section K, any Party may request reimbursement of fees, expenses and/or costs by submitting said request in writing to the Arbitration Panel at any time before an award is delivered pursuant to Paragraph 3.O above, with a copy to
the Party from which reimbursement is sought, explaining why it is entitled to such reimbursement. The Party from which reimbursement is sought shall have twenty (20) days to submit a response to such request to the Arbitration Panel with a
copy to the Party seeking reimbursement. 

  
 Amended as
of September 20, 2007 

 EXHIBIT 5 
 Page 23 of 23 
  

	 	L.	Calculation of Time and Deadlines 

In computing any period of time prescribed or allowed under these rules, the day of the act or event from which the designated period of
time begins to run shall not be included. The last day of the period so computed shall be included, unless it is a Saturday, a Sunday, or a legal holiday, in which event the period runs until the end of the next day which is not one of the
aforementioned days. When the period of time prescribed is less than six (6) days, intermediate Saturdays, Sundays and legal holidays shall be excluded in the computation. As used in this rule, “legal holiday” includes New Year’s
Day, Martin Luther King, Jr. Day, Washington’s Birthday, Memorial Day, Independence Day, Labor Day, Columbus Day, Veterans Day, Thanksgiving Day, Christmas Day and any other day appointed as a holiday by the President or the Congress of the
United States. 

  
 Amended as
of September 20, 2007Indenture

 Exhibit 4.1 

 
  

 
 NEWS AMERICA INCORPORATED,

 Company, 
 NEWS CORPORATION, 
 Guarantor, 

and 
 THE BANK OF
NEW YORK MELLON, 
 Trustee 
 INDENTURE 
 Dated as of August 25, 2009, as amended and restated on
February 16, 2011 
 Senior Securities 
  

 
  

 News America Incorporated Reconciliation and tie between Trust Indenture Act of 1939 and
Indenture, dated as of February 16, 2011. 
  
  

			
	 Trust Indenture
 Act
Section
	  	Indenture Section
		
	  § 310(a)(1)
	  	6.15
		
	 (a)(2)
	  	6.15
		
	 (a)(3)
	  	Not Applicable
		
	 (a)(4)
	  	Not Applicable
		
	 (b)
	  	6.07
		
		  	6.08
		
		  	6.15
		
	  § 311(a)
	  	Not Applicable
		
	 (b)
	  	Not Applicable
		
	 (b)(2)
	  	Not Applicable
		
	  § 312(a)
	  	6.14
		
	 (b)
	  	6.14
		
	 (c)
	  	6.14
		
	  § 313(a)
	  	6.10
		
	 (b)
	  	Not Applicable
		
	 (c)
	  	6.10
		
	 (d)
	  	6.10
		
	  § 314(a)
	  	9.02
		
	 (b)
	  	Not Applicable
		
	 (c)(1)
	  	1.15
		
	 (c)(2)
	  	1.15
		
	 (c)(3)
	  	Not Applicable
		
	 (d)
	  	Not Applicable
		
	 (e)
	  	1.15
		
	  § 315(a)
	  	6.01
		
	 (b)
	  	6.12
		
	 (c)
	  	6.01
		
	 (d)
	  	6.01

			
	 (e)
	  	5.12
		
	  § 316(a)
	  	5.04
		
		  	5.05
		
	 (a)(1)(A)
	  	5.05
		
	 (a)(1)(B)
	  	5.04
		
	 (a)(2)
	  	5.10
		
	 (b)
	  	5.07
		
	  § 317(a)(1)
	  	5.08
		
	 (a)(2)
	  	5.10
		
	 (b)
	  	4.02
		
		  	6.05
		
	  § 318(a)
	  	1.08

  

NOTE: This reconciliation and tie shall not, for any purpose, be deemed a part of the Indenture. 

 TABLE OF CONTENTS 

 

							
	ARTICLE ONE DEFINITIONS AND OTHER PROVISIONS OF GENERAL APPLICATION	  	 	7	  
	 Section 1.01
	  	Definitions	  	 	7	  
	 Section 1.02
	  	Other Definitions	  	 	19	  
	 Section 1.03
	  	Incorporation by Reference of Trust Indenture Act	  	 	19	  
	 Section 1.04
	  	Form of Documents Delivered to Trustee	  	 	19	  
	 Section 1.05
	  	Acts of Holders	  	 	20	  
	 Section 1.06
	  	Notices, Etc., to Trustee and Company	  	 	21	  
	 Section 1.07
	  	Notice to Holders; Waiver	  	 	22	  
	 Section 1.08
	  	Conflict with Trust Indenture Act	  	 	22	  
	 Section 1.09
	  	Effect of Headings and Table of Contents	  	 	23	  
	 Section 1.10
	  	Successors and Assigns	  	 	23	  
	 Section 1.11
	  	Separability Clause	  	 	23	  
	 Section 1.12
	  	Benefits of Indenture	  	 	23	  
	 Section 1.13
	  	Governing Law	  	 	23	  
	 Section 1.14
	  	No Recourse	  	 	23	  
	 Section 1.15
	  	Compliance Certificates and Opinions	  	 	24	  
	 Section 1.16
	  	Waiver of Jury Trial	  	 	24	  
	 Section 1.17
	  	Force Majeure	  	 	24	  
		
	ARTICLE TWO SECURITY FORMS	  	 	25	  
	 Section 2.01
	  	Forms Generally	  	 	25	  
	 Section 2.02
	  	Form of Trustee’s Certificate of Authentication	  	 	25	  
	 Section 2.03
	  	Securities in Global Form	  	 	25	  
		
	ARTICLE THREE THE SECURITIES	  	 	26	  
	 Section 3.01
	  	Amount Unlimited; Issuable in Series	  	 	26	  
	 Section 3.02
	  	Denominations	  	 	28	  
	 Section 3.03
	  	Execution, Authentication, Delivery and Dating	  	 	28	  
	 Section 3.04
	  	Temporary Securities	  	 	30	  
	 Section 3.05
	  	Registration, Registration of Transfer and Exchange	  	 	31	  
	 Section 3.06
	  	Mutilated, Destroyed, Lost and Stolen Securities	  	 	34	  
	 Section 3.07
	  	Payment of Interest; Interest Rights Preserved	  	 	35	  
	 Section 3.08
	  	Persons Deemed Owners	  	 	36	  
	 Section 3.09
	  	Cancellation	  	 	36	  
	 Section 3.10
	  	Computation of Interest	  	 	37	  
	 Section 3.11
	  	CUSIP Numbers	  	 	37	  
		
	ARTICLE FOUR SATISFACTION, DISCHARGE AND DEFEASANCE	  	 	37	  
	 Section 4.01
	  	Satisfaction and Discharge of Indenture	  	 	37	  
	 Section 4.02
	  	Application of Trust Money	  	 	38	  
	 Section 4.03
	  	Satisfaction, Discharge and Defeasance of Securities of Any Series	  	 	38	  

							
	ARTICLE FIVE REMEDIES	  	 	41	  
	 Section 5.01
	  	Events of Default	  	 	41	  
	 Section 5.02
	  	Acceleration	  	 	42	  
	 Section 5.03
	  	Other Remedies	  	 	43	  
	 Section 5.04
	  	Waiver of Past Defaults	  	 	43	  
	 Section 5.05
	  	Control by Majority	  	 	43	  
	 Section 5.06
	  	Limitation on Suits	  	 	44	  
	 Section 5.07
	  	Rights of Holders to Receive Payment	  	 	44	  
	 Section 5.08
	  	Collection Suit by Trustee	  	 	44	  
	 Section 5.09
	  	Delay or Omission Not Waiver	  	 	44	  
	 Section 5.10
	  	Trustee May File Proofs of Claim	  	 	45	  
	 Section 5.11
	  	Priorities	  	 	45	  
	 Section 5.12
	  	Undertaking for Costs	  	 	45	  
	 Section 5.13
	  	Waiver of Stay, Extension or Usury Laws	  	 	46	  
	 Section 5.14
	  	Judgment Currency	  	 	46	  
		
	ARTICLE SIX THE TRUSTEE	  	 	47	  
	 Section 6.01
	  	Certain Duties and Responsibilities	  	 	47	  
	 Section 6.02
	  	Certain Rights of Trustee	  	 	48	  
	 Section 6.03
	  	Not Responsible for Recitals or Issuance of Securities	  	 	49	  
	 Section 6.04
	  	May Hold Securities	  	 	49	  
	 Section 6.05
	  	Money Held in Trust	  	 	50	  
	 Section 6.06
	  	Compensation and Reimbursement	  	 	50	  
	 Section 6.07
	  	Resignation and Removal; Appointment of Successor	  	 	50	  
	 Section 6.08
	  	Acceptance of Appointment by Successor	  	 	52	  
	 Section 6.09
	  	Merger, Conversion, Consolidation or Succession to Business	  	 	53	  
	 Section 6.10
	  	Reports by Trustee	  	 	53	  
	 Section 6.11
	  	Trustee’s Disclaimer	  	 	53	  
	 Section 6.12
	  	Notice of Defaults	  	 	53	  
	 Section 6.13
	  	Trustee May Establish Record Dates	  	 	53	  
	 Section 6.14
	  	Lists of Holders	  	 	54	  
	 Section 6.15
	  	Disqualification; Conflicting Interests	  	 	54	  
		
	ARTICLE SEVEN CONSOLIDATION, MERGER OR SALE	  	 	54	  
	 Section 7.01
	  	When News Corporation or NAI may Merge or Transfer Assets	  	 	54	  
	 Section 7.02
	  	Successor Corporation Substituted	  	 	55	  
	 Section 7.03
	  	Merger of a Guarantor	  	 	55	  
		
	ARTICLE EIGHT SUPPLEMENTAL INDENTURES	  	 	56	  
	 Section 8.01
	  	Supplemental Indentures Without Consent of Holders	  	 	56	  
	 Section 8.02
	  	Supplemental Indentures With Consent of Holders	  	 	57	  
	 Section 8.03
	  	Execution of Supplemental Indentures	  	 	58	  
	 Section 8.04
	  	Effect of Supplemental Indentures	  	 	58	  
	 Section 8.05
	  	Conformity with Trust Indenture Act	  	 	58	  
	 Section 8.06
	  	Reference in Securities to Supplemental Indentures	  	 	58	  

							
	 Section 8.07
	  	Revocation and Effect of Consents, Waivers and Actions	  	 	58	  
		
	ARTICLE NINE COVENANTS	  	 	59	  
	 Section 9.01
	  	Payment of Securities	  	 	59	  
	 Section 9.02
	  	SEC Reports	  	 	59	  
	 Section 9.03
	  	Compliance Certificate	  	 	60	  
	 Section 9.04
	  	Further Instruments and Acts	  	 	61	  
	 Section 9.05
	  	Maintenance of Office or Agency	  	 	61	  
	 Section 9.06
	  	Limitation on Liens	  	 	62	  
	 Section 9.07
	  	Guarantees by Subsidiaries	  	 	62	  
	 Section 9.08
	  	Money for Securities Payments to Be Held in Trust	  	 	62	  
		
	ARTICLE TEN REDEMPTION OF SECURITIES	  	 	63	  
	 Section 10.01
	  	Applicability of Article	  	 	63	  
	 Section 10.02
	  	Election to Redeem; Notice to Trustee	  	 	63	  
	 Section 10.03
	  	Selection by Trustee of Securities to be Redeemed	  	 	63	  
	 Section 10.04
	  	Notice of Redemption	  	 	64	  
	 Section 10.05
	  	Deposit of Redemption Price	  	 	64	  
	 Section 10.06
	  	Securities Payable on Redemption Date	  	 	65	  
	 Section 10.07
	  	Securities Redeemed in Part	  	 	65	  
		
	ARTICLE ELEVEN SINKING FUNDS	  	 	66	  
	 Section 11.01
	  	Applicability of Article	  	 	66	  
	 Section 11.02
	  	Satisfaction of Sinking Fund Payments with Securities	  	 	66	  
	 Section 11.03
	  	Redemption of Securities for Sinking Fund	  	 	66	  
		
	ARTICLE TWELVE GUARANTEES	  	 	67	  
	 Section 12.01
	  	Guarantees	  	 	67	  
	 Section 12.02
	  	Obligations of the Guarantors Unconditional	  	 	69	  
	 Section 12.03
	  	Execution of Guarantee	  	 	69	  
	 Section 12.04
	  	Release of a Guarantor	  	 	69	  
		
	ARTICLE THIRTEEN CHANGE OF CONTROL	  	 	70	  
	 Section 13.01
	  	Repurchase upon Change of Control	  	 	70	  

 NOTE: This table of contents shall
not, for any purpose, be deemed a part of the Indenture. 

 INDENTURE, dated as of August 25, 2009, as amended and restated on
February 16, 2011 (the “Amended and Restated Indenture”) among News America Incorporated, a Delaware corporation with its principal office located at 1211 Avenue of the Americas, New York, New York, 10036 (“NAI” or the
“Company”), News Corporation and The Bank of New York Mellon, a New York banking corporation (the “Trustee”). 
 RECITALS OF THE COMPANY 
 WHEREAS, the Company, News Corporation and
the Trustee are parties to the Indenture, dated as of August 25, 2009 (the “Original Indenture”), which provides for the issuance from time to time of the Company’s debt securities (the “Securities”), to be issued in
one or more series as provided therein. 
 WHEREAS, the Company, News Corporation and the Trustee desire to effect
certain amendments to the Original Indenture, in accordance with Section 8.01 thereof, as reflected in this Amended and Restated Indenture; and 
 WHEREAS the Company, News Corporation and the Trustee have duly authorized the execution and delivery of this Amended and Restated Indenture and have done all things necessary to make this Amended
and Restated Indenture a valid and legally binding agreement, in accordance with its terms. 
 NOW, THEREFORE, THIS INDENTURE
WITNESSETH: 
 For and in consideration of the premises and the purchase of the Securities by the Holders thereof, it is
mutually covenanted and agreed, for the equal and proportionate benefit of all Holders of the Securities or of any series thereof, as follows: 
 ARTICLE ONE 
 DEFINITIONS AND OTHER PROVISIONS OF GENERAL APPLICATION

 Section 1.01 Definitions. 
 For all purposes of this Indenture, except as otherwise expressly provided or unless the context otherwise requires: 
 (1) the terms defined in this Article have the meanings assigned to them in this Article and include the plural as well as the singular; 

(2) all other terms used herein which are defined in the Trust Indenture Act, either directly or by reference therein, have the meanings
assigned to them therein; 
 (3) the words “herein, “hereof” and “hereunder” and other words of similar
import refer to this Indenture as a whole and not to any particular Article, Section or other subdivision. 
 Certain terms,
used principally in Article Six, are defined in that Article. 
 “Act”, when used with respect to any Holder, has the
meaning specified in Section 1.05. 

 “Affiliate” of any specified Person means any other person directly or indirectly
controlling or controlled by or under direct or indirect common control with such specified Person; provided that any Person that would be an Affiliate solely by reason of the fact that a director or officer of such Person is also a director
or officer of a member of News Corporation or its Subsidiaries shall be deemed not to be an Affiliate for purposes of this definition. For the purposes of this definition, “control” when used with respect to any specified Person means the
power to direct or cause the direction of the management and policies of such Person, whether through the ownership of Voting Stock, by contract or otherwise; and the terms “controlling” and “controlled” have meanings correlative
to the foregoing. 
 “Authorized Newspaper” means a newspaper of general circulation in the place of publication,
printed in the official language of the country of publication and customarily published on each Business Day, whether or not published on Saturdays, Sundays or holidays. Whenever successive weekly publications in an Authorized Newspaper are
authorized or required hereunder, they may be made (unless otherwise expressly provided herein) on the same or different days of the week and in the same or different Authorized Newspapers. 

“Bearer Security” means any Security in the form of bearer securities established pursuant to Section 2.01 which is
payable to bearer and is not a Registered Security. 
 “Board of Directors” of any corporation means the Board of
Directors of such corporation, or any duly authorized committee of such Board of Directors. 
 “Board Resolution”
means a copy of a resolution certified by the Secretary or an Assistant Secretary of the Company or the Guarantor, as the case may be, to have been duly adopted by the Board of Directors and to be in full force and effect on the date of such
certification, and delivered to the Trustee. 
 “Book-Entry Security” means a security evidencing all or part of a
series of Securities, issued to the Depositary for such series of Securities in accordance with Section 3.03, and bearing the legend prescribed in Section 3.03. 
 “Business Day”, when used with respect to any Place of Payment, means each Monday, Tuesday, Wednesday, Thursday and Friday which is not a day on which banking institutions in that Place of
Payment are authorized or obligated by law to close. 
 “Capitalized Lease Obligations” is defined as the discounted
present value of the rental obligations of any Person under any lease of any property (whether real, personal or mixed) and/or such other obligations which, in accordance with GAAP, are required to be capitalized on the balance sheet of such Person.

 “Capital Stock” of any Person is defined as any and all shares, interests, participations, or other equivalents
(however designated) of capital stock and any rights (other than loan stock or debt securities convertible into capital stock), warrants or options to acquire such capital stock. 

“Change of Control” means the occurrence of the following: any person (as the term “person” is used in
Section 13(d)(3) or Section 14(d)(2) of the Exchange Act) other than News Corporation, any Subsidiary of News Corporation, any employee benefit plan of either News Corporation or any Subsidiary of News Corporation, or the Murdoch Family,
becomes the 

  
 8 

 
beneficial owner of 50% or more of the combined voting power of News Corporation’s then outstanding common stock entitled to vote generally for the election of directors (“Voting
Securities”). 
 “Change of Control Triggering Event” means a Change of Control and a Rating Decline. 

“Company” means the Person named as the “Company” in the first paragraph of this instrument until a successor
corporation shall have become such pursuant to the applicable provisions of this Indenture, and thereafter “Company” shall mean such successor corporation. 
 “Company Request” or “Company Order” means a written request or order signed in the name of the Company by its Chairman of the Board, its President or a Vice President, and by its
Treasurer, an Assistant Treasurer, its Secretary or an Assistant Secretary, and delivered to the Trustee. 
 “Content”
means all print, audio, visual and other content and information available for publication, distribution, broadcast, transmission or any other form of delivery for exploitation on any form of media or medium of communication, whether now known or
hereafter discovered or created. 
 “Corporate Trust Office” means the principal office of the Trustee in the Borough
of Manhattan, The City of New York, at which at any particular time its corporate trust business shall be administered, which office at the date of initial execution of this Indenture, as to the Trustee, is 101 Barclay Street, New York, New York
10286, Attention: Corporate Trust Administration; except that with respect to the presentation of Securities for payment or for registration of transfer or exchange, such term shall mean the office or agency of the Trustee in said Borough at which
at any particular time its corporate agency business shall be conducted, which office at the date of initial execution of this Indenture, as to the Trustee, is 101 Barclay Street, New York, New York 10286, Attention: Corporate Trust Services, or, in
either case, such other address as the Trustee may designate from time to time by notice to the Holders and the Company, or the principal corporate trust office of any successor Trustee (or such other address as such successor Trustee may designate
from time to time by notice to the Holders and the Company). 
 “corporation” means any partnership, corporation,
joint venture, limited liability company or other entity. 
 “Coupon” means any interest coupon appertaining to any
Bearer Security. 
 “Default” is defined as any event, act or condition which is, or after notice or passage of time
or both would be, an Event of Default. 
 “Defaulted Interest” has the meaning specified in Section 3.07.

 “Depositary” means, with respect to the Securities of any series issuable or issued in whole or in part in global
form, including Book-Entry Securities, the Person designated as Depositary by the Company pursuant to Section 3.01 until a successor Depositary shall have become such pursuant to the applicable provisions of this Indenture, and thereafter
“Depositary” shall mean or include each Person who is then a Depositary hereunder, and if at any time there is 

  
 9 

 
more than one such person “Depositary” shall be a collective reference to such Persons. “Depositary” as used with respect to the Securities of any such series shall mean the
Depositary with respect to the Securities of that series. 
 “Discharged” has the meaning specified in
Section 4.03. 
 “Dollar” means the coin or currency of the United States of America as at the time of payment is
legal tender for the payment of public and private debts. 
 “Euro” means the basic unit of currency among
participating European Union countries, as reused or replaced from time to time. 
 “Event of Default” has the meaning
specified in Section 5.01. 
 “Film Special Purpose Vehicle” means any Special Purpose Vehicle established for
the sole purpose of financing, producing, distributing, acquiring, marketing, licensing, syndicating, publishing, transmitting or other exploitation of Content. 
 “Foreign Currency” means a currency, composite currency or currency unit, including without limitation the Euro, issued by the government of any country or by any recognized confederation or
association of such governments other than the United States of America. 
 “Foreign Government Securities” has the
meaning specified in Section 4.03. 
 “GAAP” is defined as generally accepted accounting principles as applied in
the United States set forth in Accounting Standards Codification of the Financial Accounting Standards Board or in such other statements by such other entity as may be approved by a significant segment of the accounting profession of the United
States, which are applicable as of the date of determination, provided that the definitions contained in the Indenture and all ratios and calculations under the covenants described herein shall be determined in accordance with GAAP as in effect on
the date of this Indenture. 
 “Guarantee” or “Guarantees” mean, collectively, the guarantee of the
Guarantor as set forth in the guarantee provisions of this Indenture and any additional guarantee of the Securities to be executed by any Subsidiary of News Corporation pursuant to Section 9.07 herein. 

“guarantee” by any Person is defined as any obligation, contingent or otherwise, of such Person directly or indirectly
guaranteeing any Indebtedness of any other Person and, without limiting the generality of the foregoing, any obligation, direct or indirect, contingent or otherwise, of such Person (i) to purchase or pay (or advance or supply funds for the
purchase or payment of) such Indebtedness of such other Person (whether arising by virtue of participation arrangements, by agreement to keep well, to purchase assets, goods, securities or services, to take-or-pay, or to maintain financial statement
conditions or otherwise) or (ii) entered into for the purpose of assuring the obligee of such Indebtedness in any other manner of the payment thereof or to protect such obligee against loss in respect thereof (in whole or in part), provided
that the term “guarantee” shall not include endorsements for collection or deposit in the ordinary course of business. 
 “Guarantor” means News Corporation until a successor replaces it pursuant to the applicable provisions of this Indenture and, thereafter, shall mean such successor, and any

  
 10 

 
Subsidiary that is required to become a Guarantor pursuant to Section 9.07 hereunder or until the release of such Guarantor pursuant to the terms of this Indenture. 

“Holder” means, with respect to a Registered Security, a person in whose name a Security is registered in the Security Register
and, with respect to a Bearer Security (or any temporary Global Security), and/or Coupons, the bearer thereof. 

“Indebtedness” of any Person is defined as, at any date, and without duplication, any obligation for or in respect of:
(i) money borrowed (whether or not for cash consideration and whether or not the recourse of the lender is to the whole of the assets of such Person or only a portion thereof) and premiums (if any) and capitalized interest (if any) in respect
thereof; (ii) all obligations (if any) with respect to any debenture, bond (other than performance and similar bonds), note, loan, stock or similar instrument (whether or not issued for cash consideration); (iii) liabilities of such Person
in respect of any letter of credit (other than in respect of Trade Payables, Programming Liabilities, or royalties), bankers’ acceptance or note purchase facility or any liability with respect to any recourse receivables purchase, factoring or
discounting arrangement; (iv) all obligations of such Person with respect to Capitalized Lease Obligations (whether in respect of buildings, machinery, equipment or otherwise); (v) all obligations created or arising under any deferred
purchase or conditional sale agreement or arrangement or representing the balance deferred and unpaid of the purchase price of any property that would appear as a liability on a statement of financial positions of such Person prepared in accordance
with GAAP (including pursuant to financing leases), except any such balance which represents a Trade Payable, Programming Liability or royalty; (vi) all obligations of such Person to purchase, redeem, retire, defease or otherwise acquire for
value any Redeemable Stock of such Person or any warrants, rights or options to acquire such Redeemable Stock valued, in the case of Redeemable Stock, at the greatest amount payable in respect thereof on a liquidation (whether voluntary or
involuntary) plus accrued and unpaid dividends; (vii) direct or indirect guarantees of all Indebtedness of other Persons referred to in clauses (i) to (vi) above or legally binding agreements by any Person (a) to supply funds to
or in any other manner invest in the debtor (including any agreement to pay for property or services irrespective of whether such property is received or such services are rendered), or (b) otherwise to assure in a legally binding manner any
Person to whom Indebtedness is owed against loss; and (viii) all Indebtedness of the types referred to in clauses (i) to (vii) above secured by (or for which the holder of such Indebtedness has an existing right, contingent or
otherwise, to be secured by) any encumbrance on any asset owned by such Person, even though such Person has not assumed or become liable for the payment of such Indebtedness. The amount of Indebtedness of any Person at any date shall be (without
duplication) (1) the outstanding balance at such date of all unconditional obligations as described above and the maximum liability of any such contingent obligations at such date and (ii) in the case of Indebtedness of others secured by a
Lien to which the property or assets owned or held by such Person is subject, the lesser of the fair market value at such date of any asset subject to a Lien securing the Indebtedness of others and the amount of the Indebtedness secured.
Notwithstanding anything stated herein to the contrary, for the purposes of this Agreement any obligation owed solely between or among members of the News Consolidated Group shall not constitute “Indebtedness”. 

“Indenture” means the Original Indenture, as amended and restated by this Amended and Restated Indenture, as originally
executed or as it may from time to time be further supplemented or amended by one or more indentures supplemental hereto entered into pursuant to the 

  
 11 

 
applicable provisions hereof and shall include the terms of particular series of Securities established as contemplated by Section 3.01. 

“Interest”, when used with respect to an Original Issue Discount Security which by its terms bears interest only after
Maturity, means interest payable after Maturity. 
 “Interest Payment Date”, when used with respect to any Security,
means the Stated Maturity of an installment of interest on such Security. 
 “Interest Rate Protection Agreements” of
any Person is defined as the obligations of such Person pursuant to any interest rate swap agreement, interest rate collar agreement, option or future contract or other similar agreement or arrangement designed to protect such Person or any of its
Subsidiaries against fluctuations in interest rates. 
 “Investment Grade” is defined as a rating of BBB- or higher by
S&P or a rating of Baa3 or higher by Moody’s or the equivalent of such ratings. 
 “Lien” is defined as any
lien, security interest, or other charge or encumbrance of any kind, including without limitation, the lien or retained security title of a conditional vendor and any easement, right of way or other encumbrance on title to real property. 

“Maturity”, when used with respect to any Security, means the date on which the principal of such Security or an installment of
principal becomes due and payable as therein or herein provided, whether at the Stated Maturity or by declaration of acceleration, call for redemption or otherwise. 
 “Moody’s” is defined as Moody’s Investors Service, Inc. and its successors. 
 “Murdoch Family” means K. Rupert Murdoch, his wife, mother, children, or brothers or sisters or children of brothers or sisters, or grandchildren, grand nieces and grand nephews and other
members of his immediate family or any trust or any other entity directly or indirectly controlled by one or more of the members of the Murdoch Family described above (“controlled entities”). A trust shall be deemed controlled by the
Murdoch Family if the majority of the trustees are members of the Murdoch Family or can be removed or replaced by any one or more members of the Murdoch Family or the controlled entities. 

“NAI” means News America Incorporated, a Delaware corporation, until a successor replaces it pursuant to this Indenture and
thereafter means the successor. 
 “New York Business Day” means each weekday which is not a day on which banking
institutions in New York City are authorized or obligated by law to close. 
 “News Consolidated Group” means News
Corporation and its Subsidiaries which are consolidated under GAAP. 
 “News Corporation” means News Corporation, a
corporation organized under the laws of the State of Delaware, until a successor Guarantor replaces it pursuant to this Indenture and thereafter means the successor Guarantor. 

  
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 “Officer” means, with respect to any corporation, the Chairman of the Board, any
Executive Director, any Vice Chairman, the Chief Executive Officer, the President, any Vice President, the Treasurer, the Secretary, any Assistant Treasurer or any Assistant Secretary of such corporation and any person routinely performing
corresponding functions with respect to such corporation. 
 “Officer’s Certificate” means a written certificate
signed by an Officer of the Company or News Corporation, and delivered to the Trustee. 
 “Opinion of Counsel” means a
written opinion of counsel, who may be counsel for the Company, including an employee of the Company. 
 “Original
Indenture” means the Indenture, dated as of August 25, 2009, among the Company, News Corporation and the Trustee. 

“Original Issue Discount Security” means any Security which provides for an amount less than the principal amount thereof to be
due and payable upon a declaration of acceleration of the Maturity thereof pursuant to Section 5.02. 

“Outstanding”, when used with respect to Securities, means, as of the date of determination, all Securities theretofore
authenticated and delivered under this Indenture, except: 
 (i) Securities for whose payment or redemption (a) money in
the necessary amount has been theretofore deposited with the Trustee or any Paying Agent (other than the Company) in trust or set aside and segregated in trust by the Company (if the Company shall act as its own Paying Agent) for the Holders of such
Securities or (b) U.S. Government Obligations or Foreign Government Securities as contemplated by Section 4.03 in the necessary amount have been theretofore deposited with the Trustee in trust for the Holders of such Securities in
accordance with Section 4.03; provided that, if such Securities are to be redeemed, notice of such redemption has been duly given pursuant to this Indenture or provision therefor satisfactory to the Trustee has been made; and 

(ii) Securities which have been paid pursuant to Section 3.06 or in exchange for or in lieu of which other Securities have been
authenticated and delivered pursuant to this Indenture, other than any such Securities in respect of which there shall have been presented to the Trustee proof satisfactory to it that such Securities are held by a bona fide purchaser in whose hands
such Securities are valid obligations of the Company; provided, however, that in determining whether the Holders of the requisite principal amount of the Outstanding Securities have given any request, demand, authorization, direction, notice,
consent or waiver hereunder, the principal amount of any Original Issue Discount Securities that shall be deemed to be Outstanding for such purposes shall be the amount of the principal thereof that would be due and payable as of the date of such
determination upon a declaration of acceleration of the maturity thereof pursuant to Section 5.02, the principal amount of a Security denominated in a foreign currency or currencies shall be deemed to be that amount of Dollars that could be
obtained for such principal amount on the basis of the spot rate of exchange for such Foreign Currency or such currency unit as determined by the Company or by an authorized exchange rate agent, and Securities owned by the Company or any other
obligor upon the Securities or any Affiliate of the Company or of such other obligor shall be disregarded and deemed not to be Outstanding, except that, in determining whether the Trustee shall be protected in relying upon any such request, demand,
authorization, 

  
 13 

 
direction, notice, consent or waiver, only Securities which the Trustee knows to be so owned shall be so disregarded. Securities so owned which have been pledged in good faith may be regarded as
Outstanding if the pledgee establishes to the satisfaction of the Trustee the pledgee’s right so to act with respect to such Securities and that the pledgee is not the Company or any other obligor upon the Securities or any Affiliate of the
Company or of such other obligor. 
 “Paying Agent” means any Person authorized by the Company to pay the principal of
(and premium, if any) or interest on any Securities on behalf of the Company. 
 “Permitted Encumbrance” means any of
the following: (i) any Lien which arises in favor of an unpaid seller in respect of goods, plant or equipment sold and delivered to any member of the News Consolidated Group in the ordinary course of its business until payment of the purchase
price for such goods or plant or equipment or any other goods, plant or equipment previously sold and delivered by that seller (except to the extent that such Lien secures Indebtedness or arises otherwise than due to deferment of payment of purchase
price); (ii) Liens arising by operation of law, including Liens for taxes, assessments and governmental charges or levies that are either (a) not yet overdue or (b) being contested in good faith and by appropriate proceedings and as
to which appropriate reserves are being maintained; (iii) any Lien or pledge created or subsisting in the ordinary course of business over documents of title, insurance policies or sale contracts in relation to commercial goods to secure the
purchase price thereof; (iv) any Lien with respect to a cash deposit which secures the payment or reimbursement obligation in favor of any financial institution or government in connection with any letter of credit, guarantee or bond, issued by
or, as the case may be, granted to any financial institution, or government, in respect of any amount payable by any member of the News Consolidated Group pursuant to any agreement or arrangement (other than in respect of Indebtedness for borrowed
money) entered into by any member of the News Consolidated Group; (v) any Lien with respect to a cash deposit which is deposited in an account with any financial institution or firm of lawyers or title company to be held in escrow in such
account pursuant to any agreement or arrangement (other than in respect of Indebtedness for borrowed money); (vi) Liens on property purchased after the date of this Indenture provided that (A) any such Lien (x) is created solely for
the purpose of securing Indebtedness incurred to finance the cost (including the cost of construction) of the item of property subject thereto and such Lien is created prior to, at the time of, or within 270 days after the later of, the acquisition,
the completion of construction or the commencement of the full operation of such property, or for the purpose of securing Indebtedness incurred to refinance any Indebtedness previously so secured or (y) existed on such property at the time of
its acquisition (other than Liens created in contemplation of such acquisition that were not incurred to finance the acquisition of such property), (B) the principal amount of Indebtedness secured by any Lien described in clause (A)(x) does not
exceed 100% of such cost, and (C) such Lien does not extend to or cover any other property other than such item or property and any improvements on such item; (vii) any Lien with respect to any asset (including, without limitation,
securities, documents of title and source codes), to the extent arising from the delivery of such asset to any financial institution, firm of lawyers, title company or other entity which holds assets in escrow or custody, to be held in escrow
pursuant to any agreement or arrangement granted in the ordinary course of business; (viii) statutory Liens of carriers, warehousemen, mechanics, suppliers, materialmen, repairmen and other like Liens arising in the ordinary course of business
and with respect to amounts not yet delinquent or being contested in good faith by appropriate proceedings, if a reserve or other appropriate provision has been made; (ix) easements, rights of way and other encumbrances on title to real
property 

  
 14 

 
that do not materially adversely affect the use of such property for its present purposes; (x) pledges or deposits in connection with worker’s compensation, unemployment insurance and
other social security legislation; (xi) Liens existing on the date of this Indenture; (xii) Liens permitted to finance receivables (including pursuant to a receivables sales agreement) arising in the ordinary course of business;
(xiii) Liens on assets of Film Special Purpose Vehicles securing Indebtedness incurred for the purpose of effecting Permitted Film Financings; (xiv) Liens created in favor of (x) a producer or supplier of Content or (y) any other
Person in connection with the financing of the production, distribution, acquisition, marketing, licensing, syndication, publication, transmission and/or other exploitation of Content, in each case above on or with respect to distribution revenues
and/or distribution rights which arise from or are attributable to such Content; (xv) Liens under construction, performance and similar bonding arrangements entered into in the ordinary course of business; (xvi) in the case of a Person
becoming a member of the News Consolidated Group after the date of this Indenture, any Lien with respect to the assets of such Person at the time it became a member of the News Consolidated Group, provided that such Lien is not created in
contemplation of, or in connection with, such Person becoming a member of the News Consolidated Group; (xvii) Liens not otherwise permitted herein which do not, in the aggregate, exceed 15% of the Tangible Assets of the News Consolidated Group;
provided that any such Lien is not otherwise prohibited under this Indenture; (xviii) Liens created by members of the News Consolidated Group in favor of other members of the News Consolidated Group; and (xix) any extension, renewal or
replacements of any of the Liens referred to in clauses (i) through (xviii) above, provided that the renewal, extension or replacements is limited to all or part of the property securing the original Lien or any replacement of such
property and further 
 provided that in the case of sub-clauses (i) and (iii) of this definition, there
is no default in the underlying obligation secured by such encumbrance or such obligation is being contested in good faith and by appropriate proceedings. 
 “Permitted Film Financing” means debt and equity financing arrangements with third parties for the financing, production, distribution, acquisition, marketing, licensing, syndication,
publishing, transmission or other exploitation of Content by any Person in which any interest held by a member of the News Consolidated Group is held through a Film Special Purpose Vehicle and as to which neither News Corporation nor its
Subsidiaries has incurred any Indebtedness other than through such Film Special Purpose Vehicle. 
 “Person” means any
individual, partnership, corporation, joint venture, limited liability company, trust or other entity, or government or any agency or political subdivision thereof. 
 “Place of Payment”, when used with respect to the Securities of any series, means the place or places where the principal of (and premium. if any) and interest on the Securities of that series
are payable as specified as contemplated by Section 3.01. 
 “Predecessor Security” of any particular Security
means every previous Security evidencing all or a portion of the same debt as that evidenced by such particular Security; and, for the purposes of this definition, any Security authenticated and delivered under Section 3.06 in exchange for or
in lieu of a mutilated, destroyed, lost or stolen Security shall be deemed to evidence the same debt as the mutilated, destroyed, lost or stolen Security. 

  
 15 

 “Programming Liabilities” means all obligations incurred in the ordinary course of
business to finance, produce, distribute, acquire, market, license, syndicate, publish, transmit or otherwise exploit Content, other than any such obligations for Indebtedness described in clause (i) of the definition of Indebtedness and
guaranties of such Indebtedness. 
 “Public Debt” means any Indebtedness of NAI and News Corporation (other than the
Securities) that is registered pursuant to a registration statement filed with the SEC or any comparable national or state regulatory or governmental body in any jurisdiction of the United States or otherwise, plus any Indebtedness that any member
of the News Consolidated Group has issued and provided registration rights to the holders of such privately placed securities in connection with such issuance other than the Securities. 

“Rating Agencies” is defined as (i) S&P and (ii) Moody’s or (iii) if S&P or Moody’s or both
shall not make a rating of the Securities publicly available, a nationally recognized securities rating agency or agencies, as the case may be, selected by News Corporation, which shall be substituted for S&P or Moody’s or both, as the case
may be, so that there shall always be two nationally recognized securities rating agencies rating the Securities. 

“Rating Category” is defined as (i) with respect to S&P, any of the following categories: BB, B, CCC, CC, C and D (or
equivalent successor categories); (ii) with respect to Moody’s, any of the following categories: Ba, B, Caa, Ca, C and D (or equivalent successor categories); and (iii) the equivalent of any such category of S&P or Moody’s
used by another Rating Agency. In determining whether the rating of the Securities has decreased by one or more gradations, gradations within Rating Categories (+ and - for S&P; 1,2 and 3 for Moody’s; or the equivalent gradations for
another Rating Agency) shall be taken into account (e.g., with respect to S&P, a decline in a rating from BB+ to BB, as well as from BB- to B+, will constitute a decrease of one gradation). 

“Rating Date” is defined as the date which is 90 days prior to the earlier of (i) a Change of Control or (ii) public
notice of the occurrence of a Change of Control or of the intention by News Corporation to effect a Change of Control. 

“Rating Decline” is defined as the occurrence of the following on, or within 90 days after the earlier of (i) the
occurrence of a Change of Control or (ii) public notice of the occurrence of a Change of Control or the intention by News Corporation to effect a Change of Control (which period shall be extended so long as the rating of the Securities is under
publicly announced consideration for a possible downgrade by any of the Rating Agencies), (a) in the event the Securities are rated by either Rating Agency on the Rating Date as Investment Grade, the rating of the Securities shall be reduced so
that the Securities are rated below Investment Grade by both Rating Agencies, or (b) in the event the Securities are rated below Investment Grade by both Rating Agencies on the Rating Date, the rating of the Securities by both Rating Agencies
shall be decreased by one or more gradations (including gradations within Rating Categories as well as between Rating Categories). 
 “Redeemable Stock” is defined as any equity security that by its terms or otherwise is required to be redeemed prior to the maturity of the Securities or is redeemable at the option of the
holder thereof at any time prior to maturity of the Securities. 

  
 16 

 “Redemption Date”, when used with respect to any Security to be redeemed, means
the date fixed for such redemption by or pursuant to this Indenture. 
 “Redemption Price”, when used with respect to
any Security to be redeemed, means the price at which it is to be redeemed pursuant to this Indenture. 
 “Refinancing
Indebtedness” is defined as Indebtedness issued in exchange for, or the proceeds of which are used to exchange, refinance, refund or extend, outstanding Indebtedness. 
 “Registered Security” means any Security in the form of Registered Securities established pursuant to Section 2.01 which is registered in the Security Register. 

“Regular Record Date” for the interest payable on any Interest Payment Date on the Securities of any series means the date
specified for that purpose as contemplated by Section 3.01. 
 “Responsible Officer” means any officer within the
corporate trust department of the Trustee, including any vice president, assistant vice president, assistant secretary, assistant treasurer, trust officer or any other officer of the Trustee who customarily performs functions similar to those
performed by the Persons who at the time shall be such officers, respectively, or to whom any corporate trust matter is referred because of such person’s knowledge of and familiarity with the particular subject and who shall have direct
responsibility for the administration of this Indenture. 
 “Revolving Credit Agreement” means the Credit Agreement
dated May 23, 2007 among News America Incorporated, News Corporation and the financial institutions named therein, as amended, renewed, or refunded from time to time thereafter, and the commitments (and agreements in connection therewith) to
extend the financing under the Revolving Credit Agreement, together with any guarantees delivered pursuant to any of the foregoing and any agreement or agreements pursuant to which the Indebtedness subject thereto shall be refinanced, renewed,
extended or refunded. 
 “SEC” means the Securities and Exchange Commission, as from time to time constituted, created
under the Securities Exchange Act of 1934, as amended, or, if at any time after the execution of this instrument the SEC is not existing and performing the duties now assigned to it under the Trust Indenture Act, then the agency performing such
duties at such time. 
 “Securities” has the meaning stated in the first recital of this Indenture and more
particularly means any Securities authenticated and delivered under this Indenture. 
 “Security Register” and
“Security Registrar” have the respective meanings specified in Section 3.05. 
 “Significant
Subsidiary” means any Subsidiary of News Corporation that is a “significant subsidiary” as defined in Rule 1-02 of Regulation S-X promulgated by the SEC (as such rule is in effect on the date of this Indenture) provided,
however, that “Significant Subsidiary” shall not include any Subsidiary that is or becomes a “controlled foreign corporation” under Section 957 of the Internal Revenue Code. 

  
 17 

 “Special Purpose Vehicle” means a Person that is, or was, established:
(a) with a separate legal identity and limited liability; (b) as a member of the News Consolidated Group; and (c) for the sole purpose of a single transaction, or series of related transactions, and that has no assets and liabilities
other than those directly acquired or incurred in connection with such transaction(s). 
 “Special Record Date” for
the payment of any Defaulted Interest means a date fixed by the Trustee pursuant to Section 3.07. 
 “S&P” is
defined as Standard & Poor’s Corporation, a division of the McGraw-Hill Companies, Inc. and its successor. 

“Stated Maturity”, when used with respect to any Security or any installment of principal thereof or interest thereon, means
the date specified in such Security as the fixed date on which the principal of such Security or such installment of principal or interest is due and payable. 
 “Subsidiary” is defined as, with respect to any Person, (i) a corporation a majority of whose issued and outstanding capital stock, voting shares or ordinary shares having ordinary voting
power, under ordinary circumstances, to elect directors is at the time, directly or indirectly, owned by such Person, by one or more Subsidiaries of such Person or by such Person and one or more Subsidiaries thereof or (ii) any other Person
(other than a corporation) in which such Person, one or more Subsidiaries thereof or such Person and one or more Subsidiaries thereof, directly or indirectly, at the date of determination thereof has at least a majority ownership interest and the
power to direct the policies, management and affairs thereof. For purposes of this definition, any director’s qualifying shares or investments by foreign nationals mandated by applicable law shall be disregarded in determining the ownership of
a Subsidiary. 
 “Tangible Assets” of any Person is defined as, as of any date, the amount of total assets of such
Person and its subsidiaries on a consolidated basis at such date minus goodwill, trade names, patents, unamortized debt discount expense and other like intangibles, all determined in accordance with GAAP. 

“Trade Payables” of any Person is defined as accounts payable or any other indebtedness or monetary obligations to trade
creditors created, assumed or guaranteed by such Person or any of its Subsidiaries in the ordinary course of business in connection with the obtaining of materials or services. 

“Trustee” means the Person named as the “Trustee” in the first paragraph of this instrument until a successor Trustee
shall have become such pursuant to the applicable provisions of this Indenture, and thereafter “Trustee” shall mean or include each Person who is then a Trustee hereunder, and if at any time there is more than one such Person,
“Trustee” as used with respect to the Securities of any series shall-mean the Trustee with respect to Securities of that Series. 
 “Trust Indenture Act” or “TIA” means the Trust Indenture Act of 1939, as amended, as in force at the date as of which this instrument was executed, except as provided in
Section 8.05. 
 “U.S. Government Obligations” has the meaning specified in Section 4.03. 

  
 18 

 “Vice President,” when used with respect to the Company or the Trustee means any
vice president, whether or not designated by a number or a word or words added before or after the title “vice president.” 
 Section 1.02 Other Definitions. 
  

					
	 Term
	  	Defined in Section	 
	 “Base Guaranty Liability”
	  	 	12.01	  
	 “Change of Control Offer”
	  	 	13.01	  
	 “Change of Control Offer Price”
	  	 	13.01	  
	 “Change of Control Payment Date”
	  	 	13.01	  
	 “Exchange Act”
	  	 	9.02	  
	 “Notice of Default”
	  	 	5.01	  

 Section 1.03
Incorporation by Reference of Trust Indenture Act. 
 Whenever this Indenture refers to a provision of the TIA, such
provision is incorporated by reference in and made a part of this Indenture. The following TIA terms used in this Indenture have the following meanings: 
 “indenture securities” means the Securities. 
 “indenture security
holder” means a Holder. 
 “indenture to be qualified” means this Indenture. 

“indenture trustee” or “institutional trustee” means the Trustee. 

“obligor” on the indenture securities means NAI and the Guarantor. 

All other TIA terms used in this Indenture that are defined by the TIA, defined by TIA reference to another statute or defined by SEC
rule have the meanings assigned to them by such definitions. 
 Section 1.04 Form of Documents Delivered to Trustee.

 In any case where several matters are required to be certified by, or covered by an opinion of, any specified Person, it is
not necessary that all such matters be certified by, or covered by the opinion of, only one such Person, or that they be so certified or covered by only one document, but one such Person may certify or give an opinion with respect to some matters
and one or more other such Persons as to other matters, and any such Person may certify or give an opinion as to such matters in one or several documents. 
 Any certificate or opinion of an Officer of the Company or the Guarantor may be based, insofar as it relates to legal matters, upon a certificate or opinion of, or representations by, counsel, unless such
Officer knows, or in the exercise of reasonable care should know, that the certificate or opinion or representations with respect to the matters upon which his certificate or opinion is based are erroneous. Any such certificate or Opinion of Counsel
may be based, insofar as it relates to factual matters, upon a certificate or opinion of, or representations by, an Officer or Officers of the Company or the Guarantor, as the case may be, stating that the information

  
 19 

 
with respect to such factual matters is in the possession of the Company or the Guarantor, as the case may be, unless such counsel knows, or in the exercise of reasonable care should know, that
the certificate or opinion or representations with respect to such matters are erroneous. 
 Where any Person is required to
make, give or execute two or more applications, requests, consents, certificates, statements, opinions or other instruments under this Indenture, they may, but need not, be consolidated and form one instrument. 

Section 1.05 Acts of Holders. 
 (a) Any request, demand, authorization, direction, notice, consent, waiver or other action provided by this Indenture to be given or taken by Holders may be embodied in and evidenced by one or more
instruments of substantially similar tenor signed by such holders in person or by agent duly appointed in writing; and, except as herein otherwise expressly provided, such action shall become effective when such instrument or instruments are
delivered to the Trustee and, where it is hereby expressly required, to the Company and the Guarantor. Such instrument or instruments (and the action embodied therein and evidenced thereby) are herein sometimes referred to as the “Act” of
the Holders signing such instrument or instruments. Proof of execution of any such instrument or of a writing appointing any such agent shall be sufficient for any purpose of this Indenture and conclusive in favor of the Trustee and the Company and
the Guarantor, if made in the manner provided in this Section. 
 (b) The fact and date of the execution by any Person of any
such instrument or writing may be proved by the affidavit of a witness of such execution or by a certificate of a notary public or other officer authorized by law to take acknowledgements of deeds, certifying that the individual signing such
instrument or writing acknowledged to him the execution thereof. Where such execution is by a signer acting in a capacity other than his individual capacity, such certificate or affidavit shall also constitute sufficient proof of his authority. The
fact and date of the execution of any such instrument or writing, or the authority of the Person executing the same, may also be proved in any other manner which the Trustee deems sufficient. 

(c) The principal amount and serial numbers of Bearer Securities held by any Person, and the date of his holding the same, may be proved
by the production of such Bearer Securities or by a certificate executed by any trust company, bank, banker or other depositary, wherever situated, if such certificate shall be deemed by the Trustee to be satisfactory, showing that at the date
therein mentioned such Person had on deposit with such depositary, or exhibited to it, the Bearer Securities therein described; or such facts may be proved by the certificate or affidavit of the Person holding such Bearer Securities, if such
certificate or affidavit is deemed by the Trustee to be satisfactory. The Trustee, the Guarantor and the Company may assume that such ownership of any Bearer Security continues until (1) another certificate or affidavit bearing a later date
issued in respect of the same Bearer Security is produced, (2) such Bearer Security is produced to the Trustee by some other Person, (3) such Bearer Security is surrendered in exchange for a Registered Security or (4) such Bearer
Security is no longer Outstanding. 
 (d) The fact and date of execution of any such instrument or writing pursuant to clause
(c) above, the authority of the Person executing the same and the principal amount and serial numbers of Bearer Securities held by the Person so executing such instrument or writing and the date of holding the same may also be proved in any
other manner which the Trustee 

  
 20 

 
deems sufficient; and the Trustee may in any instance require further proof with respect to any of the matters referred to in this clause. 

(e) The ownership of Registered Securities shall be proved by the Security Register. 

(f) Any request, demand, authorization, direction, notice, consent, waiver or other Act of the Holder of any Security shall bind every
future Holder of the same Security and the holder of every Security issued upon the registration of transfer thereof or in exchange therefor or in lieu thereof in respect of anything done, omitted or suffered to be done by the Trustee or the Company
or the Guarantor in reliance thereon, whether or not notation of such action is made upon such Security. 
 (g) Whenever for
purposes of any Act to be taken hereunder by the Holders of a series of Securities denominated in a Foreign Currency (or any currency unit), the principal amount of Securities is required to be determined, the aggregate principal amount of such
Securities shall be deemed to be that amount of Dollars that could be obtained for such principal amount on the basis of the spot rate of exchange for such Foreign Currency or such currency unit as determined by the Company or by an authorized
exchange rate agent and evidenced to the Trustee by an Officer’s Certificate as of the date taking of such Act by the Holders of the requisite percentage in principal amount of the Securities is evidenced to the Trustee. An exchange rate agent
may be authorized in advance or from time to time by the Company, and may be the Trustee or its Affiliate. Any such determination by the Company or by any such exchange rate agent shall be conclusive and binding on all Holders, the Company and the
Trustee, and neither the Company nor any such exchange rate agent shall be liable therefor in the absence of bad faith. 
 (h)
If the Company shall solicit from the Holders any request, demand, authorization, direction, notice, consent, waiver or other Act, the Company may, at its option, by or pursuant to a Board Resolution, fix in advance a record date for the
determination of Holders entitled to give such request, demand, authorization, direction, notice, consent, waiver or other Act, but the Company shall have no obligation to do so. If such a record date is fixed, such request, demand, authorization,
direction, notice, consent, waiver or other Act may be given before or after such record date, but only the Holders of record at the close of business on such record date shall be deemed to be Holders for the purposes of determining whether Holders
of the requisite proportion of Outstanding Securities have authorized or agreed or consented to such request, demand, authorization, direction, notice, consent, waiver or other Act, and for that purpose the Outstanding Securities shall be computed
as of such record date; provided that no such authorization, agreement or consent by the Holders on such record date shall be deemed effective unless it shall become effective pursuant to the provisions of this Indenture not later than six months
after the record date. 
 Section 1.06 Notices, Etc., to Trustee and Company. 

Any request, demand, authorization, direction, notice, consent, waiver or Act of Holders or other document provided or permitted by this
Indenture to be made upon, given or furnished to, or filed with, 

  
 21 

 (a) the Trustee by any Holder or by the Company shall be sufficient for every purpose
hereunder if made, given, furnished or filed in writing to or with the Trustee at its Corporate Trust Office, or 
 (b) the
Company by the Trustee or by any Holder shall be sufficient for every purpose hereunder (unless otherwise herein expressly provided) if in writing and mailed, first-class postage prepaid, to the Company addressed to it at the address of its
principal office specified in the first paragraph of this instrument or at any other address previously furnished in writing to the Trustee by the Company. 
 Section 1.07 Notice to Holders; Waiver. 
 Where this Indenture provides for
notice to Holders of any event, (i) if any of the Securities affected by such event are registered Securities, such notice to the Holders thereof shall be sufficiently given (unless otherwise herein expressly provided) if in writing and mailed,
first-class postage prepaid, to each such holder affected by such event, at his address as it appears in the Security Register, within the time prescribed for the giving of such notice and (ii) if any of the Securities affected by such event
are Bearer Securities, notice to the Holders thereof shall be sufficiently given (unless otherwise herein or in the terms of such Bearer Securities expressly provided) if published once in an Authorized Newspaper in New York, New York, and in such
other city or cities, if any, as may be specified in such Securities and, if the Securities of such series are listed on any stock exchange outside the United States, in any place at which such Securities are listed on a securities exchange to the
extent that such securities exchange so requires, and mailed to such Persons whose names and addresses as were previously filed with the Trustee, within the time prescribed for giving such notice. In any case where notice to Holders is given by
mail, neither the failure to mail such notice, nor any defect in any notice so mailed, to any particular Holder shall affect the sufficiency of such notice with respect to other Holders. If it is impossible or, in the opinion of the Trustee,
impracticable to give any notice by publication in the manner herein required, then such publication in lieu thereof as shall be made with the approval of the Trustee shall constitute a sufficient publication of such notice. 

In case by reason of the suspension of regular mail service or by reason of any other cause it shall be impracticable to give such notice
as provided above, then such notification as shall be made with the approval of the Trustee shall constitute a sufficient notification for every purpose hereunder. 
 Where this Indenture provides for notice in any manner, such notice may be waived in writing by the Person entitled to receive such notice, either before or after the event, and such waiver shall be the
equivalent of such notice. Waivers of notice by Holders shall be filed with the Trustee, but such filing shall not be a condition precedent to the validity of any action taken in reliance upon such waiver. 

Any request, demand, authorization, direction, notice, consent or waiver required or permitted under this Indenture shall be in the
English language except that any published notice may be in an official language of the country of publication. 
 Section 1.08
Conflict with Trust Indenture Act. 

  
 22 

 This Indenture is subject to the Trust Indenture Act and if any provision hereof limits,
qualifies or conflicts with the Trust Indenture Act, the Trust Indenture Act shall control. 
 Section 1.09 Effect of
Headings and Table of Contents. 
 The Article and Section headings herein and the Table of Contents are for convenience
only and shall not affect the construction hereof. 
 Section 1.10 Successors and Assigns. 

All covenants and agreements in this Indenture by the Company and the Guarantor shall bind its successors and assigns, whether so
expressed or not. 
 Section 1.11 Separability Clause. 

In case any provision in this Indenture or in the Securities or the Guarantees shall be invalid, illegal or unenforceable, the validity,
legality and enforceability of the remaining provisions shall not in any way be affected or impaired thereby. 
 Section 1.12
Benefits of Indenture. 
 Nothing in this Indenture or in the Securities, expressed or implied, shall give to any Person,
other than the parties hereto and their successors hereunder and the Holders, any benefit or any legal or equitable right, remedy or claim under this Indenture. 
 Section 1.13 Governing Law. 
 THIS INDENTURE, THE SECURITIES, THE GUARANTEES ENDORSED
THEREON AND ANY COUPONS SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK, AS APPLIED TO CONTRACTS MADE AND PERFORMED WITHIN THE STATE OF NEW YORK, WITHOUT REGARD TO PRINCIPLES OF CONFLICTS OF LAWS. 

Section 1.14 No Recourse. 
 No recourse for the payment of the principal of or premium, if any, or interest on any Security or any coupons appertaining thereto, or for any claim based thereon or otherwise in respect thereof, and no
recourse under or upon any obligation, covenant or agreement of the Company, News Corporation or any Guarantor in this Indenture or in any supplemental indenture, or in any Security or any coupons appertaining there, or because of the creation of
any indebtedness represented thereby, shall be had against any director, officer, employee, or stockholder as such, past, present or future, of (1) the Company, News Corporation, or any Guarantor, or any of their Affiliates; (2) any
successor Person of the Company, News Corporation, or any Guarantor either directly or through the Company, News Corporation or any Guarantor or any of their Affiliates; or (3) any successor Person of the Company, News Corporation or any
Guarantor, whether by virtue of any constitution, statute or rule of law, or by the enforcement of any assessment or penalty or otherwise; it being expressly understood that all 

  
 23 

 
such liability is hereby expressly waived and released as a condition of, and as a consideration for, the execution of this Indenture and the issuance of the Securities. 

Section 1.15 Compliance Certificates and Opinions. 
 Upon any application or request by the Company or the Guarantor to the Trustee to take any action under any provision of this Indenture, the Company or the Guarantor shall furnish to the Trustee an
Officer’s Certificate stating that all conditions precedent, if any, provided for in this Indenture relating to the proposed action have been complied with and an Opinion of Counsel stating that in the opinion of such counsel all such
conditions precedent, if any, have been complied with. 
 Every certificate or opinion with respect to compliance with a
condition or covenant provided for in this Indenture shall include: 
 (1) a statement that each individual signing such
certificate or opinion has read such condition or covenant and the definitions herein relating thereto; 
 (2) a brief statement
as to the nature and scope of the examination or investigation upon which the statements or opinions contained in such certificate or opinion are based; 
 (3) a statement that, in the opinion of each such individual, he has made such examination or investigation as is necessary to enable him to express an informed opinion as to whether or not such condition
or covenant has been complied with; and 
 (4) a statement as to whether, in the opinion of each such individual, such condition
or covenant has been complied with; provided, however, that with respect to matters of fact, an Opinion of Counsel may rely on an Officer’s Certificate or certificates of public officials. 

Section 1.16 Waiver of Jury Trial. 
 EACH OF THE COMPANY, THE GUARANTOR AND THE TRUSTEE HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY AND ALL RIGHT TO TRIAL BY JURY IN ANY LEGAL PROCEEDING ARISING OUT OF
OR RELATING TO THIS INDENTURE, THE SECURITIES OR THE TRANSACTIONS CONTEMPLATED HEREBY. 
 Section 1.17 Force Majeure.

 In no event shall the Trustee be responsible or liable for any failure or delay in the performance of its obligations
hereunder arising out of or caused by, directly or indirectly, forces beyond its control, including, without limitation, strikes, work stoppages, accidents, acts of war or terrorism, civil or military disturbances, nuclear or natural catastrophes or
acts of God, and interruptions, loss or malfunctions of utilities, communications or computer (software and hardware) services; it being understood that the Trustee shall use reasonable efforts which are consistent with accepted practices in the
banking industry to resume performance as soon as practicable under the circumstances. 

  
 24 

 ARTICLE TWO 
 SECURITY FORMS 
 Section 2.01 Forms Generally. 

The Securities of each series and Guarantees and the Coupons, if any, to be attached thereto shall be in substantially such form as shall
be established by or pursuant to a Board Resolution or in one or more indentures supplemental hereto, in each case with such appropriate insertions, omissions, substitutions and other variations as are required or permitted by this Indenture, and
may have such letters, numbers or other marks of identification and such legends or endorsements placed thereon as may be required to comply with the rules of any securities exchange or as may, consistently herewith, be determined by the officers
executing such Securities, Guarantees and Coupons, if any, as evidenced by their execution of the Securities, Guarantees and Coupons, if any. If temporary Securities of any series are issued in global form as permitted by Section 3.04, the form
thereof also shall be established as provided in the preceding sentence. If the forms of Securities, Guarantees and Coupons, if any, of any series are established by, or by action taken pursuant to, a Board Resolution, a copy of the Board Resolution
together with an appropriate record of any such action taken pursuant thereto, including a copy of the approved form of Securities, Guarantees or Coupons, if any, shall be certified by the Secretary or an Assistant Secretary of the Company and
delivered to the Trustee at or prior to the delivery of the Company Order contemplated by Section 3.03 for the authentication and delivery of such Securities. 
 To the extent applicable, NAI, the Guarantor and the Trustee, by their execution and delivery of this Indenture, expressly agree to such terms and provisions and to be bound thereby. 

Section 2.02 Form of Trustee’s Certificate of Authentication. 

The Trustee’s certificate of authentication shall be substantially in the following form: 

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

Dated: 
  

			
	The Bank of New York Mellon, as Trustee
		
	By:	 	 
		 	Authorized Signatory

 Section 2.03
Securities in Global Form. 
 If Securities of a series are issuable in whole or in part in global form any such Security
may provide that it shall represent the aggregate or specified amount of Outstanding Securities from time to time endorsed thereon and may also provide that the aggregate amount of Outstanding Securities represented thereby may from time to time be
reduced to reflect exchanges. Any endorsement of a Security in global form to reflect the amount, or any increase or decrease in the amount or changes in the rights of Holders of Outstanding Securities

  
 25 

 
represented thereby, shall be made in such manner and by such Person or Persons as shall be specified therein. Any instructions by the Company with respect to a Security in global form shall be
in writing. 
 ARTICLE THREE 
 THE SECURITIES 
 Section 3.01 Amount Unlimited; Issuable in Series.

 The aggregate principal amount of Securities which may be authenticated and delivered and Outstanding under this Indenture is
unlimited. 
 The Securities may be issued from time to time in one or more series. There shall be established in or pursuant to
a Board Resolution, and set forth in an Officer’s Certificate, or established in one or more indentures supplemental hereto, prior to the issuance of Securities of any series: 

(a) the title of the Securities of the series (which shall distinguish the Securities of the series from all other Securities);

 (b) any limit upon the aggregate principal amount of the Securities of the series which may be authenticated and delivered
under this Indenture (except for Securities authenticated and delivered upon registration of transfer of, or in exchange for, or in lieu of, other Securities of the series pursuant to Sections 3.04, 3.05, 3.06, 8.06 or 10.07); 

(c) the date or dates on which the principal (and premium, if any) of the Securities of the series is payable; 

(d) the rate or rates at which the Securities of the series shall bear interest, if any, the date or dates from which such interest shall
accrue, the Interest Payment Dates on which such interest shall be payable and the Regular Record Date for the interest payable on any Interest Payment Date; 
 (e) the Person to whom any interest on any Registered Securities of the series shall be payable if other than the Person in whose name that Security (or one or more Predecessor Securities) is registered
at the close of business on the Regular Record Date for such interest and the manner in which, or the Person to whom, any interest on any Bearer Securities of the series shall be payable if otherwise than upon presentation and surrender of the
coupons appertaining thereto as they severally mature; 
 (f) the place or places where the principal of (and premium, if any)
and interest, if any, on Securities of the series shall be payable; 
 (g) the period or periods within which or the date or
dates on which, the price or prices at which and the terms and conditions upon which Securities of the series may be redeemed, in whole or in part, at the option of the Company; 

(h) the obligation, if any, of the Company to redeem or purchase Securities of the series pursuant to any sinking fund or analogous
provisions or at the option of a Holder thereof 

  
 26 

 
and the period or periods within which, the price or prices at which and the terms and conditions upon which Securities of the series shall be redeemed or purchased, in whole or in part, pursuant
to such obligation; 
 (i) if other than denominations of $1,000, if registered and $1,000 and $10,000, if Bearer and any
integral multiple thereof, the denominations in which Securities of the series shall be issuable; 
 (j) if other than the
principal amount thereof, the portion of the principal amount of Securities of the series which shall be payable upon declaration of acceleration of the Maturity thereof pursuant to Section 5.02; 

(k) whether Bearer Securities of the series are to be issuable and if so, whether Registered Securities are to be issuable; 

(l) the date as of which any Bearer Securities of the series and any temporary global Security representing Outstanding Securities of the
series shall be dated if other than the original issuance of the first Security of the series to be issued; 
 (m) if Bearer
Securities of the series are to be issuable, whether interest in respect of any portion of a temporary Bearer Security in global form (representing all of the Outstanding Bearer Securities of the series) payable in respect of any Interest Payment
Date prior to the exchange of such temporary Bearer Security for definitive Securities of the series shall be paid to any clearing organization with respect to the portion of such temporary Bearer Security held for its account and, in such event,
the terms and conditions (including any certification requirements) upon which any such interest payment received by a clearing organization will be credited to the Persons entitled to interest payable on such Interest Payment Date; 

(n) the currency of denomination of the Securities of any series, which may be in Dollars, any Foreign Currency or any composite currency
and, if such currency of denomination is a composite currency, the agency or organization, if any, responsible for overseeing such composite currency; 
 (o) the currency or currencies in which payment of the principal of (and premium, if any) and interest, if any, on the Securities will be made, and the currency or currencies (in addition to Dollars), if
any, in which payment of the principal of (and premium, if any) or the interest, if any, on Registered Securities, at the election of each of the Holders thereof, may also be payable; 

(p) if the amount of payments of principal of (and premium, if any) or, interest, if any, on the Securities of the series may be
determined with reference to an index based on a currency or currencies other than that in which the Debt Securities are denominated or designated to be payable, the manner in which such amounts shall be determined; 

(q) if the payments of principal of (and premium, if any) or the interest, if any, on the Securities of the series are to be made in a
Foreign Currency other than the Foreign Currency in which such Securities are denominated, the manner in which the exchange rate with respect to such payments shall be determined; 

  
 27 

 (r) any deletions from, modifications of or additions to the Events of Default set forth in
Section 5.01 or covenants of the Company set forth in Article Nine pertaining to the Securities of the series; 
 (s) the
form of the Securities and Coupons, if any, of the series; 
 (t) whether the Securities of such series shall be issued in whole
or in part in global form, including Book-Entry Securities, and the Depositary for such global Securities; 
 (u) the
application, if any, of Section 4.03 to the Securities of that series; 
 (v) whether the Change of Control provisions set
forth in Article Thirteen are applicable to the Securities of that series; 
 (w) whether the Securities of the series may be
convertible into or exchangeable for Securities of a different series, stock or other securities of the Company or other corporation; 
 (x) which Guarantors, if any, shall Guarantee the Securities of that series; 
 (y)
if other than the Trustee, the identity of the Registrar and any Paying Agent; and 
 (z) any other terms of the series (which
terms shall not be inconsistent with the provisions of this Indenture). 
 All Securities (including Coupons, if any) and
Guarantees of any one series shall be substantially identical except as to denomination and except as may otherwise be provided in or pursuant to such Board Resolution and set forth in such Officer’s Certificate or in any such indenture
supplemental hereto. 
 If any of the terms of the series are established by action taken pursuant to a Board Resolution, a copy
of an appropriate record of such action shall be certified by the Secretary or an Assistant Secretary of the Company and delivered to the Trustee at or prior to the delivery of the Officer’s Certificate setting forth the terms of the series.

 Section 3.02 Denominations. 
 The Securities of each series shall be issuable in such denominations as shall be specified as contemplated by Section 3.01. In the absence of any such provisions with respect to the Securities of
any series, the Securities of such series shall be issuable in denominations of $1,000, if registered, in denominations of $1,000 or $10,000, if bearer, and any integral multiple of the applicable denomination. 

Section 3.03 Execution, Authentication, Delivery and Dating. 

The Securities shall be executed on behalf of the Company by an Officer of the Company. The Coupons, if any, shall be executed on behalf
of the Company by an Officer of the Company, attested by its Secretary or any Assistant Secretary or its Treasurer or one of its Assistant Treasurers. The signature of any of these officers on the Securities (and Coupons, if any) may be manual or
facsimile. 

  
 28 

 The Guarantee(s) shall be executed on behalf of Guarantor by an Officer of the Guarantor.
The signature of any such Officer on the Guarantee may be manual or facsimile. 
 Securities (and Coupons, if any) and
Guarantees bearing the manual or facsimile signatures of individuals who were at any time the proper Officers of NAI or News Corporation shall bind NAI and such Guarantor, notwithstanding that such individuals or any of them have ceased to hold such
offices prior to the authentication and delivery of such Securities (and Coupons, if any) or did not hold such offices at the date of such Securities (and Coupons, if any). 
 At any time and from time to time after the execution and delivery of this Indenture, the Company may deliver Securities (with or without Coupons) of any series executed by the Company to the Trustee for
authentication, together with a Company Order for the authentication and delivery of such Securities, and the Trustee in accordance with the Company Order shall authenticate and deliver such Securities. If the form or terms of the Securities of the
series have been established in or pursuant to one or more Board Resolutions as permitted by Section 2.01 and 3.01, in authenticating such Securities, and accepting the additional responsibilities under this Indenture in relation to such
Securities, the Trustee shall be provided with, and shall be fully protected in relying upon, an Opinion of Counsel stating that, 
 (a) if established pursuant to a Board Resolution as permitted by Section 2.01, the form of such Securities, Guarantees and Coupons, if any, have been established in conformity with the provisions of
this Indenture; 
 (b) if established pursuant to a Board Resolution as permitted by Section 3.01, the terms of such
Securities, Guarantees and Coupons, if any, have been established in conformity with the provisions of this Indenture; and 

(c) such Securities, and the Guarantees endorsed thereon together with Coupons, if any, appertaining thereto, when authenticated and
delivered by the Trustee and issued by the Company and the Guarantor, respectively, in the manner and subject to any conditions specified in such Opinion of Counsel, will constitute valid and legally binding obligations of the Company and the
Guarantor, respectively, enforceable in accordance with their terms, subject to bankruptcy, insolvency, reorganization and other laws of general applicability relating to or affecting the enforcement of creditors’ rights and to general equity
principles. 
 The Trustee shall have the right to decline to authenticate and deliver such Securities if the Trustee, being
advised by counsel, determines that such action may not lawfully be taken or if the Trustee in good faith by its board of directors or trustees, executive committee, or a trust committee of directors or trustees and/or Responsible Officers shall
determine that such action would expose the Trustee to personal liability to existing Holders or would adversely affect the Trustee’s own rights, duties or immunities under this Indenture or otherwise. 

The Trustee shall not be required to authenticate Securities denominated in a coin or currency (or unit including a coin or currency)
other than that of the United States of America if the Trustee reasonably determines that such Securities impose duties or obligations on the Trustee which the Trustee is not able or reasonably willing to accept; provided that the Trustee, upon a
Company Request, will resign as Trustee with respect to Securities of any series as to which such a determination is made, prior to the issuance of such Securities, and will comply 

  
 29 

 
with the request of the Company to execute and deliver a supplemental indenture appointing a successor Trustee pursuant to Section 8.01. 

If all of the Securities of a series are not to be originally issued at the same time, then the documents required to be delivered
pursuant to this Section 3.03 must be delivered only once, prior to the authentication and delivery of the first Security of such series; provided, however, that any subsequent request by the Company to the Trustee to authenticate Securities of
such series upon original issuance shall constitute a representation and warranty by the Company that, as of the date of such request, the statements made in the Opinion of Counsel delivered pursuant to this Section 3.03 shall be true and
correct as if made on such date. 
 If the Company shall establish pursuant to Section 3.01 that the Securities of a series
are to be issued in whole or in part in global form, then the Company shall execute and the Trustee shall, in accordance with this Section 3.03 and the Company Order with respect to such series, authenticate and deliver one or more Securities
in global form that (i) shall represent and shall be denominated in an amount equal to the aggregate principal amount of the Outstanding Securities of such series to be represented by such global Security or Securities, (ii) shall be
registered, if in registered form, in the name of the Depositary for such Book-Entry Security or Securities or the nominee of such Depositary, (iii) shall be delivered by the Trustee to such Depositary or pursuant to such Depositary’s
instruction and (iv) shall bear a legend substantially to the following effect: “Unless and until it is exchanged in whole or in part for Securities in certificated form, this Security may not be transferred except 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 or by the Depositary or any such nominee to a successor Depositary or a nominee of such successor Depositary” or
to such other effect as the Depositary and the Trustee may agree. 
 Each Depositary designated pursuant to Section 3.01
for a Book-Entry Security in registered form must, at the time of its designation and at all times while it serves as Depositary, be a clearing agency registered under the Exchange Act and any other applicable statute or regulation. The Trustee
shall have no responsibility to determine if the Depositary is so registered. Each Depositary shall enter into an agreement with the Trustee governing their respective duties and rights with regard to Book-Entry Securities. 

Each Security shall be dated the date of its authentication, except that each Bearer Security, including any Bearer Security in global
form, shall be dated as of the date specified as contemplated by Section 3.01. 
 No Security or Coupon appertaining
thereto shall be entitled to any benefit under this Indenture or be valid or obligatory for any purpose unless there appears on such Security a certificate of authentication substantially in the form provided for herein duly executed by the Trustee
by manual signature of one of its authorized signatories, and such certificate upon any Security shall be conclusive evidence, and the only evidence, that such Security has been duly authenticated and delivered hereunder and is entitled to the
benefits of this Indenture. Except as permitted by Section 3.06 or 3.07, the Trustee shall not authenticate and deliver any Bearer Security unless all appurtenant Coupons for interest then matured have been detached and cancelled. 

Section 3.04 Temporary Securities. 

  
 30 

 Pending the preparation of definitive Securities of any series, the Company may execute, and
upon Company Order the Trustee shall authenticate and deliver, temporary Securities which are printed, lithographed, typewritten, mimeographed or otherwise produced, in any authorized denomination, substantially of the tenor and form, with or
without Coupons of the definitive Securities in lieu of which they are issued and with such appropriate insertions, omissions, substitutions and other variations as the officers executing such Securities may determine, as conclusively evidenced by
their execution of such Securities and Coupons, if any. 
 Except in the case of temporary Securities in global form, each of
which shall be exchanged in accordance with the provisions thereof, if temporary Securities of any series are issued, the Company will cause definitive Securities of such series to be prepared without unreasonable delay. After the preparation of
definitive Securities of such series, the temporary Securities of such series shall be exchangeable for definitive Securities of such series upon surrender of the temporary Securities of such series at the office or agency of the Company pursuant to
Section 9.05 in a Place of Payment for such series, without charge to the Holder. Upon surrender for cancellation of any one or more temporary Securities of any series (accompanied by any unmatured Coupons appertaining thereto), the Company
shall execute and the Trustee shall authenticate and deliver in exchange therefor a like principal amount of definitive Securities of the same series of authorized denominations and of like tenor; provided, however, that no definitive Bearer
Security shall be delivered in exchange for a temporary Registered Security; and provided, further, that no definitive Bearer Security shall be delivered in exchange for a temporary Bearer Security unless the Trustee shall have received from the
person entitled to receive the definitive Bearer Security a certificate substantially in the form approved in the Board Resolutions relating thereto and such delivery shall occur only outside the United States. Until so exchanged, the temporary
Securities of any series shall in all respects be entitled to the same benefits under this Indenture as definitive Securities of such series except as otherwise specified as contemplated by Section 3.01 with respect to the payment of interest
on Bearer Securities in temporary form. 
 Section 3.05 Registration, Registration of Transfer and Exchange. 

The Company shall cause to be kept at the Corporate Trust Office of the Trustee a register (the register maintained in such office and in
any other office or agency of the Company maintained pursuant to Section 9.05 in a Place of Payment being herein sometimes collectively referred to as the “Security Register”) in which, subject to such reasonable regulations as it may
prescribe, the Company shall provide for the registration of Registered Securities and of transfers of Registered Securities. The Trustee is hereby appointed “Security Registrar” for the purpose of registering Registered Securities and
transfers of Registered Securities as herein provided. 
 Upon surrender for registration of transfer of any Registered Security
of any series at the office or agency maintained pursuant to Section 9.05 in a Place of Payment for that series, the Company shall execute, and the Trustee shall authenticate and deliver, in the name of the designated transferee or transferees,
one or more new Registered Securities of the same series, of any authorized denominations and of a like aggregate principal amount. 
 At the option of the Holder, Registered Securities of any series (except a Book-Entry Security representing all or a portion of the Securities of such series) may be exchanged for other Registered
Securities of the same series, of any authorized denominations and of a like aggregate 

  
 31 

 
principal amount, upon surrender of the Registered Securities to be exchanged at such office or agency. Registered Securities may not be exchanged for Bearer Securities. 

At the option of the Holder, Bearer Securities of any series may be exchanged for Registered Securities (if the Securities of such series
are issuable in registered form) or Bearer Securities (if Bearer Securities of such series are issuable in more than one denomination and such exchanges are permitted by such series) of the same series, of any authorized denominations and of like
tenor and aggregate principal amount, upon surrender of the Bearer Securities to be exchanged at any such office or agency, with all unmatured coupons and all matured Coupons in default thereto appertaining. If the Holder of a Bearer Security is
unable to produce any such unmatured Coupon or Coupons or matured Coupon or Coupons in default, such exchange may be effected if the Bearer Securities are accompanied by payment in funds acceptable to the Company and the Trustee in an amount equal
to the face amount of such missing Coupon or Coupons, or the surrender of such missing Coupon or Coupons may be waived by the Company and the Trustee if there be furnished to them such security or indemnity as they may require to save each of them
and any Paying Agent harmless. If thereafter the Holder of such Security shall surrender to any Paying Agent any such missing Coupon in respect of which such a payment shall have been made, such Holder shall be entitled to receive the amount of such
payment; provided, however, that, except as otherwise provided in Section 9.05, interest represented by Coupons shall be payable only upon presentation and surrender of those Coupons at an office or agency located outside the United States.
Notwithstanding the foregoing, in case a Bearer Security of any series is surrendered at any such office or agency in exchange for a Registered Security of the same series after the close of business at such office or agency on (i) any Regular
Record Date and before the opening of business at such office or agency on the relevant Interest Payment Date, or (ii) any Special Record Date and before the opening of business at such office or agency on the related date for payment of
Defaulted Interest, such Bearer Security shall be surrendered without the Coupon relating to such Interest Payment Date or proposed date of payment, as the case may be (or, if such Coupon is so surrendered with such Bearer Security, such Coupon
shall be returned to the person so surrendering the Bearer Security), and interest or Defaulted Interest, as the case may be, will not be payable on such Interest Payment Date or proposed date for payment, as the case may be, in respect of the
Registered Security issued in exchange for such Bearer Security, but will be payable only to the Holder of such Coupon when due in accordance with the provisions of this Indenture. 

Notwithstanding any other provision of this Section, unless and until it is exchanged in whole or in part for Securities in certificated
form, a Security in global form representing all or a portion of the Securities of a series may not be transferred except as a whole by the Depositary for such series to a nominee of such Depositary or by a nominee of such Depositary to such
Depositary or another nominee of such Depositary or by such Depositary or any such nominee to a successor Depositary for such series or a nominee of such successor Depositary. 
 If at any time the Depositary for the Securities of a series notifies the Company that it is unwilling or unable to continue as Depositary for the Securities of such series or if at any time the
Depositary for the Securities of such series shall no longer be eligible under Section 3.03, the Company shall appoint a successor Depositary with respect to the Securities of such series. If a successor Depositary for the Securities of such
series is not appointed by the Company within 90 days after the issuer receives such notice or becomes aware of such ineligibility, the Company’s election pursuant to Section 3.01(t) shall no longer be effective with respect to the
Securities of such series and the Company shall execute, and the Trustee, upon receipt of a Company Order 

  
 32 

 
for the authentication and delivery of certificated Securities of such series of like tenor, shall authenticate and deliver Securities of such series in certificated form in an aggregate
principal amount equal to the principal amount of the Security or Securities in global form representing such series in exchange for such Security or Securities in global form. 

The Company may at any time and in its sole discretion determine that the Securities of any series issued in the form of one or more
global Securities shall no longer be represented by such global Security or Securities. In such event the Company shall execute, and the Trustee, upon receipt of a Company Order for the authentication and delivery of certificated Securities of such
series of like tenor, shall authenticate and deliver, Securities of such series in certificated form and in an aggregate principal amount equal to the principal amount of the Security or Securities in global form representing such series in exchange
for such Security or Securities in global form. 
 If specified by the Company pursuant to Section 3.01 with respect to a
series of Securities, the Depositary for such series of Securities may surrender a global Security of such series in exchange in whole or in part for Securities of such series in certificated form on such terms as are acceptable to the Company and
such Depositary. Thereupon, the Company shall execute, and the Trustee shall authenticate and deliver, without service charge: 

(a) to each Person specified by such Depositary, a new certificated Security or Securities of the same series of like tenor, of any
authorized denomination as requested by such Person in aggregate principal amount equal to and in exchange for such Person’s beneficial interest in the global Security; and 

(b) to such Depositary, a new global Security of like tenor in a denomination equal to the difference, if any, between the principal
amount of the surrendered global Security and the aggregate principal amount of certificated Securities delivered to Holders thereof. 
 In any exchange provided for in any of the preceding three paragraphs, the Company shall execute and the Trustee shall authenticate and deliver Securities in certificated form in authorized denominations.

 Upon the exchange of a global Security for Securities in certificated form, such global Security shall be cancelled by the
Trustee. Unless expressly provided with respect to the Securities of any series that such Security may be exchanged for Bearer Securities, Securities issued in exchange for a Book-Entry Security pursuant to this Section shall be registered in such
names and in such authorized denominations as the Depositary for such Book-Entry Security, pursuant to instructions from its direct or indirect participants or otherwise, shall instruct the Trustee. The Trustee shall deliver such Securities to the
Persons in whose names such Securities are so registered. 
 Whenever any Securities are so surrendered for exchange, the
Company shall execute, and the Trustee shall authenticate and deliver, the Securities which the Holder making the exchange is entitled to receive. 
 All Securities issued upon any registration of transfer or exchange of Securities shall be the valid obligations of the Company, evidencing the same debt, and entitled to the same benefits under this
Indenture, as the Securities surrendered upon such registration of transfer or exchange. 

  
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 Every Registered Security presented or surrendered for registration of transfer or for
exchange shall (if so required by the Company or the Trustee) be duly endorsed, or be accompanied by a written instrument of transfer in form satisfactory to the Company and the Security Registrar duly executed by the Holder thereof or his attorney
duly authorized in writing. 
 No service charge shall be made for any registration of transfer or exchange of Securities, but
the Company may require payment of a sum sufficient to cover any tax or other governmental charge that may be imposed in connection with any registration of transfer or exchange of Securities, other than exchanges pursuant to Section 3.04 or
8.06 not involving any transfer. 
 The Company shall not be required (i) to issue, register the transfer of or exchange
Securities of any series for a period of 15 days before the selection of any Securities of that series for redemption, or (ii) to register the transfer of or exchange any Security so selected for redemption in whole or in part, except the
unredeemed portion of any Security being redeemed in part, or (iii) to exchange any Bearer Security so selected for redemption except that such a Bearer Security may be exchanged for a Registered Security of that series and like tenor, provided
that such Registered Security shall be simultaneously surrendered for redemption. 
 Section 3.06 Mutilated, Destroyed, Lost
and Stolen Securities. 
 If any mutilated Security or Security with a mutilated Coupon appertaining to it is surrendered to
the Trustee, the Company shall execute and the Trustee shall authenticate and deliver in exchange therefor a new Security with Coupons corresponding to the Coupons, if any, appertaining to the surrendered Security of the same series and of like
tenor and principal amount and bearing a number not contemporaneously outstanding with Coupons corresponding to the Coupons, if any, appertaining to the surrendered Security. 
 If there shall be delivered to the Company and the Trustee (i) evidence to their satisfaction of the destruction, loss or theft of any Security or Security with a destroyed, lost or stolen Coupon and
(ii) such security or indemnity as may be required by them to save each of them and the Guarantor and any agent of either of them harmless, then, in the absence of notice to the Company or the Trustee that such Security or Coupon has been
acquired by a bona fide purchaser, the Company shall execute and upon its request the Trustee shall authenticate and deliver, in lieu of any such destroyed, lost or stolen Security a new Security of the same series and of like tenor and principal
amount and bearing a number not contemporaneously outstanding with Coupons corresponding to the Coupons, if any, appertaining to the destroyed, lost or stolen Security. 
 In case any such mutilated, destroyed, lost or stolen Security or Coupon has become or is about to become due and payable, the Company in its discretion may, instead of issuing a new Security or Coupon,
pay such Security or Coupon; provided, however, that payment of principal of and any premium or interest on Bearer Securities shall, except as otherwise provided in Section 9.05, be payable only at an office or agency located outside the United
States and, unless otherwise specified as contemplated by Section 3.01, any interest on Bearer Securities shall be payable only upon presentation and surrender of the coupons appertaining thereto. 

Upon the issuance of any new Security under this Section the Company may require the payment of a sum sufficient to cover any tax or
other governmental charge that may be imposed 

  
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in relation thereto and any other expenses (including the fees and expenses of the Trustee) connected therewith. 
 Every new Security of any series with its Guarantees and Coupons, if any, issued pursuant to this Section in lieu of any destroyed, lost or stolen Security, or in exchange for a Security to which a
destroyed, lost or stolen Coupon appertains, shall constitute an original additional contractual obligation of the Company and Guarantor with respect thereto, whether or not the destroyed, lost or stolen Security and its Coupons, if any, or the
destroyed, lost or stolen Coupon, shall be at any time enforceable by anyone and shall be entitled to all the benefits of this Indenture equally and proportionately with any and all other Securities of that series and their Guarantees and Coupons,
if any, duly issued hereunder. 
 The provisions of this Section are exclusive and shall preclude (to the extent lawful) all
other rights and remedies with respect to the replacement or payment of mutilated, destroyed, lost or stolen Securities or Coupons. 
 Section 3.07 Payment of Interest; Interest Rights Preserved. 
 Unless
otherwise provided as contemplated by Section 3.01, Interest on any Registered Security which is payable, and is punctually paid or duly provided for, on any Interest Payment Date shall be paid to the Person in whose name that Security (or one
or more Predecessor Securities) is registered at the close of business on the Regular Record Date for such interest. 
 Any
interest on any Registered Security of any series which is payable, but is not punctually paid or duly provided for, on any Interest Payment Date (herein called “Defaulted Interest”) shall forthwith cease to be payable to the Holder on the
relevant Regular Record Date by virtue of having been such Holder, and such Defaulted Interest may be paid by the Company, at its election in each case, as provided in clause (a) or (b) below: 

(a) The Company may elect to make payment of any Defaulted Interest to the Persons in whose names the Registered Securities of such
series (or their respective Predecessor Securities) are registered at the close of business on a Special Record Date for the payment of such Defaulted Interest, which shall be fixed in the following manner. The Company shall notify the Trustee in
writing of the amount of Defaulted Interest proposed to be paid on each Registered Security of such series and the date of the proposed payment, and at the same time the Company shall deposit with the Trustee an amount of money equal to the
aggregate amount proposed to be paid in respect of such Defaulted Interest or shall make arrangements satisfactory to the Trustee for such deposit prior to the date of the proposed payment, such money when deposited to be held in trust for the
benefit of the Persons entitled to such Defaulted Interest as in this clause provided. Thereupon the Trustee shall fix a Special Record Date for the payment of such Defaulted Interest which shall be not more than 15 days and not less than 10 days
prior to the date of the proposed payment and not less than 10 days after the receipt by the Trustee of the notice of the proposed payment. The Trustee shall promptly notify the Company of such Special Record Date and, in the name and at the expense
of the Company, shall cause notice of the proposed payment of such Defaulted Interest and the Special Record Date therefor to be mailed, first-class postage prepaid, to each Holder of Registered Securities of such Series at his address as it appears
in the Security Register not less than 10 days prior to such Special Record Date. Notice of the proposed payment of such Defaulted Interest and the Special Record Date therefor having been so mailed, such Defaulted Interest shall be paid to the
Persons in whose names the 

  
 35 

 
Securities of such series (or their respective Predecessor Securities) are registered at the close of business on such Special Record Date and shall no longer be payable pursuant to the following
clause (b). 
 (b) The Company may make payment of any Defaulted Interest on the Securities of any series in any other lawful
manner not inconsistent with the requirements of any securities exchange on which such Securities 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, such manner of payment shall be deemed practicable by the Trustee. 
 At the option of the Company,
interest on Registered Securities of any series that bear interest may be paid (i) by mailing a check to the address of the person entitled thereto as such address shall appear in the Security Register or (ii) by wire transfer to an
account maintained by the person entitled thereto as specified in the applicable Security Register. 
 Notwithstanding the
above, except as otherwise specified with respect to a series of Securities in accordance with the provisions of Section 3.01, a Holder of $10,000,000 or more in aggregate principal amount of Securities of the same series having the same
Interest Payment Date shall be entitled to receive payments of interest by wire transfer of immediately available funds if appropriate wire transfer instructions have been received by the Trustee on or before the Regular Record Date immediately
preceding the applicable Interest Payment Date. 
 Subject to the foregoing provisions of this Section, each Security or Coupon,
if any, delivered under this Indenture upon registration of transfer of or in exchange for or in lieu of any other Security or Coupon, if any, shall carry the rights to interest accrued and unpaid, and to accrue, which were carried by such other
Security or Coupon. 
 Section 3.08 Persons Deemed Owners. 

Prior to due presentment of a Registered Security for registration of transfer, the Company, the Trustee and any agent of the Company or
the Trustee may treat the Person in whose name such Registered Security is registered as the owner of such Registered Security for the purpose of receiving payment of principal of (and premium, if any) and (subject to Section 3.07) interest on
such Registered Security and for all other purposes whatsoever, whether or not such Registered Security be overdue, and neither the Company, the Trustee nor any agent of the Company or the Trustee shall be affected by notice to the contrary.

 The Company, the Trustee and any agent of the Company or the Trustee may treat the bearer of any Bearer Security and the
bearer of any Coupon as the absolute owner of such Bearer Security or Coupon for the purpose of receiving payment thereof or on account thereof and for all other purposes whatsoever, whether or not such Bearer Security or Coupon be overdue, and
neither the Company, the Trustee nor any agent of the Company or the Trustee shall be affected by notice to the contrary. 

Section 3.09 Cancellation. 
 All Securities and Coupons surrendered for payment, redemption, registration of transfer or exchange or for credit against any sinking fund payment shall, if surrendered to any Person other than the
Trustee, be delivered to the Trustee and shall be promptly cancelled by it. The 

  
 36 

 
Company may at any time deliver to the Trustee for cancellation any Securities previously authenticated and delivered hereunder which the Company may have acquired in any manner whatsoever, and
all Securities and Coupons so delivered shall be promptly cancelled by the Trustee. No Securities or Coupons shall be authenticated in lieu of or in exchange for any Securities or Coupons cancelled as provided in this Section, except as expressly
permitted by this Indenture. All cancelled Securities and Coupons shall be disposed of by the Trustee in accordance with the Trustee’s policy of disposal of cancelled securities or shall be delivered to the Company upon the Company’s
written request. 
 Section 3.10 Computation of Interest. 

Except as otherwise specified as contemplated by Section 3.01 for Securities of any series, interest on the Securities of each
series computed on the basis of a 360-day year of twelve 30-day months. 
 Section 3.11 CUSIP Numbers. 

The Company, in issuing the Securities, may use “CUSIP” numbers (if then generally in use), and, if so used by the Company, the
Trustee shall use “CUSIP” numbers in notices of redemption as a convenience to Holders; provided that any such notice may state that no representation is made as to the correctness of such numbers either as printed on the Securities or as
contained in any notice of a redemption and that reliance may be placed only on the other identification numbers printed on the Securities, and any such redemption shall not be affected by any defect in or omission of such numbers. The Company shall
promptly notify the Trustee of any change in the CUSIP numbers. 
 ARTICLE FOUR 

SATISFACTION, DISCHARGE AND DEFEASANCE 
 Section 4.01 Satisfaction and Discharge of Indenture. 
 This Indenture
shall upon Company Request cease to be of further effect with respect to Securities of any series (except as to any surviving rights of registration of transfer or exchange of Securities of such series and replacement of lost, stolen or mutilated
Securities of such series herein expressly provided for), and the Trustee, at the expense of the Company, shall execute proper instruments acknowledging satisfaction and discharge of this Indenture with respect to such series, when 

(a) either 
 (i) all Securities of such series theretofore authenticated and delivered and all Coupons appertaining thereto (other than (A) Coupons appertaining to Bearer Securities of such series surrendered in
exchange for Registered Securities and maturing after such exchange, surrender of which is not required or has been waived as provided in Section 3.05, (B) Securities of such series and Coupons which have been destroyed, lost or stolen and
which have been replaced or paid as provided in Section 3.06, (C) Coupons appertaining to Bearer Securities of such series called for redemption and maturing after the relevant Redemption Date, surrender of which has been waived as
provided in Section 10.06 and (D) Securities of such series and 

  
 37 

 
Coupons for whose payment money has theretofore been deposited in trust or segregated and held in trust by the Company and thereafter repaid to the Company or discharged from such trust) have
been delivered to the Trustee for cancellation; or 
 (ii) all such Securities and Coupons of such series not
theretofore delivered to the Trustee for cancellation 
 (a) have become due and payable, or 

(b) will become due and payable at their Stated Maturity within one year, or 

(c) are to be called for redemption within one year under arrangements satisfactory to the Trustee for the giving of
notice of redemption by the Trustee in the name, and at the expense, of the Company, 
 and the Company, in the case of (a), (b) or
(c) above, has deposited or caused to be deposited with the Trustee as trust funds in trust for the purpose an amount sufficient to pay and discharge the entire indebtedness on such Securities and Coupons of such series not theretofore
delivered to the Trustee for cancellation, for principal (and premium, if any) and interest to the date of such deposit (in the case of Securities and Coupons of such series which have become due and payable) or to the Stated Maturity or Redemption
Date, as the case may be; 
 (b) the Company has paid or caused to be paid all other sums payable hereunder by the Company; and

 (c) the Company has delivered to the Trustee an Officer’s Certificate and an Opinion of Counsel, each stating that all
conditions precedent herein provided for relating to the satisfaction and discharge of this Indenture have been complied with. 

Notwithstanding the satisfaction and discharge of this Indenture, the obligations of the Company to the Trustee under Section 6.06
and, if money shall have been deposited with the Trustee pursuant to subclause (ii) of clause (a) of this Section, the obligations of the Trustee under Section 4.02, shall survive such satisfaction and discharge. 

Section 4.02 Application of Trust Money. 
 All money deposited with the Trustee pursuant to Section 4.01 and 4.03 shall be held in trust and applied by it, in accordance with the provisions of the Securities and Coupons, if any, and this
Indenture, to the payment, either directly or through any Paying Agent (including the Company acting as its own Paying Agent) as the Trustee may determine, to the Persons entitled thereto, of the principal (and premium, if any) and interest, if any,
for whose payment such money has been deposited with the Trustee. 
 Section 4.03 Satisfaction, Discharge and Defeasance of
Securities of Any Series. 
 If this Section 4.03 is specified, as contemplated by Section 3.01, to be applicable
to Securities and Coupons, if any, of any series, at the Company’s option, either 

  
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 (a) the Company will be deemed to have been Discharged (as defined below) from its
obligations with respect to Securities and Coupons, if any, of such series or 
 (b) the Company will cease to be under any
obligation to comply with any term, provision or condition set forth in (i) Article Seven and Section 9.06, Section 9.07, and Section 13.01 or (ii) the terms, provisions or conditions of such series specified pursuant to
Section 3.01 (provided, however, that the Company may not cease to comply with any obligations as to which it may not be Discharged pursuant to the definition of “Discharged”), if, in the case of (a) and (b), with respect to the
Securities and Coupons, if any, of such series on the 91st day after the applicable conditions set forth below in (x) and either (y) or (z) have been satisfied: 
 (x) (1) the Company has paid or caused to be paid all other sums payable with respect to the Outstanding Securities and Coupons, if any, of such series (in addition to any required under (y) or (z));
and 
 (2) the Company has delivered to the Trustee an Officer’s Certificate and an Opinion of Counsel, each
stating that all conditions precedent herein provided for relating to the satisfaction and discharge of the entire indebtedness on all Outstanding Securities and Coupons, if any, of any such series have been complied with; 

(y) (1) the Company shall have deposited or caused to be deposited irrevocably with the Trustee as a trust fund specifically pledged as
security for, and dedicated solely to, the benefit of the Holders of the Securities and Coupons, if any, of such series (i) an amount (in such currency or currency unit in which the Outstanding Securities and Coupons, if any, of such series are
payable) or (ii) U.S. Government Obligations (as defined below) or, in the case of Securities and Coupons, if any, denominated in a Foreign Currency, Foreign Government Securities (as defined below), which through the payment of interest and
principal in respect thereof in accordance with their terms will provide, not later than the due date of any payment of principal (including any premium) and interest, if any, under the Securities and Coupons, if any, of such series, money in an
amount or (iii) a combination of (i) and (ii) sufficient (in the opinion with respect to (ii) and (iii) of a nationally recognized firm of independent public accountants expressed in a written certification thereof delivered
to the Trustee) to pay and discharge each installment of principal of (including any premium), and interest, if any, on, the Outstanding Securities and Coupons, if any, of such series on the dates such installments of interest or principal are due;

 (2) (i) no Event of Default or event (including such deposit) which with notice or lapse of time or both would
become an Event of Default shall have occurred and be continuing on the date of such deposit, (ii) no Event of Default as defined in clause (v) or (vi) of Section 5.01, or event which with notice or lapse of time or both would
become an Event of Default under either such clause, shall have occurred within 90 days after the date of such deposit and (iii) such deposit and the related intended consequence under (a) or (b) will not result in any default or
event of default under any material indenture, agreement or other instrument binding upon the Company or any Subsidiary or any of their properties; and 
 (3) the Company shall have delivered to the Trustee an Opinion of Counsel to the effect that Holders of the Securities and Coupons, if any, of such series will not recognize income, gain or loss for
Federal income tax purposes as a result of the Company’s exercise of its option under this Section 4.03 and will be subject to Federal income tax in the same amount, in 

  
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the same manner and at the same times as would have been the case if such option had not been exercised; 
 (z) the Company has properly fulfilled such other means of satisfaction and discharge as is specified, as contemplated by Section 3.01, to be applicable to the Securities and Coupons, if any, of such
series. 
 Any deposits with the Trustee referred to in clause (y)(1) above will be made under the terms of an escrow trust
agreement in form and substance satisfactory to the Trustee. If any Outstanding Securities and Coupons, if any, of such series are to be redeemed prior to their Stated Maturity, whether pursuant to any mandatory redemption provisions or in
accordance with any mandatory sinking fund requirement, the applicable escrow trust agreement will provide therefor and the Company will make such arrangements as are satisfactory to the Trustee for the giving of notice of redemption by the Trustee
in the name, and at the expense, of the Company. 
 “Discharged” means that the Company will be deemed to have paid
and discharged the entire indebtedness represented by, and obligations under, the Securities and coupons, if any, of the series as to which this Section is specified as applicable as aforesaid and to have satisfied all the obligations under this
Indenture relating to the Securities and Coupons, if any, of such series (and the Trustee, at the expense of the Company, will execute proper instruments acknowledging the same), except (A) the rights of Holders thereof to receive, from the
trust fund described in clause (y)(1) above, payments of the principal of, premium and the interest, if any, on such Securities and Coupons, if any, when such payments are due, (B) the Company’s obligations with respect to such Securities
and Coupons, if any, under Section 3.05 and 3.06 (insofar as applicable to Securities of such series), 4.02 and 9.05 and the Company’s obligations to the Trustee under Section 6.06 and 6.07 and (C) the rights, powers, trusts,
duties and immunities of the Trustee hereunder, will survive such discharge. The Company will reimburse the Trustee for any loss suffered by it as a result of any tax, fee or other charge imposed on or assessed against deposited U.S. Government
Obligations or Foreign Government Securities, as the case may be, or any principal, premium or interest paid on such Obligations, and, subject to the provisions of Section 6.06, will indemnify the Trustee against any claims made against the
Trustee in connection with any such loss. 
 “Foreign Government Securities” as used in Section 4.03 means, with
respect to Securities and Coupons, if any, of any series that are denominated in a Foreign Currency, securities that are (i) direct obligations of the government that issued such currency for the payment of which obligations its full faith and
credit is pledged or (ii) obligations of a Person controlled or supervised by and acting as an agency or instrumentality of such government (the timely payment of which is unconditionally guaranteed as a full faith and credit obligation of such
government) which, in either case under clauses (i) or (ii), are not callable or redeemable at the option of the issuer thereof. 
 “U.S. Government Obligations” means securities that are (i) direct obligations of the United States of America for the payment of which its full faith and credit is pledged or
(ii) obligations of a Person controlled or supervised by and acting as an agency or instrumentality of the United States of America the timely payment of which is unconditionally guaranteed as a full faith and credit obligation of the United
States of America, which, in either case under clauses (i) or (ii), are not callable or redeemable at the option of the issuer thereof, and will also include a 

  
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depository receipt issued by a bank or trust company as custodian with respect to any such U.S. Government Obligation or a specified payment of interest on or principal of any such U.S.
Government Obligation held by such custodian for the account of the holder of a depository receipt; provided that (except as required by law) such custodian is not authorized to make any deduction from the amount payable to the holder of such
depository receipt from any amount received by the custodian in respect of the U.S. Government Obligations or the specific payment of interest on or principal of the U.S. Government Obligation evidenced by such depository receipt. 

ARTICLE FIVE 
 REMEDIES 
 Section 5.01 Events of Default. 

“Event of Default”, wherever used herein with respect to Securities of any series, means any one of the following events
(whatever the reason for such Event of Default and whether it shall be voluntary or involuntary or be effected by operation of law or pursuant to any judgment, decree or order of any court or any order rule or regulation of any administrative or
governmental body): 
 (i) default in the payment of any interest upon any Security of that series when it
becomes due and payable, and continuance of such default for a period of 30 days; or 
 (ii) default in the
payment of the principal of (or premium, if any, on) any Security of that series at its Maturity; or 
 (iii)
default in the deposit of any sinking fund payment, when and as due by the terms of a Security of that series; or 
 (iv) default in the performance, or breach, of any covenant or warranty of the Company, News Corporation or any Guarantor in this Indenture (other than a covenant or warranty of a default in whose
performance or whose breach is elsewhere in this Section specifically dealt with or which has expressly been included in this Indenture solely for the benefit of a series of Securities other than that series), and continuance of such default or
breach for a period of 90 days after there has been given, by registered or certified mail, to the Company by the Trustee or to the Company and the Trustee by the Holders of at least 25% in principal amount of the Outstanding Securities of that
series a written notice specifying such default or breach and requiring it to be remedied and stating that such notice is a “Notice of Default” hereunder; or 

(v) the entry by a court having jurisdiction in the premises of (A) a decree or order for relief in respect of the
Company, News Corporation or any Significant Subsidiary in an involuntary case or proceeding under any applicable Federal or State bankruptcy, insolvency, reorganization or other similar law or (B) a decree or order adjudging the Company, News
Corporation or a Significant Subsidiary, as the case may be, bankrupt or insolvent, or approving as properly filed a petition seeking reorganization, arrangement, adjustment or composition of or in respect of the Company under any applicable Federal
or State law, or appointing a custodian, receiver, liquidator, assignee, trustee, sequestrator or other similar official of the Company, 

  
 41 

 
News Corporation or a Significant Subsidiary, as the case may be, or of any substantial part of its property, or ordering the winding up or liquidation of its affairs, and the continuance of any
such decree or order for relief or any such other decree or order unstayed and in effect for a period of 90 consecutive days; or 
 (vi) the commencement by the Company, News Corporation or a Significant Subsidiary of a voluntary case or proceeding under any applicable Federal or State bankruptcy, insolvency, reorganization or other
similar law or of any other case or proceeding to be adjudicated a bankrupt or insolvent, or the consent by it to the entry of a decree or order for relief in respect of the Company, News Corporation or a Significant Subsidiary, as the case may be,
in an involuntary case or proceeding under any applicable Federal or State bankruptcy, insolvency, reorganization or other similar law or to the commencement of any bankruptcy or insolvency case or proceeding against it, or the filing by it of a
petition or answer or consent seeking reorganization or relief under any applicable Federal or State law, or the consent by it to the filing of such petition or to the appointment of or taking possession by a custodian, receiver, liquidator,
assignee, trustee, sequestrator or similar official of the Company, News Corporation or a Significant Subsidiary, as the case may be, or of any substantial part of its property, or the making by it of an assignment for the benefit of creditors, or
the admission by it in writing of its inability to pay its debts generally as they become due, or the taking of corporate action by the Company, News Corporation or any Significant Subsidiary, as the case may be, in furtherance of any such action;

 (vii) any other Event of Default provided with respect to Securities of that series. 

Section 5.02 Acceleration. 
 If any Event of Default under clauses (i), (ii), (iii), (iv), and (vii) with respect to Outstanding Securities of any series occurs and is continuing, then in every such case the Holders of not less
than 25% in aggregate principal amount of the Outstanding Securities of that series may declare the principal amount of all of the Securities of that series and accrued interest immediately due and payable. If any Event of Default under clauses
(v) or (vi) occurs and is continuing, all principal and interest on the Securities will immediately become due and payable without any declaration or other act on the part of the Trustee or any Holder. 

At any time after a declaration of acceleration with respect to Securities of any series has been made and before a judgment or decree
for payment of the money due has been obtained by the Trustee as hereinafter in this Article provided, the Holders of a majority in principal amount of the Outstanding Securities of that series, by written notice to the Company and to News
Corporation and the Trustee, may rescind and annul such declaration (except an acceleration due to a default in payment of the principal or interest on any Security) and its consequences if: 

(1) the Company has paid or deposited with the Trustee a sum sufficient to pay 

(A) all overdue interest on all Securities of that Series, 

  
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 (B) the principal of (and premium, if any, on) any Securities of that series
which have become due otherwise than by such declaration of acceleration and interest thereon at the rate or rates prescribed therefor in such Securities, 
 (C) to the extent that payment of such interest is lawful, interest upon overdue interest at the rate or rates prescribed therefor in such Securities, and 

(D) all sums paid or advanced by the Trustee hereunder and the reasonable compensation, expenses, disbursements and
advances of the Trustee, its agents and counsel; and 
 (2) all Events of Default with respect to Outstanding
Securities of that series, other than the non-payment of the principal of Securities of that series which have become due solely by such declaration of acceleration, have been cured or waived as provided in Section 5.04. 

No such rescission shall affect any subsequent default or impair any right consequent thereon. 

Section 5.03 Other Remedies. 
 If an Event of Default occurs and is continuing, the Trustee may pursue any available remedy by proceeding at law or in equity to collect the payment of principal of, premium, if any, or interest, if any,
on the Securities or to enforce the performance of any provision of the Securities or this Indenture. 
 The Trustee may
maintain a proceeding even if the Trustee does not possess any of the Securities or does not produce any of the Securities in the Proceeding. A delay or omission by the Trustee or any Holder in exercising any right or remedy accruing upon an Event
of Default shall not impair the right or remedy or constitute a waiver of, or acquiescence in, the Event of Default. No remedy is exclusive of any other remedy. All available remedies are cumulative. 

Section 5.04 Waiver of Past Defaults. 
 The Holders of a majority in aggregate principal amount of any series of Outstanding Securities, by notice to the Trustee (and without notice to any other Holder), may waive an existing Default and its
consequences with respect to that series except (a) an Event of Default described in Section 5.01(i) and Section 5.01(ii), or (b) a Default in respect of a provision that under Section 8.02 cannot be amended without the
consent of each Holder affected. When a Default is waived, it is deemed cured and shall cease to exist, but no such waiver shall extend to any subsequent or other Default or impair any consequent right. This Section 5.04 shall be in lieu of
Section 316(a)1(B) of the TIA and said Section 316(a)1(8) is hereby expressly excluded from this Indenture, as permitted by the TIA. 
 Section 5.05 Control by Majority. 
 The Holders of a majority in aggregate
principal amount of Outstanding Securities of any series may direct the time, method and place of conducting any proceeding for any remedy available to the Trustee or of exercising any trust or power conferred on the Trustee with respect to that
series. However, the Trustee may refuse to follow any direction that conflicts with law or 

  
 43 

 
this Indenture or that the Trustee determines in good faith is unduly prejudicial to the rights of other Holders or would involve the Trustee in personal liability. This Section 5.05 shall
be in lieu of Section 316(a)(1)(A) of the TIA and said Section 316(a)(1)(A) is hereby expressly excluded from this Indenture, as permitted by the TIA. 
 Section 5.06 Limitation on Suits. 
 A Holder of Securities of any series
may not pursue any remedy with respect to this Indenture or the Securities, or for the appointment of a receiver or trustee, or for any other remedy hereunder, unless: 
 (a) the Holder gives to the Trustee written notice stating that an Event of Default is continuing; 
 (b) the Holders of not less than 25% in aggregate principal amount of the Outstanding Securities of that series make a written request to the Trustee to pursue the remedy; 

(c) such Holder or Holders offer to the Trustee security or indemnity satisfactory to the Trustee against any loss, liability or expense
satisfactory to the Trustee; 
 (d) the Trustee does not comply with the request within 60 days after receipt of the notice, the
request and the offer of security or indemnity; and 
 (e) the Holders of a majority in aggregate principal amount of the
Outstanding Securities do not give the Trustee a direction inconsistent with the request during such 60-day period; it being understood and intended that no one or more of such Holders shall have any right in any manner whatever by virtue of, or by
availing of, any provision of this Indenture to affect, disturb or prejudice the rights of any other of such Holders, or to obtain or to seek to obtain priority or preference over any other of such Holders or to enforce any right under this
Indenture, except in the manner herein provided and for the equal and ratable benefit of all such Holders. 
 Section 5.07
Rights of Holders to Receive Payment. 
 Notwithstanding any other provision of this Indenture, the right of any Holder
to receive payment of the principal amount, premium, if any, or interest, if any, in respect of the Securities held by such Holder, on or after the respective due dates expressed in the Securities, any Redemption Date or Offer Payment Date, or to
bring suit for the enforcement of any such payment on or after such respective dates or the right to convert, shall not be impaired or affected adversely without the consent of each such Holder. 

Section 5.08 Collection Suit by Trustee. 
 If an Event of Default described in Section 5.01 occurs and is continuing, the Trustee may recover judgment in its own name and as trustee of an express trust against NAI and the Guarantor for the
whole amount owing with respect to the Securities and the amounts provided for in Section 6.06. 
 Section 5.09 Delay or
Omission Not Waiver. 

  
 44 

 No delay or omission of the Trustee or of any Holder of any Securities to exercise any right
or remedy accruing upon any Event of Default shall impair any such right or remedy or constitute a waiver of any such Event of Default or an acquiescence therein. Every right and remedy given by this Article or by law to the Trustee or to the
Holders may be exercised from time to time, and as often as may be deemed expedient, by the Trustee or by the Holders, as the case may be. 
 Section 5.10 Trustee May File Proofs of Claim. 
 In case of the pendency of
any receivership, insolvency, liquidation, bankruptcy, reorganization, arrangement, adjustment, composition or other judicial proceeding relative to NAI, the Guarantor or any other obligor upon the Securities or the property of NAI, the Guarantor or
of such other obligor or their creditors, the Trustee shall be entitled and empowered, by intervention in such proceeding or otherwise, 
 (a) to file and prove a claim for the whole amount of the principal amount, premium, if any, and interest on the Securities and to file such other papers or documents as may be necessary or advisable in
order to have the claims of the Trustee (including any claim for the reasonable compensation, expenses, disbursements and advances of the Trustee, its agents and counsel) and of the Holders allowed in such judicial proceeding, and 

(b) to collect and receive any moneys or other property payable or deliverable on any such claims and to distribute the same; and any
Custodian in any such judicial proceeding is hereby authorized by each Holder to make such payments to the Trustee and, in the event that the Trustee shall consent to the making of such payments directly to the Holders, to pay the Trustee any amount
due it for the reasonable compensation, expenses, disbursements and advances of the Trustee, its agents and counsel, and any other amounts due the Trustee under Section 6.06. 

Nothing herein contained shall be deemed to authorize the Trustee to authorize or consent to or accept or adopt on behalf of any Holder
any plan of reorganization, arrangement, adjustment or composition affecting the Securities or the rights of any Holder thereof, or to authorize the Trustee to vote in respect of the claim of any Holder in any such proceeding. 

Section 5.11 Priorities. 
 If the Trustee collects any money pursuant to this Article 5, it shall pay out the money in the following order: 
 FIRST: to the Trustee for amounts due under Section 6.06; 
 SECOND: to
Holders for amounts due and unpaid on the Securities for the principal amount, Redemption Price or interest, if any, as the case may be, ratably, without preference or priority of any kind, according to such amounts due and payable on the
Securities; and 
 THIRD: the balance, if any, to NAI. 
 The Trustee may fix a record date and payment date for any payment to Holders pursuant to this Section 5.11. 
 Section 5.12 Undertaking for Costs. 

  
 45 

 In any suit for the enforcement of any right or remedy under this Indenture or in any suit
against the Trustee for any action taken or omitted by it as Trustee, a court in its discretion may require the filing by any party litigant (other than the Trustee) in the suit of an undertaking to pay the costs of the suit, and the court in its
discretion may assess reasonable costs, including reasonable attorneys’ fees and expenses, against any party litigant in the suit, having due regard to the merits and good faith of the claims or defenses made by the party litigant. This
Section 5.12 does not apply to a suit by the Trustee, a suit by a Holder pursuant to Section 5.07 or a suit by Holders of more than 10% in aggregate principal amount of the Outstanding Securities. This Section 5.12 shall be in lieu of
Section 315(e) of the TIA and said Section 315(e) is hereby expressly excluded from this Indenture, as permitted by the TIA. 
 Section 5.13 Waiver of Stay, Extension or Usury Laws. 
 NAI and the
Guarantor covenant (to the extent that they may lawfully do so) that they will not at any time insist upon, or plead, or in any manner whatsoever claim or take the benefit or advantage of, any stay or extension law or any usury or other law wherever
enacted, now or at any time hereafter in force, that would prohibit or forgive NAI or the Guarantor from paying all or any portion of the principal or premium, if any, or interest on the Securities as contemplated herein; and NAI and the Guarantor
(to the extent that they may lawfully do so) hereby expressly waive all benefit or advantage of any such law, and covenant that they will not hinder, delay or impede the execution of any power herein granted to the Trustee, but will suffer and
permit the execution of every such power as though no such law had been enacted. 
 Section 5.14 Judgment Currency.

 The following provisions of this Section 5.14 shall apply to the extent permissible under applicable law: Judgments in
respect of any obligations of the Company under any Securities or Coupons, if any, of any series shall be rendered in the currency or currency unit in which such Securities or Coupons are payable. If for the purpose of obtaining a judgment in any
court with respect to any obligation of the Company hereunder or under any Security or Coupon, it shall become necessary to convert into any other currency or currency unit any amount in the currency or currency unit due hereunder or under such
Security or Coupon, then such conversion shall be made at the Conversion Rate (as defined below) as in effect on the date the Company shall make payment to any person in satisfaction of such judgment. If pursuant to any such judgment, conversion
shall be made on a date other than the date payment is made and there shall occur a change between such Conversion Rate and the Conversion Rate as in effect on the date of payment, the Company agrees to pay such additional amounts (if any) as may be
necessary to ensure that the amount paid is the amount in such other currency or currency unit which, when converted at the Conversion Rate as in effect on the date of payment or distribution, is the amount then due hereunder or under such Security
or Coupon. Any amount due from the Company under this Section 5.14 shall be due as a separate debt and is not to be affected by or merged into any judgment being obtained for any other sums due hereunder or in respect of any Security or Coupon
so that in any event the Company’s obligations hereunder or under such Security or Coupon will be effectively maintained as obligations in such currency or currency unit. In no event, however, shall the Company be required to pay more in the
currency or currency unit due hereunder or under such Security or Coupon at the Conversion Rate as in effect when payment is made than the amount of currency or currency unit stated to be due hereunder or under such Security or Coupon. 

  
 46 

 For purposes of this Section 5.14, “Conversion Rate” shall mean the spot rate
at which in accordance with normal banking procedures the currency or currency unit into which an amount due hereunder or under any Security or Coupon is to be converted could be purchased with the currency or currency unit due hereunder or under
any Security or Coupon, at the option of the Company from major banks located in New York, London or any other principal market for such purchased currency or currency unit. 
 ARTICLE SIX 
 THE TRUSTEE 

Section 6.01 Certain Duties and Responsibilities. 
 (a) Except during the continuance of an Event of Default, 
 (1) the
Trustee undertakes to perform such duties and only such duties as are specifically set forth in this Indenture; and no implied covenants or obligations shall be read into this Indenture against the Trustee; and 

(2) in the absence of bad faith on its part, the Trustee may conclusively rely, as to the truth of the statements and the
correctness of the opinions expressed therein, upon certificates or opinions furnished to the Trustee and conforming to the requirements of this Indenture; but in the case of any such certificates or opinions which by any provision hereof are
specifically required to be furnished to the Trustee, the Trustee shall be under a duty to examine the same to determine whether or not they conform to the requirements of this Indenture (but need not confirm or investigate the accuracy of
mathematical calculations or other facts stated therein). 
 (b) In case an Event of Default has occurred and is continuing, the
Trustee shall exercise such of the rights and powers vested in it by this Indenture, and use the same degree of care and skill in its exercise, as a prudent person would exercise or use under the circumstances in the conduct of his or her own
affairs. 
 (c) No provision of this Indenture shall be construed to relieve the Trustee from liability for its own negligent
action, its own negligent failure to act, or its own willful misconduct, except that: 
 (1) this subsection
shall not be construed to limit the effect of subsection (a) of this Section 6.01; 
 (2) the Trustee
shall not be liable for any error of judgment made in good faith by a Responsible Officer, unless it shall be proved that the Trustee was negligent in ascertaining the pertinent facts; 

(3) the Trustee shall not be liable with respect to any action taken or omitted to be taken by it in good faith in
accordance with the direction of the Holders of a majority in principal amount of the Outstanding Securities of any series, determined as provided in Section 1.01, 1.05 and 5.12, relating to the time, method and place of conducting any
proceeding for any 

  
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remedy available to the Trustee, or exercising any trust or power conferred upon the Trustee, under this Indenture with respect to the Securities of such series; and 

(4) no provision of this Indenture shall require the Trustee to expend or risk its own funds or otherwise incur any
financial liability in the performance of any of its duties hereunder, or in the exercise of any of its rights or powers, if it shall have reasonable grounds for believing that repayment of such funds or adequate indemnity against such risk or
liability is not reasonably assured to it. 
 (d) Whether or not therein expressly so provided, every provision of this
Indenture relating to the conduct or affecting the liability of or affording protection to the Trustee shall be subject to the provisions of this Section 6.01. 
 Section 6.02 Certain Rights of Trustee. 
 Subject to the provisions of the
Trust Indenture Act: 
 (a) the Trustee may conclusively rely and shall be fully protected in acting or refraining from acting
upon any resolution, certificate, statement, instrument, opinion, report, notice, request, direction, consent, order, bond, debenture, note, other evidence of indebtedness or other paper or document believed by it to be genuine and to have been
signed or presented by the proper party or parties; 
 (b) any request or direction of the Company mentioned herein shall be
sufficiently evidenced by a Company Request or Company Order and any resolution of the Board of Directors may be sufficiently evidenced by a Board Resolution; 
 (c) whenever in the administration of this Indenture the Trustee shall deem it desirable that a matter be proved or established prior to taking, suffering or omitting any action hereunder, the Trustee
(unless other evidence be herein specifically prescribed) may, in the absence of bad faith on its part, conclusively rely upon an Officer’s Certificate; 
 (d) the Trustee may consult with counsel of its selection and the advice of such counsel or any Opinion of Counsel shall be full and complete authorization and protection in respect of any action taken,
suffered or omitted by it hereunder in good faith and in reliance thereon; 
 (e) the Trustee shall be under no obligation to
exercise any of the rights or powers vested in it by this Indenture at the request or direction of any of the Holders pursuant to this Indenture, unless such Holders shall have offered to the Trustee security or indemnity satisfactory to the Trustee
against the costs, expenses and liabilities which might be incurred by it in compliance with such request or direction; 
 (f)
the Trustee shall not be bound to make any investigation into the facts or matters stated in any resolution, certificate, statement, instrument, opinion, report, notice, request, direction, consent, order, bond, debenture, note, other evidence of
indebtedness or other paper or document, but the Trustee, in its discretion, may make such further inquiry or investigation into such facts or matters as it may see fit, and, if the Trustee shall determine to make such further inquiry or
investigation, it shall be entitled to examine the books, records and premises of the 

  
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Company, personally or by agent or attorney at the sole cost of the Company and shall incur no liability or additional liability of any kind by reason of such inquiry or investigation;

 (g) the Trustee may execute any of the trusts or powers hereunder or perform any duties hereunder either directly or by or
through agents or attorneys and the Trustee shall not be responsible for any misconduct or negligence on the part of any agent or attorney appointed with due care by it hereunder; 

(h) the Trustee shall not be liable for any action taken, suffered, or omitted to be taken by it in good faith and reasonably believed by
it to be authorized or within the discretion or rights or powers conferred upon it by this Indenture; 
 (i) in no event shall
the Trustee be responsible or liable for special, indirect, or consequential loss or damage of any kind whatsoever (including, but not limited to, loss of profit) irrespective of whether the Trustee has been advised of the likelihood of such loss or
damage and regardless of the form of action; 
 (j) the Trustee shall not be deemed to have notice of any Default or Event of
Default unless a Responsible Officer of the Trustee has actual knowledge thereof or unless written notice of any event which is in fact such a default is received by the Trustee at the Corporate Trust Office of the Trustee, and such notice
references the Securities and this Indenture; 
 (k) the rights, privileges, protections, immunities and benefits given to the
Trustee, including, without limitation, its right to be indemnified, are extended to, and shall be enforceable by, the Trustee in each of its capacities hereunder, and each agent, custodian and other Person employed to act hereunder; and 

(l) the Trustee may request that the Company deliver a certificate setting forth the names of individuals and/or titles of officers
authorized at such time to take specified actions pursuant to this Indenture. 
 Section 6.03 Not Responsible for Recitals or
Issuance of Securities. 
 The recitals contained herein and in the Securities, except the Trustee’s certificates of
authentication, shall be taken as the statements of the Company and the Trustee assumes no responsibility for their correctness. The Trustee makes no representations as to the validity or sufficiency of this Indenture or of the Securities. The
Trustee shall not be accountable for the use or application by the Company of Securities or the proceeds thereof. 
 Section
6.04 May Hold Securities. 
 The Trustee, any Paying Agent, any Security Registrar or any other agent of the Company, in
its individual or any other capacity, may become the owner or pledgee of Securities and may otherwise deal with the Company or its Affiliates or the Guarantor with the same rights it would have if it were not Trustee, Paying Agent, Security
Registrar or such other agent. 

  
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 Section 6.05 Money Held in Trust. 

Money held by the Trustee in trust hereunder need not be segregated from other funds except to the extent required by law. The Trustee
shall be under no liability for interest on any money received by it hereunder except as otherwise agreed with the Company. 

Section 6.06 Compensation and Reimbursement. 
 The Company agrees: 
 (a) to pay to the Trustee from time to time such
compensation as the Company and the Trustee shall from time to time agree in writing for all services rendered by it hereunder (which compensation shall not be limited by any provision of law in regard to the compensation of a trustee of an express
trust); 
 (b) except as otherwise expressly provided herein, to reimburse the Trustee upon its request for all reasonable
expenses, disbursements and advances incurred or made by the Trustee in accordance with any provision of this Indenture (including the reasonable compensation and the expenses and disbursements of its agents and counsel), except any such expense,
disbursement or advance as may be attributable to its negligence or bad faith; and 
 (c) to indemnify each of the Trustee or
any predecessor Trustee and their agents for, and to hold them harmless against, any and all loss, damage, claims, liability or expense, including taxes (other than taxes based upon, measured by or determined by the income of the Trustee), arising
out of or in connection with the acceptance or administration of the trust or trusts hereunder, including the costs and expenses of defending itself against any claim (whether asserted by the Company, or any Holder or any other Person) or liability
in connection with the exercise or performance of any of its powers or duties hereunder, or in connection with enforcing the provisions of this Section, except to the extent that such loss, damage, claim, liability or expense is due to its own
negligence or bad faith. 
 The Trustee shall have a lien prior to the Securities as to all property and funds held by it
hereunder for any amount owing it pursuant to this Section 6.06, except with respect to funds held in trust for the benefit of the Holders of particular Securities. 
 When the Trustee incurs expenses or renders services in connection with an Event of Default specified in Section 5.01(v) or Section 5.01(vi), the expenses (including the reasonable charges and
expenses of its counsel) and the compensation for the services are intended to constitute expenses of administration under any applicable Federal or state bankruptcy, insolvency or other similar law. 

The provisions of this Section shall survive the termination of this Indenture and resignation or removal of the Trustee. 

Section 6.07 Resignation and Removal; Appointment of Successor. 

(a) The Trustee may resign at any time with respect to the Securities of one or more series by giving written notice thereof to the
Company. If the instrument of acceptance by a successor Trustee required by Section 6.08 shall not have been delivered to the Trustee within 30 days after the giving of such notice of resignation, the resigning Trustee may petition any court

  
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of competent jurisdiction for the appointment of a successor Trustee with respect to the Securities of such series. 
 (b) The Trustee may be removed at any time with respect to the Securities of any series by Act of the Holders of a majority in principal amount of the Outstanding Securities of such series, delivered to
the Trustee and to the Company. 
 (c) If at any time: 

(i) the Trustee shall fail to comply with Section 310(b) of the Trust Indenture Act after written request therefor by
the Company or by any Holder who has been a bona fide Holder of a Security for at least six months, or 
 (ii)
the Trustee shall cease to be eligible under Section 310(a) of the Trust Indenture Act and shall fail to resign after written request therefor by the Company or by any such Holder, or 

(iii) the Trustee shall become incapable of acting or shall be adjudged a bankrupt or insolvent or a receiver of the
Trustee or of its property shall be appointed or any public officer shall take charge or control of the Trustee or of its property or affairs for the purpose of rehabilitation, conservation or liquidation, then, in any such case, (i) the
Company by a Board Resolution may remove the Trustee with respect to all Securities, or (ii) any Holder who has been a bona fide Holder of a Security for at least six months may, on behalf of himself and all others similarly situated, petition
any court of competent jurisdiction for the removal of the Trustee with respect to all Securities and the appointment of a successor Trustee or Trustees. 
 (d) If the Trustee shall resign, be removed or become incapable of acting, or if a vacancy shall occur in the office of Trustee for any cause, with respect to the Securities of one or more series, the
Company, by a Board Resolution, shall promptly appoint a successor Trustee or Trustees with respect to the Securities of that or those series (it being understood that any such successor Trustee may be appointed with respect to the Securities of one
or more or all of such series and that at any time there shall be only one Trustee with respect to the Securities of any particular series) and shall comply with the applicable requirements of Section 6.08. If, within one year after such
resignation, removal or incapability, or the occurrence of such vacancy, a successor Trustee with respect to the Securities of any series shall be appointed by Act of the Holders of a majority in principal amount of the Outstanding Securities of
such series delivered to the Company and the retiring Trustee, the successor Trustee so appointed shall, forthwith upon its acceptance of such appointment in accordance with the applicable requirements of Section 6.08, become the successor
Trustee with respect to the Securities of such series and to that extent supersede the successor Trustee appointed by the Company. If no successor Trustee with respect to the Securities of any series shall have been so appointed by the Company or
the Holders and accepted appointment in the manner required by Section 6.08, any Holder who has been a bona fide Holder of a Security of such series for at least six months may, on behalf of himself and all others similarly situated, petition
any court of competent jurisdiction for the appointment of a successor Trustee with respect to the Securities of such series. 

(e) The Company shall give notice of each resignation and each removal of the Trustee with respect to the Securities of any series and
each appointment of a successor Trustee with respect to the Securities of any series in the manner provided in Section 1.07. Each notice 

  
 51 

 
shall include the name of the successor Trustee with respect to the Securities of such series and the address of its Corporate Trust Office. 

Section 6.08 Acceptance of Appointment by Successor. 
 (a) In case of the appointment hereunder of a successor Trustee with respect to all Securities, every such successor Trustee so appointed shall execute, acknowledge and deliver to the Company and to the
retiring Trustee an instrument accepting such appointment, and thereupon the resignation or removal of the retiring Trustee shall become effective and such successor Trustee, without any further act, deed or conveyance, shall become vested with all
the rights, powers, trusts and duties of the retiring Trustee; but, on the request of the Company or the successor Trustee, such retiring Trustee shall, upon payment of its charges, execute and deliver an instrument transferring to such successor
Trustee all the rights, powers and trusts of the retiring Trustee and shall duly assign, transfer and deliver to such successor Trustee all property and money held by such retiring Trustee hereunder. 

(b) In case of the appointment hereunder of a successor Trustee with respect to the Securities of one or more (but not all) series, the
Company, the retiring Trustee and each successor Trustee with respect to the Securities of one or more series shall execute and deliver an indenture supplemental hereto wherein each successor Trustee shall accept such appointment and which
(1) shall contain such provisions as shall be necessary or desirable to transfer and confirm to, and to vest in, each successor Trustee all the rights, powers, trusts and duties of the retiring Trustee with respect to the Securities of that or
those series to which the appointment of such successor Trustee relates, (2) if the retiring Trustee is not retiring with respect to all Securities, shall contain such provisions as shall be deemed necessary or desirable to confirm that all the
rights, powers, trusts and duties of the retiring Trustee with respect to the Securities of that or those series as to which the retiring Trustee is not retiring shall continue to be vested in the retiring Trustee, and (3) shall add to or
change any of the provisions of this Indenture as shall be necessary to provide for or facilitate the administration of the trusts hereunder by more than one Trustee, it being understood that nothing herein or in such supplemental indenture shall
constitute such Trustees co-trustees of the same trust and that each such Trustee shall be trustee of a trust or trusts hereunder separate and apart from any trust or trusts hereunder administered by any other such Trustee; and upon the execution
and delivery of such supplemental indenture the resignation or removal of the retiring Trustee shall become effective to the extent provided therein and each such successor Trustee, without any further act, deed or conveyance, shall become vested
with all the rights, powers, trusts and duties of the retiring Trustee with respect to the Securities of that or those series to which the appointment of such successor Trustee relates; but, on request of the Company or any successor Trustee, such
retiring Trustee shall duly assign, transfer and deliver to such successor Trustee all property and money held by such retiring Trustee hereunder with respect to the Securities of that or those series to which the appointment of such successor
Trustee relates. 
 (c) Upon request of any such successor Trustee, the Company shall execute any and all instruments for more
fully and certainly vesting in and confirming to such successor Trustee all such rights, powers and trusts referred to in paragraph (a) or (b) of this Section, as the case may be. 

(d) No successor Trustee shall accept its appointment unless at the time of such acceptance such successor Trustee shall be qualified and
eligible under the Trust Indenture Act. 

  
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 Section 6.09 Merger, Conversion, Consolidation or Succession to Business. 

Any corporation into which the Trustee may be merged or converted or with which it may be consolidated, or any corporation resulting from
any merger, conversion or consolidation to which the Trustee shall be a party, or any corporation succeeding to all or substantially all the corporate trust business of the Trustee, shall be the successor of the Trustee hereunder, provided such
corporation shall be otherwise qualified and eligible under this Article, without the execution or filing of any paper or any further act on the part of any of the parties hereto. In case any Securities shall have been authenticated, but not
delivered, by the Trustee then in office, any successor by merger, conversion or consolidation to such authenticating Trustee may adopt such authentication and deliver the Securities so authenticated with the same effect as if such successor Trustee
had itself authenticated such Securities. 
 Section 6.10 Reports by Trustee. 

Within 60 days after May 15 of each year commencing with the first May 15 after the first issuance of Securities pursuant to
this Indenture, the Trustee shall transmit by mail to all Holders of Securities as provided in Trust Indenture Act Section 313(c) a brief report dated as of such May 15 if required by Trust Indenture Act Section 313(a). 

Section 6.11 Trustee’s Disclaimer. The Trustee shall not be responsible for any statement in the registration statement for
the Securities under the Securities Act of 1933, as amended (the “Securities Act”) (other than statements contained in the Form T-1 filed with the SEC under the TIA and any statements provided by the Trustee in writing specifically for use
in such registration statement) or in this Indenture or the Securities (other than its certificate of authentication), or the determination as to which beneficial owners are entitled to receive any notices hereunder. 

Section 6.12 Notice of Defaults. If a Default occurs and is continuing and if it is known to the Trustee, the Trustee shall mail
to each Holder as their names and addresses appear on the Security Register notice of the Default within 90 days after it becomes known to the Trustee unless such Default shall have been cured or waived. Except in the case of a Default described in
Sections 5.01(i) or (ii), the Trustee may withhold such notice if and so long as a committee of its Responsible Officers in good faith determines that the withholding of such notice is in the interests of Holders. The second sentence of this
Section 6.12 shall be in lieu of the proviso to Section 315(b) of the TIA and said proviso is hereby expressly excluded from this Indenture, as permitted by the TIA. 
 Section 6.13 Trustee May Establish Record Dates. 
 The Trustee may fix a
record date for the purpose of determining the Holders entitled to make, give or take any request, demand, authorization, direction, notice, consent, waiver or other action provided in this Indenture to be made, given or taken by Holders. If such a
record date is fixed, the Holders on such record date and only such Holders, shall be entitled to make, give or take such request, demand, authorization, direction, notice, consent, waiver or other action, whether or not such Holders remain Holders
after such record date. No such request, demand, authorization, direction, notice, consent, waiver or other action shall be valid or effective if made, given or taken more than 90 days after such record date. 

  
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 Section 6.14 Lists of Holders. 

The Trustee shall preserve in as current a form as is reasonably practicable the most recent list available to it of the names and
addressees of Holders of Securities of each series. If the Trustee is not the Registrar, the Company shall furnish to the Trustee semiannually on or before the last day of June and December in each year, and at such other times as the Trustee may
reasonably request in writing, a list, in such form and as of such date as the Trustee may reasonably require, containing all the information in the possession of the Registrar, the Company or any of its Paying Agents other than the Trustee as to
the names and addresses of Holders of Securities of each such series. If there are Bearer Securities of any series outstanding, even if the Trustee is the Registrar, the Company shall furnish to the Trustee such a list containing such information
with respect to Holders of such Bearer Securities only. 
 Section 6.15 Disqualification; Conflicting Interests.

 (a) If the Trustee has or shall acquire a conflicting interest within the meaning of the Trust Indenture Act, the Trustee
shall either eliminate such interest or resign, to the extent and in the manner provided by, and subject to the provisions of, the Trust Indenture Act and this Indenture. 
 (b) The Trustee shall at all times satisfy the requirements of Section 310(a) of the TIA. The Trustee (a) shall have a combined capital and surplus of at least $50,000,000 or (b) is a
wholly-owned subsidiary of a bank holding company having a consolidated capital and surplus of at least $50,000,000 in each case as set forth in its most recent published annual report of condition. The Trustee shall comply with Section 310(b)
of the TIA; provided, however, that there shall be excluded from the operation of Section 310(b)(1) of the TIA any indenture or indentures under which other securities or certificates of interest or participation in other securities of the
Company are outstanding if the requirements for such exclusion set forth in 310(b)(1) of the TIA are met. 
 ARTICLE SEVEN

 CONSOLIDATION, MERGER OR SALE 
 Section 7.01 When News Corporation or NAI may Merge or Transfer Assets. 

Neither News Corporation nor NAI shall consolidate with or merge with or into or sell, assign or lease all or substantially all of its
properties and assets as an entirety to any person (other than its Subsidiary), or permit any person (other than its Subsidiary) to merge with or into News Corporation or NAI unless: 

(a) News Corporation or NAI shall be the continuing person, or the person (if other than News Corporation or NAI) formed by such
consolidation or into which News Corporation (or NAI) is merged or to which the properties and assets of News Corporation (or NAI), substantially as an entirety, are transferred (the “surviving entity”) shall expressly assume, by an
indenture supplemental hereto, executed and delivered to the Trustee, in form reasonably satisfactory to the Trustee, all the obligations of News Corporation (or NAI) under the Securities and this Indenture, and this Indenture shall remain in full
force and effect and the surviving 

  
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entity shall be a corporation organized and existing under the laws of the United States or any state thereof or the District of Columbia; and 

(b) immediately before and immediately after giving effect to such transaction, no Event of Default and no Default shall have occurred
and be continuing. 
 In connection with any consolidation, merger or transfer contemplated hereby, News Corporation shall
deliver, or cause to be delivered, to the Trustee, in form and substance reasonably satisfactory to the Trustee, an Officer’s Certificate and an Opinion of Counsel, each stating that such consolidation, merger or transfer and the supplemental
indenture, if any, in respect thereto comply with this Section 7.01 and that all conditions precedent herein provided for relating to such transactions have been complied with. 

Section 7.02 Successor Corporation Substituted. Upon any consolidation or merger or any transfer of all or substantially all of
the assets of News Corporation or NAI in accordance with Section 7.01, the successor corporation formed by such consolidation or into which News Corporation or NAI is merged or to which such transfer is made, shall succeed to, and be
substituted for, and may exercise every right and power of News Corporation or NAI under this Indenture with the same effect as if such successor corporation had been named as News Corporation or NAI therein; and thereafter, except in the case of a
lease of its properties and assets substantially as an entirety, News Corporation or NAI shall be discharged and released from all obligations and covenants under this Indenture and the Securities. The Trustee-shall enter into a supplemental
indenture to evidence the succession and substitution of such successor person and such discharge and release of News Corporation or NAI. 
 Section 7.03 Merger of a Guarantor. Subject to Section 12.04 hereof, in the event that any Guarantor (other than News Corporation) shall merge with or into, consolidate with or sell all or
substantially all of its assets to a Subsidiary where such Guarantor is not the surviving person, such surviving person shall assume, by an indenture supplemental hereto, executed and delivered to the Trustee, in form satisfactory to the Trustee,
the due and punctual payment of the principal of, and premium, if any, and interest on all of the Securities in accordance with Section 12.04 and the performance of every covenant of this Indenture. Such surviving person shall succeed to, and
be substituted for and may exercise every right and power of, such Guarantor under this Indenture with the same effect as if such surviving person had been named as such Guarantor herein and the Guarantor shall be released from its liability as
obligor on the Securities. The Trustee shall enter into a supplemental indenture to evidence the succession and substitution of such successor person and such discharge and release of such Guarantor. 

  
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 ARTICLE EIGHT 
 SUPPLEMENTAL INDENTURES 
 Section 8.01 Supplemental Indentures Without
Consent of Holders. 
 Without the consent of any Holders, the Company, News Corporation and Guarantor, when authorized by a
Board Resolution, and the Trustee, at any time and from time to time, may enter into one or more indentures supplemental hereto, in form satisfactory to the Trustee, for any of the following purposes: 

(a) to evidence the succession of another Person to the Company, News Corporation or any Guarantor, if applicable, and the assumption by
any such successor of the covenants of the Company, News Corporation or any Guarantor, if applicable, herein and in the Securities; or 
 (b) to add to the covenants of the Company or the Guarantor for the benefit of the Holders of all or any series of Securities (and if such covenants are to be for the benefit of less than all series of
Securities, stating that such covenants are expressly being included solely for the benefit of such series) or to surrender any right or power herein conferred upon the Company or the Guarantor; or 

(c) to add any additional Events of Default with respect to all or any series of Securities; or 

(d) to change or eliminate any of the provisions of this Indenture, provided that any such change or elimination shall become effective
only when there is no Outstanding Security of any series created prior to the execution of such supplemental indenture which is entitled to the benefit of such provision; or 
 (e) to secure the Securities; 
 (f) to establish the form or terms of Securities
and the Guarantees of any series as permitted by Section 2.01 and 3.01; or 
 (g) to evidence and provide for the
acceptance of appointment hereunder by a successor Trustee with respect to the Securities of one or more series and to add to or change any of the provisions of this Indenture as shall be necessary to provide for or facilitate the administration of
the trusts hereunder by more than one Trustee, pursuant to the requirements of Section 6.08(b); or 
 (h) if allowed
without penalty under applicable laws and regulations to permit payment in the United States of America (including any of the states and the District of Columbia), its territories, its possessions and other areas subject to its jurisdiction or
principal, premium, if any, or interest, if any, on Bearer Securities or Coupons, if any; or 
 (i) to (i) cure any
ambiguity, to correct or supplement any provision herein which may be inconsistent with any other provision herein, or (ii) make any other change that does not adversely affect the legal rights or interests of the Holders of Securities of any
series in any material respect. 

  
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 Section 8.02 Supplemental Indentures With Consent of Holders. 

With the written consent of (i) the Holders of not less than a majority in principal amount of the Outstanding Securities, or
(ii) in case less than all of the several series of Securities are affected by such addition, change, elimination or modification, the Holders of not less than a majority in principal amount of each series so affected by such supplemental
indenture voting as a single class, by Act of said Holders delivered to the Company and the Trustee, the Company and the Guarantor, when authorized by a Board Resolution, and the Trustee may enter into an indenture or indentures supplemental hereto
for the purpose of adding any provisions to or changing in any manner or eliminating any of the provisions of this Indenture or of modifying in any manner the rights of the Holders of Securities of such series under this Indenture; provided,
however, that no supplemental indenture shall, without the consent of the Holder of each Outstanding Security affected thereby, 

(a) change the Stated Maturity of the principal of, or any installment of principal of or interest on, any Security, or reduce the
principal amount thereof or the rate of interest thereon or any premium payable upon the redemption thereof, or reduce the amount of the principal of an Original Issue Discount Security that would be due and payable upon a declaration of
acceleration of the Maturity thereof pursuant to Section 5.02, or change the coin or currency in which, any Securities or any premium or the interest thereon is payable, or impair the right to institute suit for the enforcement of any such
payment on or after the Stated Maturity thereof (or, in the case of redemption, on or after the Redemption Date), or 
 (b)
reduce the percentage in principal amount of the Outstanding Securities of any series, the consent of whose Holders is required for any such supplemental indenture, or the consent of whose Holders is required for any waiver (of compliance with
certain provisions of this Indenture or certain defaults hereunder and their consequences) provided for in this Indenture, or 

(c) change any obligation of the Company to maintain an office or agency in the places and for the purposes specified in
Section 9.05, or 
 (d) modify any of the provisions of this Section 8.02, Section 5.04 or Section 5.12
except to increase any such percentage or to provide with respect to any particular series the right to condition the effectiveness of any supplemental indenture as to that series on the consent of the Holders of a specified percentage of the
aggregate principal amount of Outstanding Securities of such series (which provision may be made pursuant to Section 3.01 without the consent of any Holder) or to provide that certain other provisions of this Indenture cannot be modified or
waived without the consent of the Holder of each Outstanding Security affected thereby; provided, however, that this clause shall not be deemed to require the consent of any Holder with respect to changes in the references to “the Trustee”
and concomitant changes in this Section, or the deletion of this proviso, in accordance with the requirements of Section 6.08(b) and 8.01(g). 
 A supplemental indenture which changes or eliminates any covenant or other provision of this Indenture which has expressly been included solely for the benefit of one or more particular series of
Securities, or which modifies the rights of the Holders of Securities of such series with respect to such covenant or other provision, shall be deemed not to affect the rights under this Indenture of the Holders of Securities of any other series.

  
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 It shall not be necessary for any Act of Holders under this Section to approve the
particular form of any proposed supplemental indenture, but it shall be sufficient if such Act shall approve the substance thereof. 
 Section 8.03 Execution of Supplemental Indentures. 
 In executing, or
accepting the additional trusts created by, any supplemental indenture permitted by this Article or the modifications thereby of the trusts created by this Indenture, the Trustee shall be provided with, and shall be fully protected in relying upon,
an Opinion of Counsel and an Officers’ Certificate stating that the execution of such supplemental indenture is authorized or permitted by this Indenture. The Trustee may, but shall not be obligated to, enter into any such supplemental
indenture which affects the Trustee’s own rights, duties or immunities under this Indenture or otherwise. 
 Section 8.04
Effect of Supplemental Indentures. 
 Upon the execution of any supplemental indenture under this Article, this Indenture
shall be modified in accordance therewith, and such supplemental indenture shall form a part of this Indenture for all purposes; and every Holder of Securities theretofore or thereafter authenticated and delivered hereunder shall be bound thereby.

 Section 8.05 Conformity with Trust Indenture Act. 

Every supplemental indenture executed pursuant to this Article shall conform to the requirements of the Trust Indenture Act as then in
effect. 
 Section 8.06 Reference in Securities to Supplemental Indentures. 

Securities, including any Coupons, of any series authenticated and delivered after the execution of any supplemental indenture pursuant
to this Article may, and shall if required by the Trustee, bear a notation in form approved by the Trustee as to any matter provided for in such supplemental indenture. If the Company shall so determine, new Securities including any Coupons of any
series so modified as to conform, in the opinion of the Trustee and the Company, to any such supplemental indenture may be prepared and executed by the Company and authenticated and delivered by the Trustee in exchange for Outstanding Securities
including any Coupons of such series. 
 Section 8.07 Revocation and Effect of Consents, Waivers and Actions. 

Until an amendment, waiver or other action by Holders becomes effective, a consent to it or any other action by a Holder of a Security
hereunder is a continuing consent by the Holder and every subsequent Holder of that Security or portion of the Security that evidences the same obligation as the consenting Holder’s Security, even if notation of the consent, waiver or action is
not made on the Security. However, any such Holder or subsequent Holder may revoke the consent, waiver or action as to such Holder’s Security or portion of the Security if the Trustee receives the notice of revocation before the consent of the
requisite aggregate principal amount of the Securities then outstanding has been obtained and not revoked. After an amendment, waiver or action becomes effective, it shall bind every Holder, except as provided in Section 8.02. 

  
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 NAI may, but shall not be obligated to, fix a record date for the purpose of determining the
Holders entitled to consent to any amendment or waiver. If a record date is fixed, then, notwithstanding the first two sentences of the immediately preceding paragraph, those persons who were Holders at such record date (or their duly designated
proxies), and only those persons, shall be entitled to consent to such amendment, supplement or waiver or to revoke any consent previously given, whether or not such persons continue to be Holders after such record date. No such consent shall be
valid or effective for more than 90 days after such record date. 
 ARTICLE NINE 

COVENANTS 

Section 9.01 Payment of Securities. 
 NAI shall pay the principal of, premium, if any, and interest (including interest accruing on or after the filing of a petition in bankruptcy or reorganization relating to NAI, whether or not a claim for
post-filing interest is allowed in such proceeding) on the Securities on (or prior to) the dates and in the manner provided in the Securities or pursuant to this Indenture. An installment of principal, premium, if any, or interest shall be
considered paid on the applicable date due if on such date the Trustee or the Paying Agent holds, in accordance with this Indenture, money sufficient to pay all of such installment then due. 

NAI shall pay interest on overdue principal and premium, if any, and interest on overdue installments of interest (including interest
accruing on or after the filing of a petition in bankruptcy or reorganization relating to NAI whether or not a claim for post-filing interest is allowed in such proceeding), to the extent lawful, at the rate per annum borne by the Securities, which
interest on overdue interest shall accrue from the date such amounts became overdue. 
 No payment of principal or interest on
Bearer Securities shall be made at any office or agency of the Company in the United States, by check mailed to any address in the United States, by transfer to an account located in the United States or upon presentation or surrender in the United
States of a Bearer Security or coupon for payment, even if the payment would be credited to an account located outside the United States; provided, however, that, if the Securities of a series are denominated and payable in Dollars, payment of
principal of and any interest on any such Bearer Security shall be made at the office of the Company’s Paying Agent in the Borough of Manhattan, The City of New York, if (but only if) payment in Dollars of the full amount of such principal,
interest or additional amounts, as the case may be, at all offices or agencies outside the United States maintained for the purpose by the Company in accordance with this Indenture is illegal or effectively precluded by exchange controls or other
similar restrictions. 
 Section 9.02 SEC Reports. 

(a) News Corporation, which has Securities registered under the Securities and Exchange Act of 1934, as amended (the “Exchange
Act”), shall file with the SEC and with the Trustee, within 15 days after it files the same with the SEC, copies of its annual and quarterly reports, information, documents and other reports, (or copies of such portions of any of the foregoing
as the SEC may by rules and regulations prescribe) which News Corporation is required to file with the SEC. Such information shall include annual and quarterly financial statements and notes thereto, in each case presented in all material respects
in accordance with 

  
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GAAP as applied in the United States, together with a management’s discussion and analysis of financial condition and results of operations. Such financial statements shall be prepared
substantially in accordance with Regulation S-X under the Act, as applied to U.S. Persons with respect to annual and quarterly statements, as applicable, provided however, that supplemental information for the Guarantor need not be provided. The
management’s discussion and analysis of financial condition and results of operations shall be prepared substantially in accordance with Regulation S-K and the financial information contained therein shall be substantially in accordance with
GAAP as applied in the United States. In the event that News Corporation is at any time no longer subject to the reporting requirements of the Exchange Act, it shall provide to the Trustee, in accordance with the rules and regulations prescribed
from time to time by the SEC, such reports which may be required pursuant to Section 13 of the Exchange Act. In such event, such reports shall be provided at the times that News Corporation would have been required to provide reports had it
continued to have been subject to such reporting requirements. Such information shall include annual and quarterly financial statements and notes thereto, presented substantially in accordance with GAAP as applied in the United States, together with
a management’s discussion and analysis of financial condition and results of operations. Such financial statements shall be prepared substantially in accordance with Regulation S-X under the Act, as applied to U.S. Persons with respect to
annual and quarterly statements, as applicable, provided, however, that supplemental information for the Guarantor need not be provided. The management’s discussion and analysis of financial condition and results of operations shall be prepared
substantially in accordance with Regulation S-K and the financial information contained therein shall be substantially in accordance with GAAP as applied in the United States. NAI and the Guarantor also shall comply with the other provisions of TIA
Section 314(a) to the extent applicable. 
 (b) NAI shall, at its expense, transmit to Holders of Securities within 30 days
after the filing thereof with the Trustee such summaries of any information, documents and reports required to be filed by News Corporation pursuant to subsection (a) as may be required to be transmitted to such Holders by the rules and
regulations prescribed from time to time by the SEC. 
 (c) News Corporation intends to file the reports referred to in
Section 9.02(a) and (b) hereof with the SEC in electronic form pursuant to Regulation S-T of the SEC using the SEC’s Electronic Data Gathering, Analysis and Retrieval system. Compliance with the foregoing, or any successor electronic
system approved by the SEC, shall constitute delivery by NAI of such reports to the Trustee and Holders in compliance with the provision of Section 9.02 and TIA Section 314(a). Notwithstanding anything to the contrary herein, the Trustee
shall have no duty to search for or obtain any electronic or other filings that News Corporation makes with the Commission, regardless of whether such filings are periodic, supplemental or otherwise. Delivery of the reports, information and
documents to the Trustee pursuant to this Section 9.02(c) shall be solely for the purposes of compliance with this Section 9.02 and with TIA Section 314(a). The Trustee’s receipt of such reports, information and documents shall
not constitute notice to it of the content thereof or of any matter determinable from the content thereof (and the Trustee shall not have any duty to ascertain or inquire as to such content or matter), including NAI’s compliance with any of its
covenants hereunder, as to which the Trustee is conclusively entitled to rely upon Officer’s Certificates. 
 Section 9.03
Compliance Certificate. 

  
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 (a) NAI or News Corporation shall deliver to the Trustee within 120 days after the end of
each fiscal year an Officers’ Certificate stating whether or not the signers know of any Default that occurred during such period. If they do, such Officer’s Certificate shall describe the Default and its status. 

(b) NAI or News Corporation shall deliver to the Trustee as soon as possible and in any event within 10 days after NAI or News
Corporation, as the case may be, becomes aware of the occurrence of each Default or Event of Default, which is continuing, an Officer’s Certificate setting forth the details of such Default or Event of Default, and the action which NAI or News
Corporation proposes to take with respect thereto. 
 Section 9.04 Further Instruments and Acts. Upon request of the
Trustee or as necessary, News Corporation or NAI will execute and deliver such further instruments and do such further acts as may be reasonably necessary or proper to carry out more effectively the purposes of this Indenture. 

Section 9.05 Maintenance of Office or Agency. If Securities of a series are issued as Registered Securities, the Company will
maintain in each Place of Payment for any series of Securities an office or agency where Securities of that series may be presented or surrendered for payment, where securities of that series may be surrendered for registration of transfer or
exchange and where notices and demands to or upon the Company in respect of the Securities of that series and this Indenture may be served. If Securities of a series are issuable as Bearer Securities, the Company will maintain, (A) subject to
any laws or regulations applicable thereto, an office or agency in a Place of Payment for that series which is located outside the United States, where Securities of that series and related coupons may be presented and surrendered for payment;
provided, however, that if the Securities of that series are listed on the London Stock Exchange, the Irish Stock Exchange, the Luxembourg Stock Exchange or any other stock exchange located outside the United States and such stock exchange shall so
require, the Company will maintain a Paying Agent for the Securities of that series in London, Luxembourg or any other required city located outside the United States, as case may be, so long as the Securities of that series are listed on such
exchange and (B) subject to any laws or regulations applicable thereto, in a Place of Payment for that series located outside the United States, where Securities of that series may be surrendered for exchange and where notices and demands to or
upon the Company in respect of the Securities of that series and this Indenture may be served. The Company will give prompt written notice to the Trustee of the location, and any change in the location, of any such office or agency. If at any time
the Company shall fail to maintain any such required office or agency or shall fail to furnish the Trustee with the address thereof, such presentations, surrenders, notices and demands may be made or served at the Corporate Trust Office of the
Trustee, and the Company hereby appoints the Trustee as its agent to receive all such presentations, surrenders, notices and demands. 
 The Company may also from time to time designate one or more other offices or agencies where the Securities (including any Coupons, if any) of one or more series may be presented or surrendered for any or
all such purposes and may from time to time rescind such designations; provided, however, that no such designation or rescission shall in any manner relieve the Company of its obligation to maintain an office or agency in each Place of Payment for
Securities (including any Coupons, if any) of any series for such purposes. The Company will 

  
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give prompt written notice to the Trustee of any such designation or rescission and of any change in the location of any such other office or agency. 

Section 9.06 Limitation on Liens. Neither News Corporation nor any Subsidiary will create, assume, incur or suffer to exist any
Lien on or with respect to any of its properties to secure Indebtedness unless contemporaneously therewith or prior thereto the Securities are equally and ratably secured for so long as such other Indebtedness shall be so secured, except this
Section 9.06 will not apply to Permitted Encumbrances. 
 Section 9.07 Guarantees by Subsidiaries. To the extent
that, after the date of this Indenture, any Subsidiary that is not a Guarantor issues any Guarantee of any Public Debt in excess of $100,000,000 and such Subsidiary is not thereafter released from such Guarantee within ten (10) Business Days,
such Subsidiary shall execute a supplemental indenture pursuant to which it shall guarantee under this Indenture the Securities to the same extent and in the manner in which such other Public Debt is so guaranteed. 

Section 9.08 Money for Securities Payments to Be Held in Trust. 

If the Company shall at any time act as its own Paying Agent with respect to any series of Securities, it will, on or before each due
date of the principal of (and premium, if any) or interest on any of the Securities of that series, segregate and hold in trust for the benefit of the Persons entitled thereto a sum sufficient to pay the principal (and premium, if any) or interest
so becoming due until such sums shall be paid to such Persons or otherwise disposed of as herein provided and will promptly notify the trustee of its action or failure so to act. 

The Company will cause each Paying Agent for any series of Securities other than the Trustee to execute and deliver to the Trustee an
instrument in which such Paying Agent shall agree with the Trustee, subject to the provisions of this Section, that such Paying Agent will: 
 (1) hold all sums held by it for the payment of the principal of (and premium, if any) or interest on Securities of that series in trust for the benefit of the Persons entitled thereto until such sums
shall be paid to such Persons or otherwise disposed of as herein provided; 
 (2) give the Trustee notice of any default by the
Company (or any other obligor upon the Securities of that series) in the making of any payment of principal (and premium, if any) or interest on the Securities; and 
 (3) at any time during the continuance of any such default, upon the written request of the Trustee, forthwith pay to the Trustee all sums so held in trust by such Paying Agent. 

The Company may at any time, for the purpose of obtaining the satisfaction and discharge of this Indenture or for any other purpose, pay,
or by Company Order direct any Paying Agent to pay, to the Trustee all sums held in trust by the Company or such Paying Agent, such sums to be held by the Trustee upon the same trusts as those upon which such sums were held by the Company or such
Paying Agent; and, upon such payment by any Paying Agent to the Trustee, such Paying Agent shall be released from all further liability with respect to such money. 

  
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 Any money deposited with the Trustee or any Paying Agent, or then held by the Company, in
trust for the payment of the principal of (and premium, if any) or interest on any Security of any series and remaining unclaimed for three years after such principal (and premium, if any) or interest has become due and payable shall be paid to the
Company on Company Request, or (if then held by the Company) shall be discharged from such trust; and the Holder of such Security and Coupon, if any, shall thereafter, as an unsecured general creditor, look only to the Company for payment thereof,
and all liability of the Trustee or such Paying Agent with respect to such trust money, and all liability of the Company as trustee thereof, shall thereupon cease; provided, however, that the Trustee or such Paying Agent, before being required to
make any such payment, may at the expense of the Company cause to be published once, in a newspaper published in the English language, customarily published on each Business Day and of general circulation in The City of New York, or cause to be
mailed to such Holder, notice that such money remains unclaimed and that, after a date specified therein, which shall not be less than 30 days from the date of such publication, any unclaimed balance of such money then remaining will be repaid to
the Company. 
 ARTICLE TEN 
 REDEMPTION OF SECURITIES 
 Section 10.01 Applicability of Article.

 Securities (including Coupons, if any) of any series which are redeemable before their Stated Maturity shall be redeemable in
accordance with their terms and (except as otherwise specified as contemplated by Section 3.01 for Securities of any series) in accordance with this Article. 
 Section 10.02 Election to Redeem; Notice to Trustee. 
 The election of the
Company to redeem any Securities (including Coupons, if any) shall be evidenced by a Board Resolution. In case of any redemption at the election of the Company of all or less than all of the Securities (including Coupons, if any) of any series, the
Company shall, at least 45 days prior to the Redemption Date fixed by the Company (unless a shorter notice shall be satisfactory to the Trustee), notify the Trustee of such Redemption Date and of the principal amount of Securities of such series to
be redeemed. In the case of any redemption of Securities (including Coupons, if any) prior to the expiration of any restriction on such redemption provided in the terms of such Securities and Coupons, if any, or elsewhere in this Indenture, the
Company shall furnish the Trustee with an Officer’s Certificate evidencing compliance with such restriction. 
 Section
10.03 Selection by Trustee of Securities to be Redeemed. 
 If less than all the Securities (including Coupons, if any)
of any series with the same terms are to be redeemed, the particular Securities (including Coupons, if any) to be redeemed shall be selected not more than 60 days prior to the Redemption Date by the Trustee, from the Outstanding Securities
(including Coupons, if any) of such series not previously called for redemption, by such method as the Trustee shall deem fair and appropriate and which may provide for the selection for redemption of portions (equal to the minimum authorized
denomination for Securities (including Coupons, if any) of that series or any integral multiple 

  
 63 

 
thereof) of the principal amount of Securities (including Coupons, if any) of such series of a denomination larger than the minimum authorized denomination for Securities of that series.

 The Trustee shall promptly notify the Company in writing of the Securities (including Coupons, if any) selected for
redemption and, in the case of any Securities selected for partial redemption, the principal amount thereof to be redeemed. 

For all purposes of this Indenture, unless the context otherwise requires, all provisions relating to the redemption of Securities shall
relate, in the case of any Securities redeemed or to be redeemed only in part, to the portion of the principal amount of such Securities which has been or is to be redeemed. 
 Section 10.04 Notice of Redemption. 
 Notice of redemption shall be given
not less than 30 nor more than 60 days prior to the Redemption Date, to each Holder of Securities to be redeemed, as provided in Section 1.07. 
 Each such notice of redemption shall specify the Redemption Date, the Redemption Price, the Place or Places of Payment, the CUSIP Number, if any, that the Securities of such series are being redeemed at
the option of the Company pursuant to provisions contained in the terms of the Securities of such series or in a supplemental indenture establishing such series, if such be the case, together with a brief statement of the facts permitting such
redemption, that payment will be made upon presentation and surrender of the applicable Securities, that all Coupons, if any, maturing subsequent to the date fixed for redemption shall be void, that any interest accrued to the Redemption Date will
be paid as specified in said notice, and that on and after said Redemption Date any interest thereon or, in case of partial redemptions, on the portions thereof to be redeemed, will cease to accrue. If less than all the Securities of any series are
to be redeemed the notice of redemption shall specify the numbers of the Securities of such series to be redeemed, and, if only Bearer Securities of any series are to be redeemed, and if such Bearer Securities may be exchanged for Registered
Securities, the last date on which exchanges of Bearer Securities for Registered Securities not subject to redemption may be made. In case any Security of any series is to be redeemed in part only, the notice of redemption shall state the portion of
the principal amount thereof to be redeemed and shall state that on and after the Redemption Date, upon surrender of such Security and any Coupons appertaining thereto, a new Security or Securities of such series in principal amount equal to the
unredeemed portion thereof and with appropriate Coupons will be issued, or, in the case of Registered Securities providing appropriate space for such notation, at the option of the Holders, the Trustee, in lieu of delivering a new Security or
Securities as aforesaid, may make a notation on such Security of the payment of the redeemed portion thereof. 
 Notice of
redemption of Securities and Coupons, if any, to be redeemed at the election of the Company shall be given by the Company or, at the Company’s request delivered at least 10 days before the date such notice is to be given (unless a shorter
period shall be acceptable to the Trustee), by the Trustee in the name and at the expense of the Company. 
 Section 10.05
Deposit of Redemption Price. 
 On or before (but in the case of payments to be made at a Place of Payment outside of the
United States, its territories, possessions and areas subject to its jurisdiction, at least one New 

  
 64 

 
York Business Day before) any Redemption Date, the Company shall deposit in immediately available funds with the Trustee or with a Paying Agent (or, if the Company is acting as its own Paying
Agent, segregate and hold in trust as provided in Section 9.08) an amount of money in the relevant currency (or a sufficient number of currency units, as the case may be) sufficient to pay the Redemption Price of, and (except if the Redemption
Date shall be an Interest Payment Date) accrued interest on, all the Securities which are to be redeemed on that date. 

Section 10.06 Securities Payable on Redemption Date. 
 Notice of redemption having been given as aforesaid, the Securities so to be redeemed shall, on the Redemption Date, become due and payable at the Redemption Price therein specified, and from and after
such date (unless the Company shall default in the payment of the Redemption Price and accrued interest) such Securities shall cease to bear interest. Except as provided in the next succeeding paragraph, upon surrender of any such Security
(including Coupons, if any) for redemption in accordance with said notice, such Security shall be paid by the Company at the Redemption Price, together with accrued interest to the Redemption Date; provided, however, that installments of interest on
Registered Securities whose Stated Maturity is on or prior to the Redemption Date shall be payable to the Holders of such Securities, or one or more Predecessor Securities, registered as such at the close of business on the relevant Record Dates
according to their terms and the provisions of Section 3.07. 
 If any Bearer Security surrendered for redemption shall not
be accompanied by all appurtenant coupons maturing after the Redemption Date, such Bearer Security may be paid after deducting from the Redemption Price an amount equal to the face amount of all such missing coupons, or the surrender of such missing
coupon or coupons may be waived by the Company and the Trustee if there be furnished to them such security or indemnity as they may require to save each of them, the Guarantor, and any Paying Agent harmless. If thereafter the Holder of such Bearer
Security shall surrender to the Trustee or any Paying Agent any such missing coupon in respect of which a deduction shall have been made from the Redemption Price, such Holder shall be entitled to receive the amount so deducted; provided, however,
that interest represented by coupons shall be payable only upon presentation and surrender of those coupons at an office or agency located outside of the United States except as otherwise provided pursuant to Section 9.05. 

If any Security called for redemption shall not be so paid upon surrender thereof for redemption, the principal (and premium, if any)
shall, until paid, bear interest from the Redemption Date at the rate prescribed therefor in the Security. 
 Section 10.07
Securities Redeemed in Part. 
 Any Security (including Coupons, if any) which is to be redeemed only in part shall be
surrendered at a Place of Payment therefor (with, if the Company or the Trustee so requires, due endorsement by, or a written instrument of transfer in form satisfactory to the Company and the Trustee duly executed by, the Holder thereof or his
attorney duly authorized in writing), and the Company shall execute, and the Trustee shall authenticate and deliver to the Holder of such Security without service charge, a new Security or Securities (with appropriate Coupons, if any, attached) of
the same series, of any authorized denomination as requested by such Holder, in aggregate principal amount equal to and in exchange for the unredeemed portion of the principal of the Security (including Coupons, if any) so surrendered. 

  
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 ARTICLE ELEVEN 

SINKING FUNDS 
 Section 11.01 Applicability of Article. 
 The provisions of this Article
shall be applicable to any sinking fund for the retirement of Securities of a series except as otherwise specified as contemplated by Section 3.01 for Securities of such series. 

The minimum amount of any sinking fund payment provided for by the terms of Securities of any series is herein referred to as a
“mandatory sinking fund payment,” and any payment in excess of such minimum amount provided for by the terms of Securities of any series is herein referred to as an “optional sinking fund payment.” If provided for by the terms of
Securities of any series, the cash amount of any sinking fund payment may be subject to reduction as provided in Section 11.02. Each sinking fund payment shall be applied to the redemption of Securities of any series as provided for by the
terms of Securities of such series. 
 Section 11.02 Satisfaction of Sinking Fund Payments with Securities. 

The Company (1) may deliver Outstanding Securities of a series (other than any previously called for redemption) and (2) may
apply as a credit Securities of a series which have been redeemed either at the election of the Company pursuant to the terms of such Securities or through the application of permitted optional sinking fund payments pursuant to the terms of such
Securities, in each case in satisfaction of all or any part of any sinking fund payment with respect to the Securities of such series required to be made pursuant to the terms of such Securities as provided for by the terms of such Series; provided
that such Securities have not been previously so credited. Such Securities shall be received and credited for such purpose by the Trustee at the Redemption Price specified in such Securities for redemption through operation of the sinking fund and
the amount of such sinking fund payment shall be reduced accordingly. 
 Section 11.03 Redemption of Securities for Sinking
Fund. 
 Not less than 60 days prior to each sinking fund payment date for any series of Securities, the Company will
deliver to the Trustee an Officer’s Certificate specifying the amount of the next ensuing sinking fund payment for that series pursuant to the terms of that series, the portion thereof, if any, which is to be satisfied by payment of cash and
the portion thereof, if any, which is to be satisfied by delivering and crediting Securities of that series pursuant to Section 11.02 and will also deliver to the Trustee any Securities to be so delivered. Not less than 30 nor more than 60 days
before each such sinking fund payment date the Trustee shall select the Securities to be redeemed upon such sinking fund payment date in the manner specified in Section 10.03 and cause notice of the redemption thereof to be given in the name of
and at the expense of the Company in the manner provided in Section 10.04. Such notice having been duly given, the redemption of such Securities shall be made upon the terms and in the manner stated in Section 10.06 and 10.07. 

  
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 ARTICLE TWELVE 

GUARANTEES 
 Section 12.01 Guarantees. 
 Each of News Corporation and the other
Guarantors, if any, for consideration received, jointly and severally, unconditionally and irrevocably guarantees on a senior basis to each holder of Securities of a series designated pursuant to Section 3.01 as being guaranteed by each
Guarantor so specified and to the Trustee, as applicable, (1) the due and punctual payment of the principal of, premium, if any, and interest on such Security (including interest accruing on or after filing of any petition in bankruptcy or
reorganization whether or not a claim for post-filing interest is allowed in such proceeding), when and as the same shall become due and payable, whether at maturity, as a result of redemption, upon a Change of Control Triggering Event, by
acceleration or otherwise, (ii) the due and punctual payment of interest on overdue principal of, premium and interest, if any, on the Securities, to the extent lawful, (iii) the due and punctual performance of all other obligations under
this Indenture to the Holders or the Trustee, including payment obligations under Section 6.06, all in accordance with the terms of such Security and of this Indenture, and (iv) in the case of any extension of time of payment or renewal of
any Securities or any of such other obligations, that the same will be promptly paid in full when due or performed in accordance with the terms of the extension or renewal, at stated maturity, at redemption, by acceleration or otherwise, to be paid
by such Guarantor or through the other Guarantors as provided below. In all respects, each relevant Guarantor hereby agrees that its obligations hereunder shall be absolute and unconditional, irrespective of, and shall be unaffected by, any
invalidity, irregularity or unenforceability of any such Security or this Indenture, any failure to enforce the provisions of any such Security or this Indenture, any waiver, modification or indulgence granted to NAI with respect thereto, by the
Holder of such Security or the Trustee, or any other circumstances which may otherwise constitute a legal or equitable discharge of a surety or guarantor. Each Guarantor hereby waives diligence, presentment, filing of claims with a court in the
event of merger or bankruptcy of NAI, any right to require a proceeding first against NAI, the benefit of discussion, protest or notice with respect to any such Security or the Indebtedness evidenced thereby and all demands whatsoever, and covenants
that this Guarantee will not be discharged as to any such Security or the Trustee except by payment in full of the principal thereof, premium, if any, and interest thereon and as provided in Section 4.01 and payment in full of the obligations
set forth in Section 6.06. If the Trustee or any Holder is required by any court or otherwise to return to the Company or each Guarantor or any custodian, receiver, liquidator, trustee or other similar official acting in relation to the Company
or each Guarantor, any amount paid to the Trustee or such Holder in respect of any Security, this Guarantee, to the extent theretofore discharged by the payment of such amount, shall be reinstated in full force and effect. Each Guarantor further
agrees that, as between each Guarantor, on the one hand, and the Holders and the Trustee, on the other hand, (i) the maturity of the obligations guaranteed hereby may be accelerated as provided in Article 5 hereof for the purposes of this
Guarantee, notwithstanding any stay, injunction or other prohibition preventing such acceleration in respect of the obligations guaranteed hereby, and (ii) in the event of any declaration of acceleration of such obligations as provided in
Article 5 hereof, such obligations (whether or not due and payable) shall forthwith become due and payable by each Guarantor for the purpose of this Guarantee. The obligations of each Guarantor hereunder shall be joint and several. For purposes of
this Article 12, the liability of News Corporation shall be that amount 

  
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from time to time equal to the aggregate of its liability hereunder, which shall be limited to the aggregate amount of the obligation as stated in the first sentence of this Section 12.01
with respect to the Securities of any particular series guaranteed pursuant to Section 3.01 and this Article 12 issued pursuant to this Indenture. For purposes of this Article 12, the liability of each Guarantor, other than News Corporation,
shall be that amount from time to time equal to the aggregate liability of such Guarantor hereunder, but shall be limited to the least of (A) the aggregate amount of the obligation as stated in the first sentence of this Section 12.01 with
respect to the Securities of any particular series guaranteed pursuant to Section 3.01 and this Article 12 issued pursuant to this Indenture or (B) the amount, if any, which would not have (i) rendered such Guarantor
“insolvent” (as such term is defined in Section 1.01 (29) of the Federal Bankruptcy Code and in Section 271 of the Debtor and Creditor Law of the State of New York, as each is in effect at the date of this Indenture) or
(ii) left it with unreasonably small capital at the time its Guarantee of the Securities was entered into, after giving effect to the incurrence of existing Indebtedness immediately prior to such time, provided, that it shall be a presumption
in any lawsuit or other proceeding in which a Guarantor (other than News Corporation) is a party that the amount guaranteed is the amount set forth in (A) above unless a creditor, or representative of creditors, of such Guarantor or a trustee
in bankruptcy of such Guarantor, as debtor in possession, otherwise proves in such a lawsuit that the aggregate liability of such Guarantor is limited to the amount set forth in (B). (The liability of News Corporation pursuant to the second
preceding sentence and the liability of each Guarantor other than News Corporation pursuant to the immediately preceding sentence are hereinafter referred to as the “Base Guaranty Liability”.) In making any determination as to the solvency
or sufficiency of capital of a Guarantor in accordance with the second preceding sentence, the right of such Guarantor to contribution from other Guarantors, to subrogation pursuant to the next paragraph of this Section 12.01 and any other
rights such Guarantor may have, contractual or otherwise, shall be taken into account. 
 Each Guarantor shall be subrogated to
all rights of the Holder of, any Securities and the Trustee against NAI or any of the other Guarantors pursuant to the provisions of this Guarantee; provided, however, that until the payment in full of all obligations and all other amounts payable
under this Guarantee, the Guarantors hereby irrevocably waive any claim or other rights which they each may now or hereafter acquire against the Company or any of the other Guarantors that arise from the existence, payment, performance or
enforcement of the Guarantors’ obligations under this Guarantee, including, without limitation, any right of subrogation, reimbursement, exoneration, contribution, indemnification, any right to participate in any claim or remedy of any Holder
and the Trustee on behalf of such Holder against the Company or any of the other Guarantors or any collateral which any such Holder or the Trustee on behalf of such Holder hereafter acquires, whether or not such claim, remedy or right arises in
equity, or under contract, statute or common law, including, without limitation, the right to take or receive from the Company or any of the other Guarantors, directly or indirectly, in cash or other property or by set-off or in any other manner,
payment or security on account of such claim or other rights. If any amount shall be paid to the Guarantors in violation of the preceding sentence at any time prior to the payment in full of all obligations and all other amounts payable under this
Guarantee, such amount shall be deemed to have been paid to the Guarantors for the benefit of, and held in trust for the benefit of, any Holder and the Trustee on behalf of any such Holder, and shall forthwith be paid to the Trustee for the benefit
of such Holder to be credited and applied upon such guaranteed obligations, whether matured or unmatured, in accordance with the terms of this 

  
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Indenture. The Guarantors acknowledge that the waiver set forth in this Section 12.01 is knowingly made. 
 The Guarantee set forth in this Section 12.01 shall not be valid or become obligatory for any purpose with respect to a Security until the certificate of authentication on such Security shall have
been signed by or on behalf of the Trustee. 
 Section 12.02 Obligations of the Guarantors Unconditional. Nothing
contained in this Article 12 or elsewhere in this Indenture or in any Security is intended to or shall impair, as between the Guarantors, if any, and the Holders and the Trustee, the obligation of each Guarantor, which is absolute and unconditional,
to pay to the Holders and the Trustee the principal of, premium, if any, and interest on the Securities designated pursuant to Section 3.01 as having such Guarantee apply (and to the Trustee amounts due under Section 6.06) as and when the
same shall become due and payable in accordance with the provisions of this Guarantee, nor shall anything herein or therein prevent the Trustee or any Holder from exercising all remedies otherwise permitted by applicable law upon Default under this
Indenture. 
 Section 12.03 Execution of Guarantee. To evidence their guarantee to the Holders of Securities of each
relevant series specified in Section 3.01 and 12.01, each Guarantor hereby agrees to execute a notation relating to the Guarantee on each such Security authenticated and made available for delivery by the Trustee. Each Guarantor agrees that
execution of this Indenture shall evidence its Guarantee of the expenses of the Trustee specified in Section 12.01 and Section 6.06 and its Guarantee to the Holders specified in Section 12.01. Each Guarantor hereby agrees that its
Guarantee set forth in Section 12.01 shall remain in full force and effect whether or not any endorsement of the Guarantee is contained on any Security. Each such Guarantee shall be signed on behalf of each Guarantor by its Chairman of the
Board, President or a Vice President, or an Officer of News Corporation authorized by power of attorney to act on behalf of such Guarantor prior to the authentication of the Security on which it is endorsed, and being made available for delivery of
such Security by the Trustee, after the authentication thereof hereunder, shall constitute due delivery of such Guarantee on behalf of such Guarantor. Such signatures upon the Guarantee may be manual or facsimile signatures of the present, past or
any future such officers and may be imprinted or otherwise reproduced on the Guarantee, and in case any such officer who shall have signed the Guarantee shall cease to be such officer before the Security on which such Guarantee is endorsed shall
have been authenticated and made available for delivery by the Trustee or disposed of by NAI, such Security nevertheless may be authenticated and made available for delivery or disposed of as though the person who signed the Guarantee had not ceased
to be such officer of the Guarantor. 
 Section 12.04 Release of a Guarantor. Upon (i) the sale or disposition (by
merger or otherwise) of a Guarantor (other than News Corporation) to an entity which is not a Subsidiary of News Corporation; or (ii) if a Guarantor is a guarantor under any Public Debt (and has not been released from its obligations as
guarantor of all such Public Debt), the payment in full of all Public Debt guaranteed by Guarantor; or (iii) the unconditional and full release of a Guarantor who is a guarantor of Public Debt, from all obligations under guarantees of the
Public Debt, that Guarantor shall be deemed released from all obligations under its Guarantee without any further action required on the part 

  
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of the Trustee or any Holder of Securities of the relevant series. News Corporation may be released from all obligations under its Guarantee without any further action required on the part of the
Trustee or any Holder of Securities of the relevant series at the option of NAI if (x) News Corporation is not a guarantor under any Public Debt and (y) following the date of the release of News Corporation NAI will comply with
Section 314(a) of the TIA. Any Guarantor not so released remains liable for the full amount of principal of and interest on the Securities and the payment obligations to the Trustee pursuant to Section 6.05 of the Indenture as provided in
the Guarantee. The Trustee shall make available for delivery an appropriate instrument evidencing such release upon receipt of a request of NAI accompanied by an Officer’s Certificate certifying as to the compliance with this Indenture.

 ARTICLE THIRTEEN 
 CHANGE OF CONTROL 
 Section 13.01 Repurchase upon Change of Control.

 The provisions of this Article shall be applicable to Securities of any series except as otherwise specified as contemplated
by Section 3.01 for Securities of such series. 
 (a) If there shall have occurred a Change of Control Triggering Event,
Securities shall be purchased by NAI, at the option of the Holder thereof, in whole or in part in integral multiples of $1,000, on a date that is not less than 30 days nor more than 60 days from the date the Change of Control Notice referred to
below is given to Holders or such later date as may be necessary for NAI to comply with requirements under the Exchange Act (such date, or such later date, the “Change of Control Purchase Date”), at a purchase price in cash (the
“Change of Control Purchase Price”) equal to 101% of the principal amount of such Securities, plus accrued interest (including any defaulted interest), if any, to the Change of Control Purchase Date, subject to satisfaction by or on behalf
of the Holder of the requirements set forth in Section 13.01(c). 
 (b) Within 60 days after the occurrence of a Change of
Control Triggering Event, NAI shall give written notice of such Change of Control Triggering Event (a “Change of Control Notice”) to the Trustee with respect to its obligation to offer to purchase Securities pursuant hereto (the
“Change of Control Offer”), and the Trustee shall promptly upon its receipt of such notice forward a copy of such notice to Holders. The Trustee shall be under no obligation to ascertain the occurrence of a Change of Control Triggering
Event or to give notice with respect thereto other than as provided above upon receipt of a Change of Control Notice from NAI. The Change of Control Notice shall state: 

(i) that the Change of Control Offer is being made pursuant to a covenant in the Indenture and that all Securities validly
tendered will be accepted for payment; 
 (ii) the Change of Control Purchase Price and the Change of Control
Purchase Date; 
 (iii) that, unless NAI defaults in the payment of the Change of Control Purchase Price, any
Securities accepted for payment pursuant to the Change of Control Offer shall cease to accrue interest after the Change of Control Payment Date and that any Security not purchased will continue to accrue interest; 

  
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 (iv) that Holders electing to have Securities purchased pursuant to the
Change of Control Offer will be required to surrender the Securities, with the form entitled “Option of Holder to Elect Purchase” on the reverse of the Securities completed, to the Paying Agent at the address specified in the notice prior
to the close of business on the Change of Control Payment Date; 
 (v) that Holders will be entitled to withdraw
their tender of Securities if the Paying Agent receives, not later that the close of business on the Change of Control Payment Date, a telex, telegram, facsimile transmission or letter setting forth the name of the Holder, the certificate number of
the Securities delivered for purchase, the principal amount of the Securities delivered for purchase, and a statement that such Holder is withdrawing his election to have such Securities purchased; and 

(vi) that Holders whose Securities are purchased only in part will be issued new Securities equal in principal amount to
the unpurchased portion of the Securities surrendered. 
 (c) A Holder may exercise the rights specified in
Section 13.01(a) upon (i) delivery to any Paying Agent of Securities with the “Option of Holder to Elect Purchase” on the reverse thereof properly completed at any time prior to the close of business on the Change of Control
Purchase Date. If a Holder has elected to deliver to NAI for purchase a portion of a Security, and if the principal amount of such portion is $1,000 or an integral multiple of $1,000, NAI shall purchase such portion from the Holder thereof pursuant
to this Section 13.01. Provisions of this Indenture that apply to the purchase of all of a Security also apply to the purchase of a portion of such Security. 
 (d) On or prior to 12:00 noon New York City time on the Change of Control Purchase Date, NAI shall deposit with the Trustee or with a Paying Agent (or, if NAI is acting as its own Paying Agent, segregate
and hold in trust) an amount of money in same day funds sufficient to pay the Change of Control Purchase Price of, and (except if the Change of Control Purchase Date shall be an Interest Payment Date as set forth in the form of Security) accrued
interest on, all the Securities or portions thereof which are to be purchased on that date. 
 (e) Upon receipt by the Paying
Agent of properly tendered Securities, the Holder of the Security in respect of which such proper tender was made shall (unless the tender of such Security is properly withdrawn) thereafter be entitled to receive solely the Change of Control
Purchase Price with respect to such Security. Upon surrender of any such Security for purchase in accordance with the foregoing provisions, such Security shall be paid by NAI at the Change of Control Purchase Price on the Change of Control Purchase
Date; provided, however, that installments of interest which are due on or prior to the Change of Control Purchase Date shall be payable to the Holders of such Securities, or one or more predecessor Securities, registered as such on the relevant
regular Record Dates set forth in the form of Security. If any Security tendered for purchase shall not be so paid upon surrender thereof, the principal thereof (and premium, if any, thereon) shall, until paid, bear interest from the Change of
Control Purchase Date at the rate borne by such Security. 
 (f) Any Security that is to be purchased only in part shall be
surrendered to a Paying Agent at the office of such Paying Agent (with, if NAI or the Trustee so requires, due endorsement by, or a written instrument of transfer in form satisfactory to NAI and the Trustee

  
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duly executed by, the Holder thereof or such Holder’s attorney duly authorized in writing), and NAI shall execute and the Trustee shall authenticate and deliver to the Holder of such
Security, without service charge, one or more new Securities of any authorized denomination as requested by such Holder in an aggregate principal amount equal to, and in exchange for, the portion of the principal amount of the Security so
surrendered that is not purchased. 
 (g) In connection with any offer to purchase or purchase of Securities under this
Section 13.01 (provided that such offer or purchase constitutes an “issuer tender offer” for purposes of Rule 13e-4 (or any successor provision thereto) under the Exchange Act at the time of such offer or purchase), NAI shall
(i) comply with Rule 13e-4 under the Exchange Act, if applicable, (ii) file the related Schedule 13e-4 (or any successor schedule, form or report) under the Exchange Act, if required, and (iii) otherwise comply with all applicable
Federal and state securities laws so as to permit the rights and obligations under this Section 13.01 to be exercised to the greatest extent practicable in the time and in the manner specified. 

(h) Notwithstanding anything set forth in this Section 13.01, if any series of Securities shall be denominated in any Foreign
Currency, all references in this Section 13.01 to $1,000, integral multiples of $1,000, and portions of $1,000, shall, with respect to such series of Securities, be deemed to be references to the lowest authorized denomination of such series of
Securities established pursuant to Section 3.01(i), integral multiples of such lowest authorized denomination, and portions of such lowest authorized denomination, respectively. 

This instrument may be executed in any number of counterparts, each of which so executed shall be deemed to be an original, but all such
counterparts shall together constitute but one and the same instrument. 
 IN WITNESS WHEREOF, the parties hereto have caused
this Indenture to be duly executed as of the day and year first above written 

  
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	News America Incorporated
		
	By:	 	/s/ Janet Nova
		 	Name:	 	Janet Nova
		 	Title:	 	Senior Vice President and Deputy General Counsel

  

					
	 News Corporation,

as Guarantor

		
	By:	 	/s/ Janet Nova
		 	Name:	 	Janet Nova
		 	Title:	 	Senior Vice President and Deputy General Counsel

  

					
	The Bank of New York Mellon, as Trustee
		
	By:	 	/s/ Raymond K. O’Neil
		 	Name:	 	Raymond K. O’Neil
		 	Title:	 	Senior Associate

  
 73

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