Document:

Exhibit 4.2

 

ASTRAZENECA PLC

 

OFFICERS’ CERTIFICATE

 

In connection with the issuance of the
3.500% Notes due 2023 (the “2023 Notes”), the Floating Rate Notes due 2023 (the “Floating Rate Notes”),
the 4.000% Notes due 2029 (the “2029 Notes”) and the 4.375% Notes due 2048 (the “2048 Notes”,
together with the 2023 Notes and the 2029 Notes, the “Fixed Rate Notes”, and collectively with the Floating
Rate Notes, the “Notes” or the “Securities”) of AstraZeneca PLC (the “Issuer”)
pursuant to the Indenture, dated as of April 1, 2004 (the “Indenture”), between the Issuer and The Bank of New
York Mellon as successor Trustee (section references herein being to the Indenture), and pursuant to the authorization of the Board
of Directors of the Issuer at its meetings held on May 17, 2018 and May 18, 2018 and the authorisation of the Issuer’s Issuance
Committee by written resolution dated July 13, 2018, the undersigned hereby confirms that, to the extent not otherwise provided
for in the Indenture, the following forms, terms and conditions of the Notes were established as required pursuant to Section 2.01
and Section 2.08 of the Indenture:

 

	Title of Notes	
        3.500% Notes due 2023 

        Floating Rate Notes due 2023 

        4.000% Notes due 2029 

        4.375% Notes due 2048 

	 	 
	Initial Aggregate Principal Amount of Notes	
        2023 Notes: US$850,000,000 

        Floating Rate Notes: US$400,000,000 

        2029 Notes: US$1,000,000,000 

        2048 Notes: US$750,000,000 

	 	 
	Price to Public	2023 Notes: 99.673% of the Principal Amount per 2023 Note, plus accrued interest, if any, from August 17, 2018
	 	 
	 	
        Floating Rate Notes: 100.000% of the
Principal Amount per Floating Rate Note, plus accrued interest, if any, from August 17, 2018 

         

        2029 Notes: 99.590% of the Principal
Amount per 2029 Note, plus accrued interest, if any, from August 17, 2018 

	 	 
	 	2048 Notes: 98.944% of the Principal Amount per 2048 Note, plus accrued interest, if any, from August 17, 2018
	 	 
	Issue Date	
        2023 Notes: August 17, 2018 

        Floating Rate Notes: August 17, 2018 

        2029 Notes: August 17, 2018 

        2048 Notes: August 17, 2018 

	 	 
	Form of Notes	The Notes will be issued in the form of global notes that will be deposited with The Depository Trust Company, New York, New York (“DTC”) on the closing date. Seven global notes will be issued to DTC, which will be executed and delivered in substantially the form of Notes set forth in Exhibits A, B, C and D hereto.  In certain circumstances described in the Indenture, Notes may be issued in definitive form.
	 	 
	Maturity	
        2023 Notes: August 17, 2023 

        Floating Rate Notes: August 17, 2023 

        2029 Notes: January 17, 2029 

        2048 Notes: August 17, 2048 

	 	 

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	Interest Rate for Fixed Rate Notes	
        2023 Notes: 3.500% per annum, accruing from
        August 17, 2018

         

        2029 Notes: 4.000% per annum, accruing from
        August 17, 2018

         

        2048 Notes: 4.375% per annum, accruing from August
17, 2018 

	 	 
	Interest Periods for Fixed Rate Notes	The first interest period for the Fixed Rate Notes will be the period from and including the original issue date to but excluding the first Fixed Rate Interest Payment Date (as defined below). Thereafter, the interest periods for the Fixed Rate Notes will be the periods from and including the Fixed Rate Interest Payment Dates to but excluding the immediately succeeding Fixed Rate Interest Payment Date (together with the first interest period, each a “Fixed Rate Interest Period”). The final Fixed Rate Interest Period will be the period from and including the Fixed Rate Interest Payment Date immediately preceding the maturity date to the maturity date, or the redemption date.
	 	 
	Interest Rate for Floating Rate Notes	
        The interest rate for the Floating Rate Notes for
        the first interest period will be LIBOR (as defined below) as determined on August 15, 2018 plus the Spread (as defined below).
        Thereafter, the interest rate for any Floating Rate Interest Period (as defined below) will be LIBOR as determined on the applicable
        Interest Determination Date (as defined below) plus the Spread.

         

        “LIBOR” means, with respect to
        any Interest Determination Date, the offered rate for deposits of US dollars having a maturity of three months that appears on
        the Bloomberg Screen BBAL display page, or any successor page, on Bloomberg or any successor service (or any such other service(s)
        as may be nominated by ICE Benchmark Administration Limited (“IBA”) or its successor or such other entity assuming
        the responsibility of IBA or its successor in calculating the London Interbank Offered Rate in the event IBA or its successor no
        longer does so) (the “Designated LIBOR Page”).

         

        If no rate appears on the Designated LIBOR Page, LIBOR
will be determined for such Interest Determination Date on the basis of the rates at approximately 11:00 a.m., London time, on
such Interest Determination Date at which deposits in US dollars are offered to prime banks in the London inter-bank market by
four major banks in such market selected by the calculation agent, after consultation with the Issuer, for a term of three months
and in a principal amount equal to an amount that in the judgment of the calculation agent is representative for a single transaction
in US dollars in such market at such time (a “Representative Amount”). The calculation agent will request the
principal London office of each of such banks to provide a quotation of its rate. If at least two such quotations are provided,
LIBOR for such Floating Rate Interest Period will be the arithmetic mean (rounded, if necessary, to the nearest one-hundred-thousandth
of a percentage point, with five-millionths of a percentage point rounded upwards) of such quotations. If fewer than two such
quotations are provided, LIBOR for such Floating Rate Interest Period will be the arithmetic mean (rounded, if necessary, to the
nearest one-hundred-thousandth of a percentage point, with five millionths of a percentage point rounded upwards) of the rates
quoted at approximately 11:00 a.m. in the City of New York on such Interest Determination Date by 

	 	 

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        three major banks in New York City, selected by the
        calculation agent, after consultation with the Issuer, for loans in US dollars to leading European banks, for a term of three months
        and in a Representative Amount; provided, however, that if the banks so selected are not quoting as mentioned above, LIBOR
        on the Interest Determination Date will be LIBOR in effect with respect to the immediately preceding Interest Determination Date,
        or in the case of the initial Interest Determination Date, the First Interest Rate.

         

        Notwithstanding the above, if the Issuer determines
        on or prior to the relevant Interest Determination Date, after consultation with an independent financial advisor selected
        by the Issuer in its sole discretion, that LIBOR has ceased to be calculated or administered or is no longer viewed as an acceptable
        benchmark rate in accordance with accepted market practice for debt obligations such as the Floating Rate Notes, then the Issuer
        will appoint in its sole discretion an independent financial advisor (the “IFA”) to determine whether there
        is a substitute or successor base rate to LIBOR that is consistent with accepted market practice for debt obligations such as the
        Floating Rate Notes (the “Alternative Rate”). If the IFA determines that there is an Alternative Rate, for each
        future Interest Determination Date, the calculation agent shall use such Alternative Rate as a substitute for LIBOR in calculating
        the interest rate on the Floating Rate Notes. As part of such substitution, the calculation agent will make such adjustments to
        the Alternative Rate or the Spread thereon, as well as the business day convention, Interest Determination Dates, Interest Reset
        Dates and related provisions and definitions (“Adjustments”), in each case that are consistent with accepted
        market practice for the use of such Alternative Rate, all as determined and directed by the IFA; provided, however, that the calculation
        agent shall not be required to implement any such Adjustments that affects its own rights, duties or immunities under the Indenture,
        the Calculation Agency Agreement or otherwise. If the IFA determines that there is no such Alternative Rate as provided above,
        LIBOR will be equal to the rate of interest in effect with respect to the immediately preceding Interest Determination Date or,
        in the case of the initial Interest Determination Date, the rate of interest will be equal to the First Interest Rate.

         

        The interest rate on the Floating Rate Notes will
        in no event be higher than the maximum rate permitted by law.

         

        “Spread” means 66.5 basis points. 

	 	 
	Interest Determination Dates for Floating Rate Notes	Interest on the Floating Rate Notes will be determined two London business days prior to each Interest Reset Date. LIBOR for the first Floating Rate Interest Period was determined on August 15, 2018.
	 	 
	Interest Reset Dates for Floating Rate Notes	Interest on the Floating Rate Notes will have Interest Reset Dates of February 17, May 17, August 17 and November 17 of each year, commencing November 17, 2018.
	 	 
	Interest Periods for Floating Rate Notes	The first interest period for the Floating Rate Notes will be the period from and including the original issue date to but excluding the immediately succeeding Interest Reset Date. Thereafter, the interest periods for the Floating Rate Notes will be the periods
	 	 

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	 	from and including an Interest Reset Date to but excluding the immediately succeeding Interest Reset Date (together with the first interest period, each a “Floating Rate Interest Period”). However, the final Floating Rate Interest Period will be the period from and including the Interest Reset Date immediately preceding the maturity date to the maturity date or the redemption date.
	 	 
	Interest Payment Dates	
        Fixed Rate Notes: Interest on the 2023 Notes
        shall be payable semi-annually in arrears on February 17 and August 17, commencing February 17, 2019 (each, a “2023 Fixed
        Rate Interest Payment Date”).

         

        Interest on the 2029 Notes shall be payable semi-annually
        in arrears on January 17 and July 17, commencing January 17, 2019 (each, a “2029 Fixed Rate Interest Payment Date”).

         

        Interest on the 2048 Notes shall be payable semi-annually
in arrears on February 17 and August 17, commencing February 17, 2019 (each, a “2048 Fixed Rate Interest Payment Date”,
and together with each 2023 Fixed Rate Interest Payment Date and 2029 Fixed Rate Interest Payment Date, each a “Fixed
Rate Interest Payment Date”). 

	 	 
	 	
        Notwithstanding the above, if a Fixed Rate Interest
        Payment Date would fall on a day that is not a business day (as defined below), the Fixed Rate Interest Payment Date will be postponed
        to the next succeeding day that is a business day, but no additional interest shall be paid unless the issuer fails to make payment
        on such date.

         

        Floating Rate Notes: Interest on the Floating
        Rate Notes will be paid quarterly in arrears on February 17, May 17, August 17 and November 17 of each year, commencing November
        17, 2018 (each, a “Floating Rate Interest Payment Date”).

         

        Notwithstanding the above, if a Floating Rate Interest
Payment Date would fall on a day that is not a business day, the Floating Rate Interest Payment Date will be postponed to the
next succeeding day that is a business day, except that if the business day falls in the next succeeding calendar month, the applicable
Floating Rate Interest Payment Date will be the immediately preceding business day. In each such case, except for the Floating
Rate Interest Payment Date falling on the maturity date, the Floating Rate Interest Periods and the Interest Reset Dates will
be adjusted accordingly to calculate the amount of interest payable on the Floating Rate Notes. 

	 	 
	Regular Record Dates for Interest	Interest shall be paid to the holder in whose name the Notes are registered at the close of business on the 15th calendar day preceding each Fixed Rate Interest Payment Date or Floating Rate Interest Payment Date, as the case may be, whether or not such day is a business day.
	 	 
	Business day	Any day which is not, in London, England or New York, New York, or the place of payment of amounts payable in respect of the Notes, a Saturday, a Sunday, a legal holiday or a day on which banking institutions are authorized or obligated by law, regulation or executive order to close.
	 	 

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	London business day	A day on which dealings in deposits in U.S. dollars are transacted in the London interbank market.
	 	 
	Place of Payment, Registration of Transfer and Exchange, Paying Agent, Calculation Agent	The Bank
of New York Mellon
 240 Greenwich Street
 New York, NY 10286

	 	 
	Trustee	The Bank of New York Mellon
	 	 
	Notice and Demands to Issuer	
        1 Francis Crick Avenue 

        Cambridge Biomedical Campus 

        Cambridge CB2 0AA

England, United Kingdom

Attn: The Company Secretary 

	 	 
	Redemption Provisions:	 
	 	 
	Optional Tax Redemption for any series of Notes	Optional, in whole but not in part, at the option of the Issuer, at any time in accordance with the terms set forth in the relevant form of Notes set forth in Exhibits A, B, C and D hereto. The Issuer may not otherwise redeem the Floating Rate Notes prior to maturity.
	 	 
	Optional Redemption for any series of Fixed Rate Notes	Optional, in whole or in part, from time to time as follows: (i) prior to the Par Call Date (as set forth below), at a redemption price equal to the greater of (A) 100% of the principal amount of the Fixed Rate Notes to be redeemed, and (B) as determined by the Quotation Agent (as defined below), the sum of the present values of the remaining scheduled payments of principal and interest on the Fixed Rate Notes to be redeemed (assuming for this purpose that such series of Notes matured on the applicable Par Call Date and not including any portion of such payments of interest accrued as of the date of redemption) discounted to the date of redemption on a semiannual basis (assuming a 360-day year consisting of twelve 30-day months) at the Treasury Rate plus the Make Whole Spread (as set forth below) and (ii) on or after the Par Call Date, at a redemption price equal to 100% of the principal amount of the Fixed Rate Notes to be redeemed, plus, in each case, accrued interest thereon to but excluding the date of redemption.
	 	 
	 	“Treasury Rate” means, with respect to any redemption date, the rate per annum equal to the semiannual equivalent yield to maturity of the Comparable Treasury Issue, assuming a price for the Comparable Treasury Issue (expressed as a percentage of its principal amount) equal to the Comparable Treasury Price for such redemption date.
	 	 
	 	“Comparable Treasury Issue” means the United States Treasury security selected by the Quotation Agent as having a maturity comparable to the remaining term of the applicable series of Notes to be redeemed that would be utilized, at the time of selection and in accordance with customary financial practice, in pricing new issues of corporate debt securities of comparable maturity to the remaining term of such series of Notes (assuming for this purpose that such series of Fixed Rate Notes matured on the applicable Par Call Date).
	 	 
	 	“Comparable Treasury Price” means, with respect to any
	 	 

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	 	redemption date, (i) the average, as determined by the Quotation Agent, of the Reference Treasury Dealer Quotations for such redemption date, after excluding the highest and lowest such Reference Treasury Dealer Quotations, or (ii) if the Quotation Agent obtains fewer than three such Reference Treasury Dealer Quotations, the average of all such Quotations.
	 	 
	 	“Quotation Agent” means the Reference Treasury Dealer appointed by the Issuer.
	 	 
	 	“Reference Treasury Dealer” means (i) each of Citigroup Global Markets Inc., Deutsche Bank Securities Inc., Goldman Sachs & Co. LLC and J.P. Morgan Securities LLC, and their respective successors or affiliates; provided, however, that if the foregoing shall cease to be a primary U.S. Government securities dealer in New York City (a “Primary Treasury Dealer”), the Issuer shall substitute therefor another Primary Treasury Dealer; and (ii) any other Primary Treasury Dealer selected by the Issuer.
	 	 
	 	“Reference Treasury Dealer Quotations” means, with respect to each Reference Treasury Dealer and any redemption date, the average, as determined by the Quotation Agent, of the bid and asked prices for the Comparable Treasury Issue (expressed in each case as a percentage of its principal amount) quoted in writing to the trustee by such Reference Treasury Dealer at 5:00 p.m., New York City time, on the third business day preceding such redemption date.
	 	 
	 	“Make-Whole Spread” means, with respect to, (i) the 2023 Notes, 15 basis points, (ii) the 2029 Notes, 20 basis points and (iii) the 2048 Notes, 25 basis points.
	 	 
	 	“Par Call Date” means, with respect to, (i) the 2023 Notes, July 17, 2023, (ii) the 2029 Notes, October 17, 2028 and (iii) the 2048 Notes, February 17, 2048.
	 	 
	Redemption Notices	Notice of any redemption will be given to DTC at least 15 days but not more than 30 days prior to the redemption date to the Holders.  Unless the Issuer defaults in payment of the Redemption Price, on and after the redemption date, interest will cease to accrue on the Notes or portions thereof called for redemption.
	 	 
	Defeasance and Discharge of the Notes (Section 9.03)	Applicable.
	 	 
	Sinking Fund	None.
	 	 
	Additional Amounts	Pursuant to the relevant form of Notes set forth in Exhibits A, B, C and D hereto, the Issuer may, subject to certain exceptions, be obligated to pay additional amounts.
	 	 
	Other Terms of the Notes	The other terms of the Notes shall be substantially as set forth in the Indenture, the relevant form of Notes attached hereto as Exhibits A, B, C and D, the Prospectus dated November 22, 2016 (the “Prospectus”) relating to the Notes and the Prospectus Supplement dated August 14, 2018 to the Prospectus.
	 	 

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Each of the undersigned hereby certifies
that:

 

1.       He
has read the provisions of the Indenture setting forth covenants and conditions to the Trustee’s authentication and delivery
of the Securities and the definitions in the Indenture relating thereto.

 

2.       He
has examined the resolutions of the Board of Directors and the Issuance Committee of the Issuer adopted prior to the date hereof
relating to the authorization, issuance, authentication and delivery of the Securities, such other corporate records of the Issuer,
as applicable, and such other documents deemed necessary as a basis for the opinion hereinafter expressed.

 

3.       In
his opinion, such examination is sufficient to enable him to express an informed opinion as to whether or not the covenants and
conditions referred to above have been complied with.

 

4.       He
is of the opinion that the covenants and conditions referred to above have been complied with.

 

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IN WITNESS WHEREOF, each of the undersigned
has hereunto signed his name.

 

Dated: August 17, 2018

 

	/s/ Marc Dunoyer
	Name:	Marc Dunoyer
	Title:	Chief Financial Officer

 

	/s/ Adrian Kemp
	Name:	Adrian Kemp
	Title:	Company Secretary

 

	 

 

[Signature Page to Officers’ Certificate
Pursuant to the Indenture]

 

     

     

    

Exhibit A

 

 

 

 

 

 

 

 

     

     

    

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

 

ASTRAZENECA PLC

 

3.500% Notes due 2023

 

	No. 001	$500,000,000

 

CUSIP No. 046353AR9

ISIN No. US046353AR96

 

ASTRAZENECA PLC, a public limited company
incorporated under the laws of England and Wales (herein called the “Issuer”, which term includes any successor Person
under the Indenture hereinafter referred to), for value received, hereby promises to pay to Cede & Co., or registered assigns,
the principal sum of Five Hundred Million Dollars on August 17, 2023 and to pay interest thereon from August 17, 2018 or from the
most recent Interest Payment Date (as defined below) to which interest has been paid or duly provided for, semiannually in arrears
on February 17 and August 17 in each year, commencing February 17, 2019 (each, an “Interest Payment Date”), at the
rate of 3.500% per annum, until the principal hereof is paid or made available for payment. The interest so payable, and punctually
paid or duly provided for, on any Interest Payment Date will, as provided in such Indenture, be paid to the Person in whose name
this Security (or one or more Predecessor Securities) is registered at the close of business on the Regular Record Date (as defined
below) for such interest which shall be the 15th calendar day preceding such Interest Payment Date (whether or not such
day is a Business Day (as defined below)), as the case may be. Any such interest not so punctually paid or duly provided for will
forthwith cease to be payable to the Holder on such Regular Record Date and may either be paid to the Person in whose name this
Security (or one or more Predecessor Securities) is registered at the close of business on a subsequent record date (the “Special
Record Date”) for the payment of such defaulted interest to be fixed by the Trustee (which shall not be less than five Business
Days prior to the date of payment of such defaulted interest), notice whereof shall be given to Holders of Securities of this series
not less than 15 days prior to such Special Record Date, or be paid at any time in any other lawful manner not inconsistent with
the requirements of any securities exchange on which the Securities of this series may

 

     

     

    

be listed, and upon such notice as may be
required by such exchange, all as more fully provided in said Indenture.

 

Payment of the principal of (and premium,
if any) and any such interest on this Security will be made at the office or agency of the Issuer maintained for that purpose in
New York City, in such coin or currency of the United States of America as at the time of payment is legal tender for payment of
public and private debts; provided, however, that at the option of the Issuer payment of interest may be made by
check mailed to the address of the Person entitled thereto as such address shall appear in the Security Register.

 

Reference is hereby made to the further
provisions of this Security set forth on the reverse hereof, which further provisions shall for all purposes have the same effect
as if set forth at this place.

 

Unless the certificate of authentication
hereon has been executed by the Trustee by manual signature of an authorized signatory, this Security shall not be entitled to
any benefit under the Indenture or be valid or obligatory for any purpose.

 

     

     

    

IN WITNESS WHEREOF, the Issuer has caused
this instrument to be duly executed manually or in facsimile.

 

Dated: August 17, 2018

 

	ASTRAZENECA PLC	 

 

	By:	/s/ Marc Dunoyer
	 	Name:Marc Dunoyer
	 	Title:Chief Financial Officer

 

	By:	/s/ Adrian Kemp
	 	Name: Adrian Kemp
	 	Title:Company Secretary

 

	 

[Signature page to Global Note]

 

     

     

    

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

 

Dated: August 17, 2018

 

	The Bank of New York MELLON

As Trustee

 

	By:	L. O’Brien
	 	 	 
	 	 	 
	 	 	 

 

	 

 

[Signature page to Global Note]

 

     

     

    

This Security is one of a duly authorized
issue of securities of the Issuer (herein called the “Securities”), issued and to be issued in one or more series under
an Indenture, dated as of April 1, 2004 (herein called the “Indenture” which term shall have the meaning assigned to
it in such instrument), among the Issuer and The Bank of New York Mellon (formerly known as The Bank of New York), as successor
Trustee (herein called the “Trustee”, which term includes any other successor trustee under the Indenture) to JPMorgan
Chase Bank, and reference is hereby made to the Indenture and to the Officers’ Certificate delivered pursuant to Section
2.08 of the Indenture with respect to this security for a statement of the respective rights, limitations of rights, duties and
immunities thereunder of the Issuer, the Trustee and the Holders of the Securities and of the terms upon which the Securities are,
and are to be, authenticated and delivered. This Security is one of the series designated on the face hereof, initially limited
in aggregate principal amount to U.S.$850,000,000.

 

The Securities of this series are subject
to redemption, as a whole or in part, from time to time, at the election of the Issuer, upon not less than 15 nor more than 30
days’ notice, as follows: (i) prior to July 17, 2023 (the “Par Call Date”), at a Redemption Price equal to the
greater of (A) 100% of the principal amount of the Securities to be redeemed, and (B) as determined by the Quotation Agent (as
defined below), the sum of the present values of the remaining scheduled payments of principal and interest thereon (assuming for
this purpose that such series of Notes matured on the Par Call Date and not including any portion of such payments of interest
accrued as of the date of redemption) discounted to the date of redemption on a semiannual basis (assuming a 360-day year consisting
of twelve 30-day months) at the Treasury Rate plus 15 basis points, and (ii) on or after the Par Call Date, at a redemption price
equal to 100% of the principal amount of the Securities to be redeemed; plus, in each of cases (A) and (B) above, accrued interest
thereon to but excluding the date of redemption.

 

“Business Day” means any day which is not, in
London, England or New York, New York, or the place of payment of amounts payable in respect of the Securities, a Saturday, a Sunday,
a legal holiday or a day on which banking institutions are authorized or obligated by law, regulation or executive order to close.

 

“Comparable Treasury Issue” means the United
States Treasury security selected by the Quotation Agent as having a maturity comparable to the remaining term of the Securities
to be redeemed that would be utilized, at the time of selection and in accordance with customary financial practice, in pricing
new issues of corporate debt securities of comparable maturity to the remaining term of such Securities (assuming for this purpose
that such Securities matured on the Par Call Date).

 

     

     

    

“Comparable Treasury Price” means, with respect
to any redemption date, (i) the average, as determined by the Quotation Agent, of the Reference Treasury Dealer Quotations for
such redemption date, after excluding the highest and lowest such Reference Treasury Dealer Quotations, or (ii) if the Quotation
Agent obtains fewer than three such Reference Treasury Dealer Quotations, the average of all such Quotations.

 

“Quotation Agent” means the Reference Treasury
Dealer appointed by the Issuer.

 

“Reference Treasury Dealer” means (i) Citigroup
Global Markets Inc., Deutsche Bank Securities Inc., Goldman Sachs & Co. LLC and J.P. Morgan Securities LLC, and their respective
successors; provided, however, that if the foregoing shall cease to be a primary U.S. Government securities dealer in New
York City (a “Primary Treasury Dealer”), the Issuer shall substitute therefor another Primary Treasury Dealer; and
(ii) any other Primary Treasury Dealer selected by the Issuer.

 

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

 

“Treasury Rate” means, with respect to any redemption
date, the rate per annum equal to the semiannual equivalent yield to maturity of the Comparable Treasury Issue, assuming a price
for the Comparable Treasury Issue (expressed as a percentage of its principal amount) equal to the Comparable Treasury Price for
such redemption date.

 

The Indenture contains provisions to the
effect that, in the event of various tax law changes and other limited circumstances that require the Issuer to pay Additional
Amounts (as defined below), the Issuer may redeem the Securities of a series, in whole but not in part, at a price equal to 100%
of the principal amount of the Securities plus accrued interest thereon to but excluding the date of redemption, which provisions
apply to this Security.

 

In the event of redemption of this Security
in part only, a new Security or Securities of this series and of like tenor for the unredeemed portion hereof will be issued in
the name of the Holder hereof upon the cancellation hereof.

 

     

     

    

The Indenture contains provisions for defeasance
at any time of the entire indebtedness on this Security upon compliance by the Issuer with certain conditions set forth thereon,
which provisions apply to this Security.

 

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

 

Any amounts to be paid by the Issuer under
this Security of principal, premium and interest in respect of this Security will be paid without deduction or withholding for,
any and all present and future taxes, levies, duties, assessments, imposts or other governmental charges of whatever nature imposed,
assessed, levied or collected by or for the account of the government of any jurisdiction in which the Issuer is resident for tax
purposes or any political subdivision or taxing authority of such jurisdiction, unless such withholding or deduction is required
by law. If such deduction or withholding is at any time required, the Issuer will (subject to compliance by the Holder of this
Security with any relevant administrative requirements) pay such additional amounts (“Additional Amounts”) as will
result in the receipt of such amounts as would have been received by the Holder had no such withholding or deduction been required,
provided that the Issuer will not have to pay Additional Amounts if:

 

(i)       the
tax, levy, impost or other governmental charge would not have been imposed, assessed, levied or collected but for the Holder’s
(or certain related parties’) connection to the jurisdiction in which the Issuer is resident for tax purposes, other than
by merely holding this Security or by receiving principal, premium, if any, or interest, if any, on this Security, or enforcing
this Security. These connections include where the Holder or related party:

 

		·	is or has been a domiciliary, national or resident of such jurisdiction;

 

		·	is or has been engaged in a trade or business in such jurisdiction;

 

		·	has or had a permanent establishment in such jurisdiction; or

 

		·	is or has been physically present in such jurisdiction;

 

(ii)   the
tax, levy, impost or other governmental charge would not have been imposed, assessed, levied or collected but for presentation
of this Security for payment, if presentation is required, more than 30 days after this Security became due or payment was provided
for;

 

(iii)   the tax, levy, impost or other governmental charge is an estate, inheritance, gift, sale, transfer, personal property or similar
tax, levy, impost or other governmental charge;

 

     

     

    

(iv)    the tax, levy, impost or other governmental charge is payable in a manner that does not involve deduction or withholding from payments
on or in respect of this Security;

 

(v)    the
tax, levy, impost or other governmental charge would not have been imposed or withheld but for the failure of the Holder or beneficial
owner, upon a reasonable request, addressed to the Holder, to comply with any certification, identification or other reporting
requirement concerning the Holder’s or the beneficial owner’s nationality, residence, identity or connection with any
jurisdiction in which the Issuer is resident for tax purposes, if compliance is required by any treaty, statute, regulation or
administrative practice of such jurisdiction as a condition to relief or exemption from such tax, levy, impost or other governmental
charge;

 

(vi)  
the tax, levy, impost or other governmental charge is required by Sections 1471 through 1474 of the Internal Revenue Code of 1986,
as amended (“FATCA”), any current or future U.S. Treasury Regulations or rulings promulgated thereunder, any intergovernmental
agreement between the United States and any other jurisdiction to implement FATCA (an “IGA”), any law, regulation or
other official guidance enacted in any jurisdiction implementing FATCA or an IGA, or any agreement with the U.S. Internal Revenue
Service under or with respect to FATCA; or

 

(vii) any combination of the taxes referred
to in (i) through (vi) above.

 

In addition, no payments of Additional
Amounts will be made with respect to any payment on this Security if the Holder of this Security is a fiduciary, partnership or
a person other than the sole beneficial owner of any payment, and, by the laws of the jurisdiction in which the Issuer is resident
for tax purposes, that payment would be required for tax purposes to be included in income of a beneficiary or settlor with respect
to the fiduciary, a member of that partnership or a beneficial owner who would not have been entitled to the Additional Amounts
had that beneficiary, settlor, partner or member owner been the Holder of this Security.

 

The Issuer will remit the full amount of
any taxes withheld to the applicable taxing authorities in accordance with the applicable law. The Issuer will also provide the
Trustee with documentation reasonably satisfactory to the Trustee evidencing the payment of any taxes in respect of which the Issuer
has paid Additional Amounts. The Issuer will provide copies of such documentation to the Holder of this Security upon request.

 

Any reference in the Indenture or this
Security to principal, premium or interest in respect of this Security will be deemed also to refer to any Additional Amounts that
may be payable with respect to such principal, premium or interest under the obligations referred to herein.

 

     

     

    

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

 

As set forth in, and subject to, the provisions
of the Indenture, no Holder of any Security of this series will have any right to institute any proceeding with respect to the
Indenture, this Security or for any remedy thereunder, unless such Holder shall have previously given to the Trustee written notice
of a continuing Event of Default with respect to the Securities of this series, the Holders of not less than 25% in principal amount
of the Outstanding Securities of this series shall have made written request, and offered reasonable indemnity, to the Trustee
to institute such proceeding as trustee, and the Trustee shall not have received from the Holders of a majority in principal of
the Outstanding Securities of this series a direction inconsistent with such request and shall have failed to institute such proceeding
within 60 days; provided, however, that such limitations do not apply to a suit instituted by the Holder hereof for
the enforcement of payment of the principal (and premium, if any) or any interest on this Security on or after the respective due
dates expressed herein.

 

No reference herein to the Indenture and
no provision of this Security or of the Indenture shall alter or impair the obligation of the Issuer, which is absolute and unconditional,
to pay the principal of and any premium and interest on this Security at the times, place and rate, and in the coin or currency,
herein prescribed or to convert this Security as provided in the Indenture.

 

The Securities of this series are issuable
only in registered form without coupons in denominations of $2,000 and integral multiples of $1,000 in excess thereof.

 

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

 

     

     

    

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

 

This Security shall be governed by and
construed in accordance with the laws of the State of New York.

 

Unless otherwise defined herein, all terms
used in this Security which are defined in the Indenture shall have the meanings assigned to them in the Indenture.

 

     

     

    

SCHEDULE OF PRINCIPAL AMOUNT

 

The initial principal amount of this Security
shall be $500,000,000. The following decreases/increases in the principal amount of this Security have been made:

 

	
        Date
        of Decrease/Increase

         
	
        Decrease
        in Principal Amount

         
	
        Increase
        in Principal Amount

         
	
        Total
        Principal Amount Following such Decrease/Increase

         
	
        Notation
        Made by or on Behalf of Trustee

         

	
 
	
 
	
 
	
 
	
 

	
 
	
 
	
 
	
 
	
 

	
 
	
 
	
 
	
 
	
 

	
 
	
 
	
 
	
 
	
 

	
 
	
 
	
 
	
 
	
 

	
 
	
 
	
 
	
 
	
 

	
 
	
 
	
 
	
 
	
 

	
 
	
 
	
 
	
 
	
 

	
 
	
 
	
 
	
 
	
 

	
 
	
 
	
 
	
 
	
 

	
 
	
 
	
 
	
 
	
 

	
 
	
 
	
 
	
 
	
 

	
 
	
 
	
 
	
 
	
 

	
 
	
 
	
 
	
 
	
 

	
 
	
 
	
 
	
 
	
 

	
 
	
 
	
 
	
 
	
 

	
 
	
 
	
 
	
 
	
 

	
 
	
 
	
 
	
 
	
 

	
 
	
 
	
 
	
 
	
 

	
 
	
 
	
 
	
 
	
 

	
 
	
 
	
 
	
 
	
 

	
 
	
 
	
 
	
 
	
 

     

     

    

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

 

ASTRAZENECA PLC

 

3.500% Notes due 2023

 

	No. 002	$350,000,000

 

CUSIP No. 046353AR9

ISIN No. US046353AR96

 

ASTRAZENECA PLC, a public limited company
incorporated under the laws of England and Wales (herein called the “Issuer”, which term includes any successor Person
under the Indenture hereinafter referred to), for value received, hereby promises to pay to Cede & Co., or registered assigns,
the principal sum of Three Hundred And Fifty Million Dollars on August 17, 2023 and to pay interest thereon from August 17, 2018
or from the most recent Interest Payment Date (as defined below) to which interest has been paid or duly provided for, semiannually
in arrears on February 17 and August 17 in each year, commencing February 17, 2019 (each, an “Interest Payment Date”),
at the rate of 3.500% per annum, until the principal hereof is paid or made available for payment. The interest so payable, and
punctually paid or duly provided for, on any Interest Payment Date will, as provided in such Indenture, be paid to the Person in
whose name this Security (or one or more Predecessor Securities) is registered at the close of business on the Regular Record Date
(as defined below) for such interest which shall be the 15th calendar day preceding such Interest Payment Date (whether
or not such day is a Business Day (as defined below)), as the case may be. Any such interest not so punctually paid or duly provided
for will forthwith cease to be payable to the Holder on such Regular Record Date and may either be paid to the Person in whose
name this Security (or one or more Predecessor Securities) is registered at the close of business on a subsequent record date (the
“Special Record Date”) for the payment of such defaulted interest to be fixed by the Trustee (which shall not be less
than five Business Days prior to the date of payment of such defaulted interest), notice whereof shall be given to Holders of Securities
of this series not less than 15 days prior to such Special Record Date, or be paid at any time in any other lawful manner not inconsistent
with the requirements of any securities exchange on which the Securities of this series may

 

     

     

    

be listed, and upon such notice as
may be required by such exchange, all as more fully provided in said Indenture.

 

Payment of the principal of (and premium,
if any) and any such interest on this Security will be made at the office or agency of the Issuer maintained for that purpose in
New York City, in such coin or currency of the United States of America as at the time of payment is legal tender for payment of
public and private debts; provided, however, that at the option of the Issuer payment of interest may be made by
check mailed to the address of the Person entitled thereto as such address shall appear in the Security Register.

 

Reference is hereby made to the further
provisions of this Security set forth on the reverse hereof, which further provisions shall for all purposes have the same effect
as if set forth at this place.

 

Unless the certificate of authentication
hereon has been executed by the Trustee by manual signature of an authorized signatory, this Security shall not be entitled to
any benefit under the Indenture or be valid or obligatory for any purpose.

 

     

     

    

IN WITNESS WHEREOF, the Issuer has caused
this instrument to be duly executed manually or in facsimile.

 

Dated: August 17, 2018

 

	ASTRAZENECA PLC

 

	By:	/s/ Marc Dunoyer
	 	Name:Marc Dunoyer
	 	Title:Chief Financial Officer

 

	By:	/s/ Adrian Kemp
	 	Name: Adrian Kemp
	 	Title:Company Secretary

 

	 

[Signature page to Global Note]

 

 

     

     

    

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

 

Dated: August 17, 2018

	The Bank of New York MELLON

As Trustee

 

	By:	L. O’Brien
	 	 	 
	 	 	 
	 	 	 

 

	 

[Signature page to Global Note]

 

     

     

    

This Security is one of a duly authorized
issue of securities of the Issuer (herein called the “Securities”), issued and to be issued in one or more series under
an Indenture, dated as of April 1, 2004 (herein called the “Indenture” which term shall have the meaning assigned to
it in such instrument), among the Issuer and The Bank of New York Mellon (formerly known as The Bank of New York), as successor
Trustee (herein called the “Trustee”, which term includes any other successor trustee under the Indenture) to JPMorgan
Chase Bank, and reference is hereby made to the Indenture and to the Officers’ Certificate delivered pursuant to Section
2.08 of the Indenture with respect to this security for a statement of the respective rights, limitations of rights, duties and
immunities thereunder of the Issuer, the Trustee and the Holders of the Securities and of the terms upon which the Securities are,
and are to be, authenticated and delivered. This Security is one of the series designated on the face hereof, initially limited
in aggregate principal amount to U.S.$850,000,000.

 

The Securities of this series are subject
to redemption, as a whole or in part, from time to time, at the election of the Issuer, upon not less than 15 nor more than 30
days’ notice, as follows: (i) prior to July 17, 2023 (the “Par Call Date”), at a Redemption Price equal to the
greater of (A) 100% of the principal amount of the Securities to be redeemed, and (B) as determined by the Quotation Agent (as
defined below), the sum of the present values of the remaining scheduled payments of principal and interest thereon (assuming for
this purpose that such series of Notes matured on the Par Call Date and not including any portion of such payments of interest
accrued as of the date of redemption) discounted to the date of redemption on a semiannual basis (assuming a 360-day year consisting
of twelve 30-day months) at the Treasury Rate plus 15 basis points, and (ii) on or after the Par Call Date, at a redemption price
equal to 100% of the principal amount of the Securities to be redeemed; plus, in each of cases (A) and (B) above, accrued interest
thereon to but excluding the date of redemption.

 

“Business Day” means any day which is not, in
London, England or New York, New York, or the place of payment of amounts payable in respect of the Securities, a Saturday, a Sunday,
a legal holiday or a day on which banking institutions are authorized or obligated by law, regulation or executive order to close.

 

“Comparable Treasury Issue” means the United
States Treasury security selected by the Quotation Agent as having a maturity comparable to the remaining term of the Securities
to be redeemed that would be utilized, at the time of selection and in accordance with customary financial practice, in pricing
new issues of corporate debt securities of comparable maturity to the remaining term of such Securities (assuming for this purpose
that such Securities matured on the Par Call Date).

 

“Comparable Treasury Price” means, with respect
to any redemption date, (i) the average, as determined by the Quotation Agent, of the Reference Treasury Dealer Quotations for
such redemption date, after excluding the highest and lowest such Reference Treasury Dealer Quotations, or (ii) if the Quotation
Agent obtains fewer than three such Reference Treasury Dealer Quotations, the average of all such Quotations.

 

“Quotation Agent” means the Reference Treasury
Dealer appointed by the Issuer.

 

     

     

    

“Reference Treasury Dealer” means (i) Citigroup
Global Markets Inc., Deutsche Bank Securities Inc., Goldman Sachs & Co. LLC and J.P. Morgan Securities LLC, and their respective
successors; provided, however, that if the foregoing shall cease to be a primary U.S. Government securities dealer in New
York City (a “Primary Treasury Dealer”), the Issuer shall substitute therefor another Primary Treasury Dealer; and
(ii) any other Primary Treasury Dealer selected by the Issuer.

 

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

 

“Treasury Rate” means, with respect to any redemption
date, the rate per annum equal to the semiannual equivalent yield to maturity of the Comparable Treasury Issue, assuming a price
for the Comparable Treasury Issue (expressed as a percentage of its principal amount) equal to the Comparable Treasury Price for
such redemption date.

 

The Indenture contains provisions to the
effect that, in the event of various tax law changes and other limited circumstances that require the Issuer to pay Additional
Amounts (as defined below), the Issuer may redeem the Securities of a series, in whole but not in part, at a price equal to 100%
of the principal amount of the Securities plus accrued interest thereon to but excluding the date of redemption, which provisions
apply to this Security.

 

In the event of redemption of this Security
in part only, a new Security or Securities of this series and of like tenor for the unredeemed portion hereof will be issued in
the name of the Holder hereof upon the cancellation hereof.

 

The Indenture contains provisions for defeasance
at any time of the entire indebtedness on this Security upon compliance by the Issuer with certain conditions set forth thereon,
which provisions apply to this Security.

 

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

 

Any amounts to be paid by the Issuer under
this Security of principal, premium and interest in respect of this Security will be paid without deduction or withholding for,
any and all present and future taxes, levies, duties, assessments, imposts or other governmental charges of whatever nature imposed,
assessed, levied or collected by or for the account of the government of any jurisdiction in which the Issuer is resident for tax
purposes or any political subdivision or taxing authority of such jurisdiction, unless such withholding or deduction is required
by law. If such deduction or withholding is at any time required, the Issuer will (subject to compliance by the Holder of this
Security with any relevant administrative requirements) pay such additional

 

     

     

    

amounts (“Additional Amounts”)
as will result in the receipt of such amounts as would have been received by the Holder had no such withholding or deduction been
required, provided that the Issuer will not have to pay Additional Amounts if:

 

(i)   the
tax, levy, impost or other governmental charge would not have been imposed, assessed, levied or collected but for the Holder’s
(or certain related parties’) connection to the jurisdiction in which the Issuer is resident for tax purposes, other than
by merely holding this Security or by receiving principal, premium, if any, or interest, if any, on this Security, or enforcing
this Security. These connections include where the Holder or related party:

 

		·	is or has been a domiciliary, national or resident of such jurisdiction;

 

		·	is or has been engaged in a trade or business in such jurisdiction;

 

		·	has or had a permanent establishment in such jurisdiction; or

 

		·	is or has been physically present in such jurisdiction;

 

(ii)   the
tax, levy, impost or other governmental charge would not have been imposed, assessed, levied or collected but for presentation
of this Security for payment, if presentation is required, more than 30 days after this Security became due or payment was provided
for;

 

(iii)  the tax, levy, impost or other governmental charge is an estate, inheritance, gift, sale, transfer, personal property or similar
tax, levy, impost or other governmental charge;

 

(iv)  the tax, levy, impost or other governmental charge is payable in a manner that does not involve deduction or withholding from payments
on or in respect of this Security;

 

(v)  the
tax, levy, impost or other governmental charge would not have been imposed or withheld but for the failure of the Holder or beneficial
owner, upon a reasonable request, addressed to the Holder, to comply with any certification, identification or other reporting
requirement concerning the Holder’s or the beneficial owner’s nationality, residence, identity or connection with any
jurisdiction in which the Issuer is resident for tax purposes, if compliance is required by any treaty, statute, regulation or
administrative practice of such jurisdiction as a condition to relief or exemption from such tax, levy, impost or other governmental
charge;

 

(vi)  the tax, levy, impost or other governmental charge is required by Sections 1471 through 1474 of the Internal Revenue Code of 1986,
as amended (“FATCA”), any current or future U.S. Treasury Regulations or rulings promulgated thereunder, any intergovernmental
agreement between the United States and any other jurisdiction to implement FATCA (an “IGA”), any law, regulation or
other official guidance enacted in any jurisdiction implementing FATCA or an IGA, or any agreement with the U.S. Internal Revenue
Service under or with respect to FATCA; or

 

(vii) any combination of the taxes referred
to in (i) through (vi) above.

 

In addition, no payments of Additional
Amounts will be made with respect to any payment on this Security if the Holder of this Security is a fiduciary, partnership or
a person other than the sole beneficial owner of any payment, and, by the laws of the jurisdiction in which the Issuer is resident
for tax purposes, that payment would be required for tax purposes to be included in

 

     

     

    

income of a beneficiary or settlor with
respect to the fiduciary, a member of that partnership or a beneficial owner who would not have been entitled to the Additional
Amounts had that beneficiary, settlor, partner or member owner been the Holder of this Security.

 

The Issuer will remit the full amount of
any taxes withheld to the applicable taxing authorities in accordance with the applicable law. The Issuer will also provide the
Trustee with documentation reasonably satisfactory to the Trustee evidencing the payment of any taxes in respect of which the Issuer
has paid Additional Amounts. The Issuer will provide copies of such documentation to the Holder of this Security upon request.

 

Any reference in the Indenture or this
Security to principal, premium or interest in respect of this Security will be deemed also to refer to any Additional Amounts that
may be payable with respect to such principal, premium or interest under the obligations referred to herein.

 

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

 

As set forth in, and subject to, the provisions
of the Indenture, no Holder of any Security of this series will have any right to institute any proceeding with respect to the
Indenture, this Security or for any remedy thereunder, unless such Holder shall have previously given to the Trustee written notice
of a continuing Event of Default with respect to the Securities of this series, the Holders of not less than 25% in principal amount
of the Outstanding Securities of this series shall have made written request, and offered reasonable indemnity, to the Trustee
to institute such proceeding as trustee, and the Trustee shall not have received from the Holders of a majority in principal of
the Outstanding Securities of this series a direction inconsistent with such request and shall have failed to institute such proceeding
within 60 days; provided, however, that such limitations do not apply to a suit instituted by the Holder hereof for
the enforcement of payment of the principal (and premium, if any) or any interest on this Security on or after the respective due
dates expressed herein.

 

No reference herein to the Indenture and
no provision of this Security or of the Indenture shall alter or impair the obligation of the Issuer, which is absolute and unconditional,
to pay the principal of and any premium and interest on this Security at the times, place and rate, and in the coin or currency,
herein prescribed or to convert this Security as provided in the Indenture.

 

The Securities of this series are issuable
only in registered form without coupons in denominations of $2,000 and integral multiples of $1,000 in excess thereof.

 

     

     

    

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

 

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

 

This Security shall be governed by and
construed in accordance with the laws of the State of New York.

 

Unless otherwise defined herein, all terms
used in this Security which are defined in the Indenture shall have the meanings assigned to them in the Indenture.

 

     

     

    

SCHEDULE OF PRINCIPAL AMOUNT

 

The initial principal amount of this Security
shall be $350,000,000. The following decreases/increases in the principal amount of this Security have been made:

 

	
        Date
        of Decrease/Increase

         
	
        Decrease
        in Principal Amount

         
	
        Increase
        in Principal Amount

         
	
        Total
        Principal Amount Following such Decrease/Increase

         
	
        Notation
        Made by or on Behalf of Trustee

         

	
 
	
 
	
 
	
 
	
 

	
 
	
 
	
 
	
 
	
 

	
 
	
 
	
 
	
 
	
 

	
 
	
 
	
 
	
 
	
 

	
 
	
 
	
 
	
 
	
 

	
 
	
 
	
 
	
 
	
 

	
 
	
 
	
 
	
 
	
 

	
 
	
 
	
 
	
 
	
 

	
 
	
 
	
 
	
 
	
 

	
 
	
 
	
 
	
 
	
 

	
 
	
 
	
 
	
 
	
 

	
 
	
 
	
 
	
 
	
 

	
 
	
 
	
 
	
 
	
 

	
 
	
 
	
 
	
 
	
 

	
 
	
 
	
 
	
 
	
 

	
 
	
 
	
 
	
 
	
 

	
 
	
 
	
 
	
 
	
 

	
 
	
 
	
 
	
 
	
 

	
 
	
 
	
 
	
 
	
 

	
 
	
 
	
 
	
 
	
 

	
 
	
 
	
 
	
 
	
 

	
 
	
 
	
 
	
 
	
 

     

     

    

Exhibit B

 

 

 

 

 

 

     

     

    

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

 

ASTRAZENECA PLC

 

Floating Rate Notes due 2023

 

	No. 001  	$400,000,000 

 

CUSIP No. 046353AS7

ISIN No. US046353AS79

 

ASTRAZENECA PLC, a public limited company
incorporated under the laws of England and Wales (herein called the “Issuer”, which term includes any successor Person
under the Indenture hereinafter referred to), for value received, hereby promises to pay to Cede & Co., or registered assigns,
the principal sum of Four Hundred Million Dollars on August 17, 2023 and to pay interest thereon from August 17, 2018 or from the
most recent Interest Payment Date (as defined below) to which interest has been paid or duly provided for, quarterly in arrears
on February 17, May 17, August 17 and November 17 in each year, commencing November 17, 2018 (each, an “Interest Payment
Date”), at the rate per annum determined in accordance with the provisions set forth on the reverse side hereof, until the
principal hereof is paid or made available for payment. The interest so payable, and punctually paid or duly provided for, on any
Interest Payment Date will, as provided in such Indenture, be paid to the Person in whose name this Security (or one or more Predecessor
Securities) is registered at the close of business on the Regular Record Date (as defined below) for such interest which shall
be the 15th calendar day preceding such Interest Payment Date (whether or not such day is a Business Day (as defined
below)), as the case may be. Any such interest not so punctually paid or duly provided for will forthwith cease to be payable to
the Holder on such Regular Record Date and may either be paid to the Person in whose name this Security (or one or more Predecessor
Securities) is registered at the close of business on a subsequent record date (the “Special Record Date”) for the
payment of such defaulted interest to be fixed by the Trustee (which shall not be less than five Business Days prior to the date
of payment of such defaulted interest), notice whereof shall be given to Holders of Securities of this series not less than 15
days prior to such Special Record Date, or

 

     

     

    

be paid at any time in any other lawful
manner not inconsistent with the requirements of any securities exchange on which the Securities of this series may be listed,
and upon such notice as may be required by such exchange, all as more fully provided in said Indenture.

 

Payment of the principal of (and premium,
if any) and any such interest on this Security will be made at the office or agency of the Issuer maintained for that purpose in
New York City, in such coin or currency of the United States of America as at the time of payment is legal tender for payment of
public and private debts; provided, however, that at the option of the Issuer payment of interest may be made by
check mailed to the address of the Person entitled thereto as such address shall appear in the Security Register.

 

Reference is hereby made to the further
provisions of this Security set forth on the reverse hereof, which further provisions shall for all purposes have the same effect
as if set forth at this place.

 

Unless the certificate of authentication
hereon has been executed by the Trustee by manual signature of an authorized signatory, this Security shall not be entitled to
any benefit under the Indenture or be valid or obligatory for any purpose.

 

     

     

    

IN WITNESS WHEREOF, the Issuer has caused
this instrument to be duly executed manually or in facsimile.

 

Dated: August 17, 2018

 

	ASTRAZENECA PLC	 

 

	By:	/s/ Marc Dunoyer	 
	 	Name:Marc Dunoyer
	 	Title:Chief Financial Officer
	 	 

 

	 

	By:	/s/ Adrian Kemp	 
	 	Name:Adrian Kemp
	 	Title:Company Secretary
	 	 

 

	 

[Signature page to Floating Rate Global Note]

 

 

     

     

    

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

 

Dated:August 17, 2018

 

	The Bank of New York MELLON

As Trustee

	 

	By:	L. O’Brien
	 	 	 
	 	 	 
	 	 	 

 

 

	 

[Signature page to Floating Rate Global Note]

 

     

     

    

This Security is one of a duly authorized
issue of securities of the Issuer (herein called the “Securities”), issued and to be issued in one or more series under
an Indenture, dated as of April 1, 2004 (herein called the “Indenture” which term shall have the meaning assigned to
it in such instrument), among the Issuer and The Bank of New York Mellon (formerly known as The Bank of New York), as successor
Trustee (herein called the “Trustee”, which term includes any other successor trustee under the Indenture) to JPMorgan
Chase Bank, and reference is hereby made to the Indenture and to the Officers’ Certificate delivered pursuant to Section
2.08 of the Indenture with respect to this security for a statement of the respective rights, limitations of rights, duties and
immunities thereunder of the Issuer, the Trustee and the Holders of the Securities and of the terms upon which the Securities are,
and are to be, authenticated and delivered. This Security is one of the series designated on the face hereof, initially limited
in aggregate principal amount to U.S.$400,000,000.

 

Interest on the Securities is payable quarterly
in arrears on February 17, May 17, August 17 and November 17 of each year, commencing November 17, 2018. However, if an Interest
Payment Date would fall on a day that is not a Business Day, the Interest Payment Date will be postponed to the next succeeding
day that is a Business Day, except that if the Business Day falls in the next succeeding calendar month, the applicable Interest
Payment Date will be the immediately preceding Business Day. In each such case, except for the Interest Payment Date falling on
the maturity date, the Interest Periods (as defined below) and the Interest Reset Dates will be adjusted accordingly to calculate
the amount of interest payable on the Securities.

 

“Business Day” means any day
which is not, in London, England or New York, New York, or the place of payment of amounts payable in respect of the Securities,
a Saturday, a Sunday, a legal holiday or a day on which banking institutions are authorized or obligated by law, regulation or
executive order to close.

 

A “London Business Day” means
a day on which dealings in deposits in U.S. dollars are transacted in the London interbank market.

 

The interest rate for the Securities for
the first Interest Period (as defined below) will be LIBOR (as defined below) as determined on August 15, 2018 plus the Spread.
Thereafter, the interest rate for each Interest Period other than the first Interest Period will be LIBOR as determined on the
applicable Interest Determination Date (as defined below) plus the Spread, in each case calculated on the basis of a 360-day year
and the actual number of days elapsed. The Spread is 66.5 basis points.

 

The interest rate will be reset on February
17, May 17, August 17 and November 17 of each year, commencing November 17, 2018 (each, an “Interest Reset Date”).
However, if any Interest Reset Date would otherwise be a day that is not a Business Day, that Interest Reset Date will be postponed
to the next succeeding day that is a Business Day, except that if the Business Day falls in the next succeeding calendar month,
the applicable Interest Reset Date will be the immediately preceding Business Day.

 

The first interest period will be the period
from and including the original issue date to but excluding the immediately succeeding Interest Reset Date. Thereafter, the interest
periods will be the periods from and including an Interest Reset Date to but excluding the immediately succeeding Interest Reset
Date (together with the first interest period, each an “Interest Period”).

 

     

     

    

However, the final Interest Period will be the period from and
including the Interest Reset Date immediately preceding the maturity date to the maturity date.

 

The Bank of New York Mellon, or its successor
appointed by the Issuer, will act as calculation agent (the “Calculation Agent”). The Calculation Agent in respect
of this Security, will determine LIBOR (as defined below) for each Interest Period on the second London Business Day prior to the
first day of such Interest Period (an “Interest Determination Date”).

 

“LIBOR” means, with respect
to any Interest Determination Date, the offered rate for deposits of U.S. dollars having a maturity of three months that appears
on the Bloomberg Screen BBAL display page, or any successor page, on Bloomberg or any successor service (or any such other service(s)
as may be nominated by ICE Benchmark Administration Limited (“IBA”) or its successor or such other entity assuming
the responsibility of IBA or its successor in calculating the London Interbank Offered Rate in the event IBA or its successor no
longer does so) (the “Designated LIBOR Page”).

 

If no rate appears on the Designated LIBOR
Page, LIBOR will be determined for such Interest Determination Date on the basis of the rates at approximately 11:00 a.m., London
time, on such Interest Determination Date at which deposits in U.S. dollars are offered to prime banks in the London inter-bank
market by four major banks in such market selected by the Calculation Agent, after consultation with the Issuer, for a term of
three months and in a principal amount equal to an amount that in the judgment of the Calculation Agent is representative for a
single transaction in U.S. dollars in such market at such time (a “Representative Amount”). The Calculation Agent will
request the principal London office of each of such banks to provide a quotation of its rate. If at least two such quotations are
provided, LIBOR for such Interest Period will be the arithmetic mean (rounded, if necessary, to the nearest one-hundred-thousandth
of a percentage point, with five-millionths of a percentage point rounded upwards) of such quotations. If fewer than two such quotations
are provided, LIBOR for such Interest Period will be the arithmetic mean (rounded, if necessary, to the nearest one-hundred-thousandth
of a percentage point, with five millionths of a percentage point rounded upwards) of the rates quoted at approximately 11:00 a.m.
in the City of New York on such Interest Determination Date by three major banks in New York City, selected by the Calculation
Agent, after consultation with the Issuer, for loans in U.S. dollars to leading European banks, for a term of three months and
in a Representative Amount; provided, however, that if the banks so selected are not quoting as mentioned above, LIBOR on the Interest
Determination Date will be LIBOR in effect with respect to the immediately preceding Interest Determination Date, or in the case
of the initial Interest Determination Date, the first Interest Rate.

 

Notwithstanding the above, if the Issuer
determines on or prior to the relevant Interest Determination Date, after consultation with an independent financial advisor selected
by the Issuer in its sole discretion, that LIBOR has ceased to be calculated or administered or is no longer viewed as an acceptable
benchmark rate in accordance with accepted market practice for debt obligations such as the Securities, then the Issuer will appoint
in its sole discretion an independent financial advisor (the “IFA”) to determine whether there is a substitute or successor
base rate to LIBOR that is consistent with accepted market practice for debt obligations such as the Securities (the “Alternative
Rate”). If the IFA determines that there is an Alternative Rate, for each future Interest Determination Date, the Calculation
Agent shall use such Alternative Rate as a substitute for LIBOR in calculating the interest rate on the Securities. As part of
such

 

     

     

    

substitution, the Calculation Agent will
make such adjustments to the Alternative Rate or the Spread thereon, as well as the business day convention, Interest Determination
Dates, Interest Reset Dates and related provisions and definitions (“Adjustments”), in each case that are consistent
with accepted market practice for the use of such Alternative Rate, all as determined and directed by the IFA; provided, however,
that the Calculation Agent shall not be required to implement any such Adjustments that affects its own rights, duties or immunities
under the Indenture, the Calculation Agency Agreement or otherwise. If the IFA determines that there is no such Alternative Rate
as provided above, LIBOR will be equal to the rate of interest in effect with respect to the immediately preceding Interest Determination
Date or, in the case of the initial Interest Determination Date, the rate of interest will be equal to the first Interest Rate.

 

The interest rate on the Securities will
in no event be higher than the maximum rate permitted by law.

 

The Indenture contains provisions to the
effect that, in the event of various tax law changes and other limited circumstances that require the Issuer to pay Additional
Amounts (as defined below), the Issuer may redeem the Securities of a series, in whole but not in part, at a price equal to 100%
of the principal amount of the Securities plus accrued interest thereon to but excluding the date of redemption, which provisions
apply to this Security.

 

Subject to the immediately preceding paragraph,
the Securities are not subject to redemption.

 

The Indenture contains provisions for defeasance
at any time of the entire indebtedness on this Security upon compliance by the Issuer with certain conditions set forth thereon,
which provisions apply to this Security.

 

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

 

Any amounts to be paid by the Issuer under
this Security of principal, premium and interest in respect of this Security will be paid without deduction or withholding for,
any and all present and future taxes, levies, duties, assessments, imposts or other governmental charges of whatever nature imposed,
assessed, levied or collected by or for the account of the government of any jurisdiction in which the Issuer is resident for tax
purposes or any political subdivision or taxing authority of such jurisdiction, unless such withholding or deduction is required
by law. If such deduction or withholding is at any time required, the Issuer will (subject to compliance by the Holder of this
Security with any relevant administrative requirements) pay such additional amounts (“Additional Amounts”) as will
result in the receipt of such amounts as would have been received by the Holder had no such withholding or deduction been required,
provided that the Issuer will not have to pay Additional Amounts if:

 

(i)   the
tax, levy, impost or other governmental charge would not have been imposed, assessed, levied or collected but for the Holder’s
(or certain related parties’) connection to the jurisdiction in which the Issuer is resident for tax purposes, other than
by merely holding this Security or by receiving principal, premium, if any, or interest, if any, on this Security, or enforcing
this Security. These connections include where the Holder or related party:

 

     

     

    

		·	is or has been a domiciliary, national or resident of such jurisdiction;

 

		·	is or has been engaged in a trade or business in such jurisdiction;

 

		·	has or had a permanent establishment in such jurisdiction; or

 

		·	is or has been physically present in such jurisdiction;

 

(ii)   the
tax, levy, impost or other governmental charge would not have been imposed, assessed, levied or collected but for presentation
of this Security for payment, if presentation is required, more than 30 days after this Security became due or payment was provided
for;

 

(iii)  the tax, levy, impost or other governmental charge is an estate, inheritance, gift, sale, transfer, personal property or similar
tax, levy, impost or other governmental charge;

 

(iv)  the tax, levy, impost or other governmental charge is payable in a manner that does not involve deduction or withholding from payments
on or in respect of this Security;

 

(v)  the
tax, levy, impost or other governmental charge would not have been imposed or withheld but for the failure of the Holder or beneficial
owner, upon a reasonable request, addressed to the Holder, to comply with any certification, identification or other reporting
requirement concerning the Holder’s or the beneficial owner’s nationality, residence, identity or connection with any
jurisdiction in which the Issuer is resident for tax purposes, if compliance is required by any treaty, statute, regulation or
administrative practice of such jurisdiction as a condition to relief or exemption from such tax, levy, impost or other governmental
charge;

 

(vi) 
the tax, levy, impost or other governmental charge is required by Sections 1471 through 1474 of the Internal Revenue Code of 1986,
as amended (“FATCA”), any current or future U.S. Treasury Regulations or rulings promulgated thereunder, any intergovernmental
agreement between the United States and any other jurisdiction to implement FATCA (an “IGA”), any law, regulation or
other official guidance enacted in any jurisdiction implementing FATCA or an IGA, or any agreement with the U.S. Internal Revenue
Service under or with respect to FATCA; or

 

(vii) any combination of the taxes referred
to in (i) through (vi) above.

 

In addition, no payments of Additional Amounts
will be made with respect to any payment on this Security if the Holder of this Security is a fiduciary, partnership or a person
other than the sole beneficial owner of any payment, and, by the laws of the jurisdiction in which the Issuer is resident for tax
purposes, that payment would be required for tax purposes to be included in income of a beneficiary or settlor with respect to
the fiduciary, a member of that partnership or a beneficial owner who would not have been entitled to the Additional Amounts had
that beneficiary, settlor, partner or member owner been the Holder of this Security.

 

The Issuer will remit the full amount of
any taxes withheld to the applicable taxing authorities in accordance with the applicable law. The Issuer will also provide the
Trustee with documentation reasonably satisfactory to the Trustee evidencing the payment of any taxes in respect of which the Issuer
has paid Additional Amounts. The Issuer will provide copies of such documentation to the Holder of this Security upon request.

 

     

     

    

Any reference in the Indenture or this Security
to principal, premium or interest in respect of this Security will be deemed also to refer to any Additional Amounts that may be
payable with respect to such principal, premium or interest under the obligations referred to herein.

 

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

 

As set forth in, and subject to, the provisions
of the Indenture, no Holder of any Security of this series will have any right to institute any proceeding with respect to the
Indenture, this Security or for any remedy thereunder, unless such Holder shall have previously given to the Trustee written notice
of a continuing Event of Default with respect to the Securities of this series, the Holders of not less than 25% in principal amount
of the Outstanding Securities of this series shall have made written request, and offered reasonable indemnity, to the Trustee
to institute such proceeding as trustee, and the Trustee shall not have received from the Holders of a majority in principal of
the Outstanding Securities of this series a direction inconsistent with such request and shall have failed to institute such proceeding
within 60 days; provided, however, that such limitations do not apply to a suit instituted by the Holder hereof for
the enforcement of payment of the principal (and premium, if any) or any interest on this Security on or after the respective due
dates expressed herein.

 

No reference herein to the Indenture and
no provision of this Security or of the Indenture shall alter or impair the obligation of the Issuer, which is absolute and unconditional,
to pay the principal of and any premium and interest on this Security at the times, place and rate, and in the coin or currency,
herein prescribed or to convert this Security as provided in the Indenture.

 

The Securities of this series are issuable
only in registered form without coupons in denominations of $2,000 and integral multiples of $1,000 in excess thereof.

 

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

 

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

 

     

     

    

This Security shall be governed by and
construed in accordance with the laws of the State of New York.

 

Unless otherwise defined herein, all terms
used in this Security which are defined in the Indenture shall have the meanings assigned to them in the Indenture.

 

     

     

    

SCHEDULE OF PRINCIPAL AMOUNT

 

The initial principal amount of this Security
shall be $400,000,000. The following decreases/increases in the principal amount of this Security have been made:

 

	
        Date
        of Decrease/Increase

         
	
        Decrease
        in Principal Amount

         
	
        Increase
        in Principal Amount

         
	
        Total
        Principal Amount Following such Decrease/Increase

         
	
        Notation
        Made by or on Behalf of Trustee

         

	
 
	
 
	
 
	
 
	
 

	
 
	
 
	
 
	
 
	
 

	
 
	
 
	
 
	
 
	
 

	
 
	
 
	
 
	
 
	
 

	
 
	
 
	
 
	
 
	
 

	
 
	
 
	
 
	
 
	
 

	
 
	
 
	
 
	
 
	
 

	
 
	
 
	
 
	
 
	
 

	
 
	
 
	
 
	
 
	
 

	
 
	
 
	
 
	
 
	
 

	
 
	
 
	
 
	
 
	
 

	
 
	
 
	
 
	
 
	
 

	
 
	
 
	
 
	
 
	
 

	
 
	
 
	
 
	
 
	
 

	
 
	
 
	
 
	
 
	
 

	
 
	
 
	
 
	
 
	
 

	
 
	
 
	
 
	
 
	
 

	
 
	
 
	
 
	
 
	
 

	
 
	
 
	
 
	
 
	
 

	
 
	
 
	
 
	
 
	
 

	
 
	
 
	
 
	
 
	
 

	
 
	
 
	
 
	
 
	
 

     

     

    

Exhibit C

 

 

 

 

 

     

     

    

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

 

ASTRAZENECA PLC

 

4.000% Notes due 2029

 

	No. 001	$500,000,000

 

CUSIP No. 046353AT5

ISIN No. US046353AT52

 

ASTRAZENECA PLC, a public limited company
incorporated under the laws of England and Wales (herein called the “Issuer”, which term includes any successor Person
under the Indenture hereinafter referred to), for value received, hereby promises to pay to Cede & Co., or registered assigns,
the principal sum of Five Hundred Million Dollars on January 17, 2029 and to pay interest thereon from August 17, 2018 or from
the most recent Interest Payment Date (as defined below) to which interest has been paid or duly provided for, semiannually in
arrears on January 17 and July 17 in each year, commencing January 17, 2019 (each, an “Interest Payment Date”), at
the rate of 4.000% per annum, until the principal hereof is paid or made available for payment. The interest so payable, and punctually
paid or duly provided for, on any Interest Payment Date will, as provided in such Indenture, be paid to the Person in whose name
this Security (or one or more Predecessor Securities) is registered at the close of business on the Regular Record Date (as defined
below) for such interest which shall be the 15th calendar day preceding such Interest Payment Date (whether or not such
day is a Business Day (as defined below)), as the case may be. Any such interest not so punctually paid or duly provided for will
forthwith cease to be payable to the Holder on such Regular Record Date and may either be paid to the Person in whose name this
Security (or one or more Predecessor Securities) is registered at the close of business on a subsequent record date (the “Special
Record Date”) for the payment of such defaulted interest to be fixed by the Trustee (which shall not be less than five Business
Days prior to the date of payment of such defaulted interest), notice whereof shall be given to Holders of Securities of this series
not less than 15 days prior to such Special Record Date, or be paid at any time in any other lawful manner not inconsistent with
the requirements of any securities exchange on which the Securities of this series may be listed, and upon such

 

     

     

    

notice as may be required by such exchange,
all as more fully provided in said Indenture.

 

Payment of the principal of (and premium,
if any) and any such interest on this Security will be made at the office or agency of the Issuer maintained for that purpose in
New York City, in such coin or currency of the United States of America as at the time of payment is legal tender for payment of
public and private debts; provided, however, that at the option of the Issuer payment of interest may be made by
check mailed to the address of the Person entitled thereto as such address shall appear in the Security Register.

 

Reference is hereby made to the further
provisions of this Security set forth on the reverse hereof, which further provisions shall for all purposes have the same effect
as if set forth at this place.

 

Unless the certificate of authentication
hereon has been executed by the Trustee by manual signature of an authorized signatory, this Security shall not be entitled to
any benefit under the Indenture or be valid or obligatory for any purpose.

 

     

     

    

IN WITNESS WHEREOF, the Issuer has caused
this instrument to be duly executed manually or in facsimile.

 

Dated: August 17, 2018

 

	ASTRAZENECA PLC
	 
	By:	/s/ Marc Dunoyer
	 	Name:Marc Dunoyer
	 	Title:Chief Financial Officer

	 

	By:	/s/ Adrian Kemp
	 	Name:Adrian Kemp
	 	Title:Company Secretary

 

	 

[Signature Page to Global Note]

 

     

     

    

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

 

Dated:August 17, 2018

 

	The Bank of New York MELLON

As Trustee

 

	By:	L. O'Brien

 

 

	 

 
[Signature Page to Global Note]

 

     

     

    

This Security is one of a duly authorized
issue of securities of the Issuer (herein called the “Securities”), issued and to be issued in one or more series under
an Indenture, dated as of April 1, 2004 (herein called the “Indenture” which term shall have the meaning assigned to
it in such instrument), among the Issuer and The Bank of New York Mellon (formerly known as The Bank of New York), as successor
Trustee (herein called the “Trustee”, which term includes any other successor trustee under the Indenture) to JPMorgan
Chase Bank, and reference is hereby made to the Indenture and to the Officers’ Certificate delivered pursuant to Section
2.08 of the Indenture with respect to this security for a statement of the respective rights, limitations of rights, duties and
immunities thereunder of the Issuer, the Trustee and the Holders of the Securities and of the terms upon which the Securities are,
and are to be, authenticated and delivered. This Security is one of the series designated on the face hereof, initially limited
in aggregate principal amount to U.S.$1,000,000,000.

 

The Securities of this series are subject
to redemption, as a whole or in part, from time to time, at the election of the Issuer, upon not less than 15 nor more than 30
days’ notice, as follows: (i) prior to October 17, 2028 (the “Par Call Date”), at a Redemption Price equal to
the greater of (A) 100% of the principal amount of the Securities to be redeemed, and (B) as determined by the Quotation Agent
(as defined below), the sum of the present values of the remaining scheduled payments of principal and interest thereon (assuming
for this purpose that such series of Notes matured on the Par Call Date and not including any portion of such payments of interest
accrued as of the date of redemption) discounted to the date of redemption on a semiannual basis (assuming a 360-day year consisting
of twelve 30-day months) at the Treasury Rate plus 20 basis points, and (ii) on or after the Par Call Date, at a redemption price
equal to 100% of the principal amount of the Securities to be redeemed; plus, in each of cases (A) and (B) above, accrued interest
thereon to but excluding the date of redemption.

 

“Business Day” means any day which is not, in
London, England or New York, New York, or the place of payment of amounts payable in respect of the Securities, a Saturday, a Sunday,
a legal holiday or a day on which banking institutions are authorized or obligated by law, regulation or executive order to close.

 

“Comparable Treasury Issue” means the United
States Treasury security selected by the Quotation Agent as having a maturity comparable to the remaining term of the Securities
to be redeemed that would be utilized, at the time of selection and in accordance with customary financial practice, in pricing
new issues of corporate debt securities of comparable maturity to the remaining term of such Securities (assuming for this purpose
that such Securities matured on the Par Call Date).

 

     

     

    

“Comparable Treasury Price” means, with respect
to any redemption date, (i) the average, as determined by the Quotation Agent, of the Reference Treasury Dealer Quotations for
such redemption date, after excluding the highest and lowest such Reference Treasury Dealer Quotations, or (ii) if the Quotation
Agent obtains fewer than three such Reference Treasury Dealer Quotations, the average of all such Quotations.

 

“Quotation Agent” means the Reference Treasury
Dealer appointed by the Issuer.

 

“Reference Treasury Dealer” means (i) Citigroup
Global Markets Inc., Deutsche Bank Securities Inc., Goldman Sachs & Co. LLC and J.P. Morgan Securities LLC, and their respective
successors; provided, however, that if the foregoing shall cease to be a primary U.S. Government securities dealer in New
York City (a “Primary Treasury Dealer”), the Issuer shall substitute therefor another Primary Treasury Dealer; and
(ii) any other Primary Treasury Dealer selected by the Issuer.

 

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

 

“Treasury Rate” means, with respect to any redemption
date, the rate per annum equal to the semiannual equivalent yield to maturity of the Comparable Treasury Issue, assuming a price
for the Comparable Treasury Issue (expressed as a percentage of its principal amount) equal to the Comparable Treasury Price for
such redemption date.

 

The Indenture contains provisions to the
effect that, in the event of various tax law changes and other limited circumstances that require the Issuer to pay Additional
Amounts (as defined below), the Issuer may redeem the Securities of a series, in whole but not in part, at a price equal to 100%
of the principal amount of the Securities plus accrued interest thereon to but excluding the date of redemption, which provisions
apply to this Security.

 

In the event of redemption of this Security
in part only, a new Security or Securities of this series and of like tenor for the unredeemed portion hereof will be issued in
the name of the Holder hereof upon the cancellation hereof.

 

     

     

    

The Indenture contains provisions for defeasance
at any time of the entire indebtedness on this Security upon compliance by the Issuer with certain conditions set forth thereon,
which provisions apply to this Security.

 

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

 

Any amounts to be paid by the Issuer under
this Security of principal, premium and interest in respect of this Security will be paid without deduction or withholding for,
any and all present and future taxes, levies, duties, assessments, imposts or other governmental charges of whatever nature imposed,
assessed, levied or collected by or for the account of the government of any jurisdiction in which the Issuer is resident for tax
purposes or any political subdivision or taxing authority of such jurisdiction, unless such withholding or deduction is required
by law. If such deduction or withholding is at any time required, the Issuer will (subject to compliance by the Holder of this
Security with any relevant administrative requirements) pay such additional amounts (“Additional Amounts”) as will
result in the receipt of such amounts as would have been received by the Holder had no such withholding or deduction been required,
provided that the Issuer will not have to pay Additional Amounts if:

 

(i)   the
tax, levy, impost or other governmental charge would not have been imposed, assessed, levied or collected but for the Holder’s
(or certain related parties’) connection to the jurisdiction in which the Issuer is resident for tax purposes, other than
by merely holding this Security or by receiving principal, premium, if any, or interest, if any, on this Security, or enforcing
this Security. These connections include where the Holder or related party:

 

		·	is or has been a domiciliary, national or resident of such jurisdiction;

 

		·	is or has been engaged in a trade or business in such jurisdiction;

 

		·	has or had a permanent establishment in such jurisdiction; or

 

		·	is or has been physically present in such jurisdiction;

 

(ii)   the
tax, levy, impost or other governmental charge would not have been imposed, assessed, levied or collected but for presentation
of this Security for payment, if presentation is required, more than 30 days after this Security became due or payment was provided
for;

 

(iii)  the tax, levy, impost or other governmental
charge is an estate, inheritance, gift, sale, transfer, personal property or similar tax, levy, impost or other governmental charge;

 

     

     

    

(iv)  the tax, levy, impost or other governmental charge is payable in a manner that does not involve deduction or withholding from payments
on or in respect of this Security;

 

(v)   the
tax, levy, impost or other governmental charge would not have been imposed or withheld but for the failure of the Holder or beneficial
owner, upon a reasonable request, addressed to the Holder, to comply with any certification, identification or other reporting
requirement concerning the Holder’s or the beneficial owner’s nationality, residence, identity or connection with any
jurisdiction in which the Issuer is resident for tax purposes, if compliance is required by any treaty, statute, regulation or
administrative practice of such jurisdiction as a condition to relief or exemption from such tax, levy, impost or other governmental
charge;

 

(vi) 
the tax, levy, impost or other governmental charge is required by Sections 1471 through 1474 of the Internal Revenue Code of 1986,
as amended (“FATCA”), any current or future U.S. Treasury Regulations or rulings promulgated thereunder, any intergovernmental
agreement between the United States and any other jurisdiction to implement FATCA (an “IGA”), any law, regulation or
other official guidance enacted in any jurisdiction implementing FATCA or an IGA, or any agreement with the U.S. Internal Revenue
Service under or with respect to FATCA; or

 

(vii) any combination of the taxes referred
to in (i) through (vi) above.

 

In addition, no payments of Additional
Amounts will be made with respect to any payment on this Security if the Holder of this Security is a fiduciary, partnership or
a person other than the sole beneficial owner of any payment, and, by the laws of the jurisdiction in which the Issuer is resident
for tax purposes, that payment would be required for tax purposes to be included in income of a beneficiary or settlor with respect
to the fiduciary, a member of that partnership or a beneficial owner who would not have been entitled to the Additional Amounts
had that beneficiary, settlor, partner or member owner been the Holder of this Security.

 

The Issuer will remit the full amount of
any taxes withheld to the applicable taxing authorities in accordance with the applicable law. The Issuer will also provide the
Trustee with documentation reasonably satisfactory to the Trustee evidencing the payment of any taxes in respect of which the Issuer
has paid Additional Amounts. The Issuer will provide copies of such documentation to the Holder of this Security upon request.

 

Any reference in the Indenture or this
Security to principal, premium or interest in respect of this Security will be deemed also to refer to any Additional Amounts that
may be payable with respect to such principal, premium or interest under the obligations referred to herein.

 

     

     

    

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

 

As set forth in, and subject to, the provisions
of the Indenture, no Holder of any Security of this series will have any right to institute any proceeding with respect to the
Indenture, this Security or for any remedy thereunder, unless such Holder shall have previously given to the Trustee written notice
of a continuing Event of Default with respect to the Securities of this series, the Holders of not less than 25% in principal amount
of the Outstanding Securities of this series shall have made written request, and offered reasonable indemnity, to the Trustee
to institute such proceeding as trustee, and the Trustee shall not have received from the Holders of a majority in principal of
the Outstanding Securities of this series a direction inconsistent with such request and shall have failed to institute such proceeding
within 60 days; provided, however, that such limitations do not apply to a suit instituted by the Holder hereof for
the enforcement of payment of the principal (and premium, if any) or any interest on this Security on or after the respective due
dates expressed herein.

 

No reference herein to the Indenture and
no provision of this Security or of the Indenture shall alter or impair the obligation of the Issuer, which is absolute and unconditional,
to pay the principal of and any premium and interest on this Security at the times, place and rate, and in the coin or currency,
herein prescribed or to convert this Security as provided in the Indenture.

 

The Securities of this series are issuable
only in registered form without coupons in denominations of $2,000 and integral multiples of $1,000 in excess thereof.

 

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

 

     

     

    

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

 

This Security shall be governed by and
construed in accordance with the laws of the State of New York.

 

Unless otherwise defined herein, all terms
used in this Security which are defined in the Indenture shall have the meanings assigned to them in the Indenture.

 

     

     

    

SCHEDULE OF PRINCIPAL AMOUNT

 

The initial principal amount of this Security
shall be $500,000,000. The following decreases/increases in the principal amount of this Security have been made:

 

	
        Date
        of Decrease/Increase

         
	
        Decrease
        in Principal Amount

         
	
        Increase
        in Principal Amount

         
	
        Total
        Principal Amount Following such Decrease/Increase

         
	
        Notation
        Made by or on Behalf of Trustee

         

	
 
	
 
	
 
	
 
	
 

	
 
	
 
	
 
	
 
	
 

	
 
	
 
	
 
	
 
	
 

	
 
	
 
	
 
	
 
	
 

	
 
	
 
	
 
	
 
	
 

	
 
	
 
	
 
	
 
	
 

	
 
	
 
	
 
	
 
	
 

	
 
	
 
	
 
	
 
	
 

	
 
	
 
	
 
	
 
	
 

	
 
	
 
	
 
	
 
	
 

	
 
	
 
	
 
	
 
	
 

	
 
	
 
	
 
	
 
	
 

	
 
	
 
	
 
	
 
	
 

	
 
	
 
	
 
	
 
	
 

	
 
	
 
	
 
	
 
	
 

	
 
	
 
	
 
	
 
	
 

	
 
	
 
	
 
	
 
	
 

	
 
	
 
	
 
	
 
	
 

	
 
	
 
	
 
	
 
	
 

	
 
	
 
	
 
	
 
	
 

	
 
	
 
	
 
	
 
	
 

	
 
	
 
	
 
	
 
	
 

     

     

    

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

 

ASTRAZENECA PLC

 

4.000% Notes due 2029

 

	No. 002	$500,000,000

 

CUSIP No. 046353AT5

ISIN No. US046353AT52

 

ASTRAZENECA PLC, a public limited company
incorporated under the laws of England and Wales (herein called the “Issuer”, which term includes any successor Person
under the Indenture hereinafter referred to), for value received, hereby promises to pay to Cede & Co., or registered assigns,
the principal sum of Five Hundred Million Dollars on January 17, 2029 and to pay interest thereon from August 17, 2018 or from
the most recent Interest Payment Date (as defined below) to which interest has been paid or duly provided for, semiannually in
arrears on January 17 and July 17 in each year, commencing January 17, 2019 (each, an “Interest Payment Date”), at
the rate of 4.000% per annum, until the principal hereof is paid or made available for payment. The interest so payable, and punctually
paid or duly provided for, on any Interest Payment Date will, as provided in such Indenture, be paid to the Person in whose name
this Security (or one or more Predecessor Securities) is registered at the close of business on the Regular Record Date (as defined
below) for such interest which shall be the 15th calendar day preceding such Interest Payment Date (whether or not such
day is a Business Day (as defined below)), as the case may be. Any such interest not so punctually paid or duly provided for will
forthwith cease to be payable to the Holder on such Regular Record Date and may either be paid to the Person in whose name this
Security (or one or more Predecessor Securities) is registered at the close of business on a subsequent record date (the “Special
Record Date”) for the payment of such defaulted interest to be fixed by the Trustee (which shall not be less than five Business
Days prior to the date of payment of such defaulted interest), notice whereof shall be given to Holders of Securities of this series
not less than 15 days prior to such Special Record Date, or be paid at any time in any other lawful manner not inconsistent with
the requirements of any securities exchange on which the Securities of this series may be listed, and upon such

 

     

     

    

notice as may be required by such exchange,
all as more fully provided in said Indenture.

 

Payment of the principal of (and premium,
if any) and any such interest on this Security will be made at the office or agency of the Issuer maintained for that purpose in
New York City, in such coin or currency of the United States of America as at the time of payment is legal tender for payment of
public and private debts; provided, however, that at the option of the Issuer payment of interest may be made by
check mailed to the address of the Person entitled thereto as such address shall appear in the Security Register.

 

Reference is hereby made to the further
provisions of this Security set forth on the reverse hereof, which further provisions shall for all purposes have the same effect
as if set forth at this place.

 

Unless the certificate of authentication
hereon has been executed by the Trustee by manual signature of an authorized signatory, this Security shall not be entitled to
any benefit under the Indenture or be valid or obligatory for any purpose.

 

     

     

    

IN WITNESS WHEREOF, the Issuer has caused
this instrument to be duly executed manually or in facsimile.

 

Dated:August 17, 2018

 

	ASTRAZENECA PLC	 
	 	 
	By:	/s/ Marc Dunoyer	 
	 	Name:Marc Dunoyer
	 	Title:Chief Financial Officer	 

	 

	By:	/s/ Adrian Kemp	 
	 	Name:Adrian Kemp
	 	Title:Company Secretary
	 	 

	 

 

[Signature Page to Global Note]

 

     

     

    

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

 

Dated: August 17, 2018

 

 

	The Bank of New York MELLON

As Trustee

 

	By:	L. O'Brien	 

 

	 

[Signature Page to Global Note]

 

     

     

    

This Security is one of a duly authorized
issue of securities of the Issuer (herein called the “Securities”), issued and to be issued in one or more series under
an Indenture, dated as of April 1, 2004 (herein called the “Indenture” which term shall have the meaning assigned to
it in such instrument), among the Issuer and The Bank of New York Mellon (formerly known as The Bank of New York), as successor
Trustee (herein called the “Trustee”, which term includes any other successor trustee under the Indenture) to JPMorgan
Chase Bank, and reference is hereby made to the Indenture and to the Officers’ Certificate delivered pursuant to Section
2.08 of the Indenture with respect to this security for a statement of the respective rights, limitations of rights, duties and
immunities thereunder of the Issuer, the Trustee and the Holders of the Securities and of the terms upon which the Securities are,
and are to be, authenticated and delivered. This Security is one of the series designated on the face hereof, initially limited
in aggregate principal amount to U.S.$1,000,000,000.

 

The Securities of this series are subject
to redemption, as a whole or in part, from time to time, at the election of the Issuer, upon not less than 15 nor more than 30
days’ notice, as follows: (i) prior to October 17, 2028 (the “Par Call Date”), at a Redemption Price equal to
the greater of (A) 100% of the principal amount of the Securities to be redeemed, and (B) as determined by the Quotation Agent
(as defined below), the sum of the present values of the remaining scheduled payments of principal and interest thereon (assuming
for this purpose that such series of Notes matured on the Par Call Date and not including any portion of such payments of interest
accrued as of the date of redemption) discounted to the date of redemption on a semiannual basis (assuming a 360-day year consisting
of twelve 30-day months) at the Treasury Rate plus 20 basis points, and (ii) on or after the Par Call Date, at a redemption price
equal to 100% of the principal amount of the Securities to be redeemed; plus, in each of cases (A) and (B) above, accrued interest
thereon to but excluding the date of redemption.

 

“Business Day” means any day which is not, in
London, England or New York, New York, or the place of payment of amounts payable in respect of the Securities, a Saturday, a Sunday,
a legal holiday or a day on which banking institutions are authorized or obligated by law, regulation or executive order to close.

 

“Comparable Treasury Issue” means the United
States Treasury security selected by the Quotation Agent as having a maturity comparable to the remaining term of the Securities
to be redeemed that would be utilized, at the time of selection and in accordance with customary financial practice, in pricing
new issues of corporate debt securities of comparable maturity to the remaining term of such Securities (assuming for this purpose
that such Securities matured on the Par Call Date).

 

“Comparable Treasury Price” means, with respect
to any redemption date, (i) the average, as determined by the Quotation Agent, of the Reference Treasury Dealer Quotations for
such redemption date, after excluding the highest and lowest such Reference Treasury Dealer Quotations, or (ii) if the Quotation
Agent obtains fewer than three such Reference Treasury Dealer Quotations, the average of all such Quotations.

 

“Quotation Agent” means the Reference Treasury
Dealer appointed by the Issuer.

 

     

     

    

“Reference Treasury Dealer” means (i) Citigroup
Global Markets Inc., Deutsche Bank Securities Inc., Goldman Sachs & Co. LLC and J.P. Morgan Securities LLC, and their respective
successors; provided, however, that if the foregoing shall cease to be a primary U.S. Government securities dealer in New
York City (a “Primary Treasury Dealer”), the Issuer shall substitute therefor another Primary Treasury Dealer; and
(ii) any other Primary Treasury Dealer selected by the Issuer.

 

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

 

“Treasury Rate” means, with respect to any redemption
date, the rate per annum equal to the semiannual equivalent yield to maturity of the Comparable Treasury Issue, assuming a price
for the Comparable Treasury Issue (expressed as a percentage of its principal amount) equal to the Comparable Treasury Price for
such redemption date.

 

The Indenture contains provisions to the
effect that, in the event of various tax law changes and other limited circumstances that require the Issuer to pay Additional
Amounts (as defined below), the Issuer may redeem the Securities of a series, in whole but not in part, at a price equal to 100%
of the principal amount of the Securities plus accrued interest thereon to but excluding the date of redemption, which provisions
apply to this Security.

 

In the event of redemption of this Security
in part only, a new Security or Securities of this series and of like tenor for the unredeemed portion hereof will be issued in
the name of the Holder hereof upon the cancellation hereof.

 

The Indenture contains provisions for defeasance
at any time of the entire indebtedness on this Security upon compliance by the Issuer with certain conditions set forth thereon,
which provisions apply to this Security.

 

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

 

Any amounts to be paid by the Issuer under
this Security of principal, premium and interest in respect of this Security will be paid without deduction or withholding for,
any and all present and future taxes, levies, duties, assessments, imposts or other governmental charges of whatever nature imposed,
assessed, levied or collected by or for the account of the government of any jurisdiction in which the Issuer is resident for tax
purposes or any political subdivision or taxing authority of such jurisdiction, unless such withholding or deduction is required
by law. If such deduction or withholding is at any time required, the Issuer will (subject to compliance by the Holder of this
Security with any relevant administrative requirements) pay such additional

 

     

     

    

amounts (“Additional Amounts”)
as will result in the receipt of such amounts as would have been received by the Holder had no such withholding or deduction been
required, provided that the Issuer will not have to pay Additional Amounts if:

 

(i)   the
tax, levy, impost or other governmental charge would not have been imposed, assessed, levied or collected but for the Holder’s
(or certain related parties’) connection to the jurisdiction in which the Issuer is resident for tax purposes, other than
by merely holding this Security or by receiving principal, premium, if any, or interest, if any, on this Security, or enforcing
this Security. These connections include where the Holder or related party:

 

		·	is or has been a domiciliary, national or resident of such jurisdiction;

 

		·	is or has been engaged in a trade or business in such jurisdiction;

 

		·	has or had a permanent establishment in such jurisdiction; or

 

		·	is or has been physically present in such jurisdiction;

 

(ii)   the
tax, levy, impost or other governmental charge would not have been imposed, assessed, levied or collected but for presentation
of this Security for payment, if presentation is required, more than 30 days after this Security became due or payment was provided
for;

 

(iii)  the tax, levy, impost or other governmental
charge is an estate, inheritance, gift, sale, transfer, personal property or similar tax, levy, impost or other governmental charge;

 

(iv)  the tax, levy, impost or other governmental charge is payable in a manner that does not involve deduction or withholding from payments
on or in respect of this Security;

 

(v)   the
tax, levy, impost or other governmental charge would not have been imposed or withheld but for the failure of the Holder or beneficial
owner, upon a reasonable request, addressed to the Holder, to comply with any certification, identification or other reporting
requirement concerning the Holder’s or the beneficial owner’s nationality, residence, identity or connection with any
jurisdiction in which the Issuer is resident for tax purposes, if compliance is required by any treaty, statute, regulation or
administrative practice of such jurisdiction as a condition to relief or exemption from such tax, levy, impost or other governmental
charge;

 

(vi)  the tax, levy, impost or other governmental charge is required by Sections 1471 through 1474 of the Internal Revenue Code of 1986,
as amended (“FATCA”), any current or future U.S. Treasury Regulations or rulings promulgated thereunder, any intergovernmental
agreement between the United States and any other jurisdiction to implement FATCA (an “IGA”), any law, regulation or
other official guidance enacted in any jurisdiction implementing FATCA or an IGA, or any agreement with the U.S. Internal Revenue
Service under or with respect to FATCA; or

 

(vii) any combination of the taxes referred
to in (i) through (vi) above.

 

In addition, no payments of Additional
Amounts will be made with respect to any payment on this Security if the Holder of this Security is a fiduciary, partnership or
a person other than the sole beneficial owner of any payment, and, by the laws of the jurisdiction in which the Issuer is resident
for tax purposes, that payment would be required for tax purposes to be included in

 

     

     

    

income of a beneficiary or settlor with
respect to the fiduciary, a member of that partnership or a beneficial owner who would not have been entitled to the Additional
Amounts had that beneficiary, settlor, partner or member owner been the Holder of this Security.

 

The Issuer will remit the full amount of
any taxes withheld to the applicable taxing authorities in accordance with the applicable law. The Issuer will also provide the
Trustee with documentation reasonably satisfactory to the Trustee evidencing the payment of any taxes in respect of which the Issuer
has paid Additional Amounts. The Issuer will provide copies of such documentation to the Holder of this Security upon request.

 

Any reference in the Indenture or this
Security to principal, premium or interest in respect of this Security will be deemed also to refer to any Additional Amounts that
may be payable with respect to such principal, premium or interest under the obligations referred to herein.

 

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

 

As set forth in, and subject to, the provisions
of the Indenture, no Holder of any Security of this series will have any right to institute any proceeding with respect to the
Indenture, this Security or for any remedy thereunder, unless such Holder shall have previously given to the Trustee written notice
of a continuing Event of Default with respect to the Securities of this series, the Holders of not less than 25% in principal amount
of the Outstanding Securities of this series shall have made written request, and offered reasonable indemnity, to the Trustee
to institute such proceeding as trustee, and the Trustee shall not have received from the Holders of a majority in principal of
the Outstanding Securities of this series a direction inconsistent with such request and shall have failed to institute such proceeding
within 60 days; provided, however, that such limitations do not apply to a suit instituted by the Holder hereof for
the enforcement of payment of the principal (and premium, if any) or any interest on this Security on or after the respective due
dates expressed herein.

 

No reference herein to the Indenture and
no provision of this Security or of the Indenture shall alter or impair the obligation of the Issuer, which is absolute and unconditional,
to pay the principal of and any premium and interest on this Security at the times, place and rate, and in the coin or currency,
herein prescribed or to convert this Security as provided in the Indenture.

 

The Securities of this series are issuable
only in registered form without coupons in denominations of $2,000 and integral multiples of $1,000 in excess thereof.

 

     

     

    

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

 

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

 

This Security shall be governed by and
construed in accordance with the laws of the State of New York.

 

Unless otherwise defined herein, all terms
used in this Security which are defined in the Indenture shall have the meanings assigned to them in the Indenture.

 

     

     

    

SCHEDULE OF PRINCIPAL AMOUNT

 

The initial principal amount of this Security
shall be $500,000,000. The following decreases/increases in the principal amount of this Security have been made:

 

	
        Date
        of Decrease/Increase

         
	
        Decrease
        in Principal Amount

         
	
        Increase
        in Principal Amount

         
	
        Total
        Principal Amount Following such Decrease/Increase

         
	
        Notation
        Made by or on Behalf of Trustee

         

	
 
	
 
	
 
	
 
	
 

	
 
	
 
	
 
	
 
	
 

	
 
	
 
	
 
	
 
	
 

	
 
	
 
	
 
	
 
	
 

	
 
	
 
	
 
	
 
	
 

	
 
	
 
	
 
	
 
	
 

	
 
	
 
	
 
	
 
	
 

	
 
	
 
	
 
	
 
	
 

	
 
	
 
	
 
	
 
	
 

	
 
	
 
	
 
	
 
	
 

	
 
	
 
	
 
	
 
	
 

	
 
	
 
	
 
	
 
	
 

	
 
	
 
	
 
	
 
	
 

	
 
	
 
	
 
	
 
	
 

	
 
	
 
	
 
	
 
	
 

	
 
	
 
	
 
	
 
	
 

	
 
	
 
	
 
	
 
	
 

	
 
	
 
	
 
	
 
	
 

	
 
	
 
	
 
	
 
	
 

	
 
	
 
	
 
	
 
	
 

	
 
	
 
	
 
	
 
	
 

	
 
	
 
	
 
	
 
	
 

     

     

    

Exhibit D

 

 

 

 

 

 

     

     

    

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

 

ASTRAZENECA PLC

 

4.375% Notes due 2048

 

	No. 001	$500,000,000

 

CUSIP No. 046353AU2

ISIN No. US046353AU26

 

ASTRAZENECA PLC, a public limited company
incorporated under the laws of England and Wales (herein called the “Issuer”, which term includes any successor Person
under the Indenture hereinafter referred to), for value received, hereby promises to pay to Cede & Co., or registered assigns,
the principal sum of Five Hundred Million Dollars on August 17, 2048 and to pay interest thereon from August 17, 2018 or from the
most recent Interest Payment Date (as defined below) to which interest has been paid or duly provided for, semiannually in arrears
on February 17 and August 17 in each year, commencing February 17, 2019 (each, an “Interest Payment Date”), at the
rate of 4.375% per annum, until the principal hereof is paid or made available for payment. The interest so payable, and punctually
paid or duly provided for, on any Interest Payment Date will, as provided in such Indenture, be paid to the Person in whose name
this Security (or one or more Predecessor Securities) is registered at the close of business on the Regular Record Date (as defined
below) for such interest which shall be the 15th calendar day preceding such Interest Payment Date (whether or not such
day is a Business Day (as defined below)), as the case may be. Any such interest not so punctually paid or duly provided for will
forthwith cease to be payable to the Holder on such Regular Record Date and may either be paid to the Person in whose name this
Security (or one or more Predecessor Securities) is registered at the close of business on a subsequent record date (the “Special
Record Date”) for the payment of such defaulted interest to be fixed by the Trustee (which shall not be less than five Business
Days prior to the date of payment of such defaulted interest), notice whereof shall be given to Holders of Securities of this series
not less than 15 days prior to such Special Record Date, or be paid at any time in any other lawful manner not inconsistent with
the requirements of any securities exchange on which the Securities of this series may

 

     

     

    

be listed, and upon such notice as may be
required by such exchange, all as more fully provided in said Indenture.

 

Payment of the principal of (and premium,
if any) and any such interest on this Security will be made at the office or agency of the Issuer maintained for that purpose in
New York City, in such coin or currency of the United States of America as at the time of payment is legal tender for payment of
public and private debts; provided, however, that at the option of the Issuer payment of interest may be made by
check mailed to the address of the Person entitled thereto as such address shall appear in the Security Register.

 

Reference is hereby made to the further
provisions of this Security set forth on the reverse hereof, which further provisions shall for all purposes have the same effect
as if set forth at this place.

 

Unless the certificate of authentication
hereon has been executed by the Trustee by manual signature of an authorized signatory, this Security shall not be entitled to
any benefit under the Indenture or be valid or obligatory for any purpose.

 

     

     

    

IN WITNESS WHEREOF, the Issuer has caused
this instrument to be duly executed manually or in facsimile.

 

Dated: August 17, 2018

 

	ASTRAZENECA PLC
	 
	By:	/s/ Marc Dunoyer
	 	Name: Marc Dunoyer
	 	Title:   Chief Financial Officer

	 

	By:	/s/ Adrian Kemp
	 	Name: Adrian Kemp
	 	Title:  Company Secretary

 

 

	 

 

 

[Signature Page to Global Note]

 

     

     

    

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

 

Dated: August 17, 2018

 

	The Bank of New York MELLON

As Trustee

  

	By:	L. O'Brien

 

 

	 

[Signature Page to Global Note]

 

     

     

    

This Security is one of a duly authorized
issue of securities of the Issuer (herein called the “Securities”), issued and to be issued in one or more series under
an Indenture, dated as of April 1, 2004 (herein called the “Indenture” which term shall have the meaning assigned to
it in such instrument), among the Issuer and The Bank of New York Mellon (formerly known as The Bank of New York), as successor
Trustee (herein called the “Trustee”, which term includes any other successor trustee under the Indenture) to JPMorgan
Chase Bank, and reference is hereby made to the Indenture and to the Officers’ Certificate delivered pursuant to Section
2.08 of the Indenture with respect to this security for a statement of the respective rights, limitations of rights, duties and
immunities thereunder of the Issuer, the Trustee and the Holders of the Securities and of the terms upon which the Securities are,
and are to be, authenticated and delivered. This Security is one of the series designated on the face hereof, initially limited
in aggregate principal amount to U.S.$ 750,000,000.

 

The Securities of this series are subject
to redemption, as a whole or in part, from time to time, at the election of the Issuer, upon not less than 15 nor more than 30
days’ notice, as follows: (i) prior to February 17, 2048 (the “Par Call Date”), at a Redemption Price equal to
the greater of (A) 100% of the principal amount of the Securities to be redeemed, and (B) as determined by the Quotation Agent
(as defined below), the sum of the present values of the remaining scheduled payments of principal and interest thereon (assuming
for this purpose that such series of Notes matured on the Par Call Date and not including any portion of such payments of interest
accrued as of the date of redemption) discounted to the date of redemption on a semiannual basis (assuming a 360-day year consisting
of twelve 30-day months) at the Treasury Rate plus 25 basis points, and (ii) on or after the Par Call Date, at a redemption price
equal to 100% of the principal amount of the Securities to be redeemed; plus, in each of cases (A) and (B) above, accrued interest
thereon to but excluding the date of redemption.

 

“Business Day” means any day which is not, in
London, England or New York, New York, or the place of payment of amounts payable in respect of the Securities, a Saturday, a Sunday,
a legal holiday or a day on which banking institutions are authorized or obligated by law, regulation or executive order to close.

 

“Comparable Treasury Issue” means the United
States Treasury security selected by the Quotation Agent as having a maturity comparable to the remaining term of the Securities
to be redeemed that would be utilized, at the time of selection and in accordance with customary financial practice, in pricing
new issues of corporate debt securities of comparable maturity to the remaining term of such Securities (assuming for this purpose
that such Securities matured on the Par Call Date).

 

     

     

    

“Comparable Treasury Price” means, with respect
to any redemption date, (i) the average, as determined by the Quotation Agent, of the Reference Treasury Dealer Quotations for
such redemption date, after excluding the highest and lowest such Reference Treasury Dealer Quotations, or (ii) if the Quotation
Agent obtains fewer than three such Reference Treasury Dealer Quotations, the average of all such Quotations.

 

“Quotation Agent” means the Reference Treasury
Dealer appointed by the Issuer.

 

“Reference Treasury Dealer” means (i) Citigroup
Global Markets Inc., Deutsche Bank Securities Inc., Goldman Sachs & Co. LLC and J.P. Morgan Securities LLC, and their respective
successors; provided, however, that if the foregoing shall cease to be a primary U.S. Government securities dealer in New
York City (a “Primary Treasury Dealer”), the Issuer shall substitute therefor another Primary Treasury Dealer; and
(ii) any other Primary Treasury Dealer selected by the Issuer.

 

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

 

“Treasury Rate” means, with respect to any redemption
date, the rate per annum equal to the semiannual equivalent yield to maturity of the Comparable Treasury Issue, assuming a price
for the Comparable Treasury Issue (expressed as a percentage of its principal amount) equal to the Comparable Treasury Price for
such redemption date.

 

The Indenture contains provisions to the
effect that, in the event of various tax law changes and other limited circumstances that require the Issuer to pay Additional
Amounts (as defined below), the Issuer may redeem the Securities of a series, in whole but not in part, at a price equal to 100%
of the principal amount of the Securities plus accrued interest thereon to but excluding the date of redemption, which provisions
apply to this Security.

 

In the event of redemption of this Security
in part only, a new Security or Securities of this series and of like tenor for the unredeemed portion hereof will be issued in
the name of the Holder hereof upon the cancellation hereof.

 

     

     

    

The Indenture contains provisions for defeasance
at any time of the entire indebtedness on this Security upon compliance by the Issuer with certain conditions set forth thereon,
which provisions apply to this Security.

 

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

 

Any amounts to be paid by the Issuer under
this Security of principal, premium and interest in respect of this Security will be paid without deduction or withholding for,
any and all present and future taxes, levies, duties, assessments, imposts or other governmental charges of whatever nature imposed,
assessed, levied or collected by or for the account of the government of any jurisdiction in which the Issuer is resident for tax
purposes or any political subdivision or taxing authority of such jurisdiction, unless such withholding or deduction is required
by law. If such deduction or withholding is at any time required, the Issuer will (subject to compliance by the Holder of this
Security with any relevant administrative requirements) pay such additional amounts (“Additional Amounts”) as will
result in the receipt of such amounts as would have been received by the Holder had no such withholding or deduction been required,
provided that the Issuer will not have to pay Additional Amounts if:

 

(i)   the
tax, levy, impost or other governmental charge would not have been imposed, assessed, levied or collected but for the Holder’s
(or certain related parties’) connection to the jurisdiction in which the Issuer is resident for tax purposes, other than
by merely holding this Security or by receiving principal, premium, if any, or interest, if any, on this Security, or enforcing
this Security. These connections include where the Holder or related party:

 

		·	is or has been a domiciliary, national or resident of such jurisdiction;

 

		·	is or has been engaged in a trade or business in such jurisdiction;

 

		·	has or had a permanent establishment in such jurisdiction; or

 

		·	is or has been physically present in such jurisdiction;

 

(ii)   the
tax, levy, impost or other governmental charge would not have been imposed, assessed, levied or collected but for presentation
of this Security for payment, if presentation is required, more than 30 days after this Security became due or payment was provided
for;

 

(iii)  the tax, levy, impost or other governmental
charge is an estate, inheritance, gift, sale, transfer, personal property or similar tax, levy, impost or other governmental charge;

 

     

     

    

(iv)  the tax, levy, impost or other governmental
charge is payable in a manner that does not involve deduction or withholding from payments on or in respect of this Security;

 

(v)   the
tax, levy, impost or other governmental charge would not have been imposed or withheld but for the failure of the Holder or beneficial
owner, upon a reasonable request, addressed to the Holder, to comply with any certification, identification or other reporting
requirement concerning the Holder’s or the beneficial owner’s nationality, residence, identity or connection with any
jurisdiction in which the Issuer is resident for tax purposes, if compliance is required by any treaty, statute, regulation or
administrative practice of such jurisdiction as a condition to relief or exemption from such tax, levy, impost or other governmental
charge;

 

(vi) 
the tax, levy, impost or other governmental charge is required by Sections 1471 through 1474 of the Internal Revenue Code of 1986,
as amended (“FATCA”), any current or future U.S. Treasury Regulations or rulings promulgated thereunder, any intergovernmental
agreement between the United States and any other jurisdiction to implement FATCA (an “IGA”), any law, regulation or
other official guidance enacted in any jurisdiction implementing FATCA or an IGA, or any agreement with the U.S. Internal Revenue
Service under or with respect to FATCA; or

 

(vii) any combination of the taxes referred
to in (i) through (vi) above.

 

In addition, no payments of Additional
Amounts will be made with respect to any payment on this Security if the Holder of this Security is a fiduciary, partnership or
a person other than the sole beneficial owner of any payment, and, by the laws of the jurisdiction in which the Issuer is resident
for tax purposes, that payment would be required for tax purposes to be included in income of a beneficiary or settlor with respect
to the fiduciary, a member of that partnership or a beneficial owner who would not have been entitled to the Additional Amounts
had that beneficiary, settlor, partner or member owner been the Holder of this Security.

 

The Issuer will remit the full amount of
any taxes withheld to the applicable taxing authorities in accordance with the applicable law. The Issuer will also provide the
Trustee with documentation reasonably satisfactory to the Trustee evidencing the payment of any taxes in respect of which the Issuer
has paid Additional Amounts. The Issuer will provide copies of such documentation to the Holder of this Security upon request.

 

Any reference in the Indenture or this
Security to principal, premium or interest in respect of this Security will be deemed also to refer to any Additional Amounts that
may be payable with respect to such principal, premium or interest under the obligations referred to herein.

 

     

     

    

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

 

As set forth in, and subject to, the provisions
of the Indenture, no Holder of any Security of this series will have any right to institute any proceeding with respect to the
Indenture, this Security or for any remedy thereunder, unless such Holder shall have previously given to the Trustee written notice
of a continuing Event of Default with respect to the Securities of this series, the Holders of not less than 25% in principal amount
of the Outstanding Securities of this series shall have made written request, and offered reasonable indemnity, to the Trustee
to institute such proceeding as trustee, and the Trustee shall not have received from the Holders of a majority in principal of
the Outstanding Securities of this series a direction inconsistent with such request and shall have failed to institute such proceeding
within 60 days; provided, however, that such limitations do not apply to a suit instituted by the Holder hereof for
the enforcement of payment of the principal (and premium, if any) or any interest on this Security on or after the respective due
dates expressed herein.

 

No reference herein to the Indenture and
no provision of this Security or of the Indenture shall alter or impair the obligation of the Issuer, which is absolute and unconditional,
to pay the principal of and any premium and interest on this Security at the times, place and rate, and in the coin or currency,
herein prescribed or to convert this Security as provided in the Indenture.

 

The Securities of this series are issuable
only in registered form without coupons in denominations of $2,000 and integral multiples of $1,000 in excess thereof.

 

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

 

     

     

    

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

 

This Security shall be governed by and
construed in accordance with the laws of the State of New York.

 

Unless otherwise defined herein, all terms
used in this Security which are defined in the Indenture shall have the meanings assigned to them in the Indenture.

 

     

     

    

SCHEDULE OF PRINCIPAL AMOUNT

 

The initial principal amount of this Security
shall be $500,000,000. The following decreases/increases in the principal amount of this Security have been made:

 

	
        Date
        of Decrease/Increase

         
	
        Decrease
        in Principal Amount

         
	
        Increase
        in Principal Amount

         
	
        Total
        Principal Amount Following such Decrease/Increase

         
	
        Notation
        Made by or on Behalf of Trustee

         

	
 
	
 
	
 
	
 
	
 

	
 
	
 
	
 
	
 
	
 

	
 
	
 
	
 
	
 
	
 

	
 
	
 
	
 
	
 
	
 

	
 
	
 
	
 
	
 
	
 

	
 
	
 
	
 
	
 
	
 

	
 
	
 
	
 
	
 
	
 

	
 
	
 
	
 
	
 
	
 

	
 
	
 
	
 
	
 
	
 

	
 
	
 
	
 
	
 
	
 

	
 
	
 
	
 
	
 
	
 

	
 
	
 
	
 
	
 
	
 

	
 
	
 
	
 
	
 
	
 

	
 
	
 
	
 
	
 
	
 

	
 
	
 
	
 
	
 
	
 

	
 
	
 
	
 
	
 
	
 

	
 
	
 
	
 
	
 
	
 

	
 
	
 
	
 
	
 
	
 

	
 
	
 
	
 
	
 
	
 

	
 
	
 
	
 
	
 
	
 

	
 
	
 
	
 
	
 
	
 

	
 
	
 
	
 
	
 
	
 

     

     

    

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

 

ASTRAZENECA PLC

 

4.375% Notes due 2048

 

	No. 002	$250,000,000

 

CUSIP No. 046353AU2

ISIN No. US046353AU26

 

ASTRAZENECA PLC, a public limited company
incorporated under the laws of England and Wales (herein called the “Issuer”, which term includes any successor Person
under the Indenture hereinafter referred to), for value received, hereby promises to pay to Cede & Co., or registered assigns,
the principal sum of Two Hundred And Fifty Million Dollars on August 17, 2048 and to pay interest thereon from August 17, 2018
or from the most recent Interest Payment Date (as defined below) to which interest has been paid or duly provided for, semiannually
in arrears on February 17 and August 17 in each year, commencing February 17, 2019 (each, an “Interest Payment Date”),
at the rate of 4.375% per annum, until the principal hereof is paid or made available for payment. The interest so payable, and
punctually paid or duly provided for, on any Interest Payment Date will, as provided in such Indenture, be paid to the Person in
whose name this Security (or one or more Predecessor Securities) is registered at the close of business on the Regular Record Date
(as defined below) for such interest which shall be the 15th calendar day preceding such Interest Payment Date (whether
or not such day is a Business Day (as defined below)), as the case may be. Any such interest not so punctually paid or duly provided
for will forthwith cease to be payable to the Holder on such Regular Record Date and may either be paid to the Person in whose
name this Security (or one or more Predecessor Securities) is registered at the close of business on a subsequent record date (the
“Special Record Date”) for the payment of such defaulted interest to be fixed by the Trustee (which shall not be less
than five Business Days prior to the date of payment of such defaulted interest), notice whereof shall be given to Holders of Securities
of this series not less than 15 days prior to such Special Record Date, or be paid at any time in any other lawful manner not inconsistent
with the requirements of any securities exchange on which the Securities of this series may

 

     

     

    

be listed, and upon such notice as may be
required by such exchange, all as more fully provided in said Indenture.

 

Payment of the principal of (and premium,
if any) and any such interest on this Security will be made at the office or agency of the Issuer maintained for that purpose in
New York City, in such coin or currency of the United States of America as at the time of payment is legal tender for payment of
public and private debts; provided, however, that at the option of the Issuer payment of interest may be made by
check mailed to the address of the Person entitled thereto as such address shall appear in the Security Register.

 

Reference is hereby made to the further
provisions of this Security set forth on the reverse hereof, which further provisions shall for all purposes have the same effect
as if set forth at this place.

 

Unless the certificate of authentication
hereon has been executed by the Trustee by manual signature of an authorized signatory, this Security shall not be entitled to
any benefit under the Indenture or be valid or obligatory for any purpose.

 

     

     

    

IN WITNESS WHEREOF, the Issuer has caused
this instrument to be duly executed manually or in facsimile.

 

Dated: August 17, 2018

 

	ASTRAZENECA PLC
	 
	By:	/s/ Marc Dunoyer
	 	Name:Marc Dunoyer
	 	Title:Chief Financial Officer

 

	By:	/s/ Adrian Kemp
	 	Name:Adrian Kemp
	 	Title:Company Secretary

 

 

 

	 

 

 

[Signature Page to Global Note]

 

     

     

    

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

 

Dated: August 17, 2018

 

	The Bank of New York MELLON

As Trustee

 

	By:	L. O'Brien

 

	 

[Signature Page to Global Note]

 

     

     

    

This Security is one of a duly authorized
issue of securities of the Issuer (herein called the “Securities”), issued and to be issued in one or more series under
an Indenture, dated as of April 1, 2004 (herein called the “Indenture” which term shall have the meaning assigned to
it in such instrument), among the Issuer and The Bank of New York Mellon (formerly known as The Bank of New York), as successor
Trustee (herein called the “Trustee”, which term includes any other successor trustee under the Indenture) to JPMorgan
Chase Bank, and reference is hereby made to the Indenture and to the Officers’ Certificate delivered pursuant to Section
2.08 of the Indenture with respect to this security for a statement of the respective rights, limitations of rights, duties and
immunities thereunder of the Issuer, the Trustee and the Holders of the Securities and of the terms upon which the Securities are,
and are to be, authenticated and delivered. This Security is one of the series designated on the face hereof, initially limited
in aggregate principal amount to U.S.$ 750,000,000.

 

The Securities of this series are subject
to redemption, as a whole or in part, from time to time, at the election of the Issuer, upon not less than 15 nor more than 30
days’ notice, as follows: (i) prior to February 17, 2048 (the “Par Call Date”), at a Redemption Price equal to
the greater of (A) 100% of the principal amount of the Securities to be redeemed, and (B) as determined by the Quotation Agent
(as defined below), the sum of the present values of the remaining scheduled payments of principal and interest thereon (assuming
for this purpose that such series of Notes matured on the Par Call Date and not including any portion of such payments of interest
accrued as of the date of redemption) discounted to the date of redemption on a semiannual basis (assuming a 360-day year consisting
of twelve 30-day months) at the Treasury Rate plus 25 basis points, and (ii) on or after the Par Call Date, at a redemption price
equal to 100% of the principal amount of the Securities to be redeemed; plus, in each of cases (A) and (B) above, accrued interest
thereon to but excluding the date of redemption.

 

“Business Day” means any day which is not, in
London, England or New York, New York, or the place of payment of amounts payable in respect of the Securities, a Saturday, a Sunday,
a legal holiday or a day on which banking institutions are authorized or obligated by law, regulation or executive order to close.

 

“Comparable Treasury Issue” means the United
States Treasury security selected by the Quotation Agent as having a maturity comparable to the remaining term of the Securities
to be redeemed that would be utilized, at the time of selection and in accordance with customary financial practice, in pricing
new issues of corporate debt securities of comparable maturity to the remaining term of such Securities (assuming for this purpose
that such Securities matured on the Par Call Date).

 

“Comparable Treasury Price” means, with respect
to any redemption date, (i) the average, as determined by the Quotation Agent, of the Reference Treasury Dealer Quotations for
such redemption date, after excluding the highest and lowest such Reference Treasury Dealer Quotations, or (ii) if the Quotation
Agent obtains fewer than three such Reference Treasury Dealer Quotations, the average of all such Quotations.

 

“Quotation Agent” means the Reference Treasury
Dealer appointed by the Issuer.

 

     

     

    

“Reference Treasury Dealer” means (i) Citigroup
Global Markets Inc., Deutsche Bank Securities Inc., Goldman Sachs & Co. LLC and J.P. Morgan Securities LLC, and their respective
successors; provided, however, that if the foregoing shall cease to be a primary U.S. Government securities dealer in New
York City (a “Primary Treasury Dealer”), the Issuer shall substitute therefor another Primary Treasury Dealer; and
(ii) any other Primary Treasury Dealer selected by the Issuer.

 

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

 

“Treasury Rate” means, with respect to any redemption
date, the rate per annum equal to the semiannual equivalent yield to maturity of the Comparable Treasury Issue, assuming a price
for the Comparable Treasury Issue (expressed as a percentage of its principal amount) equal to the Comparable Treasury Price for
such redemption date.

 

The Indenture contains provisions to the
effect that, in the event of various tax law changes and other limited circumstances that require the Issuer to pay Additional
Amounts (as defined below), the Issuer may redeem the Securities of a series, in whole but not in part, at a price equal to 100%
of the principal amount of the Securities plus accrued interest thereon to but excluding the date of redemption, which provisions
apply to this Security.

 

In the event of redemption of this Security
in part only, a new Security or Securities of this series and of like tenor for the unredeemed portion hereof will be issued in
the name of the Holder hereof upon the cancellation hereof.

 

The Indenture contains provisions for defeasance
at any time of the entire indebtedness on this Security upon compliance by the Issuer with certain conditions set forth thereon,
which provisions apply to this Security.

 

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

 

Any amounts to be paid by the Issuer under
this Security of principal, premium and interest in respect of this Security will be paid without deduction or withholding for,
any and all present and future taxes, levies, duties, assessments, imposts or other governmental charges of whatever nature imposed,
assessed, levied or collected by or for the account of the government of any jurisdiction in which the Issuer is resident for tax
purposes or any political subdivision or taxing authority of such jurisdiction, unless such withholding or deduction is required
by law. If such deduction or withholding is at any time required, the Issuer will (subject to compliance by the Holder of this
Security with any relevant administrative requirements) pay such additional amounts (“Additional Amounts”) as will
result in the receipt of such amounts as would have

 

     

     

    

been received by the Holder had no such
withholding or deduction been required, provided that the Issuer will not have to pay Additional Amounts if:

 

(i)    the
tax, levy, impost or other governmental charge would not have been imposed, assessed, levied or collected but for the Holder’s
(or certain related parties’) connection to the jurisdiction in which the Issuer is resident for tax purposes, other than
by merely holding this Security or by receiving principal, premium, if any, or interest, if any, on this Security, or enforcing
this Security. These connections include where the Holder or related party:

 

		·	is or has been a domiciliary, national or resident of such jurisdiction;

 

		·	is or has been engaged in a trade or business in such jurisdiction;

 

		·	has or had a permanent establishment in such jurisdiction; or

 

		·	is or has been physically present in such jurisdiction;

 

(ii)   the
tax, levy, impost or other governmental charge would not have been imposed, assessed, levied or collected but for presentation
of this Security for payment, if presentation is required, more than 30 days after this Security became due or payment was provided
for;

 

(iii)  the tax, levy, impost or other governmental charge is an estate, inheritance, gift, sale, transfer, personal property or similar
tax, levy, impost or other governmental charge;

 

(iv) 
the tax, levy, impost or other governmental charge is payable in a manner that does not involve deduction or withholding from payments
on or in respect of this Security;

 

(v)   the
tax, levy, impost or other governmental charge would not have been imposed or withheld but for the failure of the Holder or beneficial
owner, upon a reasonable request, addressed to the Holder, to comply with any certification, identification or other reporting
requirement concerning the Holder’s or the beneficial owner’s nationality, residence, identity or connection with any
jurisdiction in which the Issuer is resident for tax purposes, if compliance is required by any treaty, statute, regulation or
administrative practice of such jurisdiction as a condition to relief or exemption from such tax, levy, impost or other governmental
charge;

 

(vi)  the tax, levy, impost or other governmental charge is required by Sections 1471 through 1474 of the Internal Revenue Code of 1986,
as amended (“FATCA”), any current or future U.S. Treasury Regulations or rulings promulgated thereunder, any intergovernmental
agreement between the United States and any other jurisdiction to implement FATCA (an “IGA”), any law, regulation or
other official guidance enacted in any jurisdiction implementing FATCA or an IGA, or any agreement with the U.S. Internal Revenue
Service under or with respect to FATCA; or

 

(vii) any combination of the taxes referred
to in (i) through (vi) above.

 

In addition, no payments of Additional
Amounts will be made with respect to any payment on this Security if the Holder of this Security is a fiduciary, partnership or
a person other than the sole beneficial owner of any payment, and, by the laws of the jurisdiction in which the Issuer is resident
for tax purposes, that payment would be required for tax purposes to be included in income of a beneficiary or settlor with respect
to the fiduciary, a member of that partnership or a

 

     

     

    

beneficial owner who would not have been
entitled to the Additional Amounts had that beneficiary, settlor, partner or member owner been the Holder of this Security.

 

The Issuer will remit the full amount of
any taxes withheld to the applicable taxing authorities in accordance with the applicable law. The Issuer will also provide the
Trustee with documentation reasonably satisfactory to the Trustee evidencing the payment of any taxes in respect of which the Issuer
has paid Additional Amounts. The Issuer will provide copies of such documentation to the Holder of this Security upon request.

 

Any reference in the Indenture or this
Security to principal, premium or interest in respect of this Security will be deemed also to refer to any Additional Amounts that
may be payable with respect to such principal, premium or interest under the obligations referred to herein.

 

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

 

As set forth in, and subject to, the provisions
of the Indenture, no Holder of any Security of this series will have any right to institute any proceeding with respect to the
Indenture, this Security or for any remedy thereunder, unless such Holder shall have previously given to the Trustee written notice
of a continuing Event of Default with respect to the Securities of this series, the Holders of not less than 25% in principal amount
of the Outstanding Securities of this series shall have made written request, and offered reasonable indemnity, to the Trustee
to institute such proceeding as trustee, and the Trustee shall not have received from the Holders of a majority in principal of
the Outstanding Securities of this series a direction inconsistent with such request and shall have failed to institute such proceeding
within 60 days; provided, however, that such limitations do not apply to a suit instituted by the Holder hereof for
the enforcement of payment of the principal (and premium, if any) or any interest on this Security on or after the respective due
dates expressed herein.

 

No reference herein to the Indenture and
no provision of this Security or of the Indenture shall alter or impair the obligation of the Issuer, which is absolute and unconditional,
to pay the principal of and any premium and interest on this Security at the times, place and rate, and in the coin or currency,
herein prescribed or to convert this Security as provided in the Indenture.

 

The Securities of this series are issuable
only in registered form without coupons in denominations of $2,000 and integral multiples of $1,000 in excess thereof.

 

     

     

    

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

 

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

 

This Security shall be governed by and
construed in accordance with the laws of the State of New York.

 

Unless otherwise defined herein, all terms
used in this Security which are defined in the Indenture shall have the meanings assigned to them in the Indenture.

 

     

     

    

SCHEDULE OF PRINCIPAL AMOUNT

 

The initial principal amount of this Security
shall be $250,000,000. The following decreases/increases in the principal amount of this Security have been made:

 

	
        Date
        of Decrease/Increase

         
	
        Decrease
        in Principal Amount

         
	
        Increase
        in Principal Amount

         
	
        Total
        Principal Amount Following such Decrease/Increase

         
	
        Notation
        Made by or on Behalf of Trusteeavt_Ex10_10

		
			Exhibit 10.10
		

		
			AVNET, INC.
2013 STOCK COMPENSATION AND INCENTIVE PLAN 
		

		
			(As Amended and Restated Effective as of May 8, 2018)
		

		
			ARTICLE 1
PURPOSE OF THE PLAN 
		

		
			The Avnet, Inc. 2013 Stock Compensation and Incentive Plan, as amended and restated, is intended to advance the interests of the Company by helping Avnet and its Subsidiaries to attract, retain, and appropriately motivate high caliber persons to serve as Eligible Employees and Non-Employee Directors, and by providing incentives to Eligible Employees and Non-Employee Directors that are consistent with the shareholders’ interest in maximizing the value of Avnet’s Stock. 
		

		
			ARTICLE 2
DEFINITIONS 
		

			
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

				
	
					
						The following terms, when used in capitalized form, shall have the meanings set forth below: 

				

		
			2.1 “Administrator”  means—
		

		
			(a) with respect to each Award granted to an Eligible Employee, the Committee; and 
		

		
			(b) with respect to each Award granted to a Non-Employee Director, the Independent Directors. 
		

		
			2.2. “Agreement” means the document that evidences an Award granted hereunder and sets forth the material terms thereof, including any addendum to an Option Agreement relating to Stock Appreciation Rights. Each Agreement shall be in such form as prescribed or approved by the Administrator. 
		

		
			2.3. “Avnet” means Avnet, Inc. 
		

		
			2.4. “Award” means a grant under the Plan of an Option, Stock Appreciation Right, Restricted Stock, Restricted Stock Unit, Performance Share Unit, Other Stock Unit Award, or Executive Incentive Performance Award, as evidenced by an Agreement. 
		

		
			2.5. “Board of Directors” and “Director” shall mean, respectively, the Board of Directors of Avnet and any member thereof. 
		

		
			2.6. “Change in Control” means the happening of any of the following: 
		

		
			(a) the acquisition, by any individual, entity or group (within the meaning of Section 13(d)(3) or 14(d)(2) of the Exchange Act (a “Person”)), of beneficial ownership (within the meaning of Rule 13d-3) of 50% or more of either (A) the then outstanding shares of Stock or (B) the combined voting power of the then outstanding voting securities of Avnet entitled to vote generally in the election of Directors; provided, however, that none of the following acquisitions shall constitute a Change in Control under this subsection (a): (i) an acquisition directly from Avnet (excluding an acquisition by virtue of the exercise of a conversion privilege), (ii) an acquisition by Avnet or an entity controlled by Avnet, or (iii) an acquisition by any employee benefit plan (or related trust) sponsored or maintained by Avnet or any entity controlled by Avnet; or 
		

		
			(b) individuals who, as of the date of the 2013 annual meeting of Avnet’s stockholders (the “Determination Date”), constitute the Board of Directors (the “Incumbent Board”) cease for any reason to 

		 

 

constitute at least a majority of the Board of Directors; provided, however, that an individual who becomes a Director after the Determination Date shall be treated as a member of the Incumbent Board if (i) his election, or nomination for election by Avnet’s stockholders, was approved by a vote of at least a majority of the Directors then comprising the Incumbent Board, and (ii) his initial assumption of office does not occur as a result of an actual or threatened solicitation of proxies or consents by or on behalf of a Person other than the Board; or 
		

		
			(c) a complete liquidation or dissolution of Avnet or the sale or other disposition of all or substantially all of the assets of Avnet; provided, however, that a liquidation, dissolution, sale, or other disposition shall not constitute a Change in Control if the assets are transferred to a wholly owned subsidiary of Avnet. 
		

		
			2.7. “CEO” means the Chief Executive Officer of Avnet. 
		

		
			2.8. “Code” means the Internal Revenue Code of 1986, as amended. 
		

		
			2.9. “Committee” means the Compensation Committee of the Board of Directors, which shall consist of three or more Non-Employee Directors appointed by the Board of Directors. No individual who is not both a “non-employee director” within the meaning of Rule 16b-3 and an “outside director” within the meaning of Section 162(m) of the Code shall serve as a member of the Committee. 
		

		
			2.10. “Company” means Avnet and all its Subsidiaries. 
		

		
			2.11. “Covered Participant” means a Participant who is a “covered employee” under Section 162(m) of the Code. 
		

		
			2.12. “Eligible Employee” means an employee of Avnet or of any of its Subsidiaries. The term “Eligible Employee” shall also include an individual retained by Avnet or any of its Subsidiaries to render services as a consultant or advisor other than services in connection with the offer or sale of securities in a capital-raising transaction or services that directly or indirectly promote or maintain a market for Avnet’s securities. 
		

		
			2.13. “Exchange Act” means the Securities Exchange Act of 1934, as amended. 
		

		
			2.14. “Executive Incentive Performance Award” or “EIP Award” means a performance-based cash award granted pursuant to Article 11. 
		

		
			2.15. “Executive Officer” means an employee designated by Avnet as an executive officer under Rule 16b-3. 
		

		
			2.16. “Fair Market Value” means, with respect to any date, the closing price (as reported for the Nasdaq Composite Index) at which shares of Stock have been sold on such date (or, if such date is a date for which no trading is so reported, on the next preceding date for which trading is so reported). 
		

		
			2.17. “Grant Date” means, with respect to granting an Award or modification of an outstanding Award, the date on which the material terms of the Award (including the number of shares covered by the Award, the conditions for vesting, lapse of the Period of Restriction, and exercise, and the purchase price, if any) are established and all action constituting the making or modification of such Award is completed, without regard to (a) the date on which the applicable Agreement is executed or (b) whether such Award or modification is subject to future shareholder approval or other conditions. The Grant Date for any Award shall not occur before the recipient of the Award becomes an Eligible Employee or Non-Employee Director, as applicable. 
		

		
			2.18. “Incentive Stock Option” or “ISO” means an Option intended to qualify as an “incentive stock 

		 

 

option” under Section 422 of the Code. 
		

		
			2.19. “Independent Directors” means members of the Board of Directors acting as a group, each of whom satisfies Avnet’s “Director Independence Standards.” 
		

		
			2.20. “Non-Employee Director” means a Director who is not an Eligible Employee. 
		

		
			2.21. “Option” means an Award granted pursuant to Article 5 that gives the recipient the right to purchase a specified number of shares at a specified price during a specified term, subject to the terms and conditions of the applicable Agreement. 
		

		
			2.22. “Optionee” means a person who, at the time in question, holds an Option that then remains unexercised in whole or in part, has not been surrendered, and has not expired or terminated. The term “Optionee” also includes any Successor Optionee. 
		

		
			2.23. “Other Stock Unit Award” means an Award granted pursuant to Article 10. 
		

		
			2.24. “Participant” means an Eligible Employee or Non-Employee Director who has been granted an Award hereunder. 
		

		
			2.25. “Performance Criteria” means any of the following criteria as related to Avnet, any Subsidiary, or any division or other area of Avnet or a Subsidiary: 
		

		
			(i) Economic profit; economic value added; price of Stock; total stockholder return; revenues; sales; sales productivity; sales growth; net income; operating income; earnings per share; return on equity; return on investment; return on capital employed; cash flow; operating margin; gross margin; operating unit contribution; achievement of annual operating profit plans; debt level; market share; net worth; or other similar financial performance measures as may be determined by the Committee; or 
		

		
			(ii) Strategic business criteria consisting of one or more objectives based on meeting specified market penetration or market share; geographic business expansion; objective customer satisfaction goals; objective goals relating to divestitures, joint ventures, mergers, acquisitions, and similar transactions; implementation or completion of specified projects or processes strategic or critical to the Company’s business operations; individual business objectives; objective measures of brand recognition/acceptance; performance achievements on designated projects or objectives; objective measures of regulatory compliance; successful completion of internal or external audits; successful integration of business units; successful hiring, retention of talent, or other succession planning; or objective measures of employee engagement and satisfaction. 
		

		
			In addition, for any Participant who is not a Covered Participant, Performance Criteria may include any other criteria selected by the Committee. 
		

		
			2.26. “Performance Objectives” means, for any Award that is contingent in whole or in part on achievement of performance objectives, the objectives or other performance levels with respect to specified Performance Criteria that are measured over a Performance Period for the purpose of determining the amount of such Award and/or whether such Award is granted or vested. 
		

		
			2.27. “Performance Period” means a period over which achievement of Performance Objectives is measured, as set forth in the applicable Agreement. 
		

		
			2.28. “Performance Share Unit” means an Award granted pursuant to Article 9 that gives the recipient a contractual right to receive a target number of shares of Stock or cash upon the attainment of specified 

		 

 

Performance Objectives. 
		

		
			2.29. “Period of Restriction” means the period during which the transfer of shares of Restricted Stock is restricted, pursuant to Article 7. 
		

		
			2.30. “Person” means “person” as defined in Section 3(a)(9) of the Exchange Act and as used in Sections 13(d) and 14(d) thereof, including a “group” as defined in Section 13(d) of the Exchange Act, but excluding Avnet, any Subsidiary, and any employee benefit plan sponsored or maintained by Avnet or any Subsidiary (including any trustee of such plan acting as trustee). 
		

		
			2.31. “Plan” means the Avnet, Inc. 2013 Stock Compensation and Incentive Plan, as set forth herein and as amended from time to time. 
		

		
			2.32. “Restricted Stock” means an Award of Stock granted pursuant to Article 7. 
		

		
			2.33. “Restricted Stock Unit” means an Award granted pursuant to Article 8 that gives the recipient a contractual right to receive cash or shares of Stock upon the attainment of specified vesting conditions. 
		

		
			2.34. “Rule 16b-3” means SEC Rule 16b-3 promulgated under the Exchange Act. 
		

		
			2.35. “Securities Act” means the Securities Act of 1933, as amended. 
		

		
			2.36. “Stock” means, subject to the adjustment provisions set forth in Article 13, Avnet’s $1.00 par value common stock. 
		

		
			2.37. “Stock Appreciation Right” or “SAR” means an Award granted pursuant to Article 6 that gives the recipient the right to receive, upon exercise of the Award, an amount equal to the excess of the Fair Market Value of the shares of Stock with respect to which the SAR is being exercised (determined as of the exercise date) over the exercise price set forth in the Agreement. 
		

		
			2.38. “Subsidiary” means a corporation in which Avnet directly or indirectly owns more than 50% of the total combined voting power of all classes of capital stock. 
		

		
			2.39. “Successor Optionee” means any person who, under the provisions of Article 5, has acquired from an Optionee the right to exercise an Option, for so long as such Option remains unexercised in whole or in part, and has not been surrendered, exercised, or terminated. 
		

		
			ARTICLE 3
SHARES RESERVED FOR THE PLAN 
		

		
			3.1. General Limitations. Subject to the adjustment provisions set forth in Article 13, the maximum number of shares of Stock that may be delivered pursuant to the exercise of Awards granted under the Plan shall be 5,000,000. At no time shall there be outstanding Awards under the Plan covering more than such maximum number of shares less the aggregate of the shares of Stock previously delivered pursuant to the exercise of Options (including the shares of Stock previously covered by Options surrendered in connection with the exercise of SARs), the shares of Stock with respect to which stock-settled SARs have been exercised (without regard to the number of shares of Stock issued upon settlement of such SARs), and the shares of Stock previously delivered pursuant to the vesting of Restricted Stock, Restricted Stock Units, Performance Share Units, and Other Stock Unit Awards. The shares of Stock authorized hereunder shall be in addition to the shares of Stock authorized for grant under the 2010 Avnet, Inc. Stock Compensation Plan (the “2010 Plan”), which shall continue to be available for grant under the 2010 Plan. Shares of Stock subject to Awards may consist of authorized but unissued shares of Stock and/or shares of Stock held in Avnet’s treasury. 
		

		
			

		 

 

		

		
			3.2. Individual Limitations. No individual may be granted (a) Options or SARs for more than 500,000 shares of Stock in any calendar year or (b) Awards in any calendar year for more than 1,000,000 shares in the aggregate (including Options, SARs, and full-value awards). In addition, no Non-Employee Director may be granted Awards for more than 30,000 shares of Stock, or a value of more than $1 million at the time of grant, in any calendar year; provided, however, that up to 60,000 shares of Stock (or a value up to $2 million) may be subject to Awards granted to a Non-Employee Director during the calendar year in which the Non-Employee Director first joins the Board of Directors or is first designated as Chairman of the Board of Directors or Lead Director. 
		

		
			3.3. Termination and Expiration of Awards. If an Award is surrendered, terminates, or expires, whether in whole or in part, the number of shares of Stock covered by such Award immediately before such surrender, termination, or expiration shall thereupon be added back to the number of shares of Stock otherwise available for further grants of Awards hereunder; provided, however, that the following transactions involving shares of Stock shall not result in shares of Stock becoming available for subsequent Awards: (a) Stock tendered or withheld in payment of the exercise price of an Option; (b) Stock tendered or withheld for taxes; (c) Stock that was subject to a stock-settled SAR or an Option that was related to a SAR and was not issued upon the settlement or exercise of such SAR; and (d) Stock repurchased by the Company with the proceeds of an Option exercise. 
		

		
			ARTICLE 4
ADMINISTRATION OF THE PLAN 
		

		
			4.1. Plan Administration. This Plan shall be administered by the Administrator. The Administrator shall have full and exclusive power to: (a) construe and interpret the Plan; (b) establish and amend rules and regulations for the administration of the Plan; (c) correct any defect, remedy any omission, and reconcile any ambiguity or inconsistency in the Plan or any Award in the manner and to the extent it deems necessary or desirable to carry out the intent of the Plan and such Award; and (d) certify the level as to which each Performance Objective was attained. Subject to Section 4.6, the Administrator may delegate some or all of its authority under the Plan (including powers not referenced in this Section 4.1) to one or more Company officers, to the extent permitted by and not inconsistent with any requirements of applicable law. 
		

		
			4.2. Committee’s Authority to Grant Awards. In addition to the powers enumerated in Section 4.1 (and without limiting the generality thereof), the Committee shall have plenary authority and discretion to determine the time or times at which Awards shall be granted to Eligible Employees, the Eligible Employees to whom Awards shall be granted, the number of shares of Stock (or for Awards denominated in cash, the dollar amount) to be covered by each such Award, and the terms and conditions upon which each such Award may be exercised (in each case, to the extent not inconsistent with the provisions of this Plan). Subject to the requirements of the Plan, the terms and conditions prescribed or approved for any Award granted by the Committee (as reflected in the applicable Agreement) shall be entirely within the discretion of the Committee. 
		

		
			4.3. Independent Directors’ Authority to Grant Awards. In addition to the powers enumerated in Section 4.1 (and without limiting the generality thereof), the Independent Directors shall have plenary authority and discretion to determine the time or times at which Awards shall be granted to Non-Employee Directors, the Non-Employee Directors to whom Awards shall be granted, the number of shares of Stock (or for Awards denominated in cash, the dollar amount) to be covered by each such Award, and the terms and conditions upon which each such Award may be exercised (in each case, to the extent not inconsistent with the provisions of this Plan); provided that (a) no Director shall participate in any action taken with respect to an Award granted or to be granted to such Director, unless the same action is contemplated for all similarly situated Directors, and (b) no Award shall be granted to a Non-Employee Director unless such grant is approved by a majority of the Non-Employee Directors. Subject to the requirements of the Plan, the terms and conditions prescribed or approved for any Award granted by the Independent Directors (as reflected in the applicable Agreement) shall be entirely within the discretion of the Independent Directors. 
		

		
			

		 

 

		

		
			4.4. Actions of the Committee. A majority of the members of the Committee (but not less than two) shall constitute a quorum, and all acts, decisions or determinations of the Committee shall be by majority vote of such of its members as shall be present at a meeting duly held at which a quorum is so present. Any act, decision, or determination of the Committee reduced to writing and signed by a majority of its members (but not less than two) shall be fully effective as if it had been made, taken or done by vote of such majority at a meeting duly called and held. 
		

		
			4.5. Reporting. The Committee shall file reports and make information available as may from time to time be prescribed by the Board of Directors. 
		

		
			4.6. CEO Authority to Grant Awards. The CEO shall have authority to make Awards to Eligible Employees who are not Executive Officers or Covered Participants, including Eligible Employees who are promoted to Executive Officer positions; provided that, except to the extent that the Committee delegates additional authority, the Awards granted by the CEO in any fiscal year shall not have an aggregate value of more than $500,000 (where value for each Award is determined on the Grant Date). The Committee may delegate to the CEO the authority to make additional Awards (in excess of the limit set forth in the immediately preceding sentence); provided that (a) the additional Awards shall be subject to a maximum aggregate Award amount, and (b) only the Committee shall be authorized to grant awards to Executive Officers and Covered Participants. The CEO shall have plenary authority and discretion to determine the time or times at which Awards that the CEO is authorized to grant shall be granted, the Eligible Employees to whom such Awards shall be granted, the number of shares of Stock (or for Awards denominated in cash, the dollar amount) to be covered by each such Award (subject to the maximum aggregate and individual limitations described above), and the terms and conditions upon which each such Award may be exercised (in each case, to the extent not inconsistent with the provisions of this Plan). 
		

		
			4.7. Determining Amount Payable. With respect to any Award that is conditioned in whole or in part on the achievement of Performance Objectives, the Administrator shall determine the extent to which the applicable Performance Objectives were achieved and shall have discretion to reduce the amount that becomes vested or payable upon achievement of such Performance Objectives. 
		

		
			4.8. Decisions of the Administrator. All determinations and decisions made by the Administrator pursuant to the provisions of the Plan shall be final, conclusive, and binding upon all Persons and the Company, except to the extent that the terms of any sale or award of shares of Stock or any grant of rights or Options under the Plan are required by law or by the Articles of Incorporation or By-laws of Avnet to be approved by the Board of Directors or shareholders. 
		

		
			4.9. Law Compliance. Notwithstanding any other provision of the Plan, the Administrator may impose such conditions on any Award, and the Board may amend the Plan in any such respects, as the Administrator or the Board determines is necessary or desirable to avoid adverse consequences under Rule 16b-3, Section 162(m) of the Code, Section 409A of the Code, Section 280G of the Code, or any other applicable law. 
		

		
			ARTICLE 5
OPTIONS 
		

		
			5.1. Grant. The Committee (and the CEO to the extent permitted by Section 4.6) may grant Options to Eligible Employees, and the Independent Directors may grant Options to Non-Employee Directors. 
		

		
			5.2. Exercise Price. The price per share at which Stock subject to an Option may be purchased shall be set forth in the Agreement. In no event shall such exercise price be less than 100% of the Fair Market Value of the Stock on the Grant Date. 
		

		
			5.3. Term. The term of each Option granted under the Plan shall be set forth in the Agreement; provided, however, that in no event shall an Option be exercisable after the day before the tenth anniversary of the 

		 

 

Grant Date. Unless sooner forfeited or otherwise terminated pursuant to the terms hereof or of the Agreement, each Option granted under the Plan shall expire at the end of its term, and the term may not be extended. No Option may be exercised after the expiration of its term. 
		

		
			5.4. Exercisability (Vesting). Each Option granted under the Plan shall be subject to the vesting conditions set forth in the Agreement; provided, however, that the exercisability of any Option may be accelerated in whole or in part, at any time, by the Administrator (or its designee). Subject to the provisions of the Agreement, each Option granted under the Plan that has become exercisable pursuant to the preceding sentence shall remain exercisable thereafter until the expiration of its term as described in Section 5.3. 
		

		
			5.5. Exercise. To the extent that an Option has become exercisable in accordance with Section 5.4, such Option may be exercised by notice to Avnet, in a form approved by Avnet, stating the number of shares of Stock with respect to which such Award is being exercised, accompanied by payment in full therefor as described below. After receipt of such notice and payment, subject to Section 12.6 (Registration of Shares), Avnet shall record the stock transfer on its book and records without the need to issue a physical certificate. The payment due upon exercise of an Option may be made in any form permitted by the Administrator. The permitted forms of payment may (but are not required to) include (i) check (certified, if so required by Avnet); (ii) shares of Stock with a fair market value, at the date of receipt by Avnet, equal to the aggregate exercise price (plus withholding, if applicable); (iii) a combination of check and shares of Stock; (iv) having Avnet retain from the Stock otherwise issuable upon exercise of the Option a number of shares of Stock having a fair market value equal to the exercise price of the Option (plus withholding, if applicable); (v) to the extent permitted by applicable law, by delivering a properly executed exercise notice, together with irrevocable instructions to a broker to promptly deliver to Avnet the exercise price and to deliver to the Participant the net amount of shares received upon exercise (after subtracting the exercise price, withholding, and any broker fee); or (vi) any other manner acceptable to the Administrator. 
		

		
			5.6. General Modification Rules. The Administrator may, for such consideration (if any) as it may deem adequate and with the prior consent of the Optionee, modify the terms of any outstanding Option; provided, however, that except to the extent permitted by Section 5.7, no Option may be repriced, replaced, or regranted through cancellation, or by lowering the exercise price of such Option, and no Option with an exercise price that exceeds the Fair Market Value of a share of Stock shall be exchanged for a cash payment, without shareholder approval. 
		

		
			5.7. Special Modification in the Event of a Corporate Transaction. In the event of a corporate transaction (within the meaning of Treas. Reg. § 1.424-1(a)(3)), the Administrator may provide for the assumption or substitution of outstanding Options, provided that the requirements of Treas. Reg. § 1.424-1(a) are satisfied with respect to Incentive Stock Options, and the requirements of Treas. Reg. § 1.409A-1(b)(v)(D) are satisfied with respect to all other Options. 
		

		
			5.8. Special Rules for Incentive Stock Options (“ISOs”). ISOs shall be subject to the requirements of Section 422 of the Code, including the following (all of which shall be interpreted consistent with the intent to comply with the requirements of Section 422 of the Code and not to impose any restrictions that are not required by Section 422): 
		

		
			(a) Shares Available for ISO Grants. All shares of Stock authorized for Awards under Article 3 are available to be issued through ISOs; provided, however, that to the extent required by Section 422 of the Code, canceled Awards shall continue to be counted against the number of shares available. 
		

		
			(b) Optionee Must Be an Employee. No ISO shall be granted to any individual who is not an employee of Avnet or a Subsidiary at the time of grant. 
		

		
			(c) Special Rules for 10% Owners. An Incentive Stock Option shall not be granted to an individual who, immediately before the time the Option is granted, owns shares of Stock possessing more than 10 

		 

 

percent of the total combined voting power of all classes of stock of Avnet, unless the Agreement for such Incentive Stock Option provides that (i) the exercise price is no less than 110 percent (110%) of the Fair Market Value of the Stock on the Grant Date (determined in accordance with Treas. Reg. § 1.422-2(f)(1)), and (ii) the Option expires no later than the fifth anniversary of the Grant Date. 
		

		
			ARTICLE 6
STOCK APPRECIATION RIGHTS (“SARs”) 
		

		
			6.1. Grant. The Committee (and the CEO to the extent permitted by Section 4.6) may grant SARs to Eligible Employees, and the Independent Directors may grant SARs to Non-Employee Directors. Each SAR may be free-standing or related to all or part of an Option. In the discretion of the Administrator, a SAR related to an Option may be granted at any time before the related Option is exercised, expires, is terminated, or is surrendered, and may be modified when the related Option is modified. 
		

		
			6.2. Exercise Price. The exercise price per share for each free-standing SAR granted under the Plan shall be set forth in the Agreement. In no event shall the exercise price be less than 100% of the Fair Market Value of the Stock on the Grant Date. 
		

		
			6.3. Term. The term of each SAR granted under the Plan shall be set forth in the Agreement; provided, however that in no event shall a SAR be exercisable after the day before the tenth anniversary of the Grant Date. Unless sooner forfeited or otherwise terminated pursuant to the terms hereof or of the Agreement, each SAR granted under the Plan shall expire at the end of its term, and the term may not be extended. No SAR may be exercised after the expiration of its term. 
		

		
			6.4. Exercisability (Vesting). Each SAR granted under the Plan shall be subject to the vesting conditions set forth in the Agreement; provided, however, that (a) the exercisability of any SAR may be accelerated in whole or in part, at any time, by the Administrator (or its designee), and (b) if a SAR relates to all or part of an Option, such SAR shall be exercisable only to the extent that the related Option is exercisable. Subject to the provisions of the Agreement, each SAR that is exercisable pursuant to the preceding sentence shall remain exercisable thereafter until the expiration of its term as described in Section 6.3. 
		

		
			6.5. Exercise. To the extent that a SAR has become exercisable in accordance with Section 6.4, such SAR may be exercised in accordance with the procedures set forth in Section 5.5 (Exercise), but without the requirement to make a payment therefor. If the SAR is related to all or part of an Option, the Optionee must provide with the exercise notice an instrument effecting the surrender of the related portion of the Option. Each SAR may be settled in shares of Stock, cash, or a combination of cash and shares (provided that shares of Stock underlying any SAR that is settled in cash shall not be available to be issued in a future Award). No fractional shares shall be issued; any amount that would have been payable in fractional shares shall be paid in cash. 
		

		
			6.6. Other Conditions. The Administrator (or its designee) may impose any other conditions upon the exercise of SARs. Such conditions may govern the right to exercise SARs granted before the adoption or amendment of such conditions as well as SARs granted thereafter. 
		

		
			6.7. Modification Rules. The modification rules and restrictions set forth in Sections 5.6 (General Modification Rules) and 5.7 (Special Modification in the Event of a Corporate Transaction) shall also apply with respect to SARs. 
		

		
			ARTICLE 7
RESTRICTED STOCK 
		

		
			7.1. Grant. The Committee (and the CEO to the extent permitted by Section 4.6) may grant Restricted Stock to Eligible Employees, and the Independent Directors may grant Restricted Stock to Non-Employee 

		 

 

Directors. The number of shares granted pursuant to any Restricted Stock Award shall be set forth in the Agreement. 
		

		
			7.2. Restrictions. During the Period of Restriction set forth in the applicable Agreement, shares of Restricted Stock shall not be sold, transferred, pledged, assigned, exchanged, encumbered, alienated, hypothecated, or otherwise disposed of. Except as otherwise provided in the Agreement, if a Participant‘s employment or other service with the Company terminates before the end of the Period of Restriction for any shares of Restricted Stock, all such restricted shares shall be forfeited, and all rights of the Participant with respect to such shares of Stock shall immediately terminate without any payment or other consideration therefor. Any forfeited shares of Restricted Stock that had been delivered to, or held in custody for, a Participant shall be returned to Avnet, accompanied by any instrument of transfer requested by Avnet. 
		

		
			7.3. Lapse of Period of Restriction (Vesting). The Period of Restriction for each Award of Restricted Stock shall lapse only upon satisfaction of conditions set forth in the Agreement. Such conditions may be based on (a) continued service to Avnet or a Subsidiary for a specified period, (b) achievement of Performance Objectives, or (c) a combination of (a) and (b). Except as provided in Section 12.2 (Acceleration of Vesting), the Period of Restriction for any Award of Restricted Stock that is not conditioned on achievement of Performance Objectives shall lapse no faster than pro rata over the three (3) year period that starts on the Grant Date. 
		

		
			7.4. Settlement of Restricted Stock. Shares of Restricted Stock shall become freely transferable immediately following the last day of the Period of Restriction. As soon as practicable after the Period of Restriction lapses, Avnet shall record the stock transfer on its book and records without the need to issue a physical certificate. 
		

		
			7.5. Voting Rights. During the Period of Restriction, Participants in whose name Restricted Stock is granted under the Plan may exercise full voting rights with respect to those shares. 
		

		
			7.6. Dividend Rights. During the Period of Restriction, Participants in whose name Restricted Stock is granted shall be entitled to receive all dividends and other distributions paid with respect to such Restricted Stock Awards, as set forth in this Section 7.6. Dividends paid in cash shall be automatically reinvested in additional shares of Restricted Stock at a purchase price per share equal to the Fair Market Value of a share of Stock on the date such dividend is paid; provided, however, that fractional shares shall not be issued. Any amount that would have been invested in a fractional share shall be payable to the Participant in cash when the Period of Restriction for the underlying shares lapses. All additional shares of Stock received by a Participant in respect of a dividend or other distribution on Restricted Stock, whether through reinvestment or through a dividend or other distribution paid in shares of Stock, shall be subject to the same restrictions (for the same Period of Restriction) as the Restricted Stock with respect to which they were received; and the right to receive cash with respect to any fractional share shall be subject to forfeiture until the Period of Restriction for the underlying shares lapses. 
		

		
			7.7. Foreign Laws. Notwithstanding any other provision of the Plan, if Restricted Stock is to be awarded to a Participant who is subject to the laws, including the tax laws, of any country other than the United States, the Committee may, in its discretion, direct Avnet to sell, assign, or otherwise transfer the Restricted Stock to a trust or other entity or arrangement, rather than grant the Restricted Stock directly to the Participant. 
		

		
			ARTICLE 8
RESTRICTED STOCK UNITS 
		

		
			8.1. Grant. The Committee (and the CEO to the extent permitted by Section 4.6) may grant Restricted Stock Units to Eligible Employees, and the Independent Directors may grant Restricted Stock Units to Non-Employee Directors. The number of shares of Stock underlying any Restricted Stock Unit Award shall be set forth in the Agreement. 
		

		
			

		 

 

		

		
			8.2. Vesting. An Award of Restricted Stock Units shall be subject to vesting conditions set forth in the applicable Agreement. Such vesting conditions may be based on (a) continued service to Avnet or a Subsidiary for a specified period, (b) achievement of Performance Objectives, or (c) a combination of (a) and (b). Except as provided in Section 12.2 (Acceleration of Vesting), if vesting of a Restricted Stock Unit Award is not conditioned on achievement of Performance Objectives, the Award shall become vested no faster than pro rata over the three (3) year period that starts on the Grant Date. 
		

		
			8.3. Settlement of Restricted Stock Units. Subject to Section 12.6 (Registration of Shares), as soon as practicable after any Restricted Stock Unit becomes vested, Avnet shall transfer to the Participant one share of Stock for each such vested Restricted Stock Unit, cash in lieu of shares of Stock, or a combination of cash and shares of Stock. No fractional shares shall be issued with respect to vesting of Restricted Stock Units. 
		

		
			8.4. Dividend Rights. Participants in whose name Restricted Stock Units are granted shall not be entitled to receive dividends or other distributions with respect to shares of Stock underlying such Restricted Stock Unit, unless the Agreement provides otherwise. Any right to receive dividends or other distributions shall be subject to the same vesting conditions and risk of forfeiture as the Restricted Stock Units with respect to which such right is granted, and all dividends and distributions shall be paid when the applicable Restricted Stock Units are settled. 
		

		
			ARTICLE 9
PERFORMANCE SHARE UNITS 
		

		
			9.1. Grant. The Committee (and the CEO to the extent permitted by Section 4.6) may grant Performance Share Units to Eligible Employees, and the Independent Directors may grant Performance Share Units to Non-Employee Directors. The target and maximum number of Shares deliverable upon achievement of the applicable Performance Objectives shall be set forth in the Agreement. 
		

		
			9.2. Vesting. Vesting of Performance Share Units shall be conditioned upon the achievement of specified Performance Objectives over a specified Performance Period, and such other conditions as are set forth in the Agreement. 
		

		
			9.3. Settlement of Performance Shares. After Performance Share Units become vested, Avnet shall transfer to the Participant shares of Stock or cash, or a combination of cash and shares of Stock, corresponding to the vested amount (determined after taking into account the Administrator’s discretion to reduce the amount payable upon achievement of Performance Objectives). No fractional shares shall be issued with respect to vesting of Performance Share Units. 
		

		
			9.4. Dividend Rights. Participants in whose name Performance Share Units are granted shall not be entitled to receive dividends or other distributions with respect to shares of Stock underlying such Performance Share Units, unless the Agreement provides otherwise. Any right to receive dividends or other distributions shall be subject to the same vesting conditions and risk of forfeiture as the Performance Share Units with respect to which such right is granted, and all dividends and distributions shall be paid when the applicable Performance Share Units are settled. 
		

		
			ARTICLE 10 
OTHER STOCK UNIT AWARDS 
		

		
			10.1. Grant. The Committee (and the CEO to the extent permitted by Section 4.6) may grant Other Stock Unit Awards to Eligible Employees, and the Independent Directors may grant Other Stock Unit Awards to Non-Employee Directors. Each Other Stock Unit Award may be granted as a stand-alone Award or in connection with another Award made under the Plan, and may be in the form of Stock or other securities. The number of shares of Stock or other securities underlying any Other Stock Unit Award shall be set forth in the Agreement. 
		

		
			

		 

 

		

		
			10.2. Amount of Award. The value of each Other Stock Unit Award shall be based, in whole or in part, on the value of the underlying Stock or other securities. The Agreement may provide that an Other Stock Unit Award may provide to the Participant (a) dividends or dividend equivalents and (b) cash payments in lieu of or in addition to an Award. 
		

		
			10.3. General Rules for Other Stock Unit Awards. Subject to the requirements of the Plan, including this Section 10.3, the terms, restrictions, conditions, vesting requirements, and payment rules of an Other Stock Unit Award (collectively, the “Rules”) shall be set forth in the Agreement. Each Other Stock Unit Award need not be subject to comparable Rules. 
		

		
			(a) An Other Stock Unit Award shall be subject to vesting conditions set forth in the applicable Agreement. Such vesting conditions may be based on any criterion permitted by Section 8.2 (Vesting); provided that, except as provided in Section 12.2 (Acceleration of Vesting), the minimum vesting period required by Section 8.2 shall also apply for Other Stock Unit Awards. 
		

		
			(b) An Other Stock Unit Award may be contingent on the payment of cash consideration by the Participant upon receipt of the Award or provide that the Award, and any Stock or other securities issued in conjunction with the Award, be delivered without the payment of cash consideration. 
		

		
			(c) An Other Stock Unit Award may be subject to a deferred payment schedule, if so set forth in the Agreement. 
		

		
			(d) The Administrator, in its sole and complete discretion, as a result of certain circumstances, including the assumption of, or substitution of stock unit awards of a company with which Avnet or a Subsidiary participates in an acquisition, separation, or similar corporate transaction, may waive or otherwise remove, in whole or in part, any restriction or condition imposed on an Other Stock Unit Award at the time of grant. 
		

		
			ARTICLE 11
EXECUTIVE INCENTIVE PERFORMANCE AWARDS 
		

		
			11.1. EIP Awards. The Committee (and the CEO to the extent permitted by Section 4.6) may issue EIP Awards to Eligible Employees who are Executive Officers or members of senior management of Avnet or of any of its Subsidiaries. Neither this Article 11 nor any other provision of the Plan shall limit in any way the authority of the CEO and other Company officers to issue incentive pay and cash bonuses to Eligible Employees who are not Executive Officers. 
		

		
			11.2. Determination of EIP Amount. The amount of an EIP Award shall be determined by the Committee (or the CEO to the extent permitted by Section 4.6) and shall be contingent upon the achievement of Performance Objectives specified by the Committee, as set forth in the Agreement. 
		

		
			11.3. Payment of Awards. EIP Awards shall be paid in cash after the Performance Period has ended and the Committee has certified that the specified Performance Objectives were achieved. Except as otherwise expressly provided in an Agreement, payment shall be made no later than the end of the “applicable 2-1/2 month period” described in Treas. Reg. § 1.409A-1(b)(4)(i)(A). 
		

		
			11.4. Individual Limitation. The maximum individual EIP Award permitted for a 12-month Performance Period, is $5,000,000. If the Performance Period is not twelve (12) months, the $5,000,000 limitation shall be adjusted on a pro-rata basis (downward if the Performance Period is less than 12 months and upward if the Performance Period is more than 12 months) to reflect the length of the Performance Period. 
		

		
			 
		

		
			

		 

 

		

		
			ARTICLE 12
ADDITIONAL TERMS AND PROVISIONS 
		

		
			12.1. Agreements. Promptly after the granting of any Award or the modification of any outstanding Award, the Administrator shall cause such Participant to be notified of such action and shall cause Avnet to deliver to such Participant an Agreement (which Agreement shall be signed on behalf of Avnet by an officer of Avnet with appropriate authorization therefor) evidencing the Award so granted or modified and the terms and conditions thereof and including (when appropriate) an addendum evidencing the SAR so granted or modified and the terms and conditions thereof. 
		

		
			12.2. Acceleration of Vesting. The Administrator, in its sole discretion, may accelerate the vesting of any Award (including the lapsing of the Period of Restriction for Restricted Stock), or remove conditions for vesting (or lapsing of the Period of Restriction) upon a Change in Control or the Participant’s death, retirement, layoff, separation from service in connection with a Change in Control, or other separation from service where the Administrator determines that such treatment is appropriate and in the Company’s best interests, as well as upon assumption of, or in substitution for equity awards of a company with which Avnet or a Subsidiary participates in an acquisition, separation, merger, or similar corporate transaction; provided, however, that with respect to an Award to a Covered Participant that is intended to qualify as “other performance-based compensation,” waiver of performance conditions shall be permitted only to the extent permitted by Revenue Ruling 2008-13 or any successor thereto. In addition, the Administrator may grant awards of Restricted Stock, Restricted Stock Units, and Other Stock Unit Awards that do not satisfy the minimum vesting periods and Periods of Restriction prescribed by Sections 7.3, 8.2, and 10.3(a); provided, however, that the total number of shares of Stock underlying Awards that do not satisfy such minimum vesting periods and Periods of Restriction shall not exceed five percent (5%) of the total number of shares available for grant under the Plan. 
		

		
			12.3. Tax Withholding. The Company shall have the right to deduct from all amounts paid to a Participant or beneficiary any taxes that it determines are required by law to be withheld in respect of Awards under the Plan. In the case of an Award settled in shares of Stock, no shares of Stock shall be issued, and no election under Section 83(b) of the Code shall be accepted, unless and until arrangements satisfactory to the Company have been made to satisfy any applicable withholding tax obligations. Without limiting the generality of the foregoing and subject to such terms and conditions as the Committee may impose, the Company shall have the right to (a) retain shares of Stock or (b) subject to such terms and conditions as the Committee may establish from time to time, allow Participants or beneficiaries to (i) tender shares of Stock (including shares of Stock issuable in respect of an Award) to satisfy, in whole or in part, the amount required to be withheld, or (ii) pay the required tax withholding amount to Avnet in cash; and the fair market value of shares of Stock withheld may exceed the minimum statutory withholding requirements. For purposes of determining the number of shares of Stock required to satisfy a tax withholding obligation, the fair market value shall be calculated as of the date that the amount to be withheld is determined. A Participant or beneficiary shall pay Avnet cash for any fractional share that would otherwise be required to be withheld. Regardless of the amount withheld, each Participant and beneficiary shall be responsible at all times for paying all federal, state, and local income and employment taxes allocable to such Participant or beneficiary with respect to any Award (including taxes due with respect to imputed income), and the Company shall not be responsible for any interest or penalty that a Participant incurs by failing to make timely payments of tax. 
		

		
			12.4. No Right to Employment; No Right to Award. The Plan shall not confer upon any Participant or other individual any right with respect to continuance of employment by the Company, or continuance of membership on the Board of Directors, nor shall it interfere in any way with his right, or the Company’s right, to terminate his employment or Board membership at any time. No provision of the Plan shall be construed to give any Eligible Employee or Non-Employee Director a right to receive an Award. 
		

		
			12.5. Shareholder Rights. Except as provided in Article 7 with respect to Restricted Stock, no Participant shall acquire or have any rights as a shareholder of Avnet by virtue of any Award until the shares of Stock 

		 

 

issued pursuant to the Award or the exercise thereof are recorded in the book and records of Avnet in accordance with the terms of the Plan. Subsequent to such recordation in the book and records of Avnet, the recipient of shares of Stock shall have the full rights of a holder of such Stock. 
		

		
			12.6. Registration of Shares. It is Avnet’s present intention to register the shares of Stock issued pursuant to the Plan under the Securities Act as necessary. Avnet shall not be obligated to sell or deliver any shares of Stock pursuant to the granting, vesting, or exercise of any Award unless and until— 
		

		
			(a) either (i) Avnet has received from its counsel an opinion concluding that such shares need not be registered under the Securities Act, or (ii) (A) such shares have been registered under the Securities Act, (B) no stop order suspending the effectiveness of such registration statement has been issued and no proceedings therefor have been instituted or threatened under the Securities Act, and (C) there is available at the time of such grant, vesting event, or exercise (as applicable) a prospectus containing certified financial statements and other information meeting the requirements of Section 10(a)(3) of the Securities Act; 
		

		
			(b) such shares are (or upon official notice of issuance will be) listed on each national securities exchange on which the class of Stock is then listed; 
		

		
			(c) if necessary, the prior approval of such delivery has been obtained from any State regulatory body having jurisdiction (but nothing herein contained shall be deemed to require Avnet to register or qualify as a foreign corporation in any State nor, except as to any matter or transaction relating to the sale or delivery of such shares, to consent in service of process in any State); and 
		

		
			(d) if the Committee so requires, Avnet has received an opinion from its counsel with respect to compliance with the matters set forth in subsections (a), (b), and/or (c) of this Section 12.6. 
		

		
			In addition, the making of any Award or determination, the delivery or recording of a stock transfer, and payment of any amount due to a Participant may be postponed for such period as Avnet may require, in the exercise of reasonable diligence, to comply with the requirements of any applicable law. 
		

		
			12.7. Document Requirements. The Committee may require, as a condition of any payment or share issuance, that certain agreements, undertakings, representations, certificates, and/or information, as the Committee may deem necessary or advisable, be executed or provided to the Company to assure compliance with all applicable laws. 
		

		
			12.8. Deferrals. The Administrator may allow a Participant to elect to defer receipt of any payment of cash or any delivery of shares of Stock that would otherwise be due to such Participant by virtue of the exercise, earn-out, or settlement of any Award made under the Plan, other than Options or Stock Appreciation Rights. If such election is permitted, the Committee shall establish rules and procedures for such deferrals, including provisions that the Committee or the Participant determines are necessary or advisable to comply with, or avoid being subject to, the requirements of Section 409A of the Code, and provisions for the payment or crediting of dividend equivalents in respect of deferrals credited in units of Stock. 
		

		
			12.9. Recoupment. Each Award shall be subject to the terms and conditions of Avnet’s compensation recoupment or clawback policy, as in effect and amended from time to time, including disgorgement or repayment to the extent required by such policy (taking into account changes to such policy that are made after the date hereof and after the date of the applicable Agreement). 
		

		
			12.10. Nontransferability. Except as otherwise provided in Section 7.7 (Foreign Laws), this Section 12.10, or the applicable Agreement, no Award granted under the Plan, and no interests therein, may be sold, transferred, pledged, assigned, exchanged, encumbered or otherwise alienated or hypothecated; and each 

		 

 

Award shall be exercisable during the Participant’s lifetime only by the Participant or his legal guardian or representative. 
		

		
			(a) An Award may be transferred by testamentary disposition or the laws of descent and distribution. 
		

		
			(b) The Committee shall have sole discretion to approve, and to establish terms and conditions for, a transfer of an Option other than an Incentive Stock Option to (i) the child, step-child, grandchild, parent, stepparent, grandparent, spouse, former spouse, sibling, niece, nephew, mother-in-law, father-in-law, son-in-law, daughter-in-law, brother-in-law, sister-in-law, including adoptive relationships, and any person sharing the Participant’s household (other than a tenant or employee) of the Participant (an “Immediate Family Member”); (ii) a trust in which Immediate Family Members have more than 50% of the beneficial interest; (iii) a foundation in which Immediate Family Members or the Employee control the management of the assets; or (iv) any other entity in which Immediate Family Members or the Employee own more than 50% of the voting interests (each (i) — (iv), a “Permitted Transferee”); provided, however, that, without the prior approval of the Committee, no Permitted Transferee shall further transfer an Award, either directly or indirectly, other than by testamentary disposition or the laws of descent and distribution. For example, without prior approval of the Committee, a Permitted Transferee may not transfer an Award by reason of the dissolution of, or a change in the beneficiaries of, a Permitted Transferee that is a trust; the sale, merger, consolidation, dissolution, or liquidation of a Permitted Transferee that is a partnership (or the sale of all or any portion of the partnership interests therein); or the sale, merger, consolidation, dissolution or liquidation of a Permitted Transferee that is a corporation (or the sale of all or any portion of the stock thereof). 
		

		
			(c) The Committee shall have discretion to authorize a transfer pursuant to a domestic relations order; provided, however, that the Committee shall not be required under any circumstance to accept or approve a transfer pursuant to a domestic relations order. 
		

		
			(d) An Award may be forfeited or transferred to the extent required to satisfy a tax levy or judgment under the Mandatory Victims Restitution Act or similar federal or state law. 
		

		
			12.11. Applicable Law and Severability. The Plan, and its rules, rights, agreements and regulations, shall be governed, construed, interpreted and administered solely in accordance with the laws of the state of New York, without regard to any conflicts or choice of law rule or principle that might otherwise refer construction or interpretation of the Plan to the substantive law of another jurisdiction. If any provision of the Plan is held invalid, illegal, or unenforceable, in whole or in part, for any reason, such determination shall not affect the validity, legality or enforceability of any remaining provision, portion of provision or the Plan overall, which shall remain in full force and effect as if such invalid, illegal or unenforceable provision (or portion thereof) had never been included in the Plan. 
		

		
			12.12. Special Incentive Compensation. No shares of Stock or other remuneration provided pursuant to an Award, other than an EIP Award, shall be included in compensation for purposes of determining the amount payable to any individual under any pension, savings, retirement, life insurance, or other employee benefits arrangement of the Company, unless otherwise determined by the Company. Remuneration provided pursuant to an EIP Award shall be included in compensation to the extent (and only to the extent) required by the applicable employee benefits arrangement. 
		

		
			12.13. Section 16(b) of the Exchange Act. All Agreements for Participants subject to Section 16(b) of the Exchange Act shall be deemed to include any such additional terms, conditions, limitations and provisions as Rule 16b-3 requires, unless the Committee in its discretion determines that any such Award should not be governed by Rule 16b-3. In addition, with respect to persons subject to Section 16(b) of the Exchange Act, transactions under the Plan are intended to comply with all applicable conditions of Rule 16b-3. To the extent that any provision of the Plan or any action by the Administrator fails to comply with Rule 16b-3, it shall be deemed null and void, to the extent permitted by law and deemed advisable by the Committee. 
		

		
			

		 

 

		

		
			12.14. Section 162(m) of the Code. Each Award to a Covered Participant that is contingent upon the achievement of Performance Objectives shall be deemed to include any such additional terms, conditions, limitations, and other provisions as are necessary for such Award to qualify as “other performance-based compensation” within the meaning of Section 162(m)(4)(C) of the Code, unless the Committee in its discretion determines that such Award is not intended to qualify as “other performance-based compensation.” Performance Objectives for each Award granted to a Covered Employee shall be measured over a stated Performance Period, on an absolute basis or relative to a pre-established target, as specified by the Committee and reflected in the Agreement. The Performance Objectives for each Award that is intended to qualify as “other performance-based compensation” shall be set forth in writing, at a time when achievement of the Performance Objectives is substantially uncertain, no later than the earlier of (a) 90 days after commencement of the period of service (within the meaning of Treas. Reg. § 1.162-27(e)(2)(i)) to which the Performance Objectives relate, or (b) before 25 percent (25%) of such period of service has elapsed. To the extent permitted by Section 162(m)(4)(C) of the Code, the Committee may adjust performance results to take into account extraordinary, unusual, non-recurring, or non-comparable items, and shall have discretion to reduce (but not to increase) the amount due upon achievement of any Performance Objective. No amount shall be paid to a Covered Employee pursuant to an Award that is contingent upon the achievement of Performance Objectives unless and until the Committee has certified that the Performance Objectives have been satisfied. To the extent required by Section 162(m) of the Code, canceled Awards shall continue to be counted against the limit set forth in Section 3.2 (Individual Limitations) on shares of Stock available for Awards. 
		

		
			12.15. Section 409A of the Code. The Plan, any Award granted under the Plan, and all Agreements evidencing such Awards, shall be interpreted, administered, and construed consistent with the intent that (a) all options, SARs, and comparable awards shall be exempt from Section 409A of the Code by reason of the exemption for certain stock rights set forth in Treas. Reg. § 1.409A-1(b)(5); (b) all Awards of Restricted Stock shall be exempt from Section 409A of the Code by reason of the exemption for restricted property governed by Section 83 of the Code set forth in Treas. Reg. § 1.409A-1(b)(6); and (c) except to the extent that the applicable Agreement clearly sets forth an intent to provide for nonqualified deferred compensation that is subject to the requirements of Section 409A, all Restricted Stock Unit Awards, Performance Share Unit Awards, Other Stock Unit Awards, and EIP Awards shall be exempt from Section 409A of the Code by reason of the “short-term deferral rule” set forth in Treas. Reg. § 1.409A-1(b)(4). 
		

		
			12.16. Application of Proceeds. The proceeds received by the Company from the sale of Stock under the Plan shall be used for general corporate purposes. 
		

		
			12.17. Rules of Construction. Whenever used in the Plan, (a) words in the masculine gender shall be deemed to refer to females as well as to males; (b) words in the singular shall be deemed to refer also to the plural; (c) the word “include” shall mean “including but not limited to”; (d) references to a statute or regulation or statutory or regulatory provision shall refer to that provision (or to a successor provision of similar import) as currently in effect, as amended, or as reenacted, and to any regulations and other formal guidance of general applicability issued thereunder; and (e) references to a law shall include any statute, regulation, rule, court case, or other requirement established by an exchange or a governmental authority or agency, and applicable law shall include any tax law that imposes requirements in order to avoid adverse tax consequences. 
		

		
			12.18. Headings and Captions. The headings and captions in this Plan document are provided for reference and convenience only, shall not be considered part of the Plan, and shall not be employed in the construction of the Plan. 
		

		
			12.19. Effective Date. The Plan shall become effective on the date the Plan is approved by Avnet’s shareholders. 
		

		
			 
		

		
			

		 

 

		

		
			ARTICLE 13
ADJUSTMENTS UPON CHANGES IN CAPITALIZATION 
		

		
			13.1. Share Adjustments. If the Stock is split, divided, or otherwise reclassified into or exchanged for a greater or lesser number of shares of Stock or into shares of Stock and/or any other securities of Avnet by reason of recapitalization, reclassification, stock split or reverse split, combination of shares or other reorganization, the term “Stock” as used herein shall thereafter mean the number and kind of shares or other securities into which the Stock shall have been so split, divided or otherwise reclassified or for which the Stock shall have been so exchanged; and the remaining number of shares of Stock which may, in the aggregate, thereafter be delivered pursuant to the grant or exercise of an Award and the remaining number of shares of Stock which may thereafter be delivered pursuant to the exercise of any Options and/or Stock Appreciation Rights then outstanding, shall be correspondingly adjusted. If a dividend payable in shares of Stock is paid to the holders of outstanding shares of Stock, the remaining number of shares of Stock which may, in the aggregate, thereafter be delivered pursuant to the exercise or grant of Awards, and the remaining number of shares of Stock that may thereafter be delivered pursuant to the exercise of any Awards then outstanding shall be increased by the percentage that the number of shares of Stock so paid as a dividend bears to the total number of shares of Stock outstanding immediately before the payment of such dividend. If an extraordinary cash dividend is paid to the holders of outstanding shares of Stock, the remaining number of shares of Stock that may, in the aggregate, thereafter be delivered pursuant to the exercise or grant of Awards and the remaining number of shares of Stock that may thereafter be delivered pursuant to the exercise of any Awards then outstanding, shall be equitably adjusted by the Committee. 
		

		
			13.2. Exercise Price Adjustments. If the Stock is split, divided or otherwise reclassified or exchanged, or that any dividend payable in shares or Stock or extraordinary cash dividend is paid to the holders of outstanding shares of Stock, in each case, as provided in the preceding paragraph, the purchase price per share of Stock upon exercise of outstanding Options, and the aggregate number of shares of Stock with respect to which Awards may be granted to any Participant in any calendar year, shall be correspondingly adjusted. 
		

		
			13.3. Fractional Shares. Notwithstanding any other provision of this Article 13, if upon any adjustment made in accordance with Section 13.1 above, the remaining number of shares of Stock which may thereafter be delivered pursuant to the exercise of any Award then outstanding shall include a fractional share of Stock, such fractional share of Stock shall be disregarded for all purposes of the Plan and the Optionee holding such Award shall become entitled neither to purchase the same nor to receive cash or other property in payment therefor or in lieu thereof. 
		

		
			ARTICLE 14
AMENDMENT OR TERMINATION OF THE PLAN 
		

		
			14.1. The Plan shall automatically terminate on November 30, 2023, unless it is sooner terminated pursuant to Section 14.2, below. No Award shall be granted after the Plan terminates. All Awards granted before the Plan terminates shall continue in effect thereafter in accordance with the terms of the applicable Agreements and the Plan. 
		

		
			14.2. Reservation of Rights. The Board of Directors may amend or terminate the Plan at any time as the Board may deem advisable and in the best interests of Avnet; provided, however, that— 
		

		
			(i) the terms of an outstanding Award shall not be changed without written consent of the Participant and, 
		

		
			(ii) the affirmative vote of a majority of the votes cast at a meeting of the shareholders of Avnet duly called and held for that purpose, shall be required for any change that (a) affects the composition or functioning of the Committee; (b) materially increases the aggregate number of shares of Stock that may 

		 

 

be delivered pursuant to the exercise of Awards; (c) materially increases the aggregate number of shares of Stock with respect to which Options or other Awards may be granted to any Participant during any calendar year; (d) materially decreases the minimum purchase price per share of Stock (in relation to the Fair Market Value thereof at the respective dates of grant) upon the exercise of Options; (e) extends the ten-year maximum period within which an Award is exercisable or the termination date of the Plan; or (f) otherwise triggers a shareholder approval requirement under an applicable law or listing standard.

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