Document:

Exhibit 4.2

 

UNLESS
PERMITTED UNDER SECURITIES LEGISLATION, THE HOLDER OF THIS SECURITY AND ANY SECURITY ISSUED ON EXERCISE HEREOF MUST NOT TRADE
THE SECURITY BEFORE JUNE ___, 2021.

 

THE
SECURITIES REPRESENTED HEREBY AND THE SECURITIES ISSUABLE UPON EXERCISE HEREOF HAVE NOT BEEN AND WILL NOT BE REGISTERED UNDER
THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED (THE “U.S. SECURITIES ACT”) OR U.S. STATE SECURITIES LAWS. THE
HOLDER HEREOF, BY PURCHASING SUCH SECURITIES, AGREES FOR THE BENEFIT OF THE CORPORATION THAT SUCH SECURITIES MAY BE OFFERED, SOLD,
PLEDGED OR OTHERWISE TRANSFERRED, DIRECTLY OR INDIRECTLY, ONLY (A) TO THE CORPORATION; (B) OUTSIDE THE UNITED STATES IN ACCORDANCE
WITH REGULATION S UNDER THE U.S. SECURITIES ACT AND IN COMPLIANCE WITH APPLICABLE LOCAL LAWS AND REGULATIONS; (C) PURSUANT TO
THE EXEMPTIONS FROM REGISTRATION UNDER THE U.S. SECURITIES ACT PROVIDED BY (I) RULE 144 THEREUNDER, IF AVAILABLE OR (II) RULE
144A THEREUNDER, IF AVAILABLE, AND, IN BOTH CASES, IN ACCORDANCE WITH APPLICABLE STATE SECURITIES LAWS OF THE UNITED STATES, OR
(D) IN A TRANSACTION THAT DOES NOT REQUIRE REGISTRATION UNDER THE U.S. SECURITIES ACT OR ANY APPLICABLE STATE SECURITIES LAWS
OF THE UNITED STATES AND, IN THE CASE OF CLAUSES (C)(I) OR (D) ABOVE, OR IF OTHERWISE REQUIRED BY THE CORPORATION , THE SELLER
HAS FURNISHED TO THE CORPORATION AN OPINION OF COUNSEL OF RECOGNIZED STANDING IN FORM AND SUBSTANCE REASONABLY SATISFACTORY TO
THE CORPORATION TO SUCH EFFECT. DELIVERY OF THIS CERTIFICATE MAY NOT CONSTITUTE GOOD DELIVERY IN SETTLEMENT OF TRANSACTIONS ON
STOCK EXCHANGES IN CANADA.

 

THIS
WARRANT AND THE SECURITIES ISSUABLE UPON EXERCISE HEREOF HAVE NOT BEEN AND WILL NOT BE REGISTERED UNDER THE U.S. SECURITIES ACT,
OR THE SECURITIES LAWS OF ANY STATE OF THE UNITED STATES. THIS WARRANT MAY NOT BE EXERCISED IN THE UNITED STATES OR BY OR ON BEHALF
OF, OR FOR THE ACCOUNT OR BENEFIT OF, A U.S. PERSON OR A PERSON IN THE UNITED STATES UNLESS THE COMMON SHARES ISSUABLE UPON EXERCISE
OF THIS WARRANT HAVE BEEN REGISTERED UNDER THE U.S. SECURITIES ACT AND THE APPLICABLE SECURITIES LEGISLATION OF ANY SUCH STATE
OR AN EXEMPTION FROM SUCH REGISTRATION REQUIREMENTS IS AVAILABLE. “UNITED STATES” AND “U.S. PERSON” ARE
AS DEFINED IN REGULATION S UNDER THE U.S. SECURITIES ACT.

THIS
WARRANT CERTIFICATE IS VOID IF NOT EXERCISED ON OR BEFORE

5PM (NEW YORK TIME) ON FEBRUARY ___, 2025. 

 

THIS
WARRANT IS TRANSFERABLE.

 

WARRANT
CERTIFICATE

NIOCORP DEVELOPMENTS LTD.

FEBRUARY ___, 2021

 

	Warrant Certificate No. LW#12	 	8,558,000
                                         WARRANTS (the “Warrants”), each Warrant entitling the holder to acquire,
                                         subject to adjustment, one Common Share of NioCorp Developments Ltd.

 

     

     

    

 

THIS
IS TO CERTIFY THAT, for value received, Lind Global Asset Management III, LLC (the “Holder”) is entitled to
subscribe for and purchase l fully paid and non-assessable Common Shares (the “Warrant Shares”) of NioCorp
Developments Ltd. (the “Corporation”) at a purchase price (the “Exercise Price”) of CDN$0.97
per Warrant Share until 5:00 (New York time) on February __, 2025 (the “Expiry Time”).

 

The
Warrants are exercisable at any time and from time to time after the date of this Warrant Certificate up to the Expiry Time, in
whole or in part, subject, however, to the provisions and upon the terms and conditions hereinafter set out.

 

All
references herein to dollar amounts are to the lawful money of Canada, unless specified otherwise.

 

		1.	Interpretation

 

In
this Warrant Certificate, unless the context otherwise requires, the following expressions have the following meanings:

 

		(a)	“Business
                                         Day” means any day of the year (i) other than a Saturday, Sunday or a statutory
                                         holiday in New York, New York, Vancouver, British Columbia or Toronto, Ontario, and (ii)
                                         on which the Exchange is open for business;

 

		(b)	“Common
                                         Shares” means common shares in the share capital of the Corporation;

 

		(c)	“Current
                                         Market Price” means on any given date the volume weighted average trading price
                                         on the Exchange (or, if the Common Shares are not listed and posted for trading on the
                                         Exchange, such other stock exchange or over-the-counter market on which the Common Shares
                                         may be listed or quoted) for the 20 Trading Days ending three Trading Days prior to the
                                         relevant date;

 

		(d)	“Exchange”
                                         means the Toronto Stock Exchange or such other stock exchange on which the Common Shares
                                         are listed or quoted;

 

		(e)	“Trading
                                         Day” means a day on which not less than a board lot of Common Shares has traded
                                         on the Exchange;

 

		(f)	“U.S.
                                         Person” means a “U.S. person” as such term is defined in Rule 902(k)
                                         of Regulation S under the U.S. Securities Act;

 

		(g)	“U.S.
                                         Securities Act” means the United States Securities Act of 1933, as amended;

 

		(h)	“VWAP”
                                         means the volume weighted average trading price of the Common Shares on the Exchange
                                         over the relevant time period; and

 

		(i)	“Warrant
                                         Certificate” means this certificate representing the Warrants.

 

		2.	Exercise
                                         of Warrants.

 

		(a)	The
                                         Warrants may be exercised in whole or in part from time to time in the sole discretion
                                         of the Holder by delivery to the Corporation at its principal office in Colorado of a
                                         written notice of exercise in the form attached as Schedule A hereto prior to the Expiry
                                         Time specifying the number of Warrant Shares with respect to which the Warrants are then
                                         being exercised and accompanied by payment in full of the purchase price for the Warrant
                                         Shares then being purchased and the original copy of this Warrant Certificate. In the
                                         event that the Holder subscribes for and purchases less than the full number of Warrant
                                         Shares entitled to be subscribed for and purchased under this Warrant Certificate prior
                                         to the Expiry Time, the Corporation shall issue a new certificate to the Holder in the
                                         same form as this Warrant Certificate with appropriate changes, such certificate to be
                                         delivered by courier to the Holder concurrently with the delivery by courier to the Holder
                                         of the certificates representing the Warrant Shares acquired on exercise.

 

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		(b)	Upon
                                         due exercise of the Warrants by the Holder, the Warrant Shares so subscribed for shall
                                         be deemed to have been issued as fully paid and non-assessable shares and the person
                                         to whom such Warrant Shares are to be issued shall be deemed to have become the holder
                                         of record of such Warrant Shares on the date of exercise unless the transfer books of
                                         the Corporation shall be closed on such date, in which case the Warrant Shares so subscribed
                                         for shall be deemed to have been issued and such person shall be deemed to have become
                                         the holder of record of such Warrant Shares on the date on which such transfer books
                                         were reopened and such Warrant Shares shall be issued at the Exercise Price in effect
                                         on the date of exercise.

 

		(c)	Notwithstanding
                                         the partial exercise of the Warrants by the Holder, the Warrants may be exercised at
                                         any time (and from time to time) prior to the Expiry Time for all or any part of the
                                         Warrant Shares which, prior to such time, have not been issued to the Holder. The Holder
                                         will be deemed to have represented and warranted its compliance with the re-sale and
                                         transfer restrictions set forth in Section 19(b) below upon the exercise of any Warrants
                                         in the United States or to, or for the account or benefit of, any U.S. Person.

 

		(d)	When
                                         the transfer books of the Corporation have been opened for three (3) Business Days after
                                         the due exercise or partial exercise of the Warrants, the Corporation shall use its reasonable
                                         best efforts to cause a certificate evidencing the number of Warrant Shares so subscribed
                                         for to be delivered by courier to the person in whose name such Warrant Shares are to
                                         be issued (as specified in the notice of exercise) at the address specified in the notice
                                         of exercise, within five (5) Business Days thereafter or shall cause the Warrant Shares
                                         to be entered into a direct registration or other electronic book-entry system if no
                                         certificates are issued, provided that, if no certificates are issued, such Warrant Shares
                                         may be issued with a restricted CUSIP.

 

		(e)	The
                                         Warrants and the Warrant Shares have not been registered under the U.S. Securities Act.
                                         The Warrants may not be exercised within the United States or by or on behalf of a U.S.
                                         Person unless registered or exempt from the registration requirements thereunder.

 

		(f)	Subject
                                         to the terms hereof, this Warrant Certificate may be transferred, subject to the terms
                                         set forth in the Transfer Form attached hereto. No transfer of this Warrant Certificate
                                         shall be effective unless this Warrant Certificate is accompanied by a duly executed
                                         Transfer Form or other instrument of transfer in such form as the Corporation may from
                                         time to time prescribe, together with such evidence of the genuineness of each endorsement,
                                         execution and authorization and of other matters as may be required by the Corporation,
                                         and delivered to the Corporation. No transfer of this Warrant Certificate shall be made
                                         if, in the opinion of counsel to the Corporation, such transfer would result in the violation
                                         of any applicable securities laws. Subject to the foregoing, the Corporation shall issue
                                         and mail, as soon as practicable, and in any event within five (5) Business Days of the
                                         receipt by the Corporation of this Warrant Certificate and the Transfer Form, a new Warrant
                                         Certificate (with or without legends as determined by the Corporation) registered in
                                         the name of the transferee or as the transferee may direct and shall take all other necessary
                                         actions to effect the transfer as directed.

 

		(g)	In
                                         the event that an exercise of Warrants would result in the Holder becoming an “Insider”
                                         (as defined in the TSX Company Manual) of the Corporation, such exercise of Warrants
                                         will be postponed and will not be effective until the TSX has approved a personal information
                                         form, or waived the requirement therefor, in respect of the Holder. In addition, in the
                                         event that an exercise of Warrants would “materially affect control” (as
                                         defined in the TSX Company Manual) of the Corporation, such exercise of Warrants will
                                         be postponed and will not be effective until the parties comply with any requirements
                                         under the TSX Company Manual, if any.

 

		3.	Rights
                                         of Holder Before Exercise of Warrants

 

The
Holder shall not have any rights whatsoever as a shareholder in respect of the Warrant Shares until the Warrants are exercised,
in whole or in part, and payment for the Warrant Shares thereby purchased has been made.

 

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		4.	Adjustments
                                         to Number or Kind of Securities Issuable on Exercise

 

		(a)	If,
                                         at any time prior to the Expiry Time, there occurs:

 

		(i)	a
                                         reclassification or redesignation of the Common Shares or any other capital reorganization
                                         other than a Common Share Reorganization (as defined below); or

 

		(ii)	a
                                         consolidation, merger or amalgamation of the Corporation with or into any other corporation
                                         or entity or an arrangement with any other corporation or entity which results in the
                                         cancellation, reclassification or redesignation of the Common Shares or a change or conversion
                                         of the Common Shares into other shares or securities or the holders of the Common Shares
                                         becoming entitled to receive shares or other securities of the other corporation or entity,
                                         or the transfer of all or substantially all of the assets of the Corporation to another
                                         corporation or entity or the Corporation being controlled (within the meaning of the
                                         Income Tax Act (Canada)) by another corporation or entity;

 

(any
such event being herein called a “Capital Reorganization”), then, immediately upon the effective time of such
Capital Reorganization and at all times thereafter, a Holder who exercises its right to subscribe for Warrant Shares shall be
entitled to be issued and receive and shall accept for the same aggregate consideration, upon such exercise, in lieu of the number
of Warrant Shares to which it was theretofore entitled upon exercise of the Warrants, the kind and aggregate number of shares
or other securities or property of the Corporation or of the corporation or other entity resulting from such Capital Reorganization
or any other corporation that the Holder would have been entitled to be issued and receive upon such Capital Reorganization if,
immediately prior to the effective time thereof, it had been the registered holder of the number of Warrant Shares to which it
was theretofore entitled upon exercise of the Warrants.

 

		(b)	If
                                         necessary as a result of any Capital Reorganization, appropriate adjustments shall be
                                         made in the application of the provisions of this section with respect to the rights
                                         and interest thereafter of the Holder to the end that the provisions set forth in this
                                         section shall thereafter correspondingly be made applicable as nearly as may reasonably
                                         be practicable in relation to any shares or other securities or property thereafter issuable
                                         and deliverable upon the exercise of the Warrants.

 

		(c)	If
                                         at any time after the date hereof and prior to the Expiry Time any adjustment or readjustment
                                         in the Exercise Price shall occur pursuant to the provisions of subsection 5(a), then
                                         the number of Warrant Shares issuable upon the subsequent exercise of the Warrants shall
                                         be simultaneously adjusted or readjusted, as the case may be, by multiplying the number
                                         of Warrant Shares issuable upon the exercise of the Warrants immediately prior to such
                                         adjustment or readjustment by a fraction which shall be the reciprocal of the fraction
                                         employed in the adjustment or readjustment of the Exercise Price.

 

		5.	Adjustment
                                         of Exercise Price

 

		(a)	If,
                                         at any time prior to the Expiry Time, the Corporation shall:

 

		(i)	subdivide
                                         the outstanding Common Shares into a greater number of shares;

 

		(ii)	consolidate
                                         the outstanding Common Shares into a lesser number of shares; or

 

		(iii)	make
                                         a distribution (other than a distribution referred to in subsections 4(b) or 4(c) of
                                         this Warrant Certificate) to the holders of all or substantially all of the Common Shares
                                         payable in Common Shares or securities exchangeable for or convertible into Common Shares;

 

(any
such event being herein called a “Common Share Reorganization”), then the Exercise Price shall be adjusted,
effective immediately after the effective date or record date at which holders of Common Shares are determined for the purposes
of the Common Share Reorganization, by multiplying the Exercise Price in effect immediately prior to such effective date or record
date by a fraction of which:

 

		A.	the
                                         numerator shall be the number of Common Shares outstanding on such effective date or
                                         record date before giving effect to such Common Share Reorganization; and

 

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		B.	the
                                         denominator shall be the number of Common Shares outstanding immediately after giving
                                         effect to such Common Shares Reorganization, including, without limitation, in the case
                                         of a distribution of securities exchangeable for or convertible into Common Shares, the
                                         number of Common Shares that would have been outstanding if such securities had been
                                         exchanged for or converted into Common Shares on such date.

 

To
the extent that any adjustment in the Exercise Price occurs pursuant to this subsection (a) as a result of the fixing by the Corporation
of a record date for the distribution of securities exchangeable for or convertible into Common Shares, the Exercise Price shall
be readjusted immediately after the expiration of any relevant exchange or conversion right to the Exercise Price which would
then be in effect based upon the number of Common Shares actually issued and remaining issuable pursuant to such exchangeable
or convertible securities after such expiration.

 

		(b)	If,
                                         at any time prior to the Expiry Time, the Corporation shall fix a record date for the
                                         issue to the holders of all or substantially all of the Common Shares of rights, options
                                         or warrants under which such holders are entitled, during a period expiring not more
                                         than 45 days after the record date for such issue (which period is herein called the
                                         “Rights Period”), to subscribe for or purchase Common Shares or securities
                                         exchangeable for or convertible into Common Shares at a price per share to the holder
                                         (or, in the case of securities exchangeable for or convertible into Common Shares, at
                                         an exchange or conversion price per share) of less than 95% of the Current Market Price
                                         of the Common Shares on such record date (any such event being herein called a “Rights
                                         Offering”), the Exercise Price shall be adjusted, effective immediately after
                                         the record date, to a price determined by multiplying the Exercise Price in effect on
                                         such date by a fraction of which:

 

		(i)	the
                                         numerator shall be the aggregate of:

 

		(A)	the
                                         number of Common Shares outstanding on the record date for the Rights Offering; and

 

		(B)	the
                                         number determined by dividing:

 

		(I)	either

 

		(x)	the
                                         product of the number of Common Shares offered for issue during the Rights Period upon
                                         exercise of the rights, warrants or options under the Rights Offering and the price at
                                         which such Common Shares are offered; or

 

		(y)	the
                                         product of the exchange or conversion price of the securities so offered and the number
                                         of Common Shares for or into which the securities so offered pursuant to the Rights Offering
                                         are exchangeable or convertible;

 

as
the case may be, by;

 

		(II)	the
                                         Current Market Price of the Common Shares as of the record date for the Rights Offering;
                                         and

 

		(ii)	the
                                         denominator shall be the aggregate of the number of Common Shares outstanding on such
                                         record date and the number of Common Shares offered pursuant to such Rights Offering
                                         (or the number of Common Shares into which the securities so offered may be exchanged
                                         or converted).

 

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If
by the terms of the rights, options or warrants referred to in this subsection (b), there is more than one purchase, conversion
or exchange price per Common Share, the aggregate price of the total number of additional Common Shares offered for subscription
or purchase, or the aggregate conversion or exchange price of the convertible securities so offered, shall be calculated for purposes
of the adjustment on the basis of the lowest purchase, conversion or exchange price per Common Share, as the case may be. Any
Common Shares owned by or held for the account of the Corporation or any subsidiary of the Corporation shall be deemed not to
be outstanding for the purpose of any such computation. To the extent that any adjustment in the Exercise Price occurs pursuant
to this subsection (b) as a result of the fixing by the Corporation of a record date or the distribution of rights, options or
warrants referred to in this subsection (b), the Exercise Price shall be readjusted immediately after the expiration of any relevant
exchange, conversion or exercise right to the Exercise Price which would then be in effect based upon the number of Common Shares
actually issued and remaining issuable after such expiration.

 

		(c)	If,
                                         at any time prior to the Expiry Time, the Corporation shall issue or distribute to the
                                         holders of all or substantially all of the Common Shares:

 

		(i)	Common
                                         Shares or other securities of the Corporation including, without limitation, rights,
                                         options or warrants to acquire Common Shares or securities exchangeable for or convertible
                                         into Common Shares or any property or asset of the Corporation, (other than rights, options
                                         or warrants pursuant to which holders of Common Shares are entitled, during a period
                                         expiring not more than 45 days after the record date for such issue, to subscribe for
                                         or purchase Common Shares at a price per share (or in the case of securities exchangeable
                                         for or convertible into Common Shares at an exchange or conversion price per share at
                                         the date of issue of such securities) of at least 95% of the Current Market Price of
                                         the Common Shares on such record date), and including, without limitation, evidences
                                         of indebtedness, or

 

		(ii)	any
                                         property or other assets including, without limitation, cash;

 

and
such issuance or distribution does not constitute a Rights Offering or a Common Share Reorganization (any such issuance or distribution
being herein called a “Special Distribution”), then the Exercise Price shall be adjusted, effective immediately
after the record date at which the holders of Common Shares are determined for purposes of the Special Distribution, to a price
determined by multiplying the Exercise Price in effect on the record date of the Special Distribution by a fraction of which:

 

		(A)	the
                                         numerator shall be the difference between:

 

		(I)	the
                                         product of the number of Common Shares outstanding on the record date and the Current
                                         Market Price of the Common Shares on the record date; and

 

		(II)	the
                                         fair market value to the holders of Common Shares, as determined by the board of directors
                                         of the Corporation acting reasonably, of the securities, rights, options, warrants, evidences
                                         of indebtedness or other assets issued or distributed in the Special Distribution; and

 

		(B)	the
                                         denominator shall be the product of the number of Common Shares outstanding on the record
                                         date and the Current Market Price of the Common Shares on the record date.

 

Any
Common Shares owned by or held for the account of the Corporation or any subsidiary shall be deemed not to be outstanding for
the purpose of such computation. To the extent that any adjustment in the Exercise Price occurs pursuant to this subsection (c)
as a result of the fixing by the Corporation of a record date for the distribution of exchangeable or convertible securities or
rights, options or warrants referred to in this subsection (c), the Exercise Price shall be readjusted immediately after the expiration
of any relevant exchange, conversion or exercise right to the Exercise Price which would then be in effect if the fair market
value had been determined on the basis of the number of Common Shares issued and remaining issuable pursuant to such exchangeable
or convertible securities immediately after such expiration.

 

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		6.	Adjustment
                                         Rules

 

		(a)	Subject
                                         to the other provisions of this section 6, any adjustment made pursuant to sections 4
                                         or 5 are cumulative and shall be made successively whenever any event referred to in
                                         either of such sections shall occur.

 

		(b)	In
                                         any case where an adjustment shall become effective immediately after a record date for
                                         an event referred to herein, the Corporation may defer, until the occurrence of such
                                         event:

 

		(i)	issuing
                                         to the Holder, by reason of the adjustment required by such event, the additional Warrant
                                         Shares issuable upon exercise of the Warrants after such record date and before the occurrence
                                         of such event; and

 

		(ii)	delivering
                                         to the Holder any distributions declared with respect to such additional Warrant Shares
                                         after the exercise of the Warrants and before such event;

 

provided,
however, that the Corporation shall deliver to the Holder an appropriate instrument evidencing the Holder’s right, upon
the occurrence of the event requiring the adjustment, to an adjustment in the Exercise Price or the number of Warrant Shares issuable
upon exercise of the Warrants and to such distributions declared with respect to any such additional Warrant Shares issuable on
the exercise of the Warrants.

 

		(c)	No
                                         adjustment in the Exercise Price shall be required unless the adjustment would result
                                         in a change of at least 1% in the Exercise Price then in effect and no adjustment shall
                                         be made in the number of Warrant Shares issuable on the exercise of the Warrants unless
                                         it would result in a change of at least one one-hundredth of a Warrant Share, provided,
                                         however, that any adjustments which, except for the provisions of this subsection (c)
                                         would otherwise have been required to be made, shall be carried forward and taken into
                                         account in any subsequent adjustment.

 

		(d)	No
                                         adjustment in the Exercise Price or in the number or kind of securities issuable on exercise
                                         of the Warrants shall be made in respect of any event described in sections 4 or 5 if
                                         the Holder is entitled to participate in such event (subject to TSX acceptance) on the
                                         same terms mutatis mutandis as if the Holder had exercised the Warrants prior to or on
                                         the effective date or record date, as the case may be, of such event.

 

		(e)	If
                                         the Corporation shall set a record date to determine shareholders for the purpose of
                                         entitling them to receive any dividend or distribution or any subscription or purchase
                                         rights and shall, thereafter and before the distribution to such shareholders of any
                                         such dividend, distribution or subscription or purchase rights, legally abandon its plan
                                         to pay or deliver such dividend, distribution or subscription or purchase rights, no
                                         adjustment in the Exercise Price or the number of Warrant Shares issuable upon exercise
                                         of these Warrants shall be required by reason of the setting of such record date.

 

		(f)	In
                                         the absence of a resolution of the directors of the Corporation fixing a record date
                                         for a stock dividend or other distribution comprising a Common Share Reorganization,
                                         a Rights Offering or a Special Distribution, the Corporation shall be deemed to have
                                         fixed as the record date therefor the effective date of such event.

 

		(g)	The
                                         Corporation will not, whether pursuant to an adjustment under sections 4 and 5 or any
                                         other circumstances, be obligated to issue any fraction of a Warrant Share on any exercise
                                         or partial exercise of the Warrants. If any fractional interest in a Warrant Share would,
                                         except for the provisions of this section 5(g), be issuable upon the exercise or partial
                                         exercise of the Warrants, the number of Warrant Shares issuable shall be rounded down
                                         to the nearest whole number.

 

		(h)	In
                                         the event of any question arising with respect to the adjustments provided for in sections
                                         4 or 5, such question shall conclusively be determined by a firm of reputable chartered
                                         accountants appointed by the Corporation, which accountants may be the Corporation’s
                                         auditors. Such accountants shall have access to all necessary records of the Corporation
                                         and such determination shall be binding upon the Corporation and the Holder.

 

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		7.	Proceedings
                                         Prior to Action Requiring Adjustment

 

		(a)	As
                                         a condition precedent to the taking of any action that would require an adjustment pursuant
                                         to sections 4 or 5, the Corporation shall take or cause to be taken all such action as,
                                         in the opinion of counsel of the Corporation, may be necessary in order that the Holder
                                         shall be entitled to receive, upon exercise of the Warrants, the shares or other securities
                                         or property provided for under the provisions hereof.

 

		(b)	Adjustments
                                         to the Exercise Price or the number of Warrant Shares purchasable pursuant to this Warrant
                                         Certificate may be subject to the prior approval of the Exchange.

 

		8.	Notice

 

At
least twenty-one days prior to any record date or effective date, as the case may be, for any event which requires or might require
an adjustment in any of the rights of the Holder under this Warrant Certificate, including the Exercise Price and the number of
Warrant Shares that are purchasable under this Warrant Certificate, the Corporation will deliver to the Holder, at the Holder’s
registered address, a certificate of the Corporation specifying the particulars of such event and, if determinable, the required
adjustment and the calculation of such adjustment. In case any adjustment has been given that is not then determinable, the Corporation
will promptly after such adjustment is determinable deliver to the Holder, at the Holder’s registered address, a certificate
providing the calculation of such adjustment. The Corporation hereby covenants and agrees that the register of transfers and share
transfer books for the Warrant Shares will be open, and that the Corporation will not take any action that might deprive the Holder
of the opportunity of exercising the rights of subscription contained in this Warrant Certificate, during such twenty-one day
period.

 

		9.	Replacement

 

Upon
receipt of evidence satisfactory to the Corporation of the loss, theft, destruction or mutilation of this Warrant Certificate
and, if requested by the Corporation, upon delivery of a bond of indemnity satisfactory to the Corporation (or, in the case of
mutilation, upon surrender of this Warrant Certificate), the Corporation will issue to the Holder a replacement certificate (containing
the same terms and conditions as this Warrant Certificate).

 

		10.	Covenants

 

The
Corporation covenants with the Holder that so long as any obligations of the Corporation under this Warrant Certificate remain
outstanding:

 

		(a)	it
                                         will use its reasonable best efforts to at all times maintain its existence; will carry
                                         on and conduct its business in a prudent manner in accordance with industry standards
                                         and good business practice, and will keep or cause to be kept proper books of account
                                         in accordance with generally accepted accounting practice, subject to the completion
                                         of a Capital Reorganization in accordance with subsection 10(g) below;

 

		(b)	it
                                         will cause the certificates evidencing the Warrant Shares, from time to time, subscribed
                                         and paid for, upon the exercise of the Warrants, to be duly issued and delivered in accordance
                                         with the conditions hereof or cause such Warrant Shares to be entered into a direct registration
                                         or other electronic book-entry system if no certificates are issued, provided that, if
                                         no certificates are issued, such Warrant Shares may be issued with a restricted CUSIP;

 

		(c)	all
                                         Warrant Shares which shall be issued upon exercise of the Warrants and payment of the
                                         Exercise Price shall be fully paid and non-assessable shares;

 

		(d)	it
                                         will reserve and keep available a sufficient number of Warrant Shares for the purpose
                                         of enabling it to satisfy its obligation to issue Warrant Shares upon the exercise of
                                         the Warrants;

 

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		(e)	it
                                         will maintain the listing of the Common Shares on the Exchange and the status of the
                                         Corporation as a reporting issuer not in default and otherwise remain in full compliance
                                         with the periodic reporting and other substantive requirements under the securities legislation
                                         of each of the provinces of British Columbia, Alberta, Saskatchewan, Ontario and New
                                         Brunswick until the Expiry Time unless the Corporation shall become merged into, or amalgamated
                                         with, or otherwise acquired by, another issuer and the shareholders of the Corporation
                                         shall receive cash from or publicly traded shares of such other issuer;

 

		(f)	except
                                         as required by law, it will not close its transfer books or take any other action which
                                         might deprive the Holder of the opportunity of exercising its right to subscribe for
                                         Warrant Shares pursuant to the Warrant during the period of twenty-one days after the
                                         giving of a notice required by section 8 or unduly restrict such opportunity;

 

		(g)	it
                                         shall not complete or facilitate a Capital Reorganisation if the effect of such Capital
                                         Reorganisation is that:

 

		(i)	all
                                         or substantially all of its assets become the property of, or are under the control of,
                                         or it is controlled (within the meaning of the Income Tax Act (Canada)) by, any other
                                         person (an “Acquiring Person”); and

 

		(ii)	holders
                                         of Common Shares receive any other security in replacement of, or in addition to, their
                                         Common Shares;

 

unless,
at or prior to or contemporaneously with the effective time of such Capital Reorganisation, the Corporation and the Acquiring
Person shall have executed such instruments and done such things as the Corporation, acting reasonably, considers necessary or
advisable to establish that upon the consummation of such transaction:

 

		(iii)	the
                                         Acquiring Person will have assumed all the covenants and obligations of the Corporation
                                         under this Warrant Certificate, and

 

		(iv)	the
                                         Warrant and the terms set forth in this Warrant Certificate will be a valid and binding
                                         obligation of the Acquiring Person entitling the Holder, as against the Acquiring Person,
                                         to all the rights of the Holder under this Warrant Certificate.

 

The
Acquiring Person shall possess, and from time to time may exercise, each and every right and power of the Corporation under this
Warrant in the name of the Corporation or otherwise and any act or proceeding by any provision hereof required to be done or performed
by any director or officer of the Corporation may be done and performed with like force and effect by the like directors or officers
of the Acquiring Person.

 

		(h)	generally
                                         it will well and truly perform and carry out all of the acts or things to be done by
                                         it as provided by this Warrant Certificate.

 

		11.	Representations
                                         and Warranties

 

The
Corporation represents and warrants to the Holder that:

 

		(a)	it
                                         has obtained all required corporate authorization for creation and issue of the Warrants
                                         and the performance of its obligations in connection with the Warrants and has provided
                                         for the issuance, subject only to receipt by the Corporation of the Exercise Price, of
                                         the Warrant Shares which Warrant Shares, when issued, will be issued as fully paid and
                                         non-assessable shares;

 

		(b)	it
                                         has obtained all regulatory approvals (including, without limitation, the approvals of
                                         the Exchange) necessary or desirable for the issuance of the Warrants, the Warrant Shares
                                         to the Holder and the Warrant Shares, when issued, will be listed and posted for trading
                                         on the Exchange;

 

    - 10 - 

     

    

 

		(c)	it
                                         is a “reporting issuer” not in default under the applicable securities legislation
                                         of the provinces of British Columbia, Alberta, Saskatchewan, Ontario and New Brunswick;

 

		(d)	the
                                         execution, delivery and performance by the Corporation of this Warrant Certificate will
                                         not violate any provision of the constating documents of the Corporation or any material
                                         contract to which the Corporation is a party or by which the Corporation is bound, nor
                                         will it create an event of default thereunder; and

 

		(e)	this
                                         Warrant Certificate is a valid and enforceable obligation of the Corporation, enforceable
                                         in accordance with the provisions of this Warrant Certificate.

 

		12.	Time
                                         of the Essence

 

Time
shall be of the essence of this Warrant Certificate.

 

		13.	Governing
                                         Law

 

This
Warrant Certificate shall be governed by and construed in accordance with the laws of the Province of British Columbia and the
federal laws of Canada applicable therein. The Holder irrevocably attorn to the exclusive jurisdiction of the courts of the Province
of British Columbia.

 

		14.	Headings

 

The
division of this Warrant Certificate into sections and the insertion of headings are for convenience of reference only and shall
not affect the construction or interpretation of this Warrant Certificate. The section headings in this Warrant Certificate are
not intended to be full or accurate descriptions of the text to which they refer and shall not be considered part of this Warrant
Certificate.

 

		15.	Number
                                         and Gender

 

In
this Warrant Certificate, words (including, without limitation, defined terms) in the singular include the plural and vice-versa
and words in one gender include all genders.

 

		16.	Invalidity

 

If
any provision of this Warrant Certificate is determined to be invalid or unenforceable by a court of competent jurisdiction from
which no further appeal lies or is taken, that provision shall be deemed to be severed herefrom, and the remaining provisions
of this Warrant Certificate shall not be affected thereby and shall remain valid and enforceable.

 

		17.	Amendment

 

This
Warrant Certificate may only be amended, supplemented or otherwise modified by a written agreement signed by the Corporation and
the Holder.

 

		18.	Further
                                         Assurances

 

The
Corporation shall do such acts and shall execute such documents and will cause the doing of acts and will cause the execution
of such further documents as are within its power in order to give full effect to the provisions of this Warrant Certificate.

 

    - 11 - 

     

    

 

		19.	Hold
                                         Periods, Legends and Re-sale Restrictions

 

		(a)	If
                                         any of the Warrants are exercised prior to JUNE ___, 2021 the certificates representing
                                         the Warrant Shares to be issued pursuant to such exercise shall bear the following legend:

 

“UNLESS
PERMITTED UNDER SECURITIES LEGISLATION, THE HOLDER OF THE SECURITIES SHALL NOT TRADE THE SECURITIES BEFORE JUNE ___, 2021.”
[NOTE: TO INSERT THE DATE THAT IS 4 MONTHS AND ONE DAY FROM THE DATE OF ISSUANCE OF THE WARRANTS, E.G. THE STATUTORY HOLD PERIOD
IN CANADA].

 

“THE
SECURITIES REPRESENTED BY THIS CERTIFICATE ARE LISTED ON THE TORONTO STOCK EXCHANGE (“TSX”); HOWEVER, THE SAID SECURITIES
CANNOT BE TRADED THROUGH THE FACILITIES OF THE TSX SINCE THEY ARE NOT FREELY TRANSFERABLE, AND CONSEQUENTLY, ANY CERTIFICATE REPRESENTING
SUCH SECURITIES IS NOT “GOOD DELIVERY” IN SETTLEMENT OF TRANSACTIONS ON THE TSX.”

 

The
Holder understands and acknowledges that, until such time as the Warrant Shares are no longer restricted securities pursuant to
Rule 144(a)(3) under the U.S. Securities Act, the Warrant Shares may not be offered or sold or otherwise transferred, directly
or indirectly, in the United States or to, or for the account or benefit of a U.S. Person, and it will not deposit any of the
Warrant Shares with Cede & Co. or any successor thereto, nor will it transfer or sell any Warrant Shares over the facilities
of the OTC Markets Group, Inc. including the OTCQX International and it will also cause any nominee holding the Warrant Shares
on its behalf to comply with the foregoing re-sale and transfer restrictions. In addition, if the Warrants are exercised in the
United States or by or on behalf of a U.S. Person, the Holder exercising such Warrants will be deemed to have represented to the
Corporation that the Holder has implemented appropriate internal controls and procedures to ensure that the Warrant Shares shall
be properly identified in its records as restricted securities under the U.S. Securities Act that are subject to the re-sale and
transfer restrictions set forth herein notwithstanding the absence of a U.S. restrictive legend or a definitive physical certificate,
as contemplated by the parties and in reliance on the foregoing representation of the Holder.

 

		20.	Successors
                                         and Assignment

 

Subject
to compliance with all applicable securities legislation and the approval of the Exchange (if required in the circumstances),
this Warrant Certificate and the rights evidenced by this Warrant Certificate may be transferred or assigned at the discretion
of the Holder.

 

This
Warrant Certificate shall enure to the benefit of and be binding upon the Corporation, the Holder and their successors. Reference
in this Warrant Certificate to a “successor” of any body corporate shall be construed so as to include, but not limited
to:

 

		(a)	any
                                         amalgamated or other corporation of which such body corporate or any of its successors
                                         is one of the amalgamating or merging corporations;

 

		(b)	any
                                         corporation resulting from any court approved arrangement of which such body corporate
                                         or any of its successors is a party;

 

		(c)	any
                                         corporation resulting from the continuance of such body corporate or any successor of
                                         it under the laws of another jurisdiction of incorporation; and

 

		(d)	any
                                         successor (determined as aforesaid or in any similar or comparable procedure under the
                                         laws of any other jurisdiction) of any corporation referred to in clause (a), (b) or
                                         (c).

 

[INTENTIONALLY
LEFT BLANK]

 

    - 12 - 

     

    

 

IN
WITNESS WHEREOF the Corporation has caused this Warrant Certificate to be executed by its duly authorized officer.

 

NIOCORP
DEVELOPMENTS LTD.

 

	Per:	 	 
		

                                         Neal S. Shah

                                         Chief Financial Officer	 

 

    - 13 - 

     

    

SCHEDULE
“A”

WARRANT EXERCISE FORM

 

TO: NIOCORP
DEVELOPMENTS LTD. (the “Corporation”)

 

In
accordance with the provisions of a warrant certificate dated l between the undersigned and the Corporation (the “Warrant
Certificate”), the undersigned hereby exercises the Warrants, as indicated below:

 

	#
    of Warrant Shares Purchased	 	Exercise
    Price/Share	 	Total
    Price
		 	CDN$ 	 	CDN$ 

 

In
connection with the exercise of the Warrant Certificate, the undersigned represents as follows: (Please check the ONE
box applicable):

 

☐
            1.        The undersigned hereby certifies that (i) at the time of exercise, it is not a U.S. Person and did not execute
this Warrant Exercise Form while within the United States; (ii) it is not exercising any of the Warrants represented by
the Warrant Certificate by or on behalf of any U.S. Person or any person who is within the United States; (iii)
no “directed selling efforts” (as defined in Regulation S under the United States Securities Act of 1933, as
amended (the “U.S. Securities Act”)) have been engaged in by the undersigned or on the undersigned’s
behalf; and (iv) has in all other respects complied with the terms of an Off-Shore Transaction in compliance with Regulation
S under the U.S. Securities Act.

 

☐             2.       The
undersigned holder (i) acquired the Warrants as a part of a private placement offering in the United States; (ii) is
exercising the Warrants solely for its own account or for the benefit of a U.S. Person or a person in the United States for
whose account such holder acquired the Warrants in the private placement offering and for whose account such holders
exercises sole investment discretion; (iii) was and is, and any beneficial purchaser for whose account such holder acquired
the Warrant and is exercising the Warrants was and is, an “accredited investor” within the meaning of Rule 501(a)
of Regulation D under the U.S. Securities Act both on the date the Warrants were purchased and on the date hereof; and (iv)
the representations and warranties made by the holder or any beneficial purchaser, as the case may be, to the Corporation in
connection with the acquisition of the Warrants pursuant to the private placement remain true and correct on the date
hereof.

 

☐            3.       The
undersigned is delivering a written opinion of U.S. counsel to the effect that the Warrant Shares to be delivered upon exercise
hereof have been registered under the U.S. Securities Act or are exempt from registration thereunder.

 

Notes:

 

1.       Warrant
Shares will not be registered or delivered to an address in the United States unless Box 2 or 3 above is checked and the undersigned,
upon exercise, will be deemed to have represented and warranted that it will comply with the re-sale and transfer restrictions
set forth in Section 19(b) of the Warrant Certificate.

 

2.       If
Box 3 above is checked, holders are encouraged to consult with the Corporation in advance to determine that the legal opinion
tendered in connection with the exercise will be satisfactory in form and substance to the Corporation.

 

3.      
The terms “United States”, “U.S. Person” and “Off-Shore Transaction” have the meaning
ascribed thereto pursuant to Regulation S under the U.S. Securities Act.

 

To
pay for that portion of the Warrants being exercised, the undersigned encloses a certified cheque or bank draft in Canadian currency
made payable to the Corporation in the amount of CDN$ .

 

    - 14 - 

     

    

 

The
undersigned hereby directs that the Warrant Shares be issued as follows:

 

	NAME(S)
    IN FULL	ADDRESS(ES)	NUMBER
    OF 

    WARRANT SHARES
	 	 	 
	 	 	 
	 	 	 

 

The
certificate(s) issued representing the Warrant Shares or related entry into a direct registration or other electronic book-entry
system to which the undersigned is entitled following this exercise is to be in the name indicated below and, if issued, certificate(s)
are to be forwarded to the undersigned at the address set forth below:

 

	Name:	 	 
	Address:	 	 
	 	 	 
	 	 	 

 

 

    - 15 - 

     

    

 

If
the Warrant Exercise Form indicates that Warrant Shares are to be issued to a person or persons other than the registered holder
of the Warrant Certificate, the signature on this Warrant Exercise Form must be guaranteed by a Canadian chartered bank, or eligible
guarantor institution with membership in an approved signature guarantee medallion program. The guarantor must affix a stamp bearing
the actual words “Signature Guaranteed”.

 

Dated
this __________________________ day of _________________, 20___

 

	Medallion Signature Guarantee Stamp of Holder	 	Signature of Holder
	 	 	 
	Witness	 	Signature of Holder
	 	 	 
	 	 	Name of Holder
	 	 	 
	 	 	Name of Authorized Representative
	 	 	 
	 	 	Address of Holder

  

    - 16 - 

     

    

 

TRANSFER
FORM

 

FOR
VALUE RECEIVED, the undersigned (the “Transferor”) hereby sells, assigns and transfers unto ________________________________,
(the “Transferee”) (include name and address of the transferee) ____________________ (number of Warrants) Warrants
exercisable for common shares of NioCorp Developments Ltd. (the “Corporation”) registered in the name of the
undersigned on the register of the Corporation maintained therefor, and hereby irrevocably appoints the Corporate Secretary of
the Corporation as the attorney of the undersigned to transfer the said securities on the books maintained by the Corporation
with full power of substitution.

 

Capitalized
terms not defined herein have the meaning set out in the attached Warrant Certificate dated February ___, 2021 (the “Warrant
Certificate”).

 

DATED
this _______ day of ___________________, 20___.

 

	Medallion Signature Guarantee Stamp of Holder	 	Signature of Transferor
	 	 	 
	 	 	Name of Transferor
	 	 	 
	 	 	Name of Authorized Representative
	 	 	 
	 	 	Address of Holder

 

THE
UNDERSIGNED HERBY CERTIFIES AND DECLARES that the Warrants are not being offered, sold, pledged or transferred to, or for
the account or benefit of, a “U.S. person” (as defined in Regulation S under the United States Securities Act of 1933,
as amended (the “U.S. Securities Act”)) or a person within the United States unless registered under the U.S.
Securities Act and any applicable state securities laws or unless an exemption from such registration requirements is available,
and an opinion of counsel confirming same, in form and substance acceptable to the Corporation and its counsel, or such other
evidence as the Corporation may require, has been delivered to the Corporation. The undersigned Transferor understands and agrees
that it shall bear all costs associated with (i) obtaining any legal opinion tendered to the Corporation and (ii) the issuance
of any new Warrant Certificate and any applicable transfer fees thereto, in connection with the transfer of Warrants in the United
States or to, or for the account or benefit of, U.S. Persons (as such term is defined in Regulation S under the U.S. Securities
Act) pursuant to an exemption from the registration requirements of the U.S. Securities Act and is encouraged to consult with
the Corporation in advance to determine that the legal opinion tendered in connection with such transfer will be satisfactory
in form and substance to the Corporation.

 

    - 17 - 

     

    

 

It
is understood that the Corporation may require additional evidence necessary to verify the foregoing.

 

DATED
this _______ day of ___________________, 20___.

 

	Witness	 	Signature of Transferee
	 	 	 
	Name of Transferee	 	 
	 	 	 
	Name of Authorized Representative	 	 
	 	 	 
	Address of Transferee	 	 

  

Note:

The signature of the Transferor must correspond with the name written upon the face of this Warrant Certificate in every particular
without any changes whatsoever.

 

    - 18 -Exhibit 4.2

      

      

      

      

      

      

       

      

      CENTENE CORPORATION

      

      

      as Issuer

      

      

      $2,200,000,000

      

      

      2.50% Senior Notes due 2031

      

      

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

      

      

      as Trustee

      

      

      
        

      

      

      SECOND SUPPLEMENTAL INDENTURE

      

      

      Dated as of February 17, 2021

      

      

      TO THE INDENTURE

      

      

      Dated as of October 7, 2020

      

      

      
        
          

      

      
      

      

      TABLE OF CONTENTS

      

      

      	 	
              Page

            
	 	 
	
              ARTICLE 1

            
	 	 
	
              APPLICATION OF SUPPLEMENTAL INDENTURE AND DEFINITIONS

            
	 	 
	
              Section 1.01. Application of this Supplemental Indenture.

            	
              1

            
	
              Section 1.02. Definition of Terms; Interpretation

            	
              2

            
	
              Section 1.03. Additional Definitions.

            	
              2

            
	
              Section 1.04. Other Definitions.

            	
              11

              

            
	 	 
	
              ARTICLE 2

            
	 	 
	
              THE NOTES

            
	 	 
	
              Section 2.01. Form Generally.

            	
              11

              

            
	
              Section 2.02. Terms of Securities.

            	
              12

            
	
              Section 2.03. Issuance of Additional Notes.

            	
              14

            
	 	 
	
              ARTICLE 3

            
	 	 
	
              REDEMPTION AND PREPAYMENT

            
	 	 
	
              Section 3.01. Optional Redemption.

            	
              14

            
	
              Section 3.02. Mandatory Redemption.

            	
              15

            
	
              Section 3.03. Change of Control Offer.

            	
              15

            
	 	 
	
              ARTICLE 4

            
	 	 
	
              ADDITIONAL COVENANTS

            
	 	 
	
              Section 4.01. SEC Reports.

            	
              17

              

            
	
              Section 4.02. Taxes.

            	
              17

              

            
	
              Section 4.03. Stay, Extension and Usury Laws.

            	
              18

              

            
	
              Section 4.04. Liens.

            	
              18

              

            
	
              Section 4.05. Designation of Restricted and Unrestricted Subsidiaries.

            	
              18

              

            
	
              Section 4.06. Repurchase at the Option of Holders Upon a Change of Control.

            	
              19

              

            
	 	 
	
              ARTICLE 5

            
	 	 
	
              DEFAULTS AND REMEDIES

            
	 	 
	
              Section 5.01. Events of Default.

            	
              19

              

            
	
              Section 5.02. Acceleration.

            	
              21

              

            
	 	 

      
        i

        
          

      

      

      

      	
              ARTICLE 6

            
	 	 
	
              LEGAL DEFEASANCE AND COVENANT DEFEASANCE

            
	 	 
	
              Section 6.01. Covenant Defeasance.

            	
              21

            
	 	 
	
              ARTICLE 7

            
	 	 
	
              AMENDMENT, SUPPLEMENT AND WAIVER

            
	 	 
	
              Section 7.01. Without Consent of Holders of Notes.

            	
              22

            
	
              Section 7.02. With Consent of Holders of Notes.

            	
              23

            
	 	 
	
              ARTICLE 8

            
	 	 
	
              MISCELLANEOUS

            	 
	 	 
	
              Section 8.01. Ratification of Base Indenture; No Adverse Interpretation of Other Agreements.

            	
              24

            
	
              Section 8.02. Trust Indenture Act Controls.

            	
              24

            
	
              Section 8.03. Governing Law.

            	
              24

            
	
              Section 8.04. Successors.

            	
              24

            
	
              Section 8.05. Severability.

            	
              24

            
	
              Section 8.06. Counterpart Originals; Electronic Signatures.

            	
              24

            
	
              Section 8.07. Table of Contents, Headings, etc.

            	
              24

            
	
              Section 8.08. Waiver of Jury Trial.

            	
              25

            
	
              Section 8.09. Submission to Jurisdiction.

            	
              25

            
	
              Section 8.10. FATCA Withholding.

            	
              25

            

      

      

      	
              APPENDIX AND EXHIBITS

            
	 	 
	
              EXHIBIT A Form of Note

            	
              Exhibit A

            

      

      

      NOTE: This Table of Contents shall not, for any purpose, be deemed to be a part of this Supplemental Indenture.

      

      

      
        ii

        
          

      

      
      

      

      SECOND SUPPLEMENTAL INDENTURE (this “Supplemental Indenture”) dated as of February 17, 2021, is by and between Centene Corporation, a Delaware corporation
        (the “Company”), and The Bank of New York Mellon Trust Company, N.A., a national banking association, as trustee.

      

      

      WHEREAS, the Company has executed and delivered to the Trustee an indenture, dated as of October 7, 2020 (the “Base Indenture” and, together with this
        Supplemental Indenture, the “Indenture”) providing for the issuance from time to time of one or more Series of the Company’s debentures, notes or other debt instruments.

      

      

      WHEREAS, Section 9.01 of the Base Indenture provides for the Company and the Trustee to supplement the Base Indenture without the consent of any Holder to provide for the issuance of and establish the form and terms
        and conditions of debentures, notes or other debt instruments of any Series as permitted by the Base Indenture.

      

      

      WHEREAS, pursuant to Section 2.02 of the Base Indenture, Centene wishes to provide for the issuance of 2.50% Senior Notes due 2031 (the “Notes”), the form,
        terms and conditions thereof to be set forth as provided in this Supplemental Indenture.

      

      

      WHEREAS, the Company has requested that the Trustee execute and deliver this Supplemental Indenture, and all requirements necessary to make this Supplemental Indenture a valid, binding and enforceable instrument in
        accordance with its terms, and to make the Notes, when executed by the Company and authenticated by the Trustee, the valid, binding and enforceable obligations of the Company, have been done and performed, and the execution and delivery of this
        Supplemental Indenture has been duly authorized in all respects.

      

      

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

      

      

      ARTICLE 1

      

      

      APPLICATION OF SUPPLEMENTAL INDENTURE AND DEFINITIONS

      

      

      Section 1.01.  Application of this Supplemental Indenture.

      

      

      The terms and provisions contained in the Base Indenture will constitute, and are hereby expressly made, a part of this Supplemental Indenture and the Company and the Trustee, by their execution and delivery of this
        Supplemental Indenture, expressly agree to such terms and provisions and to be bound thereby. However, to the extent any provision of the Base Indenture conflicts with the express provisions (including the definitions set forth in Sections 1.03 and
        1.04) of this Supplemental Indenture, the provisions of this Supplemental Indenture will govern and be controlling in respect of the Notes (and only with respect to the Notes). For the avoidance of doubt, notwithstanding any other provision of this
        Supplemental Indenture, the provisions of this Supplemental Indenture and any amendments or modifications to the terms of the Base Indenture made herein are expressly and solely for the benefit of the Holders of the Notes (and not for the benefit
        of any other Series of Notes (as defined in the Base Indenture)). Unless otherwise expressly specified, references in this Supplemental Indenture to specific Article numbers or Section numbers refer to Articles and Sections contained in this
        Supplemental Indenture, and not the Base Indenture or any other document.

      

      

      
        1

        
          

      

      

      

      Section 1.02.  Definition of Terms; Interpretation

      

      

      Unless the context otherwise requires:

      

      

      (a)          capitalized terms used but not otherwise defined herein have the meanings set forth in the Base Indenture; and

      

      

      (b)          the provisions of general application in Sections 1.03 and 1.04 of the Base Indenture shall apply herein as if set forth herein.

      

      

      Section 1.03.  Additional Definitions.

      

      

      For purposes of this Supplemental Indenture and the Notes, the following terms shall have the following meanings:

      

      

      “Acquired Debt” means, with respect to any specified Person:

      

      

      (1)          Indebtedness of any other Person existing at the time such other Person is merged with or into or became a Subsidiary of such specified Person, whether or not such Indebtedness is
        incurred in connection with, or in contemplation of, such other Person merging with or into, or becoming a Subsidiary of, such specified Person; and

      

      

      (2)          Indebtedness secured by a Lien encumbering any asset acquired by such specified Person.

      

      

      “Additional Notes” has the meaning assigned to such term in Section 2.03 of this Supplemental Indenture.

      

      

      “Base Indenture” has the meaning assigned to such term in the preamble to this Supplemental Indenture.

      

      

      “Beneficial Owner” has the meaning assigned to such term in Rule 13d-3 and Rule 13d-5 under the Exchange Act, except that in calculating the beneficial
        ownership of any particular “person” or “group” (as those terms are used in Section 13(d)(3) and Section 14(d) of the Exchange Act, respectively), such “person” or “group,” as the case may be, will be deemed to have beneficial ownership of all
        securities that such “person” or “group” has the right to acquire by conversion or exercise of other securities, whether such right is currently exercisable or is exercisable only upon the occurrence of a subsequent condition.

      

      

      “BMOH Loan” means a certain construction loan, as amended, restated, replaced, supplemented or otherwise modified from time to time, in the original principal
        amount of $200,000,000, by and among BMO Harris Bank N.A., as administrative agent, lenders party thereto and Centene Forsyth Subsidiary.

      

      

      “Business Day” means each day that is not a Saturday, Sunday or other day on which banking institutions in New York, New York, St. Louis, Missouri or in the
        jurisdiction of the place of any payment are permitted or required by law to close.

      

      

      
        2

        
          

      

      

      

      “Cash Equivalents” means:

      

      

      (1)          Dollars;

      

      

      (2)          securities issued or directly and fully guaranteed or insured by the United States government or any agency or instrumentality of the United States government (provided that the full faith and credit of the United States is pledged in support of those securities) having maturities of not more than one year from the date of acquisition;

      

      

      (3)          certificates of deposit, demand deposits and eurodollar time deposits with maturities of one year or less from the date of acquisition, bankers’ acceptances with maturities not exceeding
        one year and overnight bank deposits, in each case, with any commercial bank having capital and surplus in excess of $250.0 million;

      

      

      (4)          repurchase obligations with a term of not more than seven days for underlying securities of the types described in clauses (2), (3), (5) and (6) of this definition entered into with any
        financial institution meeting the qualifications specified in clause (3) of this definition;

      

      

      (5)          commercial paper rated at least A-1 by S&P or at least P-1 by Moody’s or at least F-1 by Fitch, and in each case maturing within one year after the date of acquisition;

      

      

      (6)          readily marketable direct obligations issued by any state of the United States or any political subdivision thereof having one of the two highest rating categories obtainable from either
        Moody’s, S&P or Fitch (or, if at any time none of Moody’s, S&P or Fitch shall be rating such obligations, an equivalent rating from another internationally recognized ratings agency) with maturities of one year or less from the date of
        acquisition; and

      

      

      (7)          money market or mutual funds substantially all of the assets of which constitute Cash Equivalents of the kinds described in clauses (1) through (6) of this definition.

      

      

      “Change of Control” means the occurrence of any of the following:

      

      

      (1)          the consummation of a transaction giving rise to the direct or indirect sale, transfer, conveyance or other disposition (other than by way of merger or consolidation), in one or a series
        of related transactions, of all or substantially all of the properties or assets of the Company and its Restricted Subsidiaries, taken as a whole, to any “person” or “group” (as such terms are used in Sections 13(d)(3) and 14(d) of the Exchange
        Act, respectively);

      

      

      (2)          the adoption of a plan relating to the liquidation or dissolution of the Company;

      

      

      (3)          the consummation of any transaction (including any merger or consolidation) the result of which is that any “person” or “group” (as defined above) becomes the Beneficial Owner, directly
        or indirectly, of more than 35.0% of the Voting Stock of the Company, measured by voting power rather than number of shares; or

      

      

      (4)          the Company consolidates with, or merges with or into, any Person, or any Person consolidates with, or merges with or into, the Company, in any such event pursuant to a transaction in
        which any of the outstanding Voting Stock of the Company or such other Person is converted into or exchanged for cash, securities or other property, other than any such transaction where the Voting Stock of the Company outstanding immediately prior
        to such transaction is converted into or exchanged for Voting Stock (other than Disqualified Stock) of the surviving or transferee Person constituting a majority of the outstanding shares of such Voting Stock of such surviving or transferee Person
        (immediately after giving effect to such issuance).

      

      

      
        3

        
          

      

      

      

      Notwithstanding the above in this definition, the following shall not constitute a Change of Control: a transaction or series of transactions in which (x) the Company becomes a direct or indirect wholly-owned
        subsidiary of a holding company and (y) the direct or indirect Beneficial Owners of the Voting Stock of such holding company immediately following such transaction or transactions are substantially the same as the Beneficial Owners of the Voting
        Stock of the Company immediately prior to such transaction or transactions.

      

      

      “Consolidated Total Assets” means, as of the date of any determination thereof, the total assets of the Company and its Restricted Subsidiaries calculated in
        accordance with GAAP on a consolidated basis as of such date.

      

      

      “Equity Interests” means Capital Stock and all warrants, options or other rights to acquire Capital Stock (but excluding any debt security that is convertible
        into, or exchangeable for, Capital Stock).

      

      

      “Fair Market Value” means the price that would be negotiated in an arm’s-length transaction for
        cash between a willing seller and a willing and able buyer, neither of which is under any compulsion to complete the transaction, as such price is determined in good faith by an officer of Centene.

      

      

      “Fitch” means Fitch, Inc. or any successor to the rating agency business thereof.

      

      

      “Foreign Restricted Subsidiary” means any Restricted Subsidiary that is not formed under the laws of the United States of America or any State thereof.

      

      

      “GAAP” means generally accepted accounting principles set forth in the opinions and pronouncements of the Accounting Principles Board of the American
        Institute of Certified Public Accountants and statements and pronouncements of the Financial Accounting Standards Board or in such other statements by such other entity as have been approved by a significant segment of the accounting profession,
        which are in effect on the Issue Date.

      

      

      “Increased Amount” means, with respect to any Indebtedness, any increase in the amount of such Indebtedness in connection with any accrual of interest, the
        accretion of accreted value, the amortization of original issue discount, the payment of interest in the form of additional Indebtedness with the same terms, accretion of original issue discount or liquidation preference and increases in the amount
        of Indebtedness outstanding solely as a result of fluctuations in the exchange rate of currencies or increases in the value of property securing Indebtedness.

      

      

      “Indenture” has the meaning assigned to such term in the preamble to this Supplemental Indenture.

      

      

      “Indirect Obligation” means, with respect to any Person, each obligation and liability of such Person, and all such obligations and liabilities of such
        Person, incurred pursuant to any agreement, undertaking or arrangement by which such Person: (a) Guarantees, endorses or otherwise becomes or is contingently liable upon (by direct or indirect agreement, contingent or otherwise, to provide funds
        for payment, to supply funds to, or otherwise to invest in, a debtor, or otherwise to assure a creditor against loss) the indebtedness, dividend, obligation or other liability of any other Person in any manner (other than by endorsement of
        instruments in the course of collection), including any indebtedness, dividend or other obligation which may be issued or incurred at some future time; (b) Guarantees the payment of dividends or other distributions upon the Capital Stock of any
        other Person; (c) undertakes or agrees (whether contingently or otherwise): (i) to purchase, repurchase, or otherwise acquire any indebtedness, obligation or liability of any other Person or any property or assets constituting security therefor,
        (ii) to advance or provide funds for the payment or discharge of any indebtedness, obligation or liability of any other Person (whether in the form of loans, advances, stock purchases, capital contributions or otherwise), or to maintain solvency,
        assets, level of income, working capital or other financial condition of any other Person, or (iii) to make payment to any other Person other than for value received; (d) agrees to lease property or to purchase securities, property or services from
        such other Person with the purpose or intent of assuring the owner of such indebtedness or obligation of the ability of such other Person to make payment of the indebtedness or obligation; (e) to induce the issuance of, or in connection with the
        issuance of, any letter of credit for the benefit of such other Person; or (f) undertakes or agrees otherwise to assure a creditor against loss.  The amount of any Indirect Obligation shall (subject to any limitation set forth herein) be deemed to
        be the outstanding principal amount (or maximum permitted principal amount, if larger) of the indebtedness, obligation or other liability Guaranteed or supported thereby.

      

      

      
        4

        
          

      

      

      

      “Initial Notes” means the first $2,200,000,000 aggregate principal amount of Notes issued under this Supplemental Indenture on the Issue Date.

      

      

      “Interest Payment Dates” shall have the meaning set forth in paragraph 1 of each Note.

      

      

      “Investments” means, with respect to any Person, all direct or indirect investments by such Person in other Persons (including Affiliates) in the forms of
        loans (including Guarantees or other obligations), advances or capital contributions (excluding commission, travel and similar advances, fees and compensation paid to officers, directors and employees made in the ordinary course of business),
        purchases or other acquisitions for consideration of Indebtedness, Equity Interests or other securities, together with all items that are or would be classified as investments on a balance sheet prepared in accordance with GAAP.

      

      

      “Issue Date” means February 17, 2021.

      

      

      “Limited Originator Recourse” means a reimbursement obligation of the Company in connection with a drawing on a letter of credit, revolving loan commitment,
        cash collateral account or other such credit enhancement issued to support Indebtedness of a Securitization Subsidiary that the Company’s Board of Directors (or a duly authorized committee thereof) determines is necessary to effectuate a Qualified
        Securitization Transaction; provided that the available amount of any such form of credit enhancement at any time shall not exceed 10.0% of the aggregate principal amount of such Indebtedness at such time.

      

      

      “Moody’s” means Moody’s Investors Service, Inc. or any successor to the rating agency business thereof.

      

      

      “NML Loan” means a certain loan in the original principal amount of $80,000,000 from The Northwestern Mutual Life Insurance Company to the Centene Plaza
        Subsidiary secured by various collateral, including but not limited to the interest of the Centene Plaza Subsidiary in the Centene Plaza Project.

      

      

      “Non-Recourse Debt” means Indebtedness:

      

      

      (1)  as to which neither the Company nor any of its Restricted Subsidiaries (a) provides credit support of any kind (including any undertaking, agreement or instrument that would constitute
        Indebtedness), (b) is directly or indirectly liable as a guarantor or otherwise, or (c) constitutes the lender;

      

      

      (2)  no default with respect to which (including any rights that the holders thereof may have to take enforcement action against an Unrestricted Subsidiary) would permit upon notice, lapse of time or
        both, any holder of any other Indebtedness (other than the Notes) of the Company or any of its Restricted Subsidiaries to declare a default on such other Indebtedness or cause the payment thereof to be accelerated or payable prior to its Stated
        Maturity; and

      

      

      (3)  as to which the lenders have been notified in writing that they will not have any recourse to the stock or assets of the Company or any of its Restricted Subsidiaries.

      

      

      “Notes” has the meaning assigned to it in the preamble to this Supplemental Indenture. The Notes include the Initial Notes and Additional Notes, if any,
        unless the context otherwise requires.

      

      

      “Permitted Liens” means:

      

      

      (1)  Liens in favor of the Company or any of its Restricted Subsidiaries;

      

      

      (2)  Liens on any property or assets of a Person existing at the time such Person is merged, amalgamated or consolidated with or into the Company or any Restricted Subsidiary of the Company; provided that such Liens were in existence prior to such merger, amalgamation or consolidation and not incurred in contemplation of such merger, amalgamation or consolidation and do not extend to any property
        or assets other than those of the Person merged, amalgamated or consolidated with or into the Company or the Restricted Subsidiary;

      

      

      
        5

        
          

      

      

      

      (3)  Liens for taxes or other governmental charges not at the time delinquent or thereafter payable without penalty or being contested in good faith by appropriate proceedings; provided, in each case, that appropriate reserves required pursuant to GAAP have been made in respect thereof;

      

      

      (4)  Liens on any property or assets existing at the time of the acquisition thereof by the Company or any Restricted Subsidiary of the Company; provided that
        such Liens were in existence prior to such acquisition and not incurred or assumed in connection with, or in contemplation of, such acquisition and do not extend to any property or assets of the Company or the Restricted Subsidiary;

      

      

      (5)  Liens to secure the performance of statutory Obligations, surety or appeal bonds, government contracts, performance bonds or other obligations of a like nature incurred in the ordinary course of
        business, including (i) Liens of landlords, carriers, warehousemen, mechanics and materialmen and other similar Liens imposed by law and (ii) Liens in the form of deposits or pledges incurred in connection with worker’s compensation, unemployment
        compensation and other types of social security (excluding Liens arising under Employee Retirement Income Security Act of 1974);

      

      

      (6)  Liens existing on the Issue Date;

      

      

      (7)  Liens arising from Uniform Commercial Code financing statement filings regarding operating leases entered into by the Company and its Restricted Subsidiaries in the ordinary course of business;

      

      

      (8)  [Reserved];

      

      

      (9)  Liens securing Hedging Obligations of the Company or any of its Restricted Subsidiaries, which transactions or obligations are incurred in the ordinary course of business for bona fide hedging
        purposes (and not for speculative purposes) of the Company or its Restricted Subsidiaries (as determined in good faith by the Board of Directors or senior management of the Company);

      

      

      (10)  Liens to secure Indebtedness (including Capital Lease Obligations) of the Company or any of its Restricted Subsidiaries represented by Capital Lease Obligations, mortgage financings or purchase
        money obligations, in each case incurred for the purpose of financing all or any part of the purchase price or cost of construction or improvement of property, plant or equipment used in the business of the Company or such Restricted Subsidiary in
        an aggregate principal amount not to exceed the greater of (x) $1,200.0 million and (y) 2.5% of Consolidated Total Assets at any time outstanding; provided that any such Lien (i) covers only the assets
        acquired, constructed or improved with such Indebtedness and (ii) is created within 270 days of such acquisition, construction or improvement;

      

      

      (11)  Liens to secure Indebtedness of the Company’s Foreign Restricted Subsidiaries which, when aggregated with the principal amount of all other Indebtedness incurred pursuant to this clause (11)
        and then outstanding, does not exceed the greater of (x) $1,500.0 million and (y) 3.25% of the Company’s Consolidated Total Assets; provided that any such Lien covers only the assets of such Foreign
        Restricted Subsidiaries;

      

      

      (12)  Liens securing (a) Real Estate Indebtedness not to exceed in the aggregate at any one time outstanding the greater of (x) $2,400.0 million or (y) 5.0% of the Company’s Consolidated Total Assets
        or (b) Indebtedness in respect of secured or unsecured letters of credit incurred by the Company or any Restricted Subsidiary of the Company in an aggregate principal amount not to exceed $750.0 million;

      

      

      (13)  Liens required by any regulation, or order of or arrangement or agreement with any regulatory body or agency, so long as such Liens do not secure Indebtedness;

      

      

      
        6

        
          

      

      

      

      (14)  Liens on assets transferred to a Securitization Subsidiary or on assets of a Securitization Subsidiary, in either case, incurred in connection with a Qualified Securitization Transaction;

      

      

      (15)  other Liens incurred in the ordinary course of business of the Company and its Restricted Subsidiaries with respect to Indebtedness in an aggregate principal amount, together with all
        Indebtedness incurred to refund, refinance or replace such Indebtedness (or refinancings, refundings or replacements thereof), that does not exceed 20.0% of the Company’s Consolidated Total Assets at any one time outstanding;

      

      

      (16)  [Reserved];

      

      

      (17)  Liens securing Acquired Debt or other Indebtedness, which, in the case of other Indebtedness, is incurred reasonably contemporaneously to finance an acquisition, merger, consolidation or
        amalgamation; provided, however, that any such Liens are limited to all or part of the same property or assets (plus improvements, accessions, proceeds or dividends
        or distributions in respect thereof, or replacements of any thereof), (a) acquired, or (b) of any Person acquired by or merged, amalgamated or consolidated with or into the Company or any Restricted Subsidiary of the Company, in each case in any
        transaction to which such Indebtedness relates;

      

      

      (18)  Liens on earnest money deposits of cash or Cash Equivalents, escrow arrangements or similar arrangements made by the Company or any Restricted Subsidiary of the Company in connection with any
        letter of intent or purchase agreement in respect of any Investment permitted under the Indenture;

      

      

      (19)  Liens to secure any modification, refinancing, refunding, restatement, exchange, extension, renewal or replacement (or successive refinancings, refundings, restatements, exchanges, extensions,
        renewals or replacements) as a whole, or in part, of any Indebtedness secured by any Lien referred to in clauses (2), (4), (6), (10), (11), (12), (15), (17), (18), (24), (29) and (31) of this definition; provided,
        however, that (a) any such new Lien shall be limited to all or part of the same property that secured the original Lien, plus accessions, additions and improvements on such property, including (i)
        after-acquired property that is affixed or incorporated into the property covered by such Lien, and (ii) after-acquired property subject to a Lien securing such Indebtedness, the terms of which Indebtedness require or include a pledge of
        after-acquired property (it being understood that such requirement shall not be permitted to apply to any property to which such requirement would not have applied but for such acquisition) and (b) the Indebtedness secured by such Lien at such time
        is not increased to any amount greater than the sum of (i) the outstanding principal amount or, if greater, committed amount of the Indebtedness described under clauses (2), (4), (6), (10), (11), (12), (15), (17), (18), (24), (29) and (31) of this
        definition at the time the original Lien became a Permitted Lien under the Indenture, and (ii) an amount necessary to pay accrued but unpaid interest on such Indebtedness and any dividend, premium (including tender premiums), defeasance costs,
        underwriting discounts and any fees, costs and expenses (including original issue discount, upfront fees or similar fees) incurred in connection with such modification, refinancing, refunding, restatement, exchange, extension, renewal or
        replacement;

      

      

      (20)  Liens given to a public utility or any municipality, regulatory or governmental authority when required by such utility or authority in connection with the operations of that Person;

      

      

      (21)  Liens securing Indebtedness in an aggregate principal amount not to exceed 1.50% of Consolidated Total Assets at any one time outstanding;

      

      

      (22)  Liens relating to the honoring by a bank or other financial institution of a check, draft or similar instrument drawn against insufficient funds or relating to pooled deposit or sweep accounts
        to permit satisfaction of overdraft or similar obligations incurred in the ordinary course of business;

      

      

      
        7

        
          

      

      

      

      (23)  Liens of a collection bank arising under Section 4-210 of the Uniform Commercial Code or any comparable or successor provision on items in the course of collection;

      

      

      (24)  Liens to secure Indebtedness of any Subsidiary that is not a Guarantor, permitted to be incurred by the Indenture, covering only the assets and properties of such Subsidiary;

      

      

      (25)  Liens deemed to exist in connection with Investments in repurchase obligations permitted under clause (4) of the definition of “Cash Equivalents”;

      

      

      (26)  Liens arising by operation of law or contract on insurance policies and the proceeds thereof to secure the premiums with respect thereto, and Liens, pledges or deposits in the ordinary course
        of business securing liabilities for premiums or reimbursements or indemnification obligations of (including obligations in respect of letters of credit or bank guaranty for the benefits of) insurance carriers;

      

      

      (27)  Liens on trusts, cash, Cash Equivalents or Investments used to satisfy and discharge, defease, repurchase or redeem Indebtedness or similar obligations; provided,
        however, that such satisfaction and discharge, defeasance, repurchase or redemption is otherwise permitted by the Indenture;

      

      

      (28)  Leases, licenses, subleases or sublicenses granted to others that do not (a) interfere in any material respect with the operation of the business of the Company or any of its Restricted
        Subsidiaries, taken as a whole, or (b) secure any Indebtedness;

      

      

      (29)  Liens securing the Notes and any Subsidiary Guarantees;

      

      

      (30)  Liens securing judgments, orders or awards for the payment of money attachments (or appeal or other surety bonds relating to such judgments) not giving rise to an Event of Default; and

      

      

      (31)  prior to the date on which an Investment is consummated, Liens arising from any escrow arrangement pursuant to which the proceeds of any equity issuance, debt issuance or Indebtedness or other
        funds (including any prefunded interest) used to finance all or a portion of such Investment are required to be held in escrow pending release to consummate such Investment.

      

      

      For purposes of determining compliance with this definition, (A) a Lien need not be incurred solely by reference to one category of Permitted Liens described in this definition but is permitted to be
        incurred under any combination of categories (including in part under one such category and in part under any other such category), (B) in the event that a Lien (or any portion thereof) meets the criteria of one or more of the categories of
        Permitted Liens, the Company shall, in its sole discretion, classify or reclassify such Lien (or any portion thereof) in any manner that complies with this definition and (C) the amount of Indebtedness outstanding as of any date shall be (1) the
        accreted value thereof, in the case of any Indebtedness issued with original issue discount, (2) the principal amount thereof, in the case of any other Indebtedness, (3) in the case of the Guarantee by the specified Person of any indebtedness of
        any other Person, the maximum liability to which the specified Person may be subject upon the occurrence of the contingency giving rise to the obligation and (4) in the case of Indebtedness of others Guaranteed by means of a Lien on any asset of
        the specified Person, the lesser of (x) the Fair Market Value of such asset on the date on which Indebtedness is required to be determined pursuant to the Indenture and (y) the amount of the Indebtedness so secured.

      

      

      “Prospectus Supplement” means the Prospectus Supplement dated February 10, 2021 related to the offer and sale of the Initial Notes.

      

      

      
        8

        
          

      

      

      

      “Qualified Securitization Transaction” means any transaction or series of transactions that may be entered into by the Company or any Restricted Subsidiary of
        the Company pursuant to which (a) the Company or such Restricted Subsidiary may sell, convey or otherwise transfer to a Securitization Subsidiary its interests in Receivables and Related Assets and (b) such Securitization Subsidiary transfers to
        any other Person, or grants a security interest in, such Receivables and Related Assets, pursuant to a transaction which is customarily used to achieve a transfer of financial assets under GAAP.

      

      

      “Real Estate Indebtedness” means (a) any debt or obligations of the Company or any of its Subsidiaries in whole or in part secured by interests in real
        property, including, but not limited to, the NML Loan, the BMOH Loan and extensions, renewals and refinancings of such Indebtedness and (b) Indirect Obligations of the Company with respect to any debt or obligations of the Centene Plaza Subsidiary,
        the Centene Forsyth Subsidiary or the Centene Plaza Phase II Subsidiary and extensions, renewals and refinancings of such Indebtedness of the Centene Plaza Subsidiary, the Centene Forsyth Subsidiary or the Centene Plaza Phase II Subsidiary; provided that such Indebtedness of the Centene Plaza Subsidiary, the Centene Forsyth Subsidiary or the Centene Plaza Phase II Subsidiary (with respect to which the Company has Indirect Obligations) is used
        solely to finance the Centene Plaza Project, the Centene Forsyth Project or the Centene Plaza Phase II Project, as applicable.

      

      

      “Receivables and Related Assets” means any account receivable (whether now existing or arising thereafter) of the Company or any Restricted Subsidiary of the
        Company, and any assets related thereto including all collateral securing such accounts receivable, all contracts and contract rights and all Guarantees or other obligations in respect of such accounts receivable, proceeds of such accounts
        receivable and other assets which are customarily transferred or in respect of which security interests are customarily granted in connection with asset securitization transaction involving accounts receivable.

      

      

      “Regular Record Date” for the interest payable on any Interest Payment Date means the applicable date specified as a “Record Date” on the face of the Note.

      

      

      “S&P” means Standard & Poor’s Ratings Services or any successor to the rating agency business thereof.

      

      

      “Securitization Subsidiary” means a wholly-owned Subsidiary of the Company:

      

      

      (1)  that is designated a “Securitization Subsidiary” by the Board of Directors of the Company (or a duly authorized committee thereof);

      

      

      (2)  that does not engage in any activities other than Qualified Securitization Transactions and any activity necessary or incidental thereto;

      

      

      (3)  no portion of the Indebtedness or any other obligation, contingent or otherwise, of which:

      

      

      (a)  is Guaranteed by the Company or any Subsidiary of the Company in any way other than pursuant to Standard Securitization Undertakings or Limited Originator Recourse,

      

      

      (b)  is recourse to or obligates the Company or any other Subsidiary of the Company in any way other than pursuant to Standard Securitization Undertakings or Limited Originator Recourse, or

      

      

      (c)  subjects any property or asset of the Company or any other Subsidiary of the Company, directly or indirectly, contingently or otherwise, to the satisfaction thereof other than pursuant to
        Standard Securitization Undertakings or Limited Originator Recourse;

      

      

      
        9

        
          

      

      

      

      (4)  with respect to which neither the Company nor any other Subsidiary of the Company has any obligation to maintain or preserve its financial condition or cause such entity to achieve certain
        levels of operating results; and

      

      

      (5)  with which neither the Company nor any Subsidiary of the Company has any material contract, agreement, arrangement or understanding other than on terms no less favorable to the Company or such
        Subsidiary than those that might be obtained at the time from Persons that are not Affiliates of the Company, other than Standard Securitization Undertakings and fees payable in the ordinary course of business in connection with servicing accounts
        receivable of such entity.

      

      

      Any designation of a Subsidiary as a Securitization Subsidiary shall be evidenced to the Trustee by filing with the Trustee a certified copy of the resolution of the Board of Directors of the Company giving effect to the designation and an
        Officers’ Certificate certifying that the designation complied with the preceding conditions.

      

      

      “Significant Subsidiary” means any Subsidiary that would be a “significant subsidiary” as defined in Article 1, Rule 1-02 of Regulation S-X, promulgated
        pursuant to the Securities Act, as such regulation is in effect on the Issue Date.

      

      

      “Standard Securitization Undertakings” means representations, warranties, covenants and indemnities entered into by the Company or any Subsidiary of the
        Company that are reasonably customary in accounts receivable securitization transactions, as the case may be.

      

      

      “Stated Maturity” means, with respect to any installment of interest or principal on any series of Indebtedness, the date on which the payment of interest or
        principal was scheduled to be paid in the documentation governing such Indebtedness as of the Issue Date, and will not include any contingent obligations to repay, redeem or repurchase any such interest or principal prior to the date originally
        scheduled for the payment thereof.

      

      

      “Statistical Release’’ means that statistical release designated ‘‘H.15’’ or any successor publication published daily by the Board of Governors of the
        Federal Reserve System and which establishes yields on actively traded U.S. Treasury securities adjusted to constant maturity, or, if such release (or any successor publication) is no longer published at the time of any calculation under the
        Indenture, then such other reasonably comparable index the Company designates.

      

      

      “Supplemental Indenture” has the meaning assigned to it in the preamble to this Supplemental Indenture.

      

      

      “Treasury Rate” means, the arithmetic mean (rounded to the nearest one-hundredth of one percent) of the yields displayed for each of the five most recent days
        published in the most recent Statistical Release under the caption ‘‘Treasury constant maturities’’ for the maturity (rounded to the nearest month) corresponding to the remaining life to maturity of the Notes (assuming the notes mature on the Par
        Call Date) as of the Redemption Date. If no maturity exactly corresponds to such remaining life to maturity, yields for the two published maturities most closely corresponding to such remaining life to maturity shall be calculated pursuant to the
        immediately preceding sentence and the Treasury Rate shall be interpolated or extrapolated from such yields on a straight-line basis, rounding in each of such relevant periods to the nearest month. The Treasury Rate will be calculated on the third
        business day preceding the date the applicable notice of redemption is given. For the purpose of calculating the Treasury Rate, the most recent Statistical Release published prior to the date of calculation of the Treasury Rate shall be used.

      

      

      
        10

        
          

      

      

      

      “Trustee” means the Person named as the “trustee” in the Recitals of this Supplemental Indenture, and its successors and assigns, until a successor trustee
        shall have become such pursuant to the applicable provisions of the Indenture, and thereafter “Trustee” shall mean such successor trustee.

      

      

      “Unrestricted Subsidiary” means any Subsidiary of the Company that is designated by the Board of Directors of the Company as an Unrestricted Subsidiary
        pursuant to a Board Resolution of the Company, but only to the extent that such Subsidiary:

      

      

      (1)  has no Indebtedness other than Non-Recourse Debt;

      

      

      (2)  is a Person with respect to which neither the Company nor any of its Restricted Subsidiaries has any direct or indirect obligation (a) to subscribe for additional Equity Interests or (b) to
        maintain or preserve such Person’s financial condition or to cause such Person to achieve any specified levels of operating results; and

      

      

      (3)  has not Guaranteed or otherwise directly or indirectly provided credit support for any Indebtedness of the Company or any of its Restricted Subsidiaries.

      

      

      “Voting Stock” of any Person as of any date means all classes of Capital Stock of such Person then outstanding and normally entitled to vote in the election
        of the Board of Directors of such Person.

      

      

      Section 1.04.  Other Definitions.

      

      

      	 	
              Term

            	
              Defined in

              Section

            
	 	
              Acceleration Notice

            	
              5.02

            
	 	
              Applicable Law

            	
              8.10

            
	 	
              Change of Control Offer

            	
              4.06(a)

            
	 	
              Change of Control Payment

            	
              4.06(a)

            
	 	
              Change of Control Payment Date

            	
              3.03(d)

            
	 	
              Company

            	
              Preamble

            
	 	
              Covenant Defeasance

            	
              6.01

            
	 	
              Event of Default

            	
              5.01

            
	 	
              Notes

            	
              Recitals

            
	 	
              Offer Amount

            	
              3.03(c)(2)

            
	 	
              Offer Period

            	
              3.03(d)

            
	 	
              Par Call Date

            	
              3.01(a)

            
	 	
              Payment Default

            	
              5.01(g)(A)

            
	 	
              Purchase Price

            	
              3.03(c)(2)

            

      

      

      ARTICLE 2

      

      

      THE NOTES

      

      

      Section 2.01.  Form Generally.

      

      

      The Notes shall be substantially in the form of Exhibit A hereto, with such appropriate insertions, omissions, substitutions and other variations (including, for the avoidance of doubt, transfer restriction
        legends) as are required or permitted by the Indenture, and may have such letters, numbers or other marks of identification and such legends or endorsements placed thereon as may be required to comply with the rules of any securities exchange or as
        may, consistently herewith, be determined by the Officers executing such Notes as evidenced by their execution of the Notes.

      

      

      
        11

        
          

      

      

      

      The certificated Notes shall be printed, lithographed or engraved or produced by any combination of these methods or may be produced in any other manner, provided that such
        method is permitted by the rules of any securities exchange on which such Notes may be listed, all as determined by the Officers executing such Notes as evidenced by their execution of such Notes.

      

      

      Section 2.02.  Terms of Securities.

      

      

      Pursuant to Section 2.02 of the Base Indenture, the following terms relating to the Notes are hereby established:

      

      

      (a)          The Notes shall constitute a Series of Notes having the title “2.50% Senior Notes due 2031.”

      

      

      (b)          The initial aggregate principal amount of the Notes is $2,200,000,000. There is no limit upon the aggregate principal amount of Notes that
          may be authenticated and delivered under the Indenture, subject to the terms of the Base Indenture.

      

      

      (c)          The entire outstanding principal of the Notes shall be payable as set forth in the Notes.

      

      

      (d)          The rate at which the Notes shall bear interest and other terms relating to the payment of interest on the Notes shall be as set forth in
          the Notes.

      

      

      (e)          The principal of and interest on the Notes shall be payable at the place and in the manner set forth in the Notes.

      

      

      (f)          The provisions of Section 3.01 of this Supplemental Indenture shall be applicable to the Notes.

      

      

      (g)          The provisions of Section 3.02, 3.03 and 4.06 of this Supplemental Indenture shall be applicable to the Notes.

      

      

      (h)          Not applicable.

      

      

      (i)          The Notes shall be issuable in denominations of $2,000 and integral multiples of $1,000 in excess thereof.

      

      

      (j)          The Notes shall be issued at 100.00% of principal amount.

      

      

      (k)          Not applicable.

      

      

      (l)          Not applicable.

      

      

      (m)          Not applicable.

      

      

      
        12

        
          

      

      

      

      (n)          The Notes shall be issuable as Registered Global Notes, and shall bear a legend substantially in the following form:

      

      

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

      

      

      THIS NOTE IS A REGISTERED GLOBAL NOTE WITHIN THE MEANING OF THE INDENTURE HEREINAFTER REFERRED TO AND IS REGISTERED IN THE NAME OF A DEPOSITARY OR A NOMINEE OF THE DEPOSITARY. THIS NOTE IS EXCHANGEABLE
        FOR NOTES REGISTERED IN THE NAME OF A PERSON OTHER THAN THE DEPOSITARY OR ITS NOMINEE ONLY IN THE LIMITED CIRCUMSTANCES DESCRIBED IN THE INDENTURE, AND MAY NOT BE TRANSFERRED EXCEPT AS A WHOLE BY THE DEPOSITARY TO A NOMINEE OF THE DEPOSITARY, BY A
        NOMINEE OF THE DEPOSITARY TO THE DEPOSITARY OR ANOTHER NOMINEE OF THE DEPOSITARY OR BY THE DEPOSITARY OR ANY SUCH NOMINEE TO A SUCCESSOR DEPOSITARY OR A NOMINEE OF SUCH A SUCCESSOR DEPOSITARY.”

      

      

      (o)          Not applicable.

      

      

      (p)          Not applicable.

      

      

      (q)          The Trustee, Depositary, Paying Agent and Registrar with respect to the Notes shall be as set forth in the Indenture.

      

      

      (r)          The Events of Default with respect to the Notes shall be as set forth in Section 5.01 of this Supplemental Indenture. The additional
          covenants contained in Article 4 of this Supplemental Indenture shall be applicable to the Notes.

      

      

      (s)          Not applicable.

      

      

      (t)          Not applicable.

      

      

      (u)          The Notes shall be issued at a price of 100.00% of principal amount.

      

      

      (v)          Not applicable.

      

      

      (w)          Not applicable.

      

      

      (x)          The Notes may be defeasible pursuant to Sections 8.02 and 8.03 of the Base Indenture, as amended by this Supplemental Indenture.

      

      

      (y)          The CUSIP number assigned to the Notes is 15135B AX9. The ISIN assigned to the Notes is US15135BAX91.

      

      

      (z)          The additional definitions contained in Sections 1.03 and 1.04 of this Supplemental Indenture shall be applicable to the Notes.

      

      

      
        13

        
          

      

      

      

      Section 2.03.  Issuance of Additional Notes.

      

      

      The Company shall be entitled to issue additional notes under the Indenture which shall have identical terms as the Initial Notes issued on the date hereof, other than with respect to the date of issuance and issue
        price (any such additional notes, the “Additional Notes”).  The Initial Notes issued on the date hereof and any Additional Notes subsequently issued under the Indenture shall be treated as
        a single class for all purposes under the Indenture, including waivers, amendments, redemptions and offers to purchase; provided, however, that in the event that
        any Additional Notes are not fungible with the Initial Notes for federal income tax purposes, such non-fungible Additional Notes shall be issued with a separate CUSIP number and ISIN so they are distinguishable from the Initial Notes.

      

      

      With respect to any Additional Notes, the Company shall set forth in an Officers’ Certificate, a copy of which shall be delivered to the Trustee, the following information:

      

      

      (1)          the aggregate principal amount of such Additional Notes to be authenticated and delivered pursuant to the Indenture;
          and

      

      

      (2)          the issue price, the issue date and the CUSIP number and/or ISIN of such Additional Notes.

      

      

      ARTICLE 3

      

      

      REDEMPTION AND PREPAYMENT

      

      

      Section 3.01.  Optional Redemption.

      

      

      (a)          Prior to December 1, 2030 (the “Par Call Date”), the Notes will be redeemable
          at any time or from time to time in whole or in part at the Company’s option at a Redemption Price equal to the greater of:

      

      

      (1)          100% of the principal amount of the Notes being redeemed on that Redemption Date, and

      

      

      (2)          the sum of the present values of the remaining scheduled payments of principal and interest on the Notes being redeemed
          (exclusive of interest accrued to, but excluding, the applicable Redemption Date) that would be due if such Notes matured on the Par Call Date, discounted to such Redemption Date on a semi-annual basis (assuming a 360-day year consisting of
          twelve 30-day months) at the Treasury Rate plus 50 basis points,

      

      

      plus, in each case, accrued and unpaid interest on the Notes being redeemed to, but excluding, the Redemption Date.

      

      

      (b)          On or after the Par Call Date, the Notes will be redeemable at any time in whole or from time to time in part at the Company’s option, at
          a Redemption Price equal to 100% of the principal amount of the Notes being redeemed, plus accrued and unpaid interest thereon to, but excluding, the Redemption Date.

      

      

      (c)          Notwithstanding the foregoing, installments of interest on the Notes that are due and payable on any Interest Payment Date falling on or
          prior to a Redemption Date for the Notes shall be payable on such Interest Payment Dates to the Persons who were registered Holders of such Notes at the close of business on the applicable record dates.

      

      

      
        14

        
          

      

      

      

      (d)          Any redemption of the Notes may, at the Company’s discretion, be subject to one or more conditions precedent. In addition, if such
          redemption or notice is subject to satisfaction of one or more conditions precedent, such notice shall state that, in the Company’s discretion, the Redemption Date may be delayed until such time as any or all of such conditions shall be satisfied
          (or waived by the Company in its sole discretion), or such redemption may not occur and such notice may be rescinded in the event that any or all such conditions shall not have been satisfied (or waived by the Company in its sole discretion) by
          the Redemption Date, or by the Redemption Date so delayed.

      

      

      (e)          Other than as specifically provided in this Section 3.01, any redemption pursuant to this Section 3.01 shall be made in accordance with
          the provisions of Section 3.01 through 3.06 of the Base Indenture.

      

      

      Section 3.02.  Mandatory Redemption.

      

      

      Except as set forth in 4.06, the Company shall not be required to make mandatory redemption or sinking fund payments with respect to, or offer to purchase, the Notes.

      

      

      Section 3.03.  Change of Control Offer.

      

      

      (a)          In the event that, pursuant to Section 4.06 hereof, the Company shall be required to commence a Change of Control Offer, it shall follow
          the procedures specified in this Section 3.03.

      

      

      (b)          The Company shall cause a notice of the Change of Control Offer to be sent at least once to the Dow Jones News Service or similar business
          news service in the United States.

      

      

      (c)          The Company shall commence the Change of Control Offer by sending by electronic transmission (for Global Notes) or first-class mail, with
          a copy to the Trustee, to each Holder of the Notes at such Holder’s address appearing in the Note Register, a notice the terms of which shall govern the Change of Control Offer stating:

      

      

      (1)          that the Change of Control Offer is being made pursuant to this Section 3.03 and Section 4.06, that a Change of Control
          has occurred and the circumstances and relevant facts regarding the Change of Control;

      

      

      (2)          the principal amount of Notes required to be purchased pursuant to Section 4.06 (the “Offer Amount”), the purchase price set forth in Section 4.06 (the “Purchase Price”), the Offer Period and the Change of Control Payment Date (each as
          defined below);

      

      

      (3)          except as provided in clause (9), that all Notes validly tendered and not withdrawn shall be accepted for payment;

      

      

      (4)          that any Note not tendered or accepted for payment shall continue to accrue interest;

      

      

      (5)          that, unless the Company defaults in making such payment, any Note accepted for payment pursuant to the Change of
          Control Offer shall cease to accrue interest after the Change of Control Payment Date;

      

      

      (6)          that Holders electing to have a Note purchased pursuant to a Change of Control Offer may elect to have Notes purchased
          equal to $2,000 or in integral multiples of $1,000 only;

      

      

      (7)          that Holders electing to have a Note purchased pursuant to any Change of Control Offer shall be required to surrender
          the Note, with the form entitled “Option of Holder to Elect Purchase” on the reverse of the Note completed, or transfer by book-entry transfer, to the Company, the Depositary, if appointed by the Company, or a Paying Agent at the address
          specified in the notice before the close of business on the third Business Day before the Change of Control Payment Date;

      

      

      
        15

        
          

      

      

      

      (8)          that Holders shall be entitled to withdraw their election if the Company, the Depositary or the Paying Agent, as the
          case may be, receives, not later than the expiration of the Offer Period, a telegram, facsimile transmission, letter or electronic transmission setting forth the name of the Holder, the principal amount of the Note (or portions thereof) the
          Holder delivered for purchase and a statement that such Holder is withdrawing his election to have such Note purchased;

      

      

      (9)          [Reserved];

      

      

      (10)          that Holders whose Notes were purchased in part shall be issued new Notes equal in principal amount to the unpurchased
          portion of the Notes surrendered (or transferred by book-entry transfer); and

      

      

      (11)          any other procedures the Holders must follow in order to tender their Notes (or portions thereof) for payment and the
          procedures that Holders must follow in order to withdraw an election to tender Notes (or portions thereof) for payment.

      

      

      (d)          The Change of Control Offer shall remain open for a period of at least five (5) Business Days but no more than 60 days following its
          commencement, except to the extent that a longer period is required by applicable law (the “Offer Period”).  No later than five (5) Business Days (and in any event no later than the 60th
          day following the Change of Control) after the termination of the Offer Period (the “Change of Control Payment Date”), the Company shall purchase the Offer Amount or, if less than the
          Offer Amount has been tendered, all Notes tendered in response to the Change of Control Offer.  Payment for any Notes so purchased shall be made in the same manner as interest payments are made.  The Company shall publicly announce the results of
          the Change of Control Offer on or as soon as practicable after the Change of Control Payment Date.

      

      

      (e)          On or prior to the Change of Control Payment Date, the Company shall, to the extent lawful:

      

      

      (1)          accept for payment the Offer Amount of Notes or portions of Notes validly tendered and not withdrawn pursuant to the
          Change of Control Offer or, if less than the Offer Amount has been tendered, all Notes tendered;

      

      

      (2)          deposit with the Paying Agent funds in an amount equal to the Purchase Price in respect of all Notes or portions of
          Notes validly tendered and not withdrawn; and

      

      

      (3)          deliver or cause to be delivered to the Trustee the Notes properly accepted together with an Officers’ Certificate
          stating the aggregate principal amount of the Notes or portions of such Notes being purchased by the Company and that such Notes or portions thereof were accepted for payment by the Company in accordance with the terms of this Section 3.03.

      

      

      (f)          The Paying Agent (or the Company, if acting as the Paying Agent) shall promptly (but not later than 60 days from the date of the Change of
          Control) send to each Holder of Notes validly tendered the Purchase Price deposited with the Paying Agent by the Company.  In the event that any portion of the Notes surrendered is not purchased by the Company, the Company shall promptly execute
          and issue a new Note in a principal amount equal to such unpurchased portion of the Note surrendered, and, upon receipt of a Company Order in accordance with Section 2.03 of the Base Indenture, the Trustee shall promptly authenticate and mail (or
          cause to be transferred by book-entry) to each Holder a new Note equal in principal amount to the unpurchased portion of the Note surrendered; provided, however,
          that each such new Note shall be in a principal amount of $2,000 or an integral multiple of $1,000 in excess thereof.  Any Note not so accepted shall be promptly mailed or delivered by the Company to the Holder thereof.

      

      

      (g)          If the Change of Control Payment Date is on or after a Regular Record Date and on or before the related Interest Payment Date, any accrued
          and unpaid interest shall be paid to the Person in whose name a Note is registered at the close of business on such Regular Record Date.

      

      

      
        16

        
          

      

      

      

      (h)          The Company shall comply with the requirements of Rule 14e-1 under the Exchange Act and any other securities laws and regulations
          thereunder to the extent those laws and regulations are applicable in connection with the Change of Control Offer.  To the extent that the provisions of any securities laws or regulations conflict with Section 4.06, this Section 3.03 or any other
          provisions of the Indenture, the Company shall comply with applicable securities laws and regulations and shall not be deemed to have breached its obligations under Section 4.06, this Section 3.03 or such other provision by virtue of such
          compliance.

      

      

      (i)          If Holders of not less than 90.0% of the aggregate principal amount of the outstanding Notes validly tender and do not withdraw such Notes
          in a Change of Control Offer and the Company (or any third party making a Change of Control Offer in lieu of the Company as described in Section 4.06(b)) purchases all of the Notes validly tendered and not withdrawn by such Holders, the Company
          or such third party, as the case may be, shall have the right, upon at least 15 but not more than 60 days prior notice, given not more than 30 days following such initial purchase, to purchase all of the Notes that remain outstanding following
          such initial purchase at a price equal to the price offered to each other Holder in the applicable Change of Control Offer, plus accrued and unpaid interest, if any, to, but excluding, the date of such second purchase (subject to the rights of
          Holders of the Notes of record on the relevant record date to receive interest due on an Interest Payment Date falling prior to such second purchase date).

      

      

      (j)          Other than as specifically provided in this Section 3.03, any purchase pursuant to this Section 3.03 shall be made in accordance with the
          provisions of Sections 3.01 through 3.06 of the Base Indenture.

      

      

      ARTICLE 4

      

      

      ADDITIONAL COVENANTS

      

      

      Section 4.01.  SEC Reports.

      

      

      (a)          Whether or not required, so long as the Notes are outstanding, the Company will file with the SEC (unless the SEC will not accept such
          filing), within the time periods specified in the SEC’s rules and regulations and deliver to the Trustee within 15 days after the filing of the same would be required by the SEC, copies of the quarterly and annual reports and of the information,
          documents and other reports, if any, which the Company would be required to file with the SEC if subject to the reporting requirements of Section 13 or 15(d) of the Exchange Act.  Notwithstanding that the Company may not be subject to the
          reporting requirements of Section 13 or 15(d) of the Exchange Act, so long as the Notes are outstanding the Company will file with the SEC, to the extent permitted, and provide the Trustee with such annual reports and such information, documents
          and other reports specified in Sections 13 and 15(d) of the Exchange Act within the time periods specified in the SEC’s rules and regulations.  The Company will be deemed to have furnished such reports referred to in this section to the Trustee
          and the Holders of the Notes if the Company has filed such reports with the SEC via the EDGAR filing system or any successor system and such reports are publicly available.

      

      

      (b)          Delivery of such reports, information and documents to the Trustee is for informational purposes only and the Trustee’s receipt of such
          shall not constitute constructive notice of any information contained therein or determinable from information contained therein, including the Company’s compliance with any of its covenants hereunder (as to which the Trustee is entitled to rely
          exclusively on Officers’ Certificates).

      

      

      Section 4.02.  Taxes.

      

      

      The Company shall pay, and shall cause each of its Subsidiaries to pay, prior to delinquency, all material taxes, assessments and governmental levies, except such as are being contested in good faith and by appropriate
        proceedings or where the failure to effect such payment is not adverse in any material respect to the Holders.

      
        17

        
          

      

      

      

      Section 4.03.  Stay, Extension and Usury Laws.

      

      

      The Company covenants (to the extent that it may lawfully do so) that it shall not at any time insist upon, plead, or in any manner whatsoever claim or take the benefit or advantage of, any stay, extension or usury law
        wherever enacted, now or at any time hereafter in force, that may affect the covenants or the performance of the Indenture; and the Company (to the extent that it may lawfully do so) hereby expressly waives all benefit or advantage of any such law,
        and covenants that it shall not, by resort to any such law, hinder, delay or impede the execution of any power herein granted to the Trustee, but shall suffer and permit the execution of every such power as though no such law has been enacted.

      

      

      Section 4.04.  Liens.

      

      

      (a)          The Company will not, and will not permit any of its Restricted Subsidiaries to, directly or indirectly, create, incur or assume or
          otherwise cause or suffer to exist or become effective any consensual Liens of any kind (other than Permitted Liens) against or upon any of their respective properties or assets, now owned or hereafter acquired, or any proceeds, income or profit
          therefrom or assign or convey any right to receive income therefrom, to secure any Indebtedness of the Company unless prior to, or contemporaneously therewith, the Notes are equally and ratably secured by a Lien on such property, assets,
          proceeds, income or profit; provided, however, that if such Indebtedness is expressly subordinated to the Notes, the Lien securing such Indebtedness will be
          subordinated and junior to the Lien securing the Notes with the same relative priority as such Indebtedness has with respect to the Notes.

      

      

      (b)          Any Lien created for the benefit of the Holders of the Notes pursuant to Section 4.04(a) shall provide by its terms that such Lien should
          be automatically and unconditionally released and discharged upon the release and discharge of the Lien that gave rise to the obligation to secure the Notes.

      

      

      (c)          With respect to any Lien securing Indebtedness that was permitted under this Section 4.04 to secure such Indebtedness at the time of the
          incurrence of such Indebtedness, such Lien shall also be permitted to secure any Increased Amount of such Indebtedness.

      

      

      Section 4.05.  Designation of Restricted and Unrestricted Subsidiaries.

      

      

      (a)          The Board of Directors of the Company may designate any of its Restricted Subsidiaries to be an Unrestricted Subsidiary if that
          designation would not cause a Default and if that designation otherwise is consistent with the definition of an Unrestricted Subsidiary.

      

      

      (b)          Any designation of a Subsidiary of the Company as an Unrestricted Subsidiary will be evidenced to the Trustee by filing with the Trustee a
          certified copy of a Board Resolution of the Company giving effect to such designation and an Officers’ Certificate certifying that such designation complied with the preceding conditions.  If, at any time, any Unrestricted Subsidiary would fail
          to meet the preceding requirements as an Unrestricted Subsidiary, it will thereafter cease to be an Unrestricted Subsidiary for purposes of the Indenture.  The Board of Directors of the Company may at any time designate any Unrestricted
          Subsidiary to be a Restricted Subsidiary of the Company; provided that such designation will only be permitted if no Default or Event of Default would be in existence following such designation.

      

      

      (c)          Any Subsidiary of an Unrestricted Subsidiary shall also be deemed an Unrestricted Subsidiary.

      

      

      
        18

        
          

      

      

      

      Section 4.06.  Repurchase at the Option of Holders Upon a Change of Control.

      

      

      (a)          Upon the occurrence of a Change of Control, the Company shall, within 30 days following the date upon which a Change of Control occurred,
          make an offer (the “Change of Control Offer”) pursuant to the procedures set forth in Section 3.03.  Each Holder shall have the right to accept such offer and require the Company to
          repurchase all or any portion (equal to $2,000 or an integral multiple of $1,000 in excess thereof) of such Holder’s Notes pursuant to the Change of Control Offer at a purchase price, in cash (the “Change of Control Payment”), equal to 101.0% of the aggregate principal amount of Notes repurchased, plus accrued and unpaid interest, if any, on the Notes repurchased, to, but excluding, the Change of Control Payment Date
          (subject to the right of Holders of record on the relevant record date to receive interest due on an Interest Payment Date falling prior to the Change of Control Payment Date).

      

      

      (b)          The Company will not be required to make a Change of Control Offer with respect to the Notes upon a Change of Control if (i) a third party
          makes the Change of Control Offer with respect to the Notes in the manner, at the times and otherwise in compliance with the requirements set forth in the Indenture applicable to a Change of Control Offer made by the Company and purchases all
          Notes validly tendered and not withdrawn under the Change of Control Offer or (ii) a notice of redemption of all outstanding Notes has been given pursuant to the Indenture as provided in Section 3.03 of the Base Indenture, unless and until there
          is a Default in the payment of the Redemption Price on the applicable Redemption Date or the redemption is not consummated due to the failure of a condition precedent contained in the applicable redemption notice to be satisfied.  A Change of
          Control Offer may be made in advance of a Change of Control and may be conditional upon the occurrence of a Change of Control, if a definitive agreement is in place for the Change of Control at the time the Change of Control Offer is made.

      

      

      ARTICLE 5

      

      

      DEFAULTS AND REMEDIES

      

      

      Section 5.01.  Events of Default.

      

      

      Section 6.01 of the Base Indenture shall be amended and restated in its entirety with respect to the Notes as follows:

      

      

      “Section 6.01.  Events of Default.

      

      

      Each of the following constitutes an “Event of Default” with respect to the Notes:

      

      

      (a)          default for 30 consecutive days in the payment when due and payable of interest on the Notes;

      

      

      (b)          default in the payment when due and payable of the principal of or premium, if any, on the Notes (upon maturity, redemption, required
          repurchase or otherwise);

      

      

      (c)          failure by the Company or any of its Restricted Subsidiaries to comply with Section 5.01 of the Base Indenture;

      

      

      (d)          failure by the Company or any of its Restricted Subsidiaries for 30 consecutive days after notice to comply with the provisions described
          in Section 4.06 of the Supplemental Indenture;

      

      

      (e)          failure by the Company for 120 days after notice to comply with the provisions described in Section 4.01 of the Supplemental Indenture;

      

      

      (f)          failure by the Company or any of its Restricted Subsidiaries for 60 consecutive days after notice to the Company by the Trustee or the
          Holders of at least 25.0% in aggregate principal amount of the Notes then outstanding voting as a single class to comply with any of its other covenants or agreements in the Indenture or the Notes;

      

      

      
        19

        
          

      

      

      

      (g)          default under any mortgage, indenture or instrument under which there may be issued or by which there may be secured or evidenced any
          Indebtedness for money borrowed by the Company or any of its Restricted Subsidiaries (or the payment of which is Guaranteed by the Company or any of its Restricted Subsidiaries), whether such Indebtedness or Guarantee now exists, or is created
          after the Issue Date, if that default:

      

      

      (A)          is caused by a failure to pay principal of such Indebtedness at its express maturity prior to the expiration of any
          applicable grace period (a “Payment Default”); or

      

      

      (B)          results in the acceleration of such Indebtedness prior to its express maturity,

      

      

      and, in each case, the principal amount of any such Indebtedness, together with the principal amount of any other such Indebtedness under which there has been a Payment Default or the maturity of which has been so
        accelerated, aggregates to $300.0 million or more;

      

      

      (h)          failure by the Company or any of its Restricted Subsidiaries to pay final non-appealable judgments entered by a court or courts of
          competent jurisdiction aggregating in excess of $300.0 million, which judgments are not paid, discharged or stayed for a period of 90 days;

      

      

      (i)          the Company or any Significant Subsidiary or any group of its Subsidiaries that, taken together, would constitute a Significant Subsidiary
          pursuant to or within the meaning of any Bankruptcy Law:

      

      

      (A)          commences a voluntary case or gives notice of intention to make a proposal under any Bankruptcy Law;

      

      

      (B)          consents to the entry of an order for relief against it in an involuntary case or consents to its dissolution or
          winding up;

      

      

      (C)          consents to the appointment of a receiver, interim receiver, receiver and manager, liquidator, trustee or custodian
          of it or for all or substantially all of its property;

      

      

      (D)          makes a general assignment for the benefit of its creditors; or

      

      

      (E)          admits in writing its inability to pay its debts as they become due or otherwise admits its insolvency; and

      

      

      (j)          a court of competent jurisdiction enters an order or decree under any Bankruptcy Law that:

      

      

      (A)          is for relief against the Company or any of its Significant Subsidiaries or any group of its Subsidiaries that, when
          taken together, would constitute a Significant Subsidiary in an involuntary case; or

      

      

      (B)          appoints a receiver, interim receiver, receiver and manager, liquidator, trustee or custodian of the Company or any
          of its Significant Subsidiaries or any group of Subsidiaries that, when taken together, would constitute a Significant Subsidiary or for all or substantially all of the property of the Company or any of its Significant Subsidiaries or any group
          of Subsidiaries that, when taken together, would constitute a Significant Subsidiary; or

      

      

      (C)          orders the liquidation of the Company or any of its Significant Subsidiaries or any group of Subsidiaries that, when
          taken together, would constitute a Significant Subsidiary;

      

      

      and such order or decree remains unstayed and in effect for 90 consecutive days.”

      

      

      
        20

        
          

      

      

      

      Section 5.02.  Acceleration.

      

      

      Section 6.02 of the Base Indenture shall be amended and restated in its entirety with respect to the Notes as follows:

      

      

      “Section 6.02.  Acceleration.

      

      

      If any Event of Default (other than those of the type described in Section 6.01(i) or (j)) occurs and is continuing, the Trustee may, and the Trustee upon the request of Holders of 25.0% in
        aggregate principal amount of the outstanding Notes shall, or the Holders of at least 25.0% in aggregate principal amount of outstanding Notes may, declare the principal, premium, if any, and accrued and unpaid interest, if any, of all the
        outstanding Notes, to be due and payable by notice in writing to the Company and the Trustee specifying the respective Event of Default and that such notice is a notice of acceleration (the “Acceleration
          Notice”), and the same shall become immediately due and payable.

      

      

      In the case of an Event of Default specified in Section 6.01(i) or (j), the principal, premium, if any, and accrued and unpaid interest, if any, of all of the outstanding Notes shall become due and payable immediately
        without any further action or notice on the part of the Trustee or the Holders. Holders may not enforce this Indenture or the Notes except as provided in this Indenture.”

      

      

      ARTICLE 6

      

      

      LEGAL DEFEASANCE AND COVENANT DEFEASANCE

      

      

      Section 6.01.  Covenant Defeasance.

      

      

      Section 8.03 of the Base Indenture shall be amended and restated in its entirety with respect to the Notes as follows:

      

      

      “Section 8.03.  Covenant Defeasance.

      

      

      Upon the Company’s exercise under Section 8.01 of the option applicable to this Section 8.03, the Company shall, subject to the satisfaction of the conditions set forth in Section 8.04, be released from its Obligations
        under the covenants contained in Sections 4.04 and 4.06 of the Supplemental Indenture, with respect to the outstanding Notes on and after the date the conditions set forth in Section 8.04 are satisfied (hereinafter, “Covenant Defeasance”) and each Guarantor, if any, shall be released from all of its Obligations under its Subsidiary Guarantee with respect to such covenants in connection with such outstanding Notes and the Notes
        shall thereafter be deemed not “outstanding” for the purposes of any direction, waiver, consent or declaration or act of Holders (and the consequences of any thereof) in connection with such covenants, but shall continue to be deemed “outstanding”
        for all other purposes hereunder (it being understood that such Notes shall not be deemed outstanding for accounting purposes).  For this purpose, Covenant Defeasance means that, with respect to the outstanding Notes, the Company may omit to comply
        with and shall have no liability in respect of any term, condition or limitation set forth in any such covenant, whether directly or indirectly, by reason of any reference elsewhere herein to any such covenant or by reason of any reference in any
        such covenant to any other provision herein or in any other document and such omission to comply shall not constitute a Default or an Event of Default under Section 6.01, but, except as specified above in this Section 8.03, the remainder of this
        Indenture and such Notes shall be unaffected thereby.  If the Company exercises under Section 8.01 the option applicable to this Section 8.03, subject to the satisfaction of the conditions set forth in Section 8.04, payment of the Notes may not be
        accelerated because of an Event of Default specified in clause (d) (with respect to the covenants contained in Section 4.06 of the Supplemental Indenture), clause (f) (with respect to the covenants contained in Section 4.04 of the Supplemental
        Indenture), and clauses (g), (h), (i) and (j) (but in the case of (i) and (j) of Section 6.01, with respect to Significant Subsidiaries only) of Section 6.01.”

      

      

      
        21

        
          

      

      

      

      ARTICLE 7

      

      

      AMENDMENT, SUPPLEMENT AND WAIVER

      

      

      Section 7.01.  Without Consent of Holders of Notes.

      

      

      Section 9.01 of the Base Indenture shall be amended and restated in its entirety with respect to the Notes as follows:

      

      

      “Section 9.01.  Without Consent of Holders of Notes.

      

      

      Notwithstanding Section 9.02 of this Indenture, the Company and the Trustee may amend or supplement this Indenture or the Notes without notice to or the consent of any Holder:

      

      

      (1)          to cure any ambiguity, omission, mistake, defect, error or inconsistency;

      

      

      (2)          to provide for uncertificated Notes in addition to or in place of certificated Notes;

      

      

      (3)          to provide for the assumption of the Company’s obligations to Holders of Notes in the case of a merger or consolidation
          or sale of all or substantially all of the Company’s assets or any other transaction that complies with this Indenture;

      

      

      (4)          to make any change that would provide any additional rights or benefits to the Holders of Notes or that the Company
          determines in good faith (as certified in an Officers’ Certificate) does not materially and adversely affect the legal rights under this Indenture of any such Holder;

      

      

      (5)          to provide for the issuance of Additional Notes in accordance with this Indenture;

      

      

      (6)          to comply with requirements of the SEC in order to effect or maintain the qualification of this Indenture under the
          Trust Indenture Act;

      

      

      (7)          to allow any Guarantor to execute a supplemental indenture and/or a Subsidiary Guarantee with respect to the Notes;

      

      

      (8)          to evidence and provide the acceptance of the appointment of a successor trustee under this Indenture;

      

      

      (9)          to mortgage, pledge, hypothecate or grant a security interest in favor of the trustee for the benefit of the Holders as
          additional security for the payment and performance of the Company’s or a Guarantor’s Obligations under this Indenture in any property or assets;

      

      

      (10)          to comply with the rules of any applicable Depositary;

      

      

      (11)          to release a Guarantor from its Subsidiary Guarantee pursuant to the terms of any applicable supplemental indenture
          and/or Subsidiary Guarantee with respect to the Notes;

      

      

      
        22

        
          

      

      

      

      (12)          to conform the text of this Indenture, the Notes or the Subsidiary Guarantees, if any, to the corresponding provision
          of the “Description of the Notes” in the Prospectus Supplement or the “Description of Debt Securities” in the accompanying prospectus to the extent that such provision in the “Description of the Notes” or the “Description of Debt Securities” in
          the accompanying prospectus was intended to be a substantially verbatim recitation of a provision of this Indenture, the Notes or the Subsidiary Guarantees, if any; or

      

      

      (13)          to comply with Section 5.01.”

      

      

      Section 7.02.  With Consent of Holders of Notes.

      

      

      The first paragraph of Section 9.02 of the Base Indenture shall be amended and restated in its entirety with respect to the Notes as follows:

      

      

      “Except as provided below in this Section 9.02, the Company and the Trustee may amend or supplement this Indenture and the Notes with the consent of the Holders of at least a majority in aggregate principal amount of
        the Notes then outstanding voting as a single class (including consents obtained in connection with a purchase of or tender offer or exchange offer for the Notes), and, subject to Sections 6.04 and 6.07, any existing Default or Event of Default or
        compliance with any provision of this Indenture or the Notes may be waived with the consent of the Holders of at least a majority in aggregate principal amount of the Notes then outstanding voting as a single class (including consents obtained in
        connection with a purchase of or tender offer or exchange offer for the Notes).  Without the consent of each Holder affected, an amendment, supplement or waiver may not (with respect to any Notes held by a non-consenting Holder):

      

      

      (1)          reduce the principal amount of the Notes whose Holders must consent to an amendment, supplement or waiver;

      

      

      (2)          reduce the principal of or change the Stated Maturity of the Notes or alter the provisions with respect to the
          redemption or repurchase of the Notes (other than provisions and applicable definitions relating to Section 4.06 of the Supplemental Indenture);

      

      

      (3)          reduce the rate of or change the time for payment of interest on the Notes;

      

      

      (4)          waive a Default or Event of Default in the payment of principal of, or interest or premium, if any, on the Notes
          (except a rescission of acceleration of the Notes by the Holders of at least a majority in aggregate principal amount of the then outstanding Notes and a waiver of the Payment Default that resulted from such acceleration);

      

      

      (5)          make any such Note payable in money other than that stated in such Note;

      

      

      (6)          make any change in the provisions (including applicable definitions) of this Indenture relating to waivers of past
          Defaults or the rights of Holders of Notes to receive payments of principal of, or interest or premium, if any, on the Notes (other than provisions relating to Section 4.06 of the Supplemental Indenture);

      

      

      (7)          waive a redemption or repurchase payment with respect to any Note (other than a payment required by Section 4.06 of the
          Supplemental Indenture); or

      

      

      
        23

        
          

      

      

      

      (8)          make any change in the preceding amendment and waiver provisions.”

      

      

      ARTICLE 8

      

      

      MISCELLANEOUS

      

      

      Section 8.01.  Ratification of Base Indenture; No Adverse Interpretation of Other Agreements.

      

      

      The Base Indenture, as supplemented by this Supplemental Indenture, is in all respects ratified and confirmed, and this Supplemental Indenture shall be deemed part of the Indenture in the manner and to the extent
        herein and therein provided. The Indenture may not be used to interpret any other indenture, loan or debt agreement of the Company or its Subsidiaries or of any other Person.  Any such indenture, loan or debt agreement may not be used to interpret
        this Indenture.

      

      

      Section 8.02.  Trust Indenture Act Controls.

      

      

      If any provision of this Supplemental Indenture limits, qualifies or conflicts with another provision which is required to be included in this Supplemental Indenture by the TIA, the provision required by the TIA shall
        control.

      

      

      Section 8.03.  Governing Law.

      

      

      THE INTERNAL LAW OF THE STATE OF NEW YORK SHALL GOVERN AND BE USED TO CONSTRUE THIS SUPPLEMENTAL INDENTURE AND THE NOTES WITHOUT GIVING EFFECT TO APPLICABLE PRINCIPLES OF CONFLICTS OF LAW TO THE EXTENT THAT THE
        APPLICATION OF THE LAWS OF ANOTHER JURISDICTION WOULD BE REQUIRED THEREBY.

      

      

      Section 8.04.  Successors.

      

      

      All covenants and agreements of the Company in this Supplemental Indenture and the Notes shall bind its successors.  All covenants and agreements of the Trustee in this Supplemental Indenture shall bind its successors.

      

      

      Section 8.05.  Severability.

      

      

      In case any provision in this Supplemental Indenture or in the Notes shall be invalid, illegal or unenforceable, the validity, legality and enforceability of the remaining provisions shall not in any way be affected or
        impaired thereby.

      

      

      Section 8.06.  Counterpart Originals; Electronic Signatures.

      

      

      The parties may sign any number of copies of this Supplemental Indenture.  Each signed copy shall be an original, but all of them together represent the same agreement. Any such counterparts may be executed manually,
        electronically or by facsimile. This Supplemental Indenture, the Trustee’s certificate of authentication on the Notes, and any other document delivered in connection with this Supplemental Indenture or the issuance and delivery of the Notes may be
        signed by or on behalf of the Company and the Trustee by manual, PDF or other electronically imaged signature.

      

      

      Section 8.07.  Table of Contents, Headings, etc.

      

      

      The Table of Contents and Headings in this Supplemental Indenture have been inserted for convenience of reference only, are not to be considered a part of this Supplemental Indenture and shall in no way modify or
        restrict any of the terms or provisions hereof.

      

      

      
        24

        
          

      

      

      

      Section 8.08.  Waiver of Jury Trial.

      

      

      EACH OF THE ISSUER, THE HOLDERS AND THE TRUSTEE HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY AND ALL RIGHT TO TRIAL BY JURY IN ANY LEGAL PROCEEDING ARISING OUT OF OR RELATING TO
        THIS SUPPLEMENTAL INDENTURE, THE NOTES OR THE TRANSACTION CONTEMPLATED HEREBY.

      

      

      Section 8.09.  Submission to Jurisdiction.

      

      

      The parties irrevocably submit to the non-exclusive jurisdiction of any New York State or federal court sitting in the Borough of Manhattan, City of New York, over any suit, action or proceeding arising out of or
        relating to this Supplemental Indenture.  To the fullest extent permitted by applicable law, the parties irrevocably waive and agree not to assert, by way of motion, as a defense or otherwise, any claim that it is not subject to the jurisdiction of
        any such court, any objection that it may now or hereafter have to the laying of the venue of any such suit, action or proceeding brought in any such court and any claim that any such suit, action or proceeding brought in any such court has been
        brought in an inconvenient forum.

      

      

      Section 8.10.  FATCA Withholding.

      

      

      In order to comply with applicable tax laws, rules and regulations (inclusive of directives, guidelines and interpretations promulgated by competent authorities) in effect from time to time (“Applicable Law”) that a foreign financial institution, the Company, Trustee, Paying Agent, Holder or other institution is or has agreed to be subject to related to this Indenture and the Notes, the Company agrees
        (a) to provide to the Trustee and/or any other Paying Agent upon its request information in the Company’s possession about applicable parties and/or transactions (including any modification to the terms of such transactions) so that the Trustee or
        any other Paying Agent can determine whether it has tax related obligations under Applicable Law, and (b) that the Trustee and/or any other Paying Agent shall be entitled to make any withholding or deduction from payments under this Indenture to
        the extent necessary to comply with Applicable Law for which the Trustee or any other Paying Agent shall not have any liability to the Company for its withholding or deduction from payment under this Indenture to the extent necessary to comply with
        Applicable Law.

      

      

      [Signatures on following page]

      

      

      
        25

        
          

      

      

      

      IN WITNESS WHEREOF, the parties have caused this Supplemental Indenture to be duly executed.

      

      

      	 	 	
              Issuer:

            
	 	 	 	 	 
	 	 	
              CENTENE CORPORATION

            
	 	 	 	 	 
	
              Dated: February 17, 2021

            	 	
              By:

            	
              /s/ Jeffrey A. Schwaneke

            
	 	 	 	
              Name:

            	
              Jeffrey A. Schwaneke

            
	 	 	 	
              Title:

            	
               Executive Vice President and Chief Financial Officer

            

      

      

      

      

      

      

      

      

      

      

      
        
          

      

      

      

      

      

      

      

      	 	 	
              Trustee:

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

            
	 	 	 	 	 
	
              Dated:  February 17, 2021

            	 	
              By:

            	
              /s/ Manjari Purkayastha

            
	 	 	 	
              Name:

            	
              Manjari Purkayastha

            
	 	 	 	
              Title:

            	
               Vice President

            

      

      

      

      

      

      

      

      

      

      

      
        
          

      

      
      

      

      EXHIBIT A

      

      

      Form of Face of Note

      

      

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

      

      

      THIS NOTE IS A REGISTERED GLOBAL NOTE WITHIN THE MEANING OF THE INDENTURE HEREINAFTER REFERRED TO AND IS REGISTERED IN THE NAME OF A DEPOSITARY OR A NOMINEE OF THE DEPOSITARY. THIS NOTE IS EXCHANGEABLE FOR NOTES
        REGISTERED IN THE NAME OF A PERSON OTHER THAN THE DEPOSITARY OR ITS NOMINEE ONLY IN THE LIMITED CIRCUMSTANCES DESCRIBED IN THE INDENTURE, AND MAY NOT BE TRANSFERRED EXCEPT AS A WHOLE BY THE DEPOSITARY TO A NOMINEE OF THE DEPOSITARY, BY A NOMINEE OF
        THE DEPOSITARY TO THE DEPOSITARY OR ANOTHER NOMINEE OF THE DEPOSITARY OR BY THE DEPOSITARY OR ANY SUCH NOMINEE TO A SUCCESSOR DEPOSITARY OR A NOMINEE OF SUCH A SUCCESSOR DEPOSITARY.

      
        A-1

        
          

      

      

      

      

      

      
        GLOBAL NOTE

        

        

      

      2.50% SENIOR NOTES DUE 2031

      

      

      CUSIP ______

      

      

      ISIN ______

      

      

      No. _______ $

      

      

      CENTENE CORPORATION

      

      

      promises to pay to CEDE & CO., INC. or registered assigns, the principal sum of ___________Dollars ($________) on March 1, 2031.

      

      

      Interest Payment Dates: March 1 and September 1, commencing September 1, 2021.

      

      

      Record Dates: February 15 and August 15

      

      

      Dated:_________________, 20__

      

      

      
        A-2

        
          

      

      

      

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

      

      

      

      

      	 	
              CENTENE CORPORATION

            
	 	 	 	 
	 	
              By:

            	 
	 	 	
              Name:

            	 
	 	 	
              Title:

            	 
	 	 	 	 
	 	 	 	 
	 	 	 	 
	 	
              By:

            	 
	 	 	
              Name:

            	 
	 	 	
              Title:

            	 

      

      

      
        A-3

        
          

      

      

      

      	
              This is one of the

            	 
	
              Notes referred to in the

            	 
	
              within-mentioned Supplemental Indenture:

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

            
	 	 	 
	
              By:

            	 	 
	 	
              Authorized Signatory

            	 
	 	 	 
	
              Dated _________ __, 20__

            	 

      

      

      

      

      
        A-4

        
          

      

      

      

      (Back of Note)

      

      

      2.50% Senior Notes due 2031

      

      

      Capitalized terms used herein shall have the meanings assigned to them in the Indenture referred to below unless otherwise indicated.

      

      

      1.          Interest.  Centene Corporation, a Delaware corporation (the “Company”), promises to pay interest on the
        principal amount of this Note at 2.50% per annum until maturity.  The Company shall pay interest semi-annually on March 1 and September 1 of each year, commencing September 1, 2021, or, if any such day is not a Business Day, on the next succeeding
        Business Day (each, an “Interest Payment Date”).  Interest shall accrue from the most recent date to which interest has been paid on the Notes (or one or more Predecessor Notes) or, if no interest has been
        paid, from February 17, 2021.  The Company shall pay interest (including post-petition interest in any proceeding under any Bankruptcy Law) on overdue principal and premium, if any, from time to time at a rate that is 1.0% per annum in excess of
        the interest rate then in effect under the Indenture and this Note; it shall pay interest (including post-petition interest in any proceeding under any Bankruptcy Law) on overdue installments of interest (without regard to any applicable grace
        periods), from time to time at the same rate to the extent lawful. Interest shall be computed on the basis of a 360-day year of twelve 30-day months.

      

      

      2.          Method of Payment.  The Company shall pay interest on the Notes (except defaulted interest) to the Persons in whose name this Note (or one or more
        Predecessor Notes) is registered at the close of business on the February 15 or August 15 next preceding the Interest Payment Date, even if such Notes are cancelled after such record date and on or before such Interest Payment Date, except as
        provided in Section 2.13 of the Base Indenture with respect to defaulted interest.  The Notes shall be payable as to principal, premium, if any, and interest at the office or agency of the Company maintained for such purpose, or, at the option of
        the Company, payment of interest may be made by check mailed to the Holders at their addresses set forth in the Note Register; provided, however, that payment by
        wire transfer of immediately available funds shall be required with respect to principal of and interest and premium, if any, on, all Global Notes and all other Notes the Holders of which shall have provided wire transfer instructions to the
        Company or the Paying Agent.  Such payment shall be 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.

      

      

      3.          Paying Agent and Registrar.  Initially, The Bank of New York Mellon Trust Company, N.A., the Trustee under the Indenture, shall act as Paying
        Agent and Registrar.  The Company may change any Paying Agent or Registrar without notice to any Holder.  The Company or any of its Restricted Subsidiaries may act in any such capacity.

      

      

      4.          Indenture.  The Company issued the Notes under the Second Supplemental Indenture, dated as of February 17, 2021 (the “Second Supplemental Indenture”), to the Indenture dated as of October 7, 2020 (the “Base Indenture” and, together with the Second Supplemental Indenture, the “Indenture”),
        each between the Company and the Trustee.  The terms of the Notes include those stated in the Indenture and those made part of the Indenture by reference to the Trust Indenture Act of 1939, as amended (15 U.S. Code §§77aaa-77bbbb). The Notes are
        subject to all such terms, and Holders are referred to the Indenture and such Act for a statement of such terms.  To the extent any provision of this Note conflicts with the express provisions of the Indenture, the provisions of the Indenture shall
        govern and be controlling.

      

      

      
        A-5

        
          

      

      

      

      5.          Optional Redemption.

      

      

      (a)          Prior to December 1, 2030 (the “Par Call Date”), the Notes will be redeemable at any time or from time to time in whole or in part at the Company’s option, upon
        notice as described in Section 3.03 of the Base Indenture, at a Redemption Price equal to the greater of (1) 100% of the principal amount of the Notes being redeemed on that Redemption Date, and (2) the sum of the present values of the remaining
        scheduled payments of principal and interest on the Notes being redeemed (exclusive of interest accrued to, but excluding, the applicable Redemption Date) that would be due if such Notes matured on the Par Call Date, discounted to such Redemption
        Date on a semi-annual basis (assuming a 360-day year consisting of twelve 30-day months) at the Treasury Rate plus 50 basis points, plus, in each case, accrued and unpaid interest on the Notes being redeemed to, but excluding, the Redemption Date.

      

      

      (b)          On or after the Par Call Date, the Notes will be redeemable at any time in whole or from time to time in part at the Company’s option,
          upon notice as described in Section 3.03 of the Base Indenture, at a Redemption Price equal to 100% of the principal amount of the Notes being redeemed, plus accrued and unpaid interest thereon to, but excluding, the Redemption Date.

      

      

      (c)          Notwithstanding the foregoing, installments of interest on the Notes that are due and payable on any Interest Payment Date falling on or
          prior to a Redemption Date for the Notes shall be payable on such Interest Payment Dates to the persons who were registered Holders of such Notes at the close of business on the applicable record dates.

      

      

      6.          Mandatory Redemption.

      

      

      Except as set forth in Section 4.06 of the Second Supplemental Indenture, the Company shall not be required to make mandatory redemption or sinking fund payments with respect to the Notes.

      

      

      7.          Repurchase at Option of Holder Upon a Change of Control.

      

      

      Upon the occurrence of a Change of Control, Section 3.03 and Section 4.06 of the Second Supplemental Indenture shall apply to the extent applicable.

      

      

      8.          Notice of Redemption.

      

      

      Notice of redemption shall be sent at least 15 days but not more than 60 days before the Redemption Date to each Holder whose Notes are to be redeemed at its registered address (or electronically for Global Notes). 
        Notes in denominations larger than $2,000 may be redeemed in part but only in whole multiples of $1,000, unless all of the Notes held by a Holder are to be redeemed.  On and after the Redemption Date interest ceases to accrue on Notes or portions
        thereof called for redemption.

      

      

      9.          Denominations, Transfer, Exchange.  The Notes are in registered form without coupons in denominations of $2,000 and integral multiples of $1,000. 
        This Note shall represent the aggregate principal amount of outstanding Notes from time to time endorsed hereon and the aggregate principal amount of Notes represented hereby may from time to time be reduced or increased, as appropriate, to reflect
        exchanges and redemptions.  The transfer of Notes may be registered and Notes may be exchanged as provided in the Indenture.  The Registrar and the Trustee may require a Holder, among other things, to furnish appropriate endorsements and transfer
        documents and the Company may require a Holder to pay any taxes and fees required by law or permitted by the Indenture.  The Company need not exchange or register the transfer of any Note or portion of a Note selected for redemption, except for the
        unredeemed portion of any Note being redeemed in part.  Also, the Company need not exchange or register the transfer of any Notes for a period of 15 days before a selection of Notes to be redeemed or during the period between a record date and the
        corresponding Interest Payment Date.

      

      

      
        A-6

        
          

      

      

      

      10.          Persons Deemed Owners.  The registered Holder of a Note may be treated as its owner for all purposes.

      

      

      11.          Amendment, Supplement and Waiver.  The Company and the Trustee may amend or supplement the Indenture or the Notes in accordance with Article 9 of
        the Base Indenture (as amended by Article 7 of the Second Supplemental Indenture).

      

      

      12.          [Reserved].

      

      

      13.          Trustee Dealings with the Company.  Subject to certain limitations, the Trustee in its individual or any other capacity may become the owner or
        pledgee of Notes and may otherwise deal with the Company or any Affiliate of the Company with the same rights it would have if it were not Trustee.

      

      

      14.          No Recourse Against Others.  No past, present or future director, officer, employee, incorporator, stockholder, member, manager or partner of the
        Company or any Guarantor, as such, shall have any liability for any Obligations of the Company or of the Guarantors, if any, under this Note, the Indenture, any supplemental indenture, the Subsidiary Guarantees, if any, or for any claim based on,
        in respect of, or by reason of, such Obligations or their creation.  Each Holder by accepting a Note waives and releases all such liability.

      

      

      15.          Authentication.  This Note shall not be valid until authenticated by manual, facsimile or electronic signature of the Trustee or an
        authenticating agent.

      

      

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

      

      

      17.          CUSIP Numbers.  Pursuant to a recommendation promulgated by the Committee on Uniform Security Identification Procedures, the Company has caused
        CUSIP numbers to be printed on the Notes and has directed the Trustee to use CUSIP numbers in notices of redemption as a convenience to Holders.  No representation is made as to the accuracy of such numbers either as printed on the Notes or as
        contained in any notice of redemption and reliance may be placed only on the other identification numbers placed thereon.

      

      

      18.          Governing Law.  THE INTERNAL LAW OF THE STATE OF NEW YORK SHALL GOVERN AND BE USED TO CONSTRUE THIS NOTE WITHOUT GIVING EFFECT TO APPLICABLE
        PRINCIPALS OF CONFLICTS OF LAW TO THE EXTENT THAT THE APPLICATION OF THE LAWS OF ANOTHER JURISDICTION WOULD BE REQUIRED THEREBY.

      

      

      The Company shall furnish to any Holder upon written request and without charge a copy of the Indenture.  Requests may be made to:

      

      

      Centene Corporation

      7700 Forsyth Boulevard

      St. Louis, MO 63105

      Attention: General Counsel

      

      

      
        A-7

        
          

      

      

      

      OPTION OF HOLDER TO ELECT PURCHASE

      

      

      If you want to elect to have all or part of this Note purchased by the Company pursuant to Section 4.06 of the Second Supplemental Indenture, state the amount you elect to have purchased: $__________

      

      

      

      

      	
              Date:          

            	
              Your Signature:

            
	 	
              (Sign exactly as your name appears on the Note)

            
	 	 
	 	
              Tax Identification No.:

            
	 	 
	 	 
	 	
              SIGNATURE GUARANTEE

            
	 	 
	 	
              Signatures must be guaranteed by an “eligible guarantor institution” meeting the requirements of the Registrar, which requirements include membership or participation in the Security Transfer Agent Medallion Program (“STAMP”) or such other “signature guarantee program” as may be determined by the Registrar in addition to, or in substitution for, STAMP, all in accordance with the Securities Exchange
                Act of 1934, as amended.

            

      

      

      

      

      
        A-8

        
          

      

      

      

      ASSIGNMENT FORM

      

      

      To assign this Note, fill in the form below:

      

      

      I or we assign and transfer this Note to

      

      

      	 
	
              (Print or type assignee’s name, address and zip code)

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

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

            
	 	 	 
	
              Date:

            	 	
              Your signature:

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

            
	 
	
              Signature Guarantee:

            
	 	 
	
              (Signature must be guaranteed)

            
	 
	
              Signatures must be guaranteed by an “eligible guarantor institution” meeting the requirements of the Registrar, which requirements include membership or participation in the Security Transfer Agent Medallion Program (“STAMP”) or such
                other “signature guarantee program” as may be determined by the Registrar in addition to, or in substitution for, STAMP, all in accordance with the Securities Exchange Act of 1934, as amended.

            

      

      

      

      

      
        A-9

        
          

      

      

      

      SCHEDULE OF EXCHANGES OF INTERESTS IN THE GLOBAL NOTE

      

      

      The following exchanges of a part of this Global Note for an interest in another Global Note or for a definitive Note, or exchanges of a part of another Global Note or definitive Note for an interest in this Global
        Note, have been made:

      

      

      

      

      	
              
                Date of Exchange

              

            	
              
                Amount of

                decrease in

                Principal

                Amount of

                this Global

                Note

              

            	
              
                Amount of

                increase in

                Principal

                Amount of

                this Global

                Note

              

            	
              
                Principal

                Amount of

                this Global

                Note

                following such

                decrease

                (or increase)

              

            	
              
                Signature of

                authorized

                signatory of

                Trustee or

                Custodian

              

            
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 

      

      

      

      

    

  

  A-10

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